I’m so SICK of GRAY Real Estate |
- I’m so SICK of GRAY
- Always have the seller send you a signed contract, first (hard lesson, long story)
- RANT: when people redo the kitchen/floors/bathroom before selling
- Closed today in a new home build
- Seller hid foreclosure from us, revealed a week before closing during title search-- what are our options?
- Who is buying all these $600k houses in Texas?
- 2nd offer on my house!
- Lease buyback on a regular house?
- Large unit development buyer requesting all documentation in regards to the property
- What happens if my builder doesn’t finish within the days contracted?
- Buying a home before you're ready to move in full-time (VA loan)?
- (Canada - ONT) Tenant Help
- Books, Articles, Blogs, Etc.
- Help
- [NY] After home purchase, will taxes change proportionately to assessment change?
- Lease Negotiation
- Number of buyer showings back to pre-covid 19 pandemic levels in many markets
- How serious is a rotten rim joist under the kitchen?
- Attorney terminology / terms for buying a house?
- Rental income only
- Flooring material & resale value
- Flooring choice for family room & office: what about resale value?
- Tenant requesting history of security deposit
- Is this the right time to buy a home?
| Posted: 07 May 2020 05:13 PM PDT Gray walls Gray carpet Gray laminate floors Gray shower tiles Just a rant. I know it appeals to "most buyers" but damn I feel like I'm looking at homes through a black and white filter. The character of the home is just diminished. Sucks the life out of it. [link] [comments]  |
| Always have the seller send you a signed contract, first (hard lesson, long story) Posted: 07 May 2020 10:54 AM PDT Hi hi hi, time for a new chapter of "life kicks you hard" so let's start: 5/1 found a great house listed about $100k too high, Been sitting on the market for months, offer $200k and they reject without even counter offer. Ok, NBD let's wait the weekend. 5/4, seller's agent says they want to counter at 230k, wants to leave all trash in place (filthy house) and have 7 days to move out. 5/5 I counter with $221,500 and they have to remove the trash, but with a stipulation that $1500 will be held in escrow to ensure trash removed (cost of removal if they don't clean it out). Plus $5,000 in escrow to ensure they move out, otherwise it's $100/day for "rent" plus any legal costs of eviction. They agreed and here is the "TIFU" - I sent them my final offer with all agreed upon terms, signed from my side. The seller's agent took my contract, sent it to another buyer (who is a licensed RE broker who is also a wholesaler). The Wholesaler offers to buy it higher, and they go under binding contract. Here is the kicker - Broker/Wholesaler reaches out directly to my agent asking "Hey I have house on 123 XYZ street" so you KNOW that the seller's agent illegally shared my info and my agent's info to the other buyer. Unethical, immoral, and bad business. All could have been avoided if I just told them to send me a contract, then I would have signed. Learn from my mistakes, always get the seller to send you a contract in order to prevent shopping!!! -Dragho. [link] [comments]  |
| RANT: when people redo the kitchen/floors/bathroom before selling Posted: 08 May 2020 04:51 AM PDT This is a pandemic in RE. Not talking flippers either Just average joes who will redo the kitchen etc on a $500k home right before selling with the hopes they can then sell it for $600k. Meanwhile all I see is a builder grade materials kitchen, flooring, floor plan etc that's somebody else's and not what I want but I can't afford to buy your home now just to tear out and redo all your terrible choices. PSA: just sell your home. I'd rather upgrade it myself the way I want than pay 100%+ markup on the upgrade you did that looks like dog shit. [link] [comments]  |
| Closed today in a new home build Posted: 07 May 2020 09:53 PM PDT Closed today in a new home build..... it took 11 months and I'm happy it's all over [link] [comments]  |
| Posted: 07 May 2020 06:31 PM PDT This is in New York State. I've changed details to protect identities, but the gist is the same. First time homebuyers. Back in February we found a decent house with a single owner that was within our price range (~$350k), but higher than we ideally wanted to go. We kept our eye on it, but continued our search. We eventually circled back to it, and by that point the price had come down to $328k. Quarantine orders started just before we made our initial offer of $313k, expecting the seller to counter us up to $320k, but to our surprise (and that of our realtor) the seller accepted without countering. We suspected it was due to the shift in market balance; a lot of people ended their searches for a house. We now suspect a different motivation. Since that point, the seller has made life exceedingly difficult for us. The seller's realtor told me at an open house that he had obtained an expensive certificate we needed for an application with the house