Real Estate: Dodged a Big Bullet - Meth Lab Basement |
- Dodged a Big Bullet - Meth Lab Basement
- What happens in July when the +600 unemployment ends and people can't pay the mortgage forbearance bulk payment due?
- One year FTHB experience breakdown
- Bad sellers - should we go ahead?
- Buying one of the best homes in a decent neighborhood... Is it really that bad to do?
- Offer just accepted, should I pay to lock my interest rate in?
- Negotiating and I'd like money back at closing to fix broken stuff (midwest USA)
- How often do contingency offers falls through. Would it be appropriate to submit a backup offer?
- To own and rent
- My parents want to buy 2 feet of land from their neighbors. What steps should they take?
- Seller refusing to fix hail damaged roof - what are my options?
- Please help!!! House will not sell and wife and I are about to let it go back to the bank just to get away from it!
- Seeking new credit before closing
- I wanted a structural engineer to look at a property, they said I had to be in escrow first, is this usual/customary?
- Looking for advice on how to proceed after inspection
- Real Estate vs Entry level IT with A+
- Is it worth it to build a house or should you buy an already build and used house ? What are hidden costs with building a new house and what are chances and problems with building a house?
- Can't get a hold of PenFed LO? Closing in 3 weeks.
- Real Estate Development Vs The Business Side of Real Estate
- Experience with Condo Real Estate
- Will replacing my lawn with low maintenance ground cover affect my home value?
- Buying a new house in a very rapidly growing city!
| Dodged a Big Bullet - Meth Lab Basement Posted: 07 Jun 2020 05:10 AM PDT Hey all, Just thought I'd make a PSA out of my recent close call. I was about to buy a house in a wonderful neighborhood. The area has great schools, hardly any crime, very suburban and quiet. I'm getting excited about this house, it's the right price, great neighborhood - I want to close on this. Then, I do what my trusty real estate agent is always telling me to do - walk around the neighborhood and talk to the neighbors! This is why community is so important. I went ahead and walked around and found 2 older men that had been living in the area since the 70s. I introduced myself excitedly as I told them I was interested in the house on the corner lot. Then they both laughed and one of them said, "Oh, the meth lab?" My mouth was WIDE open covid mask, "wwhhhaaaattt?" I thought he was joking. He insisted he wasn't joking. Then I started doing research. A house that was a former meth lab is basically a chemical waste site. They can be highly toxic for years and wreck your health. The only way to fix them is basically to gut them out and treat the whole thing with even more chemicals. The house was not registered with the DEA as a former meth lab. I had to go to the local county police office and pay $1 to get phone records. Sure enough, a property management company has called the police due to suspected narcotics on property. The police show up and call for hazmat suits due to "active meth lab." INCREDIBLE. It was a mother cooking the meth actually, and her 2 sons aged 10 and 17 knew about it. Not only that, but the police tried to contact the property owner who swears that he never knew it was an active meth lab. The man had even rented it out after the lady and her kids got evicted to another family for 3 years. I'm not a lawyer, but I'm pretty sure he has a huge liability. Stay safe! [link] [comments] |
| Posted: 06 Jun 2020 01:29 PM PDT I keep hearing the housing market is booming and there will be no dip in prices. As someone looking to buy I was hoping to see a pullback. I mean, thousands of small businesses were destroyed by the shutdown, but we're going to magically go right back to pre virus strength? Is everyone on board with this opinion? Thanks [link] [comments] |
| One year FTHB experience breakdown Posted: 07 Jun 2020 04:29 AM PDT This week marks one year since we closed on our first house and I thought I could share some of the details, processes, and tips especially since I was very against purchasing a house. Reasons to purchase
Some details about us
Home purchase
Home ownership costs This is another piece that worried me about ownership, but knock on wood none of them were absolutely needed or major. Especially the paint and carpet installation, I mostly had this done while the house was empty prior to move in.
As far as tools, I have a lengthy breakdown but probably around $10,000. I didn't even own a hammer before purchasing a home so I had to get everything from scratch especially since it's a larger lot (~1 acre). Most of the power tools I prefer to buy new but gardening/hand tools I try to get from estate sales/garage sales. Emotional considerations One thing I never expected was to learn as much as I did. Unless making a mistake is going to be messy or expensive, I'll always try to DIY. I've developed so many skills in the past year it's really been a major shift in my life and my hobbies. The downside is I think this change from "renter with a lot of free time" to my current lifestyle full of projects had strained my marriage. At times my wife felt isolated and this is something I'm working on. As renters we would always travel and go hiking and do activities every weekend, but we've become home bodies with my new hobbies. So what I've learned and a big tip here is to have a good balance especially if you are with a spouse who doesn't share these same types of interests. TLDR tips
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| Bad sellers - should we go ahead? Posted: 07 Jun 2020 08:48 AM PDT Hello, We are close to closing a deal on a house in CA with the seller (deceased owner's son in CO). The seller is a jerk. They have tried to pressure us to commit quickly, or close sooner etc. Their communication is also very bad, which we get from the seller's agent. It is all around a painful process. However, we have the choice to cancel the deal now and not lose the deposit. We love the house, and it has almost everything we wanted in a house (based on a long list we made). The price is also good (fixer upper). Should we be worried that the seller behaves in bad faith? Can the title have problems or are there any other things where we need to contact the seller again? This is our first house and our parents haven't bought a house in their lives too, so all of this is new to us. Any advice is highly appreciate. Our scenario is fairly more complex too; if you need more details, I am happy to elaborate. [link] [comments] |
| Buying one of the best homes in a decent neighborhood... Is it really that bad to do? Posted: 07 Jun 2020 06:16 AM PDT We probably should wait until the fall, but I think we're okay without getting the best deal if it means having space at this point. Plus we have a large dog, so our rental options are pretty limited. We both have solid incomes but not too much in cash reserves (we're moving to a lower cost of living area). Anyway, there's a house that fits our wants and needs (a rarity) but it's a bit over-improved for the neighborhood. The school is out Is it that terrible if we go for it? I've heard most people lose 10% in renovations, so not having to renovate anything for a while kind of balances things out? The home is comfortably in our budget (although higher than we originally planned to spend, but our sights were set too low), and we won't have much cash on hand. The other thing is, we're using a VA loan and not sure it will appraise for the asking price. Should we just offer it anyway, contingent on appraisal, and see what happens? We can't afford the out-of-pocket difference if it doesn't but can afford the asking price. We'll talk to our realtor more about this, but I expect we won't have much time to make a decision based on how homes have been going in a day or two consistently. Thanks in advance. [link] [comments] |
| Offer just accepted, should I pay to lock my interest rate in? Posted: 07 Jun 2020 08:06 AM PDT Loan officer quoted me 3.2% last week, should I pay a fee to lock this rate in in case the recent market rally sends mortgage rates higher? On a side note, would it make sense to pay for a point to lower the rate if I'm already prime? Loan officer said it would take something like 10 years to break even, but I plan on keeping the house and mortgage long term. [link] [comments] |
| Negotiating and I'd like money back at closing to fix broken stuff (midwest USA) Posted: 07 Jun 2020 06:52 AM PDT House was built in 2005. It was priced well below market value and represented as "needing TLC" so that is what we were expecting when we saw it. Offered full price after seeing it. Nine windows at $400 per window $3600. Windows are caulked in odd places so we would just replace them. Not a big deal, just expensive. A small part of the house is unfinished- just studs. Drywall isn't a big deal to me- I've done it before. Next-door neighbor knows my parents and he is a drywall contractor so if I decide i don't want to do it we could use him. Most other problems were obvious when we saw the house- the trim around the two entrance doors needs to be replaced as it was not painted and 15 years of weather took a toll. I guess the owner had problems with drugs and mental illness so during the construction of the house (near the end apparently) things started to slip. The whole house needs interior paint and parts need some drywall touched up- nothing major. Spackle and sand, then paint. Carpet in small parts of the house is trashed and needs to be replaced. Two windows are just roughed-in and not finished. The home inspector uncovered several plumbing leaks. Why a house built in 2005 has plumbing leaks I don't know but that's a bit troubling. Also the central air doesn't work and needs to be replaced. For the unexpected plumbing leaks and A/C I would like to get cash at closing to fix these. I think the owner isn't in a position to shell out cash to fix them before closing. The listing agent is asking me to write a contingency for these items and will see what the seller thinks. I'd say we are the "ideal" buyers- 800 credit scores, cash (20%) to close, already have the pre-approval letter from the bank. Current home is paid off. Any advice on negotiating this? If I'd like $3500 do I ask for $4200 or $4500? What specific language should I use? [link] [comments] |
| How often do contingency offers falls through. Would it be appropriate to submit a backup offer? Posted: 07 Jun 2020 10:09 AM PDT Me and my soon to be fiancé, have been in the market for a new home for few weeks now. We went to look at a particular home and she and I both fell in love with it. (Our fault) Hell of a price though. Good neighborhood. It was perfect in every way. We were planning on putting in an offer the same day, only to find out that there was already a accepted contingent contract already on the books. My question is how often do contingent contracts fall through? Also would it be appropriate to submit a backup offer just in case? My agent says that there cant be anymore offers, but on the off chance that it falls through, I would want to move quick on it. [link] [comments] |
| Posted: 07 Jun 2020 06:21 AM PDT Hello, My husband and I own a single family home and have lived there comfortably for years. However, now that we have a child our priorities have changed. We want to live in a safer community with better school districts. To buy in such areas is out of our price range right now. We've decided to rent out our home (the monthly rent covers our mortgage) and rent a home for ourselves in the area we would like to live in while continuing to save until we can afford to purchase another home. Anyone have any experience with this? Are there any cons? Some of our friends think we are nuts to rent a home when we already have one. But for us, it just makes sense. We wouldn't be spending more monthly, we'll be in an area we are comfortable and want our daughter to grow up in, and continue to save until we are ready to purchase. Thoughts? [link] [comments] |
| My parents want to buy 2 feet of land from their neighbors. What steps should they take? Posted: 06 Jun 2020 03:36 PM PDT My parents are currently redoing their fence and found that a few trees had grown over the property line. They are in really good terms with their neighbor and she offered to sell 2 feet of her land to them. My parents would like to do this but neither party has any idea where to begin. A quick Google search said something about real estate lawyer and appraisers but the fence is already down so both my parents and the neighbor would like to do this quickly. Any help or advice is appreciated ! [link] [comments] |
| Seller refusing to fix hail damaged roof - what are my options? Posted: 07 Jun 2020 09:43 AM PDT I have 12 days until my closing date. In our contract, we stated they need to get a qualified roofer out to inspect the hail damage noted on inspection. They brought a roofer out, he stated it did not met the qualifications of needing to be repaired. I tried to send my own roofer out on Friday and they denied my request and stated "this upcoming week" would be better. After speaking with others this weekend, is it possible for them to have filed a claim, when the others in their neighborhood did (most houses have new roofs from a hailstorm last year), issued a check and did not repair the roof? I have offered to pay their deductible just to get it fixed. Should have been a non-issue for them, right? What can I do in this situation? [link] [comments] |
| Posted: 07 Jun 2020 09:32 AM PDT We have had our home on the market for nearly 1.5 years. It is located in a very remote rural area. Perfect for retirees or someone looking to escape the rat race or who just wants a vacation home. At any rate, we've had over a dozen offers, all of which fell through due to concern from the inspections. The home is 100% structurally sound, with a small handfull of minor cosmetic defects. The issue is that prospective buyers see the fact that they would have to drive nearly two hours just to reach a home improvement store, which is a deal breaker. My wife and I are at out wits end with this whole deal. At this point, I'm ready to just take a massive loss and let the bank have it and walk away and start over. 8 years ago we had nothing and came this far, we can do it again. It's only money and I'm sick to death of waiting for someone to buy it. We're currently living in an apartment in a major city waiting for the home to sell so we can make a down payment on another home...but it's becoming clear that this is a pipe dream. Are there any options at all besides letting our home go back to the bank? [link] [comments] |
| Seeking new credit before closing Posted: 07 Jun 2020 09:24 AM PDT I am going to close on a refi on a primary residence later this month. I also am in the process of putting an offer on a second home. Both mortgages would be DTI of ~32 together. The refi is clear to close but will be a couple weeks. I'd like to get pre qualified for a loan for the second home purchase so I can put in an offer. I do not want to mess with the closing of the refi, though. 1) How does prequalification for a loan show up? I assume prequalification is a soft pull and preapproval is a hard pull. 2) Does a soft pull of your credit potentially affect the closing of the refi? What about a hard pull? There would be no new account/additional debt until well after closing. [link] [comments] |
| Posted: 07 Jun 2020 08:55 AM PDT |
| Looking for advice on how to proceed after inspection Posted: 07 Jun 2020 08:32 AM PDT I put an offer on a home and it was accepted with the contingency that we have the right to cancel but not negotiate after inspection findings. My offer was based on the fact I knew I had to change the furnace and AC unit. The inspection confirmed this along with smaller stuff (as expected) but more concerning was that the deck was end-of-life and needed to be replaced/repaired (didn't have the proper support beam) and there was about $2k worth of electrical repairs. I still like the house and am still thinking about moving forward. I would just need to budget for these additional repairs. My question is, considering we did right to cancel and not right to negotiate, can I go back to my agent stating that I did not expect these larger issues to come up and I would like some credit to cover those costs. This could be from the seller or from the agents. What is the right approach in this situation? I am in Maryland. [link] [comments] |
| Real Estate vs Entry level IT with A+ Posted: 07 Jun 2020 07:46 AM PDT Can anybody give me some guidance in what career might be better for the long haul? I am looking into IT and possibly Real Estate agent in Texas. I make between 45k and 54k yearly at my job but no room for advancement ever. Can somebody who has been in both the IT field and Real Estate give me some help? My buddy has been doing Real Estate for almost 2 years and had no prior experience in sales or anything like that. He didn't make any money for the first 3 months but after that he started doing real well and so far this year has made 60k with more closings ahead. I believe i can do it im just nervous about not making any money for 2-3 months in the beginning. How good is the career and if I work very hard with leads and call backs what are the chances I don't succeed? I am planning on shadowing my buddy for about 4 days as well. I need some help please? [link] [comments] |
| Posted: 06 Jun 2020 05:57 PM PDT I wanted to use my money to finally buy some estate, i was living on rent for my whole life and i dont have any experience with real estate and property. When i am looking for property i always see those cheap building offers for about 300.000€-400.000€ in Germany near Stuttgart. My question is are those legit with no big hidden costs? or in general is it better to build your own house than buying an already build one ? [link] [comments] |
| Can't get a hold of PenFed LO? Closing in 3 weeks. Posted: 07 Jun 2020 06:40 AM PDT After reading this sub it seems like this is all too common. Closing is June 30th and we've been trying to get a hold of him for 10 days now. We are supposed to pay for an appraisal but that email hasn't come through either. We are purchasing new construction home that is nearly complete. Should I be worried? My realtor is suggesting a different lender, one that she uses often. Would this be smart? [link] [comments] |
| Real Estate Development Vs The Business Side of Real Estate Posted: 07 Jun 2020 06:09 AM PDT Hello to everyone, Wanted some input from people already in the game of real estate. I just graduated in Civil Engineering and have always been interested in the development aspect of real-estate. However; as of recent I thought it would be wiser to pursue my career in the business side of real estate instead. My goal in the future would be to live off of the passive income received from rental properties. Do you agree that pursuing a career to learn and experience more about the property management, leasing, etc aspect of real-estate would benefit me more than the construction aspect given my future goals? What career path would you recommend I pursue to learn the most information possible? Cheers! [link] [comments] |
| Experience with Condo Real Estate Posted: 07 Jun 2020 04:41 AM PDT Opinions and Experience with Condos and First Time Buyer I am interested in financing a condo in PA. But I've heard mixed views about why it's good and bad to invest in a condo. Mainly moving there to live for work and then renting it out when I'm ready to move into a bigger home. Debating if I should just rent one instead of buying. What are your experiences with condos? Thanks [link] [comments] |
| Will replacing my lawn with low maintenance ground cover affect my home value? Posted: 06 Jun 2020 11:30 PM PDT I really hate mowing and planting an alternative ground cover that does not require mowing sounds very attractive. Will having an unconventional back yard hurt my home value? [link] [comments] |
| Buying a new house in a very rapidly growing city! Posted: 07 Jun 2020 06:27 AM PDT Hey folks, is it the right time to invest in a house in a city that is rapidly or do u think there is still time we can expect to see the housing market go down? Need help, thanks! [link] [comments] |
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