Real Estate: How close is too close for an electrical substation? |
- How close is too close for an electrical substation?
- In PA buying a house in NY. The bank was backlogged so we missed the commitment twice. Now the seller has set a firm deadline and if we don't close by then they're cancelling the deal. This has nothing to do with us, it's ALL the bank and attorneys. What can I do?
- PMI Increase?
- Thinking of renting mansion with friends
- buying house with probably unpermitted kitchen renovation?
- Home in San Francisco, CA Sold For $1.2 Millon dollars
- Video / Audiobook based RE Agent Licensing - California
- Can you withdraw an offer on a house after getting information about the neighborhood?
- Contractor quoted a new door for $1800 in total, but the old door was painted and installed back. Now they asked me to pay the remaining $500. Homeowner Insurance was involved. Now how to proceed?
- Under contract, evidence of water damage in inspection, need advice! First time homebuyer
- Moving out early - help me interpret my lease
- If a subterranean termite tunnel is found 20 feet high on the living room wall, how bad can I expect the damage to be?
- Parents own 3 acres and a house that is in great disrepair in upstate NY. Sell as is or rebuild?
- FHFA New Conforming Loan Limit $548,250
- [NJ] Chimney/Fireplace Inspection when we don't have one?
- I have no clue where to start :(
- Building my own home?
- Does purchasing a new house through a real estate agent add to the cost of the house?
- [CA] will self employment in 2018 cause lending issues?
- Market Value and Insult Offers
- (FL) Selling home, appraisal came in low - should we challenge and how to be successful?
- Broken window in apartment - difficult landlord
- How does closing work during covid?
- Concurrent buying and selling
- Appraisal timeline, closing
| How close is too close for an electrical substation? Posted: 24 Nov 2020 03:16 AM PST The home I'm buying is the 222k lot in the top left. I wasn't super concerned about the substation but then a friend started telling me I would get leukemia from the EMF. It's not the prettiest thing either but I was going to grow some more trees for cover [link] [comments] |
| Posted: 24 Nov 2020 09:55 AM PST We missed the first commitment date because of a bank backlog. The seller was willing to extend it, but then the appraisal came back lower. We immediately agreed to put out the extra cash to make up the difference, but it had to go through underwriting again. In NY buyers and sellers have to have a RE attorney, which isn't required in PA so this is new to us. Survey and title documents have to be reviewed by one, then the other. The sellers' attorney wouldn't review anything until we got firm commitment. Then they requested several other documents and delayed even longer. Our attorney finally got the documents and now they had to request title insurance. They say that takes 7-10 days. After that, the bank has to review everything again and they need another 10 days to schedule closing. We were supposed to close on Nov. 2 and now we're looking at the end of December. The seller is leaving the state and will not close any later than Dec. 19. If we can't make that date, they'll cancel the contract. All of this is out of our control!! What can I do to make this happen!!?? I'm not losing this house!! Can I hire an attorney in PA and somehow force the other attorneys and bank to move faster? If I lose this deal can I sue someone for pain and suffering? (I'm not really serious about that, but this has been so stressful I want to make them all hurt too.) [link] [comments] |
| Posted: 24 Nov 2020 06:09 AM PST My wife and I are about to close on our first home next Monday. We were just issued a preliminary closing disclosure by our lender. As the title suggests, my quoted PMI at the time I locked the rate with my lender has increased ($88 to $123). None of the terms of our loan have changed between then and now. Has anyone else ever experienced this or are there any factors that I'm not considering that would cause the discrepancy? Up to this point my lender has been super transparent and overall a pleasure to work with. I don't want to assume anything nefarious, but I do want to make sure I'm not getting nickel and dimed. One of the reasons I'm so suspicious is that our total monthly mortgage payment is almost identical to the quoted figure, however we were able to secure a lower homeowners insurance policy than estimated and the property taxes were lower than estimated. It seems as if the lender is taking these savings from our homeowners insurance and property taxes and tacking them on to the PMI in hopes that I'll only look at the total monthly payment. Any insight is greatly appreciated! [link] [comments] |
| Thinking of renting mansion with friends Posted: 24 Nov 2020 07:39 AM PST So this idea got into me and a few of my friends' heads that we would think of renting a mansion between 3-4 couples. Working out what I have seen online, the rent of living there would be cheaper than living in my one bedroom apartment currently according to realtor.com. We all work steady jobs and would be able to afford the rent that the site is talking about with no issue whatsoever, should we split it. I am hesitant, as I can't believe how it would be that cheap to do that. There have to be hidden costs or severe cons. I was wondering what those hidden things would be. According to the site, if everyone split the rent it would be just under $800 per month per person. My questions:
Thanks [link] [comments] |
| buying house with probably unpermitted kitchen renovation? Posted: 24 Nov 2020 04:48 AM PST I'm under contract on a house (still in inspection period); the seller renovated the kitchen, knocking down two walls and moving some plumbing. I'm 99% sure that this work should have had permits pulled but the seller confirmed they did not get permits. I understand there's a risk here then that the work may not have been done to code, but is this ultimately worth walking away over if we really like the house? Would you try to insist the seller get the work retroactively permitted before closing? (we have a rather far out closing date of about 100 days) The house is definitely priced to reflect that it has a nicely updated kitchen so I'm feeling a little sour over paying a premium on it and not being sure the work was done correctly. All the homes in our area are older, though, so I'm worried we'll walk and never find one that doesn't have some kind of shady work done at some point. EDIT: I finally actually called the city to ask, posing my questions as if I was planning a theoretical renovation of the same scope. Apparently if it's my own house and I do the work, permits are only required if the work is valued over $X. The primary language here is not my native language, so I had misread some of the details on the city website :) [link] [comments] |
| Home in San Francisco, CA Sold For $1.2 Millon dollars Posted: 23 Nov 2020 04:23 PM PST We just closed on selling our house for $1.2 million dollars. The asking price was $1.3 million. It was on the market for around 130 days and we received 2 offers but we decided to go with the second one after rejecting the first one. I would have attached the picture of the house but it didn't let me. It was hard to sell because it had a shared backyard and a shared driveway. We are glad it finally got sold, even after months of struggle and even though it sold below asking. [link] [comments] |
| Video / Audiobook based RE Agent Licensing - California Posted: 24 Nov 2020 10:04 AM PST I'm 27 and want to get licensed as an agent in California. Most of the courses I've found require large amounts of reading, which I done prefer. Is anyone aware of an online school that offers audiobooks and/or videos as primary course material? I'm not against having a reference book, but I'd prefer it not be the foundation of the course. [link] [comments] |
| Can you withdraw an offer on a house after getting information about the neighborhood? Posted: 24 Nov 2020 09:52 AM PST For example crime levels or information about the neighbors? Would that be part of the inspection contingency? Or should that be done before you even submit offers? [link] [comments] |
| Posted: 24 Nov 2020 07:31 AM PST In January my rental condo had a water damage, and I hired a contractor company to rebuild the walls and floors. The contractor took down a double door to a storage room temporarily, in order to rebuild the walls. This door was not in their original quote to repair or replace. They told me the work is finished in early March. But when I checked it, this double door can't close completely. So I told them to come back to repair the door, along with another missing item they didn't install. They agreed. Then it went to July, they finally told me that the door can't be repaired, and must be replaced with a new door. I asked them the door was functional well before, but it can't close completely after they installed back, so it should be their responsibility to repair or replace. But this company insisted the door can't be repaired, and said they would work with the insurance to pay a new door. Then they quoted about $1800 for the new door, $850 for a double door, about $200 for paint, $100 for painting labor, and some other charges. My insurance approved the new bill. I paid $1300 so that they started the ordering. The company also told me that it would take a longer time to get the new door delivered due to Covid. I understood it and was being patient. [I just found out "some other charges" on this quote is "Floor leveling cement - Heavy; Living room additional float". But I have no idea what this is. Not sure if this is a work they did in October, or previous work they did in February.] In October the company finally told me that the door was installed. I went to the condo and found it was the old door, but newly painted. The tenant also told me a contractor came in and painted the old door, and installed it back. It can close completely. I am happy with that. After digging out the previous emails, messages, and documents to make sure I was not hallucinating about the new door in their quote, recently I emailed the company with their quote and asked them to please adjust the bill accordingly. The company replied that their people has gone to the condo additional times to get the door fixed, and I have a balance of $500, and asked me "what are you suggesting?" Since the old door was installed back, should the contract remove that $850 for a double door? I never asked them to come in additional times. I was being patient and waited the new door to deliver, because the company told me that since July. I don't know what they did to repair the old door. If they want to charge me a repair fee, is it reasonable, and how much? But the old door was functional before they took it down temporarily. How should I respond to them? I felt a bit angry to their question "what are you suggesting?". But I want to respond with a reasonable request, in a decent and firm way. Another question is about HOI. The insurance has paid me $1800 in July, and I paid the contractor company $1300 to start the work. If the insurance company approved a quote for a new door, but a new door was never installed. Will this be considered as a fraud in the eyes of the insurance company? My concern is that the insurance will increase the HOI premium proportional to the fund they pay to homeowner. So if I can refund to HOI the fee for the new door that is never installed, it would be better for my future insurance premium. Is my understanding correct? The insurance company was also copied in my email. But no response from them yet. This is in Texas, if it helps. This is my first time to deal with contractor and repair with HOI. I appreciate if experienced guys here could offer helpful insight. Thank you very much. [link] [comments] |
| Under contract, evidence of water damage in inspection, need advice! First time homebuyer Posted: 24 Nov 2020 07:07 AM PST Hi Everyone! I recently went under contract for my first home. I am located in Florida and the market, like a lot of places in the US, is insanely hot. After having my inspection completed, I have some concerns on items reported, most notably the evidence of water damage. There is swelling in a bedroom baseboard on an exterior wall (where just outside, the siding is damaged and the gutter is full of debris), as well as in the second bathroom near the toilet area. My concern really is the damage is worse inside of the walls (potentially mold?), despite no water or visible leak seen in either area. With no experience in real estate, and a fairly inept realtor who feels like more of a liability than an asset after I have gone under contract, I am at a loss. With the home having been a rental for the last 3 years, I am concerned these leaks have been neglected for some time, as other maintenance items have been (AC servicing, gutter maintenance, etc.), and I could be buying a moldy time-bomb. But also with no experience, perhaps these are not nearly as major of concerns as I think and easily resolved by removing baseboards and old carpet, placing some fans and dehumidifiers, and giving the areas time to dry out. I would like to think another inspection would be necessary, but who is the right person who could provide additional insight into these issues? The leak detection companies I have called will employ the same inspection methods as my home inspection already has done (FLIR thermal imaging and moisture detectors). The mold inspectors I have spoken with will use the same, and have stated they can only do a surface swab of visible spores, but an air test is an option. So is it worthwhile to get the air inspection for little to no helpful info and drop $250-$400 for nothing? Do I hope for the best and ask for credits to repair leaks, siding, gutters, and other items on the list? What other items on my list would be good targets to ask for credits? Thank you everyone in advance for any advice as I really am unsure what my next move should be. [link] [comments] |
| Moving out early - help me interpret my lease Posted: 24 Nov 2020 09:14 AM PST I'm relocating for work and have to move with 5-6 months left on my apartment lease. I know I'm on the hook for the rest of the contract, but I'm trying to better understand the terms of the lease before approaching my property management company (they've been perfectly fine to work with but known to be sticklers and not particularly flexible with these sorts of things...) A few questions/sections from the lease:
I'm moving in less than 90 days, so not going to be able to give the 90 days notice. Does this have an impact on anything? I assume it is more of a courtesy to the landlord, but they can't really stop me from moving out sooner...
Am I understanding correctly that, if I move out early, I'll have to pay the remainder of my lease in full at that time? Since the landlord has a duty to mitigate, what happens if they re-rent my apartment within the original lease timeframe - do they refund me that portion?
In the case that I can find a subletter, I'm confused by (2) above. Does it mean that I am still liable for payments, etc. for the remainder of the lease? Thanks in advance! [link] [comments] |
| Posted: 24 Nov 2020 08:13 AM PST If a subterranean termite tunnel is found inside the home, 20 feet high on the living room wall, how substantial can I expect the damage to be? In due diligence period of buying a home and my home inspector found subterranean termite tunnels, including one on the inside of the home. He doesn't think they're active because he broke one of the 2 termite tunnels found on the exposed foundation of the home and there were no termites in there. Evidence of past treatment (holes in the pavers out by the front and back), but sellers (who are the original owners of the home since it was built in 99), said they weren't aware of any past treatment/damage... Do subterranean termites go straight up? Or in this case where a tunnel was found 20 feet on the living room wall, is it safe to assume that a substantial portion of the wall is eaten up? [link] [comments] |
| Parents own 3 acres and a house that is in great disrepair in upstate NY. Sell as is or rebuild? Posted: 24 Nov 2020 07:55 AM PST Best way to create income for my folks? Worth rebuilding or starting fresh somewhere else. What's the best way to evaluate? Would be open to a few smaller cabins on the property for Airbnb. Looking to help the get the most bang for their buck, keeping in mind both are retired and in SS. Limited savings. Creative ideas welcome. Land is remote, some neighbors. Fresh streams, pond out front. Trees and nature. Bordering National Forest. House is really a glorified hunting cabin that's been bandaged together over the years by my pop's limited handy skills. Last house appraisal was >30k. Land and house appraised aprox $100k. [link] [comments] |
| FHFA New Conforming Loan Limit $548,250 Posted: 24 Nov 2020 11:15 AM PST See Attached: https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-Conforming-Loan-Limits-for-2021.aspx This is effective 1/1/21. For all my people in California: High-cost area limits For areas in which 115 percent of the local median home value exceeds the baseline CLL, the maximum loan limit will be higher than the baseline loan limit. HERA establishes the maximum loan limit in those areas as a multiple of the area median home value, while setting a "ceiling" on that limit of 150 percent of the baseline loan limit. Median home values generally increased in high-cost areas in 2020, driving up the maximum loan limits in many areas. The new ceiling loan limit for one-unit properties in most high-cost areas will be $822,375 — or 150 percent of $548,250. Special statutory provisions establish different loan limit calculations for Alaska, Hawaii, Guam, and the U.S. Virgin Islands. In these areas, the baseline loan limit will be $822,375 for one-unit properties. As a result of generally rising home values, the increase in the baseline loan limit, and the increase in the ceiling loan limit, the maximum CLL will be higher in 2021 in all but 18 counties or county equivalents in the U.S. [link] [comments] |
| [NJ] Chimney/Fireplace Inspection when we don't have one? Posted: 24 Nov 2020 11:01 AM PST Our real estate agent suggested on top of a normal inspection as well as a oil tank sweep/sewer line inspection we get a chimney/fireplace inspection - a different company and separate cost. There isn't a chimney/fireplace in the house, and based off previous house pictures (before renovation) and the disclosure there hasn't been one before. I'm new to NJ and saw something about NFPA 211, but why exactly would we need it and is it actually recommended? I've gotten most of my inspections scheduled and need this one done today too, and my agent is busy and unable to answer my questions for few hours. Thanks in advance! [link] [comments] |
| I have no clue where to start :( Posted: 24 Nov 2020 10:59 AM PST Hi everyone, I am currently renting but trying to own a home with my husband. I was denied last year for a 300K application because we have a high DTI and low credit score (FHA requirement changed due to COVID-19). I feel like we should pay off all our debt before trying again but I don't know what to do. We have 69k in debt (50k combined student loans, 19k car loan). Credit scores 665 and 720 (lower at time of application). We have no down payment - looking into an FHA loan. I know you don't need to have $0 debt or perfect credit score for FHA but I just don't want to be denied again. Any advice on what's been working for y'all??? [link] [comments] |
| Posted: 24 Nov 2020 10:42 AM PST Has anyone every done the kodiak steel homes? Would love to know your experience and… Ultimately after contractors and everything in sight… How much do those ultimately cost? [link] [comments] |
| Does purchasing a new house through a real estate agent add to the cost of the house? Posted: 24 Nov 2020 10:42 AM PST When buying a used home, the seller pays his/her agent and your agent 3% of the listing price each. If you don't have an agent, it's my understanding that the seller would pay his/her agent 6% of the listing price which, if correct, means that the seller would end up paying the same agent fees whether or not you had an agent. However, with a new home, it seems like the builder would have to pay 0% instead of 3% of the listing price in agency fees if you didn't have an agent (obviously there would be no seller agent in this scenario) which makes me wonder if having an agent when buying a new home adds to the price of the home as the seller is having to pay more than they otherwise would if there was no buyer's agent involved (where does the money from the agent "come from"?). Also, do you think it's necessary to even have an agent when buying a new house? Thanks. [link] [comments] |
| [CA] will self employment in 2018 cause lending issues? Posted: 24 Nov 2020 09:50 AM PST Hi everyone, After a long search my husband and I are finally under contract for a house in the Bay Area is which we will be taking out a jumbo loan. We were preapproved for three different lenders for well over the purchase price. My husband has been a full time W-2 employee for the past 15 months. Prior to that, he was a contractor with steady 1099 income for all of 2018. I understand that the underwriter will look at two year of income. Given my husband is in a steady w2 employment, will his history of being a contractor in 2018 cause any issues? He filed and paid taxes timely during his time as a contractor. We are both on the mortgage application and I've been a W2 employee for the past 5 years. This process has been such a roller coaster and the underwriting journey has been the worst. I really appreciate any help you can give me while I wait to hear back from my lender. [link] [comments] |
| Market Value and Insult Offers Posted: 24 Nov 2020 09:45 AM PST Hi everyone, I recently put in an offer for a condo listed at $359K. I determined the cost per square foot based on units that sold in the building in the last 3 months and my valuation showed the unit was closer to $330K in value ($29K difference). I put in an offer at $305K hoping we would get close to $330 but the seller declined to counter and said they wouldn't accept a penny less than list. I spoke to my real estate agent. I asked him to show the comparables to their agent so maybe we could arrive at a fair market value. My agent said the market value is not determined by comparables but rather "what the buyer is willing to buy at and what the seller is willing to sell at and that it is fluid". I told him him I don't think that is how mortgages appraise properties and that paying above market value could cause financing issues (or incur CMHC). He also said the seller is likely insulted. The plan is to let the property sit on the market until the seller reduces their price. Do you agree with my realtor and would you have done anything differently? Thanks! Edit: Condo's DOM is 45 days where average is 20 [link] [comments] |
| (FL) Selling home, appraisal came in low - should we challenge and how to be successful? Posted: 23 Nov 2020 06:42 PM PST We are selling our home FSBO and ended up with an appraisal that came in about 5% under the contract price. Is challenging the appraisal ever fruitful, or would we be better off trying to get the buyer to split the difference somehow (e.g. have them pay the buyer's agent fee)? In regards to the appraisal, there are a few things that seem very wrong to me in how the comps are calculated, but I don't know if appraisers simply have to apply a strict formula that isn't always accurate or if there is some wiggle room. For instance, the adjustment made for differences in square footage is not a direct one. I wouldn't expect a perfectly direct relationship, but for instance, one home is 10% smaller (and 1 bedroom smaller), and yet the comp price is only adjusted up 3% for this difference. Shouldn't it be much closer to 10%, especially considering it's 3BR vs 4BR? Additionally, they value a lake view at only $10k while even a cursory glance at homes with a similar view in the area would put that at closer to $30k. Does it even make sense to try and challenge the specifics of the comp adjustments, or would it be more helpful to provide what we believe are better comps, as there are some that more than justify our price? [link] [comments] |
| Broken window in apartment - difficult landlord Posted: 24 Nov 2020 08:56 AM PST Hoping someone here could lend some basic advice on how to approach this. I opened one of my metal framed double hung windows a while ago, and a "twisted" rod fell out of the sliding part of the window. I've been trying to look up how to fix it myself, but most everything points to window removal and possible replacement. Currently the window slides down (slowly) on its own. I keep it propped with I'd normally call the landlord and report the problem, but she's been one of those tougher landlords to work with. When my freezer broke, she tried to make me pay for it (eventually agreed she'd pay this time, next time is on me). I'm trying to keep confrontation and any arguing to a minimum and resolve this peacefully. Any suggestions on how to approach it? I'm pretty mechanically inclined, so if someone thinks it's fixable, I don't mind trying - hell I'd love to fix it myself and save her/me the cost and frustration. [link] [comments] |
| How does closing work during covid? Posted: 23 Nov 2020 06:54 PM PST Haven't gotten instructions for this yet but I'm curious what to expect. Do we all (seller, agents, us, title attorney) get together and sit in a room and sign everything? Is it somehow staggered now because of covid? Is it done online now? I know we will wire the money ahead of time but everything else I have no clue what to expect [link] [comments] |
| Posted: 24 Nov 2020 08:46 AM PST My wife and I are buying/selling a house concurrently. We are to close on the same day because of the USDA Loan restrictions. The house we are buying appraised for significantly less (about 11-12% of contract price) than the contract price. The seller is currently working to try to get the appraised value up to asking price. If for some reason the sale of that house falls through, but there is nothing to cause the buyers to back out of buying the house we are currently living in, what can we do to make sure we aren't homeless with 4 dogs until we find a new house? The appraisal on our current home hasn't come back yet, so that's one last hurdle for the buyers of our house that we could potentially exploit. [link] [comments] |
| Posted: 23 Nov 2020 08:49 PM PST I'm accepting an offer on my house, as is, tomorrow morning, 11/24, with a requirement they pay for/order the appraisal by 11/25 and close on 12/23. I have an accepted offer on a home, closing 12/23, contingent on the sale of my home. I'm a nervous wreck about this timeline. My buyer is 20% down, conventional loan, $1200 earnest money, full asking price. Can this work? I don't want to have to push back my closing if I can avoid it. I love the house and would be devastated if he backed out over a couple of days. This is my first time selling and I'm a worrier on the best of days. If it matters, the home I'm selling is in Memphis, TN. My house is under 1200 square feet. No idea if that means an appraisal will be fast to do/report on though. [link] [comments] |
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