Realtor uses pocket "not on MLS" listing, then sells property to her son, who sells it for $217,000 more a few months later. What do you predict will happen? Real Estate |
- Realtor uses pocket "not on MLS" listing, then sells property to her son, who sells it for $217,000 more a few months later. What do you predict will happen?
- Appraisal came in extremely low, best way to move forward?
- Getting EXPOSED in Real Estate? (Not selling)
- Best site to search the country for a specific type of plot of land?
- Upgrades worth it?
- Home inspection found a leak; seller says it's fixed. Seeking advice on a follow-up inspection.
- How do I estimate renovation costs when entering a new market?
- Do additions to home add as much if not more value?
- Cold Feet Under Contract
- Builder Changed Elevation and Wants Me to Pay to Rebuild the Correct One
- Crazy property line descriptions in closing documents
- Helping grandparents out, could use some advice
- Should I walk away?
- [CA] What to spend $$ on to increase townhome's value fairly quickly?
- Great Marketing Campaign if You Have Bad Neighbors
- Help with a commercial zoned residence
- Should I attempt to find a new lender?
- Are there terms built into commercial property leases to protect leasees when there is no business during pandemic or other events?
- [Landlord] Is there a 'To Do/Preparation' list that gives guidance on what to have done to prepare to be a first-time landlord?
- Water meter problem in a Home Owners Association
- No Down Payment Mortgage Company
- Can we be declined for USDA loan if we only have one source of alternate credit?
- Research Analyst
- Purchasing a home without Realtors involved
| Posted: 05 Feb 2020 08:37 AM PST "Seven months after buying a home on the shore of Lake Minnetonka for the bargain price of $142,000, Cristian Fisk flipped the property to someone else for $359,000. How did Fisk manage to more than double his money on the deal? His mother was the real estate agent on both transactions, and she took "illegal" steps to drive down the price of the property, according to a lawsuit filed last month against broker Christine Valerius by the original owner of the house. In his lawsuit, Robert C. Vandell said that Valerius — who works as a broker at Coldwell Banker Burnet's office in Wayzata — failed to inform him in writing that Fisk is her son, a violation of state law. The Minnesota Department of Commerce is investigating Vandell's complaint, according to Tom Rehman, a Coldwell Banker Burnet vice president." Continued at What do you predict will happen?
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| Appraisal came in extremely low, best way to move forward? Posted: 05 Feb 2020 06:23 AM PST FL. Contract price is in mid 800's, appraisal came in at 500K. Looking at the report, the appraiser did a half ass job. The property has a separate guest house with two bathrooms and a kitchen which was all left off the report. Instead, he added a 1 br and 1 bath to the main structure. He also cut off about 700 sq ft living space. Didn't include a few other important amenities - addtnl 1 car garage and boat dock. Comps were ridiculous. This is a custom home and a similar home next door appraised a year ago at 750K. The ones he included as comps came from subdivisions, small lots. We're on 2+ acres with custom security fencing and gates. Our realtor says we can appeal the appraisal but they're usually unsuccessful. I feel like we paid the $600 odd for an appraisal and ended up with a crap product in return. Any tips on the best way to deal with this? [link] [comments]  |
| Getting EXPOSED in Real Estate? (Not selling) Posted: 05 Feb 2020 10:25 PM PST Hi, I find Real Estate very appealing and it's been an addiction since moving to Arizona recently and seeing the potential like crazy. I do not have any prior property or Real Estate experience and I feel as if obtaining a license isn't ideal right now. After speaking with some family and friends, I decided to find and see if an hourly rate position exists in Real Estate excluding the typical assistant position or agent or possibly something to do with loans. For someone inexperienced but has the willingness to learn more about the Real Estate environment, what are some good entry level positions I should be searching for? The end goal is to eventually become an agent as well as hopefully being able to invest into properties as time progresses. (For instance, I have recently seen an entry level photographer for Real Estate which I applied to and am super excited but looking to see if and what's some other options.) Thanks! [link] [comments]  |
| Best site to search the country for a specific type of plot of land? Posted: 05 Feb 2020 11:09 PM PST I've tried a few sites, but none seem to be really good at utilizing nationwide searches. I'm hoping to find a little plot of forested land, with a river if possible, in a place where the winters aren't severe. A small cabin would be ideal, but just the property would work too. I'm hoping to build a very small dwelling. Thoughts? [link] [comments]  |
| Posted: 05 Feb 2020 10:42 PM PST Hi everyone, my wife and I are getting ready to sell our house and I am wondering if doing some upgrades, such as faucets, refinishing kitchen cabinets, flooring etc. is worth the expense. Will it bring up the value? or will be a waste of time and money? If it does add value, do you have any suggestions on what upgrades should be done? The house has popcorn ceilings should we get rid of it? [link] [comments]  |
| Home inspection found a leak; seller says it's fixed. Seeking advice on a follow-up inspection. Posted: 05 Feb 2020 06:42 PM PST |
| How do I estimate renovation costs when entering a new market? Posted: 05 Feb 2020 10:18 PM PST TL;DR - Is the only way to calculate renovation costs is to get in touch with a contractor until I'm more familiar with the market? I'm a fledgling RE investor looking to do out of state rentals. I will probably sound stupid, so I apologize in advanced. This is what I've done so far.
I know that different markets, renovations cost different prices. So my biggest puzzle piece is, how do I estimate renovation costs in a market that I'm unfamiliar with? Is the only way to figure this out is to contact a contractor and obtain a bid until I'm more familiar with the market? [link] [comments]  |
| Do additions to home add as much if not more value? Posted: 05 Feb 2020 09:46 PM PST I am trying to understand how additions to a home add value. For example, we added solar panels years ago. We recently redid our front yard and back yard. Added cabinets to garage. Were thinking about wood floors throughout (about $30K to get it done). I assumed that given we live in HOA area with many homes same model.. that the homes without solar, basic grass yards, carpet throughout selling for $700K would mean our home should be priced around 780K. The front yard is supposed to be worth about 50K alone, though we didn't pay that much. Solar should add about 25K or so in value. However, I was talking to a couple real estate agents who said it likely wont add much if any value to the house.. and the plain house up the street could sell for just as much. That kind of pisses me off. Part of the reason I did a fancier front yard was for the value add it would add when selling the house. I have heard that a swimming pool doesn't add much value.. but I would think you should at least be able to get what you paid for (minus any typical depreciation if there is such a thing).. not basically piss away all that money. So.. is it true that all these additions basically don't add much if anything to a home? [link] [comments]  |
| Posted: 05 Feb 2020 09:18 PM PST I have a contract out on my 4th and 5th units. 2200 sqft main home , mother in law apt @400 sqft. Getting cold feet bc the seller is agreeing to a lot of repairs (sounds stupid to say). It's a somewhat hot area, suburb of one of the fastest growing cities in the US. Is the house going to fall down on me or something? Asked 315k, dropped to 300k, accepted 285k, agreeing to 20k or so in repairs (roof, hvac, electric, replacing some flooring, leveling the pier and beam house, replacing some of the subfloor, etc). It's been on the market 100 days (69 day average for the market). It was under contract but the buyer terminated. I bough 2 units a mile away of the same vintage, same neighborhood, etc and, they've been great! I feel like maybe I'm overlooking something everyone else has seen. It has been inspected by a pro. Other misc things, they're building a pipeline about a mile away (outside of city limits), the back neighbor has a junky yard, even after 20k in repairs, there's probably another 20k of updating that could be done in the 1960's home, no garage, small kitchen, small closet space. I'm telling myself if it's structurally sound, not in the floodplain, has 625/mo of rental income to offset the note (I'll be living in the big house), and I LIKE funky older houses- just roll the dice and go for it. Is there anything I've brought up that would give you pause? TIA [link] [comments]  |
