Real Estate: Found an oil tank buried on my property. Can’t afford to have it removed. Is this bad? |
- Found an oil tank buried on my property. Can’t afford to have it removed. Is this bad?
- Furloughed during new home construction
- What to do with bad property manager?
- I (seller) how to get out of contract been less then 24 hours?
- Our realtor will not be showing our home and said he will put my number on the MLS so that realtors can contact me quicker. Are both of these normal?
- MN - Owner-occupied duplex - question about discriminatino
- Closing date has been postponed because covid temporarily closed my business? Would applying for PUA help?
- Nothing in ratified contract entitles me to having own inspector, but does entitle seller to have their 3rd party inspector walk me through condo. (DC)
- Pending to Off Market?
- Florida Real Estate Agent
- Confused about how much future house can cost
- Real Estate License (FL, USA)
- Kit homes/Menards
- My rental history
- Would I be an idiot if I bought a house in Saskatchewan?
- USDA loan - Ohio
- Investment property opinion?
- My sister wants to buy a house in cash but put it in my name, what are the reasons I should tell her no?
- Closed on NYC co-op last year, got a letter today stating Transfer Taxes were never paid
- First property SUCCESS
- US. Asking for dishwasher to be mounted?
- First time buyers. Is being denied house disclosures normal?
- I want to get into investing in real estate. How did you guys start? I just graduated college and am saving up for my first down payment now but I want to also buy a cheap rental property. Any tips?
- In escrow to purchase my first home. I'm about to walk away. Need some help.
| Found an oil tank buried on my property. Can’t afford to have it removed. Is this bad? Posted: 25 Apr 2020 10:08 PM PDT I bought a home in Snohomish County, Washington 6 months ago. The preinspection found no mention of the tank, and the previous owners did not disclose a tank existed. In fact, no prior listing makes mention of a tank. I guess I got unlucky. I only found out about it because I also found out the sewer line has a couple of bellies in it, and I thought I will just proceed with replacing the line. I have to jackhammer out some asphalt sidewalk (poured in by some owner, because that's my luck) to get to the pipe. I don't know yet if the sewer pipe goes under the oil tank or over it. In any case, the tank probably needs to be taken care of. An oil tank specialist dipped a measuring tape and found black sludge, which he believed to be waste oil. He therefore said to pull it out of the ground - an estimated $15,000. He also said it it is leaking (50% chance), you need to dig out the soil and refill it. This can take the cost upwards of $50,000. Feeling very drained and dejected right now. Unsure how to proceed. I have been reading you can just decommission these in the ground, but unsure if I'm allowed to do that. According to the county you can do it, but they are saying that's the law "for now". Unsure if that's a tactic for the oil tank decommission people or actually true. Please help! What would you do? [link] [comments] |
| Furloughed during new home construction Posted: 26 Apr 2020 01:15 AM PDT So my wife and I finally decided early this year we were finally ready to take the plunge and purchase a house for ourselves after almost three years of marriage. Everything was going great. We found out that we got pregnant and I had just gotten a great new job. Early March we decided we wanted to build our home and signed the papers shortly after. Unfortunately, the pandemic escalated extremely rapidly right afterward. I work in IT for one of the major hotel brands and have been temporarily furloughed. Supposedly it is going to be temporary and only last less than 90 days, however, I am not delusional and understand nobody is certain of anything at this point and nothing is certain. We had to turn in a $1000 deposit at the contract signing and right now we are about to turn in a 50% deposit for out upgrades which should equate to around $7000. Really unsure what to do at this point as we really want the house, however, it would really really suck to lose our $8000 if we are not able to close on the house and be out of a job at the same time. There is good news though. My employer is paying me 20% of my salary and Im keeping my benefits. We have virtually no debt. We have savings north of $120k. Looking to see what everyone's opinion and advice would be if they were to find themselves in the same situation. The home is scheduled to be finished in 5 months. They have really gotten started on it yet. Hopefully, I would have either returned to my current job or have a new one by then, however, the other concern would be buying the house and having house prices crash shortly afterward. [link] [comments] |
| What to do with bad property manager? Posted: 26 Apr 2020 10:23 AM PDT Hi reddit, I bought a duplex in January and my real estate agent recommended me a property manager that is currently managing the property, so I chose to go with his property manager. There is currently a tenant and a vacant unit which I am living in. To this day I have not received any rent money. The property manager barely contacts me and always tell me paperwork is being slowed down because of covid, family troubles, etc. He contacted me Monday asking if he can place a tenant soon once the old one moves out, told me it was a good friend of his and payment should be done by Tuesday end of day. Told him I wanted the rent money since January then we can continue placing tenants. Contacted him Wednesday and Friday on the status of the money and still have not heard from him. I'm wondering what should I do now? I signed a contract for a year, with atleast a 30 day notice to terminate. But he hasn't really done anything for me, I'm not even sure if he's collecting rent... Any advice for this situation? [link] [comments] |
| I (seller) how to get out of contract been less then 24 hours? Posted: 26 Apr 2020 09:37 AM PDT I live in nevada and moving out of state. Selling my home i went into contract with buyers less then 24 hours ago. But had some stuff come up about a delay in moving. Which i should of put a contengency about it in the first place but so much going on i myself and my realtor forgot. I was reading about a 5 day attorney review but not sure if that applies in nevada. Not sure if there are any outs? [link] [comments] |
| Posted: 25 Apr 2020 02:33 PM PDT I know I'm new to this, but doesn't your realtor usually go to the showings? Also, is my realtor lazy by having these buyers contacting me directly? How will I even be able to prove these are actual realtors? Thanks. [link] [comments] |
| MN - Owner-occupied duplex - question about discriminatino Posted: 26 Apr 2020 05:49 AM PDT My husband and I are looking to rent out our other unit and we were wondering, if we end up having a pool of eligible applicants that meet our criteria, is it discriminatory to choose the applicants we liked best and not necessarily who applied first? I understand how in properties with many units it's common to go by a rule that the first applicant to pass the criteria gets selected, but since this is so much more personal it'd be nice to know we can choose whoever we want that is eligible, even if they weren't the first to apply. Thoughts? [link] [comments] |
| Posted: 26 Apr 2020 09:22 AM PDT Im self employed and I'm buying a home. We're buying the house from a distant family member for 200k. It was just appraised last week at 325k. So we dont want to do anything that will keep us from buying because of how much we could make if we ever decide to sale. Which we wont as it's gem and our end goal is to eventually work from home, when the time is right. We were scheduled to close on April 20th. A few days before, we got word that they wouldn't feel comfortable closing, as We've been Temporarily closed due to the nature of my business. We postponed to May 8th as we were supposed to be allowed to return to work May 1st. Well now cant open until May 15th. I've been able to do retail sales online to keep some money coming in. So I dont feel like we need to apply for PUA or an other assistance as were not making profit right now but were making enough to break even. So my question is Does anyone know if applying for Pandemic Unemployment Assistance would help us close on the 8th or would the underwriters see that as we can't afford the place since we're applying for assistance? TIA [link] [comments] |
| Posted: 26 Apr 2020 08:45 AM PDT Brand new condominium building, I notice in the ratified contact that the seller will have a third party "represent Seller and to facilitate the final walkthrough inspection/develop a punch list with purchaser that must be remedied." This third party inspection company will be paid for by the seller, and will with the purchaser develop a list of anything wrong and what must be fixed. Nothing explicitly states that the purchaser can have their own inspection company. And I know the seller mentioned how their third party inspector is a $500 value and yada yada. Should I expect a "third party inspector" paid for by the seller to be independent/neutral? [link] [comments] |
| Posted: 26 Apr 2020 07:49 AM PDT Went under contract on a house 4/14, listing changed to pending. We did all of our inspections, changed our offer, the buyer accepted, signed the inspection addendum and price change. Our loan went into underwriting on 4/24. Today we went to look at the listing online to see the pictures, and it now says off market, listing removed. Is this typical? We haven't heard anything from our realtor, so I'm assuming we are fine, it's just unsettling to see and makes us nervous something happened that we don't know about! [link] [comments] |
| Posted: 26 Apr 2020 09:54 AM PDT Hello all, I recently accepted a job offer in Melbourne and I'll be relocating from Orlando. I'm fairly new to the state and I don't know many people who can refer a good agent so I'm turning to the reddit community. I'm tired of paying $1300 in rent and I'm fortunate enough to be in a position to buy. If anyone knows a good agent with knowledge of Brevard County, please shoot me a pm. [link] [comments] |
| Confused about how much future house can cost Posted: 26 Apr 2020 04:57 AM PDT I heard that a common way to figure out a price of future house is to multiply gross annual income by 2.5 or 3. But doesn't that mean that someone earning 100k a year, which is considered a lot, will only be able to afford a 300k home? Also, if you have a home from before which you've payed down rent on, and live there for ~5 years while working, wont you have made ~400k in that time? Would you then add 400k to 300k and be able to afford a 700k home? [link] [comments] |
| Posted: 26 Apr 2020 08:30 AM PDT I'm looking to become a realtor in Florida and am wondering if anyone out there has tips or knows where to purchase the required courses cheap. Any help is appreciated, even if it isn't Florida-specific. Thanks! [link] [comments] |
| Posted: 26 Apr 2020 07:22 AM PDT Has anyone ever built/know anyone who has built one of these? [link] [comments] |
| Posted: 26 Apr 2020 06:58 AM PDT I live in a 3 bedroom apartment with 2 other roommates and things just aren't working out for me and rent is coming up for next month so I'm considering leaving if I left and paid my rent portion would that look bad on my rental history? Or how would that look? What would happen? Also what if I did that and was replaced by a different person? [link] [comments] |
| Would I be an idiot if I bought a house in Saskatchewan? Posted: 26 Apr 2020 12:12 AM PDT I live in Vancouver. It's obviously very beautiful but I cannot ever own a home here due to the extremely high prices. I am considering moving to SK for a few years and buying a home. My plan is to return to BC, (not Vancouver though) and use the equity from my SK home to get another one. I have 30k for a down payment and the homes I'm considering are about 140,000. I know that's incredibly cheap. It's a small town. Would this be a smart move !? [link] [comments] |
| Posted: 25 Apr 2020 11:22 PM PDT I purchased a home in Nov. 2019 I live alone, legally "single" I am the only one on the loan. I am now engaged. When I get married will I then have to report his income, if he (obviously) will be living with me at this point? Or does that not apply since the mortgage is written and a done deal. I knew nothing about this when I took out the loan, so I'm even more confused now when reading about going over max income and having your financing taken away, etc. so just a little worried. If you need any more info please ask! Thanks in advance [link] [comments] |
| Posted: 26 Apr 2020 05:09 AM PDT Property 1 - 2 bed 1 ba, townhome move in ready. $73k 700-750 month rent. Property 2 - 3bed 2 ba townhome could use updating. $88k rent 800-850. Both have $125 HOA in a college town. [link] [comments] |
| Posted: 25 Apr 2020 03:24 PM PDT What are the potential ramifications of this? She doesn't work. State is NJ [link] [comments] |
| Closed on NYC co-op last year, got a letter today stating Transfer Taxes were never paid Posted: 26 Apr 2020 12:19 AM PDT Just out of nowhere, got a letter that the seller has not paid the transfer tax and now I am responsible. Do I have any legal way to go after the seller for this? This transfer tax was not disclosed in any of the closing documents at closing. [link] [comments] |
| Posted: 25 Apr 2020 02:00 PM PDT Long post sorry lol Hello people of reddit, Long time lurker, first post... so cut me some slack. Just thought I'd post my wonderful and amazing experience as a first time homeowner during these unprecedented times and bring some positive vibes in here. So I'm based in Toronto, ON Canada (Eh) so I purchased my first property last year during March, a wonderful corner detached home (basement, main floor, top floor) with 6 bdr & 4 wshr for a whopping $812,000. The house was completely wrecked from the inside from the flooring to the painting on the walls. Long story short, I did a complete rehab on the inside costing a shiny penny of $50,000 +, from new carpentry in the basement and top floor, to new hardwood on the main floor, new paint on all the walls, a complete new kitchen with a added island and completely new appliances. There were other smaller renovations done such as baseboards, the back splash in the kitchen, and also redid the bathrooms, new tiles (grout was disgusting) and obviously replaced the old toilets. Moving along, the backyard and front we're looking horrible with outgrown grass and broken fence around the house. So first thing first, I went ahead and cut the grass, and in the backyard I called up one of my construction buddy to build a deck for me and he gave me a great price, after wards I went ahead and just painted the fence making it look brand new, and just fixed up the posts where the fence was falling and made it look all new, afterwards for the front lawn, I decided to just add sod and that costed me around 500$ (thank you Home Depot for ripping me off) and yeah thats basically it for my house, the garage and roof were perfect so I didn't touch those. Enough of the renovation talk, I've got my basement ( 2 bdr, 1 wshr and a fully renovated kitchen with all appliance) fully rented to a family for 2000$ a month plus utilities. The plan is to rent the main and top floor to either a family or students, but that's for the further!! Yeah, it seems like it was a quick renovation project but I'm just mentioning all the major details and parts that contribute to the NEWLY APPRAISED VALUE!! Yeah so I went ahead and got a appraisal and behold it come to a whopping 1.1 million!!! I was FREAKING out when I was told the new appraisal value (Thank you God) and now I consider myself a professional in the real estate business lol, I'm just kidding, but there's a lot for me to learn and this is just the first step to my portfolio. Did some math if I were to refinance and use the Brrrr method to further my portfolio here's the numbers. Brrrr ( Buy, Renovate, rent, refinance, repeat) Property Value: 812,000 Down Payment: 162,400 (20%) Finance: 649,600 Rehab: 50,000 Total investment: Down Payment + Rehab = 212,400 ——————————————— New Property value: 1,100,000 Refinance: 880,000 Remainder: 880,000 - 649,600 = 230,400 $230,400 FOR MY NEXT DOWNPAYMENT!!!! These were the rough numbers given my lender, but yeah I'm planning on refinance this property once I get the rest of my house fully rented, bring a income that'll cover mortgage and bring a little passive income on the side. Anyways, that's all I got for y'all, THANK YOU and THANK YOU GOD!! [link] [comments] |
| US. Asking for dishwasher to be mounted? Posted: 25 Apr 2020 11:10 PM PDT House I'm buying has new appliances and granite countertops. Owner hasn't had the dishwasher setup yet and house has been vacant for a while. I'm worried the dishwasher could have been DOA since it hasn't been tested or setup. But I'm also worried about asking for it to be mounted, Id hate for someone to try and mount it to the granite and crack the countertops. Should I ask if I could test the dishwasher? Just leave it and hope it works? If someone cracked the counters, would they have to fix them before I close? [link] [comments] |
| First time buyers. Is being denied house disclosures normal? Posted: 25 Apr 2020 03:06 PM PDT Hello! My partner and I are looking into buying our first home. We toured a house yesterday and asked to see the disclosures. Our agent just emailed and says the agent for the house said they do not have any disclosures available since the owner is an investor but will provide them to the buyer once an offer is accepted. At face value, this seems like a terrible idea. Why would I make an offer on a property I can't know all the details about? Is this normal? I'd love to hear the community's thoughts. Thank you :) [link] [comments] |
| Posted: 26 Apr 2020 02:10 AM PDT |
| In escrow to purchase my first home. I'm about to walk away. Need some help. Posted: 25 Apr 2020 10:20 PM PDT Hey all-long post inbound Just thought I would bounce this off you guys and see what you think. I'm about 99% sure I'm going to walk away from this property. I want to make sure I'm making the right decision here. My wife and I absolutely love this house but it seems the inspection report opened up a lot of issues that I don't think I'm ready/want to deal with. The home was built in 1960. Sellers disclosure was vague and had very little info on it at all. She didn't know what year the roof was built, when the septic was put in or really any other details. I don't know if this was just her not knowing or if she was playing dumb, but after the report I'm starting to think it might be the latter. We live in central Florida. 4 bed, 2 bath house, 2000 sq footage, some decent updates with some aspects that still looked original. Put in a bid, a little negotiation and it was accepted. Then the report, and here is where it gets dicey. I'll put it into sections: Exterior
HVAC
**Plumbing/Septic (**paid a local septic company to come check it out after my dad told me about his nightmares fixing his old septic tank that failed)
Electric
Interior Structure
TLRD: So what I'm gathering here is that nearly every major facet of this house needs to be fixed to some degree. There seems to be visible shoddy workmanship and cut corners all over (vent fan into the attic, septic pipe into the attic, open spliced wires, extension cord wiring) and I'm afraid of what's behind the walls. To continue: septic system on it's last legs, shoddy, dangerous electrical work, flashing and sealing on the house failing and vague water damage/staining all throughout the house. Judging from that the roof will eventually have to be replace in the somewhat near future as well. I'm guessing most of the water damage is coming from the chimney flashing, but with the moisture reading on the floor I'm really starting to worry that the old septic pipe is falling apart too. My realtor is not being super great with this if i'm being honest. I expressed to him that these are all major issues to me and very big red flags and he said he would reach out to a contractor he knew. He responded later in the day with some vague information/ estimates 800 bucks for the chimney and depending upon the electrical work 80-100 and hour for their work. This doesn't address any of my concerns. I told him that the septic needs to be fixed, the water damage needs to be addressed and the electric needs to be fixed/possibly rewired. I'm starting to think he, understandably, wants this deal to go through, but I cannot possibly move into this house unless MAJOR improvements are made or the asking price is drastically reduced. He also noted that the sellers rep was acting very nervous during the inspection. Am being reasonably in walking away? I think the only way I'll buy is if these items are repaired. I honestly don't want the headache and uncertainty of them finding more major issues even if the asking price is reduced. Thanks. [link] [comments] |
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