Demoralized and in need of success stories Real Estate |
- Demoralized and in need of success stories
- Sellers not out by closing – options?
- Grandparents did a reverse mortgage
- Zillow Update? Anyone notice anything wrong?
- The house appraised for 50K less than our offer!
- People who bought right after/ during the 08 crash, what was it like?
- Is gas a desirable feature?
- Quit Claims Back and Forth?
- Health concerns regarding an apartment above an intersection
- Any Keller Williams agents who make $$ off profit share??
- Are REITS for rich people with high capital? And why?
- Quick question about terminology
- Final walkthrough is date of closing, title says we have to sign a few days ahead to guarantee funding.
- Purchasing two lots together?
- Question on Building Semi Truck Mechanic Shop
- Private lender died 2 days before bringing check for house, questions about alternative options and refinancing.
- Lake house near Chicago
- Buying Without Buyer's Agent - Negotiate Lower Price?
- Buying a house for the first time, will we be keeping the property tax credits from the seller?
- Owning a rental while still renting?
- House was listed as having high speed internet on posting so I never looked into availability. Turns out I’ll likely need to pay to get service installed. Is there anything I can do?
- Looking for some insight
- real estate investments during a recession
- Seller wants to move settlement date, any reason to be worried?
| Demoralized and in need of success stories Posted: 28 Nov 2021 07:46 AM PST Hi all - FTHB and I lost out on my dream house by taking too long during negotiations. Obviously hindsight is 20/20 but I'm kicking myself for not taking the seller's first counter right away before the other offer swooped. Can anyone provide success stories of where you were in a similar situation, and either got the house as the back up offer or found an even better house in the end? [link] [comments] |
| Sellers not out by closing – options? Posted: 28 Nov 2021 08:48 AM PST Sellers mentioned they would need 3 days to move out after closing days before our closing. In discussion, that turned into if their movers are available, attempting to close on their next house the day after our closing and move directly (not contingent, they just wanted these funds for their next house), so they may need more time. We said no to all extensions. They were insistent that they would have as much time as needed to move out after closing assuring us they would do it quickly. Our contract says possession at closing. They were still asserting for more time friday, with our answer being no. So we're hoping they began packing this weekend, otherwise incredibly unlikely they'll be out for walkthrough/signing next week. Discussions have been through agents. Lawyers have been off for the holidays, and will be back for discussions Monday. I know we can delay closing but would prefer not to. Our preference is to stand to the contract that they need to be out, and need to figure it out on their own. The time for discussion was months ago (our offer was 2 months ago), we think this is a sign of times to come. We don't want to extend for a rentback agreement. We are already about 4 weeks behind our original closing date due to title work delays on their side. Just what happens if they are still there after closing? I don't want things to become nasty. It just seems disrespectful at this point, and want to communicate we are not willing to be pushed around. We had an agreement. Apologies, if anything is unclear. I'll edit if any clarification is needed. [link] [comments] |
| Grandparents did a reverse mortgage Posted: 27 Nov 2021 06:06 PM PST My grandparents did a reverse mortgage for their house. I'm wondering if anyone knows how I can buy it back and what I should be looking for? Or any advice? Thanks! Edit: I had no idea the bank paid my grandparents money every month ( guess that makes sense lol) I also learned some people of Reddit jump to the worst. I was just asking questions about it. I wasn't going to kick my grandparents to the curb and steal their house for an inheritance. Love my grandparents and thought they were getting screwed by a bank so I was going to takeover the loan and pay their mortgage and let them live there until their time came. They're young and in amazing health. I wasn't trying to pull a fast one. I was looking out for them. So thanks everyone for showing me once again, why most people are just flat out mean. Except a couple of you good folk. Another edit: they are not getting any monthly payments from the bank. I'm going to look at the recent bank statement tomorrow I'll give y'all another update then! [link] [comments] |
| Zillow Update? Anyone notice anything wrong? Posted: 28 Nov 2021 04:40 AM PST So, I updated Zillow. Now there's no price history and no way to see if a house is pending or under contract. Anyone notice this? Maybe I'm doing something wrong. [link] [comments] |
| The house appraised for 50K less than our offer! Posted: 28 Nov 2021 10:36 AM PST Hello everybody, I would love some advice at what to do at this point. We're in Dallas if that gives any insight. The house was listed at 520K and our agent told us that the comps show it at around 540 and suggested that we need to put an offer of at least 550K. We've put good offers above asking price before, but we've been beat so many times already. We put an offer for 551K with a full waiver and it was accepted, yay! Inspection came back really good. They can't move out until beginning of February as they are waiting for their house to be built. They will be leasing back the house for the extra time. The house was appraised for 495K. We're so confused about this and not sure what to do. Our closing is next week. We are already putting down 170K. There's no way we can make up for that extra 50K. Is there a way to negotiate? If not should we just back out and lose our earnest money? [link] [comments] |
| People who bought right after/ during the 08 crash, what was it like? Posted: 27 Nov 2021 08:55 PM PST For people that bought/ tried to buy a home with a mortgage soon after the 08 crash, was it very difficult? Were a lot of the homes on the market in rough shape? Was not knowing when things would bottom out in price hard? I bought a home this summer and keep feeling anxious about how the market may crash. I recently was thinking that even if the market did crash I might not even been able to get a house at that point. For example, I bought a house with: 5% down, a credit score just below 700 for my partner, a few job hops in semi related fields for my partner in the past 2 years, just over 2 years work experience for me, and less than 3 months cash reserves not including retirement. All this and we easily got a loan for a 195k house at 2.875%. [link] [comments] |
| Posted: 27 Nov 2021 02:48 PM PST Our house used to have gas but it's been disconnected. We could have it redone and if we did, we'd get a gas stove and water heater. We could also do a backup generator but our area is pretty reliable and we have a wood stove insert that lets out radiant heat (we're in the PNW so the winters aren't that serious). Curious if it's worth the money to get gas up and going. If it will help sell the house down the road, we'll probably do it soon so we can enjoy it a while first. [link] [comments] |
| Posted: 28 Nov 2021 10:37 AM PST I'm looking into the history of my home and I've come across something that I don't quite understand. Here's the timeline: 1939: Father died, willing home and property to son, "A." June 1955: Son "A" dies, with no will. Son "F" is appointed administrator of the estate. Feb. 1956: Deed of Real Estate at Private Sale says that son "F" sold the property to son "R" for $16,000. March 8, 1956: Quit Claim Deed- Son "R" grants 1/3 interest of property to son "F" and daughter "M." August 11, 1956 at 8:40am: Quit Claim Deed- Son "R" quit claims entire property to son "F" and daughter "M." August 11, 1956 at 8:50am: Quit Claim Deed- Son "F" and daughter "M" quit claim entire property to son "R" and his wife. I'm a bit lost as to why there was so much back and forth. Anyone have any ideas why this might have been the case? Any help would be SO appreciated! [link] [comments] |
| Health concerns regarding an apartment above an intersection Posted: 28 Nov 2021 10:31 AM PST Hey all, has anyone ever done any research about the health implications of living above an intersection? I toured a place today in Alexandria VA; it's in an older building on the corner so there's an intersection below. The property is on the third floor. I've read a bit about the air pollution from interstates and highways, but I haven't found much regarding air pollution around intersections. Supposedly the braking and accelerating from cars going through the intersection might cause a large amount of fine particulate matter, but the stuff I've found on that topic has been speculative. Does anyone know more about this topic? Have you lived near an intersection before? [link] [comments] |
| Any Keller Williams agents who make $$ off profit share?? Posted: 28 Nov 2021 11:20 AM PST |
| Are REITS for rich people with high capital? And why? Posted: 28 Nov 2021 06:31 AM PST I have thought about investing 5k in REITS with high dividend yield, but it seems like I will not gain so much from this investment. [link] [comments] |
| Quick question about terminology Posted: 28 Nov 2021 10:02 AM PST Our realtor said seller has received our offer and will be "presenting" this afternoon. Just curious what that means thanks [link] [comments] |
| Posted: 28 Nov 2021 09:35 AM PST I'm very confused about how this usually works. My agent says if there are any issues she and the other agent will "work it out" but that if they don't perform then our only recourse is small claims court. Do people usually have the final walkthrough a few days ahead? [link] [comments] |
| Posted: 28 Nov 2021 09:20 AM PST Hi everyone. Prefacing this with I'm going to ask my loan officer, but it's Sunday and he's not in the office today! My husband and I are looking to purchase undeveloped land, and we plan to build a new house on it. We saw a lot today that is 2 acres, and the owner is also selling another 2 acre undeveloped lot next to it. We are interested in both lots, but not sure how that works with financing. We have are using a construction loan that includes purchasing the land, construction, and then closes as a traditional mortgage. How would this work if we were to purchase both lots? Is that even possible? [link] [comments] |
| Question on Building Semi Truck Mechanic Shop Posted: 28 Nov 2021 09:20 AM PST The plan is to build timber frame with a couple 14' doors with room to park on both sides. I do plan on building another office/warehouse/apartments on the same lot but a little further away. When it comes to lending, what route would you recommend? #1 I assume would be owner financing on a good piece of a land? #2 bank construction loan? I am going to start looking for land close to the highways (outside of the city) with no crazy turns or anything. My exit strategies would be being able to rent to another shop looking for another location, etc, or rent it out to other local mechanics who run a mobile business and maybe need a place for a special project or two, I do not intend on selling. [link] [comments] |
| Posted: 27 Nov 2021 07:50 PM PST Alright so yeah. I'm purchasing a house in rural northern Cali for 170, Lender was financing the entire purchase at 8%. (It's high I know but I was planning to refinance ASAP). Lender passed and now I'm presented with a very stange offer. Lender's son's want to lend 60 at 8% and owner's carry 110 also at 8% but with a balloon payment at 5 years and rewrite mortgage. This whole balloon payment stuff terrifies the crud out of me but the house is easily worth 230 as it sits so my plan was to instantly refinance both mortgages into one low monthly payment. I'm already underwritten for a conventional mortgage of up to 200 but sellers don't want to wait long enough for that to go through, I'm worried appraisal will take too long, and lastly I'm concerned that with some missing gutters and a few paint chips it would need some TLC before it would finance as well. First off, is the balloon payment stuff as hinky as I think it is and secondly, would I be able to refinance immediately? EDIT: I'm also living in the house already with permission from sellers so this situation is really....awkward. [link] [comments] |
| Posted: 27 Nov 2021 09:13 PM PST Our family is looking for a summer getaway/investment property. We live in the Chicago area so this place would ideally be within driving distance. Does anyone have recommendations on areas, towns or other to look into? I should mention we're new to this part of the US. [link] [comments] |
| Buying Without Buyer's Agent - Negotiate Lower Price? Posted: 28 Nov 2021 08:01 AM PST When my husband and I bought our last house, I was less than impressed with the work done by the buyer's agent. Essentially with every document, I needed to correct something myself before signing. I found the house myself and was not impressed by the inspection report. There were many things that did not come up on the inspection that I later found were issues with the home that we had to repair within a year of purchase. We're in the market again to buy something bigger to make space for our growing family. I'm somewhat dreading the process of working with a buyer's agent when I don't truly feel that it is in their interest to ensure we get the best price or most reliable home inspection, due to the apparent conflict of interest with the commission structure. I am considering paying a real estate attorney to look over all documents associated with the sale before I purchase a new home, and forgoing the whole buyer agent thing. If I do purchase a home without an agent, should I use that to negotiate a lower price on the home, as the seller would not have to pay buyer agent commission? Generally, in my area, the going commission rate is 6%. Lets say we work it out so the Seller's agent gets 4%, I pay out of pocket for a real estate attorney, and we knock off the remaining 2% off the purchase price. It seems to me that this would give a better deal to everyone involved in the transaction. Is this a common practice? Am I missing something? [link] [comments] |
| Buying a house for the first time, will we be keeping the property tax credits from the seller? Posted: 28 Nov 2021 07:01 AM PST We are buying a home in cash very soon, and looking at the property tax history, our seller has a couple property tax credits currently being deducted. Currently, he is on a semi-annual pay schedule, with his next payment due 9 days before he moves out, but before our closing date. So we'll probably be baking them into our closing costs I'm assuming. Can we keep those credits for the 2021 year? And if so, how long can we keep them for? [link] [comments] |
| Owning a rental while still renting? Posted: 28 Nov 2021 06:45 AM PST Hi! My husband & I are currently renting in TX. We've been trying to navigate the crazy market but haven't had much luck with finding a house. We saw a house for sale yesterday & got more info on it. It's within our budget but it's currently being rented month to month. Our current lease ends in December and our landlords gave us the option to do a year lease or month to month. We have a lot to go over and still need to see the house in person, but I was wondering if this is as good of an idea as I'm telling myself. Good neighborhood & we've been pre approved for the asking price. As soon as the tenants leave we'd move in. Has anyone done something like this before? [link] [comments] |
| Posted: 28 Nov 2021 06:06 AM PST Mostly the title. My fiancé and I found a perfect home on some land that was advertised with high speed internet in the listing. We both work remotely so this is a must have. Verizon spectrum and frontier all don't offer service to our address in central New York. AT&T and Verizon don't have hotspot internet and starlink says it's not available in the area yet. We're under contract and have a closing date at the end of January. Is there anything that we can do? [link] [comments] |
| Posted: 27 Nov 2021 11:53 PM PST My wife and I are currently living in the central valley in CA. We are looking to move to the Midwest where she is from but are not to sure what to do. We have the option of potentially keeping this place and buying a house there but it would be tight. We can also stay here a while and move in a year or so after saving a bit more money. But it primary choice because we very much don't like it here. We have also talked about keeping this place and renting it out but don't have any experience with that and we are not sure about managing a property from half way across the country. To add to the decisions we are looking at possibly buying my father in-laws land and letting him stay on it. He would take the proceeds and build a house on the 5 acres he would keep and willed to us. This would be great i think all around but we'd be stuck here as e don't want to live with him. Any thoughts on what you all would do would be great. [link] [comments] |
| real estate investments during a recession Posted: 27 Nov 2021 03:48 PM PST I am new to real estate investing and was wondering how/if cash flow significantly changes during a recession? I'd imagine that rentals are fine because people lose homes and need to rent but perhaps air b and b's don't do well? Thank you! [link] [comments] |
| Seller wants to move settlement date, any reason to be worried? Posted: 27 Nov 2021 08:22 PM PST Our seller asked to move the settlement date to 1/15, from the original date of 12/17. This isn't a huge problem for us, we just won't be moving in to our new home before christmas. I'm just wondering if there are any possible motives behind this. Our agent said the seller's agent said it was because he didn't think he would be able to move all of his furniture in time due to the holidays. I did look up the property taxes, and it looks like his second property tax payment will be due on Jan 9, so that sounds like the reason to me, but that doesn't seem like an issue since we are moving in that day either, or is it? Not sure if I'm overthinking it, please tell me if I am! [link] [comments] |
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