Was told “offer to low to counter” but just got a notification house is being foreclosed. Real Estate |
- Was told “offer to low to counter” but just got a notification house is being foreclosed.
- Morality Advice: Property has (at least) $40k worth of foundation work needed
- Realtor says it's worth 83k. But the house is in horrible condition doesn't have carpet, plumbing, electricity. Main Seller wants 35k, it's 6 people that owns the house. Nobody lives there. What should I do ? I'm thinking about a year down with a empty lot or new construction
- When you ask for opinions or advice include your state or country.
- Mold problem causing health issues. How to get my client out of this house?
- Harrassed by an agent. What should I do?
- Does anyone have experience with Meritage Homes?
- UK Resident wants to buy Hawaii property advice
- Self-directed IRA to Purchase Rental Property - advice, suggestions, recommendations please
- I'm in town staying with my aunt for a couple of months. Can I help her?
- 800K Triplex - need a place to live and rent out the other two, would you?
- Who takes care of abandoned properties?
- I attempted to purchase a house and my offer was accepted, but someone ended up outbidding me. Can you help me figure out what happened?
- Going in on a house with my dad, what is a fair way to split revenue?
- $100 APPLICATION FEES!!
- What types of inspectors should I hire when looking at a fixer upper?
- Key Tracker?
- Impending recession
- Is this normal wear and tear?
- How should we spend 250k from settlement?
- Extension of Contract
- Buying first rental at 18, in need of advice.
- buying my first home [usa]
- Commercial Cannabis
- Capital gain exemption but didn't live as primary residence for last year's, do I still qualify?
| Was told “offer to low to counter” but just got a notification house is being foreclosed. Posted: 30 Dec 2019 07:38 PM PST I recently viewed a home last week. Listed at 285k assessed at 240k. Seller was offering to pay all closing costs. 1200 sq ft, needed some minor work. I offered 230k. Within 5 mins listing agent informed me that the offer was "too low to counter". Which I just found to be strange. I just received a notification about the home going into foreclosure, I did some research and noticed the judgment on the house was for 183k. Going to auction on Jan 16. While I was viewing the home the owner said regardless of what happens they were moving out o Jan 15, due to school changes and that they had a new place already. What would be the reasoning to not accept the offer? [link] [comments]  |
| Morality Advice: Property has (at least) $40k worth of foundation work needed Posted: 31 Dec 2019 12:14 AM PST State: California City: Sacramento My wife and I are looking for homes to buy and were very interested in one home we came across. Everything looked good, except our home inspector found damage to the foundation outside and a foundation repair in the hallway. My wife and I decided to contact a foundation company for a foundation measurement. Here is where the story gets odd. Because there was a gap between when inspections needed to be finished and when the foundation company would be able to schedule we requested an extension on inspection time, assuming this would be no problem. The seller refused to sign it. Our agent explained that we would be walking away. One day after the 3 days left he signed and we had an inspector come in to measure the foundation. What we found was that the foundation was likely cracked straight across the house. The Master bedroom was 2" below level, and the far corner of the house across from the master (the living room) was also sinking a similar amount. It would take around $40k to fully repair the foundation. This, along with a few other major repairs were sticking points. Because we are using a VA loan we can't take credits. The VA loan only pays the exact amount of the house, so we couldn't get credits to apply. So we stated that the foundation would need to be professionally repaired. The seller refused. He claimed that his buddy came in and said there wasn't an issue. Obviously there was since his buddy was nobody and two professionals had come in and stated there was an issue. We walked, whatever. We've already found a new place. Here is the morality issue. The realtor now has information that major repairs and structural damage need to be repaired, and is obligated to release this information to any further prospective buyers. We just found out that the seller has changed realtor companies to hide the damage to the home in hopes the next buyer won't be as through as we were. Because it's a new company they wouldn't have the reports that the previous company did. Would it be illegal or immoral to contact the new realtor company and explain what the seller is doing? My wife and I have been considering doing so but just aren't sure if we should/could/would be allowed to. Any advice? [link] [comments]  |
| Posted: 30 Dec 2019 06:53 AM PST |
| When you ask for opinions or advice include your state or country. Posted: 30 Dec 2019 11:18 AM PST Every single state has different real estate contracts and laws. There's a lot of misinformation being told and spread because of this. There's a lot of pontification going on and not a whole lot of meaningful opinions being presented because of this. [link] [comments]  |
| Mold problem causing health issues. How to get my client out of this house? Posted: 30 Dec 2019 06:14 PM PST Client bought a house (not my deal) over the summer. During an inspection, it was found there was Aspergillus mold present. An agreement was written to give the buyer a credit at closing. One day before closing the seller also remediated a broken AC and the deal closed. 6 months later the bother of my client died unexpectedly. The air was tested again and now there is another type of mold/fungus (basidiospore) which is a toxic spore and my client suspects is the cause of her brother's death. The mold remediation company cannot find the source of the new mold and therefore cannot remove it. The levels inside the house are about 50-100x as what is outside. So, I have no clue what to do in this situation. It may have been festering in the broken AC, but my client does not have the money to replace the AC on a whim. I don't think that we have a way, if we get a lawyer involved to prove negligence and seek damages from the original seller. (Arizona). They want about $10k to get involved. Experts have told her to vacate the property since the spores are now creating a health problem for her. If we do list it as it is, how should we disclose the problem since experts cannot find a source and only know that it exists. Any help appreciated! Edit: sorry if there was any confusion. They found and remedied the Aspergillus but could not then find the source of the basidiospores. Which were only found after closing and the AC had been turned on for a while. [link] [comments]  |
| Harrassed by an agent. What should I do? Posted: 30 Dec 2019 10:54 PM PST TL;DR: Me and my girlfriend are being harassed by an agent working for a preconstruction project claiming he is our agent and that he should get the commission. Calling us multiple times even though we told him we already we already have an agent and making inappropriate accusations towards us which is extremely unprofessional and downright rude. Left a real sour taste in my mouth. What should I do? A little backstory: Me and my girlfriend just bought our first home together in the form of a preconstruction with the help of an agent who is a buddy of mine. He was the one to introduce us to the project. We check the website and in order to get the floor plans and to get more information we had to register with the website. Done. We receive some info including the floor plans and a date for an info session (like a banquet hall of people. Not one on one). Looking at the site, they have some agents that represents the project and they are there to help with sales and to answer questions. Early on ask a couple of questions as they are the project experts and we thank them for their time. Later, they tell us that we can't get into the information session if we don't sign with them (sounds like a huge red flag to me). Being wary, I told them I already have a agent who is helping me. They said no other agents are allowed. I call my agent and tell him what they told me. He said that's a bunch of bullshit. We show up to the session and lo and behold, we are able to get in no problem. At this point my girlfriend had also registered with the project in order to view the information and they were telling her the same thing. Once again, we told them we are already represented. They tell her we won't be able to buy a unit if we don't sign with them. She receives about 3 different emails to ask her to confirm the agent is them (project agents). We decline and they continue to try to force us to sign. We put our foot down and proceed to the actual buying appointment later on. And lo and behold once again, they were lying and we were able to successfully purchase the preconstruction unit. Now a month after purchase and they (the project agents) call us up out of the blue and demands to know why they didn't get the commission calling my girlfriend and my agent a liar. Threatening to repo our unit, claiming they are the agents on file and that they have an email trail saying we've been in contact and that it means that they should be the agent and getting the commission. We never signed anything or had any sort of agreement between us. I am livid that they dared to called me during my vacation time, a month after the signing is complete, calling us liars and threatening to repo our new home. What should we do? This is our first home and have little experience with these things. Thoughts? [link] [comments]  |
| Does anyone have experience with Meritage Homes? Posted: 30 Dec 2019 09:15 PM PST We are considering a Meritage Homes house and we can't seem to find many reviews online other than some bad ones on consumer affairs and then a couple good ones from Reddit. Does anyone have any experience/reviews? Positives? Negatives? [link] [comments]  |
| UK Resident wants to buy Hawaii property advice Posted: 31 Dec 2019 12:57 AM PST Hi all, any info or even just pointing me in the right direction would be great. I'd like to buy a property in the US either Hawaii or California. Question is.... do I need to pay 100% of the home value upfront or will I be able to mortgage a percentage of it? I have a few properties in the UK and ideally wanna use a chunk of equity out of a UK rental to buy the US property. I would like to rent the property to holiday makers but also stay there a good chunk of the year. Any issue to be aware of? (as in visa and local rules.) I know Hawaii and Air B + B had a few issues a while ago. Thanks ! [link] [comments]  |
| Self-directed IRA to Purchase Rental Property - advice, suggestions, recommendations please Posted: 30 Dec 2019 12:58 PM PST Interested in insight from those who have researched or actually done it with either IRA or Roth. I'm an experienced real estate investor and I understand there are a lot of regulations with purchasing real estate in self-directed IRA. None of those present a problem to me on their face (no prohibited relatives living there, ok with no depreciation expenses being allowed). Would be selling stock held by my Roth IRA that would fully cover purchase price of property. I'm also a little confused on "checkbook control", which seems like a reasonable thing if you know what you're doing. I'm in Georgia and only name I see regularly is IRA Financial Group, which seems legitimate and partners with Capital One for bank accounts. Anyone have good experience with other SD IRA custodians? I'm planning for expenses to be typical landlord expenses (repairs, improvements, replacement appliances, HOA fee, etc.). With those in mind "checkbook control" seems much simpler than seeking approval from custodian for typical expenses, right? Or am I missing something there? Have read a few related threads with very good advice. Have reached out to real estate attorney and accountant but neither have a great understanding of the process. Did NOT go to a seminar or anything like that. Already own rental property but don't have sufficient NON-retirement funds currently available to purchase another property and that's what prompted this idea. Thanks very much for any/all insights or recommendations! [link] [comments]  |
| I'm in town staying with my aunt for a couple of months. Can I help her? Posted: 31 Dec 2019 12:06 AM PST My aunt seems super busy with her real estate jobs. Sense im staying with her for a couple of months and I have free time is there anything I could do that will you help her out majorly and make her job easier while I'm in town? [link] [comments]  |
| 800K Triplex - need a place to live and rent out the other two, would you? Posted: 31 Dec 2019 12:03 AM PST It's in an expensive area, Seattle market. It's on MLS, so not a pocket deal. It's been sitting a while, so probably can grab it a bit cheaper + closing costs. 800K means jumbo loan, not just FHA (probably the biggest issue here.) 2 x 2 bedrooms. Median rent in the area is 1600-1900. 1x 1 bedroom (where i'd live and airbnb out when I'm not in town.) At 4% downpayment, it looks to be about $4200/month. At 20% downpayment it drops down to $3200/month. 4% = 30,000 20% = 152,000. I'm tired of renting in the Seattle area, but also I kinda hate the area but I do understand the housing crunch, my work always involves seattle (tech) and Triplex always seem to hold value, and the area within an year will be open to more public transit / train. At what point does it make sense? Even at 4% cost w/ high interest - it's cheaper than renting a studio at $1600/month. [link] [comments]  |
| Who takes care of abandoned properties? Posted: 30 Dec 2019 08:39 AM PST There's a lovely home in my neighborhood that has seemingly been vacant over ten years. The previous owners have noticeably abandoned it, county records even show that they've acquired a new property instead. I'm curious as to who is watching over it now — if there is any general answer. I fathom after some signs of trespassing, a few doors have been boarded up, including one piece of wood nailed along front door. The grass seems to be consecutively cut too, I can never quite catch the person however. Clerk records still show the property as being in some limbo state of foreclosure... Do banks hire maintenance companies or what? [link] [comments]  |
| Posted: 30 Dec 2019 07:24 PM PST I'm in California if that helps. Here's a timeline: -I made an offer on a house Did my realtor drop the ball? [link] [comments]  |
| Going in on a house with my dad, what is a fair way to split revenue? Posted: 30 Dec 2019 07:17 PM PST I am going in on a house with my Dad (buying a house to rent out, wont be living there) because I dont have enough saved up to put in a healthy downpayment. What is a fair way for us to go about this? Right now, we agree that he will put in a downpayment that is about 50% of the value, and we will split the mortgage 50/50. What is a fair amount to split the revenue between us and would you recommend starting an LLC for this? [link] [comments]  |
