Chinese buyers pull back from U.S. housing market, hurting home sales Real Estate |
- Chinese buyers pull back from U.S. housing market, hurting home sales
- Sewer line runs through neighbors yard?
- $17,000 back taxes owed on deceased Great Aunt's home...pay it or let it go to auction?
- Landlord wants me to find a new tenant?
- Rental Financing Strategies
- LL requested unsupervised inspection, should I be concerned?
- Not sure what my next steps are
- Is pursuing a real estate degree worth it?
- Rental company disqualified my app because I currently sublet?
- Was in contract and ready to close at the end of the month, then things went sideways..
- Why so many houses for sale in Rhode Island?
- I have no job, my credit is 650 and 657. I want to buy a house. I have $20,000 for a down payment and $20,000 In my savings . Can I get a home loan?
- Is it more lucrative to divide an acre lot or sell the whole thing as one in Maryland? [MD]
- HELOC Comparison Shopping
- How can I find the sale price of a house in Maryland? [MD]
- To extend or not to extend, seller unable to close due to bankruptcy. [KY]
- advice on purchasing a trailer/modular home for grandparent
- Who pays for a displaced tenant's stay elsewhere? Renting out my condo, upstairs unit's pipe sprung leak pouring into downstairs tenant's laundry area
- What does these potential buyers plan to do?
- What to make of fixer-upper with multiple price increases?
- Ok so we are in a pickle here. Me and my wife are renting for almost 2 years now then all of a sudden my land lord wants to sell
- Advice on buying parents home
- Advice on finding and buying really cheap land out in the country?
- Sudden change in flip selling situation
| Chinese buyers pull back from U.S. housing market, hurting home sales Posted: 26 Aug 2019 08:44 AM PDT |
| Sewer line runs through neighbors yard? Posted: 26 Aug 2019 10:24 PM PDT I'm in escrow and I just learned that the sewer line runs though the backyard and through the backyard of the neighbor behind us. The house is 70 years old. Is this something I should be concerned about? Do I need to see if there are easements? [link] [comments]  |
| $17,000 back taxes owed on deceased Great Aunt's home...pay it or let it go to auction? Posted: 26 Aug 2019 04:17 PM PDT So my dad just called me with this debacle. His aunt passed away 2 years ago and has no next of kin besides her sister (my dad's mom) who lives in town where I'm at in an assisted living community (85 yo). Apparently, in the town his Aunt lived in (about 5 hrs north of where we leave (central California) the tax assessor has been calling my grandmother and sent her a certified mail wanting her to sign it saying she doesn't have any interest in the property so the county can put it up for auction Oct 1 They found out my Dad is her power of attorney so now they are harassing him and wanting him to sign or pay the back taxes on it of $17,000. There's also a lawyer up there that claims he is in control of my dad's deceased Aunt's assests and is urging my Dad to pay his legal fees and the back taxes as he has a buyer for the property and its value is ~$130,000. Seems very shady to me. I have a few questions/concerns for those who are more of an expert in this field than am I: - If my dad pays the $17k does that mean he would legally own the house and can sell it for its value? Or would the - Is my dad's best course of action to find a tax lawyer here in town or should he work with his aunts lawyer up North? - Any other red flags, questions, concerns? I wish I could provide more information than this, but my dad literally just called me and dumped this on me. I do know that the property is valid and the $17k is really owed on that property so this is not a scam where some random guy calls and wants your credit card info to charge it. Any help or guidance is greatly appreciated. [link] [comments]  |
| Landlord wants me to find a new tenant? Posted: 27 Aug 2019 01:48 AM PDT Hi all, It's my last month by contract in the property that I'm in, and I've let my landlord know I've found somewhere else and won't be resigning. He then asked that I be the one to find a replacement tenant for myself, hold viewings and communicate wit them through spare room, etc, as it's my responsibility. Is this correct given that my year long contract is up? He's been useless the entire time I have lived there and we have a broken dishwasher, shower and other appliances that he asks me to fix or get a repair man in for and then deduct from the rent or send him the invoice. He also frequently drops by without warning, as will his mum, and she once made me send my car keys in an Uber so she could check on the flat as hers 'weren't working'. My deposit has also never been registered and protected, and I've never received an email about it this - nor does he pay income tax on the rental money. Can I refuse to find someone and get him to do this himself? Thanks! TL;dr: my landlord is asking me to find a new tenant for the property now that my contract is up and I'm not resigning. [link] [comments]  |
| Posted: 26 Aug 2019 07:38 PM PDT Folks, I've been beating myself over the head staring at these numbers for a couple days. I need a fresh set of eyes (or two) to help me dissect this situation to figure out which is more advantageous and help me see the things I may not be considering. Background I am buying a property that I will live in for 2 years, and then it will become a rental after I move (military, so moving in 2 years is a sure-thing). I am ultimately trying to figure out which financing scenario will: 1) Cost me less money out of pocket up front to finance/close and… 2) Which will build equity in the home faster. I am operating off the assumption that I will just allow tenants to build equity in the home and then sell it down the road, so I suppose I am less concerned with the overall interest being paid for the 30-year life of the loan because it will ultimately be tenants paying said interest. I am trying to decide between a 30-year FHA (3.5% down, about 19.1k cash to close (closing costs, prepaid costs, plus the 3.5%) and PITI of 1,825/mo) and a 30-year conventional (5% down, 23.6k cash to close and PITI of 1,758). Considerations: - At 80% LTV, the mortgage insurance drops off the conventional. - With the FHA, the mortgage insurance is significantly more than conventional and also does not drop off throughout the life of the loan. - Ultimately, after 2 years, once I leave this property it will be tenants paying the mortgage, so I'm less concerned with how much interest is paid over the life of the loan. I am more concerned about minimizing my upfront costs and the speed at which I build equity so that if I sell the property 8-10 years down the road (well before the loan matures) I will maximize my profit. - I am not averse to paying a bit more in PITI payment if, over the span of the 2 years I live in the property it equates to less money out of pocket to close on a place. - Based on rental comps, I should not have any issue renting the place out for more than enough to cover PITI plus property manager two years down the road. - Housing prices are increasing at about 3.1 to 3.5% in this market. 300k 30-year FHA - 3.5% down (96.50 Loan-to-Value (LTV)) - Interest 3.25% / 4.285% APR - Closing cost 6.1k - Prepaid costs (15 days): 2.4k - Total cash from borrower: 19.1k - FHA MIP (Mortgage Insurance Premium): 5k - Loan amount: 285k Monthly payment (PITI + insurance, taxes, including $203/month for mortgage insurance for the duration of the loan): 1,825 ————— 300k 30-year conventional - 5% down (95% LTV) - Interest 3.875% / 4.128% APR - Closing costs: 6k - Prepaid costs (15 days): 2.5k - Total cash from borrower: 23.6k Monthly payment (PITI + insurance, taxes, including $78/month mortgage insurance which drops off at 80% LTV): 1,758 [link] [comments]  |
| LL requested unsupervised inspection, should I be concerned? Posted: 26 Aug 2019 09:51 PM PDT Been living in the same place for 3 years, and not one inspection request has been issued until now. The first "notice" was a phone call, and requested for a "routine" inspection two months prior and I respectfully reminded them that any request to enter the property (per local laws) needed to be written, both for my safety and theirs. Said no problem and hung up. Fast forward two months and I get a letter in the mail, with a specific date and time that cannot be changed, and I need to be out of the house during said inspection. My LL knows I work from home, and WILL be working during these hours (Yes, it is a two hour window that I would need to vacate my home). I have no option to call off, or miss work for this inspection as I was given 72 hours notice, and to request time off I need a weeks notice. I mentioned this at the office and he said the date/time are non-negotiable. Do I have the right to be home during this inspection? He's very adamant that I am not present during this and it's a little concerning. He's almost being aggressive about it and I've never once seen this attitude with him before. [link] [comments]  |
| Not sure what my next steps are Posted: 26 Aug 2019 02:12 PM PDT House went on the market about 45 days ago. Initially with the Comps that are in my area, the realtor and I decided to list my house at $330k. Since it has been listed I might have had 3 showings. We have had two price changes. Once because I thought it was too high when we initially listed. I think that I was ambitious even though I had seen houses in the area that were the same size, built around the same year and had less of a backyard. After we dropped the price to $315K and I felt a little better about it. Had a couple of showings and then it slowed. Weeks went by and not one bite. So we talked to our realtor and he was telling us how there were a lot of houses in the neighborhood for sale and some had been listed for a while. Some people are dropping the price because they are tired of the waiting and just want to be done. So after a few weeks went by with no bites, and the above conversation with the Realtor, he thought dropping it to $305k would put us right where we needed to be. Well we had one viewing since then and they made an offer but it was for $280k which is lower than what my house is appraised at. When we countered, we heard nothing else from the people. I am not sad about that part because I didn't think that they were serious anyway being that they were a middle aged couple that was in my home for 6mins according to the in and out times of my camera. I guess that my questions wouldn't there be flags that go up in peoples heads if we keep dropping the price? My wife is good with Dropping the price to $295 I am comfortable with that too, but I just wonder if people see that they will think something is wrong. Its been about a month since the last time we reduced it and like I said I had that one couple but I don't think they were serious or investors. I am kind of ready to leave but at the same time I don't want to rush and give the house away. But at this rate is is kind of discouraging. What do you think? Thanks for Reading. [link] [comments]  |
| Is pursuing a real estate degree worth it? Posted: 26 Aug 2019 08:20 PM PDT Hey everyone, I'm currently a junior (few credit hours away from becoming a senior) in college and am about to start my major related classes. I'm majoring in finance as of now but am very intrigued by a real estate degree. While I understand that you don't need even need a degree to enter the world of real estate, my school just recently was ranked #10 in the entire country by U.S. News & World Report for their undergrad real estate program. Some of the classes we're required to take to obtain the degree are: Real Estate Development, Real Estate Finance and Mortgage Banking, and Real Estate Investment Analysis. We also have to take upper level electives related to real estate, some of which are: Management of Real Estate Assets, Urban Development Regulations, Income Property Valuation, and Residential Property Valuation amongst a few others. I know a lot of these classes are probably commonplace in other schools for their real estate degree programs, so I'm keen on hearing what everyone here has to say. Is it worth it going after a real estate degree from my school? Or should I stick to finance and try to enter the real estate world with that route? Thank you all so much for any advice/help! [link] [comments]  |
| Rental company disqualified my app because I currently sublet? Posted: 26 Aug 2019 08:20 PM PDT So I recently applied to rent a home in San Diego and although I qualify across the board the company sent me a text saying that if I am subletting where I currently live and the landlord on the original lease says no subletting I'll be automatically disqualified. When my lease ended about two months ago I hadn't found a place to rent yet so I ended up subleasing from a friend of a friend. The only "contract" we ever made was extremely simple only stating that I agree to lease a room for x months and pay $x, etc. So now the property management company is saying that if the landlord did not okay this and if the lease says no subletting, which it almost certainly does, that I will not qualify for the rental. Can they actually do that? I only listed this place because they needed my current address and I never thought this would be a thing when I was moving. I didn't even think to ask if the person I was renting the room from owned or rented the house. [link] [comments]  |
| Was in contract and ready to close at the end of the month, then things went sideways.. Posted: 26 Aug 2019 08:15 PM PDT So we are in the process of selling our home, and were actually going to close at the end of the month. Inspection and appraisal went fine. We thought we we're good to go, when our agent called saying that their lender reneged on the initial appraisal, and came back almost 100k under. He also said that Wells Fargo told him that they only did a drive by appraisal, which is complete BS because the lock box logged a non- scheduled entry, which they left lights on, and doors unlocked and things just generally messed with. WTF is going on? We're literally 3 days from close, the buyers are already forwarding their mail... I feel like we wasted a month of summer showing now... [link] [comments]  |
| Why so many houses for sale in Rhode Island? Posted: 26 Aug 2019 05:21 AM PDT Specifically, the Pawtucket & Providence areas. Is there some kind of mass exodus going on or high real estate property tax? [link] [comments]  |
| Posted: 26 Aug 2019 07:23 PM PDT I am looking for homes in the $130,000 to $150,000 P-Range [link] [comments]  |
| Is it more lucrative to divide an acre lot or sell the whole thing as one in Maryland? [MD] Posted: 26 Aug 2019 07:22 PM PDT My parents own a house and lot that's almost an acre near Washington D.C. Somemeone just purchased a house next door for $2.5 million. Would it be more lucrative for them to divide their acre lot and sell it in two pieces or just sell the whole thing with the house on it or build another house on the divided lot and sell that? Thanks! [link] [comments]  |
| Posted: 26 Aug 2019 07:03 PM PDT I know when mortgage shopping you can apply for multiple mortgages in a 30 or so day window to compare terms prior to closing with one, and that appears as a single hard pull on your credit report. Does a similar rule apply to HELOCs? Most of my google search results come up with people wanting to receive overlapping HELOCs or to apply and accept multiple HELOCs. I just want to comparison shop before I commit to paying someone thousands of dollars. Also, can the bank restrict how the money is used after the loan closes? I'm going to consolidate some debt, but I am primarily establishing the HELOC to serve essentially as a bridge loan so I can buy another house without selling mine. I'll likely preparing to sell once the new house sale is finalized. Two lenders had different terms for that situation, one with upfront closing costs of $2000 on $75000 loan, another with prime rate +2%, and 1% in closing cost fees. I prefer the HELOC because of the open ended nature in case my plans change. [link] [comments]  |
| How can I find the sale price of a house in Maryland? [MD] Posted: 26 Aug 2019 06:56 PM PDT |
| To extend or not to extend, seller unable to close due to bankruptcy. [KY] Posted: 26 Aug 2019 06:53 PM PDT I posted back a few days ago about how we didn't find out that the house we were supposed to be closing on this week was under a chapter 13 bankruptcy until after we had paid for the home inspection and appraisal. We were and still are very upset that the fact that this house was involved in a bankruptcy and would require a judge/trustee approval to close on. Tomorrow we are in the last 24 hours for them to get back with us that they have approval to sell the house before we are past the point where we can close within the contract. Regardless of how upset we are about not having the bankruptcy disclosed and holding up everything we are starting to debate if we want to accept an extension on the contract or not. Originally we weren't even going to consider, but as we already have spent money on the inspection and appraisal and have a good rate locked in long enough to wait a couple more weeks we are going back and forth on what to do. The house isn't a dream house, though it isn't bad per say it does have a lot of work that needs to be done and the HVAC is pretty aged so between that and the being upset that the seller/sellers agent didn't disclose that the property would require the court to approve certainly has us thinking about not extending the contract. However the market in our area has been a sellers market and in the range we are looking it is very hard to find something we can live with and is in our budget. So we are totally unsure how we should proceed. One thought is to extend the contract by two more weeks or possibly a bit longer if we can get a further extension on our rate lock. However we feel that the seller should provide us some type of concession for the extension. We are leaning to asking them to help with closing cost (originally we were going to cover 100% of our closing cost). Any thoughts or ideas on the best way to handle something like this? We like the house fair enough but at the same breath more than willing to cut our loss and move on. I just like to cover my bases and see if there is something that I might be overlooking. Of course giving them an extra two weeks is no guarantee they will still have approval by then. [link] [comments]  |
| advice on purchasing a trailer/modular home for grandparent Posted: 26 Aug 2019 06:46 PM PDT Hi all, [link] [comments]  |
| Posted: 26 Aug 2019 06:34 PM PDT Its in their lease that they are strongly encouraged to get renter's insurance. They didn't get it. My rental property insurance doesn't have displaced tenant coverage. The HOA is covering the repair, but new flooring and drywall is required, so its gonna be a good few days, no estimates given on how long yet. I'm being asked by property manager out of the goodness of my heart to pay for their stay elsewhere, which sounds to me like I don't have a legal requirement to. But if I just agree to fund in the meantime, no one is going to advocate for me in chasing down the upstairs unit's insurance or the HOA's. So I don't want to agree. If I knew it was going to be 10 days or something, maybe I'd just be a nice person and pay for the fact they didn't get renters insurance, and worry about pursuing reimbursement myself. But if this is months and months, that doesn't seem reasonable to me to write a blank check on. I don't expect rent for the period of time that their place is uninhabitable, obviously. Just want to know, do I have a legal requirement to pay for putting them elsewhere? Even though its spelled out that anything renters insurance would cover is something they should have got on their own if they wanted? This is in AZ. [link] [comments]  |
| What does these potential buyers plan to do? Posted: 26 Aug 2019 06:23 PM PDT We own a tiny little house in another state that we our daughter lives in. It was built in 1924 and is maybe 800 square feet with one bedroom. Ever since we've owned it, we are constantly getting postcards from people--presumably real estate development companies--eager to buy the home "as is" with no inspections, etc. Is it because they plan to knock the house down and build something else on the property? I can't figure out otherwise why people would clamor to buy it but not care what shape the actual house is in! It also makes me wonder, when the time comes that we want to sell it, if anyone will be interested in it as an actual small house, as we were when we bought it, or if the land is the only part with value anymore. [link] [comments]  |
| What to make of fixer-upper with multiple price increases? Posted: 26 Aug 2019 11:29 AM PDT First of all, I'll say I like this house, but I'm not attached to this house in any way and mostly hoping to understand the market a little more. I am just starting my house hunt. I looked at a fixer-upper yesterday. It was initially on the market for $290, taken down and put up a week later for $300. The owner died and it is being sold through a trust. It was built in 1968 and has not been significantly updated (except for some lipstick like Corian countertops and new carpet). Roof and HVAC are 10+ years old. There is literally not a room in the house that doesn't need work. No hardwood whatsoever, only carpet, Pergo in the kitchen, and concrete slab in the walk-out basement. It's listed as 4/3, but half the square footage, included one bed and bath, is on the mostly unfinished basement level. I went through a Redfin agent since I don't have a buyer's agent yet. She told me she thought the sellers were cocky. The listing said something like they had "significant interest" and were reviewing offers this morning. Well I just checked the listing and they raised the price from $300k to $330k. I'm not an agent, but move-in ready houses with similar or better square footage and bed/baths in this neighborhood sold this summer are going for $400 at most. I'm wondering what to make of this. Inexperienced agent? Cocky sellers? Are they looking at bad comps? Would raising the price indicate that they had multiple offers at or over asking price? (Sorry if this is a dumb n00b post/question.) [link] [comments]  |
| Posted: 26 Aug 2019 11:26 AM PDT So my landlord wants to sell our house and gave us the option to buy...well we have bad credit... not that we cant afford to buy a house just cant get a loan and dont have money saved back for a down payment if we get approved... but anyways so we are trying to find out how can we or who do we go to be able to get approved for a loan... we dont wanna move and we dont have money saved up to move.. anyone that can help or can put me in the right direction? That we dont have to wait month to get approved? [link] [comments]  |
| Posted: 26 Aug 2019 04:59 PM PDT Hi, Due to financial struggles my parent is having and my desire to help, we've decided it might be beneficial for me to buy my parents home so we can get a lower interest rate on a new mortgage to lower monthly payments along with taking out some money from the equity to pay for some bills due to the financial hardship we're having. My parent was going to one day gift me the home one day, it just so happened that we need to do this process sooner than later. We live live Florida. Any advice on what's the best route I can take? We were hoping this can get done in a way that we don't have to pay much money out of pocket for closing costs and fees whiles still being able to transfer the home under my name and still being to tap into the homes equity. Forgive my ignorance this is a very new topic for me and I'm sure there's obvious routes to take I'm just a bit unsure about the whole process and was hoping to get some clarity and help. Thanks in advance for your help. [link] [comments]  |
| Advice on finding and buying really cheap land out in the country? Posted: 26 Aug 2019 04:51 PM PDT I've always wanted to own some land somewhere and it is looking like I won't be able to get a house anytime soon so want to go about it another way. I was hoping on picking up some really inexpensive property somewhere very far off the path (around 10 or more acres) and just have it either as an investment, a small camping/hunting lease I can visit every few years, or just something I have and am happy to own. I know it sounds dumb, but if I can get something like this for several thousand dollars and be able to keep it without having to go tend to anything and not paying too much in taxes I would feel like it was money well spent as it's been my dream for years. How can I go about picking something like this up? I live in Houston and while distance is no issue, if it comes to equal values with one closer and one further, I would like the closer option. I have no background in real-estate and don't know where to start so would appreciate some help. Additional considerations:
If there are other considerations I should note, please let me know! Any advice is very welcome. Thank you! [link] [comments]  |
| Sudden change in flip selling situation Posted: 26 Aug 2019 07:55 AM PDT I bought a house 2 years ago in Florida with the intent to house hack it. I lived there for two years while renovating it and a couple of weeks ago hired Keller Williams to sell the house for me. Everything was going pretty smoothly, I still had work to do on the house so they stuck a sign out front with "Coming Soon" on the top. Fast forward a couple of weeks, my parents divorce suddenly gets finalized, my father lost the house in the settlement and now wants to purchase my house. I spoke to my real estate agent and told him what's going on and he told me that they can facilitate the sale for 1.5% commission. The real estate agent hasn't done any work aside from putting a sign out front, hired a lawn guy to mow the lawn and put a lockbox on the door. The house is not yet listed. My options are to have Keller Williams facilitate the sale for 1.5% or back out and tell them due to family reasons I'm not selling the house anymore and then hire a lawyer to facilitate the sale. I'm leaning towards the latter option, but I'm not sure if that's the best course of action. What would you do? EDIT: Added more information. Edit 2: Thank you everyone for your replies! It has been very helpful. I'm going to see if the real estate agent will be willing to cancel the contract and waive any right to commission, if not, I'll wait out the contract and sell later. Thank you again! [link] [comments]  |
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