Seniors were sold a risk-free retirement with reverse mortgages. It wasn't. Real Estate |
- Seniors were sold a risk-free retirement with reverse mortgages. It wasn't.
- Landlord, how often do you enter your properties? & do you offer any mutually beneficial perks?
- Zoning plan for SoHo and NoHo (NYC) would add 3,400 units in a housing shortage.
- Home Sale - Tax Pro-ration Question
- Question about housing in Texas
- California buyer paid repairs called out on appraisal now required by lender. Help!
- Reduce price after 1 week?
- Potential tenant doesn't pay the security deposit as agreed
- What do I negotiate for after seeing the Inspection Report?
- Renting vs Buying a house in Illinois
- Lots of showings (18) after a week but no offers. Reduce price or put money into improvements?
- Lease transfer through gumtree, not familiar with the process, need some basic help to avoid being scammed
- Seller agrees to pay up to $5000 of closing closing costs vs seller agrees to pay $5000 of closing cost.
- Buyers offer
- Any advice for property damage?
- Buyer's agent offering significant rebate. Worth it?
- Buying vs renting
- Unusual radon inspection results
- Weird situation after close - need advice
- Staging a home worth it?
- If the other houses in my neighborhood has bermuda grass, would it be bad if i put st.augustines grass?
- Commercial developer wants to buy my house/property - need advice
- ADVICE - Making an offer on a home that’s not for sale [AR]
- Selling House That Needs Repairs (US)
| Seniors were sold a risk-free retirement with reverse mortgages. It wasn't. Posted: 12 Jun 2019 07:01 AM PDT |
| Landlord, how often do you enter your properties? & do you offer any mutually beneficial perks? Posted: 12 Jun 2019 11:40 AM PDT I have a handful of properties now, all acquired over the last 2 years. I bought a pallet of air filters and enter each unit once a month to replace them free of charge (to maintain the AC which runs non stop in FL). While inside I usually take a very quick peak on the condition. 2nd I offer free house keeping 2x a month. The women only cleans the house, I.e vac dusting windows appliances; she does not do laundry or make beds. My thought is 2 fold, it helps maintain the property to a reasonable standard and gives them an incentive to renew and stay for longer. Anyone else operate like this? [link] [comments]  |
| Zoning plan for SoHo and NoHo (NYC) would add 3,400 units in a housing shortage. Posted: 12 Jun 2019 04:13 PM PDT |
| Home Sale - Tax Pro-ration Question Posted: 13 Jun 2019 03:44 AM PDT I'll break this down super simply so I don't confuse anyone. I am selling my home Friday (closing). In Illinois (not sure if it's a national thing) you have to pay a prorated amount of taxes on your home for the months of the year you lived in it to the seller. In my case, it will be until mid-June. I escrow. So a portion of my payment is set aside for taxes. Is it safe to say, since I escrow, that will cover the costs of the tax pro-ration? I'm trying to estimate closing costs. My realtor gave me a worksheet with all the costs, and the tax pro-rations are on there. Could I fairly subtract those numbers (not that I don't have to pay them, I'm talking from a mental standpoint here) since I should have that amount stuffed into the escrow account already? This is all very confusing to me. Lots of money getting thrown around. [link] [comments]  |
| Question about housing in Texas Posted: 13 Jun 2019 03:27 AM PDT Hello! I'm interested in buying my first rental property and just maximizing my profit from it. I doesn't even necessarily need to be based in Texas it's just it seems like a good place for a first time home purchase (Correct me if I'm wrong). Some things to know about me. I am going to be a veteran in 3 months and am planning on using my GI bill to go to school and help pay for this house. I will also have access to the VA loan program and able to purchase a home with no money down and a low interest rate unless I am misunderstanding the program (Help!) I'm also hoping not counting on getting some disability claims through and at the very least getting 400 ish a month from the VA if not more. My wife will also be working while I go to school and pulling in maybe 30k. We will most likely be cosigning on the loan unless that would be an extremely questionable decision which I have heard it is? I have about 56,895$ in stocks and 17,870$ in cash and I'm hoping to get to 30k in cash within the next 3 months. I plan on going to school for electrical engineering (Another reason I like texas lots of engineering jobs) which I have 60 credits of atm, and paying off this house as fast as possible so that I can buy more property and retire early from the passive income! Now I would love to hear everyones thoughts on this situation! Is it possible? Will I need more income? I'm fine with being frugal for a bit if it means I can get start paying off a house. I was also anticipating simply getting a property manager is that not smart for just one property? Or with three tenants would it be? Any help is greatly appreciated!! [link] [comments]  |
| California buyer paid repairs called out on appraisal now required by lender. Help! Posted: 13 Jun 2019 02:42 AM PDT In escrow now and the appraisal requires that I repair chipped and peeling areas of lead-based exterior paint. It is an as-is property, no seller credits. It seems like a gamble to pay out-of-pocket for this repair. Estimate to paint the entire house is $4500-5000. Needs to show it's done by a licensed painter to satisfy the underwriters. Here's the kicker. (I'm a fool, yes) My girlfriend who used to do property management recommended a painter that was able to come out immediately. After he sanded and scraped and painted most of the bad areas, and likely not following EPA standards, I find out he's not licensed. I had to stop the job halfway in. I feel like I have no choice but to have the new (licensed) painter re prep those same areas to reflect on his invoice that he is repairing the areas called out on the appraisers report. Also, I figured it would make sense to take care of the entire house rather than pay a couple grand now and 4500-5k later. Opinions? It seems like a gamble at this point. I've thought of cutting my losses and cancelling in fear that the underwriter will find something else to nitpick. Thanks for reading! [link] [comments]  |
| Posted: 12 Jun 2019 01:45 PM PDT Listed at 309k. Have had a good number of showings in first week, I believe 15 or 16 ... but no offers. We've received feedback from 4 of the showing realtors stating that their clients thought it was either priced "slightly too high" or "10k too high" specifically. We're the only house for sale in our neighborhood and I would LOVE to get a competitive offer before anything else lists. Should we lower to 299k and potentially spark some urgency with current watchers/attract a new batch of sub-300k buyers? I was originally thinking lower at the 2-week mark, but after the feedback we've received + our own realtor's suggestion, we're really tempted to lower at 1 week. [link] [comments]  |
| Potential tenant doesn't pay the security deposit as agreed Posted: 12 Jun 2019 11:26 PM PDT Hi. Im a first time landlord. I have a potential tenant who is interested in renting my condo. He's a truck driver so he's constantly on the road. His girlfriend was the one who contacted me to see the condo. She lives 3 blocks from my condo. The first appointment was a no show because her car had a flat tire. The second appointment she showed up early. She applied on his behalf. I ran his credit score and it was 600. From the landlord reference from his previous place, it showed that he was late 5 times in paying rent for the past 4 years that he lives there. His income is more than 3x the rent that im asking for. He had no criminal nor evictions, but had multiple car tickets. Therefore, I decided to pick him. So here comes the part about security deposit that I need help with. I told him that until the security deposit is received, I can't hold the condo for them. Then he said that he'll need 2 weeks to get the $900 ready. I suggested that he can do the first half of $450 for one week and the 2nd half the following week. He agreed and signed the agreement/acknowledgement he will send the first $450 by 6/8 and second $450 on 6/15. The first $450 was sent on 6/10. I let them know that he didn't send the first half on time. I asked for a confirmation that the second half will be on time. I got a reply that he won't be able to because he's on the road, so the second $450 will be on the 6/21. I need your thoughts on this. Is this the early red flags that he won't pay rents on time? Edit: the condo has been on the market for 30 days with 100+ inquiries. I have many applicants with section 8 Housing but I'm not familiar with it so I'm not accepting them. This guy is not from section 8. [link] [comments]  |
| What do I negotiate for after seeing the Inspection Report? Posted: 12 Jun 2019 12:00 PM PDT The inspection came back for a house we're under contract with and I was hoping someone could help me figure some things out. The MAIN things in the report were: Electrical wiring, breakers, outlets, etc. need to be brought up to code. The water heater is most likely needing a replacement very soon, plus some wiring updates. The roof has some age and will be needing a replacement within 5 years, but could use some repair in the meantime to things like the ridge caps. The AC unit is inoperable, but we're not sure what the deal is there. The inspector noted that it's still using the R-22 coolant, which is basically obsolete and in short supply, making repairs and servicing expensive. We don't want to ask for too much or nit pick over things we should just take care of ourselves, but we don't know which direction to go with this. The electrical work is a must. The AC in the south is crucial, but we don't know if it's a repair or replace situation, but we'd rather it just be a replace. The roof we'd rather wait on since a newer roof will make it easier to sell if we move again. The hot water heater isn't a huge deal, but we don't want a bunch of smaller things adding up to tack onto the final price and it costs us a bunch after the deal is finalized. Can anyone shed some light? [link] [comments]  |
| Renting vs Buying a house in Illinois Posted: 12 Jun 2019 05:52 PM PDT Ok so I'm just trying to think in advance. So I just finished residency and signed an offer for a position to be making 330,00 a year. After taxes, insurance deductions etc Ill be taking home 190k a year. Now I signed an offer for 2.5 years. And I really want to buy a house. I understand you should rent a house first to test the water and make sure you like the job etc etc. Now in the the event that I buy a house I kind of want your opinion on this. My understanding is that most people don't buy a house and sell it less than a year after buying because they don't have enough equity. But lets compare renting vs buying. Lets say I rent a house 1.5k a month for 2.5 years, that equals to 45k that goes right down the drain that I will never get back. Total net loss 45k...… On the other hand, lets say for example I use a physician loan with 3.75% interest with no down payment and buy a house for 250k. Monthly mortgage is about 1.5k a month and tax is about 5.5k per year Closing cost that buyer pays is about 3k. Now lets say 2.5 years from now I want to sell it. Lets say house value went down and it is now with 240k and I decide to sell it for 240k I've put in about 45k into the house through mortgage from monthly payments. Take out the closing cost from the original purchase. Take out the 16k in taxes that I paid. Take out the 10k difference in the value that I lost and the 15k in interests Take out 14k in commission fees from selling the house. I have a net loss of about 15k vs the 45k if I were to rent a house. Am I getting this wrong. If so can someone steer me to the right direction if so? [link] [comments]  |
| Lots of showings (18) after a week but no offers. Reduce price or put money into improvements? Posted: 12 Jun 2019 05:47 PM PDT We currently have a house listed at $159,900 in a pretty popular suburban area. Realistically I would be happy with $150k+. 2 Neighbors sold their house in 48 hours for about $20k more. Our house is completely remodeled on the interior, with the exception of the Den which has wood paneling we painted over white, and 1 of 3 bathrooms that is in an odd location and so we never put money into it. The roof is fine, newer furnace, older but working A/C unit, but the house has wood siding and brick veneer. The wood siding part needs painted pretty bad and is an ugly brown. And original aluminum windows. Hence the lower price tag than neighbors. When we listed we had 2 full days of showings, so we got our hopes up that we'd get a quick sale. But the feedback came back fairly negative. People liked the open layout and the updated features, but most were scared of the older windows and siding that needed painted and just rated the house as priced "too high" with some pretty brutal criticisms of the areas I mentioned above that need some work. We're moving out of state and will be paying rent+mortgage until we sell so we're motivated. We don't know whether it would be better to spend $3-4k on painting the siding and the 3rd bathroom (which the contractor can't get to for another 3 weeks), or to just drop the price $5k? We're already priced with the windows+siding in mind. I don't know if lowering the price will attract buyers, or if we're going to be stuck waiting for the right person who wants a cheaper house and to put some work into it. I know this is pretty nuanced, so I'm happy to link the listing to any professionals willing to DM me. To me, 18 showings and no offers is a disappointment and I can't imagine the 4-5 we'll get every week from here on out will have any different opinions. But our realtor thinks we should hold out and/or invest on improvements. We had 2 buyers come to second showings but they both decided they didn't want to do any of the work needed. [link] [comments]  |
| Posted: 12 Jun 2019 08:42 PM PDT Looking at doing a lease transfer through gumtree but have zero experience with renting and am weary of being scammed/taken advantage of. I am in Melbourne Australia. I've spent this morning doing online research but can't find much information on the process from the beginning. At what point do I need to make a payment for the lease transfer? I figure I book an inspection for the place, check it out and then put an application in and if the landlord/agent is cool with it then I sign the lease and then pay for bond/rent? I shouldn't be making any payment until my application has been accepted right? The place is real, the ad has the address and I inspected an identical apt in the complex a week ago, I am very keen on these apartments. Reverse image searched the images used and they aren't copied. Any advice on the process is greatly appreciated, thankyou. [link] [comments]  |
| Posted: 12 Jun 2019 07:51 AM PDT My parents are buying a home and the binding contracts says the seller agrees to pay up to $5000 towards closing costs. I bought a house last year and ours didnt say "up to" $3000, just that they would pay $3000 of the closing costs. I just want to make sure that if closing costs more than $5000 that they are legally required to pay $5000 of it and can not decide they want to pay $1. I'm assuming this is to avoid having to cut a check to them if closing costs is under $5000, but I doubt itll be less than that. [link] [comments]  |
| Posted: 12 Jun 2019 07:42 PM PDT Do seller's typically jump on the first best offer? Or do they go back to buyers and ask them for their best deal? [link] [comments]  |
| Any advice for property damage? Posted: 12 Jun 2019 07:29 PM PDT Hi everyone! First time real estate investor here seeking advice on my current situation: Currently, I am renting out a 2bed 1bath condo in the Bay Area. A few weeks ago, the gutter along side the outside of my condo was damaged by a falling tree and the water went straight through the roof and wall. Now, there is black water mold in the ceiling and wall (It took the HOA about 1 week to head out to my property and repair the damaged gutter). Apparently neither the HOA insurance carrier or my insurance plan covers this damage. The HOA also called for a company to test the level of mold that has built up, and it's pretty bad. I am feeling like the world is crashing down on me and I will have to pay for the repairs out of pocket. Any advice on how I should proceed? I don't know if it's my lack of knowledge in this area but I am already thinking of switching away from AAA and then to an insurance company that actually covers this type of damage. Is that an irrational thought? Appreciate any suggestions :) [link] [comments]  |
| Buyer's agent offering significant rebate. Worth it? Posted: 12 Jun 2019 03:40 PM PDT I have been approached by a buyer's broker who is willing to provide 75% rebate from the buyer's commission (~1.8% of the sale price). They have 300+ sales in the region, good reviews online and have assured that they will work just like any other full service buyer's agent. We don't need help finding place as it is mostly online and we can do it on our own but would need the agent to advice on approporiate offer to make and help negotiate and go thorugh all the formalities. This is a big urban market where propoerties move quickly and rebates are legal. Is this too good to be true? Any words of caution/advice that I should keep in mind? We are in high cost area and sale price will likely be $1mm+ so the rebate is significant ($18k or more). Thanks a lot! [link] [comments]  |
| Posted: 12 Jun 2019 07:23 PM PDT I'm in Fairfield county Ct and I can't decide to buy or rent. Prices in the towns I'm looking at are getting crushed. Projected YoY for a 3-4% decrease and I could see even larger decrease. I have a budget of about 800k. With 20-25% down. I'm debating renting a house for $4000 for the next two yrs(lease term) or should I find something to buy? The state of Ct is in financial ruin and people are fleeing(40k people leave a yr) I have a feeling over two years that prices will fall even more. What advise do you have??? [link] [comments]  |
| Unusual radon inspection results Posted: 12 Jun 2019 06:56 PM PDT We just received results from radon inspection and were told that the radon levels are slightly above a 4 on average and it was recommended we get a radon ventilation system. Now here's the odd part. The radon test was only supposed to be for 48 hours. It ended up being 96 hours of testing due to the seller not allowing the inspector to get his equipment. I checked the output and the readings at 48 hours would not have recommended the vent. In fact the readings at 72 hours would not have been high enough to recommend. But the readings on the last day and a half of testing were high enough to bring he average to above a 4pci. I realize I can get different and longer term tests ran. I'm happy that the radon was discovered but also concerned at the testing output and how unreliable it seems. Anyone ran into this? [link] [comments]  |
| Weird situation after close - need advice Posted: 12 Jun 2019 06:54 PM PDT Shortish story: Bought a house today for 350K+. My agent is also the listing agent. We went through the walk through right before closing today. I noticed that the in cement basketball hoop was gone. I asked and she said that the seller told her that she wanted to take it before... I told my agent that this was never agreed upon nor was in the contract. We go ahead and close. I tell my agent I'm still very disappointed that this happened. The basketball hoop cost $1,500 to replace. My agent wants to go half with me on tier down hoop as a replacement. Obviously this is frustrating for me considering this came out of the blue. What can or should I do? [link] [comments]  |
| Posted: 12 Jun 2019 04:51 AM PDT I'm finding that it's extremely expensive to stage a home. Is it really worth paying thousands of dollars to stage a home? I'd be pissed if I spent all this money and the home didn't sell. [link] [comments]  |
| Posted: 12 Jun 2019 06:40 PM PDT Would the builder allow it to be different if that grass is allowed from hoa? [link] [comments]  |
| Commercial developer wants to buy my house/property - need advice Posted: 12 Jun 2019 06:38 PM PDT tl/dr: A commercial property developer wants to buy my house and I don't know how much to ask for. I'm in desperate need of advice of how to proceed. I'm in a bit over my head. Backstory: My husband and I currently live next to a 20+ acre farm that is along-side left of our property and also wraps around the backside of our property. The farm also extends behind our neighbors to the right and one other house down the line. The original zoning for the farm property was single family residential. It was used as a wheat field. This past fall, the town in which I live proposed a ballot issue to change the zoning of the farm property from single family residential to light industrial. Their plan was to sell the property to a developer who wanted to build two 3-story office buildings with a 300 car parking lot. The resolution passed. This week, the developer contacted us, our neighbor, and the third house down the line to ask to buy us out. In terms of sale price, he said to contact a realtor and obtain a high and low value for our house, and then to contact him again with some numbers. We have since enlisted the help of a realtor who is conducting the negotiations on our behalf with the developer. When our realtor contacted the property developer, he said to come up with some numbers. He never gave an indication of what price point they had in mind. The realtor has offered advice in terms of what the market value of our house is as well as some comps to compare to. However, she has left naming a price up to us. My question is, how much should we ask for? Should we go with the high end of the current estimated value, or should we ask for more than that? Any help you could give would be greatly appreciated. [link] [comments]  |
| ADVICE - Making an offer on a home that’s not for sale [AR] Posted: 12 Jun 2019 06:28 PM PDT My husband and I have been house hunting for over a year. Our budget is average for the area and our wishlist is specific, but not unreasonable. We are looking for something closer to our jobs, and because we haven't found anything to buy on the market, we briefly considered listing our current home and renting short term. About 6 months ago we looked at a rental property and fell in love with this rough around the edges craftsman four square home that checked pretty much all the boxes for us. Since then, it's the house I compare all others to and nothing else measures up. The home is not on the market, and I'd like to approach the owner with an unsolicited offer. I have reason to believe the owner might be willing to sell. Some quick searching of public records shows they previously had trouble renting the home, have had legal problems with previous tenants and have sold at least one other rental property in the past. What is the best way to approach this without seeming like a crazy person or offending the homeowner? And has anyone had any luck with a situation like this? [link] [comments]  |
| Selling House That Needs Repairs (US) Posted: 12 Jun 2019 06:13 PM PDT I've been repairing my house to sell for a couple of months but I'm running out of time and money. Is there any way to sell my house while it is still unrepaired and not get completely fleeced on the sale? I owe about 185k on the house that would be listed at 290k with the repairs completed. But to pay a contractor to complete the work would be about 25k at this point and frankly I'm just out of time. edit: major repair meaning some electrical, mechanical, and plumbing work to be operable. Not just upgrades to look nice or sell for more money [link] [comments]  |
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