why did 50 Cent's former mansion sell for only $3 million? Real Estate |
- why did 50 Cent's former mansion sell for only $3 million?
- Building a modernized home off the grid
- Our buyer's broker wants to show us homes that she's listing
- Purchasing a home in Seattle in the next couple months
- Landlord wants us to pay office space rent via ACH, but there’s a fee with Chase for that
- Tenants in Common Split Unequally
- Frustrated with the market and I don’t know what to do.
- Should I expect a bidding war in Charlotte area homes?
- What happens if you buy a pre-forcloseure house? Should you buy one to live in / sell?
- Appraisal done on contract we canceled
- Multi Family Homes
- Why are interest rates higher for condos when compared with single family homes?
- SoCal Jumbo / Purchase
- Putting offer on Zillow owned home. Anyone been through this.
- Issue with HOA not fixing roof leading to water damage.
- Real estate related careers
- What prevents fraudulent bids/offers from driving up the sale price in a real estate transaction?
- How critical is it to have 20% downpayment?
- Sublease with a couple - what happens if one partner attempts to terminate?
- Misleading and Deceptive Landlord in Texas, preyed on the vulnerable.
- Mortgage Help for First Time Homebuyers
- Where are you seeing the best mortgage rates?
- [MA] Financing Extensive Home Renovation
- Home buying loan
| why did 50 Cent's former mansion sell for only $3 million? Posted: 17 May 2020 04:06 PM PDT Not sure if this is the right place for this, apologies if it isn't. I just watched this MTV Cribs episode and thought the house was incredible and must cost at least $10 million. Curious about the price, I googled the mansion after and found it only sold for $2.9 million, which blew my mind. I know nothing about real estate but this price seems incredibly low. I checked Zillow to see what their "zestimate" was and they say its only worth a little over $1 million. What am I missing? Again, I apologize if this isn't the right place for this but my curiosity is eating me up. Edit: Surprised with how many responses this got! Thanks for all the informative answers, I learned a ton. It seems the price drop is a combination of personalization, location, and expensive utilities. I would've never considered personalization as being such a big reason, but what do I know! Thank you all for the discussion and links [link] [comments]  |
| Building a modernized home off the grid Posted: 17 May 2020 08:15 PM PDT With the changes in telecommuting transforming our society, my job (software engineering) may not force me to live right by the office. I found some cheap land (20k for a few acres) that is in a beautiful hilly region. Some houses are scattered here and there. 1 hr away from the tech offices and other stuff. I have a dream of building a smallish contemporary home that is sort of a square shape but is separated into a rooms. More tech oriented, so fast internet, good electricity. My GF and I have talked about renting it as an AirBnB (when things die down of course) and live in a trailer during those times. That allows us to make income off it even though we can afford it. (I have 200k saved up). I ask this here because I wanted to know if anyone has experience with this? Any tricks or tips? Serious drawbacks I'm not considering? Edit: My title is a BIT unclear. I don't mean completely off the grid, maybe on the borders of the grid where there is some access to electricity but less people. [link] [comments]  |
| Our buyer's broker wants to show us homes that she's listing Posted: 17 May 2020 11:10 AM PDT We found our buyer's broker by requesting a tour of a house on Zillow that she was listing. They accepted an offer before we got to see it, so she instead offered to show us some other houses as our buyer's broker (she was not the listing broker on those houses). She seems really great, fantastic reviews online, very knowledgeable of our area, very responsive, and we vibed well with her. Our only concern is that in addition to showing us homes listed by other brokers/agencies, she wants to show us homes that she's listing as well. What I'm seeing online is that this would not be a good situation, since she wouldn't necessarily have our best interest in mind during negotiations (and even showings). When we expressed this concern to her, she said that this is something that she's done before and that although it can make it difficult because she won't necessarily be able to share inside information about the home with us, it would still ultimately be our decision what kind of offers to make and that she wouldn't influence that. She seemed to be presenting this information to us in good faith, but obviously she's someone who wants to make as much money as possible, so we want to be appropriately skeptical/cautious. So, what should we do? We can certainly request to only see homes that have a different listing broker (or maybe work with a different buyer's broker on homes that she's listing?), but she's listing a lot of the homes around here and I think that would limit us. Also, just in case this information is useful: the homes we're seeing are being snatched up almost immediately. Five homes that we liked went up for sale this week and three of them already have offers over asking. Thanks! Edit: Thank you for the responses everyone, but I think I'm even less certain than I was before! Some people are completely gung-ho on this being a very bad idea (and apparently it's even illegal in some states, I assume for good reason) while others are saying that they work with dual brokers all the time and that it's completely fine. I guess I'll keep thinking about it [link] [comments]  |
