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    Real Estate: Buying a modern townhouse vs a single family home with yard

    Real Estate: Buying a modern townhouse vs a single family home with yard


    Buying a modern townhouse vs a single family home with yard

    Posted: 29 Nov 2020 09:25 PM PST

    First time buying a house in denver. Looking to be closer to the city and torn between a new town house which seem to be more available and less expensive compared to an older house which has a yard. Pros and cons?

    submitted by /u/blurpleburple
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    Starter house versus starter condo (in Los Angeles)?

    Posted: 30 Nov 2020 08:57 AM PST

    My partner and I are looking to either buy a 2BD condo in a nice location (in terms of safety, proximity to work, etc.) or a 2-3BD single family house further off as a starter home. We're both in our late 20s and expect to move again once we have our first child and they're about to go to school.

    I've been doing some research, including reading a post from earlier today suggesting that condos might not appreciate as much as a house because they're easier to build up, but I was wondering if anyone else had insights about that, or any other insights from their experience having a starter condo or starter house.

    I'm sure location of the home and whether we renovate before sale matters too, but I was wondering if there's anything specific to condos that might impact sale value in 5-10 years after purchase as compared to houses.

    Thanks!

    submitted by /u/firefan87
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    Should we waive contingencies?

    Posted: 30 Nov 2020 06:29 AM PST

    We're preparing to make an offer on a condo/townhome in San Francisco and our realtor team is advising us to waive our contingencies (finance, inspection and appraisal) due to the fact that our financing is secure, they believe the property to be selling below appraised value and there was an inspection report included in the disclosures that was "very clean." My husband and I are considering keeping the finance and inspection contingencies just for peace of mind. What should we do Reddit?

    submitted by /u/sniffgriffspen
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    It’s harder buying the next house I want to live in than the 1st house - is this an okay plan?

    Posted: 30 Nov 2020 07:12 AM PST

    Tl;dr Does it make sense to buy the new house we want (likely with a smaller down payment and pay PMI), then put our current house on the market and try to sell. Then recast the new mortgage depending on how much it costs to sell the first house?

    So I'll admit it's easier in the sense we know more of what we want, and that we're slightly more familiar with the buying process having gone through it. That said, we're totally rookies to selling our first house, and it seems need even more money saved to account for the down payment/costs with buying a new home + the costs associated with selling a home.

    Concern with selling our current home first, then being on the clock finding a new place or stick with contingent offers we're placing or adding a rent back clause.

    That said going the other direction, I struggle with knowing what the house we live in now actually sells for and how much we need available for sellers cost.

    Are these valid concerns? Appreciate any insight. Thanks

    submitted by /u/superspeedymanatee
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    I have an accepted offer on a conventional contract but the house appears to be uninsurable.

    Posted: 29 Nov 2020 10:59 PM PST

    I found a great house in the perfect location. They were accepting cash or conventional offers. I made an offer of exactly what they were asking for and not asking for any closing costs. After an inspection, I ran into some issues that worried about my ability to close. The first issue was the permits for the roof were back in 96. While the roof didn't appear to be that old, we had to ask the seller for documentation proving the roof age. They got documents stating the roof was replaced 6 years ago. Great.

    An inspection of the house showed cloth wiring (it does have a 200amp box and circuit breakers though). I know this limits insurance options, but cloth wiring doesn't completely rule you out. What does rule you out, however, is an open-ground. The house has 3 prong GFCI outlets, but they are not grounded.

    The inspection report also showed galvanized pipes. It was noted there were no signs of present or past leaks and water pressure was great, but this worried me as well.

    Essentially, I'm looking at an uninsurable house, which causes issues for financing.

    All of these issues being noted probably sound like a nightmare, but truth be told the house is everything I want issues aside. Concrete block on a concrete pad, relatively new roof, and the location is unbelievable. And to top it off, the house is well below my borrowing power while also being small. Repiping the house isn't a huge concern cost-wise, I know it won't be cheap, but there are only two sinks, a toilet, and a bathtub in the house and they're all in a straight shot only separated by one wall. The house is only 1075 heated/cooled sqft so I'm not worried about paying for a rewire asap either. I can definitely finance them after closing and have no debt issues in my personal finances.

