Any protection with cash buyer Real Estate |
- Any protection with cash buyer
- Very frustrated with first house...
- My husband and I are looking at buying our first house, my old client and past boss is my realtor. Before he got his realtors license he was a real estate appraiser. He’s now licensed for both.
- [Oregon] What's the legal process for becoming a partial owner of (buying a stake in) an apartment complex?
- Investment property while living in a rental unit.
- Pulling my house off the market...
- Selling home, offer advice
- Questions about buying a mobile home and land.
- Home Inspection Question
- I saw this really touch story about a guy who purchased a beat up property and restored it and met the previous owners that built it. Very heart warming story - that’s the power of real estate!
- Inherited a house in southern CA (mortgage paid off) - keep or sell?
- Backing out of hard money loan
- Question for Landlords
- We published the software that we use for our own business as a service.
- USDA Mortgage Loan
- Lender forgot to tell us...
- Home warranty in closing doc, can we get cash instead?
- Dual agency and commissions
- More trouble than it's worth?
- Do most international property investors buy in their own name or make a company to hold the property? (Ger/sa)
- Buying condo appraisal lower and unsure about realtor
- Finally getting our first home!
- Looking to buy land
| Any protection with cash buyer Posted: 26 Nov 2019 07:37 PM PST My parents are selling their home and it's been on the market for 2 months. They've had 32 showings, multiple 2nd showings and even one 3rd showing. They have dropped the price 15%, a significant amount and it is now $30k under comps. They felt this necessary because of the road noise. They believed that's why they got no offers. But today they received a cash offer for $15k under their newly lowered price. The buyer also requested a couple thousand dollars worth of their personal stuff like a tool box, furniture, plants, etc. They also did not wish for an inspection, just a termite inspection. Why we googled the buyer, I'm not sure. But he was recently released from prison. He has a long rap sheet of all money/fraud/theft convictions. We are positive it's him. The video we have of them coming and going matches the mug shot. My parents are speaking to their realtor tomorrow. They are countering and requesting proof of full funds of purchase price. Is there any way this can go south? Is there any way this could be fraud? He only offered $1500 earnest money. We are just concerned that somehow they'll get scammed. Is that even possible with a cash sale? [link] [comments]  |
| Very frustrated with first house... Posted: 26 Nov 2019 09:58 AM PST I bought a house in May, my first one. I knew that there would be a lot of expenses and repairs to be made, and I figured I could handle it. Unfortunately, I was wrong. From nearly the get-go, it has been awful. Not only did the previous owners not complete all the repairs they promised to do, more sprung up that the home inspector never picked up on. I tried to get compensation for the money I had to pour into what the previous owners didn't finish, but I only got 1/3 of what I ended up spending. The house is a lot uglier than I thought. There's bad smells, mold, and other issues that have been very difficult to cover up. Again, the previous owners never informed of any of this. Speaking to my realtor, he says there's not much I can do about it either. My neighbors are just assholes. I wrote about the situation in other posts in my account, but basically, they play loud music at basically all hours. Calling the police does nothing. I am basically sleep deprived, and depressed and anxious over it. It seems I have no recourse except to either accept it or move. Remedies like earplugs and white noise does nothing because the bass is just so fucking loud. I also have other neighbors who seem very unfriendly towards me. The neighborhood seems to not like me as I am an "outsider". This is a small, close-knit town so strangers don't seem to be welcomed much either. I've tried speaking to them, and they overall give me a cold shoulder and one-liner responses. Nobody came to trick or treat at my house, for instance, and the neighbors never wave to me when I do. I don't know what to do anymore. The whole ordeal has made me incredibly upset, and I just really hate this house, and the area I am living in. Moving out would incur me huge costs I can't afford right now, and moving before two years is a bad idea too. Not sure what to do, but I feel like I am living a nightmare right now, and I feel trapped. [link] [comments]  |
| Posted: 26 Nov 2019 09:53 PM PST He doesn't live in the area we are looking at purchasing in. Would there be any issues with him doing our appraisal as well as being our realtor? Or would it be better to find someone who is more familiar with this area? [link] [comments]  |
| Posted: 27 Nov 2019 12:27 AM PST Hi everyone, This is an odd question. An apartment complex owner that I know needs cash, so he can either sell his apartment complex entirely (and I can't afford it) or he can sell a portion of it to me (less than 50%). I realize we would probably need a real estate lawyer to make everything official, but I haven't even been able to find any articles or guides about how this can work. Is buying a stake in a real estate property a thing? If both of our names go on the deed, are percentages specified? Does it just make more sense to make a contract that says I get X % of the sale price when the apartments get sold eventually? Thanks! [link] [comments]  |
| Investment property while living in a rental unit. Posted: 26 Nov 2019 06:54 PM PST Im currently renting a unit in a house located in the west end of Toronto. Rent is roughly $2000 per month. I have an annual income of 100k and about 80-100k in funds available for a down payment. I would like to continue living in my neighbourhood hood however at this point it seems as though all I could afford is a 400sq bachelor condo. Because of this I am considering purchasing an investment rental property outside of the city where purchase prices are lower to start building equity while continuing to rent where I am. My question is-how will my $2000 a month rental cost affect my ability to secure a mortgage for an investment property? [link] [comments]  |
| Pulling my house off the market... Posted: 26 Nov 2019 10:23 PM PST I'm needing advice from a realtor or someone seasoned in buying houses.. Currently under contract with my realtor, we listed our house contingent that we find something. She is awesome, she's done a great job and my house has only been listed about 2 weeks. She is a go getter, wants to do a lot of open houses and broker open houses.There really isn't anything on the market we're interested in and haven't gotten any offers. I don't think we will anytime soon, it seems to be a really slow time of year. I'm 22 weeks pregnant, I have a tumor that's being monitored. Well when they were monitoring it they found my kidneys are retaining urine and I have kidney stones. I definitely wasn't expecting to be moved into a really high risk pregnancy because my last pregnancy went pretty well. I'm considering pulling my house off the market until after the baby comes, I'm completely stressed now. I really can't spend a ton of time away from home with my one year old and large dog while taking care of my health.. She definitely put time in getting pictures taken, taking us to see houses, putting a sign up and answering all of questions and to be honest I would just like to use her as our realtor listing our house about 2 months or so after the baby comes. So I don't want to burn any bridges with her and to be clear we definitely want to find a new house, just rethink our time frame now. I made it pretty clear a while ago that if the baby came and we hadn't found anything we'd want to take the house off the market and she seemed fine with it. I'm just wondering how I would break the news to her? She's been great and unfortunately I feel really bad but I really need to take care of my health.. do realtors really put in all this work without being paid? I'm afraid my contract could have stipulation, but when I re read it, basically it said she getting 5% of whatever the house sells for and I'm under contract until June. What would be the best to bring this up to her? Or I could keep my house on the market and not do any more open houses or broker open houses. If someone wants to look then they can schedule a time , showings and leaving for 30ish minutes are a lot easier for me. Take my time looking and just let the contract expire if I don't find anything?? Hate to waste her time or ours, just don't know the best route to take.. [link] [comments]  |
| Posted: 26 Nov 2019 09:25 PM PST Have been given offers from 420 to 440. How much more should I add on to my counter offer? [link] [comments]  |
| Questions about buying a mobile home and land. Posted: 26 Nov 2019 06:58 PM PST Hello the wife and I have saved up quite a bit of money and want to purchase some land from her brother a buy a mobile home to put on the land. We really have no idea where to start in this process. We have applied for a loan for the trailer and will split the land with her brothers 10 acres so 5 each. But what should we expect in terms of utilitie hookups? And is there someone who can help us with the process? Like I googled and it seems getting our land surveyed is first then perked then getting the septic tank then the house delivered then electricity and water. Is that right? Any advice would be appreciated. Thank you. [link] [comments]  |
| Posted: 26 Nov 2019 05:45 PM PST Good evening all! My wife and I are in the process of buying a home. We found one we really like, put in an offer, and had the inspection today. Everything went well, no big ticket repairs are necessary, but the windows raised some interesting questions. None of the windows will open. Since it's fairly cold in our area, we didn't open any windows during our showings. The inspector tried to open all of them, but they were all painted shut with missing handles. We realize it's fairly easy to take a sharp knife and cut through the paint, but the house was built in 1975 at the latest, so there may be lead paint underneath. The sellers don't know if these windows are original to the house or not. We are assuming they are. Our question to you is, is this reasonable to ask for a concession? This house has a lot of windows so repairing/replacing these will be timely and costly for us to do. Tl;dr: painted over windows that may or may not have lead paint. Worth asking for a concession? [link] [comments]  |
| Posted: 27 Nov 2019 12:20 AM PST |
| Inherited a house in southern CA (mortgage paid off) - keep or sell? Posted: 26 Nov 2019 09:46 AM PST I have recently inherited a house free and clear. I thought this was going to be an easy decision to keep it, live in it for a few years and make some improvements, and then sell. I'm now thinking I may not have thought this through entirely. I'm 26 years old, make around $55k/year, and was previously spending around $1300 in rent every month. This house is only about 7 miles away from where I was living previously, so my change in commute is negligible. I've already subleased my apartment. I'm also going to be inheriting a decent amount of cash, which would be enough for a downpayment. This house was built in the 50s. I had asbestos testing done on the popcorn ceiling right away. That came back positive but now I'm realizing that asbestos is likely present in the other ceiling and flooring as well. There's also likely lead-based paint present. The electrical panel is 100 amps and most of the outlets are not grounded. These are only the issues that I'm aware of, and I'm nervous that more things are going to pile on. Right now, the main home improvements I'm looking to do are 1) remove asbestos from/replace ceiling, 2) paint walls/remove wallpaper, 3) replace flooring. I've had a contractor come out to the house and talk to me about options but I still don't feel like I have a solid grip on what the best thing to do is. I'm still waiting on the quote for those items. Side note: There is hardwood flooring underneath the carpet, although I don't know what the condition of that is. I haven't messed with anything very much because I'm worried about disturbing asbestos. I also don't know how marketable this house is going to be, even after improvements. It's in southern CA but not in the best neighborhood. It's also pretty small - I think its around 900 sq ft. 3 bedrooms, 1 bathroom, and the kitchen has extremely limited counter space, no garbage disposal, and no dishwasher. No dining room. It would be ideal if I could renovate the kitchen but with all the hazardous materials present, I think it's way out of scope. Another issue is that I don't really have a budget yet. I can likely afford all of the improvements I want to get done but I'm just not sure if it's the best use of money. Thanks for reading. I'm feeling extremely overwhelmed and I'm not sure where to go from here. TL;DR: Inherited an old, paid-off house with a myriad of issues (asbestos, lead, old electrical wiring) and I'm debating whether I should keep (and make improvements) or sell it and find something else. [link] [comments]  |
| Backing out of hard money loan Posted: 26 Nov 2019 05:31 PM PST My financing fell through on the purchase of a rental property. I need to amend my taxes before I can qualify through the bank. I got in touch with a hard money lender and they agreed to fund the property. Altogether it would cost about $18k by the time I could refinance in the first 6 months. The down payment was $100k and the loan amount was $178k. I agreed to this as it seemed to be the only option to move forward and I figure the cost would be paid over 30 years once it got refinanced. About a week later, I had discussed the situation with my sister and she agreed to carry the mortgage. We got conditional approval through the bank and it looks like we will be able to close on time. I let the hard money lender know that I had found a better option, and in response they requested we pay $950 in legal fees for drafting the documents. Seems to be a little padded in my opinion. Wondering what you might suggest doing in this situation. [link] [comments]  |
