Real Estate: Update for "Pay for Sewer Line Scope?" |
- Update for "Pay for Sewer Line Scope?"
- I was told I can not get a HELOC because I did a cash out refinance. (Texas)
- What are the most common ways a house can fall through between an offering being accepted and closing?
- Buying a second home for mother
- What to look for when buying a renovated, but very old, home
- [New York] What to do about a piece of land you own in a neighborhood? Want to sell... What should I be doing?
- Seller/Realtor's Duty to Disclose Question
- RE Attorney for a ReFi?
- 22 yoa with land but no house/trailer
- What specific data points to pay attention to in a property report?
- [TX] where do find a reliable metric for appreciation in a region?
- Who do I go to for possible bowing brick foundation?
- How long do my parents have to sell their house before they can't (foreclosure)?
- First Time Buyer
- Getting out of a exclusive buyer brokerage agreement
- Houses being listed for greater than 15% more than they were worth 3 months ago. [AZ]
- Vertical vs horizonal condo
- Inspection company Texas (Houston)
- Your opinion on Home Managers and how does a seller find one?
- Property type: Residential; exterior/construction: site condo (MI)?
- Buyer requesting repairs on new roof
- Purchased new home, found unmarked exposed gas line on side of room, is this against code? https://ibb.co/GdN2LNL
- Any Good books
- Young Loan Officer Looking for Advice
| Update for "Pay for Sewer Line Scope?" Posted: 05 Aug 2020 12:15 AM PDT Recently posted about buyers wanting us, as sellers, to pay for a sewer line scope as part of their repairs. https://www.reddit.com/r/RealEstate/comments/i2aquq/pay_for_sewer_line_scope/ To update, the buyers walked. We agreed to perform as many of the cosmetic/minor updates ourselves as possible, bring in a professional for their biggest concern (a mold test that was within normal range, but above average. Literally all the mold professionals we talked to told us they would have passed us at that level, but not this unlicensed home inspector. The buyer shared the test with us, so that was nice of them.), and give them a quarter of the money to replace an older-but-working pipe. All in all, about $1.25k in repairs and stipends. We told them we would not perform the scope, but gave them three days to perform it themselves, not share the results, and either stay or walk based on their findings. They chose to terminate instead. So I guess that means we're headed back to the market and begging our contingent sellers to give us a little longer; wish we hadn't wasted 2.5 weeks trying our best to please these people while staying in our budget. [link] [comments] |
| I was told I can not get a HELOC because I did a cash out refinance. (Texas) Posted: 05 Aug 2020 08:40 AM PDT I went to a bank asking for a heloc. I had a cash out refi 6 years ago. I was told I can't get the heloc because prior to 2019 any cash out refinance was considered a heloc in Texas. They said the only way to get the heloc would be if I transferred the mortgage or payed it off first. Anyone have any experiences like this? Thanks. [link] [comments] |
| Posted: 05 Aug 2020 08:23 AM PDT My offer was accepted a couple weeks ago & I'm getting excited for closing. I just want to make sure I'm not missing anything, so what are the most common ways it all falls through? [link] [comments] |
| Buying a second home for mother Posted: 05 Aug 2020 10:08 AM PDT We are thinking of buying a house for my mother sometime in the next year so she can live closer to her grandkids and I'd like to understand how this works better. In terms of a mortgage is it a big advantage for her to buy a house as a primary residence over us buying it as a second property? We would plan to provide the down payment (probably 20%) and then have her pay the mortgage as "rent". She has never bought a house before although she does own a run down rental property out of state, so I believe she'd qualify for FHA. She rents her current residence and doesn't have consistent provable income (I think?) because she is primarily a caretaker for my grandparents and recently became executor of their trust (a condo building they rent out). She is listed on their bank/trust account so I'm not sure if their rental income would be counted as her income. My grandparents are both 95 and in poor health, so they would likely move with her if they make it more than a few more months. What is important to know when considering something like this? Would it be considered a second home or an investment property if we buy it? Is there a difference in the down payment we'd need? Is there a big financial advantage to her buying it instead? Apologies if my questions are basic, this is foreign territory for me! [link] [comments] |
| What to look for when buying a renovated, but very old, home Posted: 05 Aug 2020 07:54 AM PDT Hi, Our agent found a house that I'm very interested in. It's been partially gutted and renovated. Looking at the pics online, there are uneven ceiling lines, gaps in the floor lines, etc). This has got me potentially worried about potential pest/rodent issues, leakages, and or just plain shoddy construction. Luckily, the place was in the wake of hurricane Isaias, so we should be able to ID any leakage issues. I'm going to go check out the place today with my agent. Everything else (layout, size, location) I really like with the place. What extra due diligence should I be doing when I check out the house? It's 100 years old! [link] [comments] |
| Posted: 05 Aug 2020 10:18 AM PDT Back in the 80's, my parents purchased a piece of land. They paid $6k for it. It's 80 x 100 I believe. At one point, they got a permit to build on it but they never did. Over the years, a neighborhood built up around it. A few years ago, a couple purchased a house near the land and did some investigating and contacted my mother. He wanted more property space and offered her $2K for it. She said no. We would like to sell it but not for 2K. I know we would have to get an updated survey, but what else should I look into doing? Any advice or tips? [link] [comments] |
| Seller/Realtor's Duty to Disclose Question Posted: 05 Aug 2020 10:17 AM PDT Hi everyone. I live in Ohio. The house next to me has been vacant for about two years as it was a rental and the owner spent that time trying to fix it up. I'm June 2019, a large portion of a tree on his property came down and damaged his house siding (about a 30 foot large piece fell that landed almost perfectly to avoid major damage). He came, cleaned up the tree and fixed his siding. June 17 of 2020, I sent an email to his realtor expressing my concern that the tree was dead and posed significant risk to my family and property. (I could not find this guy's actual address to send certified mail and had been hoping to catch him there). This email included detailed descriptions of the tree, location, signs it was dead, images of the tree as well as images from when it fell on his property to show he had to be aware there was an issue. She acknowledged it the same day, responded and forwarded to the owner. June 23 the owner emailed me and came over to look at and discuss the tree. He said he was calling to get quotes and was being told things were booked. He said he would mark the tree so someone could come and look though without him being there. I offered to mark it for him that week since I had marking tape and it would save him a trip. He appreciated it and said he would follow up once he got quotes. June 29 I sent him confirmation the tree was marked. July 22 I sent him another email asking for status as property changed to Pending. July 25 I sent him and his realtor a status request and told him if I didn't hear back within 2 business days I would contact the city to handle it. He responded same day that time and said he was too busy to email me but called another company a week earlier and was waiting to hear back. Aug 1 property sold Aug 3 I emailed him and realtor asking if the new owners were made aware of the situation or if any plans were in place to remove the tree. Aug 5 he emailed back that he no longer owns the property and never spoke with the new owners. "What they do with the tree is their own business" he said. This tree is entirely on his property. It feels like he was trying to kick the can down the road on this in retrospect. I had spoken with him multiple times and felt like we had a good relationship. Now I have to go through this whole situation with the new owners - not a great way to kick off a relationship. Do I or the new owners have a case to be made? Him and his realtor were aware. I have all of the email records to substantiate that as well. If he sold it without disclosing, and seemingly misleading me, is there any action that can be taken against him or his realtor? Thanks for the advice. This situation has unfortunately shown me to be less trusting of others. [link] [comments] |
| Posted: 05 Aug 2020 10:11 AM PDT Would you guys use an attorney for a ReFi? Terms are straight forward and we used this broker before when we bought the house initially. I'm about to sign the papers, but wanted to take a step back and make sure I'm not moving forward without an important step. [link] [comments] |
| 22 yoa with land but no house/trailer Posted: 05 Aug 2020 10:11 AM PDT Hi, I have a single lot of land I'm looking to build/buy on to rent out to tenants. I have no experience in real estate and was curious what would be the best path forward. Should I buy a single wide mobile home, build a small house, or another option to get me to renting out to tenants ASAP or a more effective goal to strive for. Thanks! :) [link] [comments] |
| What specific data points to pay attention to in a property report? Posted: 05 Aug 2020 10:07 AM PDT Hi guys! First time homebuyer in the southern Californian area. When I'm looking at the property report my real estate agent sends me, what specific things should I pay attention to other than price? Thanks so much! [link] [comments] |
| [TX] where do find a reliable metric for appreciation in a region? Posted: 05 Aug 2020 09:58 AM PDT I'm wondering how the value of homes in my zip code have appreciated over the last several years. What is the common metric for this? Average home price seems like it could be skewed if they're building bigger homes. Is there some place you can see average appreciation or average price per square foot over time? Basically, how would I find what percentage home values have risen over the last X years? Sorry if this is a weird or obvious question. Thanks. [link] [comments] |
| Who do I go to for possible bowing brick foundation? Posted: 05 Aug 2020 09:53 AM PDT So I own a house built in 1900. The foundation is brick with parging walls since we moved in. The walls appeared bowed outward and inward at the bottom and top of walls. Not a typical bow in the middle. Everyone I call says they can't help me because its a brick foundation not block. So where do i go for help with a house this old? I'm not sure if its an issue or just the house being old. There is no water in the basement and a gutter system and grading were done two years ago. [link] [comments] |
| How long do my parents have to sell their house before they can't (foreclosure)? Posted: 04 Aug 2020 07:23 PM PDT Their 88k balloon loan matured on June 4 so today is Day 60 late. (Illinois) The bank already told them there is nothing they can do other than file for loss mitigation. So far they haven't even talked to a real-estate agent because they've been holding onto hope of a HELOC filed before the loan matured (declined) and now a loss mitigations filing but they owe an additional 37k in credit cards so I don't think they have a chance based on their income. I'm telling them they need to look into selling the home so they're prepared. Anyway, how long do they have before it's too late and it's foreclosed on? The home is valued at 235k but it's a dump and would need to be sold as is and hopefully get like 100k and whatever else is gravy I feel. But I'm no expert. Also... What happens if there is a ton of junk and large furniture/desks/dressers/ that they can't move. Can it be sold as is with that stuff obviously decreasing the value and lessening the chance of a buyer? How does foreclosure actually work? Like would they get any money for the house in that case or would the bank just take it? I'm grossly misinformed but I have to be a leader here.... My parents are old....sorry. (Bankruptcy doesn't appear to be an option based on their income and our state but I'm having an attorney call them ASAP just to confirm) [link] [comments] |
| Posted: 05 Aug 2020 08:48 AM PDT I'm looking to buy my first home (in Los Angeles) sometime next year (2021). What can I afford assuming $300k+ income and $200k saved for down payment now + maybe $100k from family? I definitely think I'll need a jumbo loan. I'll have family help to avoid PMI so that's not a concern. What steps can I take now to prepare? When should I get pre approved? I'm a very diligent person and want to make sure I start learning/searching very early in the process. [link] [comments] |
| Getting out of a exclusive buyer brokerage agreement Posted: 05 Aug 2020 08:43 AM PDT My husband and I have been on our home buying journey for a month now and our agent has been incredibly unhelpful. She is currently out of state due to covid and everything we do is a game of telephone between her, an assistant, the broker and us. We signed an exclusivity agreement before seeing a house as she stated it was required. (huge mistake on our part, it's our first time doing this). We did not go with the house as it was out of our budget and had some other issues. It was easily 20k more than we wanted and repairs would have been a potential 20 grand more. After this our agent offered we buy her friends place but that too was out of our budget, not in the area we needed and didnt have the room we were looking for. Our agent became distant after this. I would bring forward 4 houses we were interested in, 3 under 190 and 1 over 200 and she would never hear back from the less than 190 places. This wouldn't be a big deal but after the 7th time asking about places in our budget, we were told the house we really loved, checked all the Mark's, that they had a cash buyer and wouldn't take any offers or let us see it. Something about this didnt sit right. The house had been on the market for 10 hours and it was so perfect I tried to put in an offer within an hour of it being put up. But our agent said she couldnt reach the buyers agent all day and once she did it was already pending a cash buyer and we couldn't see the house. I reached out to the buyers agent directly today to find out that not only are they accepting offers but I can schedule to see the house today if I wanted. We have never been able to get in contact with the agent or schedule an appointment for any house under 190k with our agent. Any house we wanted to see over 200, weve been in on the same day and pushed to put in an offer. I feel like our agent does NOT have our best interest in mind or isn't being transparent. Our contract does not have a termination section either. Is there anything we can do? Otherwise it expires january and we have to extend or renew our loan and try home buying again with someone else. [link] [comments] |
| Houses being listed for greater than 15% more than they were worth 3 months ago. [AZ] Posted: 04 Aug 2020 01:15 PM PDT We have been trying to buy a home in a certain neighborhood for half a year now and within the past couple weeks houses are being listed for huge markups. One house that sold in December is now being listed for 80 grand more (no work done to the house) and 70 grand more than an equivalent house next door that sold in March! Much nicer homes in the neighborhood have sold for a lot less in the past three months. Now other listings have popped up with the same ridiculous markups. I know zillow isn't a perfect estimate, but the surrounding homes still have a believable zestimate while the houses that are listed magically have a zestimate at what they are listed for. My realtor says that there is no way these houses will appraise for that much considering there is no data to back up these prices. I feel like these houses are only being listed at these prices because of the extreme lack of inventory. What I'm wondering if once things go back to normal, however long that may be, will these over priced houses still be worth that much? Is it really reasonable for a house to go up 18% in value in a little over half a year? Is this happening in other markets as well? Is this type of "growth" sustainable? It's starting to seem like a really dumb time to try and buy. [link] [comments] |
| Posted: 05 Aug 2020 08:36 AM PDT What are the pros and cons of vertical vs horizontal condos? I would think that vertical is good because you won't have loud upstairs neighbors. The downside being cooling down the higher floors in the summer would be difficult without overcooling the bottom floors. What are other considerations? [link] [comments] |
| Inspection company Texas (Houston) Posted: 05 Aug 2020 08:20 AM PDT In process of buying a house in Fort bend county Sienna/Sugarland. Any recommendations on inspection company and termite inspection . Any help is appreciated [link] [comments] |
| Your opinion on Home Managers and how does a seller find one? Posted: 05 Aug 2020 08:03 AM PDT We viewed a house that a home manager occupied. I asked my agent about the concept, and she explained a bit, but didn't know how to get one. Also, not sure how effective it is in selling the house and/or keeping it maintained. Any thoughts or experience? [link] [comments] |
| Property type: Residential; exterior/construction: site condo (MI)? Posted: 05 Aug 2020 08:03 AM PDT I'm looking at a property which is listed as a residential property but also says under exterior and construction that it is a site-condo. My gut says it's a site condo but due to only a few states having site-condos, this is how the MLS has to categorize it. edit: Sorry if this is a dumb question; I'm a brand new realtor. [link] [comments] |
| Buyer requesting repairs on new roof Posted: 04 Aug 2020 05:14 PM PDT We replaced our roof in March. Apparently there are degraded shingles, it is a GAF roof. This means the roof is about 5 months old. We are under contract, but the buyers are adamant that the roof needs to be repaired, which would mean the whole roof since it is in so many random spots. We are now juggling GAF warranty claim and the contractor hasn't given us a letter assuming responsibility for the roof. This could take a month, maybe two, to get figured out. Basically 100k tied up in the house in equity that we cant access. I also refuse to pay for another roof since, well, I just paid for one. Any recommendations? [link] [comments] |
| Posted: 05 Aug 2020 07:00 AM PDT |
| Posted: 05 Aug 2020 06:52 AM PDT Any good books, tryna be more financial literate, would like some ebooks or pdfs to read, about to jump into investing. [link] [comments] |
| Young Loan Officer Looking for Advice Posted: 05 Aug 2020 06:28 AM PDT Hi everyone, I'm a recent college grad (05/20), with a Bachelor's of Science in Accounting. After an internship with a fortune 25 company, I found that accounting was not for me and neither was corporate America. I'm currently a Loan Officer trainee who's learning all of processing right now so I can be a fully developed originator. My mom is a real estate agent and she seems to really enjoy her career and do well with it, however I enjoy financials quite a bit and like the LO side of the transaction. I think I have an entrepreneurial spirit that wouldn't be satisfied with accounting or getting my CPA because auditors tend to be bad at making a company (unless they buyout a firm) and I'm not interested in public accounting whatsoever. This isn't because I don't like hard-work, I genuinely believe the accounting day to day life just isn't for me. I graduated top of my accounting class and all my professors have high aspirations for an accounting career but I know that's too dry or maybe minuscule for what I want out of life. I don't like the company I currently work for. I'd like to move across the country and I'm not sure how I should do that as an LO trainee, minimal experience, and no contacts in the area. I know young people like myself are impatient and want everything right now, but I've started saving for the move and have done a good amount of research. I'm looking for any advice, any help, or anyone looking to share their experience that might be similar to this. Thank you. [link] [comments] |
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