Real Estate: Don't assume your realtor has the contract details correct, you need to look it over before signing. |
- Don't assume your realtor has the contract details correct, you need to look it over before signing.
- Coronavirus mortgage bailouts suddenly swell as homeowners face new struggles
- Bidding war
- Agent posting on social media before closing...
- (NY) Town has lost the file on my house (survey, permits, COs)
- Is it better to sell my house with an apartment with the apartment rented? My tenants move out today for the first. Not sure if i should leave it empty and list or rerent (and be honest) and list.
- Dream home on busy street
- Cashier's Check at closing
- Pay down mortgage or save for next home
- Should i use my agent to represent me for a new build?
- Drainage Pipe in backyard of new construction home
- Switching business from sole proprietor to LLC, would this affect my ability to apply for a mortgage?
- Beach erosion property value
- Can I cancel this sale?
- Question about MLS numbers changing for a house
- Ownership sharing with investors for a real commercial property
- Is it bad to make a large down payment?
- Changing Management Companies for a small condo building
- Should i buy a house worth 250k if i have total savings of 30k?
- Possibly jumping in 25% on a rental.
- What does it mean when a septic is “sized for” a certain number of bedrooms?
- I feel bad…
- need guidance about home buying tips in Florida
- Final Walkthrough Revealed New Water Damage. We don't know if we should continue our walk away
| Don't assume your realtor has the contract details correct, you need to look it over before signing. Posted: 26 Jun 2020 06:31 PM PDT Just recieved an updated contract, and noticed a digit missing from the purchase price on the contract, after all parties signed it. It's in my favor,( by several thousand dollars.) but I alerted my realtor to correct it since my lender is going to be using that to calculate all my costs. Thankfully my sharp eyed legal assistant also caught it the following day. I make sure I check the amounts of credits, seller assist and downpayment amounts because those were also incorrect at various stages of revision. Be alert and don't ever assume your realtor can't make mistakes, especially if they are very busy. [link] [comments] |
| Coronavirus mortgage bailouts suddenly swell as homeowners face new struggles Posted: 27 Jun 2020 08:38 AM PDT The number of active mortgage forbearance plans rose by 79,000 in the past week, erasing roughly half of the improvement seen since the peak of May 22. Increases happened every day for the past five business days. As of Tuesday, 4.68 million homeowners were in forbearance plans, allowing them to delay their mortgage payments for at least three months. This represents 8.8% of all active mortgages, up from 8.7% last week. [link] [comments] |
| Posted: 27 Jun 2020 08:40 AM PDT Lost our dream home in a bidding war. Seller asked for best and final. We went 10k over list price which really is our best as it is already at the top of our budget. They are keeping us as a backup offer. Not sure if we should still hold out hope. Any insight to rules with a BU offer? Do they have to tell us should they decide to relist or even take a higher offer without telling us? Any insight for winning if this situation comes up with another house? I even did the personalized letter thing, but didn't help I guess. Getting nervous because school is already up in the air due to COVID, and we wanted to at least be settled by then. Doesn't look like that will happen in time. [link] [comments] |
| Agent posting on social media before closing... Posted: 26 Jun 2020 05:22 PM PDT My agent is posting my instant equity on a house I am under contract for on social media. Closing date is 2 weeks away... Not sure if I am making a big deal about this but I am kind of uneasy about the social post because if I were the seller and saw that I would try everything in my power to back out of the deal. I would understand after I close, but not a few weeks away. Would this infuriate you or would you not care? [link] [comments] |
| (NY) Town has lost the file on my house (survey, permits, COs) Posted: 27 Jun 2020 06:46 AM PDT This started out when the fence between my and my neighbor's house started falling apart. I wasn't sure whose fence it was, or where it was on the property lines I went to town hall building department, and asked to see our file. They told me it wasn't in the "current" files, nor the "old" files, or the "archived files in the basement". They said it might have been lost when they moved from another building. County doesn't maintain files. I was able to look at the neighbor's survey, the fence is on the property line. BUT This raises a larger issue for me if/when our house is sold. The house belonged to my parents (they were 2nd owners in 1954, it's a life estate deed now), and they have done several improvements within the footprint of the house: expanded the dining room into the old screen porch space, added a fireplace/chimney, among other things. If there's no survey, no permits or COs for the work, what issues could come up if/when I decide to sell the house? PS: I'm not really interested in changing the fence right now [link] [comments] |
| Posted: 27 Jun 2020 08:53 AM PDT |
| Posted: 27 Jun 2020 08:43 AM PDT We've had an offer accepted on our absolute dream home. The quality is exceptional and I could move into the house without having to do anything. The home is on a quarter acre lot with a pool (quarter acre is large for my area) but unfortunately backs up to a busy and loud road. The house itself is in a neighborhood full of 700,000-million dollar homes and we're buying this for 600,000. It's our dream neighborhood and has little traffic actually coming into the neighborhood. Another bonus is that my parents (babysitters) live 10 houses away. It has a large brick wall to help block out the noise and you can't hear the noise inside with the windows closed. I think a water feature will help but I know the noise will still be there and it will be annoying. So, would you buy this house if it checked every box except the noise? We know the only reason we can afford this home is because of its location to the busy street. My husband is ready to buy. I'm really hesitant. [link] [comments] |
| Posted: 27 Jun 2020 09:04 AM PDT |
| Pay down mortgage or save for next home Posted: 27 Jun 2020 08:57 AM PDT My husband and I bought our first home with a USDA loan a little over 2 years ago. We know that this is not our forever home and we hope to move to a home that better suits our needs within the next 3 years. We currently have around 10k in savings and still owe around 115k on our mortgage. We're looking for some advice on whether it's better to save as much money as we can for a down payment and other home buying expenses or pay down our mortgage as soon as possible. Any advice would be appreciated! [link] [comments] |
| Should i use my agent to represent me for a new build? Posted: 27 Jun 2020 08:21 AM PDT So we have been looking at homes for 4+ months in the salt lake city area. Inventory is really low and we have been unsuccessfully in finding anything. Cut to today, we are looking at putting in an offer on a new build with a developer, we have already met with the builders and are ready to put in an offer. All of the new build leg work has been done without our agent. We have told the builders we have an agent, but have yet to discuss the new construction option with him. I would like to cut him in for the work he has done the past 4 months (around 20 showings and 4 offers), but I am not sure if this will make our offer look worse to the developers. I'm also wondering if i could make an arrangement where he takes half of his commission and then provides us with half for upgrades, a win win for us looping him into the deal. What do you guys think is the right play here? [link] [comments] |
| Drainage Pipe in backyard of new construction home Posted: 27 Jun 2020 05:53 AM PDT Hello all. We are under contract and set to close next week on a new construction build. This is a "cookie cutter" neighborhood and they're putting in a lot of homes. After clearing out trees etc to build, they realized there is an above ground drainage pipe (about 3 ft diameter) inside our property line (backyard). Our lot is only 3,000 sq ft, so the backyard is already small. Nothing was ever mentioned to us about it. We reached out last week to find out what could be done. They said nothing, it was owned by the city, and if we're going to build a fence we will have to go around it (cutting space out of our already small backyard). The structure is right on the line where a fence would be built. They are claiming they didn't know about it until far into the build, after we were under contract. We cannot back out due to $8,000 deposit, and also nowhere to live right now. We love the house outside of this one issue. Also, to mention, the yard seemed to be graded on a slope, likely so water feeds into the drainage pipe. I'm afraid our backyard will be a swamp. We have two dogs. Please, anyone, any advice would be helpful. I'm a first time buyer and I'm afraid they think I'm naive (probably am a little). Is there any grounds for leverage on lowering cost, paying for our fence, getting pipe moved?? It pisses me off because it will cut down resale value and our lot cost the same as the one next door with a flat backyard and no pipe (would have chosen that if we knew). Thank you!!!! [link] [comments] |
| Posted: 27 Jun 2020 07:36 AM PDT Hello, I'm looking to switch a business I've had for a few years to an LLC. Would doing this affect my ability to apply for a house mortgage? I know that the requirements are usually two years of tax returns but would the LLC be considered a "new" business? I would also be getting a new bank account so would I wouldn't have as many bank statements as they may require for the LLC. Anyone go through something similar? Thanks! [link] [comments] |
| Posted: 27 Jun 2020 09:40 AM PDT South Haven, Michigan. Two lakefront properties left to beneficiaries. There is seriously bad beach erosion in the area. One house/cottage/shack is a virtual dump. The other "cottage" is small, rustic, still has orange shag carpet from the 70's and is on the verge of falling into the lake. The question is: How is property value effected by beach erosion with some damage to the land and the building? [link] [comments] |
| Posted: 27 Jun 2020 09:35 AM PDT Our home is for sale. We are in escrow and we were supposed to close a couple days ago. Something happened with the buyers of the house our buyers are selling and we have no idea when they will get the docs or sign or anything. We already signed on the house we are buying but nothing has funded because we are getting our down payment from the sale of our house. The seller of the house we are buying is threatening to cancel the sale and keep our deposit if we don't pay more for the house since it went past the closing date. If that happens we will be out $6k. Can we cancel the sale of our home and keep our buyer's deposit or ask them to reduce the amount of credit we are giving them to make up for our lost deposit? [link] [comments] |
| Question about MLS numbers changing for a house Posted: 27 Jun 2020 09:34 AM PDT There's a house in my market that went pending a while back and it had X MLS number. It went pending around May 24th. It's now Back on Market as of Yesterday 6/26 in MLS with a new listing number. Why does that happen? Is that so the agent can reset days on the market? The pictures, listing info, and for sale price are the same as before. On Zillow, it shows the listing as being for sale again but still has the old MLS number. [link] [comments] |
| Ownership sharing with investors for a real commercial property Posted: 27 Jun 2020 05:42 AM PDT Hello all, I am in the process to buy a real state commercial property to start a business. We have (partners and I) an investor who is willing to put enough money for the downpayment. In return, we are giving up some of the ownership to the investor, how do we structure this? How much ownership should we give up? Any feedback is more than welcome. [link] [comments] |
