My bid was accepted at the end of August this year. Finally closed yesterday and today I am on record as the official owner of the property. Real Estate |
- My bid was accepted at the end of August this year. Finally closed yesterday and today I am on record as the official owner of the property.
- Finally closed on my first multi-family!
- Is this a new real estate scam?
- What to expect in high COL, rapid-sell market?
- Buying a house through the seller's agent?
- House Appraisal came very low, need suggestions
- Confusion about whether guarantor is financially responsible for month to month agreement after lease term ends- Florida
- House with 9+ acres of land
- Getting extorted by seller please help
- Best Way to Finance A Fixer-Upper?
- We have a signed offer on a house and just now realized The MLS listed Central air when the house doesn't in fact have an AC unit
- Is Toll Brothers screwing us on new construction agreement?
- Appraisal for refinance with bathroom needing some work.
- [TX] Paint after foundation repair
- Would it be unwise to sell my condo and purchase a SFH?
- Do I have to pay a Moving Fee if I have nothing to move??
- Is it a good idea to have real estate agent's company do home improvements prior to listing? [Seattle suburbs]
- Has anyone had experience dealing with a seller leaseback?
- Best VA refinance lenders
- Comparing loan estimates -- what should I be paying attention to?
- How many "under contracts" did you go through before finding "The One"?
- Advice on finding a broker to apply to
- Investment structure for vacation rental in AZ
- Tell me if I have this scenario right. (Loans and assessed value)
| Posted: 01 Dec 2020 10:24 AM PST Listed $344k; Offered $355k. 1/1.5 condo 15 minutes from Boston, USA. Never thought the process would end and would sharing a positive post here!!! I'm so excited!!!! There is hope!!! [link] [comments]  |
| Finally closed on my first multi-family! Posted: 01 Dec 2020 06:51 AM PST Just wanted to share a success story amid the COVID market. I started my search, albeit not seriously, summer 2019. I started taking it seriously fall/winter of 2019. I toured so many houses I can't even count, in cities that were my ideal for my price range. Missed out on a nice looking flip project about 45 minutes from Boston at 380k because the seller "was concerned about financing". I have my own suspicions about why he was so concerned, considering I was already pre-approved. Nothing else stuck. Then a family tragedy hit early 2020 so my search was put on the back burner for months. Then my realtor (also my bf at the time) and I broke up. Another set back. Ex-realtor/bf referred me to a realtor he knew from college and the search began again late summer 2020. This time it was serious. I tried to stay in the same location but COVID had rocked the market and I was not about to settle for a money pit in my ideal location. I lost hope on scoring a 3-family as my first investment property and started looking at duplexes. I even came across a decently priced duplex in Salem (MA) but as one would expect, it was in rough shape with an undisclosed cockroach problem I only learned about by talking to the tenants. I have an FHA loan and don't have the needed resources, pass. Ultimately, I realized I'd have to start looking further out than I really wanted to if I was going to get my damn house in 2020. And I was going to get my house in 2020. I looked in Rhode Island but it was too far from home and ended up picking an area in MA I was comfortable with that still had good potential and prices I could afford. I was on Zillow daily. I had been checking often before but not daily. Idk how many houses I toured and come October, after an accepted offer on a 3-fam and abysmal inspection that lead to me having to back out, I was thinking if I didn't find another house in a week I'd put an offer on this pretty cheap 3-fam in good shape that I initially passed on. It was built into a hill with an extremely steep and long staircase to get to the 2nd and 3rd apartments. It also had a really weird set up in the first apartment and wasn't in the best city. Then we stumbled upon this 4 family house. I drove out to see it, it was in great condition, old roof though and an appearance I assume was somewhat unattractive. I assume this because even though my realtor and I were convinced it would be snatched up extremely fast for price + location + it's a 4-family, at over asking too from what we had experienced thus far, our offer below asking was accepted. Both realtor and lender were telling me to offer over asking because there were definitely going to be other offers, I wasn't able to make it to the initial open house so had to schedule a time the next day and even waited an extra day or two before offering, but it was accepted. I'm all for being competitive but I'm not about to over-pay on an investment property during a pandemic. Sorry guys. So, I offered over asking and requested the seller pay closing costs, which ultimately meant what they were getting was a bit under asking. Then the whole process began. Some mild annoyance on both sides, some concessions by the sellers, and a rocky close later (they did not properly perform on an agreed upon fix and were angry that I was not satisfied with it and threatened to back out while I was at the attorneys office) I am now the owner of a pretty solid 4-family home about an hour's drive from Boston. She needs work and maintenance, a couple rent increases that have been hard to hand out, but she's turn-key and in solid condition. She'll also be able to cash flow a decent amount after expenses and savings. Amid all the bullshit that has happened in 2020, all the setbacks and all the shitty things that have happened in my personal life this year too, this has been the one saving grace. [link] [comments]  |
| Is this a new real estate scam? Posted: 02 Dec 2020 01:14 AM PST My grandfather passed away a year ago, and my 83 y/o grandmother recently decided to put her house on the market after 15 years of owning it. My entire family has been involved in the process of getting it staged, sold, and closed. Luckily we're in a seller's market, so when she listed the house she got a ton of offers, and the one she accepted was about $25k over asking. They went through inspections and signed a contract, in which there was a clause stating the buyers couldn't back out because of the house's initial appraisal price being lower than what they offered. Well two days before closing, they demanded that we drop the price $20k or they'd walk. Our agent says legally they have no leg to stand on, but the expense of taking them to court would be huge and it would be very stressful on my grandmother. So we offered to come down $5k, and the buyers' agent needed to figure out how to cover the rest with them. The agent ended up sacrificing almost all of their commission just so the buyer wouldn't back out. I guess I'm just wondering if this is a thing people are doing these days to scam sellers out of getting higher than asking price. It's a really terrible thing to do and I'm honestly pissed and brainstorming ways to get back at them that aren't illegal, even though I know I should just move on. Have other people experienced this? [link] [comments]  |
| What to expect in high COL, rapid-sell market? Posted: 01 Dec 2020 03:02 PM PST My spouse and I live in the Seattle area and plan to for the next 10+ years. The market here is always rapidly increasing and it feels like there is never a good time to make the commitment. We've been watching houses in the greater Seattle area (within 1 hour commute) and consistently the range appears to be $550-$800k for the 2 bed+, 1500sqft+ houses with a small yard for our pets, which we've established as our minimum. We see these houses as they are listed, favorite them, and within a week get notified of a pending sale or sold. Perhaps I'm being a Debbie Downer, but we feel like we're nowhere near being competitive enough so looking for a reality check or confirmation. We make just over $200k a year now. Through bonus, stock grants, and ESPP, together we make an additional ~$40k per year, variable based on stock market price and business performance. Our raises combined are consistently ~$10k, growing each year with our salary. We have $70k in savings from this year, and about another $50k in long-term index funds or vested stocks. This year we have paid off all other debt (student loans, car). Currently pay $2300 rent for a 1300sqft townhouse just outside the city. Credit scores both hover around 800. We were hoping to save up 20-30% down plus at least an extra $30k savings before trying to enter the market, targeting ~$700k (which is a constantly raising target). 1) Does it make sense to continue to wait in an aggressive market? Does our original strategy of continuing to save make sense? 2) Are these houses being snatched up by people with much higher down payments or cash sales? Or does that even matter to the seller? We're trying to figure out if we're small fry that don't yet stand a chance, or actually in a better position than we think we are. Appreciate any insight. We're first time buyers in crazy market. We both come from rural, poor families so big numbers are intimidating us. Edit: Since I'm getting a lot of comments and PMs regarding not timing the market: I'm unsure where I may have misled anyone into thinking I think the market is going to get better and that I am making any choices based on that. 100% of the reason we have not pursued purchasing was we had a lot of student loan debt and almost no savings - both of which we completely turned around this year. "Timing" was purely that of not taking on more debt as we were working existing off. If anything, I think the market in this area will only get worse in the time we plan on living here. [link] [comments]  |
| Buying a house through the seller's agent? Posted: 01 Dec 2020 07:16 PM PST My SO and I are FTHBs looking for a SFH in an area that is not quite as hot compared to the rest of the country. We have a realtor who we love -she's been really supportive and patient. We've been looking for a few months and inventory in our target area is really low. Our realtor is the selling agent for a house that was listed in June 2020. It was listed for ~ 2 weeks privately, another 2 weeks publicly, then taken down. The owners are planning to re-list this spring and our agent brought this house up as a possibility. We really like the house and it hits 90% of our must-haves, but based on comps we feel that it was overpriced by about 10-12% when it was listed in June. Similar homes in that neighborhood sold within days, so the fact that it didn't sell in almost a month supports that it was overpriced. The tough part is figuring out to bring up negotiations with our realtor. She knows our budget/finances, so I'm worried she'll use this to the sellers' advantage. The current price is at the very top of our budget and I'm just not comfortable over-paying for a house when comps are going for much less. We were considering possibly bringing up a leaseback option since the current owners are building a new home that won't be ready for a while, and they have small children so renting would be a headache. Is it reasonable to ask for a lower purchase price in exchange for leasing the house to them at a discounted rent? Normally these are all things we'd ask our realtor, but it's a little awkward that she's representing both parties. I also feel weird about finding another realtor to navigate this house in particular because she's spent a lot of time working with us. Advice appreciated. TIA! [link] [comments]  |
| House Appraisal came very low, need suggestions Posted: 01 Dec 2020 10:58 PM PST This is a cross post. Thought this is more appropriate place to get suggestions. Our purchase price is 700k in Mountain House, Tracy. Appraisal came at 15% lower than the purchase price. We made a no-contingency offer as this is the only way to get an offer picked in bay area. ( we were in market for the last 5 months and were outbid every single time) Our realtor is doing dual agency, not sure if that helps me in any way. What are the options I have? Please suggest. [link] [comments]  |
| Posted: 02 Dec 2020 01:13 AM PST In consideration for us to enter into the above Lease Contract with the Resident(s), as an inducement to us for making the lease, and other good and valuable consideration, the receipt of which is acknowledged, you guarantee all obligations of resident(s) under the Lease Contract, including but not limited to rent, late fees, property damage, repair costs, animal violation charges, reletting charges, utility payments and all other sums which may become due under the Lease Contract. You agree that your obligations as guarantor will continue and will not be affected by amendments, modifications, roommate changes or deletions, unit changes, or renewals in the Lease Contract which may be agreed to from time to time between resident(s) and us. If we, as owner of the dwelling, delay or fail to exercise lease rights, pursue remedies, give notices to you, or make demands to you, as guarantor, you will not consider it as a waiver of our rights as owner, against you as guarantor. All of our remedies against the resident(s) apply to guarantor as well. All residents, guarantors and guarantor's spouse are jointly and severally liable. Does this mean a guarantor has to fill out a new guarantor form to renew the lease? If the lease goes month to month after lease term is guarantor still responsible? If no notice is given to vacate and new lease not signed, does lease go month to month automatically and is guarantor still on the hook? [link] [comments]  |
| Posted: 01 Dec 2020 09:07 PM PST I see a house listed in a booming area close to my parents' that comes with 9+ acres of land. It is right next to a new elementary school that was just built last year. My niece actually goes there. The house itself is not all that interesting. Just a normal country style ranch that was recently renovated. There is a very long narrow private road that leads to the house since it sits in the middle with about equal land on all sides. What I'm interested in is if I buy the house and the land that comes with it, can I divide up the land and sell them as lots for people to build? For example, the houses can be built to face that private road that is already there. What type of permits would be required to do that? Is it worth the time and effort as an investment? If that is possible, essentially I would get the house for free. Tried to post a picture but can't for some reason. [link] [comments]  |
| Getting extorted by seller please help Posted: 02 Dec 2020 12:45 AM PST So this is a weird situation to say the least. I was looking for homes and passed by one and met the seller. I loved the house and went under contract. While under contract I got rejected for financing because my husbands green card expired. Luckily I got new financing by myself but I didn't think to extend the closing date which was set at nov 30. Also the seller did not provide solar panel contacts to my underwriter in time so I was unable to get approved by the date because it wasn't provided until nov 30 and takes close to two weeks to get back from the underwriter. Today I got a letter from sellers lawyer saying he is going to sue me unless I get someone else on the mortgage by tomorrow..... the appraisal just came back and I'm wondering if I should just drop out of the deal completely. What do you think? [link] [comments]  |
| Best Way to Finance A Fixer-Upper? Posted: 02 Dec 2020 12:30 AM PST We've been looking at cheap houses that need work with land attached, as we want to have some chickens and large gardens. Some of these houses need quite a bit of work, and I'm wondering what is the best way to finance a house like that? I know there is a special loan you can get, but would it be easier to just apply at a bank? Or should we have cash, if possible? Has anyone fixed up a fixer before? Was it worth it? The house we live in now needed some work when we bought it and it worked out quite well. We would not have been able to afford a house that looks the way it does now. [link] [comments]  |
| Posted: 01 Dec 2020 11:51 PM PST Our offer was accepted , both parties signed the contract , but no earnest money has been sent yet. We waived the inspection. We are just now finding out the house doesn't have Central air even though the mls listing stated it did. Is it too late to back out, is this my fault for waiving the inspection? I just assumed the MLS would be accurate. Can I ask for one to be installed? [link] [comments]  |
| Is Toll Brothers screwing us on new construction agreement? Posted: 01 Dec 2020 08:04 PM PST First off, thanks for everybody's insightful input in this subreddit. I posted here last week about receiving a high estimated closing cost ($63k) for a $1.4 million new construction home in MD, and I really appreciate the help. Now we're reviewing the Sales Agreement and there are couple things we're surprised by.
Are these things negotiable at all during the signing with big builders such as Toll Brothers? Or are these just standards that we should accept and move on? Seems little unfair to stick us with these, so should we try to negotiate at all? Thank you. [link] [comments]  |
| Appraisal for refinance with bathroom needing some work. Posted: 01 Dec 2020 11:17 PM PST I'm currently in talks with my loan officer for a refinance which will take my rate down a good amount. Earlier this year I had torn open a small part of the bathroom wall consisting of some shower tile and wall as I was worried water was leaking out (new homeowner here, btw). I've decided to remodel the whole bathroom but want to refinance first. We haven't been using this shower since then. Will this be an issue with the appraisal and should I just quickly get it repaired? [link] [comments]  |
| [TX] Paint after foundation repair Posted: 01 Dec 2020 11:05 PM PST My wife and I are selling our house. We have minor foundation issues that we are repairing. We have two cracks in some of the drywall. The foundation company suggested waiting 3 months to paint, while 1 month would be the bare minimum. There are other cosmetic paint issues not near where the foundation repairs are. (From our dogs) As we're in a very hot market, do you think it would be best to sell as-is? (The foundation work is guaranteed and transferable). Offer a credit? Only offer a credit if a buyer asks? Fix the cosmetic, non foundation stuff? Anything else I'm missing? I plan on asking our agent, but wanted to get more opinions. Besides the paint issues the house is in good shape. [link] [comments]  |
| Would it be unwise to sell my condo and purchase a SFH? Posted: 01 Dec 2020 06:38 PM PST Details:
I'm biased towards selling because I'm stress-averse and don't have patience for tenants, and would love to never think about my HOA again, for the rest of my life. But part of me feels like I'd be shooting myself 10 years from now when the property is worth 5x and cash-flowing like crazy. I'm a five-minute walk from Downtown Long Beach and a five-minute drive from the beach. It's a great location. Two gated parking spots, a park outside, top floor, corner unit, thick walls, quiet neighbors. For anyone who's been in a similar situation - what decision did you make, and how did you rationalize that decision to yourself? How do you feel about it now? What would you do if you were in my shoes? Also - am I right to be scared that my property value and rental income potential could become decimated by a long-lasting economic downturn? I feel like we're one catastrophe away from a depression, but I'm also extremely ignorant. Thank you for your thinking! [link] [comments]  |
| Do I have to pay a Moving Fee if I have nothing to move?? Posted: 01 Dec 2020 08:53 AM PST I just bought a condo and my property management charges a $300 moving fee for moving large furniture, moving trucks, etc. to cover the cost of any damages when moving in/out. I moved into my unit with literally nothing but a suitcase of clothes and a small boxed mattress that was ordered online from Tufts & Needle. I asked about their moving policy just in case they had a designated loading zone since my street has no parking allowed. I don't have any large furnitures or moving trucks/movers. I virtually moved in with nothing and have to buy all my furniture, kitchen, bathroom essentials from scratch since I own literally nothing. Based on their condo rules and regulations, a move is defined as delivery of large furnishings/equipments. Am I obligated to pay that $300 fee??? I see so many other residents here who order large items off Amazon, Wayfair, mattress companies that sit in our lobby and I'm certain they don't pay $300 fee every time they order things online. [link] [comments]  |
| Posted: 01 Dec 2020 10:16 PM PST Am selling a home in Seattle suburbs. Homes in our neighborhood seem to sell quickly and at/above asking. Our house is in good condition but with dated kitchen and guest bath. One real estate agent suggested the idea of doing remodels of both kitchen and guest bath funded completely by their remodel company, then getting paid with proceeds from sale. My understanding is that large home improvements just before sale rarely pay for themselves, so I think this is a bad idea. But what does this sub think? [link] [comments]  |
| Has anyone had experience dealing with a seller leaseback? Posted: 01 Dec 2020 05:28 PM PST My partner and I are currently in escrow on our first home. One of the things that got our offer accepted was that we were flexible with a leaseback the sellers needed as they look for a new home. We offered them a discounted rate for 60 days and this time will also help us as we plan a renovation. After meeting the sellers at the inspection I am concerned that they may not be the most "stable" people, let's just say the energy was off during the offer stage and we feel it more in escrow. Is it possible that they refuse to leave after 60 days? We live in Los Angeles and the rental laws favor renters, many hotels will not rent a room for longer than 30 days because after that length of time it becomes very difficult to evict. To add to my fear about the situation they have a one-year-old child and I could see them using the child as emotional leverage. I may be speculating and they may be lovely people who find a house in 30 days and leave and I truly hope that is the case but any experiences or ideas of who we might call would be helpful. Thank you [link] [comments]  |
| Posted: 01 Dec 2020 01:13 PM PST Any recommendations? Been working with one but not happy with there customer service [link] [comments]  |
| Comparing loan estimates -- what should I be paying attention to? Posted: 01 Dec 2020 04:29 PM PST I'm a first-time homebuyer who recently had an offer accepted on a condo for $187,775. I'm making a down payment of 20% ($37,555), so I need a loan for the remaining $150,220. Here's a breakdown of the loan estimates I've received from two lenders: one with an interest rate of 2.75% and another with a rate of 2.50%. Moreover, the lender with the lower rate also has lower estimated closing costs. To me, this looks like Lender B is the clear winner in this comparison, but I don't know if that's too good to be true or not. (It feels like it is.) In any case, I was wondering if there are particular questions I should be asking or any things that I should be watching out for when comparing offers from different lenders? Are there any red flags that I should be mindful of? Is it worthwhile to let a lender know that you're shopping around and have received a better offer as well? Any help would appreciated. Thanks! [link] [comments]  |
| How many "under contracts" did you go through before finding "The One"? Posted: 01 Dec 2020 12:43 PM PST So, i need some pick-me-up here guys.. I just withdrew from my 3rd contract, and it is killing me. Home #1 looked great - complete remodel, passed inspection with flying colors. However, the flippers got creative with the sqft, and counted the garage (part of which had been converted into a master bath and closet). Home under appraised by $37k, so obviously no loan happening on that one. Home #2 was lived in, but a good size; It had some initial obvious deficiencies (pet smell), but the inspection was eye opening, and resulted in WDO problems, rodent problems, and several water leaks (among other issues). The scope of repairs was just too much for this single dad... Home #3, which we moved on from today, looked to be the best of #1 (remodeled) and #2 (good sqft). The inspection yet again brought up issues (which i even asked about here); no electrical grounding, dying AC, no hurricane additions on the roof (redone last year.. its central FL, come on?!), and water leaks. I was on the fence, but the few insurance quotes i could get were just shy of 2k more than home #1... needless to say, i had no desire to blow my budget insuring a house that was arguably not properly renovated. Back to looking now, but i am seriously getting burned out. Does this kind of thing happen often? I am really not trying to be a picky buyer... i dont care about paint, caulk, or minor fit-it crap. But I really dont want to step into a home where i am already budgeting several thousand + in repairs before i can even put my touch on it... Maybe i am the wrong one in all these cases.. i dunno anymore... [link] [comments]  |
| Advice on finding a broker to apply to Posted: 01 Dec 2020 08:10 PM PST I just got my licensed and I know RE is something you're suppose to jump into but I don't have connections meaning I don't know anyone in RE at all and I don't have the sphere of influence (no rich friends or rich friends of parents ready to buy/sell and I'm young so I wasn't in a career where I had coworkers or anything, was a server), all I have is six more months of savings to live on and I like to believe I'm good with people but I am a bit nervous and my spirits are down At first I didn't want to go to a big broker like KW or exp, nothing wrong with them, I just think I'd like a smaller brokerage better and the recruiting emails and texts bombarding me made me stray away more from those companies since it seems like they're focus on recruiting , I don't mind jumping into RE and working hard, I'm just scared to go to the wrong place and waste time and money TLDR; advice for completely new agent and suggestions for finding a good broker [link] [comments]  |
| Investment structure for vacation rental in AZ Posted: 01 Dec 2020 08:08 PM PST Hi Reddit fam, I need some input in regards to a client I'm working with in AZ. We're trying to expand the business and opening it to investors who have high liquidity want to invest in vacation rental homes. If anyone who has experience structuring this, were definitely open to suggestions. For example: A house for $1,000,000. I bring in 4 investors for $250,000 each. The house generates $120,000 a year in rental income. Providing a good return on their investment. [link] [comments]  |
| Tell me if I have this scenario right. (Loans and assessed value) Posted: 01 Dec 2020 08:07 PM PST Say a property is for sale for $110,000 and tax records show it was assessed at $80,000 in 2020. The bank will only l lend $80,000. (?) so I put down $16,000 for a down payment on the loan and then would have to pay an extra $30,000 to get up to the $110,000 listed price. (?) [link] [comments]  |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment