Real Estate: Is my lease still good after the property has sold to a new owner? |
- Is my lease still good after the property has sold to a new owner?
- Our experience buying our first condo in San Francisco
- Closing tomorrow, no closing time?
- Soundproof Underlayments two family
- [CA] Bought a home with a PPA solar system, but the seller didn't sign over their lease.
- Closed on a house in October. Getting a divorce and now need to sell lol.
- Staying in the Military vs. Getting Business Admin degree as well as Real Estate license (salesperson)
- Question about eminent domain.
- Sellers market but realtor says I pay buyers closing costs
- Sell or rent out house using a property manager?
- New Construction
- Part time?
- Concerned with basement repairs
- A Question for Appraisers
- Early termination due to job relocation
- Foundation Repair is Scaring-off Potential Buyers
- Are all the items mentioned in the MLS description part of house sale?
- I paid off my condo and want to buy a house.
- Did I make the right call?
- Seller changed mind on closing date - what are our options?
- Buying house with old roof
- Listed by redfin property, scheduled a showing, new mystery person showed up. will they expect to be my buyers agent now.
- Is this legit? WA
| Is my lease still good after the property has sold to a new owner? Posted: 06 Dec 2020 02:56 AM PST I rent a house, and it is currently in escrow to a new owner. I am a long term renter and have a lease through June. The current landlord told me that, by law, the lease would protect me from early eviction. I just received a letter stating that the house is in escrow and that he is required to give me a 90 day eviction notice. He requested that I sign some documents. Do I need to sign the documents? Is my lease still good, or can I be evicted in 90 days? I am in Oregon. Thanks in advance for any insight you may have! [link] [comments] |
| Our experience buying our first condo in San Francisco Posted: 05 Dec 2020 04:00 PM PST My husband and I recently closed on our dream condo -- our first ever -- in San Francisco. We've had aspiration for settling down in the medium-term future, but would not have imagined doing that in 2020 had it not been for COVID-19. We had ramp from 0 to 1 on the entire purchase process, and owe a lot of that to insights gleaned from this sub. Posting a recap in case anyone finds it helpful! -- Timeline We started browsing casually on Zillow and Redfin around April. We got underwritten pre-approvals in late August. We chose a realtor in September (after multiple tries, see below) and made our first offer in early October, which was accepted. We closed in early November. Budget and financing We felt strongly about not becoming house-poor, but our budget steadily creeped from ~$600 to $950K throughout the process regardless. We were still able to put 20% down and have some cushion, just not as much as we would have hoped. We got fully underwritten pre-approvals from various lenders prior to viewing a single home, since that was the recommended best practice in the Bay Area. Highly recommend this since some sellers make this a prerequisite for tours. Finding an agent Having a soft spot for young upstarts, we initially started touring homes with Flyhomes. We backed the f$#$ out in like a week when we realized how much support we would need as first-time homebuyers and how little they were able to give. We started getting uneasy when different associate agents would show up for our scheduled tours, equipped with ZERO information and advice. What led us to break from them is when we found a condo we wanted put an offer in and they emailed us a 400-page disclosure document with no guidance or context, and asked for a decision since the offers were due for the next day. If you were to take anything away from my post it is this -- in an uber-competitive market like the Bay Area, you need to have a competent agent who will negotiate on your behalf and own the entire process end-to-end. Offer and closing In a pinch, we contacted the listing agent for our dream condo. We found her to be experienced and personable, and asked her to be our buying agent. Things took a funny turn when the condo we initially flagged didn't sell because the sellers did not like the offer price. Having seen a dozen or so property at this point, we decided to make a move. Our agent (who had listed the condo) introduced us to her colleague in the same agency to avoid double representation. We wrote an offer in an afternoon to make the second deadline and our offer was accepted that evening. I've seen some discussions floating around the state of condo market in SF. The market is subdued, although it varies starkly by neighborhood and type of building. We benefited from this trend in that we only competed against one party. But even in this climate, we still had to waive all contingencies and bid ~10% above the listing price to have our offer be accepted. Closing took about ~30 days. We had some minor miscommunications with the lender along the way (changed terms, missed deadlines, etc), but chose to let them be since they were not dealbreakers. We were also exhausted by the process at this point. In retrospect, we