Real Estate: Buy nice house in rough neighborhood? Plan to stay, not flip. |
- Buy nice house in rough neighborhood? Plan to stay, not flip.
- Question about new construction "equity".
- Buyers leave the country
- Unpermitted Guest House
- Lead paint - 1976
- Homebuyer report vs building survey
- Pre-approval during Covid
- Roof on buyer
- Paying for lead gen services?
- First home is gonna be a fixer / getting nervous..
- Applying Real Estate Commission to Downpayment
- Duel agent realtor is making us feel unrepresented and out of the loop
- Home Inspection came back...how bad is it?
- 3 day final disclosure
- Getting Started In Real Estate Investing, Need Advice.
- FNMA Homestyle or general fix and flip loan for first time flippers?
- Mortgage loan processor/closer career, whats a day in the life like?
- Transferring to children
- Looking to buy a home in Southern California, need some advice or opinions.
- Fed up with market insanity
- Planning on selling house to current tenants, being advised to get a realtor rather than sale by owner. Thoughts?
- Selling condo. Realtor brought me an offer with full asking price offer prior to listing going active. Would you take it, or go to market?
- Question on purchase and sale contract
- Leaving my redf*n listing agent
| Buy nice house in rough neighborhood? Plan to stay, not flip. Posted: 09 Dec 2020 06:18 PM PST I've been searching homes for 6 months. My comfortable price range is low and home prices are jacked. But my realtor said, regarding this house I like, I wouldn't live there if I had a choice. Well, he lives in the suburbs and I live half a mile from this house. 5 irregular blocks (edit, details, I checked the map). The neighborhood is okay, and I pretty much work, go home, and stay home. So to me, the neighborhood mostly affects resale, but like I said, I plan to stay a while. Like 10 years minimum. I've walked there at night and the only riff raff I've seen near that house are gatherings late at night on the main road by a gas station and plaza. Two blocks away, I don't think that would affect me. The areas are slowly being gentrified all around this city, too. Should I make an offer against the advice of my realtor (who has put very little time into my search) and my parents (who want the best and are concerned with safety but I've lived in much worse areas, and they are unaware)? Update 12-10: Hi all! Thanks for you thoughtful feedback. Hitting on so many angles of this has been very helpful to me, and I decided to get a tour this morning, and the Realtor set it up for tomorrow morning--I am already planning my offer price, as if I don't decide to stay long, I will rent it to grad students (very common here) to recoup costs, instead of banking on resale. [link] [comments] |
| Question about new construction "equity". Posted: 10 Dec 2020 08:31 AM PST I put a deposit down on a new construction home about 4 months ago. We are one of the first 20-30 homes that are getting built in this neighborhood out of the planned 500. Since we have put down our deposit, prices of the model that we purchased have gone up about 30k and continue to rise. My realtor keeps on saying how great this is because it is "free equity". I don't understand how this impacts me in any way until I choose to sell the house, which I don't plan to for at least 10 years. Has anybody gone through this? Are there any pros/cons to this or is it all just fake until people actually start selling their homes so there are comps for mine? Thanks! [link] [comments] |
| Posted: 10 Dec 2020 08:09 AM PST My parents are selling there house. A buyer agreed to an all cash offer and put 5% down in escrow when it went to contract. The contract has no contingencies as far as I can tell. At the same time they went to contract on the purchase of a hone that they agreed to put 5% down but need the proceeds of their home to close. The on or about date on the sale is about to arrive, everything is clear to close. They then found out that the buyer is no longer in the country. They say they are on vacation (to the Middle East) and may return in early Jan. My parents are suspect that they are just backing out. They are really upset and confused what they can do. Obviously they have a real estate attorney but I'm curious to get other opinions on what they could do or should expect out of this situation? [link] [comments] |
| Posted: 10 Dec 2020 09:05 AM PST FTHB that has found a home that checks off a lot of our requirements. One of our main features is a guest house (for MIL to move in years later). Guest Houses are not plentiful in my area, especially at the price/location we are looking at. However, we found a home we like, but the guest house is not permitted (built in early 00's). Owner's have been renting it out for 15+ years without any issues. We're wondering if we should go ahead and try to get it up to code and permitted, or just let it be. The work doesn't look too bad. The owner is a DIYer that does good work, but might have cut corners. Kind of worried about home insurance not covering any claims. We were thinking about renting it out until MIL moves in, but now we might not want that liability [link] [comments] |
| Posted: 10 Dec 2020 10:26 AM PST I'm considering a house built in 1976. We have a toddler so lead paint is a big issue for us. It's my understanding that it was removed from the market in 1978. Does that mean a house in 1976 has it? And how do they check for it throughout the house? Thank you. [link] [comments] |
| Homebuyer report vs building survey Posted: 10 Dec 2020 07:49 AM PST Hi, First time buyer being bamboozled by the different reports! My main question is: is there much difference between a building survey and a structural report? They're both done by a structural engineer, but the company that did the survey isn't qualified to do the structural report... Some background info: The mortgage lender had a building survey report performed on the property that stated: "There is significant cracking above the opening in the kitchen which is sagging. There are cracks in the wall above and in the area on the first floor, the cracks continue. This is a risk to the building and to persons, you should ask a structural engineer to inspect and report." The vendors eventually agreed to fund the structural report, which didnt pick up any structural movement. The report they sent turned out to be the wrong one - they had issued a building survey. This is done by a structural engineer but, from what I understand, is a vastly different review of the property. We've offered to pay for a structural survey but as the earliest it can be done is January, and its already been a few months since our initial offer, the vendors are saying they will need to pull out if the contracts aren't signed by within the next week. [link] [comments] |
| Posted: 10 Dec 2020 07:30 AM PST I've heard through some forums I've joined that most lenders aren't accepting FHA loans and are looking for conventional loans. I've saved approx. 13K for my first property aiming for an FHA loan on a multi family so I can househack. Where would you look to get preapproved and to find a RE agent that understands the investor mindset? [link] [comments] |
| Posted: 10 Dec 2020 07:07 AM PST Texas home has been on the market for 1.5-2.5 years. I learned ahead of time the seller refuses to repair the roof. This causes insurance/mortgages to get denied, and contracts fall through. Easy way is cash offer. I don't have that kind of money. But I do have enough money to finance a conventional mortgage and pay cash for roof repair. Do I have options to convince the insurance/bank that I will do the work? If I buy the house, the first thing I would do is replace the roof. Is there a way I could hold the money in escrow for roof repair in addition to my other required escrow? And would insurance have conditional plans where the roof won't be covered until I repair and they get a second opinion after? I understand that I'll need to do my due diligence on potential roof leaks causing structural damage. [link] [comments] |
| Posted: 10 Dec 2020 06:51 AM PST I have been bamboozled with ads in fb and phone calls and marketing campaigns by numerous companies offering their services to help with lead gen services as a realtor. Has anyone here found a company that lived up to the hype? I don't trust paying for lead gen services and prefer to door knock, open house and use listing signs and facebook. So just wanted to ask. Thank you! [link] [comments] |
| First home is gonna be a fixer / getting nervous.. Posted: 09 Dec 2020 11:40 PM PST Anyone go the fixer route for there first home? I'm under contract for an old house on a big lot.. needs a lot of work but has great potential. Definitely feel like I'm jumping into the deep end for a first house, but I feel like I'm the long run it could be great if it all comes together.. The whole house needs updating, it's very dated - but livable. The pool needs a remodel, trees need removing... starting to get nervous! I keep going between excited, to super anxious and scared I'm making a bad decision.. [link] [comments] |
| Applying Real Estate Commission to Downpayment Posted: 10 Dec 2020 10:14 AM PST I am looking for a jumbo loan and nearly every lender is not letting me use my commission as the buyer realtor towards the downpayment. However, it looks like if another realtor was representing me then they could use their commission as a credit towards my downpayment. This makes no sense. Is this an actual underwriting rule? [link] [comments] |
| Duel agent realtor is making us feel unrepresented and out of the loop Posted: 10 Dec 2020 06:11 AM PST We put our home on the market a few weeks ago. We agreed to have our realtor be a Duel agent, she said it's rare but it does happen. Would we be agreeable to it? Sure, we guess? She also told us she told us she put the home in the price point of 160xxx, what did we think? We think no, 180xxx. She tries to let us know because of the roof age we may have to come down from 180 but says ok. So I have to add, the entire time we are getting the house ready, finishing up remodeling, she's rushing us. Calling, checking in to tell me "I'm sure the house is fine, how about I come next week to get pictures? If not next week, when? She's really pushing us, I thought it was because she cared about our family and wanted us to sell our home, right? So the day comes that the home is ready for pictures, she comes takes pictures, everything is great. The next day is our first showing, it's her clients. Ok... they like it. They have exactly 160xxx in cash. Weird because she wanted to list it at exactly that. They offer 175xxx, we accept the offer. She gives us the date the inspector and buyers are to come and we are to leave. She doesn't ask if it works for us. Ok that's fine. They want an inspector to check basement walls. That's fine. She gives us the date the contractor is coming, doesn't ask if it's OK. The day before I ask if buyers are coming along with her and contractor. She says no. Then her and buyers show up with contractor. Myself/husband are at work, my 13 year old son is in online school upstairs. He texts me that all these people are here. When I get a chance I call her, "why are the buyers there? You told me they wouldn't be? My home is tidy, but if buyers were coming I'd have cleaned it..." she says "oh did I say that? I'm sorry, I forgot. We just went straight to the basement anyway. Nowhere else." As if that matters.. I get home from work and talk to my son, he says they were sitting at my dining room table and he heard the guys in the attic. So they definitely weren't just in the basement :/ I'm angry, I just feel so ... ignored. Since the buyers have put the offer in, it feels like we are very in the dark and last to know about anything. My husband is super easy going, me not so much. But neither of us know anything about selling a home and what we need to watch for. My husband works for UPS so he's completely bogged down between work and very little sleep right now. Does this seem normal to you? Am I being to over the top? [link] [comments] |
| Home Inspection came back...how bad is it? Posted: 10 Dec 2020 09:44 AM PST Hi all, We recently put an offer in on a townhouse (first time home buyers) and had an inspector take a look. They provided a report which outlines the issues we saw on that day. I was assured by the realtor and inspector that the issues didn't look too bad and most should be not too costly of a fix. I figure I should get a second opinion to be safe, as it does look like a relatively high amount. The townhouse is about 15 years old, so this seems like quite a bit that was raised. Here are the issues that were raised: Flagged on report:
Other notes: Differential Movement: Cracks without displacement - Recommend sealing all Cracks with ensuring correct grading from the exterior to reduce any water penetration into the interior in the future. Sump Pump: Submerged - Sump crock was completely dry/empty-unable to test pump operation/piping for leaks (this home is close to a river, so I worry about potential for flooding) Plubming service Caps: Accessible, Not visible - Some clean out caps not accessible, recommend having a qualified plumber search and find these caps with cutting access holes to ensure you are able to service them if needed in the future. May be leaking in the wall recommend investigation. **One other thing I noticed was there is a section of the roof at the front that does not have a gutter system and as a result, the water is dripping to the front of the house, where there is a small crack in the foundation. Not sure how to inexpensively fix this prior to caulking, unless I had a rain barrel that drained further away from the foundation. https://imgur.com/gallery/6TKnGom Is some of this fixable with help from a handyman? The mold/water damage in the basement is particularly worrying, but I was advised that mold killer, plus perhaps taking out some drywall to ensure that there is no further mold is recommended. Worried I may be making a mistake here, as I can still back out at this point. Otherwise if it's fixable, there are some things I like about the house that may incline me to proceed. See some photos from the report here: [link] [comments] |
| Posted: 10 Dec 2020 03:38 AM PST Do lenders usually wait till exactly 3 days before closing to get the final disclosure sent out. We received our initial disclosure a month ago, then there was an issue with the sellers, that got fixed. Now closing date is Monday morning. So we should be receiving final CD today. [link] [comments] |
| Getting Started In Real Estate Investing, Need Advice. Posted: 10 Dec 2020 09:16 AM PST Hey guys, So just as the title says, I'm just getting started in RE investing and need some advice on what to do here. I really need some experienced and knowledgeable people to talk to and don't have anyone in my life so I decided to come online in hopes of finding some people who know what they're doing and talking about and I can get great advice. I hope there are some people on here like that who can help me and if so I'm very thankful and really really appreciate your knowledge and assistance. So let's get started. I'm 23, I just graduated from university, have an income of about 200k a year and I want to start real estate investing early, now, because my end goal is to build a real estate empire for myself that has strong cash flow. I'm currently living with my parents because of the pandemic but in about a few months I plan to move out. With that being said, I was debating if I should get an apartment and pay rent, or take out a loan and buy a property instead and my money will go towards my property/equity/asset instead of rent, or do both. The first order of business here is that I find a nice place to live while also getting into real estate because I'm 23 and it's time I move out and have my own place and my own life so I am NOT staying at home with my parents no matter how much better it may be financially because I'm young and I want to live, and that's not happening by me staying at home. I want to have a very nice place in the city, live in a high rise apartment/condo and also get started in real estate while doing so, so I need advice deciding what to do. Here are my options:
That's pretty much my situation here, I really can't decide what to do here. I'm also not very sure if getting a high rise condo is a good real estate investment in the first place or not. I'm not sure if that's something I should get into or not which is why I'm here looking for advice. At the end of the day, I want to move out to a nice place, and also get started in real estate investing for cash flow so it's really about if I buy a property and live in it myself and pay it off myself or do I get an apartment and buy a separate property which gets paid off by someone else's money. Thank you so much for your help guys, I really appreciate it. TLDR: I want to get a really nice place to live in the city as well as get into real estate at the same time so buying a property over paying rent because I want my money to work for me and go into an asset and I need help deciding if I should get a high rise condo for myself and pay it off myself with my annual salary or if I should just live in an apartment and pay rent :(, and then instead of buying a high rise condo, buy a different property (A home or something) that's cheaper and more profitable (brings in more cash flow). Is a condo a good real estate investment property or no? What to do? [link] [comments] |
| FNMA Homestyle or general fix and flip loan for first time flippers? Posted: 10 Dec 2020 09:15 AM PST Which is better for first time the US FNMA Homestyle loan program? Or just going to a fix and flip loan lender? The Homestyle/ Homepath one offers government reo homes for sale along with their loan? [link] [comments] |
| Mortgage loan processor/closer career, whats a day in the life like? Posted: 10 Dec 2020 08:58 AM PST I am considering making a switch from a IT career to this field. I have a company willing to train me and provide me with classes to be able to do the job, coming from a IT background they saw this as a plus since I am computer savvy with high proficiency with the whole Microsoft Office suite. But yea, if anyone can give me a rundown of how a typical day of work looks as a loan proccessor/closer. Thank you! :) [link] [comments] |
| Posted: 10 Dec 2020 08:58 AM PST How do you transfer a partial interest in a house to children? Are there transfer taxes? Where do you find that information? [link] [comments] |
| Looking to buy a home in Southern California, need some advice or opinions. Posted: 10 Dec 2020 08:48 AM PST I'm not "actively" looking for a home but I've keeping up to date with the market. I'm contempt for now, but what would like to purchase a home in the next year or two. I've noticed the very few homes that are for sell get bought 5-10% above asking. Anyway, just wanted to get your opinion on the current market and what's the forecast like. I know it's a guessing game but though I'd ask you guys. Thanks in advance :) [link] [comments] |
| Posted: 10 Dec 2020 08:32 AM PST Just venting a bit here, but really smh about the stuff I am seeing, realtors selling off market within the same brokerage, the "coming soon" bid-fest's. Completely detached from reality on these prices. These houses will be the ones underwater when the bubble pops, taxpayers will be on the hook for the bailout of these irresponsible players once again. [link] [comments] |
| Posted: 09 Dec 2020 02:25 PM PST As the title says, my current tenants are interested in buying the home they rent from me. I'm being advised to use a realtor which I'm not opposed to, but I'm hesitant to give up 3% when most of the hard work is already done. Is it reasonable to negotiate their fee, and if so, what would be reasonable to ask? Thanks in advance Edit: thanks everyone! Definitely took a lot of info from your responses [link] [comments] |
| Posted: 09 Dec 2020 09:36 PM PST SFHs are selling like hot cakes in the metro area, but condos always lag. My Realtor brought me an offer before we even hit the market. Should I take it or go to market to see if we can do better? I'm leaning toward "a bird in the hand is better than two in the bush." My listing: Ask: $250k, fridge, washer/dryer not included Offer: $250k no closing costs, simple close, ask for appliances Most recent comp: Ask: $242.5k Closed: $238k with $5k to closing costs I'm planning to counteroffer agreeing to all of their terms minus the fridge. What would you do? [link] [comments] |
| Question on purchase and sale contract Posted: 10 Dec 2020 06:45 AM PST Hey Agents When writing a purchase and sale agreement, what types of lingo/ terms do you include that have been successful in the past. For example," buyer won't nickel and dime during inspection process, house must appraise at or above purchase price, must meet FHA guidelines". [link] [comments] |
| Leaving my redf*n listing agent Posted: 10 Dec 2020 06:29 AM PST i had a consult with redfin on monday. he seemed fine but haven't heard from him since. he said my home would probably sell for 650 but wanted to list at 625. He has some 20+ active listings across a 30 mile area and he sells a lot. so since i didn't hear from him after the consultation, i'm going to just move on. i looked for a local agent that does charity work and had a nice family per instagram, and have a consult with her today will i have any issues leaving the redfin agent? the home hasn't been listed yet [link] [comments] |
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