Didn't realize credit was frozen, offer made to buy house without preapproval letter. Real Estate |
- Didn't realize credit was frozen, offer made to buy house without preapproval letter.
- Arizona - What should/can I do with unusable empty lots in Arizona?
- Real Estate Classes Online
- Very off interaction with real estate agent
- Appraisal or Inspection- which first?
- Colorado - How to buy/what happens if a property owner dies without heirs?
- Is it worth it to buy an apartment *unit*? (Not complex)
- House next to storage facility?
- [CO]How to sell a hard-to-sell investment property?
- Advice on HELOC to bridge costs from current to new house
- Seller trying to back out after inspection negotiation
- Is there a way to search for delisted properties?
- Please ELI5 refinancing a home
- Lending officer programs: Are they worth it?
- How to find out when a commercial lease is up for a property.
- When can I start advertising for my new condo?
- Share your best RE investment spreadsheets to manage costs over time?
- Help! Subbing an offer on a (apparently) competitive house. Seller has stipulated no escalation clause. My buyers agent is saying not to use one. Am I being scammed? [seattle, WA]
- What do agents commonly gift new homebuyers?
- Leach Field pipes
- Residential vs NNN Commercial vs REIT?
- Remodeled fourplex $285k. But it’s in a bad part of town. Is it worth it?
- Purchase a Higher priced house?
- First time renting a place, I need help with understanding
| Didn't realize credit was frozen, offer made to buy house without preapproval letter. Posted: 05 Jan 2020 06:28 PM PST Looked at a house today and decided to put in an offer because we absolutely loved it. We filled out the preapproval application through the mortgage company but then found out after several hours they were having issues. My husband then says out of the blue "oh would my credit being frozen affect the preapproval?" . My mouth dropped and I told him yes. Yes it would. We were only able to unfreeze 2 out of 3 credit bureaus, and will have to wait until morning to unfreeze the last one (TransUnion). The realtor already submitted our offer to the seller and the document says we will provide our preapproval letter 1 day after they accept the offer. I didn't realize that making the offer before having the preapproval could ruin our chances of getting accepted, but Google is telling me it will and now I'm really worried and sick to my stomach over it. Is it possible to make another offer with the preapproval letter after we finish unfreezing TransUnion tomorrow? [link] [comments]  |
| Arizona - What should/can I do with unusable empty lots in Arizona? Posted: 05 Jan 2020 10:55 PM PST My parents have 4 empty lots in Golden Shores Arizona that: A: are unsellable (there's 100+ identical lots in the area on the market for over 5 years) B: won't pass a perc test (or at leas 2 won't) because they're in a flood zone which semi-regularly floods C: They have been paying $400 in property taxes on for upwards of 20 years with nothing built on them. We want to get rid of the so we don't have to pay property taxes on them anymore but I'm not sure how to go about doing this. Thoughts on what I can or should do with them? I've considered donating them back to the state, but not sure if that's a thing. Can anyone point me in a vague general direction on what I should/could do here? Edit: added that they're in a flood zone that semi-regularly floods [link] [comments]  |
| Posted: 06 Jan 2020 04:10 AM PST Hey all, I'm interested in taking on the real estate gig. Does anyone know where i can take classes online ? Does it matter what state i'm in, if so i'm from nyc. [link] [comments]  |
| Very off interaction with real estate agent Posted: 05 Jan 2020 08:01 AM PST I live in NYC and my SO and I are looking to buy a condo in cash (we are anti-debt) and live there 3-5 years (at least) and potentially rent it later. I saw a great listing and set up an appointment to go see it. The lady was kind of gruff by email and kept suggesting times that didn't fit my schedule, so finally we agreed on 6pm. However, she asked for a mortgage pre-approval at around 2pm via email which I didn't notice till close to 5. I emailed her back and told her I didn't have a mortgage pre-approval and also texted her this and that we were cash buyers. I asked her to let me know if I should still come. I had to leave soon because it was a ways away. It would take me time to get there. She started texting about 45 minutes later "you're not a serious buyer! I live 40 minutes away!" By the time she texted I would be able ten minutes late but I told her 6:20 just in case. She flipped out and said that the offer won't be accepted, don't make an offer because the condo board doesn't want cash buyers and that I'm not a serious buyer. I was seriously taken aback and wondered if we were planning to live there why this was a bad thing. I texted if the board won't accept cash, perhaps this condo isn't a good fit. So I never got to look at the apartment at all :/ I just told her that she is supposed to present all offers to the seller. I can't figure out why the realtor was being so rude! The place has been on the market for over 55 days so it's not like people are banging down the door to buy it. [link] [comments]  |
| Appraisal or Inspection- which first? Posted: 06 Jan 2020 02:59 AM PST I read some conflicting messages this weekend online, stating once a property is under contract, which you should get complete first, the appraisal or the home inspection. Any thoughts? [link] [comments]  |
| Colorado - How to buy/what happens if a property owner dies without heirs? Posted: 05 Jan 2020 05:56 PM PST Weld County, town of Frederick if it matters A property I'm working on renting (with the goal of eventually purchasing) and subletting has another separate property behind it which is undeveloped and has some junk vehicles and misc on it. I am interested in purchasing both, however a search on the Weld Co assessors website shows the owner as a man in his late 60s/early 70's whose last records date to 2-3 years ago. I can't find a death certificate for him, but every bit of contact info I can find for him is a disconnected number or someone else entirely, and he does not live at the address the county lists for him (from Trulia it appears to be a rental property he was living at and didn't own). Last data from any public records on this guy all date back to 2016-2017. Public records search doesn't show any spouse or children for this person, and the assessors website shows back property taxes & a lien due of almost $10k on this property, with the last payment having been made mid-2017. I'm interested in the property, but don't understand exactly what happens next in this scenario. My assumption would be that eventually the state would seize ownership of it and auction it off, but I don't know that and what I found via Google offered some very generic information. WWYD if you wanted to purchase this property? [link] [comments]  |
| Is it worth it to buy an apartment *unit*? (Not complex) Posted: 05 Jan 2020 10:17 PM PST I've never bought a home or any property before, but have been thinking about it. I have a good friend moving out of a 1 bed/1 bath apartment unit within a pretty big complex, right in the middle of a good town, in a few months. His landlord owns the unit and recently disclosed he has some major health problems and wants to sell it to my friend or anyone he knows that might be interested. Hes offering it for lower than all the other units that are selling within the complex. I rent a room at another house right now, so maybe I could buy and live in it. I just wouldnt want to be tied down to that location for too long. Would it be smart to buy it? Maybe to flip it and invest in more property or rent it out? Not even sure what to look for or research here. Thanks in advance! [link] [comments]  |
| House next to storage facility? Posted: 05 Jan 2020 03:39 PM PST I am currently looking to buy a house. The one I am interested in is right next to a storage facility. It is covered by trees .The house does need some new flooring and appliances. But the main issue is being right next to the storage facility. Also it is only one mile from the lake which is one thing we like about it. Do you think it's a bad idea to buy a house next to a storage facility? [link] [comments]  |
| [CO]How to sell a hard-to-sell investment property? Posted: 05 Jan 2020 09:53 PM PST I bought a difficult property a year ago. It's a conevenient corner plot in a mountain community in a hot Colorado market. Got a good deal because it's all non-conforming, funky weird mountain house, and the plot had turned into a hoarder junkyard over the last 50 years from previous owner. It has a well and septic that are grandfathered in. Septic will need to be replaced. House does not conform to setbacks, so again, it's grandfathered in but cannot be torn down without doing earthwork to move the structure. Partner is a contractor, and we've gutted the house, opened the floorplan, and done a good bit of reframing, cleaned up the property a good bit, and replaced the roof. Otherwise, its sitting there, down to the studs. It still needs everything--a bit more structural framing, windows, insulation, plumbing, electric, heating, floors, and finishes, and septic (old system works but super sketchy). The tension of the project and finances is tearing apart our relationship. I want to sell, but how likely is it that I could find a willing investor? Where do I look? Who buys this stuff? It would be my dream house when finished, but I dont think we're going to get there. Also, if I'm stuck with it, what kind of loan can I pursue? I'm into it 130k, and comps are going for 315k most recently, so it should be a decent investment but I'm told that finding a buyer would be unlikely. [link] [comments]  |
| Advice on HELOC to bridge costs from current to new house Posted: 05 Jan 2020 03:38 PM PST So I've been trying to find this information without talking to a lender because I want to avoid them harassing me but I haven't had a lot of luck. Searched Reddit and nothing quite answer either, so here's the situation. We've been looking for a new house for about 6 months in a budget that would allow us to put 20% down without selling the current property right away. Then once it's empty we would list it - we have quite a few animals and listing with animals would be challenging. We finally decided to increase our budget slightly - and of course, we find a great place... Here's the rub - we have the liquid funds to still do 20%+closing, but it leaves us uncomfortably low on liquid cash until the old house sells (monthly income can cover both mortgages, it'll be tighter than we like but already pre-approved - DTI with 2 mortgages 43% based on gross). We have some equity in the current house. We expect it appraise for around 350k, we owe 275k (still need to do appraisal but this number is conservative). Here are my questions - Would opening a HELOC as a safety net be a crazy move? Does the HELOC close when we sell (everyone talks about a draw and repayment periods) - even if it's only 2 months later and we draw minimally from it? I tried to research fees/costs but I feel like I need to call to find that info - and I don't want to trigger all the spam - so are the costs along the lines of an appraisal, origination, and interest (if we make sure to avoid any early termination fees)? I am aware the smart move is to stay fully in the budget we set, but I REALLY like this place - we've been looking for the forever place and this fits it. Is there any way to do this responsibly that I might be missing? TLDR: Would opening a HELOC as a safety net be a crazy move to bridge the time between old house to new, and what are the details of HELOCs. Thank you for any insight. [link] [comments]  |
| Seller trying to back out after inspection negotiation Posted: 05 Jan 2020 03:13 PM PST Hi. I need advice because this is really giving me anxiety. We put an offer on our dream home three weeks ago, offer got accepted, we did the inspection that same week. We also put in a mortgage application and it's also conditionally approved. After the inspection, there were some minor fixes that were needed and the two big things were changing the water heater because the heat apparently gets trapped and the water basin because it's cracked. Anyways, I don't know much about housing fixes, but the realtor recommended we try to get those two "bigger" fixes repaired. We asked the seller to repair and he said no but instead offered us a credit in 1k. I was fine with that but everyone around me said I should counter back with 3k and try to settle at 2k. Backstory, this house was on the Market since last July and it has not received any offers until us at the end of December. We did get it for a good deal but nothing more than it's actually worth. The comps in the area for this type of similar home was even 10-15k lower than what we are paying for for this house. Also, the seller is a flipper. Now, the issue we're having is that after we asked for 3k in credit in hopes of settling at 2k or even just 500 dollars more, his attorney told our attorney that the seller doesn't agree and that he is looking to terminate the contract. We know sellers have the right to say no, and we are completely fine with that. But we just thought we would counter anyway because you never know unless you ask. We found out about this Saturday morning and it's Sunday evening today so the attorney on the seller's end is not responding. We told our attorney to tell the seller's attorney we will accept the initial offer of 1k for the repairs. What I am wondering is, is this seller serious about backing out of this contract? Is this some kind of tactic the seller is using to make us accept the initial repair offer of 1k? (Which we did accept after we found out he wants to potentially terminate the contract) It's winter, buyer's market and like I mentioned, this house was on the market for half a year now. I have crazy anxiety over this right now and I can't wait till tomorrow to get a response. I just need some kind of sound answer now. Also, this is Illinois if that matters. Thank you for reading! [link] [comments]  |
| Is there a way to search for delisted properties? Posted: 05 Jan 2020 07:50 PM PST I have already found a few by looking manually but it is very time consuming. Is there a way to find these delisted properties faster? Thank you. [link] [comments]  |
| Please ELI5 refinancing a home Posted: 05 Jan 2020 02:17 PM PST |
| Lending officer programs: Are they worth it? Posted: 05 Jan 2020 04:26 PM PST New LO here that will be working for a community bank. There is no formal training. We just have some training on our software and how to take and complete applications from start to finish. I have been in banking for over 10 years (personal banker, branch manager) but never in mortgage. Our manager said I will be doing some shadowing for my training. I was wondering if any LO's here had any recommendations on LO programs. I was checking out XINNIX. It has some good reviews (along with a new LO program) but it is about 3K for the course. Are programs like this worth the initial investment? I know this is a realtor group but was hoping some LO's are floating around. Much appreciated everyone! [link] [comments]  |
| How to find out when a commercial lease is up for a property. Posted: 05 Jan 2020 08:18 PM PST I got word that my current job isn't going to sign a new lease. They will likely not be telling us when they are closing. We will all come to work and see a closed sign on the door. I'm attempting to set up a smooth transition to a new job but I'm unable to determine when the lease will be up. Does anyone know the easiest way for me to find this information out? [link] [comments]  |
| When can I start advertising for my new condo? Posted: 05 Jan 2020 07:41 PM PST I recently purchased a condo and is expected to be completed by end of March. While I will be living in my condo, I'm also planning to rent out other rooms. When should I start advertising for roommates? I understand that the completion date can bleed through early April but builders are confident that the project will be completed on time. Thank you in advance. [link] [comments]  |
| Share your best RE investment spreadsheets to manage costs over time? Posted: 05 Jan 2020 07:34 PM PST I am looking to buy a multifamily building and want to start my hunt soon. Already building some of my own spreadsheets. I can use them now to figure out different properties potential income but would like to see others to make sure I am not missing anything. [link] [comments]  |
| Posted: 05 Jan 2020 06:43 PM PST My agent has told me that ALL agents are discouraged from using escalation clauses. His reasoning is that having multiple competing escalation clauses gets really tricky leaf ally speaking to make sure the regulations are met. The sellers agent had apparently told my agent that they have 6 offers, all $20k+ over asking. I have not been working with this agent long and don't know how much to trust him. He's with Redfin. My line of thinking is that no reasonable seller would leave money on the table out of principle. And violating their "no escalation clause" stipulation would be fine. My agent disagrees. Says that there a 99% chance my offer will be thrown out without consideration. So am I being scammed here? Is the sellers agent lying about the other offers? Is my agent working with the sellers agent to screw me? The home is super popular and unique. The 6 offers claim is believable. I'm planning on going in $31k over asking. Based on comps in the area, I think it's fair. [link] [comments]  |
| What do agents commonly gift new homebuyers? Posted: 05 Jan 2020 12:20 PM PST |
| Posted: 05 Jan 2020 07:31 AM PST Hi guys, We've been looking at houses for quite some time and came across a house with about 7 3-inch PVC pipes that apparently belong to the leach field. My question is: does this indicate a problem with the leach field? If not, why are there so many and how could I possibly go about hiding them; a fake rock would look weird being 7 in a straight row. Thanks all! [link] [comments]  |
| Residential vs NNN Commercial vs REIT? Posted: 05 Jan 2020 02:17 PM PST I'm planning to sell a residential rental property this year that's been a pain in my butt. We will walk away with about $350k in equity after fees, and will likely do a 1031 exchange to buy something else. I've only done residential rental properties, and I'm doing my research about other options, specifically NNN commercial and REIT. My goals are to maximize cash on cash returns and minimize maintenance. I would be stoked if I could net 10% of the down payment, or about $3500/mo. Right now I'm only netting about 2-3%. What are the pros and cons of each option, and which is best for my goals? [link] [comments]  |
| Remodeled fourplex $285k. But it’s in a bad part of town. Is it worth it? Posted: 05 Jan 2020 09:44 AM PST It's an 8 bed/4 bath fourplex for $285k. It's newly remodeled. It just looks damn nice. But it's in a shit part of town and the fourplexes next door look shit. But a 2 bed/1 bath will rent in this area for $700. So we're talking $2100 a month. Since I'd live in one. Is it worth it? [link] [comments]  |
| Purchase a Higher priced house? Posted: 05 Jan 2020 12:05 PM PST I'm looking at buying and investment home and don't know what to decide on. Should I purchase a $100,000 house that I can charge $1,000 of rent monthly or a $160,000 house that I can charge around $1,300-$1,400 for? I will be putting 20% down no matter which house it is. The more expensive house will appreciate more since it is in a really nice area and is growing. [link] [comments]  |
| First time renting a place, I need help with understanding Posted: 05 Jan 2020 04:39 AM PST Hey everyone! So I was checking out apartments and condos for rent in Chicago. A building managed by a realty group has a price range given for each unit. (this one here) The difference between the max and min price for each unit is different so it shouldn't be an issue of included utilities etc. Can you guys help me understand why every (almost identical) unit has a different price range and why that range exists? TIA! [link] [comments]  |
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