Facing a $30.000 fine because my tenant turned our apartment into a squat and I don't know what to do... Real Estate |
- Facing a $30.000 fine because my tenant turned our apartment into a squat and I don't know what to do...
- Original 1900s stained glass window was “cut out from the inside” of the house I’m buying. Seller says they filed a police report...
- Has anyone ever seen a deal fall apart over 1k?
- Double pane windows worthwhile?
- Brightmls.com for regular homeowner?
- Can the real estate industry be automated?
- How to use a cashier's check to pay Discover card?
- Closing being delayed
- If I was to hide a 10 year old stain on my realtor and buyer (has happened to me before too) what could potentially happen?
- How do I go about getting pmi removed?
- Realtor offering three commission rates?
- Any recommendations on a home warranty company?
- Potential landlord said he'll take deposit, but isn't?
- Reasonable repairs?
- Switching from House Hacking to Single Family; Kinda Nervous
- When do you give your security deposit to a roommate on a month-to-month continuous lease?
- Miami market, everything seems to be cash offers -- how do I move?
- Mortgage advice for first time buyers
- House Made Out of Petrified Wood - How to Value? How Much is it Worth?
- House next to big field - will the field be filled with more houses one day? How to find out
- First Home (Multi-fam) and Credit Question
- Is there someone who can guide me through a first flip?
- Should I buy or rent?
- A counter to Reddit's Realtor advertising
| Posted: 05 Dec 2019 04:43 PM PST Our first real-estate investment with my wife was a dream currently turning into a nightmare, we just received a report from the city hall of Amsterdam saying that an investigation had been done and our apartment is housing 6 people instead of 2 as stipulated in the lease agreement. This is illegal and thus they are going to issue us a €20.000 ($30.000 CAD) fine. The report even contains pictures clearly showing a new drywall in the middle of the living room which creates an extra room. They interviewed neighbors inside the building and got the police to interrogate the tenants and 4 other people living there. They are basically saying:
The fact is, we had no idea, we use a property management company with "Full package" which means we don't even talk to the tenant, even less so checking on them every 3 months to make sure they don't put up drywall and invite their friends to live with them. The agency basically says:
I feel trapped, I have 1 week to write back an "opinion letter" to the town hall of Amsterdam to tell them I disagree with their 32 pages long report. Does it mean that any tenant can modify your apartment (which is against the lease terms), invite his friends over without you noticing(against the lease terms) in only 3 months which makes you, the owner, liable to a $30.000 fine? This is crazy... Any help is welcome... :( Update 1: From the pictures on the report it's now clear to me that right after signing the lease, the tenant proceeded to install locks on every door and put up drywall to create a new bedroom in the living room with the goal to turn it into an AirBnB. On the pictures taken by the police I can see that he installed some devices to open the door from outside + camera and all the good stuff an AirBnB needs. He also lied to the police by saying the drywall was already there when he checked in. I can prove this was not the case with pictures from the listing, check-in inventory and agents who were present. Anyway, I created a document with all the evidences of wrongdoing I found in the police report and will ship all that to a lawyer tomorrow morning 1st hour. Let's spend $5k to save $30k... What a fucking mess... I didn't realize one tenant could really fuck you up so much when managed by a reputable property management agency... [link] [comments]  |
| Posted: 05 Dec 2019 04:53 AM PST But the fact that house has been empty sine summer with no issues, I just drove by it late the night before and it was fine, both myself and the seller live on the same street as this property, the door being "unlocked" and the seller trying to discourage me every step of the way just made question his story...aside from that, I'm legitimately gutted about the missing stained glass window. So I called police department and I asked if a police report had been filed. They had nothing for the address in question and nothing for the address of the seller. Not only that, they had no record of any calls to my street since December 1st and supposedly, this "theft" happened yesterday, December 4th. I know the seller is contractually obligated to maintain the home entirely as the way it was when our contract was executed so I'm honestly mind blown that he would pull something like this. I'm checking