wished we had identified the agent we trusted and gelled with earlier on in the process.. Although we are happy with the outcome by and large, we felt like we had little leverage throughout the closing process since our agent reported to the seller's agent, who also owned the brokerage. Other miscellaneous tip (that is often raised on the sub) is to have all the cash you have on hand prior to making an offer. We had barely started liquidating assets when our offer got accepted, and it added unnecessary stress to the process. Motivation for buying and other major considerations These are more personal, but I'll add in case they're helpful to anyone in similar shoes. Buying vs. renting We had both started new jobs about two years ago, and were renting a beautiful, spacious loft in a not super beautiful part of San Francisco which was close to both of our offices. The loft set up became very difficult once both of us started working from home in the spring. The search for a new apartment better suited for long-term remote work parlayed into discussions around buying. Bay area vs. anywhere else During the early phase of sheltering in place, we explored far-fetched ideas like moving to Joshua Tree and going embracing remote work long-term. We were excited by the potential of moving literally anywhere and getting much more space for our budget. As the year continued, however, we affirmed that we would choose our city, its surroundings and the community we have here in spite of the pandemics and decided to double down. SFH vs. Condo Having learned (from this sub!) that SFHs on average are better investments, we explored the idea of moving to certain areas in East Bay. After some deliberation, however, we decided the right choice for us is to choose a location we love and then find a place we can afford. Once we narrowed our preference to a few neighborhoods in San Francisco, the choice was made for us! I'm also somewhat relieved not to have taken on the full responsibilities of homeownership, not having much more experience than changing a lightbulb when it comes to maintenance. -- That's all. Hope my recap is marginally helpful, and happy holidays! [link] [comments] |
| Closing tomorrow, no closing time? Posted: 06 Dec 2020 06:26 AM PST Yes, we have followed up many times. Closing on a home in South Florida and we still have no time... I had contractors lined up to come out for estimates and have lost a few because they "can't" wait around for last minute timeframe... I'm beginning to feel extremely agitated and frustrated as we need to move our family in ASAP after immediate fixes. 😑 [link] [comments] |
| Soundproof Underlayments two family Posted: 06 Dec 2020 06:42 AM PST I am installing 3/4" hardwood oak floors. I am concerned with noise as this is a two family with each unit on different floors. I am trying to soundproof each unit as much as possible. I am trying to decide between quiet walk plus or floor muffler ultra seal. Floor muffler ultra seal has a higher STC rating but is only 2mm thick. Does anyone have experience with soundproofing underlayments and have recommendations? [link] [comments] |
| [CA] Bought a home with a PPA solar system, but the seller didn't sign over their lease. Posted: 06 Dec 2020 09:57 AM PST First time home buyer. Back in September I closed escrow on a house where the previous owner had a PPA with a relatively large solar company that have door to door sales people. When I originally put in a offer on the house, the sellers realtor provided a copy of their leasing contract. After reading through, I was not very fond of the contract, but they had accepted my offer and I was willing to take it over if I had to. During my investigation period I had my realtor request multiple times for more information on the solar systems production and the average bill the seller receives. The seller or their realtor never once gave another piece of information on it. Flash forward to the end of escrow and I had still not seen or heard a word about the solar and there was no paperwork in the closing documents. At this point I'm under the assumption that the seller bought out the contract and they were going to take the panels. Weeks pass and I hear nothing, but the system is still producing power and I'm receiving credit with PGE. This past week, December now, I get a letter in the mail from the previous owner who is furious that the solar company is still charging her. The letter was also sent to her realtor and the title company. I contact my realtor who then contact the title company and the title company claims that they never knew about a solar system on the property and there is no lien from the solar company on the property. I dont want to sign more paperwork after I already own the property and I didn't like the PPA to begin with. Do I have the bargaining power to tell the solar company to take the system and repair my roof? Or do I now own the solar system because it was sold with the house? [link] [comments] |
| Closed on a house in October. Getting a divorce and now need to sell lol. Posted: 06 Dec 2020 06:05 AM PST I should sell before the divorce right? Should we tell potential buyers the reason for the short lived purchase? [link] [comments] |
| Posted: 06 Dec 2020 09:37 AM PST Needing some advice, I am coming up on my contract for the military and I am very sure that I want to get out and get my real estate license as well as continue on with getting my business administration degree. The issue is that every time I bring it up to my family, they shoot me down and say that I should stay in the military for 20+ years. I would understand their point of view if I wasn't good with money or I was just randomly bringing this up, but I have thought about this for 2+ years and my finances are all in order. I am 22 and will be 23 by the time I get the license. What are your thoughts? [link] [comments] |
| Question about eminent domain. Posted: 06 Dec 2020 10:12 AM PST There's this prompt for my real estate class about eminent domain, but it got me curious as to how a city could justify eminent domain if they planned to build restaurants and theaters in that property. It seems like they wanted profit out of it more than intending any public use for it. The specific case I'm talking about is Moe Mohanna in Sacramento in 2008. But yeah, I don't really get how they justified it or rather, how it counts as any public use. [link] [comments] |
| Sellers market but realtor says I pay buyers closing costs Posted: 06 Dec 2020 09:57 AM PST I reached out to the realtor I used to buy my current home I've lived in 5.5 years to get an idea of what costs I'd have to pay when I sell. There's obviously the 3% sale cost the 3% buyers cost (commissions I believe) but she also said the buyer will want me to pay 3% of their closing costs. I thought that was mainly done in a buyers market. Would I just ask the buyer to increase their offer by that 3%? Homes here are selling fairly fast for asking price. [link] [comments] |
| Sell or rent out house using a property manager? Posted: 06 Dec 2020 09:40 AM PST Background: Owned home 5.5 years Purchased $114k with VA loan Built 2001 with little less than 1200sq feet.3b2ba Mortgage(incl insurance+taxes) currently $840 but as the yearly tax assessments have been increasing a good bit each time I assume it will go up anywhere from $25-75 each year. We want to relocate out of Tx and depending on fire departments hiring we'd like to move to WA or CO. Possibly some other states if I find another city that fits the bill. With fire jobs being so competitive there is no guarantee but I'd like to plan for that scenario. We would hopefully know after March or April and I'm not even sure how much notice the fire dept would give us before the start date. It may just be two weeks. Another worry of mine given we need at least 30 days for closing plus week or two to list and sell. Based off a quick Zillow,Redfin, realtor search of comparable properties and their calculators that estimate your home selling price I'm thinking I could sell for maybe $160 and then after realtor fees, etc I'm estimating $50k profit. The other option is renting it out for maybe $1400 using a property manager. Deduct the 10% fee of $140 and deduct another $65 since the property taxes will have increased by then mahjong my mortgage $910 I'd say I'd make $350. I'm considering this just in case things don't work out out of state and if we need to move back we won't be priced out. It's not likely we'd need to but I like to have as many options open as possible because life is full of surprises. I'm nervous about renting it out because I know very little about what paying a property manager entails. Does the 10% paid to them cover repairs around the house? What about if something bigger happens like AC goes out, a leak, or the laminate floors warping after a spill that sits too long? Will I have to shell out for that? What about vacancies? I'm 30-45min from a large military base so that's a large renter population. I'm fairly young so excuse my ignorance with all of this. I've been googling a lot but I find these Reddit forums provide another valuable perspective. I'm sure there are aspects I'm completely missing and financial costs I haven't considered. (I know about the tax benefit to having lived in the house in at least two of the previous 5 years. So if after 3 years I move back in I'd be safe but what if I rent it out longer than that.) [link] [comments] |
| Posted: 06 Dec 2020 09:23 AM PST Hey guys, Started a new construction build with Pulte back in the summer, estimated closing date is first/second week of February. Up to this point I have been assuming I would use Pulte Mortgage for the lender as they provide $7500 towards closing but I'm thinking I need to compare rates. The other day they quoted me 2.99% (no points/credits) for a 60 day lock and I think it was like 2.875% (no points/credits) for a 45 day lock. Is there any downside to shopping rates? Should I be worried about someone else pulling my credit screwing up my current path of going with Pulte mortgage? Home sale price is ~380k with 60k down, credit score is 800-820. Any advice is appreciated. [link] [comments] |
| Posted: 06 Dec 2020 09:20 AM PST I've had my real estate licence for a year (got it when I turned 18) and was wondering what your thoughts are on part time work? Is it worth it? I'm in my 2nd year of a university and can dedicate (I think) 30ish hours a week to real estate. Is this a mistake? Any advice? Thank you and stay safe! [link] [comments] |
| Concerned with basement repairs Posted: 06 Dec 2020 08:19 AM PST Interested in outside unbiased opinions on my situation. Like everything about the house but terrified (hence the cold feet) of the basement repairs and grading around the house. Previous owner fixed the bowing basement walls with wall anchors by a reputable local specialist with warranty. Large portion of the basement has anchors and cracks fixed. Grading around the house should be corrected but worried would not be so easy since the house is more or less built at grade level. No significant water entry but a couple of cracks still need to be fixed. Concerned of having problems with the basement down the road and the resale value in the future especially if the market cools off at that point. Anyone had to make decisions on how to proceed in this situation? Past contingencies stage at this point. [link] [comments] |
| Posted: 06 Dec 2020 10:23 AM PST I own a primary home which I may refinance (as a primary) to take advantage of the current mortgage rates. This home is currently being rented from a friend of mine. If an appraiser comes to the house to conduct an appraisal and notices that this is not my primary home, and in fact being rented as an "investment property," can this hurt my chances of refinancing as a primary? Or will he/ she not care, and I don't have to worry about anyone dropping the dime on me to the new mortgage company? Thank you in advance. [link] [comments] |
| Early termination due to job relocation Posted: 05 Dec 2020 10:42 PM PST We live in Illinois and our rental lease is up October 2021. I have to relocate to AZ in March 2021 and I do not know how to bring this up to my landlord. Lease does not have a termination clause but i do not know my legal options. Any advice would be appreciated. [link] [comments] |
| Foundation Repair is Scaring-off Potential Buyers Posted: 05 Dec 2020 04:01 PM PST I am selling a 75 year old home in a historic/mid-high income neighborhood that I purchased in 2017. Upon closing in 2017, the previous owner agreed to have all of the foundation cracks repaired (around $10-$15k) Since the repair, I've never seen a drop of water in the basement. That being said, the concrete walls are white, and the injection/fiber straps are grey. When you initially walk into the basement, it does in-fact look pretty gnarly (horizontal crack along 3/4 walls and some vertical repairs), but the work is fully warrantied for the lifetime of the structure. Of the 25 showings I've had, about 10 have said (perfect house, but way too concerned about foundation issues) I've shown buyers the warranty info and purchase orders, I've even offered to pay for engineering and moisture reports to show that it is just as solid as it was when it was built, if not more. I've had to drop the price $20k below comps just to get more showings. Would it be worth painting the injection areas white to match the walls (will not void warranty) or perhaps drywall over it? (Edit: paint the walls + injection area the same color) Or, do I just need to wait for the right buyer who is willing to listen like I did in 2017? [link] [comments] |
| Are all the items mentioned in the MLS description part of house sale? Posted: 06 Dec 2020 02:32 AM PST I'm in contract in Bay Area, CA. and the house listing highlighted smart fridge in the description and in the laundry features, washer & dryer are mentioned. Since these are highlighted in the listing, we thought they are part of the sale. But the sellers agent says they are not mentioned in the purchase contract so not part of the sale. If they are not part of the sale, why are they mentioned in the MLS description? What do I do now? Any suggestions are appreciated. [link] [comments] |
| I paid off my condo and want to buy a house. Posted: 06 Dec 2020 12:45 AM PST I bought a condo in Arizona in 2010, and paid it off in February 2019. I am planning on buying a house within the next year and renting my condo. The realtor I purchased my condo with reached out, property values are skyrocketing and my original value has doubled. He mentioned that I would be able to use the equity in my condo on as a down payment on a house. I had a couple questions I wanted to ask unbiased parties with more experience than me. If I use my condo's equity, will I be required to take a mortgage out to get the down payment? -or- Is the condo used as collateral and that counts as a down payment? I was planning on just using a standard cash down payment, I don't need the biggest and best house. I want my rental to cover most of my mortgage. Would there be a benefit to using my condo as collateral or am I better off treating it as a separate purchase? Thank you for any advice, I know I have homework, there's so much I don't know. (Edit for clarification) [link] [comments] |
| Posted: 05 Dec 2020 10:13 PM PST Toured the home. Instantly knew it was bad in Raleigh NC While speaking to my realtor she said whats bad about it. I mentioned the place looks old ( that's because the furniture, painting, fixtures) the owner is a senior lady. But didn't say anything else. Mainly because I was upset all homes I loved was outbided. The bad. EVERYTHING is closed off. I.e closed octagonal kitchen Closed dining room Odd living room. When you enter the house. You get the windows on the left, closed kitchen and dining on the right. In front is a fireplace and a door going to the backyard. Paint, and a few damaged areas of the house that can be fixed so im not worried. The good The area is growing. The market in the area is growing at least 4% a year. Walking distance to a golf course Cheap home. Which means if I want to rent it out at a reasonable price and still make a good profit. Also it's the same price as renting an apartment Right next to major highways so major cities is at most 20-25 minutes away. Construction of more expensive homes are being built around the area so it could raise value in the future. Every part of me wanted to back out. But I was ashamed to do so. My realtor helped so much and did not want to upset her. I did not want to lose my due diligence. I really wanted a home before I lost my opportunity to do so. From the time I started looking till now home prices are constantly going up. I close on the home on the 11 and its killing me knowing I have SO MUCH work to at least make it feel a bit more modern. But I was pulling through knowing it could potentially be worthwhile a few years from now. [link] [comments] |
| Seller changed mind on closing date - what are our options? Posted: 05 Dec 2020 08:35 PM PST Our agent is a total walnut - gives terrible advice, doesn't take responsibility, has no idea what's going on - asking him about this situation is not an option for me. Vermont - signed purchase agreement mid October for a townhouse. Dec 3 closing date. Communication through agents throughout the process and in person at inspection and appraisal. Seller asked for a couple more days in the condo on Tuesday - two days before closing (Thursday). As there were also delays with our lender, we agreed Monday would be better for all of us. We also went back and forth about furniture that was scheduled to be delivered this weekend to the townhouse - seller said we could have items dropped off over the weekend and we also agreed to let him store a couple items in the garage after the closing for a week. This was all initiated by the seller on Tuesday and Wednesday and his agent wrote up the extension addendum. We signed it Thursday morning. Got a phone call that evening at 7 pm from our agent letting us know that he just got word from the sellers agent that the seller changed his mind and would not be selling the condo. Our agent also said that as the seller never signed the extension and it was now the original closing date, he believes the seller is not technically in breach of contract. WHAT What are our protections and rights here! [link] [comments] |
| Posted: 06 Dec 2020 07:11 AM PST We are recently under contract on a new house, seller did not know age of roof upon inspection we found out it was 23 years old and needed to be replaced. We do not want to pay for this or think we have to? How do typical buyers handle this ask them to fix or credit? Thanks in advance.., Edit: contract not closed [link] [comments] |
| Posted: 05 Dec 2020 08:11 PM PST So, i saw a property online that is listed by redfin, i called the sellers agent and she said she does her scheduling online through the app. I made the appointment then got an email saying they cancelled and select another time, i did and then they said i confirmed with a new mystery agent. so i show up and its a redfin agent. If I want to buy this house and have my buyers agent put in an offer, is this mystery guy going to claim he is representing me? in GA USA [link] [comments] |
| Posted: 05 Dec 2020 08:43 PM PST Hello all, Renting after years of ownership, could someone tell me if this experience sounds legit? I searched but did not see the exact scenario. We requested a tour through Zillow and provided phone number and email address. Someone emailed me a reply introducing themselves as realtor and said we could go see the house anytime. He gave directions to the house and location of the key. We went and looked at the house, then requested the rental application just in case we decided to push forward. The rental application came through rentapplication.net asking for a lot of personal information, bank statement, tax returns, social security, etc., along with several calls and texts encouraging us to hurry as they hope to wrap up tomorrow and make a decision on the applications. I searched the real estate agent's email and phone and he comes up everywhere, Facebook, Linked In, Zillow, all the other real estate sites as well. Forgot to mention that the phone number that showed up in my voicemail notifications was different than the number that called me. Never seen that before, thought it was strange. Are there any red flags here, or am I being overly cautious in protecting my information? Is this a usual experience in Covid to hide a key outside and send people to look independantly? Thanks but better to be safe than sorry. [link] [comments] |
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