Trapped in a Real Estate Deal That Will Most Likely Force Us into Homelessness Real Estate |
- Trapped in a Real Estate Deal That Will Most Likely Force Us into Homelessness
- Condo or House?
- Seattle market + coronavirus?
- Seller is offering to let us keep items in the house, what do we do?
- What is the best online school to study/prep for the Real Estate Agent exam?
- Cost segregation study
- Buying a home with foundation issues - thoughts?
- What do I do with my Land? [LK]
- Quickest way to gain listings in your experience?
- Looking at buying a house: Question about bad smell.
- House extremely overpriced?
- Looking at a house that is not on the market... Yet.
- Looking to Move to a peaceful place that is rentable and can't decide where?
- New construction issues
- First time home buying in AZ
- Options for funding with average-below average credit?
- How do you figure out the appropriate price for selling an "as is" house?
- Is 3.149% 30yr realistic?
- Paid off the books, can I get approved for a home?
- Understanding property tax auctions
- Transition from own to rent in the same house
- In middle of refinance... should I wait?
- What’s your best advice to new agents on how to get their first sale?
- Is Construction Management a good career for REI?
- Is Construction Management a good career for REI?
| Trapped in a Real Estate Deal That Will Most Likely Force Us into Homelessness Posted: 01 Mar 2020 05:32 PM PST My husband and I recently put in an offer on a house in Alabama for $185,000. The seller's realtor shot us a counter offer saying that the seller owed more than that on the house and $207,000 was as low as he could go. We still found that price acceptable and we signed a contract to buy. I endes up googking the seller when his name showed up in the paperwork... and well, he is in prison and his father is handling the sale of his estate. He raped and molested a family friend's daughter repeatedly over the course of 2 years (from the ages of 5 to 7) and when the girl came forward and the police seized his phone, they also found THOUSANDS of photos of child pornography and several videos as well. Commence the heebie jeebies! I wanted to back out of the deal immediately, because ewww but my husband and I decided we would make the best of it. BUT THEN when our realtor did the title search, we found out that the house has a $174,000 lien on it and it is for restitution owed to the victim. We want to be done with this house, there is no possible way they will be able to get that lien removed in the next 2 weeks (they have until the closing date which is March 6th and then 5 business days after to get it off the title or the deal falls through). But we don't want to wait for all that, our lease is up on March 15th and our rental company doesn't do month to month, we need to find a new house and fast but we can't put an offer in until we are released from this current contract. Despite MULTIPLE attempts to send a release of contract form (even one offering for them to keep our $1000 earnest money) the seller, his realtor and his lawyer REFUSE to release us. They claim they were unaware there was a lien on the house (which is untrue), they claim the lien isn't supposed to be on the house at all and they claim they can and will have the lien removed within their alloted time frame. We are being held hostage. From everything I have read, there are multiple channels that have to be gone through to have a lien like this removed and they include but are not limited to negotiating with the victim's family to take a lesser amount than what they are owed in restitution (The seller owes $160,000 on the mortgage, we are purchasing the home for $207,000 and so they are hoping to get the victim's family to take the almost $50,000 the seller would be making in profit as restitution rather than the $174,000 they are owed) and if the family were to agree to that, it would also have to go before a judge. I just don't see that happening within the next 2 weeks. But here we are... Our time line is completely messed up, we have no idea where we are going to live after our lease is up on the 15th and we are basically being held hostage in a contract for a house we no longer want. Does anyone have any suggestions for what we can do to terminate this contract (other than waiting out the time)? The seller, realtor and lawyer are lying that they didn't know about the lien, otherwise they wouldn't have denied our initial offer of $185,000 saying that the seller owed more than that on the house... cause he only owes $160,000 on the house. They purposely lied to get more money out of us to try and have enough to give the victim's family a small payoff of the restitution owed. But how can we prove that? They are ibviously trying to sell this house under false pretenses and didn't disclose the lien... We are afraid what will happen is that we will have to wait out the time period they have to remove the lien and then find ourselves on the 13th of March with no house bc they can't remove it and then our lease ends on the 15th and we have nowhere to go... Edit: Thank you to everyone who took the time out to offer advice and help, my family and I appreciate it. Tomorrow we are meeting with a lawyer to figure out exactly what we should do next and what we can expect in the upcoming weeks. We are also currently looking into living options for when our lease is up on March 15th. [link] [comments]  |
| Posted: 01 Mar 2020 03:22 PM PST Hello, I'm looking to buy property in Arizona some time within the next 2-3 years. By the end of this year I should have about $40k saved up, by next year I should have roughly $80k-$90k. I was looking for some houses over in Phoenix, AZ and the average price was about $250k-$350k. However, I'm considering on owning a condo instead. I'm only 22 at the moment and I prefer living in communities, like apartment complexes. Is there anything I should be wary about if I'm going to do a down payment and mortgage for a house/condo? I heard the resale value for condos are worse than houses, because no one wants to buy a condo over a house when there are plenty of condos for sale at the moment. [link] [comments]  |
| Posted: 01 Mar 2020 04:21 PM PST We've been on the market for a while, but are now hesitating to to put an offer on a home we really like in lieu of waiting to see what happens with markets here (Seattle area seems to have it worst so far in terms of number of cases estimated so far.. upto 1500 potential from NYT and the recent death). We'd definitely be paying well over listing price...but thats been the norm here lately! Went to the a few open houses this weekend and even though they were listed a hot home in Redfin, we didn't see as much foot traffic as we were say even last week or the weeks before since New Years. Anyone else in the Seattle market right now? Thoughts?? [link] [comments]  |
| Seller is offering to let us keep items in the house, what do we do? Posted: 01 Mar 2020 07:18 AM PST My husband and I are first timers, so totally unfamiliar with any of this. We met our inspector and agent at the property yesterday to go over his findings. He's showing us minor things, all very easy fixes we can do ourselves, everything else is good to go. We are in the kitchen, handing over payment and getting ready to leave, and in walks the sellers. Now, I've been told they are "elderly", but didn't know what that meant. The husband has als, and putting it as nicely as I can...he's not much longer for this world. His wife was pretty old too, but can at least still drive and help her husband around( I'd say in their 70s). They were both very sweet and polite, but the wife became confused as she thought OUR agent was HER agent. Our agent laughed, tried explaining she was not who she thought she was, while trying to politely get us out the door ASAP. (I say all of this as this come into my question) When we made it to the porch, the woman shuffled after us and said "we're gunna leave some stuff, this is all just too much, so if you see anything you want, let us know and we'll leave it". Our agent immediately raised her voice an octave and said "OH YES SURE WE'LL LET YOU KNOW BYE BYE NOW", while pushing us down the driveway. She rolled her eyes, gave a 'bless her heart' (TX) and said she'd call us once our inspection report was emailed over. On our way home, I told my husband I don't want to deal with getting rid of all of that stuff. He shrugged and said they're old and not going to care, we're just gunna have to deal with it. I joked that maybe they'd forget to clear the shed and we could avoid buying our own lawn mower, and then asked what else would we even want. Husband LIT UP and said "But did you see their kitchen table?! I really love it, I hope they forget that". This intrigued me, as we're gunna need a table and my husband doesn't ever say he loves something besides me and only one of our cats. I actually really liked their patio furniture too, but never thought of asking for it until now. Is this a normal thing, for sellers to offer things? Or for buyers to ask/pay for furniture? The problem is it's a really nice table, round dark wood with a glass lazy Susan in the middle and it breaks my heart thinking of just 'asking' for things. It looks new and expensive, and I feel like that's taking advantage of them. But, if we offer them $, I'm worried that may be a sign to them of "oh they're young they'll need this too" and then we end up with a house full of someone else's stuff we have to haul away. Should we offer to buy the furniture we like? Should I just let my feelings for these people go, and just ask them to leave it? Is there even a normal/usual way people go about doing this? We're talking to our agent later today and I'll ask her, but I was wondering what others have done. [link] [comments]  |
| What is the best online school to study/prep for the Real Estate Agent exam? Posted: 01 Mar 2020 04:44 PM PST If it matters for my question, I'll be taking the FL exam. When doing my own research into online programs I saw Real Estate Express looked okay from their website, but I had trouble gauging their actual quality once someone buys it. [link] [comments]  |
| Posted: 01 Mar 2020 06:17 PM PST So I am thinking about buying a couple of houses for rentals. All next to each other. They are running about 80k each in Texas. In Texas the property taxes are very high. I read a description of a CSC that is can lower the taxes you pay on a property. I know it's not that simple. Can someone EILI5 please? [link] [comments]  |
