Is it legal/ ethical to list a property and not disclose any the seller is a current professional real estate agent Real Estate |
- Is it legal/ ethical to list a property and not disclose any the seller is a current professional real estate agent
- Possible rental scam - How to sign the lease in a safe way?
- About 10-12 months out from buying - When to contact Real Estate Agent / Lender
- Level heads of the Redd - advice needed/welcomed
- Financing options for home with bad roof and outdated everything when you want to do the work yourself.
- advice on upside down rental property?
- What should i (first time house buyer) offer on a house like this?
- Should I help my mom purchase a second home?
- Septic vs. Town Sewage
- (CT) Offer rescinded on my house
- Prospective house purchase failed septic inspection. Home owner had separate inspection done and it passed. What now? (x-poster to r/legaladvice)
- Do sellers and seller agents have biases?
- Double Agent?
- Foreclosure Process (Missed payment a few days more than 90 days)
- Buying a house, Master plan community HOA docs suggest poor financials?
- Are the terms on the Closing Disclosure final?
- Reverse mortgage and private purchase agreement question
- Advice on curbside appraisal for a simple mortgage refi?
- Possible conversion of a "den" into a second bedroom? How does this impact selling the property down the road?
- Backing out of home purchase
- Moving to house with leased propane tank
- Square footage wrong on tax assessment that benefits me
- PA egress requirement in basements - what year?
- First time HB. Offer just accepted — what to expect next
- Request for Repairs
| Posted: 05 Jul 2019 02:03 PM PDT Looking at a property. I have seen it twice and I am about to get a inspection. I google the owners name (who I have been dealing with) and he is a current real estate agent. He owns a couple properties and has one law suit that I can read that he lost (but I am not to worried about that because it would not be so odd to get sued if you own a bunch of properties/ businesses) In my search often I see in the listing a disclosure that the owner is a agent. Why would someone not disclose that ? [link] [comments]  |
| Possible rental scam - How to sign the lease in a safe way? Posted: 05 Jul 2019 09:06 PM PDT I'm very new to the rental world, so please forgive any ignorance or naiveness on my part in this post. Me and my friend will be starting school in September in a new city (she is 20, I am 18) and we came across a 4 bedroom home with other students; a 19 year old and 25 year old. They contacted me with an offer to live with them. They do not have the house yet, and it would be the four of us signing the lease, with the 25 year old girl's parents as the co-signers. There was some potential red flags with the situation before (they would not arrange a viewing until the end of the month, and the lease would be signed for August 1st anyway) and they would not disclose the exact address to me, only the street name (they said it was for safety purposes.. but they don't even live in the house themselves) and also, they will not give us the landlord's phone number (they said it was because he was originally trying to lease to a family, and the rent was much more expensive before and did not include utilities - they had to negotiate for over a week to lower the rent and convince him to let responsible students stay, and the 25 year old would be the one who arranged to find roommates - essentially they did not want to bother him further or lose the opportunity themselves they said.) I think this is also partly because they do not want us taking this home ourselves with our own group and leaving them out. However, in the end, they arranged a quick viewing for us with the landlord tomorrow, so we don't have to wait until the very end of the month. So we would get to meet him and speak to him, and also see the actual house, and the exact address with them. Through some searching, I found this home listed on Kijiji, by the actual homeowner, so it is a legitimate home being sold (I'm guessing?) My parents are already worried about me moving out so they are especially wary about the situation; the way the two girls acted earlier caused them to think this may be unsafe, and they do not want to get scammed. After meeting with the girls and landlord tomorrow, and seeing the house, should we consider signing the lease, what would be the best and safest way to do this? Should we get a lawyer involved or have a family friend who is a real estate agent look into the situation further? Can we sign this lease at a police station or is that a dumb idea? Any advice or insight would be appreciated, thank you so much. [link] [comments]  |
