The real "Money Pit" has closed Real Estate |
- The real "Money Pit" has closed
- Tracking mortgage rate interest.
- I'm not the only on right!?
- Can't get a CO after closing [NJ]
- What is the best way to get cash out of paid off home
- How to get best cash offer for the house in Tacoma area?
- Wire Transfer Question
- Pricing a multi unit with 7 units, 4 efficiency 3 1 bed rooms.
- How often do agents lie about other offers?
- Any advice on doing a cash out ReFi?
- Getting ready to list investment property, but found some minor repairs to be done
- Turning Secondary Home into Investment property
- Should I buy a more expensive house (20 minutes closer to work) or cheaper house
- FTHB unknowingly causing a Procuring Cause dispute
- Is the requirement of huge funds while investing in real estate really a myth?
- "Days on Market" to close or to accepted offer?
- Bought house at a discount: Do I have a good case to appeal property taxes?
- What is the best way to sell a property out of state?
- FTHB - Due diligence for flip, advice?
- Agent Posted Her Kickback To Facebook - LO Will Likely Lose Her Job
- Public Record of square footage is only of the first floor?
- Wimpy No Fine Advice
- Good time to buy?
- House buying advice
- Modular homes Bay Area
| The real "Money Pit" has closed Posted: 29 Oct 2019 10:07 AM PDT For some background: https://www.townandcountrymag.com/leisure/real-estate/g15283605/the-money-pit-house/ I've always had an appreciation for this film. A few years ago I worked in local (Long Island, NY) tourism and would mention the classic Gold Coast Colonial that the film featured on social media as a little fun-fact. Now it just so happens that my job is to market this and other Gold Coast estates on behalf of the agents and it looks like our efforts have paid off! It may have been a million under list, after several million in investment from the owners, but the "Money Pit" has finally closed. [link] [comments]  |
| Tracking mortgage rate interest. Posted: 29 Oct 2019 08:41 PM PDT My wife and I are in the process of purchasing a new home. We are currently in the stage before locking in rate with a certain lender. Is there a website or a way for us to track mortgage interest rate movement on a daily basis going forward and also going backward a few weeks? Wells Fargo offer a website to track such thing, but I can only track this moving forward. https://www.wellsfargo.com/mortgage/rates/?linkLoc=fn Thank you. [link] [comments]  |
| Posted: 29 Oct 2019 12:43 PM PDT I know people are more likely to share problems and complaints, but am I the only person who was left wondering it can't be this easy!? We had a great agent (attentive, knew their stuff, gave us an honest evaluation of whatever we asked about, did what we asked) Found what we wanted in 1st day of looking (7 houses viewed over 3 days, never had to deal with going to an open house) Got the 1st house we offered on (even took 2 days to think it over before we made it, paid under asking) Transaction with no significant problems (not 100% smooth or stress free, but both agents were and continue to be great, with excellent communication all around, all major inspection issues rectified, even my lender was helpful and responsive, deviation from the initial close date= +1 day) New neighbors are really nice. Only a month into home ownership, but the more a hang out here, it really feels like it shouldn't have been this easy... [link] [comments]  |
| Can't get a CO after closing [NJ] Posted: 29 Oct 2019 07:10 PM PDT I ran into a bit of a predicament with my first house. We had issues obtaining a CO because of some minor issues with the deck at the house as well as a window not being tempered glass. The issues were taken care of by the seller, and we closed the morning before we got the (third) CO inspection that we anticipated would pass, with the contingency that whatever it takes to get the CO would be covered by the seller. The inspection failed, and the inspector gave a couple more small details about the deck that needed to be fixed but also dropped something about a state DEP (department of environmental protection) issue with the property that I was not aware of. I did some research on my own and found that the property has an open investigation by the state DEP regarding an unpermitted solid waste facility on the premises. The former owner of the property's ex husband was the listed violating party, and they were divorced just prior to the sale to me and the land ownership was transferred over to the seller (his now ex wife). This issue was not disclosed to me and did not come up during the title search, but during closing the seller's agent mentioned that the seller had paid approximately $41,000 to have a large mound of dirt and debris removed from the property. For the size of the pile of dirt, this was a very high amount and at this point I am thinking that some of that money went towards DEP penalties, but I was not made aware of any sort of remediation that took place. I forwarded this information to my realtor for consideration and to forward to the seller's agent. I also plan on calling the DEP tomorrow. My questions are: Why wasn't this found during the title search? As far as I know there is no lien on the property due to the investigation by the DEP, but the status is listed as pending. This has also obviously caused an issue with obtaining a CO, and now I am unable to live in the property I purchased. Additionally, and considering the little information I have available, what are my options? Was this an issue with a seller disclosure, a title search failure, or my own lack of research on the property? I am not looking to stick it to the seller or anything like that, I just want to move in to my property. TL;DR there is a pending DEP investigation on the property I just purchased that was neither disclosed nor discovered during my purchasing process. Despite there being a contingency that the seller pays any costs towards obtaining a CO, is there any other recourse I have to move this along faster? EDIT: Quick turn around here. Upon further research through public records, the property was inspected by the DEP visually as well as soil tests being done and everything passed in August of this year. It appears that the investigation is still listed as "pending" due to an outstanding balance of $2250 in fines that are to be paid by the seller. It appears as though the seller actually paid $43,xxx to have approximately 1000 (!!!) tons of waste debris removed and properly disposed of, per the DEP report. The remaining balance of $4500 in fines was settled in court between the DEP and seller to be half of the original. I will be leaving this post up for reference purposes for anyone else that has a similar problem in the future! [link] [comments]  |
| What is the best way to get cash out of paid off home Posted: 29 Oct 2019 10:50 PM PDT I checked equity sharing option like union or point etc..but it sounds terrible idea. What are other options other than HELOC or home equity loan? are there any? [link] [comments]  |
| How to get best cash offer for the house in Tacoma area? Posted: 30 Oct 2019 12:28 AM PDT How to get best cash offer for the house in Tacoma/Lakewood area? Do we need to prepare anything to get a better offer? Please suggest reliable investors in Tacoma/Seattle area who are easy to with and make a good offer. [link] [comments]  |
| Posted: 29 Oct 2019 07:38 PM PDT Wire Transfer Question Okay Reddit, one more anxious question. Due to work and sudden life stuff happening. I didn't get a chance to talk to my bank about the wire transfer part of our down payment. My bank is USAA, awesome bank 90% of the time. But on my question. They can do a wire transfer of 55,000$ correct? I don't know why they couldn't and yes, I have tried looking online for the answer and have found one that suggests yes but I thought I would ask here too since you have been so amazing about posting answers to my anxious questions. Thank you all, [link] [comments]  |
| Pricing a multi unit with 7 units, 4 efficiency 3 1 bed rooms. Posted: 29 Oct 2019 10:48 PM PDT Title says it all, I have little to no comps from the last 2 years, I'd say it's a B or C rating dwelling and surprise, my broker has no cap rates Any suggestions? [link] [comments]  |
| How often do agents lie about other offers? Posted: 29 Oct 2019 09:56 PM PDT |
| Any advice on doing a cash out ReFi? Posted: 29 Oct 2019 03:01 PM PDT I have a little equity- I'd like to do a cash out ReFi and make an in-law suite for my mother. Broker says with lower interest rates this can be accomplished with maintaining basically the same monthly mortgage payment and even savings on the interest for the life of the loan. I feel good about it- other than using up my equity- is there anything else I should consider? I could also use cash to help my mother buy a house of her own. And advice is welcomed! Thank you [link] [comments]  |
| Getting ready to list investment property, but found some minor repairs to be done Posted: 29 Oct 2019 08:01 PM PDT I am getting ready to list my investment property (via agent), but found some minor repairs still to be done after the last big repair (carpet installation) was done today. As they say, time is money, so pictures are being taken tomorrow. The minor fixes are tightening a kitchen faucet, and fixing latch on window (so that it can come down and close). In other words, they will not affect taking pictures. They can probably be fixed in a day, but I am wondering, can I still do these minor repairs as long as there are no open houses pending? [link] [comments]  |
| Turning Secondary Home into Investment property Posted: 29 Oct 2019 11:04 AM PDT Hello everyone!! I recently purchased a secondary home (10%down) but now I want to turn it into a income rental investment property. I have been reading that this could potentially result in mortgage fraud and/or tax implications. I was wondering if anyone has any insight or experience with this. Any advice would be much appreciated! [link] [comments]  |
| Should I buy a more expensive house (20 minutes closer to work) or cheaper house Posted: 29 Oct 2019 07:20 PM PDT Hi everyone I need some help deciding what may be the biggest purchase of my life. I found a home that I really like including the price. With one huge exception the up to 30 ish minute commute with traffic (8-9 miles away from work). Right now I walk to work living in an apartment and the non-driving is amazing. I cant stop thinking about the drastic change 30 minutes would be. And it possibly getting longer as the city grows. So I looked into closer homes and found a detached condo that is only 10 minutes away (2 miles) but will cost me about $121,900 -$192,000 (depending on the model) more or about $1055-$1500 a month more. I normally try and be frugal and save a lot with a goal of retiring early, and that extra $1000+ is a huge difference, but so is the time saved. I would like advice. Its not apple to apples since once is a condo (and im not expert on this), but I believe the condo will most likely appreciate more over the years since its in a high demand zone, Which makes me think it might make financial sense to get the condo since I would save more time and can recoup my costs when I retire and sell it. On the flipside autonomous vehicles should be on the way and even now getting a Tesla to help ease the commute burden would still be cheaper then getting the more expensive home. Is my line of thinking wrong? Any guidance would be greatly appreciated. Im free to give any details you all think might be important. TLDR: is an extra $1000 a month worth saving 40 minutes everyday. Edit Zillow says the expensive home area appreciated 14.6% vs 6.4% for the cheaper home for comparison PS I posted in financial independence and was told to post in personal finance and then here. I am not really sure where to ask this. [link] [comments]  |
| FTHB unknowingly causing a Procuring Cause dispute Posted: 29 Oct 2019 07:13 PM PDT I'll preface this with the fact that I haven't signed to purchase any house yet. I'm just overwhelmed with recent events, and am in the middle of emails between my buyer's agent and a seller's agent. I had met an agent who was showing my mother a condo. She seemed very knowledgeable and said she specializes in coaching first time buyers. She gave me her card and said she could help me out as well. Next day, I was out and about seeing what was nearby and showing, and came upon some new construction homes. I signed in, talked with the seller, looked at some layouts that were being built, and left with a packet of info. I was impressed with what I saw, but wanted to look into it more. New construction hadn't been on my radar, and what I'd found online said I should definitely have an agent representing my side of things. So I contact the buyer's agent (I'll use BA) to let her know that I've found something I'm interested in and we decide to meet. BA set's me up with MLS, I sign the buyer's broker agreement, and she say's she'll look into the new construction for me. Meanwhile, the seller agent (SA) from the new construction sends me some friendly emails with updates to the floorplan as well as the spec sheet which I didn't get the first time. I let BA know that I've got some updated info and that I'd like to go look at the property again. BA says she'll contact SA since it should go through her now. Makes sense to me. Sorry if that was too much context. But now here's the issue. SA emails me to tell me that my BA should have been there at the first showing. That the builder has rules that do not allow them to pay a BA at this point and that I already registered with SA. All I thought I had done was like other showings is leave my name and email. BA says to me that they really shouldn't make this an issue, and it falls in line with some shady things she's heard about the builders reputation. BA asks to see dual agency disclosures and things I should have signed if I were really already "locked in" with SA. SA claims that I put down Redfin as how I found out about the property and doubts BA is the procuring clause. I'm probably not going to be able to proceed with this new construction home. And maybe in the end it's saving me from future headaches. But I feel I was just trying to do the right thing. This is kind of putting a bad taste in my mouth about both sides of the equation. But my BA agreement is for the next 12 months (something I probably should have looked into what that meant before signing, too). Should I have just tried going through the process myself without a BA? That feels wrong to me. Sorry if this type of post isn't allowed. I did do a search for procuring cause before posting. [link] [comments]  |
| Is the requirement of huge funds while investing in real estate really a myth? Posted: 29 Oct 2019 03:21 PM PDT Was reading this Commonly Believed False Ideas About Commercial Real Estate article I found and it says huge amount of funds is not really a major requirement while investing in real estate and it's more about the risk taking ability. What's your opinion on this? [link] [comments]  |
| "Days on Market" to close or to accepted offer? Posted: 29 Oct 2019 08:28 AM PDT When I see stats like "average days on market" for houses in a given area, is that calculated up until the date of a closed sale, or until the ultimately successful offer was accepted? The former seems more technically correct, but the latter seems more useful as a buyer (i.e. how long would I have had to submit an offer before they accepted another one). [link] [comments]  |
| Bought house at a discount: Do I have a good case to appeal property taxes? Posted: 29 Oct 2019 04:55 PM PDT Bought house for about 25% lower than it's appraised value and 25% less than comps. Would the new sale price give me a case to lower property taxes? Worth a shot? [link] [comments]  |
| What is the best way to sell a property out of state? Posted: 29 Oct 2019 04:12 PM PDT Hi all, I don't plan on selling my out of state rental property any time soon, but I realized I don't know the optimal way to sell it. I currently have a property manager who would likely tell me they can sell it for me, but I don't know if that's the best way to go about it. Has anybody had experience with this or know a good way to do it? Preferably I wouldn't want to take a vacation to visit the property during selling. Thanks! [link] [comments]  |
| FTHB - Due diligence for flip, advice? Posted: 29 Oct 2019 09:46 AM PDT Hi r/realestate, I've been creeping your sub for a while and my husband and I are finally ready to put an offer on a house. It's a flip BUT from what we can tell it was done with care. We've seen a few atrocious flips with misdirection bathrooms as well as homes with patched-up foundation issues so I would like to think we're wary of shenanigans - though obviously we're not experts. We do check houses out thoroughly and do the basic" look for cracks inside/outside, visit the house when it's rainy, feel the outlets, check out the ceilings, etc" type once-over and try not to get too emotional about anything. I dug up information on the prior owners of the home, and they were lifelong occupants - the house was sold because the husband passed. (Yes we will be getting owners title insurance!) This couple took out and satisfied several mortgages over the years. The investors purchased the property in summer and it's been on the market for a month. This is a 1 1/2 story bungalow built in the 50s with incredible curb appeal. It has a modern addition in the rear of the house that was added by the previous owners (not the flippers). It's priced fairly from what I can tell, and we're not helped by being in a super hot market. Inventory in our price range and meeting our criteria (Schools!!!!) is very slim. What I can tell from the old deed records is the flippers added 2 bathrooms, one on the ground floor, and a half in the basement. Additionally we have the a seller's disclosure that says the heating, A/C and water heater are new. The roof is of "unknown age" which is my biggest concern. It looked OK from what I could see, but the construction of the house made it difficult to see much roof from the ground. The unknown roof thing is big to me. We also noticed the newly installed ground floor full bathroom didn't have an exhaust vent, which strikes me as an odd thing to not include (seriously what is that all about?) - and I looked at the insulation briefly but my eyes glazed over and I forgot to make notes. The listing says the house has new PEX pipes, and the disclosure lists PEX, PVC, and copper. Galvanized and PB are unknown and lead is checked no. Do you guys have an suggestions on what I should pay extra attention to during the home inspection and appraisal? Right now we're scheduling home inspection, termite inspection, appraisal (we are FHA), and radon (lol coal). Am I good to start with the inspection and scheduling additional ones after as needed? We are requesting permits from the township and the sellers agent said they are all closed but electric (inspection is today) and occupancy certificate (in process). I know flips have earned a bad reputation, but I feel like this one has been done well. On the other hand, I am interested in making a rational decision and mitigating as much risk as is reasonable. Thanks in advance! And thanks for having an awesome sub. I've learned so much from here. [link] [comments]  |
| Agent Posted Her Kickback To Facebook - LO Will Likely Lose Her Job Posted: 29 Oct 2019 07:49 AM PDT Can't post pictures here, but the gift card can be viewed here: https://www.reddit.com/r/mortgagequestions/comments/doqo6v/agent_posts_kickback_from_lo_to_facebook_lo_will/ This LO is likely going to lose their job because the agent decided to post she received a $5 gift card. Both of them need to brush up on their RESPA violations. First, you shouldn't be taking kickbacks. Second, don't be dumb enough to advertise you are breaking the law. [link] [comments]  |
| Public Record of square footage is only of the first floor? Posted: 29 Oct 2019 03:05 PM PDT I noticed a property I am looking at recorded it's public square footage lower than its actual square footage? Recorded square footage seems to have only been the first floor calculated using the perimeter measurements maybe. But it is definitely bigger if the second floor is included. Is this how it is for most listings? Are square footage based on the physical land that is occupied or does it include all the spaces within the entire building? [link] [comments]  |
| Posted: 29 Oct 2019 02:46 PM PDT Hello everyone, I'm new to this subreddit and looking for a little bit of advice so I apologise if this has been asked before, myself and my parter recently put in for a mortgage on a property and we was accepted by the first lender. After they valued the property, they found that the property it built 'Wimpy No Fine' which means it's built with concrete. However it looks brick from the outside. Other lenders will give us a mortgage on the property but having this one rejected has shaken us. Online we have found lots of mixed reviews, I would just like to know if people on here have any tips or personal experience with these? Or things to look out for/ask when next heading to the property? Any help would be greatly appreciated. Thank you! Based in the UK by the way if this helps. [link] [comments]  |
| Posted: 29 Oct 2019 02:39 PM PDT I am looking to buy a condo in downtown Chicago over the next 3-4 months. But with the pending talk of market correction/ recession, I wanted to get reddit's opinion if we will see a similar hit to property values as 2008/2009? I imagine there are better regulations in place now that prohibit the banks from manipulating as they did back then. So is it best to wait and rent till then or buy because it wont be like 2008/2009? I understand that no one can time the market but and going for an educated decision here I am moving to Chicago and this will be a home and an investment property for the future. Thank you! [link] [comments]  |
| Posted: 29 Oct 2019 07:56 PM PDT Hey guys I'm just an average joe looking for general advice in buying a house. My wife and I are both in stable jobs and have a combined income of 89000 dollars a year. We want to buy a house in the next 5 years. We are super weird and want to buy a house with cash. How is the best way to approach this? Should we contact realtors and discuss this? I know I'm going to get a turd and it's going to need work but I'm handy and my whole family is made up of tradesman. [link] [comments]  |
| Posted: 29 Oct 2019 01:37 PM PDT I was wondering if anyone knew a good company to buy modular homes that will install them in the Bay Area? I want to rent this space out for rental income in my backyard. We have about 480 square feet to work with. I would like a more moderately priced modular home but will pay more if the company is known for outstanding quality and reliability. My Google searches don't bring up much in the way of modular homes and adu's. Also if anyone has any experience or advice on this topic it would be greatly appreciated. I'm still on the fence if I want to do a conversion or modular home install. [link] [comments]  |
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