| Posted: 30 Dec 2019 10:57 PM PST It it normal/legal for a broker to charge $100 Application fee per tenant in NYC? I was under the understanding that state law capped application Fees, and background checks at $20 a pop?? Are they breaking the law??? [link] [comments]  |
| What types of inspectors should I hire when looking at a fixer upper? Posted: 30 Dec 2019 04:18 PM PST I'm in the market for buying a home to live in for myself (not to flip). This one fixer upper (60 year old home) caught my eye and the entire cosmetics on the inside would have to be gutted and re-done. I would like to make sure I have the proper inspection done before closing escrow. Are there different types of inspectors or professionals I should hire to do this type of evaluation? Ultimately, I want to make sure I have a good idea of how much I need to spend on renovations. [link] [comments]  |
| Posted: 30 Dec 2019 01:21 PM PST Any property managers here recommend a good key tracker? Or anyone used one in the past. The car dealership ones are an option however they are very pricey. [link] [comments]  |
| Posted: 30 Dec 2019 09:55 PM PST Experts on real estate - based on the current trend of the economy it seems we are teetering on another recession. What is your opinion on buying real estate now. Is it smarter to buy once the market goes into a recession? Do I need holding power to purchase a property during a recession that I was planning on renting out? [link] [comments]  |
| Posted: 30 Dec 2019 09:49 PM PST So I have a rental property which is currently turning over. My last tenants paid on time and occupied the property for four years. They were decent tenants. I found the following issues during the move out inspection and I'm curious whether others would describe these issues as normal wear and tear, or something else. TIA
Edited to add a pic of the etching/scratches in the metal flashing/siding on the outside of the house. (Pic is of an approx 2 foot section. There is approx 6 feet of damage) Outside Damage [link] [comments]  |
| How should we spend 250k from settlement? Posted: 30 Dec 2019 09:04 PM PST So my mother will be receiving a 250k settlement soon. We currently live in a triplex that we own and we live in the front unit and rent the two back units and receive $1800 a month in rental income for them. Mortgage is ~ $1800 a month and we currently owe about 215k with a 4% interest rate with about 12 years left. My mother wants a single family home in an area where prices average $600k. My initial thoughts are to pay 100k towards the mortgage and have 5 years left on that triplex before pay it off. We can hold on to the 150k for when we find a home that we want to buy (store it in a CD or high-yield savings account). If and when we do buy rent out the front unit and have about $3k in rental income which will pay the 1.8k mortgage giving us 1.2k to help pay our new home mortgage. My dad and brother's income is about 2.5k a month after taxes, mine is about 3.5k. With this we should have more than enough income to make this possible and pay for utilities, food, etc. Any thoughts, feedback/suggestions? [link] [comments]  |
| Posted: 30 Dec 2019 08:30 PM PST Signed a contract to purchase 59 acres across the road from me. Agreed to close on January 24th, found out I won't have the funds to purchase until February 6th. How can i get this contract extended? Will i have to pay fees? [link] [comments]  |
| Buying first rental at 18, in need of advice. Posted: 30 Dec 2019 08:29 PM PST Hey, I have a house for $35,000 with a $10,000 down payment with a fixed rate of 4% for 30 years. I have no credit history but I am not doing this through the bank, I am doing this through my father who owned the house before me. He purchased the house for 29k a few years back. It brings in about $600 a month and costs about $277 a month with the mortgage I'll be paying plus taxes and insurance. I'm thinking of opening a credit card and putting the expenses on there so I can build a score. All in all, I don't even know if this is a bad idea. Anyone have any suggestions because I'm fairly new to this. Also, does anyone have any credit card suggestions? [link] [comments]  |
| Posted: 30 Dec 2019 08:09 PM PST I'm 35yrs old, single male. I moved over 8 times in last 20yrs and I'm over it. Here's what I"m looking for -low property tax
-somewhere warm or 4 seasons
-safe place where I can start and raise a family what do I need to watch out for when buying a first house? I figured my real estate agent will handle everything? is it a bad idea to buy a cheap foreclosed homes? [link] [comments]  |
| Posted: 30 Dec 2019 03:04 PM PST Any fellow realtors out there that are working deals in legal marijuana commercial business? [link] [comments]  |
| Capital gain exemption but didn't live as primary residence for last year's, do I still qualify? Posted: 30 Dec 2019 02:12 PM PST Hi! I have a question, if I purchased a property in 2000, sold it it 2019, I own it for 19 years, I lived there from 2000-2004 Do I still qualify for capital gains exemption? I'm worried because I didn't file the place as my primary residence the five years leading up to the sale. [link] [comments]  |
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