The new tax plan has cost homeowners over a trillion dollars in value Real Estate |
- The new tax plan has cost homeowners over a trillion dollars in value
- Buying new primary residence & current home isnt selling. Should i rent instead of selling?
- Should this be enough money left after purchasing my first house?
- We had our family's farmland (IND, near Chicago) appraised about three years ago. A subdivision developer wants to buy our land, which is pretty much surrounded on all sides by their developments. Should we get it reappraised? Any other general advice?
- How would a roof replacement vs roof layover affect home sales price? Which one would you recommend?
- How does a backup offer work?
- Realtor Paperwork Only Commission Rates
- My first investment
- How to do research/survey without someone stealing idea?
- Looking for advice on best way forward on a Rental Property.
- How fast have you seen a property go?
- First-time buyer interested in a foreclosed property on 5 acres.
- [Selling/Buying-US-NoVA] Advice
- Looking for a duplex as a long term RE investment. Have 20k for a property under 300k. What do I need to know? What can you tell me about my strategy and what are your experiences?
- Restrictive Covenant is preventing me from doing what I intended to do with a property when I closed on it.
- No clear valuation
- [LANDLORD - US - NC] What should the deadline for payment be on a 10-Day Pay/Quit notice?
- Had a fraudulent collection added to my Experian report 2 days before closing
- How much from studying for your exam do you really remember and use frequently?
- Does contesting low appraisals ever work?
- Would a four-plex with two unfinished units pass mortgage requirements?
- I'm in a sticky home ownership situation
- Virginia - Good months, bad months to put house on market?
- Apply for joint tenancy or sole ownership with fiance?
- Preliminary Change of Ownership Report (California)
| The new tax plan has cost homeowners over a trillion dollars in value Posted: 24 Oct 2019 06:35 AM PDT Interesting article using data from Mark Zandi, the chief economist of Moody's Analytics and Hugh Lamle, the retired president of M.D. Sass, a Wall Street investment management company demonstrates how homeowners (especially in more expensive coastal cities) have gotten the shaft and because of the 2017 tax law, U.S. house prices overall are about 4% lower than they'd otherwise be. For those of us that use real estate as their primary investment tool, that's a pretty big deal. There are nice new deductions that happened in regards to rental income but these might be a wash if you are overall losing on actual property value so much of this impact depends on your location. [link] [comments]  |
| Buying new primary residence & current home isnt selling. Should i rent instead of selling? Posted: 24 Oct 2019 04:39 AM PDT I am buying a new home as my primary residence. The bank decided that i do not have to be contingent on selling my current home in order to buy the second. I can afford floating two mortgages, but obviously its not ideal for more than 1-2 months. We are about to close on the new home but my current home has been on the market for a month now and we have not had much interest. The market has slowed down pretty quickly in the are where we live now. The house is priced pretty aggressively and we are hesitant to keep dropping the price. It is also one of the nicer houses compared to the comps. I have thought about renting my current house as the rental market has always been strong in the area. I know i could rent this house out quickly and for a great rate. My hesitation is that i signed a document within the mortgage that states that this house must be my primary residence. Has anyone rented their 'primary residence' while buying a second home? Any advice for my current situation? EDIT: after reading the primary residence document i signed, it looks to be a document required by the state for tax purposes, not for the loan. here is some state tax code i found online that lines up with the signed document in my loan: " The Mayor and City Council of - or the governing body of a county may provide for an exemption from the tax of a specified amount of the consideration payable on the conveyance of owner-occupied residential property if the buyer intends to use the property as the buyer's principal residence by actually occupying the residence for at least 7 months of a 12-month period." I dont believe i have ever received any tax exemptions... [link] [comments]  |
| Should this be enough money left after purchasing my first house? Posted: 24 Oct 2019 04:50 AM PDT Hey all I'm buying my first house for 190k, the mortgage and interest a month will be a little under $800 a month (plus a cheap HOA, home insurance, taxes which are all low, around $900 a month all in). I have the 20% for down payment and will have the money for the closing costs. However, depending on the closing timeline and when the lender starts officially looking to sign off on my mortgage (I'm prequalified up to 200k) I may have 2k left over up to 5k. I have over 800pt credit, never a late payment, over 10k in credit available, I'm on contract for my job so I have complete job security. Plus my family is capable and willing to help me if something happened (I would pay it back, but my parents know how hard I've worked to get this house). Also before the whole offer and counter offer was settled the listing agent had talked to my loan officer to ensure my financial ability. So my question is, given my financial history and the home price, will 2k left at minimum be enough? I've read some people having as little as 1,000$ after all is said and done but I've also heard of financing falling through so I got a little scared... it's my dream house and I just want to make sure this won't be an issue! Edit: I'm asking in terms of approval for the lending, not about being super comfortable with the savings. As mentioned before I have family support, plus I own furniture and such already. [link] [comments]  |
| Posted: 23 Oct 2019 11:36 AM PDT Title. Thanks in advance for any advice. If any clarification is needed, just let me know. [link] [comments]  |
| How would a roof replacement vs roof layover affect home sales price? Which one would you recommend? Posted: 24 Oct 2019 06:31 AM PDT I plan to either sell or rent out my house in a few months right before I expatriate, and I'm slowly fixing it up to get it into renting/selling condition. The house obviusly needs a new roof soon due to some stained / cracked shingles and a leak that just started last week, so I figure I should just just replace it now as the roof is needed soon either way. I know I may not recoup 100% of the cost if I sell and that's ok. I can completely tear off and replace all shingles for $6,500 or spend $4,700 for a "layover" where more shingles are just nailed over the existing. Are there any downsides for the cheaper "roof layover" option when I list to sell? Will buyers ask for a discount because of this? Can I still say it has a "new roof" if I do the layover? For what it's worth, my house is a small "starter home" in a market that has zero inventory and huge demand for these homes. Thanks friends! [link] [comments]  |
| Posted: 24 Oct 2019 07:54 AM PDT So there are some houses in our neighborhood that we're searching in are contingent on buyer sale, accepting backup offers - how does a backup offer on something like that work? I don't want to wait 30 days to see if the buyers contingency falls through - I wouldn't mind making an offer if I could also make other offers on other houses - but it seems strange to just have a floating offer out there for some indefinite amount of time. [link] [comments]  |
| Realtor Paperwork Only Commission Rates Posted: 24 Oct 2019 04:10 AM PDT I am trying to get a feel of our realtor's fees are in line with the the norm. We are selling our house (we didn't even put it on the market and found our own buyer btw) My wife and I contacted the realtor who sold us the house 4 years ago and asked if he would do the paperwork which he agreed. Now our home is in a rural area. We bought for 60k and fixed it up and received an offer for 115k. The realtor's commission is 3% plus a bunch of typical fees which add up to almost 5k all said and done! This seems high to me forjust some paperwork? I don't know however and am wanting to see what everyone thinks. [link] [comments]  |
| Posted: 24 Oct 2019 09:40 AM PDT Hey all. How do I not get burned when I'm doing this? Where and how can I get maintenance estimates? How can I start renting out a home? How likely is it people actually move in and rent? I'm ignorant but ready to learn about this and I'm pretty scared that if I mess it up I'll be out of the game forever. [link] [comments]  |
| How to do research/survey without someone stealing idea? Posted: 24 Oct 2019 09:28 AM PDT I have a potential venture to develop a boatyard and want to secure lessees, or determine interest, before proceeding with purchase of the property and construction. How do I determine interest without being vulnerable to someone "stealing" the idea? If someone with better resources gets sniff of the idea he/she could pounce as I still have to subdivide, buy, rezone and construct the facility. Regards [link] [comments]  |
| Looking for advice on best way forward on a Rental Property. Posted: 24 Oct 2019 09:27 AM PDT Hello, I have a rental property bought in 2007 in Texas. I paid approx. 14k out of pocket to buy it 114k value. I have been breaking even mostly on the property until this year 2019. Now, the property value is approx. 185k. I have recently just updated the flooring and paint for 6-7k along with general updates throughout the house. With all that being said. I have about 10 years left on the mortgage [refinanced it to a 15 year couple of years ago]. Additionally, since the property is in Texas I cannot take out a loan against the house [some Texas law on rental properties]. I am a passive landlord, I have a property manager who handles everything, and sends me a check every month. My question is, and what's most important to me, is paying off the mortgage. How can I exchange this property for a property closer to my actual residence in Charlotte, NC? or what should I do? or should I just leave it? I want to keep the mortgage at remaining 10 years. Is there a way to do a link-kind exchange? Can I sell this property and buy a 100k property in NC with a 10 year loan? Just looking for some more options and advice. Thank you! Any questions please ask! [link] [comments]  |
| How fast have you seen a property go? Posted: 24 Oct 2019 09:20 AM PDT A house came up that previously had the status of "pending" now it's back to available - we haven't seen the inside but from pictures, neighborhood, drive by it seems absolutely perfect for us. We're gonna try to get over there tonight to see it and put an offer in - but we're wondering how fast it could potentially go? Could it go before we even look at it tonight? [link] [comments]  |
| First-time buyer interested in a foreclosed property on 5 acres. Posted: 24 Oct 2019 09:17 AM PDT What things should I consider or know when looking at buying my first home which is a forclosure. Somethings about the opportunity... The price is good. I have been preapproved for a mortgage. Payments are affordable. No major issues other than small improvements needed. Basically, what should I prepare for, look out for, or need to know in this situation. Its a bit frightening! [link] [comments]  |
| [Selling/Buying-US-NoVA] Advice Posted: 24 Oct 2019 08:55 AM PDT Looking for some serious advice at this point since I keep getting different answers. Not even sure if this is the right place to put up a question but here I go. Sorry for the wall of text ahead of time. Currently my family (myself, wife, one child, 2 dogs) live outside the district in a 1995 townhome in PWC. We bought in 2013 for 295k and 15k for the MI. We owe about 278k left on it now and the comps around the area make it seem like we an asking price of 360k (maybe more see below with the improvements) is pretty good to gun for. We've done about ~$15k in terms of improvements to the house (new furnace, new AC unit, new decking, recessed lighting on the main floor, new gas fireplace, new hot water heater, new patio door, repainted over the nasty powder flat paint that showed everything, all receptacles and switches have been replaced, and glazed the shower pan/tubs). All the above and then some I'm forgetting makes me pretty confident it'd be a quick sell also compared to the houses I've seen. Now onto buying. I'm having a real hard time swallowing the asking prices for a bigger single family detached home starting at around ~450-500k. We bought with a FHA loan with 0% back in 2013 to get out of an apartment and I really would like to stress not going back to another PMI laden mortgage. At the same time I'm not sure if we can make back 100k+ (for 20%) in terms of selling the house either. Not to mention the closer the district the sharper the price increases but then also the age of the houses get way higher also. I've asked a few realtors already some options and they seem pretty keen on steering away from the contingency on selling our house first before purchasing. Nearly everyone had cash on hand (which I think is crazy but whatever) I'd really like to know more about the truth behind that. Also would like to even know if now is a good buying time regardless. In terms of selling we should be in a good spot since there really are not a lot of townhomes in our area comparable to age and size so not really worried about that. It's the buying side I'm not sure what is the "best" option. I know in all honesty I should be talking to a lender instead but I am wanting someone with just candid advice I guess that doesn't have their interest in my pocket. Any ideas are welcome/let me know if I need to explain more details. [link] [comments]  |
| Posted: 24 Oct 2019 08:24 AM PDT This is my first time diving into the world of Real Estate investing and I am hoping you all can help me by please telling me if I am going about this the right way, as well as sharing your experiences and tips. Here is my situation: I have 25k for investment and I've been looking at RE property as a long term hold. The properties I am interested in are duplexes under 300k. I am not necessarily looking for major cash flow stream, however, I wouldn't mind it. My goal is basically to have someone pay a mortgage for me so I can diversify my retirement portfolio. I know I can clear the mortgage by renting out the 2 units (upper and lower duplex) as the area I am looking has been further developed the past few years. I have a home that I own (still paying mortgage) so I will not be living on the investment property and I do have an emergency fund to cover expenses for my home and the rental property, as well as cover a few months of mortgage if needed. Now, if all goes well, I may pick up another property in the future more geared towards cash flow stream. However, at the moment I am heading into this to have my retirement portfolio diversified. --Is my strategy in line with what RE long term hold investing, for retirement, is all about? --What can you tell me about about your experiences? --Do you have any tips that can help me as a first time RE investor and landlord? Thanks in advance! [link] [comments]  |
| Posted: 24 Oct 2019 04:28 AM PDT I am in the business of real estate. All of this takes place in putnam county, West Virginia. I recently inherited a nice double wide trailer that I was going to move off of a family member's property onto a lot and rent out. I finally found a clean neighborhood with no HOA restrictions back in the spring of this year. My real estate agent ensured me that this lot of land was unrestricted and I even called the Putnam County Comission office to double check if I could put my double wide there. They not only ensured me that I could put it there, but they also granted me a permit to do so as long as it was going to be on a permanent foundation. I closed on the lot and hired a moving company to get this job done. The workers informed me that while they were digging the footers on this lot, the neighbors had been telling them that there was no way there would be a double wide going there. Yesterday after having the movers take apart the double wide and placing it on wheels, I recieved a certified letter in the mail from a local attorney with a copy of the restrictive covenant attached. This covenant from 1986 is automatically renewed every five years and states that mobile homes, manufactured homes, and double wides are not permitted and any house that is going to be constructed on that piece of property has to be at least 1800 feet (My double wide is 1500). I tried talking to the neighbors last night, but they were unwilling to hear me put because they were worried that my double wide would decrease the value of their homes and they did not want some renter living in their neighborhood because, "you never know what you're going to get". My question is, how can someone else control what I do with my property based on something that was signed in the 1980s? Is there anything that I can do regarding my real estate agent and closing attornies, who knew my intentions when I closed on this lot? Or the county commission office for ensuring me that I could place a double wide there and even granting me with a permit to do so? There was a title search conducted prior to closing, which came back fine and we were not aware that we going to be bounded by a document that was signed prior to us owning it, since there are no HOA restrictions. Thank you! [link] [comments]  |
| Posted: 24 Oct 2019 07:54 AM PDT I have a lake front house in an HOA community. We weren't required and appraisal at purchase (3 years ago) so we paid someone for a desk appraisal for a gut check. The appraiser found a couple of lake front houses, non hoa communities sizes weren't within even a couple thousand sq ft and the homes were significantly older. He got to our price but we weren't thrilled with the comps. Since our purchase, a new home builder has come in and built semi custom homes on our lake (in the neighborhood). Those houses are significantly smaller 1000-1500 sq ft smaller. They don't have pools or docks or tile roofs. The cost per sq ft is 165-200. Total cost is staying just below 600k. My house is 4305 sq ft, new homes are 2800-3200. New homes are brand new, ours is 2006. Our house has a much better than average pool and dock. It's obviously only worth what someone is willing to pay but where do you start? The realtors seem baffled and they've said things like your zestimate is only 585k.... [link] [comments]  |
| [LANDLORD - US - NC] What should the deadline for payment be on a 10-Day Pay/Quit notice? Posted: 24 Oct 2019 07:28 AM PDT I am out of state but need to send my tenant a 10-Day Pay/Quit notice... If I mail the notice by USPS certified mail, what would the deadline for payment be on the notice?
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| Had a fraudulent collection added to my Experian report 2 days before closing Posted: 23 Oct 2019 06:43 PM PDT I am buying a home via USDA in rural Indiana. We have been under contract since September 5th, original close date was October 4th. Got delayed due to some paint the appraiser wanted handled, per USDA guidelines. Seller agreed to handle it assuming we agreed to an extension to this Friday. My lender contacted me today saying that an account was added to my Experian credit report and it was a major problem, it's for nearly $2000. I explained that I was affected in the equifax data breach and had successfully disputed it with them and it had been removed. I was asked to write a letter of explanation and provide any supporting documentation. I wrote the letter and included everything I could: my dispute report number for Experian and equifax, the date the account was fraudulently created, explained how I knew it was fraudulent and the reason equifax removed it (filed under my maiden name rather than my married name). Problem it, I fixed this over a year ago. They don't send email receipts, I didn't keep the single paper copy, and they won't do anything other than send it to me by fucking paper mail 7-10 business days from now. Does anyone have any suggestions? I am at a complete loss and afraid the seller will walk, and our landlord knows our move is impending and wants us out. My lender said he would submit my letter to underwriting and hope for the best, but my hopes are not that high. [link] [comments]  |
| How much from studying for your exam do you really remember and use frequently? Posted: 23 Oct 2019 04:46 PM PDT I'm currently studying for the exam and as I go through all the info, I keep thinking that I will never remember any of this. Does anyone go back to their books when they require more knowledge on a specific area? Does anyone remember and retain all of the info? [link] [comments]  |
| Does contesting low appraisals ever work? Posted: 23 Oct 2019 06:32 AM PDT Back story: we put an offer on an estate at the same time an investor did. Property is a 100 year old home but was lived in.. just dated. Last renovation was the 80s. The investors won the bid (offered cash and 7 day close.. I mean we couldn't beat that) and bought it for a very cheap price. We found their information and asked if we could buy from them.. we worked out a deal where they would sell it to us as-is for 38k more. We still felt like we were getting a GREAT price for the size of the home in the neighborhood.. and we can look past it being dated. They also agreed to let us have access to the property to get work done. We have done a lot of work to the property in the meantime. We have removed all the 80s wallpaper, removed carpet covering all of the hardwoods downstairs, patched plaster holes, replaced a whole ceiling, refinished hardwood floors, etc. The house looks a million times better already and no longer looks dated. It looks like a gorgeous historic home in all the living spaces.. the kitchen is still dated, but again.. everything is totally liveable. We finally got an appraisal for our loan and it came back 10k lower than our purchase price. The appraiser made it seem like the house was barely liveable and priced it lower per sq/ft than the lowest comp in the area (houses that are literally falling apart). One of the things he kept mentioning was that the house only sold for x amount 6 weeks ago.. why is it worth more now? So he's using the low cash sale price as a comp for the same property. My realtor was shocked and thinks he may just have a personal bias because the appraisal just doesn't make sense. For instance, houses around that size in the neighborhood are selling anywhere from 100-150k more than what we are purchasing as. Our current home (5 blocks away) is selling for 50k more than our purchase price of the new house and it is 1000 sq ft less. We don't really know how to proceed. We CAN afford to pay the 10k different but we really don't want to and don't feel like we should have to. The appraisal cost over $600 so paying for another one is not something we'd like to do. My realtor wrote a letter and also included more accurate comps but is there anything else we could do? We are frustrated TL;DR appraisal came back 10k lower. Appraiser is using recent cash sale of the home as evidence for why it shouldn't be apprised for more [link] [comments]  |
| Would a four-plex with two unfinished units pass mortgage requirements? Posted: 23 Oct 2019 05:16 PM PDT Looking at a four-plex, top units are finished and the bottom units are not. Owner is using them for storage. In the city's property description it is listed as a "double". (There should really be a simple questions daily thread) [link] [comments]  |
| I'm in a sticky home ownership situation Posted: 24 Oct 2019 12:49 AM PDT Hey friends of Reddit! I (M24) am looking for some advice in regards of transferring titles when it comes to home ownership. I dont know much about real estate but my father (M67) would like to pass along the house (Los Angeles, CA) to me. Here's some backstory in regards of who owns the house. Back in the 1990's my father, uncle, and aunt signed their names to be under the house. My uncle only contributed $3k as a down deposit and never helped pay for the mortgage ever since. While it was my father and aunt talking the mortage, my aunt suddenly passed away in 2017. Tensions rose between my dad and uncle bc he was simply not contributing to the mortgage at all. Its been 5 years since my uncle has lived with us but now is asking for $60k for his "share" of the house. Is he able to do this? Im pretty sure he is in the right bc his name is stated on the title as well. What procedures would we need to do in order to simply remove his title from the house? Should my father and I take him off the title then proceed to the Will? And what happens to my aunts portion of the house? Does this mean my father and uncle still own 33% each or does this becomes 50/50? Hope all of this was clear, more than happy to reply back! Very much appreciated! [link] [comments]  |
| Virginia - Good months, bad months to put house on market? Posted: 23 Oct 2019 11:07 PM PDT My wife and I are selling our current home and using this proceed toward our next home. We are located in NE Virginia. Our town home will sell between $500k - $550k base on the comp in our neighborhood.
Thanks. [link] [comments]  |
| Apply for joint tenancy or sole ownership with fiance? Posted: 23 Oct 2019 10:41 AM PDT My fiance and I would like to buy an apartment before we are legally married. Should we apply for a mortgage loan together or have one of us apply solo? Both of our credit scores are very good, she has less than 10k in student loans and i have none. Her annual income is about double of what I make and we both have > than 40k in savings. What is the right move here? [link] [comments]  |
| Preliminary Change of Ownership Report (California) Posted: 23 Oct 2019 09:58 PM PDT My brother and I are joint owners on a house and I'll be buying out his share. The transfer will be recorded on a Quitclaim deed and 'Preliminary Change of Ownership' report. Part II: Other "Transfer Information of the Preliminary Change of Ownership" report requires the Type of Transfer to be selected. The choices are "Purchase", "Foreclosure", "Gift", "Trade or Exchange", or "Merger, Stock, or Partnership Account". Since he'll be reporting and paying taxes on the monies he'll be receiving, would this transaction be considered a "Trade or Exchange"? Thank you in advance [link] [comments]  |
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