Sold My House & Am So Happy Real Estate |
- Sold My House & Am So Happy
- Hiding from Septic Inspection?
- People who rent out warehouses, what's your cap rate?
- Anything Special to Consider when buying a property spanning 2 towns?
- Condo prices in Seattle have plummeted since COVID... is this permanent?
- Real Estate Gurus - How did you become what you became?
- House in escrow has a pool with issues...
- Boston Condo
- Father wants all my personal info to add as a sub-beneficiary so he can buy a house in Mexico
- [QUESTION]Home inspection show 20k of major neglected repairs
- [WA] A Neighbor is About to be Foreclosed. I Was Thinking About Buying the Property. Good Idea? Bad Idea?
- Make me feel better about walking away from this.
- In a lease between tenant and landlord that necessitated a guarantor agreement, and guarantor is not on the lease, is the tenant leaseholder entitled to receive a copy of the signed guarantor agreement for their lease?
- Is moving ready that difficult
- Should I sell my house or wait a year?
- What is a sales consultant?
- Vindictive co-owner wants our house to foreclose so that I lose money.
- Buy house from declining father
- Just bought a new house. Old owners didn't tell us it was infested...
- Purchase Contract dispute
- PigeonHoled: Buying and selling at the same time.
- 5%, 25% vs 44% down payment analysis
| Posted: 04 Dec 2020 10:26 AM PST Over the summer during the housing frenzy I found myself in one of the most affordable homes in my community. It had great bones, but needed a shit-ton of work. So we sold it for under $500k to a cash buyer. We downsized from a very big house that needed lots of fixes to a small luxury apartment that is very nice. On top of this we got rid of so much junk it (A) filled the front lawn for a giveaway to passersby, (B) took 15 loads in the van to the Salvation Army for donations, and (C) took 60 bags of trash to throw away for garbage. Add in the $100,000 in the bank that we've grown a little bit since closing in August, and things are good. [link] [comments]  |
| Hiding from Septic Inspection? Posted: 05 Dec 2020 03:20 AM PST Are there red flags here? My situation: I am about to go under contract on a home with a Septic system and have had to do some negotiating in order to get the seller to agree to a Septic inspection. The septic system was last pumped just before the seller left the home which has sat empty to this point. In other words, the tank is currently empty. When calling to line up an inspection, I was warned by the septic company that pumping the tank just before a home sale could be an effort to hide something—the tank should have liquid for a proper inspection. In our contract, the seller also wants to prohibit flooding the tank as part of the inspection. This seems strange to me as it is such a specific request. Does this sound like the seller is hiding something? [link] [comments]  |
| People who rent out warehouses, what's your cap rate? Posted: 04 Dec 2020 06:15 PM PST In my area, A quality 3,500 to 5,000 sq. ft warehouse with good location only costs like 200k to build, including land, and are rented out at like minimum 7 dollars a square foot, that's like a 15 percent cap rate... seems too good to be true [link] [comments]  |
| Anything Special to Consider when buying a property spanning 2 towns? Posted: 05 Dec 2020 12:27 AM PST |
| Condo prices in Seattle have plummeted since COVID... is this permanent? Posted: 04 Dec 2020 02:53 PM PST I see units selling for 100k less than they would normally sell for. I know rent has dropped 20% in Seattle too. Do you all think prices will rebound once people have to go back to work? [link] [comments]  |
| Real Estate Gurus - How did you become what you became? Posted: 04 Dec 2020 05:36 PM PST tl;dr - I'm looking to learn anything and everything related to real estate. My long term goal is to flip properties, rent out to tenants, sniff out bargains, and provide for my future family. I've become aware of personal finance books (related to real estate) like "Rental Property Investing" by Brandon Turner, which is a great start, but if I'm wanting the knowledge of real estate to run through my veins, would you say even paying a couple hundred dollars to take real estate agent classes would be worth it, just for fun? Are there any additional books you would recommend? Thank you so much for the help - I really appreciate it! [link] [comments]  |
| House in escrow has a pool with issues... Posted: 04 Dec 2020 08:47 PM PST First house I've been able to get under contract on, inspection period is ending soon. Turns out the pool has multiple cracks, broken deck/coping and old equipment. Doing a leak test tomorrow. Pool contractor said I could bandaid fix with no warranty for 25k, but recommended a removal and rebuild at 120k :( After this whole journey finally getting under contract - It would be so painful to walk away. Apparently I can't even negotiate that much without breaking my loan :/ Any advice? Do I gamble on the band-Aid fix? Down the road I don't know if I could ever justify dropping 120k to rebuild the pool... [link] [comments]  |
| Posted: 05 Dec 2020 05:01 AM PST Has the Boston condo market been hit by Covid? Prices possibly going down due to the rush to buy single family homes? I am a first time condo buyer and would appreciate any recommendations of pockets to look in. Maybe there is a deal to be had... [link] [comments]  |
| Father wants all my personal info to add as a sub-beneficiary so he can buy a house in Mexico Posted: 04 Dec 2020 05:24 PM PST To start, I am in the usa and my father asked for my personal info so that I would be a sub beneficiary as part of a trust. I guess he needs this to purchase a house he's looking at. How he describes it, "they need me to have someone as a beneficiary in case something happens to me" He sent a pic of a form that ask for ss#, copy of driver's license, passport, address... The whole 9 yards. The thing is, he's not exactly great with the admin/mgmt of... Anything. So I don't really want to send all my info to some random Mexican real estate agent he found So, what does it really mean to be a sub-beneficiary? Why would someone need this instead of just updating thier will? Would Mexico require this if you're a US resident to purchase a house? [link] [comments]  |
| [QUESTION]Home inspection show 20k of major neglected repairs Posted: 04 Dec 2020 09:39 PM PST So home and pool inspection reports came back and show 20k worth of major issues with dry rot and corroded pipes under bathrooms in crawlspace area with fungus having a field day as well as major issues with pool and even the stove in kitchen not working. Should I walk away and get my deposit back or negotiate hard with seller? [link] [comments]  |
| Posted: 04 Dec 2020 01:18 PM PST They live about 3 properties down. 3 acres, 3bd, 3ba, about 1500sqft, forest, creek front, backs state land (maybe 10K acres of mountain and forest). I think their mom bought the place about 15 years ago for $147,000 and left it to them when she passed. I'd guess they have roughly $80,000 left on their mortgage. Just because I kind of know them, I'm fairly confident that if I offer to buy it for $10k above what they owe on the mortgage, they'd probably take it. That's the good stuff. The down side is that the property is trashed. I'm sure the house needs significant repair including some septic work. Chances are good that the house isn't super well built is the first place. We wouldn't live there - this would be to either rent out or sell. How terrible is this idea? What problems am I not thinking about because I lack the experience to know better? [link] [comments]  |
| Make me feel better about walking away from this. Posted: 04 Dec 2020 11:24 AM PST We finally went under contract on a SFH in NC, built in 1998, $390k and priced as turn-key. Got the inspection reports (septic and home) back and our instinct is to walk away. Here are the highlights of the septic report and the 122 page home inspection. Are we being dramatic? Septic- All leech lines and field super-saturated. Wastewater noted on surface. Water pouring back into the tank from the lines after the tank was pumped. One line not accepting any water. Distribution box severely deteriorated. Areas of standing water throughout the entire crawlspace, despite the presence of two sump pumps and a dehumidifier. The addition crawlspace could not be accessed due to the amount of standing water. Open cracks noted in the foundation of the home. Notably on the back corner of the addition. There has been a section of the existing home foundation that has been removed to accommodate for the wiring and plumbing for the addition. This home was noted to have an addition added to the original structure. Evidence suggests that non-typical construction methods were used. The footings that support the pier of the home are exposed and the base soil is eroded. The floor joists, outside band, and subfloor all have water damage. The floor framing (in several locations) has been modified. The framing modifications do not follow standard framing methods that would normally be observed for a framing repair. Dry rot noted on many joists. There is evidence work has been done on the outside band inside the crawlspace area. Recommend that the seller needs disclose the purpose for the repairs. Mud tunnels typical of termites were noted on the subflooring inside the crawlspace area . (Pest guy said appears inactive) Multiple roof leaks noted. Water damage to the soffits and facia. Water damage to the garage ceiling and in kitchen, under upstairs bathroom. The wall unit HVAC in the addition was not functioning. Wall panel was blank. There were HVAC vents in the addition which are not typical with a wall unit. And the list goes on. [link] [comments]  |
| Posted: 04 Dec 2020 04:49 PM PST in a lease between tenant and landlord that necessitated a guarantor agreement, and guarantor is not on the lease, is the tenant leaseholder entitled to receive a copy of the signed guarantor agreement for their lease? not the guarantor income statement with paystub proof, but the separate actual signed guarantor agreement for that lease. If they are legally entitled to it because it is part of the lease, and the rental office is refusing to give it to the tenant leaseholder, what are their legal options to get a copy of it? [link] [comments]  |
| Is moving ready that difficult Posted: 04 Dec 2020 11:44 PM PST My plan always been to buy a primary residence. Live there few years (3-5) while slowly fix things up as needed & look for deal for another house. Convert it to rental property and move on to the next house. Rinse and repeat few times and I should hit my goal of 5 rental property. I don't want too much & think 5 I can handle. But everyone is telling me moving is so much work. Don't even think about it. Buy one nice place that u will stay for 10+ years. Is moving really that hard? I understand once u make a house into home, it's hard to start over but I also think of the excitement of living in different area & house . [link] [comments]  |
| Should I sell my house or wait a year? Posted: 04 Dec 2020 01:50 PM PST I own a home in a cheaper city 2 hrs from LA. From my understanding, this pandemic has led people to move from more expensive cities to cities with a lower price of living. Because of that, my house that I bought for $240k 3 years ago, is now valued at $285k. I lived in the house the first 2 years & I am now renting it out. The tenants lease is up in January & I was wondering if I should sell my house & make an estimated profit of at least $50k. (285-220 owed on mortgage =65) minus selling expenses. I guess my main question is if anyone knows if waiting another year would amount in a much bigger profit. Currently the house is increasing in value by about $2-3k each month. Does anyone know if this trend will continue throughout 2021? [link] [comments]  |
| Posted: 04 Dec 2020 05:09 PM PST Someone I knew got a house but their agent is no longer in the industry. The only person left that is, is a "sales consultant". What is the difference between a real estate agent and a sales consultant, if there is one? Also, I know you should REALLY get to know your real estate agent but what about the lender also? Should you have a good lender and be in talks with them as much as an agent? Do the two of them have to talk also or are you just the middle man building relationships? I'm trying to get this in order and make sure I'm prioritize everyone I need to [link] [comments]  |
| Vindictive co-owner wants our house to foreclose so that I lose money. Posted: 04 Dec 2020 10:27 PM PST My co-owner has gone mad and refuses to talk to me. Has hired an attorney to keep me away from them. Won't answer my calls. We are both on the deed. The house is worth $1.2million. If we don't sell, the bank will foreclose it soon as neither of us are agreeing to pay the mortgage either. My co-owner never paid a cent anyway. My co-owner is taking the "kamikaze approach" and staying in a standoff with me until the bank moves for us. We will lose hundreds of thousands of dollars. On top of this, the co-owner has been trying trying to pressure me into signing "power of attorney" papers, to which the reason is unknown. What do I do besides hire a lawyer and apply pressure back on them? I don't want to force a sale through court because that will basically be a foreclosure in terms of profit. [link] [comments]  |
| Buy house from declining father Posted: 04 Dec 2020 09:47 PM PST Hey folks, longtime lurker. Here is the deal: My father has dementia and is going in a home soon. My wife and I moved in six months ago to care for him, and now we're going to buy the house from him. We will most likely sell it in 2 years. I have power of attorney on my fathers behalf, so basically going to sell myself this house. He's really not with it, but I still want to be a responsible steward of his estate. He's got money which will cover the cost of his care from here on out, but I do want to make sure he comes out of this ahead to provide some peace of mind there, while minimizing closing costs etc if possible. Wife and I have some money saved, and were already planning on buying a $350k or so house before all this. His house is worth $450k. What do I do? Is it possible to just switch title to me, take over mortgage payments and somehow give my dad back the equity he had in it? Whats the best scenario we're everybody wins? [link] [comments]  |
| Just bought a new house. Old owners didn't tell us it was infested... Posted: 04 Dec 2020 09:31 PM PST I live in Minnesota and I just bought a home that was built in the 1980s. We bought it from the original owners. Their real estate agent lives across the street from us now and had been neighbors with them since the beginning. It is a beautiful home and we were sold during the walk through. We have been living here for about two months now and last month I caught 14 mice. Not having lived in a house with mice before this was concerning to both my wife and I. Then we noticed that mice poop was falling from the drop tile ceiling in the finished basement. When I looked up there, it was caked. I had to take it all down and mice poop covered the entire floor. I spent a week cleaning it up. Since then I have changed lights throughout the house and it seems to be everywhere. It feels like we can't get away from it and like there is mice poop behind every wall, nook, and cranny. The most frustrating thing about this is that when we sold our house we had to mark down whether there was an infestation or not. I assume this is the case for them, since this house is in the same town as the one we just sold. They did not disclose there was an infestation. To make matters worse, we have talked to our neighbors and it seems like they all have mice problems too, which makes me feel like the real estate neighbor who sold us this house was aware of the problem, especially since they were great friends and neighbors for such a long time. What should I do? My wife and I are at the point where we really don't even feel like living here anymore. We feel like our house literally has poop coming through the walls, because it actually does. [link] [comments]  |
| Posted: 04 Dec 2020 04:53 PM PST I don't know if this post would be allowed, if not, my apologies. The selling agent convinced the buyer, a relative of hers, to accept this offer on day two of listing, which turned out to be the lowest of offer with the other two that came in. Does the seller have a case to void? [link] [comments]  |
| PigeonHoled: Buying and selling at the same time. Posted: 04 Dec 2020 11:54 AM PST I have never sold and bought at the same and it seems stressful and ridiculous at the same time. I can't just pick the house I want to buy unless a new build. [link] [comments]  |
| 5%, 25% vs 44% down payment analysis Posted: 04 Dec 2020 04:27 PM PST Current Home value is at 230k (bought 145k), owe 80k @ 3.25% on my 4th out of 15 years loan @ 3.25%. I am holding about 40k in cash., have 20K for emergency funds. Combined income is 60k/year, no debts, great scores, and history. I'll be moving again in 6-10 years. The new house is 320k @ 30 years with \~2.5% rate. Brand new house, in a rural area, USDA loan qualifiable. My choice: D.P. of 44% for a\~1312/M (76K in interest) D.P. of 44% for a\~1780/M (36k in Interest @ 15-year loan) Sales-man\"Loan Advisor," choice: D.P. of 25% for a \~1550/monthly (101K in interest) D.P. of 05% for a \~1900/Monthly (157K in interest) He advised taking advantage of the USDA loan (NO PMI @ 3.0% Int.) and investing in ROI activity. In general, I like having low overhead or paying less in interest. However, pocketing/ROI'ing nearly 140k, and holding my cash (USDA option) DOES NOT SOUND TO BAD EITHER!! but it will cost me in the long run with +700 extra per month (or +75k$ in interest vs 44% D.P. @ 30 year "my choice", or +120k in interest vs 44% d.p. @ 15 year "my choice" ). In... other words? Am I pocketing 135k, holding my cash, and paying back 75k slowly at 700 a month in interest over 30 years with USDA? yet still leaving me with a 60k profit? Is my math right? [link] [comments]  |
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