Misrepresented Square Footage by 1400 Sq Ft Real Estate |
- Misrepresented Square Footage by 1400 Sq Ft
- My home's assessed value went from $380,000 to $600,000 2020 --> 2021 now my property taxes will be substantially higher.
- Pressure to sell my house because it’s worth over double what I paid for it ten years ago…
- What's the point of filtering on Redfin by HOA fee if properties with a missing fee show up as $0?
- What happens to the land owners on La Palma (Canary Islands, Spain), whose land got destroyed/covered with lava in the recent volcano eruption?
- For those that are investors in the flipping business, how do you guys file for taxes?
- Does a single next door neighbor with unkempt property really lower your sale value, or is an urban myth?
- So I know very little about real estate…
- Cash Out Refinance but unpermitted work?
- Failed transaction commission?
- Rentals with pools... avoid?
- New build, wrong color?
- Why can I rent for $1,500 a month but cant buy for the same
- What to expect out of a realtor?
- Why is east Texas so expensive
- Renting before 12 months- owner occupied mortgage- moved for new job
- For Sale By Owner Question
- $1.3 Million 2 bd 3ba home advertised as "affordable" . . . can this really last?
- Can loan be rejected AFTER closing?
- Mortgage calculator that factors in deductions in property tax and interest on a mortgage?
- Seller credit higher than closing costs
- How much did you pay for your first home?
- Two agents- best offer wins?
- Home inspection & Seller’s Disclosure
- Seeking Advice
| Misrepresented Square Footage by 1400 Sq Ft Posted: 29 Sep 2021 03:53 PM PDT Hi guys, So I discovered today, after combing through county records, that the square footage of the home I am under contract with was 1400 square feet below what was listed on MLS. I did confirm that the country records are up to date and have the accurate square footage. The seller/agent counted the garage in the total sq ft (it's an absolutely massive garage). However, the appraisal came back at the selling price, they did not mention the square footage. I have asked my lender for a copy of the appraisal but he's not responding to me. I expressed before, to the lender and appraiser, that I do not feel like the square footage was right but I don't think the appraiser actually measured the home. Today the county records confirmed it. We close in a little over a week. So I guess i'm here to ask, what are my options? If the appraisal was done incorrectly and we have to have it redone, do we need to repay? If it appraises below what we agreed, and the seller doesn't want to drop the price, can we walk? I personally do not feel the house is worth what we paid if the square footage is indeed 1400 less than what was advertised. I would rather walk away from this home than let a scam like this be tolerated. I understand it was probably my responsibility to do my DD before the appraisal, but I feel like this should have come up on the appraisal, as I did express my concerns to the lender and appraiser. Please let me know if I am overreacting or not. [link] [comments]  |
| Posted: 29 Sep 2021 10:04 PM PDT A few months ago, I bought a new construction townhouse that had assessed as $380,000 in 2020. The property taxes I had to pay ($11.79 per $1000) this year were $4,480 with the assessed value of $380,000. Now the property taxes will be $7,074 with an assessed value of $600,000. That's an extra $217 dollars a month on a house I've barely owned for less than 4 months. How can the assessed value increase $220,000 in a year? That seems almost like a bait and switch. Is there any remedy I can take? Edit: my home did not appreciate this fast. My purchase price of the home was $700,000. I bout it a few months ago. The property tax assessment for 2020 must have been done based on builder plans, because this house wasn't finished until around February 2021. UPDATE: Wow this isn't just me. The old ugly ass single family home next to me: 2020 appraisal: $475,000 2021 appraisal: $776,000 However, get this: 2020 appraised LAND value: $252,000 2021 appraised LAND value: $775,000 2020 appraised IMPROVEMENT value: $223,000 2021 appraised IMPROVEMENT value: $1,000 I look over there and it's just a nice family with kids. They have an aging house but it isn't unlivable. [link] [comments]  |
| Pressure to sell my house because it’s worth over double what I paid for it ten years ago… Posted: 29 Sep 2021 09:34 PM PDT Millennial homeowner here. Overall just happy to own a house but a few families from my current neighborhood are selling and getting crazy high cash offers. They are then moving into a neighborhood close by with bigger fancier houses. Weekly my spouse and I have realtors knocking on our door asking us if we want to sell. Daily getting calls. We have no interest in moving but it does seem appealing when our friends' mortgages in these bigger houses are within $100-$200 of their mortgages in houses like mine. Is there any practical argument for not selling right now besides "I like my house"? [link] [comments]  |
| What's the point of filtering on Redfin by HOA fee if properties with a missing fee show up as $0? Posted: 29 Sep 2021 10:38 AM PDT Seriously. You could have a $10 trillion dollar HOA fee, but simply by not adding it you will show up in searches with a < $10 fee. How could nobody have used this and not immediately concluded it is 100% broken. Over half my results are just properties that forgot to list what the fee is. If you do not have a fee listed, you need to be considered to have an $INFINITE fee as the missing value. Not $0. This is just ridiculous. Didn't know where else to post this, but thought it would be relevant here... /rant [link] [comments]  |
| Posted: 29 Sep 2021 04:24 AM PDT I realise this is kind of a niche question and I'm also not personally affected. I just find it interesting from a legal perspective. So, how does this work? Do the land owners keep their ownership of the land? And if so, are the estate borders then projected upwards to the new surface area? Or does the land fall to the state (maybe with potential compensation)? I guess the land is unusable for the forseable future, because it wouldn't be economically viable to cover the cost of clearing the space from all the rubble. Any ideas? [link] [comments]  |
| For those that are investors in the flipping business, how do you guys file for taxes? Posted: 30 Sep 2021 01:38 AM PDT I have watched so many Youtube videos on this topic. I've seen people mention about filing as s-corps within an LLC. Learned about capital gains and ordinary rates. I am going to seek help from a CPA for professional help because I still don't understand anything about taxes. As everyone else, I would like to find ways to minimize my tax deductions. I'm currently in escrow on a property to flip it. I have about less than 2 months that escrow is going to close. Should I start an LLC before the escrow closes? How much is it generally to get an LLC started? And how much will I get taxed in California for the profit I make off the sale of the home? [link] [comments]  |
| Posted: 29 Sep 2021 05:59 AM PDT My next door neighbor has a very unkempt property. I've read this can lower sale price by up to 10%. Is true or is it an urban myth? [link] [comments]  |
| So I know very little about real estate… Posted: 29 Sep 2021 10:48 PM PDT So I found this land for $1,000 and I'm thinking of buying but I don't know if it's worthless… it's very long and there's a Highway on the west side with a little room to spare and 6 houses on the east side. Could I split up the property and sell to the East residents or maybe a billboard? [link] [comments]  |
| Cash Out Refinance but unpermitted work? Posted: 29 Sep 2021 10:19 PM PDT Hi! I'm a relatively new and naive homeowner here in Seattle. I've owned the home for two years with my sister. I live in the home, she lives in another state. One of us is considering a owner-occupying borrower while the other is a non-occupying borrower. We are building a DADU on the property in a year, and have the Seattle permits approved and ready to go. We need to borrow 100k from our equity. The home was 650k, and down payment was 120k so we owe roughly 510k on the home at this point. We started the process for cash out refinancing and was told an appraiser is coming soon. That was an oh shit moment. When we brought the home, the basement was a storage/laundry/utility area. I converted it to two rooms and a bathroom. The two rooms in the basement are classified as storage areas but I use it as a bedroom for myself since I don't wanna get sued over what is legally considered a bedroom or not. Im happy to live down there myself. However, does this have a negative impact on the appraisal? I don't plan to sell this home as my family and I want to keep it over our lifetime. What would the appraiser be looking for? I read in Reddit that they're not likely to report us to the city but is this a huge red flag? We made a ton of normal improvements to the interior and exterior like landscaping, newly stained hardwood floors, painting, trim, doors and etc that I would love for the home value to raise. Now I'm just worried that the downstairs will bring issues. [link] [comments]  |
| Failed transaction commission? Posted: 30 Sep 2021 03:28 AM PDT We had a real estate transaction go bad. We were on the buyer side of it. The realtor was not the best, perhaps could have salvaged the situation if he had been more proactive. But it wasn't technically his fault at all. The agent is sort of a friend and we feel terrible about how things turned out. I feel like we should send him some type of commission or gift for the work he put in. However, I can also make the argument that he advised us poorly and that's why it didn't close. Have you ever, or would you ever, pay an agent something even though the deal did not close? If so, what or how much? If you're an agent, how often have you been given something like this? [link] [comments]  |
| Posted: 29 Sep 2021 06:16 PM PDT I just bought a 4 bed/3 bath SFH to rent out. A real estate investor in the neighborhood came by to talk remodelling and when he noticed the pool in the backyard he said, "I never have pools at my rentals because of liability." Thoughts? I can definitely see the cons of a pool in a rental property. To my mind it probably doesn't really raise the the rental price of the house much either, because what you are really selling is the number of beds and baths combined with location, condition of house, etc. I realized that I can wall this pool off from the main rental house if I want, and make it an asset of the ADU which is in a side yard. The yard is huge so the renters wouldn't be missing yard space. [link] [comments]  |
| Posted: 30 Sep 2021 01:28 AM PDT When I was choosing the colors of my home, I was shown a list of colors I could use. I chose Web Gray SW 7075 as my exterior color. Upon driving up to the house, it looks like a royal blue/grey? Am I crazy? Im going to look for a paint bucket with a paint code but am afraid they cleaned it up as I have my walk through tomorrow but I have some photos here: http://imgur.com/a/jwWsOmR I'm going to SW tomorrow to get a web gray swatch and try to match it to the home before the walkthrough so I don't look like a madman mentioning it. I know colors can change with phone cameras, time of day and weather, photo iso settings, exposure etc but Ill snap a photo of swatch next to the house. [link] [comments]  |
| Why can I rent for $1,500 a month but cant buy for the same Posted: 29 Sep 2021 09:41 PM PDT So my partner and I are early 30's. We have a $100k AUD deposit and pay $1,560 a month in rent. I earn $50k a year, partner earns $65k a year. We have no debt and own cars outright. We have been to multiple banks to try to buy our first home, we are looking at Units and Townhouses for $400k to $550k (extreme top) which is possible in my state. But we keep getting knocked back saying we cant possibly service the loan on our incomes when we do exactly that renting!!!!!!! It blows my mind, also, that some Big Banks we have gone to don't count rental payments as payments to live. Any Aussies with advise would be great!! [link] [comments]  |
| What to expect out of a realtor? Posted: 29 Sep 2021 04:41 PM PDT The title says it all, however let me provide a bit of background if the readers prefer more info. I'm in the market for the second time and using a different realtor than the first purchase(few years apart). The first one I hated the experience, felt rushed, felt pushed but it is what it is. This realtor is better than the first however, I'm still not quiet sure what to expect. She does not really send me any houses based on the things I've described, I always just send her the house I'm interested in based on the auto MLS reports she sends me. Couple of times, she didn't tell me I didn't get the house(we've bid of 5 to 7 at this point). Other than those two issues I suppose she's doing fine. She's responsive, points out nice things/upgrades throughout the house, and seems thorough in her descriptions of our strategies in negotiation, and describes processes well. That being said, I still don't know what makes a great realtor and what is considered an excellent realtor. Any info would be appreciated. [link] [comments]  |
| Why is east Texas so expensive Posted: 29 Sep 2021 06:43 PM PDT Hello I have been looking at the market in east Texas for a while( van zandt county, rains and woods county) but I only see the prices getting higher and higher. Ive seen an acre go for 40k with nothing on it in rains. what makes it so desirable [link] [comments]  |
| Renting before 12 months- owner occupied mortgage- moved for new job Posted: 29 Sep 2021 08:45 PM PDT Hey guys, I moved into a home w/ owner occupied mortgage- with every intent on living there. After four months I lost my job and, while I did look for a job in the same area, the first comparable job I found was in another state, and I needed it..so I took it. I asked for a waiver of the occupancy requirement so that I could rent out my house, but the bank denied it. I do not want to sell my home...what are the chances they don't actually care but just need to deny my request to cover their asses? What are the chances having to move for a new job should count as "not unreasonably be denied" and that I can fight this waiver denial? What are the chances they even find out? What would they do if they found out? Isn't the worst case calling the note due, which, if it happened, I could just sell the house and pay off loan? (Assuming markets are okay.). Really hoping to hear from anyone who has experience with this kind of thing. I was so excited to have a home, sad I had to leave it, and really don't want to give it up for good. [link] [comments]  |
| Posted: 29 Sep 2021 08:42 PM PDT Hey everyone. Does an owner of a house who is selling it himself without an agent have to disclose anything that's wrong with the house to buyers? For example, basement floods, roof leaks, etc…. Is it legal if they don't? Please and thank you. [link] [comments]  |
| $1.3 Million 2 bd 3ba home advertised as "affordable" . . . can this really last? Posted: 29 Sep 2021 09:16 AM PDT This has got to be a bubble right? EDIT: Sorry, meant to say 3 bd, 2ba. Slightly under 1200 sqft. Total craziness. [link] [comments]  |
| Can loan be rejected AFTER closing? Posted: 29 Sep 2021 11:38 AM PDT It has been a month after we were closed, and the lender contacted us saying we provided a cashier's check from an unapproved account. We did not realize the account was not included during the loan process. Can they deny / recall our loan at this time, one month after closing? Edit: I am certain this is not a scam. The lender did not ask for funds. They attached a photo of the check. They only asked us to verify the account. Our mortgage broker also contacted us regarding this issue. [link] [comments]  |
| Mortgage calculator that factors in deductions in property tax and interest on a mortgage? Posted: 29 Sep 2021 11:31 PM PDT Does anyone know if this exists online somewhere ? I can't seem to find on my end… Just want to see what the true final value of my monthly payments are.. well I guess annual payments since tax returns are once a year… [link] [comments]  |
| Seller credit higher than closing costs Posted: 29 Sep 2021 03:09 PM PDT We are closing on a home tomorrow and the final numbers have been sent. Weeks ago the seller agreed to bring $15k to closing to assist with a new roof. The lender was informed of this addendum and given a copy of the signed agreement. We have now found out that the seller credit cannot exceed $14,215 due to the closing costs. How do we get the difference in amount? We literally have a signed agreement for $15k. [link] [comments]  |
| How much did you pay for your first home? Posted: 29 Sep 2021 12:30 PM PDT I know it's going to vary based on which part of the country you live in, so maybe include that info too. I live in the Midwest and I'm looking for my first place to buy. It will just be me living there. Every time I find something I love, it's listed for more than my price range. I'm trying to spend less than $200k. I've gone between looking at houses and condos, because the condos tend to be cheaper (the ones I've seen so far were all around $150k). However, I like the freedom that home ownership offers (no HOA bylaws or restrictions to worry about). I just found a house that has everything I want, but it's $250k. I could afford it, I just don't know if I need to be spending that much for my first place. Any advice? [link] [comments]  |
| Posted: 29 Sep 2021 10:00 PM PDT I have two great friends from different parts of my life. I want to get a good price for my house. Is it immoral to pit them against each other to find a buyer? [link] [comments]  |
| Home inspection & Seller’s Disclosure Posted: 29 Sep 2021 05:58 PM PDT Hey all - looking for a little guidance and appreciate any insight you're able to provide! I've tried to make this as abbreviated as possible, but sorry in advance for the read. Background: We're relocating to a small town on the outskirts of DFW and are house shopping from across the country. House of interest gets listed, seems to be a great fit albeit requiring a considerable amount of updating and property clean up. Reviewing the seller's disclosure - nothing alarming, just minor wood rot on an exterior porch. Virtual walk through with our agent scheduled and decide to put in an offer same day, about 20k below asking. Sellers take forever to respond, and as we're disembarking the plane at DFW, receive word that they're countering at 5k below listing. OK - we go for it. We view the property the next day, agent did a great job via FaceTime so we're not too surprised by anything we see - still feeling comfortable. Within our option period - home inspection is completed and returned with some pretty significant issues but nothing at that point which would be a deal breaker, should we be able to negotiate a bit for the critical repairs. Obtain Inspection of HVAC, Electric & Hot Water heaters - all three of which will require significant repairs to bring up to functionality. Present negotiation to the seller - bring HVAC and Hot Water to functioning, and requesting 5k for additional necessary repairs. We have had to sign two additional extensions before finally receiving word that the sellers seem unwilling to negotiate. The property is vacant (they've relocated to another state), and no one else has viewed it at this point. Our option period is up on Friday and we're feeling pretty discouraged - in addition to the 75k we've budgeted renovations and clean up over the course of the next 5 years , we're looking at another 15-20k to bring the house immediately to habitable standards. Looking for advice and any help forging a path forward! We'd love to make this work, but are finding ourselves pretty frustrated. Out of curiosity - since the sellers disclosure stated that "no" - there were no repairs or dysfunctional items present, will they be required to revise this for future prospective buyers after these home inspection results? [link] [comments]  |
| Posted: 29 Sep 2021 09:29 PM PDT I'm 19 looking to get Into real estate investing, what are the steps you guys took to becoming a successful investor? [link] [comments]  |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment