Are Realtors Becoming Obsolete Real Estate |
- Are Realtors Becoming Obsolete
- Barn style doors,
- Selling house in Winter vs Spring (Toronto)
- Buying first home w/ FHA loan, then renting out rooms while living in house or maybe in car?
- My mom is finally going to buy a home (How to not she's not getting ripped off)?
- What is the difference between Sale Date and Close of Escrow Date?
- My Aunt died mid-deal, now buyer wants 10k+.
- Property in my Father's Estate - bank ignoring me (Ohio)
- Are the repairs/additions worth it?
- I'm on the deed of a rental property my mom is selling ... 2 questions on capital gains and setting up a bank trust account for her
- Central Florida Advice Needed to sell Dad's House (Estate) FAST
- Can you cash out refinance on a hard money loan with no job and business credit ?
- Low downpayment with mortgage insurance and higher interest over the lifetime of the loan vs rent for years to save up higher down payment?
- Sold our home about two months ago. We had a termite bond for almost two years. Buyer just emailed our agent to say he found termites "everywhere". We have no liability here, right?
- Home Warranty (TX)
- Should I try and renegotiate my contract? [CA]
- Just sold my first house! Post sale quedtion
- Negotiating repairs recommended during inspection
- What is a reasonable seller's agent rate (and what to look for in an agent in general)? (New York City)
- Cross post from r/realestateinvesting
- Real Estate Term Paper HELP
- appraisal completed before home was built
- Florida roommate security deposit, second chance?
- Refinance at higher interest rate to remove MIP on FHA loan?
| Are Realtors Becoming Obsolete Posted: 06 Dec 2019 08:51 AM PST With our interconnected world, and the fact it is super easy to advertise for homes now a days. What is the point in getting a realtor? It seems that people are selling their homes now a days just as well as a realtor does and they don't have to pay commission for them. My realtor did nothing for us, she knew nothing of the house, and limited communication between me and the seller. Wasted money on this lady for nothing. [link] [comments]  |
| Posted: 07 Dec 2019 04:00 AM PST it's 3 am in Vegas and after some really excellent mexican and half a dozen beers, you realize the design error of putting door hardware with huge air gaps and virtually no soundproofing on a hotel bathroom. I just played half the William - tell overture with my anus wondering if my spouse and son are going to be woken up with every single toot. barn doors on bathrooms, just no. please , no. [link] [comments]  |
| Selling house in Winter vs Spring (Toronto) Posted: 06 Dec 2019 10:08 PM PST Hi guys, My rental property has become vacant suddenly due to evicted tenant. I want to sell it ASAP and buy another smaller property. I know house prices and liquidity are lower in winter however I'd be buying into another property almost concurrently. I may have less choice but I'm thinking I won't lose too much value for timing because I'm selling "cheaper" (winter pricing) and buying-in again "cheaper". What are your thoughts on this? [link] [comments]  |
| Buying first home w/ FHA loan, then renting out rooms while living in house or maybe in car? Posted: 06 Dec 2019 10:56 PM PST I live in a college town. I used to be homeless. I lived in my car and moved across the country in search of better opportunity. After years of searching, I've found a job. Now, I'm looking into buying my first home. The town's real estate market is booming, in that there isn't much room to expand, yet the huge university keeps increasing its number of students every year. My mentor tells me he expects values to continue to increase for basically as long as he's alive (he's like 55). There's a 3BR house being sold at a discount in a coveted neighborhood right next to campus. It has hardwood floors, a fresh paint job on the exterior, is well-maintained, and etc. Basically already upgraded in many ways. It's going for like $170k. The surround houses are $180-$270K, which is great. My credit kinda sucks because I once missed a payment on my student loans. I'm bringing in about $40k salary, which I know is unimpressive but it's better than nothing. I save basically 75% of each paycheck and live like I have nothing (sleeping on a sleeping bag), eating the same meal for each meal and every day. I'm used to living like this. My thinking is maybe I can buy the house with an FHA loan, then rent out the two extra bedrooms to college students. There are a ton of rich college students driving Maseratis and crap here, and they like that neighborhood. They won't fall behind on payments. Mom and dad won't let them. I could easily price the rooms at 400-500/month, which would essentially account for the mortgage payment. Then I'd just need to pay the insurance each month, and I'd be living there basically for free. Or I could rent out the third room and move into my car (I drive a car you can live in), and generate enough cash flow to cover maintenance and maybe even be cash flow positive. The neighborhood is FANTASTIC, and I expect the value of the place to increase with time. My childhood friend's dad is the realtor. How can I leverage this connection to bring the price down? What should I do to make this happen? [link] [comments]  |
| My mom is finally going to buy a home (How to not she's not getting ripped off)? Posted: 06 Dec 2019 10:51 PM PST My mom is in her 60's... worked full-time since she was 20. Her mother died and left a small home far away which she never lived in but will sell it for about 150k and try to buy a home in her area in California for about 3-400k (and make payments). I am worried about a few things.
Thank you. [link] [comments]  |
| What is the difference between Sale Date and Close of Escrow Date? Posted: 06 Dec 2019 10:44 PM PST What needs to take place for the Sale to complete? What needs to happen for the Escrow to Close that doesn't happen to close the Sale? I've seen on the MLS where the Sale Date takes place, say 7/1/2019, and then the COE Date happens on 7/23/2019. [link] [comments]  |
| My Aunt died mid-deal, now buyer wants 10k+. Posted: 06 Dec 2019 01:46 PM PST My aunt passed away unexpectedly a few weeks ago. Her house had been on the market since September, and was under agreement for $130k. My mom is her heir, and she decided to go ahead with the sale. The buyer had come to inspect the house himself, and with various professionals on multiple occasions. My aunt had disclosed all the problems of which she was aware, including out-dated electrical and windows at the end of their lifespan. His offer of $130k was considerably lower than the original asking price, which was lower than the last tax assessment. But we considered it fair. After my mom signed papers to move forward, the buyer requested another inspection. This inspector detailed known problems, and also recommended that the basement be professionally cleaned (due to cat feces- my aunt let stray cats winter down there), and that some trees be removed. The seller then changed the offer to $120k, and wants us to have the basement cleaned and the electrical work upgraded prior to closing. This could cost as much as $6k. My mom is pissed, because she feels he knew about these issues when he made his first offer. She thinks he may be trying to take advantage of the fact that my aunt died. We're not looking to make money on this deal. We just want to pay off the mortgage ($111k) and any other expenses. But with this new offer, we could end up in the hole. At that point, we'd be better off letting the bank keep it. What say you, Reddit? [link] [comments]  |
| Property in my Father's Estate - bank ignoring me (Ohio) Posted: 06 Dec 2019 02:48 PM PST Simply put, my father past away in June and his home, your typical surburban home, has a 70K mortgage still. After repeatedly sending the bank (mortgage holder) legal documents (letter of fiduciary), calling them, requesting that supervisors call me, they seem to be purposely ignoring me. It is confusing because I am not making any payments and willing to let the property foreclose (its underwater) but I have people who are interested in buying it short sale. However, I can't even get the bank to talk to me. My lawyers just said to keep contacting them. Why does it seem to be in my banks interest to have the property foreclose? Are they making money off the foreclosure? Has the loan been securitized so they have no vested interest in it losing money. Is there some strategy to get the mortgage company to talk to me? I can't close this estate until this is taken care of so I am frustrated because I can't even return the deed. [link] [comments]  |
| Are the repairs/additions worth it? Posted: 06 Dec 2019 09:06 PM PST We purchased a rental property for $71,000 in 2011 @ 3.37, and our mortgage with insurance and taxes is $400. The problem is that the bathroom, kitchen, driveway and basement are looking outdated and old. We are looking into remodeling all of these issues, and it will be around $30,000. With a refinance this will increase our mortgage to $560. We are also toying with the idea of adding an additional bathroom and bedroom downstairs for an added $10,000. This will bump our mortgage to $610. Our current rent is $700, and adding the $30,000 will only bring the rent up to $750. But all these repairs are necessary. Adding the 3rd bedroom and bathroom will increase the rent to around $800. We are so confused at this point. Doesn't really feel these repairs are paying for themselves. Any pointers and help? [link] [comments]  |
| Posted: 06 Dec 2019 03:07 PM PST TLDR: can I "demand", at settlement, my half of proceeds from a rental property sale and then deposit those funds into an irrevocable bank trust payable to my mom on an allowance basis? My mom is exempt from capital gains but I am not ... do I pay them for my half or the total net proceeds? Hi, don't know if this is more appropriate for r/realestate or r/personalfinance or r/psychotherapy ... maybe all three. :( My mom, in dire fiancial straits, is finally selling a rental property for $100K from which she will net ~$50K. I'm listed on the deed with her. She is terrible with saving or budgeting money and has no retirement outside of a barely livable SSI, no long term disability, not even burial insurance, and a car on its last legs. I have been supplementing her medical insurance and will continue that support as long as I can. However, I am terrified of her future financial stability and the likelihood of me needing to perpetually bail her out to my own financial and emotional detriment. She simply won't save money and then comes to me to bail her out of financial crises. I've started having panic attacks over these crises. I'm on the deed of the property but she and I have not talked about how the proceeds will be disbursed between us. I frankly had assumed she'd take all of it - and under normal circumstances I'm completely happy for her to take all of it with no input from me - until her sister and my dad suggested I ask for half to put into an "allowance" trust for my mom and then essentially function as a money manager for my mom. I asked our RE Atty and he confirmed I could ask for up to half, and set up an irrevocable high yield checking bank trust account payable to my mom, but under my control. We will settle with the buyer in a few days. I like this idea a lot. And her sisters and my dad support this. Aside from the emotional shitshow this will cause between me and my mom if I demand my "half" at settlement to effectively put her on allowance (I guess a question for r/psychotherapy) ... is there any legal or fiduciary jeopardy to doing this? Also, she, due to her super low income, is exempt from capital gains taxes but I am not. If I did this would I responsible for taxes on the full $100K selling price, the full $50K net proceed, or only my half of 25K? On an interpersonal level, is this even a good idea or just a futile attempt to jumping from the frying pan into the fire with managing part of her financial life? Emotionally I want her to be self sufficient and not dependent on me. I want to extricate myself from her financial crises and perhaps by controlling the budget think I can do that. Is this a fool's errand? [link] [comments]  |
| Central Florida Advice Needed to sell Dad's House (Estate) FAST Posted: 06 Dec 2019 02:57 PM PST There isn't much (if any) equity because of a reverse mortgage. House is worth less than $300,000. Are any of the FSBO sources with MLS offerings any good in Central Florida? Am I being penny wise and pound foolish -- because a realtor might get more money and sell it faster??? Need to sell it ASAP as the reverse mortgage company is going to start charging $1000 a month rent! Thanks! [link] [comments]  |
| Can you cash out refinance on a hard money loan with no job and business credit ? Posted: 06 Dec 2019 06:06 PM PST Is it possible to cash out on a hard money loan with no job and business credit . Would the people you refinance with let you refinance with no income ? Example I use business credit cards to pay for down payment , I have no job but proof of funds then I want to cash out refinance will that be possible ? [link] [comments]  |
| Posted: 06 Dec 2019 06:04 PM PST Sorry for the bad title. I often see people talk about how it's a bad deal to have a low down payment because you end up having to pay more in interest over the life of the loan since you have a larger loan, and you end up having to pay for mortgage insurance. But i never see anybody factor in the cost of renting for years while saving for a larger down payment and the opportunity cost of not paying off principal. Obviously a larger down payment makes more sense if you options are 20% down or 3.5% RIGHT NOW. But if it's 3.5% right now or 20% in five years while you spend money you'll never see again on rent it is less clear that a larger down payment is better. It seems to me that a lot of people are wasting money by losing out on principal paydown while paying rent in order to save for a down payment. Im sure this all really depends on the specific numbers but i wonder is there anybody who talks about this? Any resources I can check out? [link] [comments]  |
| Posted: 06 Dec 2019 12:01 PM PST The house next to ours was destroyed with termites so we got inspected and bonded late 2017 as a precaution. Honestly I'm not even convinced there are termites, I think he'd probably opened a wall, found dead bugs and is crying termites. We've got no liability on this, right? [link] [comments]  |
| Posted: 06 Dec 2019 04:47 PM PST I've been trying to search for reviews of home warranty companies and can't seem to find any reliable sources. One site will have the company rated at 5 stars, and then another site has the same company rated as the worst. The sellers are paying for the home warranty, and while I do have some protections through my homeowners insurance I am wanting to get a good home warranty that will actually help and be reliable if/when something goes wrong. I am wanting to know what home warranty companies out there are good to buy. AHS is one that I see mixed reviews, but they also seem to be the largest. I am just trying to find more options and some more reliable reviews. [link] [comments]  |
| Should I try and renegotiate my contract? [CA] Posted: 06 Dec 2019 04:30 PM PST I'll try and make this as short as possible. I've been licensed for around 7 years but haven't been active since 2015 as I wanted to not be in a high stress job and travel around a bit. When I got back from my most recent trip I decided to get back into real estate. I applied for a job posting for Real Estate Assistant so I could get my feet wet again and learn the ropes. I got the job under a 90 day probationary period which is coming up, get paid 30k a year plus 10% on any buyer transaction (the job quickly turned into assistant/buyer agent) BUT that 10% is void on any listings held by the team even if I produced the buyer. I'm still 1099 and the contract requires 8 hours a day, 1 working day on the weekend (not complaining about this as I understand the nature of the industry). Our team is under Compass, and I've already had a few issues within the 90 days such as my team leader attempting to change the contract and withhold the 10% on the first buying side transaction we had that I was part of. I went to the broker and she said my team leader was already pushing legal issues by not taxing my salary, trying to change the contract and basically she has no right to say how long I have to be in the office as I am technically a contractor. I spoke to team leader and she said she had though about it and decided not to change the contract and cut me a personal check for $1000 dollars (the 10% of her cut from the transaction) now that already seemed fishy as team leader did not give me a break down of commission splits and which I found to also be illegal by speaking to broker again about commission split between Compass and Team Leader (TL from now on) which they are not at liberty to discuss. So I need to have another conversation with TL about this now especially since we closed another buyer transaction that I saw through from start to finish and have yet to see my cut and I'm 99% sure the commissions have come in. I'm technically an RP2 at this point that handles all showings and taking buyers out, writing offers, writing counters, coordinating contingency removal and being present at them, lead generating and follow up, 90% of open houses for our listings and if we have none getting another agents listing to hold open, data entry, responding to emails, door knocking, property management of the units we own, passing out marketing materials, generating marketing materials, photography of our rentals and beyond all that I had to to help TL pack and move her house and TL also wants me to go through a file cabinet of personal crap that has documents such as pet bills from 1998. Now I'm not saying she's doing anything shady I just don't think she knows what she is doing and wanted a team so badly she didn't know if she was ready for it or not. I thought I was coming in to a well oiled machine with a TL and two RP1's. IT'S NOT. Which is fine and I'm helping implement systems but I feel I'm worth more. I think with this 90 days coming up I want to renegotiate my contract that I get 10% on any transaction, maybe 50% on any listing I produce or switch it where I get 90% and TL gets 10% (good time to mention I bring this up because my aunt and uncle are gearing up early next year to sell there $900k house where if I brought to TL I would get NOTHING) or perhaps a sliding scale? I also want to negotiate I can work one day from home so I can work and get some basic shit done in my own life that has been completely neglected because of the standards TL is trying to set. Even at this point I'm working 60 hours a week even though the contract says 8 hours a day. I come in early and leave late. Not bitching I'm just telling it how it is right now. TLDR: TL has indicated to me multiple times I'm doing a great job and intends to keep me. 90 day probation ends before Christmas and while I mostly like the job and am learning a ton I want to renegotiate my contract to benefit me more because of everything I do and beyond like helping in TL personal life. I don't want to say I'm being taking advantage because I realize the salary is huge plus but I feel everything I do on buyer side and listing side unfairly benefits TL. I imagine TL doesn't want to go through hiring again but will fight this. Can someone please give me advice? Thanks for reading if you made it through all that. [link] [comments]  |
| Just sold my first house! Post sale quedtion Posted: 06 Dec 2019 03:50 PM PST As noted in the title I just sold my first house. I am a real estate agent. The co-operating brokerage was both the buyer and the agent and is requesting to reduce his commission and take it off the sale's price, I assume it is for tax reasons. Should I consent to this, and if so is there anything to worry about? I live in ontario. [link] [comments]  |
| Negotiating repairs recommended during inspection Posted: 06 Dec 2019 09:36 AM PST I have a house under contract right now. The list price was 410k and the seller agreed to 387k because it had been sitting on the market for a while. Unfortunately, during the inspection we found major powder post beetle damage in the crawlspace. I have a foundation estimator coming out next week, but from the pictures and talking to him over the phone, he estimates anywhere from 10-25k worth of work to replace damaged and rotted posts, sill plates and potentially beams and joists. What's the best way to negotiate such a large repair cost with the seller? My inclination is to tell them they need to have repairs done by a contractor of my choosing, that way if it's worse than expected it's their problem. Only problem is they've already come down so far on the price and during negotiations they alleged that due to renovation costs, they would need to bring money to the table if they sold for anything less than 400k. Not really my problem, but it's a factor. My agent said they're pretty much hosed either way because the next buyer that comes along is going to demand that they either lower the price or fix it before closing. I'm just wondering if there's a way to use a big problem like this to our advantage, or if we should be walking out on the deal? [link] [comments]  |
| Posted: 06 Dec 2019 03:22 PM PST A family member in Brooklyn is planning on selling a house at some point in the future. At this moment they're talking to various real estate agents and they've asked me for advice. They've found one they like and this agent has proposed an exclusive sales agreement. The percentage asked is 6%. That seems high to me, but I have no frame of reference. From some cursory googling it seemed to me that the rate was usually more around 3%, but this is the NY market and the house is of some value, so I don't know. Is this a reasonable rate for New York City? Can one negotiate these rates? What should they be looking for in the sales agreement? That is, what are things that _need_ to be in the agreement, and what are red flags? Links to any external resources would be helpful -- articles, reference sites, etc. Thanks for any advice! [link] [comments]  |
| Cross post from r/realestateinvesting Posted: 06 Dec 2019 03:10 PM PST Created this and so far it's been appreciated, so I figured I'd share it in cross posts! [link] [comments]  |
| Posted: 06 Dec 2019 02:43 PM PST I was assigned a term paper for my real estate law class and I am seriously struggling to find a topic to write about. The only guidelines for the paper were "anything that has to deal with real property rights" or "any law that should be added/moved/adjusted" I have been beyond stressed trying to find a topic that I would be able to take a stance on. Does anyone have any articles or suggestions that can give me a boost in this process. All the assistance is greatly appreciated! [link] [comments]  |
| appraisal completed before home was built Posted: 06 Dec 2019 02:29 PM PST Appraisal was completed on a home I am having built before the dry wall was even up. The appraisal came in about 2k less than what i'm paying for the house and I am wondering should I even care about this? The appraisal says the house is carpet and tile although i paid to have all tile. the appraisal also incorrectly states that the house has no sprinkler system although it does. do these things even matter in an appraisal? i don't feel like the houses it compared mine too are at all comparable but again, do i care? i can make up the difference the bank won't cover and I don't plan to sell in the next few years and when I do there will be another appraisal. am i missing anything? [link] [comments]  |
| Florida roommate security deposit, second chance? Posted: 06 Dec 2019 10:34 AM PST I have a roommate that recently moved out. Asking about his security deposit, I inspected the room. He swept but there is coffee stains on floor(probobly mopable) some debris and trash in closet. Grout and baseboards are filthy, door has fingerprints all over it. One spot on the wall has flecks of blood from when he first aided a wound he had a couple months ago. The move out has been rather hostile, to the point police were almost called. Quite frankly I want to sever ties. He is claiming he wants another shot at cleaning it. However I'd rather just have someone come over finish cleaning it out of the security deposit, and be done with it. Am I obligated in Florida to allow him another chance after he's moved out? [link] [comments]  |
| Refinance at higher interest rate to remove MIP on FHA loan? Posted: 06 Dec 2019 02:15 PM PST Principal $358,400 Interest rate: 3.5% Loan origination 12/2016 MIP: $252.04 Current P+I monthly pmt: $1,715 I obtained a quote from a local CU that can refinance and remove mortgage insurance, however rates are a bit higher Proposed Interest rate: 3.75% Same principal amount, no cash out Closing costs $4,800 New monthly P+I: $1,708 What's a ballpark for my break even in this scenario? I'll be saving about $260/mo in monthly payment but my interest rate will be higher and resetting the loan at 30 year (currently 3 years in) along with closing costs listed above. The lower payment is enticing but I'm not very good with numbers to know what the actual breakeven is in this situation [link] [comments]  |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment