Buying a modern townhouse vs a single family home with yard Real Estate |
- Buying a modern townhouse vs a single family home with yard
- I have such intense anxiety over putting an offer on a house and feel like I'll never be able to
- Renting to voucher/Section 8 tenants?
- I have an accepted offer on a conventional contract but the house appears to be uninsurable.
- Twice refinanced, then paid off: the chain of deeds of trust, reconveyance
- My attorney won't order survey until we have a firm loan commitment. Is this typical procedure?
- Question: How much money saved up a month is enough?
- Should we waive contingencies?
- Move out date?
- Possible to scam the reverse mortgage lender?
- Subleasing our apartment and letting the leasee keep our security deposit (Iowa)
- We signed the final contract Friday for our first house! It’s under attorney review but we noticed that not only is it still listed for sale online but also they’ve increased the price by 50k! Should we be worried?
- Paying someone cash to walk away from a contract?
- Additions built-on without a permit
- Realtor not really doing much...
- Chances this build would stay under $175k? Awesome modern A-frame cabin.
- We're closing on a new construction home with appliances in... Is there anything we can do at this point to return or swap out one of them?
- Paying for Additional Home Inspection?
- About to interview a few realtors for buying a house. What questions should we ask and what things should we look for in a realtor?
- Buy single now or wait until married?
- Under contract now buyers want out?
- [PA] Closing in 10 days and the seller's agent isn't responding to any messages is this normal?
- I overpaid for my condo by at least 60-75k
- Tax Ideas for Year End Purchase
| Buying a modern townhouse vs a single family home with yard Posted: 29 Nov 2020 09:25 PM PST First time buying a house in denver. Looking to be closer to the city and torn between a new town house which seem to be more available and less expensive compared to an older house which has a yard. Pros and cons? [link] [comments]  |
| I have such intense anxiety over putting an offer on a house and feel like I'll never be able to Posted: 29 Nov 2020 07:49 PM PST My husband and I have enough money to put 20% down now and have been looking since September. The market is very slow here right now (midwest). I'm very picky and the few times we have found a house we love, when we put in the offer I have the most intense anxiety over it. I do not feel excited in any way... I have anxiety about the home having things that cost too much down the line, about moving, not loving it as much as where we rent (same city). Today we saw a house that was nearly perfect, AND at a much more affordable price than most houses. I got so anxious when my realtor sent the documents I couldn't get myself to sign it. It is literally 2 blocks from my "dream area" and that made me think I need to wait until something pops up there. I also worry what if house prices go down in a few months and I bought a house for too much? I worry over everything... I guess I'm just venting .. I feel like I'm being ridiculous but I legit feel so nervous over this. Edit: I just want to say a big thank you to everyone who has commented offering advice! It makes me feel better to know that other people feel the same way and I'm taking all of your advice to heart and going to work on what is causing me anxiety. I'm still open to any suggestions but I just wanted to say thank you now! [link] [comments]  |
| Renting to voucher/Section 8 tenants? Posted: 29 Nov 2020 01:50 PM PST Hi All, I have been on the fence on this subject and wanted to see if others have any experience in renting to voucher/section 8 tenants. I own multiple single family and multi family properties in the DC, Maryland, Virginia area but have never rented to Voucher/Section 8 tenants. To those who have rented to these tenants what has your experience been like? - What challenges have you faced with voucher tenants? - What should I focus on when going through their applications? Background/credit check, I know they won't have a great credit score/credit history - Have you faced any legal issues with these tenants? - What types of issues (day to day or repairs) come up for these tenants? - Have any trashed your property or caused property damage? - Have there been any eviction or squatter issues? - If you could improve something with your processes in renting to voucher tenants what would you improve? What would you differently with a new voucher tenant that you missed in the past? Would love to hear what others have experienced. [link] [comments]  |
| I have an accepted offer on a conventional contract but the house appears to be uninsurable. Posted: 29 Nov 2020 10:59 PM PST I found a great house in the perfect location. They were accepting cash or conventional offers. I made an offer of exactly what they were asking for and not asking for any closing costs. After an inspection, I ran into some issues that worried about my ability to close. The first issue was the permits for the roof were back in 96. While the roof didn't appear to be that old, we had to ask the seller for documentation proving the roof age. They got documents stating the roof was replaced 6 years ago. Great. An inspection of the house showed cloth wiring (it does have a 200amp box and circuit breakers though). I know this limits insurance options, but cloth wiring doesn't completely rule you out. What does rule you out, however, is an open-ground. The house has 3 prong GFCI outlets, but they are not grounded. The inspection report also showed galvanized pipes. It was noted there were no signs of present or past leaks and water pressure was great, but this worried me as well. Essentially, I'm looking at an uninsurable house, which causes issues for financing. All of these issues being noted probably sound like a nightmare, but truth be told the house is everything I want issues aside. Concrete block on a concrete pad, relatively new roof, and the location is unbelievable. And to top it off, the house is well below my borrowing power while also being small. Repiping the house isn't a huge concern cost-wise, I know it won't be cheap, but there are only two sinks, a toilet, and a bathtub in the house and they're all in a straight shot only separated by one wall. The house is only 1075 heated/cooled sqft so I'm not worried about paying for a rewire asap either. I can definitely finance them after closing and have no debt issues in my personal finances. Is my only option from here to ask the seller to get the house to an insurable state or walk away? My only other question is, who's at fault here? Before inspections, I was only anticipating having to negotiate or flat-out pay for new windows before closing, but these are big ticket items. [link] [comments]  |
| Twice refinanced, then paid off: the chain of deeds of trust, reconveyance Posted: 29 Nov 2020 10:40 PM PST I went through my homebuying archive recently and realized that I may be missing some of the relevant deeds. I bought my house in the state of Oregon, refinanced it twice, followed by paying it off. I would like to reconstruct the entire chain of deeds that I'm supposed to have, and obtain anything I'm missng. I do have the following documents:
My questions are: 1. Given that I refinanced twice, am I correct to expect to have another Deed of Trust and another STDoR? I think so because I believe the chain of deeds should be: Deed of Trust for the original lender A -> STDoR from lender A to lender B -> Deed of Trust #2 for lender B -> STDoR from B to C -> Deed of Trust #3 for lender C -> STDoR from C to me. 2. If I am indeed missing the 2 deeds in the middle of the chain, what's the best way to go about obtaining them? I can easily obtain any document from the county recorder's office provided I give them the instrument number. Problem is, if I'm missing 2 middle links in the chain I don't know that instrument number. (If I were missing, say, just one Deed of Trust, I could take its instrument number form the subsequent STDoR). Thank you! [link] [comments]  |
| My attorney won't order survey until we have a firm loan commitment. Is this typical procedure? Posted: 30 Nov 2020 06:49 AM PST b/c my lender is telling me that will delay closing. [link] [comments]  |
| Question: How much money saved up a month is enough? Posted: 30 Nov 2020 06:37 AM PST I live in NC and am looking into transitioning into real estate and investments since things are looking sketchy at work due to an on going workers comp case. I have a few properties that are being rented out and some money invested from my parents 401ks after they passed. I have made a spreadsheet that I have set up to account for all my bills, property tax, income tax, ext to give me an idea of what I could potentially net at the end of the year. As it stands, I am potentially looking at being able to save 1000 a month. I already have an emergency fund set up and plan to use the money from my settlement to cover emergencies for my properties. I am lucky enough to not have a mortgage or car payment either. My question is for those of you with experience in this, especially in NC, with the current state of the economy, would you consider 1000 a month good enough, or should I look for more ways to pad that? [link] [comments]  |
| Should we waive contingencies? Posted: 30 Nov 2020 06:29 AM PST We're preparing to make an offer on a condo/townhome in San Francisco and our realtor team is advising us to waive our contingencies (finance, inspection and appraisal) due to the fact that our financing is secure, they believe the property to be selling below appraised value and there was an inspection report included in the disclosures that was "very clean." My husband and I are considering keeping the finance and inspection contingencies just for peace of mind. What should we do Reddit? [link] [comments]  |
| Posted: 30 Nov 2020 05:59 AM PST 1st time seller (IL) here. We will be moving to MA due to a job change, but want to continue to live in the house ideally until end of June. Will this hurt us in selling? We'll start looking seriously (possibly bidding) in MA in May or so, because houses where we are looking are currently selling in less than a week. We'd love to have a contract (know the house is sold) before looking in MA. Will buyers be turned off if we list the house now but don't want to move until June? [link] [comments]  |
| Possible to scam the reverse mortgage lender? Posted: 30 Nov 2020 05:48 AM PST Question for all you smarty pants's on here My retired dad wants to get a reverse mortgage on his property that would be equal to about 50% of the equity currently in it, at some point it's possible that the loan compounds and becomes greater than the value of the property, so if I wanted to keep the house I'd have to pay more potentially than the house is worth. My choices are to leave them the keys and walk away, or sell it myself and try to settle with them for market price. So the question becomes, how does the lender protect themselves if I sell the property to a 3rd party to sell at a much lower price than market value to settle the loan, after which they just sell it back to me. It would be a non-HECM jumbo loan so the terms are a bit different, but the broker said the lender doesn't control the title so I would be able to dispose of the property myself. I'm sure there's fine print somewhere pertaining to this but would be nice to know if there's a loophole there [link] [comments]  |
| Subleasing our apartment and letting the leasee keep our security deposit (Iowa) Posted: 30 Nov 2020 05:34 AM PST We have someone taking over our lease due to us moving into a house. We let them keep our security deposit of $500. [link] [comments]  |
| Posted: 29 Nov 2020 10:45 AM PST We offered 65k over asking (very low listing price, I assume to attract a bidding war). They accepted our offer on Thanksgiving, we signed the final contract Friday, and now on Zillow & Realtor.com, it's showing the price increased yesterday by 50k (still lower than our accepted offer). We flagged to our realtor who is waiting to hear from the seller's agent but I've panicking. Should we be worried? [link] [comments]  |
| Paying someone cash to walk away from a contract? Posted: 29 Nov 2020 04:19 PM PST I'm interested in a "new construction" condo, but they already have contracts that will close in February. One person is purchasing several for the purpose of reselling immediately with a 20% margin via a reassigning of his contracts. To my understanding, he'd have to pay capital gains tax on that transaction. Would it be possible to give this person cash as a gift for walking away from the deal to save me some money and him some capital gains tax? This would be my first real estate purchase, so I'm not well-versed in these areas. [link] [comments]  |
| Additions built-on without a permit Posted: 29 Nov 2020 04:33 PM PST Hi, I'm about to purchase a home with additions the previous owner added (converted garage to room with hvac and built sunroom attached to that) I looked up county permits for additional improvements on this address and the latest permits it shows are for the pool and electrical work, but I don't see anything about these additions. Are additions that are not permitted included in the livable square footage of the home? Overall is this something I should be worried about? Thanks for your time! [link] [comments]  |
| Realtor not really doing much... Posted: 29 Nov 2020 12:17 PM PST Second time buying a home. Spouse and I hired a realtor from a referral. She has "30+ years" experience. However, I'm having trouble seeing her value. - Almost all of the houses we've seen so far (it's been about 2 months) have been ones that we have found. We have automatic alerts through Zillow and pretty much look within hours of a new listing. - All she seems to have done so far is scheduling and opening doors to houses. She walks around with us and sometimes gives a comment or two about how she likes this or that... - I asked her earlier on whether or not she would be open to negotiating the 3% rate (that she gets if we buy a house), and she got a bit stern with me saying that "that's just not done". However, I'm reading now about cashback realtors and have friends that have used agents only after finding a house and only having to pay 1-1.5%. The problem I have is that we are looking at houses potentially at 1M price range, and it frustrates me knowing that she will be getting 30K+ for the transaction when we are the ones finding houses. That's tens of thousands of dollars that could be used to negotiate the price down. What happens if I am the one that finds that house? It doesn't seem fair that she gets 3% to broker the transaction. Also, why is it percentage based instead of flat rate? Doesn't seem like my realtor is working any harder than the previous realtor I had when I bought my previous house at half the price. Is the work twice as much for a double expensive house? Here's why I'm making this post - I feel like I MUST be missing something. Is her value going to come later? In negotiation? Is there anything that will make her better than another agent that will take less %? Someone I know told me that once you find a house you can just hire a lawyer to do the paperwork (since you have to hire a lawyer anyway) so realtor maybe isn't really saving anything there. I know my post is written cynical but trying to honestly understand what I'm missing. [link] [comments]  |
| Chances this build would stay under $175k? Awesome modern A-frame cabin. Posted: 29 Nov 2020 09:37 PM PST cabin here >> https://www.airbnb.com/rooms/44195397?source_impression_id=p3_1606713033_WbxeEei%2BG0tSehT5 DESIGN DETAILS
Let's say the land purchase price was $35k.... any shot this build is staying under $175k after all permits and materials/building costs ? [link] [comments]  |
| Posted: 29 Nov 2020 05:13 PM PST When we were making our selections, we got the "upgraded" kitchen package, which comes with the worst-reviewed wall oven on Consumer Reports. :( For a few-hundred extra, we could have had a pretty good oven from the same manufacturer. When we wanted an induction cooktop over electric, as long as it was through their manufacturer, we could upgrade the difference. My husband thinks there's absolutely nothing we can do about it at this point, but is that true? Can we return the oven to the manufacturer or do anything else? The problem is we're supposed to settle by the end of December, so with everything backordered, I don't know if they could do anything in time... [link] [comments]  |
| Paying for Additional Home Inspection? Posted: 30 Nov 2020 12:30 AM PST The home inspection was done on the home we offered on a few days ago. I was present for the home inspection, but didn't have too many questions as I am first time buyer. He reported some minor deficiencies nothing major. Now I am feeling that he didn't do that thorough of a job. He didn't go into the attic he just looked inside and took some photos (maybe there wasn't space?), he didn't go on the roof just did a visual inspection(my fault didn't read the contract throughly). He sounded knowledgeable but I don't fit feeling I guess. Of course I maybe be over thinking it as well as the house is newish built in 2012. So going back on topic, is it dumb to hire another inspector to do another inspection( is it allowed?) or maybe hire this new inspector to do his inspection after the sellers deals with issues from the first inspectors report? [link] [comments]  |
| Posted: 29 Nov 2020 11:49 PM PST I love this thread! Thank you to everyone who shares their experience and wisdom. It's so helpful. [link] [comments]  |
| Buy single now or wait until married? Posted: 29 Nov 2020 11:39 AM PST Which scenario is better, A or B? A. I got pre-approved for a $100K mortgage now with my sister as a cosigner and her gifting me $10K for the down payment. She wouldn't be living with me, she's just helping me out financially. I could buy an OK house now as a single person. OR B. Marry my fiancé in the next year. He can work and save and file a 2021 tax return. Try again to buy a house in 2022 with both of us. He has good credit and can save a lot since he is living with his parents to take care of his Parkinson father. We could qualify for $150-$200K mortgage and buy a nicer house in our neighborhood. I heard married people pay less in taxes, is this true? [link] [comments]  |
| Under contract now buyers want out? Posted: 29 Nov 2020 11:28 PM PST List agent here. Have a signed binder or sale (contract) for a listing with 1% deposit, cash offer pending an inspection (one year old house inspection will be clean). This was signed last week. Now buyers decide that house is too close to highway and want to walk away. Are they allowed to cancel contract for a non contingent reason? If so I'm assuming they forfeit earnest deposit right? [link] [comments]  |
| [PA] Closing in 10 days and the seller's agent isn't responding to any messages is this normal? Posted: 29 Nov 2020 02:57 PM PST Wanted to get everyone's thoughts here. I put in an offer on a competitive home and beat out 8+ other offers. The owner that lives there is in her 90s so we have to work with her agent which is a friend of the family for everything. This whole process has been an ordeal.
I feel like she's been against us since the very beginning. When we we first saw the place, she brought a developer she knew to the showing time and well his offer wasn't picked. My agent thinks this is very weird and says it's like she trying to make us walk away from the property. I've been making sure I'm doing everything right on my end. Responding to and sending the documents my lender and underwriter are requesting. They said the house is pretty much mine at this point. The seller could back out but I can force them to sell. I'm concerned that I haven't seen the inside of the home for almost a month now and that she won't respond to our messages about the final walkthrough. Is there anything I can do in this situation? [link] [comments]  |
| I overpaid for my condo by at least 60-75k Posted: 29 Nov 2020 04:26 AM PST I am young, and it was my first time buying a home. The asking price was normal (524k), my offer was over the top. I came into the office knowing what my offer would be (550k). Then the agents told me the day before, another condo similar to mine, sold for 100k above asking price. Their logic was that I should follow that trend, or I won't get the condo. He assured me that in the following months, the prices would only go up as so. So I stupidly ended up offering (620k) I hesitated, but I was excited to just get this done with. Because up until that point, all the condos I've seen seemed the same. I got a call back from them saying that there is a bidding war. Asked me to put in an extra 10k. Again, I hesitated and said no... But they said I was making a mistake and that I was going to lose the condo. He starting talking really fast and was frantic for me to make an offer now, and would only give me a few mins to decide. They had seem professional up until offering day.... I called back and said.. ok 5k more... And of course I "won" the bid at 625k its been 6 months, and I keep checking back at this "trend" he said was happening. All I see is people buying bigger units in the same building for the same price as me. And units that are exactly like mine, are sold for about 575k. I'm sad that I trust the agents so much. And a part of me is even more sad because my gut instincts KNEW. I can't even afford the condo really. I don't know where my head was Anyone else went through what I did? [link] [comments]  |
| Tax Ideas for Year End Purchase Posted: 29 Nov 2020 01:47 PM PST Closing on commercial property Friday. Any suggestions for tax strategies before year end? My accountant is terrible so I have to figure these things out myself. [link] [comments]  |
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