Was I right to walk away? Real Estate |
- Was I right to walk away?
- Lender says closing time on a new home would be around 75 days. Is this common right now?
- Seller somehow accepted two offers.. What now?
- My buying agent is scheduling the inspection for me - is this a conflict of interest?
- Finalizing my second flip, trying to figure out the best road forward...
- Any recourse for sellers that didn't repair something after closing?
- How to negotiate price on home reno?
- To Buy a Remediated Former Meth house??
- Do high property taxes on a new construction home eventually lower?
- Inherited House from Grandpa
- [MD] looking at a townhouse where you can see part of a double-yellow lane road behind it?
- Does This Make Sense?
- New agent/percentage split
- Window shoppers galore and weary buyers- DFW
- Any experience with a 1031 exchange?
- Maintenance cost for townhouse
- Do property taxes come down if the purchase price is lower than the tax assessment?
- In unit laundry or bathtub?
- What are the requirements for the first time homebuyers program in CA?
- Commercial Lease application asked for bank statement. I didn't cover account number, is this okay?
- rental manager list and delist home what does that mean?
- Lender believes rates we’ll keep dropping, suggested not locking (33 days to close)
- How's the market in your area?
- Live in NJ what is best resource to quickly find homes that were just listed
| Posted: 08 Aug 2020 11:35 PM PDT First time home buyer in LA here. Made an offer on a promising looking condo middle of last month for 740k. Seller countered for 750k and we accepted. I was excited, it was my first time in escrow. During inspection, we find there's ~10k worth of repairs needed -- chimney not up to code, mold in kitchen, kitchen sink area needed to be re-built due to rotting wood, etc. The next week, we receive the HOA docs -- 3 years worth of meeting minutes, HOA reserve study, etc. From these docs, we find out the following:
I send a list of 15 various questions to the HOA property management company. These were not aggressive questions...just questions on the current state of the building and confirmation that repairs were not done like they keep talking about in the meeting minutes over the last 3 years. The selling team apparently did NOT like these questions and get frustrated. Given all these, we decide to ask the sellers for 19k in credit. The sellers verbally offer 2.5k. Our agent gets into a yelling match with the seller's agent. The sellers then offer 8k in written counter. Rather than counter, I decide to walk and cancel everything after 2 weeks in escrow. Sellers somehow find me on Facebook and "warn" me that they think my agent "violated the code of conduct" by not giving me the written counter, when he actually did. To avoid making the drama worse than it already was, I decided not to respond to them. At this point, my anxiety was through the roof. I just wanted everything to end quickly. It was stressful getting my deposit back -- seems like the sellers were holding up on signing the deposit release forms. Maybe they were upset, I don't know. But after several days of waiting, I got furious and started contacting everyone to put pressure on the sellers to sign to sign the forms. It was making me anxious because I had over 20k in that deposit. I came into escrow knowing it wasn't going to be easy. But damn, those 2 weeks really took a toll on me. I just had bad feelings about the place but was worried about disappointing everyone (my agent, mortgage broker, etc.) It was just eating me inside. Couldn't sleep at night, couldn't focus at work, etc. I think I'm going to take a long break from my home search. [link] [comments]  |
| Lender says closing time on a new home would be around 75 days. Is this common right now? Posted: 08 Aug 2020 02:19 PM PDT I got a call from our loan officer at our credit union about 4 days after we applied for our mortgage for the pre-approval letter. Everything was fine and we got approved, but he warned us that the lender they use is so back up with new home mortgages, that closing is averaging around 75 days. Should we look for another lender? Or will we likely be in the same situation? [link] [comments]  |
| Seller somehow accepted two offers.. What now? Posted: 08 Aug 2020 07:54 PM PDT My wife and I put an offer in on a house two weeks ago. The seller went with another offer, and we kept looking. Yesterday, the house became available again, and the seller's agent reached out to our agent to see if we were still interested. We decided today to submit another offer, identical to our previous one. The sellers sent a counter offer, which we accepted and signed. Right after we sent it back, our agent got a call from the seller's agent, who said they were going with the other offer. Even though both parties had signed and submitted the counter offer. My agent was pretty livid and asked how they accepted the other offer after everyone agreed to the counter offer. She said she is going to fight for us, and that there should be some repercussions against the other agent for handing things this way. So I guess my questions are, did the seller's agent mess up? Did we lose this house? How might this play out? [link] [comments]  |
| My buying agent is scheduling the inspection for me - is this a conflict of interest? Posted: 08 Aug 2020 05:14 PM PDT She has a inspection company she works with and has a good relationship with them. just wondering if i should do my own shopping around or go with what she says? i was thinking to do my own research on the company she wants to use and if it checks out go with it. if i find any issues i will look for my own. i will be present during all inspections. edit: thank you all for the advice, i will talk to her before agreeing to any scheduling. [link] [comments]  |
| Finalizing my second flip, trying to figure out the best road forward... Posted: 08 Aug 2020 10:23 PM PDT I am very excited because I am just getting finished with a rehab on my second condo. Last year I rehab'd and sold a foreclosure that I bought in '08 for a tidy profit. I rolled that money over via a 1031. The new property was a probate sale so I got it for a really good price (there were no other bidders!) and I have spent the last 6 months transforming it into a really beautiful place. I can't rent it out (HOA rules - I have to live here for 2 years before I can do that and I can't live here because investment property only - 1031 rules) so I am selling it and have confirmed with a realtor that I will again make a nice profit. However, because of COVID, and my lack of full-time employment (this rehab has been my full-time job for the last 6 months) there's really no way for me to get another mortgage after I sell this place, right? I barely got the mortgage that I got to buy it in January so I am trying to figure out the best path forward... Should I
Seriously though, what happens if I do a 1031 BUT I don't get another mortgage? How much would I pay in capital gain if I sold a condo for $400,000 and my principal loan balance was $200,000 so I profited $200,000 but I roll it into a 1031 and just bought $200,000 work of cash-only investment properties? Or can you NOT do that at all? I'm open to other suggestions... Thanks in advance! [link] [comments]  |
| Any recourse for sellers that didn't repair something after closing? Posted: 08 Aug 2020 01:21 PM PDT I'm cursing myself so much right now. I was first-time homebuyer, what the fuck did I know about anything. Ughh why does this always happen to me the first time I ever do something. Anyways...I closed about 2 months ago and the seller was supposed to remove + replace all the insulation in the attic (it was covered in urine + feces from a previous pest problem). Well, I went up to the attic today and found out...they didn't replace the insulation. Fuck me fuck me fuck me fuck me. Is there any recourse that I have, or is this another learning experience that on the final walkthrough, I should always go in the attic? I hate this so much. God dammit. Why all the dishonest people in the world...what did I ever do. [link] [comments]  |
| How to negotiate price on home reno? Posted: 09 Aug 2020 01:45 AM PDT I am closing a property that needs some work, and all are cosmetic. Like removing popcorn ceiling, redo whole flooring, remove wall paper and repaint, update two bathrooms, and add/move garage door, update 3 windows, run a new gas line by 2 feet, etc. I had a quote from one general contractor a few days ago, this was how it went: (1500sqft house) All Flooring/wall/ceiling for 14k and floor includes material $2 per sqft, and if we want better ones, we add the difference. Ceiling includes 20 some recess lightning. Two bathrooms are 9000 for both, including everything except for vanity and shower doors. Kitchen is 1500 for installing a new countertop and some lightning. And run a gas line. Window is 350 a piece installed including material. Am I getting the quote in a normal way? How exactly do I ask general contractors for the cost? Do I list exactly what kinds of part that I need and I will buy on my own and simply ask them for their labor cost? Then there will be so many stuff to ask for. [link] [comments]  |
| To Buy a Remediated Former Meth house?? Posted: 08 Aug 2020 06:12 PM PDT We lost out on the last house we were trying for (3rd house putting an offer on over asking price) so we decided to take a look at this bank-owned property. When we got there, realtor told us that it was a meth house. We were taken aback to say the least. However, the house was torn down to the studs, all flooring was replaced, all new insulation and drywall, all new HVAC throughout the house, new lights, and renovated all bathrooms and kitchen. Windows are original to the house. Also, two test reports show absolutely 0 evidence of meth in the house. The house is in a great area, great schools, and is priced $25k below market value. We are awfully tempted to make an offer on this and then pay for our own inspection of the house to confirm the meth levels. I'm currently pregnant and we do plan to have more kids. Is this a dumb move?? Should we not even consider this house? [link] [comments]  |
| Do high property taxes on a new construction home eventually lower? Posted: 08 Aug 2020 05:56 PM PDT My wife and I are looking to buy a home. We would like to buy a new construction home, but have learned the property taxes are significantly higher on new construction homes. I believe it's to pay for roads in the new community, etc. which makes sense, but I struggle paying an extra couple hundred dollars a month in taxes. Do property taxes on new construction homes stay high forever? Or do they lower after the builder has covered their costs for building the community? [link] [comments]  |
| Posted: 08 Aug 2020 09:19 PM PDT Hello, I recently inherited a house from my grandpa. It's a very nice house but I have no idea what it's worth. How could I go about getting it appraised and put onto the market? Is it worth paying a real estate agent? [link] [comments]  |
| [MD] looking at a townhouse where you can see part of a double-yellow lane road behind it? Posted: 09 Aug 2020 12:48 AM PDT My husband and I have recently found a really nice townhome in a desirable neighborhood right on the border between Howard county and Baltimore county, and there's only one negative I can find: the townhouse is on a hill with lots of trees, but you can see a portion of a 4 lane road (2 lanes each way) that runs through the river valley below the property. It's about 300ft away from the back end of the property; the front is a cul-de-sac. Outside there was noise, definitely, but nothing that we thought was horrendous, and inside we couldn't hear anything. But then I started reading and hearing that this something that hurts your resale value (which our agent did mention as well) and then other things like how it could expose us to added pollutants and such from vehicles. I really liked this propery and we were discussing putting in an offer tomorrow, but now I'm having doubts. Can anyone give me more insight? With our budget, it seems that we'll always have to make compromises, but I'm wondering if this is maybe something that should be a dealbreaker? [link] [comments]  |
| Posted: 09 Aug 2020 12:20 AM PDT I currently live at home and therefore pay 0 rent. One of my friends is looking to buy a house soon. A duplex or a triplex and rent out the other portions. They're letting me share a room in one of their portions. They asked me to pay a small bit of rent. Although renting is literally just throwing my money into their pocket. I instead offered to pay the full years rent upfront in exchange for a very small percentage of the value of the property they'll eventually purchase. Essentially investing in my friend's purchase and therefore holding equity in it. This way my friend gets a lump sum of cash upfront and I get a tiny amount of money from the investment I've made in their property. Not exactly sure how to work the details of this out. Does this concept make sense? Has anyone else ever done something similar to this? [link] [comments]  |
| Posted: 09 Aug 2020 12:08 AM PDT I just got my real estate license and I was wondering what percentage split should a new agent negotiate to get? [link] [comments]  |
| Window shoppers galore and weary buyers- DFW Posted: 08 Aug 2020 05:39 PM PDT Our home has been on the market since May, we are averaging 5+ showings per week, we've had 2 offers where they both backed out during the option for no good reasons. I am completely exhausted and over it. We live in our home while showing it and because of COVID we're all here all day long. Every showing involves at least 2+ hours of cleaning and packing everything up, then finding a place to kill time in 100 degree weather then coming home and unpacking all of our crap. We've had well over 30 showings and are constantly getting showing requests. We just had our second contract fall through. I'm getting the impression that there are a lot of people out looking at houses and not actually buying. Its pretty clear both of our buyers were either working multiple contracts or not that interested in the first place. 1) anyone else having this experience or have any insight on what's going on in the market? 2) how do we avoid non-serious buyers and all the wasted time on showings and offers that go nowhere? Im at the point where I am almost ready to pull the house off the market, completely change our plans to move and wait this out. [link] [comments]  |
| Any experience with a 1031 exchange? Posted: 08 Aug 2020 11:26 PM PDT Hello r/RealEstate, Been a long time poster and this sub has been so tremendously helpful with making decisions for our real estate portfolio. I am currently in Texas, and have an active portfolio of 11 properties that I have been self-managing up until this past summer due to moving to a different state for a huge career move in the next month. Hence, I hired a property manager and have transitioned most of the properties to be professionally managed (AMA if you need help with this). However, all but one property has been rented. I am in a really hot market, bought the property in 2016 for $65k, put roughly $10k into the deal to fix it up and I have had it rented between $950-$1,100 for the last 3ish years. I am a licensed real estate agent and really strong comps put the deal at $119k, or a $60k-$70k profit (with principal reduction) if I sold this month. Property is under my personal name (sole-proprietorship) and not an LLC. Here is my question and curious about what you all think. Because I am moving to a new state for a job, I am thinking about selling this property in Texas via a 1031 exchange, purchasing a duplex in the new state ($289k purchase price, 4,000 sq.ft significantly larger than current home), and house hacking for the first year while we build our "dream home." The goal would be to rent out the other side of the duplex and live rent-free while the "dream home" is being built and rent out the full-duplex once "dream home" is finished. I would use the 1031 exchange money as the downpayment for the duplex and would look to put it into a 30-year, fixed-rate, conventional loan with 20% down. Here are my questions -
Would love to get your feedback and happy to answer any questions that you might have on what it was like going from self-managing to professional management. Thank you for all of your help! TL/DR - have a home that has appraised significantly in value and want to do a 1031 exchange from Texas to another state to buy a larger + more expensive duplex and live in one side and rent out the other. Is it possible and any suggestions? [link] [comments]  |
| Maintenance cost for townhouse Posted: 08 Aug 2020 04:54 PM PDT Hello, We bought a new townhouse and would like to know what unexpected cost we should be considering and how much cash reserve we should keep. Some background, townhouse is built in 2013, it's in bay area California, so no heavy rains, floods, storms, snow. Also we have not done inspection yet. Do you guys think inspection is necessary since condo is built in 2013. homebuyer[link] [comments]  |
| Do property taxes come down if the purchase price is lower than the tax assessment? Posted: 08 Aug 2020 06:58 PM PDT If I buy house in New Jersey for $75,000 - $100,000 below the tax assessment price (when the comps on the area match the tax assessment price) Would the property taxes come down to match the purchase price once I buy the home? (It's not a foreclosure or anything just a regular sale) [link] [comments]  |
| Posted: 08 Aug 2020 10:06 AM PDT I recently purchased a one bedroom on bathroom condo in downtown Seattle. It came with a large claw foot tub, which is charming but not too practical. There is shared laundry in the building but I would prefer to have laundry in unit which is allowed by the HOA. I am considering removing the bathtub to install a walk in shower with a stacked laundry unit next to it. I am wondering what this would do to the home value. I imagine in unit laundry would add value but removing the tub would make is a 3/4 bathroom so maybe that would hurt. Any thoughts? Also, anyone have a rough ballpark of what the renovation might cost? [link] [comments]  |
| What are the requirements for the first time homebuyers program in CA? Posted: 08 Aug 2020 05:52 PM PDT |
| Commercial Lease application asked for bank statement. I didn't cover account number, is this okay? Posted: 08 Aug 2020 03:34 PM PDT First time leasing commercial space. It's a very small office in a crummy building but it is enough for my needs. I was asked to submit the application form and a bank statement. The application form had a portion that needed to be completed by my bank which had a space asking for my account number. Banks are closed today so I just sent my statement and didn't cover my account number since it's asked for on the form anyway. Is this all normal? I was starting to question if I should've gone the safer route just incase and let them ask for it if they really need it. I did cover my specific transactions. [link] [comments]  |
| rental manager list and delist home what does that mean? Posted: 08 Aug 2020 09:22 PM PDT i've been looking to rent a house emailed the rental manager talked to them arranged to meet with one of her associates to look at the house. the associate never called back but the residents that we're moving out of the home knew about us coming and opened the door for us to look. afterwards i emailed the rental manager which was yesterday and still have no response but the house now says that it's been delisted. i even looked back at the rental history and it shows that the home owner put up the house back in june for 2 days then took it off. then came back again on aug 2 raised the price and delisted it yesterday. would anyone be able to tell me what this means? [link] [comments]  |
| Lender believes rates we’ll keep dropping, suggested not locking (33 days to close) Posted: 08 Aug 2020 07:02 AM PDT Hi all - so my lender has been great so far. Very helpful as a first time homebuyer. I'm seeing a lot of posts here about people locking in their rate. I was given a rate of 2.625% with an APR of 2.67%. Really happy with that. I called my loan officer to ask about locking rates. She said it's free to lock but suggested I wait because she sees rates dropping even more as I get closer to my closing date (9/11). She says it's possible to see a 2.5% rate. She also said she would keep an eye on rates and reach out whenever she thought it would be a good time to lock. Right now I'm trusting her but I wanted to get this sub's thoughts on the pros/cons of waiting to lock right now. According to this page 64% of experts believe rates will keep going down: https://www.google.com/amp/s/www.bankrate.com/mortgages/rate-trends/amp/ [link] [comments]  |
| How's the market in your area? Posted: 08 Aug 2020 08:47 PM PDT I live in Northern Ohio. We've been looking at houses for a couple months now knowing the market is pretty bad right now for buyers. Houses are selling in just several days and often for much higher than the asking price. My agent encourages me to look at houses to determine what I like and see learn what can be wrong as well and she thinks the market will settle down in a couple months. I'm upset because a gorgeous unique house was posted on Thursday. From the pictures and description it was everything I was looking for, including location. I always tour with my agent on Saturdays and we had scheduled to tour it, but as we were on our way there we got a call that the seller accepted an offer. I was pretty upset. I know the market is terrible but I would have at least like to see the house in person. [link] [comments]  |
| Live in NJ what is best resource to quickly find homes that were just listed Posted: 08 Aug 2020 04:56 PM PDT |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment