Real Estate: Is there anyone else here in a great position to buy now but thinking of renting for another year? |
- Is there anyone else here in a great position to buy now but thinking of renting for another year?
- Do Real Estate Agents ever "consult", or should I be getting an attorney? (OR)
- Our Realtor offering to buy our home. Should I be worried?
- What should my realtor be doing while im out of State?
- So, 3 days after closing I get notified one of the 3 sellers is foreign by title company
- Is it too late to save this driveway?
- On average, how much can you ask for in repairs?
- Trying to understand how we missed out.
- Any lenders out there offering lower than 2.5% on a primary residence?
- Would it be a short sale?
- Any advice to deal with incompetent lender team?
- Sewer line on my property, sewer company never acquired easement, now there's a lawsuit and pending settlement
- Best place to find and post investment properties for sale?
- Any downsides to disputing incorrect property tax appraisal?
- Remote Alaskan Real Estate
- Major dilemma single vs multi family
- Getting rid of an unwanted house (Connecticut)
- Are we crazy?
- Mortgage Loan Shopping
- Still haven’t gotten all signing disclosures?
- Who do you go to when your HOA and their management company are acting up?
- Looking to purchase home that currently has a tenant who would stay ? please advise?
- Appropriate to contact flipper 3 years later about exterior paint colors?
- HOA Dues were Incorrectly Reported at Closing
| Is there anyone else here in a great position to buy now but thinking of renting for another year? Posted: 15 Sep 2020 06:11 AM PDT I am a 30yo single guy in a position to buy but am thinking about waiting it out for a year. Not only do I have the VA loan with a low rate preapproval but I am also well -capitalized. The biggest reason I am waiting is uncertainty and not wanting to rush into anything right now. My thinking is the economy will only get worse and rates will remain low. I am also not in the market for a SFH. Rents are incredibly low for it not to be a financial misstep for the next year. It might even be cheaper to rent right now with some of these 1-2 month free incentives. What's your story and rationale? [link] [comments] |
| Do Real Estate Agents ever "consult", or should I be getting an attorney? (OR) Posted: 14 Sep 2020 03:56 PM PDT A few years ago we made an off hand comment to a neighbor that we'd like to buy their place if they ever moved. They are now moving, and we've verbally agreed that we'd like to buy it. All of the negotiation is done and we've gotten to a price we both agree on, and have agreed to get inspections done etc. Unless the inspection turns up a major issue, the sale would be "as is" on any little things. Is it reasonable to ask to hire an agent to help with the contracts for a fixed fee? Or is this where we should just hire a real estate attorney? I definitely recognize that it would probably be a few thousand dollars, and I'd be willing to pay that, but I'm not willing to pay 3% for a deal that essentially just needs to be written up. Am I missing something? [link] [comments] |
| Our Realtor offering to buy our home. Should I be worried? Posted: 15 Sep 2020 09:39 AM PDT We are looking to sell our home soon. We were planning on using the same realtor we used when we got the house a few years ago. They have been in contact since we got the house and now have said that they would be interested in buying the house themselves. I am worried about what their priorities would be. Should I be worried? What things should I look out for? Has anyone here had a similar experience they can share? [link] [comments] |
| What should my realtor be doing while im out of State? Posted: 15 Sep 2020 07:42 AM PDT Hello folks. So my wife and i are hopefully going to go into contract on a new construction soon in a new state. i have a realtor that im working with. What exactly should i be making sure the realtor is agreeing to do while the house is being built, as im out of state? Thanks for any info in advance. [link] [comments] |
| So, 3 days after closing I get notified one of the 3 sellers is foreign by title company Posted: 14 Sep 2020 05:56 PM PDT Hi all, So, I got notified 3 days after we got keys and recorded that one of the people of the 3 owners is foreign. I have to sign a form 8288A attached to 8821 forms for the IRS for the title company to disburse the 15% sale price. No biggie. I can do that. However, I know the sellers did not speak good English as it this situation drove me to call my agent, title company, and the sellers agent. The sellers agent said the other two have SSNs and are US citizens hit of course I'd just be taking his word for it believing that ... the title company's assured me the other two sellers should be good, but hasn't responded yet with how they can be certain they are US citizens and not subject to FIRPTA. I called the tax accountant assigned to also understand what I was signing for the one person who said they were foreign after the fact. In our mutual acceptance they verified under penalty and perjury that they were not non-resident aliens and that's before this dropped about one of the 3 sellers. Am I still legally protected if it turns out that the other 2 lied and are no non resident from repercussions to the IRS since they signed the firpta certification despite it turning out that one of the sellers was discovered to need to pay the 15% tax? [link] [comments] |
