Real Estate: Seller told me solar panels were fully paid off/owned, however I just found out they are leased. I close in 10 days...help:( |
- Seller told me solar panels were fully paid off/owned, however I just found out they are leased. I close in 10 days...help:(
- MIL needs us to co-sign on an apartment
- Is it reasonable to require rental applicants to have a minimum credit score of 700?
- Buyer backed out and we are entitled to their earnest money. Their realtor said she never collected it and it doesn't exist. Now what?
- Selling home - should I be concerned?
- If I want to ask a real estate agent some questions about a certain property do I need to hire them first? What is the protocol here? Im in Minnesota.
- (CA) Ok to remove loan contingency
- What to do when 1 street is devalueing your property?
- Benefits of using a realtor when seeking to rent a house. (TX)
- How would you find a broker/agent who specializes in condo sublets around Greenwich Connecticut? Would the answer be different for the landlord side than the tenant side?
- First time home buyer- under contracts
- Replacing Water Heater
- Take an FHA offer on a 1900 home
- Realtors
- Selling my Home: Should I or My Realtor Be Facilitating Repairs?
- Foreclosure aiction. When Something is to Good to be True is it?
- First time Homebuyer, Seller's Market and Inspection Findings.
- Selling house - how do you split profits/expenses with ex?
- Seller refusing extension
- How does the process of buying commercial differ from residential?
- How does property tax valuation get assessed when buying a foreclosure below market value
- Help...my agent can’t close a deal!
- Locking in Mortgage Rate
- Licensed Real Estate Appraiser Questions
| Posted: 10 Jun 2020 03:53 PM PDT Both the seller and agent actually said the panels were paid off, but the solar company told me that it is a lease and the lease has only been opened for a little over 1.5 years (25 year life). I do not want to sign a contract bounding me to panels for 25 years. What are my options? Can I request that the panels be bought out by the seller prior to closing? FYI I have not signed any solar panel transfer agreement yet. Edit: update, my lender and both realtors are now blaming me for not asking the question sooner haha you can't make this stuff up. The solar company also told me that in 5-10 years, the value should drop so I would only owe tens of thousands of dollars. Plus, "who wouldn't want solar panels when you sell your house??" [link] [comments] |
| MIL needs us to co-sign on an apartment Posted: 11 Jun 2020 07:57 AM PDT My Wife's mother is purchasing our condo after she sells her condo so she can be closer to us and our son. To give us time to house hunt she will be renting an apartment short term (6 months) but needs my wife to co-sign as her mom is retired and basically shows no income. My question is, how much will this affect our mortgage application in terms of amount of money we may qualify for? How unfavorably are co-sign situations looked upon by underwriters? We want to help her out as she's been very generous with us in the past and during this process as well. We are not worried about her not paying rent as she has plenty of cash in savings/retirement/SS, but the apartment will not consider any of that as income. They require her to show income of 3x the monthly rent, otherwise she needs us to co-sign. Any advice or insight is greatly appreciated! Thank you [link] [comments] |
| Is it reasonable to require rental applicants to have a minimum credit score of 700? Posted: 11 Jun 2020 04:47 AM PDT My rental property is a brand new home located in an "A" neighborhood and rents for $2,400/month. Is it reasonable to require rental applicants to have a minimum credit score of 700? Or should I lower that to 650? [link] [comments] |
| Posted: 10 Jun 2020 03:12 PM PDT [Michigan] We entered into a purchase agreement that had a $5000 earnest money deposit. The buyer backed out after the inspection period was finished because he got in a fight with his realtor and ended the relationship (the realtor did SO many things wrong but that's a story for another time). So it should be no surprise to me that when my realtor approached the buyer's realtor to collect the earnest money and get them to sign the mutual release, their realtor informed us that she never had the earnest money and she is completely no contact with her ex-clients so we could essentially suck it. We escalated the situation to the brokers, but of course their broker won't answer any calls. I think they are fully aware of what they are doing, and because we have so many other offers they know we want to move forward and hopefully just forget about the money they owe us. We have another buyer who wants to move forward quickly, so we might just have to sign off on the first buyers agreement and forget about the 5k altogether. Is there somewhere I can file a complaint? Is this grounds for losing her license? I don't necessarily want to waste time with an attorney if it will hold up the closing with the new buyer, but I want to put this chick on blast. UPDATE: I left a brutal and honest Google review, and the buyer's realtor finally returned my realtor's calls begging me to take down my review. I now have the EMD money and we can all move forward. Thank you all for the advice. Next time I sell a house, I will be sure my realtor verifies the deposit of the EMD. [link] [comments] |
| Selling home - should I be concerned? Posted: 11 Jun 2020 08:04 AM PDT I moved and put my place up for sale. A friend asked me if it was still for sale because he walks by it all the time - no signs up (it's a condo building). There's an Open House soon, yet no signs for that either. A while back the agent let the listing expire and we got a ton of calls for realtors. I know COVID has impacted things but I feel this place should have sold for sure by now. I guess I'm not sure what I should expect from a realtor, I would figure at least putting signs up. Do they mostly just put it in the database and just wait? Anything I should be asking? edit: I've seen signs up front before so I know they're allowed. [link] [comments] |
| Posted: 11 Jun 2020 06:40 AM PDT Not exactly sure how the relationship between buyer and agent works. I just want some info on a property Im interested in but I want to avoid any legal or financial entanglements at this early of a stage. [link] [comments] |
| (CA) Ok to remove loan contingency Posted: 11 Jun 2020 08:35 AM PDT Our seller has given us a notice to perform to remove our loan contingency. Our lender is a big bank and has been slow to go through this process. We have conditional approval and have just been finishing a few smaller items. Currently, the hold up is the underwriter working to validate a gift letter and transaction details of some funds sent by a family member. All other items have been cleared by the underwriter (i.e., the big financial picture, bank statements, employment, etc). I haven't had any change in employment or credit. My question is, since we have 48 hours to respond to the notice to perform (before the seller can cancel the deal), do you think its ok to remove the loan contingency before we have clear to close, given the minor outstanding items. I know it is a risk, because you never know what can come up. But it's also a risk to lose the house and earnest money. Tough spot to be in, any advice would be helpful. [link] [comments] |
| What to do when 1 street is devalueing your property? Posted: 11 Jun 2020 05:47 AM PDT There is 1 street of houses where everyone recently sold under value. The houses are pretty new so I am wondering if there was something wrong with them. In any case, the sales of those houses destroyed the value of my house. Is there anything I can do? Has anyone experienced this before? What did you do, if anything, to correct the situation? Thank you for reading! [link] [comments] |
| Benefits of using a realtor when seeking to rent a house. (TX) Posted: 11 Jun 2020 07:35 AM PDT As I search for a home to rent in a new area using popular websites (zillow for instance) I am curious why someone would need a realtor to represent them as a tenant? Most of the properties on zillow and related websites have an agent listed. Additionally, it is my understanding that if the agent who represents the landlord/leasing entity finds a tenant without the help of another realtor, they keep more of the "finders fee". Example: Realtor A finds a tentant with help of Realtor B, the $100 finders fee is split between Realtor A and Realtor B at $50 each. However if Realtor A is contacted independently by an unrepresented tenant, Realtor A keeps the $100 fee to himself. My question then becomes why would a tenant use an additional realtor, when there is financial incentive for Realtor A to wait for tenants to contact him independently. Additionally, what is stopping Realtor A from passing along applications from only the tenants who sought them independently? [link] [comments] |
| Posted: 11 Jun 2020 05:21 AM PDT |
| First time home buyer- under contracts Posted: 11 Jun 2020 10:36 AM PDT Hey guys, lurker here. I went of PTO and decided to tour homes with my realtor. I had originally applied for a mortgage loan a year ago and got a 3.7 % mortgage for 300k; however, due to me starting in a new, better paying position I told myself I'd wait to buy a house. Also, i travel a ton for work so it all worked out. Now I re-applied and got a 400k @ 3.2% loan. We toured a number of houses and put 2 offers on 2 separate houses. My top one fell through as someone else gave them a better offer, but our second one was accepted! Earnest money has been transferred, contracts have been signed. Was a little worried because i didn't know what i was really doing as a first time home buyer. Inspections are coming up, and appraisal as well. My biggest concern is the current economy. Especially since I bought in Colorado, where the housing market has boomed to Mars in the past few years. Im not too worried about not being able to make my mortgage payments yet, but I'd be pretty bummed if the market took a nosedive and the value of the house goes down. I do have to option to rent/ airBNB out the house since my job relies on me traveling 100% and I'd just keep my things in a garage, but if the market does go sour, i assume rent would decrease as well? I have to claim the rent as taxable income, right? Anyways, i just wanted to share the amazing feeling of being able to purchase a home at 23, and also the gut wrench feeling of the market taking a nose dive and curb stomping my teeth in while at it. Any advice for a new home owner? [link] [comments] |
| Posted: 11 Jun 2020 10:33 AM PDT Hello, My insurance is requesting information about my gas water heater, particular the last date changed. I discovered that the water heater is still the original from 1999 (almost 21 years old). However, I have not noticed anything significant changes nor any leakages. Should I replace my water heater? If so, should I hire a plumber to do everything or should I purchase a water heater then hire a plumber just to install? Thank you. [link] [comments] |
| Take an FHA offer on a 1900 home Posted: 11 Jun 2020 06:39 AM PDT Hello! We listed our 1900 4bd/2ba colonial last week and have been fortunate to have 10+ showings including an offer. We listed for 137900 as it's an older home in an up and coming area. We received an offer for 137000 (-4k closing credit) with an FHA loan. The offer is solid but the FHA makes us very nervous. It's an old home that was disclosed to have home tested lead by the previous owners (we bought the home 3 years ago) in addition to brownstone basement, very old windows, etc. How strict is FHA when it comes to older homes? I just don't see how older homes get sold through FHA requirements. My concern primarily is that we'll likely get other FHA offers as this is a lower prices home for the area but primarily that the FHA inspection comes further down the line and we could have a contingent offer for 4-6 weeks and then have to relist potentially losing out more money. We're not going to spend 15k+ on window replacement, the basement situation really can't be remediated and we're not going to replaster most/all of the house. Any advise appreciated! TIA! [link] [comments] |
| Posted: 11 Jun 2020 10:15 AM PDT I started searching for homes via Zillow. I was contacted by one of their Realtors and have been working with her ever since. She has shown me properties and contacts the listing agents to get information. I am pleased with her work and would like to continue working with her. What exactly do I owe her? For one of the houses I liked she put together an estimate and put in a $400 transcation fee from Keller Williams. Is that all I have to pay for her services? [link] [comments] |
| Selling my Home: Should I or My Realtor Be Facilitating Repairs? Posted: 11 Jun 2020 10:11 AM PDT I met with a realtor earlier this week about selling my home, went over comps, numbers, and things that would be good to fix before putting it on the market. He said for that it would be good to paint x and y, to sand z, fix a and b, and clean up c. I basically said, "great that sounds like a plan," not realizing that he was saying that I should handle all this stuff. Since I'm just dumb Joe homeowner, I thought he was saying he'd facilitate it, bring in a handyman, yard guy, etc. to get to work on this stuff. When I bought the house there were several repairs that had to be made, but I never talked to anyone but my realtor. Is it normal that the realtor expects the seller to handle all this stuff before putting it on the market or does the realtor normally get involved? [link] [comments] |
| Foreclosure aiction. When Something is to Good to be True is it? Posted: 11 Jun 2020 10:10 AM PDT 2 parts. Part1 . I have been looking at foreclosure auctions and I always see The amount due is more then the house is worth. So the owner buys it back at auction for more then the house is worth but less then what is due. Is this legal? Correct? Or am I totally lost? Part 2. I just recently witness a home that was worth 630k go on foreclosure auction for the HOA fees totaling 12k. The plantiff's max bid was 12k. The home was sold for 47k to a 3rd party bidder. Could this be true? a 630k home that goes for 47k? Is that above any liens? mortgages? I was under the impression a lot of the liens get erased at foreclosure but some can still linger around. I check the public records and it was in litigation for about 2 years that being said 47k for a 630k home? When things are to good to be true they are but this is insane. Honestly any help would be greatly appreciated. You can message me. you can comment. Any help I mean any help would be taken seriously. Thank you for your time. [link] [comments] |
| First time Homebuyer, Seller's Market and Inspection Findings. Posted: 11 Jun 2020 10:08 AM PDT Hello all, my fiance and I have been looking for houses and boy has it been a journey. Our offer was accepted due to not asking for closing cost help and our offer was accepted at 2k over listing price. The owners bought the house for around 50k on foreclosure (did my own research) and the house is almost 130k listed and is a tad higher than other houses in this area and street. Apparently the foundation seems good with little or normal cracks and the garage/house is sturdy. Roof is apparently 8 years old and looks healthy on detached garage as well. 25yr old furnace (asbestos wrapping, healthy blue flames but have to replace valve) and central air unit not running as cold as would like but running ok) and water tank. 15yr old hot water tank - corrosion and rust, need new one in near future. New appliances in kitchen, somewhat updated kitchen and updated bathroom, carpet, almost 2,400sqft house. Inspection: Front sidewalk has a risk of trip and some settling. Sidewalk to house as well. The front porch wall area and front brick steps have signs of settling and cracking. The steps and wall have dropped and settled several inches. Brick house. Small concrete slab for porch with stairs that match the house. The stairs have begun to settle. The awning seems custom and not the most expensive, brickwork done around this, which is settling due to failing to tamp the soil underneath. (This was one selling point for us) The driveway concrete in front of the garage is in poor condition. The garage service door is in poor condition. -There is a crack in the brick/mortar above and to the right of this door. The garage floor has settling cracks on the concrete floor. The far back two car garage door is in poor condition. The wooden panels have settled and have signs of deterioration. (2 car garage door - opposite side has a good condition single car door) The garage door opener has some handyman wiring present. The garage door photo eyes safety release are set too high above the ground. Recommend lowering them to the proper height per safety code. Six inches above the ground is standard. (Guy has a extention cord up the wall) The upper roof chimney chase brick needs to be evaluated and tuck pointed. Needs rain/critter cap. (Chinney is present in attic and over roof) The back sandstone windowsill is cracked and is loose. At the front upper soffit area of the home there is signs of the wood deteriorating and a possible gutter leak. At the west side of the home the upper downspout is rusted and is leaking. The basement interior walls have a water management system in place. There are plastic panels present along the lower wall areas and a sump pump present. Recommend obtaining all of the relevant paperwork and warranty information on the waterproofing. The electrical panel in the basement is the original fuse style electrical panel. Recommend further evaluation to repair and to update the panel to a newer style breaker panel. Recommend repair by a licensed electrician Recommend further evaluation of the main electrical service to the home. There may only be 60 amp service to the house. Recommend at least 100 amp service to the home. Recommend repair as needed by a licensed electrician. Based on the age of the original knob and tube wiring. Recommend having a certified electrician evaluate this original wiring for safety. A licensed electrician may install 15 amp breaker's in the panel to help protect all of the knob and tube wiring. (We suspect attic has knob and tube, which is only connected to the light in attic. Basement has updated wiring with a breaker? Probably to help pull power from the washer, dryer, central a/c. The main floor is unknown, could possibly be knob and tube. (Not uncommon where we live however we are concerned and are getting an electrical insoector with a quote, would ideally feel comfortable with 200amp, personally. No GFCI outlets. Some things we can fix, however, I keep going back and forth thinking this is a lot to fix and feeling taken advantage of for reasons such as accommodating the seller. We would like to live here however would need some things fixed, especially the electrical. Please help me. [link] [comments] |
| Selling house - how do you split profits/expenses with ex? Posted: 11 Jun 2020 10:03 AM PDT Hi, My boyfriend bought his house w/ his ex-gf in the DC area and broke up soon after. They are "tenants in common" and had no agreement on what they would do w/ the house if they broke up. Since then, they rented it out and he has lived there for half the time - right after break up and now gearing up for selling. She has moved out of state. They accepted an offer and are going to make a profit. The disagreement is how to split it. She provided a higher downpayment, but he has paid for months towards the mortgage/HOA fees and some home improvement expenses. Based on their "tenants in common" the default is for them to get 50% each. But he wants to be reimbursed for 50% of his mortgage/insurance/mortg insurance/hoa fees that he paid while he was living there. She is counting it the same as a rental payment to her, although there was no signed/oral agreement to that. He's considering going to mediation, but not sure if it's worth it. Anybody go through this and know if any part of the mortgage/insurance/hoa payments he made are reimbursable? Thanks! [link] [comments] |
| Posted: 11 Jun 2020 12:16 AM PDT We are in a contract that is supposed to close on a house in Utah on Thursday (6/11) . We found out on 6/10 at 9:00 am that the lender didn't receive one document from the title company on time so we will not be able to close and fund until Monday (6/15). We reached out to see if we could rent the property from Friday to Monday and offered $500. Our agent also sent a request to extend to Monday. They responded that they don't want to rent (which sucks but is fine) and they are refusing to sign the extension. They even told our agent they have a backup offer they will go with if we don't fund by the original 6/11. We have signed the closing CD documents and literally everything is set to go through on Monday. We will be homeless if they pull out. (We will have to rent storage for our stuff and pay for temporary housing until we could get another house). We have had numerous conversations with our RE and she is doing everything she can but they are refusing to sign the extension. We even had the Manager from the lender try to call the sellers RE to confirm that the loan is secure and will go through on Monday. I guess there is a three day gap required by law to fund after the loan is approved. Can they really do this? I am so lost as to what to do. We have 3 kids, one of whom is severely disabled and the sellers know this (they have brought it up several times in conversation). Are we screwed if they don't sign the extension? [link] [comments] |
| How does the process of buying commercial differ from residential? Posted: 11 Jun 2020 09:57 AM PDT I was previous looking for residential homes on zillow.com. I clicked the button that said call me and was connected to an agent via Zillow and was in contact with him this whole time. I made some offers but ultimately they were all rejected. Now I am pivoting to a commercial property. Does the process differ at all? I have been looking on loopnet. Will loopnet connect me to an agent? Do agents for residential also work with commercial? [link] [comments] |
| How does property tax valuation get assessed when buying a foreclosure below market value Posted: 11 Jun 2020 09:52 AM PDT I'm considering buying a foreclosure home and want to confirm how property tax assessments work after the purchase. Is it true the price paid for the foreclosure home (even if below market value) will be the new assessed value and property tax will be based on this? Is there any form of protection from the town/city increasing the price the following year to something much higher? Thanks in advance! [link] [comments] |
| Help...my agent can’t close a deal! Posted: 11 Jun 2020 09:50 AM PDT Hi all, Our realtor who is helping us buy a house in the neighboring state came as a referral from the agent selling our home (who we LOVE). We sold our home and sign the P&S tomorrow. Our agent helping us buy our next house out of state has been mediocre. I find myself recommending strategies to her and that's not the way I feel this relationship should work. Here is my situation and I would LOVE any feedback: -wife and I are touring a house on Saturday. It was just posted last night. Asking price $830K. -our offer would be contingent upon sale of our house (we have buyers and sign the P&S tomorrow) -we would offer something like $5K with the offer and $15K after home inspection. -we would likely do a home inspection for informational purposes only -we will include an escalation clause in case there are other offers What else do we need to do in order to be in best position for earning a "yes" to our offer??? We embrace all creative ideas...we WANT this house and we NEED this house so our kids can get into a new school before September and our suitable housing clause is met in our P&S with the buyers of our home. Thanks in advance for your help! :) [link] [comments] |
| Posted: 11 Jun 2020 09:16 AM PDT Have a 60 day close on the place we're buying. 35 days to go - and wondering if I should lock in at the rate today, or wait a few weeks to see if things go lower? The rate I could lock in on today would be 3.375%. Appreciate the feedback! [link] [comments] |
| Licensed Real Estate Appraiser Questions Posted: 11 Jun 2020 09:12 AM PDT Hello, I'm looking at getting licensed as a Real Estate Appraiser (in South Carolina) and I have a few questions. To preface, my ultimate appraisal goal is to graduate with a BS in Finance and get on with a commercial real estate appraisal firm post graduation.
I'd like to get to the point where I can work as an appraiser in the summer or at least knock out some preliminary appraiser education for some relevant experience. Thanks for taking the time to read this! [link] [comments] |
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