to save a lot of money-- turns out he didn't, and now it's required. He impeded our home inspection by initially not allowing us to inspect a sealed section of the house; we eventually were allowed to send a contractor out to install an access panel. He refused to repair any of the home inspection failings, even after we offered up to $750 as part of the contract to cover inspection-related repairs (as a show of good faith that we wouldn't nickel-and-dime him). He initially refused to sign the property inspection stating that the AC-- which was too cold for our inspector to test-- would need to be in functional condition at closing, saying he's "bitter about taking the low offer" and "not inclined to do us any favors." Fast forward to this week. After waiting weeks and weeks for the search and survey, well past when they were contractually due, the search revealed that the house had a judgment of foreclosure less than a week before the house was listed for sale. On the contract, which all parties signed a month after the foreclosure, the seller checked "No" to "Court Orders" and "Foreclosure" in the Seller's Disclosures. I found a public record of the foreclosure in county filings. I also found that there's a lawsuit of the bank vs the seller dated a couple months before the foreclosure. Boy, do I wish I made that search sooner. Our attorney is still gathering details, but what we know is:
We currently rent and have a lengthy lease remaining ahead of us, so we don't have to move anytime soon, but we were really excited about the house. We even bought thousands of dollars' worth of DIY tools and supplies to fix up the place ahead of closing so that we would be ready to get started right away-- we were so close that we didn't think anything quite as bad as this would happen, but I now see it was unwise. We're now surrounded by boxes with nowhere to go. We've been asking what our recourse is, but we don't know whom to trust, because our attorney and realtor have a vested interest in us not backing out of the sale (they both get paid at closing). They keep telling us not to worry, let's just wait and see, blah blah blah. We've made it clear that we have one foot out the door at this point. We've had bad feelings about the seller from the get-go. However, we also aren't eager to re-enter the rat-race of the housing market once the stay-at-home orders lift. The house is generally in good shape and the inspection failures were minor. We would be happy to move forward if it didn't have a foreclosure. We feel cheated and angry. While the price we got for the house is arguably good, we also worry that the history of foreclosure will negatively impact the resale value of the house. We purposely avoided buying any foreclosed homes in our search, and likely would not have placed an offer in the first place had we known (or would have placed a much lower one). In order words, this information would have materially changed our decision. Now we feel inclined to not do the seller "any favors." How did the selling party think this would go, honestly? Can we add an addendum to the contract lowering the purchase price another 5% and walk if he doesn't sign? Will our lender take issue with that? We're about ready to walk, anyway. If we don't buy the house, will he have to surrender it to the bank for auction? If that's the case, one would think we have leverage here. We certainly don't want to pay the same amount after the stress of this nonsense. What are our options now, aside from walking or waiting? We have no clue what to do. Thank you for reading. TL;DR: Seller failed to disclose foreclosure on contract or during any part of sale. Turned up during title search a week before closing. What do we do? [link] [comments]  |
| Who is buying all these $600k houses in Texas? Posted: 07 May 2020 06:07 PM PDT Whenever I look on Zillow at the Dallas, Austin and Houston markets, I see so many listings in the half a million and upwards range. Like a lot. Are there really that many people that can afford these homes because it seems the developers keep building much more of these than more affordable properties(3-4X median household income and below)? The median income in all of these cities is about 60,000 I just find it a bit hard to believe regular people are buying these. How many high-earning dual-income couples are there really with marriage rates where they are? Single person on 90k probably can't afford a 400k house. Just seems rather odd. I know I'm rambling a bit but can anyone provide more insight? [link] [comments]  |
| Posted: 07 May 2020 07:19 PM PDT 1st off received the week I put my house for sale before the pandemic madness happened. I was so excited then the deal fell through because they couldn't get funding. They found this out after making an offer. But I got another full price offer from a cute couple. I probably already jinxed it by forwarding a "Sale Pending" Facebook post from my realtor for everyone to see but I'm so excited!!🥳 Just wanted to share to give others hope. I live in a small village in the south where the housing prices are low but most still can't afford it. If my house sells then everyone should have hope! [link] [comments]  |
| Lease buyback on a regular house? Posted: 07 May 2020 09:25 PM PDT I own a condo in MI (that I currently live in) and I would like to start renting vs owning. I'm tired of the bullshit of owning a place (and a condo at that). Are there services or investors that will buy my condo and then lease it back to me? I know that sometimes business owners that own their real estate do this when they sell their business. Does this exist on the residential side? Where should I be looking? What would it even be called? Thanks! [link] [comments]  |
| Large unit development buyer requesting all documentation in regards to the property Posted: 07 May 2020 04:43 AM PDT Hi all, I was wondering if anyone has any ideas in regards to the following situation, I'll try to keep it shot. We have sold a property ( a large unit development) to a buyer for $1.5m. He secured a deposit for the property with $1000 and the sale will go through a month after the property gets town planning approval. The property was submitted last week and now we are waiting for the permit. We received an email from the real estate agent that the buyers are asking for a copy of full application, all drawings, reports, the town planning submission etc. and they want it as soon as possible. My questions is...does it look like the buyer is seeking to resell the property for a profit while he's waiting for us to get the permit for him? Or could there be any other reason for him requesting for all this information that we payed to gather? I a bit apprehended to just hand it over as he only left $1000 deposit for the property. EDIT: Thanks for everyone for asking questions and contributing to the discussion. I think there could be 2 things happening in this situation. Either the buyer somehow wants to get a head start on the project ( I don't see how as he can't yet touch the land). Either the RE has convinced the buyer he can flip the property for him for an extra couple hundred thousand with current permit thus double dipping on same property. If anyone has any other ideas I look forward to hearing them out. [link] [comments]  |
| What happens if my builder doesn’t finish within the days contracted? Posted: 07 May 2020 07:10 PM PDT My bank agreement says one year from signing and the builder says 180 days from the day the permits got approved. These two dates are like 2 weeks apart so I don't really care. (Builder took a longggg time to get permits.) So by their 180 days rule, they have until May 28th to finish building my house. I honestly don't think they can. What happens if they don't finish? [link] [comments]  |
| Buying a home before you're ready to move in full-time (VA loan)? Posted: 07 May 2020 06:37 PM PDT We're first time homebuyers currently looking to move so we can get out of our tiny 1-bedroom highrise apartment. My SO normally works remote anyway, but I've only been working from home because of Coronavirus. I'm not sure what's going to happen in the fall, but we'll likely have periods of on-and-off distance work. The home is 1 hour 45 minutes away, near his family. We want to move there 5+ years next June, but I don't feel comfortable job searching this year with Coronavirus going on. Plus I thought it would be nice to slowly spruce up the place before we move in permanently. The home we're interested in question is maybe around 10% of our salary (so jealous of average CoL areas), and we can afford both rent and this home at the same time. The question is, are we legally allowed to do this? Like if we lived at this home full-time over the summer, then split our time between the apartment and this home for the the rest of the year, depending on when I'm allowed to work remote (without renting it out). He could get his office location changed to there if need be. Will it complicate our taxes too much? Should we just suck it up for another year and stay in our apartment (2 bedrooms are stupidly expensive, so that's not an option)? If we go for it, should we consider contacting the listing agent for a dual agent situation, since we're not in a rush to buy and will be firm in our offers? Or is it not uncommon to have a buyer's agent when you're only casually looking? Thanks in advance. Edit: I should mention we plan to isolate out-of-state. I just want to have a patio to get some sunlight and let my dog out on, instead of my bedroom with no proper window and having to use the elevator to let my dog out multiple times a day, you know? [link] [comments]  |
| Posted: 07 May 2020 07:56 PM PDT Hello everyone, On May 19th moving into my first house and the goal was the rent out the basement. With covid, I expected finding a tenant to be hard but my sister received a Facebook message from someone in a single mom group (my sister is also a single mom) …. Anyways, I spoke to on the phone for over 9 hours and we discussed everything and to see if she was a proper fit (trust me… She carried on the convocation… 9 hours is way too long for me – I think she is lonely) She seemed ok and I stated that on May 20th we will tour the place and sign the contracts She told me that she used to be a swimming teacher but 4 months ago she got into a car accident, resulting in forced child labour (she was pregnant at the time) and is now on disability. She also said her ex husband gives her $700 a month (he makes $34/h in construction) + she gets baby bonus for the government. We agreed to $1500 (with utilities) and the standard first and last month payment… She proceeds to tell me that due to her financial situation, the government will pay her last month also… So, she stated this. She will pay me first and last on moving in day (may 24 - $3000) + another month on June 1. She will continue to pay as normal, as this will ensure that she is always one month ahead. I asked her for a credit report. She stated that she already had a recent one done and will send me that …. I noticed that she has 2 credit card and a high amount on a car loan…. I brushed this off as most Canadians having debt. When I looked at her credit inquires, I saw these 2020-04-22 – Debt Control Agency 2020-04-23 NATL CREDIT RECOVERY 2020-03-28 BELL MOBILITY When I asked her about these… she said she was shocked and didn't see them before… She stated she did not know what they were as all the credit cards were paid on time and she has a fairly good score of 700. She also told me she does not even have bell. She told me she will call them to find out what this is regarding. She follows back by stating that the call centers are closed due to covid. A couple hours later, I called them myself to find out they are a debt collector agency (of course, they will not tell me any info). I am not sure what to do here …. She seems nice and she has 2 little kids. If she doesn't get the unit, her 5 year old daughter will be forced to move schools… I want to do the right thing, but this is increasingly becoming harder. [link] [comments]  |
| Posted: 07 May 2020 10:58 PM PDT Hello all! I am wondering if you has any books or other resources that you recommend or frequently used to further your knowledge in real estate investing or that you used to get started? Thank you. [link] [comments]  |
| Posted: 07 May 2020 10:46 PM PDT Just got purchase contract from builder, pages and I'm going through it in the morning. I have someone to help me that should be able to assist, but I'm asking for any tips on things to look out for (California purchase). Also, builder is heavily pushing using their lender, and I apparently have to choose my lender now on the contract, their lender never even provided a loan estimate though. The builders lender provided us with a "Credit Approval" letter, which makes it very difficult to understand what their fees, charges, and other costs will be. Is this normal? Reading their disclosure packet they spelled the neighborhood community name incorrectly, which makes me a little more nervous and wanting to go through this with a fine toothed comb. Our buyers agent reviewed it in 2 hours and said it's good and to sign it lmao. Any assistance or guidance is appreciated! [link] [comments]  |
| [NY] After home purchase, will taxes change proportionately to assessment change? Posted: 07 May 2020 02:35 PM PDT Recently bought a new house in NY. My town has an assessment rate of 100% market value. The house I bought was previously sold about 15 years ago, and I know they did some upgrades (likely requiring permits) throughout. It appears significant re-assessments are not regularly done but that the home's assessed value did rise at some sort of small rate each year on its own. What I'm aware was that the assessment is likely low when I bought it, and I expected taxes to increase a bit. I recently got a reassessment letter, and the assessment increased the value 35% from last year's amount. Since its 100% market value ratio in town, it is just a bit under the sale price. I paid $20k more than the banks appraisal in order to secure the sale against another buyer, in case they somehow refer to sale price in their thinking. The banks appraisal is just a tip over the towns though. Should I expect my property taxes in NY, school tax and town tax, to rise 35% also based off taxes the previous owner paid last year? Since so many assessments values are less than market values in actuality, I was really expecting assessment+taxes to rise 15-20% most. Perhaps that was wishful thinking. [link] [comments]  |
| Posted: 07 May 2020 08:24 PM PDT Rent question- Anyone ever successfully negotiate a lower rent payment? If so, how should I proceed? We live in an apartment complex owned by a large real estate company. We signed our lease a year ago and took advantage of a six weeks free special, which effectively reduced our rent as it was prorated over the 12 month lease. The new lease is now increasing to what it the rent normally would be without the rent credit. Thanks! [link] [comments]  |
| Number of buyer showings back to pre-covid 19 pandemic levels in many markets Posted: 07 May 2020 08:20 AM PDT Ohio, Missouri, Minnesota, Tennessee are among the markets that the number of buyer showings are now back to pre-coronavirus levels. For the most part, these markets were the typical sellers markets for the past few years, with low inventory and bidding wars common. Looking at the same data in the markets that have been in the news-New York, DC, and other hot spots shows buyer activity still substantially down. [link] [comments]  |
| How serious is a rotten rim joist under the kitchen? Posted: 07 May 2020 11:21 AM PDT Would you guys buy a house with a rotten rim joist? The real estate agent said it'll take about $800 to replace I'm not sure if that's true. From the inspector: [link] [comments]  |
| Attorney terminology / terms for buying a house? Posted: 07 May 2020 08:04 PM PDT Hi all, My parents recently decided to enter the housing market and have found a house that they would like to purchase. It's going for $499k and they offered $495k. I don't know where they are exactly in the process, but the real estate agent's client (the one trying to sell the house) has an attorney that would like to change the terms of the offer. They haven't been in this position before and would like clarification. Here are the terms:
Any help would be great, will be cross-posting to r/legaladvice. Thank you! [link] [comments]  |
| Posted: 07 May 2020 07:58 PM PDT Is it possible to get a loan based upon rental income alone? I know a couple who is retired and living on rental income. The rental income they make is roughly $120,000 a year after all expenses. Would banks lend them money if they wanted to buy another property, or do they need to have an actual job? If they can get a loan, which entities will lend? [link] [comments]  |
| Flooring material & resale value Posted: 07 May 2020 07:50 PM PDT We're doing a semi-renovation on our primary residence which we closed last month. We want to redo the flooring in the basement, the family room, and the office/guest room. These rooms are on a concrete slab, so hardwood is not really an option. Then we're left with carpet, LVT, and laminate. The rooms currently have carpets. The carpets are acceptable, but clearly past its peak. We are very reluctant to go with carpets because we have a toddler and plan to have another. Toddlers will spill interesting things on the carpet. On the other hand, we are also not sure about LVT or laminate due to its potential effect on the resale value. This house is clearly not really a luxury home but located in a relatively better part of the town. (~$500k; Maryland) I personally love Pergo, and I think recent LVTs are really nice. My concern is purely about the resale prospects. We plan to sell this house in 5-10 years. What would you do? *Edit: formatting [link] [comments]  |
| Flooring choice for family room & office: what about resale value? Posted: 07 May 2020 07:49 PM PDT We're doing a semi-renovation on our primary residence which we closed last month. We want to redo the flooring in the basement, the family room, and the office/guest room. These rooms are on a concrete slab, so hardwood is not really an option. Then we're left with carpet, LVT, and laminate. The rooms currently have carpets. The carpets are acceptable, but clearly past its peak. We are very reluctant to go with carpets because we have a toddler and plan to have another. Toddlers will spill interesting things on the carpet. On the other hand, we are also not sure about LVT or laminate due to its potential effect on the resale value. This house is clearly not really a luxury home but located in a relatively better part of the town. (~$500k; Maryland) I personally love Pergo, and I think recent LVTs are really nice. My concern is purely about the resale prospects. We plan to sell this house in 5-10 years. What would you do? [link] [comments]  |
| Tenant requesting history of security deposit Posted: 07 May 2020 07:47 PM PDT "Please provide proof of the history of my security deposit from date of deposit until now..." This is what he messaged me saying, I am in the state of California. Can he request this? And do I have to give it? He's reasoning is that he thinks the money doesn't exist, that I spent it or something. We have a lease agreement showing he gave the deposit in X amount of dollars. [link] [comments]  |
| Is this the right time to buy a home? Posted: 07 May 2020 07:13 PM PDT I am a government employee with stable job. I found an affordable house and the monthly mortgage is equal to my monthly rent. Is this the right time to invest or shall I wait until pandemic situation and uncertainty is stable? I seek expert's advice please ! [link] [comments]  |
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