My friend and I are going to buy a deeded campground property as a vacation home Real Estate |
- My friend and I are going to buy a deeded campground property as a vacation home
- Signed termination papers, seller's realtor instead sent us their own version of termination paper for us to sign.
- Why don't some buyers understand home sales are "as-is"?
- Can a seller who has accepted an offer legally terminate the contract if their realtor misrepresented one of the offers?
- Where would you locate your family in the USA if work wasn't an issue?
- Looking for good book on how to run vacation rental as business.
- Selling house to Exhusband
- Played around with Zillow Data - Made a chart plotting Cap Rates to average days on the market
- Common landlord rental related expenses? (Arizona)
- Looking for Advice/Help Analyzing this Deal (House Hack Duplex) in Chicago!
- Closing costs
- Buying home that's been vacant for a few months
- career in real estate
- Home Business in Basement
- Applying for a mortgage without having filed taxes year prior due to below minimum required income?
- Recently closed on a home and closing attorney's office sent me a "Limited Warranty Deed"... What is that?
- Who pays realtor commission when the buyer uses a realtor but the seller doesn't?
- grades in university
- [PA] Legal Definition of "Bedroom".
- Was this property sale illegal?
- How do commercial properties affect one's home value?
- Gift of Equity: will it affect possible HELOC?
- Previous owner has mortgage out on our property that we didn’t know about until we’re now selling it...
- Wholesaling template
| My friend and I are going to buy a deeded campground property as a vacation home Posted: 01 Oct 2019 04:33 PM PDT There is a campground north of us that sells lots with with RVs on them. Right next to the campground is a big lake and small waterpark. Plenty of grounds for hiking ans stuff like that. My friend and I are going up Saturday to look at one. We will split it 50/50 and our limit is a $20k property, so we will both get a $10k loan max. Property cannot be rented or leased out, but we do have the ability to improve and sell it for more than we bought it for. I make $90k+ and my friend makes over $50k. We both own houses, have a mortgage, and have great credit (780+). I would draw up a contract betwern us just laying out some basic terms, including splitting costs a right of first refusal to the other party in the event one of us wants to sell our ownership. How does the financing work for stuff like this? Would it be a personal loan or a mortgage? Should we go with one of the banks that gave us the mortgage for our houses (both different banks) or some other option. Im sure im forgetting something important. Any help or guidance would be appreciated. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Posted: 02 Oct 2019 05:57 AM PDT Buyer here. House has significant mold growth in the crawlspace under the house. Had a mold specialist look and give an estimate for $4300 IF there was no structural damage after removing the insulation and vapor barrier. We asked the sellers to remediate, they agreed initially until they started calling around for quotes. Decided to not fix the mold so we pulled our offer. My agent sent them a signed termination agreement, they immediately come back with their own version of the termination agreement and want me to sign. It conveniently leaves out that mold is the reason we're walking away. It seems suspicious as hell and just plain scummy. I told my realtor I didn't want to sign in, he's saying it doesn't matter as long as we get our money back and can move on. Everyone set to make money in this deal tried to convince us to buy this house with the mold, including the realtor that's supposed to be on our side, so of course they don't give 2 shits if the next buyer gets screwed. Should we keep pushing back? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Why don't some buyers understand home sales are "as-is"? Posted: 02 Oct 2019 05:25 AM PDT I'm curious if buyers carefully read the purchase contract before signing. In a recent discussion, an "experienced homeowner" insisted that home sales are not "as-is", while the purchase contract clearly states the purchase is "as-is". For example, from the standard purchase agreement : Buyer has inspected the Property (including fixtures and any personal property specifically listed herein) before signing this agreement or has waived the right to do so, and agrees to purchase the Property in its Present condition Do buyers not read the contract? Do their agents not explain these things? Based on posts in this subreddit, it does seem like many buyers expect some recourse or warranty after the sale, suggesting they don't understand that real estate is usually sold "as-is". [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Posted: 02 Oct 2019 05:23 AM PDT Bit of a complicated scenario. My wife and I have been house hunting and found a property we absolutely loved so we submitted an offer. The seller's realtor informed us that we needed to have the offer submitted before end of business day yesterday since there was another offer on the table. Our agent worked up the papers and we submitted our offer a few hours before the deadline. Our offer was for a little less than asking price but knowing there was a second offer to compete with we included an escalation clause that offered up to $100 more than asking (asking was $xxx,900 so we rounded up). Now when the realtors were talking on the phone prior to submitting paperwork our agent even told the seller's agent an escalation offer was going to be included. Fast forward a bit and we heard back from the seller's agent, our offer wasn't accepted because "the other offer was for list price, and ours was less". Our paperwork had the escalation listed on the escalation clause document and a second time in the addendums. When our realtor asked about this the seller's agent claimed he didn't see the escalation clause and claimed he didn't remember being verbally told on the phone. We got beat because the seller's agent didn't do his job with any due diligence. Is there anything we can do? Other random details: both offers wanted seller to cover some of the closing costs, and give a warranty so that should not have been a factor. Property is being sold by the kids of the deceased owner, kids all live out of state so in our offer we said if they wanted they could come grab anything they wanted from the house but to make the process easier on them they could leave whatever they didn't want and we'd clean the property. (We assume taking off work, traveling across the country and having to clean a house out would be a huge pain and it'd save them a lot of headache) [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Where would you locate your family in the USA if work wasn't an issue? Posted: 01 Oct 2019 09:47 AM PDT Canadian here. Not sure where to ask this question. I have a business that I run from my home office. My wife and I currently rent a small semi-detached house (1400sqft) and want something bigger (2500+), and we want to buy something so we can modify it to be 'our own.' Since we spend most of our lives living and working at home, the house has a big impact on our day to day enjoyment of life. I want to provide my wife a home studio where she can do her hobbies (dance and video production) and have a wood shop for myself. The housing market where I live (Greater Toronto Area) is insanely hot. Even in my suburb I'm looking at 800,000 CAD and up to buy a modest 1800sqft split-level detached home. Last year we went to Cleveland for a friend's wedding and the suburbs seemed lovely. Looked on Zillow and was amazed at the great real estate prices, for example a suburban 3000sqft house on 1/2 acre, with a detached 2-level garage for 350,000 USD, and good schools nearby. That got me thinking. I researched USA visas and discovered that my business can quality me for a visa that would let me live in the USA indefinitely and bring my wife and kids. Now I'm seriously looking into this, and one of the main questions is location. Since our extended family is in Toronto I would prefer to remain close, let's say <6 hour drive from Niagara Falls NY or <1hr to an airport that does direct flights to Toronto. If you were in my shoes what states/cities would you consider? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Looking for good book on how to run vacation rental as business. Posted: 01 Oct 2019 06:30 PM PDT | ||||||||||||||||||||||||||||||||||||||||||||
| Posted: 01 Oct 2019 10:53 AM PDT I'm in the middle of a divorce. When we bought the house we did it all in my name- my income was better and I didn't have student loans. Now my ex wants it and I want to give it to him (best arrangement for coparenting.) I was hoping we could refinance in his name, but our bank informed us this would be a full sale. I'm assuming that means it comes with all the fees and closing costs of a regular house sale for (essentially) no reason. Does anyone have experience with this, or possible work arounds? I'm very nervous about this so any insight would be appreciated. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Played around with Zillow Data - Made a chart plotting Cap Rates to average days on the market Posted: 01 Oct 2019 08:33 PM PDT https://public.tableau.com/profile/gerald.lee5897#!/vizhome/ZillowRealEstateData/Sheet1?publish=yes As I am moving from London, UK, I am not familiar with real estate across the US. I would be interested to hear what you guys think and whether the data corresponds with local specialist knowledge. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Common landlord rental related expenses? (Arizona) Posted: 01 Oct 2019 02:49 PM PDT I'm putting together a cashflow projection for a potential rental and I want to make sure I'm not forgetting anything - here's what I've got so far: Repairs & Maintenance (small items): 2% Vacancy: 10% CapEx (Large items): 5% Legal fees: 1% Property Management: 10% Pest Control ($70 bi monthly): $35 Lawn Maintenance ($80 every 6 weeks): $55 Utilities will not be held in my name. Anything I'm missing? Any figures I'm way off on? edit: Mortgage + prop taxes + insurance + hoa as well. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Looking for Advice/Help Analyzing this Deal (House Hack Duplex) in Chicago! Posted: 01 Oct 2019 05:16 PM PDT Wondering your guys thoughts on the following deal I'm analyzing:
From the listing pictures, the house looks to be move-in ready. Interior finishes appear to be in good condition and are modern (i.e. stainless steel appliances, darker grey laminate countertops, white cabinetry, etc.) Hardwood flooring throughout appears to be in good condition. I will be looking at the property tomorrow for a deeper inspection and to verify some items from the listing. Property owner is asking for $240,000. We are planning on putting $12,000 down (5% conventional loan), owner-occupying, and renting out the second unit (undecided which unit we will be renting). Our estimated monthly expenses are below:
Estimated rental costs shown below:
How do my numbers look? Natural Gas and Electric are individually metered. Water/Sewer are both on one account/meter. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Posted: 01 Oct 2019 07:17 PM PDT Currently waiting for my file to get back from the underwriter to get the clear to close but now that I think about it, it never occurred to me to actually negotiate with the lender, I guess that's my mistake but I always felt my lender is giving a fair deal and they been great to work with. Is it too late to negotiate? Maybe they pay closing costs for a higher rate or it doesn't work that way? Thanks. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Buying home that's been vacant for a few months Posted: 01 Oct 2019 10:51 PM PDT I'm closing on my first home this Friday and wanted to get together a to-do list. The home has been Vacant for a few months and we've noticed a few spiders as well as eggs so we'll be bug bombing it before we move in. I'm wondering if there's anything else I should make sure to do before we move in? We're going to be replacing some flooring in the bedrooms and painting but want to make sure I don't miss anything I should do before it's filled with furniture and my family. Would also appreciate it if anyone has a checklist of things to get before moving? (ie. Fire extinguisher, toilet paper, cleaning supplies, etc) [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Posted: 01 Oct 2019 08:28 AM PDT i am interested in a career in real estate. im not interested in being a real estate agent, i would want to go into fields like property management, real estate development, and real estate investment. i am a second year student at the university of ottawa business school in canada. i plan on moving to montreal and living there once im done school. how do i get jobs into these particular fields that i am interested in? can a bachelor of commerce get me jobs in these fields? also, what are the tips to succeed in these fields? ideally i want to start my own property management business and own a variety of buildings. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Posted: 01 Oct 2019 09:14 PM PDT I purchased a home recently, the previous owner was using the basement which is finished as his personal business with 3 employees. He had the basement (has separate entrance) component zoned as commercial. The setting is residential in a major metro city, first ring of suburb. I changed zoning to full residential upon moving in so I dont have to pay the higher property tax. The city allows residential homes to be used as home business for up to 3 employees, it does not need to be commercially zoned if there are no clients coming to the site. Id like to list it to see if I can find a home business renter - the space is 850 sq ft and has 2 separate rooms w doors and closets that could be office or conference room and the main room is large with great built in desks, there is a full bath and a kitchenette. Im not really sure where to start and who to go to to ensure this is done kosher. Id like whoever would be renting to be vet'd appropriately as well. Does it make sense to get a broker for something like this? a lawyer? I thought I would give it 2-3 months to look and if I cant find someone I would convert the space to living space and either rent it out or airbnb. We wont need to space for 3-4 yrs would be my guess so Im looking at it as an investment [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Applying for a mortgage without having filed taxes year prior due to below minimum required income? Posted: 01 Oct 2019 09:08 PM PDT Will try to be brief. Most of 2018 was spent finishing up my 2 grad degrees, which meant I had a part time job that just barely payed remaining bills beyond my student loans and savings. In total, my taxable income was around 5k, the expected refund wasn't so large (smallest elected withholding) + life was chaotic enough that I was fine passing on it (I'm aware that's a bad mindset in general). That being said, a year later, looking at mortgage applications and they all want 2 years tax returns, in addition to the other standard documentation that I do have. And that it's a killer to not have them. But I also can't possibly be the first ever person who didn't work full time while in grad school, then got a decent job and looked at a house, right? Is the notion that not having tax returns being a dealbreaker just true if you had enough income that you are required to have filed? Any advice on approaching the situation? *Will also note that even being in a similar boat in 2017, I did file for that year. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Posted: 01 Oct 2019 12:04 PM PDT What is a "Limited Warranty Deed"? I'm having a hard time finding a straight answer thru Google. The home was not a foreclosure, it wasn't bank owned - just a traditional sale of an SFH. Thanks in advance, everyone. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Who pays realtor commission when the buyer uses a realtor but the seller doesn't? Posted: 01 Oct 2019 07:25 PM PDT | ||||||||||||||||||||||||||||||||||||||||||||
| Posted: 01 Oct 2019 05:33 PM PDT do your grades in university matter when you apply for jobs in fields such as real estate development, real estate investment, and property management? How much do employers take you into consideration based off your grades in school? of course im not talking about barely surviving but say if you have decent grades. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| [PA] Legal Definition of "Bedroom". Posted: 01 Oct 2019 05:10 PM PDT I'm going to be short on details for a few reasons, but I want to thank you for taking the time to read this. I'm trying to find out if a room of 36 sqft with no electrical outlets can legally be listed as a bedroom. If anyone out there can direct me to the right regulatory agency (federal or state) or the right regulatory documents I'd be super happy to do some further digging at my own expense. Thank you! ninja edit; Said room does have a window that opens and a baseboard heater, overhead light and small fan. edit: since people are asking. This is a rental. Not my house. The room in question was listed by the property mgmt group as a "bedroom" on Zillow and Trulia. It seemed dishonest and kinda got under my skin. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Was this property sale illegal? Posted: 01 Oct 2019 11:06 AM PDT Location: NJ Hey guys, My dad bought a property back in April and hasn't been able to use the water for the home at all since then. My father claimed it was because our property's water system was connected to a well system under the neighboring house and can only obtain water from the neighbors. The previous owner of the foreclosed home that he bought was a relative of the neighbor. The neighbor was willing to give him water but not to my father and is adamant about it. My dad also can't build his own well system because the land is too shallow beneath his home. My father was told that if he can find a documented "well easement," then he has the right to use his neighbor's well. This was the initial plan and because his english is not so good, I decided to help him contact people to find such an easement. I started with the county assessor's office who could not locate this "well easement" in any of the previous deeds. I assume that it does not exist. They suggested I contact the county human services advisory because it seemed to be a health issue. When I contacted the human/health services department they told me it was a township issue because a house that couldn't support its own water system should never have been zoned. The lady I spoke to on the phone regarding township issues seemed confused and just linked me to the voicemail box of head of construction. I knew this guy wouldn't be able to help me so I decided to report the property issue to the township via e-mail. I received an e-mail back with various people that were CC'd and asked to help. They claimed that the house was inspected back in 2018 and failed to obtain a TCO (temp. cert. of occupancy) due to missing well or septic certs. An assets company stated that the house was listed as city water and sewer but was told that that is not correct. The well had actually went dry and someone gave a hose connection to their family member. My dad said the listing said the property had a well system but the 2018 inspections clearly state that there isn't any?? Also the most important part of the e-mail stated that a CO is required to transfer title. If that's the case, how was my dad even able to buy the property?? No one mentioned to him that this house had no CO and also was lied to about a viable well system.. We just want our money back.. What are our options? Real estate attorney? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| How do commercial properties affect one's home value? Posted: 01 Oct 2019 04:38 PM PDT A prospective house that I am looking at is already within walking distance to retail stores, but it is also near a few office buildings occupied by a mixture of big and small companies. These companies are also within walking distance but not quite in site. Is this house consider within a good "location" or are these establishments negatively impacting its value? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Gift of Equity: will it affect possible HELOC? Posted: 01 Oct 2019 04:33 PM PDT Gift of Equity: will it affect possible HELOC? Hey guys, new to everything in the RE realm. My parents have offered my husband and myself to purchase one of their rental properties here in CA for $100,000 under market value so that we can afford to buy a home in the area to stay close. We had pretty much given up hope being able to buy anything in our area until now and were looking elsewhere, possibly several hours drive time, to be able to afford to buy. We have been pondering the idea of using a Home Equity Line of Credit (HELOC) for doing necessary renovations on the home and then investing later down the road. We definitely want to keep that available for all of its possibilities. When we went to speak to someone regarding preapproval, she mentioned the possibility of Gift of Equity letter from my parents as a way to have an amazing down payment for the loan. Would using the Gift of Equity affect the availability of the HELOC? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Posted: 01 Oct 2019 04:06 PM PDT My partner and I are in the process of selling his residence. His parents bought it years ago, and he soon after purchased the property from them. Both times the title transfer has been clear and there were no issues. The home is now under contract with the new buyers and we have just been informed there's a mortgage from the original homeowner. We never knew about this mortgage and it was never flagged for either him or his parents. We also looked over all of the paperwork and nowhere does it say that they were to incur this debt. How could this have happened? What do we do now? Is this mortgage fraud? Please let me know if you have any questions I'll be happy to answer if you need more context. Thanks! TLDR; the original owner has a mortgage on our property that we weren't informed of when obtaining the title. Edit: did some digging and found out it's most likely a mechanics lien. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Posted: 01 Oct 2019 09:34 AM PDT Looking for wholesaling templates for the state of Michigan, anybody know any website or have some? Residential and commercial [link] [comments]  |
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