Real Estate: MEGATHREAD for Coronavirus, Stock Market, and other Economic events that may impact REAL ESTATE. |
- MEGATHREAD for Coronavirus, Stock Market, and other Economic events that may impact REAL ESTATE.
- $1 homes
- Buyer is paralyzed
- Coronavirus and Stock Market crash just caused our buyers to back out
- House with foundation issues in fancy area. Buy or walk?
- Looking for some advice on if I should go through with closing in this pending economic downturn.
- Vivid-19 and rent
- Questions about renting a home.
- How do you protect yourself when purchasing a piece of land?
- Buy home for parents?
- Should we go non-contingent, or keep looking?
- I have an offer & I made an offer!
- Rent to own tenant isn’t paying
- Buying home - learned that last owner was violently murdered in it 13 months ago
- Can I sell my home before lien gets applied?
- Can I request a copy of the move in inspection from Invitation Homes? Trying to avoid being charged for pet urine damage by previous renters, documented by multiple calls after move in.
- Building a custom home-who should I talk to first?
- Anyone else getting nervous about upcoming closing dates?
- In the midding of a mortgage rate bidding war.
- Closing on a house as recent immigrants
- Closing in 18 days and the buyers agent is hard to work with-advice please
- Coronavirus and Exterior Only appraisal inspections?
- Has anyone had a leaking oil tank issue and had to have it removed? If so, what types are cost associated with it when the soil tests bad?
- Seller Pays 1% Transaction Coordinator Fee? [Seller - Michigan]
- Renting with an LLC
| MEGATHREAD for Coronavirus, Stock Market, and other Economic events that may impact REAL ESTATE. Posted: 13 Mar 2020 11:28 AM PDT We're getting quite a few questions about the events of the last few weeks and the likelihood they will impact real estate. Please use this thread to discuss. NOTE: Any political comments will be removed, keep this about real estate please. [link] [comments] |
| Posted: 14 Mar 2020 06:21 AM PDT For those who have pursued the attractive OWN A HOME IN [insert country] FOR $1 - what was your experience? How much did it actually cost ? Was it in a decent area? Taxes? I'd like to hear feedback as they've always perplexed me [link] [comments] |
| Posted: 14 Mar 2020 08:08 AM PDT So I recently listed my house fsbo. Received 7 offers at asking or over. I accepted an all cash offer 5k over, no contingencies, as is condition. Highest dollar per sqft in my area ever. Feeling pretty good about it. So yesterday the buyers agent shows up with the buyer. The buyer is a quadriplegic and without any bias from me, looks to be in a almost vegetative state. Very sad. what I assume to be his wife is signing paperwork with the agent. Her name isn't on any of the offers, contracts etc. Should I ask for a copy of a power of attorney or something that shows she is legally able to sign documents and contracts for the guy. I have a call into my contracts guy but received a message that he's out of town until the 19th. Thanks for any info. [link] [comments] |
| Coronavirus and Stock Market crash just caused our buyers to back out Posted: 13 Mar 2020 12:21 PM PDT So we were scheduled to close on the 23rd and just found out from our realtor that our buyers have backed out, because their buyers backed out. Our realtor said that she's already had 3 house sells fall apart today and it seems to be related to the downturn of the stock market this week. Just curious to hear what other realtors are seeing and how other markets are being affected. Sounds like a domino effect is occurring right now in the housing market. [link] [comments] |
| House with foundation issues in fancy area. Buy or walk? Posted: 14 Mar 2020 08:24 AM PDT Hello! We are in the escrow for a house which is in LA, Beverlywood Area. It is a small old fixer upper in a pretty sad condition. The price is around 1.5m, some recent sales in the area are 2.5 - 4m. But, the inspection found a substantial problem with the foundation. It is a slab one with crawl space, supporting walls are in a bad condition, some have multiple end to end horizontal cracks. Company that fixes them estimated that it needs to be replaced for a price of 50k + unclear situation with drainage and other possible damages. Floors are level, but there are some cracks in the exterior and interior walls. The seller of course sells as is, but - should we just walk away as there are possibly other invisible issues, or should we ask for a discount. And if discount - how much should we ask (it looks like there are other backup buyers, but I pretty sure they will find it as well)? [link] [comments] |
| Looking for some advice on if I should go through with closing in this pending economic downturn. Posted: 14 Mar 2020 11:09 AM PDT OK - so background about me: I am a small business owner, in the Minneapolis Minnesota Metro. I have enough in savings to pay my mortgage for 2 years (assuming business takes at worst a 80% hit in revenue, and I'm still bringing something in). The market here is pretty terrible, you get "shacks" for 250k. I was lucky enough to find a decent home in a good part of a neighboring city, for 300k that I quite like. Good interest rate, 3.25. NOW, onto my concern/thought process> I have 3k of earnest money down- closing date on the 3/26. IMO I can simply walk, lose the 3k and move on with my life, waiting for the market to take a dip. Even a 10% dip in the next 6 months saves me 30k. (so IMO if there is a 10% chance of the recession incomming, I am making a braek even ROI by losing out on that 10k.) Anyone else in the same or similar boat? What are your thoughts in this market? Find a place to rent, wait it out? Its not like the market is going to respond by getting MORE expensive.. so all I really have to potentially lose is my earnest 3k. Ya know? [link] [comments] |
| Posted: 13 Mar 2020 07:50 PM PDT Got a few calls today from my tenants. They are concerned they will not be able to pay rent as their employers are cutting back hours due to the virus. As a landlord how would you respond? - would you contact your mortgage holder? Start the eviction process? Eat the loss? Need suggestions. [link] [comments] |
| Questions about renting a home. Posted: 14 Mar 2020 10:33 AM PDT Here's the situation I have 5 roommates right now in a 4 bedroom apartment, 2 are bf gf sharing a room. 2 of us are in school for BS degree one is getting their masters. The one getting their masters is getting a big stipend to teach. I am currently working on a airforce base while getting my masters, the other student works part time at school. My other roommate has a job as a prison guard and another one works in a factory. We all have jobs we all pay our rent at this apartment complex and have been for 4 years. We want to change from an apartment to renting a house because it would provide more freedoms and more space and luxuries at near the same cost. My question is how do we convince people to let us live in a house because so far most places hear college and deny us immediately. None of us party, we aren't typical college students and some of us are full time workers. Ive never heard of yound adults all renting a house together to compare my issue to, so how can we go about it while appearing better than what paper is telling them we look like? Any suggestions on doing a manuever like this or are we forever stuck in apartments.. [link] [comments] |
| How do you protect yourself when purchasing a piece of land? Posted: 14 Mar 2020 10:09 AM PDT What steps can a buyer take to protect themselves when purchasing a plot of land? The land I'm interested in is being sold by the state and a firm is representing the state. Do I need representation as a buyer? I'm planning on purchasing the property outright and holding it. I understand you'd want to ask about utilities, access, easements/restrictions, water & mineral rights as well as checking to see if it's buildable but people aren't always honest. Would it be advised to hire a real estate attorney/ similar service to represent me and to make sure I'm not getting screwed over? I've never purchased a vacant piece of land before so any recommendations are welcomed. [link] [comments] |
| Posted: 14 Mar 2020 09:50 AM PDT We have the opportunity to help our aging parents move out of their current home (mortgage paid off) and into a nicer area on a lake front property that they would likely retire in. We like the idea because we could help them, and would also like to use the house as our vacation property, while building equity in it. Our thought would be to have them sell their house and use the profits as the down payment for the lake home, while we would then pay all of the mortgage payments. This would essentially give us 80% ownership and them 20%, and they would not have monthly payment obligations (except for utilities). Does this seem like a bad idea? I am concerned about utilization of the property with our family, especially if they are using it as their primary residence, and especially if we wanted to bring guests. Also, would there be an issue once they are much older (75, 80, 85 years old...)? Any advice is appreciated? [link] [comments] |
| Should we go non-contingent, or keep looking? Posted: 14 Mar 2020 09:42 AM PDT Any advice would be helpful. I feel so confused. My husband and I are moving to a new city for his work. We found a new build that we LOVE, and we are close to getting it under contract. The builder won't do a contingent contract because it's a spec home. Our home is going on the market on Wednesday. Our realtor (also my MIL, in case that's relevant) was confident it would sell quickly, but now she's telling us to watch out. I own our current home outright (inheritance), and that was going to be our 75% down payment. I have leftover inheritance money, but 100% of it is in the market. We were using it as collateral in case the current home didn't sell in time for closing. I'm due to give birth early July, and I want to be settled if possible. Our realtor is dealing with her own real estate issue (she put a rental prop on the market last week, and only one offer), and now she's very doom and gloom. We are in the northern virginia area. Any wisdom would be appreciated! [link] [comments] |
| I have an offer & I made an offer! Posted: 13 Mar 2020 02:44 PM PDT I just had to tell someone! I decided to sell my house I inherited/live & move closer to work. I have a signed contract & sent in a contract for a cute little condo. This is the first time I've done either and I'm freaking out. Excited and scared but don't want to tell anyone until the sale is finalized. When is the deal done? [link] [comments] |
| Rent to own tenant isn’t paying Posted: 13 Mar 2020 08:08 PM PDT I'm new here so please let me know if I'm in the wrong sub but I have a mobile home that I lease purchased to a person, let's call her Jane. Jane signed a contract agreeing to a purchase price that would be paid back with payments every two weeks to coincide with her pay schedule. Basically she was paying the mortgage and I'm not making a dime on it. Which I'm okay with at this point. She was making payments all along until the last 4 months or so and she hasn't been paying and has been making excuses on why she doesn't have the money. She now has a boyfriend that has convinced her I'm screwing her over, she has moved in with him and left her mother at the mobile home (yes the mother was living there all along). I've been trying to get ahold of her for 8 days now and keep popping by the home to try and catch someone. No luck. Everything is still in the home as of 5 days ago but plan to stop by multiple times this weekend. What is my course of action to recoup my money? I don't want the trailer anymore. I just want my$5,000 to pay it off and hand over the title to her. By not paying she has violated the contract and I'm thinking I'd have to take her to small claims court. Thoughts? [link] [comments] |
| Buying home - learned that last owner was violently murdered in it 13 months ago Posted: 13 Mar 2020 04:12 PM PDT I went under contract yesterday to buy a beautifully remodeled home. The market here is insane -- definitely a seller's market at the moment. Many properties receive multiple offers (12 on the first property I looked at) within 72 hours of listing in the current situation. This property in particular is awesome. The remodel was done extremely well. As a result, the price was bid up to what I would consider top-dollar for this neighborhood. It's currently probably the nicest property on the block because none of the others appear to have been renovated/updated as recently. Given that I had resigned to paying top dollar for a property that "checks all the boxes", I am still leaning on an appraisal to ensure that I am not overpaying for the home. What's important to me is that the home is actually worth what I'm paying. I discovered today (by simply googling the address and scrolling past the many MLS-scraping realty sites) that the last real owner of the property was violently murdered in the living room about 13 months ago (this occurred before the company that renovated the property acquired it). Should this concern me as far as value of the home goes? Is this a bargaining chip to bring the price down a bit? What are your thoughts! (No I don't believe in ghosts) [link] [comments] |
| Can I sell my home before lien gets applied? Posted: 14 Mar 2020 05:43 AM PDT Can I sell my house and use the equity to pay an IRS debt before they start the collections/lien process and home making it harder to sell? I don't want to do anything illegal but selling it for full value would allow me to pay back the debt in full versus a short sale etc... [link] [comments] |
| Posted: 14 Mar 2020 03:47 AM PDT Invitation Homes Move Out Prep: Can I request a copy of the move in inspection list and copies of my complaint calls? After moving in it became apparent that half the house had extensive pet urine damage--so much so that they did have a 2nd cleaning but the smell remained strong, pervasive, and lingers on anything that touches the floor. Damage to doors as well from pee stain/moisture damage. IH refused to replace carpet. Need to prep for move out and avoid being charged for previously done damage. [link] [comments] |
| Building a custom home-who should I talk to first? Posted: 13 Mar 2020 09:33 PM PDT This is not the first time I have bought a home but I'm looking to buy a piece of land and build on it, which seems to be a completely different process than buying a home in a townhome community. Who should I talk to about the process? I saw a few pieces of lands in mind but haven't made a decision yet. [link] [comments] |
| Anyone else getting nervous about upcoming closing dates? Posted: 13 Mar 2020 02:31 PM PDT My closing date is March 23rd, but I'll be moving into the home on the 26th. Anyone else getting nervous about society shutting down before then? XD Things seem to be changing so fast that I'm wondering the likelihood of physically signing documents for close, whether or not my moving company will shut down, if my appliances can be delivered, etc etc. Or maybe this is just me? :P [link] [comments] |
| In the midding of a mortgage rate bidding war. Posted: 13 Mar 2020 07:51 PM PDT I am doing a cash out refinance on my home. My current mortgage is with Quicken Loans. Initially, they offered me 3.875% on a 30 year. Around that same time (Early feb), LoanDepot came in and offered 3.375%. I sent that over to Quicken to see if they could match and got no response, so I started moving ahead with LD. Should have signed in late feb, but there was some hiccup where LD didn't get one of the documents that I emailed them. Basically, their email server didn't like the long attachment name and was sending the email to spam and stripping away the attachment. We fix that issue, and I was set to sign the documents next Wednesday. Then I get a call from Quicken literally an hour after setting the signing time, and they offer 3.25%. LD matches (plus I can be done in under a week) and Quicken hits me with 2.99% with 1.85 points. At this point, we have kicked the crap out of Quicken's initial offering. With the ability to close sooner, do I just stick with LD if they match, or does anyone think this war could drive my rate lower? [link] [comments] |
| Closing on a house as recent immigrants Posted: 13 Mar 2020 06:09 PM PDT Hey guys, I'm not sure if this is the right place to ask, but I hope someone will be able to help. So my parents are recent immigrants and they arrived in the country a few days ago. I however is an international student who has been in the country for a few years. About 2 months ago, I went an signed a purchase agreement, as well as paying earnest money for a home that my family and I intend to live. We decided to pick a close date a few days from now. I however just learned recently that my parents will need their social in order to close the house (we intend to have just them on the title). The thing is, since they are new, they haven't received their social yet. I wonder if there's anything else we can use in lieu of the social in order to close the house? The state is Minnesota. Thank you in advance. [link] [comments] |
| Closing in 18 days and the buyers agent is hard to work with-advice please Posted: 13 Mar 2020 02:04 PM PDT I'm selling my first house and have an agent that is negotiating for me as I type this. The buyers agent has multiple time, despite being told not to, contacted me directly before going to my agent. We gave them a chimney sweep receipt/inspection and my house is priced accordingly for a 98 yo home that requires constant upkeep and has an older roof and siding. Buyers agent sent an addendum for an entire new roof but wouldn't share the inspection. I had a roofer out to give me a quote and then gave a credit for 50% and she verbally agreed. Thought it'd be done with. But.....now he texted me telling me he wants to reinspect the chimney and I lied to him. Blah blah. They won't sign the counteroffer now until it's inspected. I forwarded it to my agent to deal with him. He schedules the inspection for today, messages this morning and said they're busy and have to move it to Saturday at 5 pm. I'm at my wits end with this ass, he's been rude the whole time and hard to work with. He's obviously new, he's sent my agent the brochure for lead based paint a couple times and put that Id give cash allowance for buyers closing....it's a cash offer. Is there any advice you all have since I'm selling my first home and haven't dealt with this before? [link] [comments] |
| Coronavirus and Exterior Only appraisal inspections? Posted: 14 Mar 2020 03:07 AM PDT I help my mom run a real estate appraisal business in California. She goes in to houses and does the inspections herself. When this pandemic worsens do you guys think lenders would be OK with exterior only inspections? I mean we do exterior only inspections every once in a while already. Im guessing if quarantine/lockdown becomes a reality they would be forced to go exterior only? Im wondering if theres something we can say to lenders or AMC's and get the ball rolling on doing exterior only inspections starting right now. Any help is greatly appreciated thank you. [link] [comments] |
| Posted: 13 Mar 2020 10:29 PM PDT |
| Seller Pays 1% Transaction Coordinator Fee? [Seller - Michigan] Posted: 13 Mar 2020 04:15 PM PDT Hi all, I can't seem to find anything about what the standard is for this and this is my first home sale. I'm looking over my listing agreement before signing, and I see the (what I understand to be standard) 3% for each "buyer agency" and "sub agency" under compensation. But then I see "Transaction Coordinator" with a 1% fee. I plan on asking the agent about it before I sign, but is this something I should be concerned about? "Dual" Compensation Arrangement is also checked. Is this standard? [link] [comments] |
| Posted: 13 Mar 2020 02:29 PM PDT So last fall I lost my apartment due to unsteady work and was not able to make ends meet. As I learned, being evicted is a lot more than just losing your home. I've been living in my car for almost 5 months now, and every complex I contact says since I have an eviction on my record I'll be immediately denied the lease. I read online that under an LLC I am able to rent even with an eviction on my record since it'll be under the company name. My main concern is how old does the LLC need to be and how many bank statements are needed to show the landlord. I definitely make 3x the rent of the units, I just keep getting denied due to my eviction. Thank you for reading and I look forward to any additional questions and comments. [link] [comments] |
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