Probably the weirdest and grossest question on here. Real Estate |
- Probably the weirdest and grossest question on here.
- $1000 houses for sale in Detroit, what's the catch? (MI)
- Radon mitigation before closing?
- Selling real estate agent offers to buy house, is this a good idea? (Suffolk County NY)
- Grants? Programs? Help?
- Adding children's name to a deed for a home with no mortgage
- First time buyer, what are the advantages and disadvantages of Co-ownership?
- Tips on trying to buy out another buyer?
- NYC Flip Tax Questions
- Two months and still no closing date???
- Post-Home Inspection Repair Negotiations
- Advice in buying a home.
- Selling a home for the first time. What’s the best way to prepare for the dreaded home inspection after going under contract?
- Why does the real estate buying/selling world seem soooo slow?
- What would you suggest a longer commute or more sq ft area?
- I’m interested in real estate as a career, where do I start?
- Buying multi-family, requesting vacancy, seller countered...
- Closed two days ago!
- (MN) Put in offer for unfinished home or wait?
- Getting a high appraisal
- Agent wants us to sign contract before agreeing on price
- Keep renting apartment or move into a partially owned condo (x-post from /r/personalfinance)
- Appraisal came in at smaller value?? I'm a seller. What happens next?
- Is it appropriate to give gifts to your (buying) agent?
| Probably the weirdest and grossest question on here. Posted: 06 Jun 2019 02:39 PM PDT Sooo our buyers just had their home inspection and when I came home someone had totally destroyed our bathroom. I'm talking like poop on the walls, poop on the bathtub, on my shower curtain, and I'm pretty sure it seeped under the toilet where I can't clean. I've bleached everything and it still smells bad so I'm sure it must be somewhere I can't get to. I'm mostly annoyed that I still have to live here for another 50 days with a nasty bathroom, but I'm also worried they're going to pull out of the deal for some reason and then I'm really stuck in a shitty situation because we will have to dismantle the toilet to get it back to normal for more showings. So like...is this something I should bring up to my realtor...? I don't want to embarrass the buyers so much that they walk away. Do I just move on with my life? I think I'm still in shock 🤣 [link] [comments]  |
| $1000 houses for sale in Detroit, what's the catch? (MI) Posted: 06 Jun 2019 10:25 PM PDT Many property in Michigan are dilapidated and/or abandoned and are selling for very low costs (<1k sometimes). What's the catch if you bought it? Is there often a "debt" associated with the property that you inherit if you purchase the house? [link] [comments]  |
| Radon mitigation before closing? Posted: 07 Jun 2019 03:53 AM PDT Hi all, We recently put in an offer on our first home, we went with a USDA home loan. While having our home inspection setup we decided to have a radon test, the results came back at a 16. Here's where things get weird, as part of our loan we had to provide invoices for the inspections. Our lender saw that we had a radon test done and they asked for the results, upon seeing those results they asked that we have a signed contract in place at closing for mitigation and a check to hold in escrow for payment, no problem. Yesterday my real estate agent called me and said that now my lender has to have mitigation in place BEFORE closing (we are supposed to close on Friday the 14th). I'm worried about this because 1. We don't own the property yet, and 2. I've never heard of something like this. Have any of you ever heard of something like this? [link] [comments]  |
| Selling real estate agent offers to buy house, is this a good idea? (Suffolk County NY) Posted: 06 Jun 2019 07:24 AM PDT My wife and I bought a multi-family foreclosure about 4 years ago. We paid 255k for the home and at the time of purchase it appraised for 350k. When we bought the house, there were stipulations from the selling bank that it had to be owner occupied but those are now removed and it can be bought by an investor. Our real estate agent worked very hard to get us in the house when we bought it and we decided to use the same agent to sell. We met with her a month ago and mutually decided on a price of 400k and we were suppose to start showing the house this weekend, including an open house. Our agent called us this morning and asked us if we would cancel the open house if she bought it. She offered 380k but would waive all agent fees which would have been 4%, so the offer is basically 396K with 20% down. While I really enjoy our agent, I really want her to to have our best interest in heart. I told her that I would need to talk with my wife, but we had put a lot of work in to the open house and we would probably want to see what type of interest we get. The agent was nice but obviously also thought they put in a good offer. They said that would have an easier time closing the home as the appraisal is going to come in low since we bought our house so low 4 years ago. Multi-family homes are very rare where I live, there is only one other similar listing in my entire zip-code and it is hard to appraise the house. -Pre-Posting Update- In the time it took me to write this, the realtor emailed and said they would give us asking price minus commission (Net 384k), 25% down, dependent on appraisal (at 384k with an offer 400k), no inspections, straight to contract. To me that is a win but my wife is not convinced and thinks we should still have an open house just to see what happens and look at all offers together next Tuesday. The agent hasn't said if the deal is still good if we hold the open house, so I am going to email and ask. Even if someone offered us more, having a buyer we know go straight to contract without a home inspection is worth a lot to me but my wife is smart and is normally right about things and doesn't see any harm in having the open house. This has probably entered a realm of personal choice but I would still love to hear reddit's opinion. Also, the realtor is purchasing the house for her daughter who was suppose to be the one showing the house this weekend. If we decide to go through with the open house, we should request someone else from her team to show the show the house, right? -Update 1- Emailed the realtor and asked if the offer would be on the table if we continued with the open house and stated we would want someone other than her daughter to show and the realtor replied " I will withdraw the offer if you feel this is a conflict. Please do not discuss this with my daughter as she has no knowledge of the offer. It was going to be a surprise for her…We will move forward with the open house Saturday… " [link] [comments]  |
| Posted: 06 Jun 2019 06:19 PM PDT Forgive me if this isn't the correct sub. My husband and I have been pre-approved for almost $250k, we don't want to spend more than 200. We gross around 80k and have some savings (6k) but we don't want to spend it all on a down payment and closing costs. We're having issues finding any down payment or closing cost assistance based on our income. The mortgage broker who did our pre-approval doesn't seem to be knowledgeable on any programs we can qualify for. My question is, are there programs we can qualify for? [link] [comments]  |
| Adding children's name to a deed for a home with no mortgage Posted: 07 Jun 2019 03:09 AM PDT Here's the short version of the story. My father died about 8 years ago, he made sure the family house was paid off and my mother was left with some cash, stocks, etc. before he went. My mother has always had a bit of a problem with drugs and alcohol, things have been getting worse over the years. She currently has a live in boyfriend, who makes her happy, and that's just fine, but he's a bit of a scam artist at times. My sister and I worry that he's trying to get enough time in with our mother and in the family home to try and claim ownership when she passes. Either way, our mother has repeatedly stated that she's would like one or both of our names on the deed to the family home with hers. Is this is simple transaction? Do I need to find a special lawyer to make this happen? Any idea what something like this costs, generally? The home, mother, and sister all live in MA, I happen to live in the South. Any advice on how to get this done would be greatly appreciated. Also any advice on things to try and avoid with this transaction would be appreciated as well. [link] [comments]  |
| First time buyer, what are the advantages and disadvantages of Co-ownership? Posted: 07 Jun 2019 01:33 AM PDT As a first time buyer I currently have saved up around £15,000 deposit for a house and looking at houses valued around £150,000. I live in Northern Ireland. However alot of family members have suggested I go with co ownership with the bank for a house, should I stick with saving or what's the difference really with co ownership Edit: Homes here in Northern Ireland seem very cheap compared to homes in America after reading a few posts from here [link] [comments]  |
| Tips on trying to buy out another buyer? Posted: 06 Jun 2019 02:59 PM PDT Found the house of our dreams, made an offer within 3 days on the market. This is a rural area where things generally sit. We viewed the house and made an offer on the spot, not knowing another couple made the same exact offer (full asking price) earlier the same day. The sellers felt obligated in honoring them first and didn't try to counter. It's too bad, as we were told that it would be a cat and mouse game and not to go all in on Round 1. We were told the sellers cried after hearing from us (it was suggested we write a letter) but didn't want to go back on their word. We understand. So, we went to the competing buyer and offered them and their real estate agents cash (their full commissions & $10k cash for them to walk away on the $190k house), but they said no thanks. Yes this is an ugly game I'm not proud of partaking in but this really is our dream home + location to start our family and we're willing to give an arm and a leg here. Has anyone else been in this position? What else could we do to sweeten the pot to sway the buyers, besides just more cash? How high would you go in a dream-home position? Update: we've asked them to name their price, waiting to hear back. [link] [comments]  |
| Posted: 06 Jun 2019 07:23 PM PDT Hi r/realestate. I have a few NYC-specific questions that you may be able to answer. (I'm relatively new to posting to Reddit so I hope this is an appropriate forum and that I'm not taking advantage, being a former lurker.) My Coop is well-known for updating building policies without adequate notice to shareholders, usually in ways that increase costs (e.g., spiralling maintenance costs, keeping STAR rebates from shareholders). The building has a history of poor management and even fraud that has resulted in lost revenue, costly lawsuits, and ongoing costs to fix infrastructure issues that accumulated during years of negligence. (None of this came to light until a year or so after we bought.) The latest surprise is that they've increased our flip tax to 5% (which doesn't include hefty move-out and "processing" fees). This is a building comprised of small and inexpensive apartments (less than $500K) for people on smaller incomes... except for the Board which is comprised primarily of newer, richer shareholders who are combining apartments. I have a feeling that you'll tell me that a NYC Coop Board can do pretty much whatever it wants and that we're SOL. Even so, could those of you with true knowledge of NYC Coop flip/transfer taxes, share your perspective on the following?
If you're still reading this epic, many, many thanks, in advance. [link] [comments]  |
| Two months and still no closing date??? Posted: 06 Jun 2019 09:59 AM PDT First time home buyers here in Alabama. We got our preapproval in April. Found a house a week before the 15th of April. We set a closing date for May 15th. USDA loan. We still havent closed. The mortgage company just sent our file to USDA(currently at 8 days behind) yesterday! Seller is getting understandably upset. Doesnt want to sign new addendum. Which was suppose to be for the 18th. Mortgage guy says well be lucky if we close by then! Ive promptly got them every bit of info they needed to finalize the loan. The mortgage guy says were good now. But it STILL might be two more weeks. What is going on? They mortgage company has stated well we waited because we wanted to get certain paperwork "in case" USDA needed it. Should we look for a new mortgage company? Seller wants to sell to us. Hes a friend of a friend. And we have gotten close over these two months. Is there anything I can do? Or have done wrong? I dont understand why its taken two months to send the file to USDA. We are tired of waiting and are at a loss. Its a FSBO and no realtors involved. Any advice welcome! [link] [comments]  |
| Post-Home Inspection Repair Negotiations Posted: 06 Jun 2019 12:08 PM PDT Background: I'm the prospective buyer, and just had the house inspected. After the general inspection, I hired an electrician and foundation/basement specialist to do further reviews. I have a plumber coming to do another inspection too. I offered $7500 above the listing price. Below is a list of the most important repair items my house inspector identified, and the most costly issues are in bold. My goal is to get the sellers to give me a credit or lower the purchase price. Based on the estimates I've received, I should expect at $12k of initial repairs. Should I be happy to get back down to the original listing price ($7500 less than I offered)? What issues would you want addressed before closing? Roof Recommend permanent sealing of the front chimney. Gutters and drain lines are recommended around the entire perimeter of the home to help prevent erosion or water intrusion. Exterior Recommend sealing gaps in the exterior to prevent water and pest intrusion. Recommend paint, prep, and sealing around exterior windows to help prevent water intrusion. None of the windows were operable. This is not uncommon due to the age. Recommend repair of at lest the bedroom windows for fire egress. Garage The siding for the garage is deteriorating. Recommend paint, prep, or replacement as needed. The garage slab has settled. Due to the extent of settlement I recommend contacting general contractor for further evaluation if needed. Note: The garage is in poor and deteriorating condition. The springs for the garage door (s) are missing retention cables (in case springs break to prevent injury). This is considered unsafe and needs correcting. A qualified person should repair or replace as needed. Crawl Space The crawlspace was wet in several areas under the home. There appears to be apparent mold growth(not tested) on the foundation walls, dirt floor, and wood sub floor. Recommend installing gutters, maintaining drainage, increasing ventilation, installing vapor barrier, and cleaning and sealing of walls and sub floors. Air quality testing for mold is recommended as desired. Recommend strategies or further evaluation by competent professional to address areas of concern in the crawlspace. Plumbing The hall bathroom sink drain is leaking and needs repair along with proper routing of drain line. There is a corrosion leak or possible leak at the copper line next to the water heater. Recommend replacement of this line and removal of wall at this location. The toilet is loose at floor in the bathroom and is cracked at the base. Repairs may involve resetting the toilet on a new wax seal. I recommend a qualified licensed plumber repair or correct as needed. The stopper for the hot faucet handle at the hall bathroom does not work. Recommend repair. Electrical You have a Federal Pacific panel which is legal, but there is a possibility that the circuit breakers may not trip when shorted possibly causing an electrical hazard. Opinions by licensed electrical contractors on this panel varies between safe and unsafe. I recommend you consult a licensed electrical contractor for an opinion and correct if necessary. The wiring is low for the garage. Recommend repair as needed. There are two outlets in the dinning room that did not have any power. Recommend evaluation. There is a damaged outlet in the back living room. Recommend replacement. There are some outlets in the master bedroom and the formal dinning that are show inconsistent readings when tested. Recommend evaluation for loose wiring. There is no disconnect for the water heater and there is exposed wiring for the water heater. Recommend repair. Hot Water Heater—Corrugated Stainless Steel Tubing (CSST): I could not locate where the CSST is bonded and grounded. HVAC The HVAC system is old and may last a few years more, but maybe not. I cannot determine how long your HVAC will last before a replacement is necessary. Recommend a tune up by a qualified HVAC contractor and budgeting for replacement. Note: the system was cooling more than expected, this can sometimes indicate that refrigerant levels are low. [link] [comments]  |
| Posted: 06 Jun 2019 11:45 PM PDT I'm 23 just paid off my car have been working for 6 years now and make make 80k a year. I've managed to save up 50k and now I'm thinking in buying a home. I live in San Jose CA. And house's here are really expensive. I live with my parents and pay really little rent (why I was able to save up). I don't really know what direction to go in at this point because I don't think I'll be able to afford anything in my area (average house is 1,000,000) I basically have a few questions in what I should do with my money if I should try to buy a house here or try to look else where (Sacramento, Gilroy, Hollister) and if so how much should I put down? What price range is realistic for me? Any programs for first time home buyer I should know about? Also like I said I live with my folks and pay very little rent I don't always want to live here of course but I'm comfortable for now because I'm also going to school part time and would like to finish and I wouldn't want a home to keep me from finishing. So another thought would be to buy something now maybe in Sacramento (I have family up there) and rent it out for the mean time and hopefully with the money from rent, be able to cover the mortgage? since it's a buyer's market right now (so I hear) and everyone is telling me now's my chance before thing start going up again. Idk, I would like to be financially comfortable in the future and want to invest in something rn that I'm young but don't seem to have much advice given to me from anyone really (parents help me out with a roof and food and it's greatly appreciated but kinda let me do my own thing when it comes to work/school and my future) guess I'm just trying to to learn how to "adult" with little guidance and would like some advice. Thanks for your comments. [link] [comments]  |
| Posted: 06 Jun 2019 07:45 PM PDT |
| Why does the real estate buying/selling world seem soooo slow? Posted: 06 Jun 2019 07:17 PM PDT With good credit, you can go buy a $150k vehicle with little money down and drive it away that day. They even have electronic title transfers now between financial institutions. With trying to buy or sell a house, everything takes so long. Offer on a house? Wait a day or two to find out. Schedule inspection and appraisal? Few days out, then 5 days to get results/reports. Everything looks good now? Wait 2-3 more weeks to close. It seems like such an old school way of doing business. I understand a multi million dollar house will take more time than an $80k house, but even an $80k house you're still a month out, best case scenario. What is it about the industry that takes so much time for the transaction to be completed? Even a 5 business day turn around for an appraisal seems like a long time when they have all of their fancy software now. I'd love some insight on it. Thanks! [link] [comments]  |
| What would you suggest a longer commute or more sq ft area? Posted: 06 Jun 2019 10:57 PM PDT I know that its very hard for someone else to judge the exact situation we are in but I have learned so much from this forum is a short amount of time, so it worth a shot :) We currently live in Sunnyvale, CA (bay area), rents are going up and its hard finding a decent home in Sunnyvale for a reasonable number. We starting looking for houses in Fremont & Newark areas and quickly found a house about 1m which we like but the commute to work during peak hours is close to 1.5hrs vs current about 30mins(worst case) We are looking for a 3 bd / 2ba house with a front and/or backyard in about 1m budget. Is it unreasonable to expect to find something in Sunnyvale, Mountain View, Palo Alto & Santa Clara area? Sometime I do see a listing for 2bd/1ba in this price ranges, almost feels like should lower the sqft for the location, we have small family and might be ok but worried we would regret spending 1m for a 2bd over commute, there is no easy answer, looking forward to learn from your experiences. Also do you folks recommend holding off on purchases till winter, have heard winter is a good time to buy a house due to potential fall in prices. Also, I am seeing a drop in listing prices across the board, experts in the forum, do you see a correction in the housing market or its normal? [link] [comments]  |
| I’m interested in real estate as a career, where do I start? Posted: 06 Jun 2019 09:53 PM PDT I am currently in my final years of college and I've always wanted to be a real estate agent since I was little and my family was selling our house and also looking for one to buy. The state I'm in has a real estate school to take courses but there are so many courses to choose from and I have no idea which would be best to start off on. This is something I'm going into completely blind and all tips are welcome. Thanks y'all [link] [comments]  |
| Buying multi-family, requesting vacancy, seller countered... Posted: 06 Jun 2019 08:38 PM PDT Currently under attorney review for a 2-family, and I am requesting all tenants vacated on closing. Seller requests he will only vacate them after I get my mortgage and if anything happens afterwards and we don't close, I have to pay for lost rents and security. I understand that seller don't want to lose rents if we don't close but that second request sounds much... [link] [comments]  |
| Posted: 06 Jun 2019 04:03 AM PDT I want to extend my thanks and gratitude to everyone that helped answer my questions throughout the process. My husband and I closed on our home two days ago. The sale went very smoothly and my husband is over the moon that we are 30 mins from his job now instead of an hour and a half. I am excited to live so close to Niagara Falls! On the other hand I am very nervous that I am moving to a new city where I do not know a soul except out realtor who happens to reside quite close to us. I would love any tips on packing, movers, organizing or getting to know a new place in general. Thank you again. [link] [comments]  |
| (MN) Put in offer for unfinished home or wait? Posted: 06 Jun 2019 04:47 PM PDT TLDR: Would you make an offer on an unfinished home that is in the process of being renovated? My wife and I have been looking for homes in the south Minneapolis metro for the last two months. We have seen approximately 40-50 homes and have placed 6 offers so far, anywhere from list price up to $35,000 over list price and have lost out on everyone so far due to price or others waiving inspections. Needless to say this market is nuts and has really soured our experience so far. Our incredible agent, who has been honest, trustworthy and who's option I value very much, recently showed us a pocket listing for a home that is close to our jobs, in a good neighborhood, and with ok schools (No kids but soon) that is in the process of being renovated. The current owner of the house (a real estate appraiser) bought the property from an estate of a friend or family member and is gutting and refinishing it to resell for a profit. Currently, the home has been stripped down to subfloor, some non load bearing walls have been removed, kitchen and bathrooms both gutted. Pretty much sheet rock and subfloor when we looked at it last weekend. We have seen the general floor plans for the home post renovation and our agent is telling us we should place an offer now to lock in a price before some pending sales nearby close and potentially drive the comps up. We are very interested in the home but are concerned about going under contract not knowing the finishes or style that the home might end up with since it's basically an empty shell at this point. Our agent shot a number over the bow to the owner who seemed pleased with it but nothing further has materialized. The original owners of the home lived there for 40 years and the home has never been on the MLS. Our agent says the current owner would prefer to sell it unlisted but didn't elaborate on why. Would we be crazy to submit an offer at this point or just do it and make it contingent upon the finishes and inspection potentially giving us an out? Should we be concerned that the home has never been on the MLS and they prefer to sell it unlisted? [link] [comments]  |