| Builder Changed Elevation and Wants Me to Pay to Rebuild the Correct One Posted: 05 Feb 2020 09:18 PM PST I signed a contract to build a new townhome in October. There were two variations of my floorplan at the time I chose it, one is all brick and the other is a craftsman style with a front porch, the latter of which I picked and added a $10k premium. We are halfway through construction and they just did sheetrock/exterior bricking when I drove by and thought, at this point, there should be a porch (I didn't think to question it before). Well I asked and they said there was a mistake in the sales materials and floor plan stuff and only the public end homes near the street get porches but not ones like mine (between other homes) as opposed to the original porches for all craftsman homes. The website still shows the craftsman style homes with a porch as I type this with no notation otherwise but to be fair, my home is literally home #2 being built, with #1 being the model home which has the porch. They acknowledged their mistake and said I had a few options: 1.) Take it as is with a $10k discount for the all brick elevation price The contract includes the floorplan and elevation in name but no pictures or mention of a porch specifically so I don't think legally, I have a way to prove I'm owed a porch. My first instinct was to walk away but there are no other comparable homes in the area I want to move to near my sons school. So I tried to ask for #1 + appliance upgrade on the gas range from a freestanding to slide in and blinds thinking it wasn't a hard or material ask but they said they will not add any additional concessions since the price of new builds have already increased $6k since I signed and I'm essentially getting a $16k discount. I'm obviously super upset at the situation as a whole - I'm a single mom and worked very hard to get to a position where I could comfortably afford a $300k home and had my son very involved in the entire process (he said his dream is to live in a two story near a pool so I let him pick the floorplan and location which is directly adjacent to the community pool) which he is so excited about so there's an emotional attachment of wanting to fulfill his dream but I don't necessarily feel like I asked for a lot more in concessions or that they're making an effort to make things right by offering me what I was originally supposed to get for more money. I've been bothered all evening and in tears because I'm so torn between option 1 and 4. I asked my realtor but he hasn't responded to my text from several hours ago and generally felt like he wasn't understanding of my position when I asked him to request the additional concessions. Am I being unreasonable? I don't think the range and blinds are a lot to ask for and normally it wouldn't make or break my decision but I feel like they need to not just "price-match" but plus some for me to feel like they were actually trying. Are there any other options I could take to get them in my favor? I understand if I back out, they can just release the lot and sell it full-price but seems like a terrible way to start a new home development. [link] [comments]  |
| Crazy property line descriptions in closing documents Posted: 05 Feb 2020 08:28 PM PST We're going to be buying some land. And in the closing documents, it has I guess a technical description of where the property lines are. I've seen this kind of verbiage before. So it's not that shocking to me. The thing is, I can't make any sense of it obviously without more information. After reading this, it occurred to me that I could be buying 10 square feet 50 miles away and would have no idea. I asked the less than helpful woman at the title company about it and got back a useless map that doesn't help me decipher this. Is there something online I can use to figure this thing out? Can maybe the title company explain how they got this? Did this maybe come from a government office somewhere? Here's part of a wall of text: The Northeast Quarter of the Northeast Quarter (NE/4 NE/4) of Section Four (4), Township Seven (7) North, Range Three (3) East of the Indian Meridian, less and except all oil, gas, coal, and other minerals, and less and except a tract of land beginning at the Northwest Corner of the Northeast Quarter of the Northeast Quarter (NE/4 NE/4) of said Section 4-7N-3E; thence South 210 feet; thence East 210 feet; thence North 210 feet; thence West 210 feet to the point of beginning, and less and except a tract of land located in Lot One (1) [or NE/4 NE/4] of said Section 4-7N-3E, described as Commencing at the Northwest Corner of said Lot 1; thence S89o58'51"E on the North line of said Lot 1 for a distance of 210 feet; thence S00o20'47"E and parallel with the West line of said Lot 1 for a distance of 210 feet... and so on for a full page. [link] [comments]  |
