Offer Accepted (Update) Real Estate |
- Offer Accepted (Update)
- Dodged a Big Bullet - Meth Lab Basement
- First home Inspection tomorrow, any good questions to ask?
- How do I leverage my cash out refinance to maximize multiple home purchases?
- CA Buyers dislike things which are obvious from listing
- Can a landlord check tenants credit several months into a lease?
- State Grant Programs through Florida
- Advice on buying a house from a parent
- VA Loan, is there anything we can do to make our offer stronger?
- Adverse Possession in New York, My neighbor doesn't want me to move my fence.
- At What Point Do New Builds Sell?
- Does this positively increase the value of this house? (unique)
- I am thinking of moving to a southern state from Mass. Please Guide.
- Just watched three different houses in Seattle go back on to the market. I put offers on all three with approval (not just pre-approval), 20 down and no contingencies. I got beat each time. What is going on?
- big leak in house, first time dealing with insurance and contractors on issue of this scale. advice or suggestions welcome.
- Looking to buy my first property.
- Going up to a property that looks like it is a little run down and asking if they will sell for cash. What are your thoughts on this?
- I want to repair a carport (not a contractor just an unemployed dude with time) do I have to notify the tenants or do something so that it doesn't limit their right to enjoyment?
- Can someone explain why foreclosed houses that go up for auction don't allow people to see the inside?
- Terrified of mortgage underwriting.
- Just learned the ADU we share utilities with is an illegal unit.
- Why do Real Estate fail?
- How do you sell one house and buy one house at the same time?
- USDA loan questions.
- Feeling slightly defeated. First time home buyer. Need advice.
| Posted: 07 Jun 2020 02:59 PM PDT My post wasn't "popular", but I wanted to update just because I'm excited! We found a perfect home with a pool for $270,000. We could have theoretically afforded it, but it would not have been comfortable. It finally dropped to $260,000 a couple of weeks ago. We did a showing yesterday, and then wrote an offer for $250,000 the same night. Our old home closed May 29th, so we had no home to sell! Got the call today that our offer was accepted! Seller can't do closing until July 31st, but we can live with it seeing as we got our desired price! Putting 10% down with an initial rate offer of 3.5%. We will be able to get the interest rate down by the time financing is done! We are so excited! Edit: With some feedback, I'll clarify the comfortable comment. Asking price was about $200 more in mortgage a month which would have dipped into our fun money. I enjoy shopping and going out to eat, which I will now be able to do more of with our target price! I saw my wording as the "preference" price versus the actual budget limit. We are also saving for our wedding now, so the additional $200 a month will also be helping our wedding fund. But, I appreciate everyone's congratulations! [link] [comments]  |
| Dodged a Big Bullet - Meth Lab Basement Posted: 07 Jun 2020 05:10 AM PDT Hey all, Just thought I'd make a PSA out of my recent close call. I was about to buy a house in a wonderful neighborhood. The area has great schools, hardly any crime, very suburban and quiet. I'm getting excited about this house, it's the right price, great neighborhood - I want to close on this. Then, I do what my trusty real estate agent is always telling me to do - walk around the neighborhood and talk to the neighbors! This is why community is so important. I went ahead and walked around and found 2 older men that had been living in the area since the 70s. I introduced myself excitedly as I told them I was interested in the house on the corner lot. Then they both laughed and one of them said, "Oh, the meth lab?" My mouth was WIDE open covid mask, "wwhhhaaaattt?" I thought he was joking. He insisted he wasn't joking. Then I started doing research. A house that was a former meth lab is basically a chemical waste site. They can be highly toxic for years and wreck your health. The only way to fix them is basically to gut them out and treat the whole thing with even more chemicals. The house was not registered with the DEA as a former meth lab. I had to go to the local county police office and pay $1 to get phone records. Sure enough, a property management company has called the police due to suspected narcotics on property. The police show up and call for hazmat suits due to "active meth lab." INCREDIBLE. It was a mother cooking the meth actually, and her 2 sons aged 10 and 17 knew about it. Not only that, but the police tried to contact the property owner who swears that he never knew it was an active meth lab. The man had even rented it out after the lady and her kids got evicted to another family for 3 years. I'm not a lawyer, but I'm pretty sure he has a huge liability. Stay safe! [link] [comments]  |