| Is it bad to make a large down payment? Posted: 27 Jun 2020 09:26 AM PDT I can afford a down payment up to 70% of the home price. My real estate agency is telling me that I should only put down 20-30% or else lenders won't lend to me because it won't be worth it. I figure they'll still make money on the loan and closing costs. Is it possible to put too much down? Would I be better making a large down payment, then taking out a personal loan instead to cover the rest? [link] [comments] |
| Changing Management Companies for a small condo building Posted: 27 Jun 2020 09:19 AM PDT I purchased a condo last year in a <10 unit building in NYC last year. It is new development and residents moved in early last year. The buildings management company is an artifact of the sponsor. I'm on the condo board and we're considering getting a new management company because we're unsatisfied with the performance of the current one. Does anyone have an advice for this change in management? What are some of the pitfalls that a first time board member may not know about? On the off chance you're in NYC, do you have any recommendations for management companies? [link] [comments] |
| Should i buy a house worth 250k if i have total savings of 30k? Posted: 26 Jun 2020 09:58 PM PDT I am planing to buy my first house in PA. My yearly earning is 90k annual only me earning and have a wife and baby. Currently i live with my wifes family without a need to pay rent. I was able to save 30k in ten months and was thinking to buy a house. Is it a good idea to do this in the current covid situation? The company i am working for recently announced that it might do job cuts but not in my department. On the other hand i am getting a very good APR (3.125) and rate to buy a house. Any suggestions? [link] [comments] |
| Possibly jumping in 25% on a rental. Posted: 27 Jun 2020 09:04 AM PDT A friend is buying a rental with 3 apartments. I want to take 25% in ownership, in order to collect 25% of profits and also begin reinvesting into more properties. How do i go about this? [link] [comments] |
| What does it mean when a septic is “sized for” a certain number of bedrooms? Posted: 27 Jun 2020 08:06 AM PDT Looking at a house, great location but on a septic system. I get that there are some limitations on what we can do based on the size of the system, but what does that actually mean? [link] [comments] |
| Posted: 27 Jun 2020 08:01 AM PDT I'm feeling a little guilty about breaking up with my buyers agent. We only work together for a short time but each of the three times we went to view homes, they made it very clear that they had to be somewhere afterwards and I always felt rushed. For context I'm not a person who will spends hours in a home. I'm usually in and out unless I like something and want to look more closely. I also felt like there were issues with some of the houses that maybe they should have brought to my attention. Anyways, I'm second-guessing my decision. I guess I figure it's easier to break it off now after only a week or so versus continuing to try to work with someone and them having invested a lot of time. Are my expectations too high? What are reasonable expectations of a buyers agent? [link] [comments] |
| need guidance about home buying tips in Florida Posted: 27 Jun 2020 06:23 AM PDT So i'm in process of start looking and buying a house in space coast/melbourne area in next few months. This will be our second home since we moved and sold our Illinois condo. We went negative money in Illinois due to high taxes, and value not appreciating. I had hoped that pandemic would bring the prices lower but doesn't seem that way in Florida, at least not when I talk to realtors. I'm skeptical of realtors too as I feel when I was preparing to sell, they were telling me how tough the market is (which it is in Illinois) but now its the opposite (probably its the location). So I need some guidance: - planning, or recommendations on what to read about Florida single home buying. -how to pick a good realtor and how to check his work. I have realized that I'm on the hook so I feel the need to make sure he's doing it right for me. So i'm realizing that I need to learn a lot. -Things to be wary about when looking at houses, esp if the area that i'm looking at. Like a local plumber told me to avoid Rockledge,FL area as they have a lot of plumbing problems since they do a lot business there and cases are Cluster F. some context: my budget is 600-800k, I'm planning for buying my long term home. one thought that I'm contemplating is to buy a 300k-350k house in a short term and eventually when prices do come down - buy my big ticket house and convert the initial house into a rental property. what are your thoughts on that? another thoughts was wait and see if properties go in foreclosure and see through those. --Thanks for reading and appreciate your input. [link] [comments] |
| Final Walkthrough Revealed New Water Damage. We don't know if we should continue our walk away Posted: 26 Jun 2020 10:01 PM PDT Going through our potential new home today my wife and I immediately noticed that there was new water damage on the kitchen ceiling, as well as in the bedroom closet adjoining the kitchen. This is definitely new, it wasn't there a couple of weeks ago when we were there, or on Monday when one of the leasing agents went through. My brother and I went into the attic and found that the drainage pan under the HVAC had a defective corner that allowed water to spill. We turned off the fuse so there's no more water leaking but we aren't sure how extensive the damage is. I pulled off the insulation and it looks to be contained to an area about 10x10 feet. My wife and I arent sure how to proceed. Our agent has reached out to the sellers to arrange a repair but haven't heard back, being a friday night. This is definitely recent, but we're wondering if the damage may be worse than it appears. Should we back out? Wait to see if the sellers will repair? We're in a bind since our current lease ends Monday. Oh, and my wife is 4 months pregnant so this is a lot of added stress for us. Please reddit, any advice? We're first time buyers and along with other previous issues this buy has become a bit of a nightmare. [link] [comments] |
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