[Serious] With 800,000 people dying from covid in the US, how has this not affected the amount of homes on the market? Real Estate |
- [Serious] With 800,000 people dying from covid in the US, how has this not affected the amount of homes on the market?
- [CT] Seller is refusing to provide a seller disclosure and electing to take the $500 penalty instead. Does this mean anything bad?
- Things you wished you did when you started as Real Estate agent
- Impact of federal vs private student loans on mortgage?
- Broker fees?
- For those of you who had family help buying, how did that work?
- Refinance Question
- Preparing to apply for mortgage loan...what is income based on
- House on popular lake won’t sell.
- How much hassle are easements?
- Approached by Bluestone Investment Group about buying house?
- [Florida] I rented a horribly managed property for 2 months and not sure about my next steps
- Have a question about buying or building a house.
- Specialist for lakes?
- Agents who refer a lot of business to other agents out of state, how do you hand off your clients?
- Buying a church that’s zoned residential?
- Questions about selling my house and buying a new house.
- Septic inspection issue
- Higher mortgage loan?
- My mom is my agent, and we're trying to buy her a house (long story, but she lost hers a few years ago). If we reduce the buyer's agent commission to 0, who gets it? The seller? The seller's agent? Trying to figure out if that would actually make our offer more competitive.
- Closing on Wednesday 12/22
- Which offer would you take in my situation
| Posted: 19 Dec 2021 01:16 PM PST |
| Posted: 19 Dec 2021 06:45 PM PST The title sums up the situation. The seller is an Attorney (not real estate) and kinda weird. It wouldn't surprised me if this is their way of avoiding some sort of perceived liability. They have lived in the house for 20 years and Im sure there are things they have forgotten. Their reasoning was "They will find out everything about the house in the inspection." I also know that attorneys are strategic and dont do things that dont work to their favor. In general I don't trust seller disclosures anyway, so Im kinda seeing this as a non-issue. But I also found it to be an unnecessary complication to the process. Anyone else seen this before? [link] [comments] |
| Things you wished you did when you started as Real Estate agent Posted: 19 Dec 2021 07:20 PM PST I just started real estate. Got my license in September and just joined a broker 2 weeks ago. Currently going through the beginners checklist they give you for making all the accounts, attending orientation, getting my business cards up and running etc . Soon I'm going to be done with all of that and start with their free Coaching program that they offer. Its several classes a week and the coach is supposed to teach you everything an agent should know from scratch and help you get off your feet. He takes 10% of your first 3 transactions and then from there you get to decide whether to stay with him further or leave. I honestly love my broker for having this. I'm super pumped and can't wait. Besides all that, is there anything else I should be currently doing as a brand new agent? I want to start getting clients honestly and start making money in a month or two, after I've grasped some knowledge of the field from the coaching program. So I'm asking outsiders, any advice on what else I should be doing or things you wished you did when you first started but you didn't know/procrastinated? I already added everyone I personally know (family and friends) to my database and thats only 50 contacts. Theres literally not a person more I can add. Mind you, all of these are all phone numbers, no emails. The business cards will be ordered and here in about 3 weeks. I don't think theres anything else to do that I'm not doing is there? Once I get the professional headshot taken and uploaded to my website, I have a personal task of individually messaging each of my 600 friends on facebook with a little professional message that I already typed up that I'm a real estate agent and to contact me if they ever need anyone- which is going to be quite the task but hey, gotta get the word out! Then I guess in 2 months or so I'll start doorknocking possibly. [link] [comments] |
| Impact of federal vs private student loans on mortgage? Posted: 19 Dec 2021 10:55 PM PST Considering refinancing my student loans (rate would be cut from ~6% to 3%) but will be closing on new construction home in about 6-7 months. Monthly payment differences aside, do home lenders view private student loan debt less favorably than federal loans given the repayment options and leniency of the fed ones or does it not matter? [link] [comments] |
| Posted: 19 Dec 2021 10:25 PM PST Hello I am a upcoming real estate agent just need to pass the test and I was wondering every month in fees also like desk fees and MLS fees how much would I be expecting to pay in Oakland California I'm trying to plan things and see how much money I need to make thanks! [link] [comments] |
| For those of you who had family help buying, how did that work? Posted: 19 Dec 2021 04:20 PM PST We live in one of the top 5 most expensive real estate markets in the US and I don't think we'll ever be able to buy without help. We have some family who could help out financially but I really don't love the idea. For those of you who have gone that route:
[link] [comments] |
| Posted: 19 Dec 2021 10:08 PM PST First time posting. We purchased a home in June in California and got a 3.125% interest rate. I checked with our lender and they can offer a refinance with 2.75% for a 30-year fixed rate, $4000 in closing costs, and would save us about $150 per month. We put 20% down so have no PMI. We also love the house and neighborhood, so will hopefully live there at least 8-10 years. That extra saved money would be nice but I'm not sure it is worth it. What are your thoughts and advice? [link] [comments] |
| Preparing to apply for mortgage loan...what is income based on Posted: 19 Dec 2021 09:30 PM PST Hello everyone, so I'm currently in the process of preparing to apply for a loan but I had a major question. What do lenders base your income on? Just some background: I work for my family business (w-2) and during the months of January - March (our "slow" months) I reduce my weekly paycheck to about 60% of what I normally make just to not deplete our cash reserves. When speaking to a realtor she said "We don't look at your tax returns, just your initial paychecks)." This is where my problem lies, if they base it off of my initial paychecks then it'll show I only make around ($2,800/month gross) versus the ($7,000/month gross, I make up the difference through bonuses later in the year) I actually make. Is it true they don't bother with tax returns? Any info will be greatly appreciated. [link] [comments] |
| House on popular lake won’t sell. Posted: 19 Dec 2021 09:23 PM PST We put our house up for sale almost 7 weeks ago with the hopes it would sell fast. According to real estate agents and our neighbors and friends (who told us it wouldn't be on the market long) we had very high hopes it would sell soon. Everyone says the price is great and the house is beautiful. Well we've only had 4 showings and no offers and no feedback. The real estates agents have told us they haven't gotten offers on our house or any other houses on this lake. There's only 70-80 houses on the lake even listed for sale. We're starting to get very stressed because we have a contract on another house that's contingent to selling ours. Luckily they went the "For Sale by Owner" route and we can take as much time as we need to sell since they forgot to put a time limit in the contract but my grandpa told the owners we'd back out after 90 days if it didn't sell. So my question is. What's the deal?? Why did everyone hype us up and get us excited for nothing to come from it? Is it our house or the market? I thought this was currently supposed to be a sellers market. If any agents can help me I'd really appreciate it. [link] [comments] |
| How much hassle are easements? Posted: 19 Dec 2021 08:55 PM PST I'm looking at buying a house that has a shared private gravel drive. There is an easement agreement in place that specifies two houses, one of which I'm looking to buy, share upkeep. I'm concerned this is going to be a major hassle and expense. Anyone have experience? There also seems to be other vehicles parked at the very end of this private drive that seem to be going to an apartment complex. I'm not sure, but I'm guessing they are using the drive to get extra parking space, or a cut thru, and they should be accessing their apartments via their own drive. Would I be allowed to put up "keep out" signs, or big boulders at the logical dead end to the drive, to block this behavior? Seems like the more traffic on this gravel road, the higher the upkeep costs. Ty in advance if you've dealt with this situation. [link] [comments] |
| Approached by Bluestone Investment Group about buying house? Posted: 19 Dec 2021 02:51 PM PST Background: My father-in-law has owned a rental property in rural NC for 15 years or so. He's recently been approached over the phone by, what seems based on my research, a reputable RE Investment firm called Bluestone Investment Group about potentially buying the house. They gave him a preliminary call and sent across a contract to sign indicating the potential purchase price, due diligence period and other terms. He isn't a native English speaker and is interested in potentially selling the house for the price they're offering, but is afraid of being scammed. We have the following questions/concerns that we're hoping someone with more experience can weigh in on:
Thanks for any advice! [link] [comments] |
| [Florida] I rented a horribly managed property for 2 months and not sure about my next steps Posted: 19 Dec 2021 07:17 PM PST This is going to be a very long post, so I apologise. To preface this all, I want to say I have already moved out of this property. I will explain what has happened since my departure later in this post. I lived with a good friend for almost 2 years in his home before he was forced to sell due to student loans, and I had 3 weeks notice to move out. Where I lived with him, I was an hour away from my job. I'm a lead bartender who works late and lives off untaxed cash, so providing payroll/proof of income at a legitimate complex is difficult. I make great money, just not according to bank statements. I was really in a tight spot, and didn't have much time to search in-between shifts. I also have 2 cats, and pet deposits are PRICEY. I was backed into a corner for awhile. After asking around, a friend in the industry told me about a spot she previously lived in, VERY close to my job. She told me very little, got me in touch with the landlady, and we met up. It was an older 2 bed/1bath trailer, but I had only days to move. It was charming, at least. 1970s trailer, raised kitchen, wood panel walls (which I LOVE), but newer appliances. It was older, but cute. I could fix it up myself, make it look nicer. That's what I told myself, and I was so rushed to just get a cheap roof over my head; as a young woman, I didn't really think to look over it much. I told the landlady myself: "it's not like I have anywhere else to go." I didn't turn any knobs, didn't check anything; which now, I very much regret. I signed a "contract", not a legitimate lease. It seemed very generic from what I gathered by skimming through the fine print; it was not specific to the property or landladies at all. It seemed like a general rental property contract that you would see online as a basis. I suspected as much, since they're a family. No biggie. I read through the details, I sign (again, thankful to have a roof over my head without much trouble), and hand over $1k. There's no security deposit, she only wanted $750, but I tell the landlady I'm giving her an extra $250 to help clean up the place before I moved in the following week (there was some dead roaches on the floor since they bug-bombed it before I signed, they also fixed up some flooring previous to the signing; the landlady said she would have it cleaned up before I moved in). It was an incentive; like "hey, I have money! Please do me right!" Spoiler alert: it wasn't cleaned up at all when I moved in. To add onto this, my friend (the previous tenant) told me she only lived there 2 months and they didn't give her shit about leaving. I also did not get a copy of this contract at all, or anything in writing in general. I move in. There's still furniture left from the previous tenant. Appliances, rugs, two couches, a coffee table, pots and pans in the cabinets. I tipped my movers well, so they take it it all out for me. Fridge is spotless, microwave is spotless. Then... I realise the front door doesn't lock from the inside. I tested it myself. The back door doesn't have a doorknob (they later provided me with one to install myself, lol). The toilet doesn't flush properly; I have to use a straightened coat hanger (left from the previous tenant) to pull the plug up to flush. I try turning on the stove. It doesn't work. The entire range and oven doesn't turn on. Several outlets don't work. They bring me a window A/C unit (there's no centralized heating/air), which doesn't reach the back of the house (which is the master bedroom). I buy a very nice 2nd A/C unit to install in the back and they tell me they're going to help me install it (they didn't). I tell them about the stove not working IN PERSON. They bring an electrician in to fix the outlets and reassure me they're getting me a new stove. I'm patient. I keep gently reminding them via text over the next couple weeks about these issues. They keep telling me they're working on it. I don't hear anything back from them until I unfortunately still pay the rent the next month, which I paid on time, in full. The entire time, I still have horrible bug issues. I find dead roaches and live ants EVERYWHERE, despite how clean I keep my house. I ask my friend (previous tenant) about all of this and she said she had the same issues. The range never worked the entire time she was there. The outlets never worked. The toilet was broken. Like, WTF? You couldn't tell me about that before I moved in??? Once it started getting cold here (I know it's Florida, but it got down into the 40s-50s for weeks at the start of the season) and it took them a solid week to provide a heating unit. My house was in the 50s internally for several days. I had friends help me out with their own secondhand heating units before they did. Also: the 2nd bedroom was absolutely wrecked. The wardrobe built into the walls was destroyed, and the wood panels and nails were laid everywhere. It looked like someone took a hammer to it and just left it there. I let it go, because I used the 2nd bedroom as a storage space. Shortly after the first month, the plumbing underneath my kitchen sink breaks and floods my cabinets. Two days later, I'm in the shower when the lights go off and I freak out. I go to the breaker and flip the switches. I get electrocuted pretty heavily and almost pass out. That was my last straw. I left VERY quickly after that. My good friend helps me move out. As I'm packing up the last of my stuff, a fire ant infestation starts taking over. I leave my couch and nice appliances like an unused air fryer (the previous tenant left their furniture, so why shouldn't I? Seems like it doesn't matter much to the landladies), plus all A/C and heating units (including the one I purchased myself), plus the cable hookups that I got installed, and a small hot plate I bought to heat up soup. I left a note underneath the hot plate that said, "For the next tenant: the stove doesn't work. Good luck." As I'm moving out and bringing out some stuff to the curb, my landlady passes me in her brand-new truck and eyes me, but doesn't say anything. It was on the day my rent was due. I don't text her. She doesn't text me. I hang onto the key for the front door, because I figure the conversation is going to come up eventually where I would have the opportunity to drop the key off back with her. That was the 4th. It's now the 19th and I haven't heard anything from either of the landladies. I filed a complaint with the Fair Housing Association a couple days after I moved out, basically laying out everything I have in this post. I don't feel like it's my obligation, after 2 months of literal hell, to provide them with a reason to move out. I feel like they already knew. And if they wanted to take me to small claims, as several people in my life have already pointed out: "if they had the money to do so, they would've had the money to fix the issues in the house." I also planned on just letting them keep the security deposit, I quite honestly couldn't care less anymore. I can't help but feel guilty for not addressing my leaving with them; but I was foolishly waiting on them to make the first move. If they would've asked me where my rent was, I would've had an opener into that conversation. And now I still have the key to this place. Am I an asshole or coward here for not being transparent? I'm not sure. But all I know is that I'm grateful to be out of that shithole. Feedback is appreciated. I know this was a long post; I'm still just incredibly nerve-wracked about the lack of communication between us (which was partially my own fault, because despite being a bartender, I HATE being confrontational in the slightest) and I don't want to turn around at work one day to be served papers in front of all my guests and coworkers. Is there anything else I should do before I keep stressing myself out about this situation? I would like an honest perspective from other tenants that have been in this situation before and/or landlords. Cheers. [link] [comments] |
| Have a question about buying or building a house. Posted: 19 Dec 2021 06:06 PM PST So my girlfriend and I are looking in the next several months to get a house. I would like to get some land and build a house but I have no idea where to start as far as loans or who to even contact. Any suggestions on what to do ? Im in Georgia on the south side of Atlanta and I'm also gonna be a first time home buyer. [link] [comments] |
| Posted: 19 Dec 2021 06:04 PM PST We are considering looking for a home on a lake in Michigan, but we've never owned waterfront property before. I'm wondering if anyone thinks it's important to find a buyer's agent who specializes in waterfront homes. It seems like given the sheer number of little lakes, some niche knowledge could be handy. In case it matters, we are looking in central Michigan (Lansing) east into Oakland County at this point- there are a massive number of small lakes and I'm sure quality and price vary a lot. [link] [comments] |
| Agents who refer a lot of business to other agents out of state, how do you hand off your clients? Posted: 19 Dec 2021 05:46 PM PST I am a new agent and I run a website that gets a fair amount of web traffic. I have the opportunity to refer 40-50 home shoppers to other agents across the country per month. Any advice on how to do that client hand off smoothly? Thanks in advance! [link] [comments] |
| Buying a church that’s zoned residential? Posted: 19 Dec 2021 05:27 PM PST Hey everyone, I've been looking to purchase a building to build a shared artist studio (audio, photography, video, etc)for a bit and I found the perfect building today: an old church. It's a big open space with massive windows and it hits nearly every need. The big problem is it's zone residential with an exception for house of worship. I'm pursuing this, but would love to know if any of you have history with this sort of thing. My current understanding is I'd have to buy the building and take a risk the resining board would approve it for a commercial use. Any insight you could lend is truly appreciated! [link] [comments] |
| Questions about selling my house and buying a new house. Posted: 19 Dec 2021 10:52 AM PST I recently payed off my house, I purchased when it was up for foreclosure and paid off over last few years. I'm 28 and home is valued around 45,000 before putting any work into it, 2 bedroom, south Midwest. I know nothing very little about real-estate but I am a bit of a nerd and try to learn to do things myself via reddit, Youtube, etc. I want to know how I could use the value of my current property to finance a large/better house. My current income is only about 35k a year. I doubt its as simple as sell house for 40k, put 40k down on new house, have cheaper monthly payments on new house. I would love for any advice on how to proceed and I will also answer any questions that could be helpful for your advice. [link] [comments] |
| Posted: 19 Dec 2021 09:52 AM PST Contracted on a house that has a septic. We tried to get an inspection done on the septic but when we had a company come out they found out the lift station pump was broke and they could not inspect because of it. . We told the seller and they had another company come out and replace the pump. A company they have used before. After that we had issues getting the other company we called to get back out and so the seller said that the company that did the pump replacement could do it. A company they have used before. I was given their number to call them so I could be present when they inspected. I spoke to the company and gave them my info and they said they would call me when they went out to do the inspection. I never heard from them on Friday when they were due out for the inspection. I called and left several messages and never received a return call. When I told our agent, she contacted the sellers agent and they said the company did come out and inspected the septic. However, I was never notified so I could be there to ask questions. I have asked for the inspection report but as of today, I have not received any report. The last day for our inspection period is tomorrow 12/20. I am not happy that the inspection happened without me being there and especially since I am paying for it out of my pocket. I am considering breaking the contract but not sure if this is even possible. No I haven't spoken to my agent yet as I want to hear what others have to say and not just her story she might give me. So since I was not there for the inspection and I am paying for it, is this grounds that I can back out of the contract? I feel that since I was not present that I might not be getting the truth if I get a report. I had a regular home inspection done and I was there and I was able to ask questions on numerous things. [link] [comments] |
| Posted: 19 Dec 2021 03:45 PM PST Hello, I was preapproved for a mortgage loan FHA and Conventional in October. With the limit I received with both FHA and Conventional I need to save up more money for downpayment and closing costs for the type of homes I really like. I decided to wait until Feb/March to save up enough money and to seriously start looking/put in offers. Since Fannie Mae and those guys upped the mortgage loans, does that mean my loan limit will also increase or stay the same amount that I was preapproved for in October? [link] [comments] |
| Posted: 19 Dec 2021 03:07 PM PST Context: very competitive market (Los Angeles) on a house that's likely to get ~30 offers. I don't have enough cash for an all cash offer, so this was the only other way I could think of to make my offer more competitive. I usually go for a 45 day escrow, but this will be 30 days with 30% down. [link] [comments] |
| Posted: 19 Dec 2021 02:10 PM PST Closing on Wednesday 12/22 In the process of getting a mortgage - Family needed emergency money for repairs - I pulled out 23,000 from my line of credit on Thursday 12/16. All the money has been paid back on 12/18. The line of credit was existing. This is not a new line of credit I just increased the balance on it so it won't show up as new credit on the credit report. Any issues with my mortgage process ? [link] [comments] |
| Which offer would you take in my situation Posted: 19 Dec 2021 01:51 PM PST It's a mountain home in California in pretty good condition, but build in 1980. Offer 1: 420k with 7k appraisal gap coverage The house will appraise somewhere between 400k - 410k [link] [comments] |
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