What does 'unfinished' mean, as in MLS listing, vs 'finished'? Real Estate |
- What does 'unfinished' mean, as in MLS listing, vs 'finished'?
- Comp Adjustments in Appraisals
- Neighbor has built fence 5-10 feet onto my future property’s land. In contract now, what is best course of action?
- Help- I can't get a radon system installed before closing!
- Flipping question - what is something my wife can study that would be helpful to the business?
- Foreclosure Auction Question
- 23 year old, about to buy ~$350,000 house (duplex). Curious about any inputs on this. 5% down, owner/occupy.
- Cash out or equity loan
- Update: Lis pendens and nuisance lawsuits
- Is it taboo or bad too allow the buyer/seller to meet so the seller can talk about the house?
- Why would a huge apartment complex rather have its business units remain vacant then lower their prices to get businesses to move in?
- Would you walk after this inspection?
- VA Home Loan Acreage Zoned Farm Land
- Buying in Florida - do buyers directly pay fees to their agent?
- Buyer with inspection today, huge deck is not up to code
- Does depreciation of rental property on tax return lower income and make it harder to secure your next loan?
- Questioning broker's low listing price (CA)
- Where can I find an example of "waiver of marital interest" form?
- Southern California Home Buying Incentive Programs
- [NY] Do we need to file an IRS 1099-S form when selling our private home when we used 10% of the home for S/E business (DBA)?
- Questions about homeowner mortgage obligations in the even of death before home is paid off
| What does 'unfinished' mean, as in MLS listing, vs 'finished'? Posted: 18 Oct 2019 05:57 AM PDT I have a bi-level, part of the bottom floor is unfinished, I mean, - concrete floor, cinderblock walls, no ac/heat vents. But the AC/heat duct works run throughout this part, and they are not insulated, so this room stays the same temperature as the rest of house. (IE, it is also heated when the heat turns on). So, if I just finish the walls, will the room now be classified as finished? By Finish the walls I mean put up paneling, [link] [comments]  |
| Comp Adjustments in Appraisals Posted: 18 Oct 2019 06:21 AM PDT BACKGROUND: We're negotiating with a seller, who listed their property 7% higher than what they paid for it 18 months ago (they haven't improved it since then). It has hung on the market for a month, a somewhat long time in a west coast city, most decent houses are gone in a week here. We think the days of rapid 7% increases are over, and the market seems to support that. Anyway, the seller has produced an appraisal to support their claim, which on the surface, it does. QUESTION: The comps in the appraisal sold for substantially less than what the seller is listing their property for, but the appraiser adjusted the price (7% on each) because those comps had less square footage. I totally get that. But all the comps were bungalows, and the property we're considering is a ranch. Isn't it problematic the adjust a bungalow to match a ranch's square footage? I'm operating under the premise that bungalows cost more per square foot. [link] [comments]  |
| Posted: 17 Oct 2019 10:41 AM PDT Closing on a piece of land in November. It's 5 acres and current owners have done a survey on it(in 2018)to help move the property because the avg DOM in the area is a year. Anyway, in the report the property line is shown as being in a cleared plot of land with maybe 5-10ft of cleared land on our side of the dividing line. But the thing is that our potential new land is completely covered in trees with a fence completely along the tree line. The next plot over is completely cleared which makes me believe they built that fence and cleared a portion of our land. Came back to the property yesterday and now there is a maybe 2 ft gap cleared out along the fence on our side. No idea who did it. Need to check with listing agent. We are doing our own survey to determine exactly where our land is divided. What would you do in this situation with the contract not being closed yet and what ramifications do you potentially see if we close on it? Could we be held liable for any fees associated as trees were cleared on our land without a permit for it? Thanks in advance [link] [comments]  |
| Help- I can't get a radon system installed before closing! Posted: 18 Oct 2019 03:17 AM PDT Hello. I will try to keep this short. I am selling my home; the radon report came back at 7.0 so I agreed to have a system installed. The buyer took the full 10 days for inspections, which left me only about 3 weeks to complete the remedies they asked for. In my area, I could only get 1 radon company to even pick up the phone, and then it was a week before they came out to give me a quote, and they are scheduling at least 10 days out. Long story short, I don't have enough time before closing to get the system installed and re-tested. I have offered to credit the buyer the full $1,100 that I was quoted for a new system; but their agent is turning this into a big thing and its been dragging on for days. Things have come up that lead me to believe the agent has an agreement in place with another mitigation company, but thats a different story. Has anyone else run into a similar situation? I don't feel I'm being unreasonable - it's not my fault the market is crazy and all these companies are booked. Is this something you think the buyer could walk over, being we are a week from closing? [link] [comments]  |
| Flipping question - what is something my wife can study that would be helpful to the business? Posted: 18 Oct 2019 06:18 AM PDT Hey guys - we're about to sell our first flip and it looks like my wife wants to really help out! She offered to take classes or study up on a topic so that we can save money or make more - but I couldn't think of anything in particular (interior design was the best I could think of). Some ideas that were thrown out - realtor (too many fees unless she sells full time), interior design, a trade like electrician. I ended up just saying she should learn about flipping in general. Does anyone have a lead? [link] [comments]  |
| Posted: 17 Oct 2019 10:35 PM PDT Let me start off by saying I know nothing about real estate and am hoping to find the best answer without coming across as being too ignorant. My wife found a house on Zillow that is being sold at foreclosure auction on Nov. 7th here in Tennessee. It says it is being listed on Auction.com but also there will be an auction on the courthouse steps in the description. The listing also says the owner was notified on October 3rd. The auction.com listing for the house says it will have to be 100% cash on hand to be purchased. My question is if it is possible, even though awkward, to literally just go knock on their door and make them an offer for the house before the auction takes place? Google says yes but I decided to come here for a 2nd opinion or to see if someone actually knows the rules. If legal wouldn't the owners be motivated to sell before losing the home if we're as respectful as possible to their current situation? The pictures the listing provided makes it seem like a decent 3 bed 2 bath home in our area but obviously we don't know what the inside looks like or what an inspection would return. The property history says money was borrowed from the lender in 2015 and shows the amount, it shows they missed payments, it's still occupied, and shows how much the auction will start out at. ($5,000 more than what was borrowed to begin with) Thanks. [link] [comments]  |
| Posted: 17 Oct 2019 01:45 PM PDT It is a duplex. I have spent the last year watching and reading. However I am still very scared I am missing stuff that will cost me. Any final little tips you guys would look for, things that you wish someone told you before you bought your first one? [link] [comments]  |
| Posted: 17 Oct 2019 08:46 PM PDT Bought house under market value. Been assessed 80k by tax assessors and 130k by Zillow and few other home valuation sites from our original purchase price. Needing some advice as we are wanting to consolidate some debt, finish basement and few other things (20-30k). We are needing to get our credit in better shape along with some other things. We are assessed mortgage issuance in our current mortgage loan. Looking at the best options and need some help [link] [comments]  |
| Update: Lis pendens and nuisance lawsuits Posted: 17 Oct 2019 07:23 PM PDT In the absolute biggest cluster of fuckery I have ever seen (and that's saying something) the man that keeps filing suits to keep my seller from closing has convinced a judge to issue a temporary injunction on the sale, preventing the seller from selling the property at all because he feels he deserves 20ishK from the proceeds. How that's supposed to benefit him in any way is completely beyond me, but it's pretty on par for the sort of mindset in the area, so I can't say I'm entirely surprised. We have decided to give this until 4 November, when the next hearing takes place, and reserve the right to jump ship. The high point is that the market has cooled considerably in the almost four months we have been in escrow, so we have a good shot at getting a comparable (or better) house for less money, albeit without the pool. However, this is distinctly sub-optimal timing, as I'm 8.5 months pregnant. Since we've already done all of the financing-related hoop jumping, we could theoretically close in as little as two weeks from making an offer on another house, but that still puts us precariously close to my due date. Oh well. Here's to cluster-fuckery. [link] [comments]  |
| Is it taboo or bad too allow the buyer/seller to meet so the seller can talk about the house? Posted: 17 Oct 2019 09:09 AM PDT I've heard mixed things about this, but I'm closing on a home where the buyers wanted a tour of the home and to speak with the owner about any questions they may have or just to get general information they might like to know about an old Victorian home from the person who has lived there 45+ years. We did a tour, talked for a long time, everything is fine so far, we're set to close at the end of this month. But I was told that might not be such a good idea to have the buyer/seller meet. I have another home that closes today, where in our final walkthrough, they asked to meet the seller to walk them around and show them things on the property they might like to see and aren't aware of. Nothing crazy, just things like what does this light switch on the ceiling do, how do we operate this panel for the pool setup, stuff like that. I was hesitant to set up a meeting with the seller/buyer after I was already warned about the other house. I'm wondering what seasoned agents think of this. I'm a pretty new agent. Thank you for any responses [link] [comments]  |
| Posted: 17 Oct 2019 03:21 PM PDT Where I go to university, there is a huge apartment complex across from campus that has maybe 10-12 spaces on the bottom for business to rent out. With the exception of two restaurants, pretty much every restaurant/business that tries to rent the spaces ends up leaving because the rent makes it very hard to make a profit, so pretty much all the storefront spaces are vacant. Why wouldn't they lower the price of rent to get more businesses in instead of leaving them all vacant? Isn't some better than none? This complex is almost brand new and in a great location [link] [comments]  |
| Would you walk after this inspection? Posted: 17 Oct 2019 12:22 PM PDT I got an offer accepted on a 1999 home that looks good on the surface, but the inspection has me second guessing, and leads me to believe that the seller is a rushed DIY-er who half-asses everything. Here are some of the things the inspection found:
Those are the major ones, but here are the smaller things that lead me to believe the owner simply did not take care of this house.
So admittedly, some of that is cosmetic and I can accept it, but with this level of half-assery, I'm worried about encountering more surprises down the line. It's almost like a bad flip, but the owner lived there for three years. Not sure what to do at this point. We showed the inspection report to my realtor and the seller agent offered a $3000 concession, but at this point I'm pretty close to just going with the inspection contingency and walking away. Thoughts? Thanks in advance. [link] [comments]  |
| VA Home Loan Acreage Zoned Farm Land Posted: 17 Oct 2019 08:30 PM PDT Hello. My husband and I are moving to Indiana (where he is from) and would like to buy a home with some land. Nothing crazy somewhere along the lines of 10 to 20 acres. We would like to use his VA Home Loan but Navy Federal has already told us they will not finance any acreage, period (after we applied for pre-approval) . All of the places we have looked at have been zoned cash crop or general farm. We don't really have the money to put down any significant down payment, and again, were banking on using the VA Home Loan. Anyone have experience with specific lenders that we could look into or this process? Also, should be be worried about another hard inquiry on our credit since Navy Fed already hit us? Any insight would be helpful. [link] [comments]  |
| Buying in Florida - do buyers directly pay fees to their agent? Posted: 17 Oct 2019 06:18 PM PDT I'm looking to purchase my first house in Tampa, Fl. I asked my agent to send an offer to the seller. She sent me some paperwork to sign. One part of the paperwork states that upon closing I will have to pay her agency a $345 administrative fee for handling paperwork. I was under the impression that a buyer's agent got paid out of the commission on the house, splitting it with the seller's agent. Was I incorrect to think that? I just want to know if this is normal before I sign the paperwork. Some additional information in case it helps clarify my relationship with my agent (I can see someone asking). I found a house I wanted on Zillow. I used their contact form to find an agent. She showed me the house and then I asked her to submit an offer. Is it normal for the buyer to pay an administrative fee directly to the agent representing them? I read a lot of descriptions of closing costs and, although I expect my closing costs to be large, I don't see this fee listed in any of the descriptions I've read. I'm hoping this is normal. [link] [comments]  |
| Buyer with inspection today, huge deck is not up to code Posted: 17 Oct 2019 05:54 PM PDT My husband and I are in contract to buy a house. We had the thorough inspection today. Nothing major found on the inside of the house just minor things that are easily fixed. The major concern is the huge two tiered deck that spans almost the whole back of the 2500+ sq foot plus 3 car garage house. The inspector said that it should have two more support beams than it does (part of the lower end of the deck actually has a small sag to it that we did not see until today) plus its missing a couple bolts/bracket and he also had questions about the way it was attached to the house but he said he was not a deck expert and that part of it may not be a big deal. Our realtor lined up a contractor to go out and look at it tomorrow but I had questions. Our realtor called the sellers realtor and they did NOT get a permit for building it
Wwyd? Anyone been in a similar situation? [link] [comments]  |
| Posted: 17 Oct 2019 01:17 PM PDT Hi guys - first time posting on this board. Question - I have three rental properties I just acquired and would be interested in purchasing more someday down the road. My question is - if I show large amounts of depreciation on them on my upcoming tax return, and this effectively makes them report a loss for the year, wouldn't this reduce my income on my tax return, and thus reduce my borrowing power for any furute loans? I understand the benefit of paying less tax, but then aren't I effectively screwed if I want to borrow more, as I am showing less income? How do other real estate investors get around this? Any help is much appreciated! [link] [comments]  |
| Questioning broker's low listing price (CA) Posted: 17 Oct 2019 04:39 PM PDT I'm listing one of my rental townhouses in a complex with several hundred units so there are many close comps. Here's the price data as I'm looking at it:
My broker wants to list it at $695,000 because of today's slow market. Of course I don't have as good a feel for the market as a local broker, but I can't get over this feeling that part of his motivation for listing that low is that it means less work for him. I've worked with him for many years and consider him a good guy. But he's past retirement age and may be getting tired. I would like to list it at $725K. He says fine, it's my choice, but warns that it will sit there and has implied that I'll end up having to accept less than his $695K. I'm in no hurry to sell since my carrying costs are very low (no mortgage, vintage CA property taxes). Part of me wants to go along with the broker, price it for quick sale, and be done with it. At $695K my compound annual appreciation is 4.57%. At $725K it's 4.77%, so not a huge difference when you look at the investment in the big picture. Another part of me wants to test the market with a higher price. Another factor working here is that I am indebted to this broker for helping me through a tricky property tax reassessment on my primary residence that has and will continue to reduce my tax burden by thousands of dollars every year. (In my business transactions I place a high value on personal relationships — I've found that it pays off when all is said and done.) Any thoughts? [link] [comments]  |
| Where can I find an example of "waiver of marital interest" form? Posted: 17 Oct 2019 03:59 PM PDT The title company require that my wife to sign a "waiver of marital interest", on a property. Since it is such simple thing, we don't want to spend hundreds of dollars to basically get a blank from an attorney and filled it up. Does anyone maybe know where can I find an example of that? If possible for California? I tried to find online but no success. [link] [comments]  |
| Southern California Home Buying Incentive Programs Posted: 17 Oct 2019 03:35 PM PDT Are there any home buying incentive programs that exist for Southern California that I should know about? We are looking at the inland empire area specifically. My spouse is a public school teacher. Thanks [link] [comments]  |
| Posted: 17 Oct 2019 02:55 PM PDT The house did not belong to the business, it was a residential private home, but on our annual tax return we entered that 10% of the home is used for business in order to deduct part of the electricity and other utility costs. Thanks for any advice. [link] [comments]  |
| Questions about homeowner mortgage obligations in the even of death before home is paid off Posted: 17 Oct 2019 07:20 AM PDT Please forgive me for the inexperience and homeowner ignorance I am about to display, but my wife and I have decided that apartment life just doesn't work for us anymore, and it's time to move on. Here's the situation: We are an older couple with one adult son, and I still have my VA loan option that I never used, but here's the reality: We do not expect to live out a 30 year mortgage. So how does this work should one or both of us, as homebuyers, pass on before the house is actually paid off?
Once again I do apologize for what might seem like some pretty dumb questions, but this is an example of how long we have been apartment dwellers and our level of homeowner inexperience. Please advise Thanks [link] [comments]  |
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