Closing happened today but now seller refuses to hand over keys until monday because he wants funds to clear Real Estate |
- Closing happened today but now seller refuses to hand over keys until monday because he wants funds to clear
- Basement Leak and Foundation Issues 1 week after closing.
- Building a new home. Lender forcing us to put house up for sale now (house will be done in July) if we are contingent on the sale. Any other options here?
- Investors of class C multi-family RE. What pieces of advice would you give for aspiring investors?
- Confused about my offer
- Has anyone been happy with their flipped house?
- Change in income and moving money around
- Noise in a Multi Family
- Earnest Deposit Will Lower the Balance of my Account Below What it Was for Pre-Approval
- Cost - Custom vs Blueprint Home
- Finally got an offer accepted - feeling anxiety, cold feet, doubt etc
- Using AI to find Rental Properties?
- Is my co-op required to send me their financials every month? NYC
- Full-time Loan Officer with a mortgage lender, and interested in also becoming a part-time Realtor. First of all, is this legal in CA? And second of all, is this overly ambitious/inefficient or a worthy endeavor?
- Backing out of an accepted offer.
- Can I buy just my unit in a duplex?
- Post-Build Container Home Valuation
- Home inspection found no grounding on most outlets - big deal? (Full report coming soon)
- Career Advice
- If I put 10% and throw in another 10% a few months later, can I drop PMI and will my monthly principal change?
- Real estate Express
- Real estate class Florida
- [NYC] What should I offer on a new development in Brooklyn?
- How much to risk on dream home with unknown issues?
| Posted: 27 Nov 2020 03:37 PM PST My sister just closed on her first home with her husband and the seller has been nothing but an annoying party just delaying everything. Finally closing was scheduled to this coming monday and then he insisted in moving it to today, which sounded great because then we had all weekend to help her move in. Closing was done today at 5pm after delaying it from 12pm. After that the seller refuses to hand over the keys stating that he wants the funds to clear and because of timeframe it couldnt be done so late during the day. This messes up all our plans for the weekend too. I'm still waiting to hear from her with more details but this is what I understood so far. Does my sister have any options here? Is she forced to wait? Edit 1: Sister is saying that the seller is quoting his lawyer that until funds don't clear signing the contract means nothing. Thoughts? [link] [comments]  |
| Basement Leak and Foundation Issues 1 week after closing. Posted: 27 Nov 2020 07:57 AM PST I closed on my house and the next weekend during sustained rain the basement leaked quite a bit and leaks every time it rains for over an hour. It is a 10k fix for waterproofing and foundation work. There is a significant foundation bow that it seems like the inspector should have noticed, but I can't imagine I have any recourse here. The sellers disclosed slight leaking in the basement under the porch but that the sump pump takes care of it. This is true, this area is waterproofed and has no issues. They did not disclose the foundation problems or other major leakage. I find it hard to believe that 8-10 spots on the wall suddenly started leaking 6 weeks after they vacated the home. They also installed a bathroom right next to the foundation bow, so the drywall is cut in a curve, it also seems unlikely that they did not know there were foundation issues. First time buyer so I am unsure of what my options are on this. I can pay for the work, but had I known about it prior, I wouldn't have purchased the home. [link] [comments]  |
| Posted: 27 Nov 2020 06:47 PM PST Long story short, my wife and I have decided to build our second home! There's only one issue we're having. Naturally, they asked if the purchase of this house is contingent on the sale of our townhome. Well, it's not, and we have our down payment in savings and ready. HOWEVER, to prove that it's not contingent on the sale of our townhome, we would have to get approved for a second mortgage to prove that we could stomach two mortgage payments if our current place does not sell. This is where the issue lies; I doubt we will be approved as our debt to income ratio adding a second mortgage would be pretty high (north of 65%). Assuming we have to move forward with the "contingent" tag, the lender will then require us to list our current property on the market within 3-4 weeks. We live is a hot market/area here in Colorado, and I doubt our place will last more than month, if that. This will leave us with no place to live between Feb and July. Two questions for you all. Have any of you come across something like this? Any other options that I'm not thinking about? Odds of getting approved for the second mortgage? [link] [comments]  |
| Investors of class C multi-family RE. What pieces of advice would you give for aspiring investors? Posted: 27 Nov 2020 01:03 PM PST |
| Posted: 27 Nov 2020 03:59 PM PST So I put in an offer on a house at asking and my realtor came back and told me they didn't accept my offer. However, the house is still on the market as if they didn't accept any offer and it's listed with a new description, but no change in the asking price. Is this normal?? [link] [comments]  |
| Has anyone been happy with their flipped house? Posted: 28 Nov 2020 01:47 AM PST As a buyer, I had an offer accepted today for a flipped house that had major remodeling work done: knocked out walls, added a bathroom and bedroom. It was all permitted work. We didn't waive any contingencies and will do our due diligence, but from posts on Reddit it seems like people are rarely happy with a flipped home. It does make me nervous that no one has inhabited the place for 18 months. From the listing history the work took 6 months, then they overpriced the home for a stubbornly long time. [link] [comments]  |
| Change in income and moving money around Posted: 27 Nov 2020 04:55 PM PST So, I am a 25 years old black man who just graduated with a masters degree in May of 2019. I started my fulltime job around June where my salary was about $110k/yr, but since I only worked for half the year my taxes show that my 2019 income was about $55k. This year I made a significant amount of money from trading in the stock market, where I was able to earn about $50k in short term capital gains. In total from my full time job and stock market gains, my gross income for 2020 is about $160k. I'm planning to buy a house in 2021. I'm just wondering if this drastic change in income from $55k->$160k based on my 2019/2020 taxes will make it harder for me to get a loan. On top of not having 2 years of work history. Also when applying for loans I am planning to liquidate my investment portfolio and move the majority of the cash to my savings account for a downpayment before applying. Will this be a red flag, and should I just keep the money in my investment account and liquidate before closing? Thanks. [link] [comments]  |
| Posted: 27 Nov 2020 04:11 PM PST I recently (Aug 2020) purchased a first floor condo in a 2 unit multifamily building in Massachussets. Rather than being side by side, the 2 condo's are stacked one on top of the other in the building. Each condo is two floors with roughly identical layouts. It was a new construction. Being on the bottom floor, I purchased my unit first. As it was my first purchase, I was extremely nervous, didn't waive any contingencies and did the full inspection. It took a couple months before the upstairs unit closed, and now that people live in there, it's obnoxiously loud. To be clear, I don't think they are doing anything strange and the neighbors are super nice. It's just that normal activities are REALLY loud. I feel like it was an obvious strategy for the seller's agent to hide how noisy the upstairs unit was. The layout is such that my master bedroom is adjacent to the stairs (the upstairs unit is on floors 3/4, my condo is on 1/2) that get them to their living room, and their living room is directly above my bedroom. If they are in the stairwell, I can hear conversations clearly; and when they walk up the stairs, it sounds like someone stomping or jump squatting or something. I can even hear what TV shows they are watching in their living room (it's not blaring loud), their dinner conversations, etc. Is there anything I can do about this? I'm pretty sure MA has a builders warranty for a year, and the developer thus far has been very responsive for small things (he sent guys over to fix an incorrectly installed dishwasher, someone to touch up some paint, fix a blown fuse, etc). The only thing is, this seems like a much bigger fix. Any thoughts/suggestions would be greatly appreciated? [link] [comments]  |
| Earnest Deposit Will Lower the Balance of my Account Below What it Was for Pre-Approval Posted: 27 Nov 2020 08:54 PM PST Hi All, In accordance with the title, if writing my earnest deposit check lowers the account balance below what it was for my pre-approval, will that typically cause an issue at all when going to get the final loan if offer is accepted? I imagine no, because its being paid towards the purchase. Also, if I have (2) accounts on my pre-approval (savings and checking), is there any harm in me moving money between the (2) accounts so that I have enough money in my checking to actually write the earnest deposit check? I know I will have to verify with my loan officer, but I'm just wondering what is typical. Thanks! [link] [comments]  |
| Cost - Custom vs Blueprint Home Posted: 28 Nov 2020 12:26 AM PST Hey Reddit, My wife and I recently purchased a 1/3 acre lot in the San Jose, CA mountain and are planning to build a home in the next 5-7 years. I had spent the last week trying to research what the estimated cost of building a home in this area would be and have found a tremendous range of things to expect. I am thinking I should expect anywhere from $200-$800 per sqft! The one thing that people generally do not mention in their experience posts are some of the general demographics of the home. Is the home on a slope, requiring more foundation? Did they elect to go with the custom designed home route? Where did the biggest spending go to? Did you 'all out' furnishings? Where did they build their home? Anyways, I was hoping someone could share with me their experiences and provide some insight of what to expect. I will appreciate hearing all of your stories. Questions that come to mind:
Thank you in advance! Appreciate your time reading this post. [link] [comments]  |
| Finally got an offer accepted - feeling anxiety, cold feet, doubt etc Posted: 27 Nov 2020 09:01 AM PST Fthb in LA - I've been house hunting for about 5 months, have lost about 6 offers. One came up that fit most my criteria, but it needs a lot of work and updating. Through a series of events my offer was accepted - I had started to think it was never going to happen, there has been so much competition. My first general inspection is tomorrow so hopefully I'll find out more. I know it needs a lot of updating, it was built in the 60s, has an old kitchen / bathrooms, old pool, popcorn ceilings etc - but it's a big place on a big lot (in the valley). I think that once it's all been updated it could be a gem, but I have no renovation experience. I'm scared I'm biting off more than I can chew.. I'm scared a bunch more inventory is going to hit the market in the new year and I'll regret choosing this one. I'm scared I'll miss the amount of $ I can save renting a small apartment ( I won't miss being crammed in with no outdoor space) I'm scared that the commute to the city when WFH ends will be torture. Basically I'm freaking out about all the bad scenarios, to the point of constant anxiety and second guessing my decision.. Is this normal? I've watched prices in LA just got up over the years so the I'm trying to tell myself that worst case I can probably sell it and at least break even. I'm also trying to tell myself having a big yard will add to quality of life and be more valuable than some extra savings in the bank. It's just freaking me out.. anyone else gone through this, or have advice? [link] [comments]  |
| Using AI to find Rental Properties? Posted: 28 Nov 2020 12:20 AM PST I'm considering purchasing a subscription to an AI software that helps you find good real estate deals: https://www.lofty.ai/ It takes into account things like yoga studios, avocado toast on menus, and other signs of gentrification. I'm wondering if a tool like this will be a good way for me to find rental properties to invest in. I want to house hack. Or, is it better to build a relationship with some real estate agents and try to get access to listings before they hit the MLS? [link] [comments]  |
| Is my co-op required to send me their financials every month? NYC Posted: 27 Nov 2020 11:51 AM PST I live in NYC and my maintenance just went up by $50 and want to know why. The management company tells me to contact the owners of the complex, but the owner is unresponsive. Are they required by law to let me see their financials? They also won't give me their co-op board meeting minutes so I feel out of the loop as a shareholder. [link] [comments]  |
| Posted: 27 Nov 2020 11:03 PM PST |
| Backing out of an accepted offer. Posted: 27 Nov 2020 10:54 PM PST Is it possible to back out of an accepted offer if escrow has not opened and the earnest money hasn't been sent? [link] [comments]  |
| Can I buy just my unit in a duplex? Posted: 27 Nov 2020 09:53 PM PST Here is my situation: I live in a duplex. I would like to buy my unit if possible. Similar duplex's in the area seem to go for about $550-600k. I am wondering if the owner would entertain selling to me just my unit as I cannot afford both units (the entire duplex). Would this be a big hassle from an ownership-structure standpoint (ie is it legally possible or difficult to split the duplex in two and sell each unit separately)? (Fyi - The owner I think is in a phase where she is gradually off-loading properties. Her husband, who ran the company, passed away and I don't think she really aspires to run a big real estate "empire" for many more years. I know they have listed some other properties, but they were single family houses). [link] [comments]  |
| Post-Build Container Home Valuation Posted: 27 Nov 2020 12:45 PM PST Hey all. I'm building my first home and it will be a container home. Although it fits what I want/need, what does market valuation look like for these guys if I want to sell it? I'm happy to update with more information as it goes, but I will be sinking a large chunk of change into the bathroom and kitchen, and exterior siding remodeling to make it look nice and contemporary. For all intents and purposes, the lands should be about 20k with the building costs coming out to about 130k. Thanks everyone. [link] [comments]  |
| Home inspection found no grounding on most outlets - big deal? (Full report coming soon) Posted: 27 Nov 2020 03:23 PM PST So, while this is fresh in my mind, i wanted to ask about the big issue we found in an inspection today - The house, being built in the 1950s, as been pretty well upgraded; but the inspection found a few remaining 2 prong outlets, with the other 3 prong outlets mostly not grounded. Having heard about re-wiring nightmares, the fears that I would have to face similar problems sprung to mind. There were a few (2) outlets (one bathroom, one garage) that had grounding, but otherwise none were passing with the tester. I also don't know the status of the Reading around, i see suggestions that replacing all the outlets with GFCI receptacles (assuming there aren't grounding wires already there... which weren't use for some reason) would be a viable financial solution. But i am curious if anyone has been through this as well, and some associated questions: - Is the GFCI (assuming no grounding available) really a solution, or will i need to rewire EVERYTHING? - Is this something you would walk away from? Ill update with the full report, but this was the one major thing (everything else was the minor crap like calking, etc). [link] [comments]  |
| Posted: 27 Nov 2020 07:41 PM PST I have a degree in hospitality ( prob on a standstill until 2022) recently got my Pmp and now I'm considering getting me real estate license. It's a huge investment and I need a timetable on roi considering monthly desk fees. So I guess my question is to be or not to be? [link] [comments]  |
| Posted: 27 Nov 2020 06:07 PM PST Basically looking to buy before I sell my current place. If I put 10% and throw in another 12% (edit from title because I realized it has to be 78% right?) a few months later, can I drop PMI and will my monthly principal change? Interestingly, my current quote from Better Mortgage has a lower interest rate for 10% down than for 20% down through purchasing points. $2592 for a 2.625 interest rate with 10% down and $3098 for the same rate with 20% down. Can that be true? [link] [comments]  |
| Posted: 27 Nov 2020 05:21 PM PST Has anybody ever used real estate express to take the class for their real estate sales associate? How is this course? During the final exam, are you monitored by somebody watching you take it with a voice and video? [link] [comments]  |
| Posted: 27 Nov 2020 01:35 PM PST I know the steps are as follows: take the class and pass the class exam, then get fingerprinted, then find out if you can take the state exam, take and pass it, then you are a real estate sales associate. Now, after passing the in class exam how long do you have to take your state exam and how many attempts can you have. Only Florida please! [link] [comments]  |
| [NYC] What should I offer on a new development in Brooklyn? Posted: 27 Nov 2020 05:08 PM PST Hello! I've been looking at a lot of new developments in Brooklyn and it seems like a buyer's market, the realtors are all offering up concessions before I even ask (sponsor will cover transfer taxes, legal fees, in many cases they're offering to cover 1-2 years taxes, etc). But I'm not sure how low is a reasonable to go below asking when making an offer. Any tips? The one building I'm particularly interested in is supposed to have a ToC of March 30th and is only about 20% in contract. Would love any recommendations for real estate lawyer specializing in new developments, too. Thank you! [link] [comments]  |
| How much to risk on dream home with unknown issues? Posted: 27 Nov 2020 04:34 PM PST First time homebuyers here and we found a house today that we love; it checks a lot of boxes for us and is very underpriced for a desirable area. Clearly it is underpriced because the man living there has been very ill and has let the place fall into some amount of disrepair. Without an inspection, all we can tell for sure is that it will need new siding (hardboard siding with many cracks on the front of the house and significant green buildup on the north-facing side), and the wooden front porch and back deck are a bit soft (will certainly need to be refinished, maybe replaced). The house was built in 1995 and the roof is original, so it might be close to needing replacement as well? (Not sure of the lifespan). On the inside, the house seems to be pretty neat other than some carpeting that will need replacement, but of course, we don't know all of the issues beneath the surface. We let our buyers agent know that we were interested in putting in an offer which originally we were going to do at $5000 below asking price. However, we found out that there is already another offer on the house, so now we will probably just offer the asking price, as that is right at the very top of what our preapproval amount is ($240,000) In order to make our offer more appealing, since we don't need to move in for another 2 months, our agent suggested we offer a rent-back to the seller to give them more time to find a new living situation after closing, which is perfect. But she also said we should offer between 5k and 10k for due-diligence non-refundable deposit in order to get our offer to be accepted (it's a pretty hot housing market). We are obviously very nervous about risking that money prior to inspection if the cost of repairs would be astronomical. So I'm asking: How bad could repair costs be for a 25yr old house? Is there any level of cost or damage that would be worth us pulling out and losing that money? How much money should we risk on that deposit? What things could we research prior to inspection to inform our decision? Any other advice from people in a similar situation? [link] [comments]  |
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