with a friend who works at the police department just to be double sure before I careen off this cliff of accusing my neighbor of breach of contract. I'm not going to back out. Stained glass or not, this house is 100% worth pursuing. What are my options though? Do I close and then file a suit against the seller? Do I push him to file an insurance claim and pass it off as my lender requiring it? I know if I just ask for a police report number or something he's going to play dumb and act like I don't need it because he's the owner still. So whatever I come up with, it has to have a sense of authority behind it, ie. The bank. I don't know. I've never dealt with this before. Any advice? To update: I have a cop friend who works for my district. I have confirmation that the cops were never called yesterday and that there is no report. I have text messages with our neighborhood group thread, of his wife claiming that 3 cops showed up, but she doesn't know their names and when asked for a police report number so neighbors could follow up/use their contacts, she evaded the question and said they were following up today. She further stated that she didn't know if they filed a report but that they told her it was "on file" that a theft occurred. A neighbor in the thread is ex cop, he knows the protocol for theft and he even double checked and it's required that the police file a report by the end of their shift. So they're bold face lying and it'll be interesting to see how this plays out. My hope is that all the added pressure from neighbors helps them "find" this window. [link] [comments]  |
| Has anyone ever seen a deal fall apart over 1k? Posted: 05 Dec 2019 11:27 AM PST Title pretty much says it all. We are selling our home and the buyers under contract have been making ridiculous requests, repairs and negotiations at every step after we already accepted their lower than asking offer (for reference, about 80% of the houses in our market go for full asking). These clowns have threatened to terminate the contract multiple times and haven't followed through. At this point, inspections have been done, we did minor repair requests and denied the rest, and are supposed to close in 15 days. Our latest denial to their request for $1,000 in concessions was met with another threat to terminate and a "last chance" for us. It seems ridiculous to me that buyers this far in the process would let a home go over $1000. Has anyone had this happen on a home in excellent condition / no major inspection concerns? [link] [comments]  |
| Double pane windows worthwhile? Posted: 06 Dec 2019 01:27 AM PST Good bones house in an aging but decent neighborhood surrounded by new properties built by DR. I'm putting on a new roof, getting popcorn removed, new HVAC and new pool liner. Four windows are the arched type and absolutely have to go, they're fogged but I was considering replacing the others too (probably ten other total windows). Has anyone found it worthwhile to put double paned windows into a flip? [link] [comments]  |
| Brightmls.com for regular homeowner? Posted: 06 Dec 2019 01:24 AM PST My wife and I are in the market to sell our current home. One of the real estate agent that we interviewed sent us a link to our home. This link has so much more information about our home compare to what we can get from Zillow.com. After digging through the site, there doesn't seem to be anyway for just your regular homeowner to access these information on Brightmls.com. So I was wondering if there are any website out there that regular homeowners can use to get the same or similar information as what Brightmls.com offer. Thanks. [link] [comments]  |
| Can the real estate industry be automated? Posted: 06 Dec 2019 12:57 AM PST Will the USA ever pass a law where you don't need to buy a home through a real estate agent? Is it too far fetched to believe in a world where we just buy homes entirely through an app on our phones and never even have to talk to another human to purchase a home? [link] [comments]  |
| How to use a cashier's check to pay Discover card? Posted: 05 Dec 2019 06:46 PM PST I got a cashier's check from a lawyer who represents the bank on a mortgage thing. The check is pay to the order of Discover (the credit card company). I was able to use the other check that was pay to the order of Capital One, since they got a physical location with bank tellers. What should I do with the cashier's check for Discover? It's not a lot of money only like 47 dollars, but I don't want it to be a waste. If I can't get Discover to accept this cashier check, is it then just a piece of useless paper? [link] [comments]  |
| Posted: 05 Dec 2019 10:26 PM PST Closing being delayed, seeking advice. This is in California. Here is a summary of events. * Our original closing date was supposed to be 11/27.
What do you think is the best course of action for us? It's been very frustrating with the closing being delayed with no fault of our own. The sellers are professional developers, they should know what they are doing. I feel like they dropped the ball somewhere obtaining the CofO. Now add this flooring issue. Should we ask for bigger holdback or delay signing? Any other options? [link] [comments]  |
| Posted: 05 Dec 2019 10:25 PM PST Could they request money back? are they stuck with it? (I was) anyone know? [link] [comments]  |
| How do I go about getting pmi removed? Posted: 05 Dec 2019 04:48 PM PST I bought my house in October 2017 for $428,000. I put down roughly $50,000. My PMI payment is at $157/month. Today my current loan is at $363,000. And today my homes estimated value is roughly $464,000. Giving me around 21% ownership. So I called Mr. Cooper, who has the loan, and they said I can go through hpa but my mortgage would have to be paid down to $342,000 or I could go through Freddie Mac but I would need 25% ownership which would have my house valued at $485,000. Everything I've read says that companies have to remove it at 78% LTV. What are my options other then refinancing to have it removed? Thanks [link] [comments]  |
| Realtor offering three commission rates? Posted: 05 Dec 2019 04:44 PM PST I am meeting with a few realtors to see who I would like to list my home with. Met with one today who gave me a essentially a rate sheet for their services based on different levels of commission promised. Which was confusing to me. Oh and at all levels, Photos are at my cost, but are arranged by the realtor to be taken by the professional photographer. FWIW I'm located in Oklahoma, home value in 200's. 6% Realtor does Social Media and open house Seller to pay for appraisal and home inspection before listing (isn't the inspection covered by the buyer, at least from my experience) Also says I need to buy a home warranty at closing? 6.5% Everything at 6% plus, Realtor pays for appraisal and home inspection 7% Everything at 6 and 6.5% Realtor pays for up to $1k in repairs If it doesn't sell, anything Realtor paid for is due back in 5 days after expiration of contract. First, I just find it odd for a realtor to pay for repairs, and for it to cost my a whole 1% of my home sale. But also in all of this, I've never had a realtor expect a seller to pay for photos. Is this the new normal? Also I noticed in his draft listing contract wanting commission if the house sells for 90 days after contract expiration. I've seen 30, but 90??? Please help me be savvy, Redditors!! [link] [comments]  |
| Any recommendations on a home warranty company? Posted: 05 Dec 2019 08:14 PM PST Looking for a good recommendation on a home warranty! What have you guys used? [link] [comments]  |
| Potential landlord said he'll take deposit, but isn't? Posted: 05 Dec 2019 07:48 PM PST So my potential landlord is slow playing things with us.We met and he really liked us and we really enjoyed the house, despite it's location, but he's slow playing taking our deposit. It's already been a few days and he said he would get it, but still hasn't. He mentioned another family from out of town was going to look at the house as well, but we've already agreed on a deposit and he doesn't seem eager to get it.It's making me worried about it, I don't know if I should start looking elsewhere or what, there's not many listings in my area at the moment and my current landlord is wanting to sell this house, so we have to be out asap. Should we try to go through another company, with another application fee, etc. Or should we hold our breath and hope for the best with this landlord, who won't take our deposit? My wife is worried he's going to go out from under us, with the agreement and rent to someone else instead. He did say he was a bit busy, so maybe I'm just overthinking things? He seemed like a genuinely nice guy, but I don't know him very well. [link] [comments]  |
| Posted: 05 Dec 2019 09:40 AM PST I need some perspective here. I'm selling my first house and I'm at a little bit of an impasse with repair requests. The listing and everything went well. We got multiple offers with it being on the market for 2 days, so I feel like I priced it more than fairly. It's a relatively new home (15 years). The buyers have been in and out doing surveys and I finally got the request for repairs 12 days before our closing date. It feels like a laundry list of things (15-20) the want things painted, leaves picked up, gutters cleaned, installed cabinets removed and painted. I feel like these are a little over the top. They have also identified some bigger issues that I disagree are issues (claiming the hot water tank needs replacing/ repair even though it's working, something with one of the circuit breakers being a different brand than the panel maker?). My agent says these are typical requests and I should try to work with them. I'm considering maybe a 250-500$ credit just to keep things moving smoothly but my agent disagrees and says their list is in the 1-2k range or we should try to get this stuff done. Am I being unreasonable? I don't have time to make any of these repairs, and I almost just want to say no to everything. I feel like little issues like this are going to continue to come up and I don't want to start giving back money every time something pops up. What do you all think? Thanks! [link] [comments]  |
| Switching from House Hacking to Single Family; Kinda Nervous Posted: 05 Dec 2019 06:38 PM PST Hello Fatcats, Mortgage/escrow etc. will be $1750 come next year (after a lien finance grace period ends.) Maybe a little higher once I move out since I'm almost certainly going to lose my homestead exemption. I'm hopeful to get in the ballpark of $2000 per month. Anyone else get nervous living hundreds of miles away? How do you go about managing your rentals remotely? Property management seems like a good solution. Any good teams to work with in the Southeastern US? I thought I'd get my first annual tenant myself with my own background/credit methodology; save myself their finders' fee. I'm almost certain no one is going to manage this place room-by-room for me like I've been doing, which is unfortunate because it's more profitable that way. [link] [comments]  |
| When do you give your security deposit to a roommate on a month-to-month continuous lease? Posted: 05 Dec 2019 04:33 PM PST I just moved into a 2-bedroom apartment with a continuous month-to-month lease. When a new person moves in, they pay the person moving out their security deposit. When that new person moves out, they are paid by the next person moving in - and the cycle continues. I've never had a security deposit work like this; usually I pay the deposit to the landlords prior to moving in, and I receive with cleaning costs deducted 21 days after I move out. My roommate is moving out and she wants her security deposit back from the new roommate before she moves out (which means there will be no incentive for her to leave the apartment clean). I think she should receive the deposit once she moves out and has cleaned up after herself (which is what happens usually with rental companies). She wants the money, and she's arguing that the security deposit is used as a way of securing the room. I'm confused because I've never run into a security deposit working like this before, and it's getting really tense. Is there any protocol about when the security deposit should be handed off in a continuous lease like this? Do you give the money to the roommate moving out BEFORE they move out in order for them to secure the room, or do you give the money AFTER the roommate moves out to ensure they clean up their space before leaving? Help please! [link] [comments]  |
| Miami market, everything seems to be cash offers -- how do I move? Posted: 05 Dec 2019 12:37 PM PST I own a home. The house 3 down from me (same floor plan without my additions) recently sold for $310k. I currently owe $165k on mine. I believe, conservatively, I would have around $130k to put down on a home were I to sell my current home after fees, closing costs, moving costs. The neighborhood I want to buy in is hot. No house lasts more than 3 weeks on the market, and it looks like everything is a cash offer. The houses in the area I want are all between $500k - $5m homes (it's a large area called Palmetto Bay in S. Florida). How can I do this? Is the only option to sell and move in to a furnished apartment for a few months and hope I find something quick? Any tips, advice, or strategies I haven't heard of are appreciated. [link] [comments]  |
| Mortgage advice for first time buyers Posted: 05 Dec 2019 04:22 PM PST My wife and I are 23 years old and are looking to buy our first home. Right now we're renting in an expensive city suburb (our jobs are nearby) and want to put our money into equity on a property while rates are low, but we need to weigh some options. We have $15,000 saved up for a house and are saving ~$3,500 a month towards a down payment. Our lease is up in April, so we'll have more to potentially put down when we actually pull the trigger. Together we make $135,000 and have excellent credit and little debt. During our search we stumbled upon our dream home (great neighborhood, awesome yard, just funky enough to deter people with more traditional tastes, and even a pool!). I know people say that dream homes come around all the time, but this house has a commanding lead on every other house in our rating spreadsheet. Our credit union seems to have the best offers for first time home buyers over every other lenders in the area. They are offering options for 3% down (rates between 3.375 and 4.125% with various rebates and closing costs) and no money down (3.5% 7/1 ARM with no prepayment penalty, and PMI goes away at 20%). We haven't done any pre-approvals yet but we've talked with the CU and they seem to think we're in good shape for these loans. I haven't seen anything close to those rates elsewhere. With the market projected to dip over the next year or two, would it be a good idea to go through the process on this house (and aim to close in March/April) with the no money down loan and then refinance to a 30 year loan later? With our financial situation, we'd fortunately be able to overpay on monthly payments to build extra equity before refinancing. OR Save up for a larger down payment now and wait to see where the market goes? [link] [comments]  |
| House Made Out of Petrified Wood - How to Value? How Much is it Worth? Posted: 05 Dec 2019 03:17 PM PST My uncle's house is "made almost entirely out of petrified wood combined with a small bit of cement." How would he best go about having this valued/appraised? What would its likely worth be? [link] [comments]  |
| House next to big field - will the field be filled with more houses one day? How to find out Posted: 05 Dec 2019 02:19 PM PST So, I am looking at this house, and it is on the edge of a housing development, so that on one side it looks out to a big empty field. I have a feeling that one day that big empty field will just me more housing developments, but how can I find out? What I mean is, how can I find out the status of the big open space, if it is owned by a developer or by the state or county, or what? [link] [comments]  |
| First Home (Multi-fam) and Credit Question Posted: 05 Dec 2019 02:13 PM PST Long story short, I left my former place of employment to start my own business and would like to buy a house (owner-occupant duplex). Problem is, It may be a while before I have an established source of income but have a decent amount to put toward a house and great credit. This would be my first home purchase, and obviously rental would be a part of my planned income. My question is if I seek a Mortgage loan: A) Will this inquiry destroy my Credit (Credit Cards etc. are not yet aware of my change of income) B) How will my status of self-employed, with little current income, effect how much I can borrow? C) Are there other options (outside of loan shark 🦈 ) or anything else I should be aware of? [link] [comments]  |
| Is there someone who can guide me through a first flip? Posted: 05 Dec 2019 02:09 PM PST Hi there ! First time home owner as of a week ago. My partner and I got a steal for this house which gave us the idea to start flipping. The thing is, we don't really know what is a good decision and what isn't. We just want some guidance on the first house or two. We thought that's what appraisers do but they were quite rude when we asked for help. They said it had to be for tax purposes only ? I'm a bit confused. I'm sorry if this is the wrong place to ask of a dumb question !!! Help or advice on this is greatly appreciated! [link] [comments]  |
| Posted: 05 Dec 2019 02:07 PM PST My wife and I are 25 years old and roughly make 200K a year. We have about 270K in savings most of which is in cash as of now and zero debt. We live in Orange county and are looking for fixer up to build some equity in the home. Fixer uppers in our area we are looking at are between 630K to 700K. Most of these home need between 30K to 80K in rehab. Our mortgage with tax and insurance would be between $3,000 to $3,500 a month on a 30 year. If we decided to rent it would roughly be between $1,600 to $1,900 a month. If I decided to rent I could invest the money I would of spent on a down payment in a 1 year term deed of trust making 9% interest. My question is it better to rent to save up more cash and be in a better position or to buy a home now? I expect our income to grow aggressively over the next few years as long as the economy keeps doing well. [link] [comments]  |
| A counter to Reddit's Realtor advertising Posted: 05 Dec 2019 07:35 AM PST Here's something you probably do know, on a $300,000 mortgage, putting 7% down instead of 20% increases the lifetime cost of your mortgage by about $72,000. Step up and kill that stupid sponsored content, especially when the wording on it is misleading. I can't explain the complexities of a mortgage in this post and neither can they. These types of ads make people despise the realtor profession as a whole. Edit: found the link [link] [comments]  |
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