Real Estate: Offer Accepted! |
- Offer Accepted!
- COVID-exposed buyer in our home with no mask
- Are there a lot less homes on sale in NYC right now? How much less?
- I've become an alcoholic as a first time buyer.
- Jumbo loan mortgage interest
- Buyer Wants to Move in Early
- Is our agent working against us; bowing out after home inspection
- How quickly could you evict a non-paying tenant in your state? (residential)
- Buying a property. Mold signs
- Q: NYC Co-op contract deposit on hold since March due to COVID. Is there a safe way to back out?
- Should I take out equity loan or sell?
- Status went from Conditional Approval back to Under Review after re-disclosures
- How much did you compromise?
- How do I get my offer accepted?
- Best FHA Mortgage Lender? Suffolk County, NY.
- Just closed and buyer is using rent back clause, is there a concern of overstay?
- What’s the upside to owning multiple properties if you’re not renting them out?
- Commercial Tenant/Late Rent
- Ideas for the home office!
- I cannot seem to get an offer accepted in this market... Advice?
- New...HOUSE Smell?
- Interested in buying property classified as business/industrial, but don’t know the rules
- Broker asked me to backdate? Is that normal?
- Locked in rate today
| Posted: 25 Aug 2020 03:15 AM PDT Holy Crap! We did it! We have been looking for about 2 months now and in our price range houses are rare. We looked at probably 20 houses pictures and 4 in person. We offered on 2. First one went over asking by about 12% and my realtor and I are both still shocked at the amount over it went as it was listed pretty close to top (both me and my realtor feel this way). House #2 came up right around the corner from house #1 we bid on. It was pending but the buyer couldn't perform. We saw the house, was bigger and a little more land, right next to all the stuff my wife can walk to. (She doesn't drive). Its practically the top of our price range BUT we offered listing price as again we all felt it was fair and we got it! They gave the old buyer until the end of the day yesterday to preform but they could not! I know nothing is final until we have the documents signed and keys in hand but I am overjoyed to get out of our super small run-down house... which I gotta figure out how I'm selling. We have been in this tiny house for about 8 years now and 4 since our son was born. We are so ready to have space! So excited, had to share :-) [link] [comments] |
| COVID-exposed buyer in our home with no mask Posted: 24 Aug 2020 01:20 PM PDT A rant: Buyer, 21-yr-old guy, has history of overstaying home visits by over an hour. We were supposed to close today. He wanted another walkthrough before closing to show his roommates. We agreed, but insisted it was only for the allowed half-hour (we work from home). We got notice we can't close because buyer has been exposed to COVID. We delayed closing. We canceled walkthrough, but realtor insisted it's just the roommates and to keep the walkthrough appointment. We agreed. We get home 20 minutes after the end of the walkthrough to find six maskless people, including the buyer and the realtor, all still in the house. They come outside, then continue to talk for five minutes. I finally get out of our car and say, "Are you done?" Tell my realtor, he basically says nothing can be done. I am absolutely livid. I'm sure I'll get a dozen people in here telling me masks don't do anything, but that isn't the point. The point is they give less than zero craps about respecting our time or health; they are more worried about the title agents than they are about us. People can be utter garbage sometimes. [link] [comments] |
| Are there a lot less homes on sale in NYC right now? How much less? Posted: 25 Aug 2020 07:33 AM PDT Been reading that theres less homes on sale but im not sure if this applies to NYC. I'm asking as a person looking to buy in about 2.5 years (i dont have the funds now) and im wondering if i should expect more homes to be on sales in 2.5 years or not. I'm only interested in coops [link] [comments] |
| I've become an alcoholic as a first time buyer. Posted: 24 Aug 2020 07:51 PM PDT Listening to my father in-laws experience of buying 15 years ago sounds like a fantasy. Being able to look at multiple houses and CHOOSING which one is best. While my wife and I are literally losing bid offers on houses built in 1910.... wtf is this market... [link] [comments] |
| Posted: 25 Aug 2020 09:26 AM PDT We are looking at a loan amount of ~$1M, 30 year fixed. Interest rate is estimated to be 3% (with 1 point included). How does this rate sound to you all? Is this pretty much expected for this loan amount? [link] [comments] |
| Posted: 25 Aug 2020 10:09 AM PDT We are selling our house and it was supposed to close on 8/18, then got pushed back to 8/26, and now is pushed back again to 8/31. All of these were because of issues with the title company, loan company, etc., all on the buyers end. The buyers have to be out of their house 8/26 and would like to move into our house on 8/26. They have offered to pay for their time here as well, but it does not sit right with me for obvious reasons. We are feeling majorly guilty because they have a newborn and dog, and are basically begging to move in early, and I feel awkward/bad saying no, but I really feel like it is not a good idea. What can I say to make it sound not as bad when I tell them no? I am a pushover so saying no is a big deal for me lol! Thanks so much! [link] [comments] |
| Is our agent working against us; bowing out after home inspection Posted: 25 Aug 2020 04:57 AM PDT [OH] On the day of our tour, there were people in there before us and after us. We had masks on. We told agent we smelled cigarette smoke. Agent did a visual inspection of the walls and ceilings and told us to the do the same. Walls were not sticky and there was no residue, no yellow no nothing. I smelled the furniture nothing. We continued thinking that smokers were in the house before us and crop dusted throughout the house. We read the disclosures and the one that asks about fire or smoke damage to walls or structure etc was checked no. Feeling somewhat comfortable we bid and our offer was accepted at list price. We have home inspection and financial contingencies in place. We play internet detective because we can't shake feeling that something isn't adding up. We smelled smoke but saw no smoke evidence, so we begin to do Internet search on sellers and discover they recently had a ch. 7 discharged. In the bankruptcy they reported a cigarette expense of nearly $300 a month. We now know we're under contract with a heavy smoker's house. We are not happy. We do the research for smoke remediation and discover that it's a very expensive process and there are no guarantees it'll work. So we asked our agent to contact the listing agent and have a candid conversation about what did they do because I feel like they've concealed the extent of the damage. He told us that it wouldn't matter that we're under contract and have to go through the home inspection. I don't believe our agent would steer us wrong but we don't have the money to jump into a full rehab/ gut job. We are concerned about the health aspects of buying a home from smokers we are non smokers with a small child. We are also concerned that the sellers did a good job at concealing the extent of their smoking and that we may never know what lurks without doing a full gut job. Our agent seems to be working against us. We said we would go through inspection and then make a list of repairs they may not want to complete like air ducts cleaning, HVAC cleaning, attic insulation, ripping carpet out, etc which would give us an out. He said I never ask for seller repairs I always ask for closing costs or lower purchase price. Well that doesn't help us get out this contract. I said we could then walk based on the inspection alone. He didn't respond. What type of conversation do I need to have with our agent to make him understand this deal won't work? What are the buzzwords because he's not hearing us and is guiding us into a bad situation. He's optimistic that it isn't that bad but it's really bad for us. Anything we can point out to the inspector to express our concerns that would be in our favor? Would it help us to bring in a remediation company for a quote to help us with an out? Thanks in advance. [link] [comments] |
| How quickly could you evict a non-paying tenant in your state? (residential) Posted: 25 Aug 2020 07:30 AM PDT I'm just starting out in residential real estate investing and have heard of several stories where non-paying tenants overstayed their visit by several months to a year before getting them out. Q: From your experience, how long did it take you to evict a non-paying tenant (in your state)? [link] [comments] |
| Posted: 25 Aug 2020 09:31 AM PDT So we're buying a property and we saw some signs that indicate mold growth. Can anyone give an opinion on that?. Owner claiming that these are some candle residue marks. https://www.aspc.co.uk/search/property/389787/4-Old-Bourtie-Steading/Inverurie/. 4th picture on the wall. [link] [comments] |
| Q: NYC Co-op contract deposit on hold since March due to COVID. Is there a safe way to back out? Posted: 25 Aug 2020 09:16 AM PDT Hi All— hope this makes sense. The Coop is located in Queens, NY. I signed the contract and put my 10% contract deposit down— closing date was on/or about March 10. I turned in all my application information, it was reviewed by management and the next step was a board interview. Obviously the interview never took place because of COVID, which I'm totally fine with the delay (living at home rent free ain't too shabby in the meantime). Anyway, still haven't heard from the board which is fine but I had some questions. 1- the building doesn't allow pets, which I signed on my application that I do not own any. Would I be immediately disqualified if/when they interview me I tell them I've inherited my friends 12 pound dog? (That's a story for another time) 2- at what point can I back out, if I wanted to, and not be penalized? Thanks in advanced! [link] [comments] |
| Should I take out equity loan or sell? Posted: 25 Aug 2020 08:51 AM PDT A few years ago I bought an investment property for 20k cash. The house was built in the 40's, it's not in the best area, only around 900 square feet and it needs quite a bit of work. Leveling, central heat and air, all new windows etc... The house appraises for around 50-60k as is. I thought about selling, and using the money as a down payment for a nice move in ready home, but the more I think about it I just don't think it's financially possible even if me and my boyfriend were to split the payments in half especially if we decided to start a family. I currently live in the property, I've been living in it for almost a year now. I had the idea to take out an equity loan of 30k (payments would be around $160 a month according to my bank) and use it to pay for renovations, make it more livable and maybe in 3-6 years I would be able to take out more equity and use that as a down payment on a nicer home, in the mean time go to school and get an actual career, and afterwards rent the property to help pay for expenses but I'm afraid to make the wrong choice here. I'm 26 years old, I work in retail and if I don't make the right decision I could be kicking myself for a long time. My question is basically... what would you do? Sell the investment, or improve it? Any advice would help. [link] [comments] |
| Status went from Conditional Approval back to Under Review after re-disclosures Posted: 25 Aug 2020 08:29 AM PDT Has this happened to anyone else after receiving re-disclosures? Our Loan Processor sent us re-disclosures yesterday due to an adjustment in the Sales Price and thus our loan amount. We were conditionally approved on Friday and submitted the required docs over the weekend. After signing the re-disclosures, I noticed our status went from Conditionally Approved back to Under Review. I assume this is nothing to worry about and that this is just another round of underwriting, but I won't deny that I didn't get stressed out after seeing the change in status. Tried searching for re-disclosures info on Google and only results for Closing disclosures came up so I figured I'd ask on Reddit. [link] [comments] |
| Posted: 25 Aug 2020 06:09 AM PDT Hi. First-time buyer, looking at a tempting piece of land on which we would build a place in a couple of years. Our budget is limited, so for sure we'll have to compromise in some ways no matter what. I'm just not sure how much I want to compromise. I hate to give up this land, but I also have very mixed feelings about buying it. The idea is to live closer to nature, so this is all in a rural location. (Note: I live outside the USA. Lots of rural properties are word-of-mouth only, and if you're not local-- which we're not-- it's not so easy to find about about them.) Pros: I like the land (flat, pretty, good views), good price, decent cellular signal (that's not always the case here), and it's very close to some wonderful natural areas. It's a little smaller than I wanted but I don't care too much about that. Cons/mehs: the neighborhood (more populated than I wanted but still rural), nearby towns (fine for errands, but otherwise nothing of interest), if I need to change jobs in the future it's a bit far from the places where I'd most likely find work. There's no reason why we have to buy anything now. But I do feel like overall this property is a good deal we may not easily find again. So, how big of a compromise did you make on your land/home purchase? [link] [comments] |
| How do I get my offer accepted? Posted: 25 Aug 2020 08:16 AM PDT Hello all, I'm looking for advice here: we're looking at a place this weekend and unless there's something wrong, we'll make an offer on it. It has everything we're looking. This will be the third offer we make and none of the other options had us as excited as this one. How can we make our offer more attractive? Thanks! [link] [comments] |
| Best FHA Mortgage Lender? Suffolk County, NY. Posted: 25 Aug 2020 07:52 AM PDT Who's the (overall) best. Mortgage rate, customer service, not many hidden fees, etc. Any and all infor is appreciated! Looking to apply in 2-3 months, for my 1st home on Long Island, NY. [link] [comments] |
| Just closed and buyer is using rent back clause, is there a concern of overstay? Posted: 25 Aug 2020 11:08 AM PDT I just bought a home with a VA loan as my primary residence and the buyer at the last minute used a rent-back option where they can rent for up to 60 days at a set rate. Now worse case scenario would be they do not want to move out after 60 days. Are they protected because of the situation with Covid? What options would I have at that point, considering we have no $ agreement beyond that point plus the VA loan wants me moved in no later than 60 days. [link] [comments] |
| What’s the upside to owning multiple properties if you’re not renting them out? Posted: 25 Aug 2020 07:20 AM PDT |
| Posted: 25 Aug 2020 07:20 AM PDT My father owns a building in BK and recently got sick. He needs help managing the building's day to day operations. Managing through the pandemic has been tough but we're getting through it as a family. We've been seeing a pattern with our commercial tenant paying late consistently every month. The store was shut down of course but has since reopened. Now she's over a month to two months late in rent payments. We've had the conversation of working to catch up and I'm trying to assume positive intent. However her pattern speaks differently and now she has the law on their side to avoid eviction. What are some next steps that can be taken to reenforce on-time payment. She also needs to sign into a new lease and we're figuring out what's the best way to go about it. I'm a novice at this so any information would be helpful. Thank you [link] [comments] |
| Posted: 25 Aug 2020 11:04 AM PDT Hi everyone! During the pandemic, I'm planning to work home office, and I have started setting up my basement for such a purpose. There are several issues which I'd very much appreciate your advice. Note I have no building or construction experience, and I would like to keep it as cost-efficient as possible preferably DIY. The things I'd like to make work are Electrical, temperature, and visuals. I wonder if there are any suggestions on how I can make the entire space more "livable" and work better so I can spend comfortably here circa 8 to 10 hours a day? Thanks! Home office:
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| I cannot seem to get an offer accepted in this market... Advice? Posted: 25 Aug 2020 07:18 AM PDT I'm using a VA loan which has a specific need for the house to appraise for the purchase price or higher. It also has to pass added inspection but I've never gotten that far. I'm in Massachusetts and it seems nothing is getting accepted. I understand the need for it to be appraised at purchase price or higher but if the house is Listed at 350k and I give them 50k as deposit it would only technically need to appraise for 300k for the va loan added requirements.. Houses were appraised in 2020 in my area for 265k and are listed opening at 320 or more for example This market is crazy. We are offering over the asking price But not sure how much more we should offer. We are seeing a house today listed at 315k I'm not sure what we should offer to actually win against other offers We already say we will cover 100% of closing costs And most of the times our offers are similar but people are avoiding the va loan I suppose... What can I do to strengthen my chances of being accepted? Higher deposits? Any advice please !!! [link] [comments] |
| Posted: 25 Aug 2020 11:03 AM PDT Bit of a different question than normal here...but I'm wondering what you guys think a pleasant New House Smell would be? I make candles as a hobby and have been playing around with creating one as a gift for our realtor once we close! I would like to evoke the happy/exciting/warm scent of your first new house and would love some ideas! Sweet Snickerdoodle is always a hit, or a nice pine-y one. What would you guys love? [link] [comments] |
| Interested in buying property classified as business/industrial, but don’t know the rules Posted: 25 Aug 2020 10:56 AM PDT Hello! I'm looking at buying an old warehouse that is classified as a business/industrial property for use as a personal garage and storage. If I wanted to later build a living area in the building, is there any legal/tax problems with that? Thanks for your time. [link] [comments] |
| Broker asked me to backdate? Is that normal? Posted: 25 Aug 2020 06:58 AM PDT Can I get in trouble if my broker asks me to backdate something and I do it? It's the closing disclosures, closing costs, etc that are supposed to get to me before midnight three days prior to closing. [link] [comments] |
| Posted: 25 Aug 2020 10:41 AM PDT Locked in 2.75% today on a 30 year fixed VA. No points from what I can tell on the disclosure. I'm ecstatic on the rate...just 15 years ago I bought my first home and had an awesome rate of 7.8%. Almost there! [link] [comments] |
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