Took possession of my house yesterday - couldn’t be happier. Real Estate |
- Took possession of my house yesterday - couldn’t be happier.
- Thinking about selling now and renting for a year
- Closing in 10 days on our first home and freaking out— should we back away.
- Is a mounted electric car charger a fixture? (WA)
- Changes to VA home loans due to COVID-19
- I'm looking at some land where the home that was built on it, did not/does not have permits.
- Any Deed in Lieu advice? Any chance we can buy sooner?
- Selling a home as a foreigner
- Is it incredibly ill-advised to buy a home and pay a PMI? I have an accepted offer and was intending to move forward with only 10% and pay a PMI, but now my family is indicating that is an incredibly poor decision.
- Buying part of a parcel from a trust
- Hanging pictures in house I just painted and am selling.
- Parents passed away with no will
- First Time Home Owner - Pre Qualification (CT)
- Agent won't reveal age, gender, employer, or financial details of rental applicant
- Inherited older small home in luxury estate development - sell now or wait?
- University student looking for potential people to interview.
- Semi-Detached/ Twin Home Shared Wall
- Backing out of sale due to seller non-performance. What money am I owed back?
- Where to Find Owner Finance?
- [CA] Trying to buy my first house.
- First time Home Buyers - Should we wait?
- Help with purchase
- How does a fenced-in reclaimed alley get appraised?
- What do you think is fair in this negotiation?
| Took possession of my house yesterday - couldn’t be happier. Posted: 06 May 2020 06:54 AM PDT Tl;dr at the bottom. Edit to add this: I did get the house for $112k under their asking price, and $30k under it's appraised value.... It pays to do your homework and know as much as you can about the status of the people you're buying from.. It was a long and arduous journey, including police, arrests, drug use, theft, lies of kidnapping, threats of violence, and all sorts of madness. I gave the previous owners 3 days of rent back for free to vacate their stuff after closing and then $200/day after that. Closing went smoothly, one of the homeowners had his dad sign all documents via POA as the owner was in and out of jail throughout the process. No hang ups there. After closing they had 3 days to vacate.... deadline came and went with no success. They "moved out" and confirmed that with my agent, and then told him they just needed to store a few things in the garage (it was completely full). I took the day off work to go and take possession of my house, to find that they had not fully moved out and the garage was full too. The wife calls my agent with an excuse that her husband had kidnapped her son and left town and now there was a statewide search for her endangered 5 year old son, and that's why she will be unable to move out, and she needs her security deposit back, and she won't be able to pay the $200/day fee to stay past the deadline. I never got an amber alert on my phone, so I was skeptical to say the least. I contacted the local PD and they confirmed that the son was not missing and that the boy was in her custody. (Turns out that in her meth crazed mind she had lost him in their motel room and called the police, but they found him asleep in the bed she laid him in). A few hours and many phone calls to agents, police, and lawyers later, she finally calls again and says she can't move out. I told my agent to give her 3 choices:
She took option 1. She arrives with people she didn't know, she just showed up at some random persons house and offered them $60 to help her move.. Apparently these people thought, "sure, this seems safe". During packing I ask her if they used any meth in this house - she confirmed meth use (police confirmed meth use, but NOT a meth lab). I take my truck, and help her get all of her possessions into a storage unit. On our first load, she disappears. She says "I need to go talk to a detective about trying to find my missing son." (Mind you, I stopped and talked to the cops on my way to her storage unit and confirmed that none of this is true). She disappears, and me and these random people whom I have never before met continue to make trips to my house to load up her stuff and move it to the storage unit. After I got the final load, I dropped everything off at the storage unit, thanked her "friends" for helping make this happen, and went home to start the meth mitigation process of my new house. A couple minutes later I get a call from my agent that she now wants to take me to court for "slanderous statements about drug use in her home".... I asked a question and she gave an affirmative answer, so that's not slander. I plan to keep $200 of her security deposit for the day that she wasn't moved out. I don't plan to charge for my time and fuel moving her... I really just want this previous owner to have no reason to contact me again, and I wanna enjoy my home in peace and quiet! Anyway, I now have my house, and I absolutely love it!! It's perfect for me! Much larger than any home I've owned before, perfect location, amazing mountain views on 3 sides. I've got a lot of work to do, to clean her up and make her nice, but I'm so happy to be here!! Tl;dr: Bought a house from crazy people, they continued to be crazy, I helped them out, they wanna sue me, I have my house and they're going back to jail. [link] [comments]  |
