Real Estate: Was I right to walk away? |
- Was I right to walk away?
- I got fired by my real estate agent
- Seller somehow accepted two offers.. What now?
- Lender says closing time on a new home would be around 75 days. Is this common right now?
- Lenders that Allow Renting
- Newb here. How to structure a partnership with one person borrowing and one paying cash?
- Real Estate - Abandoned Property
- I want to become a realtor, but I would have to start from very humble beginnings, advice, please?
- Selling a home - my agent's son made an offer. What do I need to consider/do?
- 9 months on the market and...
- why would a home be listed and relisted twice in a span of two months
- Finalizing my second flip, trying to figure out the best road forward...
- (OH) If you are selling a place as is (this would be very cheap) as a tear down, ie land only. but there are back taxes can you sell it at all?
- How to negotiate price on home reno?
- Wondering how I need to prepare for second home purchase
- Rolling Investment Property & Primary Home Mortgages into One Mortgage
- Good rates for NY Refinance at conforming limit?
- Any experience with a 1031 exchange?
- My buying agent is scheduling the inspection for me - is this a conflict of interest?
- To Buy a Remediated Former Meth house??
- Any recourse for sellers that didn't repair something after closing?
- Mental breakdown about house
- Inherited House from Grandpa
- Do high property taxes on a new construction home eventually lower?
| Posted: 08 Aug 2020 11:35 PM PDT First time home buyer in LA here. Made an offer on a promising looking condo middle of last month for 740k. Seller countered for 750k and we accepted. I was excited, it was my first time in escrow. During inspection, we find there's ~10k worth of repairs needed -- chimney not up to code, mold in kitchen, kitchen sink area needed to be re-built due to rotting wood, etc. The next week, we receive the HOA docs -- 3 years worth of meeting minutes, HOA reserve study, etc. From these docs, we find out the following:
I send a list of 15 various questions to the HOA property management company. These were not aggressive questions...just questions on the current state of the building and confirmation that repairs were not done like they keep talking about in the meeting minutes over the last 3 years. The selling team apparently did NOT like these questions and get frustrated. Given all these, we decide to ask the sellers for 19k in credit. The sellers verbally offer 2.5k. Our agent gets into a yelling match with the seller's agent. The sellers then offer 8k in written counter. Rather than counter, I decide to walk and cancel everything after 2 weeks in escrow. Sellers somehow find me on Facebook and "warn" me that they think my agent "violated the code of conduct" by not giving me the written counter, when he actually did. To avoid making the drama worse than it already was, I decided not to respond to them. At this point, my anxiety was through the roof. I just wanted everything to end quickly. It was stressful getting my deposit back -- seems like the sellers were holding up on signing the deposit release forms. Maybe they were upset, I don't know. But after several days of waiting, I got furious and started contacting everyone to put pressure on the sellers to sign to sign the forms. It was making me anxious because I had over 20k in that deposit. I came into escrow knowing it wasn't going to be easy. But damn, those 2 weeks really took a toll on me. I just had bad feelings about the place but was worried about disappointing everyone (my agent, mortgage broker, etc.) It was just eating me inside. Couldn't sleep at night, couldn't focus at work, etc. I think I'm going to take a long break from my home search. [link] [comments] |
| I got fired by my real estate agent Posted: 09 Aug 2020 09:06 AM PDT I guess I'm the client from hell/nightmare lol. We had two houses we walked on inspection, and our agent let us go. My work hours are wonky working night shift and I can only view on Saturdays, but wow. I know it's all business but what a bummer feeling to get after you've built a connection with someone. We are still friends as we were friends before I started looking. It must not be very common for a buyer to get fired so I must be a dumpster fire of a person LOL. [link] [comments] |
| Seller somehow accepted two offers.. What now? Posted: 08 Aug 2020 07:54 PM PDT My wife and I put an offer in on a house two weeks ago. The seller went with another offer, and we kept looking. Yesterday, the house became available again, and the seller's agent reached out to our agent to see if we were still interested. We decided today to submit another offer, identical to our previous one. The sellers sent a counter offer, which we accepted and signed. Right after we sent it back, our agent got a call from the seller's agent, who said they were going with the other offer. Even though both parties had signed and submitted the counter offer. My agent was pretty livid and asked how they accepted the other offer after everyone agreed to the counter offer. She said she is going to fight for us, and that there should be some repercussions against the other agent for handing things this way. So I guess my questions are, did the seller's agent mess up? Did we lose this house? How might this play out? [link] [comments] |
| Lender says closing time on a new home would be around 75 days. Is this common right now? Posted: 08 Aug 2020 02:19 PM PDT I got a call from our loan officer at our credit union about 4 days after we applied for our mortgage for the pre-approval letter. Everything was fine and we got approved, but he warned us that the lender they use is so back up with new home mortgages, that closing is averaging around 75 days. Should we look for another lender? Or will we likely be in the same situation? [link] [comments] |
| Posted: 09 Aug 2020 08:44 AM PDT I'm purchasing a home soon. I plan to live in it for a while and then rent it out for a year while I travel abroad. I've read that some lenders don't allow you to rent the property. If loans get bought and sold between banks how do I know I will have a lender that allows me to rent for a year? [link] [comments] |
| Newb here. How to structure a partnership with one person borrowing and one paying cash? Posted: 09 Aug 2020 09:53 AM PDT My husband and I are moving to a new state and looking to owner-occupy a home (for 1 year) around 120k with a VA loan. This would be our first property. Our partner is older and sitting on a lot of cash with a very high income. This would be her first investment property, but she works in the industry. She is looking for different avenues to invest her money. Hypothetically, we would like to:
What does/doesn't work here? I know she can't gift us the money, since there will be some major tax implications there. Will a lender allow a 3rd party to be involved like this? I'm getting in touch with my lender to as his advice as well. Would appreciate any advice/feedback or even some references to check out. [link] [comments] |
| Real Estate - Abandoned Property Posted: 09 Aug 2020 09:22 AM PDT G'day, Reddit, I have identified a property that is 100% abandoned in every single sense of the word. In my research, I've learned that the property has 1 year of back taxes, the original owner is deceased (2015) as well as the next of kin (2018), the lender charged off the loan in 2019 and doesn't possess the deed, thus the deed is believed the remain in the name of the deceased. There appears to be a second next of kind in the community, but it is believed that this individual has no interest in recovering the property. I have learned from our neighbor, the City's mayor, that the have been multiple unsuccessful efforts to reach the next of kin about the property. Personally, I am very interested in acquiring the property, especially with encouragement from our community's Mayor. I own a small construction business with my father, and we have been searching for an opportunity such as this to shift our business model toward renovating real estate. This house undoubtedly needs work; however, if we're able to acquire it at a low cost, we can afford to rehabilitate this home. Are there any avenues to legally purchase this property outside of something ridiculous, such as squatting on it for years? Should I attempt to reach the next of kin myself? Again, the house has been charged off by the bank, does the next of kin retain any legal right to the property? It has become my understanding that in order to sell this property, this person or somebody on their behalf, needs to probate it with the county. Ultimately, if nothing is done, the property will get put up at tax auction - what can I do to beat out this process? Thank you in advance! [link] [comments] |
| I want to become a realtor, but I would have to start from very humble beginnings, advice, please? Posted: 09 Aug 2020 09:21 AM PDT Hi everyone, I'm interested in pursuing a career as a real estate agent because I like the entrepreneurial aspect, as well that there is really no cap on the earning potential. I do have concerns though, maybe some of you could help alleviate some of those concerns or just lend me some general advice. My biggest concern right now is money, and pretty much all the other issues stem from this one concern. I don't have very good credit at all (I'm still working to resolve this issue), but at this point in time I would have to pay for everything (classes, licensing fees, suites, start-up costs,) everything with cash, which I'm honestly okay with because after being in bad debt, I wouldn't mind ever going back into it ever again, lol. However, I wouldn't be able to afford a "nicer" car at this time. So like the title, I would be starting from very humble beginnings. A little bit about my background, I've worked mostly in manufacturing on assembly lines my whole life (I'm 25 years old currently), and I hate it. Every day I come into work and do the same things, limited overtime, limited vacations, etc., then there's the earning potential cap that I hate. For the past year, I have experimented with rideshare apps such as GrubHub and Doordash, and while I wouldn't want to do those jobs full time for the rest of my life, they have given me a huge love for working independently, I feel so motivated to chase down success. And that is what has kind of lead me to the idea of becoming a real estate agent, but with my current financial situation, I didn't know if it was a very good move for me right now. Has anyone started in a similar position as me? Thank you for any thoughts and advice you might have for me. [link] [comments] |
