- [SC] My mother bought her first rental property and 4 months later had start eviction proceedings on the tenant for non-payment. The tenant must leave by Thursday. Advice on what to expect.
- What are some tell-tale signs of cheap construction?
- [MA Real Estate] The builder of a home we are trying to purchase changed the description from House to Condo (with fees) AFTER we already made an initial deposit
- Ethics and avoiding a bidding war
- Is thermal scan worth it?
- How Many Agents are Working with Self Employed Buyers?
- Seller covers up mold with paint
- Stuck between a stubborn seller and stringent lender
- [CA] What to do if tenant will move out and refuses to pay last month of rent?
- Are $100million homes overpriced?
- Home inspection gone wrong
- [OH] Buyers switched mortgage program less than a week before closing, causing our close date to be pushed back at least a few weeks.
- Contemplating making potential first home a rental
- Buying $500,000 House: Cash vs Mortgage
- What if someone doesn't see any late rent payments on their credit report but they have had quite a few the previous year.
- Do appraisers know the purchase price?
- Deleted listing
- Don't Want to use my Realtor Anymore?
- Landlord wants to do major renovation/painting after giving notice [PA]
- Months of Inventory (MSI) is increasing each month in my area over the last few months. Is this a seasonal thing?
- Renting out a motel
- Low VA appraisal - lender requirements under Tidewater initiative?
- JUST PASSED MY NMLS EXAM
- Need help understanding a real estate flyer
| Posted: 08 Oct 2019 04:26 PM PDT So as the post says my mother has had to evict her first tenant. Against good advice, she didn't verify any income for this tenant, or ask for application info and lowered the deposit so the tenant could move in faster. We found this out after the paperwork was signed. The tenant couldn't make the first months rent and my mother waited 4 mos before she started to evict this person, believing that she was doing the morally right thing. As soon as the eviction proceedings started it got hostile (naturally). The tenant has been served and must leave by Thursday. I'm worried this tenant and the 4 other people the tenant has since allowed to move in will trash the place. I'd like to go there w/ my mom on Thursday to make sure it goes as smoothly as possible. Is this a good idea? Can this process be supervised by the Sheriff's office since they served the eviction? I guess my question is how do I help my Mom minimize damage or pilfering of appliances. She's already really stressed about it and my dad is being a bit of a dick. Any helpful advice is welcome. Thanks! Edit: Yes the tenant has been served via the Sheriffs department. They have 48 hours to vacate according to the order. [link] [comments]  |
| What are some tell-tale signs of cheap construction? Posted: 08 Oct 2019 09:38 PM PDT A lot of new constructions have beautiful listing pictures, but then when you go see them in person, it's all thin walls and hollow doors. What are somethings to look out for in photos that might save me a trip? What are some things to look for when viewing the house itself, if I'm looking for quality in a new construction. [link] [comments]  |
| Posted: 08 Oct 2019 08:42 AM PDT My wife and I found a house under new construction that was listed on MLS as a single family house/ Duplex that did not have condo fees. We put down a $1000 deposit for the lot reservation and got our pre-approval. Afterwards, the builder informed our broker that he made a mistake and that there ARE condo fees. On MLS, we noticed that he listed the house twice, once as a condo/townhome with condo fees, and ALSO a single-family/Duplex without condo fees. He told our broker that "if they don't like it, they can withdraw their application". We want the house, and we were willing to buy it as it was initially listed as a duplex/no condo fees. He is saying that it would be impossible to not have condo fees as the house is at the end of a cul-de-sac where all the houses are condo/townhomes with fees. My question is this: Do we have a case if we decide to bring this to court because he listed the house as a Single family house/duplex, and we signed a document for the initial deposit that also listed it as a duplex, and only AFTER he changed it to a Condo/Townhome? Did he break any rules in doing so? If we try to negotiate without bringing this to court, what can/should I ask for? Condo fees are $250 a month which would come out to $3000 a year that we would not have had to pay if there were no condo fees as we were led to believe from the start. The builder is not using a broker and has done the listing himself. Thanks for any advice or suggestions! EDIT: To clarify, we still want the house very much and don't want to walk away if we can negotiate a better deal. From the comments, doesn't look like we have much of a case for legal action. Moving on from that, can you guys help me with negotiating suggestions? It is a new construction so I was thinking we can ask for upgrades or something? EDIT 2: Lots of really helpful feedback and comments. Thank you all for your suggestions. I think we are going to walk away. [link] [comments]  |
| Ethics and avoiding a bidding war Posted: 08 Oct 2019 06:52 PM PDT Since I've been coming out short on any of the bidding wars I've been in, I have a question about ethics. So, if I put in an offer on a house and the listing agent comes back and says they've received multiple offers and that we need to put in our best offer (i.e. a second, higher offer) by a set time. Thus, a bidding war. In order to avoid the foolishness, is it ethical (by agent standards), for my buyers agent to ask the listing agent to have the sellers set a new asking price on the house or to look over the current offers and then present a counteroffer to me specifically? As I see it, bidding wars are not automatic or required. The seller could just make a decision from all of the current submitted offers. A seller could pull any of the current offers and do a counteroffer. Isn't that true? Is there anything my agent can do ethically that can give me some sort of advantage or control? [link] [comments]  |
| Posted: 09 Oct 2019 04:39 AM PDT Getting a condo and home inspector is trying to up sell me on a thermal scan. I blew it off in the moment but i think it was about $100. What are they looking for? Is it worth it? [link] [comments]  |
| How Many Agents are Working with Self Employed Buyers? Posted: 09 Oct 2019 04:29 AM PDT I am finding that too often the deals are falling through due to financing, and then there is a scramble one week from closing to find another mortgage option. Has this happened to you? One of the challenges is that self employed people typically have a low net income on their tax returns. Most lenders are trying to squeeze them into a conventional loan with some kind of exception. It is usually a pipe dream. What these borrowers need is a self employed mortgage program where they qualify without providing tax returns. Leave your questions below in the comments and will answer ASAP [link] [comments]  |
| Seller covers up mold with paint Posted: 08 Oct 2019 02:23 PM PDT Hi, I did a home inspection and the inspector found mold in 2 different places of the seller's house. Seller agreed to fix it. Seller paints over mold and tells my side there is no mold ... What would you guys do and how would you guys respond? [link] [comments]  |
| Stuck between a stubborn seller and stringent lender Posted: 08 Oct 2019 04:59 PM PDT I'm in contract for a condo in a highly competitive market. The HVAC system doesn't work, but the seller can't afford to fix it before sale, so the contract includes a credit for repairs to the system at closing. However, the lender says that the heat in the condo has to function prior to closing to receive financing. I've tried to get the seller to let me in with a contractor to fix the HVAC, but the seller won't let me in until the final walk-through. The closing date is supposed to be next week. What should I do? Is there any way to put pressure on the seller to let me in to fix the HVAC? [link] [comments]  |
| [CA] What to do if tenant will move out and refuses to pay last month of rent? Posted: 08 Oct 2019 09:49 PM PDT We are renting out our house to a tenant. On Oct. 2nd, they sent us a 30-day notice to move out. They used to pay rent on the 5th day of each month. On Oct. 7th, I sent them a message saying that we didn't receive the rent for October. They then replied saying they don't plan on paying this month since they gave the 30-day notice. I replied saying they still need to pay because that is the law in California. They haven't replied yet and I don't think they will. From what I've gathered online about California law, apparently we can give them a three-day notice to pay, right? Or we could give them one day to pay and let them know we're going to be filing an eviction that will follow them around everywhere. If they don't pay, file the eviction. Is this correct? Should we do this? [link] [comments]  |
| Are $100million homes overpriced? Posted: 09 Oct 2019 12:50 AM PDT Some estates in Bel air and Beverly Hills are going for over $100 Million. I understand that these estates are in very upscale and exclusive localities, but given their cost of construction, are they not overpriced? [link] [comments]  |
| Posted: 08 Oct 2019 06:24 PM PDT My wife and I are selling our house, we got an offer and the buyer had the inspection done yesterday. Nothing crazy on the inspection, but I was monitoring from indoor security cams. I caught the buyer going through my wedding albums, picking up random things and looking at them, generally violating my privacy by going through my personal items. I'm not sure what I should do. The kicker? The buyers agent watched her do this the entire time. She was sitting all over my furniture and just really making herself at home. The buyer and her agent also trashed my coat closet in order to get the inspector into the attic, dumping things on the floor and not putting them back, attic insulation is now covering my stuff in the closet and I heard the buyer state "oh well they are moving soon anyways" I guess I just want to know what I should do other than tell my agent, which I already have. After this inspection I'm ready to tell them I wont fix any issues, but i also don't want to be a child and lose a great offer. TIA all EDIT: all parties were aware of video recording and monitoring prior to entering the home. [link] [comments]  |
| Posted: 08 Oct 2019 08:29 PM PDT We accepted an offer on our house in mid-August from a couple who were pre-approved for a conventional loan. They offered list price and the closing process was smooth up until a week ago, when their agent informed our agent that they had decided to switch to a different mortgage program with their lender. This blew our planned closing date of 9/30 (a week ago) and now the lender is saying they don't have a new closing date because they need more paperwork/info from the potential buyers, etc. They are estimating at least another week or two until closing, which is concerning that they can't give a concrete date. Obviously I'm pissed, but also unsure of what to do here. What should I be asking/doing/demanding? I'd prefer not to kill the deal but it's frustrating to have something like this happen in the eleventh hour. [link] [comments]  |
| Contemplating making potential first home a rental Posted: 08 Oct 2019 05:39 PM PDT |
| Buying $500,000 House: Cash vs Mortgage Posted: 08 Oct 2019 04:28 PM PDT It seems no brainer to purchase a house with cash if one has it. But with mortgage rate being historically low right now, let's say 3.8%, why would someone purchase it with cash when he or she can put 100k down payment, and get a 400k mortgage? In another word, shouldn't 400k in the market with even 2.05% HYSA for 30 year outperform the total cost of 30-year 3.8% mortgage? Am I doing my math wrong? (400,000*1.020530 = $735275, which is more than $670979) [link] [comments]  |
| Posted: 08 Oct 2019 09:33 PM PDT Our FHA loan is in the underwriting process right now and they've asked for our previous apartment community's contact info. We paid late some last year with a late fee but nothing has shown up on our credit report. We left before our lease was up. The current loan payment will be half what our rent was. Basically, we couldn't afford to live there due to changes in income. Any underwriters out there. Our credit score is decent and we've paid off all conditional items asked. [link] [comments]  |
| Do appraisers know the purchase price? Posted: 08 Oct 2019 05:02 PM PDT What info do appraisers know before they show up on site for their appraisal appointment? Are they aware of the purchase price on the contract? I'm just curious how objective their appraised value is. Not knowing the purchase price would certainly be helpful to make their opinion more objective, but I could see how that might cause some issues from the lenders perspective... [link] [comments]  |
| Posted: 08 Oct 2019 04:58 PM PDT Just put an offer on a house. I still haven't heard anything back but I noticed the listing was deleted. I spoke to their realtor several times and he acted like everything was fine (aside from it taking awhile for them to respond to my offer) Is this normal? I'm kinda getting the vibe that they are just going to take it off the market. [link] [comments]  |
| Don't Want to use my Realtor Anymore? Posted: 08 Oct 2019 04:41 AM PDT So I've been working with a Realtor for a little while now; and when I say "working" I mean I've been finding the houses and doing everything in between where as all my Realtor has done for me has simply been scheduling viewings. That being said, I not longer want to work with a Realtor anymore. However, I put an offer in on a house last month and the 810 contract that I signed is until November. The offer got rejected. But I was wondering if there is anyway around this contract in which I don't have to "exclusively" work with this, or any Realtor anymore? Or is it simply a waiting game? [link] [comments]  |
| Landlord wants to do major renovation/painting after giving notice [PA] Posted: 08 Oct 2019 11:36 AM PDT We have been living in a twin since 2012 that had a one year lease that went month to month (90 day notice to end month to month lease). We had an offer accepted on a house in late August (closed in late September) and put our notice in to end the month to month lease so that we'd be out before December starts. Our landlord decided that she is going to move back into the property instead of renting it out again since she is pessimistic about finding tenants like us again (her words, but we have taken excellent care of the house/property and don't bother her often for issues we can fix ourselves). We have a somewhat lengthy overlap where we have both houses and hoped that she would cut the 90 day notice window short, but refused since she depends on our rent for living expenses. It stinks, but we are willing to eat the cost since we found an amazing house. She decided she wants to have the back deck rebuilt (wood, replacing with Trex) and have all the rooms painted before she moves back in December. We are concerned about the painting especially since we will be in the process of moving and will have to deal with the fumes and contractors in the house. The lease has the standard 24 hour notice for repairs, maintenance etc. We expect she will start the deck work soon because she's concerned about cold temperatures affecting the deck work. Do we have any leverage besides asking her to postpone the painting until we move out? I know she owns the property and can update it as she pleases, but it is going to be pretty inconvenient for us. Thanks, and any advice is appreciated. [link] [comments]  |
| Posted: 08 Oct 2019 07:37 PM PDT I understand the concept of MSI and that 6>X>4 months is considered a balanced market. My question is - does a recent trend from 1.5 to 2.8 over the last 3 months mean we're actually trending toward a balanced market? Or is this common going into fall? [link] [comments]  |
| Posted: 08 Oct 2019 03:43 PM PDT Hi guys. I have a family member who I am helping run their small motel in Washington state. They are looking to retire and mentioned the idea of renting the motel out to someone. Basically letting someone else own the motel business and lease out the actual motel from my uncle. I was wondering if this even makes sense or has ever been done. Thanks everyone. [link] [comments]  |
| Low VA appraisal - lender requirements under Tidewater initiative? Posted: 08 Oct 2019 07:20 PM PDT Hi all, I have a listing that is supposed to close in three days. Buyer is using VA financing and let's say that the lender is a recognizable name that needs to stick with insurance. Just got the appraisal back today and it came in at 13% below list. The appraiser used terrible comps - not only did they not know the neighborhood but they didn't even make proper adjustments (subject has an attic and recently remodeled $50k custom open kitchen - one of the comps is less square footage, has no attic, and has a dated, closed kitchen - $0 adjustment for this). The appraisal report says they sent a Tidewater notice to the lender because their value was below sales price. At no point did anyone reach out to me or the buyer's agent to ask for insight. Is there any requirement that the lender actually do anything when they receive a Tidewater request? The lender has been awful every step of the way (poor communication, missing deadlines, etc.) but we've been dealing with it. However, they had a chance to save this deal if they'd just reached out to me for comps and they ignored it - it really feels like they've crossed over from unprofessional and into the realm of negligence. My seller is purchasing another home that is contingent on this sale and I feel terrible for them. tl;dr Is there a legal requirement that lenders take action when a VA appraiser uses Tidewater to ask for additional info to support value? [link] [comments]  |
| Posted: 08 Oct 2019 11:43 AM PDT Oh Lordy this has been literally the hardest thing I've had to do in my entire life. Definitely harder than most college courses (with the exception of bio-chem and advanced calc and finance). I got an 82% and literally cried when I saw the computer generated score. Good luck to everyone out there taking the exam or course. Please pay attention to the wording of the questions and answers! [link] [comments]  |
| Need help understanding a real estate flyer Posted: 08 Oct 2019 06:56 PM PDT This flyer has four columns. From left to right: Address, sale price, price per Sq. Ft. And the last one I don't understand. Each house hous also has a code similar to 3/3,0,1,0. I'm assuming the 3/3 is bedrooms, bathrooms but what are the next three numbers? [link] [comments]  |
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