| About 10-12 months out from buying - When to contact Real Estate Agent / Lender Posted: 05 Jul 2019 12:27 PM PDT I am a first time home buyer who plans to buy a house in the next year. I have excellent credit (FICO 8 scores all above 800 - not mortgage scores as I have not pulled those). I have stable income in the same industry for the last 5 years (2.5 in the same company). I have money for 10-20% down, but would rather go with 10% down to maintain my emergency fund after closing costs and the like. I have a car loan that will be paid off before I buy the home ($5k left). I also do not anticipate any major issues with getting a loan as the homes I am looking at are in the 3-3.5x range of my annual income. The market I am looking at is a reasonably hot real estate market (Sacramento, California). With that said:
I am single and in my mid-30s. I have lived in the area for some years. I have started looking at homes as I just recently decided I will be living here longterm. The bottom line is I don't want to waste an agent's time as I will not be buying a home for almost a year. But I don't want to visit a new construction place without an agent, and get locked out of having an agent if I end up buying. I also don't know how acceptable it is to contact an agent (outside of new construction) a year prior to buying a home. Thanks for the assistance! [link] [comments]  |
| Level heads of the Redd - advice needed/welcomed Posted: 05 Jul 2019 10:19 AM PDT Hello - and thank you all in advance. Here's my dilemma. I lost my partner one year ago. I have a 4 bed, 2 b split-level built in '94 on 3 acres 3 miles from our small midwestern town. I decided to sell/move across the country to be near family. Realtor recommended price of $325k, supported by comps, etc. Property listed, accepted offer of $295 within the first week. Home inspection, appraisal, survey all passed without a hitch. Quit job, had estate/personal property auction - (who wants to move all that much lol) and close was scheduled within the month. All I kept was a bed, a chair and electronics. I'm now sitting in an empty house, basically. Covenants were discovered in the title search. You can have personal pets (horses but not goats or chickens) and realtors tried to have the majority of the other owners in the covenant group to sign off on goats, but no go. Buyer dropped out right before close. Fail. The house is now back on the market. It's now up to 50 days (including the 40 it was under contract) and I don't know what to do. Is the listing stale? Will the potential buyers think something is wrong with the place? Will dropping the listing to $299k get more interest? Am I running out of time, as in the fact that we have long, hard winters here and properties simply do not move in the winter? Should I just move anyway and show/sell an empty house, as it is pretty much that already? The Oracle Also Known as Google is not cutting it. I'm not desperate, and, I confess! Confused as hell. [link] [comments]  |
| Posted: 05 Jul 2019 06:27 AM PDT My boyfriend bought a home in a fantastic location that's listed for 60000 under what it would be listed for if the roof wasn't bad. He wants to buy the home, repair the roof himself which he has extensive experience doing although he is not a professional roof contractor, and then remodel the home. The home won't qualify for FHA. What are his financing options? He can't afford to buy the whole place outright in cash. [link] [comments]  |
| advice on upside down rental property? Posted: 05 Jul 2019 10:42 AM PDT I'm new to this subreddit, so please forgive any faux pas. And to be honest, I'm not expecting a solution or useful answer here, because I think we are just screwed. But I'm asking on the chance that I am wrong, because I'd love a way out. And yes, this is a throwaway. My wife and I purchased a rental property in Naples, Florida, through a family member (who was working for the developer). We live on the West Coast, so we purchased sight unseen. It was -- at the time -- a great deal. We put 20% down, which we got primarily from a home equity loan on our house, and that was that. We were hoping to hang onto the condo for a year and then flip it, once the development was finished. But this was 2008 or so, and before we could flip it the economy tanked, and we were screwed. We weren't rich enough to make it through unaffected, we weren't poor enough to get government help of any kind. And we didn't want to kill our credit by walking away from it, especially with 20% down. Now it's been 10 years, the economy has largely recovered, but our condo is still valued at well over $100,000 less than what we paid for it. But it continues to cost us money each month -- the rent doesn't cover the mortgage, let alone the insurance and condo fees. After 10 years, I can only imagine it will be at least another 10 years before it hits our purchase price, if it ever does again. So we're considering selling it for just enough to cover the loan payoff amount, and slowly overtime paying down the home equity loan we used to buy it. It would suck, but we think it may be the lesser of two evils right now. And no, we can't refinance because it's not our primary residence. Before we sell... if anyone has any advice, I'd be keen to hear it. Thank you. PS - yes I know it was a stupid move to buy the property when and how we did. No need to beat me up over it anymore than I've beat myself up. Looking for solutions or advice for the future only, please. [link] [comments]  |
| What should i (first time house buyer) offer on a house like this? Posted: 05 Jul 2019 11:29 PM PDT https://www.realtor.com/realestateandhomes-detail/231-3rd-St_Balaton_MN_56115_M75394-28893?view=qv ^^^The house^^^ The asking price is $125,000, but was $135,000 just a few weeks ago. It's been on the market for 95 days currently. The house was at one time turned into a multi family home and still has two separate front and back doors for entry. The dividing walls have since been removed but the two separate front and back doors now lead into the same area of the house which is stupid and something I'll have to pay to be reduced to just a one door entry. The house is also painted several different colors and has front stairs that aren't even connected and are just a step up type platform (see last picture in the gallery), both of which are more things i'd have to pay to have updated/fixed. The house is also old (built in 1912) and hasn't had it's plumbing updated, just the wiring and some wood work. Based off estimates I've gotten from two separate plumbers it's going to cost around $8,000 to update the plumbing in the house. It's in an extremely small town with a population of 620 people and is 32 miles from the nearest big town where my job is also at. There's only 1 gas station a couple mom and pop stores and a 2 car garage sized grocery store which makes for grocery and necessities shopping that will have to be done elsewhere. The location is less than ideal as a result of this. They've had 5 showings according to the realtor i talked to and lastly, most of the houses in the town have listing prices under $50,000. The only comparable property is this one: ^^^The comparable house^^^ However this house comes with 8.25 acres of land and is located on the edge of town and arguably more aesthetically pleasing making it worth more/more appealing to most and despite that it's been on the market for 31 days. So, what do you think would be a fair asking price for the house in the first link? According to several realtor sites such as this one:https://dc.urbanturf.com/articles/blog/ask_an_agent_how_much_should_i_offer_below_the_asking_price/1010 i should offer as much as 30% less than asking due to location, the other houses in the area not selling and being far cheaper, and due to how long the house has been on the market already (95 days). Based on all this i think $95,000-$110,000 is fair. Do you think that seems reasonable? I like the overall design of the house even if a few rooms in it do have slanted ceilings, and i could put up with the small town location since it's not that far from my job, but i just don't think offering full price is the right thing to do given all this info i typed out above. [link] [comments]  |
| Should I help my mom purchase a second home? Posted: 05 Jul 2019 03:10 PM PDT Not sure if this is the right sub for this so feel free to direct me elsewhere if need be. My mom lives in San Diego right next to a university and my sister is trying to convince her to rent out her home and purchase a smaller house in a quieter neighborhood nearby. My mom has plenty of money for a down payment but works freelance from home and doesn't make a lot of money (but can afford payments). I make $100k and currently live in NYC. I don't have any plans to buy a home of my own soon. Her credit is above 800 and mine is above 740 so I don't think credit will be an issue, just income. What are the pros/cons of me "purchasing" the house with her? She supplies all the money upfront but I help her with qualifying for the loan. [link] [comments]  |
| Posted: 05 Jul 2019 01:26 PM PDT Is there a clear cut favorite between the two? I've heard some horror stories with septic systems going and the costs associated with them and also people having major issues with their sewage lines. [link] [comments]  |
| (CT) Offer rescinded on my house Posted: 05 Jul 2019 07:08 AM PDT I received an offer on my house, a contract was signed. On the contract it was disclosed that the house has some asbestos, encapsulated, in the basement. Now the buyer is rescinding their offer due to the asbestos. Apparently they didn't understand what it meant, maybe due to a language barrier. Should I let them out of the contract or seek restitution? [link] [comments]  |
| Posted: 05 Jul 2019 06:54 AM PDT Hi everyone. My wife and I had an offer accepted on a house, went through our inspections and are now ready to begin negotiating via the lawyers. I just posted to r/legaladvice, but perhaps you folks have experience with this issue. Please hop on over to the original post HERE and let me know what you think. Thanks for any tips or advice. [link] [comments]  |
| Do sellers and seller agents have biases? Posted: 05 Jul 2019 10:29 AM PDT Sorry for a dumb question, but if I put in a request for a showing is there a possibility of rejection? Does the situation ever happen of a real estate agent representing a seller just say no for whatever reason? I just put in a request through an agent to see a home but the agent representing the home is a previous agent of mine that ghosted me and now I'm sitting here twiddling my thumbs because I haven't gotten an answer yet.. [link] [comments]  |
| Posted: 05 Jul 2019 05:11 PM PDT I'm thinking about selling my house and buying a condo, and I have a specific condo building in mind. I have a close friend who is a realtor and would use him to sell my house. What's the protocol regarding realtors? Is he my selling and buying agent or do I contact the listing agent directly if I want to have a condo showing? [link] [comments]  |
| Foreclosure Process (Missed payment a few days more than 90 days) Posted: 05 Jul 2019 08:26 PM PDT First off I'm stupid and I am so mad at myself. I switched bank accounts to auto bill-pay my mortgage in April this year. However I didn't check my mortgage site to see if payments were actually going through. When you call the default loan number and provide them your details, they'll tell you when you last paid (in my case they said July 2nd which seemed like I was paying on time) The shock came when I realized that I went on the website today and saw that I have a balance overdue since April. I never received any notice in my emails nor a phone call to my home phone. I have scheduled payments from my old working bank account and my newer one for Monday. But that's already past 90 days. I fear my home is being foreclosed now. The payment activity on the site said payments were being made and scheduled however they would reverse everytime the last 3 months. Please what do I do? I'll call them Monday, but do any experts know if I've already entered foreclosure? My credit score must suck now... The mortgage loan is from Colonial Savings based in Fort Worth. [link] [comments]  |
| Buying a house, Master plan community HOA docs suggest poor financials? Posted: 05 Jul 2019 08:12 PM PDT Long story short, found a house. In the process of buying it, just got the HOA documents which includes the finical history for it over the last year. Over the last year the HOA for this master planned community has lost 2 million, but there has also been a lot of new building and park creations in this time. I am worried that this could be a big issue, but I don't know. Already going to start looking for a real estate lawyer, but all the same, what do you think? [link] [comments]  |
| Are the terms on the Closing Disclosure final? Posted: 05 Jul 2019 03:42 PM PDT So I recently received my Closing Disclosure for the property I'm closing on in a week. Long story short, whoever did my disclosure made some pretty critical mistakes. First off, my interest rate is listed at 0% (I wish). Next, a lot of the fees are non-existent. So, before I go ahead and let my LO know, is there any law or statue that would somehow make me the luckiest guy in the world? Is the lender obligated to honor the terms if they somehow don't notice? [link] [comments]  |
| Reverse mortgage and private purchase agreement question Posted: 05 Jul 2019 06:25 PM PDT I'm looking into purchasing a property that's currently under a reverse mortgage... the administrator of property ( owner now deceased) has said the property must be sold through a real estate agent is this true??? I would like to purchase the property under a private purchase agreement... and have no realtors involved to save money between both the buyer and seller.. [link] [comments]  |
