How can I make sure the house I’m selling doesn’t go to a flipper? Real Estate |
- How can I make sure the house I’m selling doesn’t go to a flipper?
- Las Vegas real estate out of control?
- Our VA appraisal issues
- NY Real Estate Brokerage Ownership Questions
- Buying a post and beam house from the 60s - what to know/look for?
- Terminating exclusive buyer representation agreement
- Can’t find a sellers address post deal for damages. Attorney can’t find it either?
- Your realtor and loan officer (probably) aren't your friend.
| How can I make sure the house I’m selling doesn’t go to a flipper? Posted: 19 Feb 2022 04:57 AM PST I'm about to move and sell my house. It's a 100 year old house with really pretty architectural features, but it was relatively affordable for me when I bought it because it has a super basic kitchen with linoleum counters, scratch and dent appliances etc. In the time since I bought my house, my neighborhood has gotten more desirable and the only houses on the market in surrounding blocks appear to be flipped and crazy expensive with quartz counters and all new appliances. I'm I am not rich and want to get my money back and not loose money on the realtor commission when I sell the house, but would love for it to go to an actual working person or family and not get bought by flippers to have ugly updates made and be resold for a crazy high price. How can I know who is making an offer and if it is a person who plans to live in the home or a flipper? Is there any way to know? [link] [comments] |
| Las Vegas real estate out of control? Posted: 19 Feb 2022 06:44 AM PST Like the title says, do anyone else notices? Few years ago the homes were 100-200k lower than what they are now. Looking to buy a house in Vegas but afraid of the price dropping after. Anyone else? [link] [comments] |
| Posted: 19 Feb 2022 06:31 AM PST Just got our VA appraisal back. We close on the 24th. Good news is it appraised for $540k and we are buying it for $506! It's insane! The issue tho is that the appraiser listed the 'Sale Price' as $529k. We have no idea where that number came from. Lender said he'll reach out to appraiser and see if he can change the 'sale price' on the appraisal or if we need to have a new appraisal done. And that's my question. Is that something where the VA appraiser just needs to correct that number? Or do the whole appraisal again? [link] [comments] |
| NY Real Estate Brokerage Ownership Questions Posted: 19 Feb 2022 06:08 AM PST Who can own a real estate brokerage (LLC or Corp) in New York? The only thing I can find in the law and rules/regulations is:
Does this mean unlicensed person can be a member or shareholder? are they allowed voting rights? Are there any other restrictions on brokerage ownership? The purpose of ownership here is for investments purposes, not to participate in the brokerage. If you create a subsidiary to an existing brokerage, do you need to apply for a new license or can you use the existing license under the parent entity? Any information would be helpful here as westlaw and the law/regs don't seem to address these situations directly. [link] [comments] |
| Buying a post and beam house from the 60s - what to know/look for? Posted: 19 Feb 2022 05:57 AM PST Looking into buying a nice post and beam style house from the late sixties, in very good condition. Foundation is a concrete slab. There are few of these post and beam designs in my area as they are more reserved for custom built houses. What should I be wary of when buying a house of this design from this era? Is the exposed post and beam (big vaulted ceilings, lots of windows) design a long-lasting build type? How long is the slab foundation going to last? I would hope to stay in this house for a long time. [link] [comments] |
| Terminating exclusive buyer representation agreement Posted: 19 Feb 2022 05:56 AM PST A few weeks ago we signed an exclusive buyer representation agreement when we put in our first offer on a house. The offer wasn't accepted, so we are still searching. Our property management company reached out to let us know the buyers will potentially be selling the house we rent when our lease is up, but they are offering the house to us at a price lower than what they will list it as. We cannot afford to purchase a house in the neighborhood we live in (I've been watching the prices in our neighborhood), so I was extremely surprised what they are asking is within our budget. We also haven't been able to find a house with comparable square footage within our budget. Now we are considering purchasing our rental, but our lease specifically states we must use the property management companies agent in the event this occurs. What do we do in this situation since we signed the buyer representation agreement with a real estate agent already? The agreement we signed doesn't expire until a few weeks after our lease is up. [link] [comments] |
| Can’t find a sellers address post deal for damages. Attorney can’t find it either? Posted: 19 Feb 2022 05:36 AM PST |
| Your realtor and loan officer (probably) aren't your friend. Posted: 18 Feb 2022 03:56 PM PST I learned a very valuable lesson about putting trust in a loan officer who acts like your best friend. When I started looking at houses, I compared several different lenders. One got me because he was friendly and engaging; way more than the other two lenders I had worked with. Shortly before putting in an offer on the house that we're now closing on, he sent me an estimate with a rate of 3%. The estimate didn't list the rate as locked in though (It was the first estimate I had received and didn't know to look for the rate lock provision). I received another estimate a week or so later from another lender, it was a higher rate(3.6%) so I passed on it, however I noticed that there was a provision that stated that the rate was locked in, so after receiving the estimate, I asked the original lender how to lock the rate in. He told me over SMS that he took care of locking in the rate. I bugged him a few times for an updated estimate but never got one. Never really thought much of it because he was an okay dude. Two weeks before closing, before everything went to underwriting, he sends me the closing disclosure to sign. Rate listed is 4.4%. I let out a verbal "what the fuck is this shit" and call my lender. He tells me that the locked in rate is only good for a certain amount of time then goes into some bullshit spiel about how mortgage rates are like the stock market and that you can lose out if you hold too long. To that I told him that I would review the contract and get back to him. I hung up and immediately called his brokerage and started a complaint with his manager. Manager offered me 4.2% and could even get me down to 3.2% for ONLY $20,000 in points... OH and as it would turn out I would need to open up a bank account at that brokerage, setup direct deposit and pay the mortage from that account if I wanted the extra 2 points off, otherwise the only rate he could do was 4.4%. So at this point, I'm not even going to deal with this brokerage anymore. It's a little more than 2 weeks from closing date, appraisal is submitted and done via the old lender already(Paid out of pocket by me), so I'm out $500 there. Feels like this house isn't going to close at all. I reach back out to the lender who offered 3.6 a few weeks prior who had the locked in rate. He's not very prompt to reply to emails or the voicemail I left, doesn't answer his office or cell phone ever, but I'll tell you what, he did come through. I wake up the next morning with a few financial verification requests from his system and a closing disclosure that has the rate locked at 3.6, just as he had originally quoted me. While his team took his time to respond back to my questions, they were prompt in getting the mortage out of underwriting and getting me a mortgage commitment. They even offered to use the appraisal that the other lender made me order (as opposed to making me buy another). I'm just hoping the old lender will transfer it. I don't know if they are legally obligated to even though I paid out of pocket for it. So I guess this goes to show that just because someone is really friendly and calls you a lot, doesn't necessarily mean they have your back. The Good lender who came through First Mortgage Direct. If this appraisal transfer is held up by the old lender, I'll name drop them on here too. [link] [comments] |
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