| Posted: 26 Nov 2019 01:11 PM PST Hi everyone! I'm currently a tenant in a house with two other roommates. We have been living here for 4 or so months, and get a picture of our water bill from our landlord. Over the last three bills, the total has gone from 80->160->225 a month (we didn't get charged for month 1). I feel like this is definitely over the average a household spends on water. I currently asked my landlord to look into the leak, but if one is found, should I still be held accountable for paying for water excess of the average bill cost? Curious what others do in this situation. [link] [comments]  |
| We published the software that we use for our own business as a service. Posted: 26 Nov 2019 08:45 PM PST 15 people work in our business. We have previously provided external software support to manage properties. But most of them were not what we wanted. We produced our own software and released it for free. If you want to use it. [link] [comments]  |
| Posted: 26 Nov 2019 12:00 PM PST Anyone have any experience with getting a USDA Mortgage loan? Specifically buying land and building on it. Thanks! [link] [comments]  |
| Posted: 26 Nov 2019 11:44 AM PST Getting ready to close on a condo and after the appraisal came back we negotiate on price. Now days before the closing the lender sends out another appraisal, which is lower. They said they are not sure where the mixed up came in. Seller wants to stay at the first negotiated price I want it to go to the new lower appraisal price. Any suggestions on what I can do. Closing is supposed to be next Tuesday. Turning into a mess. [link] [comments]  |
| Home warranty in closing doc, can we get cash instead? Posted: 26 Nov 2019 05:44 PM PST Realtor suggested we push for a home warranty at the seller expense and I didn't say no because of the many more import things I was focused on. Now that everything is ready to close and final loan doc has $ from seller for home warranty, is it possible to get that as cash instead? Realtor says no but I have come to the conclusion that home warranties are basically a scam and am looking for options. [link] [comments]  |
| Posted: 26 Nov 2019 05:39 PM PST Got a great offer (way above market and all cash). Agent is representing both buyer and seller. I'm familiar with the perils of dual agency (at least as familiar as someone posting on reddit can be) but given the nature of the offer and the fact that I've used this realtor before I'm relatively comfortable with the arrangement. My question: is it appropriate to ask for a reduced agent fees in this situation? He set up the buyer and has facilitated the transaction in full, so I don't have any issues there, but I'd like to hear any feedback on what the typical norms are here, and If it's appropriate to ask for a discounted fee whether there's a right way to have that conversation. Thanks! [link] [comments]  |
| Posted: 26 Nov 2019 04:43 PM PST Asking for a friend in Illinois ;) I did a some renovation on my house; now I want an appraiser to come out and estimate the value of my home, so that I can get the PMI taken off my loan. But I'm worried this can get me in trouble. My husband did most of the work on his own. Which also means I don't have receipts for most of the work done. I'm wondering if I can get in trouble for doing work on my house, without getting permission from the city, first. Which of the following renovations require a permit from the city? (Where does one even go to check this sort of thing?) -installing can-lights in the ceilings. Or light fixtures in general (if there wasn't one there before) -redoing plumbing in a bathroom, to rearrange location of the toilet, shower etc. (Wall was moved by a foot in order to accomplish this) -2nd kitchen installed, including a stove vent that exits to the roof/outdoors -newer electric sockets installed ... I'm paying $70/month for PMI, so I definitely want it removed, but I don't want to cause more trouble to myself by getting inspectors involved. Someone will come and take pictures and measurements of the house, to evaluate the improvements and determine if I qualify to get PMI removed. But I'm worried this will trigger permit pulls, etc, which will expose that I did things without asking anyone for permission. I'm simply not sure what is legal to do on your own and what exactly requires a licensed professional. any advice? The other option to remove PMI is to pay off $29,000 of my loan.... which simply isn't feasible for me. It'll take me YEARS. TL;DR: is it risky to order an appraiser? [link] [comments]  |
| Posted: 26 Nov 2019 04:40 PM PST |
| Buying condo appraisal lower and unsure about realtor Posted: 26 Nov 2019 04:34 PM PST We put an offer in on a beach front condo in SC. Our realtor advised it was a steal and should have been valued at $20k more and advised there was another offer so to offer 5k above asking. We had some issues post contract with the seller, as the realtor used an pre-approval letter from a different bank than the one we are using, but we have gotten beyond that. Two days ago the appraisal came in at more than 10% below our offer and 8% below original price. Appraisal shows half comps in same building sold at 50k or more below ours and the appraisal doc shows adjustments in value of 35k for value of upgrades. Seller is appealing indicating he put 50k of upgrades in and provided comps from other buildings. Now I'm worried that the value is not at our offer even if the appeal comes through in his favor. [link] [comments]  |
| Finally getting our first home! Posted: 26 Nov 2019 04:54 AM PST Well, it finally looks like we are getting our first house! We did the thing typically not recommended, and decided to buy a house in another state that we are planning on moving to. We knew roughly where we wanted to be (within a certain range of husband's job) and honestly didn't care about other things like schools since we wont be having kids. Road noise also wasn't a super huge deal to us because we currently live in an apartment right next to the interstate, so really anything would be an improvement. We did pay attention to this during showings though. We had a list of potentials, and planned to fly up for showings. Two of our favorites dropped out the day before, and we were looking for a replacement when we found 'our house'. We'd both seen it and liked it earlier, but the price had been too high. Now it was within range. Seeing it in person, we loved it instantly. The feel of the land, the property, the neighborhood, it was pretty close to perfect. Yes it needed work, and some TLC and updating, but like many old places it had charm. The defects were fairly obvious (older roof for example). We put in an offer with an escalation clause that didn't go over too well, and we lost to another offer. This was our first time doing any of this, so we didn't honestly know what we were doing. Hubby had wanted a slightly lower monthly payment, and our realtor had suggested it. Unfortunately the selling agent didn't see the whole offer, just that the initial number was lower. So we lost it, and put in a backup offer. They got on with things and eventually we moved on to. Found another house, and got inspection done. The price of the house + the work needed was honestly alarming, but we were considering going for it anyway because we were so sick of the process. Buying out of state in a hot market is ROUGH. And the house seemed like it might work as something we could fix up and sell later for a better price. And then the first house became available again. We decided the place we were looking at was too much house for us, and withdrew, going back to the first place. Inspection showed a lot less needed repairs, even with the house being older it was kept up with fairly well. Sellers and selling agent have been great to work with, and we just got the appraisal back (3k over offer) yesterday. This whole time (almost a two month process from first offer to now) has left me sick with constant anxiety. I hated most of the process, and it was even worse when we finally got to go for the house we loved, because I couldn't stop being afraid that something would fall apart in the deal, somewhere. I know we shouldn't have fallen in love with that place, but it was hard to resist. It had everything we were looking for, or could want for in a property. While we had been thinking of buying, fixing up, and selling in ~5 years, we can also see ourselves holding onto this place for longer. We're ~1 week from close, and I don't currently foresee any more issues. Loan paperwork is being finalized, but we were pre-approved, and then conditionally approved. Just had to send proof of earnest $, take a homebuyer course, etc for final approval, so I guess at this point I finally feel like it's really happening?! I'm hoping we get through to the end without any hangups. Hubby will be moving in a month or two before I do, but I cannot wait to get out of here and have a place with a yard for us and the dog. Nothing else to say really except this sub has been an amazing resource and comfort during this process. I've been reading posts on here daily to try and learn as much as I can! And I wanted to post the mostly-success story for anyone else who might be struggling too. This process certainly isn't low-stress! [link] [comments]  |
| Posted: 26 Nov 2019 02:57 PM PST Hey all new here on this sub reddit been planning with the gf alot and looking to buy some land and eventually a "tiny home" when we're married. Been searching YouTube for videos and guidance. The Googles of course just wondering if you guys have any tips for a novice like me. Thanks in advance! [link] [comments]  |
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