Struggling Airbnb Hosts May Be Forced to Sell Their Properties Real Estate |
- Struggling Airbnb Hosts May Be Forced to Sell Their Properties
- Didn’t expect this...
- First time buyer during pandemic
- I have tenants who are causing damage to my property and assaulting each other. My state has stopped all eviction [MA] What can I do?
- Pre-approval Letter for Mortgage Loan.
- How worried should we be about this home inspection?
- Purchasing a home with a friend
- Is this bad? Brick wall appears to be separating from foundation
- Wife and I looking to buy our first house
- What’s the point of an HOA that doesn’t do anything?
- Looking to purchase a home or two in LA
- Realtor commission question (BC-Canada)
- (WI) Interested in buying a home that has recently foreclosed and/or been purchased.
- Best and final
- In Escrow, A Better Home Pops Up
- Question about Lake Houses
- Help me get my earnest deposit back
- First Home and Not Sure Where To Start
- How much percentage can be negotiated / bargained from the listing price
- Do townhomes and condos prices fall at the same rate as single family homes during a bust?
- [Berkeley, CA] Need some help regarding disclosures/ inspections etc.
- Are Closing Costs Really This High in Pennsylvania? Help.?
- Do REA blacklist sellers? (House back on market due to appraisal issue)
- Inspection Response from Seller - counter? - Northern Virginia
| Struggling Airbnb Hosts May Be Forced to Sell Their Properties Posted: 02 May 2020 05:46 PM PDT Yet another warning sign... ballooning supply as demand craters on record unemployment. Tread lightly... "There's going to be a lot of correlated sales in certain areas, because there are desirable locations or vacation homes," said Garriga. "There could be a massive number of units sold in these areas." "lack of travel and tourism is already causing Airbnb hosts to slash their prices by more than 80% in some cities. If this goes on for much longer, a lot of these cash-strapped hosts will be forced to sell their properties. This flood of new properties for sale might cause home prices to drop sharply in a short period of time. Add to this scenario baby boomers that are considering downsizing to pull equity out of their current homes to aid their retirement funds, and you have a recipe for disaster." Owners of Airbnbs in desirable coastal areas may be forced to sell their properties for less than market value should they not recover from the economic fallout of the coronavirus. The outbreak has caused a housing bubble effect for Airbnb, which could potentially give millennials and younger homebuyers an opportunity to purchase a home at an affordable price sooner than they thought. "It's a worrying time, there will be a lot of shifts and some people that depend on Airbnb income may not make it." For those managing short-term rentals, such as Airbnb, who oftentimes juggle multiple mortgages and depend on supplemental income generated in high seasons like spring and summer, this could be a major blow, since some private lenders may require homeowners to make a lump-sum payment once the forbearance period is over. [link] [comments]  |
| Posted: 02 May 2020 04:11 PM PDT We were already in the market for a home in VT when COVID hit. Suddenly everything froze. Nothing on the market. Now that they're coming back this & last week, the prices are up 10-15%. And some are going under contract! If anything, we thought they'd be down. What gives? [link] [comments]  |
| First time buyer during pandemic Posted: 03 May 2020 03:18 AM PDT Hi all, Apologies in advance if this is the wrong place to ask this question but I'm trying to get some advice. I'm in the UK too, which will affect advice given I'm sure. My wife and I are currently at the beginning of a chain and are purchasing a flat (apartment) at the top of the market in an affluent area. We both have secure jobs (I'm a teacher and my wife is a manager in the retail sector with a stable company - she is furloughed at the moment, but is expecting to start work again soon). We also have a sizeable savings pot, some of which is marked for the 10% deposit on the mortgage we will need. We are both in our early 30s. Now, my question: the market is looking very shaky at the moment and could well collapse. Many people are poised to lose their jobs and the value of property could well go down; it is unlikely to go up by a lot. We only want to live in this flat for 5 years before moving again. This considered, should we pull out of the sale now and look for something else when the market dips OR should we persist with the current purchase? Thank you. [link] [comments]  |
| Posted: 02 May 2020 07:15 AM PDT I have two groups of tenants that both are telling me the other group is assaulting them. They are causing destruction to the property and none of them are paying rent. I have been told the police have come to the property but for some reason, they have not arrested anyone. My state has shut down evictions. From my understanding, the only evictions being processed are if the tenants are a danger to themselves and other. I believe all these people are. The only thing I can think of is possibly putting up cameras in the common spaces so I can get video of the physical altercations. Not sure of the legality or if that would do anything. If anyone has any feedback or thoughts your time is appreciated. [link] [comments]  |
| Pre-approval Letter for Mortgage Loan. Posted: 03 May 2020 02:02 AM PDT On Tuesday afternoon my partner and I talked to a lender who said we would definitely be pre-approved for a first time buyer home loan, but said his system was down(?) so he would get us a pre-approval letter in a couple days. Since it was almost 5pm when we got off the phone I assumed he didn't anything with our info that day cause he was probably getting ready to go home and system was down. It is now Sunday morning, I expected to hear back by Friday before they were closed for the weekend. Is it normal to take more than a few days to get a letter? I'm trying to be patient cause of the virus, but I'm starting to get anxious cause some of my friends recently purchased houses and said it didn't take that long...one friend even said same day. I think it's just my anxiety freaking me out, but since I'm a first time buyer I figured I'd ask. I live in medium sized city in Indiana if that helps. [link] [comments]  |
| How worried should we be about this home inspection? Posted: 02 May 2020 11:39 AM PDT Cross post from /Homeowners. Looking for more opinions before our option period closes. My wife and I are looking to purchase our first house. We got under contract this week and the inspection report just came back. The house was built in 2006 and we are in the Dallas Texas area. How worried should we be about this? https://ibb.co/0XsD1bW Foundation https://ibb.co/5RStMJ2 Electrical 1 https://ibb.co/ySRL0Vn HVAC 1 https://ibb.co/8Xz2g9v HVAC 2 https://ibb.co/QHgWD52 Roof 1 https://ibb.co/PwV58jN Roof 2 https://ibb.co/8xTXxDd Plumbing https://ibb.co/kyd5tgz Walls 2 https://ibb.co/vVry73J Walls 2 https://ibb.co/09GLVz1 Chimney https://ibb.co/VQ9tBGV Doors / Windows https://ibb.co/gTMBdzw Hot water heater Not pictured he also said that the AC condenser was loud while running and that the tub in the master bath was draining slowly. My wife and I are freaking out but our agent seems to think this is pretty normal. I asked the inspector his personal opinion about the house and if he would buy it; he said yes that it's in great condition for its age which has us pretty confused. What say you reddit? [link] [comments]  |
| Purchasing a home with a friend Posted: 02 May 2020 11:28 PM PDT We are planning to go half on all requirements to purchase. (Closing/downpayments) We will require a mortgage from a bank. Is this possible for us to be on the title together and have the loan in both our names? [link] [comments]  |
| Is this bad? Brick wall appears to be separating from foundation Posted: 02 May 2020 07:38 PM PDT There is a retaining wall to the left of this wall. [link] [comments]  |
| Wife and I looking to buy our first house Posted: 02 May 2020 10:59 PM PDT We are in California looking around LA, Riverside and San Diego county. She is an RN and her credit is around 650 and mines is 720+ but she is our only source of income. We have about 10k saved up but I don't want us to waste anyones time amd call an agent or something, if we aren't even close to being eligible for buying a house. Who do we contact to get more info? We have absolutely no idea what we are doing and all our family rents so we don't have anyone with experience and we just want to make the right decision. Thanks. I can answer any ither questions cause I am not sure if this makes sense to amyone I Just need help and guidance [link] [comments]  |
| What’s the point of an HOA that doesn’t do anything? Posted: 02 May 2020 10:43 PM PDT I'm buying a house in a neighborhood with an HOA, dues are 60 bucks per year. I'm not sure what they do, other than to collect money from people. I read the rules and they're fairly basic. Why do all newer housing additions have HOAs like this? [link] [comments]  |
| Looking to purchase a home or two in LA Posted: 02 May 2020 09:47 PM PDT Looking to purchase a home or two in LA Wife and I have about $210k saved. We'd like to buy one investment property near a local college that has a home for sale at $1Mil and that rents at $7000 per month with a 6 room and 3 bathroom (2 and 1 are in the garage and may not be permitted). I'd like us to buy that with a regular loan then get a 5/4 for about $1.3Mil that is available and rent half of that house out as well. Later house has been on the market for 300 days. We'd wait to get that ( or similar property) and use our VA loan to put very little down for this second home. We have about $11k income after taxes per month btw. Thoughts? [link] [comments]  |
| Realtor commission question (BC-Canada) Posted: 02 May 2020 03:49 PM PDT We are selling our home. Our realtor has offered two options 1) 12k flat rate - 6k per realtor (buyer and seller) 2) 6% commission on first 100k and 3% on balance (comes to approx 21k in commissions based on our assumed sale price). Option 1 comes with basic advertising (20 photos on MLS). Option 2 comes with a professional 3D walking tour and drone videos. Also all realtors involved would be more motivated to sell, theoretically, because they have more to earn on the listing. Apparently this will make the listing more attractive to out of towners and particularly during COVID. Which option would you take or recommend? The property is a 2009 build, 4000 square feet, 2 acres on waterfront, in a small town. We want to sell quickly to take advantage of the summer months but are not sure how much value we would get out of option #2. First timer sellers. Thanks! [link] [comments]  |
| (WI) Interested in buying a home that has recently foreclosed and/or been purchased. Posted: 02 May 2020 03:20 PM PDT Feel free to point me to the right subreddit if this doesn't belong here. I'm 21 years old currently and I work at a job that allows me to make just above $1,000 a week. There's this beautiful home a few blocks away from where I currently rent and it looks like the perfect place to raise a family. Given my age, I'm not very knowledgeable about the proper steps to homeowning. I'm very good with budgeting and have about $10,000 saved up currently. I want to be able to buy a home in my early 20s so I won't have to worry about it later on. Can anyone shed insight on the proper way to investigate the property? [link] [comments]  |
| Posted: 02 May 2020 09:09 PM PDT Our house goes up for sale on monday and I just learned about the term best and final. The property is a great beginner home in a very hot and competitive market. Is this something we might consider doing? More specifically, when do we decide to enact this? Should we wait a few days and see if there are multiple offers? Are there any drawbacks to using best and final? [link] [comments]  |
| In Escrow, A Better Home Pops Up Posted: 02 May 2020 09:04 PM PDT As first-time home buyers during a pandemic, there is tons of uncertainty in the air. Our area is one with many OLDER homes either missing things we desire or requiring renovations, making newer builds ideal. Only 4 homes meeting our criteria have been on the market of the 6 months we have been looking (30 minute radius from my work). We are agreeable people. We have a decent budget above most homes. We aren't picky when it comes to square footage either. Our musts are a garage, decent sized kitchen, and a bathroom that isn't so outdated it needs renovating. There are plenty of homes on the market but those that are within our criteria disappear in a weeks time. Finally, we found a home 25 minutes away that fits our criteria almost at the cusp of our price-range. At 300k it is 100% over the median listing price for the area (135k) so my main concern is loss of home value with a combination of COVID/new build/uncertain area development. On the other hand, it comes with all the perks of a new build as it's basically an inventory home (new build where financing fell through). 25 yr warranty on the roof, 10 yr on the build. Half an acre lot. They're reviewing our punch list; 15 items only 2 of which are severe. Our agent said a home like this likely wouldn't come on the market for a year or more. It has upgrades with granite countertops and beautiful fixtures. Sounds like the perfect home so now we are in escrow set to close at the end of May. Note: Comes with plenty of new home costs to come such as mailbox, gutters, window dressings, fence, fridge, washer/dryer. The builder was not willing to negotiate price AT ALL and we are paying all closing costs. TODAY, a home came on the market that is only 200 sqft smaller with smaller yard and comes out to be 55k cheaper. The best part, it is a block away from where we live now. In the neighborhood we are renting in. I would be 8 minutes from my job. We would be moving literally down the street in an area we are familiar with next to a school. It is a two year old build but this comes with the opportunity to negotiate appliances and closing. My ask is what should my play be here? We have a contingency that if the appraisal on the first home comes in low, we can renegotiate/walk and I've seen the comps/there's almost nothing comparable. We are going to look at this second home tomorrow just to get an idea of what we're missing but what if we love it? Does this scenario happen frequently? I don't want to hurt my agent's/lenders' feelings as I have a relationship with both of them so I'd like to see how this looks from their perspective. If it's the right home, should I be worried about losing 1k ernest money? I would appreciate any advice and would be willing to send links to compare for anyone interested! [link] [comments]  |
| Posted: 02 May 2020 08:56 PM PDT I am writing a horror story that takes place at a lake house in Maine during the winter and I have some questions. I have never owned a lake house before I have come here to seek advice from those who have. I'm asking you to put yourself in the shoes of a group of teens who intend to sneak into one of their parents' lake houses in February/March-ish to have a few people over and party without their parents ever finding out. What kind of things would these teens have to do in order to get away with it? Assuming the house runs on electricity and not solar panels, would they have to bring their own generator in order to receive power? How would they obtain water for showers/dishes/toothbrushing? What about drinking water? How does the cold weather affect all of this? Let's say nobody's been there since the previous July. What might the place look like upon arrival? Would the AC be on a little so that pipes don't burst? Would they have to take any special action in order to hook up the water without their parents getting a water/electricity bill and thereby getting them caught? What other steps might they take in order to have fun and be smart about it? Thank you! Edit: I can see why it would look like I am a teenager trying to do this myself, but if you look at my profile you can see I'm active in writing/horror groups. I'm 23, I have a great relationship with my parents, and we don't even own a lake house lol [link] [comments]  |
| Help me get my earnest deposit back Posted: 02 May 2020 02:02 PM PDT Hey all. Long time lurker, first time poster. I recent put an offer on a flipped house. The inspection came back awful. I requested they take care of all the items on the inspection and the seller buy a reinspection. The seller agreed. After doing extensive research on the seller, it's a shell company hidden within two shell companies. When I found the real company who owns all the shells, the reviews are extremely shady. Can I back out and get my deposit now or is that not possible since they signed the inspection contingency? If not, should I wait to back out until the second inspection? At this point, I don't want to order an appraisal until that second inspection report. Please advise! [link] [comments]  |
| First Home and Not Sure Where To Start Posted: 02 May 2020 12:00 PM PDT My wife and I are coming up on the end of our two year lease in March, and we're pushing toward buying instead of extending in this house for another year. I understand that 20% is ideal to avoid PMI, but the likelihood of coming up with 80k by December is slim to none (and Slim just left town). We're figuring to get some down payment assistance and bring 20-30 to the table. My question is 'where do we start?'. We've pulled credit reports, are working through a few items in collections and working to get payments back on track. I've submitted a pre-qual request with my credit union, and plan to talk with them and a lender on Monday to get some additional suggestions. Just wondering what else can be done to build momentum and move toward the end goal. Also, I'm slowly bringing her around to the idea of buying new construction instead of pre-owned, so is the process any different? TIA TL;DR - Planning to buy first home; credit not great, but working through collections, payments, utilization, etc. Submitted a pre-qual and plan to talk with the CU and a lender for suggestions on what else to do to clean up credit. What are the next steps? Is the process different for new construction vs pre-owned? [link] [comments]  |
| How much percentage can be negotiated / bargained from the listing price Posted: 02 May 2020 07:18 PM PDT I'm a first time home buyer & interested to know know, how much percentage from the list price can be negotiated ? This is for a new construction. I guess the builder may offer in terms of upgrades / freebies but would like to know if there is anything beyond this can be negotiated on the list price. Appreciate if you could share your experiences. Thanks in advance & stay safe [link] [comments]  |
| Do townhomes and condos prices fall at the same rate as single family homes during a bust? Posted: 02 May 2020 03:04 PM PDT In the market for a condo but I think if prices don't fall at same rate as single family, I'll reconsider that type instead. How did they fall in 2008? Same rate or not as much? Because I know single families appreciate much faster [link] [comments]  |
| [Berkeley, CA] Need some help regarding disclosures/ inspections etc. Posted: 02 May 2020 06:34 PM PDT We're getting ready to make an offer on our first home. Looking over the disclosures has been confusing just in determining what is red flag and what we should be alarmed/not alarmed by. Does anyone have a moment to look over the inspection report? The seller is still waiting to get the pest inspection back, right now they basically communicating that they're looking for a non-contingent offer. Or that they don't want anything they've already disclosed to be haggled over later. [link] [comments]  |
| Are Closing Costs Really This High in Pennsylvania? Help.? Posted: 02 May 2020 12:05 PM PDT I need some help. Relocated to this state a few years ago, and considering purchasing. I have contacted a few different lenders, including my local credit union, and have been told that on an 80k house i am looking at closing costs in the range of $6000 - $8000. I've purchased two other properties in the midwest before, and never paid more than $3K on a purchase. What I was quoted seems excessive. Is this a Pennsylvania thing or am I just not finding the right lender? Also, any suggestions on financing a house with a loan amount under 50k? (we're planning on putting 10-20% down, so this also could become an issue). Credit score is not a problem. Thanks in advance. [link] [comments]  |
| Do REA blacklist sellers? (House back on market due to appraisal issue) Posted: 02 May 2020 05:31 PM PDT First time poster- looking for some insight. Sorry if this isn't concise enough, just trying to give details. We listed our house on Mar 23rd, 2 showings (each offered) and went under contract Mar 26th. We went into a state wide stay-at-home order on the 25th, so we were happy to have things align. We were supposed to close on Apr 30th. The appraiser wrote the report for our home on Apr 10th. The appraiser never came out to the house, not even a drive by, and comped us with homes that made no sense. They're from a whole different market which is totally different from ours. Used sells from 11 months ago vs 6 months (plenty of data so lack of sales is no excuse). We have a home built in 2016, a number of upgrades, and there are only 2 homes including ours on the market in our price point. Everything else is going for 5-15k more than our home for less sq ft. The appraiser valued out home at 30k under list price. Our realtor was horrified, and the buyers realtor claimed to be as well. We requested a ROV, but things got nasty and needless to say, the appraiser did not update so the deal fell through. We've been back on the market since Thursday with a couple of showings, and one that was cancelled. I just learned that the showing that canceled (no longer interested) uses a realtor out of the same office as the previous buyers with the bad appraisal. Is the previous buyers agent allowed to disclose the details of why the sell fell through, or would it be typical for them to share this information (even if they agreed it was a lowball appraisal)? This office does the majority of sales in my city so now I'm concerned that we will not get an offer. Thanks for any insight you can provide. [link] [comments]  |
| Inspection Response from Seller - counter? - Northern Virginia Posted: 02 May 2020 01:32 PM PDT Part 2 of My House buying saga in Northern Virginia. We found out the seller of the house is actually the general contractor who's worked on the house. I'm a little concerned about that because of some of the issues we found. It was remodeled in the 90s by him. We got inspection done on Thursday, and we found some issues. Basically it's about 3 major issues,
There's a bunch of "smaller" issues like;
We asked for them to fix the major 3 issues, and said we would deal with all of the smaller issues to the seller. They countered offer $1,500 to fix the issues, and said that the water heater passed code county inspection at the time of installation ~2015. We knew he was (and appears to still be) a general contractor so we did a bit of googling and from what we can tell it should not have actually passed inspection without the drain or pressure relief valve pipe. We see the code here https://codes.iccsafe.org/content/VPC2012/chapter-5-water-heaters that says it should have had the drain etc That seems pretty light from what we can tell to do the repairs, and was considering countering asking for ~3,000 for the repairs clarifying it shouldn't have passed inspection. We are estimating the costs at something like; 1- Electrical panel replacement to go in the range of ~1,500 2- New Water Heater (~1,600) + Vent Repair (~500) 3- Window Repair, Window Trim Replacement & Wood Rot on porch to the range of ~1500 All the Smaller issues to eat up another ~1,500 Does that seem reasonable to ask for another ~1,500 or should we just drop it and move on? Copies of everything here; Page 1 of Punch List: https://i.imgur.com/6LyCZpu.jpg Page 2 of Punch List: https://i.imgur.com/IFIuufC.jpg Electrical Panel: https://i.imgur.com/gsagwqS.jpg Zoom out of Electrical Closet (with Water Heater): https://i.imgur.com/PDhsam7.jpg Ash from Vent on Water Heater: https://i.imgur.com/u62CvDx.jpg Rust on Water Heater (from Leak and Vent): https://i.imgur.com/CtjhdNa.jpg Missing PRV Pipe: https://i.imgur.com/2myqoMA.jpg [link] [comments]  |
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