| Thinking about selling now and renting for a year Posted: 06 May 2020 03:09 PM PDT Obviously, there have been some unexpected effects of the virus crisis on real estate, namely people seeing a lot of houses in their market go for significant amounts above list, sometimes with cash offers. This isn't intuitive for an economy going through a crisis, so what gives? Of course, note that this is highly dependent on your particular local market, but it is something I have definitely observed in mine (one of the west coast ones), but I have seen a lot of comments in other threads noting similar effects all over the country. I wanted to start a discussion about what is possibly going on here. I've mainly observed this effect in the more affordable, entry-level sector of single family homes(which my current home is in). These are the things I believe are contributing to this spike in prices in the lower end sector of the market, in order of what I think are the most impactful things to the trivial and less provable:
In the near term, I believe we will see a convergence on the median house price; that is, higher end properties falling in value, and below median gaining value, to a limit. Longer term, i.e. the next 1-2 years, I think we see a lot of deflationary pressure and the ending of a short term debt cycle that the flu happened to accelerate, which will see a reduction of house prices across the board. Another factor will be the eventual deleveraging of short term rental properties, as investors are pressured by the lack of demand - the government aid can only help so much. It also depends on the future actions of the Fed, which has undertaken some pretty drastic and unprecedented monetary actions in an attempt to save the economy - the total effects of which remain to be seen. Obviously, there are a large variety of difficult to forecast macroeconomic factors at play here, but that's why I started this thread - what did I miss? Do any of you see it going differently? Trying to time the market is tough, but I think exiting now and waiting a year or more for those higher priced properties to drop might be the way to go, as I am thinking of upgrading from my current starter home anyways. [link] [comments]  |
| Closing in 10 days on our first home and freaking out— should we back away. Posted: 06 May 2020 06:12 PM PDT We are in the process of buying our first home inside the city of Atlanta which is a very hot market. We are under contract on an awesome home which we ended up getting for 7k above list. After getting our appraisal back we also got the great news that the house is appraised at about 20k over what we are paying (yay!) Now for the less exciting news.... we had the home inspection and it resulted in 2 major and 1 medium sized issue. Major - cast iron plumbing under house was corroded and actively leaking - crawl space needed a sump pump and window wells to reduce water entry Medium - the AC was 14 years older than the disclosures had stated and was 23 years old. A lot of ducting in the crawl was disconnected and evaporator cabinet was rusted and partially buried in dirt We decided to get professional opinions from 2 plumbers both with cameras and had a foundation and crawl space specialist examine the crawl. They found that the cast iron pipes under the house and to the street needed replacing and the tree in the front yard had to go because it was causing a giant obliteration of the pipe. This was $5,800, the crawl space guy quoted us $2,800 to fix the water issues. While we still wanted to get the HVAC guy out our agent suggested we submit our request for repairs or concessions and we did so asking for 11k at closing. They agreed. Today we had an HVAC guy out after the seller provided us with 4 years of service records. The HVAC guy said that the system was in disrepair and needed to be completely replaced. In an effort to be thorough we went ahead and had a second HVAC guy come out— he agreed and quoted us $7,500. Our closing date is next Friday (we did a 3 week close) and I feel nervous as all get out about what we are getting into. Would we be assholes to try and renegotiate with the seller? [link] [comments]  |
| Is a mounted electric car charger a fixture? (WA) Posted: 06 May 2020 05:21 PM PDT Closed today but had a last minute disagreement with the sellers who removed their electric car charger but left the screws where it was mounted in the garage still in the wall. Is a car charger considered a fixture? I assumed everything mounted to the wall or frame of the house is considered a fixture and conveys unless specifically excluded in contract. [link] [comments]  |
| Changes to VA home loans due to COVID-19 Posted: 06 May 2020 02:02 PM PDT Hi and hello everyone. So today, I received a phone call from my finance officer, saying that I am no longer qualified for a VA home loan, due to changes in how credit-debt ratios and how my overall credit now works against me. He mentioned something such as, before, you could borrow an amount that was (up too) 70% of your total income. Now that number is more around 41%, whereas my percentage is right at 44%, so he is having me re-work into an FHA loan. My question is, is he being straight with me. Im not professional in these matters, and am doing my best to keep up with it all. Can anyone help me understand what is going here? Am I being swindled or being looked out after? EDIT: After much thought on this, I have decided to look at other options for the time being, to see what will work best for me in this situation. Thank you to everyone who commented. I read every reply, and many of you offered very sound advice. Thank you, thank you, thank you. [link] [comments]  |
| I'm looking at some land where the home that was built on it, did not/does not have permits. Posted: 07 May 2020 12:03 AM PDT What exactly does this mean and what are the implications? [link] [comments]  |
| Any Deed in Lieu advice? Any chance we can buy sooner? Posted: 06 May 2020 09:05 PM PDT Long story short, our current house needs major repairs. We found out while we were in the process of trying to sell it late last year. Insurance won't cover it and we're essentially advised by our attorney to do a deed in lieu. We used a VA loan and purchased a little more than 2 years ago. We never should have been allowed to buy the house. The seller was a flipper who hid major issues with the house. Unfortunately, the house is in Virginia and the seller used an LLC so we don't have a chance of going after the seller. My husband is active duty military and we've been relocated to a new base since September, but have been unable to secure housing here due to the house in Virginia. We simply couldn't afford to pay for the mortgage in VA plus here. Question #1: Any advice for someone doing a deed in lieu? Question #2: I'm aware of the typical 2 year wait time for purchasing another house with a VA loan. Is there any way around that? We've never missed a payment or been late on a payment. The house never should have qualified for a VA loan with the issues it has and we can't sell it, nor can we afford the $50K+ it will take to repair it. [link] [comments]  |
| Posted: 07 May 2020 04:05 AM PDT My friend bought a house in the USA as an international student. His studies end next year so he's looking to sell as he has no intention of living in America. What would be the correct procedure for selling his house? Are there any stipulations on non-residents selling houses? He paid in cash at the time of purchase so there is no issue with finance etc. [link] [comments]  |
| Posted: 06 May 2020 03:39 PM PDT I accepted an offer on Saturday for my first home purchase. The price is within my budget and I was intending to only put 10% down. I could afford to put 15% down and still cover closing fees, but putting 20% down would require me to borrow ~10k from family to cover closing fees, and that would still leave me with basically 0 liquid cash. I was intending to move forward paying my PMI. I have it calculated, and the cost of the PMI will be $4,800 over 7 years. I would be able to borrow $10k to cover my closing costs, and if I were to pay that back over 5 years with no interest, my monthly payments for the first 5 years would be $15 cheaper than if I went forward with the PMI. I really could use some advice on what to do here. In my mind, I should not be sinking every dime I have and then some into a property just to avoid a PMI. But my family is advising me that a PMI is wasted, burned money and that it makes sense to do everything you can do avoid that. Is it advisable to avoid a PMI if at all possible, even if you are borrowing money to do so? [link] [comments]  |
| Buying part of a parcel from a trust Posted: 06 May 2020 04:02 PM PDT Hi all, I'm wondering where to begin in this situation: I bought a house a few years ago that was split from a larger plot so I actually own three plot: one with a house on it, one with a driveway, and one with a pool (in the front yard). This leaves me with not much of a backyard. There's a 10 acre plot behind me owned by a nominee trust. I'd like to inquire about purchasing some of the land to have a bigger backyard. Future plans to relocate the pool, or at the very least fix some drainage issues. There is no info I could find about the trust that would indicate some sort of mission statement or anything of the like. I was going to inquire to them directly but don't know how to indicate my interest in some of their land without being immediately dismissed. I was then thinking the town accessor, but she also is a realtor with a very large presence in the area, so her motivations may be skewed. I could reach out to a lawyer but obviously that starts the counter on a bill and it could be a quick "no" from the trust at that point too. But I would still go this route if it leads to the most probably success. Thanks for any ideas! [link] [comments]  |
| Hanging pictures in house I just painted and am selling. Posted: 06 May 2020 04:50 PM PDT I pulled everything off the walls, pulled all the drywall anchors and nails. I put the smoke detectors back up. Am I an asshole if I hang a couple pictures up? (judt with nails, no anchors. Hoping to have the house listed next week. [link] [comments]  |
| Parents passed away with no will Posted: 06 May 2020 12:11 PM PDT I'm currently living in their house, and it is my current address, and my older brother which has a house already and never talked to my parents is trying to lock me out, and put a lock on mailbox, I have been living here for all my life, do I have the right to own the house? If so how do I start the process, and My parents wanted me to have the house and neighbors and friends know they were living me the house, but never wrote a will... [link] [comments]  |
| First Time Home Owner - Pre Qualification (CT) Posted: 06 May 2020 03:17 PM PDT Hi All, I'm at the very beginning of the process as a first time home owner and am looking to get pre qualified for a mortgage loan... I recently got in touch with a real estate agent who gave me the name of a mortgage officer who sent me a link for Pre-Approval not for Pre-qualification with her bank. Right now I am just trying to get an idea of where I stand financially and what the bank is willing to loan me (beyond just the mortgage calculators online) so to me it seems a bit early to be getting pre approved when I haven't shopped around for interest rates or even settled on a condo that I really like yet. So I did some research and saw that you can do pre-qualification online at different lenders and when I was going through the information it asked for all of my account numbers. I just want to confirm that the banks asking for all of your account number information is a normal part of the pre qualification process. Any insight ya'll can give is greatly appreciated. [link] [comments]  |
| Agent won't reveal age, gender, employer, or financial details of rental applicant Posted: 07 May 2020 01:39 AM PDT I own a condo as a rental and the tenant's lease is ending at the end of the month. I've hired an agent to list the property and find a new tenant. We have an applicant, but oddly the agent will not tell me the applicant's age, gender, employer, job, field, or martial status. He told me that the applicant has poor credit (in the 501-550 range) but won't provide the credit report. The only details of the credit situation he'll provide is that the applicant has "two collections less than $x" and "a lot of debt". He says he verified the applicant's income, which he told me, but won't reveal the employer or even the general field or industry. The agent cites our state's fair housing laws as the reason why he can't tell me any more. I have been a landlord for 25 years and have never had a problem getting enough information about an applicant to make a decision. I am not aware of any privacy laws restricting this information. For the 15-20 tenants I've had I've always seen their full application, with name, gender, age, prior address, employer, position, salary, credit history, etc. and I feel this information is necessary to make a decision about an applicant. I feel the this is especially important in these times when unemployment is incredibly high and the employer or field that you are in makes an enormous difference in your income and job security. There have been times when I've listed the property myself, and have met the applicants myself, handled their paperwork, and pulled their credit (with their approval) so ironically this agent is providing me with less service than I could get on my own. Am I missing something? Have all of the other 10+ agents I've worked with been breaking the rules by giving me more information? [link] [comments]  |
| Inherited older small home in luxury estate development - sell now or wait? Posted: 06 May 2020 08:59 PM PDT First post in this sub so please excuse my ignorance. Is the luxury real estate market really slowing down? Some backstory: In 2016 I inherited a 1200sqft 1bd/1ba custom home on five acres with a ridiculous view in a norcal suburban development that over the past 20 years has turned into a luxury home market where 3bd/2ba on standard lots go for 1.5-2 million. I rented the home out in 2017 but after a year I crunched the numbers and realized that the home was a terrible rental and was creating a slow bleed as it couldn't really pay for itself (taxes, fees, maintenance, utilities, etc) let alone make any profit. I didn't think the increase in potential selling price over time was worth the short term loss and increase in debt against the house. I decided to sell in 2019 but didn't move fast enough to get it on the market. I chose to get a bunch of maintenance work done and improve the septic. I paid for septic expansion design to show possibility of expanding the house or building another. I put >30k into the property expecting a 500k-1 mil return. Then I finally listed this February... Now this! Any suggestions on what to do now? Take the house off the market and just sit on the loss for a couple years? Keep house on the market hoping the high end market maintains? Predictions on luxury real estate market fluctuations? [link] [comments]  |
| University student looking for potential people to interview. Posted: 07 May 2020 12:39 AM PDT Hello, I am studying an entrepreneurship course in Australia and one of our tasks is to interview people who've found success (or building success) and interview them. A brief outline of what I'll ask is how your journey started, what you enjoyed about it and the hardships that you encountered. I'd love it if anybody could tell me their personal experiences. Note: Anything you say will not be publicly shown anywhere and only for references in my task. You can message me here or over on my email: [brian.lee3264@gmail.com](mailto:brian.lee3264@gmail.com). Thank you for reading!! [link] [comments]  |
| Semi-Detached/ Twin Home Shared Wall Posted: 06 May 2020 11:56 PM PDT First time home buyer currently in option period for a semi-detached house that shares a wall with one other home (two different property lines; we would just be buying one side). It's a new build and the other side was sold about a month ago. I love this house, except as our option period is coming to a close, I have developed some qualms about sharing a wall (it would be the wall in our living room, the room we want to use as a study, and the master bedroom). We've been in the home twice and stayed for a considerable amount of time each time. The neighbors cars have been in the driveway both times, and we didn't hear a thing. Is there a way to determine whether or not we will be able to hear everything from the potential neighbors? Do we just knock on their door and ask them to talk at varying degrees of loudness (our realtor advised against this when I suggested it...)? I know that all houses come with the risk of "what if my neighbors are terrible," and living in a city in apartments with thin walls, I've become pretty used to neighbor noise. We'd be fine with it if we like occasionally heard the bass from a movie, but less fine with it if we can hear just casual conversation, hence wanting to see if anyone has been successful in determining noise level before buying. Fueling this, a single family house in the same neighborhood and price range just popped up tonight which is a smaller single family home but its finishes aren't quite as nice and not as functional of a layout. [link] [comments]  |
| Backing out of sale due to seller non-performance. What money am I owed back? Posted: 06 May 2020 05:29 PM PDT Hi r/RealEstate, Long story short - we had an offer accepted on a home in early February, closing date originally 3/25. We had to go through a lot of negotiations with seller, which were slow moving so closing date got pushed to 4/15. The week before closing, we were informed there was a probate issue on the title and we couldn't close. We granted a 30-day extension until 5/15. We'll, now we won't hit that date either because the issue is not resolved and is looking like it won't be until well into June if not later. We do not want to wait any longer, and we do not plan on granting another extension. We'd rather move on at this point. I know I'm due my earnest money deposit back, but do I stand to receive any other money I've invested in the sale? Bank appraisal fees, lawyer fees, etc? I'm not planning on getting my home inspection cost back, that's on me. I'll talk this over with my attorney but I'd like to hear any of your input if anyone has any. TLDR - Seller was granted 30 day extension on closing, cannot close within reasonable time frame. Do I stand a chance in getting bank appraisal/lawyer costs paid by sellers? Thank you for any advice! [link] [comments]  |
| Posted: 06 May 2020 10:52 PM PDT Where do I find owner financed deals? I'm mainly looking in Florida. [link] [comments]  |
| [CA] Trying to buy my first house. Posted: 06 May 2020 10:29 PM PDT Hello reddit, I am trying to buy a house in California and need help on how I can get started and educate myself enough to not get fooled. Can anyone help me with advice on how to buy my first house? I am married and tired of renting. Please help. Thx. [link] [comments]  |
| First time Home Buyers - Should we wait? Posted: 06 May 2020 10:00 PM PDT Hello everyone! My husband and I are currently living with my sister and her husband and we are paying $500 in rent every month. We really want our own space so we are thinking of buying a house in northern Idaho (CDA/PF area). Here is some info about us: I'm 19, he is 21 and our credit scores are in the 720s. •No Debt •55 k a year collectively right now, but he is actively looking for a better job. •6K In savings Parents are willing to help us out with a down payment, but probably not much. We really want to buy a house and I am at a very stable and promising Job, but I wanted to see what you guys thought. [link] [comments]  |
| Posted: 06 May 2020 10:00 PM PDT I just went under contract to purchase a condo that's being sold as a short sale. The sellers are trying to get us to agree to pay for any closing costs on their end that their bank doesn't approve. Obviously, we're not in agreement. Does anyone have any experience on how to proceed? I got some feedback from my attorney, but I'm looking for additional feedback. We'd hate to walk away from this deal. Thanks in advance! [link] [comments]  |
| How does a fenced-in reclaimed alley get appraised? Posted: 06 May 2020 09:30 PM PDT I'm looking to sell my current home (first time). My home is a typical 3-story townhome in central Houston where property values are relatively higher in a desirable area for young professionals. I have a big side yard for this area (~800 sqft) with very nice landscape and custom pergola. This area, however, is part of a reclaimed alley and not official part of my lot. Seeing that there are many new townhomes and properties on this reclaimed alleyway, I highly doubt it will ever be converted back to one by the city. So my issue is that "market comps" provided by realtors or sites (think Redfin) always come disappointingly low when comparing directly sqft of home and lot. I know people would be willing to pay more for the home since other physically similar properties with big yards go for like $50k higher. How would an appraiser value my home? Would they take my yard into account? Do they even consider the upgrades in the outdoor patio? Thanks! [link] [comments]  |
| What do you think is fair in this negotiation? Posted: 06 May 2020 12:35 PM PDT My clients are first time home buyers. They fell in love with this house that has everything they were looking for. Asking price is 295k. Only problem is they have carpet and dog odor all over the house so naturally my clients don't want to pay full asking price when they need to save money to recarpet. We even did research and found that you have to also replace the concrete slab to fully get rid of the odor. The sellers are being stubborn and don't want to accept anything less than 293k because they feel like they are "giving it away" yet originally they were supposed to leave in July but now it's extended to August while the house they are moving to is finished being built. My buyers got their apartment to extend their lease so they could wait for the sellers to be gone. Shouldn't the sellers be more willing to negotiate? My buyers want them to accept to 293k and cover all closing costs but they said no. I am still trying. Our final offer is 293k the sellers contribute toward $4,000 closing cost touch up the paint inside where the dogs have scratched the walls and repair their screen doors. (Since my clients need to recarpet the house to get rid of the dog odor and are willing to wait until August.) Does this seem fair or am I missing something? I want my buyers to have the best deal - any advice is helpful thank you! [link] [comments]  |
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