Real Estate: Problem with sellers on closing day. |
- Problem with sellers on closing day.
- Constant hounding after my mom’s death
- Got our keys today!
- [US - NC] Looking for my first house. Am I doing this wrong?
- "Good faith deposit" who gets it?
- Yay - we all signed the P&S agreement - now onto closing!!
- Closing costs on a property that cost 14k?
- After 3 years of lurking this sub, we finally closed on a house yesterday.
- Looking to purchase our first rental property. Any advice?
- unsolicited phone call about direct sales
- Sellers getting three days possession
- Capital gains on new ownership after a death in the family. (CA)
- Habitat for Humanity
- Finance on duplex
- Appraisal/Credit report fee: $450 is this normal?
- Housemate still stays the night even though she moved out last week.
- Tax incentives for first-time home buyers?
- New to rental real estate - how do you finance and how to get a realtor?
- Refi offer of 2.875% Thoughts?
- Buying an HUD/foreclosure home inspection issues. Seeking advice!
- Q regarding earnest money (waiting for closing day) NJ
- Purchasing property with existing tenants - How do I handle transferring their security deposit?
- Issues from having an electric substation behind your home?
- My mom’s bank is offering forbearance relief due to covid on her home, but the mortgage is still in my late father’s name. Unsure how to navigate re-negotiating loan terms at the end of the forbearance period.
| Problem with sellers on closing day. Posted: 09 Oct 2020 08:01 AM PDT Hello! I am hoping for some quick advice. We are closing on our house today. We just discovered this morning that the sellers still have stuff all over the property and in the house. They also have a POD blocking the garage now and tore up the driveway getting it up. I'm actually not sure we will be able to get the POD back off the property now, let alone get our moving truck up. We have not signed the closing paperwork yet, but we have wired the money for closing fees to the bank. Any advice would be greatly appreciated! Do we go ahead and sign? Do we delay signing the paperwork until they finish moving all their stuff? The sellers are still there and there is no way with the amount of stuff still there that they will be out by the end of the weekend, let alone today. [link] [comments] |
| Constant hounding after my mom’s death Posted: 08 Oct 2020 04:31 PM PDT My mom passed away less than two months ago and since then I have received multiple texts (on both my and my mom's phone) and at least ten letters from real estate agents and investors asking me to sell the house. I have absolutely no plans to sell since I lived with my mom at the time of her passing and can't imagine moving anytime soon. Is there a way to stop this? Quite honestly, it is very upsetting and I am tired of receiving them. Do I just have to deal with it and hope they stop soon? Do I need to get my lawyer involved? I get that some people would want help in this situation, but it feels like I'm being harassed at this point. I don't know if this is the right sub to ask this question, but I'm not sure where else to ask. Any advice is greatly appreciated. [link] [comments] |
| Posted: 08 Oct 2020 11:52 PM PDT I just wanted to say thank you to those in this sub. It was definitely beneficial and a peace of mind to ask my questions here. Best of luck to those house hunting! Update for info request: Listing price was $585k. We got it for $610k. LA County, 4 bed 2 bath home with 6900 sq. ft. No pool but we wanted a nice steel above ground one and there's plenty of space for it! [link] [comments] |
| [US - NC] Looking for my first house. Am I doing this wrong? Posted: 09 Oct 2020 07:31 AM PDT I'm looking for my first house and I'm starting to wonder if I'm missing something here... So for reference, I'm wanting to buy a townhouse. First step was start talking to a realtor who is updating me on new townhouses coming up for sale. My realtor told me to get prequalified. She had an in-house lender, but I went with my bank instead, because honestly the in-house lender didn't seem to care/put much effort into the questions I was asking her since I'm new to all this. I was turned off and found the loan advisor at my bank to be more helpful. I got prequalified at my bank by me submitting my yearly income and them running a credit check. My credit was 795 if that matters. My realtor is now saying I need to be preapproved, but my loan advisor says that involves signing contracts and underwriting. He seems to think I don't need to be preapproved and that my next step is actually going under contract when I find a house. Is this my next step? Also, a townhome came up just yesterday, with open house being this Sunday. I emailed my realtor asking about the house and info on the HOA. She came back saying that there's viewings scheduled all day today (Friday - I don't know how that's possible) and that there's already 3 offers and they will be choosing a final offer tomrrow. How is this possible? Are people buying houses unseen? And about the HOA; me personally, I'd like to know their rules and what the HOA is like. Are people just ignoring this and putting instant offers down? I have no idea what I'm doing and I'm getting conflicting answers from anyone I ask. Please help :( [link] [comments] |
| "Good faith deposit" who gets it? Posted: 09 Oct 2020 06:19 AM PDT This is in NY state. Both when buying and selling, it appears a buyer puts $5000 into an account. What happens if the buyer decides to rescind their offer? Who does the deposit go to? The seller or the bank/lawyers? [link] [comments] |
| Yay - we all signed the P&S agreement - now onto closing!! Posted: 09 Oct 2020 09:20 AM PDT Just a vent post. I'm the seller. Original planned listing date: February 1, 2020 Actual listing date: July 27, 2020 Lots of showings, no offers. One buyer very interested, said price was too high. Dropped price: September 16, 2020 Written offer rec'd Sept. 18. Counter offered on Sept 19. Accepted new offer on Sept. 20. Purchase and Sale agreement signed on October 9, 2020 Tentative closing date scheduled for October 30, 2020. Buyers are preapproved, conventional loan, 20% down, and have approved all condo docs. Sellers (us) have already moved out, renting an apartment up on the north shore, retired. I have been following this subreddit for over a year, and learned a hell of lot! Thank you, all. And, please wish us good luck! The "hurry up and wait" is so hard. So for fun, here's the listing: [link] [comments] |
| Closing costs on a property that cost 14k? Posted: 09 Oct 2020 07:03 AM PDT Closing on a small piece of land and mobile home. I know I still have to pay title abstract and title insurance which is estimated at 500. Taxes for the rest of the year which is estimated at 400. Deed and title transfer and register which is about 250. Any other costs that I dont foresee? Supposed to close in about a week and I'm using all my savings to purchase in cash [link] [comments] |
| After 3 years of lurking this sub, we finally closed on a house yesterday. Posted: 09 Oct 2020 11:15 AM PDT Only one month of searching. 30 days between offer and close. Closing was unceremonious and anticlimactic, lol (thank goodness). Thanks for all the extremely useful information from the folks here. I was surprised how much I knew about the process just from reading posts here. Cleveland area, listing $135k, got it for $140k. [link] [comments] |
| Looking to purchase our first rental property. Any advice? Posted: 09 Oct 2020 07:50 AM PDT We currently live in our first live in flip, we plan to sell this flip in the next 3-4 years. We owe 130 on our home and it's valued around 350. We are planning on purchasing a single family home or townhouse to rent out. Our hope is to build up and eventually have 4-6 income properties. We are located in the state of Illinois. Any advice or tips? Should we open a LLC, what type of insurance do you suggest? Anything else we should consider? [link] [comments] |
| unsolicited phone call about direct sales Posted: 09 Oct 2020 09:59 AM PDT For a bit of background, I am currently selling a 1BR condo I own and it is listed on MLS. Recently, I am getting phone calls about asking if I would be interested in direct selling to them, bypassing the realtor, and undercutting the 6% realtor fee. The first few calls I thought they were a scam, so I ignored. However, I got a call from someone today and they were quite serious (had some research done on the property I have) and laid out pros of direct sales. I am still hesitant, but there is very few information about this on the internet. Could this be a scam or has anyone gone through a similar experience selling a property directly to a person or small local firm? Thanks! [link] [comments] |
| Sellers getting three days possession Posted: 09 Oct 2020 09:41 AM PDT Currently under contract for a house in a hot seller's market, and while we got our contingencies, we also agreed to three days possession by the seller after close so they can have time to move out. I'm thinking it's too late to change the contract, but just want to be prepared for potential issues with this. From googling, seems like it's not that uncommon in a hot market. Also when would we even get the keys and everything and from whom? This isn't in the contract. I'll ask our agent but wanted to be informed before talking to her. Any logistics about this process or experiences with it would be appreciated! [link] [comments] |
| Capital gains on new ownership after a death in the family. (CA) Posted: 09 Oct 2020 09:24 AM PDT Im curious if my mother will have to pay insane capitol gains tax on a property she became owner of this year. My grandmother bought the property for pennies a long time ago and after her death my dad inherited the property. He managed it and took good care of it under his ownership. He passed away last year and property was only in his name. After going through the proper legal actions my mother became the owner of the property earlier this year. She is not made out to be a landlord (especially for this property in this part of town) and has decided she wants to sell. Will she only need to pay any capitol gains on the property since it being in her name? Any insight would be much appreciated! [link] [comments] |
| Posted: 09 Oct 2020 11:24 AM PDT We are in a 15 year contract after building a duplex house with Habitat for Humanity. My wife has recently lost her job and they are giving us a hard time about changing our mortgage payments...and I just completely tired of dealing with their idiotic communications staff not communicating. Does anyone know when we would be able to sell the house and get any of our money back? It was appraised for $170,000. [link] [comments] |
| Posted: 09 Oct 2020 11:20 AM PDT Hi I am wondering can I get a conventional loan on a multi-family home without 20% percent down? if i live in one and rent the other? thanks [link] [comments] |
| Appraisal/Credit report fee: $450 is this normal? Posted: 09 Oct 2020 11:17 AM PDT I'm looking at getting a conventional home loan and this is part of the pre-qualification checklist from the mortgage company. Is this normal? [link] [comments] |
| Housemate still stays the night even though she moved out last week. Posted: 09 Oct 2020 12:32 AM PDT Last week, one of my housemates moved out. I was away for the weekend & didn't know what happened. I was pissed off because she left without warning & it screwed the rest of us that are still there in terms of rent having to pay for her share. This afternoon, that said housemates arrives & says she's going to spend the night there. Can we still ask her for rent? [link] [comments] |
| Tax incentives for first-time home buyers? Posted: 09 Oct 2020 11:04 AM PDT I am wanting to finance the down payment for a house I am under contract by selling some stocks that I currently have. My question is, are their any ways to help write off the capital gains taxes that I would have to pay in April (since I am selling the stock at a profit) by being a first-time home buyer? Any advice would be greatly appreciated. I am trying to limit my tax expenses as much as possible. Thank you. [link] [comments] |
| New to rental real estate - how do you finance and how to get a realtor? Posted: 09 Oct 2020 10:03 AM PDT Is it possible to get a conventional low rate mortgage for a rental property? I have a friend that says he just tells them it'll be owner occupied - is that how you do it? I could do 20% down but I'm hoping to put as little down as possible. Additionally, how do you find a real estate agent that is knowledgeable in investment properties? I have a property I would like to see and have an idea of how much rent would be worth but would love a second opinion. Do I just pick a realtor from that area? I have a feeling they won't be super interested in someone looking at 100k properties. Thanks for the help! [link] [comments] |
| Refi offer of 2.875% Thoughts? Posted: 09 Oct 2020 09:58 AM PDT So I'm a bit of a novice at this. I bought my first home in April 2019. I didn't have a credit history, so I took what I could get which was a 20 year loan at 4.85% from a local bank. But I have a credit history now (740 approx) and I think it's time to refinance. So I went to BankRate, got a call and here's what I was offered:
It seems high compared to what I've seen others get. I'd appreciate feedback before I pull the trigger. [link] [comments] |
| Buying an HUD/foreclosure home inspection issues. Seeking advice! Posted: 09 Oct 2020 09:51 AM PDT I might just become clinically insane from buying a house. HELP. So we are buying a HUD house and recently sent in a request to turn on our electric and water so our inspector can get in there. We got an email saying they denied our request to turn it on and are NOT allowed to make any repairs to get them turned on. Wtf do we do? Is anyone familiar with this? What are our options? I just want to cry. This has been a week from hell. Location is upstate NY [link] [comments] |
| Q regarding earnest money (waiting for closing day) NJ Posted: 09 Oct 2020 03:52 AM PDT Hi everyone, , My wife and I are purchasing a condo. We submitted an offer in late July and after inspection, appraisal and back and forths we are waiting for closing. The problem right now is our lender. We were supposed to close on August 28th and our lender keeps pushing it back. It is now Oct 9th and we still don't know when our closing is. We were supposed to close this past Friday, which I took off from work, only to find out halfway through the day that it was getting pushed to Monday because of a discrepancy with the closing disclosure. Then this past Monday it got pushed to Wednesday because they couldn't get in touch with my former employer. Wednesday was pushed to Thursday (yesterday) because now they claim they need a document from the HOA and today I'm in limbo. At this point I'm in the red at work. The company I work for downsized 25% because of covid. Me being absent takes a huge toll. I care about my job and it sucks when I take off for no reason because I know what goes on and how much damage im causing by not being there. So at this point I decided to not take off and to only close during hours after work. Fine. Thing is I'm also very much done with the lender and the property and would very much like to pull the plug. I don't even want the condo anymore. My wife either. Our lenders negligence took that from us. Why can't lenders be held responsible for pushing the closing so many times? The contract clearly states that "time is of the essence" and yet, we're over a month overdue for closing. Is there really no way for me to back out and keep my earnest money becuase of lenders negligence? What steps could I take other than sitting out? My current landlord is already booking to show the apartment I'm renting. I have to be out in one week. What am I to do in this situation? Any help if greatly appreciated! [link] [comments] |
| Purchasing property with existing tenants - How do I handle transferring their security deposit? Posted: 09 Oct 2020 09:46 AM PDT Hi, I am currently under contract for a property with existing tenants. First time in this situation, so anyone with experience on how to proceed would be great. Thank you! [link] [comments] |
| Issues from having an electric substation behind your home? Posted: 09 Oct 2020 09:25 AM PDT I am in the market to buy a house and found one that I love. Everything is perfect about it except that about 150 feet, directly behind the home, is an electric substation. The city has put a wooden fence up to block it a bit, but it's quite large and has a constant buzz. Nothing that would bother me too much living in the home, but I have concerns about how it could affect the ability to sell the home I t he future. There are multiple offers on it now, but we are also in a ravenous market where I could put up a tent and sell it for 10k over asking price...so I don't know if right now is a good judge of home value? Also, I'm curious or any negative issues about having a substation so close? All research seems to say it's safe? [link] [comments] |
| Posted: 09 Oct 2020 09:22 AM PDT Dad passed away in 2018, and under the advice from our probate attorneys, they said we should just continue paying the mortgage on my mom's home without bothering to say anything to the bank, lest they force a refinance (rate we have of 3% was fantastic at the time) or try to make our lives difficult. All has been well, until this pandemic hit our rental income pretty hard, making finances tight. The bank is offering covid relief, which I applied for online under my dad's account and was instantly approved for. However, reading the fine print, we are expected to pay back the full P&I at the end of the forbearance period, or alternatively speak to a resource manager to explore options like pushing the payments to the end of the loan term (my ideal scenario). But, since my dad already passed, and the mortgage is still in his name alone, I'm worried that even talking to anyone at the bank to explore our options could raise red flags. [link] [comments] |
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