Bought my first house. Will tenants leave? Real Estate |
- Bought my first house. Will tenants leave?
- Closed Today!
- Loan was sold and they say we didn’t pay PMI and are increasing our monthly payment?
- First time buyer, when do I lock in lender and rate?
- Need advice on bank account balance for mortgage down payment
- Bridge loan vs sell rent buy
- Am able to break a lease whenit was renewed over the phone?
- Be a decent, honest, respectful, fair landlord and you will get good tenants.
- What are your thoughts on Oakland, CA real estate?
- Buyers remorse...
- Got some cash, now what?
- I don't know where to live! Phoenix or Dallas
- FIRST time renting
- [VA]Would I be crazy to buy a $740k house on $185k salary?
- Dallas, Raleigh, Vancouver appreciation question first time buyer
- How to buy my dad’s house?
- How much value does removing popcorn asbestos containing ceilings add to a $550000 1650 ft² duplex?
- Tax records show 2br/3ba, sellers (investors) converted living space into 3rd br without permit and now want to claim it 3br/3ba (San Diego-CA)
- Isn’t this home improvement??
- Stay an agent or become my own broker?
- ACTIVE underground oil tank. What would you do?!
- Selling house after 8 months to ‘invest’ in another property?
- Received a cash offer on my not-yet-listed house
- Need help with trying to set parents up with a house in california
- 17 year old senior striving to become a real estate agent after graduation
| Bought my first house. Will tenants leave? Posted: 29 Dec 2020 07:19 AM PST I closed on a house on Dec 4th in California!. I purchased it with the intent to live in the main unit and rent our the back unit. The loan specifies that I am going to be living in the unit. Based on how long the previous tenants have been there, they get 60 days... My questions are... Does that 60 days start when the house is closed or when we send them a change of ownership form? What if they don't leave? How does the new COVID bill affect this? I don't want to put anyone on the street if I don't have to so I am being flexible with them. However, I need a place to live and need to raise/pay more in rent than the current tenants so I can cover the mortgage payment. What are my options? Does the COVID bill protect the tenants when they're is a change of ownership I'm the house with intent to move in? Thanks! [link] [comments]  |
| Posted: 29 Dec 2020 06:15 PM PST This is long, so buckle up for the ride! This was my second home but it is my husbands' first home. The first one I bought right before the crash of 08 and was underwater until I sold it in 2018 with 1k in my pocket for my trouble after putting 20K in it (it was a bad flip) just to get it to sell. After that, I rented for a couple of years as I was relocating from Philly to NC and had to spend the time to save up a down payment. To make a long story short the 08 crash left some serious trauma in me, not to mention a lost 10 years where I could have had equity-gone. I grew up only in rentals my whole life and I am the first woman in my family to have ever bought a house on my own. I had no real advice or wisdom that might have made me choose differently. I only saw it as checking off the thing you do to get into the middle class. Boy that was a real tough lesson and my trauma definitely was a factor this time, too. I started looking in Jan. of 2020 with my husband. From Jan. to March most of it was just getting a sense of the area and what we would be able to afford. Our first realtor was a bust, she was very inexperienced and worked for her mom whom we thought we were hiring but she gave us her daughter instead. In March when things started turning south we used that as a reason to get out of this contract. We also thought that perhaps we would get a better deal and prices would ease up. How wrong we were as it all just got even crazier. We got a second realtor for two months via a recommendation. She did not know our area and we lost out on bidding on great homes because both she and we were location ignorant. We parted ways. In early summer we got our 3rd realtor who was great. Very knowledgeable, well connected to the area, and also had a good sense of what we were looking for. Part of our bad timing was that we were looking for a more rural property at the same time everyone else was, apparently. It took us a long time to find good properties because we were very particular. I have a neurological condition that makes for excessive noise and artificial lights hard to handle so we were looking for dark and quiet places. I absolutely cannot tolerate LEDs which is everything now. It is a burden. No streetlights, no bright neighbors, it was an odd (and hard to find) requirement to be met. We were looking for 1400 sq. ft max with as much land as we could afford – the opposite of most new developments these days. We also wanted the capability to go off grid in the future so well and septic were also part of the search. All within 40 minutes of Durham, NC. In NC there is a due diligence fee which is absolutely ridiculous and as far as I am concerned extortion. Maybe in the past it was reasonable, maybe $500 to take a home off the market. But now you have to offer 4-6k in due diligence in our area to even be looked at. Knowing that I could lose that if I walk and I give it before inspection and appraisal meant we stopped looking for about a month as I just did not feel at all ok with this, every fiber of my being telling me this is a horrible risk. Here my trauma was losing its mind and I had to really work through this psychological hurdle. On top of that, in Durham where we were looking any nice-ish house was going for 20-50k over asking. So in these bidding wars we had to lower our budget to asking prices that we could offer a strong bid for rather than a house high priced that we have some negotiating power. All of this, felt so deeply risky to me and I was having literal panic attacks over this. But I also feared getting priced out of the market and also inflation on my little nest egg that I had worked so very hard to save up over the years. Despite all of this, we decided to take this insane risk. We bid on 3 houses altogether (after looking at easily 50-60). The first two we were outbid and since we were not willing to waive appraisal contingency we lost one of them. The final house, the one we closed on today, we saw on a Friday, submitted an offer Friday night. The offer was 220k, we bid 233.5K with 5.5k due diligence and 4.5 earnest fee- my realtor also said that they had to accept the offer by noon the next day or it was off the table. The seller agent asked if we would be able to cover any price post appraisal. We said we could over but we did not say by how much. I think that was a subtle negotiation that landed us the offer acceptance and we would not have been able to navigate without our realtor. I knew the house would not appraise at 233.5, but I thought it would appraise about 225-227K and I was willing to cover up to 7K in the difference. It was a gamble. After that came the flurry of inspections, septic, land survey, the works. We had to fine comb the whole house because we knew that the only negotiating power we had would be in potential repair credits if it had to come to that. I was a mess, I should have been on a IV line of Xanax because if something was really bad – what motivation did the seller have to work with me when they already had 5.5K of my money regardless of what happened? Luckily for us, inspections and what not all passed within reason and the place was in good shape except for some nit picky details. Next the appraisal which was ordered over Thanksgiving and the appraisal came in one day before due diligence was up. I was a wreck. It came in at 220K at offer price ( I am not going to get into the full throated howling that happened, nor the tears or gnashing of teeth or shaking my fist at the Fates). But this was going to be a real problem – to cover that 13.5 in cash over. I could do it, but it would have been at the edge of what we were comfortable with. I did not want to touch my emergency fund if I had to. Here is where having a good realtor really gives buyers an edge. She talked to the selling agent about how relisting it would be an issue- they would also have to gamble that another appraisal would go higher. She was also able to (somehow I don't exactly know) able to secure 4.5K in repair credits, plus the sellers came down 1.5 k. Finally, she (and we did not even ask her to nor even considered it) offered 2K of her own commission in order to land the price at 227K. I was legit crying on the phone, I was so blown away by her generosity and kindness. She didn't have to do that. We locked in a loan at 2.8%. I was able to and over 7K cash as well as 13% down. Our mortgage even with PMI is an astonishing $975 a month, about $300 less than our rent right now. The house is a 3/2 1430 sqft. On 1.3 acres – it is quiet and dark. It checks many of those boxes but we had to move 30 minutes away from Durham to get this. We live in the Chapel Hill area now but would not have been able to afford as much land/house as we got further west. That was a major concession. We are confident, however, that the up and coming area we moved to will work in our favor. Also, people in this area didn't have the kind of cash on hand we had which made us much more competitive than in Durham where it seems every other cash buyer is from the west coast. So we closed today, and my God, I never want to go through this ever again. I feel like I need a therapist to process everything. Here are some words of advice for people looking or who might be new to all of this like we were:
There is even more than this, but tis is long enough. Thank you for coming to my Ted Talk! [link] [comments]  |
| Loan was sold and they say we didn’t pay PMI and are increasing our monthly payment? Posted: 29 Dec 2020 08:02 PM PST TLDR; loan was sold, said we didn't pay enough upfront pmi at closing, wants to change our monthly rate We closed on our new home in October, we paid our credit union for the month of December and then they sold our loan. We put down 10% but requested to pay PMI upfront (so our monthly payment was less) and at closing paid the full amount they told us PMI cost. We received our paperwork and the new financial institutions said that we have to pay PMI and that it was not included in the monthly payment information on our loan paperwork so they added it, a whopping extra 300 dollars a month. We informed them that we paid PMI upfront and they told us that it wasn't the full amount of PMI. We said this was the agreed upon amount with the credit union, if they gave us a discount, that's not our fault. It shows in our paperwork we paid upfront PMI. Can they decide that PMI is different than what the credit union gave us? Can they change our monthly rate even though we did not sign paperwork at that rate? My husband thinks "we signed paperwork at this rate, they can't change it, we will go to court if we have to, don't worry about it" They are "escalating" the situation and will research and contact us within 3-5 business days. BUT I'm stressed. I don't really know the rules. Any ideas or opinions are welcome. [link] [comments]  |
| First time buyer, when do I lock in lender and rate? Posted: 29 Dec 2020 11:57 PM PST I got preapproved with one company online, then during the offer stage switched to a different one the realtors liked better. I was told I should shop around. They quoted me a rate today with the option to lock it in, I said yes but haven't signed the update yet to change from float to locked-in.. Supposed to pass papers and do deposit this week, and close in a month. When I went back to the online lender they quote a slightly lower rate. It's a 30 year mortgage so the difference is going to add up a lot. And it's also been dropping slightly, so maybe I shouldn't lock it in yet with either one. The question I have is when do I actually commit to a mortgage? I know the amount of time needed will vary, and I don't want to delay the closing and risk losing the house. But can I still switch between the 2 that preapproved me pretty easily? Do I have time to try a different lender? Will they match or beat each other's rates if I ask them/say I'm switching? Will it jeopardize the purchase if the seller or realtor don't like the lender? I'm highly qualified/buying a house way under my budget, so I am not worried about being denied a loan, but I wanted to get input on what is customary and expected because this whole process is foreign to me and it feels like these people (realtor, loan officer, seller) have certain expectations and requests but ultimately I think it makes sense for me to go with the lowest rate I can get, right? [link] [comments]  |
| Need advice on bank account balance for mortgage down payment Posted: 29 Dec 2020 09:27 PM PST Hello everyone! I'm getting started with looking into buying my first home sometime early next year. I needed some advice on what to do with regards to the down payment for a mortgage. I live in SF bay area, but I'm considering houses in Sacramento, CA. Price range around 600-700K. I'm 26, software engineer, good steady income, excellent credit score (>800), no debt. However, a significant amount of my money is in stocks. I know that's usually pretty risky, but I invested at a pretty good time, and also a lot of my compensation has been from RSUs. If I sell some of my stock, I can cover a 10-15% down payment for a house. I have read that lenders usually require bank account statements to show funds for 90 days or more for pre-approvals and mortgage applications. So should I sell some of my stocks now, so I can have cash in my account for at least 90 days by the time I want to get pre-approved/get a loan? Or will banks be ok with me selling the stock for cash soon before I am ready to get a mortgage? I will technically be able to prove the source of this new influx of cash. Appreciate any help/insights! Tried googling this but couldn't find a definitive answer. Long time lurker on this subreddit, finally making a post! [link] [comments]  |
| Posted: 29 Dec 2020 11:26 PM PST Living in San Jose California. Looking to move to contra costa. Homes are in low supply and I am not seeing much new inventory and I am going to be selling for ~1.5m and buying ~2.5m. I am considering a bridge loan and then a refinance to a better rate 6 months after getting into contract on a new property. My lender says I can refi after 6 months... ideally I would want to do it sooner. I am also considering selling first. Getting my cash and moving into my dads house who is currently living with his gf so his house could be wide open to my family. I could then use my old homes equity as a down payment to the new home. Don't need to carry two loans. Curious on your thoughts on this. I see downsides to both scenarios. For the bridge loan I feel it's expensive and I don't know if the rates would be good. For the live in my dads house... well who knows when I get in contract in a home I love in this market. I also would have all of our family stuff in storage and I would minimize the impact of moving twice. I'm feeling anxious and stressed and could use some thoughts or food for thought. What do you all think? [link] [comments]  |
| Am able to break a lease whenit was renewed over the phone? Posted: 30 Dec 2020 01:56 AM PST so when it came to renewing my lease for another 6 months, my property manager did it right there and then over the phone. now my question is, even though we haven't officially signed the renewal does the lease still bind us legally? if we were to break it now, would we still have to pay up until a new tennant moves in or when the lease ends? this is my first time renting :) [link] [comments]  |
| Be a decent, honest, respectful, fair landlord and you will get good tenants. Posted: 29 Dec 2020 02:32 PM PST You will save thousands of dollars, ad years to your life due to lack of stress, and enjoy being a landlord if you don't[' over price and be a prick. Be greedy, judgmental, arrogant, dishonest, and scummy and you will always get bad tenants or good people getting out of there. Your place will be vacant many months, you will be endlessly fixing "wear and tear" or worse. Lots of people rent houses and have many rooms or units and are respected by their tenants. Others no so much. It is like a construction company. If you have an asshole idiot as a boss the workers are always bad and unreliable. The team you find where the leader is good and fair, the workers all do their best and try to be part of something. There is exceptions but the decent landlord shurgs them off. This doesn't say you shouldn't look for decent people and chose wisely But it isn't always that higher income or sweet talking persons. Sometimes the best tenants are the people you would't usually gloss over. [link] [comments]  |
| What are your thoughts on Oakland, CA real estate? Posted: 29 Dec 2020 01:25 PM PST Is it a market that looks to be climbing in value or decreasing? It's interesting to see it's neighbor, San Francisco, have asking prices being slashed by hundreds of thousands of dollars when so recently it was looked at as a "bulletproof" investment opportunity if you had the means. [link] [comments]  |
| Posted: 29 Dec 2020 11:48 AM PST I bought a house two months ago in a perfect location, the house itself is great with an awesome backyard but the only downside to it, is that's it's in a busy street. I really thought I could get past the road noise because when we went to open houses I could hardly notice it. It's the absolute worst in the master bedroom and I'm a light sleeper. I loose sleep sometimes thinking I made the wrong decision and don't know if I will be able to ever get used to the noise. Before buying those house I think my partner and I saw about 50-60 houses and this was definitely one of the best houses after seeing so many. I spoke with my partner about this and we both agreed to give the house one year to see how we feel after the year is over. However, I can't help but feel guilty about this because of how happy everyone around us is that we made a big purchase at such a young age. Also my parents helped us out so much and it makes me so sad thinking I can't get over something so minuscule such as road noise. I'd really like input from people who live on busy streets and if you guys ever got over it. [link] [comments]  |
| Posted: 30 Dec 2020 12:09 AM PST So I am planning to start the buying process soon. Just sold an old car for $3k. What's the best way to use that cash? [link] [comments]  |
| I don't know where to live! Phoenix or Dallas Posted: 29 Dec 2020 11:22 PM PST If this post does not belong here please remove, or move it! I'm a 27 year old male currently living in a northwest Chicago suburb. I previously lived in SoCal so I am used to the heat of these cities. I work as soccer coach and have an online business so it does not matter too much where I live. I am mainly looking at these two cities/states because of their tax rates amongst other perks. I know Texas has no income tax but high property tax & Arizona has both low income, and property tax. I did a little research... Given that I make about $110,000 a year and if I buy a $390k House Property tax Frisco, TX - approx. $8500/per year Phoenix, AZ -approx. $2500/per year AZ state Income Tax for $110,000 = $3500 above are just ball park I got from googling. So it looks like AZ's income tax + property tax is on a similar range of TX's no income tax + property tax. I'm not sure if I have missed anything for taxes. I guess I am just waiting for somebody to sway me from one city to another! Phoenix or Dallas, where do you prefer? [link] [comments]  |
| Posted: 29 Dec 2020 11:03 PM PST Hi everyone! I'm planning to apply for my first apartment rental with my friend. Although I feel pretty confident the place is legit I just wanted to make sure it is not a scam as many know it is very common. LONG read but please bare with me. HERE is some backstory first: I first found this apartment on Craiglist and contacted the number listed. I also wanted to see if this listing was on any other website and the only other website it was on was Rentcafe. (From what I've seen it is a reputable site) They do have a website but it just doesn't seem like it was updated for awhile. We were able to view the apartment from the leasing agent of the management company in charge of the apartment. She also showed us the garage by entering the code from outside. She even recommended parking our car and see if it a good fit. Going forth with the application, it is all online on either rentcafe or through the link she has on Craigslist which says is powered by Rentcafe on the bottom. She said there is no application fee and after approval she is going to reach out to our landlord for rental verification. She is also going to send our lease agreement through DocuSign in which I read is a common practice to do. The terms are that we pay for the deposit first and then we could pay the rent and all other fees before we get the keys. Also they require renters insurance before handing the keys. I believe that the process seems legitimate but just a bit skeptical (way more than I should be) because it was on Craigslist and there are so many fake postings on there. Additionally, the fact that their website has not been updated for the past 5+ years. So please please let me know that this is a normal procedure or if there is any tips to finding out more that everything is okay. Thank you!!! [link] [comments]  |
| [VA]Would I be crazy to buy a $740k house on $185k salary? Posted: 29 Dec 2020 05:00 PM PST Posted this in another sub, but I'm hoping to get a different perspective from this sub. Assuming I put 3% down, I'm looking at financing the rest of the purchase ($720k). This comes down to roughly $4k/month. The more I put down... the less the monthly will be and I think I can get it below $4k/month. $4k/month is everything (principle plus interest, PMI, insurance, HOA, and taxes). I have no debt. I have $150k in retirements and $150k in cash (planning on using $20k for the downpayment and for whatever closing costs would be). My take home is about $10k per month ($6k in available income every month after $4k for my house), so in a year I would pay $50k towards the house and $70k is everything else (food, entertainment, and savings). The house checks off a lot of boxes. Similar houses are going between 550k and 670k but I would need to put additional money into remodeling them (most are 20-30 years old) and fixing it to how I want them to be. This is a new construction so I can pick out the finishings exactly how I want to be. In other words, "this is just how much houses are going for around here" lol. Thanks in advance! [link] [comments]  |
| Dallas, Raleigh, Vancouver appreciation question first time buyer Posted: 29 Dec 2020 10:46 PM PST Thank you in advance for helping me with this. Long story short: wife and I recently graduated, combined income circa 200k/year, looking to choose a city where we can buy a nice home, invest heavily, buy a couple properties, retire as early as possible. There are a lot of cities cheaper than the ones listed, but we feel quality of life, for us, would degrade and these cities seem, to us, to be the best bang for our buck. QUESTION: how do we choose between these cities based purely on current house price vs. last 10 year appreciation numbers, vs. expected future appreciation, etc. Thank you [link] [comments]  |
| Posted: 29 Dec 2020 10:23 PM PST Location is TX. Hello all, looking for some advice and not sure what steps I should take. Here's the situation- my dad has two houses, the one he currently lives in which he pays a monthly mortgage on. And a second house that is mortgage free which he rents out. He wants to sell the paid off house because he is tired of the upkeep. The value of the house based off other home sales in the neighborhood is estimated to be around $230-$250k. He's unsure of the actual value because it needs some remodeling. Both bathrooms need to be repaired and updated and ceiling repaired due to a bathtub leak on the second floor. He has offered to sell it to me for $100k to basically just take it off his hands. Before anyone asks, I trust my father completely and we have a great relationship, he is not trying to dupe me into buying a lemon of a house. My questions are how do we complete this transaction? I'm a veteran but I don't this this qualifies for a VA loan correct? Is he legally allowed to sell his house this cheap? Will I need a down payment? Will I need a separate loan to make the necessary home repairs? Honestly I don't even know what questions to ask or what steps I should be taking. Any pointers in the right direction would be greatly appreciated. If more information is needed please let me know. Thank you! [link] [comments]  |
| How much value does removing popcorn asbestos containing ceilings add to a $550000 1650 ft² duplex? Posted: 29 Dec 2020 04:15 PM PST I was looking into this a bit online to get an idea of how much value it will add to the home roughly speaking. So I get an idea of how much money I can make back on the removal cost. This homelite article makes it seem that the more expensive or/and large the home, the more value it adds: https://www.homelight.com/blog/does-removing-popcorn-ceiling-increase-home-value/ Any advice would be greatly appreciated! [link] [comments]  |
| Posted: 29 Dec 2020 01:24 PM PST We're in the middle of a dilemma and would like some perspective from other professionals. Tax records show this town-home is a 2-story 2br/3ba 1300sqft condo. The place also has a 3rd story 400 sqft loft not considered living space because it has a low ceiling. The sellers (sale by owner) are investors who just bought it a few months back for $800000 and did the following work on it:
Now the sellers/investors are putting this place on the market as a 3br/3ba 1700sqft (including loft as part of total footage + windows were not replaced) and are asking $1M for it. It seems this additional bedroom is not permitted and might not even qualify as a bedroom because of this half closet that is triangle shaped. I asked our agent if comps should be going against similar units 2br/3ba 1300sqft. She says no because people do this all the time. Our agent (Redfin) says she used to work with this person before and says this is normal to do this here in the very hot seller's market. I'm getting shitty vibes about our agent not being on our side because of previous relationship with the seller. We really like the location(our top priority) for this place as we constantly hangout in this area, it has everything we're looking for but I feel like we're overpaying because she wants to show comps that are not apples to apples. Updated 2br/3ba 1300sqft comps average around $880000. What would you do in this situation? How much would we have to pay the county for the proper permits? [link] [comments]  |
| Posted: 29 Dec 2020 09:10 PM PST Hello all So we are selling a home in FL. There has been a lot of construction around us and as a result we have two gopher tortoises living in our backyard. They are babies and we haven't seen them in over a month. We know not to touch them and if we want them removed to contact FL Wildlife. They don't bother anyone and the have not compromised the house in any way and they are a good 50ft away from the house anyway. The other day one of the buyers showed up unannounced to the septic inspection. I didn't mind (trying to be nice) and we got to chatting and I mentioned the tortoises and how cute they were etc. Well with the buyers inspection period ending tomorrow, they came back to us 'very concerned about the turtle burrows' because they looked it up and they might have to spend a lot of money having the turtles relocated for some deck they want to build. They are asking us to pay for an inspection of the burrows and then to pay for relocation if need be so they don't have to when they build out there. My question is this: why should I have to pay to have something they want inspected? Also, there is no active construction going on right now that the tortoises are stopping, and they are not ruining the house in any way. Is it insane for them to even ask for this? This is essentially a future 'home improvement' that they are trying to get us to pay for-correct? And this is wildlife-these are not our pets that we've allowed to destroy the property and don't want to fix. AND this is Florida-these tortoises are everywhere! [link] [comments]  |
| Stay an agent or become my own broker? Posted: 29 Dec 2020 09:05 PM PST I've been in this career now for just under four years. I currently am a team member of a high producing team in our market. Due to the book of business I've built and doing some rough calculations, it seems that it would be beneficial to my pocket book to go independent, but why not take it a step farther and just become my own independent broker and save those pesky caps. In the future I intend on building a team around me, but for right now I would like to work independently. Thoughts? [link] [comments]  |
| ACTIVE underground oil tank. What would you do?! Posted: 29 Dec 2020 09:00 PM PST I know... Another post about underground oil tank but this one is a little different because it seems oil tank is actually in use! I made offer that was accepted but then I raised concern about oil tank and lawyer agreed it's a problem. I'm assuming this is probably pretty large headache I might be inheriting wonder if anyone had any experience? Was thinking of making them remove oil tank as part of the deal. They pay for oil tank and remediation if it is leaking and I pay for oil tank if it is not leaking. Also I'll pay for upgrade to natural gas. Does this sound reasonable? [link] [comments]  |
| Selling house after 8 months to ‘invest’ in another property? Posted: 29 Dec 2020 08:50 PM PST My husband and I own two homes- one we rent out that is newer(2017) a few states away and the one we currently live in(120+ years old). We hate the house we currently live in(had to buy sight unseen due to COVID), it has lots of things that will need to be replaced, it's not in a great area, and there's always the possibility of something unexpected going poorly(we also just hate it). We are currently debating selling the house we are currently in and buying another one that is much newer that we could rent in the future. Due to my husbands job, we move every few years, so we're not in a position to be finding a place to settle permanently. We could be moving as soon as summer 2022. Is it worth it to eat the closing costs from the house we are currently in to buy a house we may only live in for a year? But would then rent out? It's worth noting that in our area the market is really hot right now, there are very, very few houses for rent, and those that are are going for 1k+ the estimated mortgage. We bought the house in July and it sold in three days(there were three offers the sellers had to choose between, so they took a few days to do that). Any suggestions?? Pros/cons?? (Sorry for any mistakes or wrong sub, new here!) [link] [comments]  |
| Received a cash offer on my not-yet-listed house Posted: 29 Dec 2020 08:41 PM PST I purchased a new home last week and was prepping my existing home for the market. My neighbors were outside and they asked when our home would be for sale because they had a friend who was looking. The friend came over, looked at the house and said they would buy it— cash. I've never sold a house before and here is a little background on my home. It's older, date of construction isn't confirmed but estimated to be in the late 1970s/80s. Homes are notoriously overpriced in my city and don't have much of a yard, if it does, it'll be pricey. Average home price is around $200k-$220,000, but would only be a $150,00 home if found in another city. Older homes are priced around $165,000-$190,000. I live on the outskirts but close to the interstate and also the shopping centers; all within 5-10 minutes. Houses that are the age of mine typically aren't in the best areas and needs lots of updates - they still have paneling, carpet, outdated paint and color schemes. My home is built around 1980, it's partially updated but it still has some older features like painted paneling. No garage, but has a carport. Newer tile installed throughout. Still formica countertops unfortunately, and the original plywood cabinets (painted). Paneling and sheetrock throughout. Brand new central ac unit. Roof less than 10 years old. The property is fenced (chain link) and is half an acre with an entire empty lot attached that could be used as a potential income rental space. I purchased my home in a short sale for $100,000 in 2009. The remaining mortgage balance is $88,000. Based on info from a realtor friend, I was hoping to list it for $140,000-$155,000. You can't find a house like mine at this price point in my city that has the property I have and the home is fairly renovated. I'm optimistic it would sell close to that price but I can't be certain. The potential buyer who looked at the house today said they would pay $125,000 cash. Not a penny more. I don't see the benefit of a cash sale. Is it really that appealing or worth taking so much less for? [link] [comments]  |
| Need help with trying to set parents up with a house in california Posted: 29 Dec 2020 08:27 PM PST so long story short, we got f#xked hard in 2009, we owned 2 houses, lived in one, rented out the other to a family friend, they f#xked us by leaving without notice and we were already struggling to pay our mortgage for the house we lived in. Screwed their credit up, their both in the 640-650s- now.I am a college student, I am on my last year in college, and i plan on moving out within the next few months, but before i do i want them to be set up with a house. they havent owned any property within 12 years, so i think they would qualify for a First time buyer program. but is that the best option for them? my dad is disabled, is there any disability programs for housing im unaware of? i just want them to have a piece of their own property before i set off so they dont have to do deal with shitty landlords, and constantly moving around like weve been doing for the past 12-14 years. what is their best options, and how should i go about this? they have about 5k saved up, i can also give them 2k if they needed it edit: they dont need anything big. 2 bedroom would be perfect, and those are really only things available under 200k in my area. [link] [comments]  |
| 17 year old senior striving to become a real estate agent after graduation Posted: 29 Dec 2020 08:08 PM PST I'm 17 years old, senior in high-school and I am very interested in pursuing a career in real estate. The problem is I know I'm a hard worker but I don't know where to start. I still need to do more research as I have learned a lot I but still have way more to learn but I know this is a career for me. Who should I turn to or where should I go to get into the business. Because right now I feel like I don't know where to start to achieve my goal. Would really appreciate any advice. [link] [comments]  |
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