| First home Inspection tomorrow, any good questions to ask? Posted: 07 Jun 2020 08:09 PM PDT First time home buyer here, got under contract a couple weeks ago and the home inspection is tomorrow. My realtor recommended this inspector because he's great at what he does and is willing to explain everything and point things out if the buyer is present. So I plan on being there tomorrow morning during the inspection and basically become his shadow and following him around. What are some questions I should ask? Or be familiar with going into this inspection. Things about the home: [link] [comments]  |
| How do I leverage my cash out refinance to maximize multiple home purchases? Posted: 08 Jun 2020 01:08 AM PDT I have a property I own worth $171,000 - giving me 171,000 equity. My goal is to buy as many properties as quick as possible. My base income only qualifies me for a mortgage upto 120k I want to buy more property and I can refinance and pull out 112,000 cash from property 1 If I buy a 2nd property for 60k can I renovate this property, rent it, then do another cash out refinance on the equity of both my properties? Will the rent on property 2 now be considered more income qualifying me for a higher loan? In theory lets say I own 2 properties, one paid off at 171,000 and another worth 100,000 that I owe 40,000 on the loan. could I do another cash out refinance for 90,000 paying off the 40,000 and pulling out 50,000 cash. I then put that 50,000 as a down payment on another 2 properties (25,000 each) purchased at 100,000 each property. Can I then use the rental income along with my normal wage to qualify for a typical 30 year mortgage on top of my refinanced mortgage payment or would I be better off pulling out as much equity as possible and going from there instead of having 2 payments (the refinance and the mortgage) Basically I see people speaking of refinancing and pulling out the equity of there home to purchase another property but how do you qualify for the loan on the next property if you don't have enough equity to buy the new property outright and still need to finance part of the payment of the new property? [link] [comments]  |
| CA Buyers dislike things which are obvious from listing Posted: 07 Jun 2020 10:48 PM PDT Hey Real estate Had our house on the market since Just before pandemic hit and have now had maybe 5-6 showings since late feb. Seems that most often the feedback we get from people is that they don't like the size of the yard, or the proximity of the other house (our house is a carriage house on 1/2 of a lot which has been made into a bare land strata so we own our half of the lot and our house and the front people own their house and the other half lot) My question is, We made it clear via the photos and the text of the listing that the yard is small and that it is a carriage house why would people who are obviously not interested in something like that book a showing only to tell us "I didn't like the size of the yard" or "I didn't like the closeness of the neighbor in front" Everything the people have made negative comments on is things that there is no way I can fix, like for example if someone came in and said "I wish the doors had different Knobs on them" I could change the knobs but when its "I don't like the size of the yard" I can't just make the yard bigger. [link] [comments]  |
| Can a landlord check tenants credit several months into a lease? Posted: 08 Jun 2020 03:54 AM PDT I live in the state of NJ. I opted to use my security deposit (as is my legal right since Governor Murphy Signed Executive Order 128 Allowing Tenants to Use Security Deposit to Pay Rent On April 24, 2020) I wrote management a short letter, stating that I would use my security deposit for May rent, and I will be paying June rent (I am still in the grace period) I saw my credit got dinged today, due to a hard credit check by the management company that owns my building. Is this legal? I'm afraid they may take revenge on me and keep doing it. I have 800+ excellent credit. [link] [comments]  |
| State Grant Programs through Florida Posted: 08 Jun 2020 03:18 AM PDT Hi! I purchased my first home in 2016 through a state grant called "The Florida Bond Program." I got 15k to put towards my down payment. I recall one of the stipulations being that I cannot sell within the first 5 years or I'll have to pay the 15k back. I met my boyfriend as I was buying this house and had no idea we would still be together and going strong 4 years later. My brother and his wife have been staying in my house for the last two years and are ready to move out. I'm not interested in selling my home, I want to rent it through a property company, but I'm not sure it's allowed with the program. I haven't been able to find anyone with any real knowledge on the program to discuss my options. Who can I talk to? TIA! [link] [comments]  |
| Advice on buying a house from a parent Posted: 07 Jun 2020 09:09 PM PDT My fiancé and I are planning on buying a house from his parents. They bought it 2 years ago and originally rented it back to my fiancé and now to both of us - we've been the only ones living in the place since they purchased it. My fiancé is actually the one that found the house and managed the whole home buying process including inspections, etc. Now that we're getting married we're going to buy it off of them. I'm familiar with the typical home buying process, having bought and sold a house and then purchased a condo, but I'm not sure what the difference will be with this being a non arms length transaction. They want to help us out in this situation - they're concern is more about making sure we're putting ourselves in a good situation to start our future. They're ok with losing money on the sale, but they want to minimize any expenses that they can. Who would be the right professionals for us to talk to in the situation? A real estate agent seems unnecessary, but I'm not sure what type of lawyer would make sense. Are there any books or other articles that are helpful to read up more about the process? I know with a non-arms length transaction it would require an appraisal to set the purchase price. Thanks for all your help! [link] [comments]  |
| VA Loan, is there anything we can do to make our offer stronger? Posted: 07 Jun 2020 08:36 PM PDT We're first-time homebuyers and really really want this house. It's a VA loan, we offered 10k (a little less than 3%) over, no ask for closing costs, 5% down, wrote a nice, personalized letter, updated preapproval letter through a local lender (no underwriting though?). We have an appraisal contingency though, because we can probably only cover the difference if it's 5-10k over (and honestly wouldn't be willing to do more than that anyway, and I'm not sure it'll appraise for that much :/). I think we mentioned something about being able to close quickly (since we're working with someone local) and Maybe something about waiving repairs under a certain cost? I don't know, I can't help but feel like our realtor wasn't having us put in an aggressive enough offer, but he obviously knows the market better than I do, so maybe that's just my anxiety talking. It just seems like everything's been going in a couple of days, you know? Thanks in advance. [link] [comments]  |
| Adverse Possession in New York, My neighbor doesn't want me to move my fence. Posted: 07 Jun 2020 12:52 PM PDT |
| At What Point Do New Builds Sell? Posted: 07 Jun 2020 05:54 PM PDT Looking in NH I got connected with a builder who is doing a new construction home. He is just an individual - not a building company, but I think he's starting a building company. He sent me the architecture plans and told me the asking price is $600K. He has not yet poured the foundation. We are a little weary, as homes in this area go for around $400K but willing to learn more as it's a great location. My question - at what point in "new construction" do you put in an offer? Is it before they are built? After they are built? [link] [comments]  |
| Does this positively increase the value of this house? (unique) Posted: 08 Jun 2020 01:01 AM PDT Hi all, I'm curious about this so I thought I'd ask here! So based in 1 of the 4 nations in the U.K. The house next to me has went up for sale and I was wondering if they would of got extra value added on for a feature of the house: all windows are bulletproof and shatterproof (step-down from bombproof). The house was owned by an ex screw and due to the... Climate here had to have the house modified. So! Would the fact that every window in the house is bulletproof add extra value onto the house? Thanks guys! [link] [comments]  |
| I am thinking of moving to a southern state from Mass. Please Guide. Posted: 07 Jun 2020 05:28 PM PDT I am renting in Massachusetts and have been affected financially by Covid. I am seriously thinking of buying a piece of land in southern rural areas and build a house. Intention is to save money on rent and build wealth by owning home in long term. But I do not have much knowledge about these states. I have immigrated to this country 5 years ago from India. I have engineering background and can handle easy to moderate jobs. I am indifferent about location or population demographics, but I am price sensitive. Have $40k in savings to work with but would ideally like to spend 20-25k in land. I want to avoid getting a 30 year loan as long as possible. One thing I have decided is to avoid Florida because of Hurricanes and Sink holes. Also I think its land prices are heavily skewed by international purchases. I may be wrong but just my preliminary analysis. What I want to do -
What I do not know -
Thank you for reading. Your experience and inputs will definitely help me. [link] [comments]  |
| Posted: 07 Jun 2020 02:43 PM PDT Are the "winners" loosing their ernest money? Is this some kind of scam where the home owners steal buyer's money? So each of these homes have been sucker's low price bidding war for a shitty home. But what could make offers fail? Could it be that the house doesn't appraise for the loan? Are the winners loosing their earnest money? I picked each home because they looked like a real contractor's nightmare. We're talking cables everywhere of different colors and sizes through random joist holes, copper+steel+pex plumbing, rotting sidings, moldy roofs. Just barely livable but with lipstick jobs. I want to fix the thing and add or build new, but need to find a diamond in the rough that people won't outbid me on. I just don't understand what could possibly be happening to these failing bids. Does anyone have an insight that could help me understand? Maybe other safe ways of winning a bid? [link] [comments]  |
| Posted: 07 Jun 2020 06:20 PM PDT Saturday evening, big leak from upstairs bathroom due apparently to water getting behind tile, started flowing through livingroom ceiling. Called insurance and they suggested contacting this company that came out to inspect, cut away drywall and find the source of the leak. They also put in a dehumidifier and some fans to take care of the issue. No major damage to the structural wood, but it looks like small amounts of water has been leaking through this tile for a long time, as they used a water detector and saw pretty much a 4ft height all three walls around the shower there was water behind the tile, as well as a bit in the flooring in front of the shower, making the linoleum bubble up a bit. The main guy from the same restoration company is going to do an official inspection on Monday and I guess report back to insurance. Any advice from others who have had to deal with this? I was thinking of video recording the entire conversation with his consent, and say it's so I can give an accurate assessment to the contractors I'm going to hire. (Planning on redoing entire bathroom, it's long overdue anyway.) Anxious about insurance trying to claim something like, "pre-existing condition" or "owner negligence" despite it being pretty clear that water was seeping past the grout, even though there are no obvious holes or tile damage. Edit: To be clear, we've lived here 10 years, not a recently purchased home. [link] [comments]  |
| Looking to buy my first property. Posted: 07 Jun 2020 03:33 PM PDT Looking for personal opinions/advice here, no pressure. What is the general feel for fannie mae homeready and the conventional 97? Or do you guys recommend I wait to have 20% down? I am in California but have been working online during the whole covid time. My company has advised us we will be working online for a while if not forever, there are restriction in how many people can be at the office and most of our work can be done online. Would it be safe to buy property at around 300k and around san bernardino area or should I try to make a move on something closer to the city like Downey for up to 420k? [link] [comments]  |
| Posted: 07 Jun 2020 02:21 PM PDT Like the title says how plausible is this? I live in the LA area and am considering offering cash to a house I am interested in to actually live in. Is this possible or is it illegal? Have any of you ever done this? [link] [comments]  |
| Posted: 07 Jun 2020 11:44 PM PDT I want to repair a carport that has been leaking and has a lot of rot. I have talked with contractors and they wanted to quote $10K for demo and a completely new carport. But since I have time on hands, I wish to do the carport myself hopefully before the rainy season comes in. Any advice appreciate. [link] [comments]  |
| Posted: 07 Jun 2020 10:55 AM PDT I see a few I'm interested in my area on auction.com but they only have two pictures of the outside of the house and I was told they aren't required to show you the inside. Is this true? What if they trash the place? [link] [comments]  |
| Terrified of mortgage underwriting. Posted: 07 Jun 2020 04:54 PM PDT |
| Just learned the ADU we share utilities with is an illegal unit. Posted: 07 Jun 2020 04:14 PM PDT How does that affect the utility usage? Is it legal for us to be paying utilities for an illegal unit at all? Long story short, my landlord admitted last week that the garage conversion in our backyard was never permitted by the city. Also, we have a strong suspicion the living room in our house was not permitted either. Any idea how a judge might see this situation? We know the guy living in the garage conversion is very likely getting all the rent he's paid refunded to him plus moving expenses and maybe damages. But what about us? Possible we could be refunded any utility expenses or rent if we go to court? ETA: This is in CA. We knew about the ADU when we moved in and agreed to pay $700/m for utilities but after our first payment, our landlord would not show us the utility bills so we stopped paying. We had a months-long disagreement/negotiation until we began to suspect something wasn't on the up-and-up about the situation. We suspected the ADU was illegal but weren't sure until last week when he admitted it. We think he'll likely try to take us to court about unpaid utilities so we're trying to figure out how likely it is that we have a case and whether we should just find an attorney (even though they're crazy expensive per hour here). [link] [comments]  |
| Posted: 07 Jun 2020 09:58 PM PDT I am considering going to school to be a Real Estate Agent. Why do so many people fail within their first year or give up? I am determined to not be one of those statistics. What are some pitfalls and things I can do to overcome and be a highly successful Realtor? Any help from experienced Agents would be highly appreciated. [link] [comments]  |
| How do you sell one house and buy one house at the same time? Posted: 07 Jun 2020 09:46 PM PDT So... This is probably a stupid question right? And the answer seems pretty simple. ( and in mine it's even more so since I own the deed out right) But I'm selling my home and trying to move to the other side of the state all the while being completely broke...... Even though I own my house and am going to buy another house in cash once this house sells, I doubt I can afford to rent a house for a while on the other side of the state while we find a place to buy. So my question is; is there any way I can put an offer on a place I like want to move say " we are closing in x days I'm... Cash buyer " I'm not sure I've only ever bought one house before and never sold before so I'm so stressed. And I've never moved 7 hrs away from said house. [link] [comments]  |
| Posted: 07 Jun 2020 05:14 PM PDT So I am in the process of purchasing a home with a usda loan and have some questions about what would prevent a home being able to purchased with a usda loan. The questions are about the condition of the home.There is some peeling paint on the side of the garage. As well as some electrical things that aren't up to code that got brought to my attention by my finances dad who is a contractor. He says that the two bedrooms are on the same breaker. And the electrical outlets in the bathrooms aren't GFCI outlets. Would these things need to be updated/fixed for me to purchase with a usda loan? I have a home inspection scheduled as well as a sewer inspection and appraisal set up but want to know as early as possible. And what would you guys suggest I do in this situation if they did need to be fixed? Should I ask the seller to fix these problems first then offer to pay for half if they don't want these issues fixed? And would anyone have an idea of the cost of these fixes? [link] [comments]  |
| Feeling slightly defeated. First time home buyer. Need advice. Posted: 07 Jun 2020 04:57 PM PDT My husband and I are first time home buyers. We have a conventional loan preapproval through Quicken Loans. The market in our area (and many others) is pretty insane right now. Houses are going on the market and then are pending 1-2 days later. We have put 3 offers in - 1st home $5k over asking, 2nd home $7k over, 3rd home $12k over and we said we'd pay the difference in appraisal, as long as it was appraised at asking. I'm starting to get a little discouraged. Does it look bad that our loan is through Quicken? Should we have a large earnest money amount? What can we do? Not even sure if these are the right questions to be asking, but I need any and all advice. Thanks in advance! [link] [comments]  |
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