"It Wont Affect the Real Estate Market" Real Estate |
- "It Wont Affect the Real Estate Market"
- My realtor told me she told the sellers agent what our max budget was - we haven't even seen the home yet, why would she tell them that?
- Finally Approved for Loan
- What is the proper terminology called when tenant pays the mortgage principal?
- [USA] Tired of being homeless, both literally and figuratively. Looking for a dirt cheap (sub $5k?), full rehab with garage in town / city / suburb.. somewhere I can "handyman" on the side. Any leads?
- What do you want in a listing agent?
- But now or wait?
- Will making a 3 bed 3 bath home into a 3 bed 2 bath be detrimental for resale?
- Is building a small family home on my mother in laws property feasible?
- (Canada) Any advice on this nightmare scenario?
- Refinance Appraisal question about cosmetic defects
- Buying 50% of your brothers house
- Buying first property, what should I look out for and do?
- Seller backing out 3 days before closing?
- Advice Needed ASAP
- Pay off specials with higher interest
- Family member is new to real-estate and wants to be our realtor, advice please!
- What are your thoughts on modern split foyer level houses?
- Question about Real estate classes....
- Automatic rental income checking?
- Newly built house (finished on January) Door frames/Front closet doors/Bedroom doors shifting?
- All of us
- Selling our house... should we offer credits or just negotiate the price?
- Usda refinance to fha - 70 days and counting...appraisal issues, two parcels one house. Very confused, need advice! Which appraisal is right?!?
| "It Wont Affect the Real Estate Market" Posted: 12 Aug 2020 05:35 AM PDT |
| Posted: 11 Aug 2020 07:52 PM PDT I found a house that's been on the market for 4-5 months. It's 575k. It's $100k over all the comps I've seen in the area (sold and recently listed) We just made an offer on a bigger, more desirable for us yet 450k house down the road, 2 min drive away (& lost to an all cash offer) and the RVM comps the realtor gave us for that were 379-464k... I'm ditching the agent I used for the offer last week because she wasn't our vibes and she has to drive super far to come out here... we found this new agent in the area through recommendations (also her face on for sale signs all over the county, they are "the top in the area") but after her assistant told me that the house at 575k was way over priced she called me for damage control it sounded like to convince me that 2 minutes away is a way better part of town (there is no bad part of this tiny town) and told me she told the seller agent our max is 550k and the sellers agent (who she "knows very well") said they can do that, we didn't see the house yet. It felt so strange to me that she told them our max budget but maybe someone here knows if this is normal? Also our max budget doesn't mean that we want to buy a 450k home for 550k bc we can afford it. I don't understand her tactics. Also it really sounded like she didn't mean to tell me she told the other agent our budget because she tried to backtrack super quickly by saying "if we even offer that" idk I'm a paranoid first time home buyer. Is giving this max budget info away to a seller's agent before seeing the home normal practice or a red flag? [link] [comments]  |
| Posted: 11 Aug 2020 01:26 PM PDT This has been quite a ride. Finally been approved for my loan. I'm getting my commitment letter tomorrow. Thought I'd share. It's my first home. I'm still about 7 weeks from closing but still happy to get this out of the way. [link] [comments]  |
| What is the proper terminology called when tenant pays the mortgage principal? Posted: 12 Aug 2020 04:52 AM PDT In analyzing cash flows, it seems many people focus on rental income, less operating expenses. But there is another crucial piece to this, and that's when the tenant's monthly rent also covers the mortgage principal. When a property is sold down the line, that principal that gets gradually paid off is realized and pocketed by the owner/seller. What is this term called? My friends have been throwing around the term "equity build" but wonder if there is an official term. It's less liquid than actual cash, but I feel it is an important piece to factor in cash flow/ROI analysis on a RE investment. [link] [comments]  |
| Posted: 12 Aug 2020 07:25 AM PDT Does it have walls and a roof? I'm interested! Full disclosure, I have no idea what I'm doing (re: real estate). I'm not looking to "turn a profit", I just don't want to continue living in an RV, being a nomad without somewhere to call home. I don't have "roots" nor kids nor anybody who cares whether or not I live nearby. Everywhere is game! I'm unemployed, living in a trailer and got screwed out of the current and any possible future stimulus. My budget is maybe a few grand. Open to any and all suggestions! [link] [comments]  |
| What do you want in a listing agent? Posted: 12 Aug 2020 07:01 AM PDT I am working on a series of farming postcards for my team. I know what we offer and what we are good at, but what is it that you as a homeowner want in a listing agent? Is it technology? Good communication? Great marketing? Experience in the area? Past sales numbers? If it makes a difference, we are in an area with a high percentage of non-resident property owners, with both second homes and vacation rentals. [link] [comments]  |
| Posted: 12 Aug 2020 06:56 AM PDT My dad is a real estate developer, over the past year I saved enough money to put a down payment on something. Looking to both live and rent the property out. I've been looking and got pre approved for a mortgage. My dad keeps telling me that I'm impatient and the economy still has some time to go down and how people will be getting foreclosed on, but I just don't know you know? He's not right about everything. What would you guys say? I'm in nyc area looking in Brooklyn, queens, Bronx, and new Rochelle [link] [comments]  |
| Will making a 3 bed 3 bath home into a 3 bed 2 bath be detrimental for resale? Posted: 11 Aug 2020 09:16 AM PDT We bought a 19th century brick federal home in 2019. It was originally no bathroom obviously due to age, but then made into a 4 bed, 1 bath. A renovation in the 90's left it in it's current state as a 3 bed 3 bath. There is one full bathroom with tub downstairs along with a large kitchen and living room. Upstairs there is a full bath with shower stall to serve 2 bedrooms and then the 'master' bedroom has the world's smallest full bath attached. One of us could sit on the toilet while the other sat on our lap and brushed their teeth over the sink. They converted one of the 4 small bedrooms into two bathrooms and space in both is lacking. We are wondering if it is a terrible idea for resale to create a master suite with larger bathroom, double vanity, etc and do away with the upstairs hall bathroom all together. We may even be able to create a walk in closet for the master during renovation (no walk in closets house wide). When we bought the place and mentioned the idea, our real estate agent balked and said we should never do that. The two bedrooms upstairs would have to go downstairs to access a bathroom in our renovation scenario. Now we are getting to a spot in our budget where it might be feasible and we are hesitant to pull the trigger. Any thoughts would be appreciated! EDIT: Thanks all for the responses! We are going to re-evaluate what we can do with the master bath to open it up a little more. While we would love to move into a house that has it all for us we are also equestrians on a budget, so home is where the hooves can be and it has the acreage for horses that we can afford in our area. [link] [comments]  |
| Is building a small family home on my mother in laws property feasible? Posted: 12 Aug 2020 03:22 AM PDT My husband and I (both 29yo) are currently renting in Sydney's Inner West. We love this area as it is near work, family, fun and it's where my husband grew up. We are currently saving for a house and have $130k deposit so far. To buy a 3 bedroom house that we can start our family in in the area it will be $1-1.2mil. It is JUST doable on our salaries as long as we save another $90k. I'm having second thoughts about being so indebted in a huge mortgage and we have been discussing possibly living in what is currently a garage at the back of his mum's property. We would want to subdivide the land, build a beautiful custom smallish home with 3 bedrooms (2 storey) to live in long term. I'm guestimating this may cost a few hundred thousand to build and not sure about land cost (MIL may even gift the land to us..as the entire property will eventually be inherited in future) is that even possible??? Would a bank loan us the money needed to build? The land is about 630sqm. Is it possible to subdivide and have a smaller plot around 100 or so sqm in our name? Will this land size comfortably fit 3 bedrooms and possibly one day up to 3 kids, with a small yard area? Is it worth not having a huge mortgage to pay off over 30 years? Will we regret it? Any advice? Help. [link] [comments]  |
| (Canada) Any advice on this nightmare scenario? Posted: 11 Aug 2020 04:41 PM PDT I'm sorry if this is vague. This is my Moms situation not mine so I'm not 100% sure on the details. My Mom was selling her house (Newfoundland), and got an offer from a couple in another province. The house was inspected, they did a virtual tour, and everything moved forward. They wanted to be in the house by a certain date (the final contract still not signed) so my Mom moved out, and signed a new lease on a condo. Now at the final stage the couple wants to back out. They listed cosmetic reasons for wanting to back out like, "The shower is too short. We are tall people" (no joke). My Moms lawyer says they can't do it but they are going to a specialist real estate lawyer. This puts my Mom in a situation where she'll lose her house, her condo, and any savings she would gain. She was pretty much broke before and this will just push her over the edge. She can't afford the condo fee, her mortgage, and the debts she has from moving. She can sue through her real estate lawyer apparently, but that could be months or years. She'll have to declare bankruptcy before that. Any advice? [link] [comments]  |
| Refinance Appraisal question about cosmetic defects Posted: 12 Aug 2020 07:26 AM PDT How much will a couple of cosmetic only issues effect my appraisal? I locked in a t a great refi rate and have the appraisal pending but I'm worried about a couple of cosmetic things that I don't think I will be able to get done quickly. 1- I'm in the middle of redoing some landscaping in the back yard. There was a section along the back fence with small pines that I pulled out and am going to plant grass in the fall but it doesn't look great right now as it is in progress 2- we had some heavy winds last week and the paint on the fascia over the door peeled off. I won't have help to repaint for a couple of weeks.
Are these things I should spend a lot on now to get done ASAP ahead of appraisal or will their effect on the appraisal be minimal? I've had the house for 2 years, no major updates ( light fixtures and some paint) and everything else is in great condition. [link] [comments]  |
| Buying 50% of your brothers house Posted: 11 Aug 2020 04:35 PM PDT My brother can sell now for $330000 and he owes $145000 on his mortgage, instead of him selling I offered to buy into his house and own 50% of it. I'm going to give him $75000 and get to live in the house with him having a closet space in the garage for his things and he may stay at the house every once in a while(he works out of the country). The mortgage is $1300 per month. I'm going to pay $1000per month of the mortgage and he will pay $300 per month of the mortgage and we will split the repairs 50/50. Then when we sell the house in the future it will be a 50/50 split. Does this make sense? Who is this deal in favor for? [link] [comments]  |
| Buying first property, what should I look out for and do? Posted: 12 Aug 2020 07:11 AM PDT Hey guys one question, I'm (21F) going to be a first time buyer in about 5 years or so. I make about $22,000 a year and with overtime like $25,000. How expensive could my apartment be? Mind you, I live in Florida as a college student and I'm planning on using the 0 down on a mortgage since I'm a first time buyer even though I'm still gonna save up for closing costs and things like that. Please don't judge guys, I just want a small 2 bed 2 bath that my golden and I can live happy in until I'm ready financially to buy a house. [link] [comments]  |
| Seller backing out 3 days before closing? Posted: 11 Aug 2020 06:05 PM PDT Trying to figure out my next steps on a townhouse in GA. This has been a nightmare. The seller has been difficult since the appraisal came back low but on target with comps in the area. It was priced at 125, my offer of 140 was accepted but the home appraised at 110. The seller appealed it and it came back the same. They signed an addendum for the lower sales price and NOW they are trying to back out 3 days before closing because they don't agree with the price and because a home in the neighborhood sold on FRIDAY for 125... can they even do that? They sent me a t&r that I'm refusing to sign and I'm consulting with a lawyer tomorrow. [link] [comments]  |
| Posted: 12 Aug 2020 07:03 AM PDT Hi Reddit! I apologize for my notes as I am in a rush to work and wrote this out last night. Quick back story:
I called bank (local credit union) about my options and this is what I've been told... Business Loan
Real Estate Loan
Refinancing Rental Property (business side)
Which route would you take in continuing this process? [link] [comments]  |
| Pay off specials with higher interest Posted: 12 Aug 2020 06:36 AM PDT I live in an area that has specials on properties. Specials are charged the city has placed against your property to cover improvements in the area and are dispersed across all properties that benefit. After chatting with my lending agent at the bank, she suggested rolling some of those long term high dollar specials into the loan since the current %'s are so low. Example - Home is $500k with 14k in specials, the 14k in specials is currently at roughly $2k a year in installments. Two of the specials on this property are at $10k done in 2004 on a 25/yr @ 6.27%(so 8 years remaining). We are planning to be living at this property longer than the term of the special. Do you agree it makes sense to pay off the special with 8 years left by putting $10k more into a 30yr loan? I feel like this is simple math I should be able to do but I'm lost. [link] [comments]  |
| Family member is new to real-estate and wants to be our realtor, advice please! Posted: 11 Aug 2020 03:32 PM PDT We have a SIL that is really new to real estate and is pushing to be our real estate agent. She knows we will be looking for a home in the next year. Does anyone have any advice on the pros and cons of having a family member as a realtor, and a new one at that? She just obtained her license a couple of months ago. Thanks! [link] [comments]  |
| What are your thoughts on modern split foyer level houses? Posted: 12 Aug 2020 05:17 AM PDT I am looking at a house and made an offer. I'm coming from a 1962 Rambler about 1980 square feet with a 1.5 story (room above garage is master bedroom to a split foyer with a 2200 square feet built in 2004. The biggest issues I've had with this rambler is the huge back and front yard. I'm not an outdoorsy person so on the split we are buying it has a very low maintenance yard. Only downside i see is the laundry room being small in the new house and downstairs. Anyways, i was researching houses online and stumbled across a bunch of threads about people saying how terrible splits are and hard to sell. I am in the Seattle market and this split is in a very exclusive neighborhood. It was the only house of the 3 i was involved in contracts and bids on that I was able to win against one other buyer who offered at list, and it still went 5k above asking. So I guess from a buying standpoint am I making a huge mistake? It has a view of the entire auburn and kent valley and mount rainier from the entire back of the house. I'm hoping to be in the house a really long time, but wondering if this house will be really hard to sell in 5-10 years. [link] [comments]  |
| Question about Real estate classes.... Posted: 11 Aug 2020 11:09 PM PDT Is there a specific sub reddit for those of us that plan to attend or are currently attending real estate license classes? My Gf and I just had our first class on our way to becoming licensees and I wanted to know if there was a separate sub to air any questions we may have along the way. [link] [comments]  |
| Automatic rental income checking? Posted: 12 Aug 2020 04:24 AM PDT I was wondering if anyone knows if there is a software or any way to automatically check the rental income every month? At the moment over a 100 payments a month are being checked manually. Finding an automated system would save a bunch of time and money. [link] [comments]  |
| Newly built house (finished on January) Door frames/Front closet doors/Bedroom doors shifting? Posted: 11 Aug 2020 05:47 PM PDT Pretty much the title. The house is brand new, was delivered January and currently has tenants. But they have been noticing door frames shifting, closet doors not shifting as well, doors slightly rubbing together. Is this a common thing from new houses? Should I be concerned? Should I look for other things and wait? Thanks for any help! [link] [comments]  |
| Posted: 11 Aug 2020 03:52 PM PDT Is there a site that will show me all the houses in USA that meet my filters? I can live anywhere do to job and would like a big place with 2000+ soft and finished basement. When I put these in zillow or realtor it wants a zip and I end up Goodland zip codes for every town I want to see. I'd like to zoom out to all of America and see dots and decide from there. Most areas I randomly pick don't have any listing to match my filters, also I will take advice on areas with great large houses for cheap price. Job isn't an issue only thing I would like is internet and Walmart lol. Have to drive over an hour for any of that as it is.- required filters i had on was, 4+ bed 2+ bath, basment (finished or un-) and 2000+sqft. A garage is important but there wasn't a checkbox for that on each site and price was about 120k. I'm doing cash so I didnt really want to look higher than that. I don't mind snow only limit i have is i would prefer right half of the US over the left half but thats not a deal breaker tho. [link] [comments]  |
| Selling our house... should we offer credits or just negotiate the price? Posted: 11 Aug 2020 06:45 PM PDT Redditors, you've been very wise so far in my real estate buying process and buyer's remorse ordeal. So now I've got another problem that demands your sage advice. We're trying to sell our home now and plan on listing in the next week. The first issue is with our countertops. We replaced an oven. When we removed the old oven, we saw the countertop had a chip out on each side. kitchen countertop. My real estate agent said to just give a seller's credit to acknowledge that we know the countertops are an issue. So we're going to give a $2500 credit for countertops. The second, much bigger issue is with our big arch window. I went to open them for the first time ever since we bought the house 12 years ago, and it, of course, rotted out when I opened it. We were able to replace the aluminum back onto the window and close the window. It functions properly, but it has rotted wood under the aluminum on the exterior. https://share.icloud.com/photos/0U2Qf33VK9CFUNRDryOqZ9Z5w#Baidland After experiencing another round of the single most painful home repair process, replacement window shopping, we got an estimate for $8,000! They kept saying that the job was too small and not worth their time, so I think they were jacking up the price. Anyway, my agent said to just give a credit for the window as well. I told our agent we'd give $5,000 towards the window. So we'd be giving $7,500 in credits for both repairs. We're listing our home for $315,000. After speaking to a family member who has sold and bought quite a few times, she thinks we shouldn't mention anything about the seller's credits in the listing. She said you don't want to highlight the negatives of the house before people even see it. She thought the buyer could just negotiate afterwards after seeing the countertop and knowing about the window (which I would add to the seller's disclosure). What do you think I should do.... offer credits and acknowledge the deficits in the listings or just let the buyers figure it out and negotiate the price afterwards? [link] [comments]  |
| Posted: 11 Aug 2020 07:34 PM PDT We bought both parcels on one deed/mortgage loan a few years ago and are now looking to refinance to an fha loan, also for both parcels. Both parcels are half acre and identical in size and shape. The first parcel has the house on it and the second parcel has a side garage (electric & water ran to it from the house) and a poured small concrete patio. Both zoned as residential, second is able to be sold off and developed. This is where we ran into issues when our first appraisal came back and included both parcels in the comps and came in at 196k but it stated it gave no value to the second parcel that they classified as "excess land" per fha guidelines. The loan company doing the refinance said fha would not accept that appraisal and then ordered a second one. The second one came in 60k lower in value since the comps were now half an acre instead of the full acre the first appraisal used. The second appraisal used comps on a fourth of an acre and in different school districts, whereas the first used the same district and lot size. This one didn't even reference the excess land. We do live in rural northeast Ohio with a shortage of comps too, so I'm not sure if that had anything to do with it, but this feels odd considering our current deed and loan is for both parcels with no issues when we bought it. We're waiting to hear back, and I spoke with fha directly, but I'm not familiar. Does this sound right to anyone who's dealt with this issue? How is it possible they want to give us the fha refinance and value only one parcel but have the loan be for both? I do understand the logic that the "vacant" parcel could be sold and developed and that's why fha won't include it, but how can that even be done with a loan against it?!? Also, does the fact that we have electricity and water going to the garage make a difference? Thanks in advance for any help with this!! [link] [comments]  |
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