Real Estate: Strange scam found on Zillow |
- Strange scam found on Zillow
- Selling my house "As Is" . . . Got A Cash Offer For The Full Price. . . They want me to turn the power on so they can insepct it. What happens now?
- Sellers unwilling to work with us a day before closing
- Extremely naive when it comes to flats. Would love some insight!
- When building a new home, if you use a realtor are you less likely to get extra incentives because the builder has to pay a commission?
- How much money did you start with in real estate?
- Sweating it out three days before closing date [Vent]
- Thanks to advice from members of this sub, I painted my “terrifying foundation” - let me know what you think!
- First Time Buyer - Questions
- AITA for telling sellers about their health hazard?
- Purchasing a home, need advice on downpayments
- Advice regarding private loan to fund first investment property
- Advice for Final Walkthrough?
- How to initially contact buyers agents and how long should I expect the buying process to take.
- Massachusetts realtors of reddit, will a nextdoor neighbor having a trump sign still on his lawn possibly be bad in our very democratic state for our open house when we put our house on the market later this month?
- Do I have a right to be upset?
- How much cash at hand is needed to buy 550k home in northern NJ?
- COVID student loan forbearance and DTI?
- Buying condo with portfolio loan
- Is this a normal timeline for refinance in NY
- Closing/Title Issues: Need more experienced opinions.
- Mold issue during inspection - feedback needed[UPDATE]
- Hello! I’m 14 and I want to be in Real Estate.
- Real Estate Investing Advice
| Posted: 07 Dec 2020 08:05 PM PST I noticed this nearly million dollar home in San Antonio being advertised for $26,000 out of the goodness of the owner's heart for a first-time home buyer. Catch is, $6000 must be wired to their father's bank account in order to view the home. It says the $6K is refundable if you decide against the deal. Also, prospective suckers must deal with 'Karen', their property manager, who has a Georgia (not Texas) number. https://www.zillow.com/homedetails/302-E-Rosewood-Ave-San-Antonio-TX-78212/26219465_zpid/ "This is an opportunity for a lucky first time buyer, but if you are not a first time buyer with the $6,000 hard cash bills thru bank wire, to give as a deposit thru to my father's bank account, as we requested, due to our being out of state, an hour and a half from the time you receive the letter of intent, the same day you call, and you are not willing to follow the process we have stated above, then this home is not for you! PERIOD. So, please don't contact our property manager to waste her time! However, if you have the $6,000 and are ready and willing to do the process, without hesitation or time wasting, then call our agent, Karen today on 2294188588." [link] [comments] |
| Posted: 08 Dec 2020 09:33 AM PST This is my first time selling a house. I sold the house As Is because it needed a lot of repairs and I just wanted to part with it. We got this offer and it's a really good one and they want to close within 30 days. How final is an accepted offer? What's the chance of something going wrong and it not going through once the offer has been made? [link] [comments] |
| Sellers unwilling to work with us a day before closing Posted: 08 Dec 2020 07:56 AM PST Trying to figure out if there's anything we could have done differently on this deal that went sour. We made an offer on a house that had been in contract at $490k, appraised for $490k but found to have foundation issues, we came in at $445k and seller accepted. The only contingency we had was for appraisal, which our lender required a repeat appraisal that came in at $415k. Unfortunately the listing agent did not respond to the appraiser for quite some time so it took almost 2 weeks to get the appraisal done. Now 3 days before closing due to the appraisal delays, we changed our offer to $415k and eventually negotiated back up to $445k with us bringing cash to make up the difference. The lender also came back to require a roof inspection which would take another 5 days to get done. The listing agent became extremely difficult to work with, citing backup offers and basically refused to extend the contract. With a day left to close, anyone have ideas on how to salvage this? [link] [comments] |
| Extremely naive when it comes to flats. Would love some insight! Posted: 08 Dec 2020 07:50 AM PST First-time homeowner here. I did my due diligence and studied up on how to be a responsible homeowner (with books, articles, etc), and I found that a flat might actually be in my best interest. I work 6-7 days/week (sales during the week and EMT on the weekends), so I don't have time to take care of a house (also unmarried, so I don't need a big place). I tossed around the idea of buying a house and renting out the spare rooms to generate some extra cash, but I don't know how I feel about living with 2-3 randos. Anyway, to my knowledge, a flat is basically an apartment you own. Does this also mean the "landlord" (office? whoever owns the building?) is responsible for maintenance/repairs around the area that doesn't include the interior of my flat (heating/cooling, roof leaks, etc)? Is the interior of my flat completely hands-off (i.e. toilet breaks, faucet leaks, etc)? For reference, here is the beauty I've been scoping out: https://highviewnashville.com Thanks so much fam! [link] [comments] |
| Posted: 08 Dec 2020 09:13 AM PST |
| How much money did you start with in real estate? Posted: 08 Dec 2020 05:27 AM PST I'd like to hop in eventually but I've always been persuaded otherwise against it because of "not having enough money". So how much money does it really take to get started? Have you guys tried the digital real estate option at all as well? [link] [comments] |
| Sweating it out three days before closing date [Vent] Posted: 08 Dec 2020 07:21 AM PST First time home buyers in Connecticut. Found a house we really like, offer accepted back in October, disclosures received. On the disclosures, there's a question about underground oil tanks. This is where the fun starts! So the sellers were truthful - they put down that there was an underground oil tank on property, it was still there, but also that it had been removed in 1998. They didn't attach any additional documents explaining their answer. Both the seller's agent and our buyer's agent assumed that they had made a mistake somewhere and that the oil tank had been completely removed. *suspenseful music* But in reality, it hadn't been. What had actually happened was that the sellers removed part of it but couldn't remove all of it since the oil tank is under the existing concrete patio, which is under the existing deck. In order to fully remove it, they would have had to dig up the patio, take the deck off the house, remove the remains of the oil tank, and then replace the patio + deck. They had the regular soil tests done to check for oil leaks and it popped that there had been a leak, but the DEP (department of environmental protection), EPA (environmental protection agency), and the town fire marshal all wrote letters in 1998 attesting that the leak was stable and not a threat to existing house systems. The sellers didn't do any additional remediation, the water's come back negative for oil contamination, and it's all good from a day to day perspective. However. Our lawyer, attempting to be slick and make the closing process as easy as possible for us, decided in his infinite wisdom </s> to leave the documentation about the oil tank off the contract entirely in the hopes that the lender/underwriters wouldn't notice, despite how clearly the discrepancy comes across on the disclosures. Of course the lender/underwriters asked about it, so we had to supply the additional documentation explaining. This pushed back our closing date from last Friday to this Friday. We still don't know if the closing date is firm. If the underwriters ask us to remove the oil tank using the process listed above, we're going to have to walk, since there's no way we can afford to do that (the whole process was quoted somewhere between 7k and 15k). This is pretty much the only thing that's worrisome in closing on the house, since all other contingencies have been met and our LO doesn't seem super concerned about our financials. Just so dang anxious. Cross your fingers for us? [link] [comments] |
| Posted: 07 Dec 2020 07:44 PM PST |
| Posted: 08 Dec 2020 04:52 AM PST I have been thinking about buying a house and doing research and just starting to speak to lenders and agents this week. Had few questions: 1 - I spoke with two agents and one said he gives back certain amount 1.5-2.5% upon closing to help with closing cost etc the other said he does not but he is smooth to work with and will try to save me money upon final negotiation/after inspection etc. I am not sure which one to go with? 2 - Do I absolutely need to sign buyer agent agreement? I am only hesitant because I don't want to be stuck with one agent if things do not work out. 3 - My parents will be helping me with down payment of $100kish. Should I get the money transferred to my account right now or wait till we close? Per my research there won't be tax consequenses since the limit over lifetime is around $11 millions. Thank you so much in advance! [link] [comments] |
| AITA for telling sellers about their health hazard? Posted: 08 Dec 2020 06:43 AM PST I recently bought a home. I got the place inspected, and all came back clear. Some things are simply out of sight for an inspector, in my case it was asbestos in the air vents and lead in the water. I found these things after I bought the house because I got the air ducts cleaned and wanted to make sure the water was good. The lead comes from a service line in the house, the city lines are not lead. So, I got the asbestos and lead professionally removed. In my state (MA), it actually ended up being cheap because of government rebates to help homeowners get rid of this stuff. Furthermore I completely removed the air vents and installed a new system because fuck asbestos. I was kind of angry at the stupidity of the previous owners, so I wanted to share my frustrations with them (a mid 40s couple who didn't care to maintain anything). The house is in a highly desirable area and I bent over backwards abiding by their requests during the purchase process (6 months to move out, inspection limited to 2 hours, etc). Anytime I tried to barter they threatened to back out and go with other buyers. Well, I wanted to get back at them and tell them they fucked their health. Their agent refused to give me their number. So I looked them up and called them. The conversation is saved, here's how it goes (I talked with the wife): Me: Hey I just bought your house! Her: Oh hey! Me: Remember how you guys claimed there was no lead or asbestos? Her: Yeah we didn't find any! Me: Well the air vents had asbestos and the water line was lead. You've been breathing asbestos and drinking lead for the past 10 years. Her: Oh... Um... What? Me: Yeah and you could have avoided this by taking advantage of government rebates to remove that stuff relatively cheaply. I removed it and it's all good now! Her: I can't believe this. Why are you telling me this? Me: You may have damaged your health and maybe you'd like to see a doctor. Her: SERIOUSLY? Me: Yeah... Her: I gotta go, bye. An hour later my agent calls me telling that the sellers are extremely distressed and are threatening to sue (lol FOR WHAT? Letting them know about a dangerous environment they lived in?). Anyways, apparently I really upset them. AITA? [link] [comments] |
| Purchasing a home, need advice on downpayments Posted: 08 Dec 2020 09:10 AM PST Florida. Executed purchase contract says 50k DP. Lender says it doesn't matter what the contract says, I can change DP. Now I know the sellers picked me because I have a "stronger offer". I now want to change DP to 40k. Lender needs to know asap, realtor is unresponsive. conventional loan. now if it matters the sale contract says: Loan as marked below with financial contingency is not conditioned upon the closing of the sale of other real property owned by BUYER. 55 If neither box is marked, then Loan Approval is not conditioned upon the closing of the sale of other 56 real property owned by BUYER. Not looking to lose this house. [link] [comments] |
| Advice regarding private loan to fund first investment property Posted: 08 Dec 2020 09:01 AM PST Hello – For those of you who have received private loans to invest in real estate, may ask what some of the terms of the agreement with your investor(s) were? Payment and interest terms are at the forefront of my brain, but I am appreciative of any additional thoughts as this is a first for me. I am a 24 year old with $20,000 to invest in my first multifamily property in MA. My dad will invest the remaining of what I need, but I want my proposal to be well thought out and complete. I always learn something new from this thread so I look forward to any advice you may have. Thank you in advance! [link] [comments] |
| Posted: 08 Dec 2020 08:27 AM PST Okay so we're about to do a final walkthrough. I'm concerned because I know the house has been unoccupied for a year and then it took us 5 months to close. What should we be looking for? Online it says to:
I already know most of the windows don't open because they were painted shut. How do you go about negotiations after this and how do you estimate cost per window? Any help appreciated first time home owner here. [link] [comments] |
| How to initially contact buyers agents and how long should I expect the buying process to take. Posted: 08 Dec 2020 08:20 AM PST Finally got preapproved yesterday. Want to find an agent but not too sure how to go about this. Do I just email them and say I'm looking for an agent, are they available? Also my lease is up on new years. My rental company gave me the option to sign a 3-4 month lease with the same $200/month discount I get signing a yearly lease, or I could go month to month and pay that extra 200. Which option would be best? I'm in a fairly small city (~200k) and I'm not familiar if I should expect more listings early in the year or how the market generally looks. I'm also considering a new development that just says it will be ready early 2021, so maybe taking the lease would be best? [link] [comments] |
| Posted: 08 Dec 2020 07:58 AM PST |
| Do I have a right to be upset? Posted: 08 Dec 2020 07:05 AM PST Hello all! I am a first-time homebuyer, currently in the process of buying a home in upstate New York. I'm using Bank of America for my mortgage. The sellers accepted my offer on Sept. 26th. The original "on or about" closing date was Nov. 16th. Now, I had everything done on my side foe the bank as of Oct. 12th (appraisal, inspection, all my paperwork etc) and had loan approval. Since then, I've been waiting for the the title insurance to come through so the closing can finally happen. My real estate agent and myself both followed up with the attorneys several times to get an update, just to always be told "it's being worked on." For the last two weeks, they've been looking for an estate affidavit to complete the title insurance (previous sale of house was an estate, took place in 2018.) Finally, our agent called them Dec. 7th, asking for an update. They have now just told us the office the sellers used when they bought the house back in 2018 cannot find it. Apparently, they've sent over the proof of title insurance the sellers got, seeing if our title company will take that, and go ahead and issue our insurance. They've also located the attorney that represented the estate during the 2018 sale, so are reaching out to him in hopes he can find this affidavit. Nobody has mentioned reaching out to the county to see if they have it. In the meantime, I'm over 3 weeks past my original on or about date, I've had to get another credit check from the bank, and get a new insurance quote, with still no closing date. Do I have a right to be upset at this point, or am I overreacting? Thanks so much! [link] [comments] |
| How much cash at hand is needed to buy 550k home in northern NJ? Posted: 08 Dec 2020 06:07 AM PST Me and my wife are RN's in the bronx. Earn about 200k family income. Just recently looked at northern NJ as an option instead of westchester. How much minimum % do i need for conventional? And what % should i expect the closing cost to be? The monthly seems very doable going forward, its just the big influx of cash at the start that is hard [link] [comments] |
| COVID student loan forbearance and DTI? Posted: 07 Dec 2020 08:19 PM PST Hello! Wife and I are looking to sell our house and buy a more expensive one in another area of town (Atlanta). Spoke to a lender today who said we'll have trouble qualifying for as much as we would need because our DTI would be too high, given that my student loans are in automatic forbearance due to the CARES Act - instead of calculating my regular income-based monthly payment, lenders automatically assume a 1% payment. For me, that means that my $285/month payment will look more like $2500/month according to the lender (although I've never paid that much - I'm on the public service loan forgiveness/PAYE combination and have been since I graduated from law school five years ago). This drastically skews my DTI and makes us eligible for much less than we would otherwise qualify for. We both have salaried jobs and good credit (780-ish), and we would really like to take advantage of the low rates right now - this may be our only opportunity to move into a neighborhood we love and want to be in long-term. Has anyone had any luck in this sort of situation? Does anyone know of a lender willing to go to their underwriting and get them to consider my actual payments and not the imputed payments from the COVID forbearance? As a last resort, I can try to call my student loan lender and get them to take me out of forbearance but I'm hesitant to that since the non-payments during the forbearance will still count towards the 10 years I need for the public service loan forgiveness program. Any advice would be appreciated!! [link] [comments] |
| Buying condo with portfolio loan Posted: 08 Dec 2020 05:40 AM PST Hi there I live in New Hampshire and am looking to buy my first property. I found an affordable condo that I was hoping to get. The issue is that since more than 50% of the units are owned by 1 investor, I need to get a portfolio loan. There is a local bank that is willing to do it so the issue is not finding a lender. I am just curious about what are the risks, either up front or later down the road. One that came to mind is that reselling might be an issue if portfolio loan is still required. I feel like the realtors interest is to get the thing to sell so might not be up front with whether this loan is right for me. Thank you, Any input is helpful! [link] [comments] |
| Is this a normal timeline for refinance in NY Posted: 08 Dec 2020 05:02 AM PST I bought my home on a land contract in 2015 due to not having been at my job very long & the realtor I saw said he did not believe I'd be approved for a loan with having less than 2 years at my job. I work in the same field, but had switched agencies. The land contract was up this year. I applied for and was approved for a loan through the company my bank suggested. This was in April. I've done everything they asked and paid all the fees. I had the house appraised and it came well above what the loan was for. I know everything moves mind numblingly slow. We are now in the process of the title search. I had the Abstract Title, which I overnighted to the lawyers office in charge of the title search 7 weeks ago. My mortgage lender just says "I have no idea" when I ask how long this takes. I'm the last owner of the home (I'm refinancing it to get it off of the land contract) and they have all the titles. When I ask my mortgage lender what's the point of a title search when they have all the titles, they tell me to see if there are any liens or judgments against it, I know there isn't but I also recognize they have to do their jobs. My appraisal runs out at the end of December and I was told if that happens I would have to pay another fee to update it. I just want to know if this is a normal timeline? When I first started this in April, I was told it would be done by October at the latest. My mortgage lender told me "no way will this drag into the new year". Now when I ask for an update I get "lots of my files are waiting on titles". But forgive me for sounding dumb, why are they waiting on titles if they already have them? [link] [comments] |
| Closing/Title Issues: Need more experienced opinions. Posted: 07 Dec 2020 06:37 PM PST So to try and make a very long story short, I'd gotten pre-approval on a FHA mortgage through Quicken Loans. My first contract fell through due to extensive appraisal repairs needing done, that neither the seller nor myself could complete. Having already done a 401k withdrawal to cover my closing costs, my funds to close on my second contract was pretty finite. My second contract was done as a 60 day close (Settlement date of December 2nd) due to the fact we knew in advance the house would need some repairs once the appraisal came back, and the seller was happy to complete them to get the sale. Go through all the steps as the days pass, receive my closing disclosure on Saturday (with the close date being the following Wednesday.) Monday, they were still waiting on one last item, but I was clear to close otherwise. Tuesday, the title company reached out to me (I believe the seller or Quicken had established this connection, as I'd never spoken to them or had any dealings prior.) and informed me that they weren't sure why they were pushing to close the next day, as there were multiple liens on the property, one of which was an outstanding mortgage by a company that was now defunct, and they were having difficulty finding the owner of the debt. They had retained a real estate lawyer to sort it out, but my closing is now in limbo until it all gets figured out. In the meantime, despite receiving my disclosure, my "cash to close" continues to rise from Quicken, including fees for rate lock extension, and this year's taxes (which they just now discovered the seller hadn't yet paid). I am completely new to this, this is my first time ever purchasing property of any kind, let alone a home. I understand that title issues are a relatively normal occurrence within the real estate world, but my question is.. Is it normal for these issues to be discovered so late in the game? Do I have any recourse but to sit and wait for it to be sorted out? And for anyone who has ever gone through it, as it's been a week with no updates, should I expect to have a lengthy wait? Thank you for any input at all! [link] [comments] |
| Mold issue during inspection - feedback needed[UPDATE] Posted: 08 Dec 2020 04:12 AM PST So i posted this thread previously: https://www.reddit.com/r/RealEstate/comments/jrc06c/mold_issue_during_inspection_feedback_needed/ Had our inspection. Found that basement bathroom had a toilet/waste pipe that wasnt capped. So behind the toilet we were able to see the cap off and mold(wood rot, etc). Inspector said not a huge issue, fix it and remediate. Seller remediated(fixed wood rot, sprayed, capped the pipe even found a bit more mold behind the shower and remediated that). They did not however do mold testing once completed(They prefer a third party do it. Which makes sense). Company also gave us a 1 year warranty. So we did a mold and air quality test(they inspect and do not remediate) and they still found mold back there AND found that there was active water intrusion coming through the cinderblock walls(it rained alot the day before). Not standing water(but it was the next day) but the cinderblock is clearly wet and the inspector the day he inspected saw it that day. We have pictures as well. There was also mold found in another spot in the basement not in the same area(across the room and in the middle of the room) we flagged previously. Note they did not disclose any water issues but do have two sump pumps and a french drain. Also note the air quality test came back as passing in that area. We are two weeks from closing. The sellers have been accommodating thus for for the most part. The remediator is a good company and gave them a 1 year warranty that is transferrable. Im trying to decide what to do being we are very close to closing here. I could tell the seller to fix it before we close. I could get quotes and ask for a credit(maybe grading fixes it? The mold inspector says that is likely the case.) but then i have to deal with the remediation(the second area where mold was found was not found in the initial inspection so not sure if i can ask for that to be remediated) and who knows if that fixes it. I run the risk of potentially it being a more serious issue than i know. What if i remediate and it doesn't resolve it? Thoughts here? Is basement waterproofing where seepage is coming through the cinderblock a significant repair? Also, assuming this remediated gets a quote for repair, i should have my own person assess cost to remediate as well correct? Is the fact that there are two sump pumps and that there was remediation and still mold a cause for concern? If it can be resolved im not terribly worried though the area will be my childs play area so i dont want to run the risk of this being a major issue that impacts health. Thanks. [link] [comments] |
| Hello! I’m 14 and I want to be in Real Estate. Posted: 08 Dec 2020 06:52 AM PST I decided to choose real estate as my future job and I want to be successful in it. I learned that choosing a job early in life is great so I can learn about it during all of high school. Is there anything I need to know on what i'm getting into? [link] [comments] |
| Posted: 07 Dec 2020 11:17 PM PST Hello, I am looking at various real estate investing options and am trying to weigh which methods I should consider given my circumstances. I live in California and I'm graduating next semester debt-free. Currently I have $30k invested in various assets on Robinhood, $2k in an old 401k, and by the time I graduate, I should also have about $10k or so in savings and some other money in various locations. I'm studying computer science and at my most recent internship made an hourly equivalent of a $85k/year salary, so that's roughly the salary I'm expecting post-graduation. I very much want to get into real estate investing. I've looked into house hacking, flipping, wholesaling, and other methods. I am going to be in California for the foreseeable future, so I also want to know if I should handle stuff locally or consider investing out of state. What would be the best way to get my foot in the door, especially if I want to ramp up and continue growing my equity. Any advice is much appreciated!! [link] [comments] |
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