Possible collision of HOA management company and “investor” who is buying up units. Real Estate |
- Possible collision of HOA management company and “investor” who is buying up units.
- Buyers backed out of deal because they saw neighbor selling drugs in front of their house
- Do we have to disclose this?
- Need advise on a property we are planning to purchase
- Should I pursue this further?
- Getting a new MLS number
- Potentially managing a rental property I'd like to buy in future - how to handle insurance/liability?
- My dad is 68 and wants to buy a house
- Where Can I Look For An (unpaid) Internship/Apprenticeship
- Seller won’t budge on low appraisal or repair request
- Rewiring Tenant-Occupied Home [OR]
- First time home buyer. Inspection found water seepage in basement. Not sure what now
- My contract states I can back out of the deal (buyer) if after 60 days from the scheduled closing date the seller cannot cure all title defects. How do I calculate that?
- Rebuild house that I own with an investor
- Silly condo question; demolition
- 39% Lot size variance after option period?
- HELP! - HO insurance sent me a refund check and canceled policy.
- How can the quality of the sodding and grading be measured to meet certain quality standard when I buy a new home from the builder?
- Agent Exclusively - 2nd House Purchase
- Advice for securing a loan
- Agent pays offer management fee
- Does an agent have to disclose the home they're showing is being repped by their company?
- Our real estate agent plans on getting insurance for our house on sale
- Selling my house. Frustrated with my current mortgage company and an insurance check. Can anyone help me navigate the best way to do this?
- [New York] Title agent vs closing agent vs settlement agent?
| Possible collision of HOA management company and “investor” who is buying up units. Posted: 02 Jul 2019 11:31 PM PDT I am currently helping renovate and then sell a condo in Tempe, AZ for one of my friends. This complex (36 units) has very dated units and looks a little run down. Lately they have had to do some pavement of parking lot and replacement of wood beams in front of each condo. Which they have used to justify increases in the past. A new management company stepped in and immediately doubled the HOA to $350 a month for condos that value for about $150,000-$175,000. This is causing a lot of people to sell their condos because their HOA is approaching 50% of their mortgage payment. I found out today from a neighbor that there is an investor who has stepped in and has successfully scooped up a majority of the properties in the complex. Could the HOA be colluding with this investor to buy up all the units to use the space for another real estate project? Is this illegal? How can I prove it? [link] [comments]  |
| Buyers backed out of deal because they saw neighbor selling drugs in front of their house Posted: 02 Jul 2019 07:13 PM PDT this is the same reason my tenants didnt renew their lease plus other issues with this same neighbor. i have a feeling im in for a ton of problems with this sale. what can i do? im also about 1000 miles away from the property. [link] [comments]  |
| Posted: 02 Jul 2019 02:14 PM PDT It's been a super rainy spring/early summer in the Midwest. We are selling our house. At the time we put the house on the market, we could honestly say there was never water in the basement. Now, we are awaiting closing, maybe 2 weeks out at most. Appraisal and inspection all have been done for a while. Yesterday I went into the basement and lo and behold! Water marks! Not actual water, just wet marks going up the walls in two basement corners and definitely some mold. Do we have to report this to the buyer? If so, how do we do so? Can they back out of the sales contract if the contingency period has closed? [link] [comments]  |
| Need advise on a property we are planning to purchase Posted: 03 Jul 2019 02:07 AM PDT After a long time, thinking through things, we have an offer out to one of the properties we liked in bay area, we went below the listing price and the offer is accepted. Since the seller had done a comprehensive inspection and fixed a lot of things, we have not put an inspection clause. We went over the inspections reports, the only thing that stands out is that there is some water in the crawl space and it was damp on one side, from the pic it looks like one of the pipes was leaking. The seller has mentioned that all section 1 defects were repaired, including this one, they have a signed document which marks these repairs as 'Done' but does not provide any more details on it. I checked with the inspection company, it looks like they only took care of termite and dry rot, all other section 1 including leakage was taken care by some other contractor which seller worked with for reno. Given the signed document saying its fixed, my realtor thinks they must have fixed the problem else they cannot sign a document marking the issue fixed. I am in two minds if we should ask for another inspection or not? I know contingency is not there but at-least we will know ahead of time if something serious is wrong, maybe even ask the seller to fix it. Also, do you guys recommend a survey before purchase? I dont see many people doing that in bay area, not sure if $1000 is worth it given we already have fences. [link] [comments]  |
