Real Estate: Everyone wants to be a REA. |
- Everyone wants to be a REA.
- Our offer was finally accepted-VA Loan and 2.25% interest rate
- Paid for Inspection Never Received Report
- Buying a house with girlfriend
- I am in Ohio and all of the online real estate courses I’ve found are $999. Is this average or should I keep looking for a better price?
- What's it like being a HOA board member?
- I bought a townhome in 2018. Last week new renters moved in next door and are a nightmare. What are my rights?
- Am I expecting to much of my realtor (selling agent)
- I own a 3 bedroom 2 bathroom house in an upper middle class area I live in one bedroom and rent out the other 2. What amenities could I provide to raise the rent?
- First home buyer exhaustion. Advice please.
- Has anyone bought an abandoned house before? Is it possible?
- How much do you have left on your mortgage & how old are you?
- Recently bought a townhouse to rent out
- Is it usual for a title to sit at the title company for two month?
- Is there a point in hiring a pre-drywall inspector if my builder is hiring a third party inspector?
- Relationships with agents
- This morning I received an email from my lender saying the loan was approved. About 20 minutes later my boss called and furloughed me. What are my options?
- Appraiser Asking About Other Offers (TX)
- Advice on buying house owned by father (CA)
- Crash?
- Moved out of first home right as a hurricane hit, now trying to rent it out. How perfect of a condition does it need to be? (FL)
- Sell a house with HELOC
- Mom is potentially getting sued over backing out after finding a buyer
- (xpost) Question about a phrase in a title
- Another New Construction Question!
| Posted: 23 Oct 2020 08:01 AM PDT When times are good. My FB feed is flooded with spams from old friends from HS that pretty much squabbled the first 5 years our out of school tried to be a REA and flopped. Times are great right now and I see people spamming posts claiming why spend $1500 on rent when I can get you in a brand new cookie cutter, shit build for 0% down, closing costs covered, AKA Rolled into the loan and 30 day closing. A buddy of mine has bought himself an Audi, new truck and a 23' skiff this year alone all off the great commission influx he has. What's going to happen when things go tits up for REA? [link] [comments] |
| Our offer was finally accepted-VA Loan and 2.25% interest rate Posted: 22 Oct 2020 05:53 PM PDT A little while back I posted on here about how disheartening it was to be a military family and to be using the VA loan in a very competitive sellers market. Link to post here Last week we get an offer accepted. We offered 5k over asking with 4K earnest, seller countered with 10k over asking, and obviously we do have the appraisal contingency to fall back on if it doesn't appraise and we can't negotiate further. The seller picked us over a 10k offer that would waive the appraisal. Why they picked us? An act of god maybe. Or our agent was just good at convincing them we would see it through to the end. It maybe helped that the sellers were military too. For what's it worth, I still wouldn't wish this process on my worst enemy. It has drained us. The steps that follow an accepted offer are straight out of a nightmare it feels-especially for those of us who overthink things. A few lenders we were confident in managed to take themselves out of the running by not answering our phone calls or emails, especially when we were trying to get an appraisal going sooner rather than later. We ended up going with a lender who offered a 2.25% interest rate, 0 points, but no lender credits. We're looking at paying around $3500 more in closing costs, after our earnest had to be deposited. So about $7,500 total. Do you guys think this is a fair deal? We can always try to negotiate more with our lender but they won't budge on origination fees. I can include more info if anyone is interested. So, that's that. We made it this far. We are left waiting on the inspection and then the appraisal. Shits been wild. I can't wait to never think about this again. [link] [comments] |
| Paid for Inspection Never Received Report Posted: 23 Oct 2020 08:21 AM PDT I paid for a home inspection back in august, and the inspection was done. it is now october and the inspector has not sent me a report, they were recommended by the realtor who has also been unable to get any information in regards to the report. I called the inspectors office twice and keep being told they will send it, and they go M.I.A. should I just report this transcation to my bank and get my money back that way? I feel bad, but also I am about to close on a house and I never took a look at the inspection report that to me is very important as a first time buyer. [link] [comments] |
| Buying a house with girlfriend Posted: 23 Oct 2020 07:46 AM PDT Before you comment telling me it's the worst decision I could ever make, we have been for a very extended period of time (5+ yrs). I'm 99.9% sure I'm going to marry her. We are beginning our house hunt and I'm wondering, what things should I be taking into account since this transaction would technically be two "separate" parties? We plan to make monthly payments with ratio to our monthly income. I will likely end up putting more into monthly payments as I love the idea of equity in a house. I plan to track all payments and pro rate the equity ownership (until we are married) based on those payments. All other upkeep costs will be split between us. Probably more details I could list but let me know what you guys think. [link] [comments] |
| Posted: 23 Oct 2020 07:14 AM PDT |
| What's it like being a HOA board member? Posted: 23 Oct 2020 09:04 AM PDT My HOA has a board member opening and is looking for candidates. I'd like to submit myself because I think there ought to be representation on the HOA for young, non-family, first time homeowners (of which I am one). The board can't be just for long time, family households (which a majority of my neighborhood is comprised of). To those who have been a HOA board member, describe your experience being one. What's it like in general? [link] [comments] |
| Posted: 23 Oct 2020 10:00 AM PDT (realized I made a *typo in subject line - they moved in last month, not last week) Happy Friday everyone. Apologies if this isn't the best subreddit to post this but figured it may be relevant. I'll try to make this short and sweet because I have a tendency to ramble at times. I bought my townhome about 2yrs ago and absolutely love it. It was built in the 20s with thick plaster walls and I never heard my neighbors (until now). Property next to me vacated last month and the slumlord owner reported me and my neighbors to the city for grass growing in a rear alley behind our properties that none of us even knew was our responsibility. There were low hanging tree branches from the neighbor behind us and none of us even realized it was an "alley," we thought it was a dividing property line. I guess while he was prepping the home for the next tenants the sleazy landlord decided he didn't like the alley having weeds so he complained rather than being neighborly and asking the four of us on the end to clear it. We all got fined by the city with no warning. I fought it and I won (by mentioning I lived here for 2yrs and never once was told we were responsible for maintaining the path), but it still bothers me that he reported it rather than say something to us, especially since his previous tenant never cut the grass in the back yard and it was literally hip level over the summer at one point. He didn't give a shit until he was clearing it for the next tenants. Anyway, a new family moved in 3weeks ago and this is the issue I'm looking for advice on. This is a small two or three person townhome, 2br, and it's a full family with at least four or five young (ages 3 - 12ish) children. The noise levels have been obscene at all hours. They are alternately out front, inside, and out back, sometimes all at once. The husband is constantly on the front porch and invites over what I believe are extended family members every single evening and they sit out there until midnight or later on week nights talking VERY loud. I had my noise insulating headset on playing a video game last night for example and could still hear them from my living room. What complicates matters is they appear to be middle eastern refugees / immigrants (just an assumption, could be wrong but I've seen Americans show up delivering them furniture and food) and speak no English. The first day they moved in the husband was on the porch sweeping, I was walking up to my front door and I said hello and tried to introduce myself. He stared at me like I was crazy and said "no English" and turned his back and went back to sweeping. Last night I came home and saw his wife for the first time (they were all out on the porch being loud as per usual) and said hello to all of them, and I got a death stare from his wife as if she were appalled I attempted to say hi to her. She was wearing a veil over her face and I know in some cultures women aren't supposed to be acknowledged but I wasn't trying to be offensive, just neighborly. Then I got very uncomfortable reactions from the husband and father / uncle / older gentleman who chain smokes and causes the entire shared porch area to reek of cigarettes. (I know there's not much I can do about that, but just sucks to smell it wafting into my house.) they sort of grumbled "hello" at me but in my opinion, in such a manner that they were kind of annoyed they even had to acknowledge me. They've also done a few things that may be cultural misunderstandings but feel passive aggressive. I have trash bins on my front porch and they threw non broken down cardboard over their side of the railing that divides our porch and tossed it next to my bins, as if my trash cans are community bins and I'm responsible for breaking down their cardboard. I tossed it back over. I hope none of this sounds petty, it's just been very frustrating. None of the other neighbors on my row are disrespectful. None of them are out being noisy past midnight or letting their kids run around like elephants at all hours (I never heard any noise before, but CONSTANTLY hear running, screaming, yelling, hardwood floors being pounded on; last night at 2am I awoke to furniture screeching across the hardwood floors. It seems they never sleep!). These homes are not intended for more than one or two children. I cannot imagine how jam packed they must be with the number of kids they have, which is probably why the husband practically lives on the front porch. I have sympathy and tolerance for refugees and I understand they may be clueless as to our customs, but part of me also wonders if they are playing dumb with me to avoid the possibility of my attempting to talk to them or confront them over their behavior. Anyone have general insight or advice? For what it is worth I do not believe my neighborhood has an HOA I can report this to. I've never paid any HOA fees. [link] [comments] |
| Am I expecting to much of my realtor (selling agent) Posted: 23 Oct 2020 09:48 AM PDT My settlement date has been pushed back now for a third time. Waiting to hear about the new date. Our first date was for 10/5. On 10/4 we got a text from an appraiser to come on 10/6 to appraise the house. We texted our agent and he says deny it and he would "get to the bottom of it". He calls us and says we have to move the settlement back. They didn't get the appraisal done in time... Okay. We move it to the 15th. We talk to our lender for the new home and SHE is the one who tells us that she thinks the 15th is doable but tight. She also talks to us about the underwriting part. Tells us our realtor needs to be on the buyers lender like "stink on a skunk". I ask our selling agent if he is sure that the lender can meet 10/15 including the underwriting with the USDA. He says that the lender is telling him yes. From here on out it is always "the lender says yes." "I don't trust this lender". "I have no faith in this lender". Etc etc. On 10/13 we hire movers move stuff out of our house and put it in storage so we can clean for the new buyers. We stay at my parents until settlement on 10/15. On 10/14 we get a call....they can't do settlement. The lender has not received final appraisal paperwork. We need to push back settlement until the 23rd. I ask again about the underwriting. He says "the lender says everything is ready to go it is just the appraisal". We go to a hotel. Pay movers to store our possessions longer. We are supposed to settle 9 am 10/23. At quarter of eight PM on 10/22 our realtor calls. "We aren't going to settlement tomorrow". This time the lender says the underwriting is not approved yet from the USDA.... I'm pissed. We are currently in a hotel in Gettysburg. I'm scared of covid. We may lose the new house we are buying. I don't know what to do. My question is, I am PISSED with my realtor but I also understand he didn't pick the lender. The buyers or buying agent did. Am I being unfair to my realtor? Was there nothing he could do on his side? Thanks in advance for any feedback. [link] [comments] |
| Posted: 23 Oct 2020 02:35 AM PDT I'm disabled and the house is more than 50% of my income. Right now there's a piss poor boxing gym in the garage, the yard looks like crap, and the inside looks like crap even though it just got remodeled. I charge $600/month all included unless two people stay in the room, then $750/month. If I added to the gym, found a way to keep the inside clean, and landscaped the yard, could I up the rent on future tenants? Anything else I could do to up the rent? [link] [comments] |
| First home buyer exhaustion. Advice please. Posted: 22 Oct 2020 05:23 PM PDT Hi, I have now looked at so many homes, fallen in love with three, one my husband hated, two we offered on and were knocked back and so many in between. That I have just lost my excitement. [link] [comments] |
| Has anyone bought an abandoned house before? Is it possible? Posted: 23 Oct 2020 12:07 AM PDT I found a house that I'm in love with. I've searched the public records and I have a name and a PO box, most of my research assumes she's an 80 year old lady. Has anyone had any luck trying to do something like this? [link] [comments] |
| How much do you have left on your mortgage & how old are you? Posted: 23 Oct 2020 05:18 AM PDT |
| Recently bought a townhouse to rent out Posted: 23 Oct 2020 10:27 AM PDT I recently bought a townhouse so I can rent it out. I posted it on facebook marketplace and I got some interesting response. I had the best response today. We will just call the guy possible tenant. Possible Tenant: Hi is it available? Me: yes it is, will be move in ready mid next month but open for showings. It is under minor renovations. But open for showings. Possible Tenant: ok I'm really interested, can you let me know next week? Me: yes. Of course! Possible Tenant: I just recieved a huge settlement from my father so I can give out years of rent upfront when I move in. Me: ok I will let you know! No longer possible tenant: thank you! Have you guys, those who does rental properties, gotten a response like this? Or even have tenant like this? P.S. this is my first rental property. [link] [comments] |
| Is it usual for a title to sit at the title company for two month? Posted: 23 Oct 2020 10:24 AM PDT So I REALLY want this one acre lot for $10k. It is still posted online for sale but when I call the seller he said a lady made an offer on it two months ago and its been sitting at the title company ever since and he has no idea whats going on with it so he left the ad up just incase(he is a buyer/reseller and this is his cheapest property so i doubt he cares much) he has been very helpful but doesn't know why the title company is taking so long. Once the stuff is at the title company is there anyway it could fall through? The guy said he is going to pressure the title company today for an answer and call me back. I am so damn anxious to get this property as its exactly what i need, why would it be taking so long to sit at the title company? any advice? thanks! [link] [comments] |
| Is there a point in hiring a pre-drywall inspector if my builder is hiring a third party inspector? Posted: 23 Oct 2020 10:11 AM PDT the builder is D. R. Horton. they have their own inspector, in addition to a third party inspector that they hire. then i have an opportunity to bring my own inspector to the pre-drywall appointment. is there a point in bringing my own, or should i just save my money? [link] [comments] |
| Posted: 23 Oct 2020 10:03 AM PDT As someone else already posted about earlier today, it seems like everyone and their mom has become a REA. So I guess my question is, how do you preserve relationships with these people when you don't use them as your agent? I casually looked at buying a home in 2012-2013. My ex bfs mom (XMom) was an agent, and she was always the top earner at her office year after year. I still had a great relationship with her, and trusted her, and she helped me with my property search at the time but I never bought. I still kept in touch with her and discussed the market from time to time. In 2015, I became really close friends with a girl from work (GF) , who ended up becoming a REA in a market several counties away from me (approx 2+ hour drive). In 2019, when I was ready to buy, I was looking in multiple different areas. I had casually asked GF some market questions. She knew I was looking, but we had never discussed what I was looking for/features/size/budget/location etc. I connected with XMom, we discussed everything I was looking for, and she showed me a handful of properties. I was specifically looking to buy in the county where XMom was not only very experienced, but also had built many connections over 20 years of helping buyers and sellers. When I was coming up with my offer for the property, I casually mentioned it to GF and asked her thoughts about verbiage I was including in my letter. She got extremely upset, realizing that I would not be using her as a REA. But I didn't understand why she would think I would be using her as an agent, because we had literally never discussed any specifics about what I wanted to buy, and also she was experienced in a market several counties away from me. I knew she wasn't knowledgeable about the communities I was looking to buy in, other than statistics or info she could read on the Internet. I mean, if someone is looking to buy in LA, it doesn't make sense to me that they would use an agent in NY. GF said she never would've answered any of my questions/helped me if she had known I wasn't using her as an agent, and at that point I just felt like she thought I was an easy target to get some commission and questioned the basis of our friendship, if she wasn't willing to help answer some basic questions without getting paid. Ultimately, we had a falling out. Meanwhile, during my search to buy, a coworker who also freelanced as an agent had been pressuring me to sign a document retaining him as an agent as well. I never signed it, and haven't crossed paths with him since, but I imagine he's probably disappointed I didn't use him either. So here I was just trying to do what I felt was in my best interest while making one of the most important and expensive decisions of my life, and I feel like a couple people got hurt in the process. It's been over a year now, and GF and I are good, we have settled our differences. But how do you manage these relationships with friends who are agents and everyone wants your business? [link] [comments] |
| Posted: 23 Oct 2020 09:58 AM PDT Is it still possible to get my earnest money back? What should I tell my lender? I can't afford the mortgage without my job [link] [comments] |
| Appraiser Asking About Other Offers (TX) Posted: 23 Oct 2020 09:55 AM PDT I recently went under contract and accepted an offer that was $30k over asking price. We had multiple offers and every single one was above asking. The appraisal was done and the appraiser is asking us for information regarding the multiple offers, how many offers, and offer prices. They say it is extremely valuable when they have properties that contract above asking price. Is this something normal appraisers seek out? [link] [comments] |
| Advice on buying house owned by father (CA) Posted: 23 Oct 2020 09:55 AM PDT I'm in the research phase of buying a house from my dad and looking for advice on the best way to go about it while avoiding unnecessary costs/fees. I currently rent this house from him and we've been talking about him selling to me. This would be my first home purchase. The comps in the area are $245k-$285, FMV is likely within that range. He recently gave my brother $65k so my brother could purchase a home and he would discount the purchase price for my home by the same amount, spreading the gift over 5 years to avoid gift taxes. I have good credit, no debt, 30k in cash and make $95k/yr. I read on another post with similar circumstances the advice of "simply doing a conventional refinance, since Fannie deleted the continuity of obligation requirement." What does this mean and does it make sense to do this as opposed to me finding a lender and paying him in a traditional transaction sort of way? I figure we can forego a realtor but some research on the subject suggests retaining a RE attorney. Not sure if this is necessary. Any advice on the proper way to go about purchasing a home/transferring ownership between family would be appreciated. [link] [comments] |
| Posted: 23 Oct 2020 09:27 AM PDT I am a 20M, I can't really remember how a market crash actually feels/effects our society. That said, what's it like? I am considering selling my truck and using some cash I have to buy a home in Texas (new con, near my school, $241,000 currently). I know many factors are at play here, but if the market crashed today how much could a home drop in price? Would mortgage rates sky rocket? [link] [comments] |
| Posted: 23 Oct 2020 09:26 AM PDT Hey everyone, so like the title says I just moved out of my first home and out of state due to work and was looking to rent it out, but then the hurricane hit and now i'm not so sure how good of a condition it needs to be in before I can place a tenant in there. The backyard is trashed and the basement/garage( house is built above the garage due to local regulations) has a little water damage in the sheetrock, and the washer is broken but otherwise everything is normal. I've been working with my realtor who's going to act as a property manager as well as insurance and a contractor to assess damage and get things fixed, but it's taking longer than expected. Insurance has been stringing me around and the contractor hasn't even looked at my unit (its a townhome with 3 other attached), and the realtor hasn't really been saying much on when we can get a tenant in there. Being that I'm out of state I haven't been able to clean up the (small) yard and fencing that was torn apart during the hurricane, and i'm not sure what to expect from my realtor and if there's more that I should be doing. It's been almost a month and a half and i'm tired of paying the mortgage for an empty house with no rent coming in, but I also don't want to get a tenant that thinks the place is a slum because of the yard and garage. Should i just go for it and place a tenant that knows i'm working on it and probably pay for things like a new washer/dryer out of pocket, or wait for insurance and contractors to get in there to either tell me what's needed, or wait until everything is fixed and the house is good to go? [link] [comments] |
| Posted: 23 Oct 2020 09:22 AM PDT I was wondering if HELOC should be paid off before selling a house, or can it be paid off using the money from selling the house just like paying off mortgage via escrow? [link] [comments] |
| Mom is potentially getting sued over backing out after finding a buyer Posted: 23 Oct 2020 09:18 AM PDT Hey y'all, I don't know 100% of the details I'm getting ready to move back to Birmingham to help my mom out and from what I do know she had her house listed and I was getting ready to move back and help her find an apartment and she said she's keeping the house and may get sued. I was confused, so I asked her what she meant me she said she backed out on a buyer and might get sued. I'm 19, don't really know a lot worth knowing, so I don't really know what to think or if my mom might be potentially screwed and I know I can't talk real estate with her but I'm worried and would like to maybe find some peace of mind in the chance that this isn't as bad as I'm imagining in my head right now. [link] [comments] |
| (xpost) Question about a phrase in a title Posted: 23 Oct 2020 09:02 AM PDT I'm buying land in a state that is different from the state where I reside. This sentence is causing me heartburn from the title paperwork, but when I asked the title company to clarify they just pasted the exact same sentence back in and said I must have misread it. WTF does this mean? "No person who is not an actual resident and a citizen of the United States and of the State of Washington, shall be competent to acquire, directly or indirectly, any right, title or interest in and to the above described Lands." xposted to legaladvice too https://www.reddit.com/r/legaladvice/comments/jgpsc2/what_do_you_think_this_phrase_means_in_plain/ [link] [comments] |
| Another New Construction Question! Posted: 23 Oct 2020 09:02 AM PDT My wife and I are looking for a house in Northern NJ. We're looking at towns with a lot of older housing stock, and as such, we don't like the layouts as much. We've seen a few new constructions that are in our budget and seem to have a more open layout, however the listing says 'we work directly with buyers. We won't cooperate with brokers'. It also says the quickest way to reach them is DM on Instagram! is that suspicious? It's one particular company, and we've seen 3-4 new constructions that we like, but am hesitant to even look at them if they're basically saying they won't allow the buyer to have a professional on their side. Am I right to be concerned with this? [link] [comments] |
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