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    Home Unlabelled To sell or not to sell Real Estate

    To sell or not to sell Real Estate

    November 07, 2019

    To sell or not to sell Real Estate

    To sell or not to sell

    Posted: 06 Nov 2019 11:17 PM PST

    One year ago we've bought a property for us to live in. We've decided the town wasn't for us, and moved back to the city we were living before. We've rented out our house and it's bringing a positive cash flow, but it's not allowing us to buy a house in our old city, and there we are currently renting. Should we sell the house with positive cash flow to buy a much smaller house in the city we are in? Or should we save some down payment and buy another house in the city we'd like to live in a couple of years when we've put more down payment together. We're mid-thirties. Thanks!

    submitted by /u/perrier78
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    Sellers attempting to schedule final walkthrough prior to having everything out of the property?

    Posted: 06 Nov 2019 10:02 AM PST

    It has always been my understanding that the house should be ready to be transferred at the time of the final walk through - is that accurate? I'm not concerned about repairs (they gave us a credit in lieu) but I am concerned they won't have all of their things off of the property timely.

    What is the typical procedure for the final walk through?

    ​

    edit: just to clarify the walk through is happening the morning of close of escrow and signing will have already happened. We are determining when to approve recording.

    submitted by /u/thatgirl2
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    buyer offered temporary occupancy of 7 days, refuses to stand by it

    Posted: 06 Nov 2019 01:04 PM PST

    Need some advice, my parents were offered a contract where the buyers agreed to pay full price, give them X number of days to find a new home, and then 7 days after they closed on their sale to get completely moved out. Fast forward 3 weeks and they've found a new home got under contract then their buyer has now gotten a lawyer and is refusing to allow them the 7 days to get moved out. My parents are elderly and have lived in their current home for over 30 years, it is not going to be an easy task to get them moved out and they don't need the stress.

    submitted by /u/bka-redit
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    Should I take a Pre-Licensing Real Estate class if I don't want to be an Agent?

    Posted: 06 Nov 2019 03:38 PM PST

    Hello r/RealEstate,

    So a tiny bit of background: I am not interested in being a Real Estate Agent per se, but I have some pretty powerful borrowing power due to my net worth (inheritance) and I am considering using that to purchase real estate. Since I'm a total neophyte, I thought a pre-licensing real estate agent class would be a good and inexpensive way to learn the ABCs of real estate transactions and so-forth. However, I'm a little concerned that it will just be designed to get people to pass a test rather than being actually informative. Can anyone here offer some insight on this?

    submitted by /u/talentedmrhume
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    Convert Primary Residence to Rental

    Posted: 06 Nov 2019 05:24 PM PST

    SO and I bought a primary residence this summer, but I'm scheming and wondering if we can purchase a new primary residence and rent out current property (after a year post purchase). The main reason to do this (that I'm thinking of) would be to get a lower interest rate and have less down than would be required to outright purchase an investment property. We have 20% down on the current property.

    What are the implications of this that I'm not thinking of?

    Will our current mortgage stay at the same (primary residence) rate if we convert to rental?

    Do I likely have to let my current mortgage company know?

    When shopping for another property, will I be able to get a primary residence mortgage rate, assuming that's the intent of the next property?

    submitted by /u/darjego
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    California "As-Is" - major issues found during inspection

    Posted: 06 Nov 2019 05:10 PM PST

    Looking for some advice. Currently in inspection period.

    We are first time home buyers. There are MANY things we plan to do to the house, all of which we have zero intention of asking for repair concessions on. We're going to replace HVAC, update electrical, replace several appliances, remove carpet, re-do the floors, etc. Again, all of these are understood for the "As-Is" clause, and we aren't planning to ask for any money for these things.

    There are however things we have found during inspections that we don't feel accurately reflect the price of the home.

    Also note, the home has not been occupied for 10 years, and many systems have simply been kept off for that time period.

    things we feel are fair to ask for

    • non-permitted sunroom - we were planning to remodel this and not ask for anything, however, inspections found it is completely infested with termites - they haven't entered the house, yet, just this shoddy room. We'd like to ask for money off the purchase price required to now just demo this room, as the termite damage is extensive and we can't remodel it without completely tearing it down first, and we don't really want to move into a house with major termite damage to this room

    -additionally termite inspection says the home needs to be tented and looks like termite prevention actions had not been taken $8,000

    • old galvanized plumbing - this neighborhood has extremely high water pressure, and while the buyer disclosed one leak previously (which damaged some floors that we are again NOT asking for repair money on) - our inspectors found that it's clear that there were several other bursted pipes previously, and it's likely that the entire system is a must-redo - even if a regulator is added. additionally, when we did turn the water on, there is an active leak in one of the showers leaking down into the crawl space - additionally, the drainage pipes are cast iron and rotted out and will need to be replaced - approximately $10000 for entire plumbing system - our concern is that these are not small repairs, because the home has not been occupied for so long, we suspect that pipes will continue to cause problems and potential damage if not entirely re-done. as of right now all the water is OFF again, and cannot be turned on again until the plumbing is basically redone completely
    • sub-floor damage from leak noted above - we were not planning to completely re-do this bathroom, but we have been told we would have to basically cut out the whole floor and replace immediately as it is rotting - quoted $4-6000 to fix correctly
    • septic system - we paid for a very expensive septic inspection - the tanks and seepage pit are in extremely good condition for their age and usable, however the septic inspector (who was suggested by the seller) has said it must have some new major concrete adapters, fittings, covers, t valves, and other things, which will cost $8000 - a neighbor recently had to redo their entire septic system for $60,000 - we are not willing to take any risk on the septic not being tip-top due to the difficulties of this location
    • gas - we smelled gas in the house, the gas company came and found that the oven had been modified at some point in time to an electric start igniter, and it is currently leaking. the original oven and range are otherwise beautiful and a big part of the appeal of the kitchen, however the gas company has now shut off the gas and says we should not turn it back on until these issues are fixed. additionally, there is no gas shut off valve at the home (only at the meter which we really shouldn't have to mess with ourselves, only the gas company)
    • Garage - garage is in good condition, needs a new door etc, (NOT asking for this) but some of the ceiling joists were cut out at some point and need to be replaced (not a huge deal) - and the fire wall has some holes in it that need to be patched to be brought up to code (not a big deal will probably let this go)

    We believe the seller is motivated to sell. The home was recently (2 weeks ago) in a fire evacuation area, our offer came in above asking price by $30,000, and the seller would now have to disclose all of these things if they dropped the deal. We also gave them a 2-week lease-back period after closing for $1 to be nice, because it's an older family who wants to have other family members come and get stuff out of the house. So far the process has been very amicable.

    Are we crazy to ask for money off the sale price (added up we really would like to get approximately $20-30k back) for some of these big ticket items? This would bring the price back to the initial listing price. We do have an inspection contingency and a loan contingency, but we did a short 10-day inspection period to make our offer attractive. We just believe a lot of these items are health/safety related, and that some of the systems are not fixable, but must be completely replaced simply for us to move in to the home.

    Thanks.

    submitted by /u/firsttimehomebuyer19
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    HOA litigation issue

    Posted: 06 Nov 2019 10:07 AM PST

    Tried to post this under a throwaway account, posting on my actual account...

    Will HOA litigation kill the sale of my condo?

    Hi all, I've been googling trying to find advice for my situation, maybe someone here can help!

    My husband and I are selling our condo in SoCal. We recently found out that there is pending litigation involving the HOA. As soon as we heard about this, we called the HOA to get as much detail as possible. HOA advises that this is a situation where one condo owners dog got out and bit a maintenance worker. The HOA is being sued by the injured worker along with the dogs owner.

    To me, this seems like an open and shut case where the HOA isn't liable, or if they were determined liable, their insurance should cover it. The HOA said they will provide us a letter from their insurance carrier stating that the incident would be covered. We thought we were in the clear.

    When we brought this up to our realtor, he says that any litigation is a red flag to a lender and the lender would automatically charge a higher interest rate. We've got a newly accepted offer from a buyer with conventional financing and are starting to worry.

    Does anyone have experience with this type of issue? Are we going to be unable to sell until the case is settled?

    submitted by /u/melomtz
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    Residential Real Estate Investor Question

    Posted: 06 Nov 2019 03:35 PM PST

    Quick question about choosing a bank account for my LLC (Texas).

    What are the best options for business bank accounts in Texas with no minimum balance requirements?

    1. Chase's Business Checking account has a minimum balance of $1,500 to avoid a monthly service charge of $12. I'm trying to avoid using Chase because of the hogh minimum balance.

    Or perhaps I should open a business checking account at a credit union?

    Any advice is appreciated!

    submitted by /u/clannad462
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    First Time investment a multi unit to convert to all condos

    Posted: 06 Nov 2019 07:06 PM PST

    Want to buy a multi unit building for my first time... Will come across some money by December want to buy in May or June!! How hard is it to convert over to condos ???

    submitted by /u/Kingczer2
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    Legitimate Courses for Real Estate

    Posted: 06 Nov 2019 02:15 PM PST

    If this is in the incorrect thread, I apologize. I'd like to enter the real estate game, it's a field that I've always had a passion for, but my internet searches for the required coursework have only left me more confused. I'm extremely wary of online courses, but I'm not at all opposed to it. The issue I'm facing is that I don't know which programs are legitimate. Perhaps I'm being overly paranoid, but I wouldn't want to waste my money on something that isn't worth it. So, my question to you is, which programs would you recommend? I live in Illinois.

    submitted by /u/haleybee22
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    Can a room addition be considered a Second Bedroom

    Posted: 06 Nov 2019 05:11 PM PST

    We are considering purchase of a house that was renovated to add a 2nd bedroom. The original HVAC unit was removed and replaced with a larger roof mounted unit. The roof mounted HVAC unit return air is in the 2nd bedroom below where the new HVAC unit was installed on the roof. The original return air duct that was in the central hallway was closed off. This is a 1,500 sq/ft house. While the HVAC unit appears to be adequately sized for the house, the resulting renovation leaves only one return air duct for the whole house that is in the added second bedroom.

    Question: Can a house be considered a 2 bedroom house when it is not possible to close the bedroom door without considerable adverse impact to the whole house HVAC system. The second bedroom does have a closet and egress window.

    submitted by /u/scalestea
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    Who pays these fees?

    Posted: 06 Nov 2019 10:57 AM PST

    I'm in Ohio.

    I am selling a 4 family and just got the disclosure statement. It only shows the seller's side of the expenses. The buyer's side is blank.

    We agreed to pay $0 closing costs for the buyer but the agreement does state that the seller pays the cost incurred to provide marketable title and to fulfill the terms of the contract.

    They are charging settlement fees, title exam fee, and title insurance binder.

    I've bought and sold 4 other properties in the past year and those fees went to the buyer. The title company is saying it's "my share" but since they aren't even letting me see the buyer's side of the closing statement, I feel like they are passing their fees on to me.

    submitted by /u/Sapphyrre
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    Need help choosing a brokerage to work with

    Posted: 06 Nov 2019 08:11 PM PST

    I need help deciding on a brokerage. I live in Henderson NV if that matters. I will be a brand new agent doing real estate full time with 0 experience in real estate. I have already passed all the schooling and state and national tests and I am ready to choose a brokerage. I have already interviewed 5 brokerages and I'm still unsure of which one to choose. Reality one group , BHHS Homeservices and keller wiliams are my top 3 from these 5. I went in there asking each one of them many questions and they all seem great in different ways. Reality one group fee structure seems amazing and technology seems great too but the training i am unsure of because it wasnt too clear. Bhhs sounded amazing with their training but their fee structure wasnt too great and technology seemed a little bit old school but I am not worried about making money anytime soon because I have saved enough to support my self for a long time , I am most concerned with the training /coaching/ technology available to me. Keller Williams sounded great too but felt like a little bit of koolaid marketing. Can anyone shed some light or give me any advice for someone like me that's brand spanking new with 0 experience and needs tons of training. Where should I go? :)

    submitted by /u/bosslv44
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    what do you use to find phone numbers for expired and/or cancelled listings?

    Posted: 06 Nov 2019 07:23 PM PST

    just starting out so not a lot of money to spend here, what do you all use?

    submitted by /u/therealhood
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    Buying a rental house as a first mortgage?

    Posted: 06 Nov 2019 01:11 PM PST

    So my girlfriend and I plan to move for 3-5 years to a bigger city so we can get good career experience, then eventually move back to where we are (smaller city, LCOL). She had an idea that while we are in DC or Atlanta or wherever we end up, we could purchase our first home down at the beach, and rent it out every summer (we have a friend who has a good property manager that we would use), and when we come back to our LCOL area, buy another house here. Since we know we aren't going to be in the bigger city for long enough to make sense to buy, would it be a dumb idea to go forward with this plan?

    submitted by /u/Spritesgud
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    Timeline from now to Real Estate License

    Posted: 06 Nov 2019 05:46 PM PST

    Hypothetically, say I have a Bachelors of Science in Political Science and have intentions of pursuing a Real Estate License, about how long would it take to be a licensed Real Estate Agant if I fast-tracked it?

    submitted by /u/FilthyLikeGorgeous
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    More Closing Cost Credit than Actual Amount, l lose?

    Posted: 06 Nov 2019 03:02 PM PST

    Just want to make sure I'm not losing out on $500. I negotiated $5,500 of closing costs, they actually came out to be $5,000. Instead of getting that $500 applied to the principal or getting cash back, I lose it all? That is what my mortgage lender is said that Freddy/whoever told her. I close tomorrow morning and just want to make sure this is legit.

    submitted by /u/brother_ryan
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    Buying Land in Colorado

    Posted: 06 Nov 2019 01:14 PM PST

    I am thinking about buying a few acres of land for cheap in the middle of Colorado. Something like this: https://www.landwatch.com/Costilla-County-Colorado-Land-for-sale/pid/336440803

    I do not plan to necessarily build anything here or expect if to be a great investment or anything like that, I just think it would be cool to own my own land. It seems really easy to buy something like this but is there anything I need to worry about? What kinds of things do I need to check before buying this? Is there any way I would buy this land and then afterword realize there is a lien or some large amount of money that is owed on it? I know I have to pay property taxes on it but what else should I look out for? Thank you for any advice!

    submitted by /u/29ofakind
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    looking for some advice am a first time homebuyer have saved nearly 30K and make aproximatly 28,800 a year. (US)

    Posted: 06 Nov 2019 06:10 AM PST

    live from home so expenses are low looking to know what in general i should look for? what should i look for price wise, what are some red flags i should look out for and also looking to get a duplex specifically so i can rent out half of it. live in the columbus ohio area

    submitted by /u/Goose2356
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    Buyer might back out because of neighbors. What can I do? [Htwon-TX]

    Posted: 06 Nov 2019 09:47 AM PST

    I finally have a buyer for house I had in the market for over 2 months, in a Cool de Sac. And it was mainly because if the neighbors, they always have different cars, as many as 6 or 7 and different people going in an out. Many times they are fixing them in the driveway and street. I checked on HAR and they are leasing. The buyers have 3 days left in the option period and may back out if it doesn't get resolved. I contacted the HOA but they keep telling me they cant do anything. They can park in the street no longer than 72hrs, because the street is public. But they it is different cars anyway. What can I do?

    submitted by /u/Bemo98
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    I Do Not Know Why People HATE AIRBB. Some towns have banned it?

    Posted: 06 Nov 2019 05:44 PM PST

    Why would a city or town ban AIRBNB??????????

    submitted by /u/DetroitCam2
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    Seller broke contract and backed out. Small claims court for inspection fee?

    Posted: 06 Nov 2019 04:54 AM PST

    Found a house I really liked it was on the market for a couple months. It had been recently relisted was told the previous buyer made a full amount offer and then backed out. Haggled a bit on price. Agree to price, about 5k less than listing. paid 400 for the inspection. Went back and forth or repairs needed seller would not budge. Decided to go ahead on purchase since I really liked the house. And heard there was another buyer lined up ready to make an offer. Next day as I was getting ready to have the lender appraisal scheduled my realtor calls and said the seller took the house off the market and decided to supposedly back out of the house they were buying also. I guess their realtor tried everything to persuade them as he was brokering both the sale and purchase.

    My father is retired and has time to burn. Is small claims court worth it to get back the inspection fee?

    submitted by /u/dinosorejesus
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