Real Estate: Uninhabitable home selling for $839k in NYC borough (Queens) |
- Uninhabitable home selling for $839k in NYC borough (Queens)
- For Real Estate Agents, how does a real estate agent start selling multi-million dollar homes? Is it just experience and then the brokerage trusts you with more expensive houses or is there more to it?
- If you are a seller, please do not string your buyers along
- Is it normal for inspection results to differ dramatically?
- Massachusetts - Is a swing set real property or not
- If you can't make it to a sheduled showing, let the owners know.
- Withdraw our offer before they accept?
- Renting Out the First Home I Bought
- Non Owner Occupied Multiplex Financing
- What are some of the college towns that would be the most likely to see the biggest decreases in effective rent prices? (US)
- Using a 203K loan for repairs on a foreclosure purchase???
- Delayed Closing?
- A true Mortgage Forbearance. What's the catch?
- Pet friendly fake grass
- First time renting a condo question.
- [Landlord, US, NC] Landlords/property managers: on tenant move-out, how much do you deduct from deposit if a tenant has left behind a marijuana or cigarette odor in a "smoke-free" unit?
- $30K incentive for structure and interior design options on new build. What’s most important/best way to use this money?
- Selling, Renting, Buying, Housing prices, Debit, So many things... Please advice.
- Foreclosures/Deeds
- Confused First Time Buyer
- 1st Time Home Buyer Questions
- Home Inspection While Tenants Are Occupying The Condo
- Permitting an already non-permitted build
- I'm trying to keep my eyes open for a property to get in the future, but I'm having a hard time finding resources to help me navigate what is allowed in certain locations.
| Uninhabitable home selling for $839k in NYC borough (Queens) Posted: 28 Jun 2020 04:38 AM PDT NY Post Article that gives background about the area I used to live around this area in a vacant family home that we rented, about 11 years ago. The house we lived in was a very similar style (brick Tudor, slate shingle roof) and was similarly outdated (though not nearly as dirty). When we moved out, we were the last family members to live there before they decided to sell. The day the realtor was going to put the for sale sign in the ground, there was someone camped out in front of the house waiting for the realtor and offered cash on the spot, sight unseen. The house was never shown and sold at asking (which I believe at the time was $675k). Crazy market. [link] [comments] |
| Posted: 28 Jun 2020 12:19 AM PDT I've always wondered why some people get to sell very expensive houses, while others sell normal ones. I just graduated college but have been thinking about becoming a real estate agent, it seems a lot more fun and something I'm interested in compared to sitting at a desk working on IT stuff. [link] [comments] |
| If you are a seller, please do not string your buyers along Posted: 27 Jun 2020 09:22 PM PDT I'm in a semi-competitive market, 4 offers in, no luck yet - two deals fell through due to inspection issues, but what happened to me yesterday was my worst experience. We submit an offer - seller responds saying price is accepted, but have to work out settlement date. We were in the middle of negotiating the settlement date among other things and things were going well. After stringing us along for about about a week claiming that they are physicians (and busy), seller responds saying they accepted a higher offer..... but it was really the settlement date that was the issue (even though I pretty much agreed to let them stay in the home for an extra two weeks after close at no cost so that they can get to their preferred settlement date). All in all, for a first time home buyer - this type of shit makes me cringe. My agent was furious. It's sad that people give up the ethics of conducting business for a few thousand $$.... EDIT: some more details, we did provide a 24 hour response, but we negotiated verbally for the rest of the week. THERE WAS NO MENTION OF PRICE...in fact that was the first thing we agreed on (we offered full list price btw)..... had i known they were looking for a few more $$ I would've offered it..... its a good lesson for us as first home buyers. [link] [comments] |
| Is it normal for inspection results to differ dramatically? Posted: 28 Jun 2020 10:37 AM PDT I listed my house the first week of June, had a lot of interest, and was under contract for over list price within 48 hours. Buyer had their inspection and this inspector flagged so many little nit picky things, which I understand is their job, but many of the items turned out not to be issues when I had a plumber and electrician come and take a look (i.e., reversed polarity on a receptacle when there wasn't one, missing GFCIs when they were installed prior to listing the house). The buyer sent a list of desired repairs and I agreed to pretty much all of them even though none were large issues. However, the buyer ended up backing out due to the inspection. I was super confused because the house is in excellent condition with no foundation issues, new plumbing, new roof, paint, flooring, etc. So that sucked but we had multiple offers so we immediately went back under contract with another buyer. That buyer just had their inspection and that inspector did not flag half of the things that the first inspector did, but he did note other small things like a door that he felt didn't latch properly. Overall I'm fine with what the second inspector found and the repairs are all small, cheap fixes so I'm happy to do them. But is it normal for two inspections to come out so differently? I have both reports and I can see how the first inspection probably scared the crap out of a first time homebuyer with a bunch of trivial nonsense that in a lot of cases wasn't even a correct assessment (example: saying the garbage disposal needed to be replaced when it was just installed prior to listing and never used, saying the soffit was rotting under the new exterior paint even though the entire soffit was replaced). Anyone else have this experience? [link] [comments] |
| Massachusetts - Is a swing set real property or not Posted: 28 Jun 2020 06:23 AM PDT Seller's agent in MA. Is a swing set that is screwed into the ground but not anchored with cement footings considered a fixture? I.e. does it transfer to the buyer as real property? Or does it get removed? Nothing has been mentioned in the contracts. Purely looking for legal guidance. We know we can discuss with buyers, but may not want to since there's the risk seller would have to commit to removing it, and there are time constraints. [link] [comments] |
| If you can't make it to a sheduled showing, let the owners know. Posted: 27 Jun 2020 10:28 AM PDT When you've got kids and pets it takes a lot to get your house show ready, and when you drive around for an hour and they don't show up it's really frustrating. Please don't waste peoples time. [link] [comments] |
| Withdraw our offer before they accept? Posted: 28 Jun 2020 09:17 AM PDT We have an offer on a house that had a verbal agreement to the terms. We submitted on Wednesday and the sellers agent said we should have it signed next day. It's been 4 days, we haven't heard from the sellers. We suspect they might be getting cold feet and just can't pull the trigger. Now there's other properties popping up that we want to look at and this one is leaving a sour taste in our mouth. Can we safely withdraw our offer? How do we know if they haven't signed it and are just sitting on it? Our agent can't get in touch with their agent. [link] [comments] |
| Renting Out the First Home I Bought Posted: 28 Jun 2020 06:21 AM PDT Hello All, So the wife and I are in the stages of potentially moving into a new home (currently negotiating repairs called out by the home inspector). In the mean time I've been researching the idea of renting out my townhouse that we currently live in to someone. I'm a little nervous since this will be a new journey for me but I was hoping to get some friendly advice from this thread on anyone's previous experience? One question off the top of my head that I was wondering is what will I need to provide my tenant? I'm under the impression that the tenant will need to set up their own stuff like Power, Water, & WI-FI (especially since the PM will take 10% of my total rent and that could add up). So far I've: -Reached out to my first mortgage lender to confirm that I'm allowed to turn this place into a rental property. They said that it is fine! -Contacted a property manager and their rate will be 10% (still waiting to get my comps back for my neighborhood). -Been studying my state's rental property laws and regulations (not sure if more of this will fall on the property manager or me?) Any info or advice is appreciated! Thank you! [link] [comments] |
| Non Owner Occupied Multiplex Financing Posted: 28 Jun 2020 06:19 AM PDT Hey all, coming up on 6 months of owning this 4plex I had bought with cash, so that means I can finally look at financing. I really have two options; a fixed mortgage, or a HELOC (I've found a few lenders who will do an ELOC on NOO multiplex). I think I've weighed the pros and cons of each, but wanted to see if there was anything I was missing. The mortgage rate would be roughly 4.5% from what I'm seeing, whereas the HELOC would be prime +1.25 (which is coincidentally 4.5 as well). With the HELOC route, I can get a fixed draw at prime +1.5, which right now would be about 4.75. I'm leaning towards the HELOC because there's no closing costs except the appraisal (and that might even be just a drive by appraisal at no cost to me) and recording fees of $200. It also means I can use the LOC as an equity bank if there's a sudden repair needed. Comparing rates, it's close enough to the mortgage rats that I think it makes sense. Is there anything I'm missing here? What would you do? [link] [comments] |
| Posted: 28 Jun 2020 01:38 AM PDT |
| Using a 203K loan for repairs on a foreclosure purchase??? Posted: 28 Jun 2020 07:31 AM PDT I recently purchased a home in a small town in South Central Colorado. The home was a foreclosure and I purchased it using cash via an auction website (Hubzu). I just closed on the home on 6-23-2020. I am unsure of the actual value of the home as there was no appraisal done on the home prior to purchasing. The home is on the Tax rolls at 90K. I am super new to this whole process, so I am unsure how this number figures into the actual value of the home. Any input on this would be greatly appreciated. I purchased the home for just north of 61K. I feel like the market value for this town is somewhere in the neighborhood of $100 - $120 per square foot depending on the condition of the properties of course. The property was listed as a 3 Bed 1 Bath home of 1066 sq. ft. with a detached garage of 540 sq. ft. I am not sure how to value this property in terms of total sq. ft. as it appears that the livable space is 1066 and the non-livable space is 540. What do they take into account when applying for the rehab loan? Will I only be able to rehab the livable space or all of the home? Is it a good idea to pay for an appraisal for my own knowledge or should I just wait to get one done during the loan process? We only want to get the limited loan for 35K and are looking at possible refinance options once the repairs are completed. If for some reason the repairs go over this amount we are prepared to complete the remainder of the repairs out of pocket. So my question is am I in a good position to apply for the loan. I have done research on this type of loan and I meet the credit requirements and can pay a down payment if required. I am wondering since there is no existing mortgage on the home and I am only looking to get the 35K rehab loan will I still have a down payment on the loan amount? Will it be the 3.5% down that I have been reading about or will it more or less than that? Absolutely any guidance that could be provided would be greatly appreciated. I also posted this in r/Realestatefinance [link] [comments] |
| Posted: 28 Jun 2020 10:39 AM PDT First time home buyer here and need a bit of education. I'm buying a new construction house and we are supposed to close on 6/30. I went to the house yesterday (6/27) and the landscaping is not close to done and I could see there are issues still in the house that is not cosmetic. We had an inspector go out last week and gave them a report on the issues that still need to be address (paint on the roof). My agent also just told me that the lender hasn't sent the documents over yet to the title company. I got the CD though on Thursday (6/25). The builder charges $250 for lender delays. The lender hasn't asked me for any additional documents since last week so wasn't sure if the loan is still in underwriting or not... Any advice on what to do? I have my final walk tomorrow. Will my house get delayed in closing? Is it possible to avoid that $250/day if the house is incomplete? Also, no movers or appliances are ordered yet and my lease on my current apartment is good until August so I'm not concerned about that :) just curious of what to expect this week coming up. Thank you in advance!!! [link] [comments] |
| A true Mortgage Forbearance. What's the catch? Posted: 28 Jun 2020 10:33 AM PDT There are people saying that the covid-19 mortgage forbearance program allows property owners to ask for a true mortgage forbearance that will allow you to completely freeze your mortgage, adding the payments of both principal and interest to the end of the loan without any penalty. Opposed to before where they were saying we would be on the hook for a lump sum payment after several months or the total deferred amount getting added to the monthly payment movings forward. Is this true and if so what's the catch? Does taking this forbearance mean that we won't be able to evict a tenant no matter what? Does it somehow affect our credit score? Something in the fine print we're no seeing? Here is the video that explains it. https://www.youtube.com/watch?v=VhJEoOqENWQ [link] [comments] |
| Posted: 28 Jun 2020 10:25 AM PDT Is pet friendly fake grass a good thing or bad thing for the resale value of a SFH? Would you pay more/less? [link] [comments] |
| First time renting a condo question. Posted: 28 Jun 2020 09:52 AM PDT Not sure if this is the right place to post. Can someone let me know the difference between fees vs utilities. In my scenario I want to rent a condo listed for 1900 a month. However utilities are not included but some fees are. What is the difference? What other "utilities" will I need to pay for that could add up to the 1900 a month? For reference, The listing also stated the following: Fees: Building Insurance Included - Y Cable Included - N Central A/C Included -Y Common Elements Included -Y Heating Included - Y Hydro Included - N Parking Included - Y Water Included -Y Utilities: Rent Includes - N [link] [comments] |
| Posted: 28 Jun 2020 09:34 AM PDT |
| Posted: 27 Jun 2020 08:29 PM PDT Structural ranges from covers patio, expanded showers, stand alone tub, window frame questions and a few others. Interior design includes countertops, door handles, tile/wooden floors and a TON of other changes. [link] [comments] |
| Selling, Renting, Buying, Housing prices, Debit, So many things... Please advice. Posted: 28 Jun 2020 08:56 AM PDT Hello Everyone, Reaching out to all in hope that you can help me get out of anxiety and figure out the best plan ahead… Plan: Looking to upgrade to a New Construction house (Current house is New construction as well). Why new construction? Because the price of pre-owned houses is almost more in most cases and with new construction, I have option to customize as I want. Prefer to Sell out right now in summer months as market is still sellers at this time. Waiting to sell till my new built is finished can be risky. What if, market tanks I will lose lot of value in my house and will be stuck with a new build contract that I will have already paid $15k initial deposit (required) Why upgrade:
About me: CA (California) resident, trying to upgrade to a bigger house. Current house is worth $570k as few comps sold in that range in last few months. Net income $100k Gross, $25k savings, Remaining mortgage Bal $423k, Net proceeds (After paying real estate and other costs) from the sale will be $115k approx. ($60k my money and remaining gained via price appreciation) Upgrade will cost around $625k. Spouse have roughly $35k credit card debit. Questions and Concerns that I need help with:
Note: Before posting this, I have engaged a real estate agent and he thinks I'm just over concerned market is not going to drop. Even if it happens it will be in the range of 5% correction and mortgage interest rates will change .5% at best. Also, we are keeping an open mind and actively searching for pre-owned properties as well. If we find one than it will take care of most of the questions but We are very certain it's probably not going to happen. Thank you so much for sticking around this far and Thank you very much in advance for all of yours support, guidance and suggestions. Appreciate it!! [link] [comments] |
| Posted: 28 Jun 2020 08:56 AM PDT Hey everyone, I am looking to purchase foreclosed properties or purchase the deed on pre-foreclosures (if thats how it works). The question I have is where do I purchase these from? Do I reach out to the big lenders like Wells Fargo, Quicken, Chase, etc? Or do I go to the county and try to get it from there? Please let me know what you guys think! Thank you! [link] [comments] |
| Posted: 28 Jun 2020 05:05 AM PDT Hi everyone, I'm hoping you can help me out here as I'm a bit confused. So I'll be moving out of my folk's place around the turn of the year - once Covid is (hopefully) more-or-less behind us - and I've been thinking it probably would make more sense to buy rather than rent. I can afford to put a deposit down of £25-30K, and since I'm still young I figured I could take out a 25-30 year mortgage to cover the rest (which I can remortgage as my income increases). Now, the amount I can borrow is what's causing the confusion. I tried out the calculator on moneyadviceservice.org which takes account of your salary, bills etc, and it concluded I could take out a mortgage of around 90K in value - meaning I'd be looking at houses in the 115-120K range. Other sites say first time buyers can pay as little as 5% as a deposit and take out a mortgage for the remaining 95%. So which is it? [link] [comments] |
| Posted: 27 Jun 2020 09:28 PM PDT Hi all, Background: I put an offer on a House #1, got an inspection, they found a crack in the foundation, and the seller killed the deal when I asked him to fix it first. Moved on... House #2 - Put in an offer and was told to come back with my best offer because of other offers coming in on the same day. My new offer was about the same as the other top offer, but was chosen due to "preferred financing." I get the inspection and the foundation is sloped 5". Now, based on what I know, I think I can make some assumptions, but let me know if I am wrong.
Is this just part of the game of selling a house? I feel a bit had. Also, does anyone want to give me advice on a 5" slope on an 80 year-old house? [link] [comments] |
| Home Inspection While Tenants Are Occupying The Condo Posted: 28 Jun 2020 08:43 AM PDT How does a home inspection work if there are renting tenants in the condo? I am buying a condo and the tenants are set to move out July 31st. We plan to sign the agreement of sale July 1st. As far as I know inspections happen quickly after we go under contract, but I am worried about having an inspection done and then having tenants there for another 2-3 weeks. Close date will be August 31st. Is there any issue with me asking that we write in to the agreement that the inspection will happen on August 3rd? Does that hold up the mortgage process? [link] [comments] |
| Permitting an already non-permitted build Posted: 28 Jun 2020 08:38 AM PDT Hello, all! I am considering purchasing a house that has two spaces converted into bathrooms in the Los Angeles area. The issue: they were both built without permits. I have a few questions regarding this dilemma: 1) Would a home inspector be able to see if these are safe without tearing apart the walls? 2) When trying to get them permitted after the fact, would it entail tearing down parts of the wall and/or flooring to show a city inspector? 3) Would I incur penalty fines for getting them permitted, even if I let the city know immediately after purchasing the home? Is there any other useful information that would be good to have? [link] [comments] |
| Posted: 28 Jun 2020 07:58 AM PDT My issue is that I want to be able to farm and hunt on my land, but am not sure what to look for to make sure that is legal. Any advice? It would be in Georgia most likely. [link] [comments] |
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