[CA] Should we cancel escrow? Real Estate |
- [CA] Should we cancel escrow?
- Family member willing to sell property to me at a seemingly low price. He's 88 and just wants his property to be cared for when he passes. I'm 21 and have very little know how.
- With tax time coming up what are some things that first time home buyers or any buyers and sellers can claim on their taxes?
- Buying First Home: 20% down-payment vs 10% down
- Turning a 3 Bedroom 1 Bath House Into a 2 Bedroom 2 Bath House
- (Delaware) What counts as square footage in a listing?
- [CA] Issues with accepted offer for a home
- Buying a second home after inheriting a portion of a house. (U.K. England)
- House Building on a Single Teacher Salary
- [IN] How to get a Real Estate Loan/HELOC for a house for a business owner who needs low to zero income documentation?
- Is it possible to be licensed as a realtor in two states and work simultaneously between the two states?
- [CA] Advice on Buying A House w/Abandoned Pool
- Renting a house for the first time
- Buying a house with an unpermitted garage conversion
- Appraisal to closing time? Conventional Freddie Mac 30 Year. Self-employed with 8 yrs job history.
- Seller/sellers agent requested a meeting?
- Anyone a real estate broker in the Portland, Oregon area?
- (US, CA) Have 100k, put it into Index stocks (SPY) or real estate home in Sacramento?
- This is my fault for not doing all the math upfront, but I'm getting cold feet on an offer that's been accepted. Have contingencies in the contract and want to pull out. Could use some advice.
- OpenDoor insisting on using their closing attorney, is this a red flag?
- What to do with undeveloped rural property?
- Florida or no? Confused what to do with Future
- Beach home and climate change
- Appraisal came back low
- Sell now, try to adjust, or wait to sell?
| Posted: 06 Jan 2021 08:28 PM PST Hi everyone! My husband and I are selling our condo in the Los Angeles area and accepted an offer mid-November. We took a chance on an offer that was over 10k over the next closest. Buyer waived inspection and appraisal contingencies and provided proof of over 25% down in the bank, 30 day escrow. The catch was the buyer is doing some sort of direct investor loan since he's not a classic W2 employee. As a small business owner I was sympathetic, probably where we first went wrong. Our agent talked to his finance guy who spoke to their lender. Their lender said they've got two different investors ready to go and there shouldn't be a hold up. Even though the buyers waved inspection we decided to give them the previous inspection report with the idea that if they had any issues I'd rather do another showing or reach out to other offers sooner rather than later and if they knew what was on the table before counter offers were accepted we could avoid haggling later on. Offer was accepted and 5 day investigation began 11/13. There was a note in the original inspection that called out possible termite damage and we allowed them to bring an termite inspector (didn't come till 11/19 but whatever). Appraiser didn't get scheduled until 12/2, one day before the appraisal/loan contingency removal was supposed to take place. We give it a few days for the appraisal to come back. We are being told the loan approval is due any day. Now it's the 8th and we are packing up to move out on the 12th so we have some time to get the place professionally cleaned after we move out. Everyday we are being told "any day now", "we are waiting for this document", "we are waiting for the underwriter to review the document". Eventually we made the tough decision to move across the state before we got the loan contingency removed. On 12/15 our agent escalated the case to the loan officers manager who said they'd have the loan approval that day. Meanwhile our agent prepared the notice to perform. Loan contingency was finally removed 12/17. Then 12/21 they are supposed to receive CDs to sign to start the 3day review period, let's just say after hounding them constantly they didn't sign the CDs until the 30th and they have yet to sign the loan docs. Last week we submitted a notice to close and a notice to release funds and are just about out of patience. We are now looking at paying rent and another month's mortgage and my husband is pissed enough to cancel the sale and go after the escrow funds. Our agent is just about ready to submit a complaint about the agent and lender. TL;DR Would you cancel escrow that's 3+ weeks past original close date because you don't trust the buyer's agent or lender to give you accurate information/timelines? Would it be bad karma or reasonable? Thanks for taking the time to read this, any advice would be appreciated. [link] [comments]  |
| Posted: 06 Jan 2021 08:42 PM PST Alright. This property (built in late 70s) is a 3 bedroom, 2 bathroom house with a "kitchen, dining room, breakfast room, foyer, den, terrace, covered porch, and 2 car garage." It sits on ~3 acres with 2 other buildings/sheds/barns. It is located in a small town near a beautiful lake in the Ohio valley region. I don't understand everything I know about real estate but I get that property value could mean a beautiful house in the wrong neighborhood is worth nothing and vice-versa. Anyways; my uncle is willing to sell the house for $115,000 but I think he still owes maybe $40,000. In my opinion, the property could be sold for at least $200,000. It's beautiful it has a very classic design and the location is pretty good not to mention maybe 20 mins from a beautiful lake; and the land included. I learned of this 6 hours ago and just feel that it could be one of those huge opportunities that you would regret not taking. I would have to move very far from my family, I'd have to transfer jobs, It would be the largest change I have ever gone through but I don't know. I need worst case and best case scenarios. Is there an inheritance tax? Would I have anything else to worry about besides mortgage? I appreciate any help you can give and appreciate your patience with me. Edit: I really appreciate all of the thought and help you all have me. I may make more posts in the future if I do plan to go through with this. I am contacting a realtor in the area tomorrow morning. Again, Thank you all. [link] [comments]  |
| Posted: 06 Jan 2021 07:19 AM PST I'm closing on Friday but I've paid for all inspections and appraisal in December. Can I claim any of those? [link] [comments]  |
| Buying First Home: 20% down-payment vs 10% down Posted: 06 Jan 2021 09:56 PM PST Hi, We are preparing to buy our first home. I wanted some advice on the down payment amount/percentage. but bit confused on the down payment. Average home price where we are looking at is $1M (Bay Area, CA). Currently due to pandemic mortgage interest rates are quire low (2.7-2.8% range). We are thinking to make 10% down and get the loan. Some of my friends said, it is better to make 20% down in order to get best interest rete and avoid PMI. If we pay 20% down, we will not have 6 months worth mortgage amounts saved in our account. So I was thinking if it would be good idea to take 80% main loan and 10% additional loan on high rate and try to repay that that quickly? Currently, it seems market is hot for real estate and labeled as seller's market. There are anticipation that market will see bit of correction, but predicting the time is very difficult. If our approach (80% regular loan + 10% high rate loan) sounds okay, we can start the process. Any thoughts on this regard would be greatly appreciated. [link] [comments]  |
| Turning a 3 Bedroom 1 Bath House Into a 2 Bedroom 2 Bath House Posted: 07 Jan 2021 04:42 AM PST I have a 3 bed 1 bath house. Right now I need to add a walk in shower for my elderly mother. Removing the tub from the House leaves it with no tub. Would it be a good Idea to covert a small 3rd bedroom into a 2nd bath? [link] [comments]  |
| (Delaware) What counts as square footage in a listing? Posted: 07 Jan 2021 04:21 AM PST (Delaware) The facts The listing shows that house is 3000 sq ft, which is what I relied on making my offer. After the inspection, I find that the interior is 2500 sq ft, plus the garage of 500 sq ft. I thought the garage wasn't supposed to be counted in the square footage of a listing. Upon more careful reading, I see that the listing shows it as "3000 sq ft (Assessor)". The questions 1) Is the listing correct, and I was supposed to know that the assessor size includes the garage? 2) Are garages in Delaware taxed the same per square foot as living space? In other words, could the tax amount be incorrect? 2) I'm in the inspection contingency phase, do I have any leg to stand on to say the house isn't the size as per the listing? [link] [comments]  |
| [CA] Issues with accepted offer for a home Posted: 06 Jan 2021 09:52 PM PST Hi folks, we have an interesting situation and wanted to get some input. We had our offer accepted (no contingencies to stay competitive) for a home and are in the process of getting the loan approved. In the home appraisal by the lender, we noticed that the living area was being underestimated a bit more than 10% (few hundred sq ft) less than what the house was listed for (and what the property assessment shows in Disclosures). The garage space was converted into a unpermitted living area and it looks like the County incorrectly assessed this unpermitted living area as part of the total square footage (and also listed as having the garage as well even though it was completely converted). What is our recourse here? We don't want to overpay both in price and property taxes for unpermitted area. We already have submitted our earnest money in escrow. [link] [comments]  |
| Buying a second home after inheriting a portion of a house. (U.K. England) Posted: 07 Jan 2021 03:49 AM PST So, I was wondering if anyone could clarify something / knows where to find some information relating to second home tax....here is the info...
I have read online that one might be exempt from second home tax if the portion of the inherited property is less than 50% (which it is) and if the home was inherited within the last 36 months (which it has been). I have read this online but I can't find any solid information from a trusted site (like the government website or something official) Does anyone know if second home tax has some exceptions when the individual has recently inherited a property and owns only part of the property (less than 50%) alternatively what if I were to put myself as a trustee of the house? Would that avoid second home stamp duty if I were to buy my own home? [link] [comments]  |
| House Building on a Single Teacher Salary Posted: 07 Jan 2021 03:24 AM PST Hi, everyone! I posted yesterday about feeling unsafe in my current situation, thinking about selling and looking for a change. Everyone's comments were kind and thoughtful, and I so appreciate it. I've never gotten deep into the Reddit rabbit hole, but am definitely going to start with the hopes I can help others, too. I reached out to a licensed contractor who happens to be a fellow teacher. He's built three homes in the past couple of years - two being his own family's. Unlike some of the bigger construction companies in my area, he said that he builds to the owner's needs, wants, and budget. I know he wouldn't take advantage in regard to necessary features or materials, which got me giddy yesterday because I thought, "Could this actually happen?" I'd love any advice as to what you should/need to know when it comes to building a modestly sized (800-1,000 square feet) home. I know building costs are through the roof right now due to the pandemic, but if and when they calm down a bit, I'd love to pursue this as an option. • How do you approach land purchasing if there's not much on the market right now? Look at the county's tax website and send some letters out to large farm owners? • What are some things to keep in mind throughout the lending process? I saw where good credit (680+) and 20% down are typical as well as them being harder to qualify for. Is everything included in a construction loan (land, land preparation, water/electricity hookup and/or well digging, etc.) or does it only include the physical home construction itself? • Where's the best place to look at house plans (houseplans, eplans, etc.)? When it comes to building costs, does square footage mean everything or could that be lowered depending on materials used (cement counters versus granite, real hardwood versus vinyl, etc.)? • What are some non-negotiables when it comes to the build itself? I'm certainly not fancy, nor do I have money to be fancy, but of course I want the house to be efficient in regard to design and sturdy. • What are some simple ways to be frugal during the build and in years to come (energy-efficient options, crawlspace versus slab foundation, etc.)? I've never known anyone close to me to build a house. (I know that may sound wild.) I've never known any acquaintances to build on a modest budget. They've usually been lavish and expensive. This is all brand new to me and any advice or tips are gladly welcomed. Thank you in advance for your time! [link] [comments]  |
| Posted: 07 Jan 2021 03:13 AM PST |
| Posted: 07 Jan 2021 02:10 AM PST I am currently working in California. But I would like to also be licensed in either Vegas or Arizona. Honestly, my dream is to have a home over there. And I want to be able to start a life there. But California is where I make most of my income and it's home to my family. I'm stuck not knowing what I should do. Any advice you guys can suggest? Thank you so much [link] [comments]  |
| [CA] Advice on Buying A House w/Abandoned Pool Posted: 06 Jan 2021 10:21 PM PST Hi Reddit Real Estate! I am close to securing a SFH purchase, which is habitable but needs significant renovation. The big question mark about the property is that there is a large empty pool in part of the backyard that could either be filled or repaired. Both the pool options are costly, whichever direction we decide to move forward. Our thoughts would be to table the decision on the pool, chip away at the higher priority renovation projects and probably around a year from now decide the fate of the pool. Hoping to get some feedback on experiences leaving a pool empty for an extended period of time. Any hidden costs to be aware of, issues securing homeowners insurance, etc? Thank you in advance and appreciate the advice! [link] [comments]  |
| Renting a house for the first time Posted: 06 Jan 2021 10:11 PM PST Hello I recently purchased a home and I have decided to rent it out to someone, they want to put their company name which they own, a home care company and of course their name on the lease and their two daughters. Is that normal for a residential home? It's gonna be their home and office, there won't be people coming in for services. The house is mortgaged if that matters. Some googling shows them as an agent of the company with their kids as head people. Also they do have another address with their company name. FL [link] [comments]  |
| Buying a house with an unpermitted garage conversion Posted: 06 Jan 2021 10:00 PM PST Hi folks, I am a prospective first time home buyer in Los Angeles looking for advice about buying a house with an unpermitted garage conversion. The house was last accessed as a 3/2 with roughly 1300 sqft and listed as a 3/2 with 1650 sqft. The seller disclosed that the attached garage was converted to a bedroom without permit and an existing bedroom was converted to a den/family room area by blowing out walls near the kitchen. I understand that if I were to purchase this house I would then be on the hook for any issues that arise with the unpermitted space and I assume that I have the option to take the risk of ignoring it and hoping for no issues or trying to retroactively get it permitted. My main concern is that I am interested in doing some small renovations myself and I'm concerned that it would open a can of worms if I try to play by the rules. What sorts of things should I do even before entering in a contract to see if this is worth pursuing? Or is this a stay away type of situation? How likely am I to encounter unpermitted work in the older homes in the LA area? Is this something I should expect to have to bite the bullet on eventually? If not this house than maybe the next? Thanks for any advice. [link] [comments]  |
| Appraisal to closing time? Conventional Freddie Mac 30 Year. Self-employed with 8 yrs job history. Posted: 06 Jan 2021 09:59 PM PST DTI is 23% home / 33% total debt. I've made increasing gross income since I started my business. I was pre-approved and provided current 2020 P&L, December bank statements, etc.. No concessions after inspection. Appraisal report finished yesterday. House appraised exactly at value. Loan send into underwriting today. Whatcha think? [link] [comments]  |
| Seller/sellers agent requested a meeting? Posted: 06 Jan 2021 07:16 PM PST First time home buyer and I'm in my option period (seller has given the option to extend option period past a week). Home inspection showed some major foundation issues even tho extensive work was done on the home three years ago (20+ piers but side that is sloped didn't get repaired..). My agent mentioned the foundation issues to seller's agent in an attempt to get the foundation repair work documents again (seller disorganized or playing games not sure)...and the sellers agent turned around and requested a meeting with me, my agent, the seller, and her tomorrow. Is this normal? We have not submitted the repairs yet since they just sent us foundation work so we could get it to inspector to compare numbers. Sellers agent mentioned that there was more to the story about foundation so I'm imagining a rambling story with no documents to back it up. I declined but my agent said he would attend. Should I be going to this meeting? [link] [comments]  |
| Anyone a real estate broker in the Portland, Oregon area? Posted: 07 Jan 2021 01:10 AM PST I would like to get into my first house by the end of this year and I am a vet, that being said I have no idea where to start and what I should expect. I've talked to friends who say its alot easier/better as a vet to get into a house but they also live in other states and I know the laws are different depending on your location. If someone was able to provide some information or at least a good resource on what it takes to get in to a first time home I would greatly appreciate it. Thanks alot [link] [comments]  |
| (US, CA) Have 100k, put it into Index stocks (SPY) or real estate home in Sacramento? Posted: 07 Jan 2021 12:27 AM PST So I have 100k and my grandparents who have dealt with real estate (made money buying, cleaning, fixing, and reselling houses) for a long time advised me to buy a house in Sacramento, California with a down payment for 100k and a longterm mortgage for 300k. Monthly payments should be $600 for property tax and $600 for mortgage and plan to leash the home to a family for around 2.5-3k a month. That way the money from the lease can be used to pay off the property tax and mortgage and still have money left over as the property increases in value. Compared to putting the 100k in SPY stocks longterm investing and leaving it alone. Which do you guys recommend? They told me real estate is much safer too. Mortgage cosign, etc other stuff is assumed to be taken care of and my grandparents / parents would be dealing with the landlord side of things, but Personally I prefer SPY since it sounds like similar returns for much less hassle, but any opinions? [link] [comments]  |
| Posted: 07 Jan 2021 12:22 AM PST I put in an offer on a condo that was listed for about 585K, but then other offers came in and had to bump to 599K. However, with closing costs factored into a 20% down, I'm left with just 12K in savings, only enough for a couple months emergency fund. On top of that, I'm still on lease with my apartment. Thankfully, the landlords were gracious enough to allow me to break early we found a replacement tenant together. But my "worst case scenario" brain is now going "What if you don't find another tenant in time? What if you can't find a tenant to rent out the room at the new place? What if you lose your job?" The agent blasted me with a ton of forms when everything was coming through, I scarcely had time to read through everything (this was totally on me). But with the financial situation slightly more precarious now, I'm getting nervous. What I should have done was wait a year, built up a larger buffer in savings, and also had my lease naturally end and transition into a month to month. Is it too late for that? Am I overthinking it? [link] [comments]  |
| OpenDoor insisting on using their closing attorney, is this a red flag? Posted: 06 Jan 2021 08:22 PM PST I thought a buyer could choose their attorney at their expense but Opendoor is insisting on using their closing attorney at their cost. Is there anything i need to watch out for ? [link] [comments]  |
| What to do with undeveloped rural property? Posted: 06 Jan 2021 05:39 AM PST My family has a random 100 acre lot on the side of a mountain in northeast Tennessee. It's completely undeveloped (a relative bought it for hunting land), and it couldn't easily be developed into anything (it's beautiful, but very "rough"). Several of us in my family, myself included, are in business for ourselves, but none of us really have done anything with real estate outside of our homes etc. We don't need to sell it, and it's sale value isn't that much anyways. Plus, it has some sentimental value to some of us. I like to tinker and try out different projects in my spare time, and since I've never done in anything in real estate or really any business involving the outdoors like this (I'm an engineer), I'm curious to play around with it. If you have experience here, what are some creative things you've seen people do to produce income from rural lots like this? It doesn't need to be a real business or something extravagant, silly little side hustles are fine by me. Thanks in advance for any insights! [link] [comments]  |
| Florida or no? Confused what to do with Future Posted: 06 Jan 2021 10:48 PM PST Current USA northeast area native. My body needs to get out of the cold and snow and live in the warmth near coast. My plan was to rent for 6-12 months in the new city so that I can search for the right deal. For my first home, I would love it to be a fourplex or triplex where I house hack by living in one of the units and renting the others to pay the mortgage. I would like to build my real estate portfolio on the BRRRR method - buy, rehab, rent, refinance, repeat. The only issue is, I am really concerned with the future of Florida with rising sea levels. I really want to move to the suburbs of a WARM beach city (not something like a Long Island beach where it gets cold), and somewhere that my properties I invest hundreds of thousands in are not underwater in 30-50 years. Any advice if Florida real estate is even worth it to pursue as a first time investor based on water issues? Any other city recommendations that are on the east coast? Really any insights would be extremely helpful, thanks for reading. [link] [comments]  |
| Posted: 06 Jan 2021 10:47 PM PST I'm considering buying a vacation home on the beach with the intention to live in couple weeks of the year and probably sell about 5 or 6 years after buying. But with climate change and rising sea levels I was wondering if over that time period is there any chance that the property will begin to depreciate and lose value in the future due to its potential risk of being by the rising sea? [link] [comments]  |
| Posted: 06 Jan 2021 10:40 PM PST Hello! I'm in the process of purchasing my first home. Today my bank 9 days before close keep in mind tells me that the appraisal came back lower. Nearly 10k lower. The condo comes with plumbing issues that require a plumber as well as other repairs in which the sellers weren't willing to negotiate or fix it before close. Which I accepted. I was willing to pay to fix those issues. Now the sellers aren't willing to negotiate. They won't lower the price. This is incredibly disappointing especially because I bought my furniture already and this is less than two weeks away! What do I do? Should I insist in negotiating? My realtor and I are going to have a conversation tomorrow morning. What exactly should I bring up that she can do to make this easier for both of us? [link] [comments]  |
| Sell now, try to adjust, or wait to sell? Posted: 06 Jan 2021 07:22 AM PST First off, let me admit that I am a moron. I bought during the summer months of 2020, when the pandemic had taken a serious toll on traffic, and I should have thought more carefully about where this house was. It had all the features I wanted, in the neighborhood I wanted, etc. but it is on a major truck route and I am consistently woken up at 5am in the mornings, and I want to hide in the basement at 5pm every evening when rush hour starts. I have considered a few things: Window upgrades, white noise, and just trying to adjust to it but I am weighing my options on whether I really want to be here long-term. I am lucky enough to have come in with a large downpayment so I could conceivably pull a HE loan or try and do a cash out refinance to free up some liquidity to go back onto the market and it seems like the market is still hot. I realize that doing such a fast turnaround is going to cost me financially, but will it really cost me more than trying to soundproof a house? The options I have come up with are just trying to move now, waiting a few months and then trying to move, or just trying to live with/deal with the sound problem. I am not sure if anyone has suggestions, or similar experiences they would care to share? If it matters: Location is greater Boston area. [link] [comments]  |
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