Real Estate: Rent back is becoming a PITA |
- Rent back is becoming a PITA
- After the pandemic, if remote work will be more mainstream, the need to live close to work will no longer be as desirable. Will this causing inflated home prices in major tech metro areas to deflate? [DC]
- CoreLogic, is projecting the first significant Southern California home-price drop in eight years
- Will appreciate Closing Costs Review - Lithia, FL, 460k, 20% down, 20 year fixed at 2.75%
- [VA] Bought a condo, seller paid $13k special assessment as a buyer's incentive, special assessment got overturned - now, seller wants the refund back.
- Lost job during COVID, can I still get a loan?
- Bought with Redfin - agent name
- Realtor refuses to disclose the sale price without me giving them my personal information. Why would they do this? Is it even legal?
- Buyer possession before closing
- Northern California Housing Market
- Is it over? Would really love advice. BIG electric issue on inspection but can’t get anyone to take the job!
- Where Does The U.S. Housing Market Go From Here? Five Experts Share Predictions For The Rest Of 2020
- Best way to manage home appointments?
- How do I respond to this request from my Tenant
- Is there any sort of real state index??
- Closing process and timeline! Finally closed on my home. (Texas)
- Advice on seller's rent-back?
- How to fire your real estate agent in Massachusetts?
- First time home buyer with questions on financing structure.
- We have a very small crack in our concrete basement cellar in which a bit of water is coming in. How will this affect a potential sale?
- #1 House is back on the market - we received the inspection and disclosures. Trying to gauge if these are big issues.
- What’s a good way to find a quality property management company in a different state? How can you differentiate good from bad property management companies before doing business with them?
- Question- buying a house in Los Angeles and since the new Accessory Dwelling on the property needs city approval before sale now the seller is being forced to plant a citrus tree so the property is up to regulations. Why is this citrus tree law in place?
- Bathroom fans venting to attic cause for concern?
- I'm committing the first time homebuyer mistake everyone tells me not to commit, help!
| Posted: 11 Jul 2020 05:01 AM PDT Feeling incredibly frustrated. Closed on a house on earlier this week and allowed the sellers a 2 week rent back (I know, I know but it is an incredibly hot market and we wanted to be competitive). Written in the contract they needed to provide 3 day written notification of when they will move out. They provided this and were supposed to leave Friday and us take possession today. Our realtor informed us that this was binding once they provided notice. Well Friday rolls around and apparently they pissed off their movers so much that they quit so now they are refusing to vacate because originally they had two weeks. My understanding is that since they provided written notice the original 2 weeks no longer matters. They also failed to let their realtors know (and us) that they were unable to move out until after COB Friday. Our storage container is being delivered this morning into our new driveway and I wasn't given sufficient time to cancel it. Also we had scheduled water, electricity, Internet etc. I understand that rentbacks after closing are really never a good idea but my god I am just so annoyed. On the bright side, it is going to be $500 per day if they don't leave by Sunday. [link] [comments] |
| Posted: 10 Jul 2020 11:56 AM PDT |
| CoreLogic, is projecting the first significant Southern California home-price drop in eight years Posted: 10 Jul 2020 11:46 PM PDT Projection is 5-6% drop in LA and OC a year from now (national drop is 6.6%). I'm actually very surprised the projection was so low. With the economic downturn I would've expected something more like 10-15%. Here's the link (I'll paste full article in comments). What is your take on this? Do you think 5% drop is too high or low of a projection and why? Love to hear your thoughts. Edited to add: One of the mods (who is also an appraiser) helpfully pointed out that neither the OC Register or Corelogic gave clear explanations of the methodology. (Thanks u/wamazing!) We would also welcome discussion of the trustworthiness of this report (and others like it), as well as what other indicators you have been following to make your own conclusions. [link] [comments] |
| Will appreciate Closing Costs Review - Lithia, FL, 460k, 20% down, 20 year fixed at 2.75% Posted: 11 Jul 2020 10:04 AM PDT I appreciate all your comments. Closing costs image uploaded here: https://imgur.com/SpYO2PT [link] [comments] |
| Posted: 11 Jul 2020 09:08 AM PDT Two years ago, I bought a condo. As part of the sales agreement, the seller would pay the special assessment balance of $13k (used to improve the condo community and individual units such as new windows, parking garage, trim, and balcony doors). This was offered to me as a buyer's incentive. In fact, I got the seller to agree to this by increasing my offer, removing my request for a $500 home warranty, and honoring his request to push closing back by 2 weeks. Recently, the project has been overturned by the courts (since it was passed without a formal vote). They refunded everyone's money, and now the seller is claiming that it should return to him since he's the one that "paid for it". This is not fair at all! I paid a sum of money in which I thought I was getting a condo and a $13k credit towards improvement of my unit. The price I paid is a package deal for both items. Shortly, after the association refunded the money. They were able to pass another special assessment, legally, this time for all of the same improvements. If this money goes back to the seller, it means I'm paying for the special assessment twice! The association didn't want to get sued by either party, so they gave the money to the courts for both parties to sue each other of it (via an interpleader). Has anyone been in this situation before? I feel like it's so obvious what the right thing to do is, but lawyer costs are going to eat up the entire amount I'm fighting even fighting for. The seller either needs to let me have the money, or he can have the refund money back (since he "paid" for it using my money from the sales proceed), but he give me the difference off of the sales price -- which is the same thing as the first option. [link] [comments] |
| Lost job during COVID, can I still get a loan? Posted: 11 Jul 2020 08:50 AM PDT If you lost a job during corona, but have some side hustle income and check all other boxes (credit score, healthy past 2 years W2, 20% down, no debt, additional cash reserves), would is be easy to get preapproved? Looking to buy with my girlfriend who still has 80k income - she has great credit, no debt, and cash reserves. We are looking to put down 20% (100k on a 500k house max). [link] [comments] |
| Bought with Redfin - agent name Posted: 10 Jul 2020 07:36 PM PDT I am not sure if this is public knowledge so posting it here. We bought our home using Redfin a few years ago. What we noticed was that the agent's name they put as the buying agent for when we bought the house with them keeps changing every couple of months. So when an agent leaves Redfin, they replace the buying agent name with another currently employed agent's name and their system seems to keep doing this indefinitely. I emailed their customer service saying that they were putting someone's name who I don't even know or worked with and they just hand-waved with some nonsensical gibberish as their response. So don't put too much merit into what houses the Redfin agent represented; in all probability that data is fake. EDIT: What Redfin said... the agent just moved from Redfin to another home brokerage and didn't leave being a broker. https://imgur.com/MQyfFaO [link] [comments] |
| Posted: 11 Jul 2020 07:43 AM PDT A friend of mine is moving to California from out of state, she told me to keep an eye out for places near me because I mentioned we live in a good neighborhood. We had a house come up for sale a few doors down that was a foreclosure and was flipped. I called on my friends behalf because I couldn't find a price online anywhere and another realtor friend couldn't find it listed. The realtor refused to disclose the price. He wants all of my personal information just to disclose the asking price. His excuse is "the seller has asked the price not be disclosed for privacy reasons without verification first"... This sounds incredibly shady and illegal. Is there anything I can do about this? Is it legal to not only not disclose the price, but to ask for personal information just to get a price? [link] [comments] |
| Buyer possession before closing Posted: 11 Jul 2020 07:24 AM PDT I have a question regarding a buyer possession before closing. I just learned about it and have heard so many negative things for a seller. Is it too risky for seller to consider? [link] [comments] |
| Northern California Housing Market Posted: 10 Jul 2020 09:55 PM PDT In 2006 I bought a way overpriced condo, nearly at the peak of the market. I've moved on and it's now 2020, love to buy a house but it seems like I'm getting into the same peak purchase as I was in 2006. Things seem very much inflated but I also feel like I'm missing out. Interest rates are low but my principal would be so high I would likely never pay the house off. I know timing is everything but am I missing the boat here? [link] [comments] |
| Posted: 11 Jul 2020 10:54 AM PDT Found a house we love. Built in 1860. We know the work of owning a home this old. Good news- inspection didn't find much that wasn't normal old house maintenance & inspector even commented on how cool/unique the house was. Bad news- the wiring. Hot/live knob and tube wiring in basement, main floor, second floor and attic. There is also newer wiring, but it's essentially a hot mess of non-professional, unpermitted electric that's been pieced together for a big fire risk. Can't get insured unless it's rewired from scratch. Even knowing it would need to be 💯 rewired from the ground up, we're still in. The problem: we've called a dozen or more electricians. None of them want to do it. They're all busy and have been told it's too much work/not interested/they're too busy, even for the $$$$. Willing to pay what they ask, but won't even quote bc they don't want to do it. Seller is willing to pay bc there is no way to sell it unless someone pays cash and doesn't want to insure. Pretty slim chance of that. Any ideas on how to get someone to take the job? Timing is also an issue because not sure if we can close if it's not fixed. Vermont/NH area. Please no advice on different insurance or not rewiring. We don't want the house without this work done. [link] [comments] |
| Where Does The U.S. Housing Market Go From Here? Five Experts Share Predictions For The Rest Of 2020 Posted: 11 Jul 2020 10:27 AM PDT |
| Best way to manage home appointments? Posted: 11 Jul 2020 10:25 AM PDT With the inability to conduct open houses I'm having to focus on phone/video calls, virtual tours and of course single showings. How are you guys organizing this influx this showings? Normally my assistant would just send me an email invite but I feel like there's a better way to organize them... how are you guys going about it? [link] [comments] |
| How do I respond to this request from my Tenant Posted: 11 Jul 2020 09:58 AM PDT "Good morning AC So when we talked about electric in the house you said it wasn't too bad! Well it's running at 200. a month. I have noticed the ac unit doesn't keep up and the house drops 2* if a door is opened quickly to enter house and it takes several hours to drop down! I have changed the filter and cleaned the coils! I was informed because no insulation in attic is why is struggles! Any chance we can look into insulting the attic?" Just some background for context. This is a duplex house built in 1970. Both sides have been occupied since October. I moved out of one side after living there for 2 years and rented it out. I've never had any crazy issues while living there. And the tenant on the other side hardly ever contacts me. This new tenant thou is always making request. Last time it was cockroaches. This time Attic Insulation. This morning she sent me this text. I'm not sure how to respond. When I was living there the electric bill for June and July was under $50. From my understanding the AC is working fine so I don't think I should spend money on a AC man to service it. I would thou if the problem was the AC unit. TLDR: Tenant wants me to install insulation in the attic to bring down her electric bill. [link] [comments] |
| Is there any sort of real state index?? Posted: 11 Jul 2020 09:33 AM PDT The index which tells whether the real state markt is bearish or bullish? I am very new to this, so not sure whether it is good time to buy a property. I know about the low interest rates, but how about the actual property values?? Are they rising or have they go down?? Please advice.. [link] [comments] |
| Closing process and timeline! Finally closed on my home. (Texas) Posted: 10 Jul 2020 10:07 PM PDT I finally closed today and wow it feels good!! It all went SO smooth I could cry. The whole process was actually very easy going. At times I would come to this sub and freak out about minor things like the closing wiring money lol but it all just worked out great! Let me give you a timeline: May: started the house hunting process, looked at many homes, put down FOUR different offers and I kept getting beat. May 31st I go to this one home I fell in love with right away! Realtor put offer in that night. The house had only been on the market for TWO days and it already had some offers. June: June 1st I get the call my offer was accepted! I cried happy tears! The contract had a closing date of July 10 June 2nd I deposit my escrow money and book the home inspection. June 3rd inspection done and no major issues at all. All of June I would simply get emails to sign things and pay for things or submit papers and I would do it right away and everything was good. End of June I go into underwriting and it's a little calm and silent during that time. I was just waiting.. July: so the first couple days of July I get the email that my loan is approved and I'm on track for closing on the 10th as scheduled July 9th I freak out since I can't get a cashiers check since it's late and I close at 9am the next day. July 10th: closing day!! I ended up being able to simply wire the funds first thing in the morning and I head to closing. Closing was soo calm, took about an hour I just signed my life away. After signing never ending papers I'm done and the closing agent steps out to make my copies. She comes back 20 min later, tells me funds are in, everything is good, hands me the keys and says I'm officially a homeowner!! [link] [comments] |
| Posted: 11 Jul 2020 09:23 AM PDT First-time home buyer in Florida here. Due to close at the end of July. I agreed to an optional rent-back clause, giving the seller the option to stay in the house up to 30-days post-closing rent-free. I did this for a couple of reasons -- I'm already obligated to pay rent on my current place through EOM of August, it would actually be easier for me to take time off from work for a full move in late August than in late July/early August, it's a seller's market and, bonus points, I really like my seller -- she's done an incredible job refurbishing her property while maintaining its historic qualities and despite it being a seller's market, she accepted my initial offer without negotiating higher because she liked me and felt I would be a better steward of the property than the other offers she received (her words, not mine.) Anyway, I'm not concerned about the seller in any way. She has to let me know before closing if she intends to exercise this option. But, I've never owned property, let alone been a (temporary) landlord. Any advice on what I should do if they wish to exercise this clause? My first thought is to work with a real estate attorney to formally draft this 1-month rent-back lease? [link] [comments] |
| How to fire your real estate agent in Massachusetts? Posted: 11 Jul 2020 08:55 AM PDT Our real estate agent keeps showing up late, isn't helpful and I feel is not as knowledgeable as agents who our friends and family have gone through. Any advice? [link] [comments] |
| First time home buyer with questions on financing structure. Posted: 11 Jul 2020 08:37 AM PDT I'll try to keep this as brief as possible but a lot to convey here. Wife and I have rented house from landlord for 4 years. Expressed to him 3 years ago we would like to buy the house but he was not interested at that time. Now he wants to sell the house (asking $145,000) but our circumstances have changed. We sold our business in part because of wife's MS (she now has disability income). I went back to school and now own a HVACR business with a partner. The difficulty is what our income looks like on paper. Last year we showed a loss (tuition expenses, van, tools, etc.) This year we will show profit but due to Covid-19 hit (we do commercial refrigeration, almost exclusively restaurants) it probably won't be great. Bottom line, income on a traditional mortgage probably is 2 tax returns away. Speaking with our bank and mortgage specialist she advised the following: Financing with landlord at 4% on a 25 year term. 5% down ($7250), we would be responsible for all taxes, insurance and maintenance. Balloon in 5 years to total balance due at that time which would give us time to pay off the house outright or obtain a traditional mortgage. Our payment would be roughly $730 a month which is close to our current rent and thus comfortable. My understanding is he would sign the deed to us and we would sign a promissory note and deed of trust? Appraisal and title work would be things I need to learn more about. Obviously we don't know if the landlord would be interest in this at all until we talk to him next week but I want to be sure that I fully understand what we are presenting to him. We could go higher than the 5% down payment but would love to keep our 6 month fund and money for any future repairs. Any thoughts or opinions are greatly welcome because I'm basically starting at square one here. [link] [comments] |
| Posted: 11 Jul 2020 08:36 AM PDT A 'crack expert' company is quoting us about ~$1000 to professionally seal the interior, but I'm afraid the sealant used may be more visible and off-putting to potential buyers than doing no repair work at all. From what I understand determining the entry point on the exterior will be much more expensive and may not solve the issue. Any thoughts on this? For reference I live in Ontario. [link] [comments] |
| Posted: 11 Jul 2020 08:19 AM PDT I'll start off by saying we don't fall in love with houses. But, we've been looking for a few months now and this home checks nearly all the boxes (and we'd be paying for it!). We lost out, but the sale fell through so they're reaching out to the backup offers. Looks like they want to lay it all out on the table so they only have a serious buyer who won't walk away. There are three issues highlighted that we're trying to gauge how big a deal they are:
Basically, the sellers are willing to give reasonable credits. They seem to agree that these are issues, though think the foundation crack is on the high side and can be remedied for less. None of these strike me as deal breakers. In Southern California, issues such as these seem inevitable in houses built in the 1950s and 1960s. Obviously I will get my own inspection and experts as needed to confirm. [link] [comments] |
| Posted: 11 Jul 2020 08:11 AM PDT |
| Posted: 11 Jul 2020 07:18 AM PDT Our speculation is that LA put this law in effect to help local bee population? Or local tree grower lobby!? [link] [comments] |
| Bathroom fans venting to attic cause for concern? Posted: 11 Jul 2020 07:11 AM PDT Recently completed home inspection and nothing major was found just a few safety issues and a couple things that were not to code or illegal in our state but not major. The inspectors did note that the bathrooms were venting to the attic instead of outside which they said was likely acceptable when the house was built. While no mold or issues was observed by the general inspector, would we be behooved to get someone more specialized to look at the attic now just to be sure there is no mold or damage that a general inspector wouldn't be able to dig into? Or is this something that would be more minor and just wait until after we have it closed to deal with it? In general, would you advise any other specialized people we should bring out as first time buyers? We already have an electrician coming to review a safety issue with wiring and an aborist to give us a quote on dead tree removal. Anything else we are missing? Just want to be sure since the inspection went so well that we don't miss something major. Thank you in advance! [link] [comments] |
| I'm committing the first time homebuyer mistake everyone tells me not to commit, help! Posted: 10 Jul 2020 08:32 PM PDT So my husband and I are living in SoCal, and we've been on the market for 8 months. We've put in 2 offers thus far and got nada. The market here is INSANE. Homes are literally selling 2-4 days after getting listed, for +$20K over listing price, with multiple offers. 2 days ago, we found our dream home. The layout is absolutely perfect for our lifestyle (current and future), and isn't something commonly found in the area. The location of the house might bother some buyers, but is perfect for us. The home itself could do with some work, but it's perfectly livable the way it is, and would give us a chance to really make it our own over time. We put a competitive offer down within 24 hours, and now my husband and I are just beyond nervous waiting for a reply. I'm dreaming about the home and projecting our friends & fam having a great time in it, and basically doing exactly what every internet article has told me not to do — I fell in love with a home I don't yet own, and already have a Pinterest board full of dreams and inspiration. Ugh. My husband keeps telling me to stop, but I literally can't help myself. I couldn't fall asleep last night from the excitement (and nervous tension) and I've been feeling nervous all day today too. Ahhh I just wanna know what the sellers think!! Anyone got tips on managing these first time jitters?? Gosh, I really hope we get it! [link] [comments] |
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