You Can Now Live Inside America's First Shopping Mall for $550 a Month Real Estate |
- You Can Now Live Inside America's First Shopping Mall for $550 a Month
- New owner finding out HOA fee different between listing and actual
- Buying a Co-Op in NYC, but getting anxious about small things in building’s past
- Buyer found undisclosed area in basement.
- PMI... how do I get rid of it?
- How should I invest $64K in real estate?
- Buying House, Renting Remaining Rooms
- My agent is pushing a mortgage on me when I want to pay %100 cash
- Is it normal for buyers agent to show the place without the sellers agent present?
- Statute of limitations for return of deposit?
- Buying a home, and the square footage has been seriously misrepresented. What to expect next?
- VA Home Loan but a full time student.
- Viewed a townhome today and put a deposit down. I'm not represented and need advice.
- Buying an industrial property with structures for personal use
- Does completing a refi affect my existing HELOC?
- Was thinking about becoming an engineer but I just don’t think I can take another 5-8 years in school. Now I’m thinking of becoming a real estate agent
- FHA with contract on home at market value, inspection shows multiple issues
- How do adults handle packing a house for moving with two months lead time?
- Given bad advice or business as usual?
- Looking to buy an investment property
- Peculiar home prices in poor neighborhoods
- Tax lien on house
- How to shop for a mortgage?
- Do apartment complexes devalue homes?
- Offered full price with sale contingency, seller countered at $5k more but offered to pay $5k of our closing costs. Do we walk?
| You Can Now Live Inside America's First Shopping Mall for $550 a Month Posted: 26 Jan 2020 05:52 AM PST |
| New owner finding out HOA fee different between listing and actual Posted: 25 Jan 2020 06:21 PM PST Original listing on MLS showed an annual fee of around $300 for HOA on a private road. After closing, I get a letter from the HOA board stating the association fee would be $50 monthly or $600 a year. Either MLS was incorrect or the HOA has since doubled the fee on my portion of the private road since homeowner switch. I suppose option two is possible if the HOA fee might be apportioned by length of ownership, but is that legal? I didn't see anything mentioned in the bylaws. [link] [comments]  |
| Buying a Co-Op in NYC, but getting anxious about small things in building’s past Posted: 26 Jan 2020 04:27 AM PST ... finding out the building had a fire two years ago, contained to one apartment? or that the apartment I am buying, and others on the same line in the building, have had intermittent leaks over the last 3 years ? My real estate attorney is going to talk to me more about this tomorrow, but he mentioned it in brief today and assured me not to worry. That being said, I'm a worrier by nature. This is otherwise the perfect co-op for me and my partner. Two bed, one bath, amazing park views, in budget... Should a fire two years ago (with my concern being structural damage to the building) and semi-frequent leaks be enough to turn me away from an otherwise A+ apartment ? My fears are heightened as we looked at an apartment about a month ago that we loved, but decided not to make an offer on (because we found THIS apartment that we fell in love with). And this apartment that we saw a month ago had a huge fire this week. The top two floors of the building, including this apartment, were totally wiped out! Gone. Kaput. We were shocked, as we were considering pursuing it. [link] [comments]  |
| Buyer found undisclosed area in basement. Posted: 25 Jan 2020 09:28 AM PST A buyer client of mine just recently settled on a property and has begun renovations. Due to the condition and his expertise in construction, he elected to waive most of the inspections aside from property insurance and an appraisal contingency. While cleaning out the basement, he found a plywood panel screwed into the block foundation behind some permanently attached shelves. Once he removed the panel, he found a second basement area that is under a slab that is outside the home. There's nothing on it, it's just a poured slab that was intended to be a garage by the previous owners but never finished. The problem is, there's a near constant drip of water coming in from a nearby spring, and it's obvious that it's been that way for years as the metal beam spanning the width, the posts supporting the beam, and the rebar and wire mesh holding the slab in place are rusted nearly through. He wants the seller to reimburse him for the extra work he's going to have to do, the seller is saying she was unaware of the space because her "ex-husband did everything" even though they built the house and there are some boxes of junk and old kids toys in there. What course of action do we have here? I really doubt that she was unaware of the space, as she's notorious in our area for being dishonest and has a long list of civil court cases where she sued contractors and companies that did work for her. In Pennsylvania by the way. EDIT: I really appreciate all the input I've received here, and I apologize for not being able to keep up and respond to everyone. I'm still reading through your responses, but the overwhelming majority are suggesting that I just back off this mess and refer him back to the real estate attorney that we spoke with initially. I plan to meet with him on Monday and let him know that there's very little, if anything, that I can do to remedy the situation and have him contact the attorney if he wishes to pursue any concessions in recompense. I'm not anticipating a great attitude from him in this case, but I've realized that the stress that I feel from trying to mediate this is not worth it, especially when I know I'm working outside my area of expertise and my advice at this point may be of minimal value. I'll post again when I have an update on how they're proceeding and how it plays out. Thanks again, all you fantastic strangers. [link] [comments]  |
| PMI... how do I get rid of it? Posted: 25 Jan 2020 06:41 PM PST I have owned my home for two years and my neighbor just sold theirs for a good profit. Since I've been paying ahead, by my calculations I should own 80% by now, if my house has a similar value. Can I get an appraisal and mail it to my mortgage company? Would this affect my tax liability in any way? I added a fence and re did closets but have made no significant improvements beyond that. Thanks! [link] [comments]  |
| How should I invest $64K in real estate? Posted: 26 Jan 2020 05:59 AM PST So I'm set to inherit $64K and I'm considering investing it in a rental/vacation property. My current plan is to buy a rental/vacation place and use the rent to help pay off the mortgage. Then, once it's paid off, I'll sell either that place or the house I currently own and live in the one I still own. I have three main questions, for those who are experienced in such matters: (1) does this sound like a good plan (2) what are some of the best bang-for-your-buck housing markets on the East Coast and (3) do you have alternative suggestions for how I could better spend the money? Thanks, ya'll. [link] [comments]  |
| Buying House, Renting Remaining Rooms Posted: 26 Jan 2020 05:11 AM PST I'm looking at buying a house in a major US city with the intent of renting out the remaining bedrooms. I will be living there as well. What do I need to consider when going this route? I know this is common, but may also not be something you're into. Giving my situation (no family, debt), it looks to be the right move. As time moves on, I envision keeping the property and renting it out fully. Thank you for any insight you can give me. Right now, I don't have specific questions but they may come from this. [link] [comments]  |
| My agent is pushing a mortgage on me when I want to pay %100 cash Posted: 25 Jan 2020 10:41 PM PST I plan to buy a condo, live in it and then rent it when I leave the town. My real estate agent is pushing me to finance it when I have the %90 of the money available in cash and I plan to use a personal loan to get the %10.. She claims I can write off the mortgage interest for tax and also I can make more money by investing the remaining cash in hand.. I want to pay it cash and be done with it, I don't understand the investing bonds and honestly I don't want to lock my money to bonds for 5/10 years.. Why does the real estate agent push me to get a mortgage? [link] [comments]  |
| Is it normal for buyers agent to show the place without the sellers agent present? Posted: 25 Jan 2020 06:53 AM PST Just wondering how this works. As a seller I'd expect only people I've met and trust to give a tour while I'm not around. Can my sellers agent just authorize anyone to enter without me knowing who exactly has been in my house? [link] [comments]  |
| Statute of limitations for return of deposit? Posted: 25 Jan 2020 06:03 PM PST Long story short:
Happy for any input that anyone can provide. Thank you in advance. [link] [comments]  |
| Buying a home, and the square footage has been seriously misrepresented. What to expect next? Posted: 25 Jan 2020 07:20 PM PST I've had an offer accepted on a home in a hot market, but have come to find out that the listed sq footage is misrepresented by about 400 sq feet (home is actually around 900 sq ft instead of the 1300+ they are claiming). We believe they are trying to include the attic and back patio in the sq footage, and potentially the basement? Info: attic has 6' ceilings at peak, sloped on side... although it is finished. Back patio does have a roof, and plywood has been screwed over roof support beams to partially enclose, but is still open air on 2 out of 4 sides. Basement is extremely unfinished Michigan/Long Island basement, 6' 6" ceilings. What can we expect come appraisal time, and what are our current options? [link] [comments]  |
| VA Home Loan but a full time student. Posted: 25 Jan 2020 04:50 PM PST Hello everyone, hoping someone can answer my questions. I'm 23, in the Air National Guard and I'll be eligible for a VA home loan in July. I have around $30k in the bank, but currently have no job since I'm a full time student. I have no debt and a 750+ credit score. My question is; How hard would it be for me to get approved for a loan? or would I even be able to? My goal; To secure a multi family house and live in one unit, while renting out the other 2 units. Any insight would be greatly appreciated, thank you! [link] [comments]  |
| Viewed a townhome today and put a deposit down. I'm not represented and need advice. Posted: 26 Jan 2020 12:17 AM PST Hello! I stopped by a new City Ventures townhome open house today in CA. One of the units that had been previously sold had been relisted due to the individual being deployed, which was a trigger point in his contract to be released. The townhome in question is due to be completed for move-in in March, and is exactly what I've been looking for as a first-time buyer. It's less than a mile from the beach, within my budget, and more than I bargained for within that budget. It is an up-and-coming area, and I anticipated that the unit will have been sold by tomorrow afternoon; therefore, I put a deposit down to buy myself some time to move forward without losing the opportunity. I did not have a check on me today, so I filled out the paperwork for the deposit and I will be dropping the check off in the morning and working through more of the process. As I said, I'm a first time home buyer. I had intended to wait three years to buy a house outright, but owning a townhome until then has been something I've been considering. Because my plans were projected out a few years, I do not have a real estate agent. I saw this opportunity and I am trying to decide how best to move forward. So on to my questions:
Note: I am not scared to pull out of this if it's a dumb decision. I am aware that I am putting a foot into something that is out of my realm of expertise, and I'm doing it hastily and unprepared. I'm trying to catch up as quick as I'm able. It is a dream location and within my means, so I'm trying to evaluate if I can make it work without fucking myself over. I appreciate your candor ahead of time. Cheers. EDIT: I do know several competent real estate agents. I intend to get their advice, I'm just not sure if there will be issues getting them to represent me since I've been to the open house, signed something that stated I'm not being represented, and made intentions towards a deposit. [link] [comments]  |
| Buying an industrial property with structures for personal use Posted: 25 Jan 2020 08:29 PM PST Looking to buy a property in a light industrial zoning area. It has a shell of a house (stripped to the studs and lacking plumbing/heating), and a large garage, which is really why I am interested in it. I believe my alignment to the lawful zoning would be "warehousing", since I'd keep my stuff I it. No businesses, no revenue, no rental, just personal use. No intent of refurbishing or renting the house anytime soon. Honestly I don't want the house, but I'd also prefer to not tear it down. Would the property be considered vacant if I use the garage, but stabilize the home and leave it as a shell? Squatters aside, is a situation like this typically a risk from a zoning or use perspective? Because the home would have no utilities, including sewer, would the structure be considered a public nuisance or something similar? Assuming it was closed, locked and in good stare of repair... Anything else to be considering if looking for a storage/garage building for personal use? Thanks! [link] [comments]  |
| Does completing a refi affect my existing HELOC? Posted: 25 Jan 2020 10:51 PM PST I currently have a HELOC on my home. I am planning to refi the main mortgage in the next few months. Will completing the refi affect the HELOC in any way? Do I need to report to the HELOC lender that I will doing a refi? [link] [comments]  |
| Posted: 25 Jan 2020 10:39 PM PST So I started out thinking that I wanted to become an engineer. I loved to create and think and solve puzzles and then I was faced with school and I can't I physically can't do that at this point in my life. I'm still 19 years old so I'm young and I currently live in Virginia and I just started working at Best Buy as a sales consultant and I've been one of the top sellers there even tho I just started and it's my first sales job ever. I love talking with people and helping them get what they need and I was thinking over what I really want to do with my life and watching tons and tons of videos I was thinking that maybe I could try real estate. I'm not sure what it would take other than taking some classes so I can pass the exams, like that's all I know. I don't even know where to go to do those classes and how to get to the exam. And then from there if I were to do all that and pass the exams what do I do next, apply somewhere? I don't know what companies are around and where to start I have no idea. If there is a great video or article that would explain some of this to me that would be great and very helpful. Thank you [link] [comments]  |
| FHA with contract on home at market value, inspection shows multiple issues Posted: 25 Jan 2020 06:08 PM PST Home has 4 acres and was built in 1978. It was listed for 40 days when we offered asking price with 5k toward closing and seller accepted without hesitation. Get inspection report back and find out there are multiple deficiencies throughout the home including:
There are also two outbuildings that have the same unprofessional electrical work, mold, water damage, rodent and termite activity. Being that this is my first house, I have no idea if I am wrong to assume we should ask for a (kinda big) price reduction to cover these repairs? Or maybe look into getting a 203k loan? I'm having a hard time knowing what would be acceptable in this situation because between me, my SO & my realtor and lender, I am the only one kind of worried about the work needed and whether it passes FHA inspection. My realtor tells me that this is "a bit expected in older homes" which I understand to a point but is this not on the higher end of expected repairs? I'm honestly asking because I have no idea. I asked my lender if I should expect this to not pass FHA inspection and she acted like everything besides the electrical wouldn't even be noticed and even suggests that we tell the seller to paint over water stains to help it pass. Everytime I bring up 203k, I am told that 203k is more for large repairs and/or structural work and is not necessary in this case. My lender also said I might find it as "too much of a hassle" to deal with since you have to work with a HUD contractor and so forth. The problem is, I would much rather deal with contractors and go into it with funds to fix it immediately instead of using our savings over a long period of time. Is the latter what would be expected in this situation? [link] [comments]  |
| How do adults handle packing a house for moving with two months lead time? Posted: 25 Jan 2020 08:10 AM PST My husband and I want to move from the apartment we live in now to a house closer to my job and to get away from this expensive rent. Problem is, the lease doesn't end until end of July, the houses we are interested want at least two months notice first, but there's no guarantee that we'll get what we are wanting in the process, and our baby is due in April. So we might move. We might not depending on availabilities. So say hypothetically we get confirmation in May that a house is available, how do we make that happen in the time constraint? [link] [comments]  |
| Given bad advice or business as usual? Posted: 25 Jan 2020 03:28 PM PST Hi all. We are currently flummoxed about this situation. We are first time home buyers. We appreciate any advice that may be offered. So we found a house we really liked. We viewed it an hour after it was listed since our realtor was given a heads up from the seller's realtor, who sent photos to us. We toured, we liked, we continued. We put an offer on this property. We offered asking, since the house was priced higher than comps. We were told our offer was strong. Our Realtor gave a verbal offer at 10. I was annoyed by this and stated I had wished a written offer was sent but my realtor was working his other job by this time but I digress. Seller's agent stated that they were waiting for responses from other showings. We officially submitted a written offer at 5 pm. We were told we would hear back by the next morning. The next morning, we asked our realtor for an update. He lets us know that we are the only offer, and that he conveyed that we expect an offer by 12. So, 24 hours past our verbal offer (I know verbal doesn't really count but for our time line). Seller's agent comes back and say they'll let us know at 2. Turns out they accepted our offer pending inspection!! having had 5 offers refused for other houses, we were considering this a mini win!! Our realtor tells us that they are still having an open house in two days. We were confused, and our realtor told us that they can't accept further offers. He states this is "purely for networking". The inspection was scheduled for the next day (today) at 1. At 11am, we get a call from our realtor who states that seller's agent suggested we cancel our inspection since they have "a stronger" offer. Our realtor didn't give any advice at this point, so we ask to submit a higher offer. Our realtor states that he doesn't know what this new offer is, we don't push on this point obviously. We go higher, reschedule our inspection for a later time (since our realtor doesn't confirm that we are being elbowed out & we are tired of further delays). At this point we are frustrated because our realtor told us just yesterday that they can't get other offers. We put in a higher offer. At 1, They go with the other offer and we are SOL. Other buyers offered all we did except they omitted the inspection. (Our inspection was originally supposed to be happening at this time). They are already under contract now with the new buyers. We cancel the inspection and are left feeling like we didn't get good advice. We are further frustrated because we can't help but think that if we had submitted a written offer earlier, we would have had more time to get shit done. But instead feet were dragged and here we are. What could we have been done to better secure our offer? Thanks in advance. E: thank you for your comments and advice!! We have learned so much from this post. [link] [comments]  |
| Looking to buy an investment property Posted: 25 Jan 2020 09:16 PM PST My wife and I are currently renting (paying very little) in a situation that won't be changing for a year or two due to family situation. We have approx $200-$300k to our name and I'm wondering if buying a property to rent might be a good idea. Having only ever rented, thus would be something very new to me and so I was wondering if anyone could point me to any helpful resources to get me started and help determine if this is something I should look into more? [link] [comments]  |
| Peculiar home prices in poor neighborhoods Posted: 25 Jan 2020 05:06 PM PST I have never posted here before but I have a question: I was on zillow looking at a poor neighborhood where my grandparents lived and while looking at sold properties there were houses sold in the hundreds of thousands of dollars up to one for over one million among houses sold for around $50K as low as $500. This is not a safe or wealthy neighborhood. Would anyone know what would be going on here/ have seen this before? An artificial way to raise home values?/Money laundering? Thank you [link] [comments]  |