    Is my only option from here to ask the seller to get the house to an insurable state or walk away? My only other question is, who's at fault here? Before inspections, I was only anticipating having to negotiate or flat-out pay for new windows before closing, but these are big ticket items.

    submitted by /u/Dababolical
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    I have such intense anxiety over putting an offer on a house and feel like I'll never be able to

    Posted: 29 Nov 2020 07:49 PM PST

    My husband and I have enough money to put 20% down now and have been looking since September. The market is very slow here right now (midwest). I'm very picky and the few times we have found a house we love, when we put in the offer I have the most intense anxiety over it. I do not feel excited in any way... I have anxiety about the home having things that cost too much down the line, about moving, not loving it as much as where we rent (same city). Today we saw a house that was nearly perfect, AND at a much more affordable price than most houses. I got so anxious when my realtor sent the documents I couldn't get myself to sign it. It is literally 2 blocks from my "dream area" and that made me think I need to wait until something pops up there. I also worry what if house prices go down in a few months and I bought a house for too much? I worry over everything...

    I guess I'm just venting .. I feel like I'm being ridiculous but I legit feel so nervous over this.

    Edit: I just want to say a big thank you to everyone who has commented offering advice! It makes me feel better to know that other people feel the same way and I'm taking all of your advice to heart and going to work on what is causing me anxiety. I'm still open to any suggestions but I just wanted to say thank you now!

    submitted by /u/Kighla
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    My attorney won't order survey until we have a firm loan commitment. Is this typical procedure?

    Posted: 30 Nov 2020 06:49 AM PST

    b/c my lender is telling me that will delay closing.

    submitted by /u/Heavy_Cheddar
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    What does a realtor do?

    Posted: 30 Nov 2020 08:54 AM PST

    We're in the process of buying a home, and our realtor has continually frustrated us, but I'm not entirely sure it's warranted?

    Contract negotiations took forever on the property - the seller has been unwilling to budge an inch. Our realtor has barely been involved - when we ask for updates she just tells us to "ask the lawyer". We finally negotiated a day to get contractors into the property to take measurements for us - the realtor didn't assist in scheduling at all and isn't available to be at the property when the contractors will be there. She told us that we could just ring the bell.

    The whole process has been extremely frustrating. A difficult seller is one thing, but we feel like our realtor has left us alone to battle them. She started this process explaining that her goal is to "take" the stress out of the process, but honestly she's done nothing for us but add more!

    I can't tell if she's just lousy or if we're expecting too much. Thoughts?

    submitted by /u/user_952354
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    Question: How much money saved up a month is enough?

    Posted: 30 Nov 2020 06:37 AM PST

    I live in NC and am looking into transitioning into real estate and investments since things are looking sketchy at work due to an on going workers comp case. I have a few properties that are being rented out and some money invested from my parents 401ks after they passed.

    I have made a spreadsheet that I have set up to account for all my bills, property tax, income tax, ext to give me an idea of what I could potentially net at the end of the year.

    As it stands, I am potentially looking at being able to save 1000 a month. I already have an emergency fund set up and plan to use the money from my settlement to cover emergencies for my properties. I am lucky enough to not have a mortgage or car payment either.

    My question is for those of you with experience in this, especially in NC, with the current state of the economy, would you consider 1000 a month good enough, or should I look for more ways to pad that?

    submitted by /u/KayakingHedgehog
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    UPDATE: Increased price on Zillow & Realtor after accepted offer & final contract are for appraisal pruposes

    Posted: 30 Nov 2020 08:44 AM PST

    My original post here

    My agent spoke to the seller's agent. They updated the MLS listing price from 500k to 550k in order to help with the appraisal. We offered 565k, so this turned out to be best case scenario for us.

    She also stated that they've stopped taking offers and cannot show the house while it's under attorney review. Our realtor is our best friend's mom so we have full faith and trust.

    Hopefully this helps anyone else who sees this happen. I was definitely panicking yesterday but either way it's a good lesson of not worrying about things that are out of your control. Even if it was them accepting other offers we can't control or change that.

    Home buying is definitely a "what's mean to be is meant to be" situation. Thank you for all your helpful input.

    submitted by /u/Lovesnyc
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    This may be a unpopular opinion but I think the housing market will crash in a couple of years

    Posted: 30 Nov 2020 08:33 AM PST

    I dont think these insane housing prices are sustainable for long. We will see a crash in the near future maybe 2-5 years: 1. The economy is in bad shape with high unemployment and while the housing market is slow to catch up it will when banks start foreclosing proprieties. 2. After corona we will see more houses flooding the market just from older people who are gone or left alone in a big house. 3. All these people today buying houses at their peak price point will have problems if they want to sell in the next few years when the house will be worth 40% less than what they paid. (I use the 40% price drop because thats how much houses are overvalued right now where I live) 4. All these factors will come together and cause a domino effect which will result in a housing crash.

    Just by looking at Zillow today there are more foreclosures and pre-forclosure houses than there are houses for sale. Theres no way thats a good indicator. Most houses have gone up by 30-60% in just 2 years. Imagine if the price of a new car did that. Or anything else for that matter. How would that affect the rest of the economy? What would be the repercussions?

    submitted by /u/aokaf
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    Renting to voucher/Section 8 tenants?

    Posted: 29 Nov 2020 01:50 PM PST

    Hi All,

    I have been on the fence on this subject and wanted to see if others have any experience in renting to voucher/section 8 tenants. I own multiple single family and multi family properties in the DC, Maryland, Virginia area but have never rented to Voucher/Section 8 tenants. To those who have rented to these tenants what has your experience been like?

    - What challenges have you faced with voucher tenants?

    - What should I focus on when going through their applications? Background/credit check, I know they won't have a great credit score/credit history

    - Have you faced any legal issues with these tenants?

    - What types of issues (day to day or repairs) come up for these tenants?

    - Have any trashed your property or caused property damage?

    - Have there been any eviction or squatter issues?

    - If you could improve something with your processes in renting to voucher tenants what would you improve? What would you differently with a new voucher tenant that you missed in the past?

    Would love to hear what others have experienced.

    submitted by /u/VolunteerHypeMan
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    Move out date?

    Posted: 30 Nov 2020 05:59 AM PST

    1st time seller (IL) here. We will be moving to MA due to a job change, but want to continue to live in the house ideally until end of June. Will this hurt us in selling?

    We'll start looking seriously (possibly bidding) in MA in May or so, because houses where we are looking are currently selling in less than a week.

    We'd love to have a contract (know the house is sold) before looking in MA.

    Will buyers be turned off if we list the house now but don't want to move until June?

    submitted by /u/FishLibrarian
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    House near me is abandoned and I found in 2017 they were late on their taxes. How can I find out more to buy it?

    Posted: 30 Nov 2020 09:34 AM PST

    My wife found it running, classic signs of disarray so I looked it up and I found a newspaper from 2017 that says they didn't pay their $2200 in taxes. I'm guessing the guy died, he bought it in 1984 and that's the only record. What's the best way to find out more about this place? If I could grab it for cheap and fix it up I could make a decent buck.

    submitted by /u/Unloaded1911
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    Subleasing our apartment and letting the leasee keep our security deposit (Iowa)

    Posted: 30 Nov 2020 05:34 AM PST

    We have someone taking over our lease due to us moving into a house. We let them keep our security deposit of $500.
    Are we responsible for repairs after they sign the lease? While moving, some of our wall art caused paint to peel and we have some holes in the walls from screws. Nothing major, but was just wondering if we have to fix that before moving or if the property management could somehow charge us after the lease is signed.

    submitted by /u/Yakhaha
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    When does my PMI go away?

    Posted: 30 Nov 2020 09:06 AM PST

    Bought house a year ago. Refinanced a few months ago and the new appraised value was 25k higher then the original purchase price (original appraisal matched the purchase price).

    Does PMI go away when I get 20% equity for the original purchase price or the new appraised value? Conventional loan, we initially put down 5%. Thanks.

    submitted by /u/Jumbo86
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    Converting tub to shower in 1BR/1BA condo - hurt resale?

    Posted: 30 Nov 2020 08:59 AM PST

    I keep hearing contradictions on this. Is it just a matter of preference? I live in this unit which is about 720 sq ft. I never take baths and the tub is outdated and starting to fall apart. I wanted to convert it to a nice, walk in shower with bench and glass door. My thinking is that families with kids will generally look for a larger place than a 1 bedroom. And I think younger people and those disabled, would prefer a shower for convenience. I plan to live here for at least 5 more years but who knows, maybe much longer. Should I do this or will it hurt resale value and turn off prospective buyers?

    submitted by /u/junkyak
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    Converting tub to shower in 1BR/1BA condo - hurt resale?

    Posted: 30 Nov 2020 08:44 AM PST

    I keep hearing contradictions on this. Is it just a matter of preference? I live in this unit which is about 720 sq ft. I never take baths and the tub is outdated and starting to fall apart. I wanted to convert it to a nice, walk in shower with bench and glass door. My thinking is that families with kids will generally look for a larger place than a 1 bedroom. And I think younger people and those disabled, would prefer a shower for convenience. I plan to live here for at least 5 more years but who knows, maybe much longer. Should I do this or will it hurt resale value and turn off prospective buyers?

    submitted by /u/throwedboy
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    What's the plan when it comes to restarting REOs after such a massively long forbearance period? When do you expect the flood of REOs to restart in your state and hopefully grab a few of those?

    Posted: 30 Nov 2020 08:00 AM PST

    What do I do while I wait to move into new apartment?

    Posted: 30 Nov 2020 07:49 AM PST

    So I have a lease that ends in February, and I'm looking for a different apartment. I've heard online that people's move out time for their lease doesn't always match up with the move in date for their new ones. I'm worried that it'll happen to me too, and that I have no where to stay while I wait to bring in my stuff. What options do I have? Could I negotiate with my landlord? I also have furniture so I don't know where I can keep that either.

    This is my first time moving between apartments, I was living at home before moving into my current one, so I don't know how other people do it.

    submitted by /u/oogboog
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    Twice refinanced, then paid off: the chain of deeds of trust, reconveyance

    Posted: 29 Nov 2020 10:40 PM PST

    I went through my homebuying archive recently and realized that I may be missing some of the relevant deeds.

    I bought my house in the state of Oregon, refinanced it twice, followed by paying it off. I would like to reconstruct the entire chain of deeds that I'm supposed to have, and obtain anything I'm missng.

    I do have the following documents:

    1. Statutory Warranty Deed, wherein the previous owner conveyed the property to me on purchase.
    2. Two Deeds of Trust for two different lenders, establishing my house as security for the respective loans.
    3. One Substitution of Trustee & Deed of Reconveyance between lenders - this relates to one of the refinancing events, where lender B took over from lender A.
    4. The final Substitution of Trustee & Deed of Reconveyance (STDoR) that released the house from the last lender to me on my paying it off.

    My questions are: 1. Given that I refinanced twice, am I correct to expect to have another Deed of Trust and another STDoR? I think so because I believe the chain of deeds should be: Deed of Trust for the original lender A -> STDoR from lender A to lender B -> Deed of Trust #2 for lender B -> STDoR from B to C -> Deed of Trust #3 for lender C -> STDoR from C to me. 2. If I am indeed missing the 2 deeds in the middle of the chain, what's the best way to go about obtaining them? I can easily obtain any document from the county recorder's office provided I give them the instrument number. Problem is, if I'm missing 2 middle links in the chain I don't know that instrument number. (If I were missing, say, just one Deed of Trust, I could take its instrument number form the subsequent STDoR).

    Thank you!

    submitted by /u/tsaudreau
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    Getting your license

    Posted: 30 Nov 2020 07:24 AM PST

    So I took the online course 63hr and passed the final exam. I went and got fingerprints done at the police station with CAPS and they said it would be via online. Has anybody done it this way? How long does it take to approve and how would I find an approval? What company do they send them too?

    Thanks

    submitted by /u/ph120299
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    We signed the final contract Friday for our first house! It’s under attorney review but we noticed that not only is it still listed for sale online but also they’ve increased the price by 50k! Should we be worried?

    Posted: 29 Nov 2020 10:45 AM PST

    We offered 65k over asking (very low listing price, I assume to attract a bidding war). They accepted our offer on Thanksgiving, we signed the final contract Friday, and now on Zillow & Realtor.com, it's showing the price increased yesterday by 50k (still lower than our accepted offer).

    We flagged to our realtor who is waiting to hear from the seller's agent but I've panicking. Should we be worried?

    submitted by /u/Lovesnyc
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    Paying someone cash to walk away from a contract?

    Posted: 29 Nov 2020 04:19 PM PST

    I'm interested in a "new construction" condo, but they already have contracts that will close in February. One person is purchasing several for the purpose of reselling immediately with a 20% margin via a reassigning of his contracts. To my understanding, he'd have to pay capital gains tax on that transaction. Would it be possible to give this person cash as a gift for walking away from the deal to save me some money and him some capital gains tax? This would be my first real estate purchase, so I'm not well-versed in these areas.

    submitted by /u/kinkose
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