Renter won't pay rent. Real Estate |
- Renter won't pay rent.
- Bedroom definition cool county,IL
- [CA] Our realtor put an addendum in our purchase agreement saying we (buyers) have to pay for pest repairs because of our VA loan... also HOA
- New homes with HOA are cheaper and bigger than non HOA 20 year old houses
- Buying a home that appraiser said wouldn’t appraise.
- Inspector damaged home
- Just a quick one
- Planning on selling in 1-2 years. Do I do any work on the ugly kitchen or just leave it? (Memphis, TN suburbs)
- USDA qualification question
- Buying a house - 80hrs or unemployed $
- How much should be on the pre-approval letter?
- Mortgage Forbearance Advice Needed
- What impact will a collapse in commercial demand have on residential prices?
- [CA] The nitty gritty mechanics of prop 13, your new property tax bill, and what you're voting for [factually, not politically]
- Do no PMI loans still exist?
- Cash offer for small property suddenly has other offers
- Two Questions (Foreclosure Sale and HOA)
- Will demand for rural properties go up as a consequence of COVID-19 pandemics?
- Neighborhood evolvement
- Should I replace older appliances before selling the house?
- Can You Write Off A House As A Business Expense?
- Buying new house.
- A financing contingency based only on the buyer not the house?
- Any cash buyers from wholesaling ?
- Need an advice on submitting a price offer on a condo. I think the unit is overpriced, but is it?
| Posted: 24 May 2020 08:38 PM PDT Hello real estate enthusiasts, I'm just a kid asking a question that has come up recently in my family. My parents have a house rented out to someone. Suddenly the quarantine hits, and they say aren't paying rent. I understand many people have lost their source of income so it's difficult to pay rent. The problem is, if they don't pay, then my parents would have to pay the rent right? I don't know if it's right thing to try an evict the person in the state that we're in now but I know that my parent's are impoverished as well and shouldn't have to shoulder other people's problems. Is there anything I can do to help them? I heard that my parents would have to pay up to a year of mortgage until they're able to evict the person out. [link] [comments]  |
| Bedroom definition cool county,IL Posted: 24 May 2020 09:16 PM PDT Hi! My husband and I are trying to find the legal definition of a bedroom in cook county. We are looking at a "3-bedroom" but one "bedroom" is the den - used to be a porch that was enclosed. Currently being used as an office, but it's being called a bedroom. Lots of windows, no closet, back door enters into it. I always thought you need a closet to be legally defined as a bedroom, but I am seeing in other states I would be wrong. TIA! [link] [comments]  |
| Posted: 25 May 2020 12:08 AM PDT Our realtor told us because we were using a VA loan to buy a house, the seller had to pay for a pest inspection and we (as the buyers) had to pay for pest repairs. Being stupid, we signed the addendum thinking they knew what they were talking about. Now, the lender is telling us that three repairs on the pest report have to be completed before we can close and our closing date is in two weeks. These repairs are to a detached sunroom and the front yard pergola and backyard pergola. Beyond the fact that these repairs will probably cost $10K+, it doesn't seem like we can even legally do them before our closing date in two weeks. The pergolas have dry rot to 70-90%+ and have to be replaced per the pest report. The HOA CC&R states any repair exceeding 50% of the structure's value requires detailed plans of the improvement/reconstruction submitted to the architectural committee for approval. Said approval can take 30-60 days per the HOA CC&R. The CC&R also states that HOA membership can't be transferred until the title is transferred to us. The lender stated we needed a licensed contractor to inspect the pergolas and the sunroom and state they were structurally sound and not needing repairs. Our realtor talked to the seller's agent that works in the same office and they produced such a letter but it seems really shady and they stated that the holes in the sunroom roof were by design. For the other pest repairs, the termite company is making the fixes on Tuesday (and costing us $950). If the lender doesn't accept the reinspection plus the letter from the seller's agent we don't know what to do. Can/should we ask the realtor to modify the addendum to state the seller must make the repairs? Is there something we should do about our realtor telling us we had to pay for repairs to someone else's house before we bought it? Can we even comply with the addendum given the rules of the HOA? Has our realtor done anything wrong or were we just stupid uninformed buyers? If they have done something wrong, should we report the realtor for not acting in our best interest by putting us on the hook for repairs to house we don't own? In addition to this stuff, our realtor also wanted us to have the seller write us a cashier's check for repairs we requested outside escrow and without "whispering a word" to our lender which seems super shady [link] [comments]  |
| New homes with HOA are cheaper and bigger than non HOA 20 year old houses Posted: 24 May 2020 10:51 AM PDT Hi All, I'm in the search for our first home in the Reno/Sparks Area in Nevada. I was pretty adamant about not wanting HOA so I can renovate and have control of my property. Of course I am having a hard time convincing my wife when a home built in 1998 is $375K 2,000 sq ft with much needed upgrades with no HOA. Then we go and view a 2020 home for $375K thats 2200 sq feet with everything she wants. Is HOA that terrible to the point where 20 year old homes are going for the same as new homes? I'm 35 now and realize that this can't be just a coincidence. I wanted to see what others input was on this. [link] [comments]  |
| Buying a home that appraiser said wouldn’t appraise. Posted: 24 May 2020 04:24 PM PDT Buying a FSBO house (270k) but I have a buying agent. Got a call from my realtor saying the the person who did the appraisal said the house I'm wanting to buy won't appraise. My realtor has already done some comps before I put in an offer and said the house is either undervalued or spot on for what it is. She said there were two reasons, one being something about a private drive that about 6 houses are on before me. The road is about a quarter of a mile long. The road is paved but not state maintained. My bank loan officer said this could be worked around with getting the other owners to sign something saying the road will be maintained. The second reason, the appraiser wouldn't tell my realtor. Which I assume I'm paying for the appraisal through my bank so why is there a secret? My contract says everything (inspections appraisal) should be done by June 1 but there's an extra 5 days if it's the lenders fault. I can't speak to anyone until Tuesday due to the holiday but how should I go about dealing with this issue? [link] [comments]  |
| Posted: 24 May 2020 08:20 AM PDT We are selling our house in CA and we still are living in the home. We're in contract and the buyers are having several inspections done. Home inspection, termite inspection, mold inspection, roof inspection, and fireplace inspection. So far they've had the roof, home, and mold inspection. The problem is the home inspector did some damage to our house while he was here. I'm pretty baffled because I've been present for home inspections for houses we've bought and never seen the inspector damage the house, including the inspection we did on this house when we bought it. He poked over 20 holes in the outside of our house checking for dry rot. He broke off pieces of the siding in two spots where the wood was still good and not rotted at all and poked a hole so large and deep into the window frame that my husband in concerned about water getting into the house. He broke off the gold trim on one side of the fireplace doors, damaged the metal frame of our front glass door, and put a dent into one of our bed frames. I'm pretty annoyed. Our realtor brought up the fireplace with their realtor because that was the first thing we noticed and their realtor said the inspector found it like that which is just not true. We still live here. We know the fireplace was not like that when we left the house for him to do his inspection. What should we do? Do we wait and see if the sale goes through and let the buyers deal with the damage? And what happens if they back out of the sale? Are we responsible for repairing everything? And I'm so nervous to leave our house for the termite and fireplace inspection now. Is it weird if I stay home to make sure no more of our home is damaged? [link] [comments]  |
| Posted: 25 May 2020 12:41 AM PDT What does BR mean in a floor plan? The room/space I am looking at is not a bedroom or bathroom size and is next to the kitchen. Just wondering and the internet hasn't been helpful. Pretty sure it's not Brazil. [link] [comments]  |
| Posted: 24 May 2020 09:14 PM PDT https://imgur.com/gallery/ccfQlmv Here's my ugly kitchen. I'm debating on if I want to update it at all or just leave it as is. Nothing is in bad shape, just outdated. Some options I've thought:
A full gut and replace is not in the budget. The couple things my house does have going for it is it has a very large back yard for the area. Almost .5 acre, which for this area and this price range, is one of the biggest. It's also in the most desirable school system in the area. It's in a cove with more space in between the neighbors house than most other homes. What do you all think the best option would be? Or should I just leave it? [link] [comments]  |
| Posted: 24 May 2020 10:28 PM PDT Can someone explain the qualifications for being eligible for a USDA loan like im a toddler? At what point does your income make you ineligible? Will a poor inspection(roof issues, bad water heater and so on) disqualify a house? Will a 3% down payment work or would we need more? Home is 99000 if thats necessary info, also located in Georgia. [link] [comments]  |
| Buying a house - 80hrs or unemployed $ Posted: 24 May 2020 09:37 PM PDT Hello! So my husband and I were planning to buy a house this year, then the whole pandemic thing hit. We tried early last year, we were approved for a loan but it was too low to buy a house in ANY area.. lol. Our mortgage advisor told us we needed to fix our credit and get 80hr paychecks. (June 2019) I work for my aunt. I've been getting my full 80hr paychecks and all. But now my aunt is telling me I should file for unemployment because there's the 600$ weekly bonus thing. And supposedly in the end, id be making more per month than I would working 80hrs. Supposedly 4K/month is what she said. Btw she's telling me to claim unemployment and stay home. Not also working for her under the table or anything. BUT my problem is, my mortgage advisor said I needed to get my 80hrs in order to get a somewhat higher loan the next time I try with my husband. (She said this last June) I understand that everyone in the world is going thru the same thing (unemployed). But I don't think that means the mortgage lenders will be nice and start giving everyone loans lol. ANYWAYS. What should I do? I basically have my aunt pressuring me to claim unemployment (I think so she doesn't have to pay me?) and on the other hand. I THINK I really need my full 80hr paychecks for when we try to buy a house when we're ready. Hopefully by September 2020?? Idk if that's realistic cause of the pandemic. My husband I moved out of our apt a few months ago cause our lease was up and decided to move in with my parents for a lil til we can buy a house to save money. We really need to move out sooner than later because we have a baby on the way. Sorry for the long post! I guess my main question is, if I file for unemployment, will it effect us getting a home loan? I bring my concern up to my aunt and she said it doesn't matter. It WONT matter. And I should have no rush in moving out [link] [comments]  |
| How much should be on the pre-approval letter? Posted: 24 May 2020 06:37 PM PDT Lets say youre looking at a specific house on sale. Should your pre-approval letter state above, at, or below asking price of the house? Will it help with negotiating (or hurt if you put an amount above)? [link] [comments]  |
| Mortgage Forbearance Advice Needed Posted: 24 May 2020 08:30 PM PDT When I first signed up for mortgage forbearance with Quicken they made it sound like it was no big deal and there were no negatives. After recently reading several reading posts I understand that while a credit score wont be affected, the notes column will include Forbearance and may affect my long term eligibility for a mortgage loan in the future. This is pretty upsetting. Any way, I was furloughed due to COVID. That said I elected to have the 90 day forbearance offer from quicken. During this period, quicken is encouraging me to make payments and sending nasty letters saying that I am behind 45 days, my loan is delinquent, negative credit marks and foreclosure will be incurred if the terms of this forbearance aren't met. Here is where the advice is needed. Technically I have the ability to pay the 2 missed months and even pay the third month of forbearance. This is because of the federal unemployment dollars. At the time I signed up for forbearance, there was no extra federal unemployment dollars. Although I want to just PAY this off right now and end the forbearance, part of me feels I should still consider the fact that COVID is a fluid situation and rapid/dramatic changes can occur, I could be jobless for a very long time, things could get way worse etc. We just don't know. This part of me wants to wait until my 3 month forbearance ends and go with a deferral option which Quicken doesn't offer but according to the govt. my Freddie May loan qualifies for a deferral. So here are my options. Keep in mind I already put myself into this forbearance situation. The forbearance ends on 6/30. #Option 1 - Pay off the three months now in a lump sum and extend the forbearance by another three months. This will end the threatening letters and still allow me to extend my forbearance period which assures me safety in case things get WAY worse, which they can. I hope they get better though. This option wouldn't financially strain me at all, at the moment. I understand that on 7/1 mortgage services are required to allow deferrals, so in theory if I was on forbearance from 7/1 - 9/30 I could defer this part. As of now Federal unemployment ends on 7/31 so this works. #Option 2 - I keep receiving PAST due notices along with forbearance notices and wait for Quickenloans to contact me in mid June with the choices that are available to me. Lump Sum or Loan Modification, Maybe a deferral (unsure as this isn't available until 7/1)? I really don't like the fact that when I call they are so sweet and nice on the phone and even reassuring, but then when I receive my bill or even check the mail I am threatened with a dink on the credit score, a foreclosure, etc.... With this option I believe I could extend the forbearance by another 3 months and either defer or pay off the initial three months. #Option 3 - I pay off the 3 months now in a lump sum and end the forbearance when Quickenloans contact me. I am hesitant to do this because I'm not sure if I can go back once I go off... Also it's already on my credit report so whatever long term horrific effect this will have on me is already done. I don't prefer this option given the employment landscape in my industry (LIVE EVENTS, think like CES, or the Detroit Auto Show)... I am looking for some real advice here and trying to get some perspective from experience people. This is my first home and I am pretty young. Update 1: My mortgage is Freddie Mac Update 2: On all three credit reports, it currently shows "Deferment" in the notes column. So there is no mention of forbearance on my credit report. wow. [link] [comments]  |
| What impact will a collapse in commercial demand have on residential prices? Posted: 24 May 2020 04:17 PM PDT Here's a question I've been pondering a little bit these past few weeks. Assuming commercial real estate demand collapses, will it have significant knock-on impact in the residential market? So far it seems like residential real estate, particularly single family, has been holding up despite 15% unemployment and a projected 30% contraction in GDP. However commercial is a whole 'other ballgame. Demand for office space, hotels, and retail are all imploding. Even after this is over, it's likely never coming back. Many jobs will transition to part or full-time WFH. Tourism, particularly international tourism, may never fully recover. And when it comes the death of brick and mortar retailers, Covid was only the catalyst to finish what Jeff Bezos started. Post-Corona, is is possible for residential property to keep up its 2019-era prices if the major commercial segments surge to 25% vacancy rates. Prima facie, it doesn't seem impossible. Even if there's a housing shortage, it's not like we can just go live in the abandoned Pier One. Zoning laws, restrictions on land development, and the slow speed of construction create a lot of frictions between the market segments. Still at the end of the day, the price of real estate is ultimately the price of land. And less demand for land, be it in commercial or residential forms, will drive the price down. Local governments do want to keep homeowners happy with artificially inflated property values, but they also don't want abandoned commercial buildings blighting their city. Even without considering the conversion of existing property, there's going to be no new office, hotel or retail development for the next five years at least. That means we can expect residential supply to experience much faster growth post-recovery, which drags down rices. Without having to compete with commercial developers, builders and capital, often powerful local interest groups in their own right, will rely on new residential construction. Still, I don't really have a handle on the magnitudes here. Even if this effect it exists, it may not have a significant impact in its own right. Has anybody else thought about this issue, or even better have hard data on it? [link] [comments]  |
| Posted: 24 May 2020 01:59 PM PDT I accidentally just went on a fairly long edu-rant over in /r/oakland. Scroll down a bit to my post if you're curious how your property tax bill works in California, and why your seller's property tax bill was $1441/yr and yours is about to be $9350/yr, for the exact same property, in very nitty gritty detail, using a pair of actual property tax bills from Richmond CA and Oakland CA, for properties actually listed for sale. I believe I kept MOST of my personal political biases/opinions out of it, aside from the 4th to last paragraph where I am implicitly assuming we all agree that a regressive tax setup might NOT be the desired end-state for us as a state. Your county property tax bill will look different if you're not in Alameda or Contra Costa counties, but the math will be identical, assuming you can easily pull the property tax bill at all (looking at you, LA County). https://www.reddit.com/r/oakland/comments/gpq3da/bad_news_if_you_work_for_the_city_of_oakland_all/ [link] [comments]  |
| Posted: 24 May 2020 04:16 PM PDT Hello everyone. I'm looking to buy a house around 830 and looking to put down around 100k. Because of everything that's going on, are there still loans with banks that allow less than 20% down and no PMI? [link] [comments]  |
| Cash offer for small property suddenly has other offers Posted: 24 May 2020 02:15 PM PDT I made a cash offer for a property on Monday that's been listed at 80k for a few months the reals for said the buyer would accept 65 due to it being a cash offer then told me the following day there was another offer of 75k is there anyway to know if this is for real? Sorry for grammar on my phone thanks for any help [link] [comments]  |
| Two Questions (Foreclosure Sale and HOA) Posted: 24 May 2020 10:35 PM PDT I have two different real estate questions because I'm in the market to buy a condo for my mother in law ($250-300kish) and also to buy a home for my wife and me ($750k-900kish). My first question is about the condo for my mother in law. We've found lots of good options but the HOA fees seem super high...like the monthly mortgage payment on the condo will be like $800 and the HOA is $479 a month. That's the worst we've seen but we've also seen $400, $350, etc monthly HOAs...on condos of $250k to $300k. It seems crazy that an HOA would be anywhere close to the amount of a mortgage payment. I know it depends on what is covered but to take the $479 HOA as an example there were still other separate costs so it wasn't like everything was covered. Am I out of line? The HOA takes something that would be affordable for my MIL and turns it into something that is not nearly as affordable. Second, I've been considering at least looking into buying a house in foreclosure given the economic situation. I've already seen some pretty nice homes in my area being listed for auction. But I'm pretty wary of trying to do this without much experience....I imagine there are a lot of pitfalls (problems with property, vandalism, repairs/maintenance, closing issues, etc). So my question is whether this is something that it makes sense to consider as a non RE professional with no experience in foreclosure sales or auctions. I'm familiar with corporate bankruptcies through my job as a corporate lawyer but that's about it (not terribly helpful). Are there any helpful resources? [link] [comments]  |
| Will demand for rural properties go up as a consequence of COVID-19 pandemics? Posted: 25 May 2020 04:10 AM PDT I have seen recently that there are a lot of ads where people want to buy homesteads or farmland. I wonder if that increase in demand is because of coronavirus pandemic where people want to produce their own food and have more freedom of movement in rural area. What do you think, will that increase of demand have effect on prices? Will all good properties be sold very quickly after placing an ad? Or will the process of people losing their jobs and can't get mortgage prevail and the prices will go lower? [link] [comments]  |
| Posted: 24 May 2020 11:30 PM PDT So, I was driving around town and an errand I had go run today took me to a part of town I've never been to. Whether or not it was a poverty or upper class is irrelevant. It got me thinking- when communities are built. Is the purpose of that development to house the wealthy? The poor? The middle class? Etc... If we look at our respective cities/ towns today. If we rewound 20-30-40 years or more, were those neighborhoods wealthy or poor then? Why do those neighborhoods remain such today? Or why did the change? Thanks for feeding my thought and explaining [link] [comments]  |
| Should I replace older appliances before selling the house? Posted: 24 May 2020 08:04 PM PDT I am planning on selling my current house next year. Most of the appliances are 3-7 years old, except the washer/dryer - those are 20 years old (age of the house). They work fine, the look their age though. Is it better for me to replace them now with my choices or let the buyers replace them with what they want? I don't mind spending about $1200 or so if a big part of it factors into the sale price of the house, or if it negatively affects the sale-ability if I leave the old appliances in. The house is in the $700K range in today's market. [link] [comments]  |
| Can You Write Off A House As A Business Expense? Posted: 24 May 2020 08:37 PM PDT Pretty much the title, if you were to own a duplex, could you say the rented half and all of its maintenance is a business expense? Thanks! [link] [comments]  |
| Posted: 24 May 2020 05:40 AM PDT I'm not sure if this is the right place to ask this question. My wife and I own a house that I am renting to my father. He is wanting to purchase the home. He has began the process of getting a pre-approval I'm just not sure he has the credit to get approved. He makes plenty of money just doesn't have the credit history. We are wanting to purchase another home the bank won't give us a full approval until we sell the home. I thought as long as you are renting the home it wouldn't keep you from getting a pre-approval for another mortgage. We have 60k equity in the house my father is renting. I am lost. Any advice would be greatly appreciated. Thanks! [link] [comments]  |
| A financing contingency based only on the buyer not the house? Posted: 24 May 2020 11:44 PM PDT I found a particular listing where the description says the property may not be financeable due to encroachments on the property and incorrectly done permits, so it recommends all cash. I don't have that much cash, only 20 percent of that, so I plan to submit an offer subject to financing anyway. Financing contingency depends on (A) me / my ability to pay, and (B) the house, right? So is it possible to have a "softer" financing contingency, where the lender has already agreed and signed up for supporting (B), but not yet (A) (because maybe you lose your job the next day, or foolishly go out and buy a Ferrari just prior to closing, so lenders can't agree to A until the last minute. But they can agree to a specific investment property in theory, right?) The idea is to make the offer more attractive to the seller because while it's not an all cash offer, it has passed over the major hurdle of the lender agreeing to support this unusual property. Have you negotiated a deal like this before? [link] [comments]  |
| Any cash buyers from wholesaling ? Posted: 24 May 2020 11:38 PM PDT |
| Need an advice on submitting a price offer on a condo. I think the unit is overpriced, but is it? Posted: 24 May 2020 11:17 PM PDT Hello! A newbie here. I'm not sure what things that need to be considered to see if the home price value listed makes sense. I currently have an eye on a unit (1BR/1BA) in Woodland Hills, CA, listed for $290k - 458SF, giving it $633/SF (on 3rd floor). Note: they upgraded kitchen and remodeled bathroom with modern fixtures and double vanity. There are another two active units for sale in the same building, listed as follow: 1. 1BR/1BA $282k 599 SF ~ $470/SF (1st floor) 2. 2BR/2BA $395k 898 SF ~ $439/SF (3rd floor) I did my research looking into the past three months units sold in the surrounding area, they're all condos, and here are what I found:
Lowest price: $435/SF (March 6). Highest price: $590/SF (May 1) The average price/SF for the past three months is $513/SF (the average of 1-11 above) While if I'm counting only for the month of May is $532/SF (avg of 1-5 above only) Is it reasonable if I put an offer for $255k given the data above? This will make the unit valued at $557/SF under consideration that they remodeled bathroom and kitchen. Am I being reasonable or is there anything else that I should take into account when considering my price offer? I'm a first time buyer, so I'm not familiar with factors to consider when placing an offer. Note: My realtor always seems reluctant to look into recent sold prices for the similar properties in the surrounding area when it comes to putting an offer. Please advise. Thank you! [link] [comments]  |
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