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    Move-in fee Real Estate

    February 02, 2021

    Move-in fee Real Estate

    Move-in fee

    Posted: 01 Feb 2021 07:28 PM PST

    I'm living in Oklahoma but I have to move to Miami in 2 months approximately. I'm looking for houses to rent but I've faced with a "move-in dollar" fee.

    The value is very high, more than 3 month rents. I'm looking for house of $2700 / month and move-in fee is $8k approximately.

    I've searched and seems to be a NON-REFUNDABLE fee.

    Is is correct? I can't believe.

    submitted by /u/MarceloGW0
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    FYI: You are not just bidding against other first time homeowners, you are bidding against their family too

    Posted: 02 Feb 2021 08:12 AM PST

    I see a lot of people here not understanding how they are doing quite well for themselves (top 10-20% earners) and yet they still get outbid by other couples in droves. True, part of it is that others are willing to over leverage themselves (bad idea) and what not. However, a lot of it is generational wealth and that is something I don't see repeated often enough on this sub.

    We are absolutely one of them. Our parents help us immensely with not just our down payment, but also function as our safety net too. What happens if we both lose our jobs? Nothing really. Our parents can step in and help keep us afloat indefinitely. We hypothetically could leverage up to our eyeballs and we know with utmost certainty that we will be fine. I don't know how prevalent this is, but I suspect it's quite a bit. During open houses, we almost never see just the couple rolling up. In fact, we're usually the only one coming as just the couple. It's almost always two or more cars, often one rather expensive one driven by an old couple (we only looked in nicer neighborhoods).

    We're quite open about it because we believe that generational wealth plays a huge roll in society and our lives, we ought to at least acknowledge it. We aren't self-made, many reading this are probably not either. It doesn't mean we don't work hard. It just means that we have a leg up that other may not have. A less obvious one is that we can take career risks that other simply do not have the luxury of.

    Frankly, pretty much all the people we know in our circle that bought houses in nice neighborhood as young couples are in the same position. They might not admit it right away, but it comes out pretty quickly once we tell them how much our parents helped us. It comes in many form too - down payments, paid of cars, health insurance, babysitting etc. Just consider that when you think of your own privilege. Hell, I have several friends who were gifted entire SFH as their graduation present.

    Many other couples could probably outbid us. Good luck outbidding our parents if you're on your own. If you're in the same (very fortunate, and very privileged) position as we are, please just admit it. There's a huge number of couples on here that don't get the same help and it pains me to see them beat themselves up when they get outbid to death in this market.

    submitted by /u/butteryspoink
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    The market is so crazy I feel like I'm not being fair to our realtor.

    Posted: 01 Feb 2021 08:05 AM PST

    We are in a "want to buy a house" phase rather than a "need to buy a house" phase and I understand we're not playing with monopoly money. We're making strong offers over asking without contingencies, but someone is always going to be more desperate or less money conscious as well as being willing to waive inspections, which we're not. I feel like we're not being fair to our realtor just for not being desperate or crazy enough to "win" and still having them do the work of showings and research. Just feeling frustrated and bad.

    submitted by /u/IvyDivey
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    Borrower beware of Better.com

    Posted: 01 Feb 2021 01:18 PM PST

    I wanted to provide a personal experience and review of using Better Mortgage (better.com) as my lender on a 30-year fixed conventional loan. I turned to reddit and other sources for reviews of Better before locking my rate, and everything I read was positive, so hopefully this review helps others who may soon be in my spot. Topline takeaways below - it's not all roses. I am currently in the underwriting phase of the loan, and the inspection/negotiation phase of my contract, and will update this post as I continue to navigate the process through to closing (hopefully on time).

    1. Availability and communication was great up front but completely tanked after I locked with them. As I've heard may be the case with other national lenders, Better did all they could to hook me early with efficient and effective communication, and 100% availability. Once I locked-in and committed, it was an entirely different story. For instance, there is an online booking option to "schedule time to chat with your expert" based on their availability. After initially applying and receiving my loan estimate (while I was still shopping multiple lenders), my Better.com expert/loan consultant showed 100% availability, all day, every day for two weeks out. This gave the impression that throughout my experience, I would be able to connect with an expert on my loan's team at any time, for any reason, with any questions. Flash forward after locking in and entering the underwriting phase. My expert is now 100% unavailable for 2 weeks out. Zero times available on her calendar to talk. My underwriting/processing expert is "best reachable by email" yet at least three of my emails to her have gone totally unanswered. When I call the main office line, I get an administrative assistant/receptionist who is unable to answer any questions. They have consistently placed me on hold to send messages to my expert, who relays messages to them (sometimes) which they then relay it to me. Other times, they respond that my expert is unavailable and will be in touch. Why is this a big deal? The types of questions I have are not well-suited for this game of telephone, with a middle messenger. They are also of an urgent nature given short contingency periods in my contract. I need to talk in real time with someone on my team, but despite my multiple attempts, this has not happened. For example, I have just completed the inspection phase of my contract and am at the end of day one of my five day negotiation period. My realtor and I have not been able to get a repair proposal to the sellers because we have been unable to resolve a number of outstanding questions about lender requirements/caps on seller concessions/credits and/or a holdback escrow to cover repairs. This is unprofessional and insulting to me as a borrower of a six-figure loan that they are originating.
    2. Better made it sound like there was a zero-risk commitment up front if you lock with them. They take a $550 deposit upon locking your rate, which will be applied to the appraisal once it is ordered, but make a big deal out of their no-hassle policy that the deposit is 100% refundable until the appraisal is ordered. I figured I would have a bit of time, because you typically would not want to get the appraisal done until after the inspection contingency has passed. However, the appraisal was ordered the same day I locked in, making my deposit non-refundable. I have heard from other lenders I was shopping with that there was no up-front financial commitment required upon locking, and that there was no risk of walking away after locking if needed. This isn't as big of a deal to me, because it gave me comfort knowing that there would not be a delay in closing due to a delay in an appraisal. I locked on 1/26 and my appraisal is scheduled for 2/4. Thought it might be good for others to know going in.
    3. Better is very interested in your satisfaction, until you indicate that you are not satisfied. Early on, after speaking with one of their agents, I would receive a text asking for my satisfaction ranking, 1-5. Of course, early on it was a 5. Three calls ago, I responded with a 2 and have not received another satisfaction survey request despite multiple additional calls to speak with an agent.
    4. I have received three revised loan estimates from Better since locking my rate, but zero communication/answers about why the changes were made. I negotiated my mortgage insurance payment down by $9 monthly, being assured by my loan consultant prior to locking in (when they were courting me) that she was able to secure the lowest MI premium for me. My MI premium has now increased by $9 per month but nothing has changed on my financial or credit profile since applying for the loan. Since January 27, I have inquired three times about this, twice on email and once on the phone, and to date nobody has been able to tell me why this change has been made to the revised loan estimates. I understand that the MI can change after locking in your rate. I'm not dinging Better for increasing the MI, rather I'm incredibly unhappy with their lack of communication to detail why it has increased.
    5. There are a couple of positives to note: upon applying with them, I was very quickly able to see a range of formal loan estimates for various terms and rates (both buying points and taking credits). It is also very easy to use their online platform to upload documents and review/sign agreements/disclosures.

    Happy to answer any particular questions anyone has. I'll also be happy to update this as I go. Happy home shopping and selling out there - and to all you buyers and refinancers: best of luck with your lender experience.

    UPDATE: I nudged via email again today to get more information about the revised/increased MI premium noted in #4 above. They said that they think part of my income (rental income from an investment property) is not being counted but are not sure why - either it is not eligible or it is not viewed as necessary to get my base income high enough to qualify. Both sound like BS to me (I've been claiming the rental income on my taxes for four years).

    submitted by /u/hallie_grace
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    I recently fell victim to a scam involving a “real estate internship.” Are there grounds to report this guy to his broker and the real estate commission in my state? What should I do?

    Posted: 01 Feb 2021 09:39 PM PST

    In December, I applied for an unpaid real estate internship position. The posting for the role was titled "Keller Williams Office Assistant/Real estate internship". I interviewed with the agent and he said he would let me know about my schedule/responsibilities closer to the starting date in January. No red flags yet.

    After starting, I find that the work is not really for Keller Williams.

    It was basically grunt work/data entry done via a shared google drive with 40-50 other "interns."Turns out this man is trying to create his own online real estate course, and is tricking people into working for his personal business by plagiarizing information from other online courses and adapting it into his course content. On his course's site, it explicitly says at the bottom: " ——— real estate school is in no way affiliated with Keller Williams." So the posting was a lie.

    The only form of compensation for the internship was free access to his course (so you could get your real estate license). The funny thing about this is that the course is not accredited in our state - confirmed through the real estate commission boards website. In addition to this, anyone can go to his shitty website, and get the course material for free (because it's worthless). He's claiming the course is "pre-approved" even though I know they are not complete based on the amount of work that was left.

    I guess what I'm ultimately asking is:

    (1) Is this behavior a breach of contract with Keller Williams? - it seems like tarnishing the brand name through a scummy operation like this would be prohibited.

    (2) Is this behavior something I can report to the real estate commission in my state?

    I wasted 5 days working for this douche, and I know there are going to be more people that fall for this guy's scam. I would like to help put a stop to it so no one else has their time wasted/gets their hopes up.

    I couldn't think of a better place to ask this question, let me know if somewhere else would be better suited.

    submitted by /u/Psychic_Bias
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    Land Contract Sale/Transfer Possibilities

    Posted: 02 Feb 2021 08:42 AM PST

    I have a situation before me that is a little strange, and I was wondering if there is anything that can be done outside of the norm. I do have a realtor btw, just wanted to ask the general question to get some more info before speaking with them

    We are shopping for a house. My wife's coworker's parents are currently on a land contract in a house that they are no longer able to afford payments on due to unexpected medical costs (original sale price was $275k, 14 months ago). We very much like the house and would like to buy it.

    Currently, they are going to leave next month, and, as they will have technically broke the land contract terms, end up with nothing. Is there any way that we can help them close out the contract and then turn around and purchase the house from them? Any weird in-between where they can convert the LC to a mortgage and then have us purchase from them immediately, something like that? We have around $200k cash that we can throw around temporarily, but would like to have a traditional mortgage in the end.

    We will likely pursue purchasing the house no matter what, even if it is from the current owner (who we know is looking to sell the house). We would just like to purchase from my wife's coworker's parents if at all possible to help them out (and potentially get a bit of a deal perhaps).

    Just wondering if there's anything like this that could be done (or if there are rules against this sort of thing), and what steps would be involved in doing so. I realize the specifics of the land contract may dictate what can happen, but, thought I'd ask if there might be an overriding option where it wouldn't matter.

    Thanks!

    submitted by /u/Case1136
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    Talk me out of buying a home

    Posted: 02 Feb 2021 08:22 AM PST

    I don't particularly need to buy a house; don't have a family to put a roof over their heads. However, I am extremely bearish on the dollar. I think you just can't print this stuff like monopoly money and get away with it. Housing prices in the past few months seem to confirm my suspicion.

    Assuming I'm right about the upcoming inflation. Why shouldn't I find a home in a low tax area, go deep into debt with a big (but affordable) mortgage, and at worst sit on the property for a few years?

    Does anyone have a better way to taking advantage of the tax advantages of real estate and it's hedge against inflation?

    ​

    .

    submitted by /u/chimpokemon7
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    Appraisal Time Frame

    Posted: 02 Feb 2021 08:09 AM PST

    FTHB here: The Appraisal was ordered 1/27 and the appraiser will be walking through the property today. How long should you expect to wait for the appraisal report to come back?

    submitted by /u/_CurlyTemple
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    Conflict of interest

    Posted: 02 Feb 2021 08:04 AM PST

    Hey guys and gals,

    Just wondering if there is any conflict of interest in being a real estate agent and running a construction company. Also any tips?

    submitted by /u/kadeenm
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    Closed today on our first SFH!

    Posted: 01 Feb 2021 03:35 PM PST

    We've owned a condo, but closed today on our first single family. Been waiting to post until done since I found so many other timelines helpful!

    As a ymmv warning, Realtor said it was the easier transaction he has ever seen, and I feel like we got very lucky in many respects. The sellers seemed like truly nice people. It felt so much easier than my prior real estate transactions, and seems atypical for the current market environment.

    12/23: Submitted materials for preapproval.

    12/24: Lender asks for HOA invoice on current condo. This is the only thing the lender followed up about.

    12/28: Finalized decision we wanted to buy a home in the Coachella Valley. Requirements were no HOA, 0.25-0.5 acre lot, single level, at least 2000 sq feet, pool/room for one, at least 3 BR, at least 2 BR, 2 car garage, central AC/heat, not on a busy road. We narrowed down to 3 specific neighborhoods we wanted to live in. There was very low inventory - there were five homes on the market that met our requirements.

    12/29: Saw 3 homes - one was already under contract by the time we got there. Did not like other two.

    12/30: Saw 2 more homes. One had a very odd layout. Liked the other quite well.

    12/31: Made offer on house we liked in the afternoon, about 25k below listing (745k)/no contingencies waived/30 day close, offered accepted same day. Used a prequal, but provided proof of income and funds. Realtor says this is a common practice in the area, and sellers often go for it.

    1/4: Wired earnest money.

    1/6: Inspection day. Did very complete set of inspections (general, pest, sewer scope, tree/arborist, chimney, pool).

    1/11: Submitted repair request - minor things. GFCIs, double tapping, leaking sprinkler head, missing CO detector, replacement of pool filter cartridges. Accepted same day, except cartridges cleaned rather than replaced. Seller also sent us a list of their current service providers (gardener, pool guy, etc) so we could contact them if we wanted to stick with them.

    1/12: Got our underwritten preapproval certificate. A bit out of order here, but knew our loan would be OK even with another mortgage on the books and no W2 income (we're 1099 earners, fun).

    1/13: Got a quote we liked for homeowner's insurance from our current provider, put them in touch with escrow.

    1/15: Removed inspection contingency. Learned appraiser had already come, and appraisal was more than purchase price. Removed appraisal contingency.

    1/21: Lender confirmed full approval; removed financing contingency.

    1/30: Final walkthrough/re-inspection. One sprinkler is still leaking - will be repaired. Homeowners had house deep-cleaned, and left a "care package" with paint samples for paint identification and touch ups, manuals for all appliances etc., and original blueprints for the house/records of all renovations. And a thoughtful note welcoming us to our home.

    2/1: Close! Wired remaining funds. Opted for 10% down since I worked with a lender that has no PMI with at least 10 down, and interest rates are so low the money can do better elsewhere. Also homeowner's insurance person did an exterior view of the home in person.

    Edit to add a few deets.

    submitted by /u/IPlitigatrix
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    We are selling our home and the company that’s buying it will be paying via wire transfer so it would have to go into my account. I split everything 50/50 with my wife so my question is would I have to pay taxes on that money if I transferred her half? Or is that easily explained when doing taxes?

    Posted: 02 Feb 2021 07:42 AM PST

    Fort Lauderdale/Miami Housing Market?

    Posted: 02 Feb 2021 07:21 AM PST

    I'm looking to potentially buy a house in the Fort Lauderdale/Miami area. I am moving there for a new job and expect to live there for 4-6 years, so I feel that this would be a great investment opportunity. Background: I'm 27, I have about 25k saved for a housing down payment, I have a 6-mo emergency fund, I make 90k/yr (expected to increase), and the apartments I have found in the Fort Lauderdale/Miami area are at least $1400/mo for a 1 bedroom x 1 bathroom, and with that kind of rent, I figure why not just buy a townhome, rent out half of it, and gain from the property appreciation in the long run.

    However, I am weary of COVID causing another housing market crash. Should I wait it out a bit longer to see if I can score a foreclosure deal?

    Any general advice based on my situation?

    What tools can I use for market research? E.g. How do I find out if a school district is good or not?

    Also, what are general first time home buying tips / things to look out for?

    Obviously I'm a noob to housing! 😅

    submitted by /u/hellokatie15
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    Any advice??

    Posted: 02 Feb 2021 06:44 AM PST

    I've just gotten into my real estate career and i'm having a hard time finding my first sale. As discouraging as it is seeing my peers excel past me with their sales, I'm still very determined to find my first sale. But does anyone have any tips, any help would be greatly appreciated!!

    submitted by /u/Reddot1123
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    Thoughts about Cast-Iron Pipes and Slab Foundations...

    Posted: 02 Feb 2021 06:20 AM PST

    Most of the houses in my area in our price range are 1960-1970 homes with slab foundations and old cast iron pipes. Seems like at some point I would have to foot the bill to re-pipe the house if I were to buy one, since the cast iron is at the end of its life expectancy by now. And since we are dealing with slab foundations, I'd expect that it would cost a pretty penny.

    Should this be a deal breaker? Is it as big of a deal as I'm thinking? Or am I making too much out of it?

    submitted by /u/theaustindixon
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    Legal Fee for Syndication

    Posted: 02 Feb 2021 05:06 AM PST

    What a typical cost of setting up a Limited partnership?

    submitted by /u/mschnelk
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    I was able to buy a house all cash deal and I need to close within 30 days. Eventually I’d like to take a mortgage because I don’t want to keep all this money locked up. What are my options?

    Posted: 02 Feb 2021 04:17 AM PST

    Taxes, Investing, and Real estate

    Posted: 02 Feb 2021 02:51 AM PST

    Alright, I'm new to the form, I've come to the place of people who share the same high minded ambitions like myself lol. A little back ground. I'm 18, got my real estate license and am doing decent enough and am coming up on a few commission checks. I got into real estate as really just on the job training for real estate investing (learn the market, and game, etc.). So here's my plan... and questions. I want to pay myself 1,000$ a month, for living expenses (rent, food, gas) and run all of my comm. checks through an LLC, then save the rest of my income to invest in a couple properties in cash (no one's giving an 18/yo a loan. so cash it is). So my question is HOW CAN I SAVE MY MONEY SO IT"S NOT TAXED. I'm planning and well on the path to making 150k in GCI this year. So how can I not pay taxes on this so I can save for investment properties. OR atleast off set some of the taxes. My current 10 head strat is to invest all of the money into simp 500 hoping that it will slightly off set the taxes on my goal amount of 150k. While also writing off any business expenses I have and the 12k I pay myself as salary. This is the only place I knew to come for advice that's not professional. I could go to a CPA but... let's see if reddit can help! (I live in GA, USA btw)

    submitted by /u/GactnexZ
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    Is this history of selling, pending, relishing sketchy?

    Posted: 01 Feb 2021 10:22 PM PST

    I found a great house and naturally it was pending sale within days. So I looked elsewhere. Well today I look and it's re-listed so I sent it to our agent immediately and we will see it tomorrow. It was weird to me that it was back on the market but I know that could be for a number of reasons. On a whim I did a google street view of the neighborhood/house and noticed a "For Sale" sign in the google viewer! The photo was from 2020. How long has this place really been for sale?

    Here's the history: 9/22/2020 - listed 9/27/2020 - pending 11/5/2020 - listed (price increase) 11/15/2020 - pending 1/16/2021 - listed 1/17/2021 - listing removed 1/21/2021 - listed 1/21/2021 - pending 1/27/2021 - listing removed 1/27/2021 - listed 1/27/2021 - pending 1/31/2021 - listed

    What is happening here?? Are they getting free appraisals hoping to raise their price? Can't navigate Zillow? Is it haunted 😂

    submitted by /u/gravity_sux
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    Is there a crash course on home inspection for dummies?

    Posted: 01 Feb 2021 01:31 PM PST

    For example, slow toilet flush, diagonal or horizontal cracks, signs of water intrusion and so on.

    Is there a Youtube video or channel that goes over like the top 20 things to look out for?

    submitted by /u/CortexExport
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    Housing investment argument

    Posted: 01 Feb 2021 09:31 PM PST

    Hi, I was hoping someone with a lil financial knowledge could help. My partner and I have been together for about 3 years now and I'm about to start medical school, he works a full-time job already. The problem is when we first dating we agreed living in a condominium would be great at the time I was the perks and benefits of it but now I don't think it's worth it especially in a place like Toronto.

    I really want to have a family one day but I don't think a condo would have enough space for a kid, that and the location in downtown Toronto doesn't seem to be the best especially when most spacious ones cost the same amount as a small house.

    with join income we could make in near future I don't really see the reason to live in a condo, but is there any real bonus to living in one that I'm missing?

    submitted by /u/Toolz01
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    I can't stand "secure" emails

    Posted: 02 Feb 2021 04:34 AM PST

    Just ranting... I hate when title companies send secure emails. Too much work, and usually don't work on my phone which is where I check most of my emails

    submitted by /u/therealrealestate
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    I live in Seattle. I’ve scoped out a loft - it’s 680 sqft. It’s at 270k near a good neighborhood and it’ll take about 25k to get it where I want it. I have about 60k saved total and make 100k (bound to increase). Is it worth it? Or should I rent?

    Posted: 01 Feb 2021 06:07 PM PST

    HOA is 400 - covers wsg, insurance, and parking

    submitted by /u/boonkgang01
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    Need some sound guidance/feedback. What would you do in my situation?! Thanks.

    Posted: 02 Feb 2021 12:05 AM PST

    Hi Redditors!

    Here's my background: I'm an average Joe (43 years old); happily married and have 3 boys and 1 girl. I work hard and save hard. Job security is pretty good; been with my company for nearly 20 years. Everything you'll read below, I've been able to do on one salary making approximately $65,000/yr (not including the rental income). I share that because I don't want to give the impression that I'm loaded...just blessed; and I'm always trying to make smart budget conscience decisions. My wife and I made a lot of sacrifices up to this point, and we were lucky in the timing when we bought our duplex in 2000. My goal now is to maximum our situation into a better one (i.e. more profits and/or long term security). And, perhaps you'll have ideas I haven't yet considered. Please place yourself in my current situation and share with me what you would do. In the end, I'll review all your ideas and try to best determine my next steps.

    Here's my situation: I live in Sacramento, California. Property prices have skyrocketed in the past year. I own a 3 bedroom 2 bath duplex (about 1400 sq.ft. and worth approx $385,000). It's currently a rental unit (paid off on Oct 2019). When I sold my primary residence, the idea was to get completely debt free; that included paying off our rental investment (goal accomplished!). Then, from there the goal was to hold out for a year or two because I was anticipating a drop in real estate prices. However, with the pandemic...it went the other way. Now, we find ourselves priced out of the market for the size of home we need (4 to 5 bedrooms + 2 baths). I've thought about moving back into our rental, but it's not big enough; and space-wise it's a lateral move compared to the apartment we're renting now. For now, our rental is paying our apartment's monthly dues.

    So, now what? If another job opportunity presents itself, do we join the exodus and leave California for more affordable living (i.e. North or South Carolina)? Keep in mind, most of our parents and siblings live in California (within 30 mins). We have no family on the east coast, but it is a coastline my wife and I have always wanted to visit. Or, if I can convince my wife to remain patient (another year or two?), do we continue waiting for property prices to eventually drop? Or, should I attempt a 1031 with my rental property? I realize I'd be collateralizing my property again and giving the banks a chance to take it away from me if I ever lost my job (knock on wood). However, if there's an opportunity to improve my asset holdings (i.e. rental income) I'd be willing to move up with a 1031. I've recently identified a few properties with multiple units (RD-10 zoning) and big enough to house my family as well. These properties are currently going for somewhere between $600,000 and $750,000. I've also thought about commercial properties, such as warehouses with long-term Net Leases. Could that be a better investment long-term (though I'm hearing that type of investment is not available anywhere near Sacramento due to high demand)? These are all the thoughts bouncing around in my head right now...including preparing for my Ca Real Estate Exam. If I stay in California, I'd be working part time with my brother, who's been a very successful full time Realtor for years. Anyway, I consider myself a lucky, ambitious and blessed guy...but I could really use your feedback to better clarify my next steps. So, again I ask...what would you do in my situation? I hope I've provided enough relevant context.
    Thank you, in advance, for any input you can provide.

    submitted by /u/2021TradeRevolt_SS77
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    Not too familiar with real estate so far..

    Posted: 01 Feb 2021 11:37 PM PST

    Is there a way to look up a houses history without having to pay?

    submitted by /u/oneill5
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