Real Estate: Bait and switch legality question |
- Bait and switch legality question
- Looking for advice, trying to getting rid of tenants to sell property.
- Best trade publications for real estate industry?
- Walkthrough tips?
- Bank Mortgage Rates "Real" Rates?
- Seller not fixing what we asked for...
- Buy now w/o long-term objective to stay in current location
- Anyone know or heard of anything called an Eleanor Roosevelt deed in the context of real estate ownership if a relative dies?
- Buying a mix use building
- Question: Risks of buying a 60s built apartment?
- Offer refused and house now being falsely advertised and has been relisted. What can I do ?
- USDA loans
- Having problems with a new build house, but idk if it's 'normal' and if it's not what I should do...
- When you first started out, and you had zero sales under your belt. How did you convince the buyer seller client to choose you? What were some of the pushbacks/rebuttals?
- Waiving a formal home inspection and having a very knowledgeable contractor look instead.
- Questions to ask for acquiring new listing
- Adavantage of investing in Real Estate and the Stock market at the same time?
- In today's low rate environment, how do sellers feel about buyers with PMI or a separate bank loan for down payment? (Seattle WA)
- [PA] House I like has a tenant. Is there a way to protect myself in an offer?
- Prices dropping
- Bad idea to start investing out of state during Covid?
- Commission on a cancelled listing
- Home sold twice since 2016, up for sale now - red flag?
- Selling for $160k, offered $161k but we cover $4k closing. I'm not sure what this entails.
| Bait and switch legality question Posted: 03 Jul 2020 01:15 AM PDT Home was listed to have washer and dryer included. We went and saw that the washer and dryer was very nice so we sold our very nice stackables in favor of the ones we saw... the seller then throws a curve ball to us and states they want to take the washer and dryer. Our agent fights for the machines to stay. Alls good until the appraisal reports photos show machines near the garage door with a dolly next to them, indicating that they intend to switch out the laundry machines for far inferior machines likely. Is that legal? [link] [comments] |
| Looking for advice, trying to getting rid of tenants to sell property. Posted: 02 Jul 2020 05:03 PM PDT I've had a set of bad tenants for a few years now. We've taken them to court for first appearance a number of times. Each time they work out a payment plan and stay. February of this year I had enough and told the property management company I didn't want them to work out a plan. I wanted them gone so I could just sell the place. They worked out that the tenants would settle up leave June 1st. Which was all well and great until COVID happened. Now they're just squatting since the state has limited/removed evictions. We started out behind in this whole process back in January/febuary and it's bleeding me. We just got notified that their $700 past due water bill is going to get the water shut off come the end of July and ultimately I know i'm going to be on the hook to get that fixed. I've heard that the biohazard left when water gets turn off on people is awful and can be gross and expensive to remediate but I can also see no water being a good motivator to GTFO. I'm not sure what I should do here. I think my state (oregon) is also allowing evictionis in the event of a sale for personal use, but I don't want to take the giant hit on sale value from the mess the place is being left in, and from trying to dump the exercise of eviction off on someone who just wants a home. The last inspection we had involved repairs to 50+ knife stabs into the walls and multiple holes. I'm afraid at trying to sell the place while they're still in it causing damage. [link] [comments] |
| Best trade publications for real estate industry? Posted: 03 Jul 2020 08:27 AM PDT Are you in the real estate industry (lending, real estate agent, broker etc.)? What would you say are some of the better / widely read trade publications for the industry? [link] [comments] |
| Posted: 03 Jul 2020 08:38 AM PDT We're doing a walkthrough on our second home next Monday. We have the same agent as we had for the first house, and he is awesome but we missed some things in the final walkthrough (we were absolute newbies) that would have been nice to know (e.g., we didn't even know there was an attic, and it was a complete mess. Newbies...). We did a ton of renovating, so in the end it didn't matter too much, but still. So -- what should we be looking at during the walkthrough? Should I check outlets? Turn on all the faucets? Flush the toilets? Test the heater? We think the place is in pristine condition (and aren't planning any renovations), but we've seen it for a grand total of about half an hour (this is the part that always boggles me -- you spend hundreds of thousands of dollars to purchase something you see for less than an hour!) We're in NorCal, where it is perennially a sellers' market (we were the 2nd best bidder, as the first fell through, and there is at least another alternate right behind us ready to take the deal if ours falls through). That is to say that we aren't going into this looking to find anything wrong, but we do want to make sure we don't get caught off guard if (for instance) the bathroom faucet has no water. This is our dream home, and I think even if the roof was about to fall in (it's not) we would still want to close late next week. Thank you! [link] [comments] |
| Bank Mortgage Rates "Real" Rates? Posted: 02 Jul 2020 08:30 PM PDT Hey guys, got a silly but realistic question here. When we look up Mortgage rates on different lenders' websites (specifically banks), are these rates anywhere close to what you would get quoted for your mortgage? I.E. JP MORGAN is offering 2.875% on a 30 fixed and 2.5% on a 15 fixed. I know this is completely depended on the specific circumstance but in the BEST CASE SCENARIO (excellent credit score...) banks SHOULD be offering these rates correct? +if they are not offering these rates could I talk them down to what they are advertising on their own websites? Any in depth info would be greatly appreciated as I am currently refinancing my home. [link] [comments] |
| Seller not fixing what we asked for... Posted: 03 Jul 2020 07:59 AM PDT Instead they're going down the entire inspection report and fixing everything except for one thing (the ballisters on the stair rail are apparently too wide but we didn't want that changed anyways). We're baffled, it feels too good to be true. For what it's worth it's a flip and I'm pretty sure we overpaid so they're making good profit, but I figured they wouldn't even do all of what we asked for. Has anyone ever experienced anything like this? [link] [comments] |
| Buy now w/o long-term objective to stay in current location Posted: 03 Jul 2020 07:01 AM PDT My partner and I have been renting in DC for six years now. We have around $100k for a down payment for a house and wondering if we should purchase now. Our objective is to move to the west coast in 2-5 years, but that's not exactly certain. We also don't expect to start a family until about 2 years, and if so, we'd consider moving to a bigger house. So if we purchased a house, it wouldn't be our "everything house" but more so a way to build equity and not waste money on rent. Our monthly rent is fairly high (~$2800/mo) and we've been looking at houses in DC that give us around generally the same monthly payment (~$2900-3100/mo) after insurance and taxes are factored in. We both have stable jobs and do not expect volatility given the uncertainty caused by COVID19. Is now a good time to buy for us given that the purchase wouldn't be for 10+ years? [link] [comments] |
| Posted: 03 Jul 2020 06:53 AM PDT Edit: [USA MI] I'm buying a house with my wife and the lender has turned up some stone somewhere that says my wife's name is on her parent's primary property in some fashion. We weren't aware of this and didn't disclose. I know this is a tale as old as time, but I really don't think its malicious at all. Her parents are 20 years into a 30 year mortgage and my wife's credit is perfectly fine so it's not like they're not paying a mortgage they took out in her name. Now that I think about it we've looked over her credit report a few times over the years and nothing like this has ever popped up on it, so I know it's not that. We asked them what this could possibly be and they said it was an "Eleanor Roosevelt deed" in her and her brother's name in the case that they die. I literally can't find that combination of words or anything within a similar context on Google. Does anyone have any idea what they may be referring to? [link] [comments] |
| Posted: 03 Jul 2020 03:01 AM PDT Had some questions around potentially purchasing mix use property. I am pretty comfortable with residential leases and have managed my own properties in the past. This particular building is zoned commercial, but has 8 condos, 4 retail and 8 storage units. Upon purchasing I would most likely honor the current leases and renew at time of expiration. However, I am not familiar with commercial or storage leases and don't want to get anything wrong can cause myself issues. Possible solutions for commercial units. -Hire Commercial agent to manage commercial units. -Use existing forms and just make an addendum to extend the lease(s). Will most likely get real estate lawyer to review. I'm not sure what to do about the storage units, since they get about $60/month. It would not be worth it to hire someone to manage them. However, I do not want to be liable for anything that might break or blow up. I will get all the insurance(s) for the building to limit any other issues. [link] [comments] |
| Question: Risks of buying a 60s built apartment? Posted: 03 Jul 2020 05:46 AM PDT Hey folks, looking into buying this apartment / "condo" in a 3-storey walk-up (2nd level) built in '62 in Alberta Canada. It's recently re-finished, concrete building. Asking is 80k CAD which is quite low as similar options are asking 90-120k CAD but many of those are built much later, 80s for example. Side note: Not sure when it was initially listed but now there is another unit selling in the sister building asking 84k. Should I be wary of a potential condo board snafoo? Any input or insight would be much appreciated and I'll answer any questions that could assist. Thanks everyone! [link] [comments] |
| Offer refused and house now being falsely advertised and has been relisted. What can I do ? Posted: 03 Jul 2020 05:19 AM PDT I saw a house and it was a mess, I mean I'd been told it would be a lot of work but this was foreclosure level mess. So I put an offer in very close to asking price, and minimal conditions. Clean up and home inspection. I got told my offer wasn't high enough and they went with another one. Yesterday, I go and look for more places and what do you know, I find a very similar place. Except in the pictures this place is clean and taken care of. Well turns out that what happened is the seller didn't like any of the offers and him and his agent decided to relist the property using pictures that must be years out of date. They don't show anything what the property is actually like. They've also added fine print at the bottom of the listing saying "sold as is". I had to use a zoom function to make it big enough to read. I called and asked about the place The sellers agent said it's in beautiful condition, when I asked if it's sold as is I got told maybe, maybe not. But they wouldn't clearly answer my question and asked if I'd like to make an offer sight unseen. The address matched and I knew it was the exact same place. So I GTFO. So, they switched out the unflattering pictures for very out dated ones, added "sold as is" fine print and are trying to convince people to put an offer in sight unseen based on false advertising. Is this shit legal ? It's unethical as fuck for sure. [link] [comments] |
| Posted: 03 Jul 2020 08:39 AM PDT Hey y'all hope you're chillin. So three years ago I bought 34 acres of raw land. I paid cash for it for context. I think its finally time for me to move out there. I was looking at just buying a trailer and calling it a day but then I started looking into mobile homes and then I came across the USDA loans. My land is qualified according to the USDA site. I'm unemployed due to Covid but make about 50k as a bartender. My land is in another state. I bought a 16.5k car last year I owe about 10k more(7k when I expect to apply for the loan) Obviously until I'm working I won't apply but that doesn't mean I can't get set up for it right? I do have enough money in my stock portfolio to put a down payment on something if I needed to. My credit score is definitely sub 700 when I bought my car it was around 620 maybe. No college or credit card debt. Also once quarentine is over I'll probably be qorking 2 jobs 6/7 days a week for a while. [link] [comments] |
| Having problems with a new build house, but idk if it's 'normal' and if it's not what I should do... Posted: 03 Jul 2020 01:04 AM PDT So I posted awhile back about my builder changing dates and me thinking he was flakey. Reddit has reassured me it was normal with a new build, but it has kind of escalated and now I'm questioning things again, but I'm a first time home buyer so I know nothing. I will try and do a brief summary: We put an offer in on an under construction house, asked if some changes would be allowed, we were told yes and we went ahead with our offer. We met with the builder, discussed changes, was told everything but the floor plan was changeable. This was a lie, and then we found out he was putting in white cabinets which is the one color we were absolutely against. Had to swallow it and deal because it was "already picked and non-negotiable" (would have seriously reconsidered the offer had we known. We were hoping for black). Did get the living room to be all laminate (didn't want carpet because of pets), a random half wall removed, extra lights and outlets, and he said we could have the front yard mulched because I wanted to landscape it myself with some native plants (cheaper, easier upkeep, good for the environment, yadda yadda). Was supposed to meet him a couple other times to pick out options and colors, he flaked EVERY SINGLE TIME, and it would be days after he said, and we'd usually just find some samples left in the house to look through without him and email him what we wanted. Move in was supposed to be May 25th, but then covid happened and everything fell apart and move in was rescheduled for July 25th. ..then July 6th, then July 9th, then July 13th and now, as of 2 days ago, we don't know when because the granite countertops are somewhere that isn't our house, so now no move in date. The wrong flooring also got shipped to the house last week, but it wasn't awful so we said to just use that and save the headache. Then we see that they landscaped the front yard and it is all grass (I hate grass). Had to swallow that one too because apparently the change, that wasn't going to cost anything, didn't make it into the documents sooo it is what it is. Went to check on something else today and they put in the wrong flooring in the kitchen and there is a big empty space on the living room that has me terrified they're going to try and put in carpet. The kitchen is supposed to be tiles, but they used the laminate for the living room on the kitchen. I highly suspect move in is going to get pushed back even farther because of the flooring fuck up. We did get the half wall removed, and we met with the electrician because the builder told him diddly, so we got our extra lights and electrical outlets (which we paid extra upfront for), but everything else had been a fuck up. I assume, because I'm convinced he's a scatter brained idiot, he just 'forgot' everything as time wore on, but there are emails to him and our realtor talking about it. I just don't even know anymore. This doesn't seem right, but I have no experience. Is this kind of thing actually normal for new construction homes? If it isn't, what can I even do about it? We've put like $15,000 in already with upgrades we can't get back... This was supposed to be happy and exciting getting a new house, but it just isn't anymore. Our personal lives have been nothing but bad news for the last month and this is just extra stress I'm not handling well. I need outside prospective to help me get through this instead of an angry spiral where I just sit here crying in the bathroom because I can't understand why everything keeps going wrong right now... Is this normal, or are we getting screwed over by a bad builder? [link] [comments] |
| Posted: 03 Jul 2020 08:15 AM PDT I'm still in the process of getting my license but I keep running through this scenario in my head and wanted to get the perspective of successful agents. When I first started selling insurance it just took a proportionate amount of time before I sounded like I knew what I was doing, then the sales started flowing in. Is it similar/ different? Any and all reply's appreciated. [link] [comments] |
