The Waiting Game Real Estate |
- The Waiting Game
- Rent issue ?
- Why do people say it’s important to have a good relationship with bankers? What advantages does one get from being good friends with bankers?
- Figuring Out This Loan Prepayment Penalty Clause
- Beginner
- Tenants not getting along. Help
- Can someone please explain to me what a foreclosure bond is??
- Question about month to month lease
- I am the spouse and my name is not on the deed.
- Am I screwed on property taxes
- Closing on Monday!
- FHA Appraisal!!
- Vacant property adjacent to current property.
- How do I ask for an appraisal when the realtor owns the home?
- Anyone think there will be a rush of Money/investment flowing from China into US, Canada and Australia after the coronavirus outbreak eventually settles down?
- I see a lot of land in the country nearby (within 30 miles) thats literally as low as a couple thousand per acre. Is this a good buy?
- Asking for concessions due to cigarette odor + cost to get it cleaned
- Is there a way to approximate the value of my apartment from the rental price?
- Seller’s agent won’t let me see the house again after I signed the contract
- Sump pump but no drain tile
- Additional 1099 Income Toward Closing
- Should I sell and what would I get?
- Cheap house that needs work VS top of budget new construction?
- RPIE Penalty Enforcement Questions New York, NY
| Posted: 08 Feb 2020 08:53 PM PST SF Bay Area Looking to buy in SV, Saw a house yesterday. Been on the market almost 3 weeks. Was a flip, but permits are there so we are considering it. It's pretty nicely done for the most part. According to seller the offers they've received can't show proof of funds or are really low. Went to do some recon during the middle of the OH today and was very slow. Agent said they only received a couple of offers with "One strong offer this morning." Today we made an offer slightly under 2% under listing, very short contingency to check on an easement. Expiring at before OH Sunday. Quick close. Listing agent called our lender to say "We have a higher offer, can your clients go any higher in their offer?" Lender is told them to ask us for more money if they wanted it and that "They'll go to what they're comfortable with. Their ratios are solid and they will close." I'm calling their bluff and think their "higher offer" is the one that couldn't show proof of funds. It's possible they counter, but they have only received a couple offers in three weeks in a neighborhood with comps that support higher than their asking. Our agent hasn't heard a peep, but did tell them that this was our best. It's a waiting game at this point and I'm sharing with internet strangers because we don't want to harass our agent. [link] [comments]  |
| Posted: 08 Feb 2020 12:00 PM PST Hi, so my SO and I have been renting in our current complex for almost 2 years. We hit a snafu with one of our paychecks. We won't be able to pay in full till the 20th. Our rent is usually do the first and have to the 5th to pay. We have up till the 11th to avoid any penalties. Then usually from the lease agreement mentions something about a 5 to 10 day writ then eviction notice. I reached out to our property manager explaining the situation. Any advice can give for this situation? Concern going to be evicted. [link] [comments]  |
| Posted: 08 Feb 2020 05:30 PM PST |
| Figuring Out This Loan Prepayment Penalty Clause Posted: 08 Feb 2020 03:23 PM PST Can someone help me understand what the exact penalty amount on a fixed 200k fully amortized loan @4.5% for 30 years would be if it's paid off in full on the 42nd month (3.5 years) under the following clause: "The penalty is six months' interest on the amount prepaid (each year) that exceeds 20% of the original principle amount of the loan." Assume that the required minimum monthly payments of $1013.37 have been made consistently throughout. You don't have to read ahead as these are just my attempts in deciphering every piece of the clause & there are probably lots of errors in there but I just want to know the correct answer. What I know so far is that the original principle amount is 200k. 20% of 200k is 40k. So the penalty is based off 6 months interest on the amount prepaid (each year) that exceeds 40k. No idea what it means by the amount prepaid but let me try. If I paid off the loan on the 42nd month, then that means what was prepaid that year is all the payments from the 30th month to the 42month. Now I don't know if it means both principle & interest on these 12 months but I'll assume it's both for now. So for those 12 months, a total of $12,160.44 will have been paid (Monthly payments times 12 = 12,160.44) This is where I think I'm wrong because no matter what month of the loan I'm on, 12months payment will always amount to the same thing since the monthly payments never change so I don't know why the clause words it that way. But now to the my actual question where it says the penalty is 6 months' interest on the amount prepaid (each year) that exceeds 20% of the original amount, what 6 months' interest is it talking about and how to calculate that based off the numbers I've put in place (if they're even correct)? [link] [comments]  |
| Posted: 08 Feb 2020 09:03 PM PST Hey! I was wondering if you guys could help me. I want to learn about investing in real estate. The basics, different types of investments, different things to think about, etc. I am not investing now or anytime soon just want to learn as much as I can now so that I am prepared if the opportunity presents itself down the line. [link] [comments]  |
| Tenants not getting along. Help Posted: 09 Feb 2020 12:54 AM PST Renting rooms in a house in California and tenants are fighting and calling each other names. They call me to complain and tell me what the other did or said. One of them is moving out but had a big fight and they they want me to get in the middle of it. What should I do? As a landlord in California is it my responsibility to fix their relationship? What if they are fighting about their own personal property, not about my property. I have done everything I can to make the property livable and safe. Advice needed. [link] [comments]  |
| Can someone please explain to me what a foreclosure bond is?? Posted: 08 Feb 2020 04:05 PM PST Like, my teacher told me that it's when a home buyer basically puts money in to go towards home repairs in case they wind up going into foreclosure. And they have to put this money in before they officially start paying on their mortgage, but I find nothing else that says this and I'm super confused. [link] [comments]  |
| Question about month to month lease Posted: 08 Feb 2020 07:03 PM PST I just signed a lease that is month to month. I always liked the idea of month to month due to being able to leave, if needed, with just a 30 days notice without breaking a lease. I've only ever rented one place, so my experience with renting is limited. The pet policy is no pets. I don't currently have any animals but did have a cat as my ESA (I have long history of severe panic and anxiety disorder. My cat helped soothe my anxiety when I obsess over things and have emotional meltdowns due to the anxiety). I have a note that is almost a year old. I said I have no animals (cause I don't) but chose not to disclose my need for an ESA due to not wanting to be discriminated against. I haven't been coping well with the loss of my cat (she had to be euthanized last year due to cancer) but didn't feel ready until now to get a new cat. I am still pretty hurt over her death, but know I need another cat to help me. I am going to be making an appointment on Monday to get a new note from my doctor. The ad for the apartment originally said dogs with a deposit and no cats. But the contract has no pets on it. I know I can't be denied a cat as my ESA. But I'm worried since it's month to month, if the landlord will just decide to terminate the lease and give me 30 day notice. They don't really have to have a reason with month to month, correct? My downstairs neighbor admitted to having two cats and I can see her cat tree in her window... she realized she told me she had cats and said "but don't tell (landlord) I have them)". They've been there for over a year with their cats. I got an excellent reference from my current property manager (I was a long term tenant of about 10 years). So, I'm hoping that I won't lose my new place.... Edit: I'm not just not going to disclose this. I am going to after I get the note. [link] [comments]  |
| I am the spouse and my name is not on the deed. Posted: 08 Feb 2020 09:47 AM PST Back in September we closed on our house. My name was not put on the deed. We didn't want to wait for another closing date. We was told we could add my name to the deed at a later time. We are in Virginia. My husband is now saying there is no reason for me to have my name on the house. I can come up with a few reasons is when or if he dies that the house will be probated. Also I am scared his family will fight me for the house. Are there other reasons to have my name on the deed? [link] [comments]  |
| Am I screwed on property taxes Posted: 08 Feb 2020 04:19 PM PST Hey folks, I am wondering if I am screwed with regard to my property taxes. I had my home built in 2015. My idiot builder listed it as a 3 bedroom, 2.5 bathroom home. My house is actually a 4 bedroom, 3 bathroom home. Basically, they listed the base model of my home without any improvements to the county. If I have this corrected will this result in an increase in my taxes for years past (2015-now)? I'm wondering because I am about to try and refi the home. [link] [comments]  |
| Posted: 08 Feb 2020 02:33 PM PST Y'all have been so full of advice and encouragement through this whole process. Our realtor had us go pre-sign all our closing docs yesterday...today we are moving out...and if all goes well, our buyers will close on Monday. 🤞🙏 Not trying to borrow trouble, and I know it isn't don't until the ink dries on their paperwork...but I am just so relieved this is finally almost over. I never want to sell a house again! [link] [comments]  |
| Posted: 08 Feb 2020 02:06 PM PST First time home buyer here. I'm in the process of buying the house that I have been renting. I have the fha appraisal coming up this week. What are some things the appraiser will look for? The house was built in 2004. There are a few chips on interior paint, will this be an issue? Also, we are switching bathroom trim and have the new trim just have not placed it yet. Will that cause failure? (We can easily put it on before then) Hand rail rules? Thanks! [link] [comments]  |
| Vacant property adjacent to current property. Posted: 08 Feb 2020 12:52 PM PST Currently I own a 1 acre parcel with a home on it and approx 45K left on the mortgage. Behind us is a 30 acre lot that is vacant with a small marketstand type building and electric along the road, for 120k. Its zoned as land, not residential. Is it feasible or is there a specific process I could take to buy the 30 acre lot along with rolling my current mortgage into it? Assuming i could roll the parcels into one, zoning shouldnt be an issue its a rural area. I can afford the payments, great credit etc. So id end up with a single mortgage of 165k on 31 acres with a house. Is there a name for this kind of endeavor? Or a specific phrase i can use to explain it to a bank? Thanks for any help. [link] [comments]  |
| How do I ask for an appraisal when the realtor owns the home? Posted: 08 Feb 2020 03:37 PM PST I posted a few days ago about suspecting my realtor is the owner of the house I'm looking at. I didn't think she was, but she recently disclosed that she was and her name had changed. My parents are very insistent that the house is worth 40% less than the list price -- so this is a very significant difference. They are clucking at me non-stop about it. When we looked at the property, I also noticed an area about 30 feet away from the septic tank that was VERY overgrown. I don't know much about septic systems, but I'm guessing there's a line break there or something's wrong. How do I ask for an appraisal or inspection? How do I get one done? Do I pay for an appraisal through the loan officer? Or the realtor, who owns the home? This just feels kind of awkward. Also, when is it appropriate to ask for these things? If there is a problem with the septic system (with or without an inspection), would that factor into the appraisal? If I need both, in which order should they be done? Next week, I am going to be doing an actual walk-through the realtor. (So far, I've only been able to look at the outside.) [link] [comments]  |
| Posted: 08 Feb 2020 03:33 PM PST Anyone think there will be a rush of Money/investment flowing from China into US, Canada and Australia after the coronavirus outbreak eventually settles down? US, Canada, and, in recent years, Australia have been the most popular places where the rich people in China love to send their kids, invest or purchase real estate. Would the coronavirus outlook, as well as Chinas handling of the outbreak, spurs a new rush of the rich Chineses to settle their families outside of China and move money/investment, particularly in these three [link] [comments]  |
| Posted: 08 Feb 2020 07:06 PM PST hello is investing in county land thats cheap a good investment? Theres land within 30 minutes of me thats as cheap as couple thousand per acre. [link] [comments]  |
| Asking for concessions due to cigarette odor + cost to get it cleaned Posted: 08 Feb 2020 10:58 AM PST I am wondering: a) Have you (agents or homeowners/buyers) ever dealt with buyers asking for concessions due to third hand smoke & cigarette odor? b) Have you ever had a professional come in to do a full clean/de-odorize on a smoker's house? What did it cost? It's a 1500 sq foot row home in this case. I'm talking duct cleaning, clean the ceilings and walls, carpets, everything. I've requested estimates from some local companies who specialize in this but I think I'll need to make an official offer before I hear back. Edit: Thank you for the help, guys! [link] [comments]  |
| Is there a way to approximate the value of my apartment from the rental price? Posted: 08 Feb 2020 06:21 PM PST I have am renting an apartment with a roommate for a combined total of £1300/mo (≈$1650) and absolutely adore it. In the next two to five years I would very much love to buy an apartment in the same style and area (Guildford, UK) Is there any approximate way I can estimate the sale price for an apartment like mine from the monthly rent? I found this website: https://www.statista.com/statistics/592108/house-price-to-rent-ratio-uk/ which suggests that the average price-to-rent ratio is 112. Assuming they're measuring it in monthly rent that would mean that this dream apartment of mine is a meer £145,990 which feels incredibly low? I expect the answer I'll get is "it's too complicated to approximate from just the rent and city." Apologises for my very obvious ignorance on this subject [link] [comments]  |
| Seller’s agent won’t let me see the house again after I signed the contract Posted: 08 Feb 2020 10:30 AM PST I signed the contract to the house and it has been signed by all parties as of yesterday. I requested for another opportunity to see the house again in the next couple days just to look over the electronics and what not but the seller's agent is refusing the request. The seller's agent has requested access to be limited to when the inspection is conducted. Is this normal? Thanks. The house is currently empty and vacant because the sellers already moved to Germany. The keys are in a locates in a locked box outside the house. Also inspection is scheduled in 7 days. [link] [comments]  |
| Posted: 08 Feb 2020 05:42 PM PST Is this common? We are about to make an offer on a house but are concerned with the sump pump not having drain tile going into it. The homeowners say they haven't had water problems in the 6 years they've owned it. 1 bedroom in the basement has been raised about an inch with wood and they had a dehumidifier running. The floor seems pretty flat but was told there was some yellow staining and the concert might be being eaten away. You can sort of see the holes drilled into the sump pit liner https://imgur.com/a/RjKVOyr [link] [comments]  |
| Additional 1099 Income Toward Closing Posted: 08 Feb 2020 05:38 PM PST Hey all. Not going to bug my lo until Monday so I thought I'd query this sub as I've read a ton of helpful info already. Husband and I have healthy savings for for downpayment and closing. We are employed full time. I however took an additional 1099 gig in January to boost our savings. It's not a huge sum but something like an additional %15 to boost our available cash to close. We don't need this money to make our closing but it's available if need be. We are currently under a tbd program and getting ready to place an offer next week. We should close mid March I'm hoping. Our funds will be paid out of just our savings account. What would be the best way for me to deposit these additional funds so as not to throw any red flags. I haven't filed taxes on them yet and the check states that it's for a project as well as the name of the llc that cut the check. Just want to avoid any snafus. Thanks all! [link] [comments]  |
| Should I sell and what would I get? Posted: 08 Feb 2020 05:30 PM PST I bought my house for 225k, Zillow has it at 447k (I know it's not always correct). As a seller, do I pocket the 222k equity or whatever is left after paying my realtor? Or.... are there hidden fees I don't know about? [link] [comments]  |
| Cheap house that needs work VS top of budget new construction? Posted: 08 Feb 2020 04:02 PM PST First time home buyer here 👋 My absolute max budget is 165k and ideally would like to stay under 160k. Initially, I was looking for houses at around 155k but was quickly given a reality check that at this price point I need to put a lot of work into it. My realtor showed me a new construction for 165k and an old house for 155k. The new construction has everything I'm looking for. I love how it looks and it's perfect except for the price. The older house needed some things done, like the roof would have to be replaced within the next couple of years, the trim was rotting, the tiles and carpet had to be replaced, and a bunch of other things that needed to be done. In the end, will an old house that needs lots of work done for 155k be about the same price as a brand new house that doesn't need any work done for 165k? I'm new to this whole process and would love to get any advice and insight. Thank you in advance! [link] [comments]  |
| RPIE Penalty Enforcement Questions New York, NY Posted: 08 Feb 2020 03:56 PM PST Hello Reddit, A buddy of mine has a small ten-unit building in New York City. He's had some difficulty communicating with the RPIE (they don't seem to like phones) and was wondering how they enforce penalties for fees. He's not trying to avoid paying, just wants to know what to expect if things go sideways. Thanks! [link] [comments]  |
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