Is it normal for HOA president to pay himself Real Estate |
- Is it normal for HOA president to pay himself
- Major issues found in inspection, seller wants to do the repairs, no credits. Walk away?
- Get into contract by THURS if at all possible
- At my wit’s end. Wells Fargo can’t pull credit due to supposed Equifax freeze. Equifax says there’s no freeze. Other banks have no problem. Please help me save $45,000.
- Should I take the loss on my first house?
- Builder forgot bedroom vaulted ceiling on new construction
- Shady Listing Agent?
- PSA: Have extra saved on top of your move in costs. (CA)
- Any Muslims (or non-Muslims) who did halal financing?
- Oops. Bought a house before we were married. What to do about ownership?
- Bought condo in a city 3 months ago. just found out a 10 story building is being built right next to ours on a major street. How much does something like this effect properly value, or is there any resources to look into?
- Is there any precedent for the outcome of these planned communities where builders such as Lennar, toll Brothers build every house and they all look similar?
- To rent, or not to rent, that is the question.
- Lender responsiveness during home purchase in current situation is very important
- Planning ahead: building new construction
- For other agents in California-have any of you taken a close look at your E & O coverage and noticed legal loopholes as described below?
- What’s it like to be in an HOA?
- New Construction Home Closing Delayed due to COVID-19 related appliance manufacturer delays
- What to expect from Buyers Agent - I don't want to be more trouble for them than I'm worth...
- Better.com mortgage question, need help from someone who did business with them before
- Anyone willing to share their P&L with me?
- Mortgager messes up, asking for more $$
- How much were you approved for vs how much did you end up spending on your last home?
- Is Real Estate Appraiser a Good Career?
- Received Indian land per probate
| Is it normal for HOA president to pay himself Posted: 03 Aug 2020 04:31 PM PDT The HOA president at a condo I'm looking into buying pays himself 15k a year (about full time minimum wage in my area: Texas) with dues, and the other office members a lesser salary. Is this normal or a red flag? [link] [comments]  |
| Major issues found in inspection, seller wants to do the repairs, no credits. Walk away? Posted: 03 Aug 2020 04:45 AM PDT *See final edit before commenting. After a year of searching, this house ticks all our boxes. It's priced right and in the right location. During the inspection, about $20k worth of issues cropped up. The seller is not open to credits but has a contractor family member who will do the work before closing. Some choice quotes from the contractor: "Don't expect it to be to code" and "Yeah, I disagree with the structural engineer that that [$7k issue] is an issue." My faith in his abilities is low. Our current proposal is that he does the work exactly as recommended by inspectors but that he operates as if we hired him- submits plans to us, goes through permitting, and is supervised by the inspectors. Is that enough or should we walk away? Deadline is close of business today. Edit: Just want you all to know that we're currently in the thick of it but your comments are really helping! Things are moving kind of fast with negotiations and I appreciate the suggestions/recommendations. I'm trying to be a bit ambiguous but will update with more details once the dust settles. Edit 2: Thanks everyone! We've heard back that they aren't willing to have the work permitted, supervised, or inspected. They also did us the favor of letting us know they'd be cutting a pretty big corner on one repair (regardless of our wishes) because they didn't want to do it. We've let them know that we have lost any confidence in their ability to do work if they believe the building code is a suggestion rather than a standard. Our final offer is they credit us the estimated cost or we'll walk! It's looking like we aren't buying a house afterall. Final Edit: "Yeah, that's gonna be a no from me, dog" Withdrew our offer. They doubled down that he'd be doing the work. They did concede that he could do it to code but wouldn't be pulling a permit nor would he accept any oversight or inspection afterward. I'm a little disappointed but overwhelmingly feel like we dodged a bullet. Details as promised: the house was roughly $350k in the Triangle area of NC. Major issues included the deck (a "death trap" which needs to be torn down and removed), a riverbed running under the house through the crawlspace, and specific structural issues. Total estimate was $22k to mitigate all. They wanted to rebuild the (currently unpermitted) deck without the main staircase and wanted to dispute the structural engineer's report. They also wanted to "wait and see" how the water issues look after the hurricane tomorrow. [link] [comments]  |
| Get into contract by THURS if at all possible Posted: 03 Aug 2020 03:05 PM PDT Freddie Mac surveys the market Friday, Monday (today), Tuesday, and Wednesday. On Thursday they publish their findings, you can see it here. This Thursday, because of that, CNN/Fox/WSJ/etc will be running headlines saying that rates hit a new low - again. That, in turn, will cause a demand surge for refinances - again. That demand surge starting late Thurs morning will, in turn, and again, cause rates/fees to spike in the short term - for refinance AND purchase mortgages. Banks and lenders are using the rate and fee combinations they offer to consumers to manage capacity and slow down inbound loan application volume, and have been this entire pandemic. Just because CNN runs an article, does not mean another 100 underwriters mysteriously pop into existence. On Thursday afternoon and into next week, Do not be the 100th person calling your loan officer and being all uppity that rates are up, even though CNN told you rates are down. As always (just as true with stock tips -- everyone knows Amazon is doing great, but unless you purchased that Amazon stock back in February, you're not likely to get that 40%+ return), if it's in the news, it's too late. So, get your dream house under contract by Wed evening, so your loan originator can get it started, lock the rate, etc, before that demand surge hits and lenders post mid-day pricing changes for the worse to control capacity. If you're writing an offer, set it to expire Thursday at 12:01 AM, and there's no reason not to be transparent as to why. If the jobs report that also comes out Thursday is worse than expected (magnitude 9 dumpster fire, to use the scienterific lingo), that could blunt the impact of the refinance demand surge. If the jobs report is more or less as expected (magnitude 7.5 dumpster fire), it's already baked in and it will not have any impact. If that jobs report is better than expected (call it a 6.5 dumpster fire), that will compound with the rate spike that's going to happen anyways due to the demand surge. [link] [comments]  |
| Posted: 03 Aug 2020 06:39 PM PDT |
| Should I take the loss on my first house? Posted: 03 Aug 2020 06:26 PM PDT So almost 4 years ago I bought a 3/1 house toward the end of an oil boom in South Texas. I bought 0 down with VA for $130k with VA funding fee that put it at 134k. Mortgage is 537 and escrow with tax/ins brings it to 878/mo. Now in 2020 there is a realtor in my small town selling similar sized houses for $120-125 and going under contract within the week. These will end up being my comps. Now I owe 122k so with dealer commissions I figured I would need to sell for 134k the break even. I'd love for someone to correct me on that. So I thought about renting it out but I have seen people racing to the bottom with their rent prices and now houses my size are renting for as low as 800/mo. I will steadily lose money each month if I were to rent it out. We close on our new house 8/7 and I still don't know if I should sell and effectively pay someone to buy my house or rent it out without making a profit. As it stands right now I can carry both notes for several months but I don't want this to be a permanent thing. I could use some advice [link] [comments]  |
| Builder forgot bedroom vaulted ceiling on new construction Posted: 03 Aug 2020 01:44 PM PDT Hello everyone, I'm currently building a new home with my fiancee. It's a tract home in a new subdivision, about 3500 square feet, two story. Anyway, progress has been moving along well, and we went through the frame walk and were happy. However we went to pick out our lighting, and were told we had room for a hanging fixture in one of the downstairs bedrooms, with ceiling height of 13'. This made no sense, as all the ceilings are 9', except for a tray in the master bedroom. I then looked at the plans and realized the builder had forgot to put in a vaulted ceiling in that bedroom. At this point, all electrical, vents, a gas line, etc. had been run for that room, and it was going to be a significant delay to fix. We talked about it and were ok forgoing the ceiling, but we wanted some kind of credit given the loss of a significant structural feature. The builder agreed he would come up with something, however we just received a notice of a credit of $275. This seems absolutely ridiculous to me, as I'm sure they would charge us way more to add this feature, and it would cost way more to fix at this point. What are my options? The ceiling is in the plans and contract, in writing. Honestly, I'm already having to break a lease for the expected closing time, and I'm willing to wait. Is it worth it to push them to fix it, or demand a higher credit? I have no idea what this should be except more than $275! Thank you for your help. [link] [comments]  |
| Posted: 03 Aug 2020 08:07 PM PDT Hi everyone, I wanted to get your opinion on our situation. Last week we saw a house we liked. We were going to wait to put an offer, but the listing agent stated that they were going to review all offers on Wednesday. We decided to put an offer for the listing price. One day later, the listing agent presents a seller multiple counter offer asking all contingencies to be removed after 17 days. We agreed to this counter offer. Two days later, the listing agent stated that they have accepted another offer. The next morning my agent noticed that the listing was re-listed. He reached out to the listing agent who stated that the previous offer fell through and that the house is available. After my agent contacted the listing agent, she offered to send a second seller multiple counter offer. This time the SMCO stated that they wanted a price increase of $30,000. I don't understand why the listing agent did not contact us once the first offer fell through? My agent thinks that there wasn't an offer in the first place and the listing agent is playing games with us to get the most money that they can. What do you guys think? [link] [comments]  |
| PSA: Have extra saved on top of your move in costs. (CA) Posted: 03 Aug 2020 02:44 PM PDT We got keys Saturday night and had the hardwood floor guy coming to refinish starting Sunday. We uninstalled the laminate floor (yes they put laminate over hardwood) and found a 130 sqft section of plywood. So that made our cost go up. Then we've been seeing some roaches, now paying for the exterminator. We feel 0% buyers remorse and are so happy still but just always remember the project will probably be different than you think 🙂 Happy home hunting!! [link] [comments]  |
| Any Muslims (or non-Muslims) who did halal financing? Posted: 03 Aug 2020 10:18 AM PDT Looking to buy a house within the next 6 - 10 months. It could be either in Texas, Tennessee, Michigan, Ontario Canada, or outside of Vancouver, BC, Canada. If that's relevant. I'll know within 3 months which location but it will only be one of those. I'd love any tips or experiences from people who did halal financing in US or Canada. I know Ameen in Cali is the only 100% truly halaal option, and I have a large investment with them that I will be cashing out as my down payment on a house. So if anyone has experience cashing out with them, I'd like to hear about that too... buying through them is less relevant because they only finance Cali homes, but I'd still like to hear it for fun. If you're comfortable giving numbers, timelines, locations, "regrets" (regrets are forbidden, but anything that went a bit wrong? ;p) Has anyone sold a house to someone who used an Islamic loan? Every day I see someone posting here or on FirstTimeHomeBuyer that they were rejected for using FHA over Conventional even though everything else about their offer was better. How will sellers respond to seeing Islamic financing in an offer?!?! I'd also love to hear from people who are strongly opposed to these halaal loans. I've narrowed it down to UIF or Guidance in USA and Manzil in Canada. I'm so grateful for any input! Thanks! [link] [comments]  |
| Oops. Bought a house before we were married. What to do about ownership? Posted: 03 Aug 2020 09:27 PM PDT Hi All, My partner and I decided to buy a house. Our loan originator convinced us that that we would get a better deal if the mortgage was only in my name due to me having a better credit score/less debt (student loans). My partner had to sign a gift letter, "gifting" me his half for the down payment. Now we are in a situation where he has no legal right to the home since he is neither on the mortgage or title. However, we signed our marriage license this week (had been planned previously) and are now technically married. Is our only option at this point to do a quitclaim deed and get him on the title now that we are married? Refinancing doesn't seem like a valid option at this point to get him on the mortgage. Has anyone else been in a similar situation? I'd appreciate any help you might have. I am calling a real estate attorney tomorrow, but am curious what reddit has to say. Thanks! [link] [comments]  |
| Posted: 03 Aug 2020 12:03 PM PDT For reference my building is 3 stories tall. The sun light will he almost completely blocked in the winter. HOA fees could go way through the roof if damage is done to something like sewage lines. EDIT: Should've included new building coming in is NOT residential it's a medical building No idea what information is relevant enough to include let me know I'll provide any additional info to help [link] [comments]  |
| Posted: 03 Aug 2020 09:04 PM PDT Were there communities in the 30s 40s etc we're companies would just come in and build every single house in the neighborhood and they all look the same? if so, what happened to those neighborhoods? Are they still around? Where can you go to see some of them? I am curious because I am on location at one of these neighborhoods and I feel like I've never seen an old version of one of these neighborhoods? Is this a relatively new phenomenon? [link] [comments]  |
| To rent, or not to rent, that is the question. Posted: 03 Aug 2020 07:48 PM PDT So I'm currently locked in a lease, which ends at the end of August. Ive been looking for a house to buy for the last 4 months no with no real luck. Time is running out. I don't plan on rushing a decision, but I essentially have two options:
I'm sort of burnt out, as houses in my area are priced 20-30 grand higher than they're worth and I haven't been in love with any of them. Do you think this market will chill out? What about the election? Are we looking at a downturn? COVID isn't really helping either. Not totally sure what to do and its starting to get at me Any advice would be great! [link] [comments]  |
| Lender responsiveness during home purchase in current situation is very important Posted: 04 Aug 2020 12:19 AM PDT Not a question but my personal experience. I have been shopping for my first home for 3 months and just in escrow. And loan is almost ready after 5 days in escrow. And my agent has been very surprised by how responsive my loan officer is. 1) I communicate with my loan officer on social media app, instead of email, she typically respond in one minute. 2) we made 8 offers in total, and every time we attached with DU instead of preapproved letter. The loan officer was able to provide it within 15 minutes every single time. 3) she updates their rates twice a day to us. 4) she responds from 9am to midnight almost everyday and weekend too. 5) the lender's rate is also very good. Just locked 2.875% for a high balance loan. (Loan amount between 510k and 765k are called high balance loan and the rate is higher than regular ones. Their regular conforming loan rate is 2.5 for purchase at the moment, refin is 2.25. I haven't seen anyone lower than this in this sub) 6) their loan fee is on the low side, my agent said it is pretty much lowest it can be. All these are crucial when purchasing in this crazy market. About my loan officer, she is NOT those newbies that just trying the best to bring a customer and make money. She is a very experienced one and is willing to spend personal time to help the client. I want to share this because I see many people get loan from online or big banks, and their loan officer only communicate with email and typically takes a business day for a question, and weekend is not possible. Imagine in current situation when a house lists on Friday and typically pending on Sunday night. You will miss out entirely. If anyone in LA/OC area wants my use my lender, fell free to PM me. [link] [comments]  |
| Planning ahead: building new construction Posted: 03 Aug 2020 04:40 PM PDT Hi all, Background: In 2021 it is probable that my mother will be selling her home. She owns it outright and can likely sell it for around $400k. I own a condo in Boston. I still owe about $325k on it but will likely be able to sell it for about $850k. Between the two of us (after commissions and taxes) we will likely net around $1M on both sales. The plan is to use that money to buy a large piece of property and build new construction, two separate homes. (I don't want to move into a duplex or multi-family or anything like that.) We're looking to buy/build in the Northeast, likely within a 2-hr drive of Boston. I plan to contact an attorney to work out details as this situation becomes more immediate. In the meantime:
Thanks [link] [comments]  |
| Posted: 03 Aug 2020 06:07 PM PDT A broker (I won't mention who) sent me the verbiage for the E & O insurance. First words were "this is not an insurance", so I'm thinking, okay they're self funded, that's fine. Then there's an exclusion that takes the cake. They can exclude covering you in case of a claim "at their discretion." At their discretion, they can decide to settle with the client (to keep it from going to court) and ask you to pay 70-95%(depending on your split) of the settlement. Also it said that "at their discretion" you promise to indemnify them. I.e. NO COVERAGE AT ALL. So for example, if a buyer had no legal grounds to get his money back, but the brokerage decided "at their discretion" that goodwill was better, I'd have to pay 70-95% of the amount of the commission. I talked to several other real estate agents from different firms, and they've never looked at their contract nor did they even know if there was a deductible or not. A different brokerage said that their deductible was your whole commission. So if some buyer decides they want to sue, because the seller removed things from the house which should not have been removed. I could loose 20-40K instantly when the buyer sues, and settles for a smaller amount. Nothing says that the deductible is partially refundable. It's just a "fee." The settlement could be $500 for shelf attached to wall or mirrors, but I would be on the hook for 20-40K. [link] [comments]  |
| What’s it like to be in an HOA? Posted: 03 Aug 2020 09:40 PM PDT I'm just curious because I've never had to live in any place that has an HOA. It seems like a pretty negative experience and mostly complaints about being in an HOA. Is this usually true ? If I were to ever buy a home, should I avoid HOAs at all costs? [link] [comments]  |
| New Construction Home Closing Delayed due to COVID-19 related appliance manufacturer delays Posted: 03 Aug 2020 07:42 PM PDT Hello! First time posting here. First time home buyer in Dallas, TX. Got a contract signed and executed in early July with a closing date of August 8th. The contract is for a new construction home that at the time of signing was 80% done and planned to be completed by the end of July. End of July has come and gone. House is just about 95% complete. AC unit being put in this week, all kitchen appliances need to be delivered/installed, and a handful of other small things. The problem is the appliances. The builder is telling me the manufacturer he is working with says the appliances won't be delivered until mid-to-late August due to COVID-19 related backorder delays. Luckily this wasn't too serious of a problem timeline wise for me as I can stay at my GF's apartment for the time being. However now my lender is telling me my lock rate will expire at the very latest August 17th, after that I will incur rate lock extension fees. My realtor told me the fee was going to be .25% or $700 to extend to September 1st, I have a call with the lender tomorrow to discuss the actual breakdown of the fee based on how long it gets delayed. I have read online that the shorter the delay the less rate-lock extension fee you have to pay. I don't want to pay the fee. The builder refuses to pay the fee. We have decided to push closing to August 17th, AKA the last day to close before the lender charges fees. The builder has verbally agreed with me that he'll have the house completely done except for appliances by the 10th. Giving me enough time to have the finished work inspected, and time for me to do my final walkthrough. All without the appliances of course. He said he will provide a signed document at closing stating his obligation to install the new appliances as soon as they are delivered and even mentioned how we can have something like $3000+ stay in escrow until the appliances are installed. Should I be concerned by this? Everything online says to never close before the house is 100% COMPLETE! Can I somehow get the builder to pay the $700 to extend to September 1st since technically he is the one breaking the contract? Can I get the lender to get rid of the fees given the current world situation with COVID-19? Any advice is welcomed, as I said I am a first time home buyer and will happily take any information I can get. [link] [comments]  |
| What to expect from Buyers Agent - I don't want to be more trouble for them than I'm worth... Posted: 04 Aug 2020 03:02 AM PDT TL;DR : (summary/questions at the end if you wanna skip) Two days ago my partner was offered an opportunity in his company to transfer to a location we had been talking about moving to for a while. We will be first time home buyers in a move that will be across state lines (though only a 4 hr drive). I am huge into researching... any and everything, especially if it's a purchase (I spent three days researching the headphones I spent $40 on if that tells you anything). I feel I always need to be an informed buyer, regardless of the situation. well. now the purchase is the most costly of our lives, and I am wildly unprepared. We weren't expecting to be buying this year, so we also only have about $5-7K we're comfortable with putting down.. I've been spending hours and hours trying to research everything I need to be aware of, but I have been finding so much of the information to be contradictory depending on the person writing it, the year it was written, and the different circumstances it was written in. Like I said, i'm pretty big into research, but there is a lot I don't know, and am uncomfortable not knowing. (I thought you literally just checked zillow for listings, clicked 'contact agent' then got a mortgage, and then bing bam boom... wrong.) so after I found out that i'd be a fool not to get a Buyers Agent, I did reach out to three companies in the area we're moving to, and have made definitive plans for a phone meeting with two, and tentative plans with the other. (I may reach out to one or two more, now that i've done some more research on the different companies) In my initial message, I told each company the jist of our situation (FTHB across state lines), as well as disclosed that I had also reached out to others so that I would be able to find an agent that, basically, we click with... I've looked up some questions that would be good to ask during our chat to help us decide who best fits our situation. I also am a very straightforward person, and feel in the conversation there is no need to hide that i'm uncomfortable with how unprepared/unknowledgeable I am for this huge change/purchase. I want them to understand what I do not know, and be able to either 1. (in a perfect world) walk me through every step of the process, or at least 2. give me the language I need to be able to do a specific google search/my own research. Ideally i'd like for the conversation to be where I can ask questions about their experience, as well as bring what i'm not sure about to the table and for them to be comfortable telling me how and where to manage my expectations of them... the absolute LAST thing I want is to be the client that they roll their eyes at their coworkers about when I send an email... or the person they dread working with in anyway. I do not want to over expect, and I do not want to be rude in telling them thoughts that they might take as black and white expectations that could very well be far beyond what their job usually entails... ESPECIALLY, knowing that our budget (safely around $150K, according to endless calculations on a buuuuunch of websites) isn't one that people would likely fight over the commission for.. Basically, these are the things I feel I know too little about, and am wondering how much of a buyers agent's job it is to help with/how much am I SOL and left to hoping someone helps me on reddit.. ... ... ... ... TL;DR We're first time home buyers moving to a different state - 4 hrs away. Budget likely around 150K. very unprepared. ... I fear the amount of wisdom I lack and help I'll need... .. PLUS... the fact that the potential commission on our budget can be ~ 50% less than the surrounding areas' median home value (ranges from ~160K - 310K, depending on the county) ... ... will make me the nightmare client ... even if they wind up taking a genuine liking to me, and i'm as polite and professional as possible... I can't help but to feel... i'm going to be absolutely annoying, and they'd be just doing me favors instead of making mone... (I don't even know how rational that thought is?) ... I don't want to expect too much of the Buyers Agent I wind up going with, so I'm looking for help determining what is/is not typically a part of their job. ... Here are some things I feel I don't have enough knowledge about myself, at least right now, and would be thrilled to find were a part of the agent's job responsibilities (I've tried to bold words in each that tell what the question is regarding if you want to skip through to ones you're familiar with):
honestly I probably have a million other questions, but I feel like the length of this post alone has already gotten into 'nope' territory... (so if you're still here THANK YOU SO MUCH!) also please feel free to add thoughts or suggestions I've missed about the responsibilities of me vs the agent and should be aware of ! THANK YOU THANK YOU for any and all help!!! [link] [comments]  |
| Better.com mortgage question, need help from someone who did business with them before Posted: 03 Aug 2020 10:45 PM PDT So I applied for a mortgage on better.com and they approved me and sent me a "pre-approval" letter for me to show to sellers. They say for me to look for homes NOW and offer. They say they cannot lock the rate until I for sure found a place and offer. Anyway, I don't want to waste time looking for places without for sure knowing I am 100% approved and will get the money. They make it seem like I got the money already, so I am not sure. Can someone who did business with better.com explain? Thanks. [link] [comments]  |
| Anyone willing to share their P&L with me? Posted: 03 Aug 2020 07:52 PM PDT I'm not looking for a template, I've made my own already. Just looking to see how my ratios match up with others. I understand location will drive a lot of this, but still interested in seeing. [link] [comments]  |
| Mortgager messes up, asking for more $$ Posted: 03 Aug 2020 09:34 PM PDT Closed on a duplex, two separate units early last month. Apparently, they missed that the second unit was detached and had a separate insurance policy and forgot to add it to the closing disclosure. A week or so ago insurance hit me up for some money, I'm all "what's this? Thought it was covered by escrow?" Finally, the mortgager emails me tonight "we missed that, we need you to prepay that out of pocket now." This is after they already sold the loan to Fannie and I still haven't got my deed! Any ideas on reasonable compensation? Thanks y'all. [link] [comments]  |
| How much were you approved for vs how much did you end up spending on your last home? Posted: 03 Aug 2020 09:29 PM PDT |
| Is Real Estate Appraiser a Good Career? Posted: 03 Aug 2020 12:44 PM PDT |
| Received Indian land per probate Posted: 03 Aug 2020 02:06 PM PDT I have received random lots of land on Indian Reservations from my fathers death. Land in Idaho, Montana, South Dakota. Also mineral rights. I live states away and have no interest in keeping it. What should I do? Can I sell the land? How would I go about doing that? [link] [comments]  |
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