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    Monday, November 2, 2020

    Real Estate: Staying 60 days after close

    Real Estate: Staying 60 days after close


    Staying 60 days after close

    Posted: 02 Nov 2020 03:35 AM PST

    Me and my girlfriend are buying our first house and we found a house that we love. It's a little over what we think it's worth and considering it's been on the market for 4 weeks now and we were the only offer so far we went 20k under asking. Their agent told us that he needs 60s of occupancy after close because the new house that he wants the sellers need 60 days after close. The bank also won't allow him to purchase the new house without accepting an offer on his current home. The seller counter offered and only came down 3k and wanted to pay only $40 a day vs the 1/30th of our mortgage payment which would be around $60 a day. My girlfriend is now worried about the guy staying 60 days after close because he didn't budge at all and got a bad first impression (He divorced 50y/o man recently divorced). With COVID going on if he were to stay longer than the 60 we don't know if we would even been able to evict him. Have you guys ever had to evict someone after close? If so how did it go? And is coming down only 3k and offering the $40 a day a slap in our face?

    submitted by /u/1lostmf
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    I'm sick of my agent not listening to me.

    Posted: 01 Nov 2020 10:32 AM PST

    Just a rant.

    I'm looking to buy a larger home and sell the one I have. I have no mortgage debt and it's not an emergency to move, but I want move into town and away from the rural area I'm in now. I know it's a shit time to be looking.

    My buyer's agent helped us buy our current home and is the predominant local agent in town, so it makes sense to us them again.

    I'm very clear about what I'm looking for. I want move-in ready, 3-4 beds, 2-3 full baths, 2 car garage, an office, and a basement that is either already finished or can be finished. I'm not picky about the exterior aesthetics so long as it needs no major renovation.

    Yesterday, my agent tried to talk me into considering a 3 bed, 1.5 bath home with no office that's at the top of my price range (edit of what I'm willing to pay...I can afford at least 50% more). The kicker is that the current owner took it off the market in April because he wasn't able to sell it due to his refusal to allow a buyer inside to see it out of fear from covid. (edit Bonus fuckery...agent tells me the seller who won't let the buyer see the property wants a rent back until they find a new house).

    I tell my agent (for at least the 5th time) I'm not interested in a home that doesn't meet my basic criteria. The agent starts getting all "but it's beautiful architecture" and "you could add another bathroom" and you could convert the office to a 4th bedroom", blah blah blah. (edit After the agent showed us the old listing, she said, "but don't drive by the house, the owner will get upset." To which I replied, "So it sounds like he doesn't actually want to sell the house".) Why even bring this up? It's not what I want and the seller sounds like a cuckoo bird.

    I ask the agent, "why would I make an offer on a property without being able to tour it." Agent says, "we can put in the contract you can see it once before closing." WTF. We're not talking about moving to another state, it's across town.

    I may give up and build something.

    Update What an amusing way to spend my Sunday. While this thread has been carrying on, the realtor emailed me about another of her expired listings. This time for a 6 bed/ 4 bath duplex that currently has a tenant. It needs a total gut and new roof. It's not a single family home. Like WTF?! I asked her if she was in the Twilight Zone and reiterated my wish list is not malleable (she's not going to talk me into anything).

    submitted by /u/dimplesgalore
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    As a buyer unaffected by low mortgage rates, and looking for low/mid range housing... Is this literally the worst time to be looking to buy? Any tips on making the best of this market?

    Posted: 02 Nov 2020 12:48 AM PST

    Landfill/Recycling facility proposed near home

    Posted: 02 Nov 2020 06:13 AM PST

    Hi,

    I am not sure what to do, They have proposed a new landfill near where I live and right next to my Grandmother's house. I have young kids and don't want extra large vehicles and trucks, environmental/health issues, or any land devaluation because of it.

    The biggest thing is we only have 3 days to write a letter to the county about how we feel about it. They said the letter must contain facts and data and so I am having a hard time finding that data to show, put in my letter.

    Can anyone help me or point me in the right direction ?

    Thanks!

    Reference: http://www.jeffcoes.org/Sites/Jefferson_County_Environmental_Services/Documents/Main/Hilltop%20Recycling%20LLC-Hilltop%20Recycling%20Facility-CD%20Landfill%20Application%20Submittal.pdf

    submitted by /u/ZSpark85
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    Trouble selling our home in a hot market

    Posted: 02 Nov 2020 06:37 AM PST

    We built a home 2.5 years ago in a Rochester, NY suburb. Two homes in our development went on the market and sold for over asking in a matter of days this summer. We listed our home over a month ago and haven't had a single offer. Lowered our price twice so far. It's currently listed $10k over what we paid for it and we put over $25k into this house after we moved in (fence, backsplash, air conditioning, patio, stairs to the patio, blinds, etc.). We thought we'd live here forever but our circumstances changed because of Covid. Can someone troubleshoot why we haven't been able to sell? I think our agent is not a great fit for us but I don't know how to go about even finding a new agent or terminating our contract. But also — it's a hot market! Homes have been selling in a matter of days still. Am I just impatient or does my agent suck or does our house just suck?

    submitted by /u/polythene_dust
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    Need Advice on Buying a House with a Tenant Living in it

    Posted: 02 Nov 2020 08:02 AM PST

    First time buyer here and looking to gain equity. I am currently renting a house in a neighborhood I absolutely love but I can't afford to buy there as houses are selling for mid to high $400,000's in this market (I was only pre-approved for $400,000). There is a house in another neighborhood that has been on the market for 23 days and listed for $299,000. The catch is that it is a rental and the current tenant has been living there for 8 years and doesn't want to leave. Since I only want to buy a house for the equity and am happy renting my current house, should I go for this house?

    I have no experience as a landlord and am a little hesitant because it is a decent sized house in a pretty good neighborhood, but it's listing price is $50,000 lower than it should be. I wonder if the reason for this is because of the tenant situation or if it needs major repair.

    submitted by /u/slybrownfox
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    Sell Land Vacant or Build Then Sell?

    Posted: 02 Nov 2020 08:39 AM PST

    Long story short, I have a 2 acre lot that I would like to sell. Similar sized land in my area is selling for about $80-110k. There's a fairly wide margin of homes in my area with smaller older homes going for $300-400k and larger homes going from $600-800k.

    Does anyone have past experience with selling vacant land? what's the best approach to take? Is building worth the added headaches?

    Any advice greatly appreciated!

    submitted by /u/NotBasedOnATrueStory
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    Advice on terminating a property management agreement without proper notice

    Posted: 02 Nov 2020 08:24 AM PST

    I have a rental property and have a contract with a management company that states I must give 60 days notice to terminate our agreement. My current tenant is leaving at the end of their lease on November 30th and my management company has not found a replacement. I've decided to sell based on a recent comp instead of re-rent. Do I still need to give 60 days notice even though 30 days of the notice period has no tenant?

    submitted by /u/kincaidDev
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    What to know about electric heat in a house?

    Posted: 02 Nov 2020 08:16 AM PST

    Crossposted as I'm not sure the best place to ask but ...

    We are in contract on a house in central Ohio and the street does not have a gas line. The house has an electric heat pump that was replaced in 2014 as well as a wood-burning stove and WBFP.

    What do I need to know? Should this be a dealbreaker? I've always had gas so this is unexpected. We love this house and really, really want to stay in contract but want to be prepared for what is to come.

    submitted by /u/AshleyNicole212
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    They made a counteroffer!

    Posted: 01 Nov 2020 06:25 PM PST

    This is the seventh offer I've made in the last six months. Every other time, I would hear back that there are multiple offers and they just wanted everybody's highest and best. Obviously my highest and best has never been THE highest and best. This time I'm the only offer on the table and they came back with an actual number. I still can't believe it. It took everything I had in me not to immediately accept their offer just out of fear of missing the opportunity. This is so stressful and scary, I'm nervous I could screw up this first sliver hope I've throughout this whole process. Tell me I'm not the only one who has felt this way, or something else to get me through until I hear back!

    submitted by /u/0Fox2Give
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    PSA: Don't like your agent, but have an exclusive contract with them? Ask for another agent in their office.

    Posted: 01 Nov 2020 01:00 PM PST

    Hey everyone,

    Just a friendly reminder that your exclusive agreements are likely with the FIRM, not with the Agent. So if you don't like your agent, ask them to switch with another in their firm. This can be done at no extra cost or paperwork. All it takes is a phone call.

    Hope this helps.

    submitted by /u/JanitorOPplznerf
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    How long does it usually take realtors to go over rental applications?

    Posted: 02 Nov 2020 07:37 AM PST

    I talked to my realtor earlier and she said she would get back to me by Wednesday. She knows it is urgent as I am currently homeless. I just want to make sure that she isn't going to be the type to not want to actually put in any work for us. I'm totally new to this so it could be completely normal. She told me she would get me somewhere asap so I wasn't expecting to have to wait days for her to look over the application. I'm just trying to figure out now if this is normal and I should stick with her or if I should see about someone else? As I said I'm completely new to this so it might be normal to take that long. Thanks in advance :)

    submitted by /u/fcktylermiller
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    Remodel kitchen - keep it cheap or choose the upgrades?

    Posted: 02 Nov 2020 07:17 AM PST

    I bought a contractor grade home built in 2001 and it was hideous. Fake wood cabinets with brass knobs, fake wood baseboards, fake wood, fake wood, fake wood. It's in Oregon so, you know, we like wood here. I don't. I've gone for a contemporary look with the rest of the home. I tried painting the cabinets a few years ago and let's just say it was a horrible learning experience on how not to remodel. I refinanced and am going to redo the kitchen. I'm going with Ikea cabinets. My question is this - there are many options with the Ikea stuff, and I can redo the entire kitchen for around 2k if I choose bare minimum inside the cabinets - shelving all around. I can redo with really nice pull out drawers all around for about 4k. After living with shelves and no drawers for 3 years it's been unbearably disorganized and I'd love the pull out drawers, however I'm planning to move in 6 months and rent the house for a year before selling it, so I won't even be living with the new kitchen for very long. Should I spend the extra money on the pullouts or just go basic since they both look exactly the same in the end.

    submitted by /u/kendallyk
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    Buy or wait?

    Posted: 01 Nov 2020 09:21 PM PST

    What are your predictions of the housing market in the next year or two? I'm looking to upgrade my house and I'm unsure if I should do it now or wait until the market is better. I live in the San Diego area if that helps. I'd love to hear your thoughts. I'm very conflicted with what to do.

    submitted by /u/nwa43
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    what is the current APR for a house?

    Posted: 02 Nov 2020 06:43 AM PST

    Inquired about a home mortgage from a bank and the guy said to wait until the election is over. He said it could get better or worse after the election but from his experience, in some cases, election results, base on the candidates, can lower home loan rates. He said at that time (1 month ago) the current rate is 2.5-2.75% on a 700+ credit score. I am asking this now and will ask again in about a week or so after the election. But is the current rate 2.5-2.7%?

    submitted by /u/brownwonderbread
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    (VA) Have 100K in cash, looking at homes 700-800K, qualify for VA loan with disability. Is it stupid to put down 10%?

    Posted: 02 Nov 2020 06:37 AM PST

    I always had the thought that its better to put a big down payment (more the better). but now seeing that I qualify for 2.5%, should I just put down the minimum (3%~) and invest the rest in (after putting aside for emergency) the stock market? is there any reason to put down as much as 10%?

    My spouse and I make about 13K/month after taxes

    submitted by /u/TedaToubou
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    Does change of bond mean change of lease?

    Posted: 02 Nov 2020 01:48 AM PST

    G'day!

    Signed a change of bond form recently & the manager is making it sound like the people who left & were replaced in the bond have no responsibility to pay.

    Did signing the change of bond mean that whoever was removed also gets removed from the lease?

    Location: Australia

    submitted by /u/jesusbabygirl
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    First offer accepted!

    Posted: 01 Nov 2020 01:01 PM PST

    We are buying our first house and the first offer we put in just got accepted! I know we aren't "out of the woods" yet, we still have the whole closing process, but having to only put in 1 offer is unheard of here! On to inspection...

    submitted by /u/Legitconfusedaf
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    Should I?

    Posted: 01 Nov 2020 07:30 PM PST

    I'm having second thoughts about being an agent. I live in NJ, and I know that living in Hudson County could be a good thing for my career. But I've heard a lot of horror stories about how people get into real estate and don't make it past their first year. I have a full time job, but I know real estate will probably consume me. And I'm thinking about the effects it may have on my relationship as we are starting a family..

    Any advice from agents??

    submitted by /u/Just_ice_luv_a
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    Feeling helpless

    Posted: 02 Nov 2020 12:26 AM PST

    I had to go away for a while and take care of some business. I was gone for several months and when I returned my boat motor and trailer was gone 4 wheeler. I talked to my neighbor who owned the vacant lot next to mine and he said my boat and 4 wheeler were parked about 4 feet on his property and he wanted them moved so he sold them. He said he told my brother of his intentions and my brother didn't offer to move the property's. Did he have a legal right to sell my things?

    submitted by /u/Timbambam_69
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    Questions from sellers about buyers inspection

    Posted: 01 Nov 2020 06:58 PM PST

    We have an offer on our house in a suburb of Columbus Ohio. The buyers offered full asking price. We listed our house about 15k less than some of the neighborhood comps because we knew there were some repairs that needed done. The buyers came back after the inspection with about 10k in repair requests. We haven't responded yet. We are in a very hot market. One of the requests is radon. Others are related to leaky faucets, and a few more substantial issues but nothing that will keep them from getting a mortgage. Thoughts?

    submitted by /u/buckeyes4me
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    Did COVID make it harder and more expensive to find houses?

    Posted: 02 Nov 2020 02:51 AM PST

    To buy now or to wait?

    Posted: 01 Nov 2020 07:14 PM PST

    I would love some thoughts. We are currently renting and have been looking at houses in Texas, DFW area. The idea was to buy something in the $250k range, live there for a couple of years and then rent it out and move to a bigger place. We are at that point where we have several months left on our lease and either have to extend it or get a different place. My husband is leaning towards buying now but I'm skeptical as I'm seeing some people are suggesting the market might be going down in the next year or two plus the market has been crazy hot in our area lately and the prices are going up (which seems strange and I seriously wasn't expecting given current events). I'm afraid of buying something and having it be worth thousands less in a year, but at the same time I'm tired of renting. I know that no one knows for sure what's gonna happen in the future but I would love some thoughts from others. Would you buy now or would you wait? Thank you.

    submitted by /u/the-saddest-clown
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    I'd love to place an offer on this duplex. It checks all my boxes but I was wondering if there is anything in particular I should be asking for as the owner has no disclosures and they are placing the inspection report responsibility on the buyer.

    Posted: 01 Nov 2020 04:17 PM PST

    I'm a first time home buyer and I've been looking for a place for the last 6 months in a HCOL area where the market for SFH homes has been red hot. Homes are closing within days at well above asking. However due to the pandemic there is no interest in multi family units to my advantage. I'm planning on placing an offer on this duplex that's been sitting on the market for 200+ days - I have been preapproved from the bank and have the down payment. I plan to live in one unit and rent out the other. The deal is very enticing, I've visited the property and checks all my boxes but I have some concerns.

    The original owner was a 106 year old woman and the property is now in possession of her 80 year old daughter. There is a chance that the 106 year old woman passed in the home but there is no disclosures and no detail of that. Is that a problem?

    Also, the trust is making the buyer do all inspections as they have no inspection reports which is understandable but is there anything I need to be concerned about in the home? I know the inspections I bring in will only be able to uncover so much but with no disclosures on the home should I check anything else or ask them to at least confirm anything they can reveal?

    Thanks much in advance

    submitted by /u/dukiepooh
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    First time homebuyer + landlord?

    Posted: 01 Nov 2020 07:59 PM PST

    Hi,

    I am looking to buy my own home, after renting for many years. I have a job, own my own business, my income is about $4,000/mo, going to school for my MBA, and I do have $37,000 in loans. I want to buy a 4 bed/4 bath home. I want to rent out the other 3 bedrooms to pay for the mortgage on the home. I've read that this isn't allowed on a regular home mortgage, and am wondering what loans are best for this purpose? The cost of the home is $120,000, and I have about $15,000 to put down at this very moment. I want to use the 3 rented rooms to cover the mortgage + other home expenses.

    Thanks!

    submitted by /u/blockaywhite
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