| Posted: 06 Jun 2019 08:00 PM PDT We bought a house a few years ago that needed some work. The overall market in our area has stayed basically the same (maybe increased slightly). We're now refinancing and would like to pull some money out. We've done a good amount of upgrading on the house - new master bath, outdoor lighting, etc. We hired co tractors for about 50% of the work and did the rest ourselves. What's the best way to present this to an appraiser? [link] [comments]  |
| Agent wants us to sign contract before agreeing on price Posted: 06 Jun 2019 03:53 PM PDT Agent is saying that 'the market can fluctuate between the time we sign the contract and go to market.' It almost feels like he wants to decide how much the house should be put on sale for instead of us or at least it being a conversation. Is this common? It feels strange [link] [comments]  |
| Keep renting apartment or move into a partially owned condo (x-post from /r/personalfinance) Posted: 06 Jun 2019 06:50 PM PDT Hi everyone, my wife and I are currently renting a 2BD/2BA apartment with a garage space in a VHCOL city. The apartment is rent controlled and we currently pay $2,200/month and it goes up 1.5% every year. A similar non-rent controlled apartment in our city would easily be double what we pay. We welcomed a baby girl in April and in preparation for her arrival we purged a lot of our belongings and converted our 2nd room from an office/guest bedroom into a nursery. I work from home so I moved my desk into the living room. It's not perfect but we are making it work and could probably live this way until we have a second child in a couple years. We have about $280k saved up for a down payment on a house but unsure if we want to buy here in this city where this is about a 20% down payment on a house or move 1-1.5 hours away where we would only need half of that. So here's the thing...my wife and her sister own a 3BD/2BA condo only about 5 mins. from where we live. Its much larger, newer building, and has a tandem garage parking space (we have 2 cars). It's currently being rented out for $3,700/month, which according to Zillow is under market for rent. It should be around $4,750. Their mortgage is $2,900/month so the property only makes enough to cover the property taxes. Any repairs comes out of our pockets. Last year there was a dry rot issue with the building and each tenant had to pay $30k to fix it ($15k split b/w us and wife's sister). My question to you /r/RealEstate is, does it make sense for us to move into this condo? If so, knowing that my SIL owns half the property, what is the most equitable way to determine rent, handle repair costs, taxes, etc? [link] [comments]  |
| Appraisal came in at smaller value?? I'm a seller. What happens next? Posted: 06 Jun 2019 06:31 PM PDT Hi, I have a current buyer for my home and price was all agreed on and it's been under contract.... Title company has issued "clear to close". The appraisal on the house just came in at 30k less than the agreed upon amount. :( I'm not taking that. I am willing to owner finance the difference. However, what if the buyer doesn't accept me owner financing and wants to use the appraisal as the new term? Do they lose their Ernest if I don't agree and they back out? Am I obligated whatsoever to accept the appraisal value? If the buyer backs out then what? The home has already been inspected, surveyed, and the title company has cleared to close... What would happen if they back out? Thanks! [link] [comments]  |
| Is it appropriate to give gifts to your (buying) agent? Posted: 06 Jun 2019 12:26 PM PDT I am a first-time home buyer, and we're still in the process of looking. It's been emotional for me and my wife -- two offers have been rejected so far. Our agent has been very understanding of our dejectedness, and is doing a great job for us. Is it standard to show them in some way our appreciation? Flowers, card, etc.? We don't want to seem "weird" or inappropriate. Just want to let her know, when everything is done, that we appreciate everything she's doing for us (like today, showing us a house with only 30 minutes' notice). [link] [comments]  |
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