We accepted an offer on our house yesterday! 40 DOM Real Estate |
- We accepted an offer on our house yesterday! 40 DOM
- Realogy Sues Compass Alleging Antitrusts Violations
- Thoughts on supposed interest rates dropping at the end of the month?
- Experiences with VA Loans on older homes?
- My wife and I are buying a new house. We want to start fresh and keep our home maintained, what’s is some good YouTube channel, books etc we can watch or read that helps people who are not so handy?
- Property Investment in UK
- Buying a hostel or property to turn into an Airbnb overseas
- Can't find anything for sale [KY]
- FTHB Just Bought a House - Our Timeline in a Hot Market
- Seller wants to stay past closing?
- [Texas] House Title Transfer
- As a 1st time homebuyer, am I making unreasonable requests? Issues with Seller
- Is it worth it to convert a single family home into a duplex?
- About to close on a house, any help with what the inspector report came back with and next steps.
- Is it worth making repairs before selling? Would it clear more profit as a teardown?
- 3% down programs
- Self employed FTHB mortgage options
- Deed of Trust - Trustee AND beneficiary out of business
- VA Loan on Foreclosed Houses
- Paying only $800 a month
- [NJ] To homeowners, what are your monthly expenses composed of?
- Family friend wants to buy our house without a realtor, but we have a contract with a realtor for another 10 days. Is it OK to wait 10 days and then sell?
- Unpermitted Bonus Room
- First time home buyer, buying a FSBO.
- firm
| We accepted an offer on our house yesterday! 40 DOM Posted: 11 Jul 2019 04:38 PM PDT I left a breakfast dish in the sink and a Kleenex in the bathroom trash can when I left for work. It was everything I could imagine and more. [link] [comments]  |
| Realogy Sues Compass Alleging Antitrusts Violations Posted: 11 Jul 2019 11:09 AM PDT There are a few articles on this, some behind paywalls. I am curious what your thoughts are on this matter. I have also found the source filing and provided information so you can search and interpret it yourself. A few key details TLDR: The claims state that allegedly Compass engaged in illegal and unfair practices, such as:
https://therealdeal.com/national/2019/07/10/realogy-slams-compass-with-explosive-suit/ https://www.wsj.com/articles/compass-engaged-in-illegal-activity-realogy-lawsuit-alleges-11562784434 https://www.inman.com/2019/07/10/breaking-realogy-sues-compass/ https://therealdeal.com/national/2019/07/11/the-juiciest-claims-in-the-realogy-v-compass-lawsuit/ Obviously there are people here from Compass, Realogy, Independent Brokers that have been solicited by Compass, and various other competing brokerages. Do you have any first hand experience with Compass? Were they positive or negative? What's your take on the matter? Do any of these claims hold water? *Reformatted TLDR for Readability - Tangentially related, but this is an interesting analysis of Compass: https://www.mikedp.com/articles/2019/5/1/inside-compass-part-1-growth-strategies Edit: I now have a copy of the filing, so I am going to fill in some additional details:
For reference, while there are indeed limitations to non-competes, if they are within a reasonable Geographic area or for work of a substantially different nature, or after a reasonable amount of time then it is acceptable. However, the substance of the case discussing noncompetes is that Compass had employees effectively working in the same locations or managing the same locations they were at before, and their job duties were substantially the same. [link] [comments]  |
| Thoughts on supposed interest rates dropping at the end of the month? Posted: 11 Jul 2019 09:19 PM PDT What do u think 30 year fixed rates will be? It was down to 3.75 now its back up to 4 [link] [comments]  |
| Experiences with VA Loans on older homes? Posted: 11 Jul 2019 08:51 PM PDT I'm selling my house that was built in the 1950s, and while we put a lot of work into it, it's got a lot of stuff that still needs done. The exterior needs painted, half of the roof has <5 years of life left, and the windows are original aluminum. The house is priced with these things in mind, but we've received an offer from a buyer using a VA loan. Normally I wouldn't be worried about inspection as the house's issues are obvious and priced into it, but I've heard horror stories about VA appraisals taking forever then ripping houses to shreds expecting perfection. It has turned me off from the idea of accepting this offer. Does anyone have experience with a VA loan on an older house like this that needs some work? [link] [comments]  |
| Posted: 11 Jul 2019 08:07 AM PDT |
| Posted: 12 Jul 2019 02:45 AM PDT http://propertyinvestmentagency.co.uk This property investment agency in UK specialises in sourcing high income producing, buy to let property investments and developments in a number of major cities across the UK. If you need to sell your property, this agency can help you go through the process with ease and avoid the tiring steps. You can also rent or let your property if you are in search of a second income. The agency is run by people with years of experience in property management. The agency also gives advise and information to help guide you to the most financially beneficial way of managing your properties. There are several current projects available on the front page for you to check out. [link] [comments]  |
| Buying a hostel or property to turn into an Airbnb overseas Posted: 11 Jul 2019 06:35 AM PDT Has anybody in this sub ever purchased property in Central America or south east Asia? I am from Canada and strongly considering starting a hostel or some type of Airbnb in one of these places. What hoops did you have to jump through in order to purchase/run a business? We would ideally want something where I would not need financing. [link] [comments]  |
| Can't find anything for sale [KY] Posted: 12 Jul 2019 02:09 AM PDT We are in the process of selling our current home and buying another one due to outgrowing our current home. We have looked on zillow, realtor, and tulia almost daily and find the same houses day in day out still on there. Are there any ways of finding houses for sale by owner or foreclosures that I'm missing? We have friends that are helping look (one is in appraisal the other is a loan officer). We have a realtor but it's more so just a person that we talk to when we find something we are interested in and she has been great. Any help is appreciated. [link] [comments]  |
| FTHB Just Bought a House - Our Timeline in a Hot Market Posted: 11 Jul 2019 12:46 PM PDT Because timeline posts were so insanely helpful for me when in the process of buying, I thought I'd return the favor and share ours. My husband and I just closed on a house in Northern NJ in a very hot neighborhood. I think we lucked out better than most, as our offer was accepted on our third house bid, and we heard many stories of it take 5,6, 7 houses before not being outbid. Every house gets multiple bids (usually, assuming nothing it blatantly wrong and it sits on the market) and every house goes for above listing, just to give context for the area. Anyway, our timeline below:
So that was our entire timeline. Wells Fargo really did love asking us for paperwork and getting things to us VERY last minute. I will say it was nice they actually were working late for us, but stressful to be getting emails at sometimes 9 or 10pm. We only went with them since husband was a long time customer and our downpayment money was with them already. But i wouldn't recommend. We move in 7/19 and its been nice to have the time between closing and moving. We didn't even start packing until we closed because we were so nervous about the whole thing! Anyway, i hope others find this helpful as I found plenty of the other timelines SO helpful in easing my mind and let me know how things go! If you have any questions please feel free to ask. [link] [comments]  |
| Seller wants to stay past closing? Posted: 11 Jul 2019 05:40 PM PDT My real estate agent who is a dual agent representing both me as the buyer and the seller asked me today if the seller can stay the weekend after closing to finish moving out. I am supposed to close on Friday July 26 and the seller wants to stay that weekend. I would do the walk through on Friday and close right after the walk through. Is this a liability to have the seller there? I feel kind of bad saying no but I'm not sure I feel comfortable with it. [link] [comments]  |
| Posted: 11 Jul 2019 11:17 PM PDT My aunt's friend would like to voluntarily transfer a house title that currently has both people listed on the title, but he believes he has to pay taxes, and my aunt would have to pay gift tax. Is that true? What would be the best way to transfer the title and legally minimize tax or prevent tax? Would unified credit exempt tax for the gift related to the title transfer? Thank you! [link] [comments]  |
| As a 1st time homebuyer, am I making unreasonable requests? Issues with Seller Posted: 11 Jul 2019 09:54 AM PDT Just need some general guidance on some odd issues we have had with the seller. I do not want to be a difficult buyer and sometimes the fact that the process is like a game of telephone is maddening. We found a home we absolutely loved but at first it was overpriced for the area by about 30k. We decided that we wouldn't do a tour because it was overpriced and looked elsewhere. Then it dropped about 12k and we thought maybe it would be worth that extra 12k to us since we were not looking to move for at least 10 years. The bones of the house was great but it hadn't been updated with appliances or other things since 2000. Our realtor said we should bid what it was worth to us and we did end up bidding under at 150k. The seller counter offered by reducing it 100 dollars. We counter offered again 155k, which our realtor thinks is about 10 over current resell value for the town we are in. The seller didnt reply so we decided to move on. Then 2 weeks ago the house was dropped to 154k. We were confused why he wouldnt just accept the offer we gave that was higher then that but we resubmitted the 155k offer anyway. Now the house has been on the market for 3 months. They have received no other offers. When we went to the open house only 3 people showed up and none of those people were interested at all. The buyer ended up accepting the offer and we were very happy about it, doing our inspection ASAP to get the ball moving. The inspection had 3 major issues that would need to be repaired at least shortly after closing, partial roof, updating electrical (old house), and the air conditioner does not work. These are all things he had disclosed as being great and up to date but what he said was completely inaccurate. Because the seller moved out of state and is no longer in the house we did not ask him to repair anything, just asked him to cover our 5k in closing costs so we can use that money to repair. He has not yet replied to this but I do not want to seem unreasonable. We really want the house but that extra 5k would be needed to make sure there were no safety concerns and since the information he gave was inaccurate our realtor thinks he may just accept it. So what does everyone else think? Am I being an unreasonable buyer? I am sure he is offended because we originally bid below asking but even his seller had told him the house was not worth what he wanted for it. [link] [comments]  |
| Is it worth it to convert a single family home into a duplex? Posted: 11 Jul 2019 06:39 AM PDT My mom's 4 bedroom house currently has an estimated resale value of $375,000. It's in a neighborhood of similar single family homes built in the 1970s. She is an empty nester, one person living in a 4 bedroom house. She's put a lot of money into custom upgrades over the years and loves her back yard and pool so she doesn't want to move. I calculated it would be $25-30,000 to convert one wing of the house into its own (nice) apartment. That number is just for construction costs, not permitting and engineering if needed. The second apartment could be rented out for probably $1000-1300/month or be used for a caregiver down the line when my mom needs one. Zoning regulations in this zone allow for an Accessory Dwelling Unit within the footprint of the original structure as long as there are enough parking spaces and the outside appearance of the house is still a single family home. How would converting this single family house into a duplex affect its resale value? Is it worth it? [link] [comments]  |
| About to close on a house, any help with what the inspector report came back with and next steps. Posted: 11 Jul 2019 12:50 PM PDT Okay, so i am under contract for a house, Yay, but my inspection came back with some odd things i did not expect. for context, the house i am buying was kinda un-lived in for a period of time (2-3 years). The owners lived outside the state and used it as a "crash pad" where they came back to go to family events, long weekends, holidays, birthdays, etc... They never stayed for more than a week or so and only stayed in the house for total maybe 1-2 months out of the year. With that said, they did very minimal upkeep, and didn't are too much about it. Below is a list of the issues i got back from the inspection: - Polybutylene piping used for plumbing intake needs to be fully replaced - Back exterior door is rotted out and need to be fully replaced - 2 windows need to be repaired -seal on roof-based pipes need replacing - gutter is fully clogged . - toilets, faucets, and shower heads don't work properly There could be more issues than what my inspector missed, but was hoping for some insight from everyone on this sub reddit on their thoughts, what i should look for, and/or any suggestion for next steps. I will most likely ask for a sellers assist as the back exterior door is expensive to fix. Thanks, [link] [comments]  |
| Is it worth making repairs before selling? Would it clear more profit as a teardown? Posted: 11 Jul 2019 02:18 PM PDT I own and live in a 3/1 Craftsman bungalow in a newly "hot" neighborhood of a HCOL city. Layout is two bedrooms and bathroom upstairs, one bedroom main floor off the kitchen. We are outgrowing this house and need to expand to a 4/2. We discussed finishing the basement and adding a second bathroom (absolutely no good spot for an additional bathroom on main floor), but after lurking on Zillow it's become apparent that we could simply trade in our house for a 4/2 in a less trendy neighborhood, without adding too much to the mortgage balance. Main issue, our house is overdue for quite a lot of repairs. I purchased it about 15 years ago in a near-derelict state, and did a lot of work myself or on the cheap. At the time my neighborhood was considered a bit downmarket. Now though, there are new luxury homes and trendy restaurants, and the 15-year old Ikea cabinets have not aged well. It's certainly livable, but at this point probably categorized as a fixer-upper. To bring it up closer to neighborhood standards, we are probably looking close to $30,000 worth of work. That would be mainly spent on landscaping, kitchen refresh, upstairs carpeting (floors are trashed), and other misc cosmetic issues. To finish the basement would be an additional $30-50,000. Many houses in our area have been demolished and replaced with townhouses or mcmansions. Our city just passed a zoning ordinance allowing multi-family dwellings in all residential areas. This means our lot is eligible for a duplex, and possibly even more units since it's a corner lot. I'm wondering how much ROI we will even get from these repairs, or whether we should market as a teardown. OTOH, Craftsman bungalows seem to be sought after. How to tell which repairs are worth it? I wouldn't necessarily trust a seller's agent, since they will only profit from any repairs coming out of our pocket, even if we don't recoup the cost. [link] [comments]  |
| Posted: 11 Jul 2019 08:14 AM PDT I'm trying to understand the available 3% down programs. I've been talking with 2 different lenders currently. Before I begin, I know 3% is not ideal but we're trying to figure out our options for buying or waiting to buy. My husband and I have excellent credit, moderate DTI that's pretty much all student loans, and are saving cash as aggressively as we can. We make about $100k together. Lender 1 is Summit Mortgage with a local office. They said they can offer us 3% conventional loan at 4.125% with pmi. They also offer FHA or HomeOne (we make too much for Home Possible). Lender 2 is a local lender that our realtor suggested and who my sister used too. I guess they are all salaried and don't make money on the loan so my realtor said they are good about being unbiased because of that. Lender 2 said the only 3% conventional loan they can offer us is the HomeOne program at 4.5% and pmi. Also FHA too. Lender 2 said he didn't know how Lender 1 could offer us a 3% conventional at 4.125% because that doesn't match any of Freddie/Frannies loan terms (or something). So does anyone know what program that could be, is it legit? If we used Lender 1 are they going to bait and switch us once under contract? I feel like I can't trust anyone. Any help is appreciated! Thank you. [link] [comments]  |
| Self employed FTHB mortgage options Posted: 11 Jul 2019 07:55 PM PDT I'm 29 years old, looking to buy a $300-400K 1-3 bedroom house in California (Tahoe). I can work anywhere with my business. My stats
I understand that for getting a mortgage I need to show two years of tax returns and is generally a much lengthier and difficult process to get a mortgage. Based on my high credit, no debt, but low down payment, I'm thinking a FannieMae HomeReady 3% conventional mortgage is a better option than a FHA... but I still have a lot more research to do. My biggest problem is low income on my 2017 return, and from what I understand, will make getting a mortgage on my own incredibly difficult. I've also learned that going with a local lender vs someone like Quicken will be better/easier, which leads me to... My parents have excellent credit (800+), and make at least a quarter million a year, and might be willing to co-sign on a mortgage. They know lenders too. Is this a good idea? How much easier would getting the HomeReady loan be? Thanks for any advice. [link] [comments]  |
| Deed of Trust - Trustee AND beneficiary out of business Posted: 11 Jul 2019 01:39 PM PDT I'm in NC with a rental property I bought 15 years ago. I'm trying to refinance my primary residence and the bank dug up a unsatisfied deed of trust on the rental property for that was paid off just a few days after closing. The Trustee is an attorney's office that appears to no longer be in business, and the beneficiary is a real estate investor with an LLC, that I'm sure is out of business. I'm going to have to get a lawyer but does anyone have any ideas where this might be headed? Any help or insight would be greatly appreciated. [link] [comments]  |
| Posted: 11 Jul 2019 07:29 PM PDT Hello, I recently entered into the market and I am located in southern california, san bernardino and riverside county to be specific. My wife and I have been looking to buy but jeez the market is tough out here. We recently began to look at foreclosed houses on auction.com and got to wondering how hard would it be to buy a foreclosure with a VA loan. A friend of mine gave me some advice that if I have no shame (I dont) to find pre-foreclosures and make an offer to the owner and that way they avoid foreclosure and we get the house. I am a first time home buyer and want to get the most bang for the buck. If it is possible, what steps are recommended. I know the VA has some pretty high standards for housing. [link] [comments]  |
| Posted: 11 Jul 2019 07:27 PM PDT I was fortunate I guess to get Grant Cardone to answer a question regarding buying a home. He said DON'T BUY A HOME! I told him my husband and I rent my in-laws diplex for $800 a month with my child. He said why the f... would you move. I told him I got pre-approved for a home and the duplex needs renovations. I told him my mortgage for the home we wanted would be 2100 a month and he laughed and said your crazy girl lol Why is he against buying a home? [link] [comments]  |
| [NJ] To homeowners, what are your monthly expenses composed of? Posted: 11 Jul 2019 06:32 AM PDT Hello I'll be buying my first investment property soon and would love for you guys to share what makes up your monthy expenses besides principal&interest. Do you put aside a portion for future repairs/emergencies? [link] [comments]  |
| Posted: 11 Jul 2019 12:42 PM PDT My family has been working with a realtor to sell our house for the past three months. We have had a good relationship with the realtor. He has suggested significant price decreases on two occasions and we've accepted. After this most recent price decrease, we've had 2 offers on the house but they have fallen through due to bad luck and the buyers having financial problems (not due to problems on inspection or anything else). The contract we initially signed with the realtor ends in 10 days. We now have been approached by a family friend who heard we were selling our house through mutual friends and family. They want to buy our house but they do not want to use realtors in order to save money. We have read up on doing a direct sale without a realtor and feel comfortable doing so. My question is: Is there any problem with waiting until the contract with our realtor ends and then selling the house directly to our family friend? I imagine that my realtor will not like that we sold the house immediately after our contract ended with him as he has put significant effort in trying to sell our house. But I think this is entirely ethical since the interested buyer did not find out about the house through the realtor or dealt with our realtor in any way. In addition, we have acted in good faith the last three months and would have loved to sell the house through our realtor, it just did not work out. Edit: We are in Florida. [link] [comments]  |
| Posted: 11 Jul 2019 06:34 PM PDT Hi Everyone, I hope this is the appropriate place for this question. My husband and I are in the due diligence period on purchasing a new house. We went through the home inspection earlier this week and were made aware that the bonus room above the garage is not permitted. The current owners of the home were not the ones to finish out that space. When our realtor asked them if they knew about any permits on that space, they said that they did not. I understand that there are a lot of issues that could arise from this situation- home owners insurance not covering stuff, faulty construction issues, and tax liabilities. As we make our repair requests to the buyer, is it reasonable to ask that they retroactively get a permit for the space? We really love the house and don't want to alienate the seller, but we're not trying to get smacked with a bunch of fines and other expenses later. [link] [comments]  |
| First time home buyer, buying a FSBO. Posted: 11 Jul 2019 11:54 AM PDT I have been working somewhat with a real estate agent and she has been showing me homes that her company is selling. I was driving by a home and seen a FSBO home and pulled over to get the number. The owners came out and asked if I wanted to view the home. Once looking at the home, I decided I wanted to put in an offer and they just accepted my verbal offer. I know the sellers are not interested in working with an agent, and now that I've secured at least the verbal offer I am not so sure I want to involve this agent and pay the pricing. There is only one real estate attorney local and he is on vacation for another week. I would like to get this offer in writing sooner than that. Can I do a purchase agreement myself and submit to my lender? [link] [comments]  |
| Posted: 11 Jul 2019 05:47 PM PDT I am looking at studying finance in my undergrad. my end goal is to start my real estate development and management firm. I am looking at going into investment banking or private equity or something related to that then getting an MBA in real estate before making the switch. Is this a good idea or is there another way of getting maximum knowledge and experience to successfully start my firm. [link] [comments]  |
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