| Buying a home with foundation issues - thoughts? Posted: 01 Mar 2020 01:42 PM PST My wife and I are in the process of buying our first home. We fell in love with a house with lots of charm and our offer was accepted among a few competing offer for the same price. The initial inspection came back with a lot of issues, the most concerning of which was structural, though the seller has agreed to fix all issues at no cost to us. This is a house built in the 1940s and the only issues visible from the inside of the house are slightly sloped kitchen floors. We had an additional inspection by a structural engineer who will be working with the seller's contractor to make the repairs if we move forward. We're set to close at the end of the month but are now feeling apprehensive. Would love some advice from people more seasoned than us about the home buying and selling process. With the issues below, if they are fixed at no expense to us and are approved by our structural engineer, are we good? Or, are we likely to have continuous issues with the foundation? We would potentially be selling this house in 6ish years or so and have no clue if past foundational issues like this would be a deterrent to potential buyers in the future. There are currently temporary support beams; would be replaced with permanent support beams. One support beam is sagging; would be repaired or replaced. Sister joists are not extended to a bearing point; would be fixed. Sill plate in center of crawl space is crushed; would be repaired. Subfloor rot in crawl space would be repaired. Water stain under toilet in crawl space would be repaired. [link] [comments]  |
| What do I do with my Land? [LK] Posted: 02 Mar 2020 01:53 AM PST Hey there! I live in Sri Lanka and I have a plot of land, about 79 Perches, situated in a Rural area, that's currently being un-used and as we speak, it is turning into a mini jungle. I would like to know your thoughts and profitable ideas on what I could do with this plot of land, as selling it is not on my mind, and at the same time I would like to not leave it as a Bad Debt that is not generating any income. Note: In the past, I have tried to provide the land to Poultry Businesses, that will pay me for taking care of the chickens they provide, on the land I provide. Changed my mind towards it, as the Capital needed to build the infrastructure for the Chicken Farms was absurdly high in comparison to what I had in mind. [link] [comments]  |
| Quickest way to gain listings in your experience? Posted: 02 Mar 2020 12:49 AM PST Direct Mail? Cold Calls? Door Knocking? What is the best and most efficient way to gain listings as an agent? [link] [comments]  |
| Looking at buying a house: Question about bad smell. Posted: 01 Mar 2020 02:28 PM PST I hope this is an okay question to post here. We are house hunting and finally found a home that we really love everything about... Except that during the showing I noticed that the whole house had a faint sewage gas smell. We are trying to understand the possible reasons why the house currently smells, and whether it could be an easy fix or an inherent problem. The house has 2 bathrooms, a kitchen sink, and a downstairs sink, and has a basement with a sump pump pit that constantly runs. I couldn't really discern a point of origin for the smell because I could pretty much detect it everywhere. The house sits in a culdesac at the edge of a subdivision, and has a creek and woods behind it. The realtor says the house was at one time part of a flood plain but has since been revised out of it. When our realtor asked the seller's realtor about it, the owner said the basement did flood 5 years ago and she installed new carpets. It seems to me that if this were the cause of the issue, the smell would be more mildewy rather than the faint sewage scent we noticed. Any ideas what the issue could be, or who we should talk to in order to find out? My main concern is that this is an inherent issue with the house, property, or area, that repairs or plumbing work won't fix. Apparently someone put an offer in on the house today, so we are in the position of trying to figure this out at the same time as deciding whether to put in an offer of our own. If we were to offer and get the house under contract, we would have a 10 day inspection period to try and figure this out. If it weren't for the smell issue, it would be the perfect deal for us. But now we just don't know what to do next. We would hate to get the house of our dreams only to find out that it forever smells bad and there's nothing we can do about it. Thanks in advance! [link] [comments]  |
| Posted: 01 Mar 2020 04:21 PM PST In the middle of buying my first home. One we liked has potential with fixes. Carpet taken out, wallpaper taken down and painted and complete kitchen remodel. The house has had one occupant since it was built in 1998. It's currently being priced at 309k. Upon further investigation there are 4 other houses built by the same builder and the same year that sold for 287-322k. They have had full remodels and then sold for their price. They look more like houses built in the last 10 years. In order for this one to look updated, it will take about 75k of renovations. I'm new at this. I don't even know if this is a silly question. Anyway to question the price of the house to the buyer? Get an appraisal done? [link] [comments]  |
| Looking at a house that is not on the market... Yet. Posted: 01 Mar 2020 04:16 PM PST I'm looking at buying what will be my third house. First home was great for a bachelor pad, sold that for $10k over asking in 2014 and bought my current home. Now, I'm looking in the same area, but better neighborhood. I was daydreaming and driving around one day and just happened to find a perfect house, that is obviously abandoned. I like the property, style, location. Haven't seen inside yet, past looking in the windows. It looked like it's pre-foreclosure. So I did some digging. I got the tax records from the town, and the last owner's name. Only record of current address is that house though. But, 2 known associates are her children. So I dig further. Got phone numbers for both, and decided today to call the daughter. Turns out, she died in 2017. The daughter told me she let the bank take the house, and it's been being managed by a management company ever since. She told me to drive by the house and get the management company's number, and try calling them. But the paper taped to the window says specifically that the management company cannot furnish any rental or sale information. So now I feel like I'm at a dead end. I want to try to find out what bank is holding this house. I can make a cash offer which would hopefully sweeten the deal for them, but I don't know 1. How to find out which bank, and 2. How exactly to approach the bank to inquire about it / make an offer. I'm curious if there's anyone who has experience with buying foreclosed homes that might be able to offer some advise on where I can go next with this? Do I need to look into probate with a situation like that? Should I contact a real estate lawyer? Thanks everyone. [link] [comments]  |
| Looking to Move to a peaceful place that is rentable and can't decide where? Posted: 01 Mar 2020 10:00 PM PST I am currently about to make a big move with my husband because we have fallen out of love with NYC. We have ~40k in savings and currently live with my parents so every month my husband and I put 5k into savings. I don't have a long time job since I just got out of school recently (I make 40k before tax). My husband has been working though for 4 years and he makes after tax 74k. Both our credit scores are 760 range so we are completely financial ready I believe. Also no debt or kids or cars so 14k of savings is for 2 cars.Though I have two questions. What is the best place to move to? We were thinking Colorado springs, Washington DC(surroundings), San Antonio Texas, or Columbus South Carolina. (Any who lived here that might have an opinion or maybe a different place that is really nice) In the future 3-4 year we want to turn it into a rental property. Also I know you have to be currently in a job for 2 years at the time of purchase to buy a house. Does that mean before we switch jobs do we have to buy the house or will they know because it's obvious we are switching jobs and will not loan us money so we will have to rent for 2 years. (Our income will also be significantly smaller once we move more like 30k and 50k because I didn't see many high paying jobs in the places we are thinking of) All criticism is welcome. [link] [comments]  |
| Posted: 01 Mar 2020 05:17 PM PST Hi everyone! My husband and I are relocating to a new state and are looking to put our house on the market next month. We are looking at new construction which also helps our timeline in that in will take about 8 mo to delivery. I'd like to keep my daughter in her school as long as we can before we officially move in. How do people handle this in between houses time? A lot of our friends stayed with family but that is not an option for us. We have 3 dogs and 2 kids but 2 dogs can stay with my parents for a little while but I don't think the whole time. Just trying to work our logistics if anyone has any rental month to month websites or suggestion? Do you think realtors could assist? Thank you for your help! [link] [comments]  |
| Posted: 01 Mar 2020 09:00 PM PST Not sure if I'm posting in the right sub. Or if someone can direct me. But I want to buy my first home in AZ I just started working my new job as a nurse. I have been employed for the past 5 years. How does qualifying for a loan work at this point? Do I have to be working for a few months at that increase in pay before I can become prequalified? [link] [comments]  |
| Options for funding with average-below average credit? Posted: 01 Mar 2020 08:52 PM PST Cross posted Options for funding with average-below average credit? I own a house flipping business in St. Louis MO that I started over a year ago last month. There's been some set backs, but overall I've seen some pretty great growth, with revenue just under 700k. Unfortunately, due to some personal issues with my marriage, for about two months I was completely withdrawn and didn't do my due diligence on certain contractors, leaving me out a few thousand dollars. Most of what I had on reserve has been reinvested into my projects to help make up for lost time, and have also been used to maintain every day cash flow for payroll and operating expenses. I got ahead of myself, and like I said, reinvested most of the reserve into the projects I currently have. So right now I'm having difficulty maintaining cash flow every week. Progress is slowing as my reserves grow smaller, and the deposits required on some contractors are pretty large. I have 6 rehabs total right now, and in each one I hold 50% equity. One is on market, and will make me around $20k profit in the next month or so when it sells. Two others are 2-3 weeks from completion, and will make around $130k profit when they sell, market time says about 5days to 1 month average for that neighborhood. Where can I get an either short or long term loan option that doesn't go insane with interest rate? My credit is a bit below average, (590?