Real Estate: Agent pays $8,917 fine and stays licensed for using a pocket listing (not on MLS), then selling home to her son, who resells it for $217,000 more a few months later. |
- Agent pays $8,917 fine and stays licensed for using a pocket listing (not on MLS), then selling home to her son, who resells it for $217,000 more a few months later.
- LA vs London with $400k - Property Taxes and HOA?
- Pros and cons of property backed to a park
- Think we'll see mortgage rates dip below 3% again?
- Buying Undeveloped Land (VT, NH, ME)
- 29 days from being listed to sold.
- How much time would a property management company save you?
- Touring a model home without an agent?
- What is the difference between being in a supplemental seismic/geologic hazard zone vs. seismic hazard zone?
- [US Texas] Found a house on a lot zoned for double occupancy. Is it worth the effort to split and develop the other half of the lot?
- Living close to gas station
- Lease Renewal before Buying - Renew to Break or Anticipate
- Feels like I'll never buy a house!
- Buying A First House
- How to find purchase price for companies like Open Door and Offerpad?
- What is going on?
- [MA] Is the price of a recently constructed condo negotiable? If so, how many percent?
- Changes to FHA guidelines on 2-4 unit multifamily
- How common is buyers remorse?
- A home inspection revealed old plumbing, and moisture weeping
- Exclude capital gains tax for health reasons?
- Advice on making more attractive offers on multifamily properties using FHA
- Advice
- VA irrrl (2 missed payments)
| Posted: 17 Aug 2020 09:40 AM PDT The agent did not lose her license-here is the enforcement action listing the fines: https://www.cards.commerce.state.mn.us/CARDS/security/search.do?documentId={B7CDCE7A-4759-42C2-A050-05403635C4B3} The Minnesota state licensing website says she is still licensed by Coldwell Banker. It looks like the civil lawsuit is ongoing, and scheduled for trial in January. If you thought she would lose her license and/or be fired from her current brokerage, you were wrong. "Seven months after buying a home on the shore of Lake Minnetonka for the bargain price of $142,000, Cristian Fisk flipped the property to someone else for $359,000. How did Fisk manage to more than double his money on the deal? His mother was the real estate agent on both transactions, and she took "illegal" steps to drive down the price of the property, according to a lawsuit filed last month against broker Christine Valerius by the original owner of the house. In his lawsuit, Robert C. Vandell said that Valerius — who works as a broker at Coldwell Banker Burnet's office in Wayzata — failed to inform him in writing that Fisk is her son, a violation of state law. The Minnesota Department of Commerce is investigating Vandell's complaint, according to Tom Rehman, a Coldwell Banker Burnet vice president." Continued at [link] [comments] |
| LA vs London with $400k - Property Taxes and HOA? Posted: 17 Aug 2020 06:30 AM PDT Hi all, Currently, me and my wife are deciding on whether to buy a LA apartment or London house. We have 1 child as well. Also , we have the right to live and work in both places. Cost of house: Monthly expenses: insurance: cali $70 , london - no data so I just assume $70 as well? Not directly related to investing in house, but other factors to consider as well: Commute: LA would require 2x cars for going to work. So the total cost of commute an extra $850 per month when compared to London public transit. All calculated, the monthly expenses difference is $1346 per month. (Incl: housing taxes, insurance, HOA fee, commuting costs). However, our combined after-tax salary would almost be the same in LA vs London. After tax , around $90k in LA , and around $85k in London. Thus in theory based on my numbers, there would be more residual salary if we buy a house and live in London. Because the slight bump in LA salary doesn't cover the huge increase in costs. In this case, do you think London would be a better option from a financial perspective? Or am I missing something in the equation? Thank you so many for any input , I'd really appreciate it!! [link] [comments] |
| Pros and cons of property backed to a park Posted: 17 Aug 2020 04:24 AM PDT Hey guys need some advice. I'm debating to buy a home which is backed to a park. Walk path to the park is right next to the home. Although it's not the main entrance I still think there will be some foot traffic. Can you guys help me with some pros and cons ? I'm being charged premium lot charges as it's backed to a park and I'm not sure if it's a good idea. [link] [comments] |
| Think we'll see mortgage rates dip below 3% again? Posted: 16 Aug 2020 03:50 PM PDT Looks like rates jumped back over the 3% mark last week Interested in whether others here think this is the new floor and the days of sub-3% rates are over, or is this a temporary spike depicting the rate ceiling [link] [comments] |
| Buying Undeveloped Land (VT, NH, ME) Posted: 17 Aug 2020 07:26 AM PDT Greetings. Anyone have experience or research in buying rural undeveloped land in Maine, Vermont, or New Hampshire to be used as our family's camp? From my research it seems like NH is head and shoulders above ME and VT regarding their land policies, lawns, and protections (such as NH's simple "Current Use" policies whereas Maine's appears more complex). Anyone have any practical experience though of the differences (or their preferences) between the states? Thanks. [link] [comments] |
| 29 days from being listed to sold. Posted: 17 Aug 2020 08:40 AM PDT Conventional loan in Clackamas county Oregon At 21k over listed price. Just fyi if anyone is selling in the area. It was unbelievably quick! We are pretty shocked. [link] [comments] |
| How much time would a property management company save you? Posted: 17 Aug 2020 08:22 AM PDT I want to have rental properties but I dont want to spend hours managing them, if I were to pay for a management company, would I have to still spend hours on them? [link] [comments] |
| Touring a model home without an agent? Posted: 17 Aug 2020 06:36 AM PDT My husband and I found a new development that we love and are hoping to buy in in 2 years time. We talked to the sales rep over the phone to get some basic questions answered (base home + lot prices, standard inclusions, etc), and are planning to go tour the model home in a few weeks. We live in PA. Since we're still 1.5-2 years out from buying, we don't have a real estate agent. I was doing some research here and have seen a few people mention if you find a new construction home on your own, you can't bring in an agent later in the process? My husband and I would be first time home buyers and know nothing about the industry/process, so I'd really prefer to have an agent help us with all of this. I wasn't sure if we'd be allowed to tour the model home now, and then 2 years down the road bring in an agent. If it makes a difference, their model home tours are "automated" - they have a Ring doorbell that you use to get access to the model home, there's no sales rep present on site. I'm just hoping we aren't setting ourselves up for failure already. [link] [comments] |
| Posted: 17 Aug 2020 07:27 AM PDT I'm interested in buying a home in San Francisco. The home is not in a seismic hazard zone, but it is listed in a supplemental seismic/geologic hazard zone. Can anyone explain the difference? [link] [comments] |
| Posted: 17 Aug 2020 08:46 AM PDT Location: Austin, TX I am looking for my first home but am interested in options like duplexes, ADUs, etc to also have a bit of an investment. I have come across quite a few houses that are zoned for two lots/split lot. Example: https://www.redfin.com/TX/Austin/608-W-Crestland-Dr-78752/home/31473353 (9,000 sq ft lot) but are close to the same price as a single lot. It seems there are a lot split lots (unit a/b) going up right now in Central Austin. Does it ever make sense to split a lot and live in the other one and then sell one/both? [link] [comments] |
| Posted: 17 Aug 2020 05:00 AM PDT I moved into a townhouse last year (Toronto, Canada) and someone just told me that it's bad for your health to live close to a gas station due to pollutants in the soil and air. It was the first time I'd heard of this but it makes sense. I did some googling and it looks like this risk is substantiated by various research articles that link living close to a gas station with increased risk for leukaemia . I have a new baby and now I'm freaking out. Do I have to move?! Edit: one of the scary news articles that cite a research study: https://www.google.com/amp/s/www.theglobeandmail.com/amp/life/leukemia-rates-high-for-kids-living-near-gas-stations/article20434890/ [link] [comments] |
| Lease Renewal before Buying - Renew to Break or Anticipate Posted: 17 Aug 2020 08:24 AM PDT Hello all! Apologies if this is out of scope, but we'd really appreciate some input on the situation in which we've found ourselves! The plans my partner and I had to buy our first home before our September lease renewal were postponed due to a couple of COVID-related family emergencies. We're now coming up on the time to renew our apartment's (property management company) lease and have been stuck in a bit of a loop when deciding the optimal renewal length. We're looking to purchase a home approximately 20mins. from where we're currently living, so have the benefit of being a little more flexible with move in/move out dates. We also hope to have about a month of overlap to effectively transfer our stuff and get our current apartment "up to spec" before handing over the keys but would rather keep the concurrent payments to a minimum. With current projections, we hope to close on a home by late spring of 2021 — putting us in a position to renew for at least eight months (pricing details provided below). In a recent conversation with our leasing office, we were told that we could also choose to renew for longer and break the lease — provided we give them 60 days notice and pay the sum of 2mo. rent to cancel. We've asked them to provide this offer in writing, as the verbiage in our contract is quite vague, and definitely wont be moving forward with this option if they are unable. Our question, ultimately, is what path you would take in this situation? We live in a bit of a seller's market, but have noticed that while homes in the area (at least in our price range) aren't on the market for long, they're typically sold at asking. We also believe that our situation (detailed below) might put us at a bit of an advantage when offering. About Us
Lease Renewal
Verbal implication that breaking a lease would require 60 days notice and 2 mo. of rent up front — working on written. Ambiguous contract details. Destination Details
Thank you so much in advance for your time, and apologies for mobile formatting!! *edited for additional awful formatting and to add info about month-to-month lease options! [link] [comments] |
| Feels like I'll never buy a house! Posted: 17 Aug 2020 10:24 AM PDT Been looking and researching the area I want to buy in (Carlsbad / San Diego) for about 3 years and have been able to see the trends the market has gone and seen things be fairly competitive but didn't have enough money for a down payment until this summer. Now it feels like it's never going to be anything other than another sellers market.. The last few offers I've put in there have been over 5 offers and in one case someone put 100k over listing. Is there a light at the end of the tunnel? Will home prices just keep going up until I can't afford a house or is there lots of hyped up demand and due to lack of supply it's temporarily this way? Will I miss out if I don't get in the rat race right now with all of the other hungry home buyers? Will I ever be able to buy a house? :( [link] [comments] |
| Posted: 17 Aug 2020 10:19 AM PDT I am interested in buying my first house. I've calculated my monthly mortgage and its about 200 bucks more than what I currently pay in rent. However, cost of living where I would buy is less and I would own and have equity vs. just renting. It's a growing area, and I can rent or sell if things change. I am in my 30s and think its time. However, it's a little scary making such a big financial decision. Any have any good advice, or info for someone in my shoes? [link] [comments] |
| How to find purchase price for companies like Open Door and Offerpad? Posted: 17 Aug 2020 06:16 AM PDT A home in our neighborhood got bought by offerpad a month ago and is listed at an outrageous price for the area. I'm curious to know what the company actually bought it for but that transaction isn't on the price history section of any real estate listing page and it on our county's tax record it still belongs to my neighbor. I'm betting they are scrubbing it from MLS because it's such a high profit margin but I'm confused why there's not an official record of the sale. Or is it not an official deed transferring sale when these companies get involved? [link] [comments] |
| Posted: 17 Aug 2020 10:01 AM PDT Hi everyone, FTHB here. I went through underwriting. Got everything set and send back all documents within 24hrs of them asking for things. Got the closing date, got the closing agreement, was told I was all set and didn't need to do anything else. Closing was supposed to be last Friday but the well water test had to be redone because the owner took the sample herself. Closing moved to Monday (today) She gets it redone but her realtor forgot to get the invoice again. Now closing moved to Tuesday (tomorrow) at this point I had to resend my income verification because it expired. Done, accepted blah blah. Test comes back fine. I'm supposed to be out of my apartment already and now I'm being told it is going back to the underwriter with the new well water test. Now they say closing may be tomorrow or Wednesday maybe Thursday. Seriously WTH? I have the place and time of closing but it keeps being pushed one day at a time. I have bills being moved to the house already. My mover said forget it because he can't keep pushing other jobs away waiting on me. My apartment is saying get out or sign a new one year lease. I need to give my job notice of the day I'm taking off. What is actually happening here? [link] [comments] |
| [MA] Is the price of a recently constructed condo negotiable? If so, how many percent? Posted: 17 Aug 2020 09:18 AM PDT There is a condo that was recently constructed (some time last year) for sale that I'm interested in. The price is a little high for me and I was wondering if the price was negotiable. I heard you can negotiate the price of a condo but not by much due to it affecting the price/value of the other units in the building so people tend to negotiate for upgrades. The condo has been on the market since the beginning of the year and is the only remaining unit from what I can see. [link] [comments] |
| Changes to FHA guidelines on 2-4 unit multifamily Posted: 17 Aug 2020 09:16 AM PDT Hello, I'm looking topurchase a 2-4 unit property, where I will be living in one of the units. In the process of getting pre-approved for an FHA 203k loan, I was informed by a loan officer that:
Can anyone confirm or deny the changes to the FHA guidelines? I was unable to find anything on the internet discussing this. [link] [comments] |
| Posted: 16 Aug 2020 09:04 PM PDT I bought my first house two months ago, and over the past few weeks have been experiencing buyers remorse. My main areas of regret stem from the age of the house, the neighborhood and the yard. The constant reminder of unrest in my city (Portland), along with Covid, is probably making things worse. Despite my buyers remorse, there are still plenty of positives and I think I still made a good long term decision. How common is buyers remorse, and how do you move on from it? [link] [comments] |
| A home inspection revealed old plumbing, and moisture weeping Posted: 17 Aug 2020 08:50 AM PDT The house was built in the 1950s. Brick ranch attached garage connected with a breezeway. I'm located in the suburbs of Chicago, the market has been rough, low inventory and houses selling very fast. I came across a gem, below my budget. It's 20 minutes away from my friends. Which I have come to terms with. My budget wasnt much 180l to 225k. This one came in at 185k The upstairs is completely finished, everything new and a killer backyard, with built-in grill, fire pit, and nice hardscaping. The owners wanted this to be their forever home, but they had one kid and want to have more, so they are in the processing of buying a 400k house and are currently selling this one. I beat out 8 other bids, and they accepted my offer. I got the home inspection, and these are some of the issues. This is the addendum that we sent, and the water seepage in the basement. I just do not know if I'm getting myself into a whole heap of issues with water seepage in the basement. I think some of the water has to do with the gutters not being hooked up properly so the water was going down into the foundation. There is a sump pump, french drain system hooked up, and a drain tile system. [link] [comments] |
| Exclude capital gains tax for health reasons? Posted: 17 Aug 2020 08:12 AM PDT Last year my wife and I bought half of a duplex. Shortly after moving in, we learned that the person on the other side smokes cigarettes. Say what you want about us not doing our research, blah blah. Point is, we want to sell because we're getting second hand smoke on our side and my wife has asthma. There is an exemption for capital gains tax if you sell your house for health related reasons. Is this something that would qualify? Has anyone had experience with this before? I should also mention we completely remodeled it. We bought it for 172k and are listing it for 220k. Thanks in advance. [link] [comments] |
| Advice on making more attractive offers on multifamily properties using FHA Posted: 17 Aug 2020 07:49 AM PDT Hey gang, as the title states, I'm just looking for tips and tricks on making more attractive offers on multifamily properties. The multifamily market in Chicago is super competitive, and I've already made several offers. The sellers agents on 2 of the offers said that other offers were chosen due to the offers financing source. I know I'm probably competing against cash offers but just looking for some general advice. TIA! [link] [comments] |
| Posted: 17 Aug 2020 01:38 AM PDT So me and my family are trying to get a 5 acre piece of lot for 220,000 and we want to finance, how do we approach this? I know very few banks do this. What will be the best advice, should we sub divide the land before doing the mortgage or do that after? [link] [comments] |
| Posted: 17 Aug 2020 07:33 AM PDT Hello everyone. I purchase my home through a VA loan. When the pandemic started I panicked and went into forbearance but then realized that refinancing was a better option so I decided to end my forbearance and I paid the 3 months I missed in full to bring my loan up to date and current. May, June, and July were the months I was in forbearance but now it shows that I was late for May and June and automatically disqualifies me to refinance according to my current lender. They told me that VA won't accept 2 late payments and that I have to wait 6 to 12 months to be able to refinance. I'm trying to refinance through the VA IRRRL program. Is this true? Do I have any other options? Edit: my current lender was working with me to refinance and gave me a good interest rate but then ran into the problem of the VA (veterans affairs) no approving my refinance because it shows 2 late payments. My loan is current as I paid those 3 during forbearance and August as well. [link] [comments] |
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