Real Estate: I just put in an offer 40 THOUSAND over asking and still did not get the home in Grand Rapids,MI. Tell me there is still hope for me. |
- I just put in an offer 40 THOUSAND over asking and still did not get the home in Grand Rapids,MI. Tell me there is still hope for me.
- Should I buy a home next to a hoarder?
- A tree just fell on the house that I am supposed to close on in 20 days. What should I do?
- Licensed assistant salary/ pay
- Lender postponing closing to intentionally benefit seller
- Which siding/windows or bathroom/kitchen remodel?
- Offer In New Jersey
- Are there any tactics I can use to avoid expensive HOA special assessments?
- Desktop appraisal?
- No earnest money? First time seller (OH).
- First time commercial loan without business history?
- Divorced seller discouraging potential buyers...
- Im in escrow and my agent wants to do a pest inspection, if they are doing who pays for the treatment? Also why do I have to get home buyers insurance if the place isn’t mine yet?
- Should I help my mom buy a house in Arizona?
- Just out of curiosity
- OCD With My First House
- What do you think of wholesaling courses/classes?
- Can a selling agent lie about having a better offer?
- Scared of inspection report (NJ$
- mortgage reserve requirements
- Cell Tower
- Sellers extensions
- Looking in Dominican Republic is impossible
| Posted: 16 Nov 2020 02:25 AM PST I am a first time home buyer in Grand Rapids, MI. I have an FHA loan for up to 260 k purchase price at 2.75 interest. I am approved for conventional financing as well but with higher terms. I am feeling discouraged in my hopes for owning a home in my area as I put in an offer well over asking price and struck out, again. Do sellers not want FHA dollars. Do I need to move cities? I'm just dumbfounded. [link] [comments] |
| Should I buy a home next to a hoarder? Posted: 15 Nov 2020 02:40 PM PST I looked at a house today that I'm seriously thinking about putting an offer on, but the one thing giving me pause is that the next door neighbor appears to have a hoarding problem. Their front lawn and patio are completely full of all sorts of stuff. If it weren't for this hoarder, there would be no hesitation with this home. Does anyone have experience living near a hoarder? Would you put in an offer or would you run? [link] [comments] |
| A tree just fell on the house that I am supposed to close on in 20 days. What should I do? Posted: 16 Nov 2020 06:03 AM PST The damage is not too bad, it fell on the back of the house and has definitely crushed a header above a window. Will need some repairs, do they need their insurance to fix it before we close? [link] [comments] |
| Licensed assistant salary/ pay Posted: 16 Nov 2020 07:27 AM PST Hey, I'm interviewing for licensed assistant positions and I've noticed employers asking me what I expect to make. Any advice/ guidance on how much $ I should anticipate or expect to be making. [link] [comments] |
| Lender postponing closing to intentionally benefit seller Posted: 15 Nov 2020 08:04 PM PST Backstory: we sold our home in Phoenix and made a large profit. We had issues finding a new home due to the current market. We found one, outbid all the other offers. My lender ended up telling me he knew the seller's agent. They're friends. From the beginning, my lender disliked my realtor. I regularly had to listen to my lender bash my realtor. It got to the point where my lender didn't want to call my realtor. We were due to close on 11/18. I had all utilities set up to start at the new home on 11/18. We have been in a rental for almost a month. I had storage containers and movers coming on 11/18. I withdrew my kids from school beginning on 11/18. We were good to go. Last Wednesday I get a text from my realtor stating the sellers want to stay in our new house two extra days, until 11/20. Friday, 11/20 will be the first day of our second month in storage. $1000 would be due if we waited. We said no. Thursday I get a call from my lender telling me "your loan is done. Nothing is wrong. But I am being proactive and letting you know we may close on Friday"............ Friday afternoon I get a text from my realtor letting me know he's sending over an addendum for me to sign to close on Friday!!!!!! I said no. I explained the situation about our second months rent in storage. My realtor called the seller's agent to speak with her. Apparently my lender has informed the SELLER'S AGENT, they're friends, that my loan is now backlogged. To me, this is all very coincidental. The sellers want to stay in our home two days past closing. My loan was "done". Suddenly now it's not and the sellers are getting their way. So I spoke to my lender and asked them what was going on. They proceeded to get angry and defensive, telling me they did their job, they did it well, they didn't do anything wrong. There were some racial slurs, curse words, and physical threats mentioned, which was very offensive. They weren't directed at me. They were directed at my realtor, but still it was offensive. I couldn't get a definitive answer as to WHY they were suddenly unable to close on time. All they could say was the market and banks were busy. All they could say was they would close on Thursday to avoid my $1000 storage fee. And offered to pay it if closing happened Friday. I'm pretty upset I was lied to. And I'm still being lied to. Initially I thought my lender was an honest person. I thought they were working for me. I'm also upset I found out about my "backlogged" loan via my realtor, who found out about it from the seller's agent. Is there any recourse that can be done? Thoughts? Am I overreacting? [link] [comments] |
| Which siding/windows or bathroom/kitchen remodel? Posted: 16 Nov 2020 06:45 AM PST Purchased a home this past spring (house built 1985) I knew the windows needed to be replaced but have since discovered the siding also needs to be replaced. Aprox 45K The bathrooms and kitchen are mostly original so they need updating also. We plan on selling in 6-8 years and retire somewhere else. I am pretty sure that if I invested in everything I would be really upside down. I am asking for advice on do I reside the house and install new windows or update the bathrooms/kitchen? [link] [comments] |
| Posted: 16 Nov 2020 06:36 AM PST I hope to live on the banks of the Delaware River and reenact the famous George Washington crossing with the wife, two dog and cat yearly. I put a good offer in. Not all cash but above asking. New Yorkers have new competition called Novo-Carolina rich. I will take Trenton. Wish me luck. If I lose out all I am gonna say is NY gonna pay some money as I am running up this auction. haha [link] [comments] |
| Are there any tactics I can use to avoid expensive HOA special assessments? Posted: 16 Nov 2020 10:00 AM PST I'm finally in a good position to buy my first condo. One thing that is scaring me from moving forward on the buying process are the horrific stories I've read of special assessments that condo owners must pay. I understand that condos need repair and maintenance but getting a bill for $20K or something could set me back like so many others on this sub. What things, if any, can I do to make sure that I don't become a victim of this? Are these high priced assessments inevitable? Do the HOA financials provide enough information to make an educated decision? Any red flags I should be aware of? If I'm this worried should I just drop the entire thing and wait until I can buy a SFH? Any insight or advice is much appreciated, thanks. [link] [comments] |
| Posted: 16 Nov 2020 09:51 AM PST My lender told me the appraisal is going to be $800 because the home is located in a remote area. But according to my real estate agent the appraisal is going to be a desktop appraisal. Is this a good rate for an appraisal that isn't even in person? [link] [comments] |
| No earnest money? First time seller (OH). Posted: 16 Nov 2020 09:18 AM PST A little background: we're currently in a very hot real estate market (Columbus OH), especially for houses under 350k. We sort of hit the jackpot and bought 8 years ago into an area which at the time was somewhat undesirable but has since boomed. (We're also 15 minutes from downtown, which is very hard to find now.) So, bought for 231k, on the market for 325k based on comps. We had 50 showings in a weekend, 9 offers with possibly 1 or 2 more coming today and a decision to be made tonight. We're down to 2 offers we're really considering: Offer 1: 342k + 2k in closing costs (edit: sorry, towards OUR closing costs). Waived request to remedy. 8k appraisal gap. 100k down on a conventional loan, pre-approved for 500k. NO earnest money. Offer 2: 345k. Waived request to remedy. 5k appraisal gap. Conventional loan, pre-approved for the 345k only. 1k earnest money. Offer 1 is, in my eyes, stronger. But is the lack of any earnest money super concerning? We are NOT worried about there being any major surprises or problems with the house, but their ability to walk away free and clear does make us a little nervous. From what I am reading online, offering no earnest money is very rare. I know $1000 isn't a lot but even a little skin in the game is better than none in regards to going forward with the sale. Or, with so many other offers, does it really not matter since it's obviously a desirable house and we'll be able to sell quick even if they walk? I'm just afraid if the sale does not go through the first time it may scare people off. [link] [comments] |
| First time commercial loan without business history? Posted: 16 Nov 2020 08:42 AM PST Posted this in the commercial subreddit, but figured I would cast a wider net. I am completely new to the commercial real estate world and need some direction! A family member and I are looking at purchasing a commercial building in my local downtown. The plan is to turn it in to an event venue (weddings, rehearsal dinners, corporate events, etc). How do we get a loan for this? The building is priced at $575,000. We have the cash to put down 20-25%. However, when I do research on obtaining a commercial loan - I see strict reqs about business history of at least two years and profitable. We do not have business history because this would be new. I understand banks need assurance on loan payback, but does our personal full time jobs income history not come in to play here? We have enough personal monthly income to cover the note even if we made nothing from the property. Any help from this community would be amazing! Thanks [link] [comments] |
| Divorced seller discouraging potential buyers... Posted: 16 Nov 2020 08:42 AM PST Went to visit a beautiful house that's active and the seller adamantly says she wants to keep her home. We walk around her home and she tries to tell us everything that is wrong with the home in each room; mostly cosmetic but the roof has an area that needs attention. Worst case, replace the roof. Nice pool and hot tub. Over an acre of land. I know there are other homes out there but we really like this one. I mean, why allow it to be on the market if someone has the authority to put it on the market? Asking advice on how to proceed in trying to buy this house. Maybe she has a quitclaim deed or could that be "in progress"? I'm amazed that she's trying to keep this humongous home. The house is still showing as "Active". Been on and off and on the market for at least a year or so. [link] [comments] |
| Posted: 16 Nov 2020 08:40 AM PST Im being asked to get home buyers insurance by Nov 20, my estimated closing date is Dec 14. My agent is talking about doing a pest inspection and said that because we live close to the ocean the place most likely will have termites, and that there are treatment options. Does that mean I have to pay it? What if something happens and I don't want the home? They haven't even done an appraisal yet. Just seems like they're asking me to invest into a property that isn't even mine yet. First time home buyer here. [link] [comments] |
| Should I help my mom buy a house in Arizona? Posted: 16 Nov 2020 08:39 AM PST Okay, so I know enough that this sets off some red flags. My mom is trying to move out of her current living situation. She lives with roommates and unfortunately she's a hoarder. It's caused enough conflict that they're asking her to leave. And I can verify that she's a hoarder, unfortunately I grew up in a house that was a total mess. It wasn't as bad as the houses that you see on TV, but there was a thin pathway going from the garage to our rooms. Even then we were stepping over clothes. Everything else was almost innacceable. When I was a kid, I didn't know what a hoarder was, so I'd tell people that it looked like a tornado went through our house. In my mom's current living situation, I appreciated knowing that she lived with roommates. They kept the rest of the house cleaned, and her room was the only one that was a mess. It's not fair to them, and I don't blame them for kicking her out, but it was nice to know that for a while at least she lived in a clean home. I'm scared that if she were to live on her own, she'd isolate herself, her house would become more and more of a mess and eventually she'd die in a huge pile of trash. It's morbid, but the idea that one of my last actions as her son would be to clean out her house after she's passed away scares me. The house I grew up in had a lot of spiders, they could hide under anything, now we both live in Arizona and that problem could easily be scorpions. That seems inherently dangerous to me. I've suggested therapy to her, a few times now, but she doesn't believe that she has a problem. So now she's looking for apartments and other options. She recently floated the idea to me that my credit is good enough that I could buy a house. Now I know enough that this automatically raises a ton of red flags for me, believe me, it does. But there are a few reasons this is appealing to me. I'm 24 years old, and this is the first time I've ever been told that I'm in a position to buy a house. Something about that is just inherently appealing to me, lol. In feels stable and sturdy and like an investment. Years down the line, unfortunately after my mother has passed away, I could probably rent it out. It would become a passive source of income. Even right now, my mom is suggesting that I could buy it and she would pay me rent. It's also appealing because at least I'd know that my mom is not in some crappy appartment. It would still probably become a mess, but I'd at least have a little bit of control over the situation. I could keep urging her to see a therapist, and at the bare minimum I could have the place sprayed for scorpions and other bugs. Something about that is appealing to me. I worry for my mom, a lot. And I'd been told "She's an adult, you're not responsible for her" by multiple people familiar with the situation. People that don't know each other are giving me the same advice. Unfortunately I find that advice really hard to follow. I know her well enough to know that she won't help herself. Her situation will get worse and worse and worse, and I don't want my mom living like that. Any advice is appreciated. I'll admit that I'm kind of venting, I mostly wanted to get this off of my chest. Thank you for taking the time to read this. [link] [comments] |
| Posted: 16 Nov 2020 08:13 AM PST What happens if you build a house on someone else's property through a written agreement that the land owner keeps the ownership of the land and you own the building. Will the landowner have the right to abolish the building if they wanted to? [link] [comments] |
| Posted: 16 Nov 2020 07:59 AM PST I wasn't sure if this should be posted under r/OCD or r/RealEstate, but here goes... I just bought my first house. It's something I've wanted my entire life and I guess I built it up in my head as this huge beacon of success/happiness in my head. For reference, I am single, mid 30s male. Growing up I had a huge complex about being raised in an apartment with no yard, and so I always had a goal to get a house with a huge yard and in-ground pool, and I did just that. I knew going in that it would be a challenge, present a learning curve, and would certainly be expensive. I've invested quite a bit of money in my house in a short period of time, and while it's looking great overall, I've tended to be very nitpicky about stupid shit like scratches in my hardwood floors, dings in the wall/paint, etc. I think part of it has to do with the fact that I literally just paid to have the place painted and the floors sanded and refinished, and so getting scratches from friends bringing their dogs over, someone moving furniture etc. just drives me up the wall. I think if this were months down the line, it would bother me a lot less. I recognize that I have OCD tendencies as it is (though not crippling in the sense that I have to touch my door knob an even number of times before I leave my house), and I know a house is just an inanimate object and really just meant to be a place of dwelling, and not a museum. I also recognize that just by virtue of living in it, shit is gonna happen, and things are not going to be perfect. I also know part of this may come from my own shit and maybe not being fulfilled in other areas of my life (an entirely separate story), but sometimes I really can't help feel the way I feel. It's as if I really believe that others live in perfect houses, which I know isn't true... I recognize this may sound totally dumb and I may sound crazy (I'm not), guess I was just looking to see if anyone out there ever had similar feelings and what they might have done to push through it. I just want to let go of this stuff and just enjoy the house. When I rented apartments I never cared about stuff like this at all, I guess because I didn't own it and because I knew better things were in store. Now that I'm "there" I'm putting all this pressure on myself to be perfect, and I know that's unattainable and has to stop. [link] [comments] |
| What do you think of wholesaling courses/classes? Posted: 15 Nov 2020 10:43 PM PST I live in Texas and been eyeing getting into real estate wholesaling. What do you think of classes that teach you how to do it? For example like these ones in Houston https://www.wholesalingre101.com/ Or [link] [comments] |
| Can a selling agent lie about having a better offer? Posted: 15 Nov 2020 02:32 PM PST A seller's agent has said they've got a better offer than mine. I asked my agent if that could just be a lie to get ours higher and my agent's response was the seller's agent would lose their license if it were a lie. Is that true? It just seems like a bluff for negotiation. [link] [comments] |
| Scared of inspection report (NJ$ Posted: 16 Nov 2020 06:58 AM PST Hey all. First time home buyer in New Jersey. In the process of buying a 32 year old home. I know that no house will be perfect however my inspection report showed several issues. Below are issues that the seller won't remedy and wondering if they are potentially expensive fixes and which would need to be handled ASAP. There are other minor issues that I would fix myself such as recaulking toilets, fixing loose fence, and replacing a rotted door trim in garage
The seller agreed to get estimates or repair other areas of concern such as the roof and cracked brick veneer. Appliances are all relatively new (4 years old). My biggest fear is that since this house is near the top of our budget that we may be strapped for cash after making these repairs out of pocket. Which of the listed issues would need to be fixed the soonest and how expensive could they potentially be? Thanks! [link] [comments] |
| Posted: 16 Nov 2020 06:50 AM PST how do mortgage companies verify I have enough for reserves? Do i just simply send them a statement from my other bank accounts/ stock accounts showing a certain amount? do they verify beyond that? [link] [comments] |
| Posted: 15 Nov 2020 03:49 PM PST A company called PI Towers wants to rent 2,000 sf and build a monopole communications tower on my property. They offered $15k a year for 5 years. That comes out to $1,250 a month. I know nothing this type of investment but I was wondering if I could ask for $1 a square foot, maybe even more? If anyone has any experience with this, much help is appreciated [link] [comments] |
| Posted: 16 Nov 2020 06:07 AM PST Usually you hear about buyers requesting extensions but in my case it's the sellers. They requested a week when we first went into escrow due to them connecting sewage to city. So essentially they put the house up for sale before it was even done (listing pictures were before work begun). At the end of that week after I had already scheduled the inspection for Monday, I get a call from my realtor saying they requested another week due to rain. I said fine and rescheduled my inspection. That week passed and We requested 1 week for inspection/appraisal and still let them know 4 days early. Mind you I already have my loan pre approved with the underwriter too. We're ready to go. We asked they repair 5 things based on our inspection and they requested ANOTHER week for quotes. We said fine but now with thanksgiving coming up I'm afraid they will want to keep pushing closing until the first week of December which I'm pretty laid back and would be fine with BUT my mortgage rate expire 11/30!! I'm hoping they just give us a credit or can miraculously get the work done before then. Should I ask for them to pay our extension rate if this situation arises? Just venting! Hoping everything works out Also mind you it was in our contract that they repair the yard before closing and guess what?! It won't be done until next spring! Because the contractors did a half ass job and wanted to move on to other jobs before snow falls. The realtor is low key rude and told us we could walk if we didn't like it. After dropping earnest money and other fees. I've been too nice and I'm ready to be done with them. [link] [comments] |
| Looking in Dominican Republic is impossible Posted: 15 Nov 2020 04:37 PM PST Without being there to hunt around for properties it is very difficult. They dont have the same updated RE sites with easily searchable filters. I can't even find a RE agent on the ground to help. When I'm there are drive around there are "se vende' signs on every corner... Anyway, anybody have a tip for remote property shopping there? Thanks [link] [comments] |
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