| Helping grandparents out, could use some advice Posted: 05 Feb 2020 08:23 PM PST So long story short my grandparents are in some debt and need some money. They have a small piece of property .75 acres that my aunt and uncle lived on for around 15+ years in a mobile home. They've pretty much trashed the entire property, garbage everywhere and it's totally overgrown with blackberry bushes, weeds, etc. my aunt moved out with her family and basically doesn't want to deal with any of the trashed property. So my dad has been going over there to clean up the garbage, bushes, basically clean the place up for when someone comes to buy it because he thinks they'll get more money for it. The only problem is, the property is a decent drive away from all of us, there's a ton of work to be done to it, we all have full time jobs so we really can only work there on the weekends. My question is, is cleaning the property up worth it? Will it significantly change the value of the property if the landscape is well kept and the garbage is totally removed? Sorry if it's a dumb question, I really don't know anything about selling a property. My grandparents are in a pinch and want to sell the property basically as soon as possible, but we also want to get them as much money out of it as possible. If anyone can give me their input that would be very helpful. If anyone has questions lmk. Thank you for your time [link] [comments]  |
| Posted: 05 Feb 2020 08:19 PM PST I am in the process of buying and selling a home at the same time. We got an offer accepted with a contingency to sell our current house, so we put it on the market and got a ratified contract within two weeks. We planned to coincide close on Feb 12th for both properties. However, and unfortunately the person we are buying from has been a total pain to deal with throughout the entire process. Every negotiation is like pulling teeth, delayed responses, and no leeway, etc. Home inspection items are to be fixed by contractor. We haven't received any receipts for the work, and it's less than a week from original planned closing. When the house we are selling went ratified the buyers wanted to close on the 12th and we agreed, however the seller made a huge fit that it was only 28 days instead of the 30 stated in contract, and we had several back and forth disagreements before she conceded. All this, and seller had 15 days while waiting for our house to get ratified. Recently the septic tank failed. Seller has drug her feet for three weeks getting inspections and second opinions and untimely scheduling soil inspections and repairs. It has come down to us selling our current home next Wednesday, and her septic is still 4 or 5 weeks from being fixed with permits needing to be requested and the work to be done. Seller has agreed to preoccupancy, but she wants us to pay her an $80 daily rate upfront for the next month, and pay to pump old septic tank as needed while new septic gets put in. Seller is wanting to assume no loss from the ordeal except the cost of new septic tank. I don't mind to pay some rent, but I think seller should meet us halfway for her delay in everything and mishandling the sell of her house. Had she not delayed the last 40 days, the new tank installation would be close to completion. We paid a little more than this house was worth for the contingency convenience, and now may be out on the street looking for another home. Should I walk away from this purchase and leave her to wallow in her own shit? [link] [comments]  |
| [CA] What to spend $$ on to increase townhome's value fairly quickly? Posted: 05 Feb 2020 07:38 PM PST So we have an attached townhouse in Los Angeles, and think we may move soon to pursue new opportunities, hopefully before summer. What are some good things to spend $$ on to increase its selling price, and what are some things to perhaps leave for the next owner? FWIW, we've been living here for about 7 years, and it's been well lived-in in that time (we have cats, kids, and grand folks living here), and I'm thinking the carpet should be replaced and maybe the walls re-painted. Kitchen is up-to-date (stainless steel appliances and contemporary cabinets). The biggest-ticket item is the broken rooftop a/c, which requires a crane to replace which itself costs thousands of dollars to rent. Dunno if it's better ROI-wise to let the next owner to buy an a/c as they prefer, or buy an "economical" unit and have it ready ASAP. [link] [comments]  |
| Great Marketing Campaign if You Have Bad Neighbors Posted: 05 Feb 2020 06:48 AM PST |
| Help with a commercial zoned residence Posted: 05 Feb 2020 06:22 PM PST My (ex) wife and I purchased our house (built in 1948, 1740 sq ft, .97acre lot) in 2010 for $145k. Since then the property has been rezoned as a commerical property. As of the most recent wake county appraisal the building value is $8,582 and the property value is $295k. I want to sell the house as quickly as possible and she is not offering much help. I do not want to put a lot of work into the house. I am scared that the property being zoned as commerical may scare away real estate buyers and it being a residence may scare away commercial property buyers. What are my easiest and quick options to get this off me? [link] [comments]  |
| Should I attempt to find a new lender? Posted: 05 Feb 2020 02:28 PM PST I've been working with a lender for a few months getting appraisal, title loan, and pre-qualified for the loan. The appraisal comes back with some minor repairs "$2000" total for being fixed. Mostly small flooring repairs. The appraisal with no repairs comes in at $157,000. But the appraisal says subject to repairs it's valued at $160,000. I'm paying $135,000 for the home, but the bank says they refuse to do repair escrow. The sellers are going through a divorce, and do not have the money and will not do the repairs. Should I just find another lender and hope they take the $500 appraisal I've just completed? [link] [comments]  |
| Posted: 05 Feb 2020 06:04 PM PST Seems "unfair" that businesses bare the cost and landlords collect 100% rent during hard times. [link] [comments]  |
| Posted: 05 Feb 2020 11:58 AM PST Things keep popping into my head such as (obviously) having a contract to sign, a way to keep track of finances on your property and having a process of finding and screening tenants, but what other things are there to do? Is there a 'To Do' list that anyone can point me towards? I'm planning on buying a duplex later this year and I want to be as prepared as possible. Thanks! [link] [comments]  |
| Water meter problem in a Home Owners Association Posted: 05 Feb 2020 05:53 PM PST The HOA in a condo 100 unit complex put in individual condo water meters, that seem to not work (read too high) when installed with some existing hot water tanks that otherwise were working fine, seems to be a back flow problem. Fingers pointing to owners for their water heaters, or to the equipment manufacturer or to the installer. Anyone else have this problem? [link] [comments]  |
| No Down Payment Mortgage Company Posted: 05 Feb 2020 05:43 PM PST Saw this company on a billboard on my way home from work. Called them immediately for more information since it would be great for some of my clients (I'm a realtor), just thought it could be helpful for some of you as well. [link] [comments]  |
| Can we be declined for USDA loan if we only have one source of alternate credit? Posted: 05 Feb 2020 11:45 AM PST |
| Posted: 05 Feb 2020 05:39 PM PST Hello r/RealEstate ! TLDR: What responasabilities does a Research analyst have ? What does the job entail ? Long version: After a summer job as a Property Manager assistant I decided that real estate is what I want to do in life. However I wanted to get a better feel of the job before putting all my eggs in one basket. I've applied for, and going to go on my 4th interview tomorrow for the position. While nothing is concrete I feel like I'm gonna get the job. My question is what exactly does a research analyst do ? The answers I got from google were very vague and generalized. In the interviews they asked my proficiency in Excel and cold calling/ customer service etc. And how time is of the essence. I do have experience in data entry, excel, customer service and call center. If anyone is in the field , or has more information about this topic, please feel free to comment. [link] [comments]  |
| Purchasing a home without Realtors involved Posted: 05 Feb 2020 05:35 PM PST I am looking to buy my first home and have been in the market for about 6 months now. My area has few homes within my price range that satisfy my needs, and those that do are snatched up with offers well above asking and less than a couple days on market. Recently I was presented with a good oppurtunity, the catch is that the seller is determined to complete the transaction without realtors involved for both parties. The seller is asking for $420,000, while I suspect if the home was on market it could go closer to $450,000. I have been working with a real estate agent throughout my house hunt and have signed a Buyer Representation Agreement (BRA) through June 2020. Would I be on the hook for my agents commission if I were to go through with this private sale? This home is also not in my preferred location. If I were to get it, would I benefit from a resale 1-2 years in the future if I were to structure my mortgage with this idea in mind? Any advice would be appreciated! [link] [comments]  |
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