Real Estate: Home owner just signed daughter to a year lease before listing. |
- Home owner just signed daughter to a year lease before listing.
- Real estate agent using photos of my house to sell a different listing
- Where to out packed things while showing house??
- Property deed presumed lost in the mail
- Switching to a new attorney while already deep into the home buying process? (US)
- Stuck between two similar house. Which one is the better option? (CA)
- URGENT - issue during inspection
- For Sale By Owner Question?
- am i missing something?
- Offer Accepted!! (SF Bay Area)
- Close tomorrow!
- cash payment to "encourage" the appraiser to schedule sooner?
- What are the common mistakes people make when buying their first home?
- Making money with an apartment locator website
- What can we do? Seller fails to disclose non-permitted kitchen and kitchen wall and falsely claimed it's an ADU
- Buying home insurance, what if purchase falls through
- Question about FHA Loan
- Do I need a buyer’s agent?
- Question about approval process
- How on earth does one rationalize doubling the value of their apartment to $10,750,000
- New construction help
- I am closing on a property soon and seller’s real estate agent is taking items from the house
- Can anyone recommend a great Buyer's Agent in Ft Lauderdale FL area?
- Any advice for a first time homebuyer?
| Home owner just signed daughter to a year lease before listing. Posted: 25 Sep 2020 05:25 AM PDT Currently shopping for a duplex. One we look at yesterday is occupied fully, we would be taking over one of the units. Originally we wanted to move into the smaller of the two, but the current owner just signed his daughter up for a one year lease with no security deposit right before listing, didn't find out until we got to the showing. The rent is competitive and that part we are comfortable with, still fine with living in the unit that would be available for us. But with it being rented to his daughter, is that something we should walk away from or am I thinking too much about it? First time home buyer, disclaimer. [link] [comments] |
| Real estate agent using photos of my house to sell a different listing Posted: 24 Sep 2020 09:12 AM PDT I live in Chicago and own a home on a street where a developer has built several similar-looking town homes. Recently, I found out that a real estate agent has made a listing for one of the similar town homes where the cover/main photo is of my house and not the actual home for sale. I found this out because several people had been walking into my yard/ringing my doorbell looking for his listing and it has become a nuisance. When I emailed the realtor asking him to remove the photo of my property, he told me he was using the photo of my house because it "looks nicer" (I have a done a lot of work on landscaping and flower boxes, it is also on the end of street where the windows are unobstructed by other taller buildings, unlike the house he is trying to sell) and that he "didn't have any photos of the front of his house" (a lie, because I found photos taken of the actual house buried in a slideshow on his redfin listing.) I replied back with a simple, "I am not okay with this, please use photos of your own listing" and he sent me back a rude email telling me to "fix my front gate if I didn't want people wandering into my yard." Do I have any options to get this person to stop using photos of my home? I know that photos taken from public property are public domain (the photos are taken from the street in front of my house,) but he is using them for commercial purposes and I also believe they are an invasion of my privacy since they include an address right next door to mine. [link] [comments] |
| Where to out packed things while showing house?? Posted: 25 Sep 2020 07:34 AM PDT If you were a buyer, would you mind seeing a bunch of boxes in the garage? We have a 2 car garage and a smaller storage area in our basement so we could put our packed things in either of those places. But if you see a cluttered storage area, would that make you think there's not enough space in the house? I was thinking putting boxes in the garage would show that they are moving boxes and not regularly stored items. I could also be way overthinking this so please tell me if I am... [link] [comments] |
| Property deed presumed lost in the mail Posted: 25 Sep 2020 09:29 AM PDT I recently bought a property with cash. Unfortunately the title company wrote for the deed to be mailed to the (wrong) property address, rather than the address I specified on their form, and I distractedly sanctioned this mistake by correcting only the street name (to the correct property address) rather than correcting the whole address (to the one I specified for mailing). Then the whole area was evacuated for weeks due to fire, and there is no mailbox at the property address anyway. Needless to say, I have not received the deed mailed by the county recorder six weeks ago. Because the property was cash, I don't have any lender or attorney involved. The title company did send me a copy of the recorded deed, but in terms of the original, they and my agent have both washed their hands of this situation. Will I need the original deed to borrow against the property? Is anybody obligated to help me obtain it? Is there even a process for replacement? I can't be the first person this has happened to - any suggestions for how to proceed? [link] [comments] |
| Switching to a new attorney while already deep into the home buying process? (US) Posted: 25 Sep 2020 07:16 AM PDT I'm sorry in advance, this is going to be such a long, rambling post! I think I'm mostly just venting. But I also want some advice on switching to a new attorney while already deep in the home buying process. Here's what's up!! We've been under contract to purchase a short sale home since February. We didn't know it was a short sale until attorney review, but our lawyer assured us that it wouldn't be too big of a deal, just that it would take longer. It turned out that there were nine lienholders on the property (everything from unpaid federal taxes to a second mortgage) but somehow, they have managed to negotiate all of those liens off the property. Except for one. This final lienholder is owed $60,000 and the sellers have told us the lienholder is not interested in negotiating. Either they get all of their money, or they don't approve the short sale. They were open to a smaller number initially, but then discovered the sellers own another home, and now they're digging their heels in (so they tell us). In the meantime, the value of this property has gone up since February. WAY up. At this point we believe the sellers are not negotiating with this lienholder in good faith. Maybe the lienholder actually doesn't want to negotiate, but we think it's way more likely the sellers are just encouraging us to back out so they can relist the house at a higher price. Our attorney is telling us to just cancel the deal and walk away. Find another house to buy. But we think he's being incredibly obtuse. Due to the changes in the market, we've been completely priced out of the area we want to live in. Nothing we can afford here has come onto the market in months. We'd love to drop it and buy a normal, uncomplicated property, but there just isn't one. Basically this transaction has turned out to be way more work than this attorney signed up for, and we're pretty sure he is just over it and doesn't want to deal with this/us anymore. So we're in a bad spot. We don't want to let the sellers off the hook so they can skip off into the sunset and relist for more. They used our offer to negotiate off eight of those liens. We have waited, patiently, for seven months while they did this. There are no other houses in the area we can go for instead. So why would we walk away at this point? It's not like hanging in there is costing us money, and we're not missing out on a different house because of it. We want our lawyer to fight for us, to continue pressuring negotiation, and to make it clear that we're not leaving, so they may as well start trying to work this out because otherwise the only other way the sellers are getting out of this foreclosure. But he's just over it. We can barely get him to call the sellers on our behalf without hassling him. He tells us he's busy all day in closings. Does it make sense to switch to a new attorney at this point? Is that even possible? There's been so much paperwork, so many emails, we're feeling intimidated by what that process would look like. And we're worried about having to pay this attorney anyway, despite never closing with him. Could use some guidance.. thank you! [link] [comments] |
| Stuck between two similar house. Which one is the better option? (CA) Posted: 25 Sep 2020 08:58 AM PDT I'm looking to buy my first house and I found two similar sized ones with everything I'm looking for but ones a bit expensive and the other is a bit of project. One is 110k, 750 sq. ft., 2 bedroom, 1 bath, willing to rent to own for two years. It needs literally nothing. I know the owner quite well which is why she'll rent to own for me but the house was recently gutted and flipped. New electrical, new plumbing/furnace/water heater, new insulation and drywall, new windows/doors, new roof, an eight foot fence and small garage (Can't actually fit my truck in there though.) The other is 35, 750 sq. ft. 2 bedroom + den, 1 bath. Everything works but most of it is pretty old. I haven't gotten an inspection on this one yet but I assume the furnace and water tank will need replacing. Personally I'm not a huge fan of the layout so some walls will move. I was told the electrical and plumbing might not be up to code either and the roof has at most 5 years left on it. No fence and a okay sized garden shed. Utilities are almost identical between them. I've done some DIY home repairs before (painting, drywalling, some minor plumbing and electrical.) I definitely like handiwork as it's what I grew up doing and what I spend most of my free time doing. My main issue is I'm not sure what the cost of a renovation like this would be. The second house does have a den area in the attic space that's currently used for the owners kids playroom. My family is telling me to go for the project house. Again, no inspection yet but we haven't found an major issues ourselves. My boss and his family, who are close friends, are really pushing for the 110k house. They're about 2 blocks away from each other so location isn't an issue. I could technically afford the 110k after all is said and done but things will be tight for awhile afterwards. The 35k is easily affordable for me. I'm in rural Alberta and my original plan was to either flip or rent in 1-3 years. [link] [comments] |
| URGENT - issue during inspection Posted: 25 Sep 2020 08:46 AM PDT Quick run down, I am a home inspector. Licensed and insured. On a job yesterday I went to open a glass shower door (using normal operating controls under normal conditions), the door was not on the track properly so when I went to slide it open, it fell into the shower and shattered. I have a few cuts and such, nothing major. The issues is, who pays for this? My insurance is saying this was not negligence on my part as I was operating the door properly and basically uncovered a defect that could have caused injury to the buyer or seller. Looking for any information I can get. I wouldn't mind paying a small portion of the bill, but as of now they are expecting me to pay for it in full AND have it done by EOD today. Both unreasonable in my opinion. I am in Colorado if that helps. Edit: only concerned about the repair bill. [link] [comments] |
| Posted: 25 Sep 2020 05:44 AM PDT Hello, My house isn't worth that much and I own it outright. I want to sell it but I don't feel the need to get an agent involved to take away any hope of breaking even on the place so I thought I would list it myself after we move into our new place and clean it up a bit but I have a few questions.
Thanks. EDIT : Per Michigan Law the Quit Claim deed is the deed unless there is fraud of some sort but everything matches the records so it's all legit. I OWN the home. It's past the point it can be contested. (But having a lawyer double-check isn't a bad idea) EDIT 2 : I did a records search and everything appears ok. Party A was them to Party B (Me). Property details on the deed match record also. [link] [comments] |
| Posted: 25 Sep 2020 09:56 AM PDT We are in the process of moving and I'm considering what to do with our current home. Originally my thought was to refi the current house (which is free and clear), use the refi for a down on the new home, and then take a loan to make up the difference if necessary. We would rent out our current house to help pay for our loans. My original thinking is this could be a source of income from renter and a way to generate wealth. However, after talking to some friends and financial advisors, they proposed another option. They suggested I could sell off our house and take the proceeds (or a chunk after using some for the new property) to invest while taking out a home loan for the new home. With interest rates low and playing the long game, the investments would probably yield a greater return than refinancing and finding a renter. Additionally, we wouldn't have to deal with the headache of being a landlord, risk of being over leveraged, worry about vacancy, taxable rental income, etc. Am I missing something here? If this is generally the case, what are the advantages of keeping a property and going with the first strategy? I understand that nothing is guaranteed in life and the market could tank, but is the appeal of the second option that you have property that is a concrete/physical asset? Thanks for any insight and thoughts. I appreciate it, because I want to make sure our bases are covered before moving forward with such a big purchase and plan. [link] [comments] |
| Offer Accepted!! (SF Bay Area) Posted: 25 Sep 2020 09:49 AM PDT I know some don't consider this a big deal, but this is one of the most competitive AND pricey markets. 6 offers later, finally got my offer accepted. As for the pricing details, my offer was for $250k over list ($1.75m list, $2m offer). I had tried anywhere from +$130k to +$250k in the past 3 months and had gotten rejected. I had gotten countered before and in some cases didn't even make it in the top X offers to get a counter. I know people will say that 50% of offers don't go through, but in the market I'm looking at, you're talking mostly dual income tech folks or people with money. Out of the 100+ homes I've tracked, maybe 1 or 2 ever changed statuses back after going to pending/contingent. People generally follow through. Whew. All right. Onto the next step. [link] [comments] |
| Posted: 24 Sep 2020 07:11 PM PDT We haven't had quite the rough road of a lot I've read here but it wasn't smooth sailing. We bought our current house as a foreclosure seven years ago. We were young and broke but needed a house so we bought it. Seven years later it still needs a good bit of work, enough that it is a cash buyer investment since it needs roof repairs. (My house wouldn't get the money back if I did it and then sold, needs siding and other issues.). The roof won't make it another winter so we need to move now which we all know is a horrible position to be in with this market. I live in a high poverty area so thought we'd be OK, not so much. Very low inventory in a 15k person town being the biggest issue. Middle of June listed my house and began looking. Almost immediately put on a back offer on a home, it sold to the original offer. Couple week later put in another backup offer that was also pending when we first started looking. This one dragged on for a month. Initial tour was told contract ended the next day so put in full price offer. Next day we were told they gave them an extension and we let it go. Several weeks later at 9PM my realtor calls and asks if we are still interested. We are and at 11PM we have a deal. The next day the clear to close was finally obtained by the buyer and sold. Our realtor was livid as were we. Continued looking with nothing catching our eye. However we did receive and offer on our house. Being a that we need a cash buyer in a cash poor area we really wanted to make it work but needed somewhere to go. Found a house my wife loved that I didn't. As in I really didn't at all. I went the next day and was poking around the property. My realtor called and said she had a house that we needed to look at in three hours, OK sure. Turned out the house was perfect. We loved the layout and it had it ticked every box we had. Was by far the nicest house we'd seen as it was completely redone minus the kitchen, they had it scheduled but had to relocate due to COVID. We put an offer in and another couple did. We offered more earnest money so they took ours. We went under contract on 8/20 with a closure of 9/25. I went with a localish broker as they had the best price and excellent communication. Our credit is decent and we have decent enough reserves so weren't concerned about the loan going through. Yesterday I still hadn't received wire info so contacted my realtor to see what the deal was. (used her recommended lawyer as I don't have one). Turns out they hadn't gotten the closing package from the lender. Called the lender who said they send it day before closing, uh that's close for comfort. Asked for it to be done that day and they managed overnight. Lawyer put me at the front of the line and we are good to go for 0900 in the morning. It was a very stressful 24HRS. As others have said, don't schedule closing on a Friday. We are ecstatic to be rid of the headache we are in now to move into our almost forever house. (Once we retire we are leaving this crap hole of a county). It's not a done deal until signed and recorded but the light at the end of the tunnel is very very bright!!! [link] [comments] |
| cash payment to "encourage" the appraiser to schedule sooner? Posted: 25 Sep 2020 09:14 AM PDT My partner and I are under contract to buy a property that's FSBO. The inspection went great, and neither the home inspector or our real estate agent have any concerns about the property meeting the requirements for our FHA loan or being appraised for our offered price. The catch is that the seller sort of lives in her own reality regarding the timeline of the sale (she's trying to build a new property to move into but can't begin until our appraiser approves our loan... long story) and we're concerned that if the appraiser can't make it out immediately and we have to ask for an extension, she's going to back out of the transaction. When I brought this concern up to my real estate agent, she suggested that we come up with cash (literal paper money, not a check) to have on hand to "encourage the appraiser to take time out of their personal schedule to make sure it happens within the current contract timeline". I straight up asked if she was "telling us without actually saying it" that we should be prepared to bribe our appraiser, and she denied it but also told us that several buyer brokers she has been working with on properties she's selling have been providing payments to "ensure things meet their timelines". This seems INCREDIBLY shady; is this practice common and I've just been blissfully unaware? There's a few other concerns I have about our agent after navigating this purchase so far, but I'm pretty sure we've come too far to break our contract with her. [link] [comments] |
| What are the common mistakes people make when buying their first home? Posted: 24 Sep 2020 08:09 PM PDT I plan on buying a home in a year. What are the most common mistakes and what should I spend the next year doing? [link] [comments] |
| Making money with an apartment locator website Posted: 25 Sep 2020 09:10 AM PDT Hello reddit, i could really use your help. I'm thinking of starting a website in my country where people can find apartment to rent, with filters like price, area, single room/ double room etc . I think there's a need for it cause when i was looking for a place to rent i literally had to spend hours scrolling through facebook. Most flats were good, but the bad picture quality didn't do them justice. There were a also host of other problems but i won't get too much into that. The reason i'm here is to ask: If i list an apartment/ flat on my website with the agreement that the lessor will pay me a commision on the first months rent i.e 10% and i find them a tenant that ends up signing the lease agreement, how can i ensure that the lessor actually pays me my commission and doesn't just tell me that somebody else ended up signing the agreement (they could just present to me an agreement with a fake alias). I also thought about just charging realtors / lessors a fee for me to list their properties on my website, but i have no traffic on there and how am i supposed to get traffic to an apartment locating website without having apartments to offer, kind of like when you apply for a job and they need 3 years experience, but how are you supposed to get 3 years experience if everywhere they keep saying you need 3 years experience. Anyways so there you have it, and i think i just solved it while typing this out, wow life's a b*. I should probably offer realtors the service for free for a month or so then charge a set fee if they see that i am bringing them clientele. Anyways i'll still post this to see what you all think. Thanks in advance, Inno. [link] [comments] |
| Posted: 24 Sep 2020 08:55 PM PDT Hi guys -- We are in the middle of buying a SFH in San Jose, California. From the disclosure the listing agent gave, it has an attached ADU and this ADU has a kitchen and claimed everything permitted. But, the appraisal report identifies the kitchen is not permitted and the kitchen wall is not permitted. The addition is not even an ADU and the original addition permit explicitly says there is no second kitchen allowed. The seller LA says it's a trust sell and the successor didn't know the kitchen was not permitted. We found their trust and looks like they are lied. The trust is way before the kitchen was built. Also, the descendant of the original owner lived in the house in the recent years. We are in a non-contingent contract right now. Is there a way that we can safely exit with our deposit back or bargain with the seller with lower price since they falsely disclose the kitchen and the ADU? If we need to launch a lawsuit, what are the things we need to be aware of? Thanks! [link] [comments] |
| Buying home insurance, what if purchase falls through Posted: 25 Sep 2020 08:20 AM PDT I'm currently in the process of buying a home set to close on Oct 21st. The appraisal could still take 1 - 2 weeks but I've been asked to get a home insurance by my mortgage company a week or two before the close date. My question is, what happens if for some reason, like low appraisal or something else, the deal falls through, or gets postponed etc. Will I be left with a home insurance with no home? Or pay for home insurance while waiting for the deal to close? :: Thank you everyone for clearing that up for me. I'm going to proceed with buying the insurance without any reservation. [link] [comments] |
| Posted: 25 Sep 2020 07:30 AM PDT I have never bought a home but will probably do so in the next 2-4 years. I am also planning on buying some investment properties before then. So i have 2 questions about FHA loans. 1) Will buying investment properties disqualify me from an FHA loan? on their website it says you must have no more than a 43% debt to income ratio, buying multiple investment homes would put me over this limit 2) if i am disqualified from an FHA loan is that so bad? I want to put as little down on my personal home as possible as i believe that money is better off in the market or other investments. Can i get a comparable loan even if i am disqualified from an FHA (low down payment and interest rate) [link] [comments] |
| Posted: 25 Sep 2020 07:05 AM PDT Hi there! I have started talking with the owner and seller's agent of a condo property that I would really love to purchase. Do I need to have a buyer's agent to represent me and make sure I understand what's going on? Is that standard? I'm assuming that if I have a seller's agent, they would split the commission. I would be happy to let the buyer's agent (and my neighbor) have the full commission if it's standard to trust that they have the interests of both parties in mind, especially since this is a new process for me. However, I feel like that's a naive thought process. Just some extra info that may or may not be important: The condo is not listed on the market. It's not even cleared of the previous owner's items. I'm currently renting a unit in the the same building. The buyer's agent also lives in the building and is friends with the person who is selling the unit. Thank you for any guidance! :) [link] [comments] |
| Question about approval process Posted: 25 Sep 2020 06:46 AM PDT Hey guys - So i got pre approved, we started looking for houses, and found our perfect dream house. We had our offer accepted, and had the inspections done, and everything came back good. Then, i signed the contracts with the mortgage company, agreeing on the rate, down payment, monthly payment, etc.. I signed the contract, and sent them all the info they asked for - months of paystubs, bank statement, tax info etc... I sent all that on last Friday 9/18. Its been a week, and i have not heard anything from my mortgage company since. They havent said anything, or asked for anything. I dont know why, but i just have a bad feeling that im not going to get approved. My fiance thinks that its just nerves, and she is probably right lol. I just found out today that the mortgage company ordered the appraisal, and the guy is actually at the house right now this morning doing it. So my question is - That has to be a good sign, right? Does anyone know if that means i got approved, or do mortgage companies order appraisals no matter what, for every house? Thanks so much for the help! [link] [comments] |
| How on earth does one rationalize doubling the value of their apartment to $10,750,000 Posted: 25 Sep 2020 06:33 AM PDT My MIL & FIL are looking for an apartment in the Back Bay area of Boston and I came across this apartment listing and was absolutely blown away. The asking price was doubled last month but the renovations were completed a year and a half ago. Bizarre! [link] [comments] |
| Posted: 25 Sep 2020 06:18 AM PDT Hello! We are really considering one of two Pulte new construction neighborhoods in our area (NC) and I would love some help. We've bought and sold a few homes, but never went the new construction route. We do have a real estate agent. FICO score 820, planning on putting roughly 30% down. So far we've toured a few model homes, without our agent, but she did register her and us with the sales agent. We've gone through a lot of neighborhoods and didn't want to drag our Real Estate agent around to each one until we narrowed it down. Okay so first question. How do I get the options/upgrades list. Do we have to be serious contenders to get this? Does our agent have to get it for us? Should I have the real estate agent tour the model home with us to give us an idea on what is considered an upgrade and the costs of some of the upgrades? It's difficult to figure out what's in our price range if we can't get this information. Second question. Do we have to have a contingency of our house being listed/sold when we start the process to move forward? Ideally we would start the process, get 3-4 months into construction and then list our house so we can minimize short-term rental (We are in a hot market and we are fairly certain our house will sell quickly). But I read on a previous post last night that someone had a contingency that their home be listed within 72 hours of signing the contract with the new build. Finally, are the options/upgrades we choose rolled into the mortgage or is this a separate loan? Thank you! [link] [comments] |
| I am closing on a property soon and seller’s real estate agent is taking items from the house Posted: 24 Sep 2020 09:41 PM PDT Located in FL The house I'm under contract for includes belongings left behind by the seller. It was described that the buyer is responsible for removal/handling of items on the property. The real estate agent of the seller has been picking the desirable items and taking them, gifting them, etc. Some items were mounted to walls. There is some alcohol missing. There are some antiques taken. How legal is this? What can I do? Thanks in advance. [link] [comments] |
| Can anyone recommend a great Buyer's Agent in Ft Lauderdale FL area? Posted: 25 Sep 2020 05:10 AM PDT I'm looking to invest in a condo in the area and would really appreciate some recommendations for a great buyer's agent who knows the ins and outs of that market. Thanks in advance! [link] [comments] |
| Any advice for a first time homebuyer? Posted: 24 Sep 2020 07:44 PM PDT Hi there! I'm hoping someone here has a few words of advice for me. My S.O and I are purchasing our first home together and will be closing some time in October. When the seller had accepted our offer, our real estate agent made it seem imperative that we get a home inspector in there the very next day. Everything seemed to happen so quickly that we hadn't got the chance to look for a home inspector so we opted to go with the one that our real estate lady had suggested, which I later learned is a big no-no. The inspection went okay and the report that came back was a pretty short one. I was a little disappointed he'd not climbed onto the roof to inspect it or under the crawl space. Overall, I felt that the inspection wasn't as thorough as I'd have liked it to be. Ideally, we would've hired our own home inspector before our negotiation period, and with it being a cash purchase, I feel as though our realtor and the sellers realtor were just trying to push this along as fast as they could. Also, we weren't able to get the home appraised before negotiations. (Seriously, everything happened so fast - within a week of our offer being accepted, we had finished our negotiations. Is this normal?) My question here is this: when going through our final walkthrough before closing, would it be a good idea to have a contractor friend of mine walk through with us to double check on things? Should/can I request we do another home inspection? I've been seeing these horror stories of home inspectors missing a crucial thing and costing the buyers thousands of dollars which is obviously the biggest thing I'd like to avoid. Any advice for first time homebuyers is very appreciated! [link] [comments] |
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