Is this foreclosure-buying tip true? Real Estate |
- Is this foreclosure-buying tip true?
- How often do “buyers markets” happen? Sellers Market forever??
- Sold house "As Is" and buyer wants a new roof
- Disclose about loud neighbors?
- Made an offer over listing price. Seller counter offers. Is this normal?
- Real estate future in Bay area and tech cities
- What exactly does "manufactured" mean? I've been seeing it along with some mobile/trailer park homes, but also others that look like typical suburb homes that definitely aren't mobile/trailer. Does it just mean it's one of only a few designs for that community?
- So I brought a home with 5% down thru credit union. It’s appraised at 165k I brought foreclosed for 140k. Credit union does first time homebuyer no PMI.
- How to negotiate seller financing via listing agent?
- Pros and cons of real estate investing
- Buying section 8 housing, which can have a high return, but hiring a property manager to run it for my own QOL: good idea?
- Options for backing out of a purchase contract.
- I just discovered I've been living in a meth house for 6 months. Will I have to replace ALL of my furniture?
- Advice on buying plot of land for recreational uses
- Do appraisers take remaining life of the AC into account when appraising? Selling Austin, TX area
- VA loan chances with a big hole in the floor?
- Home prices increasing? (MA)
- For Sale By Owner - Re-sold Multiple Times
- Tenant making excuse - NJ property
- (CA) Buying 1st home as investment property in another state questions.
- Basement/"Half Basement" Unit in Apartment
- Cali Market Simultaneously Super Hot while Cali Migration pushed ID, NV, AZ market up?
- Occupancy Fee - How is it calculated?
- What should I do first?
- Tips on writing letter offer purchase?
| Is this foreclosure-buying tip true? Posted: 31 May 2020 03:54 PM PDT I am looking to buy my first house soon and would like to verify some advice I was given. My dad, who hasn't house shopped in 30+ years, has suggested (several times) that I contact area lenders and inquire about upcoming foreclosures. Allegedly, lenders will allow you to assume someone else's mortgage and this allows all parties to forego the foreclosure procedures. Does anyone know if this is actually done? Thanks! [link] [comments]  |
| How often do “buyers markets” happen? Sellers Market forever?? Posted: 01 Jun 2020 12:59 AM PDT I've been waiting to buy my first home until we get into a buyers market. I'm not interested in purchasing during a sellers marker and will continue renting in perpetuity if a buyers market never comes. I don't care what interest rates are in the future because I won't be living in a place with high enough taxes to itemize, and quite honestly I'll probably buy a house in cash, I have $300k saved up in taxable savings, plus my retirement account is very well funded (another $1M in 401k, 403b, IRAs). My childhood home got foreclosed upon so I've always been debt averse and psychologically don't want a mortgage plus I've been hiding from a stalker ex and buying a house in a trust with no mortgage seems the best way to stay hidden. A mortgage on my credit report reveals a lender which can reveal an address. Anywho, I don't feel good about buying anything when I'm at a disadvantage. Another psychological quirk of mine from growing up with my alcoholic gambling father. My apartment situation is stable and just fine and I'm not stir crazy or desperate for a house, but would like one eventually. So, it seems like most of my adult life we've been in a seller's market except for a few years around 2010 to 2012 when I was in graduate school and unable to take advantage. Are the federal reserve ZIRP policy plus federal mortgage forbearance and infinite stimulus policy going to doom me into living in a seller's market for the next 30 years? For those 40+ years old, can you describe the shifts between a sellers and buyers market, what the signals are, if there's any objective measures? I know timing the market is futile, but I also know when inventory is at historical lows and houses sell within a few days of listing with multiple cash offers with no contingencies then we are still very clearly in a sellers market. My crystal ball is murky but my best guess is at some point, 10% year over year increases will stop with GDP growth at 2% over the same time frame, because eventually, the entire economy would be real estate since 10% growth will outpace 2% growth and we'll all be using literal Monopoly money. So I assume, it will be a game of musical chairs where the over leveraged folks who got in last will lose solvency quickly with even slight drops, when renters can't afford 10% year over year increases on their 2% annual salary growth, and we will see a domino effect. [link] [comments]  |
| Sold house "As Is" and buyer wants a new roof Posted: 31 May 2020 05:31 AM PDT Hi all, I would appreciate some feedback. My house was initially listed in March and sold within 3 days. The deal fell through a week before close due to Covid related issues on the buyer end. I relisted, had 40 showings and 5 offers, all above list and 3 as "as is" . I countered one offer to also be as as with right to terminate and they agreed. I also provided them a copy of the previous inspection report. My roof is old and needs to be replaced in the next 3 years or so. This is evident when looking at it and the previous inspection and numerous buyers pointed it out (and I agree with both). I considered this in the list price. The new buyer had their inspection and essentially asked for a new roof and a small electrical issue to be fixed. I am highly annoyed because I feel they essentially offered me an offer, had 2 weeks of exclusivity, and are now ignoring the as is component. I understand their right to walk but them asking for a new roof seems unreasonable. It's a small rancher and a replacement should be about 4k. I offered them a 1k credit and was told they want a new roof or are walking. I feel this is ridiculous. I told them 1k is the most I will do or I want a release today. Am I being unreasonable? The house is only 255k so a 4k cut is substantial. I had offers as high as 265k but was concerned about the appraisal. I should be able to go back to at least a couple of the original offers if it falls through. Having to go under a contract for a 3rd time sounds awful but I don't want to bend over backwards either. Should I let them walk or try to keep negotiating? TL;DR: sold "as is" and buyer is asking for a new roof. Try to negoiate more or get a release? [link] [comments]  |
| Disclose about loud neighbors? Posted: 31 May 2020 05:15 PM PDT I bought a home 2 years ago and its been hell for me every since we moved in. The neighbors are inconsiderate and blast music during the day and sometimes during the late night that can be heard inside our home. After talking to them for 6 months and going to their house many times late at night to ask them to turn down the music we got tired and started calling the police. The issues have not stop. I'm honestly surprised the police has not fined them! When calling the police I do it anonymously. We dont have any other option but to sell the house even though we know we will loose a lot of money and will most likely have to rent! Would we have to notify buyers about this? No one let us know when we bought it so we dont know If its require to disclose that. The police calls were done anonymously as well not sure if that helps? I live in Delaware. [link] [comments]  |
| Made an offer over listing price. Seller counter offers. Is this normal? Posted: 31 May 2020 08:59 PM PDT It was 1k more than the listing price. Now the seller has counter offered. Isn't that weird? I thought they would accept it at the listing price and they didn't get any other offers either. It was a offer with 7 day loan and appraisal contingency, 25 day closing and 20% down. Anyone can explain or share a similar situation? [link] [comments]  |
| Real estate future in Bay area and tech cities Posted: 31 May 2020 11:08 PM PDT A lot of tech companies are now offering work from home options to their employees. I am wondering if this impacts real estate prices in bay area or in Seattle where tech companies' presence is huge. An employee can live in North Carolina and didn't need to move to bay area due to high real estate prices. If this trend continues, not a lot of people will move to tech cities which may result in housing prices drop. [link] [comments]  |
| Posted: 31 May 2020 04:50 PM PDT So the typical mobile/trailer park homes I come across are like this one. They don't seem particularly mobile but I know some are, technically speaking. However I've also recently come across ones that look like this and I think no way those are mobile, and it doesn't seem like a typical trailer park, yet they are listed as mobile/manufactured. Does this just mean that this area was purchased by a developer and the developer only had a few designs they wanted and manufactured all these homes to be there? Or does manufactured actually mean it's technically mobile? And do manufactured homes always have a space rental fee (it's not on the last one's listing but I've seen it on many other manufactured homes)? [link] [comments]  |
| Posted: 31 May 2020 01:43 PM PDT I was told if I refinance without paying atleast 20% I would have to pay PMI. Is the PMI based on appraised value or actual price ? [link] [comments]  |
| How to negotiate seller financing via listing agent? Posted: 01 Jun 2020 04:24 AM PDT Hello folks, I am currently trying to buy at a 2700 sq ft 3 bd, 3 ba SFH as a flip.
The house (built in 1991) is well maintained, but it is extremely outdated. The layout is strange. It wastes a lot of usaful space. The kitchen is strained and tiny. So, it maybe need a full gut to clear the layout. I may need to divide one room into two and maybe convert one office room into a bedroom. I guess 4bd or 5 bd is better selling at this price point. The ARV is about 220K-225K. I am expecting a lot of high end finishes to achieve the price point of 220K. Otherwise, you cannot overcome the above downsides mentioned above. The owner is in great grandma age and living out of state right now. The listing agent is a rookie agent. He listed at 220K. It is obviously too high. I guess they do not have an offer at this moment after 150 days on the marekt. I did talk to the agent, seller is open to seller financing. It looks like I will need 30K to renovate this thing and maybe need to list even lower than 220K to get this one sold due to several obvious downsides and unclear housing market. Because of this thing, my margin will be extremely tight. Here is my questions:
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| Pros and cons of real estate investing Posted: 31 May 2020 06:30 PM PDT Be real As an investor, what was the ups and downs of your journey? I would love to buy a duplex for 20% down and rent it out while I live in the other unit. What has been your experience in this? [link] [comments]  |
| Posted: 01 Jun 2020 04:14 AM PDT I've read here that section 8 can have a high return but it can be a major headache to collect [link] [comments]  |
| Options for backing out of a purchase contract. Posted: 01 Jun 2020 03:52 AM PDT Hello. Today we looked we looked at, and put in an offer on a home. The seller has accepted our offer and we are to put the earnest money into escrow tomorrow. Now my question. My SO and I are starting to have second thoughts and are wondering if we can still back out before we place money into escrow penalty free. It's rather late to be messaging my real estate agent and I'm trying to figure out what are the consequences here? Are we forced to still put money into escrow? Can we back out before doing that and void the contract? Do we have to go through the inspection / contingency process and use anything that's wrong with the inspection to back out? There are some things in the house we know will need to be fixed and could use those if needed. Something just doesn't feel right for us about the home and wondering what the options are. We are in the Phoenix metro area. Any suggestions or help would be greatly appreciated. Edited for Grammer and spelling. [link] [comments]  |
| Posted: 31 May 2020 08:13 PM PDT 6 months ago I moved into a 110 year old house that recently tested positive for meth. (12µg/100cm²... in my state any house that tests higher than 1µg/100cm² must be decontaminated.) My housemates and I have found a much nicer place to live but I'm concerned about bringing my furniture into the new house. We took our couches to the dump, but will I have to replace my bed, chair, and desk as well? What about my computer and clothing? It would be awful if I move into a new house and am responsible for contaminating it with meth. I would also like to state that none of us have ever smoked meth, all of this is residue from previous tenants. If this isn't the correct subreddit for this post then I apologize, please let me know where I should post it instead. [link] [comments]  |
| Advice on buying plot of land for recreational uses Posted: 31 May 2020 05:07 PM PDT Hello, I've been looking to get a private plot of land for recreational uses. I came across about 9 acres for $8k in the area I've been looking at. I'd pay cash for it. It's zoned for camping/hunting/snowmobiling only. No parked RV or building. My question is for something of this size what would be the right way to approach purchasing this? There's a real estate agent listed. Should I find my own for this? Should I just contact him? Not sure if it's important but it's in a different state than I reside. What do I need to know about this before I go any further? Thanks, Josh [link] [comments]  |
| Do appraisers take remaining life of the AC into account when appraising? Selling Austin, TX area Posted: 01 Jun 2020 03:18 AM PDT I'm selling my house. The area has very low inventory and high demand, so it's a seller friendly area. The house is a solid 1-story with no major structural / foundation problems. There are only relatively minor items to be repaired inside, the roof is only 2 years old and the fence is brand new. The one black eye is that the AC unit is original to the house, and at 17 years old, it's at the end of it's life. I don't think we'll have any problem being fairly aggressive on the asking price, considering the lack of inventory in the area, but I'm somewhat worried that if/when we find a buyer for the higher list price the house won't appraise. I'm considering replacing the AC and water heater to round out the things that could come up for needing "major repairs". To me this would also alleviate some of my fears of it not appraising because our list price isn't that much higher than 2 recently sold homes, but my real estate agent says that the life of the AC won't affect the home's appraisal either way. This sounds off to me because it's one of the first things buyers look for in Texas and a $5000 repair being done already has real value to the person buying, why wouldn't it be considered by the appraiser? So appraisers, do you consider the life remaining on the HVAC? Would you adjust the value for an HVAC at (or past) the end of its expected life vs a brand new system? [link] [comments]  |
| VA loan chances with a big hole in the floor? Posted: 31 May 2020 11:32 PM PDT I have an offer accepted on a house in Oregon. The house was built in the 1980s and it's generally in decent shape. However, the master bathroom has a big hole in the floor. Evidently, there was leakage from the shower that caused damage and the floor was stripped out down to the joists. Repairs were never completed and now the bathroom has a nice view of the crawlspace. Per my assessment, all damaged materials have been removed. There are two other fully functional bathrooms in the home. Will the status of the floor in the master bathroom make the house ineligible for a VA loan? Lenders I've spoken with are not able to offer the VA rehab loan. Also, if anyone happens to know, where does the VA get its information to determine if a home meets their property requirements? Inspection? Appraisal? I suspect that I can work with the seller to quickly fix the issue, but I want to know if that's even necessary. The home sale is the result of some unfortunate circumstances that the sellers are facing and I don't want to bother them more than necessary. Thank you [link] [comments]  |
| Posted: 31 May 2020 03:52 PM PDT We have seen about 20 houses in the past few weeks. We have bid on 4 of them and all of them have gone 50-100k over asking. Is this just a greater Boston norm or are other parts of the country also seeing that with single family homes during the Covid pandemic? Thanks [link] [comments]  |
| For Sale By Owner - Re-sold Multiple Times Posted: 31 May 2020 10:02 PM PDT US - Minnesota There is a home that I'm interested in looking at. It's for sale by owner and was recently bought in Feb. 2020. Looking at Zillow and talking with the neighbors, this home has been bought and sold 4 times in the last 10 years. The neighbors just said that people live there for a couple of years in the home and move. The neighborhood is fine. The online pics look okay. Not a former crime or murder house. Is there any advice on whether to pursue or not pursue a home that has been bought/sold multiple times? Any tips to ask the homeseller or home flipper? [link] [comments]  |
| Tenant making excuse - NJ property Posted: 31 May 2020 07:45 PM PDT I'm looking for reasonable solution. I rented out my house after I got married, so I'm not a professional 'landlord' I rented the house to a new tenant this February. The lease was for the 18 months with 1.5 month security deposit. Today the tenant gave me a notice mentioning Covid and pay decrease and the fact that the house was not warm enough during cold months. I lived there for 6 years and the entire heating system is brand new and actually very efficient. Anyway, she will pay her rent tomorrow and move out on August 15th. I'm guessing she is not planning on paying me anything after tomorrow. I shouldn't have a problem renting the property as soon as she moves out but there still might be a gap of 2 to 6 weeks. If she won't pay me anymore what can I do? How should I respond to her email? What if there will be damage to the property? Can I ask her to leave earlier if she won't pay on July 1st? What is a reasonable approach in this case. I don't want to spend thousands of dollars to fight with her preventively. Please advise [link] [comments]  |
| (CA) Buying 1st home as investment property in another state questions. Posted: 31 May 2020 07:45 PM PDT CA is my current residence and I'm employed full time here. I'm considering buying a house in Texas where some of my family lives and having them move in to stay there. I may move there later this year for primary residence but have not come to a decision yet. I'm very new to this so I do not know where to start, any help or finger in the right direction would be great. Do I absolutely need the 20% down if I will not be living there right away? Do I find mortgage broker in the state of Texas where I want to buy property or can I use one in CA? [link] [comments]  |
| Basement/"Half Basement" Unit in Apartment Posted: 01 Jun 2020 01:35 AM PDT Hello all! Recently I've been looking into buying an apartment unit and renting it out to people near universities. There are units for sale that are "half basement" where the house is slightly underground and the window is slightly above the ground. Basically its a house just half a flight of stairs below. They are a by a huge margin cheaper to purchase but the expected rent gets more than 50$ off than units above. Would "half" basement units sound like a decent first property investment? Thanks! [link] [comments]  |
| Cali Market Simultaneously Super Hot while Cali Migration pushed ID, NV, AZ market up? Posted: 01 Jun 2020 01:29 AM PDT I'm a rookie here. Please help me figure out something I don't understand. I keep hearing the housing market in idaho, Vegas and Arizona is booming the last 5 years due to massive exodus from California. Yet simultaneously I read the housing market in California is so hot, there's multiple offers contingency-free on day one with handwritten letters begging the seller to sell. these seem like mutually exclusive scenarios to me. How can the California market be super hot while also experiencing a mass exodus thats causing 15% to 20%+ annual growth In markets like Phoenix and Vegas where people complain of californians coming in with all cash offers on 300k houses? the only way this makes sense to me is if the massive wealth equality gap is true and California has tens of thousands of wealthy people buying up fourth and fifth homes in nearby states, while not selling their home. perhaps they keep their original home in Cali due to prop 13 and they don't want to sell their 40 year old home they are only paying $200 a year in property taxes on even though they moved to Boise? or am I crazy? But it does seem like two mutually exclusive things are occurring. [link] [comments]  |
| Occupancy Fee - How is it calculated? Posted: 31 May 2020 08:47 PM PDT Hi All, First time home buyer here. Purchased a precon (townhome) a few years back. Was recently contacted by the builder to come pick up the keys to my unit and I will have to pay an occupancy fee of $3700 a month till closing. They also informed me that the government is quite backed up due the whole pandemic situation and it will take some time until things gets back to full capacity. Does anyone have any tips or pointers to how I can somehow expedite this process? Is there a standard practice of how occupancy fee are calculated? Do I have to take the keys now or can I pick it up when im able to close and avoid the occupancy fee. $3700 does seem like quite a hefty fee as I can rent elsewhere in the area for 1800-2200. The other units in my block has yet to be completed/ sold. Do I have to wait until the entire block gets sold/ completed in order for my unit to close? Getting a little worried. Thanks in advance! [link] [comments]  |
| Posted: 01 Jun 2020 12:30 AM PDT Flip, buy and rent, or buy,build and sell/rent? It would be my first time investing. Thanks [link] [comments]  |
| Tips on writing letter offer purchase? Posted: 31 May 2020 11:29 PM PDT My realtor advised me to write the seller an offer letter. I believe this should be more why I'm interested in the unit, but what else should I be mentioning in the offer letter? Do I need to explain my offer price reasoning to the seller? Thanks! [link] [comments]  |
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