| Waiving a formal home inspection and having a very knowledgeable contractor look instead. Posted: 03 Jul 2020 08:11 AM PDT I'm in NYS. I have a verbally accepted offer contract signing delay due to seller away for holiday weekend. I had a family friend who is an excellent contractor come take a look at the home (he is not a licensed inspector but I trust him). Found old termite damage which seems to be remedied, the roof is reaching its end of life and has been patched multiple times, and aluminum wiring in the house which is a safety hazard as it they did not install the copper pigtails to remediate the fire hazard. Am I able to use this as a negotiation point or will the sellers argue he is not a licensed inspector forcing me to spend the money for a licensed inspection report? Anyone have experience with this? [link] [comments] |
| Questions to ask for acquiring new listing Posted: 03 Jul 2020 07:54 AM PDT Okay so my parents next door neighbor wants to sell his house. Problem is I just started and don't really know what questions to ask. I have his phone number and I'm going to call him soon. What questions do the professionals ask? [link] [comments] |
| Adavantage of investing in Real Estate and the Stock market at the same time? Posted: 03 Jul 2020 07:37 AM PDT Im not experienced in investing and wanted to find out what is better: Real Estate or Stock Market. I got my answer and found out that many people recommended using both at the same time. But i dont get why, because i think that you can't achieve very much without experience in real estate. Doesn't it make sense to focus only on e.g. real estate to be successful? Or is there an advantage to do both at the same time? Unfortunately I couldn't find information about that. I hope that someone can help me out. [link] [comments] |
| Posted: 02 Jul 2020 10:47 PM PDT This has been asked before. Summary is sellers see buyers who are able to put 20% down on a purchase as more stable and higher chance the sale will go through with little snafus. The counter-argument is that ignoring this risk, the seller still get's a total sum amount of money. However I'm wondering if in today's low rate environment if this would still be the case in terms of perception from the buyer. I have the ability to cough up $80-100K for a down payment on around a $400K house/condo near Seattle, an extremely hot area. It would require selling some stock. I'd rather not and let that money continue to ride the market. I have around $60K of cash coming at the beginning of 2021. So I've talked with the bank and they're willing to do two options:
In either case, with $60K coming beginning of 2021, I should be able to knock out either PMI or the 2nd loan pretty easy. And I won't have to sell any current stock in this volatile market, and let it hopefully continue to appreciate. And with rates so low, it's cheap to borrow. My only qualm is in such a hot area, how sellers may perceive me as a buyer who is getting PMI or a 2nd loan (they would know because I would send them my bank's pre-approval letter). Opinions? Is this warranted? Does this make sense from a financial standpoint? [link] [comments] |
| [PA] House I like has a tenant. Is there a way to protect myself in an offer? Posted: 03 Jul 2020 07:25 AM PDT I'm looking for some advice. I am moving due to a job change and want to buy a house. I've been watching online listings and went down to view a few of them, and I'm left feeling somewhat depressed. The desirable town with a good school district and low taxes has houses flying off the market in 24 hours with multiple offers. There was a considerable demand post-COVID, and everyone with kids is trying to get settled there for school district enrollment. There are a couple of houses I like in another area, but the school district sucks (I don't have kids, I'm only concerned with resale value), and the property taxes are outrageous. I can't wrap my head around buying a home where the property taxes comprise more of the monthly payment than mortgage and interest combined and then having to pay for renovations (which might trigger the city to increase taxes further.) There is a home that has most everything that I want in another lower-tax suburb. The first showings are this week and I've got an appointment to go see it. It's a little bit more than I wanted to spend, but I like the idea of not having any significant renovations to do and not having to pay insane property taxes. Now comes the rub: a tenant is living there. The owners had to move across the country for work and rented it out to a woman who wanted to buy it, except she can't come up with the money for a down payment. So the owners listed it, and this tenant has already shown signs of instability and entitlement by doing things like changing the locks so the agent couldn't get in. I don't know if the owners have started the eviction process yet; my agent mentioned January as when she has to be out (I don't know if that is lease end or eviction process end, though. I'll ask for more details.) I've read horror stories here about buying homes that have tenants and eviction processes and trashing the place. The thing is, I have a place to stay that is only an hour away, and I don't necessarily need to be out of it anytime soon. My job shows signs of staying remote for the months to come, and commuting a few days a week wouldn't be awful. So I'd like to move closer, but I'm also not in a huge rush to do it. I know the sellers are probably hoping to unload the tenant on a naive buyer. There's no way that I'd do anything to put myself at risk of having to own this property with the tenant still in it. But if I like it, would there be a way to make an offer with an extended closing date with solid contingencies about vacancy and condition of the property so that I could be protected from tenant shenanigans? Is there anything in that for the sellers? [link] [comments] |
| Posted: 03 Jul 2020 07:11 AM PDT Hey everyone I am in the South Bay Area, CA region Prices on a lot of home are dropping...
All are between 500,000 - 800,000 What do you guys think? [link] [comments] |
| Bad idea to start investing out of state during Covid? Posted: 02 Jul 2020 09:08 PM PDT Live in HCOL CA. Trying to find a better plan than pouring most of my savings (170K) into down payment for a 650K House I am currently pre-approved for while living with parents. What would be the biggest obstacles or risk to buying 1 or 2 rental houses (or a duplex) that cash flows in a lower cost of living region? Would likely need to pay for property manager. I see the obvious risk of becoming first time landlord during instable economic times with high unemployment. Also, the markets I like are relatively less expensive than mine, but not the best cash flow like Mid-West. Mainly, because I would like to invest somewhere I see myself relocating to in future (Nashville, Orlando, Charleston). I can find a nice house in these places for 300K but probably not the wisest investment and would still eat up a good chunk of my savings for 20%+ down payment. I am newbie and barely contacting lenders and figuring out if I would be qualify for a second home (On Title for my Parent Townhouse) vs. investment property. Just trying to make the smartest move for long term wealth building. [link] [comments] |
| Commission on a cancelled listing Posted: 03 Jul 2020 06:51 AM PDT Looking for some insight, due to divorce I had to list my house. After months the house didn't sell (court ordered) so I was forced to sign an amendment to extend. After lots of hard work I was able to secure financing to get my Ex off the title (he gets no proceeds from the sell, he just gets out from under the house payment). I'm being told that my agent is entitled to full commission (over $20,000.00 for me paying off my own house). The agent knew from the beginning that if I could get financing that was my goal. I guess there is a section in the contract on cancellation of the contract that says the seller and Broker must both agree in writing to cancel the agreement. Anyone else ever come across this? [link] [comments] |
| Home sold twice since 2016, up for sale now - red flag? Posted: 03 Jul 2020 06:31 AM PDT Looking to buy more first home, something I can live in 5-10 years. Hot market in a midwest American city. Safe neighborhood. Viewing today - house looks great from pictures, but here is the pricing history according to Realtor.com: July 2020 - listed at $180K September 2019 - sold $72K June 2016 - sold $105K October 2015 - listed $134K According to Realtor.com, all those data points are provided by public record or YesMLS. Things I think that make it less of a red flag - the seller is using a realtor and told me she's doing that because she doesn't want to deal with paperwork or negotiating after I tried to buy private. This conversation was via text after I left her a note on the door. I think that makes it less of a red flag in that she is not a real estate shark who is flipping houses in 3 weeks, she or her family may have bought the house and done some quality improvements themselves over the last 9 months. Regardless, the price in 2019 makes me think this was a derelict property and has lots of problems underneath the charming exterior. Also I really wish I had bought a house 5 years ago! Market is insane right now. [link] [comments] |
| Selling for $160k, offered $161k but we cover $4k closing. I'm not sure what this entails. Posted: 02 Jul 2020 05:00 PM PDT Hey everyone. My wife and I recently moved into her childhood home after her father suddenly died, and because of that we're selling the home we purchased in 2018 for $144k. We've got around $17-20k in equity (I'm uncertain on the exact value at this time), and while I'm aware that a low down payment plus a quick resale is terrible for profit, it's the position we've kinda been forced into. That being said, we listed yesterday afternoon and have had 6 showings today, with the first showing offering $161k but with $4k in closing. To be honest, the house needs a little bit of TLC that my wife and I weren't able to get around to yet, and I'm assuming they want this money to go towards repairs. We're not interested in doing any real repairs before selling as we'd rather just be free of it, but we're also not sure we want to say we'll sell it "as is." We don't want to be dicks about repairs, but we're flexible. I'm assuming our closing costs on our end will be around $12k or so, and we're hoping we end up with $15k or so profit before capital gains taxes or any extraneous fees. We're first time sellers are just aren't really certain what the purpose of asking for the $4k in closing actually entails or how it will impact our bottom line at the end of things. I'm also not certain the house would appraise at $161k, which is concerning. Any guidance anyone can give? [link] [comments] |
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