| Posted: 25 Jan 2020 12:31 PM PST So we are under contract on a home that has been discovered to have a tax lien. Apparently the owner at some point did owner financing for a friend. When friend couldn't keep up payments, owner retook possession of the house, but not before a lien was placed by the IRS. The owner is now trying to pay it off on their behalf so it can be sold. So my anxious mind wants to know: how long might this take? Anyone else been through this? [link] [comments]  |
| Posted: 25 Jan 2020 07:23 PM PST I'm compiling a list of places to check into but do I just walk in and say I'm here to shop for a mortgage, what's your best rate? Will they run my husbands and my credit and will that negatively impact us? Does my husband need to be with me when I go to these places? When we choose a place how many weeks or months is our preapproval good for? When should I start shopping if we want to look to buy in May/June and close in July/August? Thanks in advance! [link] [comments]  |
| Do apartment complexes devalue homes? Posted: 25 Jan 2020 07:14 PM PST Hey guys, potential first time home owner here. Found a house I really like (in a gated community) that's across the main road from a 3 story apartment complex (built in last 3 years). Met with a realtor a couple weeks ago and they mentioned that living near apartment complexes lowers the value of homes. Is that actually true? Should I stay away from buying the home? Thanks! [link] [comments]  |
| Posted: 25 Jan 2020 03:10 AM PST My husband and I found a home in the historic district of our smallish downtown and decided to place an offer. The home is fully renovated and built in 1925, but has some issues we could see like small areas of rot in the siding, a few original windows that are painted shut, and a bricked off fire place. The area is desirable and intersects with the most popular historic street just a few houses down, so despite these issues, we placed an offer for full price. It was under contract 12/14 at $258,900 but the deal fell through due to FHA financing because of the siding rot. It has since been reduced. We are using conventional, so pushed ahead at the newly reduced price of $249,900 and submitted our offer on 1/22. So, we submitted full price, to show that we were serious and really liked the home, and to help lessen the sting of our contingency. However, our contingency was aggressive in the contract, which stated that our current house would be under contract no later than 2/14 or the deal dies. We have photos done and are ready to be active on the MLS today, but because we are in a bit of a unique situation (family with five kids looking for livable historic home makes it difficult to just easily pick something that suits us) we haven't listed as homes are selling very quickly in our city. Our current home is priced aggressively and in a desirable neighborhood. This pushed us to a closing date of late March. We didn't ask for any repairs to the siding or anything whatsoever other than a contingency to hold until 2/14. Yesterday was the last day for them to respond to our contract (2 days after we submitted) and the seller countered with $5k more, but offered to pay $5k of our closing costs. There are no other offers on the home other than ours, but the listing agent said "they've been having good activity" when they we submitted initially. Our realtor had me write a letter about our family and include photos of us and our pets with our offer, so now I'm thinking this gushing extra gave her the incentive to jack up the price. When our realtor came back with the seller's offer yesterday and said seller never lived in it, inherited the home and wants to get rid of it "as much as we want to buy it," but the seller is dealing with an attorney, and the attorney needs it to be sold at $255k, not $249,900. This seems strange to me--have it listed below what you apparently need according to your attorney? Seller supposedly "didn't realize about the price being listed too low until she took our offer to the attorney." If it's a debt issue and she or her family owes on the property, but she's offering us $5k, why wouldn't she just cover that debt herself? Also, $5k in closing costs doesn't really even the deal as our 20% down payment and interest would go up over the life of our mortgage. I asked our realtor about the possibility that it then appraise lower than the $255k she's saying she "needs," our realtor says that according to the seller, the home appraised at $258k last year, and $255k recently, and if it appraised for less, "seller would have to take that new appraisal to the court." Two words bug me here: attorney, court. I also feel like our contingency shouldn't be that big of a ding as we showed that our home is ready to go and aimed to be under contract here ASAP. My husband thinks the seller must be a nut and said no way, this is weird and we should definitely walk away. He's also pretty insulted that our full price offer was countered for more when there aren't any other offers on the home. It all seems weird and risky to me. Any input? Anyone familiar with inheritance or why the court or attorneys would be involved, and what's the risk in dealing with something like this? [link] [comments]  |
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