Bought my first place in SoCal! Stoked! Real Estate |
- Bought my first place in SoCal! Stoked!
- Rents drop drastically for month of May in San Francisco Bay Area
- I was sold a home with a SEVERE rat infestation
- How much trouble is he in?
- Keep renting and waiting for a better situation, or buy for short term?
- What to look for in a Real Estate School
- [CA] San Diego - Keep renting or buy?
- [NV] They’re building a data center next to my land, am I screwed or in luck?
- WA: Looking for a home in the Seattle area, but the market is hot. Got outbid for about 5 homes in the last two months? Should I wait till fall?
- Can a seller get out of a contract if they feel an agent mislead them?
- This market is insane!
- US: Setting Up an LLC for Shared Family Property
- Big Price Difference Between Market Analysis and Appraisal
- Self Directed IRA
- How do I find utilities cost?
- Jumbo Loan Being Sold - Inundated w/ Questions From Loan Buyer (WF)
- 19 yrs old, no debt, credit score of 728. Can I buy a house with thar credit score or should I wait until that gets higher?
- How do you deal with clients who don't accept the answers you give them? And how do you not let it get it to you?
- our washer is coming apart, should we or the landlord pay for it?
- What is a respectful offer for an overpriced home?
- What kind of repairs can you ask for?
- Change carpet to help sell the house?
- Moving to Southern Maine — Any Insights?
- If I negotiate seller to pay for all closing costs, do I get earnest money back?
- When buying a foreclosure, do you use a formula to estimate rehab costs?
| Bought my first place in SoCal! Stoked! Posted: 01 Jun 2020 09:14 PM PDT Just closed on my first house in SoCal! I moved to San Diego a few years ago and fell in love. I've decided that this is where I want to live long term, post military. The place is in San Diego on Point Loma and is as close to the surf as I can afford. Super stoked that my offer was accepted. I was clearly getting out bid by the other buyer, but the sellers went with me because they were also military. Ended up paying 5k above asking, but I can't complain. Locked in my VA loan at 2.75%. Lurking on this sub helped me get the courage to pull the trigger. It feels amazing knowing that I'll always have a spot close to the ocean! [link] [comments]  |
| Rents drop drastically for month of May in San Francisco Bay Area Posted: 01 Jun 2020 07:13 AM PDT |
| I was sold a home with a SEVERE rat infestation Posted: 02 Jun 2020 12:09 AM PDT About two months ago, I closed on my first home with my SO. This was a flipped home. The very first night in the new home we heard a large amount of movement coming from the attic. We immediately hired a pest inspector who stated we have rats. Since then over 30 rats have been caught with kill traps. Since the activity had not gone down, we've resorted to poison. The activity has STILL not gone down. The smell of the house is absolutely abhorrent to the point where we cannot sleep and it can not be good for our respiratory systems to be breathing in the chemical mixture of rat poison + decaying corpses. The rats have eaten through the brand new HVAC system that was installed so we're getting additional smell blown into the home. The insulation from the HVAC has blown into the home from where they've eaten through. The seller stated that they had no knowledge of a rat problem. On the sellers disclosure form, they marked X for No pest issues within the home. They've agreed to pay for everything related to the rats and the damage they've caused. We tried contacting the home inspector, who made no mention of finding a rat problem and they have ghosted us entirely. This is not at all what I had in mind when buying my first house. Would you all seek legal action even though the seller has stated they'd pay for everything? What are we entitled to here? [link] [comments]  |
| Posted: 01 Jun 2020 11:09 PM PDT My father (87) is an idiot. I know that, don't worry about offending me on that front. He's decided to sell his house and move in with me. (Would have been nice if he'd asked, but that's a discussion for another sub) He accepted the first offer, which had a hand written addition asking for the washer and dryer to be included in the sale. Problem is that he remodeled the kitchen back in the 80's (no permits of course) and removed the laundry closet. When I suggested that the w/d should not be part of the sales agreement because he doesn't have a washer and dryer, nor a laundry area to install them he blew me off and signed it as is. So what happens now? [link] [comments]  |
| Keep renting and waiting for a better situation, or buy for short term? Posted: 01 Jun 2020 05:33 PM PDT This might be a better question for /r/personalfinance so let me know if I should move it. So I'm in a position where I'm trying to decide if it will be more advantageous to purchase a (most likely) short-term home now, or keep renting. Stats:
So my question is if it would be smarter to take the loan and buy a cheaper townhouse at about ~$250k and live there for 2-4 years to build equity before selling and buying what I'm actually after. On the pro side:
Cons:
So that's my situation in a nutshell. I've received heavily conflicting advice from everyone around me so I'm coming here for even more. Thanks in advance! [link] [comments]  |
| What to look for in a Real Estate School Posted: 01 Jun 2020 06:49 PM PDT I'm looking to sign up with a real estate school soon. What are the things I should look for when choosing a school? I've looked into about 5 different schools, and their prices are all over the place. Not sure why one a charges more than another. [link] [comments]  |
| [CA] San Diego - Keep renting or buy? Posted: 01 Jun 2020 07:58 PM PDT Not sure if this should apply to r/PersonalFinance as well. Should we take advantage of lower rates amidst COVID-19? Currently, my wife and I are renting a 1bed/1bath apartment up in Mira Mesa for $1680/mo, w/d included in patio. Lease is up on August of this year. Collectively, we bring home approx. $145k annually, (about $7k+ a month after taxes/401k). For savings, we have about $45k, enough for 10% down on a home. We just got prequalified for about $500k, rate at 3.625%. This would be our first home. We're looking at getting a bigger place, ideally with 2bed/2bath, w/d in unit, and 2 car garage or carports. We'd like to stay in the central part of San Diego, basically within the 56, 15, 8, and 5 freeways. We've been following RedFin (Zillow is garbage lol) and have found homes that fit this criteria within the $400-500k range. HOA fees aren't as bad, around $350/mo. Since we're putting down 10% instead of the traditional 20%, we'd be looking at a mortgage of around $2600 - $3100 per month, including PMI and HOA. On the flip side, Renting the same home would set us back at around $2200/mo. [link] [comments]  |
| [NV] They’re building a data center next to my land, am I screwed or in luck? Posted: 01 Jun 2020 11:24 PM PDT During the 2009 financial crisis my wife and I bought 70 acres of desert scrub at $160/acre about 6 miles from I-80 with the idea that we'd put a cabin there. It was part of a planned real estate development that had been subdivided during Nevada's insane housing boom. The property has no utilities. Now I've been invited to make my objections to a massive "data center campus" within 300 feet of my property line. I don't really have any, as our plans have changed and while I'd love to have a place there, I'm not attached to it. My question is, once the project brings power, pavement, and water that close to me, is anyone going to want this land for further development? Or do you think it will be rendered unsuitable for any use? Even so, will one of those giant property buyers who send me offers all the time want it, or will my property taxes sink me before I get a chance to sell? Appreciate any advice. I never intended to get into land speculation, I just wanted to go camping. [link] [comments]  |
| Posted: 01 Jun 2020 11:22 PM PDT Hi All, Sorry in advance if I'm not following the reddit etiquette and the below novel. I'm hoping you can help give some insight. My wife and I are first time homebuyers. We're currently looking in the north end of Seattle up to the next county. As stated in the title, we've lost out on about 5 homes in the last month in the $450k to $600k range. We are financing with a 20% down and conventional loan. My question is if we keep losing, would it make sense to wait til the fall/winter? Or should we pay more now and not risk the market. My thoughts on waiting til winter is that just a couple months ago homes were sitting and going less than asking. We've looked at homes that are move in ready and need fixing up. Now that summer has hit, in March for example, a home sold for $470k but now a similar one down the street sold for $580k (slightly more upgraded but less land). Is the summer premium normally this crazy? We are ok with the finances but still want to put some good equity into a home for the short term (May move out of state in a few years). Thank you for reading and hope to gain some of your insight! Thank you, OGG2SEA [link] [comments]  |
| Can a seller get out of a contract if they feel an agent mislead them? Posted: 01 Jun 2020 06:19 PM PDT Asking for a friend without a reddit account. My friend put a house for sale on the 22nd. They accepted an offer slightly below listing price on the 26th only to recently find out that their agent wasn't disclosing all interested parties. They feel that they weren't able to make an informed decision or get the best offer. Is there a way to leave the contract easily? [link] [comments]  |
| Posted: 01 Jun 2020 08:37 AM PDT So my wife and I are downsizing but looking for a house with a yard. We live in a 4 year old townhome that we built that has appreciated 30% in under 4 years. So we are looking in the next county over to be closer to work and family. We made an offer 5% over list price contingent on a home inspection. They had offers 15-20% over list. Mind you it needed some work, new HVAC, hot water tank, deck isn't up to code. But damn, I'm glad I'm cashing in big on my house but this market is absolutely insane!!! [link] [comments]  |
| US: Setting Up an LLC for Shared Family Property Posted: 01 Jun 2020 10:28 PM PDT Part of an inheritance which other siblings have chosen to forego, my sister and I have chosen to take ownership of a cottage. Best way to proceed? [link] [comments]  |
| Big Price Difference Between Market Analysis and Appraisal Posted: 01 Jun 2020 08:04 PM PDT I've been looking at buying my grandparents house. One of my grandparents is in a nursing home and the other has passed. We're trying to do this by the book and had both a market analysis done along with an home appraisal. The home appraisal was 125k more than the Realtor's analysis. So being cheaper, I had a 2nd Realtor from another company give me another market analysis. I was upfront about the situation and paid her for her time. Her range was only 5k more than the 1st Realtor. This has put the family in a tough spot about what amount the house should be sold for along with tax implications. The house itself is unique as it's in very good location, good acreage, but hasn't been updated in over 30 and hasn't been lived in for over three years now. It needs some major TLC. Can anyone explain why these are so far apart and if anyone has been in this situation? [link] [comments]  |
| Posted: 01 Jun 2020 07:58 PM PDT Is anyone familiar with using a self directed IRA to purchase real estate? I'm interested in rolling funds over from a 401k into a SDIRA. [link] [comments]  |
| Posted: 01 Jun 2020 05:58 PM PDT Sorry this is such a basic question!! I'm 19 and hoping to move into my first apartment in September and have budgets done and found a place but how do I find the utilities cost? Is that like TV provider, light and water? We already don't use cable and have all of that and the unit we like has a washer and dryer. So sorry this is so lame, I just don't quite get it and would rather ask people who know haha [link] [comments]  |
| Jumbo Loan Being Sold - Inundated w/ Questions From Loan Buyer (WF) Posted: 01 Jun 2020 01:44 PM PDT We closed on a house over a month ago. The loan was originated and now Wells Fargo is trying to buy it. They're going through our financial history with a fine tooth comb. I'm tired of the daily emails/calls from our lender asking us "to clarify xyz". WF bought the mortgage on our first house and they were pretty awful to deal with. I can't control who buys our note, but am I obligated to keep providing additional information at this point? [link] [comments]  |
| Posted: 01 Jun 2020 03:16 PM PDT My credit score is 728, im 19 yrs old, no debts, I want to get into real estate, i have a small cleaning business that gives me a yearly salary of 50k, planning on buying in md, what types of house can I buy, and my credit score is good for that? Best advices for a young man getting in real estate thanks [link] [comments]  |
| Posted: 01 Jun 2020 08:45 PM PDT This is long... I'm sorry... Ok, so I've been following this sub for a while and I've heard multiple times that if possible, you should not let your first client KNOW that they are you first client. However... I was given a referral by one of my employing brokers. We met these clients together, they know that I am in my first year, and they expressed they were comfortable with me speer heading this deal with the guidance of my employing brokers. They seemed all on board with this. Now... I'm a bit of a perfectionist, so I follow always up, keep everyone informed on the progress and make sure the lines of communication remain open. I want to do a good job and hope for a smooth process. In this case, I am the buyer's agent, and I have a pretty good relationship with the listing agent as far as "hey, this is what we're looking for... are we playing in same sand box if I offer this... Etc." kind of dynamic. But the issue I ran into today is this; I am based in Colorado, my client is from another state originally. We're currently pending on a house right now and just did the inspection this week. The rear fence is in rough shape, and my buyer is concerned with "who's on the line" for replacing it. I told him that in speaking with the listing agent, and my mentor that it is not something that I think we should ask for on the Inspection objection, because given their price range, it's a tough market and it could be a deal breaker to ask for it to be replaced. This is based on the guidance of my broker owner who has been amazing throughout the whole process of me getting on my feet. My buyers agree that it's not something they want to ask the seller for and are on board with my inspection objection contract. Cool. We're on the same page. Right?! Well... Their concern is that they are getting a large dog soon and have made it clear that when the dog gets older... That fence isn't gonna make it. So they want to know "who owns the fence." I didn't know that answer off the bat so I said, "that's a great question, let me look into that and I'll get back to you as soon as I have more information." I do my research. I talk with both employing brokers, a licensed contractor, the regional building department, and other brokers in my office. The consensus is this; Fences are shared. No one "owns" the fence or the property line. Based on when the house was built, and the condition of the fence, which is pretty rough, the pickets, railing and posts are alternating face, (indicating that it is truly a shared fence) there is no way to tell who "owns" it. I explained that because it is shared, and you want it replaced... The best case scenario is that you ask the neighbor if they would like to share the cost of replacing it. If they say no... And you still want a new one... By all means, buy the new fence. You now own it and you are responsible for the maintenance on the new fence. My client BLEW up on me. He expressed that he doesn't believe that there's no way to tell who owns the fence, there's gotta be a report somewhere, some kind of survey indicating who owns it, and how the F* did they get the measurements for the lot if there wasn't a report done at some time. And it shouldn't be based on a "feeling" that no one owns the fence" I try to remain calm and tell him.. "I'll see if I can find some kind of report that indicates this... But it's not a thing... It's just common knowledge that property lines and fences are shared. You can absolutely order a survey, or an ILC for $500, but ultimately... I advise against this because you're going to be wasting your time and money, because based on the info I've found... All that those reports are going to tell you is that Yes.. there's a fence, and here's the property line." He refuses to acknowledge that this is just what it is... He called my broker to complain that I'm not performing well and that I am not meeting his expectations as an agent... He doesn't blame me.for being inexperienced and thinks I'm nice enough as a person but doesn't trust what I have to say on anything. On top of everything, he also has yelled at his appraiser for a discrepancy of $75 that was quoted by his lender (who he went to college with). In my experience, which isn't much... The buyers do not have contact with an appraiser typically. My takeaway is that, he is more difficult than most. And even if he doesn't like my answer, he just has to trust that I am the person with the knowledge of these contracts and these kind of transactions. Not now... He is ignoring me, very short and has expressed to my broker that had it not been for him backing me, he would have backed out of our buyer agency agreement. TL;DR buyer-client, is unhappy with the answer I've given him about a shared fence. Complained to my employing broker and is now unresponsive to my attempts to keep this contract on track. [link] [comments]  |
| our washer is coming apart, should we or the landlord pay for it? Posted: 01 Jun 2020 03:58 PM PDT So we have only been living in the place for like 3 months. Our washing machine we got is very old and TINY! It seems pretty cheap. The washer was in normal shape when we got it. We noticed the washing machine had a bunch of shredded parts inside and is gradually getting worse. We told the landlord and he basically said he won't cover it because he'll only cover wear and tear. I basically told him I've used washing machines my entire life and have never seen this before. I think they are speculating we overloaded this tiny washer but that can't be proven. The thing is I've overloaded many washing machines before and have never seen the inside get shredded. Are we responsible for this?! I mean overloading will sometimes happen with regular use especially with a TINY washer. It's not like we unreasonably loaded it. It seems like he just swindled us with a cheap tiny washer and now expects us to pay for it. I don't even think the fix is that expensive. I'm annoyed he provided us such a cheap thing [link] [comments]  |
| What is a respectful offer for an overpriced home? Posted: 01 Jun 2020 07:35 PM PDT So there is a house that my husband and I will be looking at this weekend. It has sat on the market for over 2 months, and the market right now is HOT in the price we are looking for. The reason the house has sat on the market is because it is way over priced, and a little quirky. But it is something I can work with and has great bone (as far as we know without an inspection.) I's like to put an offer in on the house if on Saturday it is what it appears to be. The house was originally listed at 319k. It is now listed at 299k, all the other houses in the area are going for roughly 265, with the same layout and property acreage. What is a reasonable offer to put in, without insulting the home owners, but also actually getting what it is worth? I'd say the max I would pay for it is 275k, but I feel like that could be viewed as us being disrespectful. This is our first time buying a house-house, so Idk if chopping of 25k in an offer is rude or standard, or in between. [link] [comments]  |
| What kind of repairs can you ask for? Posted: 01 Jun 2020 05:33 PM PDT We're buying our first home and having our inspection on Thursday. During our viewing of the home we noticed that the dish washer is broken (door is broken off) and there is a gazebo on the property that is very worn and looks at risk of falling down. Is having the dishwasher fixed or the gazebo removed reasonable? What kind of repairs do people usually ask for? [link] [comments]  |
| Change carpet to help sell the house? Posted: 01 Jun 2020 03:18 PM PDT Question for anyone who has a good rule of thumb when it comes to these things: I'm trying to sell my duplex after it being off the market for a couple of months and am just wanting to make this place a little more nice. I've had white carpets that have been trashed by kids, pets, and just life over the last 20 years. Is it worth it to put in new carpet (~1,500 sq ft) in this place or will people overlook bad carpet or change out new carpet if it's not to their liking? Just trying to gauge if it's worth the effort to try and impress those coming through my house when they view it. Thanks for any insights... [link] [comments]  |
| Moving to Southern Maine — Any Insights? Posted: 01 Jun 2020 02:55 PM PDT Hey folks, I am looking for a single family home in Southern Maine, preferably in the greater Portland area. I have family and need at least 3 bedrooms, ~2000+ sqft. It seems like these types of properties are flying off the listings incredibly fast. If you have any experience with this market, I'd appreciate any insights, suggestions, or strategies. Does it make sense to wait and take my time given the current circumstances or should I just bite the bullet and move forward with something adequate? I'd like to move before the upcoming winter.
Thanks! [link] [comments]  |
| If I negotiate seller to pay for all closing costs, do I get earnest money back? Posted: 01 Jun 2020 08:24 PM PDT I thought earnest money would be put towards closing costs, but what happens if I negotiate for seller to cover closing? [link] [comments]  |
| When buying a foreclosure, do you use a formula to estimate rehab costs? Posted: 01 Jun 2020 02:09 PM PDT There must be a typical cost/sq ft formula people use. [link] [comments]  |
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