Real Estate: I don’t know why I have to say this, but CLEAN YOUR HOUSE BEFORE PUTTING IT ON THE MARKET! |
- I don’t know why I have to say this, but CLEAN YOUR HOUSE BEFORE PUTTING IT ON THE MARKET!
- Buyers asked and received 5 extensions, now saying they can't close. What are our options?
- Big national lenders
- Buy our first home in MI or WA?
- First time homebuyer - low appraisal might lose the deal? Any help?
- Contingency period - sellers winterized the pool
- Refinancing at 2.8%
- Buyer having issues proving employment
- How long should the mortgage approval process take?
- Wooden vs. Metal Studs
- Possibly can intercept other buyers to buy major fixer in hot area. Weird seller timeline. Any additional considerations/negotiations as first time buyer ?
- Is there a max depth for mineral rights in Canada?
- How much debt would a bank give me for a real estate investment property? Im looking at multi family properties that are fully leased and will cover the mortgage. i am 23 years old, 90k salary (working for 1.5yrs), 740 credit score and $60K in savings.
- Choosing Agent
- Is this normal practice of purchase agreements
- Market is on fire right now
- What is possible with Real Estate?
- Game show time: Which house should we choose?
- Basic questions about transferring mortgages/ownership to another person
- Legal rights of tenants on trade fixtures
- Los Angeles Market
- What Percentage Down payment should I give?
- Future Ex In Laws want to purchase house from us with lawyer versus realtor
- What’s the difference between a broker, lender and a realtor?
| I don’t know why I have to say this, but CLEAN YOUR HOUSE BEFORE PUTTING IT ON THE MARKET! Posted: 23 Sep 2020 06:53 PM PDT I just got back from seeing another house with absolutely filthy bathrooms. I get it: you have hard water. But there are products designed to deal with that! How about at a minimum you tidy up the carport and throw out your old falling-apart workout equipment? How about setting up your guest room like an actual guest room and don't just throw a mattress and a blanket on the floor without even a bedframe? That's not a guest room; it's a hostage situation! Honestly my Realtor would have fired me as a client if I insisted on showing it like that. When I sold my house, I hired a cleaning service to scrub everything, and we hired a stager to make it look its best. Agents: get your clients to clean up and throw out their shit! [link] [comments] |
| Buyers asked and received 5 extensions, now saying they can't close. What are our options? Posted: 23 Sep 2020 02:11 PM PDT We've had a house for sale since late April and the buyers have continuously asked for extensions. We've given them an extension every single time. I believe the underwriter has asked them for a lot of things and the buyers for the most part were able to provide them what they needed. This last extension they asked for, on the week we were supposed to close, was supposedly due to a mistake in their perceived monthly HOA cost. The actual cost was $100 more than they (the lender) believed it would be, and because of this the underwriter wanted the buyers to pay down $10000 of their car loan and they would give the buyer an $8000 credit in closing costs. The buyers accepted and signed the purchase agreement addendum for the extension, we did as well. Today our agent sent us an email of her conversation with the buyer's agent. The message is from their agent to ours, as follows:
So basically this deal is not going to go through after 5 months of us granting extensions. The situation for us is complicated because another house has been purchased (although financially we should be okay to cover this cost), and we made travel arrangements which are already paid for (moving abroad). We've sold everything in the house and were basically just waiting for it to close, but now it looks like we will have to cancel the flights and pay additional mortgage + HOA until the house sells, not to mention we have to put it back on the market. Are we entitled to any compensation or recourse? The buyers put $5k earnest money in escrow. We feel bad for the buyers, but we're also in a very shitty position here. Any advice would be greatly appreciated, thanks. Edit: this is the part in the contract regarding financing, if anyone wants to help me interpret it. what i find confusing is that it says the buyer must let us know by the Loan Approval Date that they cannot obtain financing, otherwise the contract continues as if they did obtain financing. The last extension we granted them makes our closing date this Friday, which they won't be able to make.contract states they must let us know "30 days after effective date (loan approval period)" Edit 2: the last extension we signed on the 18th of sept, however, the addendum states that the closing date was extended until the 25th. All extensions say the ONLY following:
also as i understand it, my agent says that they had a loan approval with contingencies, one of which was to pay down the loan, which they agreed to. because of that, we granted the extension (to close, not to obtain new financing) their decision to not pay down the loan now should not (in my opinion) change that we granted the extension based on their decision to pay down the loan. Edit 3: Below is the email from buyer agent asking for this final extension, which we granted. This email was received PRIOR to extension shown in Edit 2 above, and email received shown in Edit 1 above:
The only reason we granted it was to give her time to pay the loan down and close, however they chose to not pay down the loan. [link] [comments] |
| Posted: 24 Sep 2020 08:08 AM PDT Big national lenders like Guaranteed Rate and Better Mortgage suck. We got our offer accepted but before that we made several offers to different places in a 4 month span - we're in a super hot market. We made 5 different offers and our realtor always suggested get the pre-approval letter updated with the exact amount for the offer and the address. GR was our first mortgage lender and they probably helped us with maybe 3-4 letters and then the person who had our case started ghosting us (we even tried to contact her as early as Monday to let her know we actually had our offer accepted and she's still ghosting us). Better Mortgage was our second option and it felt really good to be able to get what I need from their website. Except than when we the seller tried to contact them to verify the offer letter and ask some questions they weren't able to reach anybody there that could provide information even though I have a "team" assigned to my offer. Bottom line -> work with someone local because those big anonymous lenders won't offer you anything remote to a good service level. I know being able to do everything online is great - which was the big + for me when I choose GR - but at some point you'll need to talk with someone and have them help you get to the goal line and we didn't got that from them. [link] [comments] |
| Buy our first home in MI or WA? Posted: 24 Sep 2020 07:44 AM PDT My husband and I have talked about and planned to move to the west coast for years but it was one of those things that we kept putting off. At first it was because our careers weren't stable and we couldn't afford it and then because we'd just gotten engaged and wanted to stay near family for the wedding. Now we are married and early last year set ourselves a personal goal to move to Washington state and buy our first home by mid to end of 2021 from the Grand Rapids area of Michigan. [link] [comments] |
| First time homebuyer - low appraisal might lose the deal? Any help? Posted: 24 Sep 2020 06:44 AM PDT I haven't posted in r/RealEstate before but I'm a little stuck and I was hoping someone could give me some advice. I'm not sure what info to provide, but here's what I can think of. Some of it may not apply but this is my first rodeo, and I appreciate any help:
The real estate agents are going to talk to the appraiser to convince him that his valuation is too low but apparently he's known for sticking to his valuations. I'm sure the seller won't drop the price by $30k, though she has that crappy appraisal hanging over her head now. What recourse do we have? We've let the agents know that we're willing to do get creative if necessary. Thanks, everyone. Let me know if I need to provide any other information or if the deal is toast. EDIT: We've found some additional comps in the 125-155k range for duplexes in our neighborhood that sold in the last 60 days and sent them over. We're waiting for the response but we were told by our mortgage guy and real estate agent that the appraiser doesn't typically adjust his appraisal. I understand there's an appeal process but I'm not sure how it works. I'm researching it. [link] [comments] |
| Contingency period - sellers winterized the pool Posted: 23 Sep 2020 05:49 PM PDT We went under contract this week for a home that has a heated in-ground swimming pool. When we did the showing, the pool was open and appeared to be operational but we didn't look at in too much detail because I was planning a proper pool inspection. Now we're in the contingency period and our home inspection is coming up in a few days. I planned to hire a separate pool inspector to come check out the pool and make sure everything is good, but I just found out from my agent that the sellers have closed down the pool for the winter. Closing the pool down as we head under contract means we can't inspect it now during our contingency period. Also my agent asked if a company maintains the pool so we could at least get a report, and found out the family does it themselves every year. I'm uncomfortable with buying a house with a pool I can't inspect, and just taking the word of the sellers that they properly maintain it and things are good. Has anyone else faced this situation, and how did you handle it? I'd like to ask them to reopen it so I can inspect. It's still September, it's not that cold. And it's a heated pool. That's reasonable, right? Thank you. [link] [comments] |
| Posted: 24 Sep 2020 09:57 AM PDT Hi guys! I'd like to refinance our mortgage. The rate is currently 3.5% and my broker quoted 2.875%. She told me what the fees would be, broker fees plus title fees and mentioned we wouldn't need an appraisal (we bought the house last year). What other fees are there? I took the fees she quoted me and divided it by the monthly payment savings and the break even point was 17 months. That seems like a really short break even point, what am I missing? [link] [comments] |
| Buyer having issues proving employment Posted: 24 Sep 2020 09:49 AM PDT As the title states my buyer has had issues verifying their employment. The buyers have already gone over our agreed closing date and I have agreed upon three new closing dates. To me these massive red flags, one they have been unable to verify employment for more than just a few days and secondly this information is coming in last minute and watered down to me. As of now im in limbo until i sell this house and feel as if im entitled to some sort or compensation. At what point should I call it quits or find an attorney? [link] [comments] |
| How long should the mortgage approval process take? Posted: 24 Sep 2020 05:53 AM PDT After our offer was accepted on the house, we took a day to shop around for mortgage rate. We settled on an area brokerage that had a good rate and good reviews online (though I don't know how trustworthy those are). They assured us that we will close on time, but they haven't been super communicative since the application process. We gave them all the paperwork they asked for up front, and we signed initial disclosures. But they don't really respond to emails - we had a question and it took multiple emails and calls over the course of a couple days to answer. Should I just assume everything is happening in the background? They haven't asked for any additional documents, and according to their online system, it hasn't been submitted to underwriting yet. Our financing contingency is up at end of day on Oct 2. And closing is a couple weeks after that. Should I be worried that this isn't going to get done on time? A simple "we're working on everything" email from them would go a long way, but, like I said, they haven't been very communicative. [link] [comments] |
| Posted: 24 Sep 2020 09:28 AM PDT I live in a high-rise condo building, built in 1963, in downtown Chicago. I am trying to hang my TV in my living room, but am not sure if I have metal vs. wooden studs that I'd be latching onto. Any ideas how I could check without actually opening the wall? If they are metal, is there anyway to hang a TV to them or am I SOL? [link] [comments] |
| Posted: 24 Sep 2020 09:23 AM PDT It's an interesting situation for a hot home in hot market in CA homes (Not Bay Area). It first came on market with a lot of offers, so I didn't bother submitting. Three weeks later, found out from seller's agent all other buyers dropped other than one and they still haven't agreed on terms due to seller's longer timeline. I swooped in and submitted an offer $25k below asking and am flexible with their timeline. Awaiting response. Here's the catch. The house is in original condition and needs major work. The only thing I can possibly keep is the 90s kitchen. Otherwise, it meets most my requirements : top school district, decent curb appeal, bottom of the hill to mcmansion neighborhood, decent ARV. It's in a booming neighborhood that has been selling $50k-100k over. I have enough for 20% but am planning on 10% down, to save cash for remodel. I'm planning to make this a primary residence for 3 years to get the tax break then decide whether to sell. Repairs: Aside from the basics cosmetic repairs, I'll need new roof, ceiling showing some mold specks, replace all windows, condenser, re plaster pool, flooring Question: Is $50k a good enough budget to repair for ~1400 sq ft? Any other advice or considerations? They are "firm" on price but I know they need the money to purchase their next house so maybe a tiny bit wiggle room? [link] [comments] |
| Is there a max depth for mineral rights in Canada? Posted: 24 Sep 2020 09:18 AM PDT I've been looking all over and can't find anything on the depth. There's no limit in Canada is there? I assume the US is the same? [link] [comments] |
| Posted: 24 Sep 2020 09:10 AM PDT |
| Posted: 24 Sep 2020 09:02 AM PDT So I have interviewed with 3 agents. They are all really nice people. The commissions very a bit. Let's say 12k-10k. They all feel good about the price point I expect. They all believe the home will sell fast. Still don't know who to pick. [link] [comments] |
| Is this normal practice of purchase agreements Posted: 24 Sep 2020 09:00 AM PDT My wife(25f)and I (24m) are buying our first home and are very new to homeownership. Our agent told us once we go before under contract to put in a offer we should have a lawyer-professional look over all the documents to make sure everything is A1.Now here's the kicker we're ready to go under contract... however she wants the documents back signed in less than a day(she told the listing agent that we would have them back to them by( x )time around 12 hours after the showing mind you this is before the contacts and offer letters were in our inbox I'm very confused and feel like she's looking to make a quick sale all the sudden I'm unsure on if this is a typical timeline would appreciate any advice [link] [comments] |
| Posted: 23 Sep 2020 07:51 PM PDT I'm about a week away from closing on my first house ever and man was it a wild journey. To buy a house in this market was an experience ill never forget. Luckily, I only put one offer down and that one offer was accepted. That being said, when I toured the property, we saw cars parked down the road waiting to look at the house as well. We were ushered through the house really quick, pushed out and saw a new couple pushed in the back door to keep the flow moving. This is in the midwest in a practically no name town, mind you. This was in the middle of the week and a few days after the showings began. We liked the house and it had what we wanted so we made our best offer...25k above list price, paid closing costs and an expedited closing. There were over 10 offers on the house and all came above the list price. The only reason ours was accepted was due to the fact that we were willing to close as quickly as possible. What I have also learned is that closing quickly in this market is very difficult. Im waiting to get the clear to close right now and was told it typically takes 1 or 2 business days max in a normal environment. Because the market is psychotic, we were given an updated quote of nearly 7 days. We have experienced this with everything...inspectors fully booked, appraisers quoting 3 to 4 weeks in the future just to see a property. This is absolutely bananas...during COVID no less where people have lost jobs. Is everyone else seeing this in your market? [link] [comments] |
| What is possible with Real Estate? Posted: 24 Sep 2020 08:49 AM PDT What is possible in real estate? I ask this question because I want to get into real estate investing, yet I am hearing many things. I heard one guy on youtube (Kris Krohn) say that is is possible to get 10k a month income with opm in 6 months. I heard someone say on this subreddit that one could get to 10k a month in 2 years I they consistently hustled every day. Would it be possible to get to between 4k to 5k a month in 2 years if someone was able to save 40k a year to invest? [link] [comments] |
| Game show time: Which house should we choose? Posted: 24 Sep 2020 08:46 AM PDT My husband and I are buying a house in a major Midwest city on a time crunch. There's a chance we will have to move in the next five years, so we want to choose a good investment. What is the group consensus between the choices below? House #1: $360k - $425k. 2400sf. 1960's - 1990's brick colonial revival with a walkout. Located in a very desirable suburb toward the edge of town. Houses are going for $50k+ more than two years ago and there's a bidding war for each one that goes up. We're limited in choice because they get snapped up so fast- we'd just have to take whatever inventory comes up in the next few weeks. Each house sells for the highest prices the neighborhood has ever seen. We actually just sold a house in this area (and the one we were buying fell through, hence our house search), so we're very familiar with it. House #2: $330k. 2075sf. Completely renovated 1900 shotgun on a narrow corner lot in a landmark historic residential area. The neighborhood is between two popular restaurant/shopping corridors, but is a bit hit or miss as far as houses go. Before COVID and the protests houses were being snapped up in the $350k range, but right now things are quiet. House has sat for months despite looking like something out of a particularly great HGTV episode. Would require a new garage to be built. House #3: $230k. 1900sf. Completely renovated 1875 colonial directly on the street with a two-car garage and a small urban backyard. It is across the river from the major city in an historic commercial district that is rapidly developing while still retaining its Main Street charm. It is the only house on the block between multiple commercial buildings. The blocks before it and after it have upscale condos and apartments in old renovated buildings; the new fire department is across the street. They are putting in a second location of a popular brewery just one block away. The renovations are beautiful, although not quite my taste- but we could definitely live with them. There are no comps as there are so few houses in that area that none have sold in the last two years. It's a private sale, but a realtor said they'd value it at about $270k right now. [link] [comments] |
| Basic questions about transferring mortgages/ownership to another person Posted: 24 Sep 2020 08:29 AM PDT Hello, so I have a couple of basic questions about how mortgages work. Ignoring whether it's a good idea for either party (seriously, they've both heard the few pros and many cons, any advice on that front is not helpful at this point), I just want to know what is possible in this situation. So a person with stellar credit is thinking of helping a family member with terrible credit get into a new place under desperate circumstances. We'll call these two Stellar and Terrible. If Stellar decides to do it, they're ready to take on the full financial responsibility in the event of Terrible failing them. The credit is terrible enough that Stellar was advised that making it a cosigning situation would only make the whole deal cost more, so Stellar may just outright get the place in their own name and are financially prepared to eat the loss in the worst case scenario, though obviously they would prefer that not be the outcome. If there are other advantages to making it a cosigning situation, that information would be helpful as well. So under these circumstances, if Terrible improved their credit enough to get a loan over the next few years (while the mortgage was still being paid), would it later be possible for Stellar to transfer, gift, sell, or anything the home or mortgage to Formerly Terrible? Under any of the possible options, would it be possible for Terrible not to have to make the down payment all over again? If not, would that drastically change Terrible's monthly payments? Also, any additional information I may have not thought to ask on the actual logistics of transferring mortgage/ownership would be much appreciated. [link] [comments] |
| Legal rights of tenants on trade fixtures Posted: 24 Sep 2020 08:25 AM PDT If a landlord reimbursed me for installing a "trade fixture" on the property, am I allowed to take this fixture with me when I move out of that property? Normally I would be able to by arguing for trade fixture but the situation is a little tricky since the landlord paid for this improvement on the property. Thanks guys. [link] [comments] |
| Posted: 24 Sep 2020 08:09 AM PDT How competitive is it to be a real estate agent in Los Angeles? my dad does commercial real estate about an hour outside of the city so he has lots of contacts in the industry. Im 23 and debating a career shift [link] [comments] |
| What Percentage Down payment should I give? Posted: 24 Sep 2020 07:57 AM PDT Thinking about investing in real estate but I don't know how much to put down or what investing strategy to use, any suggestions? [link] [comments] |
| Future Ex In Laws want to purchase house from us with lawyer versus realtor Posted: 23 Sep 2020 12:42 PM PDT Brief background: We're getting divorced. We both still live in the house. It's fairly amicable. Plans are to sell the house and split profit. House is not on the market yet. We got this text today from his dad and step mom and aren't really sure what to think. "if u guys decide to sell the house, we would like "first right of refusal" meaning the opportunity to buy it before it hits the market. We would use attorney rather than realtors. Cheaper that way." Neither of us have sold a house before as this was our first home purchase. We have about $170,000 in equity at this point and we do know we'd have to pay the realtor commission, but we're both a bit hesitant on financial transactions with family. Not to mention completely unsure of how using a lawyer versus a realtor would work. Thoughts or feedback? [link] [comments] |
| What’s the difference between a broker, lender and a realtor? Posted: 23 Sep 2020 03:43 PM PDT My husband and I are looking to buy a house with the VA loan, but I'm trying to found out as much info as possible and I'm confused. It's our first time buying a house and I keep being told I need a broker, a lender and realtor. What's the difference? [link] [comments] |
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