Anger from Seller. Why? Real Estate |
- Anger from Seller. Why?
- Do not understand these costs, can someone help?
- Outside painting repair
- Tenant wants to buy or rent to own
- Seller's problem ruining closing & occupancy. Looking for advice.
- Refi and Continue to Rent or Sell and Invest in Market?
- Quality or Cash Flow?
- New agent struggling with leads
- First time investment property, lots of guidance needed
- How to get out of contract on selling my house, please read. NEW UPDATE
- Is a house with Vermiculite insulation a deal breaker?
- New construction home inspection tips/advice please
- If I take out a loan to buy a house can I rent it out to someone else and basically have them pay my mortgage in CA?
- Can remaining closing costs be rolled into a mortgage?
- Have you ever lost a house you wanted to buy because your own buyer couldn't perform?
- Rehabbing A House With a 203K FHA loan
- Foreclosure advise
- First timer seeking advice
- rent before buying in the area ?
- Backing out / specific performance question (TX)
- Best online resources for finding a fully furnished rental?
- Ways of auditing HOA / board in a condo building? suburb of Illinois
- New agent’s questions for potential brokers.
| Posted: 27 Nov 2019 09:11 AM PST I recently bought a house that I intended to rent out. The seller had it listed at $260,000 which I thought was astronomically high. I offered $175,000 and their agent said they were offended. So I go on my way, I figure it was what I was willing to offer and they said no, so no problem. Well 2 weeks later I get a counter offer from them at $225,500, and I counter their counter at $190,000. A few days go by and they accept. Under contract, I find I lot of stuff that needs to be repaired, so I ask for a $6,000 credit and they clearly don't want to do it and try to talk out of it, but this was stuff like stacked bricks as piers in the crawlspace that were super unsafe, and other stuff like that. So eventually we settle at $5,000 credit. At closing, we are both sitting in the lobby and these people are staring DAGGERS at me, like I am the freaking devil. One of them says "I just want you to know that what you did was terrible. Just terrible" I kind of shrug and say "I don't know what you're talking about" and the person is just shaking his head and saying "awful, terrible" My thought was if you arent happy with the price someone is willing to pay and you think you can get more, then don't accept. It's not my concern about what your personal finances are, and I'm not going to pay you more money for your house out of kindness. Am I being a heartless bastard? I was so confused about why they were so mad. I just saw a listing and made an offer. It was below market value, and WAAAY below their asking price, but they accepted the offer in the end, so in my eyes that is a fair deal. [link] [comments]  |
| Do not understand these costs, can someone help? Posted: 27 Nov 2019 06:54 PM PST If I am prepaying homeowner insurance premium for 12 months, why am i paying for 3 months again in the initial escrow payment at closing? Same with property taxes, if I am prepaying for 3 months, why am I paying again in the initial escrow payment for 2 months in other taxes (I believe it's property taxes) [link] [comments]  |
| Posted: 27 Nov 2019 07:46 PM PST So inspection revealed minor moisture damage and painting needed on clapboard. Also some rotten trim pieces around columns. My realtor said exterior painting was required as it "could effect the foundation and was not cosmetic." Also there was fogged window indicating bad seal. Again I thought these things I wouldn't have or worry about. Yeah. I can fix but I feel I'm doing them a favor and its not required under necessary repairs. Vjrginia What do you think? [link] [comments]  |
| Tenant wants to buy or rent to own Posted: 27 Nov 2019 02:15 PM PST My tenant makes a lot of money (it varies quite a bit but averages >10k/mo) but his credit is messed up from a business that went under a while ago so he can't get a loan. I'm think about owner financing a wrap and requiring >20% down (to help cover due on sale clause in the off chance it's exercised). What are some ways I could do this? He mentioned rent to own which I'm not very familiar with. [link] [comments]  |
| Seller's problem ruining closing & occupancy. Looking for advice. Posted: 27 Nov 2019 07:01 AM PST TLDR: the sellers ran into an issue buying their new home, which is effecting our close date/occupancy. We have to extend the lease on our apartment because of their situation. What are our options? My husband and I are in the process of closing on our first home in SE Michigan. The close date was scheduled for 11/25, but the weekend before, we got notice that the sellers ran into a problem with closing on their new home. This issue has absolutely nothing to do with us; it involves some document that was missing from THEIR sellers and they are not able to close on their scheduled date. Our closing disclosures did not include any contingencies. We all signed off on closing on 11/25 + 5 days occupancy (we would be moved in by 11/30). Due to this problem on the seller's side, our moving day is delayed and we have to pay rent for December at our apartment. There's been a lot of back-and-forth about how to proceed and the following options have come up:
As I'm typing this, our realtor notified us that the sellers have agreed to option #3. Does that seem reasonable? Should we be more aggressive? We realize that the issue not the sellers fault. They're a family of 5 and if that document doesn't get processed, their home purchase would fall through and they would be without a home. At the same time, we had an agreement with no contingencies. We are in a tough situation with our landlord since we told him we'd vacate our apartment by December. If things fall through on the seller's side, we don't want to get in a situation where we might have to evict them after the 30 days as well. Any advice is appreciated. [link] [comments]  |
| Refi and Continue to Rent or Sell and Invest in Market? Posted: 27 Nov 2019 05:34 PM PST RE Rookie here, looking for some more experienced advice about the single rental unit i own: 34 and 33 yo married DINK with roughly $250k annual salary and about a $1M net worth not including this property with all assets being stocks (401k, IRAs and Brokerage). Goal is Financial Independence in 10 years and a net worth of $2.5M. About the property jn question: Condo is being rented for past 6 years, since me entering military after just under 2 years of ownership (owned since 2012). Condo is located in a HCOL region outskirts of NYC and doesnt have any issues getting rented due to ease of access to NYC via public transport. My wife and I are currently looking to purchase a home in Washington State where we are stationed as a potential rental property after we inadvertently have to move in 3 years under military orders. We qualify for a VA loan but also have about $150k in cash in a downpayment fund, also are OK renting if that makes more sense. Our goal is to eventually move back to the east coast and spend our time pursuing our side gigs and raising children while living off of investments at about $80k/year total spendings). Property Numbers Are: Remaining Mortgage: $240k Equity: $260k ($500k value) Rate: 2.75% adjustable that just jumped to 4% (but somewhat fixed and will not go up from 4% until i leave military). I will likely serve another 5 years. Rent: $2800/month (hasnt changed in last 3 years to stay competitive with local rental market) Mortgage + Ins + Tax: $1900 HOA: $365 Got a few quotes for refi through Chase a few days ago. Option 1: 15 year fixed, 2.7% at about $2300/month (mortgage w/ tax and ins) Option 2: 30 year fixed, 3.2% at around $1900 monthly payment Option 3: 30 year fixed with Equity loan of $180k, 3.2% at $2300/month My intuition is telling me to refinance to the 15 year fixed rate for the smaller rate with plan of making extra payments to ensure its paid off by the 10 year goal of Financial Independence. This way I have a steady $2000 coming in monthly that I can use to offset housing costs when im no longer working full time. I also enjoy the side hustle of dealing with renters and the feeling of passive income from monthly checks coming in...I coan see myself doing this into retirement The other clear options are to Sell it and invest the equity in my brokerage account for 10 year growth. Are there any options that im overlooking that make more sense in helping me achieve more passive income 10 years from now? Im having a hard time doing the math to find a clear winner for optimizing taxes as well as increasing investment potential. Thanks for reading and I apologize if I left out any important details in advance! [link] [comments]  |
| Posted: 27 Nov 2019 02:22 PM PST TL;DR: If I have two comparable properties in the same neighborhood to choose from, should I choose quality over cash flow? Or is cash flow pretty much the North Star in the REI world? For example, one is about 7% more expensive, but has an extra bathroom, generally in good condition and well kept but may need to be repainted. Overall lots of sunlight, homey feeling. Net $300/mo The second one is turnkey and recently updated with brand new appliances, but gave me a slightly negative vibe due to poor natural lighting and felt a little dumpy due to its closer proximity to neighbors. But this cash flows better. Net $365/mo Which should I choose? I'm leaning towards the quality one, but the other one looks better on paper. Both are in similar middle class/blue collar neighborhoods. Any advise would be appreciated. Thanks! [link] [comments]  |
| New agent struggling with leads Posted: 27 Nov 2019 06:01 PM PST So I am a California agent. I've been in for under a year and have assisted my broker with deals but have none for myself as of now. My sphere of influence has run dry do to myself and my broker having the same group of friends which have given him all of his business. I've had family member screw me over, sadly my girlfriend's family used different agents and I've just plain had bad luck. I'm just curious as to how you acquired your first sale or purchase? Friends/family? And after you went through them, who was your next target market? I don't feel like cold calling is really a useable technique in 2019 and I wouldn't even know where to get someone's number. Any and all advice is welcome. [link] [comments]  |
| First time investment property, lots of guidance needed Posted: 27 Nov 2019 02:04 PM PST Hi all, I'm a long time lurker in this sub looking to invest in a rental property to create passive income down the line. I'm a 25 year old electrician apprentice making roughly 35k per year in the NYC area, with an additional 40k coming from assorted cash side businesses throughout the year. My credit is 798. I currently live at home with my parents so my overhead costs are low, all accounted for right around 850 a month. My salary is going to roughly triple in 2.5 more years. As much as I know the best course of action would be to wait, I'm apprehensive that if I don't get in now, I'll be priced out of the market in the future. My plan is to purchase a home or condo to rent out, have my mortgage paid for by my renter while continuing to live at home for right now. I have 40k cash liquid with an additional 75k in stocks and funds, as well as access to 20k from a deferred compensation account provided to me through my job. Anything live-able, in a safe neighborhood in my area (Staten Island, NY) starts at 325k and based on my reported income from my W2's, I am unsure if I will be approved for a mortgage high enough to make a worthwhile purchase. I'm looking for some advice on how I can make this come together, and begin the purchase of my first home. I know my first course of action should be to sit down with a mortgage lender to see how much I am approved for, are there any lenders in particular that will lend more than standard DTI percentages allow due to potentially being able to leave a substantial down payment? If I'm all over the place, feel free to let me know so I can clarify anything that needs addressing. [link] [comments]  |
| How to get out of contract on selling my house, please read. NEW UPDATE Posted: 27 Nov 2019 11:49 AM PST How to get out of contract on selling my house ...please read So I put my house up for sell to get out of foreclosure. put the house on the market and within 3 days being on the market someone put an offer and I took it. Now while being in the process of selling my house I applied for the 2nd time loan modification, I just did it just to slow the process of going into foreclosure thinking I was going to get denied again, and also to give more time to sell the house. I get a phone call from my bank yesterday telling me that I got approved for the loan modification , I was shocked and literally almost in tears. Back to selling the house , now the buyers are kinda being a pain in the ass ,they want all these things done that the inspector found and I literally don't have the funds to pay for . It's a fha buyer , plus there getting 5k back on closing date . Please any advice or suggestions would greatly appreciated. A little update on what's going on here. So buyer's seem like they still want to buy the house after I said I'm not fixing anything . So what's my next step here , literally I just want out of this contract. I'll be contacting my attorney to see what can be done . Any advice or suggestions will be appreciated! [link] [comments]  |
| Is a house with Vermiculite insulation a deal breaker? Posted: 27 Nov 2019 11:21 AM PST Looking at buying a house and had an inspection done. It has vermiculite insulation, and likely would've been from before the 90s... The house itself was built in 1905, but was also added on along the way a few times. Should I just walk away from this? Seems like half the people I talk to say it's no big deal if it's not disturbed, the other half think it's a terrible thing. Thoughts? [link] [comments]  |
| New construction home inspection tips/advice please Posted: 27 Nov 2019 03:46 PM PST We purchased a new construction home with pulte in Chicago and are about to close. We are not hiring a home inspector as it's a new construction. Can you please advise on what we need to check during home inspection? Any pitfalls/loop holes we need to be aware of? [link] [comments]  |
| Posted: 27 Nov 2019 02:56 PM PST 22yo and I'm not knowledgeable on any of this so I'm looking for answers. Like do I have to pay off a certain percent of the mortgage myself before I can rent it out to someone else or can I do it the moment I secure a loan and buy the house? Thanks [link] [comments]  |
| Can remaining closing costs be rolled into a mortgage? Posted: 27 Nov 2019 11:08 AM PST First time home buyer, will be purchasing a home rather quickly. Will most likely be using a USDA loan for my home, curious if remaining closing costs that seller does not cover can be included in the deal for the mortgage? If so, how does that work? [link] [comments]  |
| Have you ever lost a house you wanted to buy because your own buyer couldn't perform? Posted: 27 Nov 2019 06:23 PM PST What was your experience and how late into the process did you find out? [link] [comments]  |
| Rehabbing A House With a 203K FHA loan Posted: 27 Nov 2019 08:27 AM PST My wife and I are looking into purchasing a house off my great uncle that is in need of a total remodel.( Home is in a very small down an hour northeast from Cincinnati, Ohio) I have been researching loan options and the 203K FHA loan seems interesting but I'm worried about all the red tape and the FHA consultant. If anymore has any experience with this type of loan please feel free to share your experiences with me about the whole process. *** A conventional loan is probably not an option, we already own a home (deed and loan are solely in my name, and my wife should qualify for the FHA loan on her own based on her income and credit) this house will be very cheap and we plan to move into it and rent our current home until we can break even on a sale. [link] [comments]  |
| Posted: 27 Nov 2019 02:01 PM PST New here. My husband and I are not wealthy and the market in our area is very expensive for what we need. We are thinking about trying to buy a foreclosure, not to flip but to live in. We have bought and sold without agents 3 times now and feel comfortable navigating the legal stuff. We have cash on hand from my FIL so we will be able to pay up front. Any tips or advise. Is it a good idea? Is the risk too much? [link] [comments]  |
| Posted: 27 Nov 2019 01:54 PM PST Hey guys so I'm really looking into getting real estate and I'm looking for any tips advice or pointers, what are ways that I could set myself up for success? What should I focus on as a beginner? Thanks [link] [comments]  |
| rent before buying in the area ? Posted: 27 Nov 2019 01:08 PM PST hello. , I'm thinking to moving to Houston , I'm in south Florida , wondering if I should rent for 1-2 years while looking for a place to buy , first time home buyer , 15k down and 5k in case for any repairs , somewhere around 110k renting 700-800$ 2bd can get you a decent place in Pasadena area. ? 32 single 50k salary ( pre taxes) [link] [comments]  |
| Backing out / specific performance question (TX) Posted: 27 Nov 2019 09:07 AM PST What does a purchase contract mean when it says seller may seek specific performance against buyer for defaulting (backing out) for reasons other than constituencies laid out in the contract? Is it realistic for the seller to sue a buyer and/or try to get a judge to force the buyer to buy rather than just keeping the deposit and puting the house back on the market? [link] [comments]  |
| Best online resources for finding a fully furnished rental? Posted: 27 Nov 2019 11:25 AM PST |
| Ways of auditing HOA / board in a condo building? suburb of Illinois Posted: 27 Nov 2019 09:57 AM PST Basically a family member let me know that their head of the HOA is taking out a loan that they will all need to pay over 7 years. The repairs are done by his own company or companies he knows. Supposedly he promised one type of windows in previous repairs, and installed cheap ones. The treasurer is his family member. When some owners objected he said that there is mold in the building and he'll call someone from City Hall and so calling a lawyer over this is not going to work. So it sounds like their condo building is getting scammed out of a lot of money and there are huge conflicts of interests. I'm not sure how he got elected, but trying to see if there is a way to trigger some sort of audit? Are HOA heads required to submit stuff for bid? [link] [comments]  |
| New agent’s questions for potential brokers. Posted: 27 Nov 2019 09:49 AM PST Hello all! First time posting here. I recently passed my NJ state exam and am talking around to different brokerages to possibly hold my license. What are some questions I should be asking the various places I stop? So far I have questions about training, lead generation, and online services such as applications. Anything else? Thanks! [link] [comments]  |
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