| Selling a home - my agent's son made an offer. What do I need to consider/do? Posted: 09 Aug 2020 09:11 AM PDT My agent's son just put in an offer on the home I am selling. It is the only offer we have gotten so far and the house has been on the market for 3 weeks, so I am inclined to take it but have reservations about dual agency and the fact that the agent will obviously be inclined to put her son's interests above mine. The agent has been very upfront about who the buyer is. She also works for a major firm. What is the best option here? Decline straight out? Ask agent to have another person from her firm represent me or represent the buyer so there is no dual agency? [link] [comments] |
| Posted: 09 Aug 2020 09:05 AM PDT My house still hasn't sold. Seeking advice on what to do next? Is it a realtor issue? Would switching realtors help? For background info, the house was on the market for 9 months. I've moved a few states away and have had upkeep done by different folks. The realtor has been helpful singling out and providing feedback to get the house sold. We've not even had a valid offer. We've had floors refinished after taking out our stuff, we've had landscaping put in for the summer season and a retaining wall (just decorative) repaired. We've even deep cleaned it thinking after being empty for so long it may be stale. The feedback we are consistently getting is the layout is wrong or there is too much work, or they absolutely love it and put another offer on another house. I'm running out of time to sell the house (relo package) before I incur double mortgage. I've taken it off the market for now because it's been on so long. Drop the price? [link] [comments] |
| why would a home be listed and relisted twice in a span of two months Posted: 09 Aug 2020 05:10 AM PDT i've already looked at the home and sent a email saying i'm ready to purchase but it's been two days now with no response. i look to see the home was taken off the market. i look at the history on the house and see that back in june they put the home up for two days then took it down, then put it back up again this month with a 200 dollar increase for 6 days and just took it down yesterday. what do you think would be the reasoning for this? also i'm renting [link] [comments] |
| Finalizing my second flip, trying to figure out the best road forward... Posted: 08 Aug 2020 10:23 PM PDT I am very excited because I am just getting finished with a rehab on my second condo. Last year I rehab'd and sold a foreclosure that I bought in '08 for a tidy profit. I rolled that money over via a 1031. The new property was a probate sale so I got it for a really good price (there were no other bidders!) and I have spent the last 6 months transforming it into a really beautiful place. I can't rent it out (HOA rules - I have to live here for 2 years before I can do that and I can't live here because investment property only - 1031 rules) so I am selling it and have confirmed with a realtor that I will again make a nice profit. However, because of COVID, and my lack of full-time employment (this rehab has been my full-time job for the last 6 months) there's really no way for me to get another mortgage after I sell this place, right? I barely got the mortgage that I got to buy it in January so I am trying to figure out the best path forward... Should I
Seriously though, what happens if I do a 1031 BUT I don't get another mortgage? How much would I pay in capital gain if I sold a condo for $400,000 and my principal loan balance was $200,000 so I profited $200,000 but I roll it into a 1031 and just bought $200,000 work of cash-only investment properties? Or can you NOT do that at all? I'm open to other suggestions... Thanks in advance! [link] [comments] |
| Posted: 09 Aug 2020 07:47 AM PDT Or can you sell it as is, with the back taxes but of course sell it for much less so as to not have to worry about it. like if you wanted to sell something worth 50k, but with 25k in back taxes. instead selling it at 20k? and not bothering with anything? [link] [comments] |
| How to negotiate price on home reno? Posted: 09 Aug 2020 01:45 AM PDT I am closing a property that needs some work, and all are cosmetic. Like removing popcorn ceiling, redo whole flooring, remove wall paper and repaint, update two bathrooms, and add/move garage door, update 3 windows, run a new gas line by 2 feet, etc. I had a quote from one general contractor a few days ago, this was how it went: (1500sqft house) All Flooring/wall/ceiling for 14k and floor includes material $2 per sqft, and if we want better ones, we add the difference. Ceiling includes 20 some recess lightning. Two bathrooms are 9000 for both, including everything except for vanity and shower doors. Kitchen is 1500 for installing a new countertop and some lightning. And run a gas line. Window is 350 a piece installed including material. Am I getting the quote in a normal way? How exactly do I ask general contractors for the cost? Do I list exactly what kinds of part that I need and I will buy on my own and simply ask them for their labor cost? Then there will be so many stuff to ask for. Edit: this is Los Angeles metro area, so HCOL. [link] [comments] |
| Wondering how I need to prepare for second home purchase Posted: 09 Aug 2020 07:42 AM PDT I currently live in half a duplex 2/2 that I own with my roommate and boyfriend. My mortgage is 1050. My roommate pays 700, my boyfriend pays 250, and I pay 100. I want to put someone else in the master next May and purchase a 3/2 next year and get two additional roommates. I'm guessing I'll have a mortgage of 1300 or so, and hoping I get approved with my boyfriend for 225k or more. So my question is do I need to move out of my unit and rent it out for a few months before I do this? We are relatively low income, we are both part-time tellers at a retail bank making a combined 50k a year. But I do have excellent credit(albeit young credit but 800), a great standing on my current mortgage, good relationship with my lender, and he would be a first-time home buyer. I also have about 13k in savings that I plan on growing and my boyfriend has about 5k in savings. I purchased my previous home May 2019 with about 4K in closing costs and needed no serious renovations other than replumbing which was done by the sellers during negotiations. Should I just count my blessings and stay here until I have a big kid job? I just graduated from university and I am in kind of a limbo not knowing what I want to do and corona did not help. Or should I start investing in more property? I don't really want to consult with my lender yet because I know I won't be able to do this till next year and feel bad bothering him. In terms of other investments I do some light trading on cashapp and I have a matched 401k that I recently started contributing to. [link] [comments] |
| Rolling Investment Property & Primary Home Mortgages into One Mortgage Posted: 09 Aug 2020 07:15 AM PDT Primary home is 77 months into a 30 year, 3.25% fixed rate mortgage. I owe $107,800. I owe $79,500 on a rental. 71 months into a 30 year, 4.5% mortgage. It is rented. Broker mentioned rolling these two into new primary home mortgage of $187,000 at 2.625% w rates nearly identical between a 15 and 30 year mortgage as my primary home has good equity. This would technically give me clear title to my rental home and place the debt on my primary. My family income is still below current thresholds where you lose the mortgage interest deduction on a primary home, but over the term of even a 15 year term, I'd hope to increase income. Your thoughts? [link] [comments] |
| Good rates for NY Refinance at conforming limit? Posted: 09 Aug 2020 06:14 AM PDT Looking to refinance in NY (Long Island), balance would be close to the conforming max ($765k). Took the advice of this sub and talked to a local broker, seems like 3.125 is the best rate out there. Got one more quote from a big bank and they said the same, only difference was an offer to buy down to 3% at a cost of $800. Anyone seeing anything better or should I take the deal? [link] [comments] |
| Any experience with a 1031 exchange? Posted: 08 Aug 2020 11:26 PM PDT Hello r/RealEstate, Been a long time poster and this sub has been so tremendously helpful with making decisions for our real estate portfolio. I am currently in Texas, and have an active portfolio of 11 properties that I have been self-managing up until this past summer due to moving to a different state for a huge career move in the next month. Hence, I hired a property manager and have transitioned most of the properties to be professionally managed (AMA if you need help with this). However, all but one property has been rented. I am in a really hot market, bought the property in 2016 for $65k, put roughly $10k into the deal to fix it up and I have had it rented between $950-$1,100 for the last 3ish years. I am a licensed real estate agent and really strong comps put the deal at $119k, or a $60k-$70k profit (with principal reduction) if I sold this month. Property is under my personal name (sole-proprietorship) and not an LLC. Here is my question and curious about what you all think. Because I am moving to a new state for a job, I am thinking about selling this property in Texas via a 1031 exchange, purchasing a duplex in the new state ($289k purchase price, 4,000 sq.ft significantly larger than current home), and house hacking for the first year while we build our "dream home." The goal would be to rent out the other side of the duplex and live rent-free while the "dream home" is being built and rent out the full-duplex once "dream home" is finished. I would use the 1031 exchange money as the downpayment for the duplex and would look to put it into a 30-year, fixed-rate, conventional loan with 20% down. Here are my questions -
Would love to get your feedback and happy to answer any questions that you might have on what it was like going from self-managing to professional management. Thank you for all of your help! TL/DR - have a home that has appraised significantly in value and want to do a 1031 exchange from Texas to another state to buy a larger + more expensive duplex and live in one side and rent out the other. Is it possible and any suggestions? [link] [comments] |
| My buying agent is scheduling the inspection for me - is this a conflict of interest? Posted: 08 Aug 2020 05:14 PM PDT She has a inspection company she works with and has a good relationship with them. just wondering if i should do my own shopping around or go with what she says? i was thinking to do my own research on the company she wants to use and if it checks out go with it. if i find any issues i will look for my own. i will be present during all inspections. edit: thank you all for the advice, i will talk to her before agreeing to any scheduling. [link] [comments] |
| To Buy a Remediated Former Meth house?? Posted: 08 Aug 2020 06:12 PM PDT We lost out on the last house we were trying for (3rd house putting an offer on over asking price) so we decided to take a look at this bank-owned property. When we got there, realtor told us that it was a meth house. We were taken aback to say the least. However, the house was torn down to the studs, all flooring was replaced, all new insulation and drywall, all new HVAC throughout the house, new lights, and renovated all bathrooms and kitchen. Windows are original to the house. Also, two test reports show absolutely 0 evidence of meth in the house. The house is in a great area, great schools, and is priced $25k below market value. We are awfully tempted to make an offer on this and then pay for our own inspection of the house to confirm the meth levels. I'm currently pregnant and we do plan to have more kids. Is this a dumb move?? Should we not even consider this house? [link] [comments] |
| Any recourse for sellers that didn't repair something after closing? Posted: 08 Aug 2020 01:21 PM PDT I'm cursing myself so much right now. I was first-time homebuyer, what the fuck did I know about anything. Ughh why does this always happen to me the first time I ever do something. Anyways...I closed about 2 months ago and the seller was supposed to remove + replace all the insulation in the attic (it was covered in urine + feces from a previous pest problem). Well, I went up to the attic today and found out...they didn't replace the insulation. Fuck me fuck me fuck me fuck me. Is there any recourse that I have, or is this another learning experience that on the final walkthrough, I should always go in the attic? I hate this so much. God dammit. Why all the dishonest people in the world...what did I ever do. [link] [comments] |
| Posted: 09 Aug 2020 07:06 AM PDT Hello all. I recently just bought a house thay I absolutely hate and want to move back to an apartment or small mobile home possibly. I honestly don't care how much money I lose. I actually didn't even want to close on the house but the lawyer said I could be sued so I went through with it. I closed 2 weeks ago and have been staying at my mother's since because I get a panic attack going near the house. I've been to emerg 4 times for suicidal ideation. Obviously my reaction is irrational and I have mental illness problems. Currently on meds and in therapy But I need to get rid of the house. Can I just sell it? Problem is I bought it with my husband and he thinks I'll be okay with the house once I'm well. I know I won't be-- my life's a mess. Bought house for 230k with 10% down and looking to rent again or buy a 70k mobile home. [link] [comments] |
| Posted: 08 Aug 2020 09:19 PM PDT Hello, I recently inherited a house from my grandpa. It's a very nice house but I have no idea what it's worth. How could I go about getting it appraised and put onto the market? Is it worth paying a real estate agent? [link] [comments] |
| Do high property taxes on a new construction home eventually lower? Posted: 08 Aug 2020 05:56 PM PDT My wife and I are looking to buy a home. We would like to buy a new construction home, but have learned the property taxes are significantly higher on new construction homes. I believe it's to pay for roads in the new community, etc. which makes sense, but I struggle paying an extra couple hundred dollars a month in taxes. Do property taxes on new construction homes stay high forever? Or do they lower after the builder has covered their costs for building the community? [link] [comments] |
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