As a first time home buyer I learned the real estate business is cut throat. Real Estate |
- As a first time home buyer I learned the real estate business is cut throat.
- Non-conforming bedrooms not mentioned in listing
- Potential fraud by buyer... (personal property)
- Realestate agreement contract question
- Will I upset my buying agent if I get a 2nd home inspection?
- Seller has a ton of firewood stored in the basement...
- When do you decide to move on to a different RE broker?
- Why do lenders approve mortgages ending up with buyers as "house poor?"
- New to buying a home, and found a new listing I'm very interested in. What is the etiquette for contacting the homeowner (or their agent) if I have a Realtor that I'll be using. I will ask my Realtor, but I'm asking here first lol
- Is Contingent to Sell a good Choice?
- Crazy Overpriced Houses and Stubborn Sellers...
- Take 401K Loan to meet 20% down or pay PMI?
- $440k mortgage for condo with interest rate of 3.12% .
- Clarification on Deeded Easements
- Advice on property near train tracks
- Is there any website that I can use to estimate what an appraisal will come in at besides Zillow?
- Anyone have experience with any property tax payment plans? ( Or MyTax Illinois specifically)
- Gift of Equity Transfer Sale Loan
- Paying Mortgage Insurance lump sum?
- Seller Disclosure Mentioned Repairs To 2nd Floor Water Leaks That Were Fixed / Remediated.. But I’m Still Worried??
- Square Footage for Unheated Rooms?
- Paying off the remaining balance of a relatives house to assume ownership? (KY)
- How early is too early to ask a real estate agent for a consultation?
- Sources for raw land listings aside from the major websites.
| As a first time home buyer I learned the real estate business is cut throat. Posted: 31 Oct 2020 07:22 PM PDT After looking for months for a home (in Texas without an agent). I finally found a house that I liked (outside my original search). Knowing all my documents are in order and I have really good credit, I applied for a loan. The next day I was preapproved and figured the seller's agent would have the most information about the property and they'd love to be the agent for the buyer and seller because they make twice the commission. This is where I messed up. The agent was very kind and answered all my questions but kept trying to tell me about all the other great properties she could show me and kept implying that the property hadn't sold because the seller was asking too much. I told the agent I was willing to pay the asking price if the seller would be willing to pay the closing cost and her reply was they already had a similar offer that they declined. She said "lets meet tomorrow after noon so you can see the property, you shouldn't make an offer without seeing it first." An hour before I was suppose to meet her at the property she sends me a text "The house at ******* just went under contract, I will send you other properties in the area that are available." Now I know the reason she kept pushing me to other properties, she had a deal close to being done and another buyer making an offer would have messed it up. [link] [comments]  |
| Non-conforming bedrooms not mentioned in listing Posted: 31 Oct 2020 06:56 PM PDT I'm a first time home buyer and I am under contract for a house. The house is listed as a 4 bedroom, 3 bath house. However, I just went through inspection and the inspector made it clear to me that the two basement bedrooms are non-conforming due to the windows not being egress windows (too high off the ground and small). I am confused that they are able to list the house as 4 bedroom. Nothing I have seen in the listing and nothing that my realtor has provided me up to this point has called out the bedrooms as non-conforming. I spoke to my realtor and she told me that it was in the listing that they are non-conforming, but I'm currently waiting for her to provide proof of that. Has anyone been through a similar experience either from a buyer or seller perspective. What are the rules around listing non-conforming bedrooms in listings? [link] [comments]  |
| Potential fraud by buyer... (personal property) Posted: 31 Oct 2020 10:49 AM PDT I'm selling an investment property to a real estate investor in my small town. We signed a contract to sell the house for $270,000 a few months back and the contract is set to close on Monday. Now, we get a settlement statement this morning in advance of Monday's closing that has the contract sales price of $230,000 with $40,000 in personal property. Obviously, we did not agree to these terms to begin with and it feels like tax fraud to me. FWIW, this is a cash sale. The house doesn't have "personal property" aside from a few low-value items (maybe $3k). Can anyone provide guidance. Is this normal? [link] [comments]  |
| Realestate agreement contract question Posted: 31 Oct 2020 08:35 PM PDT Without getting into crazy details, my agent is not working out and I have had to do a ton of my own work/corrections to promote/sell the house. I am now under contract. My question is if the sale were to fall through, could the following contract error release me from the contract? (Dates changed but still chronologically relevant) After reviewing my contract that I signed and dated on 8/1/20, it states that I am under contract with my agent through 2/1/20. It is clearly a mistake, and the contract should have stated 2/1/21, but like many, many, many other things, it is a clerical over-site. Hopefully the sale goes through, and I can just walk away. I am just really pissed off at the amount of work I had to remedy on behalf of my agent. I do not feel that they have had my best interest in mind and are more concerned with closing than anything else. Any input would be greatly appreciated and if a crosspost to r/legal would make more sense, please let me know. [link] [comments]  |
| Will I upset my buying agent if I get a 2nd home inspection? Posted: 01 Nov 2020 02:50 AM PST Buying a $1.8M home. Although I do trust my agent, I have my general doubts about the agent / inspector relationship and the conflict of interest there. While my agent is lining up an inspection with "her guy", am I able to get a 3rd party inspector to do a 2nd report simultaneously? [link] [comments]  |
| Seller has a ton of firewood stored in the basement... Posted: 01 Nov 2020 02:37 AM PST our inspector told us he should remove that before we buy. is that something you'd agree with? would you want it moved before you closed or would you move it yourself? [link] [comments]  |
| When do you decide to move on to a different RE broker? Posted: 01 Nov 2020 02:09 AM PST Listed my house two months ago. Priced competitively (price suggested by broker and consistent with assessment and recent appraisal), active market, excellent condition. While I didn't expect it to sell right away, I had expected a bit more action than I've seen (four potential buyers who came back more than once). My frustration is the sheer lack of communication from the broker. I can hear nothing from her a week or two after a showing, and then only when I initiate. Is this usual , or is it time to move on and select a different broker? [link] [comments]  |
| Why do lenders approve mortgages ending up with buyers as "house poor?" Posted: 31 Oct 2020 10:20 PM PDT Just wondering why you hear so much about people being house poor. Don't underwriters use the 28/36 principle in order to make sure mortgage applicants can afford their home? I can imagine there's scenarios where buyers suddenly have a financial situation (losing a job or hours) and that puts them in a tight spot with housing costs. However I've heard of people actually buying houses and immediately ending up in this situation of more than 28% of their income going towards their mortgage. Is there some other situation why this happens? Are buyers actually approved for mortgages despite this? Really curious because we applied for a mortgage, and I think our housing costs will be tight (a little above 28%). Thanks! [link] [comments]  |
| Posted: 01 Nov 2020 01:38 AM PDT Its all in the titlegore. Just wondering how this all works. I assume I just start by talking to my Realtor about the property, but I want a better understanding of how this generally works before I do... Since it's 2 am anyways lol [link] [comments]  |
| Is Contingent to Sell a good Choice? Posted: 31 Oct 2020 10:54 PM PDT My husband and I are quickly growing out of our starter home. We have 2 young kids and we are trying to move. The market is insane. Some houses gone within a day or two. There are not many houses that fit our wants (3+ bedrooms, a yard, and 1.5 or + bathrooms). All of which I don't think are unreasonable at a price point of $350,000 or less in rural PA. Anyway, we haven't sold our house. We are afraid it will go quickly and we will be homeless. We also can't get anyone to accept offers at asking or above due to a contingency. Our relator friend mentioned contingent to sell. Our actual realtor told us absolutely no way because the seller might be out a few hundred dollars if we back out. Everything I read online seems to go both ways. It's okay or it's a horrible idea. We chose to list our house this Friday. Is this something we should reconsider? Will it have a massive effect on the sale of our home? [link] [comments]  |
| Crazy Overpriced Houses and Stubborn Sellers... Posted: 31 Oct 2020 03:16 PM PDT There is a house I would love to buy, in an older neighborhood where the houses usually sell for $170k-$190k. This one would be a fixer-upper for sure, very outdated and in need of some big repairs, but it has the potential and location my wife and I have been looking for. But... the seller's priced it at $220k, which is at least $40k more than it's worth. And even though it's been on the market for a solid year now, they refuse to budge on price, because "it appraised for $199k, and that wasn't counting the outbuildings (aka two cheap run-down garden sheds)." They've had it listed with three different realtors in the last year, surely one of them would have mentioned how overpriced the house is? In the last year, the houses on either side of it both sold for $170k. No one but us would ever pay more than 180k for it, but we are so tired of the house hunting process we went all the up to a $190k offer knowing full-and-well that we were over paying. They just responded that they were "insulted by our low offer". No one is living in it, it's not a flip house because nothing has been updated; our best guess is that the sellers inherited it. It last sold for $72k. Maybe I'm missing something, but I think the sellers are delusional. [link] [comments]  |
| Take 401K Loan to meet 20% down or pay PMI? Posted: 31 Oct 2020 09:36 PM PDT We are short by approx 40K (on a 750K home) to meet the 20% down requirement. We were thinking to put much as we can as down payment and then pay more than EMI every month to bridge the gap (to avoid paying PMI for a long time). However, couple of my friends recommended that we can get a 401K loan to put 20% down. Then use the money saved on PMI plus the "over the EMI" we were planning to quickly pay off the 401K loan. I understand that the 401K loan comes at a higher interest rate than mortgage. However, does it make sense to pay high interest rate for a while so we can avoid PMI and get a slightly better interest rate on 30 year mortgage? Thanks. Edit: PMI should be paid until 22-24% (depending on lender) of the loan is repaid. [link] [comments]  |
| $440k mortgage for condo with interest rate of 3.12% . Posted: 31 Oct 2020 09:26 PM PDT Does this rate sound right? I am told mortgage for condo is higher than a single family house. [link] [comments]  |
| Clarification on Deeded Easements Posted: 31 Oct 2020 05:33 PM PDT Greetings all. As I understand it, a deeded easement is an isolated property that is accessed via a separate lot by means of a formal legal(?) agreement with the other property owner, so that you can access your own property as needed. Thanks in advance for any help. Stay Sppoky! [link] [comments]  |
| Advice on property near train tracks Posted: 31 Oct 2020 01:28 PM PDT We're first time home buyers and found a great place that's next to train tracks. While I don't care about noise personally, it might impact our resale value down the road. The property has been on the market at least 3 times longer than others in the area and hasn't received a single offer. I've suggested to our agent that I'd like to offer 20% below asking with very fast closing, making the list-sale price ratio similar to other homes that've sold in the past 2 years in the same community. Should I consider a different agent if mine is refusing to put in our offer? Or does it not make sense to prove in the impact of trains on resale value? [link] [comments]  |
| Is there any website that I can use to estimate what an appraisal will come in at besides Zillow? Posted: 31 Oct 2020 08:20 PM PDT |
| Anyone have experience with any property tax payment plans? ( Or MyTax Illinois specifically) Posted: 31 Oct 2020 11:12 AM PDT First off, I will make them (edit: my parents) apply ASAP but I was just wondering if anyone has had experience with these types of government payment plans and how late one can apply into delinquency. (It says delinquent people can apply) I read the typical plan is 12 months. I'm wondering if that would be shortened now that they're already quite late. It's for 2019 taxes and in Illinois but I wonder if other states had a similar program to MyTax. Maybe there's no way to find out for sure other than to sit and wait. Thanks for any help that can be provided. [link] [comments]  |
| Gift of Equity Transfer Sale Loan Posted: 31 Oct 2020 08:36 AM PDT Hey all, so I'm trying to buy a home from my parents for around $500k even though the house is valued around $1M. They will be doing a gift of equity transfer for the 20% down. My question is, will any lender give a loan for this type of sale? Also, are there any tax or property tax issues with such a difference in sale fair vs market value? I'm in California if that helps in any way. [link] [comments]  |
| Paying Mortgage Insurance lump sum? Posted: 31 Oct 2020 03:39 PM PDT Hi all. Is it a good idea to pay PMI as a lump sum in advance? It seems I could save some money and reduce my monthly payment. [link] [comments]  |
| Posted: 31 Oct 2020 06:56 PM PDT Closing in in 1 week and the seller disclosures mentioned 2 water leaks on the 2nd floor that left stains on 1st floor kitchen ceiling.. the first being a toilet Leak that was replaced with receipts provided, the second being the 2nd floor washer water line leak (inside the wall) that was fixed, remediated, and baseboard replaced but seller supposedly can't find receipts. We had an inspection done, and the inspector used his moisture detector on the ceiling and couldn't find any moisture anywhere, but did note that there seems to be potential cover ups for prior moisture damage on 2nd floor. He wasn't able to fully inspect the upstairs laundry room as the washer and dryer were blocking the wall with the plumbing. I can't tell if this is "inspector speak" or not. If no moisture was detected , should I be fine? Perhaps the paranoia is kicking in, but im worried about having a massive leak / mold issue on the 2nd floor the first month of moving in.. [link] [comments]  |
| Square Footage for Unheated Rooms? Posted: 31 Oct 2020 06:44 PM PDT When calculating square footage, do you include rooms that lack vents/base boards? [link] [comments]  |
| Paying off the remaining balance of a relatives house to assume ownership? (KY) Posted: 31 Oct 2020 06:38 PM PDT Me and my girlfriend are looking to move out soon. My sister got a new job and me and her have been talking back and forth about me and my girlfriend paying them per month for their mortgage payment. However, my sister and her husband plans have changed and they are now wanting to sell their home and pocket $50-$70K and use that to buy a plot of land and use to start building a house. My question is, if they owe $70K on the existing mortgage instead of putting it up for sale is there a legal way for me to pay the $70K to them to pay off the mortgage and assume ownership of the home? [link] [comments]  |
| How early is too early to ask a real estate agent for a consultation? Posted: 31 Oct 2020 08:54 AM PDT I'm thinking about selling my house in the next 6-12 months and as I start to prep for it, I've been thinking about reaching out to potential listing agents just to get ballparks and to ask them about recommendations for things to do in the house before listing it (or things I'm thinking about but shouldn't bother spending money on). I've got a small handful of projects I'd thought about doing this fall/winter, like painting or tearing up carpeting and refinishing the hardwood floors under it, but would probably just skip and save the time/money if an agent said it wasn't worth it. Given my time frame, though, how early is too early to start reaching out to potential agents? [link] [comments]  |
| Sources for raw land listings aside from the major websites. Posted: 31 Oct 2020 06:35 PM PDT Hi all. Are there public listings of land for sale, rather than using sites like zillow, realtor, etc...? If so, are there similar sorts of listings for auction/foreclosed properties, as well? Thanks. [link] [comments]  |
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