A very unique listing photo Real Estate |
- A very unique listing photo
- Storage unit purchase update!
- [AZ] HOA fee turned out to be double what seller reported
- Should I be mad at my realtor?
- Is it common, in US Cities, for rent to jump $100 every year a new lease is signed?
- Looking for books! I have zero experience with real estate!
- Seller (builder) flat out refuses to sign earnest money rescission despite knowing he can't legally do so
- Hard 43% DTI cap? Impact on home sales prices?
- Buyer submitted repair requests late
- Tenant asked to get a dog / Willing to pay more. Anyone experience this?
- Rent to Own (Multi Unit Version)
- What do you do when getting into real estate?
- Buying a Bay Area home with no permits
- Have my license, no broker, can i do CE classes?
- Confused about 'livable space'
- NEED help! Figuring out how to buy this commercial Cannabis building
- Any Advice for An Aspiring Real Estate Agent?
- What constitutes a closet when appraising a room as a bedroom in Arizona?
- Best place to learn more about selling real estate as a fresh real estate salesperson?
- Home sale falling through
- Transitioning from Medical Field into Real Estate
- Georgia tax lien surplus. How to recover?
- Interest rate
- Lifetime $500k/$250k capital gains deduction, do I need an accountant?
- First time buyer - Multi-family property - Financing Hurdles?
| Posted: 01 Aug 2019 12:27 PM PDT A real estate agent in St. Petersburg, Florida used a picture of the house engulfed in flames as the listing photo. [link] [comments]  |
| Posted: 01 Aug 2019 06:42 PM PDT I posted last year about a storage unit I was looking to purchase within my condo building. I wanted to provide a quick update on what's been happening since alot has changed. After going back and forth about whether we should, we decided to pull the trigger. We had never heard of unit that size being sold/available, as well as having zero carrying cost. We ended up buying it for 45k. Steep price but we felt it had a ton of potential given our location. We immediately thought to rent out half the unit (200 sq ft) while using the other half for ourselves. The response was overwhelming. Not only were we getting offers to rent for 700+ a month, but also offers to purchase the unit. Fast forward and we've agreed to sell the unit less than year after purchasing for 165k. Not only that, but we've somehow stumbled on a another unit, slightly smaller, that we may purchase for the same price per sq ft as our original unit price. Meaning we would essentially double dip. Thanks to the users who recommended going in on this purchase. Hopefully we can snag a few more! [link] [comments]  |
| [AZ] HOA fee turned out to be double what seller reported Posted: 01 Aug 2019 09:53 PM PDT Seller provided one number for HOA fees via on Zillow + the Seller's Property Disclosure Statement (SPDS) they submitted to me. Then, after we moved forward with a loan, got appraisal, inspection done, the HOA sent over all of their documents. It turned out that the fee was double what the seller reported. I thought the information provided to me was reliable and made my decisions to move forward with inspection and appraisal based on inaccurate information. Is it possible that an HOA charged the seller something different than they will charge me for some reason? If so, that's a bit scary that they can charge different residents wildly different numbers. At that point, it seems that I should have been told the possible range in the SPDS. [link] [comments]  |
| Should I be mad at my realtor? Posted: 01 Aug 2019 06:50 AM PDT **(Entirely too long rant warning!) Not sure if this is the right sub but here goes: Went under contract a month a go with quite a few repairs in addendum (at the time I didn't know that it was best to negotiate price of home or concessions instead of letting seller repair and was not told about that option from realtor). I "mistakenly" sent lender the contract with repairs addendum. When underwriting came back they turned a few things on the addendum into lender required repairs. Realtor was annoyed and said that the lender is going to make things difficult. That confused me considering the fact that all the seller had to do was provide proof that work was completed, paid, and performed by licensed professionals. Fast forward to many requests to realtor for updates on repairs and all I've gotten is one receipt and two proposals/estimates all of which didn't even address half of the total amount of repairs and only one of lender required repairs on one of the estimates. This morning, after a frustrating conversation, realtor revealed that some of repairs are being made with sellers "closing proceeds" therefore no receipts, some repairs were made without invoices therefore no receipts, and not sure if any were done by licensed professionals. Realtor suggested that we would be able to see many of the repairs with our own eyes on walkthrough. I reminded realtor that if it wasn't for the inspection, many of the issues like the electrical stuff, roofing etc. would have been unnoticed because neither of us are aware or qualified to inspect that stuff! She then suggested that I could pay for another inspection if I want to 🙃. That was definitely my tipping point! I told her that I would be willing to accept the word of the guys that inspected the property for me previously but I wouldn't be paying a dime. She then proceeded to tell me to watch my tone and accused me of being rude for telling her to fix it (as in this whole mess I feel she herself has created considering she "knows the work is completed" because it's "her guy" that she referred the seller to to have SOME of the repairs fixed). Even IF realtor or seller paid for new inspection to satisfy me, the lender has made it clear to me and directly to realtor that they won't sign off unless there's proof work has been completed by professionals. Was scheduled to close tomorrow but clearly that's not happening now and I've already scheduled some utilities and USPS change of address to start tomorrow. I'm a first time buyer and this whole experience has been stressful and mainly due to issues I've had with realtor. As I'm writing this I'm realizing everywhere I went wrong. I got waaaay too comfortable with realtor and took her word as gospel. I allowed her to be snappy and unprofessional at times when I should have checked her but I was under the impression that she was teaching me the ropes. I definitely gave her TMI regarding my personal life and opinions, stuff that she may have been able to use to figure out how to manipulate me. Or maybe I'm just being paranoid. Either way I'm confused about what steps to take next. Do I just walk away from deal and will I get my earnest money back? Will seller be able to sue me or something? Ugh. Update: surprisingly my lender is willing to side with whatever I want to do. I want the home and have been through too much to give up now so I'm trying to get a re-inspection, to be paid by me upfront with seller reimbursing through concessions since they are out of cash apparently. As expected, I got major pushback from realtor regarding the payment of re-inspection but I finally grew some balls lol and put my foot down and said present my resolution to the seller or I walk. Final Update: I retracted my newly grown balls and just went ahead and paid for the re-inspect since the company I used was luckily available today but was booked until next week. Just got the update that everything was properly repaired except for one little thing that's already in progress to be fixed. Hoping to still close on schedule tomorrow. Thanks for all the great advice that I'll def use for future reference. Can you give gold to a sub? 🤔 [link] [comments]  |
| Is it common, in US Cities, for rent to jump $100 every year a new lease is signed? Posted: 01 Aug 2019 12:04 PM PDT I've been renting since 2014. I started on a 6 month lease for a new bedroom for $725. I moved apartments 6 months in in the same complex and they upped me to $775/ month. When they offered me to sign on for a new lease the next year the rent was $850 a month. When I first moved in to this complex I met some people moving out who paid $650 a month and said their first year was $575. All with no renovations. Instead of accepting their new lease I moved into a 3 bedroom that started at $1,050. We stayed there for 3 years and the same thing happened. They bumped $100 each year. (This was all in Winter Park FL just outside Orlando) I've looked up that same 1 bedroom I started in and they go for about $1,050-1,200 now. With limited "upgrades" meaning they changed the carpet in the living room to laminate. I've just moved to Smyrna TN (just outside Nashville) and have learned that this area has moved at about the same rate. Which might mean my $950/month apartment will be over $1000 next year and we will eventually be priced out of this area too. As a lot of people in this sub, our goal is to eventually buy a home. But between outrageous rent and student loans we are really being drained. My questions are, is this jump in rent prices normal? Or is it just because I'm always in city areas? I know you can't predict the future economy, but is this a product of the economy doing well, or has rent increases always worked this way and moved this fast? [link] [comments]  |
| Looking for books! I have zero experience with real estate! Posted: 02 Aug 2019 02:26 AM PDT So far I have "rich dad poor dad", "the millionaire real estate agent", and "the book on managing rental properties". For context I'm really interested in getting into multi family homes. I would like to put my hand in flipping later down the line when I have more experience and capital. Also a good book/podcast/vlog/blog on the art of wholesaling would be amazing as well! Thanks in advance :) [link] [comments]  |
| Posted: 01 Aug 2019 01:21 PM PDT We rescinded our contract 3 days into a 5-day CC&R review period. We had our reasons for doing so, but regardless the contract didn't say any specific reasons are required. The seller (builder as it's new construction) was bummed we did that, "felt cheated and angry" and says he won't sign the rescission papers unless we give him a cut. Our agent and broker told the seller and his agent that this doesn't have legal basis, but regardless 15 days later we still haven't got a dime. I have indeed hired a lawyer, and sent him notice failing which we will initiate litigation including sending him a draft of the court summons from Superior Court. Even this has not got him to sign it. He had suggested his agent on the last date of our notice period he is willing to go down to taking $ 250 (out of $ 6000- he started with asking for $ 1500) but even that was not in written. I realize I do have a lawyer, and can just continue going the entire way with them and taking their advice, but I am not sure how deep I want to go into the rabbit hole. The lawyer suggested court costs itself could be $ 375. Should I just begin negotiations with the builder even though he has no legal right for asking any portion of it? The builder has very bad reviews on Yelp including many suggesting him to be a bad person, scum etc. He definitely is showing similar signs with us. He has put the property back on the market, is pending on it for longer than any of the contingency periods, so he is definitely now getting the entire sale- which we thought would motivate him to avoid a lawsuit and give us our money back, but that hasn't been the case. What are our options? I do have legal insurance coverage with ARAG, so my attorney fees is covered for now at least. My lawyer told though I can't file lis pendens unless we claim interest in the title, which we aren't. Is there anything I can do to increase his short-term hassle (he seems to be playing long con with the court) to make him selling the house difficult etc. so that he would rather pay us the money than deal with that? My lawyer advised me against writing negative reviews on the internet, just in case the case entered litigation (which the lawyer himself isn't very keen on himself). [link] [comments]  |
| Hard 43% DTI cap? Impact on home sales prices? Posted: 01 Aug 2019 11:22 AM PDT
Quick note, an interesting side-effect of the "patch" is that it often makes the process a little easier. I have one in process right now, closing in a few days, where we identified that a) Brwr X's income pushed DTI down to the 30s, b) Brwr X's income would be a time consuming pain in the butt to verify, and c) Brwr X's income being disregarded put calculated DTI at 48% range, so we d) disregard Brwr X, so that nothing had to be verified and we could get to closing table faster and smoother. We also identified that this lower 'calculated' income meant we could go HomeReady for a lower rate and lower PMI (now they are "low income" for the census tract). This is a classic example of the 'law of unintended consequences,' if the "patch" were revoked as is proposed then these folks would be getting a higher rate and more expensive PMI. Quick note #2, the QM "patch" does not apply to "Jumbo" loans. This leads to wonky discontinuities where someone's max loan amount is stuck at $484k (most of US) or $726k (high cost of living areas) even if they get a pay raise or pay a bunch of debt off... you want to borrow a dollar over that limit, and your DTI cap drops from a soft & liberally calculated 46.9% to 49.9%, to a firm & conservatively calculated 43%. So people are like "what if I get a raise?" --> DTI drops to 46%, still max is $726k. "What if I pay some debt off?" --> Drops to 44%, still max is $726k, and so on. Here's the CEO of a wholesale mortgage bank commenting on it. - this guy is usually pretty "don't worry guys, it's no biggie!" and that includes this video. He's a former athlete, so he doesn't bitch about rule changes, rather he figures out "with this change to the rule-book, how can we still win?" [link] [comments]  |
| Buyer submitted repair requests late Posted: 01 Aug 2019 04:38 PM PDT Buyer had until the 31st to submit repair requests, their requests were received on the 1st(today), are they locked in to an "As-is" sale of the home or risk losing their earnest money? The repair addendum was signed by the buyer on the 1st, the option period ends on 7/31. If I respond to anything on the request for repairs is that 'legitimizing' the request in any way? I've never submitted or had a request to repair submitted late before... I never signed an addendum for more time for them to submit the request, which my Realtor(KW) is now suggesting I sign. It feels like my realtor is pressuring me into a bad deal here just to get rid of my listing and make a quick buck, but I'm not familiar enough with the market. It's a seller's market. [link] [comments]  |
| Tenant asked to get a dog / Willing to pay more. Anyone experience this? Posted: 01 Aug 2019 09:04 AM PDT Tenant dropped the dog question on me. Background: I'm thinking a $50 additional charge per month to cover any potential damage (which she's already fine with), writing into the lease that she must cleanup after the dog inside the house and in the yard. I'd also like to do a size limit on the dog. Any tips? Anyone else have this in their lease? Is there anything I can do if they get the dog and it turns out to bark at all hours or becomes a problem? Leet me know about your experience with this. [link] [comments]  |
| Rent to Own (Multi Unit Version) Posted: 01 Aug 2019 05:27 PM PDT Last week I was happy to receive an accepted offer on a triplex in the city I live/work. Yet, this morning I received grim news that even my last option for financing - a local credit union - wouldn't be able to finance the deal due to my recent acquisition spree. Therefore, I'm left with the Rent to Own option. Assuming I can get the seller to say yes to this, how would you structure the deal. I'm thinking it'll take about 4-6 more months before the banks will accept me on this deal. Ideally I'd like to be responsible for all the costs of the building and renovations required moving forward, yet also liable for the cash flow that comes in from the other units My idea is: Would love to hear your thoughts of how to structure this scenario given that it's a multi-unit with need for renovations. [link] [comments]  |
| What do you do when getting into real estate? Posted: 01 Aug 2019 08:19 PM PDT I have a relative that is a real estate agent but they haven't had success getting buyers or sellers where they live. she also wants to make money flipping homes but that costs money. the goal would be to sell houses first then have some money made to flip homes. She doesn't many people near where she lives and some of her friends aren't close with her. The issue is the lack of connections when trying to attract people that want to buy and sell homes. Any advice for what a real estate agent can do when under those circumstances. [link] [comments]  |
| Buying a Bay Area home with no permits Posted: 01 Aug 2019 04:07 PM PDT I'm interested in buying a home in the Bay Area which has 1100+ sqft legally, but has 500 sqft of unpermitted additions. The house used to have a sunroom that has been converted to additional living room space. The Bay Area market has been softening and we bid close to list price for the house, but the seller agent countered our offer for 50k more. We know there are no other offers on the table and the house has been on the market for more than 15 days. Would you take the counter offer given the risks that it might be really expensive to get the house properly permitted? A contractor has told us in the worst case, it might cost 150k-200k to tear everything down and rebuild to code. It's kinda impossible to get a GC to tell us if the expansion is built up to code if we don't tear down some walls. Opinions appreciated! [link] [comments]  |
| Have my license, no broker, can i do CE classes? Posted: 01 Aug 2019 12:17 PM PDT Hi i'm in michigan and i passed my real estate license exam this january. I have not signed on with a broker yet because i am still working to save up some money. my question is can i do continuing education courses even though i don't have a broker? do i have a time limit to find a broker I emailed my teacher about this and she hasn't responded in five days and i'm just getting anxiety about it. [link] [comments]  |
| Confused about 'livable space' Posted: 01 Aug 2019 01:47 PM PDT Hi all, My wife and I will be purchasing our first home in the next 3-6 months (we do not need to for about 12 months, but will likely leave our month to month rental if we find something we like). We live in Connecticut and have started looking at a few houses. We are first time home owners, starting our first jobs out of school, and have no experience with real estate. We went to a house listed at 4000 square feet. When we got there with our realtor, it felt bigger. There is a large area of the basement that is finished with a full kitchen, full bathroom, 2 bedrooms that is approximately 2000 square feet, which was not counted in the 'livable space'. This is why I am confused. Apparently the part of the basement that is now finished was approved by the town, they went through all the appropriate channels 5 years ago, however the town did not decide to increase their taxes by adding in that new area as livable space. This has got me confused. If the town had to come in and approve all the work that was done, why wouldn't they automatically update what they consider to be the livable space in order to tax the current owners at a higher rate? It was last assessed 18 months ago, and again, no increase in the taxes. Why wouldn't the town increase their taxes? My realtor said he has seen this before and that he did not find it odd. It worries me because it makes me think they did NOT actually go through the appropriate channels to have everything approved that they put in. And if they are telling the truth, if my wife and I bought this house, should we expect to pay higher taxes than what the current owners are paying? Like I said, we are very, very new to this. It may be something completely obvious why this is the case so don't hold back if it is! Thank you in advance. [link] [comments]  |
| NEED help! Figuring out how to buy this commercial Cannabis building Posted: 01 Aug 2019 07:27 PM PDT So I am developing this building for cannabis and I have a first right to buy the building. Ive also been developing this building with a tenant for a CUP to get it approved for cannabis at the local level. My whole approval rests on me buying the building because a Local Pbid does not approve of the current owner of being approved. They call him a slumlord. He has been cool though. He has said he is willing to carry the title for 2 years . I have to have a contract that im buying it and be in escrow in a week I can definetley have the cash or the ability to buy the building out in 2 years [link] [comments]  |
| Any Advice for An Aspiring Real Estate Agent? Posted: 01 Aug 2019 06:57 PM PDT I'm 20-years-old and saving to obtain my real estate license. I'd love to work in commercial real estate one day. Do y'all have any advice or care to share your starting out stories with me? I wanna know everything! [link] [comments]  |
| What constitutes a closet when appraising a room as a bedroom in Arizona? Posted: 01 Aug 2019 03:09 PM PDT So my parents want to build a closet in one of the rooms in their home to make sure it appraises as a bedroom so they can sell it as a 3 bed home. They obviously want to spend as little money on the closet as possible so they want to know what is considered a closet if they were to spend as little money as they need in order to build it. For example does it need a hanger area, or can it just but horizontal and vertical slab Cubbies, does it need to have doors, does it have to have a drop down from the roof etc. [link] [comments]  |
| Best place to learn more about selling real estate as a fresh real estate salesperson? Posted: 01 Aug 2019 06:54 PM PDT I've been watching a lot of graham Stephan / meet Kevin / bigger pockets / Ryan serhant on YouTube. Are there any other places where any one recommend to research and read up on on selling real estate? I would to get more leads and show/ sell people homes. Thanks! [link] [comments]  |
| Posted: 01 Aug 2019 06:24 PM PDT Finally found a home, put an offer in and it was accepted. Fast forward to now and we're at the end of it all and I get a call today from our realtor that they talked to the title agency and they said "amount of liens on home exceed the proceeds of the sale". So, as she put it the sale has fallen through. Did my fair share of checking and dug through the recorders office records online and indeed did find two tax liens filed for almost 600k but right below found the release of lien documents records. I went record by record and follow the chain of title and it appears unclouded and the only active lien I can find recorded is a current 1st mtg. So question of the day is where else would I find what the hell the title agency is finding? My wife works with real estate finance and said its not uncommon to have liens paid off and not removed or liens misfiled but I can't find anything other than the normal mtg at the moment. Thanks for your time and consideration. Any questions, clarification, please let me know. I really want this house and would be pissed if this falls apart because a title agency doesn't do due diligence. [link] [comments]  |
| Transitioning from Medical Field into Real Estate Posted: 01 Aug 2019 05:24 PM PDT Hello! I'm 25 years old and currently working on getting my RE License in CA. I have had been in the medical field for a little over 5 years and it's just not for me. I'm trying to get a position as a real estate assistant but I'm having such a difficult time with my resume and cover letter... Any help is appreciated !! ***another thing: I currently work as a personal assistant with a doctor doing all his calls and paperwork/ equipment set up [link] [comments]  |
| Georgia tax lien surplus. How to recover? Posted: 01 Aug 2019 04:28 PM PDT My rental property in Fulton County Georgia had a year of unpaid property taxes back in what I believe was 2014 and was purchased last year through auction by a coorporation and I recently found out. My deadline to recover the funds is ~September 10. It's about $185k in surplus and the home is worth almost $300k. Fully paid off mortgage. I don't have the money for a $200 per h lawyer. But I did a title search. The sheriffs office has the funds (Their site below) but I'm in WPB Florida. I want to be 100% sure before I mail it in what I need. I just want to know what these 3 items are. I don't have a lot of time and instead of panicking, I want to get this resolved. Thank you. What are these things below their mentioning? I have the "limited warranty deed" and "tax deed" under me and my deceased wife from the title search. ANY questions PLEASE ASK!!! Thank you SO much for any info you have. I don't want to lose my family home if I can stop it.. Bless
http://www.fultonsheriff.org/tax-sales-excess-funds-procedure-and-application.html [link] [comments]  |
| Posted: 01 Aug 2019 04:18 PM PDT Now that the fed has cut interest rates does anyone know how this will impact home values ? [link] [comments]  |
| Lifetime $500k/$250k capital gains deduction, do I need an accountant? Posted: 01 Aug 2019 03:55 PM PDT Hi all My wife and I are about to sell our condo, and we were hoping to claim the $500k lifetime exclusion on capital gains. We've lived 4 of the last 5 years in the condo, so we should qualify. Is there anything I need to do before I sell my house (any form I need to fill out), etc.? Do I need to talk to an accountant about this - I dont have one, and do need to get my paperwork together fairly soon. [link] [comments]  |
| First time buyer - Multi-family property - Financing Hurdles? Posted: 01 Aug 2019 03:43 PM PDT I have a lead on a property with both a single family home, and a manufactured home (permanent trailer) on it. The house needs some work to be able to qualify for a traditional mortgage. I'd like to avoid a lease to own arrangement if possible. What are the implications of the second dwelling for financing? Especially with 5% or less down payment? The owner has proposed a lease to own deal. The intention would be for it to be a temporary arrangement, for long enough to complete the needed work, and then get a mortgage to buy out the current owner. What might potential pitfalls be for getting a mortgage on the property? What should I watch out for in the lease agreement that would be red flags? [link] [comments]  |
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