| Posted: 03 Jul 2019 01:35 AM PDT I'm purchasing a rental property and working with a loan officer to arrange the paper work. We were supposed to close at the end of June. My mother was acting POA for signing as I'm out of the area. All good to go, but... Seems like the loan officer forgot to tell the lender and title company that I was doing POA. Mom shows up, but closing can't happen as they are not prepared with documents for her to sign and they have their own POA document I need to notarize, effectively making mine useless. Loan officer forgot to notify them we were using POA. This means I'm out the 150 bucks or so for the original notarized document and half a month of potential rent (2k)on the property as we now expect to close mid July once it's all sorted. The kicker is, mortgage payments aren't starting until September so that rent money was (mostly) free and clear. I'm inclined to let the little stuff go and say, shit happens, but that 2k hurts. TLDR: Loan officer has apologized sincerely for his mistake, which cost me time and money ( and potential rent). Do I leave it as is and accept the apology or pursue this further? [link] [comments]  |
| Posted: 03 Jul 2019 04:45 AM PDT Recently, I've seen listings get delisted/withdrawn then reposted the same day with a new MLS number. This seems to reset Redfin and Zillow and make it look like a new listing and driving tons of views. For instance, this house has been on the market for like 90 days but they did the MLS thing and it goes from being stale to a hot home. https://www.redfin.com/MD/Ellicott-City/9903-Foxhill-Ct-21042/home/10034399 Has anyone done this? My agent doesn't think it's possible to do but clearly it is. I'd love to do it on mine and drive views at a new price point. [link] [comments]  |
| Posted: 02 Jul 2019 11:10 PM PDT Backstory: Moved to Colorado in 2015 with my (now) ex. Located via Craigslist, found a rental in Frederick CO (Weld County). At the time I signed a rental agreement, had no idea that "landlord" who showed the property was not the actual owner of the property, nor the incompetence that was in store for me dealing with him up until I bought my current home end of 2016, which is less than a mile from the rental. Before I moved out of the Frederick home (early 2017), the supposed "landlord" ended up going to jail for the better part of a year, about 4-5 months after I moved out while landlord was still in jail found a note on the door from the property owner asking for a phone call & to catch up on back rent, I called him and told him all about the (at the time jailed) landlord who was apparently subletting the property without bothering to inform the property owner. If you feel like reading about some of the nonsense I dealt with I put up a thread here asking about buying years ago when the landlord went to jail for the first time, at time didn't know landlord and property owner were not the same person. That said, property owner lives in Texas and isn't really interested in playing remote landlord. We met last week to talk about a potential property management arrangement for a year, where we'd draw up an agreement, I would hire out a service to qualify potential tenants and handle communication and payment from those tenants as well as any issues that may come up, property owner just wants someone halfway responsible to property manage which I'm fairly certain I can handle, I have been renting out a room in my primary home for over a year and my employment situation is fairly flexible and has me reasonably close to home most of the time. Long term I'd like to buy the property off him but right now finances aren't quite there to do so. Where things get complicated is that property owner wants to avoid legal exposure & risk, he's a lawyer and nearing retirement from what I gather, I definitely understand his aversion to being on the wrong side of a courtroom miles away from home. I talked to my home insurance agent who said I can't take out a policy on someone else's structure because of conflict of interest, she recommends writing rental contract to specify that things like ice & snow removal and other tenant responsibility and require tenants to have their own policy to cover their possessions, but I recognize that wouldn't stop someone from filing a lawsuit against either myself or the property owner if something were to happen - property owner and I both fully recognize that lawsuits usually name people with deeper pockets even if they are not directly responsible for an incident. If it means anything I believe that the property owner owns the property outright. Can't find any information on county assessors site about any liens or mortgage notes. Property owner says he bought the property with his brother Paul in early 2000's and I believe his brother is no longer alive, his brother was once listed as property owner, then shows transfer to current property owner, assessors office website says property owner is now an LLC in same town as property owner lives and has been since 2013. Curious how I could/should best go about this, I see a potential to make some rental income for a year, save my pennies and hopefully be in a better position to buy the property. [link] [comments]  |
| My dad is 68 and wants to buy a house Posted: 02 Jul 2019 03:59 AM PDT Hey all, Like the title says, my dad wants to buy a house and he is 68. He has good credit and would need a loan for most of it. Will he be denied because it's unlikely he'll live long enough to pay it off? Are there any ways I can help him? Any advice you have would be much appreciated! [link] [comments]  |
| Where Can I Look For An (unpaid) Internship/Apprenticeship Posted: 02 Jul 2019 10:50 AM PDT Hey all, I'm interested in getting my foot in the door to the real estate business. I'm 16 years old and looking for a productive way to spend some of my extra free time. I'm happy to do dirty work: scraping online properties in a given area, organizing property owner contact information, or even cold calling asking for initial offers. I'm currently in the process of writing a resume to submit to some of the bigger name firms as well as some of the more local firms. Does anyone know of anywhere else I could look to start my journey? [link] [comments]  |
| Seller won’t budge on low appraisal or repair request Posted: 02 Jul 2019 01:59 PM PDT Hello, first time homebuyers here. We're currently in escrow for a condo. The location is absolutely perfect for us. It almost couldn't be better. It's an amazing HOA and it's one of the only houses in the area that has a view of the nearby nature preserve. However, the inside of the house has some issues. We had some inspections and the house has had some water damage which has led to mold in the kitchen and one of the bathrooms. The plumbing in those areas has been replaced, but the cabinets and the walls have not. The sellers have also never looked into the walls so we don't know the extent of the damage. Everything could be fine, or there could be water damage and mold inside the walls and the entire kitchen and kitchen ceiling could have to be replaced. We don't know. The house appraised for $5,000 less than we offered and the owners are absolutely refusing to pay for any repairs or to lower the price. We're putting down 20% conventional, and we could put down another $5,000 to cover the appraisal set-back, but it would drain our bank account to $4,000. Right now, we would be paying a total of ~$2,800 a month on the house, everything included. Selling price is $435k. Our income is $140k. We also have a 9 month old baby, so we're concerned about whether or not we could actually clean out all the mold for health reasons. We need to decide if we will buy the place or back out and we need advice. Any help is greatly appreciated! Thank you! [link] [comments]  |
| Rewiring Tenant-Occupied Home [OR] Posted: 02 Jul 2019 07:32 PM PDT I've run into quite a situation. I found I had knob and tube wiring and asked my insurance company if I would be covered in case of an electrical fire (I knew it was hard to get insurance w/K&T and figured they never asked me. Didn't want to get a claim denied). They told me that they don't insure homes with K&T wiring and that they were sending me back to underwriting and would either not renew my insurance or cancel it with 30 days notice. Obviously I need insurance on the rental home, so this makes me very nervous. I then looked for other insurance but can't find anything. No insurers will give me a quote with K&T. I now start calling electricians to get quotes for full rewires. I had an electrician over today and he said it would take 3 days, and they could do the work with the tenant in the home. I haven't spoken to my tenant about this yet but I was thinking of giving them $1k off rent for the month if they'd allow me to do this. But, now I'm also wondering if there's anything I need to do about lead paint/asbestos testing since I'll possibly be doing a renovation with them in the house. There are also 2 children in the home. My house was built in 1920. Should I just pay for an airbnb so this isn't an issue at all? Is it still an issue even if I relocate them during the rewiring? [link] [comments]  |
| First time home buyer. Inspection found water seepage in basement. Not sure what now Posted: 02 Jul 2019 07:29 PM PDT So we're about 3 weeks away from our closing date on this house and my inspector found some water seepage in the back corner of the finished section of the basement of the house. There was a very small amount of mold on the carpet. The sellers have never lived in the house but seemed to think the problem was in caulking the windows. They went out and recaulked last weekend. I'm really really unsure what to do at this point. My family thinks I should cut my losses and walk away since I have no way of knowing if it's a foundation/waterproofing problem or just the windows. The house is in pretty great shape otherwise but I obviously don't want to get involved in a money pit. Any advice would be helpful [link] [comments]  |
| Posted: 02 Jul 2019 03:41 PM PDT I was given 45 days to acquire a loan. Which I did weeks ago, but the seller is dealing with a covenant related to water quality. Does the 60 days start counting from contract date + 45 days? I don't think there was any closing date specifically mentioned in the contract. [link] [comments]  |
