Real Estate: Just closed yesterday (April 14, 2020) |
- Just closed yesterday (April 14, 2020)
- CNBC: Homebuilder confidence index takes biggest one-month dive in its history as coronavirus slams economy
- Family lake home sold to close family friend decades ago; she just suddenly died. How do I find out if/how/from whom I can buy it now? [MN]
- We got our closing date today. It's official!
- What can I do about harassment from neighbors?
- [NM] due to covid19, landlord wants entry anytime, no notice
- Agreed on purchase price but homeowner now wants 3k
- Primary and Secondary Mortgage Markets
- VA loan for second permanent home
- Did the Tile guy fail geometry? (new construction) tile out of place
- Fannie Mae: Home sales will decline by nearly 15% in 2020 due to coronavirus
- Advice/Rant About Buying
- Purchased home 1 year ago and it’s discovered that we were lied to about mold. Need your help.
- What records can I legally obtain from my realtor? Sold an property "illegally". Could I have a case?
- In escrow - question on selling a primary residence that has a room rented out.
- Online Real Estate Class Recommendations (NJ)
- Just bought a house and hit with $9k sewer line replacement
- Thinking about getting my real estate license
- To Sell Low or Hold Out
- Am I considered "Self-Employed"?
- Threat Of Mechanic's Lien on Incomplete Work
- Impact on Property Values of City Building Large Sports Stadium Nearby
- For those of you asking if you can get a cash discount in COVID-19- these folks got a 7% discount
- Can you purchase a property while separated (not legally) from spouse?
| Just closed yesterday (April 14, 2020) Posted: 15 Apr 2020 05:12 AM PDT Had a closing date of May 1. Told my realtor and the lender we would like to close before our rental contract was up April 30. Just closed yesterday (April 14)! At closing there was a little different process getting in the title office building. They were only taking people who had appointments, and you had to call once you got there so you could be let in. From there it was masks and social distancing throughout the process. Everything went pretty smoothly. Went in at 2pm, got out a little after 3pm, got keys around 8pm. Credit score above 720 with 15% down. Got a rate of 3.75% locked last week. Took less than a month from first look to close. Looking forward to sheltering at an actual home. Edit: this was in south Texas [link] [comments] |
| Posted: 15 Apr 2020 07:17 AM PDT |
| Posted: 15 Apr 2020 06:17 AM PDT My grandfather bought the place in the 50s, and it became the summer home for the whole family. In the late 60s, he was forced to sell it. In the 90s, the woman who owned it up until her passing last month bought it. Since then, she became a close family friend. We came to consider her almost part of the family -- since she basically had none of her own. My grandfather lived nearby and spent a lot of time with her. He helped her renovate the old cabin into a livable modern house. The rest of our family often visited, helped her with lawn mowing, snow removal, wood cutting, etc. We had permission to access the lake and fish, etc., any time. Over the last few years, as both she and my grandfather declined in health, they became very close, helped each other remain independent. My grandfather lived with her for the last years of his life and actually died in the house last fall. She's now followed him, a few months later. Been a tough winter for our family. What I know: county records show that the property taxpayer/owner was (is?) listed as a revocable trust, in her name, and that no new county land transaction records have been created since her death. She has a sister elsewhere in the country. Our family never knew her. I also know that the owners of the neighboring lake lot had often expressed interest to her in buying the place. I never got the chance/was too chicken to talk to her about it. AH, regrets. I would love to own this property, if I can; I want to at least make the effort to find out if it's possible. If it just slips away, because I didn't try, I'll regret it for life. I understand that this might be a lot harder due to COVID19, but again, I really don't want to miss out on a chance to keep this property in my family. Where do I start? How do I find her heirs? Should I contact a realtor in the area (of the lake house) and see what they can dig up? A realtor local to me? A lawyer? Do I try to find out who the estate attorney is/was, if there is/was one? Thanks for any help. [link] [comments] |
| We got our closing date today. It's official! Posted: 14 Apr 2020 02:02 PM PDT We just got our closing date finalized today-- it's April 27th! Aaaah so excited! I haven't felt such a wave of relief in a long time, what a weight off. Our offer was accepted in February. Just here to share some good news. I can't wait to open a really nice bottle of scotch and do Snoopy dances. I can't wait to clean everything. I can't wait to buy a washer and dryer. I can't wait to have a dishwasher. A driveway. Oh my god. I...also can't wait to never deal with the attorney again lol. What a nightmare. [link] [comments] |
| What can I do about harassment from neighbors? Posted: 14 Apr 2020 04:19 PM PDT Wisconsin. We are in the middle of a divorce and are selling our house as neither of us can afford it by ourselves. When we bought the house 4 years ago, a lovely old lady was our neighbor. We have a shared driveway (which we now have learned is the worst thing ever) and it was not an issue before because the lady next door didn't drive. The lady next door passed away about 2 years ago. Fast forward to today and we have a couple next door that have been there around 6 months and the lady is insane. She has put notes on my MIL's car the one and only time she's been to our house. The note said she was parked in the wrong spot...she was right behind our garage. Of course this came after we had asked them nicely to move their vehicles out of the shared driveway area. (They only have an easement and we couldn't get out) We put our house up for sale a little over a month ago and had continually been told people were interested but had only received one offer. Today we found out the neighbors called the cops and said we had 20 people at our house which would violate our safer at home laws. They also put notes on both the realtor's and possible buyer's windshields. I am waiting to hear back from the landlord of the property. What kind of recourse do I have? I know if I go next door they will scream that I am violating the safer at home laws and I don't have their phone numbers. [link] [comments] |
| [NM] due to covid19, landlord wants entry anytime, no notice Posted: 15 Apr 2020 06:20 AM PDT Though I'm aware of the requirement that the landlord must provide at least 24 HR notice to tenants in New Mexico, I received a very official document that I'm supposed to sign that waives my right to that notice - the reasoning is flimsy, but they claim it's due to the current pandemic that they should be permitted to enter anytime, no notice. Here's a few details:
Also, theoretically, if I need to sign, couldn't I just rekey my front door? I wasn't planning on signing. But I don't want to get evicted, especially now. [link] [comments] |
| Agreed on purchase price but homeowner now wants 3k Posted: 14 Apr 2020 06:23 PM PDT Hi All, I have been looking at homes since pre-covid and finally settled on a home I liked. Last night we finally settled on a price of 400k (asking price) with 10 k cc paid for by seller. I signed the contract asked my lender to have documentation ready and went to bed. This morning I receive a call from my agent stating the sellers lender is stating he is upside down on his loan and I'm going to half to cough up an extra 3k. I asked why can't the seller and his response was basically the seller is too broke (apparently he withdrew from his 401 k lost it and is moving back in with his parents ?) My agent also stated the sellers agent is not taking a commission and he would help with this unforeseen circumstance but Zillow is taking 40% of his commission. I do not want to lose this house for 3k but I am very concerned and frustrated with the lack of professionalism on the seller and sellers agents part. Also wondering what else could go wrong here with this deal. Any insights or help would be great. Thanks reddit fam! Forgive me for typos on mobile 🙏🏽 Edit: + price changes last few months according to Zillow https://i.imgur.com/2VGDjEb.jpg [link] [comments] |
| Primary and Secondary Mortgage Markets Posted: 15 Apr 2020 08:29 AM PDT I'm feeling extremely dumb at the moment. Everything I am reading regarding the history and function of the primary and secondary mortgage market seems to make little to no logical sense. I feel like I'm just not framing the concept properly in my head to be able to apply the logic in any critical sense. I understand how lenders make money on mortgages and interest but the material I have doesn't seem to be making sense on the packaging and selling to the secondary market isn't just "I bought this for $100,000 and selling it to you, larger bank, for $105,000 for no other reason than I want to make money." Why even have two markets? Couldn't the secondary market just become the primary market and save money? Would any of you lovely folks be able to explain how it works (how both the primary and secondary actually make money) in a "for dummies" way for this dummy? [link] [comments] |
| VA loan for second permanent home Posted: 15 Apr 2020 06:23 AM PDT My situation: I qualify for VA loan next year (02/21), and plan to use to buy long term home. Currently I have enough money to put down payment for 300k home. I found a house for a really good market value which can easily be fixed and sold at at least 20-50k profit. My plan is that I buy it this year, and live there till next year and fix things like add wooden floor, paint, fence the perimeter etc). Then next year rent out or try to sell the first house (selling is slightly less likely since renovation could take some time. I don't intend on using my emergency fund at all and cost to cover renovation has to come from income/ extra savings). And once I qualify for the VA loan in 2021, use it to buy long term home where I plan to stay for at least five years. I. Is this feasible/allowed i.e buying house using VA loan when you already have another house in the same area (maybe even same zip code)? II. What are things I need to be careful about? Am I overlooking anything in this approach? [link] [comments] |
| Did the Tile guy fail geometry? (new construction) tile out of place Posted: 15 Apr 2020 09:47 AM PDT So after closer inspection my tile is out of place and i don't know if i should bitch about it to the builder because I have a builders warranty. this is one of many small errors I am finding with my new property. The tile shoue be evenly spaced out with a black center. but it is clearly off. [link] [comments] |
| Fannie Mae: Home sales will decline by nearly 15% in 2020 due to coronavirus Posted: 15 Apr 2020 09:26 AM PDT |
| Posted: 15 Apr 2020 09:15 AM PDT Bit of a long story but here we go I started looking for houses back in January of this year. I started out with trying to get preapproval from a lender but the lender change the requirements of the loan on me about debt that I had so I settled the debt but I went onto a different person as he was not specific in the beginning about the debt. Fast forward I found a realtor sign with him because I thought it was a pretty good guy and even rented a little bit about how nobody wanted to show houses without written preapproval and it turns out in his contract that he wouldn't do anything without written preapproval he just entertained me in the beginning and let me believe that he would do it regardless. Went with the lender he worked with and now they've dragged it out by two freaking weeks due to COVID-19 as well as not being clear on what documents need to be submitted from me and my spouse so now it's April when I started all this back in freaking January and now it just looks like I have nothing to choose. My realtor wants me to max out my fucking mortgage on that which I'm not OK with I am trying to keep it under as I only have so much down payment for an FHA loan. He knows this as well but keeps pushing other properties that are way more fucking expensive. It literally just feels like I'm caught between a rock and another rock in terms of what I have to choose house wise in terms of availability and a realtor that just wants a fucking commission and I don't know if I should just cut my losses and rent for another year or what. [link] [comments] |
| Purchased home 1 year ago and it’s discovered that we were lied to about mold. Need your help. Posted: 15 Apr 2020 06:54 AM PDT I purchased a home in NJ in March of 2019. I was really worried since the value was high so I paid extra to have an attorney and do all possible inspections including mold. The mold inspection uncovered mold and we went to the sellers to fix it. They hired a company that issued a certificate stating the property is clean of mold and that they certified it clean with up to 1 year of free retreatment. Well we had this company come out to inspect and retreat. They now claim that the sellers never fixed the underlying issues they just paid to clean it for sale and that their certificate was only that the property was clean of mold and not that they remediated the situation. They now want $8k from us to do the proper work. My attorney is trying to wash her hands of this and blames the company for lying and wants to change me $250 an hour to peruse them. I am totally lost as to how this could happen when I paid for an attorney on this real estate transaction. Is there anything I can do here? [link] [comments] |
| Posted: 15 Apr 2020 08:25 AM PDT I was sold a derelict house with the intention to replace it, that was illegally divided off a bigger parcel of land, which I found out when I submitted for a building permit after the purchase. It did not go through the planning and zoning process required by law and was prohibited from being sold by county law. It can be fixed for the tune of $15,000. Legally I cannot even sell or transfer the property until it's legally subdivided. My lawyer told me to go through my records for anything concrete of how the seller could of misrepresented the property and the original ad.. Firstly I remember my agent told me the sellers agent told her "it was a fully build-able property".. her words over text, that are long gone from my phone when we were negotiating the price. The Title insurance denied my claim and a couple of lawyers conferred that it's technically not a title issue and a lawsuit is a long shot. Could I possibly get the records from my realtor? While we had a good relationship I doubt he will hand me over her emails with the seller because they're both remax in different areas of the state MD. Also I was provided some false documentations about the right away and septic records from them... the original ad still posted says " Half an acre waiting for you in beautiful *********. Come out today and check out this wonderful piece of land just waiting for your dream home!" It's been a year long nightmare so far! I bought this land with the intention to live and now I'm pretty stuck with a lemon. Any thoughts/Advice is appreciated! Laws below County Ordinance 9 2. Sale or Transfer of Lots. Until a final subdivision plat is approved and recorded in 10 accordance with this Ordinance, no land within the unincorporated area of ******\* 11 County shall be subdivided, nor shall any lot be sold or transferred or any building 12 erected. https://law.justia.com/codes/maryland/2013/article-glu/section-5-301/ Universal Citation: MD Land Use Code § 5-301 (2013) §5-301. (a) (1) Except as otherwise provided in §§ 9-603, 9-806, 9-1004, 9-1605, 9-1606, and 9-1607 of this article, an owner or agent of an owner of land located within a subdivision may not transfer, sell, agree to sell, or negotiate to sell land by reference to, exhibition of, or other use of a plat of a subdivision before the plat has been: (i) approved by the planning commission; and (ii) recorded or filed in the office of the appropriate county clerk. (2) A person who violates this subsection is subject to a civil penalty of not less than $200 and not exceeding $1,000 for each violation. (3) Each lot or parcel transferred or sold or agreed or negotiated to be sold in violation of this subsection is a separate violation. (b) The description of a lot or parcel by metes and bounds in the instrument of transfer or other document used in the process of selling or transferring does not exempt the transaction from the penalties or remedies provided in this section. (c) A local jurisdiction may seek to: (1) enjoin the transfer, sale, or agreement in any circuit court; or (2) recover the penalty by civil action in a court of competent jurisdiction. [link] [comments] |
| In escrow - question on selling a primary residence that has a room rented out. Posted: 15 Apr 2020 09:55 AM PDT There's a questionnaire I'm filling out regarding 1099s and such. There's a true or false question about if I used any portion of the residence for business or rental purposes. I did report the rental income on my taxes but it was also a primary residence. If I check False, do I need to include my 1099s? Also, will the profits be counted as gains now even though it's my primary residence? [link] [comments] |
| Online Real Estate Class Recommendations (NJ) Posted: 15 Apr 2020 09:47 AM PDT With having to stay at home, I was looking into getting into real estate and obtaining an agent license. From what I previously read, in NJ you can only obtain a license by attending an in-person class. Does anyone know if that has changed because of what's been going on lately? If so, can anyone recommend any reputable schools/classes to sign up for? [link] [comments] |
| Just bought a house and hit with $9k sewer line replacement Posted: 15 Apr 2020 09:27 AM PDT Hi all, looking for some advice on my situation. I purchased a new house in Southern California a month ago. During escrow I had a regular home inspector along with a separate sewer inspection with camera. The plumbers/rooters reported there was a clog and hydrojetting was needed to complete the entire inspection. " Mainline was re-drained in ABS piping. About 26 feet in from clean out there is a blockage that needs to be hydro jetted before inspection is complete. Further evaluation will occur after main sewer line is hydro jetted. " I was quoted $700 for cam/hydrojetting. Sellers covered $700 in credit and I went on our way. I screwed up here because I believe I should have followed through with the inspection before closing the sale, but because the plumber said the pipers were ABS (suggested that it is high quality and fairly new) I felt pretty secure that hydrojetting would resolve the issue and that would be the end of it. (side note: Since I do not own the house during escrow, would I have been able to hydrojet the sewer?) I am doing minor work on the house up until now so nobody has been showering or using the toilet extensively. I have not experienced any backups in the house. Yesterday we hire the same plumber/rooters to come out and clear out the sewer line. They run into clogging issues, camera gets stuck for a period of time. After 2 hours of jetting and sending the camera down they come to us and say a previous owner (not sure how long ago) must have trenched up and redid ABS piping along the house but stopped ~40ft short of the city line and kept the clay pipes that leads to the city line. The portion with clay pipes has 2 offsets (no tree roots found, just shifted about an inch and sand is coming in the pipes) and a major crack right before the city line. Suggestion was to resleeve 40ft of clay piping with perma-liner for $9k. I got 2 other quick quote and went with the original plumbers. We bit the bullet and are getting it fixed now. I read that I should talk to neighbors, try to find out if they know about major piping done infront of the house in the past few years. Check if the ABS piping was done recently and contact whoever installed those pipes for further inquiry on whether or not they knew about the damage in the clay pipes and proof that the seller ignored the fix and decided not to disclose this information. In our escrow disclosure, the seller disclosed that they are unaware or do not know the condition of the sewers. And I will have to prove they did know and chose not to disclose. Do I have another option? I would like to pursue going at the plumber/rooters because they gave me the assumption that with ABS piping and a rag clogging the pipe, a hydrojet is all that is needed. However, in the invoice they specifically say 'blockage needs to be hydro jetting before inspection is complete'. So I almost feel like they covered their asses and I lit mine on fire because I didn't follow through with completing the inspection. Given my situation, does r/RealEstate have any opinions or advice? [link] [comments] |
| Thinking about getting my real estate license Posted: 15 Apr 2020 09:17 AM PDT Is it possible to get my real estate license and not be part of a Real estate broker company? [link] [comments] |
| Posted: 15 Apr 2020 08:52 AM PDT (Positng this separate because the COVID-19 megathread seems to be mostly focused on buyers) We have a house on the market (close to $800k) in a typically high demand area that was a strong sellers-market earlier this year. Properties wouldn't stay on the market for more than a few days even during the slow season. The COVID-19 situation is impacting us and we've had very few showings. To increase demand we dropped the price by $20k and created some virtual tours of the house. Unfortunately the house is still getting minimal attention and after 18 days we have only received one offer well below the list price. Now we are discussing strategy on how to proceed: A) Cut list price even lower/settle for the lowball offer B) Hold out and see if we can bounce back to a higher price I should note that the house is vacant/staged for showings and we have already moved to a new house so we are keeping up with both properties atm which is not ideal. A friend of mine went as far as to taking their house off the market and they plan to list it again in June. Interested to see what you all think about this situation and how we can minimize losses. [link] [comments] |
| Am I considered "Self-Employed"? Posted: 15 Apr 2020 08:42 AM PDT I am set to close in a week and the mortgage lender is asking me for 2yr self employment verification. I own an LLC with S-corp Election which employs several. I don't file 1040SE, I receive a salary in W2 and get a K1 at the end of the year. My lender wants me to have the CPA draft up a letter saying I am self employed? Does this apply to me? [link] [comments] |
| Threat Of Mechanic's Lien on Incomplete Work Posted: 15 Apr 2020 08:36 AM PDT State of Ohio. So I hired this guy on referral from a friend, we started work without a contract, everything was verbal, I showed him scope, he gave me an hourly rate and got started. Long story short, he got 90% of the work done and then started taking up other projects and not showing up. I finally got a hold of him and he wrote up a mini contract stating work that needs done and what he would charge me for it as a whole (asshole didn't put an end date, just put "by Wednesday" and this was on a Sunday). The full amount was $750 but if not completed by "Wednesday" I could start to take off $150 per day past that. Once again, I agreed to it but there were no signatures on the paper. All I did was take a picture of it and my phone shows date and location where it was taken. Once again, he skipped a few days and Wednesday came and went without the work being completed although he did put it in a few hours in between. After he was a no show for a couple days after that, I said to myself he's not coming back cuz he's not getting paid because this was 5 days after the fated Wednesday. So I asked him to take his stuff and leave and hired someone else to finish the work, which cost me more than the $750. So now, 60 days after he took his stuff and left, he sent a notice to file a Mechanic's Lien for unpaid dues, which is basically for the hours he worked after the contract was written. I believe in Ohio he is limited to 60 days so I'm hoping he has run out of time to file the affidavit although I don't know what dates he's going to use to twist this. He claimed unpaid dues of $800 but has agreed to settle for $500, but of course, I feel I owe him nothing because I had to pay someone else to finish the job. The house is now for sale and I definitely don't want a lien to hinder the sale. What are my options? [link] [comments] |
| Impact on Property Values of City Building Large Sports Stadium Nearby Posted: 15 Apr 2020 08:31 AM PDT I'm looking at buying my first home in a gentrifying residential area of my local city (Canada). This area borders the city's downtown city center where i work. Recently, the city has announced that it is considering building a massive new sports stadium and convention center on the border between these two areas. The city has not provided any projections of what the stadium would look like, how it would impact the surrounding areas, or whether this will in fact be the location of the stadium. If the city does select this location for the stadium, what impact will it have on home values in the area? I imagine that the construction will take several years, but once it is completed, there will undoubtedly be a significant influx of many thousands of people to the area any time there is an event. [link] [comments] |
| For those of you asking if you can get a cash discount in COVID-19- these folks got a 7% discount Posted: 15 Apr 2020 08:27 AM PDT |
| Can you purchase a property while separated (not legally) from spouse? Posted: 15 Apr 2020 08:21 AM PDT I'm in Florida. Not getting divorced any time soon. I've been saving for a down payment and paid off all debts and want to buy something later this year on my own without husband. Thanks for any input. [link] [comments] |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment