Real Estate: Large unit development buyer requesting all documentation in regards to the property |
- Large unit development buyer requesting all documentation in regards to the property
- Agent won't reveal age, gender, employer, or financial details of rental applicant
- Hardwood cost thumb rule and assessing laminate
- Always have the seller send you a signed contract, first (hard lesson, long story)
- Number of buyer showings back to pre-covid 19 pandemic levels in many markets
- Timbor vs Tenting for Drywood Termites
- Thinking about selling now and renting for a year
- How serious is a rotten rim joist under the kitchen?
- Would it be wrong if I called someone a damn idiot while showing them a house? Or would you appreciate the honest feedback? Just wondering. Asking for a friend of a friend. I didn’t do that.
- Switching from an agent sale to a private sale?
- Back out of home purchase
- Anyone take FL license exam online?
- Closing in 10 days on our first home and freaking out— should we back away.
- First time looking for place to rent. Is this a Scam?
- [Austin, TX] Duplex's converted to Single Family
- HELP! First time home buyers
- Mortgage process
- I need advice on starting with a company or on my own- HELP!
- Low water volume in well system & estimate to fix is anywhere from $10-$20,000. Would you take a risk and move forward into contract?
- Is a mounted electric car charger a fixture? (WA)
- Pre Drywall Inspection- FL
- Can I invest in US but still live in UK, all without any sort of work visa?
- Finding Buyer's Agent in Small Community?
- Getting a mortgage for a future home
| Large unit development buyer requesting all documentation in regards to the property Posted: 07 May 2020 04:43 AM PDT Hi all, I was wondering if anyone has any ideas in regards to the following situation, I'll try to keep it shot. We have sold a property ( a large unit development) to a buyer for $1.5m. He secured a deposit for the property with $1000 and the sale will go through a month after the property gets town planning approval. The property was submitted last week and now we are waiting for the permit. We received an email from the real estate agent that the buyers are asking for a copy of full application, all drawings, reports, the town planning submission etc. and they want it as soon as possible. My questions is...does it look like the buyer is seeking to resell the property for a profit while he's waiting for us to get the permit for him? Or could there be any other reason for him requesting for all this information that we payed to gather? I a bit apprehended to just hand it over as he only left $1000 deposit for the property. [link] [comments] |
| Agent won't reveal age, gender, employer, or financial details of rental applicant Posted: 07 May 2020 01:39 AM PDT I own a condo as a rental and the tenant's lease is ending at the end of the month. I've hired an agent to list the property and find a new tenant. We have an applicant, but oddly the agent will not tell me the applicant's age, gender, employer, job, field, or martial status. He told me that the applicant has poor credit (in the 501-550 range) but won't provide the credit report. The only details of the credit situation he'll provide is that the applicant has "two collections less than $x" and "a lot of debt". He says he verified the applicant's income, which he told me, but won't reveal the employer or even the general field or industry. The agent cites our state's fair housing laws as the reason why he can't tell me any more. I have been a landlord for 25 years and have never had a problem getting enough information about an applicant to make a decision. I am not aware of any privacy laws restricting this information. For the 15-20 tenants I've had I've always seen their full application, with name, gender, age, prior address, employer, position, salary, credit history, etc. and I feel this information is necessary to make a decision about an applicant. I feel the this is especially important in these times when unemployment is incredibly high and the employer or field that you are in makes an enormous difference in your income and job security. There have been times when I've listed the property myself, and have met the applicants myself, handled their paperwork, and pulled their credit (with their approval) so ironically this agent is providing me with less service than I could get on my own. Am I missing something? Have all of the other 10+ agents I've worked with been breaking the rules by giving me more information? EDIT: an interesting amount of discussion happened here. To clarify, the federal and state laws prohibit discrimination based on race, color, religion, ethnicity, gender, familial status. In my state, "elderliness" is included, which means age 55 or more, but other than that age is not included. The only thing I mentioned in my original post that is protected is gender. I actually don't care much about that, though it has always been provided to me in the past. I mentioned marital status, which is different than "familial status", but doesn't matter in my case because the applicant has to specify how many people will live in the property and I'm only accepting singles. But the details about employment, employer, job, field, job history, credit, finances, bank accounts, etc. are all unprotected and it is well within the law to use these to select tenants. [link] [comments] |
| Hardwood cost thumb rule and assessing laminate Posted: 07 May 2020 06:24 AM PDT Friends, I am first time home buyer and looking for homes to buy. I may have to rip carpet and replace hardwood. Please can some of you share ways to estimate the cost. Also, is there simple ways to check the lamination done is good or not. While some of these may be caught during inspection, I want to factor these while making offer hence the above queries. Thanks [link] [comments] |
| Always have the seller send you a signed contract, first (hard lesson, long story) Posted: 07 May 2020 10:54 AM PDT Hi hi hi, time for a new chapter of "life kicks you hard" so let's start: 5/1 found a great house listed about $100k too high, Been sitting on the market for months, offer $200k and they reject without even counter offer. Ok, NBD let's wait the weekend. 5/4, seller's agent says they want to counter at 230k, wants to leave all trash in place (filthy house) and have 7 days to move out. 5/5 I counter with $221,500 and they have to remove the trash, but with a stipulation that $1500 will be held in escrow to ensure trash removed (cost of removal if they don't clean it out). Plus $5,000 in escrow to ensure they move out, otherwise it's $100/day for "rent" plus any legal costs of eviction. They agreed and here is the "TIFU" - I sent them my final offer with all agreed upon terms, signed from my side. The seller's agent took my contract, sent it to another buyer (who is a licensed RE broker who is also a wholesaler). The Wholesaler offers to buy it higher, and they go under binding contract. Here is the kicker - Broker/Wholesaler reaches out directly to my agent asking "Hey I have house on 123 XYZ street" so you KNOW that the seller's agent illegally shared my info and my agent's info to the other buyer. Unethical, immoral, and bad business. All could have been avoided if I just told them to send me a contract, then I would have signed. Learn from my mistakes, always get the seller to send you a contract in order to prevent shopping!!! -Dragho. [link] [comments] |
| Number of buyer showings back to pre-covid 19 pandemic levels in many markets Posted: 07 May 2020 08:20 AM PDT Ohio, Missouri, Minnesota, Tennessee are among the markets that the number of buyer showings are now back to pre-coronavirus levels. For the most part, these markets were the typical sellers markets for the past few years, with low inventory and bidding wars common. Looking at the same data in the markets that have been in the news-New York, DC, and other hot spots shows buyer activity still substantially down. [link] [comments] |
| Timbor vs Tenting for Drywood Termites Posted: 07 May 2020 08:37 AM PDT I have drywood termites for the second time in four years and the warranty lapsed. I'm hoping the company will give me a break on price but they have no obligation to so I am getting quotes. One guy said he only does Timbor and no tenting. Is this just as effective for treating drywood termites? Wood frame house in Florida. [link] [comments] |
| Thinking about selling now and renting for a year Posted: 06 May 2020 03:09 PM PDT Obviously, there have been some unexpected effects of the virus crisis on real estate, namely people seeing a lot of houses in their market go for significant amounts above list, sometimes with cash offers. This isn't intuitive for an economy going through a crisis, so what gives? Of course, note that this is highly dependent on your particular local market, but it is something I have definitely observed in mine (one of the west coast ones), but I have seen a lot of comments in other threads noting similar effects all over the country. I wanted to start a discussion about what is possibly going on here. I've mainly observed this effect in the more affordable, entry-level sector of single family homes(which my current home is in). These are the things I believe are contributing to this spike in prices in the lower end sector of the market, in order of what I think are the most impactful things to the trivial and less provable:
In the near term, I believe we will see a convergence on the median house price; that is, higher end properties falling in value, and below median gaining value, to a limit. Longer term, i.e. the next 1-2 years, I think we see a lot of deflationary pressure and the ending of a short term debt cycle that the flu happened to accelerate, which will see a reduction of house prices across the board. Another factor will be the eventual deleveraging of short term rental properties, as investors are pressured by the lack of demand - the government aid can only help so much. It also depends on the future actions of the Fed, which has undertaken some pretty drastic and unprecedented monetary actions in an attempt to save the economy - the total effects of which remain to be seen. Obviously, there are a large variety of difficult to forecast macroeconomic factors at play here, but that's why I started this thread - what did I miss? Do any of you see it going differently? Trying to time the market is tough, but I think exiting now and waiting a year or more for those higher priced properties to drop might be the way to go, as I am thinking of upgrading from my current starter home anyways. [link] [comments] |
| How serious is a rotten rim joist under the kitchen? Posted: 07 May 2020 11:21 AM PDT Would you guys buy a house with a rotten rim joist? The real estate agent said it'll take about $800 to replace I'm not sure if that's true. From the inspector: [link] [comments] |
| Posted: 07 May 2020 11:18 AM PDT |
| Switching from an agent sale to a private sale? Posted: 07 May 2020 11:17 AM PDT I am selling my rental property and have enlisted an agent. Upon notifying my tenant, he asks if he can have "first crack" at buying. I tell him to make me an offer. My question is, if he does make an offer and we accept it (with no assistance from the realtor) should I still somehow compensate the realtor for her service thus far? She hasn't done much yet except for a couple phone calls and a preliminary report for us. I wonder if situations like this are already built into an agent's compensation framework and I don't want to disrupt that. Looking for regular person and real estate agent opinions. Thanks in advance! [link] [comments] |
| Posted: 07 May 2020 11:14 AM PDT I signed to purchase a home and released the inspection contingency. Now I need to back out I was supposed to put earnest money up but never did When I back out now, what are the consequences? [link] [comments] |
| Anyone take FL license exam online? Posted: 07 May 2020 11:10 AM PDT I'm 19 yo and plan on becoming Real Estate Investor, but I want to get a license for some type of credibility. Because of my work schedule, I'd only have 2 days off for free time. Because of this, I'll have to take the course online. How is it compared to in-person, what should I expect? [link] [comments] |
| Closing in 10 days on our first home and freaking out— should we back away. Posted: 06 May 2020 06:12 PM PDT We are in the process of buying our first home inside the city of Atlanta which is a very hot market. We are under contract on an awesome home which we ended up getting for 7k above list. After getting our appraisal back we also got the great news that the house is appraised at about 20k over what we are paying (yay!) Now for the less exciting news.... we had the home inspection and it resulted in 2 major and 1 medium sized issue. Major - cast iron plumbing under house was corroded and actively leaking - crawl space needed a sump pump and window wells to reduce water entry Medium - the AC was 14 years older than the disclosures had stated and was 23 years old. A lot of ducting in the crawl was disconnected and evaporator cabinet was rusted and partially buried in dirt We decided to get professional opinions from 2 plumbers both with cameras and had a foundation and crawl space specialist examine the crawl. They found that the cast iron pipes under the house and to the street needed replacing and the tree in the front yard had to go because it was causing a giant obliteration of the pipe. This was $5,800, the crawl space guy quoted us $2,800 to fix the water issues. While we still wanted to get the HVAC guy out our agent suggested we submit our request for repairs or concessions and we did so asking for 11k at closing. They agreed. Today we had an HVAC guy out after the seller provided us with 4 years of service records. The HVAC guy said that the system was in disrepair and needed to be completely replaced. In an effort to be thorough we went ahead and had a second HVAC guy come out— he agreed and quoted us $7,500. Our closing date is next Friday (we did a 3 week close) and I feel nervous as all get out about what we are getting into. Would we be assholes to try and renegotiate with the seller? [link] [comments] |
| First time looking for place to rent. Is this a Scam? Posted: 07 May 2020 10:52 AM PDT Hi guys, so I was looking around Craigslist to rent an apartment. And I found a place suitable for my budget and in a neighborhood I recognize. I emailed the the person of said property and he/she responded with this: Hi Thanks for your interest in renting my apartment, I am interested in renting for long term: 3, 6, 12, 24, 36 months. It's a one bedroom with one bathroom apartment, Apartment address: " Address of property " The apartment comes Unfurnished and with all the necessary amenities, exactly as you can see in the pictures, with dishwasher, washing machine, air conditioning and Utilities Included such as Electricity, Gas , Water , Sewer , Heater. The pets are accepted. Also, it's a private parking space available for free.I'm looking for a serious and responsible person to care, keep the house clean and see it as his own home. The rental price per month is $800, security deposit is $995 My husband and I are also moved to Denver on a job transfer with Manor Coastal Nursing & Rehabilitation and to be closest to our family because i have been diagnosed with stage 2 Laryngeal Cancer and wanted to sell the Property before we advise not to sale it. Since we have relocated and stated a new life here we made up our mind to put up my Property for rent to whom ever that will take good care of it. I'm sorry you may not be able to see the inside of the unit as i did not make any plans for it initially and there was not a building manager since i lived there i hope you can understand that, i tried to actually work with some agencies on-line earlier but I noticed they manipulated rent and deposit fee more than what I instructed, so I decided to rent it out myself as Independent Landlord, Because of the COVID-19 lock down, we have suspended our open houses, open house information is uncertain, therefore we won't be doing any more walk through. You may go by the building and view the exterior, neighborhood and environment, if you wish to proceed please send me an email requesting for the rental application. Also how long do you intend to stay? How soon do you intend to move in? I maybe not be able to take your calls due to my stage 2 Laryngeal Cancer best form of communication for me is through email and text messaging Hope to hear from you soon Thanks Best Regards Gisela Miguel (Phone number) -end of email- I looked at the pictures and googled mapped the area. I reverse searches the images of the apartment on google, and the images seems legit. Big red flag for me is that I can't look at the place in person. I definitely feel it's like a scam. But just to be sure, I want a 2nd opinion on the matter. Thanks! [link] [comments] |
| [Austin, TX] Duplex's converted to Single Family Posted: 07 May 2020 10:41 AM PDT looking at a couple houses for sale in Austin, and am seeing a lot of Duplex that are selling as single family residence. they still have both elect. meters etc, but am worried after purchase this would be permitted and i would have to convert it back? does anyone have any experience in this? thanks in advance! [link] [comments] |
| Posted: 07 May 2020 10:34 AM PDT First of all, if you took the time to read my post, thank you. My family and I are finally to the point financially and credit wise that we are able to start looking into buying a home. I have been off and on doing research online for over a year and I don't seem to understand it any better than when I started Our situation: We are a family of 5, looking for at least a 4 bedroom / 2+ bath. We are in the Dallas area which means the average cost of a house we find is roughly around 200k, give or take 10-20k. Our combined income is about 92k/year. I've heard that we would qualify for down payment assistance, which of course would be nice. We are also above the minimum for fha loans. My Question: I basically want to know any information anyone that knows home buying really well can provide. Who do I work with, what assistance programs are out there, is there a certain type of professional we should work with to get the assistance? [link] [comments] |
| Posted: 07 May 2020 06:39 AM PDT Hey, I'm a first time home buyer going through mortgage process right now. Just curious to know what are steps lender go through in the process. I submitted all my docs and waiting to hear back from them. Just confused with terms like appraisal and underwriting . Don't know what they actually are. Anyone can summarise what steps they go through and how long it takes? Thanks a ton! [link] [comments] |
| I need advice on starting with a company or on my own- HELP! Posted: 07 May 2020 09:47 AM PDT Hi all - as the title states, I am about to start venturing into the world of real estate. I want to know if it is worth starting with a company that helps you with the training (ie Keller-Williams, C21, etc) or if it is better for me to get my license independently and then apply for jobs? Or if you have a better option, please share. I'm hoping to get your veteran advice about what would be the right move and things to consider. Thanks in advance! [link] [comments] |
| Posted: 07 May 2020 09:37 AM PDT Here's our saga. Husband and I saw a house online that we liked and seemed like it was in good condition. We toured it and liked it. House would be used for weekends/vacation and is in a desirable area for that (15min from beach). We made an offer 20% below the listing price and after 4 rounds of negotiations, the seller agreed to sell us the house at 6% below the listing price. Here's where the fun begins. We had the inspection and it turns out this house is what I'd call a surprise fixer upper. Immediate fixes needed: replace unsafe electrical panel, fix some seemingly minor moisture damage on the framing in the basement, inspect low water volume (the house is run on a well and the inspector found low water volume in the house even with a new pump system), replace 2 glass sliding doors, repair loose mason work on the chimney and replace flue, install gutters, replace some rotten cedar siding boards, remediate mice in the basement, install missing fire and carbon monoxide alarms In the next 5 years this house needs a new deck (bunch of rotted boards and 2 broken gates by the pool - safety hazard), replace all windows (seals are mostly broken), replace roof, remove trees that are too close to the house We asked for remediation/credits on the electric, the mice, to inspect the low water volume in the well, and to replace the sliding glass doors (because of COVID-19 we were told not to touch them when we toured). Our agent said the sellers are not fixing anything except the electric panel - even paying $200 to exterminate the mice. My husband and I are at the point where we might need to walk away from signing the contract because of this damned well water volume test. What would you do? We said we would pay for the test. The reason we are so worried about it is because the inspector called it out multiple times in the report, and when we called to get estimates on getting a new well if needed, it could cost anywhere from $10 for a new filter or something small - to $20K to either connect to the municipal water supply (house is on a flag lot = long plumbing) or drill a new well. For some reason, the sellers don't want us to have the test done even if we pay for it. It seems like neither does our buyers agent, the sellers agent, and both attorneys. Are they hiding something? Are we overreacting? What would you do? [link] [comments] |
| Is a mounted electric car charger a fixture? (WA) Posted: 06 May 2020 05:21 PM PDT Closed today but had a last minute disagreement with the sellers who removed their electric car charger but left the screws where it was mounted in the garage still in the wall. Is a car charger considered a fixture? I assumed everything mounted to the wall or frame of the house is considered a fixture and conveys unless specifically excluded in contract. [link] [comments] |
| Posted: 07 May 2020 09:11 AM PDT I am getting a pre drywall inspection done today by a 3rd party inspector on a new build home before my predrywall walk with the builder tomorrow. The builder said the house already has passed city inspection earlier this week and he is eager to get the drywall started. I know the inspector's job is to pick everything apart and note every flaw he finds. What are some main concerns that would arise from the predrywall inspection that are VERY important for the builder to fix before drywall, and how likely is he to fix these issues? [link] [comments] |
| Can I invest in US but still live in UK, all without any sort of work visa? Posted: 07 May 2020 08:49 AM PDT Hi, I am resident of the UK and I just want to know if I can invest in rental property in the US with no sort of permit? If I need any sort of work permit, what is it? Struggling to find anything online about it. Also where do I pay tax? US or UK? [link] [comments] |
| Finding Buyer's Agent in Small Community? Posted: 07 May 2020 08:43 AM PDT Hello! First-time-home-buyer here. We are trying to find a real estate agent to work with, but the area where we are hoping to buy is pretty small and isolated. Agent A has been highly recommended to us and has good reviews online....BUT also happens to be selling a couple of the properties we are interested in. We have contact info for another agent, Agent B, but I can't find any reviews about them and they're also located in another town (so probably less familiar with the area where we are buying). The advice seems to be to NEVER use the same agent as the seller, but they really seem to be the best agent available. Should we go with Agent A or Agent B as our buyer's agent? [link] [comments] |
| Getting a mortgage for a future home Posted: 07 May 2020 08:37 AM PDT I m currently in a situation where next year my fiance and I will be buying a home from her parents. I'm wondering if it is possible to get a mortgage now, while the rates are low, for a house to he purchased in a year's time. Thabks! [link] [comments] |
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