Real Estate: Fearful that tenants won’t move out after my 60d to owner occupy. What happens? |
- Fearful that tenants won’t move out after my 60d to owner occupy. What happens?
- Do we need to disclose my husband's foreign student loans on mortgage apps?
- Building vs. buying in a sellers market. Is it even worth bothering to join the endless bidding wars?
- Need our condo to sell ASAP - any advice?
- Selling a flip house, buy gave huge amount of DD money, anything pitfalls to avoid?
- First-time homebuyer inspection, reality check.
- Escrow vs Not Escrow
- How does one even buy a house in this market?! Houses are going so quick!
- Need to take this seriously and would like to know who to contact in my town
- What does it mean when at closing they said I have to pay off my loan before I sell my house?
- Buying a condo in COVID world?
- I made a Letter Legal Document Separator app over the weekend
- In Townhouse, purchase home similar size-bad idea?
- FTHB: Is 3.5% APR on 20% conventional 30 yr in SoCal with a 702 median score bad right now?
- Purchased new home and now agent for condo I am living in says doesn’t want to list it
- Realtor told me to call the local police to ask about the safety of a couple of potential homes - did so and the police FLATLY refused to provide any information - said to use google.
- Do buyers purposely tie up a house?
- How much should I put down on a house that's like $300-400k?
- Get on board or get left behind?
- Would there be a reason ever to buy in a city that is in a population decline?
- Sellers won’t budge on extending closing
- Encapsulating Crawl Space CA
- Something different- has anybody seen the movie "Pacific Heights" (1990)
| Fearful that tenants won’t move out after my 60d to owner occupy. What happens? Posted: 21 Sep 2020 05:58 AM PDT I bought a house with current tenants. They signed a letter that they'll vacate on or before the end of their lease end date. This is important because my family and I will be owner occupying that unit. They haven't bought a house yet or leased anything, though they're looking occasionally. They're quite settled in the current unit and have a young family. My biggest concern is getting hammered by the bank, but there doesn't seem to be anything I could even do. Given COVID, I won't be able to evict them. What is my best course of action, and do I need a lawyer? [link] [comments] |
| Do we need to disclose my husband's foreign student loans on mortgage apps? Posted: 21 Sep 2020 05:02 AM PDT Title is self-explanatory. My husband has a student loan from the IRS equivalent of his home country. Obviously, it doesn't show up on his US credit reports. We did claim the student loan interest deduction on our taxes for 2019. Not trying to pull the wool over anyone's eyes, just wondering what our obligations are. It's not a huge loan ($20k USD, maybe?) so I don't think it would have much impact, in any case. [link] [comments] |
| Posted: 20 Sep 2020 11:38 AM PDT I've been looking at houses in frankly a bunch of areas. Mainly just trying to escape my current place due to the ever-increasing housing tax and HOA on a house that is skyrocketing in value over the last few years. Every single area, especially right now with covid, is absolutely insane. People offering 10, 20, even 50k over listing price the day it goes up. 20 bids on a house. Half the sales are transformed into "best offer by friday!" Meanwhile, land remains relatively cheap. The only reason I don't build is due to all of the extra costs in a built home. City connections, grading, surprise costs, etc. At some point though, it seems almost more cost effective to just build rather than pay way over listing. Like that extra 20k I'd need to bid would be better spent on those surprise costs building would cause. Maybe I'm just disenchanted by how wild it all is right now. Back when I bought this one, there was so much inventory. So many choices. I spent a good month checking out houses and eventually picked one that I looked at earlier on that had only dropped in price. It was perfect. Now it feels like I'm just going to have to pick up the first shack I can find in the area I want for an extra 20k then spend another 40k remodeling it so it's not a trash pile. [link] [comments] |
| Need our condo to sell ASAP - any advice? Posted: 21 Sep 2020 08:42 AM PDT I posted a few weeks ago about our condo buyer's financing falling through at the very last minute after we moved out. We had to remove close contingency in order to get our beautiful house, and while we can afford to keep the lights on paying two mortgages it's very tough. When we initially listed our condo, we had 8 showings in one week and went contingent after 8 days. Since we relisted it has been much slower- probably averaging 3-4 per week. The feedback we've received thus far has nothing to do with our actual unit- everyone who toured it liked the unit and had no negative feedback on it - but that they hated the building. Over the past year or so our condo building has really let the building go downhill, and quite frankly given how high the monthly assessments are I wouldn't blame someone for being hesitant when the building isn't in tip top shape. We've already done a price reduction, but I'm not sure what else we can try to get this sold faster. I'm sort of at a loss because we can't control the condition of the building. Any advice would be appreciated :) [link] [comments] |
