We don’t want remote close. Real Estate |
- We don’t want remote close.
- Bank says I own a property that doesn’t exist
- Resources to learn more about real estate
- Unable to Share Cost of Fence for Townhouse.. Advice Pls?!
- New Construction
- Will This Market Slow Down?
- Sale of home contingency...run?
- Am I obligated to test for asbestos after tearing up old flooring?
- Would it make sense to sell a condo to buy a house?
- Buyers who are over paying for homes in bidding wars and paying way over comps and appraised value, why are you doing this?
- USDA Loan 6 Months to Find Out if I am Approved??!!??
- Hoping you can check me on what seems like a no-brainer investment
- [Tx] Foundation problems - Question about a structural engineer’s liability
- Is wholesaling possible in Canada?
- Zillow vs Redfin estimates value?
- Is it better to invest in a plot of land and build your own house, buy an old house and renovate it, or just buy a new house?
- [NV] Can anyone explain this tactic?
- A question about the lenders appraisal. See text post.
- Closing Process To-Do List?
- Is this a feasible plan?
- 1.3 μg/100 cm2 of meth detected in potential home we want to buy. Advice?
- Does anybody know we're I can find rescorces on selling Mexican real estate?
- Possible to back out of Exclusive Right to List Contract if errors and go FSBO?
| Posted: 30 Sep 2020 03:20 PM PDT Why We are under contract for a vacation home. We do NOT want to close remotely, we want to do a walkthrough. It is a days drive from our house, and we are fine to do that, but the title company is pushing us to do a remote close. Why, other than COVID would we want that? We are willing to do a contactless close after we walk through. Our title company says don't drive down here, you could be spinning your wheels. Well, I don't want to close without visualization that the property is the way it was on inspection back in June. (The sellers needed a LONG close due to health issues) [link] [comments]  |
| Bank says I own a property that doesn’t exist Posted: 30 Sep 2020 03:05 PM PDT We just closed on the sale of our place and are still 3 weeks out from closing on our purchase. Everything was moving along fine until my mortgage broker asked me to prove that I didn't own a property that the bank was saying I did own. The address was (what I thought at the time) in a huge corner complex of cottages, homes, and apartments that we used to rent one of almost 10 years ago. In an attempt to prove that I didn't own it, I visited the property and spoke with my old manager. The property in question does not exist. The complex covers all of the even numbers from the 4280s up to 4298. There is no 4296. Now I have to prove that I don't own a property that doesn't exist. Any advice? [link] [comments]  |
| Resources to learn more about real estate Posted: 01 Oct 2020 04:43 AM PDT I live in MA. Looking at prices for houses just about anywhere in Mass are insanely high. Feeling discouraged I've thought about relocating down south more where the prices are awesome for very nice houses. My goal is to settle in MA because that's where my whole family is, I'm very close with them. Right now my boyfriend and I live in a 1 bedroom apartment for 1500 a month (not including electric) would it make sense for us to invest in a property down south (thinking North Carolina) and then in a few years sell and look at property up north? Or even keep the property and rent it out? Is that a good idea? I know next to nothing about real estate, what are some good resources to educate myself [link] [comments]  |
| Unable to Share Cost of Fence for Townhouse.. Advice Pls?! Posted: 30 Sep 2020 05:15 PM PDT Hi everyone, I (27F) recently moved into a newbuild townhouse with my boyfriend (30M). Our neighbours, who are retired, talked to me about building a fence to divide our tiny backyard a few months ago, and I wasn't ready to commit to the cost. I kept saying that I needed to look into my options (e.g. having my boyfriend's friends build the fence for a low cost), but they insisted that they needed to place a downpayment fast as there was a long waiting list. Without my direct approval, they went ahead with the downpayment. The backyard can't be more than 30 feet long, but our half of the cost for one side of the fence was over $500. At this point, my contract at work isn't going to be renewed because of COVID, and my boyfriend is still a student, so he isn't able to contribute. They are amazing neighbours, and I feel bad for not being able to contribute. Is it horrible if I explain my situation, say that I am unable to contribute at this time, and express that I hope that I can make it up to them one day? Thank you so much for input! I have just been feeling so guilty about the situation. [link] [comments]  |
| Posted: 01 Oct 2020 02:16 AM PDT Im a real estate agent and have a buyer looking at new construction. I have not worked in new construction before. If you have experience, is there anything specific I need to watch for to protect my client. I know builder contacts are written to protect the builder. Thanks! [link] [comments]  |
| Posted: 30 Sep 2020 08:36 PM PDT I just wanted to a get a general feeling if people think near the holidays and early next year, the buying frenzy will tame down or keep roaring into 2021. Typically this would happen in a normal year, but with kids being homeschooled and there being so much demand, will the slow season be skipped? Is the demand still pent up so much that it will just continue through the New Year? Is anyone seeing it start to slow down in their area? [link] [comments]  |
| Sale of home contingency...run? Posted: 01 Oct 2020 04:44 AM PDT Hello everyone. I put an offer on a home in central Florida and seller countered the offer with a stipulation that they buy a home Of choice in a 45 day to 60 day time frame. My offer was cash And I communicated to the seller realtor that I could be flexible with the closing date. I did not have a buyers realtor. I decided to act quickly because the house met our needs. Any insight would be helpful on this. I know the market is tough right now. How common is this type of stipulation? Is there anything I can do? Thank you [link] [comments]  |
| Am I obligated to test for asbestos after tearing up old flooring? Posted: 30 Sep 2020 10:35 PM PDT I tore up some old vinyl sheet flooring (house was built in 75) and put down laminate about 5 years ago. I removed half the old flooring and left the other half and just laid the laminate over. I never tested it for asbestos, although in hindsight I probably should have but I was a first time homeowner and knew nothing. Now I'm trying to sell the house and wondering if I have to test in order to let the buyers know. If they end up purchasing and there is asbestos, could I be liable for not testing since some could argue that it would have been the reasonable thing to do? I really don't wanna test now because it would mean tearing up some of the laminate floor and to be honest I'm worried it could devalue the house if there turns out to be asbestos. [link] [comments]  |
| Would it make sense to sell a condo to buy a house? Posted: 30 Sep 2020 05:37 PM PDT The house is about 1000 square feet while the condo is about 1400 square feet. The condo has an HOA with dues of about $560 per month while the house has no HOA at all. The house has a different location but both locations are great. The house is currently in old condition which is why it is in the same price range as the condo. After some cosmetic renovations costing about $40,000, the house should be worth more than what it is worth today, making it worth more than the condo. There is a total closing cost of about $35,000 which is what makes me skeptical on whether to do this or not. Would it make sense to sell a condo to buy a house? Thank you so much! [link] [comments]  |
| Posted: 30 Sep 2020 09:55 AM PDT Yes, I know a home is worth what someone will pay for it. Yes, "worth" is probably subjective. But 60k over a 580k list price when every comparable sale shows that even the list price is inflated, after considering home condition? And it appraises at 580k? Why are you giving in to pressure? FOMO? How do you justify that? Do you just have so much money that you don't even care sucking the seller's teats? And this is not just an isolated instance. It's all over the market. [link] [comments]  |
| USDA Loan 6 Months to Find Out if I am Approved??!!?? Posted: 30 Sep 2020 07:33 PM PDT I applied for a section 502 USDA loan. I was advised by the agency that it would be about 6 months to find out if I am approved due to Covid slowdowns. Can that be right? 6 months sounds like a very long time to wait just to see if I am approved for a loan. [link] [comments]  |
| Hoping you can check me on what seems like a no-brainer investment Posted: 30 Sep 2020 03:35 PM PDT Not sure how to sum this up in a TL;DR, so apologies in advance if it's a bit of a ramble. My parents own a large home which sits in the middle of a parcel with 3 lots, where they have lived for 33 years. Recently, they decided to break off one of the lots, use their equity to build a new home on it, and sell the home to my sister. The budget for the project is based on the amount of financing my sister qualified for. My parents will provide a 20% gift of equity downpayment, and are selling the home and property for what otherwise could have been sold for $100,000 - $120,000 more in the current market. My sister is a single mom with two children, and might never have been able to be a homeowner without this assistance. My husband and I recently purchased our first home in the same town by the skin of our teeth. We could only afford 5% down, but felt strongly that it was time to own as rent prices in our area increase beyond mortgage payments. We are happy in our new home, but my parents are apparently riddled with guilt over not helping us in a similar way and have presented us with two options. To me, it seems like either of the options would be a smart move. My husband is very principled and is vehemently against accepting any help from anyone.. I guess I am hoping for some perspective/advice/maybe validation from an investment standpoint. Option 1: They use modest profits from the sale of my sister's home to build another new house on their third lot and sell that to us for the same price with the same gift of equity. Option 2: They build the new house, move into that, and sell us the large one they currently live in for a below-market price with a gift of equity downpayment. Either way, we wouldn't be neighbors forever, as they have another piece of property in a neighboring town where they will build a new home to retire in. Additionally, we have made significant improvements/upgrades to our current home (updated electrical, new deck, master bathroom, etc.) so we stand to potentially sell for much more than we bought for, which would go towards either of the above two options. Meaning we would end up with a much nicer, more valuable home, in a more desirable location, for less financing than we currently have. I feel like selling our current home and taking advantage of one or the other of these options is a no-brainer. Am I off base, here? What would you do, and why? [link] [comments]  |
| [Tx] Foundation problems - Question about a structural engineer’s liability Posted: 30 Sep 2020 09:08 PM PDT I own a home with my wife and have lived there for about 6 years. When we bought it, we were given some documents about foundation repairs that were done, including a structural engineer's report and verification that the work was completed to their standards. They installed ~18 piers along a portion of the exterior of the house that totaled around $9k of work. I also have a warranty on the work performed that was transferred to us. Fast forward and the area of the house they worked on (back living room which was an addition built a while back) is showing cracks in the ground and exterior wall (brick wall). I contacted the foundation company and they said they wouldn't do anything without an engineer's report. So I contacted the same engineer and was wondering if they had any liability for the work. If I have the original report, receipt of work from the foundation company, and verification the work was done from the engineer, is there anything we can do to try and save some money. Side note. I called another foundation company for a quote (just to compare price) and they noted that this back room was built on a patio slab and the piers and just making things worse. He recommended about $20k worth of work. [link] [comments]  |
| Is wholesaling possible in Canada? Posted: 30 Sep 2020 10:32 PM PDT |
| Zillow vs Redfin estimates value? Posted: 30 Sep 2020 10:22 PM PDT There a house I'm looking at that has a 200k variance. 680 vs 880! Lol how can it be so different? [link] [comments]  |
| Posted: 30 Sep 2020 08:09 AM PDT I was thinking about investing in some property overseas and even here in the US. I would like to know which would be a good option especially where I want to invest overseas, now is the good time to purchase or look at property to buy. I thought of purchasing the land and then building it but then I see what they do in HGTV is that they buy a really old property or a run down property and then renovate it. Then where I want to buy property overseas they already have many apartments and houses being built. The only issue with those is that they are not really my style. [link] [comments]  |
| [NV] Can anyone explain this tactic? Posted: 30 Sep 2020 09:57 PM PDT I put an offer (318k) on this house and the next day it went off market and my agent couldnt reach them anymore. I checked zillow and I saw they have been "trying" to sell this house with the same realtor since 2018. Listing it for 323k and lowering it by 1k a month until it reaches 318k and removing and re-listing it back at 323k. I bet it will be back on market for 323k again soon. It seems bizarre to me. Is this a legit tactic to sell or are the owners just really not wanting to sell? [link] [comments]  |
| A question about the lenders appraisal. See text post. Posted: 30 Sep 2020 08:54 PM PDT We (sellers) were supposed to close 10/5 but just got a text today from the lenders bank asking to come out for an appraisal on 10/6. This was after we gave them a one week extension a week ago. Now my real estate agent is saying we have to close on the 15th. So we have to cancel and reschedule EVERYTHING. (Trash, movers, gas, electric, settlement on the new house, etc). Is there anything we can do? [link] [comments]  |
| Posted: 30 Sep 2020 11:04 AM PDT Is there a clear cut list of items and timelines of when I should be doing things as a buyer? I see some flowcharts online, but most of them don't recognize that a lot of tasks are done in parallel and not necessarily a list of serial items. I find my agent to be a bit unhelpful here. They're obviously doing enough to get us through but not giving a clear big picture. For instance, we did some basic rate shopping prior to putting offers in, but in a competitive market it may be weeks if not months until you get an offer accepted. It's worth to refresh rates or even look at new lenders after all the knowledge you've gained over the years. How much time should I leave between when my offer is accepted to when I decide to proceed with a lender? [link] [comments]  |
| Posted: 30 Sep 2020 04:36 PM PDT I'm a 30 year old professional that is looking for the next step in my financial journey. I'm looking at investing in some real estate, but have a lot of questions about the timing, what order I should consider, or if this is something I should put off for a little later down the road. First a little about my financial situation: 1) My salary is about $125,000 annually. I bring home between $5400 and $6000 monthly after taxes and all of my other deductions (insurance, IRA, HSA, etc) 2) I max out an HSA every year, and am contributing to my IRA up to where my employer matches 3) My monthly expenses include: $1700 rent, $800 student loan payment (eligible for public service loan forgiveness in 6 years, payments have been deferred since March), and ~$1500 to pay off my credit card balances that I use to buy everything – totaling $4000 4) Current assets include $40,000 in a savings account and a stock portfolio currently worth $55,000 So here are the options I am considering. In the next year or so, I will likely need to buy a new car. My dream car would cost ~48,000. My alternative to that would cost ~30,000. I'm driving a 15 year old car now and it's only a matter of time before something goes wrong that will cost more to fix than it's worth and ideally I don't want to put any more money into it. I am also considering buying a house. I currently rent, and have 1 year left on my lease, but would hope to buy sometime next spring/summer and move there when this lease is up. I've been very interested in investment real estate and am starting to consider buying a property to flip or to rent out. I have an investment partner that we would split costs and profits 50/50. We're currently looking into duplexes in the range of ~300k. My thought is I could put in 30-35k as my half of a rental duplex. Continue to save and buy a car in the spring. And then cash out my stock holdings and use that as the down payment on my personal house next summer. My original intention with the stocks were to grow a down payment fund, so these are not retirement savings. It is in a taxable account, so I'd like to wait to sell my positions until next spring/summer so they qualify as long term capital gains. Also, I grew up working for an interior construction company, so am very familiar with DIY renovations and have access to all the tools required. Does this plan sound feasible? Should I consider doing this in a different order? Thanks in advance for any advice! [link] [comments]  |
| 1.3 μg/100 cm2 of meth detected in potential home we want to buy. Advice? Posted: 30 Sep 2020 12:28 PM PDT Hey all I'm looking to buy a home in Idaho but am currently living in Utah. We had a meth test done and the results came back with the results of it containing 1.3 μg/100 cm2, thats read as 1.3 micrograms per 100 square centimeters. According to the Utah meth decontamination laws any result above 1.0 μg/100 cm2 is considered contaminated to a level where removal is required (in Utah). But according to that same law anything at the 1.0 or lower is safe for living in. Idaho doesn't seem to have a strict law requiring the removal unless it was used as a meth lab (which as far as I understand produces results of 15+ μg/100 cm2 which is significantly higher. According to this article here: https://www.rnz.co.nz/news/national/306605/don't-panic-over-meth-contamination-scientist it looks like at least one expert recommends that any amount under 10 micrograms would be an amount he'd happily consider living in and to not likely be dangerous to one's health. This house is double the size of my current home and would be a significant upgrade. And theoretically I could owe less than 50k on it after my down-payment. I've seen it recommended that sugar soap can be used to easily clean and lower the contamination levels when they're low like this. And that stuff is only $10 on Amazon for a sizable bag. We could happily scrub everything before moving in. Should I go for the house still or should I run for the hills? I think the price is so affordable probably due to this seemingly minor contamination everything else on the inspection passed as safe and livable. Help a second time homebuyer out please? [link] [comments]  |
| Does anybody know we're I can find rescorces on selling Mexican real estate? Posted: 30 Sep 2020 07:30 PM PDT My family owns a real estate holding company in Mexico that is extremely mismanaged. I've been asked to help in the coming years but I have little to no knowledge about real estate or even Mexican laws. The two family members managing right now are willing to help me get set up but being as things are not going well now I want to seek additional outside help. I've spoken with some family members about liquidating the real estate in Mexico and moving to investments in the US. As far as I can see everybody seems on board but I honestly do not know we're to begin. The holdings are 10 residential units in Jalisco, Mexico with 3 already being in the US. My goal would to make a plan to sell the units in Mexico and safely move the money to a US bank account. Of course this would be after covid. [link] [comments]  |
| Possible to back out of Exclusive Right to List Contract if errors and go FSBO? Posted: 30 Sep 2020 07:19 PM PDT We signed an Exclusive Right to List contract with a realtor 2 months ago, but he said we had to do some repairs before putting the house for sale. He found us a handyman but he took over a month to do a few (poorly done) repairs. By coincidence, an interested couple wants to buy our house, and they are even representing themselves. We've even agreed on a price and they've showed lender assurance. They want to submit an offer, and then we'd go over the contract with a real estate lawyer. The term of the signed Exclusive Right to List contract was filled out incorrectly--it has the end of the term being Jan 2020, instead of Jan 2021 (and no start date). Since the term of the contract is wrong, does that void the whole contract? Would we be to back out to pursue this offer? Hopefully this isn't too convoluted. Appreciate any and all advice! [link] [comments]  |
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