Listed at 170k and accepted a 194k offer but they want me to cover the cost to demolish and haul away a garage before closing Real Estate |
- Listed at 170k and accepted a 194k offer but they want me to cover the cost to demolish and haul away a garage before closing
- I bought a beautiful house in early 2021 and sold it at the 6 month mark.
- A tale of two houses
- Buying my first home
- Overwhelmed first time buyer with questions on tax, rental income, and S-corp/ LLC (United States)
- Is a new construction house worth more than say a 1980s home with dated fixtures appliances etc. My wife is hung up on new everything. I am concerned the value isn’t there. Almost a $100 sq ft difference. All thing being equal with location and functionality, is a new home worth a premium?
- At a loss on what to do next.
- House across the street is selling for 70k above what it sold for 12 months ago!! Wow.
- Listing my house next week
- Failed Well Inspection on Dream Home
- Best solution for my situation?
- Seller breaking contract to fix boiler
- New construction SFH. How best to insulate gas furnace closet that is next to bedrooms and where to place return vent?
- A house with a largely underestimated sqft. Any red flags?
- This is a question for all real estate agents: Is there a demand for a social media manager for developing and growing an agents personal brand?
- I am 20 years old and I am looking for real estate advice
- Inspection companies
- Zillow owned home question
- Job Verification
- Switching agents within a brokerage?
- Deferred Maintenance
- Hoa rights
- LLC for rental property
- ChoiceRenovation Loans
| Posted: 18 Sep 2021 04:37 PM PDT Hey guys, I listed my 1924 Craftsman home last week for 170k, pretty good condition, original hard wood floors, etc. Received about 10 offers, averaging at 185k. One came in at 194k FHA and I went with that one last Tuesday with a 5-day option period which ends tomorrow. I also just got a verbal cash offer of 180k just today. The buyer came back after their inspection and asked that I pay 7k to have the 70 year old cinderblock garage torn down and hauled away. They said they 'know' the FHA loan won't go through due to the cracks in the foundation of the garage. I, of course, have a number of concerns about this. I'm not even sure if the house will appraise for the full 194k, so I was considering just offering to reduce the sell-price of the house to match what they are asking for (they already got estimates) since I'm half-expecting the appraisal to come in low. Though I also don't want them to be ripping down my garage prior to knowing they are 99% going to make it to close on their side. Any insight would be really appreciated. [link] [comments]  |
| I bought a beautiful house in early 2021 and sold it at the 6 month mark. Posted: 18 Sep 2021 04:40 PM PDT I believe I had a FOMO. Beautiful 2600 sq ft house with all the trimmings. Moved in and within a week there were major plumbing issues. This went on the whole 7 months I owned the home (I went into contract at the 6 months mark). I now understand why there was no bidding war for this beautiful house. I sold it to a large investor (ibuyer) and told them about the plumbing. I'm renting again for now. Anyone else bought a money pit? And YES THE HOME WAS INSPECTED DURING MY OPTION PERIOD WHEN I BOUGHT, VA LOAN STYLE. The $60k: a leak that kept coming back, which was thousands to "fix" each time. It came back with a vengeance the week before closing. It's possible the plumbers were overcharging me. I had roof work done which equals to a couple thousand. I had the attic sanitized from a rodent infestation and re-insulated (around $10k). Oh yeah, I also had restoration done to get rid of the mold from the unexplainable leak (around $5k). Had a sewer scope which was a couple thousand. I will add more as I think of it but it was mainly the plumbing. [link] [comments]  |
| Posted: 18 Sep 2021 08:29 AM PDT The market is weird, so I have a tale to tell you about my own story from the last ten days. We've been looking for a larger bit of land in the area for a while now, but not seriously enough to get an agent. While chatting with a lady at one of my kids sport events, she mentions that she has a property of the right size, shape and location which she's planning on selling, but if we're interested we could see it before she puts it on the market. We saw it, loved it, offered and are in contract on it now. Then the crazier part is that I mentioned to a coworker that I'm moving. The coworker asked what I'm doing with the old house and I said selling, then asked if I would sell to her. Long story short, we're writing up a contract this weekend and should be in agreement by middle of next week. Neither house went on the market. Agents are just doing paperwork for a fraction of the fees. Mortgage conditions didn't have to be competitive or all cash to win - just in the right place at the right time. [link] [comments]  |
| Posted: 18 Sep 2021 06:14 PM PDT So I made an offer on my first home, the seller counter offered me with an addendum asking that I as the buyer assume full responsibility over any existing liens placed on the property. This seems like a red flag to me, I asked for an extension for my response so that I could talk to a title agent and see what I could find out about the property before deciding to accept or not. Is this something I should be worried about or not? What is a good course of action for me to take and are there any good resources I can go to to investigate on my own before Monday? [link] [comments]  |
| Overwhelmed first time buyer with questions on tax, rental income, and S-corp/ LLC (United States) Posted: 18 Sep 2021 10:14 PM PDT We are an unmarried couple, buying our first home. No really unique circumstance, we both have regular jobs (not self employed or anything, 80k combined anual income). We are using a convention 97% LTV loan. Closing very soon and realizing we haven't even considered our tax situation. A few questions :
-If we do end up claiming, how significantly would this impact our tax situation? What can we do to minimize the tax burden?
-any other tips for someone in our boat? [link] [comments]  |
| Posted: 18 Sep 2021 06:02 PM PDT Edit: Etc. also includes old carpet, wallpaper, trim. Edit 2: it's a 40% difference. [link] [comments]  |
| Posted: 18 Sep 2021 05:35 PM PDT I'm have no idea on what I should do next in my house buying situation. I had do everything that was asked of me in the buying process and everything was going smoothly. Well the day I suppose to close came and went(Friday). No phone call to meet and sign documents or even an update on whats going on. Monday comes and I get a call from my lawyer telling one of the brothers that was selling the house to me is going through a chapter 13 bankruptcy. It's been over a month waiting for the court to OK the deal but now they want to delay the ruling another 2 weeks. The longer this goes the more money this costs me. I not sure if it is wise to wait this out or to move on. Its getting cold outside and it will be hard to move (currently renting). [link] [comments]  |
| House across the street is selling for 70k above what it sold for 12 months ago!! Wow. Posted: 18 Sep 2021 08:54 AM PDT My homes Zestimate is over 130k what I bought it for 2 years ago. I live in New Bedford, MA. This is crazy. Thinking about selling and using proceeds for a down payment on a nicer house in a nicer area. I never would have thought that this area would appreciate like this. I bought a 2 family to house hack but now I feel like I have to sell to really take advantage. Anyone else in a similar situation? I didn't even think about selling until I saw what comps are selling for here. [link] [comments]  |
| Posted: 18 Sep 2021 06:09 PM PDT First time in my life doing it. I'm a little scared ngl. Real estate agent says I shouldn't be home when people are coming to see the house. Is that correct ? I don't mind stepping out . I have some valuables I guess I should put in storage. Anything else I should be aware of ? [link] [comments]  |
| Failed Well Inspection on Dream Home Posted: 19 Sep 2021 03:51 AM PDT We were able to see a home before it came on the market, fell in love, and were under contract at a great price! The house was definitely a fixer upper but we were able to overlook almost everything, expecting there work to be done and given it wasn't major. During inspections the well ran dry after about 15 minutes which lead to the conclusion that the well needed to be fixed/replaced. We asked the sellers to fix and they said no so we had to terminate the contact. I've been heartbroken over this decision and I'm not sure if it was the right one. It's now come on the market for 20k over what our offer was and still has a bad well. Please convince me we made the right choice!! [link] [comments]  |
| Best solution for my situation? Posted: 18 Sep 2021 01:52 PM PDT I'm 19, Male, i'm making $45,000 a year. I live in North Carolina. The only debt I have is car payment of $150 a month. Currently living with my parents for free which has helped me save and invest a ton of money so i'm very thankful for that. I have $16,000 in stocks, I have about $10k saved up. $4,000 in my 401K and $4,000 in my Roth IRA. I got pre-approved for $194,000 loan. I also got approved for a grant for a first time home buyer, my loan officer said they can give me $6,000 for down payment and I don't have to pay it back. My question is what's the best thing to do in my situation? I feel like everytime I keep saving, the prices of homes just keep getting more expensive, so the rate i'm saving isn't close to the rate of the price increases. Would it be a good idea to put $15,000 down on a $200,000 house? I know I would be paying PMI because it's not 20% down, but I would refinance later on if prices go up to cancel out the PMI (from what I understand if you refi it takes out PMI). So do you think it would be best to do the $15k down, or just keep saving up even though the prices of homes keep going up? There are homes for $120-160k but there all very old, torn up homes, in bad areas. So if I want to get a decent house, it's gonna run me $200-220k. Let me know what you think the best move is for me to do because i'm clueless! [link] [comments]  |
| Seller breaking contract to fix boiler Posted: 18 Sep 2021 08:39 PM PDT So I had an offer accepted and on inspection found the boiler doesn't work, I asked for it to be replaced and they agreed and signed the new purchase agreement. They came back yesterday and said they couldn't find anyone who knew how to replace the boiler. (which seems bizarre to me because it's not a fix for a unique boiler, it's just yanking it out and putting in a whole new one). I waited to get my appraisal until after the new agreement was signed and paid for it because the new agreement, I also had to pay to extend my closing date as per their request. They're now asking to just take 6 grand off the closing costs. Can I hold them to the contract they signed? and if I walk away can I get them to pay the costs I've incurred due to expecting them to uphold their end of the agreement? Edit: title should say to replace boiler, not fix it [link] [comments]  |
| Posted: 18 Sep 2021 06:42 PM PDT Looking for some advice from our fellow Redditors! Building a new 2-story SFH. Upstairs/2nd-story floor plan is here: https://imgur.com/a/YuempMg Gas furnace (96% efficiency, 2-stage) is located in a closet centrally next to master bedroom and another bedroom. Closet uses a bifold door. Our questions: 1) Our interior walls are not insulated. Our concern is the furnace's proximity to the bedrooms may create some noise. Builder has offered us to add insulation at our own expense in interior walls of closet (highlighted "red"). Is this a good idea if the other walls are not insulated? We just want to soundproof since we're not sure how loud the furnace would be. If so, what type of insulation is recommended? Regular fiberglass, Roxul, etc? The insulation is at our own expense, so we would be buying it and providing it to builder pre-drywall. Any other soundproofing recommendations (i.e., swapping out the doors or adding mass to the surroundings?) 2) What are the recommendations on where should we place the RETURN vent/grille? It would be a 20"x24" hole in the ceiling that would fit a 1" filter of same dims. We've labeled this on the diagram from 1 to 4 as possible locations (highlighted "green"). Here's what our thoughts on the possible areas: -Location #1: This was the original location per builder for maximum efficiency, however, we thought it might be "loud" when the air is sucking in since it's right outside the master bedroom. Our experience with an older home is that it can be quite loud due to the pressure. -Location #2: We figured moving it farther away would be make less noise but it's still a few feet away from the HVAC, so efficiency is maintained. However, there was concern that it would be "unsightly" when you're walking up from stairs (which we wouldn't care too much). -Location #3: This seems to be more central among all rooms so it's a little bit farther, but not sure if efficiency would be lost since distance from HVAC is increased now. -Location #4: Builder suggested we could also put it here where it's out of visible sight from the stairs. But our concern is that since it's farthest from furnace, the piping would be longest and probably efficiency would not be as good as the other locations. Thoughts? [link] [comments]  |
| A house with a largely underestimated sqft. Any red flags? Posted: 19 Sep 2021 01:47 AM PDT We just saw a 2 stories house with a pretty large finished basement. It has 2 rooms on the upper floor sharing one bathroom, a double door large master with a large bathroom and walk-in closet, an office on main, foyer, a formal dinning room, an informal dinning room, and a normal size living room (on the small side for a house like this). The basement starts with a smaller space that can be used to fit a couch and TV, a HUGE area that can fit a pool table AND maybe another table tennis table, and another long room that can be used as a movie room. It also has a decent size bathroom. Based on our experience (not a lot, mind you), it looks like a 4000+ sqft house. To our surprise, the listing says it's ~2800 sqft. We thought it might be typo and checked the public record, but it says the same thing. What's the catch here? Is it simply some optical illusion that it looks big? The lower tax on a "smaller" house on record is definitely welcomed, but we don't want to get into trouble. [link] [comments]  |
| Posted: 18 Sep 2021 09:29 PM PDT |
| I am 20 years old and I am looking for real estate advice Posted: 19 Sep 2021 12:39 AM PDT Hey everybody! I am 20 years old and I have $40,000 in the bank. I am deciding on which loan to go with to get my first piece of property which is an overall goal of being a rental property. I was planning on going with an FHA loan so I can move out into the property with little down, stay there for a year which gives me time to renovate itand then rent it out and repeat the process until I have 4 rental properties with traditional loans. Is this a good strategy to build a portfolio? What is your advice for me? Thank you for your time. [link] [comments]  |
| Posted: 18 Sep 2021 04:36 PM PDT Hi, Are there any Bay Area/SF inspection companies that you just don't trust or where you know they have a bad reputation? I'm reading a lot of inspections and I'm wondering why some are more detailed than others. Thanks!!! [link] [comments]  |
| Posted: 18 Sep 2021 08:16 PM PDT Looking at a townhouse "owned by Zillow". Been reading up here about the fact that they are just flushed with cash and they want to cut out the middleman and just do everything themselves just to beat out competition and bring more users to thier platform and services. Even though their foray into flipping homes could potentially a loss leader. Etc etc. So this place was bought in foreclosure by Zillow for 456k. They list it within a week of them buying it. It has been on the market for almost a month ( listed at 463k). 2 weeks into the listing they cut the price down by $3k. So it seems like they're really not making much here, potentially breaking even or maybe loosing money depending on the offer. Seems like a red flag here somewhere. Why are they cutting the price 2 weeks in in a sellers market? [link] [comments]  |
| Posted: 18 Sep 2021 11:54 PM PDT Lenders of Reddit, how often or little do you actually call an applicant's current or previous employer to verify if they are employed there? [link] [comments]  |
| Switching agents within a brokerage? Posted: 18 Sep 2021 11:39 PM PDT Currently working with a brokerage. The agent assigned to us is super slow on getting info. Slow on getting back to us with our questions. Is it weird to ask him to assign us to a different agent with his brokerage? We like the overall brokerage / buying program they have.. we just want a different agent. We haven't signed anything, and he's our only contact so far. [link] [comments]  |
| Posted: 18 Sep 2021 04:08 PM PDT Searching for moderate priced homes, usually built 1950-1990... My experience as a buyer is that home sellers fit into categories like school grades. The A-students are the ones who keep their home in upgraded tip-top condition. These homes are harder to find and have the most competition. Then there's the B, C, D and F students, by levels of deferred maintenance. Also my experience as a home owner is it's easy to defer maintenance either because you're not handy or you don't want to spend. Not everybody wants to be an A-student. [link] [comments]  |
| Posted: 18 Sep 2021 11:27 PM PDT Just purchased a newly developed townhouse located in a small lot that contains 3 townhomes. I was all excited until I found out the other two were purchased by one person who plans to rent both out. Is this something to worry about as I only have 1/3 of voting rights for any issues while the other owner has 2/3s? If that person wanted to build a statue of himself in the common area and I voted no, would that be overruled since he's the majority?? [link] [comments]  |
| Posted: 18 Sep 2021 05:28 PM PDT Any information would really help. What bank business account did you use for your LLC to deposit rents and mortgage withdrawals? [link] [comments]  |
| Posted: 18 Sep 2021 04:42 PM PDT Anyone have any experience with these in specific? Specifically timing wise in regards to getting contractor estimates etc & ARV approved while still in inspection window? [link] [comments]  |
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