Real Estate: Storm Drain Easement? |
- Storm Drain Easement?
- Strategies to make sure buyer doesn't back out of sale?
- Should I get a mortgage broker or go big bank?
- Can I sue my neighbor?- Septic system
- Crawlspace moisture
- Where to find
- Why is the Market Hot Right Now in a Pandemic?
- Difference in opinion? Or something else?
- I want to move out of my apartment in TX
- Loans for a Down Payment Plus Mortgage?
- Trying to sell a home in Indiana right now
- Buying a Home During COVID-19
- Re-negotiating New Construction Build at Closing
- (SC) - New Build Square Footage Debate with custom builder, please read details
- Is This Good Advice?
- Currently in Escrow. Inspector came back saying the house may have asbestos on the attic.
- Mortgage rate help?
- Home equity loan on investment property
- Advice for shopping around for rates right now? Just got my offer accepted.
- Home prices will drop once the economy fully reopens. Change My Mind
- Buying from New Construction Building in SoCal/OC
- Is it normal to sell property with Tenants?
- Struggling student
- Are low interest rates the new norm? Or causing a big bubble?
| Posted: 19 Apr 2020 05:23 AM PDT Hello all, I sent an email to our closing attorney but haven't heard back. I also have a copy of our title insurance but it doesn't have an agent's name on it. Thought I would ask if anyone has any thoughts on finding out more about my issue? In summary, bought a 1920s house 5 years ago. It has a storm water drain in the driveway with an old clay pipe that runs under our property then under a neighbor's property then to the street drain. Had it scoped and it's both clogged with roots and broken at one point. We get large puddles near our house when it rains and we'd like to replace the pipe. The problem: I don't think our neighbors (who are currently listing their house for sale) or the new buyers (TBD) would be happy with a corner of their yard being excavated. But it's an original drain/pipe so I would think we have a utility easement to fix it. How would we find out if we are allowed to fix our old pipe? We have the original scheme from the city from our property so we know the pipe is from the 1920s. Info at City Hall seemed pretty thin. It's much cheaper to fix the old pipe that goes under grass than to do a brand new pipe in a different location (would have to tear up our driveway and also city may not allow new connection to storm drain, would probably have to honor grandfathered old connection). How would we go about finding this out? Thanks! [link] [comments] |
| Strategies to make sure buyer doesn't back out of sale? Posted: 19 Apr 2020 09:54 AM PDT Hi guys. We are selling our house and wanted to get some ideas on things we can do contractually to protect from buyers backing out at the last minute. We are buying a new home and I'm worried we'll find out at the eleventh hour that the buyer got cold feet. Are there any strategies that you use to make sure the buyer is serious? Higher money in earnest? Don't accept contingent offers? Are certain buyers (like current renters) more likely to follow through? Anything else? [link] [comments] |
| Should I get a mortgage broker or go big bank? Posted: 19 Apr 2020 10:15 AM PDT The first pre-approval we got was March 15th with 2 big banks. Rates from the first quote were bad(4.22) and latest quote were good(3.6) but could be better considering we are doing 20% down, no debt, no monthly obligations, housing purchase price 2x our household income, and credit scores for both of us between 795-810. Where are people getting these super low rates even 3.2 or I've seen posts about 2.75(!). It seems like we are very very low risk to lend to.. and rates are still not as low as they could be. My thought was, are they using a mortgage broker? How do I find one? Should I do it now or after offer is accepted (we just put an offer yesterday). Do we keep shopping around and get more pre-approvals? Right now we have pre-approvals from 3 banks because of differences in purchase price of multiple offers we have put in. I worried about the time between my first pre-approval and now since it's hard pulls each time. Any ideas on how to get a rock bottom rate once my offer is accepted? [link] [comments] |
| Can I sue my neighbor?- Septic system Posted: 19 Apr 2020 06:25 AM PDT We bought a piece of land in New York a while ago and at the time of buying the land the property to the left of the land and to the right of the land were both vacant. The property is on a main road and doesn't have access to water or sewer. The property to the left of our land was developed and they installed a well and a septic system. The property to the right was also developed and they installed a well and septic system. Im being told that when installing a well the health department requires it be a certain distance from the septic system ***Because of the placement of my neighbors septic systems there is no where on my property I can place a well. Do I have any ground to sue the people who installed the septic systems for not taking that into account. We were under contract to sell the land for 140k to a builder who will now back out if we can't figure this out. I am looking into other options as well such as an easement into the neighbors well and also digging the well much deeper. Thank you to anyone who can help [link] [comments] |
| Posted: 19 Apr 2020 10:03 AM PDT Home inspector found some "brown rot fungi" and wood moisture content up to 22% in the crawlspace. Reason to walk away from a purchase or not a huge deal? Location is South Carolina [link] [comments] |
| Posted: 19 Apr 2020 09:56 AM PDT Hey, I was thinking about getting into the "bird dog" game of finding real estate for other investors for a finders fee. Where do you suggest that I should sell my finds to? [link] [comments] |
| Why is the Market Hot Right Now in a Pandemic? Posted: 18 Apr 2020 11:38 AM PDT Homes are in contract in less than a week. My realtor says the market is red hot and has been showing everyday. Im not understanding? My home search had to stop as I was furloughed. How is the market doing so good when a good number of americans are unemployed and uncertain of the future? [link] [comments] |
| Difference in opinion? Or something else? Posted: 19 Apr 2020 09:32 AM PDT Howdy folks, I'm buying a home and went through the home inspection process. Nothing came back that I hadn't discovered during my initial walkthrough, which is good. The severity of some of the foundation issues, and how to rectify them, is a different case. I am blessed with the ability to fix most anything on a house, foundation to shingles. Which is where I have to ask the community a few things. I want to bargain down on the sales price. The market has slowed waaaay down in the area for my price range. The house, which needs work, sat for a month with myself and one other viewing. (Only my offer which was accepted at a discount. Almost 30k under asking) My question comes because my agent wants to ask for closing credits, which I feel doesn't help me because I'll be doing the work myself. I feel like he's only looking out for the highest sales price/commission possible. How do I negotiate the price down further without offending the realtor? Any tips on how to approach this? My idea would be that in lieu of hiring an engineer and paying someone to inspect the existing issues, I tell the seller to cut me a discount and I'll take over the headache. Even at a further discount he stands to make a very decent net profit for what he has in the house. I just need a decent deal as well, without feeling I got screwed. Thanks! [link] [comments] |
| I want to move out of my apartment in TX Posted: 19 Apr 2020 09:31 AM PDT I live in a 3 bedroom apartment with two roommates, we have been living together for the past three and a half months, and our contract is for 12 months. I want to move out because I feel like I'm in a toxic environment and don't want to be around them anymore. I can't even relax in my own room without being pestered, I couldn't even sleep last night because my roommates wanted to hangout with me late at night when i had a long day at work which they were aware of, but insisted that I still hang around them. That is just one example of one of the reasons I want to move out, they're hypocrisy and condescending attitudes I feel they have is just unacceptable. They way they display these toxic behaviors is on a subliminal scale so it makes downplaying opposing sides seem like it's an ok thing when it totally isn't. We moved in together because we're friends and they have helped me, we've shared great moments, they're not bad people and I don't think they have bad intent. However, they display certain habits that can be toxic which they have normalized since they do things habitually. I'm not perfect, I've been guilty of being toxic as well which actually branched off of some of their habits. I'm not justifying inappropriate behavior, I completely take full responsibility for my actions, I made that statement to paint the whole picture of what type of environment I'm in. The truth is I feel we are too different to live with each other and currently I don't feel I'm personally ready to live with anyone else yet. At least not the type of people that I'm talking about in this case scenario, maybe other people but overall I'd say I'm not just not quite ready yet to live with others beyond family. I would like to know if there is any way I can move out ASAP, I don't want to live in my apartment anymore. I need more space and time to regroup, grow, and simply be comfortable to enjoy my own life. I do know a possible replacement for me if that's the fastest way, the only reason I've been hesitant is because I'm afraid of damaging my rental history or credit, which is more than likely inevitable in this case, but I at least want to know how to leave while doing the least damage possible. [link] [comments] |
| Loans for a Down Payment Plus Mortgage? Posted: 19 Apr 2020 09:20 AM PDT I am looking at a couple of lovely duplexes in my area to buy. I don't have enough money for the down payment, but my credit is decent enough that I could possibly get a loan. My question is, if I also want to get a mortgage from the bank after I theoretically get the house, would I need to pay off the initial loan before I apply? Would there be any consequences for doing that? Or is it acceptable to have the open loan and mortgage at the same time? Is there anything else I would need to know? Thank you in advance! [link] [comments] |
| Trying to sell a home in Indiana right now Posted: 18 Apr 2020 10:23 PM PDT We're trying to sell our home outside Indianapolis right now, but everything with Covid is giving me some pretty bad anxiety about selling it before we have to move in June. Our realtor thinks it will sell in time, but I still feel uncertain. I can't afford to pay for two places at once. I'm just wondering what the general opinion/advice is for selling during all this? [link] [comments] |
| Posted: 19 Apr 2020 08:11 AM PDT Hi all, I didn't realize there was no self promotion, I don't post a lot on reddit but I'm active and read daily. So I'm reposting below: I know there are people actively buying in the market and here are the things my buyers are doing to make them more competitive, while staying safe to the best of our ability. Tip 1. Buyers need to be pre approved. I work with a lot of first time home buyers and the biggest mistake is simply not getting pre approved. Now that's more important than ever because the mortgage industry itself is incredibly strained. Not just a credit pre approval either. Fully underwritten. Which means you've submitted all of the required documentation to your lender. There are two components to being underwritten. The buyer themselves and the appraisal. Sellers will move to showing only pre approved buyers if the property is occupied. I have clients that are selling and they occupy the property and do not want to be showing to lookers. Tip 2. Get the entire process started earlier. Decide who will represent you in the transaction. This includes the Realtor, Lender, and Home Inspection. Getting these people on your team sooner instead of later will make the process smoother and take stress away from the transaction. Tip 3. Video Tours or Virtual Tours. I've been completing 360 tours for my clients. It takes about 45 mins from the point I take the video for the client to view on YouTube. YouTube is the only application, unless you go the more expensive route with matterport, but downtime is an issue here, in my market it is still very competitive. My clients appreciate it and they are able to have a good understanding of the floor plan. Two things you really can't change, floor plan and location. Tip 4. Choose a real estate firm that is taking COVID-19 seriously. Every firm has its pros and cons. Being virtual and having the tools ready to go will give you a competitive edge and also keep you relatively safe. I hope these tips are helpful and this may not apply in your market. :) [link] [comments] |
| Re-negotiating New Construction Build at Closing Posted: 18 Apr 2020 10:18 PM PDT I have a new construction build in AZ estimated to be ready by November/December, I signed everything back in January. Total was around $600k. Assuming real estate prices start taking a dip by then, is there any chance I could re-negotiate the home price with the builder (Taylor Morrison)? I have $20k earnest money down which I'm open to losing if I could potentially get the same home for $50k off. [link] [comments] |
| (SC) - New Build Square Footage Debate with custom builder, please read details Posted: 19 Apr 2020 07:25 AM PDT Hey r/realestate, TL;DR - New custom home, builder wants to charge 25-50 per square foot more at the end of planning process, significantly deviated from originally disclosed budget. Attempt to negotiate or run away? Long time lurker of this subreddit, which I have found to be very helpful . I know there are many posts regarding square footage variability according to location, market and finishes but wanted to get insight in regards to large variation in our quote. We have been working with a design-build custom home builder for the past year or so. Type of work is what you would describe on the nice finishes side. The person owns the lot we want to build in a subdivision. Builds 4500- 6000 sq ft homes but is not a mass production builder. Has main floor, basement and 3 door garage. It will have quartz countertops, hardwood floors and cabinetry, etc. Land is pretty much flat, more than half acre. Main Floor will have hardwood floors, cabinetry, thermador vs wolf appliances (we will pay extra for this) When we originally met , after seeing previous completed projects and stating our budget and preferences of similar constructed home (the initial quote was 175 sq ft for basement and 200 sq ft for main floor). Fast forward several months later and now the quote has dramatically changed for the following: 225 per sq ft for the whole house (no distinction between basement or main floor). The builder claims that there has been more than 20% increase in costs of construction for the past year and when comparing to other luxury builders - they charge more than 250-300 + per square ft. Builder claims not charging for plans, unfinished spaces and architecture planning. It is interesting that this is being disclosed at the end of the process as opposed to during the process. Based on our communications it appears there is inflexibility and minimal room for negotiation. As opposed to coming down with numbers, builder is quoting why he should now be paid his new rate per square foot. We have seen his previous comparable projects and they have come around 200 per square foot. Now we are in a situation in which there is a plan for a home and significant deviation from original price, more than 30% over original disclosed budget. Questions:
Sorry for long post wanted to ensure we are making the right decision here and not being taken advantage of. We really like the area but have to make sure we make right decisions. Not sure if all this sudden increase in sq foot price is due to COVID or something else that we are missing. Thanks again [link] [comments] |
| Posted: 19 Apr 2020 03:29 AM PDT I would love my own house, but will never afford this. I was talking to a chap about buying property some years ago, and he said to me... Once you buy a house, stay there. Never move. This is the only way you will make money. I questioned his advice. Once you move to another property the price will be more likely be more. More expense. Higher mortgage. If you stay in the original property you will make more money staying where you are (words to effect) To me this sounds logical. What do others think? [link] [comments] |
| Currently in Escrow. Inspector came back saying the house may have asbestos on the attic. Posted: 18 Apr 2020 08:44 PM PDT Offer we signed is "sale as is". What are our options? I understand many houses built in 1967 may have this issue and that as long you don't disturb it your okay. Our realtor says it's not really a problem and that most houses in that Track used the same materials. I guess my question is what would you guys suggest? Do we get the stuff tested? If it does have it do I ask the seller to give us a credit since we will probably have to remove it at some point. We plan living here for a while. Thanks [link] [comments] |
| Posted: 18 Apr 2020 09:50 PM PDT We are buying our first home, given an interest rate at 4.375 with $592 credit on 4/2 which we have currently. Is this reasonable? Closing date is May 15th and we're only putting 3% down on 320k. It seems high to me but I can't be sure since most things I've read mention higher down payments so maybe that's why our interest rate is over 4%? Please help! This is in AZ. [link] [comments] |
| Home equity loan on investment property Posted: 19 Apr 2020 04:34 AM PDT Hey y'all! Was wondering if any one had a positive experience with any lender for a home equity loan or line of credit on a investment property? [link] [comments] |
| Advice for shopping around for rates right now? Just got my offer accepted. Posted: 18 Apr 2020 08:51 PM PDT I've been checking nerd wallet, bankrate, and Zillow and other sites for 30yr mortgage townhouse rates. high credit score. [link] [comments] |
| Home prices will drop once the economy fully reopens. Change My Mind Posted: 19 Apr 2020 07:58 AM PDT People that are buying during a pandemic are more than likely desperate to BUY. people that are selling during a pandemic are more than likely desperate to SELL. This is a very small subset of the "bigger picture" of the average buyer/seller. What we are seeing now is not representative of the larger makeup of the buyer/seller population. How many houses will foreclose in the next 6-9 months? How many people will not be able to pay their mortgages? How many people exhausted their savings? How many will be without a job for an extended period of time that will force them to make a decision that impacts housing? We will find out the real impact 3 4 5 months after these restrictions are lifted and "normal" life is resuming. Then you will see the impact of how many people "need" to sell, how many people "can still" buy, in the new market conditions; tighter lending, potentially higher interest rates, etc. Another thing to consider is there will be a sudden "large supply" once the economy truly reopens. The houses that would have been listed typically from months March - June, may now be listing all at once in July. If the demand is not there for the reasons mentioned above, then I would expect to see prices drop to reflect that. [link] [comments] |
| Buying from New Construction Building in SoCal/OC Posted: 18 Apr 2020 05:14 PM PDT My family has been looking to buy a 4 bedroom townhouse in the Orange County area. My mom plan to move into the master and rent out the remaining 3 rooms to cover most of her mortgage. We have been mostly looking at new construction builders: Taylor Morrison in Tustin, TRI Pointe in Anaheim, or Melia Homes in Fullerton. Anyone familiar with these builders locally? What's your experience is like with them? Is buying from a builder a bad idea? Any advice would be appreciated! [link] [comments] |
| Is it normal to sell property with Tenants? Posted: 18 Apr 2020 09:43 PM PDT I was looking a few properties for sale in my area, but the listings indicate that their occupied with tenants already (don't disturb etc.), & indicate that they would be good additions to an investment portfolio. Is this normal? I'm curious as to why people would want to sell property that's brining in a profit? They're older homes in an area where lower income renters are more prominent. I'm thinking maybe they don't want to deal w/ the area/tenants/older property repairs? Ultimately, I wouldn't want to buy a headache. Thanks for any thoughts. [link] [comments] |
| Posted: 18 Apr 2020 10:12 PM PDT Hope everyone is healthy! Here's my situation: This fall I'm (hopefully) moving to NYC to attend college and was just thinking of different things I could do to make money. As you're all aware, the cost of living in NYC is unbelievable. One of my ambitions is becoming a real estate agent! That's the easy part. But making bank while being a full time student isn't. Should I even bother? Some people say it's not worth the time and effort, but I really feel as if there's a huge opportunity waiting there for me. If anyone has any advice on how to get started please let me know. Or know any other jobs that are well-paying but require minimal training. Thanks! [link] [comments] |
| Are low interest rates the new norm? Or causing a big bubble? Posted: 18 Apr 2020 10:09 PM PDT Low rates are making homes at our quality target more affordable. For example, we can make a $900k home work because $4k a month is affordable for us. But that's thanks to low rates. My concern is about rates long-term. Seems like they've largely sat between 4-8%, where I'm seeing 2.5-3.5 right now for 30 year fixed. We really like this house, but it only provides a good commute to one of the two job centers in our city. It may be necessary to move in 6 or so years. Housing may go up in that time, but if interest rates hit levels of sanity again, we'll be out of a lot of equity right?, Prices would decline to meet reasonable monthly payments. Seems like buying in a record low rate environment would be super risky, right? [link] [comments] |
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