Found out soon-to-be neighbor is a murderer; closing on a house in a couple weeks. Can I even back out if I want to? Real Estate |
- Found out soon-to-be neighbor is a murderer; closing on a house in a couple weeks. Can I even back out if I want to?
- Why do you self manage the rental properties?
- Subprime mortgage crisis - Flashback TV commercials
- Opportunity to purchase adjacent lot through tax foreclosure auction
- Currently own one cash flow positive rental in Philly... trying to decide on next property being large square footage/ rooms or smaller, less exciting but more manageable financing situation
- Signed Exclusive Right to Represent Buyer Contract, Agent not Responding
- Agent lied about everything.
- Getting a housing loan
- Any one here sell to am ugly house buyer? How did it go and when should I concider it?
- We inherited land with a mobile home from our grandfather now his 5th wife won't give us the title. Florida
- HOA Minutes vs Bylaws and Declarations
- Department of Justice's take on rebates from real estate brokers
- Advice on Primary / Secondary home mortgage
- Vent/rant: hard money and scammers
- What happens if the escrow account ends up with excess funds?
- What happened to the heat maps that used to be on Trulia.com?
- How to utilize lawyer for first home purchase [California]
- Went under contract and lender is unresponsive
- Buying a condo in Bay Area? Nervous!
- Refinance Calculator?
- For current real estate agents: what is your opinion on the career?
- Recent purchase (condo) and a job offer has come up. Are there exceptions to the one year occupancy before renting out?
- [IL] New house: is it normal for permit to show inspections still pending?
- My dad and I have been trying to find a house for us and our horses and we can’t no matter what. What should we do?
| Posted: 05 Nov 2019 07:39 PM PST Hi All- I'm in the process of purchasing a home with closing being in two weeks. Prior to putting in an offer a couple months ago, I had already performed a general crime lookup of the area around the house without any red flags being raised. Everything had been going smoothly, but then last night I was curious and looked up public ownership records to get the names of my immediate neighbors - one next door adjacent to me, the other directly behind me with a shared backyard. Some may consider this nosy despite it being public record, but the main reason I wanted their names was to look up court records (also public) to ensure I wasn't moving next to a murderer/rapist. Well, as I'm sure you've picked up at this point given the post title, this is now a reality for me. The neighbor immediately behind me, with the shared yard, has a lifelong list of felonies, including 2nd degree murder, robbery, fraud, etc... I understand the concept of rehabilitation and all that - obviously he did his time (repeatedly) and is free, but I'm obviously not comfortable with this. I'm a male in my late 20s, but my girlfriend will also be moving in with me as well and I want her to feel safe, as well as any future family we may start together. At the time of the initial showing, the selling agent pointed to this guy's house from the yard and said something along the lines of "I think a nice couple lives there, the sellers never had any complaints." Interestingly enough, the sellers (a middle aged married couple) have lived in this house for close to ten years, the felon moved in last year, and now they're selling. Could be coincidence... So, correct me if I'm wrong, but I'm fairly certain I cannot back out based on the neighbor - the inspection and repair remediation has already passed, the bank appraisal is complete, and loan commitment is solidified. All that's left is the closing. If I back out for any reason now, I definitely lose my deposit, but more importantly, am liable to be sued by the seller. So if I need to stay, my plan is to hire a land surveyor and have the the boundary measurement performed ASAP so I can ensure I'm not encroaching and immediately build a 6ft+ privacy fence in my backyard to separate us entirely. I realize this only helps with privacy and I'll need other security measures in place. So, any advice/thoughts on the situation? I wish I had done the neighbor lookup sooner, but lesson learned. Thanks in advance. [link] [comments]  |
| Why do you self manage the rental properties? Posted: 05 Nov 2019 08:30 PM PST Why do you enjoy NOT hiring a property management firm? [link] [comments]  |
| Subprime mortgage crisis - Flashback TV commercials Posted: 05 Nov 2019 08:11 AM PST The question pops up here like clockwork "Should I wait until the bubble bursts before I buy" Where they refer to the 2008/2009 recession triggered by the subprime mortgage crisis, like a repeat event is a given. For a good laugh and to help those "waiting" to understand why a housing collapse is very unlikely, here is a 2013 article with some TV ads that were flooding our screens at that time: edit: fixed dumb typos. [link] [comments]  |
| Opportunity to purchase adjacent lot through tax foreclosure auction Posted: 06 Nov 2019 12:30 AM PST I recently received a letter from the county that the empty lot adjacent to our house has back taxes owed, and will be up for auction in November. We are extremely interested in purchasing this property, because our house was built in 1913, and an addition was built at some point, which sits about a foot over our property line (we had our property surveyed prior to purchasing). We contacted the county assessors office, and because of the age of the house, they said it was "grandfathered" in and there would be no issues with the addition being 1 foot over the property line. My question is: Am I able to purchase this property prior to the auction due to my house already being partly on the property? Does this fall under a definition of an easement? I researched this on the county website which states: [link] [comments]  |
| Posted: 05 Nov 2019 07:04 PM PST Hey everyone... looking for some additional perspective here. I currently own a house I rent out in South Philly for $1,600 a month... the mortgage is $1,400 a month. I lived in it for three years before converting it to a rental and still owe $179k on it, it's worth about $320k. I make 135k and have zero debts other than the mortgage, currently living for free at my friends condo. I have 60k liquid and thinking of buying another house to live in for a few years and then turn into a rental. There are two types of houses I'm currently identifying with and they each other their pros and cons. House type 1 - is in the $250k-300k range, two bedrooms and basic offerings. House type 2 - is new construction $400k-$475k range, all large modern features, 4 bedrooms (1 master on 3rd floor, two equal sized rooms on second floor, one basement room with egress), roof deck with Philly skyline view They're both in the same neighborhood, less than 2 miles from Center City lots of upward trajectory and gentrification in the area. The $250k-300k range I can easily swing the payments and not be over leveraged, but the house will be limited in rental amount I can reasonably charge... the 400k-475k range, would be higher monthly costs and more risk from mortgage payments (in the event I get laid off or something for example), but I could rent it at a premium and the style and offering KC the house would fill itself out (plenty of post-college grads in the area). My thoughts on the roofdeck house is that in my lifetime I believe they will become cost prohibitive due to how close they are to center city and that it would be better to acquire now, sacrifice a bit now in cash flow and enjoy the reward later in life... What are your thoughts on better entry to second rental acquisition? EDIT: also should add, I have anywhere from $3k-6k in 1099 work I do on the side but I don't like to consider that part of my income because it could all technically go away tomorrow. I save a lot monthly and according to my current budget should have over $100,000 liquid by April 2020 [link] [comments]  |
| Signed Exclusive Right to Represent Buyer Contract, Agent not Responding Posted: 05 Nov 2019 10:55 PM PST Signed the form above and is valid till January. Agent is not responding anymore, so that means I can't buy a house till January now? Since I signed this exclusive contract? What a joke. [link] [comments]  |
| Posted: 06 Nov 2019 02:22 AM PST We started this process on March 12, 2019. We had sent over an offer for a new manufactured home, (this is where they build the home in sections in a warehouse and deliver the pieces on a truck and put the puzzle together) on the largest lot in this new section of am existing development for a closing date of Sept 15th. We went back and forth for about 2 months working out some issues with stair placement, but finally worked that out in mid May. We needed to sell our existing house so weren't in a huge rush but we're hoping things would progress at the same time. We ended up selling our house at the end of July and by Aug 1st we had a signed ratified contract with all of our modifications, options, additions and a new closing date of Oct 31st. We were told our house was now in production so we moved in with the in-laws in hopes to be out in 3 months. Around the beginning of October we were told that the house that we picked out will not fit on any available lot in the neighborhood. We were told by the agent that it would have fit on one other particular lot in the neighborhood but that particular lot was already sold (he also told us he sold 7 other lots). At this point we didn't know what to do so we asked for a meeting to find out what our options were. When it came time for the meeting the agent he was no longer with the company and the investor of the property and a new builder we're at the meeting. We were told that everything that the agent had told us was a lie. No other lots in the neighborhood were sold, our manufactured house was never in production and there was no way we would be in house by Sep 15th. We were than told we needed to find a new house plan and that they would work with us to get us what we wanted. It has now been over 8 months and I still don't have a new ratified contract or anything in writing for that matter. What should I do with these guys? (edited for more detail) [link] [comments]  |
| Posted: 05 Nov 2019 07:55 PM PST Hello everyone Is there a way to get a bank loan from US financial institute to buy a property outside USA - Sri Lanka. Asking because in Sri Lanka interest rates are around 8 to 11 % [link] [comments]  |
| Any one here sell to am ugly house buyer? How did it go and when should I concider it? Posted: 05 Nov 2019 05:26 PM PST I think our current home will sell, but it is November and Massachusetts winter is on its way. Snow won't help sell a house on a massive hill... Anyway not too excited to have 2 mortgages and will need to sell our home asap. When should the ugly house offer be considered? [link] [comments]  |
| Posted: 05 Nov 2019 06:28 PM PST 5 years ago our grandfather gave us land with a trailer on it shortly before he passed. We recently found out that his 5th wife to whom he was married at the time of his death kept the title in her name against his wishes and unbeknownst to us. We got a survey that included the trailer and a deed. In our ignorance we assumed the deed transfer covered the trailer. Our relationship with this woman is nonexistent as she has become increasingly hostile over the years. To make the situation more complicated there are 3 wood framed add-ons which combined near the square footage of the double wide they are attached to. It may be worth noting that the trailer is around 40 years old. Whether or not she is willing or able to move it, we are concerned doing so would damage the framed structures. Is the trailer considered abandoned by Florida law? If we file paperwork as such will she be able to drag it out from between these add-ons potentially damaging them and leaving us with a pile of rubble? It's highly unlikely she will be cooperative with anything that serves our interests. Any advice would be appreciated. [link] [comments]  |
| HOA Minutes vs Bylaws and Declarations Posted: 05 Nov 2019 12:16 PM PST We are selling a condo and the association has supposedly voted on certain new requirements such as keeping renters to a certain ratio or not allowing more than 1 unit to be purchased by someone. The issue is the old property management was very poor and didn't keep minutes and there have been no updated bylaws or declarations detailing these decisions. We have two offers one is an investor looking to rent out and another is someone that owns one already and would be renting this out. Does the association have a leg to stand on? Do minutes constitute new bylaws without new bylaws being drafted and reviewed by an attorney? They are having a board meeting in a couple days. If a contract is signed before then can they interrupt our sale? FHA status already expired, wouldn't approve anyway, 50/50 rent to owner ratio already reached. [link] [comments]  |
| Department of Justice's take on rebates from real estate brokers Posted: 05 Nov 2019 10:47 AM PST There is a lot of FUD when it comes to how rebates are looked upon and what they can be used for. I have heard realtors all the way from claiming that rebates are illegal, to saying that they can be only used for closing costs, to declaring that they are RESPA violations. The realtor claims were in a state where there are no laws against such rebates. I was glad to find that the DoJ actually has a page explaining their take on this whole matter https://www.justice.gov/atr/competition-real-estate-questions-and-answers [link] [comments]  |
| Advice on Primary / Secondary home mortgage Posted: 05 Nov 2019 09:15 PM PST Hello Everyone, About 1 year ago, I purchased a condo as my primary residence (MD). Since then my job has become 100% remote and I got a roommate to help pay the bills. As I work remote I found a great house down south (FL) and I want to make this my primary residence as the cost is higher than the condo. My roommate has agreed to take over the condo for an additional price to cover the mortgage. Question - Currently I have a primary mortgage on the condo, but going forward it will be acting as an investment property. What do I need to do to essentially make the FL house the primary resident and MD house a second/investment home. Any recommendations would be very much appreciated. Do I really need to refinance the MD house or is their some sort of way to just switch the mortgage type. Thanks [link] [comments]  |
| Vent/rant: hard money and scammers Posted: 05 Nov 2019 05:25 PM PST We are at a stage in our growth where we make extensive use of hard money. Every ounce of liquidity gets poured back into the machine. Anyway, we are always looking for new sources- we used one guy exclusively for a long time then he started ratcheting up his rates so we had to learn a lesson. Anyway, recently some HML scammers found me and, I need to say, they are pretty good. The deals are just a LEEETTLLE bit too good. The sort of thing you can be like "well... I guess I could see someone offering this" In fact, if I hadn't gotten three version of the same thing within 48 hours I might've... well, I wouldn't've fallen for it- but it would've taken a lot longer to be sure it was nonsense. [link] [comments]  |
| What happens if the escrow account ends up with excess funds? Posted: 05 Nov 2019 09:15 AM PST Currently in the process of buying a house - my Uncle is giving us a private loan for the home. He's leaving out of the country tomorrow so he's wiring the full amount of the purchase price ($482K) to the escrow account today - after seller credits / impounds / closing costs / earnest money are all calculated I know the total due won't be $482K - if there is additional money due we will obviously pay that to close, but I suspect there will be excess money - will they return it to us or send the excess back to my uncle? [link] [comments]  |
| What happened to the heat maps that used to be on Trulia.com? Posted: 05 Nov 2019 06:49 AM PST There used to be a feature on Trulia that allowed you to look at median home prices for individual neighborhood blocks as a heat map. You could look at this data as well as access real estate trends over time by neighborhood. This was an incredibly useful tool when researching buying a home. Does anyone know where these features went? Or if there is another place that they can be found now? [link] [comments]  |
| How to utilize lawyer for first home purchase [California] Posted: 05 Nov 2019 07:30 PM PST I just went into contract for my first purchase. It's a condo in the Bay Area. I've got a great agent and solid lender - they're all on top of everything. I've been through about 600 pages of documents and read them all, asked questions, etc. It's a straightforward conventional loan, with a 21 day close. But I also have unlimited free access to attorneys (work benefit). I made an appointment for Friday. What kinds of things should I focus on? How can I best utilize his expertise? How should I prepare? [link] [comments]  |
| Went under contract and lender is unresponsive Posted: 05 Nov 2019 08:24 AM PST First time homebuyer here. I was preapproved by a lender and was told that we could close as quickly as 3 weeks if I fulfill all my obligations promptly during the process. I submitted an offer on a house, along with 2 other parties. It sounds like we were all right at list price, and the seller went with my offer because I said I am able to close the fastest. Now we are on a fairly tight timeline, trying to close before Thanksgiving. My problem is, my lender has become unresponsive for the past 3 days or so. I realize 2 of those 3 days were over the weekend, but I would have at least expected to hear something yesterday (Monday). Neither I nor my realtor have been able to get my contact on the phone to figure out the appraisal and get all the necessary paperwork completed. It seems very odd considering this is the part of the process where the lender makes money. The inspection has not been performed yet, but has been scheduled. Should I be worried? I don't know what the usual timeline is here, and if waiting on the lender is going to be a major bottleneck in the process. What happens if I am not able to meet all the dates outlined in the contract? Should I be reaching out to other lenders? [link] [comments]  |
| Buying a condo in Bay Area? Nervous! Posted: 05 Nov 2019 06:38 PM PST Hi, I'm finally in a position where me and my wife can buy a condo. We've been looking at multiple places. We've found a few we like. New to real estate, I'm closely monitoring HOA management of funds, buy laws, special assessments. But I've never made a purchase this large in my life so I'm still terrified that I'm going to make a bad decision or something I regret for a lifetime. One of the places I loved for example had dry wood termites (it had it treated, not fumigated) I don't know how much of a dealbreaker that is. Any tips from condo owners besides what I mentioned would be appreciated! [link] [comments]  |
| Posted: 05 Nov 2019 06:01 PM PST Anyone know of a good tool to weigh a refinance option? I can get a lower monthly payment, a bit lower interest rate (fixed), and get a lien off of the property by refinancing, but it'll cost me thousands in fees. I'm not sure it's worth it. Thanks, Friends. [link] [comments]  |
| For current real estate agents: what is your opinion on the career? Posted: 05 Nov 2019 09:05 AM PST Asking and looking for the highs and lows, the ins and outs, what kind of person do you have to be (social, persuasive, etc), how you feel about working as an agent and how long you've been doing it. Anything else you want to add is appreciated. I'm asking because I'd like to get a feel before I dive into it. [link] [comments]  |
| Posted: 05 Nov 2019 01:38 PM PST I bought a condo from my mother at a really good price for the area, with a nice gift of equity. Fast forward a few months and a job offer came up for a year of work in Juneau Alaska with higher pay. I obviously don't want to sell my current residence I just closed on and have some friends that would rent it for a year until I get back. Is there a workaround here or is this 100% mortgage fraud? [link] [comments]  |
| [IL] New house: is it normal for permit to show inspections still pending? Posted: 05 Nov 2019 04:26 PM PST I'm looking at buying a new house. The builder seems to have only built 2 houses (one they live in and this one). I pulled the permits and it says only 14 of the 19 required inspections have been completed. The following are still pending: Interior slab at grade before pour Final building Final plumbing Health department final Engineering final Is that normal? Seems like something that would have to be done before putting it on the market. Edit: The realtor is married to the builder and she did disclose that up front. The house is on septic and well so that plumbing inspection is esp important... [link] [comments]  |
| Posted: 05 Nov 2019 04:03 PM PST My dad and I have been trying so hard to get a house for almost a year now. A house with at least 3 acres, preferably a brick house but no trailers, and we're looking in northern Kentucky which is where he works and where all our family is. under $180k. It has been IMPOSSIBLE. Absolutely fucking impossible. We managed to get ahold of a house 3 times. And every time, something went wrong like it had no septic tank, infested with bats, bad foundation, listing agent has a rigged inside deal going on, etc. I'm turning 18 in a year and I am going to want to go travel, move out, and start my life immediately. But I can't until my dad gets his own place for himself because we have two horses and it's too hard for him and too much pressure for him to take care of them by himself where we currently live. Please help. We don't know what to do. We have a year left to find a house and you may say that's enough time but people buy the houses in less than an hour here and we can't find a place. When we do, someone has it rigged, it has a major issue, or someone buys it 2 seconds before us. We don't know what to do. I don't even know what kind of advice I'm asking for here. The only thing I can think of is if he moves to a different area and works there but he says he'll only do that if I move there with him forever and I'm not doing that. [link] [comments]  |
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