-650)due to making out my cards, and older debt I've been working on. The most frustrating part is knowing I have the equity and finances in the houses, but not until they sell. I'm really looking for 70-100k to help me maintain cash flow and progress for the next few months. Any help would be greatly appreciated! Thanks! [link] [comments]  |
| How do you figure out the appropriate price for selling an "as is" house? Posted: 01 Mar 2020 08:44 PM PST This is in northern NJ. We have a 1950s home and haven't been able to keep up the maintenance on it. 2 floors, expanded colonial cape, 5 beds, 2 baths, 2 car garage, .4 acres. We had 2 realtors come in and advise to sell as is. Realtor #1 told us right away they would list it for $399k with the strategy to "get people in the door" then hopefully have a few people bid it up. This realtor kept pulling up comps to show me of houses that were smaller and on less property. Realtor #2 said they would get back to me in a couple of days after they pulled up comps to show them to me and discuss price. I'm trying to be logical about this; I know my house needs a lot of cosmetic work but it's not a junked house. So is there any formula that agents use to determine an as is price versus a move in ready price? [link] [comments]  |
| Posted: 01 Mar 2020 08:02 AM PST I'm purchasing a newly constructed condo and one lender offers 3.625% with all 9k of closing cost paid. I only need to bring 20% down payment. Another local lender offers me 3.149% with unclear incentives. Let's assume without incentive. Is 3.149% realistic? Which lender should I pick? Do I tell the lender to lock right away after I picked? Sorry I'm new to mortgage loan process. [link] [comments]  |
| Paid off the books, can I get approved for a home? Posted: 01 Mar 2020 08:12 PM PST I have a 625 credit score that I'm still working on, only a few credits cards not over $1000 in credit each, 1 vehicle I'm co signed in, and make $60k annual. However I'm not on the books, and never bought a house before. I can put $10-20k down if needed. Residing in Orlando, can someone help me or point me in the right direction. My apologies if this isn't the right place for this post. Thanks in advanced. [link] [comments]  |
| Understanding property tax auctions Posted: 01 Mar 2020 07:48 PM PST What do I need to know before I get started buying property's this way? Any information would be appreciated [link] [comments]  |
| Transition from own to rent in the same house Posted: 01 Mar 2020 03:39 PM PST I am coming to the conclusion that I want to live in my house but I don't really care if I own it. I don't get any tangible tax benefits; equity is accruing at a snails pace; and I would like to have the flexibility to move easily in the next 2-3 years. So, would be fine if someone else owned it, as long as I could live here. I'd do just as much work as I do now to keep it up. How could I do this? I've seen something about "selling on contract". Maybe there's some other way to set up the situation so that it's beneficial for both. I'd consider granting someone the equity in the house now, that's not a big deal. [link] [comments]  |
| In middle of refinance... should I wait? Posted: 01 Mar 2020 07:09 PM PST Got a nice rate of 3.5% for this refinance on my house but with all this talk of a possible fed drop in rates... should I hold off or just go forward [link] [comments]  |
| What’s your best advice to new agents on how to get their first sale? Posted: 01 Mar 2020 12:43 PM PST |
| Is Construction Management a good career for REI? Posted: 01 Mar 2020 05:34 PM PST College student considering a career in CM and would love to hear your thoughts about how it could supplement personal REI, specifically for Flipping/ Rentals. It seems to me I'd learn to become knowledgeable and efficient managing in all stages of construction, as well as finding properties, dealing with financing, cost estimating etc. and even hopefully have the contacts for trades workers to help with rehabs and projects on the side. Any thoughts? Might there be a better career/ major choice to complement REI? Much appreciated. [link] [comments]  |
| Is Construction Management a good career for REI? Posted: 01 Mar 2020 05:13 PM PST College student considering a career in CM and would love to hear your thoughts about how it could supplement personal REI, specifically for Flipping/ Rentals. It seems to me I'd learn to become knowledgeable and efficient managing in all stages of construction, as well as finding properties, dealing with financing, cost estimating etc. and even hopefully have the contacts for trades workers to help with rehabs and projects on the side. Any thoughts? Might there be a better career/ major choice to complement REI? Much appreciated. [link] [comments]  |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment