Real Estate: What to consider when buying rural land |
- What to consider when buying rural land
- When do you typically see the seller disclosure form?
- Seller, realtors, and title company failed to disclose CCR's. 9 months later I get a violation notice in the mail.
- Am I getting ripped off - $12,000 in closing costs on a $120,000 home?
- Home inspector missed non working items during inspection and new homeowner is pissed.
- Buying a home without proper permits for additions
- Can a lender sell mortgage BEFORE closing?
- Question About Seller Disclosure (Florida)
- Pre-approval to tour house?
- Did I just get gentrified out?
- What rates are people getting when refinancing a jumbo loan?
- Good move or bad move?
- Advice for finding the Systems Needed for Success
- First time buyer madness
- Mortgage broker wants Protected Health Info?
- Signed Contract to Purchase House from Landlord---Discovered Ex Spouse on Title.
- Financing 2nd Home
- Real estate with low capital
- Dallas marketplace
- We are about to drop out of our third escrow, is it unheard of?
- Easements
- Is this normal?
- Taking My Ex Off of My Mortgage. Need advice
- How to do out of State Rental Real Estate Investing Research
| What to consider when buying rural land Posted: 18 Oct 2020 07:05 AM PDT I live near the ozarks and I sometimes see decent sizes parcels of land for sale that are inexpensive per acre. (Mostly on sites like landwatch.com And cheaplands, etc.) I am wondering what I need to be on the lookout for when researching the lot before I buy in a rural setting. I mostly just want to use the land for recreation such as a hunting, hiking or camping retreat, but may wish to put a cabin or small single family home on it eventually. Any advice from someone that has done this on things to consider before you buy would be most appreciated. [link] [comments] |
| When do you typically see the seller disclosure form? Posted: 18 Oct 2020 07:10 AM PDT In Oregon, first time buyer. Submitted an offer and surprisingly got a decent counter offer, but still haven't been provided a seller disclosure. I know in Oregon the seller is required to supply a seller disclosure to anyone who submits a written offer, but when I looked at the law it says nothing about timing. Does anyone know what typical practice is? Reason I ask is that we enticed the seller with a little bit of cash from the earnest money to be released upon acceptance of the offer. I'd like to see the disclosure before committing to this ideally to save everyone time and money. I'll still get an inspection which will protect the larger amount of the earnest money. [link] [comments] |
| Posted: 18 Oct 2020 06:40 AM PDT 9 months ago when I purchased our property, it was under the understanding that there was no HOA or CCR's on the property. Not living in a community with an HOA or CCR's was a big deal for us while searching for a new home. None were disclosed by any party including our realtor who lives in the same neighborhood as the home we purchased. During the purchase we and closing we were never made aware of them, signed them at closing, or provided a copy at any point. I've been happily living with no knowledge of them until yesterday. Of course. Yesterday was when i got a copy of the CCR's in the mail from a neighbor upset that I use a trailer to transport my side by side. I keep it parked barely visible from the road when I'm using it frequently and parked on the other side of town when not. After reading through the CCR's I'm in violation of several others, the property we bought wasnt compliant with them when we bought it. There are multiple neighbors with violations of the provisions, so I feel like because I'm getting the mail here, I'm being singled out and targeted. My question is, is this a legally binding contract when it was never disclosed prior to closing, or agreed to by us at any point? Can you really retroactively enforce a deed restriction when it was not properly disclosed and would have prevented you from buying the property to begin with? TIA [link] [comments] |
| Am I getting ripped off - $12,000 in closing costs on a $120,000 home? Posted: 17 Oct 2020 04:41 PM PDT Hi, I was told my closing costs would be around $12k for a 120k home, which is 10% of the price. Looking online I see closing costs are generally 2-5%. My down payment is 27k. [link] [comments] |
| Home inspector missed non working items during inspection and new homeowner is pissed. Posted: 18 Oct 2020 01:58 AM PDT Long story short I had some clients who purchased a condo in Nevada and they live in California. I set up and attended the home inspection and they chose not to. The report came in we went over everything and submitted our notice of required repairs to the seller. Seller completed repairs and I asked if they would like to do a final walk through or have the same inspector in to confirm all items were completed. They weren't able to drive up and do this and didn't want to pay the inspector again to come out. So, we closed on Friday and they drive up on Saturday only to discover the switch for the fireplace doesn't work and no hot water to the shower (both not in the report). I call the inspector and he swears both were working during time of inspection. Since I didn't follow him around I can't say whether they were or not. I offered to buy my clients a home warranty and get those items repaired for them but I feel like they blame me even through I suggested a walk through or at least had the inspector back in ( not that he would of found these new non working items). How can I make this right ? [link] [comments] |
| Buying a home without proper permits for additions Posted: 18 Oct 2020 07:45 AM PDT I'm currently looking at a home listed for 290K. My realtor said it is extremely overvalued and would not pay more than 243K. This house is very updated and with the exception of the roof is in very good condition. The seller advertised the house as 1100 sqft but in reality it is only 9 and some change according to the property appraiser. This is due to the fact that a florida room was converted to a dining room but the work was not permitted. Should I worry about this? Especially if they are willing to take the vastly lower offer on the house than it is listed at? And would obtaining a permit after the fact end up being a nightmare? I'm assuming since it was a florida room there was no additional electrical work done to it, just drywall I imagine. Also no duct work. This is for a house in Florida if that helps. [link] [comments] |
| Can a lender sell mortgage BEFORE closing? Posted: 18 Oct 2020 05:57 AM PDT We are supposed to be closing on our dream home on Tuesday, Oct. 20th. Getting the appraisal has been an absolute nightmare, original appraiser did the appraisal but had a death in the family before he could put the report out. Extended DD and got a new appraisal ordered. Took forever to get it back, had to extend DD period 5 TIMES, including paying another $2,500 for DD. This is a somewhat unique property, water front, with a pool, and it was built last year. Also it's relatively smaller than other homes on the lake. As often happens, appraisal came back exactly at purchase price, $1,125,000 so we exited DD two weeks ago. This past Monday we get an email from our lenders assistant saying the bank was requesting "clerical corrections to to the appraisal but nothing that affected value". Then on Friday we find out that they were actually asking for two additional comps to be added and requested clarification on why several properties that were rejected as comps were not included. Seller's agent suspects that our lender is trying to transfer the loan to a new bank last minute which is causing these new questions. Is this possible? Seller is spooked and wants us to sign something sayin we will pay original purchase price no matter what happens with our loan which I'm unwilling to do. I've reached out to our lender for clarification but have not heard back yet. [link] [comments] |
| Question About Seller Disclosure (Florida) Posted: 18 Oct 2020 07:33 AM PDT Hi everyone, Selling my house and have an offer. I am a transaction broker on this deal as I am representing the buyer and myself as the seller. Here in Florida seller disclosure forms aren't required by law but I plan on doing one anyways. I have disclosed all things I know of. The buyer did an inspection and of course I read the report and learned a few more things. Nothing major just the items in red would be considered major which we have come to an agreement on. He was ok with everything else. My question is, now doing the seller disclosure form for many items I would have selected "don't know" for I now technically know. Should I still put don't know or maybe a yes and something that says refer to inspection report. Ideally I would have done the disclosures prior to the inspection but wasent able to. Any advice helps, thx! [link] [comments] |
| Posted: 18 Oct 2020 10:13 AM PDT We were planning to tour a house today. When our agent tried to set it up the listing agent asked for a pre-approval letter for the amount. This is the first time we have been asked for this. We are not comfortable with the request because it won't help with negotiations as we are preapproved for more. Is this something that is routinely requested to tour a property? [link] [comments] |
| Did I just get gentrified out? Posted: 18 Oct 2020 10:02 AM PDT We built a small home 2 years ago so that we could quickly and affordably move and stop the rent hemorrhage. Our intention was to add to the home slowly as we had the money and once we settled in and got our bearings on the property. It cost around 250 to buy the land and build. In the last two years, the value has jumped to about 400, and at the same time the property tax rates have increased. We are paying around $400 per month in taxes. If I build an addition and garage it is likely they will value the home closer to 600k and that is starting to get a little ridiculous. Our intent was to stay in the area, not sell. So essentially, we will be paying the government around $7k per year, simply because the county wants more money. It feels like taxes are making the area unlivable. No wonder rent is skyrocketing! Am I trapped? I will be getting involved in local politics, but that won't change anything. It feels like we have to move to a cheaper county. I've considered circumventing permits, but that would be a nightmare for several reasons I keep seeing in this sub. Any advice would be much appreciated. [link] [comments] |
| What rates are people getting when refinancing a jumbo loan? Posted: 18 Oct 2020 05:55 AM PDT |
| Posted: 18 Oct 2020 09:06 AM PDT Hi there! (north of Austin, TX) Husband (M23) and I (F26) have been on and off the house hunt most recently burned by the developer of a new community so we decided to get our money back and stick out our lease and maybe buy something that's already built. Yesterday I drove by a house that's small but updated with a for sale sign and below our budget! In the description it says the seller would prefer a leaseback until June 2021 when their new house will be built. Great! We are in our lease until April 2021 and could probably get an extension or whatever to close the gap as our landlord is flexible and open about communication. Someone else will be paying our new mortgage, sounds great to me! Then my husband made the point that we could potentially rent the house out to someone new and continue to lease our current home if we don't want to downsize next summer. We've reached out to our real estate agent to walk through Tuesday as she's out of town right now. Is this a good idea? Bad idea? What is there to know about a "leaseback" from the seller? We're young and I just quit my job(still working side gigs) to start a business so we'll only have my husband's income to provide officially. Thanks! [link] [comments] |
| Advice for finding the Systems Needed for Success Posted: 18 Oct 2020 04:49 AM PDT Hey Guys - I am looking for advice on how to find the following elements within the geographical area that you want to invest in. Systems Needed for Success:
Also, Let me know if there is anything else that I may be missing! For context: I am interested in the BRRRR methodology. [link] [comments] |
| Posted: 18 Oct 2020 02:18 AM PDT Im a first time buyer in Aus and it feels like a crazy ride and I've barely scratched the surface. Just finding a home is difficult. So I have a question for everyone. So when you search online for property is Aus alot if not most property hides the price and the only way to find out the price is to contact the realtor and book an inspection. The problem with this is that It wastes alot of time I waste the reactors time cause if the price is too high they have wasted time organising and actually doing the inspection. Its also a time waster for me and my partner we both are full-timers and just dont have the time to go from house to house inspecting only to find that the house is out of our price range. So the question is why do they do this? I cant see how they benefit. [link] [comments] |
| Mortgage broker wants Protected Health Info? Posted: 17 Oct 2020 09:49 PM PDT Ok it's been a while since I last got a refi or mortgage, but this broker wants me to sign a form that says they will have access to our PHI Protected Health Info even though they cannot guarantee safe handling of that info. And why the hell would they need that anyway? Plus they want last 4 years of IRS tax returns even though permanent W2 employee with 40 years in field (computer programming - hospital system). Thoughts? I am not very happy about being asked to provide personal health info to a mortgage broker - is this legal? [link] [comments] |
| Signed Contract to Purchase House from Landlord---Discovered Ex Spouse on Title. Posted: 18 Oct 2020 07:19 AM PDT A few months ago I received a wonderful email from my landlord stating that they were putting the house on the market, and they gave me 90 days notice (despite moratorium in our state against evictions due to pandemic, and email not being a legal format). I have rented the house for many years. It is a manufactured home in a nice community. The last thing I want to do is move during a pandemic, so I decided to purchase. They agreed to sell to me, and we signed a contract. I was given a couple of months so I could raise the down payment etc.... Needless to say, the past few months have resulted in constant heavy stress for me. I managed to raise the down payment, have good credit etc... got a loan approval, but then it fell through. There are limited lenders for manufactured homes and approval is harder right now with the pandemic. However, it turns out that the owner's former spouse from many years ago is still on the title. So the house is not even clear to be sold, and I am not even sure if the contract I signed was valid because it only included my landlord, and not the other owner. The realtor has only said that they are working on it (I suspect the realtor was not aware of the problem until recently, but the community manager told me they addressed the title issue with the landlord in the past), but per the contract the house is supposed to close in two weeks. It seems very unfair that I have been dragged through this and gone through so much stress over a house that wasn't really clear for sale, and now I am frantically trying to secure lending despite not knowing if it will be for naught. Does anyone know if the contract was even legal without the second owner signing it? [link] [comments] |
| Posted: 17 Oct 2020 11:25 PM PDT I currently own a home which is worth over $800,000 that is completely paid off. I am interested in purchasing a second home and intend to rent three suites in my current home and live in the second home. I would primarily use the the rental income of the three suites to help pay the mortgage which will give me around $3,000 a month. but I do have some savings to help pay for the mortgage if I do not have rental income for periods of time. I would like to purchase a $1,500,000 home. I only have enough money for a down payment for the 10% at the moment and I have no other debt. What would be the best way to finance this? I looked into home equity loans and home equity lines of credit which could get me $670,000 if I am correct. Would the remaining amount have to be financed through a separate mortgage and would a bank give me that large of an amount? Would a private lender with higher rates be my best shot? Or is the second home way out of my price range. I could also rent out the basement of the new home for $1,000 and it's in an in-demand area for rent. So I could get $4,000/month through rental income. I have heard of people securing mortgages through getting rental appraisals and securing tenants prior to purchase, is this true? Or is the second home way out of my price range? My income is only around $70,000, but I hardly have any expenses and I save around $30,000/year. Any input would be greatly appreciated. [link] [comments] |
| Posted: 18 Oct 2020 06:40 AM PDT I am interested in getting into real estate investing. I am wondering what the best ways are to raise capital/increase leverage. Of course there are banks, P2P lending, venture capitalists, but are there any inventive ways to raise capital. Does anyone have stories of their own or books/articles to recommend? Thank you [link] [comments] |
| Posted: 17 Oct 2020 08:47 PM PDT My finance and I have been trying to buy a house in the flower mound/Lewisville area which is a great suburb but we have put ridiculous offers at least 4 times. All of those times we have put over 10,000 asking price on houses around 260,000. We haven't gotten a single one. We keep getting beat by cash. This is most frustrating thing I have ever done. We just want a house without completely overpaying for it. What are we supposed to do? [link] [comments] |
| We are about to drop out of our third escrow, is it unheard of? Posted: 17 Oct 2020 06:33 PM PDT 1st house was a bank owned escrow. Found water leak/mold during inspection. Bank doesn't budge which was expected. We drop. 2nd house I asked my agent in front of the home if the solar would be owned and is not leased right before putting in my offer. Agent says it is owned. Either bad info or lied to us. It was zero down leased system without ever being able to own and costs 2-3x than if you purchased to own. We drop. 3rd home we are in escrow our agent told us we will get a large credit for or owner will pay for a solar lien on the property. Says they dont want the transfer to get held up. Weeks into escrow they now state they will not pay for the lien. Im thinking my agent lied to me, Ive heard the sellers agent on the phone with my agent and she does seem to be a crazy person and extremely difficult but I feel like my agent made a few mistakes. We are prepared to drop. Am I a crazy person for wanting to drop out of my 3rd escrow?! If we do drop whats the ethics of firing your agent? [link] [comments] |
| Posted: 18 Oct 2020 02:33 AM PDT I am working with someone interested in a land locked vacant property. I believe I found the single heir to the neighboring lot that a dirt road cuts through to access this one. Has anyone had a real estate attorney go ahead and write to a letter requesting a formal easement before going under contract? So we at least know they are willing. This lot isn't going anywhere so no urgency to be under contract. Just curious, thanks all. [link] [comments] |
| Posted: 18 Oct 2020 01:33 AM PDT So we've been under contract for a primary residence for almost a month and a half now and I feel like the process is taking way longer than expected. To give you all a rough breakdown: 9/6: Started Loan Application 9/14: Appraisal Ordered 9/16: Appraisal Completed *With Errors 9/18: Lender turned file over to processing. 9/28: Lender needed Mello-Roos clarification and research of liens / tax bill. 9/29: I provide Mello-Roos clarification (IANAL) 10/6: Lien question answered (doesn't apply... no surprise). File sent to processing/UW. 10/7: File on hold. UW requests conditions. 10/8: Provided documents 10/9, 10/13, 10/15, 10/16: Requested status on application. 10/30: Notice of Closing (COE?) My question for everyone is, does this timeline look normal? It took the lender close to 3 weeks to research and determine that certain property taxes + liens did not apply to a deed restricted unit. I am assuming they know how to handle these, unless it's their first time. Lender also blew another week "sending the file back to processing". We have already extended the closing date from 10/9->10/30 (we needed to switch lenders). I feel like many of these issues could have been done in tandem and I am very unclear why it would take a lender three weeks to research applicability on property taxes (unless this is their first time doing our type of property [Below Market Rate]). They essentially blew 4 weeks to close a loan and I feel like we're no closer to getting our loan approved than we were in the beginning of September. I even sent them a long letter, but this is so frustrating. [link] [comments] |
| Taking My Ex Off of My Mortgage. Need advice Posted: 17 Oct 2020 03:47 PM PDT Hey everyone I need some advice. Please help me!! Ok so I bought a house in Georgia (back in 2017 I believe) with a FHA loan. Currently me, my ex, and my mom are all equally on the Mortgage. So yeah now my & I are splitting ways and we're trying to figure out what to do with the house. She wants to sell it and split the profit evenly amongst the 3 of us. My mom & I would like to buy her share of ownership so I'll just continue to live in the house by myself. So my question is would I be forced to sell the house if she doesn't agree to the option of me buying her out? If it adds any context the only money she put into the house was to help out with the down payment but I've been paying 100% of the mortgage and bills. Feel free to ask any questions. I need major help with this [link] [comments] |
| How to do out of State Rental Real Estate Investing Research Posted: 18 Oct 2020 04:45 AM PDT I am looking for some guidance on how to gauge the likelihood that a geographical area is more likely than others to be a better place to invest in rental real estate. Things I wish I could gauge easily are:
Where could I aggregate high-level macro data like this? [link] [comments] |
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