| Rebuild house that I own with an investor Posted: 02 Jul 2019 01:17 PM PDT I inherited an old house that is located in a valuable (and growing) part of town. I know that selling it now would give up big gains in the future, but I can't afford to do a full rebuild. It cannot be rented in its current state. Are there any types of opportunities out there that allow an investor to come in and take most of this off my plate while allowing me to retain some sort of residual income or ownership? [link] [comments]  |
| Silly condo question; demolition Posted: 02 Jul 2019 06:59 PM PDT If you purchase a detached condo (freestanding home) can they someday compel you to tear down the building you "own" on the land they own? [link] [comments]  |
| 39% Lot size variance after option period? Posted: 02 Jul 2019 06:59 PM PDT Hey guys, So I'm in the process of purchasing a home and have been dealing with an absolute atrocious sellers agent. She has been pretty shady all the way around but felt I could have my inspections done by some of my Non-vested master tech friends and determine its short comings. Now I have a pretty good idea of what is going on with the house and am fully prepared to take on all the challenges that come with it until I noticed something odd today. I was playing around with the tax assessor program and looking at the property size versus the other properties in the area. Now the lot is slightly odd shaped, but nothing too crazy, think of a rectangle with one end shorter than the other. The realtor had it listed at 1.1 acres and while it LOOKS larger than the neighbors property in person, its layout makes it hard to determine its actual size. Now I noticed on the realtors website if you click through some map layers it will auto calculate the lot size... and it did at 29,570 sqft. This number is about 19,000 less than the advertised 1.1 acres at 48,000k. I calculated it by hand and came up with similiar numbers, took the plot size, cut it out and used it as a overlay and sure enough it looks like its only .67 or so acres. My question is, what are my options at this point? I ran a calculation based on tax values of homes in the neighbor hood and their land/improvement values and calculated the new figure to be roughly 20k less than what I originally offered. Also I had initially looked into this property as a long term investment and was banking on the large lot size to pay dividends in way down the line and this knocks the lot size down by 39%! At this point with earnest money and inspections, survey and appraisal I've got about 5k or so already wrapped into this. It looks like an acre, feels like an acre, but on paper it is absolutely not an acre which will effect every transaction from this point forward and cost me a large amount of money. Sorry for the bad grammar, etc its late and been a long day but any help will be appreciated. [link] [comments]  |
| HELP! - HO insurance sent me a refund check and canceled policy. Posted: 02 Jul 2019 06:30 PM PDT So new place this year in April bought a duplex to owner occupy and for 100 year old brick building things looked generally pretty good but there is plenty of stuff I'm working on upgrading, fixing, and generally improving. There was an issue that has me quite upset. So we shopped insurance rates with the help of some personal contacts and eventually settled on the low bid for different comparable services with American Family Insurance. They sent me a check for a considerable amount of money and a notice of canceled service. I'm terrible at checking my mail and just got the check and letter how I'm reading it my whole policy was canceled over the wires running from the meter to the electrical box being frayed. There definitely is one layer of insulation that is frayed. [rant]My only bone to pick with Am Fam is the only communication they sent was snail mail. No call, no VM, No email. I would think if some on pays you thousands of dollars and you have to issue a refund you CALL THEM! I've reached out to some contacts for referrals to Electricians and plan to fix the issue very quickly but my policy canceled on 6/18 and I'm scrambling to fix the issue now and could really use 10-14 days to get repairs done but don't want to uninsured. So my questions are Did Am Fam come out and physically examine my house as this is an exterior defect but it can only be seen if you let yourself into my tall fenced in yard? Am Fam was significantly cheaper then other providers but could I get immediate coverage somewhere else that won't push for immediate repairs? Has my mortgage company been notified about the lapse in coverage and what ramifications do I face with them? I plan to get this repaired ASAP but can't get an actual quotes until Friday/Monday how paranoid should I have to wait until next week to fix the issue and wait to reinstate my policy with Am Fam? Owner-Occupied Duplex in Missouri. [link] [comments]  |
| Posted: 02 Jul 2019 05:54 PM PDT I am buying a new home and the grading and sodding work looks bad. I have documented it here There's nothing in the contract that binds the builder (lennar) to provide certain quality. How do I deal with the situation or will I have to live with what I get ? [link] [comments]  |
| Agent Exclusively - 2nd House Purchase Posted: 02 Jul 2019 05:44 PM PDT I have a weird sitch. We used our real estate agent to both buy and sell. The acquisition of a new home went off the rails (while under contract to sell ours), and we decided to purchase what my husband refers to as a "halfway house," something we can live in for a year and maybe rent while we continue the hunt. I have low confidence we'll find "the one" anytime soon, and want to explore building. After our a semi-unsuccessful home purchase, we want to change agents. We plan to cancel our agreement with our agent amicably, but.. are we still under contract with agent for our 2nd house purchase? [link] [comments]  |
| Posted: 02 Jul 2019 05:41 PM PDT My wife and I are looking to move, sooner rather than later because of some issues in our current rental property. I would really rather buy a house than continue to rent. My credit score is currently 571, income roughly $35k, and unfortunately we do have an eviction on our record from 2015 if I recall correctly. I'm looking at homes in SC about $60k - $80k. I've tried a few places and usually get the "Low credit? No loan" answer. I'm not really sure how to proceed from here and it's not looking like I'll have the time to bring my score too high before we need to move. What would it take for me to get a mortgage loan? EDIT: I suppose to answer the common comment I've got a couple things I can knock off my credit score that I'm working on. I think I can bring myself above 580 but probably below 600 within 6 months (and hopefully before my lease is up) and that's the goal. I know the difference between 571 and 580 is pretty big when it comes to mortgage loans but I guess I'm mostly trying to get a feel for how to proceed at this low point since most creditors don't want to deal with low credit individuals. First time prospective home buyer so I'm about as inexperienced as you get. [link] [comments]  |
| Agent pays offer management fee Posted: 02 Jul 2019 05:13 PM PDT I've noticed more foreclosures are asking buyers agent to pay offer management fee of $170 plus upon consummation of agreement or at closing. This is bullshit, is there a way to get around using the online offer management system the seller has in place? [link] [comments]  |
| Does an agent have to disclose the home they're showing is being repped by their company? Posted: 02 Jul 2019 05:07 PM PDT TLDR: I'm looking for a home and the agent did not disclose that the seller's agent is a coworker from the same agency. It was not on the information sheet, found out through googling the seller agent's name. Do they have to disclose that? (Attempted) first time buyer here. I had a bad experience with Keller Williams where my agent was REALLY pushing only Keller Williams repped properties and was dismissive toward any property not represented by them. It made me assume there was some kind of kickback arrangement. I found a new agent who seems great and has shown me a bunch of varied properties, and works for a small company. However, he showed me a place and we put an offer on it, but he never disclosed the seller's agent was part of his (small) company. Is this normal? Located in New York City area, although don't really care if this is technically legal, more is this ethical. [link] [comments]  |
| Our real estate agent plans on getting insurance for our house on sale Posted: 02 Jul 2019 08:22 AM PDT Hey everyone. So my parents house has been on sale since March and this is the first time im involved with the process. Our stove top stopped working yesterday and my dad called our agent if he knew any decent repair companies in the area. Now my dad explained to me,that the agent plans on getting some insurance today for the house that my parents dont have to pay for until the house is on sale. Then we were told we can call someone to repair the stovetop next week through the insurance. Something about that seems weird to,me. I believe that any claims through an insurance like that cant be made that soon. Does this seem off to you guys? Edit: spelling [link] [comments]  |
| Posted: 02 Jul 2019 11:08 AM PDT I received the buyers response to inspection last week and they want the roof replaced due to hail damage or 4k at closing. So I filed an insurance claim based on the inspectors report. Insurance company comes out and agrees with the claim. I received notice of my settlement today. Actual cash value minus my deductible is more than the buyer is asking for. Turns out though, the mortgage company will be on the check due to the amount of money. So I call them to find out the process to have them sign off on the check so I can turn it into a cashier check for closing. They want me to endorse it and send it to them so they can put it in a restricted escrow account and they are saying they will need contractor documents. I am not getting the roof repaired. That will be on the buyer. I just need to be able to take this check to the bank. I'm supposed to close 7/19 assuming everything continues to progress smoothly. Anyone have experience with this situation? [link] [comments]  |
| [New York] Title agent vs closing agent vs settlement agent? Posted: 02 Jul 2019 10:51 AM PDT I'm thinking of purchasing my first apartment and in talking with my bank about a loan, they mention that I will need a "title/closing/settlement agent." My questions are as follows:
I apologize if this is too "beginner" of a question, but I have searched Google and this subreddit and didn't find a concise answer. If there's a simple questions thread, I can post there. [link] [comments]  |
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