Real Estate: Redfin sued for 'redlining' (refusing service in minority areas). |
- Redfin sued for 'redlining' (refusing service in minority areas).
- My friend bought a condo and was 2 days away from possession, the seller regretted the sale and refused to move out (documents were already signed) and a month later, died. How long till he moves in now?
- When should I transfer utilities to my name?
- Am I overreacting at being salty the subcontractors are smoking cigarettes inside the house?
- My Lender
- Can a closing be pulled off in a short window?
- Help! Inspection report: How bad is this?
- Refi closing
- Good Deal or Not?
- How to deal with a White (Pink?) Elephant Master Bathroom
- Map saved homes on Trulia?
- RE Developers, how did you finance/fund your first deal?
- Intern 2021 - Any tips for real estate management companies in the US?
- California Prop 15 and multi-family
- Hey all. Long time lurker, first time caller here. I have a question about how much power I actually have being under contract.
- [CA] Building Era Descriptions from my Inspector
- Help!! Buyers representation question.
- Why can't I buy my house from my wife?
- How does new apartment complexes impact local real estate market?
- What would you do?
- 2021 Conforming Limits
- Engineering Surveys Required When Knocking Down Walls?
- Do you use the realtor assigned to you on Zillow / redfin
| Redfin sued for 'redlining' (refusing service in minority areas). Posted: 04 Nov 2020 06:40 AM PST Redfin is being sued for not offering services in certain areas, that are below certain price points and therefore heavily minority. I think it's pretty interesting, I've never heard of ANY real estate company who wouldn't take a listing wherever they can get it. Redfin's defense is they can't make any money in those areas. I wonder how other companies make money serving those areas? Also interesting that Redfin hasn't ever turned a profit as a company in 16 years? Of course that's common for a lot of newer companies. But when people say the industry is changing and Redfin is a great example of it, I don't know how far it can change in that direction if the alternative business model is not profitable. I suspect quite a few old-school 6% brokers are having a chuckle over that. https://nationalfairhousing.org/wp-content/uploads/2020/10/Redfin-Filed-Complaint.pdf [link] [comments] |
| Posted: 03 Nov 2020 07:59 PM PST This whole situation has been absolutely insane and its been one thing after another with things going wrong. He's a young guy (younger than most when buying a place) and we live in Canada. In July of this year after trying for a while he finally got approved for a mortgage. Not a big one, but big enough for some of the cheapest apartments in our city. So naturally he hired a realtor and got to work shopping for a new place to live, and found one that was renovated, in a great location, and surprisingly very cheap. Suspiciously cheap. He put in an offer immediately because it was such a fantastic deal, and still offered far less than the asking price just to see if he could get it even cheaper. Surprisingly enough the accepted his first offer right away and possession date was 2 months away. They signed the necessary documents and conditions were lifted, and about 2 weeks before the date he was supposed to move in, there was an interesting update to the situation- The seller's realtor informed my friends realtor that the apartment building the condo is in was due for some maintenance and the condo fees could go up significantly. They were offering to let my friend back out for free because they "know he's young and probably can't afford it." This immediately raised some questions. Why were they being so nice as to warn him? Wouldn't they be happy to get the place off their hands just in time? Well some digging was done and he was originally afraid there would be special assessment but now it was looking like the seller was lying to try and back out of the deal, and her realtor was also trying to fool my friend, by trying to convince him fees were going up. He came to the conclusion that the seller was trying to convince him to leave, because she regretted selling it so cheap and wanted to back out of the deal, but it was too late. He decided he would not back out and wanted to move forward with the sale as planned. He thought that was that but it turns out the seller really had her heart set on NOT MOVING OUT so possession came and she was refusing to leave. This meant my friend would have to take her to court to get the condo he already bought and signed for. About a month went by of waiting with no idea what was going on and my friend gets an email from his lawyer saying the seller was apparently lying about being on vacation which was holding up her getting served the court letter, but that morning it was given directly to her, beginning the 20 day countdown for her to respond, which would mean being able to book the court date. The last few weeks he has just been waiting for an update on the court date and when he finally gets to move in and today he got an email from his lawyer literally saying the seller DIED He's in shock, I'm in shock, of everything thats happened this was very unexpected. Has anyone seen anything like this happen? Does anyone have any idea how long it might take? Will he even still get the place? Any advice or thoughts are appreciated! [link] [comments] |
| When should I transfer utilities to my name? Posted: 04 Nov 2020 08:17 AM PST I got notification that the water will be shut off on closing date, should I set up an account to activate on the closing date? Along with setting up electric, gas, etc. in advance of closing or right after we close? Is there any risk to doing this in advance? We are not moving in right away since we need to do a bit of work first (of course they will need electricity and the such). [link] [comments] |
| Am I overreacting at being salty the subcontractors are smoking cigarettes inside the house? Posted: 03 Nov 2020 09:02 PM PST I drove by to see the progress tonight, and as soon as I opened the door, I got a huge smell of cigarette smoke. Walking through room to room I could smell it in every part of the house. I understand it's cold outside and easier to smoke indoors, but I'm not too fond of the idea the inside is being exposed to cigarette chemicals. I spoke to my dad about it who has some experience in this, and he said not to worry in that, once they get the air conditioning installed and the air starts moving, it won't even be noticeable. Also mentioned that they are subs and don't give two shits about the customer and would keep doing it anyway. My fear is that if I even mention anything they might retaliate by half assing the job because they were scolded or do something even worse. Most of me wants to drop it and let it go, but I figured I would ask what you guys would do in my situation. Edit: There's no carpet yet. I would be more concerned if they had that laid out, but its concrete flooring at this point. [link] [comments] |
| Posted: 04 Nov 2020 07:41 AM PST I asked my lender "Are there any contingencies that might come into play with my mortgage when comes to condos and townhouses?" The response was "Yes. On condos, we will require a condo questionnaire to make sure the property meets Fannie Mae and Freddie Mac guidelines." Should I interpret this as my loan underwriter is "Fannie Mae and Freddie Mac" and should I run? Use a different lender? About myself. Excellent Credit Score. Putting down 20% maybe more if the price is right. [link] [comments] |
| Can a closing be pulled off in a short window? Posted: 04 Nov 2020 09:33 AM PST Hey all, Our original date slid until November 12th, where some title issues caused that date to be up in the air for a good while about a week ago. Fast forward to today, I've now been told that the title has been cleared and the closing is now back on for the 12th according to my realtor. He said the lender wanted everything in(final inspection was done yesterday) by today. Theyve really been fighting for weeks to get this all situated.. My question is can they really pull off the last bit of UW and issue CTC less than a week(not counting the weekend) to make that date, or should I expect a delay again? I'm reluctant to even call the power company or internet until I have final word. It is so stressful. What should I expect in these days? Anything to watch for? Can it be done in that short of time? [link] [comments] |
| Help! Inspection report: How bad is this? Posted: 04 Nov 2020 07:59 AM PST We are in contract on a home and we waived remedies to beat out other offers. We did NOT waive inspection and can get our EMD if we back out. That said, the inspection report is starting to really worry us. We are first-time buyers and worried we are getting in over our heads but we really love this house and we have specific needs that this one fits. Here's a summary of the biggest things. We have a structural engineer coming to look at the bolded item today and hoping to get some roof quotes tomorrow: Inspection Details - Inspection Details: Rodent Evidence Exterior - Roof Covering - Shingles: A few underdriven fasteners or "Nail Pops". Exterior - Roof Covering - Shingles: Debris on roof Exterior - Roof Covering - Shingles: Generally soft sheathing Exterior - Roof Covering - Shingles: Roof was old and past mid point, replace soon Exterior - Roof Covering - Shingles: No drip edge installed on roof Exterior - Chimney: Cracked ue tile Exterior - Gutters & Downspouts: Standing water in gutters. Exterior - Walls, Trim and Foundation: Deterioration to homes sheathing Exterior - Walls, Trim and Foundation: Sots old, severe deterioration, sagging Exterior - Walls, Trim and Foundation: Peeling paint and bare wood visible. Exterior - Walls, Trim and Foundation: Stucco maintenance needed, cracking Exterior - Deck, Porches and Patios: Deck Poorly designed/built, not to modern standards Interior - Fireplace: Cracked rewall in chimney. Interior - Fireplace: The replace was dirty. Interior - Doors: Failed seals, condensation on sliding glass door Interior - Doors: Sliding glass door was screwed shut. Interior - Windows: Damaged Hardware on window Interior - Windows: A window had a failed seal and moisture inside. Interior - Foundation: Foundation bowing at frost line. Electrical - Service Drop: No sealant on top of meter Electrical - Service Equipment: Missing wire bushings should be installed. Electrical - Service Equipment: Moderate corrosion inside service panel Electrical - Service Equipment: Multiple neutrals under one lug "Double Tap" Electrical - Outlets, Switches, Lighting: Junction box cover missing Electrical - Outlets, Switches, Lighting: Outlets in home were not GFCI protected Electrical - Visible Branch Wiring: Junction box missing bushing Water Heater - Water Heater: Water Heater Old, operated Plumbing - Fixtures: Sink slow to drain Plumbing - Fixtures: Leaking shower head Built-In Appliances - Range Hood: Range hood duct terminates in attic Built-In Appliances - Bathroom Exhaust Fan: Bathroom exhaust vent did not extend to the exterior. Is this typical or are we in over our heads? [link] [comments] |
| Posted: 04 Nov 2020 07:28 AM PST Near end of the closing process. They sent a notary to the house and I signed a stack of papers. The closing amount seems high because I already paid my county taxes and the November mortgage. The loan processor said he will get escrow to update the closing amount. They're pretty slow. Thinking just to pay the larger amount and get the money back later. Thoughts? Any danger in the approach outlined above? [link] [comments] |
| Posted: 04 Nov 2020 07:15 AM PST First time homebuyer. Using an FHA. Thinking about putting in an offer of $330K for a duplex. Unit 1 Rent is $1,000, Unit 2 Rent = $1,750. Monthly Mortgage Payments will be a little under $2,000. So cash flow could be about $750/month (after living in it for a year due to FHA requirements). Really just need some reassurance, or opposing views on whether this is a good deal? Or if this is too pricey for a long term investment property. Please share any and all thoughts and opinions. [link] [comments] |
| How to deal with a White (Pink?) Elephant Master Bathroom Posted: 04 Nov 2020 07:15 AM PST So. We are looking to sell our house in the coming summer, and the weakest point in the home is the master bath. There is a large shower made from composite wall panels and a shower pan with a sliding glass door. There is a full double sink vanity, a jetted tub in the corner. The toilet is in its own room. There is also a walk in closet. There is another full bathroom and powder room in this house. Pros: It's gigantic at 12'x18', you can seriously do gymnastics in there. The attached master closet is 7'x12'. ...Notice how short that list is? Cons: It has 15 year old carpet on the floor. There is an island of white porcelain tile around the jetted tub and in the toilet room. The tile, at least, is in really good shape. It hasn't been updated since the early 90s. Some of the brass fixtures have begun to lose their finish and everything looks dated. It is over a two car garage and any tile on the floor gets really cold in the winter. It is wallpapered with miles of pink wallpaper that is impossible to remove. There is no extra venting in this room. I have people telling me just to deep clean it and leave it as is. My favorite contractor quoted 20-30k to do it with tile floor/shower and new everything which isn't in the budget. My gut says we're going to end up with a partial remodel… What should we prioritize? Thanks for any help! [link] [comments] |
| Posted: 04 Nov 2020 06:18 AM PST Can you see a map of all your saved homes on Trulia? They seem to only show in Gallery view. And in the search tool, there is no sign of which homes you've saved in the map view. Is there a way to filter the search tool's map by homes you've saved, or at least see the little heart by their entries on the map? [link] [comments] |
| RE Developers, how did you finance/fund your first deal? Posted: 03 Nov 2020 10:35 AM PST |
| Intern 2021 - Any tips for real estate management companies in the US? Posted: 04 Nov 2020 05:02 AM PST Hello! I'm a 22 years old business student who lives and studies in Sweden. For summer 2021 I want to find a really amazing internship in the US. So far I've applied to Tesla and DropBox. Since I'm from Sweden and don't know much about the real estate companies in the US I'm curious, do you guys have any tips of companies I can contact? [link] [comments] |
| California Prop 15 and multi-family Posted: 03 Nov 2020 08:59 PM PST if California Prop 15 pass. Increase taxes on commercial property. When is a multi-family unit consider a commercial property that will fall under this condition and subject to tax increase? thanks [link] [comments] |
| Posted: 03 Nov 2020 05:57 PM PST So my wife and I are first time home buyers and are currently under contract. The home has some major issues that have to be addressed that will, in total, cost about 10.5k. The seller finally got back to us and asked that we split the cost 50/50 as he feels he already cut the price of the house before we bid on it (which is obviously not a good enough excuse). The house is perfect for us and in the perfect location so I dont want to lose it over 5k but also, we really don't want to split the cost with them. Can we just say "no, cover it all" or does that give them an out on the contract? EDIT: We are in NY. The issues were "majors" per the home inspection [link] [comments] |
| [CA] Building Era Descriptions from my Inspector Posted: 03 Nov 2020 05:22 PM PST We're in the process of competing in the ridiculous SoCal market at the moment and have decided to duck out during our inspection contingency on two houses so far, which sucks and is exhausting, to say the least. I had asked my inspector for tips as to what to consider as we move forward when it comes to the age of the home. He was super kind enough to write up a great high-level overview, and I wanted to share in case someone else in Cali finds it as helpful as I do. 1910's to 40's Foundation is post and pier and rock and mortar (more of a DIY quality of construction). Knob and Tube wiring(fire hazard needs replacement of wiring - banned in 1950). Clay and Cast Iron Sewer lines and undersized electrical system(50 amp or less). Wood siding and wood shingle, slate and clay roofs. Limited access to key areas of inspection (additional inspections). 50's to 70's 68' cast iron banned in new construction except for special cases) - Foundation is post and pier until mid-60's then slab on grade, Aluminum wiring (fire hazard) that requires replacement of single strand aluminum wiring. System ungrounded until 68'). Cast Iron lines (till 68') and copper water lines in the slab (potential slab leak from pinhole leaks caused by expansion of hot water line against the aggregate in the concrete). Plus side is 72' brings us engineered truss roofing system - which means you can move/remove walls on the interior with less concern for the structural integrity of the home making remodels easier. Asphalt roofs become popular. Clay roofs still common. Limited access to key areas of inspection (additional inspections) less likely. 80's - 00's Foundation is slab on grade unless special or hillside installation (current spec). Romex wiring (current spec), Grounded, GFCI's required in Kitchen, Garage, Bathrooms and Exterior in 95' (current spec). ABS sewer lines (current spec). Copper supply lines and a stuff called "Poly-butylene" or PB in the real estate industry (High pressure and rodents can cause leaks of monumental proportions - Think garden hose going off full blast inside your wall or between floors). Lawsuits won and settlements distributed for replacement by licensed plumber. Metal, Asphalt shingle and clay/concrete tile roofs. Generally accessible for inspection. 00's - Today. Foundation is slab or post-tension slab on grade (cables under tension inside of slab - you CANNOT drill or cut into slab). Romex wiring. Grounded. GFCI's and AFCI's (Arc Fault Circuit interrupter) installed on whole rooms. ABS sewer lines. PEX supply lines (plastic like PB but better connections and less likely to leak - Rodents can still chew holes in it). Metal, Asphalt shingle and concrete roof tiles. Generally accessible for inspection. [link] [comments] |
| Help!! Buyers representation question. Posted: 03 Nov 2020 09:05 PM PST UGRENT PLEASE HELP! for reference im in Canada. Hello- i have an urgent question! i made an offer with an agent for a property and this offer was declined. The buyers representation agreement was for one month and for that specific property only. this agent was not the listing agent. i found another property that the 1st agent was showing, however i don't want to work with him any longer. if i go directly with the listing agent for a completely different property, and say, make an offer, am in breech of the original buyers representation that i signed? this representation hasn't expired yet. Any insight would be super helpful. thank you!! [link] [comments] |
| Why can't I buy my house from my wife? Posted: 03 Nov 2020 08:15 PM PST Hi Everyone, So I'm in a predicament and I'm not sure what to do. My grandfather loaned me cash to get a house in Idaho so that we could make a solid offer and now that we own the home I have to repay him. We put the home in my wife's name so that I could "buy" it from her with an initial loan once we moved in. Now that we are in it seems that brokers are having issues saying that you can't buy from immediate family. A refi is an option (I think) but bumps my rate up a couple points which I would like to avoid plus we would have to wait 6 months and we don't know where the market will be at that point and also waiting longer to pay back my grandfather. Any advice would be very much appreciated and thank you in advance. [link] [comments] |
| How does new apartment complexes impact local real estate market? Posted: 03 Nov 2020 02:38 PM PST I bought a new home in a small town in a neighborhood just minutes from downtown. I just discovered that many new apartments are going up in the downtown area. How will this impact the housing market in my area? Will this negatively impact my new home value? Why is there such an apartment boom right now? [link] [comments] |
| Posted: 03 Nov 2020 11:13 PM PST So to start off I've just turned 19 and I'm hoping to buy a home within the coming year or two. I am hoping to put roughly 20% down on a home ~$150,000-$200,000 in Texas. My credit score is in the 760's, and within the next 5-6 months I should have enough for the down payment. Where the issue comes in, is my work history. I've only been working for about 7 months, and this is the only job I've ever had. Im currently making $16hr, working full time. I'm also about to be fully licensed as a realtor. My original plan was to quit my job and become a realtor full time- but now I'm a bit concerned on which would be more beneficial as I heard to get a loan I'll need two solid years of work experience. If you were me, how would you go about dealing with this?
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| Posted: 03 Nov 2020 02:20 PM PST Does anybody have an idea of what will happen to conforming limits in 2021 given the sharp increase in home prices this year?
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| Engineering Surveys Required When Knocking Down Walls? Posted: 03 Nov 2020 04:55 PM PST Is an actual engineer's report/ok required to knock down or cut holes in walls? Do most permits provide for that? [link] [comments] |
| Do you use the realtor assigned to you on Zillow / redfin Posted: 03 Nov 2020 10:10 PM PST I was browsing Zillow for my first potential home and when I attempted to contact the listing agent, the app routed me to another individual whom I thought was the listing agent initially. She set me up to see two homes in the area and: 1. She was 15 minutes late to the first appointment 2. Wasn't familiar with the properties although she was with the area 3. Didn't really offer any insights / input on the properties we saw Later in the week, my friend referred me to someone she worked with and I terminated the relationship with the Zillow associate I am curious as to whether other first timers go with the assigned agent and/or have had good experiences? [link] [comments] |
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