Rent being paid is less than what seller's agent told me Real Estate |
- Rent being paid is less than what seller's agent told me
- Delayed Closing
- Dream House Owners
- Paying Mortgage
- Is it possible to take 3 separate VA Loans out for 1 title deed?
- Can we talk about title costs?
- So I really want a shop to work on my cars in the near (<5 years) future. It's one of my dreams. Buy or rent?
- Not using your own money to get started
- For vacant land: When can you back out of purchase agreement?
- Buying the home I rent
- Self closing on vacant land
- Real estate and the 'societal value' of innovation workspace
- Have any Realtors been approached by wholesalers to work as a buyers agent?
- What is the proper way of terminating a contract due to issues in a survey?
- [NYC] Recommendations on mortgage lenders in NYC?
- Can 203K financing be used to purchase multiple structures?
- Question on Commercial Security Deposit (NJ)
- Investing into rental properties in retirement communities
- State Exam Question
- Divorce & Dower Rights
- Buyer missed their option deadline but still wants to execute it
- First Time Homeowner
- Joining brokerage
- Being asked to co-sign loan to be added to title. What is required?
| Rent being paid is less than what seller's agent told me Posted: 02 Dec 2019 05:41 PM PST I just purchased a triplex last month and I received my first rent check from unit #1 over the weekend. It was $30 less than the seller's agent told me that it would be. They said it was $390/month, it's $360. I spoke with the tenant and verified with the seller that it was the correct amount. I am pissed, should I be? The rents in all three units are too low, I knew this going in and planned to increase them over time, but now I'm $30 further down than I thought. To make things worse, when I introduced myself to the renter in #1 I told him that I would not change the rent for 2020 and that I would reevaluate after that. This guy was been there about 15 years, that's a renter I want! So I stopped into the real estate office today and told the agent that I was not happy. Her response was that "#1 is on a month-to-month so I could make adjustments if I needed to." I told her that wasn't right, that I had made a decision based on the information she had provided. I had taken that information to the bank to secure financing. And I told her if it was that simple that she could pay the $30 a month. Then she said this was the information the seller gave her, as if that absolved her. I told her she should take that up with the seller, but I had not dealt with the seller, I am talking to the person I dealt with. She told me she would talk to her broker and that this could be rectified. I don't know what is fair for me to consider this to be rectified. Instead of raising rent $20 to $30 I need to raise it by $50 or $60. On a long term tenant that I would like to keep happy. Later I got a call from the broker. He immediately started telling me how this was what the seller provided and asked if I thought the agent had mislead me. I stopped him and said that I had not dealt with the seller, and to please stop talking to me about the seller. I told him these were excuses in my eyes and that he should talk to the seller if he needs to, but my information came from his office, including a spreadsheet on the day of closing that showed #1 at $390. Then he asked what I wanted. I was pretty annoyed at that point and quickly said $7,200. (I was thinking $30/month X 12 mo/year X 20 years I intend to own it.) He told me I should talk to an attorney and hung up the phone. Now my agent, who I probably should have let deal with this originally, has spoken to another broker in that office. She has agreed to work with us and mine says I should come up with a realistic request. What's fair here? What would you need to feel whole? Am I right to be so upset by all of this? Am I upset at the right people? EDIT: I had all three leases before I even made an offer. Lease #1 showed $390, it was his original lease from 2005. At some point the seller made an agreement for $360/month. EDIT 2: My agent had to twist this agent's arm to submit my offer on a Friday afternoon. We found out this was because she represented a buyer that was putting together a cash offer on the following Monday. You could say there was an underlying trust issue. [link] [comments]  |
| Posted: 02 Dec 2019 02:15 PM PST Our closing was delayed indefinetly 3 days before our closing date. The reason we were given is that the only person who can do the final approval to close is out on family emergency. No unexpected debt, no new history found, no new debt. We were basically told we don't know when we'll be able to close and now come Friday we will be out of a house and no where to go. We had a contingency plan but that is only good for a few days. This is from a very large mortgage lender too. Does this sound legit? We fully understand delays do occur for any reason, but this reason and 3 days before at the end of the work day? It's just frustrating. [link] [comments]  |
| Posted: 02 Dec 2019 10:00 PM PST I've bought/sold a couple houses and currently own 4 rentals and 1 condo as our primary. My wife and I (no kids) are purchasing a home that has about everything we ever wanted. Right now, my excitement is like an 8.5 and hers is an 11. Is there anything we should know or think about as move in? Anyone else ever gotten the house you wanted/dreamed of? [link] [comments]  |
| Posted: 02 Dec 2019 08:13 PM PST How long does it take to receive the loan coupon book? I was told I would have it by the end of November and I don't. I'm nervous I won't have it by the time I need to pay the first months mortgage. I was given coupons in closing for the first two months if I don't receive the book, but I'm not sure how paying the mortgage works with those because they aren't going to the right person. I need the correct coupon to get the correct account number to even be able to pay mortgage online. [link] [comments]  |
| Is it possible to take 3 separate VA Loans out for 1 title deed? Posted: 02 Dec 2019 11:13 PM PST Hi, I was wondering if it was possible to have 3 separate VA loans out on a single mortgage. I have 2 other friends and we we're thinking of all taking a $600,000 loan out for a $1.8m home. We are all very good friends and really trustworthy and reliable together. I'm not really here to discuss the semantics of how to deal with payments and drama after the fact though. Just curious of this is even possible? [link] [comments]  |
| Can we talk about title costs? Posted: 02 Dec 2019 02:52 PM PST Does anyone know how to pick the best title company? Seems like title companies make it really difficult to compare costs, and the costs can vary by more than $500. [link] [comments]  |
| Posted: 02 Dec 2019 06:20 AM PST Hi everyone, So I've always wanted a shop for storage and my own place to work on my cars and projects. I'm wondering if this could be done in an affordable way. If I were to buy a "warehouse," does anyone have any experience with doing this? I'm not sure what the term is but is it possible to maybe rent out half of it and make it close to "free" on my end? Or at least more affordable? Are warehouses good investment properties? I feel like renting a large shop would be silly in the long term. Would this be a better idea if I had some sort of business running out of it as well? [link] [comments]  |
| Not using your own money to get started Posted: 02 Dec 2019 05:59 PM PST Not sure if anyone is familiar with Stefan Aarnio a real estate mogul up in Canada but he always talks about getting started in real estate and flipping properties for profit. He also always talks about getting started and not having to use your own money. I feel like on here would be a good source to see what you guys think he is talking about so that I don't have to buy his course on getting started in real estate for $5k. I feel like the knowledge he has isn't a big secret I feel like I could figure out how to start buying and selling properties and real estate investing just by talking with a few people. [link] [comments]  |
| For vacant land: When can you back out of purchase agreement? Posted: 02 Dec 2019 08:18 PM PST I am trying to sell some vacant land. I am working with a realtor who brought me a buyer who is also her client. Not thrilled by this, but not certain I can do anything about it. Last month, we both agreed on the price and signed a purchase and sales agreement. They put up earnest money and there was a 10 day review period for HOA documents, and a 45 day feasibility contingency. The buyer indicated they were fine with the HOA documents within the 10 day review period. They told us (through the dual agent) that they were preparing to do the feasibility study. Since we are pretty sure septic will be fine, this seemed like slam dunk time for the sale. Now, with about 20 days left of the feasibility study time period, our agent tells us that the buyer is backing out. The reason cited is that after talking with the HOA president, they feel the property is "too socially isolated". (Not much of the HOA is built out right now, so it is mostly vacant lots). According to this agent, they have NOT done any feasibility study at all, just changed their mind. The agent is giving us a paper to sign that says we release them from any obligation to buy AND return their earnest money. Questions: 1) Can you just flake out like that and for basically no reason at all back out of the agreement? 2) If you can, shouldn't we at least get our earnest money? 3) Would you get a new agent after this and if so, what are the drawbacks/pitfalls in doing so (we have a contract with this agent to sell the property)? [link] [comments]  |
| Posted: 02 Dec 2019 06:59 AM PST I am interested in buying the home I rent when it goes up for sale after the lease ends in 8 months. Do I have any advantages over other buyers? If so, how do I leverage them? The only thing I could think of is 1) existing knowledge of the house's condition, and 2) foreknowledge that the house will be on the market. My thought is that it gives me more time to make a "soft" offer to the owner and give him time to think about it before it is managed by a realtor. [link] [comments]  |
| Posted: 02 Dec 2019 11:09 PM PST I have a property under contract and the seller is married. The seller is pushing back a little on having his wife sign the deed. He bought the property before they were married. Property is in AZ and seller lives in CA.... both community property States. Does the spouse need to sign the deed? [link] [comments]  |
| Real estate and the 'societal value' of innovation workspace Posted: 02 Dec 2019 10:24 PM PST Government in the UK has put into law a requirement for 'social value' return from investment. So it's interesting to read in a UK real estate magazine the calculation of 'societal value' for a new brand of workspace/innovation hub - it's not posted online, sadly. As these things go, the hub model is designed to support entrepreneurship, act as a tenant sourcing strategy and - here's the interesting bit - the estimate by consultants is that "for every £1 invested in a Plus X, £5.51 of societal value is generated for stakeholders." Also "160 times more social and economic value as that of a traditional office letting." The numbers seem wild. However, the developer has a good track record and in the list of sites is a leading science and technology campus in the UK, so this may distort the numbers. But 'social value' and real estate is a space worth watching. For new ways of viewing value return from investment in the urban environment, approaches to sustainability and marketing spin in support of public subsidy and competitive advantage. [link] [comments]  |
| Have any Realtors been approached by wholesalers to work as a buyers agent? Posted: 02 Dec 2019 09:21 PM PST I've been approached by some, but I've told most I can't really help them. They explained assignable contracts, I simply said I wasn't familiar enough with the process to feel comfortable writing an offer that way. But I've had others say that they're still interested in writing offers without assignable contracts and said they could still do a "double close". I wasn't able to get any first hand information from other realtors on if this works and just got mixed answers online explaining if double closes where doable or not. I had one wholesaler tell me that for him to do a double close I would be able to represent him the way I would a normal buyer, and he would take care of title and reselling the property on his own after he had the property in his name. Has anyone here had any experience with similar situations? [link] [comments]  |
| What is the proper way of terminating a contract due to issues in a survey? Posted: 02 Dec 2019 09:16 PM PST Just need to know if our realtor has made a mistake or not. In Texas. Is it acceptable to send a termination letter saying that the buyers contest the survey and give 15 days to cure the issue or will terminate on X date? Or did the realtor need to send an official objection letter, then wait 15 days and then send a termination letter? Hoping to get a straight answer from folks here. [link] [comments]  |
| [NYC] Recommendations on mortgage lenders in NYC? Posted: 02 Dec 2019 08:10 PM PST All the agents we've talked to here in NYC recommended the big banks, especially Wells Fargo - 3/3 agents, including the one we're working with now. In fact, we've been working with a loan officer from Wells Fargo and he's been fantastic - super responsive, on top of everything, best rates. However, this subreddit and my agent friend in CA seem to be against the big banks and Wells Fargo. Very confused by the conflicting advice. What's the deal? Any recommendations for lenders in NYC? What we're looking for: good rates, can do a CEMA, recasting is an option but not a requirement [link] [comments]  |
| Can 203K financing be used to purchase multiple structures? Posted: 02 Dec 2019 12:39 PM PST Had a question about types of properties that qualify for 203K financing. I am currently renting a small cottage that is part of a cluster (4) of small homes close together on the same lot in an urban area, owned by the same guy. I may have the opportunity in the next year to purchase all four of them in the same transaction, and was wondering if 203K financing can used to purchase multiple structures, or if all the units have to be under the same roof. Thanks! [link] [comments]  |
| Question on Commercial Security Deposit (NJ) Posted: 02 Dec 2019 08:43 AM PST I'm meeting with a landlord to sign a lease on a commercial space tomorrow. The lease that he sent me does not say anything about the security deposit being returned. I did speak with him on the phone and he said it would be returned 10 days after the lease expires. I'm not sure if I should tell him to rewrite the lease to include when he will return my deposit or if NJ law requires him by default to do it. I'm new to this and do not want to make any mistakes or have any money held from me. [link] [comments]  |
| Investing into rental properties in retirement communities Posted: 02 Dec 2019 05:50 AM PST Has anyone looked into this strategy? I could not think of a better renter than someone in their 70s who will most likely be a long term renter. I know many people in retirement age who arent willing to purchase a home and would rather rent one to be in a retirement community but i cant help wonder if hoa rules forbid this. If you have knowledge or experience with this please weigh in. [link] [comments]  |
| Posted: 02 Dec 2019 06:47 PM PST I took the state exam for my license twice now and am apprehensive about my third attempt this week. I just missed my second attempt by only 5 questions. I scored poorly in these areas: *Statutes and Rules Governing Licensee Activities *Contracts Does anyone out there have any sample questions or study guides I can access (preferably for free) that I can use to help study for these topics? I already have a prep book + textbook that just aren't cutting it for me anymore (I've studied both so much that I'm just memorizing questions.) TIA! [link] [comments]  |
| Posted: 02 Dec 2019 06:36 PM PST What does dower rights mean in State of Ohio? If getting a divorce, and I own the property, how does spouse release dower? If I list a property, do both have to sign listing papers or only one, if only the husband is listed as owner? Thank you! [link] [comments]  |
| Buyer missed their option deadline but still wants to execute it Posted: 02 Dec 2019 06:59 AM PST We had a potential buyer that claimed that they could close within a few days with cash, so we signed a one month purchase option and set a closing date for the end of that month. 3 weeks later, they urged us to sign a one month extension. We never signed the extension because we were busy with work stuff. Now they want to close after the option expired and give us 15 days for us to vacate (originally 60) and without giving us the money from them failing to execute the option in time. Their real estate agent charged 6% for the option, with half of that going to her and half going to us if they failed to close in time. Because we didn't get the money we were expecting from closing the property we are selling, we weren't able to put down money on the house we wanted to purchase. I've never sold a house before, nor have I agreed to a purchase option before. I'm thinking about walking away, but feeling a little guilty about it (but also a little vindicated). We aren't in a rush to sell now that the house we wanted isn't going to work, and there are plenty of other potential buyers interested in my home. I think the real estate agent wants us to quietly pretend that we agreed to the extension so that they don't get upset with her about losing $23,000, she is getting her commission with or without the sale thanks to the option. I'm also wondering if their attorney would try to come after us. We don't have a selling agreement with the realtor, so I would like the opportunity to get a different realtor. She is trying to be both the buying and selling realtor, but I don't feel like she's protecting our interests. What would you do? Thoughts? [link] [comments]  |
| Posted: 02 Dec 2019 12:05 PM PST In the process of buying a house (today is the first day of attorney review). Having serious doubts, particularly since the mortgage, p&i and taxes equals my biweekly take home. I have until Wednesday to back out, should I? [link] [comments]  |
| Posted: 02 Dec 2019 07:10 AM PST Hi, I am a new agent and I wondering if joining Sotheby's is a good idea? Specially when you're starting out? My sphere of influence does not owns million dollar homes. [link] [comments]  |
| Being asked to co-sign loan to be added to title. What is required? Posted: 02 Dec 2019 09:09 AM PST My mom is refinancing and wants to add me to the title of her home so that I will inherit it automatically if and when she dies. The bank is asking me to co-sign on the loan that she is refinancing which doesn't make sense to me. I don't want to co-sign the loan, just be added to the title. Is this common? Does anyone have a resource they could point me to that could explain why this is required? [link] [comments]  |
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