I am under contract with a seller who is batshit insane. Real Estate |
- I am under contract with a seller who is batshit insane.
- I am hiring a real estate lawyer to make the contract for my home purchase. Trying to get an idea of costs.
- Remodeled bathroom without permits
- Wife owns current home due to owning before we met. Would I receive better benefits if I am primary borrower on new mortgage?
- Appraisal Nightmares
- Am I stupid thinking this short sale is going to be approved?
- Best real estate investment firms in Orange County, CA.
- Rent vs Buy in today's market?
- 9x8 bedroom too small?
- When buying a property with loan who is the check written to?
- best way to collect rent payments
- [AZ] Moved out 60 days before lease is up, but landlord says they won't even attempt to re-rent until lease is up.
- Does this sound normal to you guys?
- Expected value of casita/guesthouse/mother-in-law-suite
- Renovate or pay down the mortgage? [GA]
- Selling Private Property To Commercial Land Developer
- Renovation / Fixer-Upper - Suggestions and money saving tips?
- Asking price vs. Net Sale Price
- Advice on New Construction
- What Approved Online Real Estate Sales Prep Course Would You Recommended for Michigan?
- Mortgage Constant vs Loan Constant vs Loan Factor
- How much can I qualify for?
- 20% down to avoid PMI or not?!
- Relative lending money to buy a home wants to be named on deed. How do I protect myself?
| I am under contract with a seller who is batshit insane. Posted: 03 Sep 2019 07:57 PM PDT EDIT: Won't let me change subject; Property is in Maryland. Hi, I'm a first time home buyer and I'm in what I can only describe as a unique situation. I didn't know whether to tag this as legal or Closing Issues but here it goes. I went under contract last week before the holiday, the agent contacted my agent hoping to have an answer before the holiday so that everyone could be stress free over the long weekend. I decided to accept their counter offer and we signed the paperwork and everything seemed fine. We schedule the inspection for Friday and everything came and went and seem all good. Monday afternoon I get a call from my realtor, apparently there was a miscommunication regarding the inspection appointment. My agent emailed the listing agent, but never got a confirmation/green light to go ahead and word never made it to the seller that we would be in the house. Apparently when he came back to the house and found the Radon machine and some of the house different than he left it, (maybe a door open that was closed or some blinds open that were closed) he flipped out. Unplugged the radon machine and moved it to the garage, yelled at his agent, told her to get her sign and the lockbox and to inform us that he was no longer going to sell the house. Here I am Tuesday night and I am still not sure wtf is going on or what I can do. He has said he'll write me a check for the inspection but that we can't force him to sell. We are under contract so I'm pretty sure I can force him to sell but I don't have the time, energy, or money for a lengthy court battle or something. Oh redditors with wisdom and experience, have you ever seen something like this? Do I just give up and try to quickly find another place? Do I try to make him give me something ridiculous to let him out of the contract? Do I just say fuck it we're under contract I'm buying the house? I'm so confused and this is really frustrating. Thank you for any responses and advice! [link] [comments]  |
| Posted: 03 Sep 2019 01:41 PM PDT I am buying a property from my cousin. She is selling it to me for roughly market value and we will be using a real estate lawyer to minimize costs. For those that have had a real estate lawyer do your closing paperwork, how much did it end up costing you? [link] [comments]  |
| Remodeled bathroom without permits Posted: 03 Sep 2019 01:47 PM PDT We are buying a flipped home in California and found out the remodeled master bath doesnt have permits. Looking from original layout, it is bigger. They added brand new bathtub and rearrange the locations of the double sink vanity and toilet. This requires running new plumbing system. How much of the impacts of purchasing the home without proper plumbing permits? Would the home insurance company insure if it goes wrong? Would this affect the resale value? How much if this as a risk factor? Thank you. [link] [comments]  |
| Posted: 03 Sep 2019 05:56 PM PDT My wife had owned the current home before we met. When we married a couple years later people said it was better just to leave it as is, and not add me to mortgage. We don't remember the reason but at the time it was what we went with. We weren't very savy in this area, especially back then, 10 years ago. I am getting pre approved for new mortgage and we will sell current home. Is there any benefits on putting either my wife or I first on the mortgage forms? We both have great credit around 800. Would this allow me to qualify for first mortgage benefits? Are these worth doing? She benefited great from the Obama mortgage help but of course that is long gone now. [link] [comments]  |
| Posted: 03 Sep 2019 08:14 PM PDT So, had an agreement to purchase a new home. New construction spec house. Felt it was a bit overpriced, but fell in love. Checked all our boxes. My wife is a physician, so we are doing a physician loan (5% down with zero PMI) Appraisal comes back low (around 6% lower than expected). Seller/Builder refuses to budge, calls it an "awful appraisal" with an out of market agent. Bank digs in, refuses any challenge, even though the Square footage is off by quite a bit (seller reported 2864 SF, appraiser has 2783 SF). The bank refuses to remeasure. The appraiser releases how he calculated the SF, and even at a curious glance when compared to the floor plan, it's obvious he did a rushed job (broke it down to 4 sections, made assumptions that certain corners were straight lines to other corners, etc). An overlay of his squares on the floor plan show a wide swath of missing SF, which by my estimate, its about 74 feet, which is within 7 foot of the estimate. The building company owner goes out, takes a 3rd party with him, and they re-measure. They hand measure all walls individually and input them into a CAD drawing. Square footage comes back higher than spec, 2930, verified and stamped by two professional engineers. We are now waiting to see if the bank is willing to revisit it.. Chances the bank tells them to stick it in their ear? [link] [comments]  |
| Am I stupid thinking this short sale is going to be approved? Posted: 03 Sep 2019 07:33 PM PDT Hi all, I recently made an offer on a short sale property. It was listed at 450k and i offered 470k but asked for 10k in closing costs. It's a house in a nice neighborhood, but the house itself is not well maintained. It's dirty, trash everywhere, vacant, no utilities on. It will need a bit of work to be liveable. Comps in the area are 500k+. I thought I made a strong offer. But I've been reading so much about short sales... And I'm feeling discouraged. Does it sound like a high probability that the bank will deny this? I thought this was a lock since I offered above list price and the sellers accepted.. How bad is the short sale process? [link] [comments]  |
| Best real estate investment firms in Orange County, CA. Posted: 03 Sep 2019 09:34 PM PDT Hi guys and gals, I have 5 years of property management experience in residential overseeing operations for around 1000 units. Single family homes, condos, and apartment buildings. I really want to get into commercial real estate investing (Not sales/brokerage) and willing to start ground floor at an investment firm. Have any ideas of good companies to prospect? Thanks! [link] [comments]  |
| Rent vs Buy in today's market? Posted: 03 Sep 2019 06:53 PM PDT For those of us current renters/hopeful future home owners, the market has been extremely competitive and difficult for first time home owners without large amounts of cash at hand. Prices have inflated heavily in hot areas with no justification other than zip code... Strictly from a financial POV, what is your advice on when to buy and what to look for? (Should we wait for the market to re-adjust?) [link] [comments]  |
| Posted: 03 Sep 2019 08:41 PM PDT Hey guys, theres a 3bd/2bth house that i am interested in purchasing. Everything about it is good - up and coming area, great school district, and safe. The only thing that is bothering me is that one of the bedroom is 9x8. If i were to rent this out in 5 years, will this be a deal breaker for many families? [link] [comments]  |
| When buying a property with loan who is the check written to? Posted: 03 Sep 2019 01:04 PM PDT When you purchase a property with no loan is it the title company you write the check to? Edit title is No loan [link] [comments]  |
| best way to collect rent payments Posted: 03 Sep 2019 01:41 PM PDT So my renter wanted to pay by zelle but zelle has a cap for new senders that won't let him send the full amount. The rent is $2400 a month. What's the best service I can use instead of zelle. [link] [comments]  |
| Posted: 03 Sep 2019 11:02 PM PDT Just like the title says. I am curious if that is acrtally lecal. The lease says, : "Your obligation for sixty (60) days notice is relieved from the time the apartment is re-rented and re-occupied, but you agree that this period is not diminished by our entering the unoccupied and vacated apartment unit to repair, clean, decorate or paint in preparation for a new residence." I moved out 2 months before my lease was up. They claim they can just sit on my place until my lease is up. Is that true? [link] [comments]  |
| Does this sound normal to you guys? Posted: 03 Sep 2019 10:53 AM PDT TLDR: Closing date comes and goes, now my lender is asking me to email the seller (whom I've never made contact with) a copy of our appraisal. I knew buying a house was going to be a pain in the ass (especially with mediocre credit and very little savings) but I went for it when my landlord raised my rent $400 last month. It took a few weeks to find the house we want and made an offer. Closing date was August 29. Everything's going good, signing email docs every few days, then on the 26th, my lender calls and says the place appraised for $257,000. We were trying to buy it for $269,000. "No big deal," she says. "We'll just offer $257,000" Now, I get worried. Closing date comes and she calls me. The seller wants to get their own appraisal. Labor day weekend is spent boxing up all our stuff and begging our landlord to let us stay another week. All weekend, their showing up showing people the place. I call my lender this morning and she wants me to email the seller our appraisal. I tell her I've never even seen our appraisal, so she says she's going to send it to me. Still waiting for that email. Is it normal for them to want me to email the seller this? Why can't she do it? I've never even talked to the seller. [link] [comments]  |
| Expected value of casita/guesthouse/mother-in-law-suite Posted: 03 Sep 2019 06:22 PM PDT We are considering building a 200 square foot casita or guesthouse behind our 2900 square foot house. It will have a bedroom, bathroom, and mini-kitchen. The casita will be a fully permitted and livable structure, built to match the main house with similar construction and finishes. Current value of the property is around $600k, or $207 per square foot. Our assumption is that the casita would worth the same price per square foot as the main house ($207 per square foot * 200 square feet = $41,400). Based on your experience, does our estimate seem likely? Or too high/low? [link] [comments]  |
| Renovate or pay down the mortgage? [GA] Posted: 03 Sep 2019 05:52 PM PDT My neighbors just sold their house for ~$50k more than mine is Zillow estimated, and since the house is only ~500 sq ft larger, a huge part of that had to have been the renovated kitchen and baths (the interior really did look great). When we bought our place 3 yrs ago, it had already sat on the market for quite some time as the asking price was much higher than the rest of the neighborhood, so it seems like there should be plenty of headroom for us. At the same time, renovations are notorious for have costs rapidly eclipse any added value. Would it be smarter to just pay down my loan and let the rising market passively add value? Or do the answers to these questions depend on how much longer I plan to live here? [link] [comments]  |
| Selling Private Property To Commercial Land Developer Posted: 03 Sep 2019 05:20 PM PDT Hello, reddit. I live next to a hotel which was recently demolished. My half acre of land meets the edge of their parking lot. I was recently contacted by a major land developer who told me he wanted to purchase my property. There are plans to build a mini mall with a national chain grocery store with various fast food places. My land, where my home currently sits, albeit a very old and cheap home, will likely be used to construct the off-ramp intersection or a neighboring gas station or who knows, maybe a Taco Bell. My question is, how much should I realistically expect to sell my property / land to this corporation for? I had it appraised 10 years ago and it went for $25k, just the plot of land by itself. Surely this corporation is going to give me more than $25k, right? One of my neighbors told me that at the other end of my street, a property similar to mine, Dollar General bought the land for $500k. I have a hard time believing the guy, but this is a big corporation we're talking about. I'm going to need more than fair market value or the appraisal price. I'll have to move and buy a new house and stuff. Should I contact a real estate agency or hire a lawyer for this? How much should I expect from this corporation and would it be best if I hired someone to represent my best interests? Anything I should know in advance so I don't get ripped off? Thanks in advance for your advice. [link] [comments]  |
| Renovation / Fixer-Upper - Suggestions and money saving tips? Posted: 03 Sep 2019 08:32 PM PDT Hi folks, looking for some advice here. Recently purchased a 3-unit bldg which was sold as-is. Quite a bit of work needs to be done, so we're trying to find a good balance between saving money and ensuring long-term durability of renovations. Some of the things that need to be done: 1) Exterior bricks have become uneven (old bldg) and therefore needs to be removed and straightened out. Window lintels will be replaced as well. 2) All units need a complete makeover: bathrooms, kitchen, floors. 3) Re-plan one of the floors to include another bedroom. Currently all 3 units have 2 bedrooms and 3 is doable, so I want to convert one of the units into having 3-bedrooms. 4) Old garage will be torn down and paved flat for open-parking My question is: what are some resources I can look into for saving money on the above work, and what should my priorities be? Meaning, should I put more emphasis on the contractors I will be hiring, the materials being used, or something else that I might be unaware of? This is obviously a huge project, especially being a newbie, but I'm honestly excited and just want to turn this bldg around in order to start renting out. The location isn't bad, just really run-down atm and want to make it look spiffy without forking out too much since it's just for rental. Any and all advice SINCERELY appreciated in advance. Thanks everyone. [link] [comments]  |
| Asking price vs. Net Sale Price Posted: 03 Sep 2019 04:45 PM PDT Assuming that total broker commission is 6%, what can a seller expect to be the Net Sale Price of their home if the sold price was $850,000. [link] [comments]  |
| Posted: 03 Sep 2019 08:30 PM PDT Hey team - advice requested. Looking to buy new construction condo in a hot part of Denver. Motivated seller because their units haven't been selling too fast. This is a 2br/2ba in a great neighborhood. Listed at $609K I offered $588K and asked for seller concessions. They countered with $600K, washer/dryer/refrigerator ($4.7K), first year of HOA ($3.3K) and $16.8K giveback at closing for doing this without a broker. That's a total of 4.17% back, and 1.5% off the asking price. What do y'all think? [link] [comments]  |
| What Approved Online Real Estate Sales Prep Course Would You Recommended for Michigan? Posted: 03 Sep 2019 02:22 PM PDT |
| Mortgage Constant vs Loan Constant vs Loan Factor Posted: 03 Sep 2019 04:30 PM PDT I know it might seem a dumb question, but are there any differences between these terms? And if so, how do they differ? Thanks in advance. [link] [comments]  |
| Posted: 03 Sep 2019 08:08 PM PDT Hi all, I want to buy a multi-unit property with an FHA loan and was wondering how much loan I could qualify for. Here's my situation: -300k left on my current house, monthly $1760 payments. I can rent house out for $2400 (I want to keep it as a rental) -4 unit I want is 700k. 3 units rent for 1600 each and I'd live in the 4th unit. -Credit score is 725 Can I qualify for this property? If not, what can I qualify for? Thanks! [link] [comments]  |
| 20% down to avoid PMI or not?! Posted: 03 Sep 2019 01:51 PM PDT Hi experts at hand, I could use some advice here. We are about to buy a house for our family in the next couple months. We are looking in the price range $170,000-200,000 and can afford to put 20% down payment which would remove the PMI addition to it. We plan on staying approximately 5 years in the house, before we would move to another neighborhood for the purpose of a better school-zone. That neighborhood is a bit to expensive at the moment and we want to avoid being housepoor. At that point we would sell the house and invest it into our new home. Question; should we put the 20% down. leaving us with about 3 months of emergency cash at hand. Or put less down and suffer the PMI untill we go for the next house? Our situation is as follows; [link] [comments]  |
| Relative lending money to buy a home wants to be named on deed. How do I protect myself? Posted: 03 Sep 2019 12:09 PM PDT The way I understand it if we are both named on the deed we own the property 50:50. They said when the loan was paid off we would do a quit claim deed to put it 100% in my name. What protection do I have if I pay 100% of the loan off and they refuse to do the quit claim deed? Just looking for the facts. They said they wanted to be named as collateral but what collateral do I have when the loan is paid off if they give me a hard time with the quit claim? Also they are older what if they die and their other child tries to stake a claim on part of the property? State is Ohio if that matters. [link] [comments]  |
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