Real Estate: Parents using CA Prop 19 to move to more expensive home then gifting/transferring current home to son? |
- Parents using CA Prop 19 to move to more expensive home then gifting/transferring current home to son?
- For sale by owner and also I’m an idiot please help me end this
- How many of you are waiving appraisals?
- First time home buyer, offer accepted. question about contracts/paper work
- Undisclosed gas leak under slab, huge pain! (calif)
- Shingle vs Tile roof
- How do you figure out what the taxes will be on a flipped home? (NJ)
- Is “the markets are volatile” a legit reason for a broker to not lock our quoted interest rate, even after an offer is accepted?
- Capital gains (FL)
- 5+ unit down payment
- Curiosity About Appraisal Numbers
- Is it normal to have the seller have a contingency on an incoming offer that they need to find a new home within 30 days or the deal falls through? So the buyer just sits around and hopes for the best?
- Getting property taxes paid by previous owner - advice needed
- Does it matter that the county property appraiser house size differs from the building plans?
- I am having a hard time deciding if I should buy or wait 6 months because of the pandemic. Covid thread doesn't allow new replies.
- Strategy for putting in a lowball offer on raw land
- Can I buy a $185,000 home with a $170,000 loan?
- Terminating buyer agreement with rude agent for non performance
- Arizona: 3 weeks to close: No Permits
- Someone explain this issue on the title search for me?
- Does calculating cash flow include taking into account repairs/maintenance?
- How long till you know what you’re doing?
- Advice Wanted: First Time Buyer & Investment Property Questions
- Advice for Buying Apartment Complex
| Posted: 14 Nov 2020 09:26 PM PST Can my parents use California Prop 19 to move to more expensive home and then transfer their current home to me, or use like $1 selling price? The original home will become the son's primary residence. Also, for Prop 19 it says if you move to a more expensive home, the difference in price gets added to your property tax base. That sounds like you're are still gonna get hit with the higher property tax that comes from the market value of the more expensive home, I don't understand this 100%. Thanks in advance to all who read or reply. [link] [comments] |
| For sale by owner and also I’m an idiot please help me end this Posted: 15 Nov 2020 01:21 AM PST Can I back out of sale as seller if we haven't received any money or closing paper work by closing date? Do I need to formally end contact? Backstory if it helps: Before we could list our paid for home and property with agent, we were approached by neighbor's relative and offered 8k over value. Great (I'm an idiot sandwich). Total sale price was 74K. Used a tittle company for paper work. Signed contract to sell in June with September closing date (pushed back due to Covid and her "loan issues"). Didn't hear back from loan officer until mid October. Pushed closing to November 15. We have not received any funds nor signed closing papers (just the original papers with intent to sell, the amend to closing dates and one that said we would not sue her for escrow which we didn't ask for as we are idiots). Can I back out of sale legally once closing date passes? Buyer has told us literally 5 different stories and is simultaneously begging to rent home because she can't get approved for the loan we had a closing date for from her loan officer (loan officer emailed promising everything was great and she'd speed the process) and saying we backed out of sale and owe her money for an inspection. The closing date is 11/15. Two days ago she left an angry voicemail saying we backed out and we owe her money and now she's homeless an has to rent. We did not reply to the voicemail but did verbally tell her we wouldn't rent. Few days prior she said the loan wasn't going through because her Job and asked could she rent until she could buy. I'm done with them and suspect they were trying to squat but got messed up. She also had mail sent to our address and parked her car under a tree surrounded by bushes. We noticed car and asked her to move and retuned mail to post office. [link] [comments] |
| How many of you are waiving appraisals? Posted: 15 Nov 2020 08:59 AM PST It seems that for me to get a house in my market I have to waive either the inspection or appraisal contingency. I cannot wrap my head around doing either. How do you plan for this? How much extra cash on hand makes you comfortable to do one or the other? I have been making offers 15 - 20% above asking, seeing the highest comparable house was only 8% over and sold a month ago. If I had waived the appraisal that means I'd need to be prepared with an extra 8-12% cash to cover the appraisal gap. Is this just the new normal? I'm not really prepared to waive inspection but I'm curious how people are doing that. I sometimes have only a 15 minute slot to see the house, even if I had an inspector with me there's no way they could have a look at everything. Even if I were able to book two 30 minute viewings that would not cover everything. My inspector on a previous home I didn't end up buying spent 4 hours there with specialists, which I know is on the high end, but is what I'm comfortable with and willingly paid extra for. Am I just too risk averse for this market? Do I need to save another $30k outside of down payment simply to compete? Does anyone else worry that that money is wasted and won't come back when you go to sell in a less hot market? I'm hoping some anecdotal data from you all will help me get a better perspective Basically for you that have gotten houses, what did you waive and how much did you end up having to spend for appraisal gap or repairs from not getting an inspection? St. Louis area, $230 - $300k price range SFH [link] [comments] |
| First time home buyer, offer accepted. question about contracts/paper work Posted: 15 Nov 2020 08:42 AM PST My concern is regarding my name. I'm Vietnamese. I have an English name and a Vietnamese name. My mom when filling out my birth certificate messed up and put both names as my first name. I mentioned that to my realtor when he drew up the offer for this home but he still just put my english name. my partner initially spoke with the mortgage broker so he was the one to give them my information. He is not Vietnamese and struggles to spell it so he didnt give it to them either. i'm thinking at this point, its petty to ask for my full name to be on contracts moving forward... But I guess my legal question is will I run into trouble if I'm not signing with my legal full name??? Do I need to fix this before we get further into the process? Am I just overthinking this??? [link] [comments] |
| Undisclosed gas leak under slab, huge pain! (calif) Posted: 15 Nov 2020 09:46 AM PST Closed a couple months back. Since we moved in we smelled some whiffs of natural gas in the kitchen but chalked it up to not knowing the new cooktop and not turning it off all the way. Now that we're settled we looked into it more deeply -- very long story short, PG&E came out and verified there's a leak somewhere, plumber came out and verified the same but can't locate, and the only place it can be is under the slab. That means cabinets are coming out, tile floor is coming up, possibly a totally new run to bring it up to code (since under-slab gas isn't allowed anymore). Also, we are without heat or hot water for God knows how long while this is figured out. Here's the thing. I emailed the seller asking if he knew where the gas line was, to help with our investigation. He's been great and honestly the sellers are nice people. He replied that oh yeah, he'd smelled gas in a particular location (same exact location as us) but since there was no gas line in that particular spot he didn't think twice about it. It wasn't on the disclosures or the inspection report, although in fairness it is faint and intermittent. Look, I'm not a sue-happy person, but this was an expensive ($1mm+) house and my family is living by space heaters not to mention kitchen construction during the holidays - I'm thinking I'll be lucky to have this fixed by next year. Is this just a part of life? What's your opinion? [link] [comments] |
| Posted: 15 Nov 2020 03:51 AM PST I've got a leak and my roof is 15 years old, approx, so it's time for a roof replacement. Ok pricing this out but I'm many cases tile is almost double the price of shingle. Shingle puts me around 17k and tile around 30k. My zip code is 33618 I live in Tampa FL. My home is the most expensive house on the street by a lot. I can post a zillow link if it help but we got the house for 409k last year with a 60k down payment last June. It's a 2700sqft home on a 1/3 acre lot. I live on a side street with 20 houses and the house was built in the 70s. According to Zillow, the home with the closes value to mine on my street is 323k. Current zestimate is 442k. Really on the fence about "investing" in a tile roof. Ok your experience, have buyers paid more for a tile roof vs a shingle roof when it comes time to sell? There are no other houses near us with tile roofs. Any insight would help. We do plan on staying in this home for many many years and ignoring the usual trend of moving every 3-5. [link] [comments] |
| How do you figure out what the taxes will be on a flipped home? (NJ) Posted: 15 Nov 2020 07:38 AM PST There is a house we'd like to go and see, but we're having trouble figuring out if we could afford it. Our friend is telling us the taxes will change from what the 2020 assessment says, because the house has been remodeled and will sell for much more than it did when it was bought earlier this year. Taxes are incredibly expensive where we live and so how much they will go up completely determines whether or not we could afford to live in this home. How do we figure out how much they will be if we buy it? Thanks so much for any advice! [link] [comments] |
| Posted: 15 Nov 2020 10:03 AM PST Just hoping to get insight here. I'm getting "the markers are volatile" as a reason for not locking in a quoted interest rate even after our offer was accepted. We're happy with the quoted interest rate and are currently in escrow, just not sure if it's a matter of "pushing harder" for a signed agreement from the broker to guarantee their quoted rate or if their reasoning about the markets is legitimately holding them back. [link] [comments] |
| Posted: 15 Nov 2020 10:03 AM PST I'm under contract to sell my condo. When I bought it, I closed on 12/6/18. The closing date for the sale is 12/13/20. I just squeaked by the 2 year requirement. It's been my primary residence. Will I avoid capital gains? Since it's so close to 2 years, I want to be sure. The sale of my prior residence closed the same day I bought the condo, 12/6/18. [link] [comments] |
| Posted: 14 Nov 2020 05:37 PM PST If I were to buy a 5+ unit, which then becomes commercial loan I believe, and I live in one of the units, how much do I have to put down? Under $1mm in PA [link] [comments] |
| Curiosity About Appraisal Numbers Posted: 15 Nov 2020 09:40 AM PST I did a search in this sub for appraisals but I don't think this question has really been asked. Through comments I have read here, it seems that appraisers usually know what the offer/sale price is on the property and if everything checks out, their appraisal comes in right on the money. My question is, if the appraiser values it slightly over (in my case), does that usually signify that they believe the house is probably worth a fair amount more (or a definite good deal for the bank risk-wise)? To define terms, slightly over in my case is $5k over what I offered. Is there an unspoken language of the appraisers? Edit: I just realized knowing the contract price would probably help in this case since 5k on a 70k home is a lot different than 5k on a 500k home. My contract price is 210k. So it appraised at about 2.4% above [link] [comments] |
| Posted: 15 Nov 2020 09:21 AM PST |
| Getting property taxes paid by previous owner - advice needed Posted: 15 Nov 2020 05:17 AM PST Hi everyone, We bought our how in the Chicagoland area in 2019. The previous owner bought the house from a tax exempt organization and renovated the place. As we were doing our due diligence our agent and lawyer flagged that property taxes were not paid on the home while owned by the previous owner because the city hadn't updated that it was no longer owned by an tax exempt entity. Our lawyer assured us that the city would catch up and so put a very clear ademenemt clause into our contract that the previous owner would pay the 18 months worth of property taxes if and when the tax bill was provided by the city. As expected, the city caught up and issued the bill. Per our contract we first had to submit the claim to our title insurance. They declined to cover the bill, stating that the previous owners were responsible (we expected this). So we submitted the bill to the lawyer for the previous owner. That was in September. It's now November and the lawyer is saying he can't track down the previous owner. The tax bill is past due and collecting interest. Our lawyer says we will most likely need to sue the previous owner to get them to pay. However he's also suggesting that we pay off the tax bill to "mitigate" our damages. Has something like this ever happened to anyone else? If you've had to sue a previous owner, how long does it take. We have to pay a good chunk of change and I'm trying to see the other side of what we're about to get ourselves into. Any insight or reactions would be appreciated. [link] [comments] |
| Does it matter that the county property appraiser house size differs from the building plans? Posted: 15 Nov 2020 05:06 AM PST I've got a two story home and according to the plans (had the house built) the home is 2534 sqft not the 2495 on the county site. Another house in my neighborhood has almost the same plan and they have more reported sqft It's 3 bed 2.5 bath (laundry room and flex room) [link] [comments] |
| Posted: 14 Nov 2020 11:05 PM PST I have 2 friends who know a fair bit about economics. One says it's a bad time to buy because the full economic extent of covid is not over. The other says house prices probably won't be effected by it, so now is a fine time to buy. My job is stable (non profit in the education space) so I'm not concerned about that. Currently renting. Property I'm looking at would cost me $700 more per month, which I can swing. I'm still wondering if this is a terrible idea and there are better deals around the corner. Inventory is low and houses are selling fast, even in mid November. Opinions? have 2 friends who know a fair bit about economics. One says it's a bad time to buy because the full economic extent of covid is not over. The other says house prices probably won't be effected by it, so now is a fine time to buy. My job is stable (non profit in the education space) so I'm not concerned about that. Currently renting. Property I'm looking at would cost me $700 more per month, which I can swing. I'm still wondering if this is a terrible idea and there are better deals around the corner. Inventory is low and houses are selling fast, even in mid November. Opinions? [link] [comments] |
| Strategy for putting in a lowball offer on raw land Posted: 15 Nov 2020 04:25 AM PST There is land behind us that if we could get cheap we'd take it so it's not developed. The land isn't worth what they're asking for many reasons (too steep, rocky, wetlands, possible confusion on boundaries, "current use status") so there are two potential strategies to put an offer in we can think of. The first way is to explain our story about how we own the property across the st and want to protect this land from being developed etc. All the land around is either used for logging or conservation. The second is to list out all of the flaws with the property in hopes that see that it probably won't sell because of this. For an idea, we want to put in an offer for ~24% of what they're asking in cash. Fast close, no inspection (raw land), etc. It's appraised by the town for about 50% of the listing price. Some question:
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| Can I buy a $185,000 home with a $170,000 loan? Posted: 14 Nov 2020 01:25 PM PST A lot of houses in my area are $185,000+ and I got approved for a $170,000 loan. Would I still be able to buy a home for $185,000? How would that work? [link] [comments] |
| Terminating buyer agreement with rude agent for non performance Posted: 14 Nov 2020 11:39 AM PST So I have issue with real estate that I foolishly signed a buyer agreement for home search. Contract says 2.5% of purchase of $600 fee if contract ended or home purchased. Since agent is refusing to show me homes on weekend or drive me and I have a disability that does not allow me to drive a car and cannot look at homes during the week due to work conflicts, do I have a legal out to cancel this with his broker agency to legally sever the agreement without paying any money? If so, how would I do this? [link] [comments] |
| Arizona: 3 weeks to close: No Permits Posted: 14 Nov 2020 06:09 PM PST Obligatory, "I'm mobile, sorry for the sucky formatting". I'm less than 3 weeks out from closing on my first house and just remembered to search the county permits on the property. There are 2 recent additions and neither had permits pulled. They enclosed a patio/laundry room and added a tiny, "full bath", in the master. It's listed as a 2/2 with a bonus room. It appraised as such, no concerns in the appraisal. Previous listing in February had it as a 2/1. Any issues with the additions that were found in my home inspection are being repaired by the seller and I will have the inspector out one more time. The sellers agent has stated they won't be disclosing. So.... how bad of an idea is it to proceed with this purchase, knowing this information? What kind of questions do I need to be asking? Are there any telltale signs I need to be looking for? Thanks in advance! [link] [comments] |
| Someone explain this issue on the title search for me? Posted: 14 Nov 2020 07:00 PM PST In Iowa: My loan officer did a title search for the home we are closing on next Thursday. It came back with an issue that the mortgage the current owners have didn't have a power of attorney and required one. The loan officer said hopefully it's a minor issue. I don't understand what any of that means or whether or not that's an easy fix. Any ideas? [link] [comments] |
| Does calculating cash flow include taking into account repairs/maintenance? Posted: 14 Nov 2020 09:10 PM PST Let's say I own a property, and I determine that it cash flows $150/month. I don't have a property manager or a maintenance guy. In reality, the $150/month isn't actually that, because unexpected expenses and repairs come up over time. How do you guys calculate this aspect of real estate? Do you calculate it before you end up with your final cash flow, or do you simply put away some of the cash flow as a fund for these types of expenses? Also, when you hire a maintenance guy, obviously you still have to pay everything on top of labor to get things fixed. But what about a property manager? Is there ever a situation in which you partner with a big-time property management firm which is able to account for some of the costs associated with repairs in your contract with them? [link] [comments] |
| How long till you know what you’re doing? Posted: 14 Nov 2020 05:23 PM PST Alright so I wrote my first purchase agreement today on a 734,000$ home in the Midwest. I had my team leader basically hold my hand through the process and it really exposed to me how much I have to learn. How long did it take you guys to really get a grasp on what you're doing? What did you do to gain that knowledge ex. Books, courses, videos. I realize a lot of teaching is through the deal but I'd like not to learn purely off the backs of my clients. THANK YOU!! [link] [comments] |
| Advice Wanted: First Time Buyer & Investment Property Questions Posted: 14 Nov 2020 03:05 PM PST My partner and I are looking to buy one property in the next 6 months or so, and then another property in about 2-3 years time. The intention would be to have the first property turn into an investment around that time. Based on that, should we put more or less into the first down payment? Any tips on transferring equity? Anything we should know about specific loans or types of loans? We really don't know much in this area and have a lot of reading up to do but these are some things that came to mind as we've been planning things out so hoping to get some quick answers and do's/don'ts as a starting point. [link] [comments] |
| Advice for Buying Apartment Complex Posted: 14 Nov 2020 06:37 PM PST Hi there, I am inspired by the apartment complex that the transgender advocacy organization GLITS just helped purchase. Their goal is to have a black transgender run apartment complex specifically so that transgender people in the Queens area can have an opportunity to find housing without facing the hurdles of housing discrimination. That being said, I would love to create a similar project where I live. However, I know very little about purchasing apartments and how I would even get started looking into this. So, I am wondering: For those of you out there who have purchased, own, or rent apartment complexes, how did you do it? What websites/agencies did find the apartment that you purchased through? Who would you recommend a noob like me to go to for advice for me to help achieve this goal? Would it make more sense to try to work with someone already in the real estate world to try to guide the process, or is it possible to do this on my own with other people (real estate noobs) who are invested in the project? Thanks! Any help and perspective would be so great! [link] [comments] |
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