Biden administration expected to announce limited, targeted eviction moratorium likely to last until early October Real Estate |
- Biden administration expected to announce limited, targeted eviction moratorium likely to last until early October
- Biden extends moratorium
- Should Realtors take on more of a Consultant Role? Asking as a Realtor
- Someone keeps entering my empty house , lingering smoke smell
- "CDC Has Something to Announce to You in a Few Hours" - President Biden Announces CDC will be Presenting Eviction Alternative.
- We paid $50k over asking, waived inspection and don't regret it.
- [MA] I just found my apartment listed for $350 more a month after being told No Renewals due to "renovations"
- Homeownership rate by State
- How likely is a closing after it’s “under contract” with fha loan?
- Homeshoppers - Does availability of internet providers influence your decision?
- Realtor went on vacation / pissed off
- Is this realtor lying to keep us quiet?
- Does anyone else think it's possible we see really high vacancy rates of rentals soon?
- Keyless Smart lock for rental
- Does anyone here own rentals in a different state than they reside?
- Tax related question on renting parents house (CA)
- New homebuyer. Backing out of sale after home inspection
- Include Seller's Closing Cost In My Purchase Offer?
- Question about capital gains tax!
- Did anyone here lose their home/sell their home in the 2008 housing crash?
- Encroachment Help!
- Closed on our house yesterday!!!
- When refinanced, is new tax based on newly estimated property value?
- Cost for 2nd story bedroom addition
| Posted: 03 Aug 2021 01:55 PM PDT |
| Posted: 03 Aug 2021 05:54 PM PDT So i'm seeing on the news that the moratorium will be extended to october 3rd. Isn't this just delaying the inevitable? If people couldn't pay now how would they be able to pay in 60 days? [link] [comments]  |
| Should Realtors take on more of a Consultant Role? Asking as a Realtor Posted: 03 Aug 2021 07:08 AM PDT I have had my real estate license for 11 years and I own a marketing company that represents some of the top agencies and top 1% producing realtors in the US. Since I have such a broad view of the industry, I'm starting to wonder if some Realtors should take on more of a consultant role. One of the greatest values of a Realtor is their knowledge, but at what cost? $60,000 to the seller? Not quite...as if technology hasn't made the job of a Realtor so easy it's laughable, yet they still charge the same. In fact, the growing trend is to post 1 single photo on MLS knowing the home will get offers without having to really market the home. My mom and both my aunts are also Realtors. They talk about the good ol' days of Real Estate when there was no internet to market a house. When you wanted to show a listing you had to drive to the listing agents real estate office, pick up the key to the house, drive to the house, then when you are finished, bring back the key to the listing agents real estate office. (can you imagine wanting to go see 4 houses in a row?) And of course, all paperwork was done in person. AND lets not forget, for doing all that work they received a lot less money because the houses were selling for a lot less! Now...the internet markets the house. My brokerages have a system that auto populates the listing into MLS and every other real estate competitor (zillow, realtor, redfin, etc) without having to do anything. Actually, most admins at the real estate offices put the listing in, not the agent. You can schedule to see a house online and some agencies have door locks on an app so your clients can see the house without an agent. And of course all signings, until closing, are done virtually. Another business that is popping up are companies that will handle all your paperwork from listing to closing. My mom wants to start using one of these companies because she said "All I want to do is go look at houses, nothing else." So she will pay one of these companies a couple hundred dollars then keep a 5 figure check for "going to look at houses." I had to ask her...."how lazy are you?" Truth be told, the Clients (Buyers & Sellers) might actually be doing more work since they have to set up termite, inspection, decide what to do about the inspection, find a lender, title, compile all the paperwork, close, schedule a moving truck and of course....MOVE! All that to say, I wonder if licensed Realtors will ever charge less but help people as a consultant? If getting offers is as easy as putting up a crappy iphone picture on MLS....why not just charge $1,500 to put it up? Then if they have negotiating questions along the way they can give you a quick call. The inspector is going to make sure the house isn't falling apart, the lender won't give them a loan if it is, and the title attorney makes sure the title is clear. Actually....those 3 people are doing the hardest work in the transaction...so why is a Realtor making so much more than they are? Just a thought. Okay I'm going to get back to work now, I have a Realtor client that misspelled the street name of his $5 million dollar listing that I have to correct....no...I'm not kidding. [link] [comments]  |
| Someone keeps entering my empty house , lingering smoke smell Posted: 03 Aug 2021 10:06 PM PDT I haven't been able to move in yet but someone has been entering my house and smoking and using the facilities. I already changed the keys but somehow someone is able to get in. I ordered simplisafe but does anyone else have any suggestions? I am moving in but it makes me nervous that someone is coming in and doing this. I am located in Oakland for context. [link] [comments]  |
| Posted: 03 Aug 2021 02:39 PM PDT Biden is hoping that the CDC will create a new moratorium that covers 90% renting Americans, but will it include anything for homeowners facing foreclosure? Some buyers and investors are waiting to see how the expiration of eviction moratoriums are going to play out, with many hoping for a glut of properties to hit the market, increasing inventory and dropping prices. The courts have stated that the existing moratorium is unconstitutional, and they might just say the same is true for the alternative moratorium. I think seasoned investors already have an idea of how this will play out once the moratoriums are over. They are expecting a very slow and tedious legal process, with banks eventually trickling foreclosed properties to market. One thing to note however; many buyers who have purchased since 2011 have agreed to a rapid eviction clause, so this process might be a bit more swift then it was after the 2008 crash. What implications might the expiring moratorium, and new moratorium have for the housing market? [link] [comments]  |
| We paid $50k over asking, waived inspection and don't regret it. Posted: 03 Aug 2021 04:29 PM PDT I enjoy reading home buying stories here so hopefully this will help/entertain someone. My spouse and I started looking for a house in Boston suburbs last year. Our apartment lease was ending in a few months, and we felt ready to be homeowners. We went through the usual stress, low inventory, high prices, bidding wars. We went to open houses with lines that are two blocks long, and houses so booked we couldn't even schedule a showing. In the beginning, we put in offers with inspection contingency. However, those offers were rejected and the feedback our real estate agent received was there were better offers that waived inspection. After a while, we were tired so decided to waive inspection as well. However, we wanted to be smart about this HUGE risk. The house must meet these criteria: - No flips (Never know what is hiding behind fresh coats of paint) - Younger than 1980s (lead paint and asbestos concern) - Big ticket items in good shape (roof, foundation, HVAC) - City water and sewer (didn't want to deal with septic or well water) After a few weeks, a house came onto the market that meets all the criteria. Our offer of $50k over asking and waived inspection was accepted and we closed on the house. After moving in, we hired an inspector and found and repaired the following issues: -Termite damage in a small section of house ($2k for Thermidor treatment around the house) -Rotted basement wall ($4k repair) -Small issues (bathroom vents to attic instead of outside, small bits of mold in basement, leaking exterior garden valve, leaking shower, etc) Overall, I would say the $6k in repairs as a result of waiving inspection was worth it. In the end, we got a house and don't have to deal with the stress of home searching or terrible landlords anymore. I hope someone found this helpful, and good luck to you. [link] [comments]  |
| Posted: 03 Aug 2021 06:14 PM PDT It was a 5b ever since the day I moved in we've had like 1-3 people a week come barge in and look at the place. The guy I found this place with said it was up for whole unit rent, rather than rooms. Property manager said renovations. They spent a few days painting it recently. Now I'm seeing it somewhere 2/5 rooms available for $1000/m (I'm paying $650/m for the room) and I'm getting sick of having to relocate to a new residence because of these backdoor evictions. Every time somebody shows off my room to a stranger I ask them if I can keep living here. It makes for a very awkward exchange with their clients there. What makes me even more mad is knowing good and well this place isn't worth $1000/m for a room is a dump. [link] [comments]  |
| Posted: 03 Aug 2021 08:39 AM PDT I thought that this article on the homeownership rate by State was interesting. Homeownership rate has declined in 90% of states with dramatic drops in places like California which now have a 50/50 homeownership rate. [link] [comments]  |
| How likely is a closing after it’s “under contract” with fha loan? Posted: 04 Aug 2021 04:31 AM PDT So buyer and seller have signed and in agreement. Appraiser being sent out. But if appraiser finds something rather simple, such as chipping, peeling paint, and it is all that is left for an approval and proceed to closing (yes appraiser will have to come again to confirm the repair)… …then how likely is a seller to repair the paint and push to closing? I know it's always likely seller may refuse to repair, so buyer can accept to pay to repair or reject.. But they still haven't touched their 1% of sale. Am I to assume they have to use their 1%, and can be negotiations if it goes over that? I apologize for so much rant, this is closest we've gotten to closing. We are just afraid if appraiser finds something that could cost several hundred or more of work (past 1%) before approval, and if we can't afford it (and seller refuses repair, though not stated) the contract will fall through just before the finish line… Seller seemed eager to close early, (as are we, but their counter offer shortened by ten days) so I'm curious if the ball seems more in our favor that seller will not want to risk to repeat process with another buyer, or if because of market, it's an option more sellers are taking because they can… Obviously, ANYTHING could happen, could go either way. But from others experience and knowledge, what are your opinions of most likely outcome? (Yes we've discussed this with our agent, just want other perspectives as well) [link] [comments]  |
| Homeshoppers - Does availability of internet providers influence your decision? Posted: 03 Aug 2021 05:52 PM PDT Maybe this comes up alot, but I didn't see it, so I thought I'd ask. The home we just closed on has been serviced by both Frontier FIOS and WoW; both still have boxes connected to our back wall, which was exciting for me, to say the least... When I first moved to FL, one of the things I was most excited about was to move somewhere with REAL infrastructure (as opposed to the backwater hell hole of NM), and get a true high speed line. I have worked with computers since the age of 7, and made it my career... needless to say, I appreciate good bandwidth. Fast forward to now, and my new fiber service is connected and running. In talking to the installer, I found out only about 12% of the county here has fiber, due to various restrictions, etc. Realizing I got pretty lucky, I got to thinking about it.. in this age of WFH and 4k streaming, does the availability of fast service providers influence how you look at a home? Answering my own question, it would not be a deal breaker if it didn't have it, but I did place extra value on its availability. [link] [comments]  |
| Realtor went on vacation / pissed off Posted: 03 Aug 2021 06:40 AM PDT How pissed should I be? I listed a house for sell last Sunday and booked an open house for this Saturday. My realtor went on vacation and doesn't have cell service. Which he never informed me about. [link] [comments]  |
| Is this realtor lying to keep us quiet? Posted: 03 Aug 2021 11:25 PM PDT Hi! I'm not sure if I'm in the right place but I really need an answer and google isn't helping unfortunately. I apologize in advance for the long post and any formatting issues as I am on mobile. Basically we're renting a house and our lease is up so we're doing month to month until we find something else. The owner decided to put the house up for sale because "she can no longer maintain it" even though she never made any repairs in the last year and 3 months. Anyway the most recent showing of the house the potential buyer asked me questions about issues so I told her the problems the house has, how long it's been going on, and how we've asked them to fix things but they just never have. That evening we got a call saying if we continue to tell potential buyers what's wrong with the house we will be sued and kicked out for "impeding a sale". That doesn't sound correct to me but again I don't know. Any help is greatly appreciated because we don't want anyone to buy this house without realizing they're going to be spending thousands in repairs and more than that we don't want to be blamed for the owner's negligence. Edited to add we are in Texas if that matters [link] [comments]  |
| Does anyone else think it's possible we see really high vacancy rates of rentals soon? Posted: 03 Aug 2021 06:15 PM PDT It seems like everyone is trying to buy a rental these days. However, I think there is only so many people that will continue to rent. With rent prices rising and the amount of rental supply increasing, it just seems that there are going to be a bunch of people who won't be able to fill their SFH they bought off Zillow. Now you may be thinking "well the amount of people in the US isn't changing, and they all need somewhere to live." In response to that, I will say that people can either move back with family, or people can get more roommates. Thoughts? [link] [comments]  |
| Posted: 03 Aug 2021 05:14 PM PDT I have a rental property where the locks need to be rekeyed ($120) everytime the tenants change. I am wondering how to use a smart lock w/o a key to avoid this fees. I am looking at the yale assure SL lock (with wifi). What makes it tricky is I have a PM company who handles everything. An added benefit I see with this is, there is no need for the the PM to go install a lockbox when the house is for showing , the tenant never loses the key. My question is - Has anyone had success using smart lock to avoid rekeying expense. Are tenants given online access to a username and password? Do tenants feel comfortable knowing that their entry and exit data is available via an online portal. While the savings may be frivolous in the beginning, with two new tenants you break even . Edit : I am out of state, so I would still rely on PM team to do rekeying however simple it is. PM team is useless/sly and can very well be getting a cut from the rekeying fees. [link] [comments]  |
| Does anyone here own rentals in a different state than they reside? Posted: 03 Aug 2021 10:43 PM PDT If so, how did you first go about purchasing the units? I mean I'm currently looking at a couple different potential states to buy an investment property, does that mean I need to have a real estate agent in each state? Also, if I were to purchase two $100k units instead of 1 $200k unit would I have to apply for two mortgages back to back or could I do it all at once? [link] [comments]  |
| Tax related question on renting parents house (CA) Posted: 03 Aug 2021 10:39 PM PDT For starters I own a home I will be selling. My parents have offered to rent/sell their house to me. I have opted to rent it. From my understanding in California if you aren't the primary resident of a house for 2-3 out of the last 5 years you pay a higher tax rate. Is there a way to avoid this? Refinance with my name on the mortgage? [link] [comments]  |
| New homebuyer. Backing out of sale after home inspection Posted: 03 Aug 2021 01:54 PM PDT Hey all. I was looking to buy a property went back and forth with the seller over price finally agreed on one. Shitty thing the realtor is represented to us both. Its a small area. We had signed a purchase agreement. We have 7 days left on the condition of home inspection. I was just wondering what would be the recourse in backing out because right now with these issues its not worth buying the home anymore. Also would i have to disclose these issues found to the realtor for backing out or just say not satisfied with home inspection? Thank you for any help you can give. [link] [comments]  |
| Include Seller's Closing Cost In My Purchase Offer? Posted: 03 Aug 2021 06:51 PM PDT Is it possible to make an offer where I as the purchaser offer to pick up the seller's closing costs? I'd like to keep the home price lower for tax reasons but still make a competitive offer [link] [comments]  |
| Question about capital gains tax! Posted: 03 Aug 2021 03:59 PM PDT My partner and I moved to South Carolina together from Arizona in March of 2020 (we know, horrible time to move cross country) and bought our house in June of 2020. Unfortunately, we've decided the east coast just isn't doing it for us and we want to move to Phoenix. We're in a great position with our house though, because of how much we've paid towards the house and with how crazy the market is, we estimate we'd walk away with almost $200k if we sold the house today. Our plan is to move to Phoenix, rent a house from a friends mom while we build our dream home on a lot we've had our eyes on. However, I want to avoid that capital gains tax however I can. I've tried doing some research, but hearing first hand from a professional always works better for me. If we sold our house and made that profit, is there any way we'd be exempt from paying the capital gains tax if we proved we were in the process of building a home? Since when you build custom you don't fork up all the money up front. I appreciate your insight and help! [link] [comments]  |
| Did anyone here lose their home/sell their home in the 2008 housing crash? Posted: 03 Aug 2021 09:48 PM PDT Did you recover? What were the circumstances that led up to losing your home or having to sell it at a very low price? I wish there would be another housing crash so my parents could make up what they lost. I'm currently trying to save up for them to live. Or maybe even co sign on a home. [link] [comments]  |
| Posted: 03 Aug 2021 10:52 AM PDT Our house (Ontario, Canada) is old and was converted from an old flower shop in the 70s. We have a small underground encroachment onto the neighbour's property that used to be a cold storage room connected to the basement, but now we use it for nothing. It is about 6 feet by 8 feet, and encroaches under the neighbour's front lawn. Our property line lands about a foot away from our house's upstairs exterior, so about 75% of this little room is under the neighbour's lawn. This thing is well documented on our house's title. There is an agreement from back in the 80s where both homeowners agreed to the terms of the encroachment. This is all public record. My house and my neighbour's house has been sold many times in the last 40 years and it looks like this encroachment was never an issue. The Buyer's lawyer emailed my lawyer last week telling us that she had found the encroachment documents, and asked why we didn't disclose the encroachment during the sale. Apparently, the encroachment agreement from the 80s is not registered with the neighbour's title (even though it was signed by the neighbouring homeowner at the time), and they are demanding we get that done before closing. They are also "considering their option to terminate the agreement and have their deposit returned if the requisition is not properly responded to". My lawyer is saying this is a "cloud on title" at best, and shouldn't be a reason they want to terminate the agreement. He told them we can apply to have it registered, but the registration process takes forever and won't be done in 2 weeks by closing. He also mentioned to her that title insurance should cover this kind of thing. The Buyer's lawyer did not like that and has gone into several emails about how irresponsible we are not disclosing the encroachment up front, how can they be confident that the neighbour even knows about the encroachment, this should have been on the Purchase and Sale Agreement document, they are going to take us to court, my lawyer needs to contact the title insurance broker to ensure it will be covered under title insurance, we (the sellers) should hire a lawyer that knows more about real estate law etc. etc. etc. My current neighbour knows all about the encroachment. We have talked over the fence about it many times. I filled him in on what was happening, but just asked to loop him in with my lawyer, not if we could register this thing on his house's title. My realtor (funny thing) used to be my neighbour. He owned the house that my house encroaches onto up until 2 years ago. He knows all about the encroachment. He is saying that an encroachment is not something you typically disclose on a house listing, and usually the title search is where it comes up. I don't know if he is right, just covering his ass, or maybe he doesn't know that it was supposed to be disclosed? He said he's going to loop in his lawyer to get a second opinion. I'm freaking out. I don't know if we are in the wrong here. I also have no idea what the big deal is….this encroachment is meters away from the neighbours house, and only risk is a) if it were to cave in, it would destroy 40 square feet of lawn or b) if the neighbour wanted to build on that piece of land (1 foot away from our house, so issues outside of the actual encroachment). I'm worried we are going to end up owning 2 houses at once (our house purchase closes August 13, so we have from Aug 13-16 to move). Obviously we can't afford that. Would we have to reneg on our purchase deal because we can't afford 2 houses? Do the buyers even have grounds for a case here, or is this lawyer just way out to lunch? This is not a relaxing sale. TL;DR Well documented encroachment has the Buyer's lawyer threatening to terminate agreement. Can they do this and what are my options? [link] [comments]  |
| Closed on our house yesterday!!! Posted: 03 Aug 2021 10:52 AM PDT Previous post: We got a house by sending letters Update to say that we closed yesterday! Lender experience was terrible but that's independent from the sellers. Appraisal came in $45k over offer price. So happy the search is officially over! Now the fun fixing upping starts Good luck everyone, your house is out there [link] [comments]  |
| When refinanced, is new tax based on newly estimated property value? Posted: 03 Aug 2021 09:00 PM PDT Home purchased last year for 400k. I'm trying to refinance and have received loan estimate from lender. Home is now worth 520k as listed on loan estimate from lender. Will my tax based on this new home value? Thanks [link] [comments]  |
| Cost for 2nd story bedroom addition Posted: 03 Aug 2021 01:43 PM PDT Looking to get a 2nd story bedroom addition built over an attached one car garage on our home in north seattle. We are currently going through permitting of a simple 300 sq ft bedroom (no bath). I was wondering if anyone has done something similar and if so how much was paid per sq foot. I know lumber prices have been swinging the cost up and down lately which may complicate estimates. [link] [comments]  |
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