| Is it too late to save this driveway? Posted: 14 Sep 2020 05:01 PM PDT Hey guys, I'm looking to purchase a home but the driveway is very cracked up. Not just in one area but the whole thing. Do you guys think it can still be saved by patching the cracks and using driveway sealer? Or will I have to get it repaved entirely? It's a 6 car driveway how much does it normally cost to get something like that done by professionals? Pictures are linked below [link] [comments] |
| On average, how much can you ask for in repairs? Posted: 15 Sep 2020 09:39 AM PDT My fiance and I are first time home buyers (only able to do 3% down). We found this house in Southeast, Michigan. The home was on the market for a little over 1.5 weeks with 2 offers, was priced at $240k, we offered $245k if they accept by a deadline. They did. Going into the house, the seller disclosure said the roof was 15 years old, I'm thinking we have atleast another 5 years. We just had the inspection, and he was up in the attic/on the roof and found moss and leaks. The inspector said it seems the roof is leaking into the upstairs bathroom ceiling. The inspector thinks the leaking started the past year or 2, so the water damage doesn't appear too bad but you want to get it fixed soon. The chimney for the furnace needs to be rebuilt, the clay is cracked, it's missing a cap and flue and it would need tuck pointing. There seems to be issues with the plumbing, faucets leak, the homeowners turn off the hot water instead of fixing the leak. There appears to be water damage on the ceiling, in the room below the shower. A window has a hole in it, and a few other windows have condensation between the glass. The electrical service main feed wire has damaged sheathing and needs a mast and conduit. Then there's a lot of minor issues: A lot of the electrical outlets have reversed polarity, they didn't finish drywalling a closet, they put nice new granite countertops on very old cabinets. The drywall patchwork is bad when a light is shined on it (it's really bad), there's missing vent covers and electrical wall plates, etc The house was built in 1966, current owners bought it foreclosed 10 years ago for $86k. The furnace is from the 80s, AC from 1998, roof 15 years old, water heater 2015. The big issue for me is the roof, chimney and main service wire. Is it typical to go in, asking for $10k or $20k back for repairs? Luckily my fiance and I know close family/friends in HVAC, roofing and siding, plumbing and electrical. We were thinking asking $230k or $235k with $10-$20k back in repairs (depending on estimates). I guess I'm just wondering what are your thoughts? [link] [comments] |
| Trying to understand how we missed out. Posted: 14 Sep 2020 07:37 PM PDT I'm trying to understand what just happened to me - as a first time buyer i'm confused by how the whole - offer / acceptance things is supposed to work. Here is a rough series of events that happened over a last few days 1) We saw a property we liked, put in an offer, over asking, with a short expiry. I'm trying to understand what is supposed to happen (and what strategy we should implore next time) given the market is hot where we are (thing are selling quickly). So questions: [link] [comments] |
| Any lenders out there offering lower than 2.5% on a primary residence? Posted: 15 Sep 2020 09:05 AM PDT Looking to buy a home and want to see the lowest rates out there. [link] [comments] |
| Posted: 15 Sep 2020 08:59 AM PDT We started the foreclosure process with the bank because our house needs work and it was hidden from us by the flipper we bought it from. We tried unsuccessfully to sell it and had to start the short sale process after the bank declined a Deed-in-lieu. We're actually getting ready to list it for exactly break even. It seems the market is booming now, home values are going up and houses in the area tend to have offers within 24 or 48 hours. We actually have an investor that is interested, but is waiting for it to be live before they make an offer. My question: If we do get lucky and get an exactly break even offer that would allow us to pay off the mortgage in full and walk away with no debt owed to the bank. Would it still be considered a short sale and therefore a hit on our credit, etc? [link] [comments] |
| Any advice to deal with incompetent lender team? Posted: 15 Sep 2020 08:21 AM PDT Any help appreciated. A months delay later we get an appraisal back with these comments: https://imgur.com/Tv3pCs2 Lender refused to take responsibility to send the appraisal team whatever they need. We have walked away from this refinance due to this lenders constant delays and backtracking, rate expiring and refusal to provide a firm rate or closing date. Can I ask for the $500 appraisal charge to be refunded? [link] [comments] |
| Posted: 15 Sep 2020 07:33 AM PDT |
| Best place to find and post investment properties for sale? Posted: 15 Sep 2020 07:32 AM PDT Does anyone know of the best place to post properties for investors to review for possible sales? I am looking for myself right now but I also have a friend who is wanting to start wholesaling and has 3 more units he wants to sell very quickly. [link] [comments] |
| Any downsides to disputing incorrect property tax appraisal? Posted: 14 Sep 2020 03:36 PM PDT I bought my house last year. Part of the mortgage company's appraisal involved reviewing the county's tax appraisal to ensure the price we offered matched the value. Last year we didn't have to pay property tax, the prior owners had already paid the whole year, so I didn't think about it. Recently I looked up our public property tax appraisal and see that the prior owners falsely claimed upgrades that don't exist (an additional full bath, an additional bedroom, and converting the garage into a finished living space -- none of which is remotely true). The record shows they did this about 6 months before selling the home, so it seems intentional in trying to bolster their price. It also increased the tax burden by about $1,000 per year. Obviously I'd love to correct the document to avoid paying a thousand extra bucks per year. The prior home valuation from two years ago is $2,000 below the selling price. The current home value listed on the document is well above what we paid. We're not planning on selling the house so there's no issues with the future sales price. If I successfully get the tax burden lowered, my mortgage payment would also be lowered (as they collect the estimated property tax in escrow). Is there any downside at this point to trying to correct the tax appraisal? [link] [comments] |
| Posted: 15 Sep 2020 10:15 AM PDT Does anyone have any thoughts or experience in purchasing large swaths of land in the more remote parts of Alaska? I can't seem to find any one all-encompassing resource (outside of the AK MLS) for reviewing properties on the market. Do Alaskans most often FSBO? Thanks for your input!! [link] [comments] |
| Major dilemma single vs multi family Posted: 15 Sep 2020 10:12 AM PDT This is for anyone in comments I'm in a major dillemma I'm 23 and just got my offer accepted on single family home (360k)which me and my brother would be paying 2500 monthly for mortgage etc. but before I go through with this house... I have a another option which is essential a triplex, (350k) but has mold issues in basement and plumbing problems.first unit and basement would be mine, 2nd I would rent and 3rd I would rent, the 2 rentals would be enough for me to live for free. So to sum of the problem would u take a fixer upper multi fam for 350k but needs 100k possibly in work/repairs or just buy the single family and live to pay your mortgage alone. PLEASE HELP [link] [comments] |
| Getting rid of an unwanted house (Connecticut) Posted: 14 Sep 2020 02:17 PM PDT My mom is getting up in years and she's moving in with my sister and needs to get rid of her old house. The problem is after a walkthrough of the house it's absolutely worthless. Cracks in the walls and a bowed foundation. It's literally worth less than the repairs would cost as far as I can tell. Meanwhile property taxes and gas bills are still being paid. I spoke to her about it today and she said she "just wants to get rid of it in a way where she can't be sued for any problems they discover with the house." She thinks selling it "as is" wouldn't cover her from being sued so she's holding on to it for far longer than she should. I'd appreciate any advice on this. Edit: Thanks for all the help everyone! Feeling much better about this issue. Disclose everything known, and don't waste any time on an assignment sale/contract. [link] [comments] |
| Posted: 15 Sep 2020 10:05 AM PDT My wife and I are first time buyers who put an offer on a house just outside Atlanta. We love the area, but it is pretty expensive to buy a house here (generally above our budget). Well, we found a fixer upper that is smaller than we were looking for, but we could deal with that in order to stay in the area. The inspection showed cracks in the foundation that the inspector was not comfortable signing off on, so we had two structural engineers look at it. Both felt that the age of the house was the main contributing factor and it was very unlikely the issue would worsen; they both suggested sealing the cracks. So our question is this: are we crazy to even consider moving forward with the sale? I'm afraid we are letting our love for the area and desire to own a home outweigh good decision making. Thanks everyone for all the advice. Edit: spelling/grammar [link] [comments] |
| Posted: 15 Sep 2020 10:00 AM PDT Is it in poor choice to show bank A, the mortgage loan that bank B has offered me? [link] [comments] |
| Still haven’t gotten all signing disclosures? Posted: 15 Sep 2020 06:08 AM PDT So today is closing day and the lender says they're super busy and I haven't been able to get all the disclosures (the papers I'm signing). Is this normal? [link] [comments] |
| Who do you go to when your HOA and their management company are acting up? Posted: 14 Sep 2020 10:13 PM PDT Are there any institutions that oversee or govern the actions of a property management company employed by an HOA? I live in Colorado, would this fall under the Colorado Division of Real Estate? The better business bureau? The Story:
No one has responded to the email and I am being given the silent treatment. The next time I speak with everyone I would like to tactfully let everyone know that I am aware of who comes next in the chain of command and that I am prepared to talk to them. Hence this post! Thanks in advance. [link] [comments] |
| Looking to purchase home that currently has a tenant who would stay ? please advise? Posted: 15 Sep 2020 09:25 AM PDT Hi Reddit first time homebuyers here. We're looking to purchase a property in the city that we currently live in it's a university town and given that this year's schooling is all online a lot of homes that used to be rented to students are available on the market. Only issue is, they are going really fast. The price that the house we are looking at is currently listed is higher than comparable homes that have sold in the past few weeks and months. Knowing this information and based off of how much work there is to do to update it, we know that we can get relatively lower price on the house. The main issue with this home is that currently there is a tenant living in the home and is planning to stay there until the beginning of next year. If we were to purchase this home based off of the contingencies the current owner is giving, we would be responsible for the contract that the tenant has with the owner since we would be the new owners of the home. Given the current environment I know there are many rules about addicting tenants due to COVID. Does anyone have insight on what these rules are and what Advice would you give on purchasing this home? Is it worth it? Is it way too risky? We haven't spoken to the person living there but it seems like they keep it very clean and they don't seem like they are struggling but I guess no one really knows someone else's situation. They could just not be paying the current owners and could be why the owner is looking to sell? My gut tells me that there's something fishy going on here. But since I have never bought a house before and don't have a whole lot of knowledge on the subject I really wanted to see what others thought about it. Any advice on this topic would be really helpful and thank you in advance! [link] [comments] |
| Appropriate to contact flipper 3 years later about exterior paint colors? Posted: 15 Sep 2020 09:08 AM PDT Is it inappropriate to send a polite email asking if they happen to recall the exterior siding and trim paint brand / colors? Worst case they don't reply or don't remember. How would we go about this? A run of cedar siding laps at the bottom and a few windows' brick moulding needs to be replaced. It'd be helpful to buy matched paint. We bought our house from a realtor-flipper 3 years ago and are very happy with our home. The house is over 40 years old. We knew some minor-ish things had been glossed over and needed proper repairs, some of which we're just getting to now. Input appreciated [link] [comments] |
| HOA Dues were Incorrectly Reported at Closing Posted: 14 Sep 2020 06:45 PM PDT Hi all, I recently closed on a new property and was told on my Closing Disclosure and Title Search that the monthly association fee is $300. The tricky situation is that after owning the house for a month, I was provided a portal that shows my monthly association dues as $383. I verified with the Title company that the association provided them with the incorrect dues of a 'smaller' unit in the community. I'm really wondering what my legal rights are and if I'm on the hook to pay the higher fees when, legally, I signed all of my paperwork presenting the lower fees. I'd absolutely love any advice on how I should proceed. I'm thinking of reaching out to a real estate lawyer, but I'm afraid of their high fees if I don't have a case to make. [link] [comments] |
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