[FL] Just sold a home to Zillow Offers - Full Review & Purchase Agreement Real Estate |
- [FL] Just sold a home to Zillow Offers - Full Review & Purchase Agreement
- I listed my house, but now i want to take it off and continue living there
- Can you submit 2 payments for a mortgage loan per month?
- [CA] Sewer inspection revealed major repair ($20-25k), who pays?
- [PA] Trying to do cash-out refinance on a couple properties I have.
- Am I crazy for wanting to install a fire suppression system in a kitchen?
- Good ROI
- New Construction
- Paid 6 months rent up front, landlord refused to provide lease and I want to leave
- How bad will apartment building neighboring my house (the back) hurt my home value?
- Any crazy ideas on how to swoop in and get a house?
- Moldy house
- A House In the Country
- New home build contract for out of state buyers
- When should I expect an offer after a viewing?
- Need investment advice
- How low can I go?
- VA loan
- Made an offer at the asking price, seller comes back saying they want to maintain mineral rights and that I need to sign in order to move forward; what are my options here and why are they trying to keep "baggage" / interest at the house?
- A shell of a house. Get a mortgage, buy outright, or skip.
- How far back should disclosures go?
- Tips for Renting an Illegal Apt?
- Buying part of my neighbors unusable land, trying to understand the fair market value
- Cash sale without agent question
| [FL] Just sold a home to Zillow Offers - Full Review & Purchase Agreement Posted: 06 Sep 2021 07:32 AM PDT We purchased our home in November of 2020 for $231,000. It's a 2 bedroom, good condition, price was a little high for the market but it appraised. We really wanted a fence, but couldn't get the HOA and City to agree on what type of fence we could install. One night in June after receiving a letter from the City essentially saying we're out of luck on the fence, I saw a commercial for Zillow Offers, and just decided what the heck, let's see what they'd give us. A few minutes later, we had a preliminary offer of $296,000. I saw online they have a 5-6% service fee, and can ask for repairs after the initial inspection, so we were not holding our breath on the $296k. Especially since the home has an aging AC and roof. We proceeded to do the Zillow walk through appointment, which was super easy took about 3 hours for a Zillow representative to do a walk through of the home. Afterwards they sent the net offer: $288,000. They were asking for $650 (???) in repairs, and waiving a portion of the service fee. I asked a realtor friend to run comps, she suggested she'd list my home for $245k, and that's a bit high. Funny enough, the Zestimate on my home topped out at $245k too! How are they offering so much? We're thinking there must be a catch! Anyway, we proceed with the sale and go under contract with Zillow, and accept their $1k escrow deposit. Originally we asked for a 60 day close, and then changed to a 30 day, which Zillow was totally flexible on. The contract allowed for an inspection period (15 days or so), but Zillow opted to skip the inspection. Zillow sent us paperwork through the online portal, and honestly everything was really simple. Day before closing a superintendent from Zillow came for a final walkthrough, and spent only about 5 minutes in the home. Closing day they sent docs, we signed and scanned them back (Fedex-ing hard copies), and the money was in our account a few hours later. No hiccups?!? How?? Why did they give us so much more than market value? Not sure, but not looking a gift horse in the mouth! We're now halfway through the process of building a new home. All in all, I can't recommend Zillow Offers enough. Decided it might be helpful to others in my position to see what the contract looked like, I'll redact and upload it, and link in the comments. Happy to answer any questions as best I can. [link] [comments]  |
| I listed my house, but now i want to take it off and continue living there Posted: 06 Sep 2021 06:11 PM PDT Has anyone else done this? What was the process like? Were you required to pay the full commission? Did you pay it or were you able to work something out with the brokerage? [link] [comments]  |
| Can you submit 2 payments for a mortgage loan per month? Posted: 06 Sep 2021 06:14 PM PDT Let's say a mortgage payment is $2,000 and is due on the 15th of each month. On top of submitting that payment on the15th, can one submit a second payment ($2,000) at the end of the month? Is this a good strategy to pay off the loan in half the time it'd take? 24 payments per year instead of 12… Can the borrower be penalized if it's paid off faster? [link] [comments]  |
| [CA] Sewer inspection revealed major repair ($20-25k), who pays? Posted: 06 Sep 2021 09:29 PM PDT The house is selling for more than $1m. No contingencies were waived. The inspection revealed several feet of cracks in the main sewer line, just before the connection to the city. The line needs to be dug up and replaced. How does this situation typically play out? [link] [comments]  |
| [PA] Trying to do cash-out refinance on a couple properties I have. Posted: 07 Sep 2021 02:39 AM PDT Hi. I have a major project I have to do. I have a question. I have a couple of properties. Can I go to a bank and do a "cash out refinance" on these properties to get cash deposited to my bank account? According to my research I can get 70-90% of the home's value then I have to pay interest (3.5% per year or so?) and in addition to this closing costs (~5% of home's values). Do I have this down right? And how soon can this be done when I want to do it? And I can spend the cash on anything right? One of my questions is that the closing costs seems super high. Is this just "fees" for the bank to just keep in profit? Or is this paying off part of the loan I guess? [link] [comments]  |
| Am I crazy for wanting to install a fire suppression system in a kitchen? Posted: 07 Sep 2021 03:32 AM PDT So we are building a new house and I would like to install a fire suppression system in both our main kitchen and a "half kitchen" but my wife thinks that I'm crazy. I don't want to go anything crazy, just something which can extinguish a basic kitchen fire if it happens. Plus I'm not 100% sure that I want to install it in a half kitchen since that won't be used as much as the main kitchen. [link] [comments]  |
| Posted: 07 Sep 2021 03:21 AM PDT Hello investors.What do you consider a good time period to get your money back?Investment should pay itself back in 10 years or more? [link] [comments]  |
| Posted: 06 Sep 2021 05:04 PM PDT NC, Real estate agent is not willing to represent me in buying a new constructed house. Is it ok if I proceed by myself? Any tips or advice? [link] [comments]  |
| Paid 6 months rent up front, landlord refused to provide lease and I want to leave Posted: 06 Sep 2021 02:46 PM PDT *Please let me know if this shouldn't be posted here, otherwise, thanks for taking the time to read my situatuion* I paid six months rent up front to a landlord as a negotiation to move in a month later than they wanted to rent it. I wrote a check 5 weeks before moving in. The landlord refused to give me a lease at the beginning, and after two months living there when requested. They also never gave me a key. I have a host of issues with this arrangement and want to go to small claims court to receive back a portion of my money. After two months, I stated to the landlords son who informally manages the rental that the apartment was not as advertised and that I would like three months rent returned, but would be completely moved out 3 months and 20 days from the end of the paid period. He previously told me an arrangement could be made if I wanted to leave. After weeks of reaching out in an appropriate, professional way, I am positively being ignored. Description of the details followed by a summary: I quickly realized the situation was not good. The unit is a private studio attached to the landlords house, and they were immediately overbearing. The many issues included: asking me to do a host of tasks, from mowing the lawn (which she stated initially was taken care of), to moving her "collectibles" (she is a pretty much a hoarder) such as sink vanities, armchairs, metal trees, among other things. These tasks were almost daily. When she suffered an injury, she asked my girlfriend to wash her hair. Just examples. The list goes on. The agreement was we would split the utilities. She never mentioned she air bnb's rooms in her house. Furthermore, one day she told me that she gives exclusive use of the shower to her airbnbs, and would like to use mine. The property was advertised as a absolutely a non smoking property. My landlord has 3 entrances on other sides of the house, and I enter my studio through the rear. She leaves her bin of cigarette butts at face level on a shelf right beside my door entrance, and smokes in a chair right in front of my door. Her son "manages" the property for her, mostly just organized the air bnb and posted the craigslist ad for the rental I'm in, but she owns the property. She said her son can absolutely not know she smokes. I hate cigarette smoke. It makes living there unbearable. When I moved in, the partly furnished studio was taken over by two new large armchairs and other furniture that she had brought in from a yard sale after I had paid her and viewed the place but before I moved in. There was barely room to move my few possessions in. A week later, I started waking up with bites every day consistent with bed bugs. After two weeks, I suggested there might be an issue. I didnt demand anything, but she assured me she would bring someone in to confirm. When a pro came in and confirmed it wasnt bed bugs, she turned on me. She accused me of making up lies and proclaimed that I ruined her reputation (because the pest control pick-up truck came to the house, which nobody at all saw happen). With this, she turned on me. Flipping on me for receiving mail at the address; for not moving a fake christmas tree she asked me to move as i was running out the door for work; mad at me for driving over a pile of leaves from LAST fall that are impossible to not drive over if you want to leave the property. Her son, spoke to me once by phone but is incredibly hard to reach, told me verbally we could make an arrangement to leave and receive money back if that was what was best. As mentioned, he has not responded to a detailed message with my aforementioned offer. Summary: As a renter, is this a reasonable situation to take to small claims court? I am seeking 2,000 dollars for 3 of the 3.66 months I wont occupy the unit. Ultimately, I agreed to move into an apartment that was a non smoking property, and felt unsafe with random used furniture appearing in my apartment and not receiving a key, was late to work multiple times due to her labor requests, and was asked for utility money that was associated with her air bnbs. Additionally, the washing machine would overflow on its own (I never even used it) and I'd have to bail it out every night. The oven didnt work for a month. She replaced it, but stated it, along with the washer, would be replaced or fixed before I moved in. Among other things.. not as advertised. Am I reasonable here or is this my fault for paying without anything in writing? Thanks for any thoughts. [link] [comments]  |
| How bad will apartment building neighboring my house (the back) hurt my home value? Posted: 06 Sep 2021 05:48 PM PDT Purchased a home about a month ago. I was so enamored with the massive salt water pool in the back, I regrettably did not put much attention to the fact there's a 3 story apartment building directly overlooking my backyard. Luckily, it's pretty quiet, but privacy is still an issue. I just spent 7k on getting 15 foot ficus hedges cover about 60 linear feet of the backyard wall which will help but not completely eliminate. My question is, in a normal market, will this majorly hit the home value when attempting to sell? I'm talking 50k+? Or, will it not make much difference? Thanks. [link] [comments]  |
| Any crazy ideas on how to swoop in and get a house? Posted: 06 Sep 2021 06:10 PM PDT Ok, this is a venting post but we lost a house because we had less cash and the offer completely waived the appraisal difference. Has anyone ever found out how much cash the other person offered and matched it? Anyone found if they knew the owner? These are silly I know and I'm sucking it up and taking the L but what the hell, Reddit has surprised me in the past. Thanks! [link] [comments]  |
| Posted: 06 Sep 2021 06:58 PM PDT Hi guys I'm looking at a property in Colorado and it's in preforeclosure and has the possibility to be a good deal my biggest concern in the basement flooded earlier this year and is now covered in sewage and black mold it's 3000 sqft 5bad 4 bath and it's fixed value is about 600k I'm kinda new to the flix and flips so I'm not sure if that's an area where we could get the price down? [link] [comments]  |
| Posted: 06 Sep 2021 10:27 PM PDT I am considering buying some property in the country between Houston and Austin (20+ acres) with a house to live in full time. I have purchased and built houses in the city but what are some important things I might not know about doing so out in the countryside with land? [link] [comments]  |
| New home build contract for out of state buyers Posted: 06 Sep 2021 03:44 PM PDT Hey everyone so my significant other and I are looking to build a new home next year from a developer in the Las Vegas/Henderson area. We currently live in the Los Angeles area. We have some questions as far as how the process works for out of state buyers. Do we need to have a new job contract in hand before going under a new home build contract? As far securing the financing/mortgage, about how far along in the home building process does this have to be done? We were hoping to time everything accordingly so that way we can give appropriate notice to our current jobs and transition to new jobs in the Las Vegas/Henderson area while moving into the home. We would like to avoid having to rent there while we wait for the home to be built. Thankfully we both work in fields with plenty of openings and opportunities across the country (healthcare and veterinary fields). Any help is appreciated thanks. [link] [comments]  |
| When should I expect an offer after a viewing? Posted: 06 Sep 2021 04:40 PM PDT General question here, located Eastern LI if that matters. What is the general time frame after a showing that the buyer makes an offer (granted they are interested at all, of course)? [link] [comments]  |
| Posted: 06 Sep 2021 07:53 PM PDT Have $30k in savings and a paid off $630k condo I'm renting out in the Bay Area. I live in a rental myself. Planned to save for a down payment for a primary residence but A) that'll take forever and B) not sure where I want to settle down. I'd love to invest in another rental property if possible. Contemplating getting a home equity loan to cover the 20% down. So maybe use my $30k savings + $70k loan for 20% down on a $500k property somewhere. (Why $70k? Current rental income will cover 10 year loan payments with $500/mo leftover. Could go a bit higher.) Wise or unwise? Advice on type of property and location? Prefer something in-state but $500-$650k doesn't get you much around here. Maybe a small condo in Bay Area proper or a small house further out like North/East bay. I hear Austin's nice? :) [link] [comments]  |
| Posted: 06 Sep 2021 05:40 PM PDT Nice 3/2 modular, (NOT manufactured), in good area. MCOL small town. Property priced at 233,000. 1470 square feet. Clean, carpeted, nice little yard. Been on market 108 days, has not gone pending yet but did have a 2000.00 price drop six weeks ago. Since the property has sat for over 100 days, would an offer at 10% below asking be acceptable? [link] [comments]  |
| Posted: 06 Sep 2021 04:03 PM PDT My house has been on the market for about 3 weeks and we have an offer from buyers who are using VA loans. Anyone have any experiences with dealing with VA loans as sellers? My realtor doesn't seem to have much experience with them. [link] [comments]  |
| Posted: 06 Sep 2021 01:07 PM PDT First and foremost, this is at max half an acre of very residential land with a house/pool already built. Every other box for this house is checked for myself and my family, we are very serious about this becoming our home. One little hiccup - the seller has come back stating they want retention of the mineral rights. My realtor has assured me that there is essentially nothing of value in the neighborhood based on surveys and previous excavations (definitely no gold or silver or recent natural gas extraction in the area). I just feel that I may have issues if I ever try to sell this home in the future as a potential buyer may not wish to engage in a contract with this previous seller's claws still containing an interest in the property. This would be our first home/mortgage, no HOA, and the home is located in Texas (DFW metroplex). Am I wrong in thinking that this is a bit fishy? Does this affect a potential future buyer's opinion on the property? I don't want to loose the home but should this be a deal breaker? Can the seller come back years later and start drilling/extracting on the property? From my understanding and research the mineral rights cannot be worth enough to loose a contract at the asking price over. Thank you for any insight you can provide. [link] [comments]  |
| A shell of a house. Get a mortgage, buy outright, or skip. Posted: 06 Sep 2021 06:25 PM PDT I've been wishing for home ownership since I was a kid. Never really planned out how to buy one. I've been saving up hard-core for the past year or so. I found a property that I fell in love with. However, it's really just a shell, it's down to the studs, no plumbing. The "house" claims to have well and septic, but not currently connected. Obviously the house would require loads of work to get it liveable. I'm willing to do most of the work myself. Can I get a mortgage on a house that is uninhabitable as-is? I've heard about an FHA 203-k loan. Is that applicable here? If the well and septic needed overhaul, how much could it cost to replace? Does a house need to be complete in order to be liveable? Or would it only need certain things like a bedroom, bathroom, kitchen, heat, electric, and water? I would like to borrow the money as I know it is going to be an uphill battle to complete everything. [link] [comments]  |
| How far back should disclosures go? Posted: 06 Sep 2021 06:19 PM PDT I will soon be listing a property I've lived in for the past 5 years. When I purchased the home the seller included an as-is rider which described an issue where roots had grown into the septic system leaching fields due to a tree growing nearby. The seller removed the tree and had a rooter service clean out the pipes. The description given to me was that the septic system was "end of life" and included plans for a new engineered system. I did not have a septic inspection done when purchasing because I figured I'm already being told there is an issue. 5 years later, everything has been functioning fine. I haven't had any repairs done besides an inlet baffle replacement which was observed during the last routine pumping. Legally, am I required to repeat the disclosure which the previous owner had given me to the next buyer? In addition, when replacing the existing electric range in the home I discovered they had connected a 40A range to a 30A circuit. Of course the range I purchased was also 40A before verifying this. If I include the range with the home, do I need to disclose this as well? [link] [comments]  |
| Tips for Renting an Illegal Apt? Posted: 06 Sep 2021 03:32 PM PDT Don't judge lol I inherited my mother's home and it has a in law suite attached to it. Separate entrance, same address, same mailbox, same utilities and my aunt has been renting it for 30 or so years but she may move. It has 2 exits, windows, kitchen, bathroom and is tiny maybe 400 sq ft? I assume it's illegal because of the shared utilities. Is there a way to check without making the town suspicious? Check the Certificate of Occupancy??? How can we rent this out without risking getting in trouble for it? This would be in CT a tenant friendly state. We would def rent it below market value which would still be double what my aunt is currently paying. Any experiences you can share? Am I a bad person for this? My mother rented this for 30+ years to a few people. [link] [comments]  |
| Buying part of my neighbors unusable land, trying to understand the fair market value Posted: 06 Sep 2021 12:45 PM PDT I'm in the process of closing on a house with a small yard, my neighbor owns a parcel of land that is shaped like an "L." Their property wraps around my house and I want to buy the "_" part of the "L". The zoning for the land is single family residential and the neighbor is a non-conforming duplex owned by an investor. I called the city to ask what the owner could do with it, to which they repiled that he can build a garage or a shed and that's about it. He cannot build another duplex/apartment/etc, if he sells it then the buyer cannot build a house because it has no road access, etc. The land is really only valuable to him and me. Currently the land is graveled, there are multiple trees fallen on it, and it is covered in weeds and overgrowth. After speaking to the owner he is interested in selling it. The lot size is about 6,000 sqft and I offered 12k + fees, I have yet to hear back. I'm going to assume that he will counter, which is fine. We are willing to pay a bit more for it. I'm struggling to understand how the sell of the property will impact him and me -- how much my property value will increase and his decrease. If I can figure this out then I can get a better idea of a "fair" price. I'm looking for resources on how to determine 1) how much it will cost me to acquire it/make it usable 2) how it will impact both property values and 3) what is involved. I can generally google 1) and 3) but I'm struggling with 2). I would appreciate anyones advice, anecdotes, resources, or experience on determining a fair market value for an unsuable lot. [link] [comments]  |
| Cash sale without agent question Posted: 06 Sep 2021 09:16 PM PDT Hi all! Looking to get advice from random internet people! Well and I've solicited opinions from others too but let's out the reddit brain trust to work. I bought a home in 2017 (paid $193k). A few months later we took a once in a lifetime opportunity to move to Japan for work for a few years and have been renting. Our tenants have decided to move out which works out great as we'll be moving back to the US in a few months. We've been talking to our real estate agent, whom we bought the home from and absolutely loved, above getting any needed updates or repairs done once the tenants are our at the end of this week, and listing in October/November. BUT this morning I woke up to an email from my property manager asking if we would be interested in a cash sale for the home as is, no repairs, waive the inspection, all that, no agent fees, etc. What would be the pros and cons? He's been a good manager but we haven't set foot in the house for four years, so I'd want some kind of appraisal done on it. It should be in decent to good shape as our tenants have been good, but after four years of people and pets it will probably need some love (carpet and paint). On the one hand I can see saving the agent commission as nice. On the other hand I can see our property manager offering us something a little low, whereas I've got a moderate amount of trust that our agent would be trying to get us top dollar. The Zillow estimate is $275k now,.for what it's worth. Having an agent handle all the closing stuff would also be nice, since we're in Japan, but I'd think a cash sale would be pretty easy and relatively quick? Any thoughts would be appreciated, this is only the second time I've sold a home so by no means know what I'm doing :D [link] [comments]  |
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