| Purchasing a home in Seattle in the next couple months Posted: 17 May 2020 06:01 PM PDT My current lease is expiring in October, and I've been saving up for some time now to purchase an apartment/condo in Seattle proper. But with covid, I'm not sure whether now is a good time to buy. I work for a big tech company that actually did very well the past quarter, but even so job stability is a huge question mark going forward. I have very little real estate know-how, so it's been difficult for me to understand whether now or 2-3 months from now would be a good time to purchase a new home. Does anyone have any insight into the Seattle market right now? Thank you in advance! Editing to say I'm not limiting myself to solely and apartment or condo. [link] [comments]  |
| Landlord wants us to pay office space rent via ACH, but there’s a fee with Chase for that Posted: 18 May 2020 12:29 AM PDT Hi. We rent our business office space and pay the monthly rent by check. Last week the property management company emailed us requesting that going forward rent payments should transition to ACH. They provided their recipient bank account number, and routing number, etc. My business banking is through Chase Business and they charge a nominal monthly fee to enable ACH payment service. If I had multiple ACH payments a month this might make sense, but this rent payment would be the only one, so the monthly fee would essentially amount to a $25 stamp to pay the rent each month. I emailed the management company and suggested a few alternative electronic payment options that would be free to me, like Zelle, or echeck, or even Venmo or PayPal, but they said they are not set up to receive payments this way. Truth is I'd actually prefer to pay the rent electronically as I am averse to wasting paper in general, plus it's a nuisance to mail a paper check each month, but since they are the payee and requesting the transition to epayments, they should incur any fees, as does any vendor in this situation, not me. Any thoughts on options for this? Specifically through Chase would be appreciated. (I.e. if I am missing something and there is fee-free option...) Thanks! [link] [comments]  |
| Tenants in Common Split Unequally Posted: 18 May 2020 04:40 AM PDT Hello! Ive searched extensively on the internet, but am having trouble finding an answer to this specific question. My fiance and I are closing on a home this week, and we've already been cleared to close. Based on our contributions towards the down payment and closing costs, she will be assuming an 85% ownership stake and I will be assuming 15%. The idea is for me to pay a larger percentage of the mortgage each month, and to utilize a floating deed of trust over the next 30 years so that the ownership approaches 50/50. I might be freaking out over nothing, but I realized that the only people we told these percentages to was the title company who is preparing the deed. We are both on the loan, but our mortgage lender only ever asked if this will be our primary residence, and did not ask if there will be a breakdown of ownership. I'm going to call the lender today, but do you think we are in trouble for not pointing this out to them sooner? Will they now have to recalculate the DTI using her income for 85 percent of the loan and mine for 15 percent? From the banks perspective the mortgage is considered 50/50, even though we will work out my increased payments just between the two of us. [link] [comments]  |
| Frustrated with the market and I don’t know what to do. Posted: 17 May 2020 08:48 PM PDT Hello, we bought a piece of land a couple years ago and we were very fortunate that it appreciated in value by a lot. We are now buying our first house and it's been very frustrating because the market in our area of Southern Wisconsin is very hot right now. We looked at one house and within 2 hours of being on the market it had 20 offers. Another one was on the market for an hour or so and already had multiple offers. We got pre-approved. We got a buyers agent. We have a conventional loan. We put in two offers with no contingencies except for a home inspection and we lost both offers. We also put an escalation clause for both that was 10K more than the house was priced at. They are gone within hours. I don't know what we should do. I'm scared to wait because I don't want property values to sky-rocket and us to be priced out of the neighborhood. I don't know if we're being foolish for buying when it's so crazy though either. I'm giving up the money I saved for my dream wedding to buy a house because I thought it was the financially smart thing to do but now I'm crushed. Should we wait? Should we offer more? My agent isn't helping us with any advice and it's really frustrating. [link] [comments]  |
| Should I expect a bidding war in Charlotte area homes? Posted: 17 May 2020 05:00 PM PDT We're interested in the Concord and Mt Holly areas near Charlotte. Do houses in the 200 to 250k price range in these areas end up in bidding wars? Our previous home purchase buyer agent left a bad taste in my mouth. If we're told there are multiple offers, is it unethical to ask for proof? Thanks [link] [comments]  |
| What happens if you buy a pre-forcloseure house? Should you buy one to live in / sell? Posted: 18 May 2020 03:03 AM PDT |
| Appraisal done on contract we canceled Posted: 17 May 2020 08:04 PM PDT We are first time home buyers and I am just checking if what happened is part of the risk of the process or if someone dropped the ball somewhere (including me). We had an offer accepted for a house on Saturday 5/2. I informed our lender, at US bank, of this right away, forwarded the purchase agreement, and on Monday 5/4 we locked in our rate and moved forward with the loan process. We had an inspection on 5/6 which revealed a fairly serious plumbing issue. We decided to ask the sellers to fix the issue but anticipated that they would refuse, and we would walk at that point. We sent the appropriate paperwork to the seller on 5/7 and I also informed our lender (on the same day) of the inspection issue and told her that we believed there was a good chance the deal would fall through, but obviously would keep her posted. Sellers had 5 days to respond and they took all 5 and came back unwilling to do the request, but offered a credit. We declined and sent them the cancellation of purchase agreement on 5/13. Apparently that same day, the appraiser contracted by US Bank completed his appraisal. We were never contacted regarding the appraisal or scheduling it, but I do not know if that is unusual. We now have an appraisal report for a house that we will not be buying. I'm not sure what more I could have done to prevent the appraisal as I kept my lender informed immediately every step of the way. Does this just happen sometimes? At the end of the day it's $415 and in the grand scheme of house buying not a huge deal, but it pains me to eat this cost. [link] [comments]  |
| Posted: 17 May 2020 10:04 PM PDT Hi All, First time posting. I've recently been in a good job and am hoping to save up money to move out of my parents place! My hope: instead of renting or buying a house, to buy a multi family home, occupy a portion and rent out the other. I was wondering if you had any good resources when it comes into the financing process or any other kind of advice/reading material you might have with a task like this! Any insight is appreciated! [link] [comments]  |
| Why are interest rates higher for condos when compared with single family homes? Posted: 17 May 2020 04:16 PM PDT |
| Posted: 17 May 2020 05:08 PM PDT Hi! In the fall my husband and I decided to sell our home to upgrade to another. We didn't end up getting the house we wanted (seemed like a slam dunk, it sat for 6+ months & they got another offer right after ours). Our house sold quickly, and we went ahead with the sale thinking we'd find something else, or we'd temporarily stay with my parents who have extra space & be in a good place to buy without a contingency. The market dried up with few options in our area, and prices went up, and the holidays factored in. We also didn't / don't have enough for a 20% down on a jumbo, and the loan options weren't great & we decided to save while waiting for the right house. Now we're in the middle of a pandemic in an area where lockdowns are expected to continue through summer. I was told no lenders are doing jumbo loans now but I was told we could potentially get two loans by another broker. Do I use a new broker & get two loans, or wait it out? Or buy lower? Also not sure if we should wait it out a few more months for home prices to come down.. We're finally seeing a bit of a stall in our area, but haven't found the right house, and prices are still much higher than we started looking. When we see houses that would work, the loan issues seem like a big hurdle & not worth it. Keep waiting & saving? Are we missing creative solutions to this? Our jobs seem secure as of now, but we're still nervous that anything can happen. We have kids & being home with my parents 24/7 while working & homeschooling is maddening. We'd like our own place again but feels like the best option is to stick it out until home prices come down or jumbo loans become more accessible. Thanks! [link] [comments]  |
| Putting offer on Zillow owned home. Anyone been through this. Posted: 17 May 2020 10:19 AM PDT Saw house on Saturday afternoon put offer in Saturday night over asking some closing. What's everyone's experience with Zillow owned homes and getting offers accepted. House is lovely and hot market. [link] [comments]  |
| Issue with HOA not fixing roof leading to water damage. Posted: 17 May 2020 08:20 PM PDT So I've been fighting with my HOA for over a year about getting the roof to my condo fixed. And still as it rains tonight I can see water dripping down the walls of the unit I would like to have on the market next month. This has lead to mold, stud damage, collapsing ceiling, and just general water damage. This is also in one of the larger alabama city's. CC&R states that the vertical boundaries of the unit start at the plane of the interior of the ceiling and I basically have exclusive rights to use the walls and ceilings as I see fit but are technically common area to my understanding. What can I do to finally get this fixed as constant email and phone calls and office drop ins have not helped. [link] [comments]  |
| Posted: 17 May 2020 05:18 PM PDT Hello All, I hope you're all safe and healthy during this pandemic and uncertain times. I'm a 30 y.o. living in CA. I currently work in the auto industry. (Top Salesmen usually) I would like to eventually make a career change into Real Estate. Real Estate has always intrigued me. My ambitious goals were to become a landlord of multiple units and just collect rent for the rest of my life. Lol. I still have those goals but they're in the back burner for now. I live at home still but I take care of my family and "retired" my mother. She worked hard her whole life and being able to take over her burden is definitely difficult but rewarding as well b/c I don't want to have regrets later on. My family has always owned their own business. This job selling cars was the very first time I went out in the "real" world. My father told me when we sold our last business "with your upbringing and mentality you will not like working under others" or something like that.. (I find it true.. I wear my heart on my sleeve which isn't always "smart" in the real world) About me: I'm very detailed oriented. I learned very quickly that customer service and fulfilling their needs first, I will be rewarded. I'm a quick learner and like to take initiative instead being told what to do. I have a "owners" mentality as some can say. Sometimes I lack attitude, sometimes motivation but I always have the urge to succeed and to be better so I do not worry about next months bills or whatnot. I truly believe serving others is the only way to be successful in life and there is no shame in that. I would like to own my own business not run a family's business or work under someone and make them all the money. (Don't get me wrong, I'm grateful for all opportunities to learn and grow) I don't have a college degree but I like to be like Kobe, lol, where you're always learning something new. (High school degree but he's learned multiple languages and always getting better) My question is: What are some Real Estate Related Careers I can start today that can eventually be my own business. To be honest, I don't want to be a agent.. (I have no problem obtaining a license if it's beneficial?) I would like to specialize in a niche of RE.. Recently, I've been thinking of Home Inspections/Appraiser business, kind of a 2 in 1 business if it's even viable? I couldn't sleep at night just thinking of starting it. Another one is a Mortgage Loan Officer.. I recently had a client that bought a vehicle that was a MLO and said it just takes 20 hours to obtain a license and start..? I would like something long term, challenging but doable, and something I can call my own. I would love to hear advice and critiques on how I can be a better man and have GROWTH. I would love to hear what kind of job or business you're in and how you got started and what was most challenging My purpose of this post was to find some direction. I would like some insight and advice. If there is anything else you'd like to know about me, please feel free to DM or post whatever is comfortable and convenient. Cheers, my friends! [link] [comments]  |
| What prevents fraudulent bids/offers from driving up the sale price in a real estate transaction? Posted: 17 May 2020 08:09 AM PDT Perhaps this has be answered before but I can find it. For a recent house purchase the buyer ended up around 6% over the asking price. I'm sure this is not at all unheard of but I was curious, other than ethics, what is preventing the seller agent from fabricating claims of other bids and driving up the sale price? After the sale is it possible to get details on the other offers? Is there any law that forbids this? [link] [comments]  |
| How critical is it to have 20% downpayment? Posted: 17 May 2020 10:13 PM PDT Our lease ends in August and we want to move out and buy a home, but we are afraid that not having a 20% downpayment is going to hurt us and we wont get approved. We have 2 little kids, make $250k a year together, both work from home on secure jobs, zero debt and excellent credit 790+, currently pay $3300 rent. We are looking at homes around $750k and dont have the 20%. We can probably come up with a 10%. How important is it to have the down payment? Will we be able to get any lenders to get us a mortgage? [link] [comments]  |
| Sublease with a couple - what happens if one partner attempts to terminate? Posted: 17 May 2020 09:44 PM PDT I am a master tenant in a SFH (in DC), and subleasing one bedroom to a couple (with the landlords permission). After the first year of our sublease agreement, we are now on a month-to-month sublease. One person in the couple just wrote me an email indicating formal termination of the contract, providing more than adequate notice. My question is, what effect does that have on the relationship with one or both of the couple? Is the sublease contract effectively terminated for both people? Or, does the liability fall solely on the other person? For what it's worth, the agreement itself is silent on the issue of joint vs separate liability, except that it identifies me as "sublessor" and both of them as "subtenants" Thanks [link] [comments]  |
| Misleading and Deceptive Landlord in Texas, preyed on the vulnerable. Posted: 17 May 2020 03:28 PM PDT This is the question 👇 Does anyone know, if someone has a home, ( a manufactured / mobile home) and they block off a section of the home with sheetrock, to use as 2 seperate rentals, and now call it a duplex, would those modifications have be noted in the property records? This is the reason for the question👇 I found a post on Facebook advertising a 2/1 rental. I went to view the home, but because of the Corona Virus, I viewed it from the outside and by looking in the windows. The property is a manufactured/mobile home on a residential lot. There is a 2 car driveway, from the road to corner of the front, and then extended along the side of the home behind a gate, where at the point is a carport on the side and into the backyard, and sides of home are fenced in. Theres a small porch area, centrally located where the front door is. On both sides of the porch there is a A/C system called a mini split. Like a window unit A/C, but also features heat, and is installed through the wall instead of a window. Being in South Texas heat, that did concern me, but being desperate, I figure since there one on each side of the house, we will make it work, to cool off all areas using fans. The photos and video of inside the house that were posted on the listing, showed a better view, than looking through the windows as well. The listing said it was All Bills Paid. After several messages back and forth with the landlord, I was then told it was all bills paid, except the electric, that the owner would pay $100 of it, and we would pay about $150. About us We are a family of 3. Myself a 2 kids. We have been homeless for almost 2 years, and during that time, we were on a waitlist for partial housing assistance for 18 months, after being illegally evicted from our apartment. Based on the property records, rental amount and space for occupants, the home was approved to apply for, where I then when approved after applying via internet. The only thing that could not be done by phone or online for virus reasons was to get the keys from the landlord. So last night, I met the landlord at the house, to get the keys. The house is located about 30 minutes away from the area of we are from. So this was only the 2nd time we saw the place, and the the first time seeing it inside. When we pulled up, we couldnt pull into the driveway, there was 3 vehicles already parked in it, as we started walking towards the door, we then saw that one side of the house's windows were lit up, and one side was dark. The lit up sides blinds were open, where we saw many people, and many children. Then I called the landlord and told her we were there, then from the side of the house where the carport is, came the landlord through the gate on the driveway. I was very confused, and this was when I was told for the first time, that the manufactured home was modified to be a duplex, and that the landlords mother lived on that side, and that the left side of the driveway is hers and past the gate to the carport. We dont use the gate or carport, or one side of the back yard. But this post is to find out if what these people did is legal, or allowed, and to find out if the city records for taxes and appraisals should have these modifications on the records? [link] [comments]  |
| Mortgage Help for First Time Homebuyers Posted: 17 May 2020 02:20 PM PDT Hi everyone! My fiance and I were looking for some advice regarding buying a home. We both have been saving for a downpayment since we first got jobs in high school, and as such have a nice nest egg due to a lot of luck and scholarships. The past year, however, we both have been in graduate school with little income, but both will have high paying jobs after graduate school (>200k total comp combined). We do not have regular tax income for full time positions before this but will have >20% down, both have 750+ credit scores. (If it helps, I also have regular investment income around 20k a year, and investment assets totalling around the value of the house itself.) We are looking to buy a house next year when our apartment lease is up, as it is much cheaper than renting in our area. However, we will only have about 6 months of tax history for income when we start looking. Would this negatively affect our chances of getting a conventional loan with a decent rate? I know Fannie Mae loan guidelines mentioned getting a degree can count as income history but am unsure how common this is. [link] [comments]  |
| Where are you seeing the best mortgage rates? Posted: 17 May 2020 04:09 PM PDT Just got an accepted offer and looking for a better lender! Our CU gave us 3.5% and can buy points to 3%, and all of the fees and closing costs seem high. Edit: looking for a 20-30 year fixed rate. 20% down. [link] [comments]  |
| [MA] Financing Extensive Home Renovation Posted: 17 May 2020 03:58 PM PDT Hello! My wife and I bought a small older home in the greater Boston area last year. We didn't put too much down (we have just under 10% equity). We are now looking at making extensive renovations on the home (adding a third floor, small addition off the main floor, kitchen/bathroom renovations) that will cost significant amounts of money. What are the best ways to finance this sort of work given low equity in the home as is? We are confident the additions will add significant value to the appraised value of the home (we managed to buy s waterfront home for sub-500k in the Boston area, albeit the home is incredibly small as-is), and our town has an incredibly hot market. We have looked into using a service called called Renofi.com which partners with lenders to vet applicants and rough estimates put us at qualifying for roughly 65% of the amount needed. Are there any tips or suggestions? We have the capability to pay cash for the rest of needed, but would like to avoid that and explore other options if there are better ones out there. [link] [comments]  |
| Posted: 17 May 2020 03:43 PM PDT I am new to this sub so I apologize if this question has already been asked before. My husband and I are not working because of Covid right now but we are technically still have our positions at the places we work. My sister in law is wanting to buy a house and I would love to be able to pitch in. I have a credit score over 700 so that isn't my worry at the moment but would Covid affect us applying for a loan? Thank you! [link] [comments]  |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment