Strange scam found on Zillow Real Estate |
- Strange scam found on Zillow
- Closed on a home and my realtor has been terrible. Where can I leave a fair honest review?
- Thanks to advice from members of this sub, I painted my “terrifying foundation” - let me know what you think!
- Closing/Title Issues: Need more experienced opinions.
- Real Estate Investing Advice
- COVID student loan forbearance and DTI?
- Release Join Use Easment?
- Noobie questions about realtors
- Mortgage refinance - married, but qualifying under income limit for FNMA for 1 person?
- [QUESTION]Negotiating repairs with seller after home inspection
- Can a landlord remove a guarantor without the leaseholder’s permission?
- Why best and final? Why not a real bid war.
- Real Estate Question
- Zoccam ?
- Who Pays Lender's Title Insurance?
- [AL] Better to buy now w/ PMI or later at 20%?
- Requiring a pre-approval to see property
- California Supplemental Property tax surprise bill... help!
- Realtor didn't complete the term of the agreement on the contract.
- Inherited property - new insurance policy needed? (California)
- Building a home near power lines
- Need advice regarding mortgage
- who is responsible for these problems post sale?
- [NJ] Run or keep fighting?
| Posted: 07 Dec 2020 08:05 PM PST I noticed this nearly million dollar home in San Antonio being advertised for $26,000 out of the goodness of the owner's heart for a first-time home buyer. Catch is, $6000 must be wired to their father's bank account in order to view the home. It says the $6K is refundable if you decide against the deal. Also, prospective suckers must deal with 'Karen', their property manager, who has a Georgia (not Texas) number. https://www.zillow.com/homedetails/302-E-Rosewood-Ave-San-Antonio-TX-78212/26219465_zpid/ "This is an opportunity for a lucky first time buyer, but if you are not a first time buyer with the $6,000 hard cash bills thru bank wire, to give as a deposit thru to my father's bank account, as we requested, due to our being out of state, an hour and a half from the time you receive the letter of intent, the same day you call, and you are not willing to follow the process we have stated above, then this home is not for you! PERIOD. So, please don't contact our property manager to waste her time! However, if you have the $6,000 and are ready and willing to do the process, without hesitation or time wasting, then call our agent, Karen today on 2294188588." [link] [comments]  |
| Closed on a home and my realtor has been terrible. Where can I leave a fair honest review? Posted: 07 Dec 2020 08:10 AM PST My realtor throughout my home buying process has made my life more stressful than I thought imaginable.
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| Posted: 07 Dec 2020 07:44 PM PST |
| Closing/Title Issues: Need more experienced opinions. Posted: 07 Dec 2020 06:37 PM PST So to try and make a very long story short, I'd gotten pre-approval on a FHA mortgage through Quicken Loans. My first contract fell through due to extensive appraisal repairs needing done, that neither the seller nor myself could complete. Having already done a 401k withdrawal to cover my closing costs, my funds to close on my second contract was pretty finite. My second contract was done as a 60 day close (Settlement date of December 2nd) due to the fact we knew in advance the house would need some repairs once the appraisal came back, and the seller was happy to complete them to get the sale. Go through all the steps as the days pass, receive my closing disclosure on Saturday (with the close date being the following Wednesday.) Monday, they were still waiting on one last item, but I was clear to close otherwise. Tuesday, the title company reached out to me (I believe the seller or Quicken had established this connection, as I'd never spoken to them or had any dealings prior.) and informed me that they weren't sure why they were pushing to close the next day, as there were multiple liens on the property, one of which was an outstanding mortgage by a company that was now defunct, and they were having difficulty finding the owner of the debt. They had retained a real estate lawyer to sort it out, but my closing is now in limbo until it all gets figured out. In the meantime, despite receiving my disclosure, my "cash to close" continues to rise from Quicken, including fees for rate lock extension, and this year's taxes (which they just now discovered the seller hadn't yet paid). I am completely new to this, this is my first time ever purchasing property of any kind, let alone a home. I understand that title issues are a relatively normal occurrence within the real estate world, but my question is.. Is it normal for these issues to be discovered so late in the game? Do I have any recourse but to sit and wait for it to be sorted out? And for anyone who has ever gone through it, as it's been a week with no updates, should I expect to have a lengthy wait? Thank you for any input at all! [link] [comments]  |
| Posted: 07 Dec 2020 11:17 PM PST Hello, I am looking at various real estate investing options and am trying to weigh which methods I should consider given my circumstances. I live in California and I'm graduating next semester debt-free. Currently I have $30k invested in various assets on Robinhood, $2k in an old 401k, and by the time I graduate, I should also have about $10k or so in savings and some other money in various locations. I'm studying computer science and at my most recent internship made an hourly equivalent of a $85k/year salary, so that's roughly the salary I'm expecting post-graduation. I very much want to get into real estate investing. I've looked into house hacking, flipping, wholesaling, and other methods. I am going to be in California for the foreseeable future, so I also want to know if I should handle stuff locally or consider investing out of state. What would be the best way to get my foot in the door, especially if I want to ramp up and continue growing my equity. Any advice is much appreciated!! [link] [comments]  |
| COVID student loan forbearance and DTI? Posted: 07 Dec 2020 08:19 PM PST Hello! Wife and I are looking to sell our house and buy a more expensive one in another area of town (Atlanta). Spoke to a lender today who said we'll have trouble qualifying for as much as we would need because our DTI would be too high, given that my student loans are in automatic forbearance due to the CARES Act - instead of calculating my regular income-based monthly payment, lenders automatically assume a 1% payment. For me, that means that my $285/month payment will look more like $2500/month according to the lender (although I've never paid that much - I'm on the public service loan forgiveness/PAYE combination and have been since I graduated from law school five years ago). This drastically skews my DTI and makes us eligible for much less than we would otherwise qualify for. We both have salaried jobs and good credit (780-ish), and we would really like to take advantage of the low rates right now - this may be our only opportunity to move into a neighborhood we love and want to be in long-term. Has anyone had any luck in this sort of situation? Does anyone know of a lender willing to go to their underwriting and get them to consider my actual payments and not the imputed payments from the COVID forbearance? As a last resort, I can try to call my student loan lender and get them to take me out of forbearance but I'm hesitant to that since the non-payments during the forbearance will still count towards the 10 years I need for the public service loan forgiveness program. Any advice would be appreciated!! [link] [comments]  |
| Posted: 07 Dec 2020 11:31 PM PST I'm thinking of buying some land adjacent to another empty lot. Both are owned by the same people, but I'm only buying one of them. For some reason, the owners had the lots replatted and established a joint use easement between them to create a driveway that could be shared by both properties. But it's in a location that doesn't make sense for the house I want to build. It kind of messes up my impervious coverage, and would likely end up as a driveway on my property that I wouldn't use. From my research, this seems weird. It seems like it shouldn't be possible to create an easement between two properties owned by the same entity. I read that as soon as that happens, the easement is dissolved. And yet the assessor's maps were recently updated to show the easement. I guess it makes sense if a developer is building multiple units for sale at the same time. Anyone familiar with what's involved in explicitly dissolving the easement? Would that be something the seller could do themselves? Or would we need to have the lots replatted again, and approved by the city? Apparently the last time took a full year. The lot I'm interested in is a decent size. I could probably build the house I want, regardless of the easement, but I have three concerns:
Thanks for any advice, especially on the right way to dissolve the easement. [link] [comments]  |
| Noobie questions about realtors Posted: 07 Dec 2020 06:38 PM PST Hey guys I've never bought a house before and in about a month and a half I'll be ready to start looking. I'm hoping someone can provide me with a little basic knowledge about Real estate agents and how to get started. What is the point of a realtor? What should I look for in a realtor? When should I be willing to sign a letter of intent with a realtor? What's a good place to start looking for a realtor? [link] [comments]  |
| Mortgage refinance - married, but qualifying under income limit for FNMA for 1 person? Posted: 07 Dec 2020 06:23 PM PST In getting a refinance quote for our non-conforming (jumbo) loan which currently has a 89% LTV ratio, we were told that because one of our incomes is below the 80% Area Median Income, we would be getting a better rate than if BOTH our incomes were used. I don't understand because both of us would be on the loan, but only 1 of our incomes (the lower one) is used for the qualifying rate? How exactly does this work and is this a legal/common loophole? [link] [comments]  |
| [QUESTION]Negotiating repairs with seller after home inspection Posted: 07 Dec 2020 09:55 PM PST So found about 20k in repairs needed for home and pool after home inspections. What is best approach to get seller to repair home or credit toward closing costs? Or another method? Closing costs on buyer side for me are only about 5-10k. [link] [comments]  |
| Can a landlord remove a guarantor without the leaseholder’s permission? Posted: 07 Dec 2020 05:17 PM PST I have a lease in Florida where I am the legal leaseholder. I have a guarantor on my lease. The guarantor agreement says that their responsibility continues through any modification, renewal, or change and does not have any language about removing them. I needed a guarantor because I do not make enough income. The leasing office never asked for my income info when applying for the lease, only the guarantors. I want to go month to month after my lease ends. My lease ends in one month, and I did not give 60 day notice to vacate because of it so my lease automatically goes into month to month. My understanding of the guarantor agreement is that guarantor responsibility continues no matter what so it would continue to the month to month, esp since it's a continuation of the same lease. I have asked the leasing office multiple times via email if the guarantors responsibility as guarantor will continue onto the month to month lease, but they refuse to answer me. I have a feeling that the guarantor night have asked to be removed behind my back after the lease ends in a month and I am wondering if that's why they refuse to answer me. If that's the case, can the leasing office legally remove the guarantor without notifying me or asking my permission? I would not qualify to have gotten the lease without the guarantor, so it seems if they had they should have notified me if they did or will remove the guarantor. [link] [comments]  |
| Why best and final? Why not a real bid war. Posted: 07 Dec 2020 08:40 PM PST I never understood why realtors come back and say is that your best and final. Why don't they just say we got another offer for X can you go higher? If they actually tell you what's the other offer, the seller could potentially get more. [link] [comments]  |
| Posted: 07 Dec 2020 04:28 PM PST How far in the future do Pro Forma statements project? Is it just the current 1 year ahead? Or do they look 5-10 years into the future? Perhaps it depends, in which case, answer my question in the most general sense possible. (context: I am running the pro forma for the purpose of a acquiring a retail center that is currently only half occupied with pizza hut as anchor tenant. I plan to buy it and then after 5 years of holding it, I intend to sell it in the fifth year. also, this would be joint venture situation...) edit 1: also do you know if it is common for expense recoveries to vary based on different level of occupancies? for instance, when I have lower level of vacancy/greater level of occupancy, should i expect to recover more in expense (because of reimbursements from tenants)? Or would it be possible that the collection rate/SF would change change enough so that they become equal, i.e. rather than collecting $1.20/SF with 75% occupancy, I am now collecting just $1.10 with 85% occupancy? edit 2: I am a bit confused since some of these pro formas project that they property is going to have 85% occupancy...I mean, is this realistic for the first year? After all, in my context, I am looking at property that has just 55% occupancy. Isn't 85% a bit high/too optimistic no matter the location? That's quite a jump after all. Perhaps the 85% is used here since it reflects the breakeven occupancy rate they require? This would make sense since it would be more appropriate to assume the property retains the in-place tenants and then adds maybe 10-20% more (so like a max of 75% occupancy) [link] [comments]  |
| Posted: 07 Dec 2020 07:50 PM PST Have you paid an Earnest Money deposit via the Zoccam App? We have never heard of it before. Looked it up & it seems to be legit; been around for about 5yrs or so. Is it safe? Secure? Reliable? [link] [comments]  |
| Who Pays Lender's Title Insurance? Posted: 07 Dec 2020 07:43 PM PST I recently agreed to purchase a home and my closing date is tomorrow. In the purchase agreement, it states that the seller will cover an owner's title insurance policy. However, the purchase agreement never specified who would pay for the lender's policy, nor the closing/escrow fee. My parents pulled out their purchase agreements/closing disclosures for their previous homes (standard TREC contract in texas). In all of them, the exact same statement of seller covering owner title insurance is listed. In all 4 of their previous home purchases, the seller covered the lender's policy, and escrow/closing fees were split 50/50 among the two parties. Do I have ground to stand on here for telling the title company that the seller will be covering the lender's policy, and the escrow/closing fees will be split 50/50? [link] [comments]  |
| [AL] Better to buy now w/ PMI or later at 20%? Posted: 07 Dec 2020 08:08 AM PST My fiancee and I are currently saving to buy a house, and we're at about 8.5% of a 250k, able to save about 2k a month combined. House prices in our area have gone up 15% in the past year, and the forecast is another 9% increase for the following year. This could get thrown out the window with COVID, but yeah. In our area, average house price is about 210k, and we're looking in the 250-300 area. If we stick to 250k, and save up to the full 20%, it would approximately take us 15 more months. We'll be at 10% in 2.5 months. If house prices go up another 10% in a year, that means the 250k house will be 275k. On the off chance the house prices do continue to increase, it seems obvious to put less down, pay PMI, and say this theoretical house does go up to 275k, then that increases our equity in it due to appreciation, correct? The only down side I can see is if the housing market in our area crashes and out 250k house drops to 210k and we're underwater. I don't think this is much of a possibility due to the nature of our area being carried by government contracts + engineers, but I guess the possibility is still there. So am I correct in my assumption that buying a house with 10% down (having an extra pot for emergency savings of course) in a growing market, and having to pay PMI will be completely worth it? If so, when should I go about talking to a realtor if we'll have the 10% down payment by February 1st? [link] [comments]  |
| Requiring a pre-approval to see property Posted: 07 Dec 2020 08:35 AM PST I just listed my place in a relatively hot market (NYC suburbs), am I being too limiting requiring buyers be pre approved to see my property? I thought this was standard practice, plus, um there's this thing called COVID 19 going around. My realtor said it was up to me.. I really only want to entertain serious buyers. Had a showing cancel and get offended today (insert eyeroll). Any real negatives to this strategy? I feel like if someone is truly interested they'll get an approval letter. I did it and it took about 20 minutes to complete the application and upload documents to the banks portal. [link] [comments]  |
| California Supplemental Property tax surprise bill... help! Posted: 07 Dec 2020 06:12 PM PST Ok so we bought our house in May 2020 for 1.1M from a flipper, we got our main annual property tax bill for around 10k, that's fine, then we got another supplemental for like $200 some dollars, that's fine. Then today we just got another supplemental one for $3k... does that sound right?? I can provide more details if need be... just want to be sure I'm not out $3k [link] [comments]  |
| Realtor didn't complete the term of the agreement on the contract. Posted: 07 Dec 2020 05:52 PM PST I signed a contract with a realtor that I'm currently less that thrilled with and upon reviewing the contract I've found the term of the agreement reads as: "From the 16th day of April, 2020 up to and including midnight of the _____ day of ______, 2021." She left the day and month blank but filled out 2021. What does this mean for my contact end date? Location if needed: WI, United States Edit: spelling [link] [comments]  |
| Inherited property - new insurance policy needed? (California) Posted: 07 Dec 2020 05:09 PM PST I inherited a house from a parent and recently submitted the final paperwork for the transfer. Something that confuses me is that when I called the property insurance earlier to temporarily have the account under the trust, the agent told me that no new policy was needed after the transfer. He said they'll keep the same policy but change the account holder to me. Is that correct? I was almost certain a new policy would need to be drawn up. This is California if that matters and the insurance company is Farmer's. [link] [comments]  |
| Building a home near power lines Posted: 07 Dec 2020 05:03 PM PST I am exploring the possibility of building a home with power lines near me. The lines are anywhere from 500 or more feet from my house site. Are there any issues related to building on land like this? [link] [comments]  |
| Need advice regarding mortgage Posted: 07 Dec 2020 04:58 PM PST Not sure if this is The right Community to post this at But I'm trying to help my friend out. My friend is self-employed and he hasn't made a dollar in the last year, He has a net worth of approximately $500,000 in liquid capital. He is looking to buy his first home but he is unsure of what loan he is able to get without having any income to show, only money in his bank account. He has spoken to many lenders and they're all giving him different answers. Any advice that you guys can give me so I can pass on to him would be very helpful, thank you [link] [comments]  |
| who is responsible for these problems post sale? Posted: 07 Dec 2020 04:57 PM PST hello, i'll try to make this short and to the point. i am hoping someone can help me. so we remodeled our home in december 2019 and in march 2020 decided to sell. it sold rather quickly and we closed escrow in july 2020. now in december 2020 the buyers agent is reaching out to our agent stating that there is issues with two upstairs bathrooms remodels. they are saying the tile in the tub and shower were installed incorrectly and that this is causing flooding below. our agent forwarded us this information and said it's our responsibility to contact them and resolve this issue. we have a very weird and complicated relationship with our agent and it's very difficult to speak with her. she made it seem we are liable for this problem because we had the bathrooms remodeled. others are saying we are not responsible. we hired a professional to have the work done. the buyers agent keeps emailing her and she just keeps forwarding it to us and telling us to call them. so my question is, who is responsible? are we liable for these issues 6 months post selling? is the contractor liable? someone mentioned our agent somehow being liable? where does home warranty and home owners insurance come into play or does that all not apply here since it's a remodel job? i've tried to google but i'm not finding the answers i need? if anyone has any info i would very much appreciate it and thank you in advance! [link] [comments]  |
| Posted: 07 Dec 2020 04:50 PM PST So I'm about halfway through the process on a house (offer, attorney review, inspections). I offered full cost of 420k and everyone was on board with a quick closing - obviously until inspection happened. - The seller had previously disclosed that they fixed a leak in the foundation and there had been no leaks in the foundation since. So either this is a new leak or it wasn't fixed / not properly fixed. They did not have a permit for this (and I think one was needed?). For the full listing price I expected that to be TRUE. Seller wants us to accept credit. My problem with this is I'm concerned that the foundation may have a larger problem than a crack. - Leaking window (all around it). - Sump pump plumbing issue (when it gets full it shoots out the wrong pipe outside and then water goes back into the sump pump. A flood in the basement waiting to happen. - No permit for wall removal, concerning because a ceiling corner is curved. Seller refused to do anything about the permit until the appraisal was done. His agent told us she will be pushing him to go clear that up asap because its a safety issue. We asked for the foundation leak, window leak, and plumbing issue be repaired. Few other minor things for credit or repair (missing flooring they tried to hide and bathtub stopper not working and requiring the wall to be cut). The seller offered us $1,000.00 credit for everything (slap in the face considering we offered full price and their previous buyer fell through due to financial issues/probably same things going on with us). Seller agent is aware their seller is being unreasonable and suggested we should get quotes on the cost of what needs to be repaired and ask for higher credit. My issue here is our agent asked our loan officer about the appraisal and if anything is to be found leaking they will not give us the loan. If we go for this option and try to pretend there isn't a leak- couldn't we be on the hook for any problems with that? Seller's agent is also trying to make the seller see they will run into this same problem again with the next buyer (the buyer before us had to back out, we're thinking its because the seller is being cheap). Everyone wants this to go through because they want their $$, but the seller seems unreasonable. I've stuck with having the foundation/plumbing repaired and would take credit for the window after I get a quote. Obviously I don't trust the seller at this point and I am willing to exit the contract but between the attorney and inspection I'm out 3k and wanna make it work since I'm in love with the house and location. Is it safe to get a quote and ask for the credit amount? What about getting a loan? What if the foundation seems like a 1k job but in reality its a 10k job? Am I being totally unreasonable in this situation? I'm waiting on the attorney currently but it's nice to hear people's experiences or opinions when they're not getting a cut from the deal. edit:grammar [link] [comments]  |
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