Dog who caught the car -- sent a homeowner a letter about a house I've wanted to buy for years and they said they're open to an offer . . . what now?(Co) Real Estate |
- Dog who caught the car -- sent a homeowner a letter about a house I've wanted to buy for years and they said they're open to an offer . . . what now?(Co)
- Buyer making unreasonable demand 9 days before closing
- Methods to keep your name out of a real estate purchase?
- If people who flip have the cash to flip houses, why don’t they purchase lots and build new construction?
- Mortgage rate locking with a longer than closing?
- New Twist on AI-Generated Writing: Have a 'conversation' with your database
- Sellers countered back with different title company and natural hazard disclose.
- Mortgage and the US 10 year treasury.
- 1031 exchange.
- How can I determine seller closing costs?
- Buyer got pre-approved but haven’t heard from them.
- A fair price on an inspection repair?
- Worried about underwriting
- First time home buyer. Build custom home or buy existing property?
- [MO] Weird situation: Submitted an offer on 2 duplexes (4 units sold as a whole) yesterday with a residential K. Listing agt is in the commercial dept of a local agency. Wants to rewrite the contract commercial - is this legal?
- Where to get detailed statistical info on specific areas in cities??
- Gambling on housing?
- Move and store big item (mattress, table, etc...).
- Should I get my real estate license?
- Online real estate schools
- Subdivision Retaining Walls - Am I crazy to be concerned?
- How to approach landlord about buying the house we are renting
| Posted: 27 Oct 2019 09:27 PM PDT Hey all, A few years ago my wife and I were looking for houses and fell in love with one. We put an offer down not knowing there were competing bids and lost it. We ended up buying a house a few blocks away, but have always felt like the other house was the one that got away. Last month, we decided that before investing more into our current property we'd like to at least see if the homeowners were open to selling. After not hearing back for long enough that we gave up, they just got back to us saying they're open to an offer. So . . . what now? Should we get an agent? Should we reach out and see whether we're in the same ballpark on price? Should we sell our house and assume it's a done deal . . . (kidding on the last one). Eager for any input. Thanks. [link] [comments]  |
| Buyer making unreasonable demand 9 days before closing Posted: 27 Oct 2019 10:27 PM PDT California. We are under contract to sell our home at list price with $10k as a credit for upgrades the buyer wants to do. Buyer is contingent on the sale of their home and has not yet released their inspection or finance contingency even though they are past the date for that. We agreed to fix everything that was in their requests even though only 1 was called out by their home inspection (4 items total). We have already requested they remove inspection contingency, but have not pushed it. Buyer asked to have a contractor come to the house and measure things over the weekend. We agreed. Now buyer is saying that she noticed many hairline cracks in the stucco and wants us to fix them. We are now 9 days from the close of escrow, which was moved up by 10 days at their request. We do not have an inordinate amount of cracking...it is all normal for the age of the home. As a matter of fact, most of the cracking was present when we purchased the home more than a decade ago and we were told it was normal settling. My initial response was to tell the buyer to pound sand and that we would not be doing any more repairs. Would it be better to offer a minimal seller credit ($100 or less)? [link] [comments]  |
| Methods to keep your name out of a real estate purchase? Posted: 27 Oct 2019 10:31 AM PDT My family has legitimate safety and privacy concerns where we want to keep our name out of a primary home ownership purchase. How can we do that? We will have a mortgage loan. Does anyone have advice about purchasing residential property with a private trust, llc, or other mechanism? Ultimately our goal is to buy a home but to keep our name out of any public record. [link] [comments]  |
| Posted: 27 Oct 2019 05:58 PM PDT In my area there are $50k lots where new multi families could sell for $450k+. Doesn't seem like this is being done as much as flipping. And in my area like I'm sure in most cities, people who want to flip are vultures!!! And the land is already right there.. [link] [comments]  |
| Mortgage rate locking with a longer than closing? Posted: 27 Oct 2019 09:43 PM PDT Our offer was accepted by the seller and we have a closing set for 70 days out. We're starting the mortgage application process now with several online services (aimloans, nbkc) a localmortgage broker and our local credit union. Inspection has been scheduled and we already had a pre-approval done. This is our expectation in terms of steps:
We had a few questions regarding the above steps. For 2, is everything negotiable from interest to origination fees to closing costs? For 3, do lenders lock rates for more than 30 days? Typically with a fee right for a 60+ day lock? A 30 day lock now doesn't do us much good. Do we delay in selecting a lender? And lastly, are we missing any steps? Thanks in advance. [link] [comments]  |
| New Twist on AI-Generated Writing: Have a 'conversation' with your database Posted: 28 Oct 2019 12:43 AM PDT New Twist on AI-Generated Writing: AI-generated writing firms are developing new tools that will enable you to 'converse' with the database of your Realty. "Rather than asking your human analyst for the latest sales performance data — and waiting a few hours for the reply — you can have a dynamic, multi-turn conversation with your data over breakfast," observes Sharon Daniels, CEO, Arria NLG, an AI-generated writing toolmaker. Or, "You might begin conversing with a digital or holographic representation of a human," to secure that same data in conversational form, Daniels adds. In a phrase: Look for new AI conversational tools to emerge that will enable everyone at your business to secure the deep insights buried in your computer systems – simply by 'talking with your data.' [link] [comments]  |
| Sellers countered back with different title company and natural hazard disclose. Posted: 28 Oct 2019 12:09 AM PDT First time buyer but I own a home. Took my house over from my mom many years ago through a refi (pulled out cash for her and just added my name because it was the easiest). My home is now for sale and I put in a contingency offer on a home. We offered full asking price since we're in contingency. (plus all appliances, look just year or two old so I'd guess around 3-4k in value). They countered back asking to use a different title company. (not nation wide but they have 22 office locations throughout CA). They also asked for a different hazard report disclosure. My understanding is that the reason for the different disclosure is they already paid for one and don't want to pay again for the my realtor normally uses. The concern I have is with switching title companies. I don't know much about them. Is there any reason for them wanting to switch companies? Should I be concerned? What are the possible pros and cons. Thank you in advance. [link] [comments]  |
| Mortgage and the US 10 year treasury. Posted: 27 Oct 2019 10:16 PM PDT My wife and I are in the market to buy a new home from a builder. We are in the stage of researching lender. I have a few questions that I was wondering if you could help me with.
Thanks. US 10 year treasury: https://www.cnbc.com/quotes/?symbol=US10Y [link] [comments]  |
| Posted: 27 Oct 2019 11:51 AM PDT So if my dad were to 1031 his 800k property in California and is left with 400k after paying the existing loan and wants to invest in one home in arizona and one in Oregon, the sum total of both homes have to be equal or more than 800k? Also, say that one of the homes is 300k and he is left with 100k to work with, because 100k isn't enough to buy a like kind property, can that money be used for a downpayment? [link] [comments]  |
| How can I determine seller closing costs? Posted: 27 Oct 2019 06:49 AM PDT I have detailed closing costs on the purchase we are making but we are simultaneously selling and buying so the two are very much related. I've been estimating 10% total closing costs on my sale but I asked my agent for a better idea and he came up with a number closer to 6.5%. We have home inspections on both Monday and the final numbers have a direct bearing on how many concessions I can make to my buyer while still having enough proceeds for the new house. I'm in GA and the selling price is $145000. It's a cash deal and our taxes and insurance are escrowed. Taxes are only $1100 per year so I feel like he should be able to tell me within $1k or so. My payoff is $124k. Using online calculators I'm seeing massive ranges. Any insight would be great as my agent isn't very clear. [link] [comments]  |
| Buyer got pre-approved but haven’t heard from them. Posted: 27 Oct 2019 04:45 PM PDT A potential buyer seemed very interested in our house, but wasn't pre-approved when they saw the house(Saturday). Now they are pre-approved but the agent hasn't heard from them (Sunday). Would someone go through the process of being pre-approved after seeing a house and then not make an offer? Am I just being too impatient? [link] [comments]  |
| A fair price on an inspection repair? Posted: 27 Oct 2019 08:06 PM PDT I am selling my house and on inspection, the buyer's inspector found a large crack in my foundation that is about 4 feet long which I never noticed because it was in a storage area behind insulation. They want it sealed because it is very obviously leaking water (there are dark stains on the foundation below the crack). A very highly-rated and regarded water proofing company came out today and said that because of the front stoop they can't get at it from the outside so they would do an epoxy injection along the crack and would provide a lifetime guarantee that it wont leak again or they will come out and fix it. I am satisfied with their reputation, but I'm just wondering if this price sounds fair: $1700. I'm considering going with this company just based on their reputation alone, but if it's recommended by folks on here that this price seems a little high I can get more quotes. [link] [comments]  |
| Posted: 27 Oct 2019 04:12 PM PDT Applying for a loan of 2.5x annual income. 10% down payment, cash reserves of 30% of the cost of the home. 800 credit score. 2017 i graduated and took an extremely low paying job in my field. I worked there for 1 year. Early 2018 I took another position (same line of work), making about 30% of the loan amount. Since then my salary has increased by 20%. I'm worried that I won't get approved because my 2017 tax return is too low to get mortgage approval, even though my income for the past 18 months more than meets the requirements for the loan amount. I should be fine, right? Numbers: Original job, all of 2017: 39k New job, all of 2018: 104k Current salary: 130 Home price:330 [link] [comments]  |
| First time home buyer. Build custom home or buy existing property? Posted: 27 Oct 2019 02:33 PM PDT My wife and I are located in Bay Area, CA. Our budget for a home was initially $900k with an upper limit of $1.2M. Our combined income is close to $300k. We have a few requirements. She wants 2 floors and I want a 3 car garage. It's pretty hard finding a house that meets both features within the budget but after seeing a few of the homes in the range, most of them need about $50-100k in renovations to get to the point we'll be happy living there. We went to see a $2.7M house for the fun of it, and it was gorgeous. I asked my friend who owns a construction company and he said it would be about $1-1.1M to build it. This house was a bit bigger than we would want it to be, about 3500sq ft vs our 2000-2500sq ft. Then I found out about construction to mortgage loans. This got me thinking about finding land and building a home. Allocating about $300-400k to find a plot of land and $1M to construction. Or only have the foundation and structure of the house put up, then her dad and I can finish the interior since I've renovated homes before and her dad is in construction as well. Either way, we'd end up with a house that has everything we're looking for. My main thought process behind this is the fact that we still live with our parents. If the home takes 2 years to complete, we're not paying another mortgage or rent during that period. In my mind, the timing of the situation is most convenient for us. She's thinking building a house from ground up is something we should do in the future and for now we should just buy a house to renovate and have our own place. So I'm asking, is it a good or bad idea to build a custom home as our first house and why? [link] [comments]  |
| Posted: 27 Oct 2019 02:03 PM PDT Title pretty much says it all. My mom's been in the business for 50 years and she was understandably VERY reluctant as she is a former president of our state's RE commission. I am buying the units as rentals and of course, are zoned strictly residential...common duplexes built in 1950. Need help! Probably left something out but i'll be around to add anything. Thanks! [link] [comments]  |
| Where to get detailed statistical info on specific areas in cities?? Posted: 27 Oct 2019 09:07 AM PDT I am looking for everyones favorite way to compile data for a specific area in a city or suburb. I like to detail the listing vs sales price of homes and also the DOM. Anyone know of a cool preferably free site that can do that? like down to the zip code at least? [link] [comments]  |
| Posted: 27 Oct 2019 06:31 AM PDT I posted on PF recently about housing costs (https://www.reddit.com/r/personalfinance/comments/djvpha/breaking_the_28_housing_cost_rule/) and wanted the expert opinion. Basically the conservative side of me wants to pay less for housing. However we plan to have a kid and want to be somewhere with an above average school system, i.e. a 6/10 or above, and have a safe school. We also want to stay in the city as our transportation costs will soar moving to the burbs. Our current plan is to get into a town where the schools are about 7/10., and a 2 bed condo will be about 600k. The rationale for this is housing in our area has shot up in costs every year. I've lived here for my whole life and it jumps annually. There is the option of buying a condo at 450-500k in a part of the city where schools are 4/10 on average. However the concern is once our future kid is 6 we will be totally priced out of the good school system area. I am basing this on how condos in our area were 450k 5 years ago and now start at 600k. There isn't a risk this area will drop substantially because we are in a major city with at least 6 distinct high income streams (tech, biotch, healthcare, finance, academia). It's very common to see dual income couples making 200k+. How did people anticipate this risk and work with it? [link] [comments]  |
| Move and store big item (mattress, table, etc...). Posted: 27 Oct 2019 12:02 PM PDT My wife and I will be buying a to be built home from a builder. While we wait for the home to be built, we will be selling our current home. So the in between stage between two homes will be inconvenience for us. We essentially have to do two moves.
Do you have any advice on how we can go about doing this? Especially transport big items such as mattresses, and big tables. Our new temporary space isn't as big as our current home so we cannot store all our current mattresses in there. We have to put them into storage.
Any other advice would be greatly appreciated. Thanks. [link] [comments]  |
| Should I get my real estate license? Posted: 27 Oct 2019 11:58 AM PDT I'm currently saving up for my first two rentals, one with the FHA loan and the other I would pay the 20% down payment. I'm currently saving as much as 90% of my income since I don't have any major expenses other than gas. My goal is by summer 2021. If I get the real estate license would it be easier to find deals since I can go see mls listings before they get published on Zillow or other house selling platform. What would be the benefits of the license? I'm not planning on becoming a real estate agent, I'm an electrician, which would save me thousands on some repairs on the houses I would like to fix and rent. [link] [comments]  |
| Posted: 27 Oct 2019 11:41 AM PDT Im about to start my journey into my real estate career and I was wondering if anyone had an recommendations on good online reap estate schools? I currently work full time and can't take time off to take an in person course so online is my only option. I live in GA. [link] [comments]  |
| Subdivision Retaining Walls - Am I crazy to be concerned? Posted: 27 Oct 2019 07:21 AM PDT I looked at a house recently that is ~18 years old, has wooden beam retaining walls (15+ feet), and worried about cost / liability. This house is on the outer ring of a subdivision and the raised elevation with the retaining walls are 15 feet from where the ground stops sloping. All the homes along this ring have interconnected retaining walls and there are 'cuts' in the wall to walk down every ~3 houses or so. The retaining wall looks old / green / splintering and I worry that:
Reasonably sure that the HOA doesn't control/cover this since the retaining wall is in the "middle" of each of these properties and these properties all include a good bit of land after it. So tell me - am I crazy here? Its a good house at a 'barely ok' price but with this looming over me I am holding off. [link] [comments]  |
| How to approach landlord about buying the house we are renting Posted: 27 Oct 2019 09:48 AM PDT My wife and I just moved into a rental in our dream neighborhood. Right across the street from a park my son loves, river access is only a block away, and neighborhood is full of people out age renting and owning. We know who the landlord is by my parents neighbor being a realtor and knows the family. She is 78 widowed and her kids don't live in the area. The property management company has admitted that she is very cheap and does not want to invest in the home. It's old. Built in the 70's and has had one bathroom renovated since then. I work in property management myself and know a ton of vendors that can do the upgrades we would like to do. But the owner won't budge. How can I approach her to just sell me the house. It seems like it is more of a burden on her than and investment. Any good ideas? [link] [comments]  |
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