| Advice on curbside appraisal for a simple mortgage refi? Posted: 05 Jul 2019 02:38 PM PDT Homeowner of 20+ years. Approx $250K in equity. Mortgage with SunTrust. I'd like to refinance my original 7.2% loan to a 15 yr fixed at a much lower rate. But... Is an internal home appraisal and/or inspection absolutely required? Do some mortgage lenders still allow "curbside appraisals" for a simple refinance of your primary residence like they used to? Or is that practice no longer permitted? Does it matter if I refinance with the same bank I've had for 20 years? (SunTrust). Does it matter if I shop around? I'd like the benefit of a reduced payment, especially as rates are going back down, but not wanting to spend weeks organizing, repairing, or tidying up my home at the moment due to vacations, long work hours and general lack of time. Also, if curbside appraisals are permitted in some cases, how can I determine that in advance before I delve deep into filling out all the paperwork and beginning the process? My concerns are that they may say "sure", then at the end they slap on a requirement that a full in-home appraisal is required. Or that I ask about it up front and it just send red flags giving them concerns and forcing one anyway. Essentially, any lenders that permit it will earns my business. [link] [comments]  |
| Posted: 05 Jul 2019 06:23 PM PDT I am looking at this property which is being sold as a 1bd. The builder is also selling basically the identical version of this property with an extra garage spot and they've turned the den into a second room for about $60k or so more. The only difference when I toured the property was that the unit with the official second bedroom had a built in closet, whereas the version with the den has no closets. They both have windows. So practically, I feel that I would be spending an extra $60k for a space for a second car to park (for the closets: I can just add an armoire, or something similar). When selling the property down the road, would I be selling the property as a 1bd + den or would I need to do something else in order to officially convert the den to a second bedroom in order to sell the property as a 2bd? The square footage is identical in the 1 or 2bd version of this plan. The $60k difference represents about 8% or so of the total purchase price. I am unsure whether there is any change in the HOA cost between the 1bd and 2bd. I would likely get a roommate for the "den" room. [link] [comments]  |
| Posted: 05 Jul 2019 05:56 PM PDT I'm using my VA loan with Navy Federal, the seller refused to pay for more than $500 of the closing costs. I signed the sale contract yesterday because I didn't expect them to pay any of the costs anyway and I have until Monday to deposit the earnest check. After visiting Navy Federal and getting a better idea of what I'd be paying in closing costs. I'm realizing it will eat up most of my savings and want to find a seller who will at least pay half. Can I back out now, or will it effect my pre-approval from Navy Federal? My excitement to buy the house has been overpowered by stress. The realtor stated that I have 10 days to back out, but I don't want to risk losing my deposit after Monday. [link] [comments]  |
| Moving to house with leased propane tank Posted: 05 Jul 2019 05:55 PM PDT I'm purchasing a house with furnace and water heater serviced by a leased propane tank. The lease agreement is with the previous owner so I'm assuming I have the ability to shop around for a new propane company. I eventually want my dryer, stove, and garage to be serviced by the tank as well. Any advice from those of you who have gone through similar leased tank situations on a house? [link] [comments]  |
| Square footage wrong on tax assessment that benefits me Posted: 05 Jul 2019 10:00 AM PDT |
| PA egress requirement in basements - what year? Posted: 05 Jul 2019 05:11 PM PDT I am currently in the process of selling my home in PA and the buyers' inspection came back with a request to add an egress (or provide $8k) to the finished basement, citing that there is a requirement for this since 2000 in finished basements for PA (home was built and basement finished in 2002). When we bought the house, we had the same question and were told the requirement was in effect 1/1/2007 (by our realtor). I tried looking up the requirement online but can only find it mentioned in the 2006 IRC. We have asked the buyers for the legal citation but I was wondering if anyone here knows about this requirement? Also if the law as of 2000 is true, what is the most cost efficient way to add an egress to a basement? Thank you! [link] [comments]  |
| First time HB. Offer just accepted — what to expect next Posted: 05 Jul 2019 09:23 AM PDT My offer was just accepted on a home. I have a general understanding as to why happens next, but what should I REALLY expect [link] [comments]  |
| Posted: 05 Jul 2019 03:50 PM PDT My real estate agent is trying to make us include all possible repairs on our request. My husband is on board (and actually added things!), but I am concerned we are going to annoy the seller to the point he'll back out. Am I being irrational? Should I push back more? What is normal to include? I have been expressing this concern for days and no one is taking me seriously and I am at the point now that I need to sign and submit the request for repairs. [link] [comments]  |
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