| Selling a flip house, buy gave huge amount of DD money, anything pitfalls to avoid? Posted: 21 Sep 2020 09:46 AM PDT Maybe I'm overthinking this, but just want to make sure I don't step in it somehow. We bought a cute little house in Asheville, NC in August 2019. House is 100 years old, had a wet crawlspace, needed a bunch of updates, but nothing major. We spent the last year DIY'ing the renovation, took our time, used it as a vacation spot along the way. Paid $215k, put about $20k in and obv a bunch of sweat equity. Listed last Friday for $299,900, went under contract yesterday for $300k, with $5,000 DD, $3,000 EM, closing in about 30 days. Buyer seems to be VERY motivated, our agent said they just must REALLY want the house. But in my mind, I would never offer such a huge amount for DD, gives no leverage for asking for repair requests etc. Anything I should be concerned about or are people just that desperate? EDIT: We do have a signed backup offer too if that matters. [link] [comments] |
| First-time homebuyer inspection, reality check. Posted: 20 Sep 2020 07:05 PM PDT First time homebuyer. Looking at a 4 b 1.5 bath house built in 1929 that has a lot of good things going for it, but some serious issues were found on inspection. We offered asking (439,000), which we thought was a bit high for the area, but it's a competitive market. After seeing the inspection report, we're getting a bit concerned that we're getting ourselves into "fixer-upper" territory. I wanted to see if anyone has any feedback on if these issues are fairly reasonable or if we should expect less issues on a "move in ready" priced house. For context I would mention that the house does not have any fancy renovations like kitchen or baths, and all that stuff is fairly dated, which we were fine with if the fundamentals were good.
Good stuff: • Roof was done in 2011 and looks to be in excellent shape • Basement was wired and parged with a new drain and sump pit. Basement generally is in excellent shape and no signs of moisture • 200 amp breaker box
However, the inspection turned up a number of issues, some significant. • Knob and tube on the second floor. We thought the wiring in the house had been redone, but there is still a good amount of K&T on the 2nd floor on interior wall and fixtures. But there is at least 1 grounded outlet from the new wiring in each room, on exterior walls though. • Relatedly there are some other electrical issues, like power going to the garage is not in an appropriate conduit. • The cement slab for the front porch is settling/sinking (this is a big one!). It is cracked in a number of places and it is pulling the overhang down. Contractor says the slab will need to be demoed and the awning will best-case need to be jacked back up. • Detached garage (which strangely actually has a newer roof) is completely water damaged and unsalvageable. It will just need to demoed. This was a bummer because we really wanted a garage. • Some joists in the basement are unsupported and will need a new beam or some other support. • Unbonded gas line going to gas fireplace insert • The back deck is deteriorated and will need to be replaced ASAP. It us currently unsafe with a some loose boards, rusted brackets, and bad railing Another bummer, because we really like the idea of a deck. • No railings on 3 stairways • Missing caulking between electrical conduit/chimney and siding • Siding sliding down, revealing asbestos siding behind • All original windows and a few of them are painted closed and basement windows do not shut. Also, one exterior door is completely jammed and will not opened (will need to be cut out). Windows by kitchen are broken and will not stay open. • Exterior of stone foundation needs to be pointed • There are a number of other small things like flashing needed at some places, siding that has fallen off, and additional caulking on windows
We really like the house and love the area, but considering the price, which is higher than the average for the area, we were hoping to have something that would be less of a project. We expected some issue because its an older house, like the super old sewer pipe that will probably need replacement at some time in the future. However, since we're first time buyers it tough to get sense of what should be expected. I know that only we can determine the value proposition here, but does this seem beyond the norm in terms of repairs? EDIT Wow, a lot of really great feedback in this thread. Very interesting to see the range of perspectives and what folks are comfortable with in terms of repairs after purchase. I feel like the my takeaway is that for an older home, the issues listed here are not out of the ordinary (maybe besides the front porch), but also not indicative of the best maintained home. We are getting quotes from an electrician and and a general contractor today, and we will run the numbers to see if we will move forward with negotiations. Thanks to all who offered honest feedback and kept the snark to a minimum. We're maybe a bit naive, but we're trying to learn. Cheers. [link] [comments] |
| Posted: 21 Sep 2020 07:19 AM PDT I opened the escrow account to invest in real estate in Eastern Europe. Has anyone the experience of working through it? What is your opinion? The biggest advantage for me is that it's automatic. So, as I understand, holding my future property tax and homeowners' insurance payments in escrow will ensure me that those bills will be paid on time to avoid penalties, such as late fees or potential liens against the home. [link] [comments] |
| How does one even buy a house in this market?! Houses are going so quick! Posted: 21 Sep 2020 09:57 AM PDT We've gone to see houses the same day they are listed and put in an offer same day and we still lose out even when offering more. Is there any way to get ahead of the game? [link] [comments] |
| Need to take this seriously and would like to know who to contact in my town Posted: 21 Sep 2020 09:53 AM PDT We have owned some property for 10 years and have been leasing it for most of that time to a local landscaping company on the cheap. They have improved the property a ton and also take care of the lawn, snow, leaves, etc. on the 2 adjacent properties we own that house our local business. The property has a small house, a detached garage in great shape, and a large lot behind it. The landscaping company uses the garage for storage and the back lot for their supplies. The house was not used for years and was only roughed in...no sheet rock, electrical not done, plumbing not done, etc. About 3 years ago a small construction outfit moved in with the understanding they would do certain work on the house to get it in shape to use as a rental, which they have for the most part. We have had agreements with these companies up till now, but we really want to take it more seriously and try to get some income from it, where we have not in the past. I'm having trouble figuring out what a fair rent would be for each of the pieces of this property. Can you recommend what type of agent or person I could contact in town to help figure out what I should be charging in rent for the house, garage, lot, etc.? Whether I should do them as a group package, or continue to break them up like we are currently? We are not making any money on them now and have been kicking ourselves for years because of it, but we have to get this going and personally I'm hoping it will be a first step toward more of this type of investing. Thank you for any advice! [link] [comments] |
| What does it mean when at closing they said I have to pay off my loan before I sell my house? Posted: 20 Sep 2020 09:18 PM PDT I've only been here for about three weeks but I was just wondering what it meant when at closing I was told that I have to pay off my loan before i sell my house? I'm 23 and I severely doubt that this is the only home I will ever purchase. What if I want to sell before I pay off my house? Is that a literal statement? Like I have to pay $124k before I can sell? I'm new to this so I'm just not sure what that means. [link] [comments] |
| Buying a condo in COVID world? Posted: 21 Sep 2020 09:48 AM PDT HI all, We've all heard the stories about how folks are leaving cities. The typical assumption that seems to be driving this is that work from home will be a more or less permanent thing, so everyone is fleeing the cities. I might be wrong, but it seems like folks are taking a significant gamble on pseudo-permanent WFH. Happy to be persuaded otherwise, however. This is obviously leading to a tanking of the rental and condo markets. I'm not quite sure how to think about the long-term condo market in a post-COVID world. Prices are dropping, which may mean that there currently might be some opportunity if you don't mind the condo life, but at the same time there may not be a floor to the prices if the above assumption about WFH is true. There are two scenarios I can imagine happening:
What are your thoughts on this? [link] [comments] |
| I made a Letter Legal Document Separator app over the weekend Posted: 21 Sep 2020 09:47 AM PDT Hey everyone. I made a little app over the weekend for separating letter and legal paper if you find yourself with a combo PDF. This should make printing easier. https://letter-legal-separator.herokuapp.com/ Give it a go and let me know what you think! [link] [comments] |
| In Townhouse, purchase home similar size-bad idea? Posted: 21 Sep 2020 09:39 AM PDT Hi folks, We're currently in a townhouse and have two little kids (4 yo and 2yo). Our home is 1,600 sq ft, 3 story, 3 bd, 3.5 bath. Because of quarantine, we are in need of an outdoor space, like a backyard. We've been looking for a 4bd, 2+ bath and hoping for a bigger single family home, but in the area I live in (san jose, ca), houses are going over asking since they're harder to come by. One of my kids has a health condition, so we would like to stay close to the area. We're thinking of expanding our search to a 3 bedroom single family home as a temporary house for 3 years. We're mainly after the yard space for the kids. We also would like to get out of a three story home...it is tough on the knees! lol! Price wise, it is similar to our current home. Has anyone does this? Is this a bad idea? Should we wait for the 4bd home we want? [link] [comments] |
| FTHB: Is 3.5% APR on 20% conventional 30 yr in SoCal with a 702 median score bad right now? Posted: 21 Sep 2020 09:23 AM PDT As title suggests, first time home buyer and a lender got back to me with a 3.5% rate.. I thought rates were insanely low right now? Is there a mistake here? I also have the option to "buy the rate down".. is this a good idea? ~545k home. [link] [comments] |
| Purchased new home and now agent for condo I am living in says doesn’t want to list it Posted: 21 Sep 2020 08:10 AM PDT Purchased home in suburbs with plans to sell downtown condo. I close on the suburb home in a week. Now my agent is saying they do not want to list my condo as there are others in the building with no showings yet and thinks I should rent it out instead while wait for downtown market to come back. I can't afford two mortgages and the city I live in is not landlord friendly. Should I get a new agent? Try to sell at aggressive price? Really want out of condo. [link] [comments] |
| Posted: 21 Sep 2020 07:50 AM PDT |
| Do buyers purposely tie up a house? Posted: 21 Sep 2020 07:47 AM PDT Do buyers purposely tie up a house with a slow process either hoping the seller will get desperate or they'll come into to more money? I've seen people offer a few hundred dollars to take down a fsbo sign and others go for a loan they have no business applying including the price of house. Also heard buyers hounding the realtor to put contingent on sign and internet before the first check exchanged hands. Is it a case of realtors not advising their client with reality? Are they in on it? [link] [comments] |
| How much should I put down on a house that's like $300-400k? Posted: 20 Sep 2020 06:18 PM PDT I am wondering how much I should put down as a down payment for a house between $300k-$400k. [link] [comments] |
| Get on board or get left behind? Posted: 20 Sep 2020 07:38 PM PDT Every year that goes by houses continue to go up exponentially in price. I have been holding out hoping prices would stabilize or drop. It seems like bid wars are getting crazier and people are getting more desperate. Is this irrational like when the stock market goes on a tear, or is it time to just bite the bullet and buy before getting left in the dust? [link] [comments] |
| Would there be a reason ever to buy in a city that is in a population decline? Posted: 21 Sep 2020 05:51 AM PDT The city has 845 people in the town. It's down from 890. Would there be any reason to purchase the property? This would be to invest in real estate. Preferably rental income. [link] [comments] |
| Sellers won’t budge on extending closing Posted: 21 Sep 2020 08:34 AM PDT Hello, I have purchased an investment property but am trying to find a much better mortgage rate, which is possible, but the sellers won't budge on extending the closing date as they need that equity to purchase another home. Is there any creative loophole ideas to extend closing? Thanks everyone! [link] [comments] |
| Posted: 20 Sep 2020 04:51 PM PDT Hello r/RealEstate, I wanted to get some thoughts if it would be worthwhile to encapsulate a crawlspace in the Bay Area CA or just do a full cleaning/general seal and check every year or so? Most older homes we've seen here with crawlspaces (50-70's built) are not encapsulated. We were planning to have the crawlspace cleaned and any debris from past work removed / any areas where rodents or other animals could enter sealed off. I'm not too familiar and still researching the pros/cons in our climate, but calling around and asking for quotes it sounds like some local companies also offer encapsulation and other services. Thank you. [link] [comments] |
| Something different- has anybody seen the movie "Pacific Heights" (1990) Posted: 20 Sep 2020 01:58 PM PDT A movie about a young couple who buy a house in San Francisco and rent out one of the downstairs units to a man who was able to move in and squat without paying anything. Is the plot of the movie plausible? Can that renter essentially squat without consequence while the landlord is legally powerless??? [link] [comments] |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment