Real Estate: Word of Advice: Select your realtor VERY carefully. Also - have an attorney. |
- Word of Advice: Select your realtor VERY carefully. Also - have an attorney.
- Question: What should a potential homebuyer do/look for to protect themselves the best they can when buying a house without inspection contingency?
- Is anyone else having trouble getting a date for the CA real estate exam?
- People who renovated a multi-family house, is it worth it?
- I applied for home inspection job whats the odds of getting into this field? Is this a difficult career to get into?
- Advice on short term internet for new construction
- Any tips you wish you new as a First Time Home Buyer?
- Buying a home sight unseen
- People who bought in 2007, how are you doing?
- Contract for uneven payments toward mortgage?
- "Clear to Close" was two weeks ago, sellers attorney indicated they are waiting on survey. Any reason to be concerned?
- CA Part-time Real Estate Agent...Thoughts?
- Looking at buying new construction and clueless how it works
- Can I tell a prospective buyer of house I was under contract for that it had hidden inspection issues?
- Realtor to Loan Officer Assistant
- How much does a Matterport scan typically cost?
- Is this a sales tactic?
- I want to buy a house!
- Rescinded Offer, but still interested...
- Termite Inspection
- Some questions about reverse mortgage and when the loan comes due etc?
- Applied for rental home, landlord now asking if I'd be comfortable paying a bit more. What should I do?
| Word of Advice: Select your realtor VERY carefully. Also - have an attorney. Posted: 14 Dec 2020 06:02 AM PST We made the mistake of trusting our realtor, and I'm probably going to be very upset for a awhile. We had our realtor for awhile and we found a house. We put an offer in contingent on the inspection. There were two major things that needed fixed: electrical ($1500) and brick on the front of the house (3k). These were done by a general home inspector. We sent over the request for repairs within our two week window. This is where things got bad. We sent it over and the seller never responded or even signed anything. The deal was that they fix those things or we don't buy the house. The realtor called me and said he wanted to have a mason come out to look at the brick as opposed to our home inspector for a more accurate quote. His mason guy came out and quoted $1500. We kept following up with the realtor for the next two weeks after that and he kept telling us "I'm 99% sure he is fixing the brick, and the electrical is being done" giving me some story about how the "electricians code" requires them to fix all of it. Then he said the seller will fix the electrical, but not the brick. I said no bueno, and my realtor said his mason guy quoted $1500. I asked for the quote and his contact information. It's getting close to closing and we ask if the electrical is fixed. He says "yes I think so" and sends over an invoice for a new panel and nothing else. We say we want to go and look ourselves. He finally says it's not done and someone will be in to do the rest. We go over there and see someone doing more of it, but not all we found out later. Out of all the electrical that needed fixed, only half was done, but realtor told us all. Kept asking for the quote and contact info, he keeps saying he will get it to me. Stupidly close (first time buyer, made a mistake). After probably over a month with no quote or contact info, I realized he probably made it up to close the sale and I believed him. Had a mason come out (the only one that would answer my calls) and he explained that this had to be fixed a certain way (different than what my realtor was describing and his made up mason). $3300 I have to foot or the whole front brick could collapse. Finally, per our contract the seller had 15 days to move out after closing. I didn't know any better on this. Our realtor told us he would be out a day after we close. This was not the case. I think our realtor told is that so we would close. The seller didn't move out until last week even though our realtor said we shouldn't worry about anything he does after because he will be gone the next day. So here I am, paying 3300 bucks and my realtor is long gone. The deal is done and he got his money. That's money that should be going to things we want to do cosmetically. I know this is all my fault, but man it stings. [link] [comments] |
| Posted: 14 Dec 2020 05:09 AM PST I know - it's insane- but here we are. In the next 12 to 18 months we plan to relocate to a VHCOL area (family and career is there). No, we don't want to live somewhere else. The housing market has been stupid high for years, decades. Houses are selling on first day and with no contingencies. It is what it is. So, question is are there things that I can do as a buyer to help protect myself? Big give-aways, or little clues? Like, walking into a house and there is a wet spot on the ceiling. That's obvious- I know. And I know I can't tell without an inspection if the house is built of balsa wood - but there must be other clues I could keep in mind while doing a walk through. Info - houses we are looking at range from 40 years to new build. [link] [comments] |
| Is anyone else having trouble getting a date for the CA real estate exam? Posted: 14 Dec 2020 09:41 AM PST I have been trying to sign up for my test online for literally MONTHS! I never seem to find an open date. At this point I'm willing to go to any CA testing location just to get it over with. This is so frustrating. I signed on with a new company this month and they require a real estate license starting 2021 so I need to get this done ASAP! I tried to call the CA DRE however they are only adding names to the waitlist for people who's license is set to expire soon :( [link] [comments] |
| People who renovated a multi-family house, is it worth it? Posted: 14 Dec 2020 07:11 AM PST I live here in NYC and I'm close to paying of the house, but the more I learn about construction the more faults I see in the house, not drastic but stuff could've been better. So it's a 4 family house but made into 3, we'd thought of moving in, but didn't. So 3 units in total. Wanted to ask for people who gutted their building, and people who partially renovated, was it a nightmare, but worth it? I heard for a renovation it will take 60k-80k per unit. I wanted to add one, back to 4 family. The house was bought for 290k now it sits 700k. [link] [comments] |
| Posted: 14 Dec 2020 09:40 AM PST Im a 20yrs old female, that just applied for home inspection job minutes after it was posted. It offers training and it didn't state you needed experience or a degree. when i looked the company up, it had great reviews as well. What are the odds of me even getting the job if i only have brief assembly experience and a year of hospitality experience? Is it a hard job to get into? and do you need to at least be familiar with this type of work? [link] [comments] |
| Advice on short term internet for new construction Posted: 14 Dec 2020 09:25 AM PST We're looking at a new construction house that will be ready to move in next month. One issue is the fiber optic line wont be put in for 3 months. Does anyone know of a good short term way to have internet in the house? We do have hot spots on our phones but those are data limited. Tldr: need a short term ( 2 months) way to have internet in our house without a fiber line [link] [comments] |
| Any tips you wish you new as a First Time Home Buyer? Posted: 14 Dec 2020 09:10 AM PST My partner and I are planning to buy a townhome in the Bay Area and was wondering if there are any things you wished you knew before purchasing a place? We almost forgot about closing costs for a second there. Thank you in advance! [link] [comments] |
| Posted: 14 Dec 2020 09:08 AM PST Hi there, sorry if this has been asked numerous times before, but I feel like it is becoming much more common (especially around Sacramento - expected to be one of the hottest markets in 2021). Obviously everyone is noticing houses getting swooped up super quick, but is it THAT common for it to happen with a home sight unseen. There were 3 homes this weekend posted on Saturday and in trying to schedule a tour we were met with the owner doesn't want to meet on weekends. I get that, then I get contacted this morning that offers are being reviewed today. Asked the agent and they said no one was able to get in and tour the house. I know there's ways to have pictures make a home look fantastic, but it just seems really weird to me to buy a home without stepping foot inside it. I guess that's the new normal in 2020? [link] [comments] |
| People who bought in 2007, how are you doing? Posted: 13 Dec 2020 04:33 PM PST Main reason I'm asking is I'm a FTHB looking to buy right now, but feeling anxious about the market (SoCal). [link] [comments] |
| Contract for uneven payments toward mortgage? Posted: 14 Dec 2020 04:51 AM PST Hi all. Quick question. For easy numbers, let's stay in buying a $500,000 home. I am buying it 50/50 with my partner. If the context is needed for why what I'm about to say will happen I will give it, but I don't want to and it can't be avoid. I am going to end up paying more per year toward the house. So let's say for example, year 5 out of the $500,000 loan we have 300,000 loan balance, 200,000 equity of which I have paid 150,000 and my partner has paid 50. Is there boiler plate contracts out there or what is the best way we can set this up so A. Even though I have paid more I do not have any more ownership on the property. It is still 50/50 and B. In the event we sell, it goes, money back to bank, money then to ME for exceeds I have paid, then split remaining once were equal. Bonus question for what you advise to do in the situation where the loan is paid off but say I paid 300,000 and partner paid 200,000. Would partner then make payments to me monthly till we were equal? Thanks! [link] [comments] |
| Posted: 14 Dec 2020 08:24 AM PST Pretty much wats stated above. Trying to get a feel for the timeline on this one. A little background: Upstate, NY. Offer accepted 11/10. Initial closing date around 12/30 in contract. With a completion of title document from seller by 12/10. This date has since gone passed. Clear to close received 11/20. My mortgage company requests title documents from us, but it will ultimately be coming from seller. Upon then we can schedule "official" closing date. On 12/8, my attorney reached out to seller on document at my request and they indicated they are waiting on survey. Since then I have not received an update. Obviously Im excited to get the process moving along and may be a little impatient (naturally who I am lol), but I wanted to get thoughts on if this piece of the process is taking longer than normal. We are not in a rush on our end but come on man lol. Thoughts? [link] [comments] |
| CA Part-time Real Estate Agent...Thoughts? Posted: 14 Dec 2020 08:07 AM PST Hello everyone! I was hoping to get some wisdom from seasoned RE veterans. Background: I live in Orange County, CA. I'm a 25M that just enrolled in 2 RE courses at my local community college, they start in February and April. I plan to enroll in the third required elective course online soon and hopefully complete it before February. This way by June I'll be done with the 3 courses. I'm considering Property Management as my elective...but not sure if that will best prepare me for the exam. I've heard RE Finance might be a better to prep. Thoughts? My end goal is to eventually create passive income through rental properties (out of state as CA is crazy expensive). I've been trying to save as best I can for that through my current full-time job. I make about 45k annually and have around 17k saved up so I have a long way to go. I'm trying to increase my earning to expedite my saving but it's been somewhat tough with Covid. I live with my GF of 5 years, she is currently in her graduate program for Social Work and works part-time (I assist her with bills) and will finish up early 2022. Therefore I cannot afford to let go of my full-time job. I hold a B.A in Psychology and have been in the background process for two law enforcement agencies the past 10 months (Doing well but covid put a freeze for now). I'm hoping this will raise my salary at least a good 15k to start. My current job is at a hospital and I work Sunday (8 hours) - Monday & Tuesday (12 hours). I have ample free time at work (typing this while at work lol) so I could technically get stuff done here with my laptop. My question is: In your experience have to seen successful part-time real estate agents? I know i'm not going to be rich doing this part-time and being a newbie. I just want to get insight into the industry and build relationships to help me succeed in the future. I would realistically want to earn enough to offset the cost to be in this industry (marketing, brokerage fees, etc...) and keep a little pocket change to save towards my goals. I'm okay with not making money at the start as I learn and build though. I realize this will most likely be the case. Thank you for any tips and feedback! [link] [comments] |
| Looking at buying new construction and clueless how it works Posted: 13 Dec 2020 07:10 PM PST So I'm looking at buying a house and new construction is pretty temping but I'm a little clueless how that works. Do you buy the lot and pay for the house separately or are they a combo deal? Like If I see a house listed in the catalog as "425,000" is that my total price or is the lot another price altogether? I tried googling this and I get like no answers at all. [link] [comments] |
| Posted: 13 Dec 2020 05:52 PM PST Was under contract on a house, it had some major but hard to detect foundation issues (structural engineer found it, inspector said it was all fine). Now a mom in my local mom's Facebook page is saying she's considering offering on this house. Am I allowed to share with her what I found or would that violate some kind of rule? [link] [comments] |
| Realtor to Loan Officer Assistant Posted: 14 Dec 2020 06:35 AM PST Well, being a Realtor has not panned out at all over the past year and I'm tired of drowning. Need to make some money. I have an interview on Wednesday. Any advice or guidance? I'm sure I'll learn more when the interview happens but I'd like a heads up on what all is involved. I figure I can try to do the Realtor thing on evenings and weekends but it's honestly not working out. At all. Thanks everyone. [link] [comments] |
| How much does a Matterport scan typically cost? Posted: 14 Dec 2020 06:18 AM PST Trying to figure out if it's a good investment for me to buy a Matterport camera to use for myself and other agents in my area. [link] [comments] |
| Posted: 13 Dec 2020 04:51 PM PST I applied for an apartment, viewed it, sent in all my information and was approved. Upon approval, the agent then told me that someone else submitted an application with another agent the literal night before I did. We had already been in contact about this apartment for a week or so now. How much of a coincidence is it, that someone else submitted an application for the same apartment the literal night before I do? If they don't sign the lease in a couple days, I am allowed to... but is this some kind of sales tactic/way to prevent my qualification for a deposit-deal they currently have going on (which expires the same day that the other "applicant" has until to sign their lease)? This is my second apartment. [link] [comments] |
| Posted: 14 Dec 2020 06:50 AM PST Hello everyone, I have been thinking for a while now that I would like to buy a home. I been working as much as I can to build credit, from some terrible mistakes I have made over ten years ago. I seem to keep paying for. I need and want to start fresh. I don't want to rent. Rental prices are just way to high. I would rather own my own place. Here's my problem. It's just me and I don't make a lot of money. I want to move out of where I am at now, but like I said. Not in to an apartment. I don't make a whole lot. Are there any programs or anywhere that can help? Seems the cost of putting a roof over your head is waaaay to high. Or am I SOL? [link] [comments] |
| Rescinded Offer, but still interested... Posted: 13 Dec 2020 06:08 PM PST Quick Background: I was interested in a house, made an offer too low, another buyer made a more competitive offer. However, they fell thru. The agent gave them an additional 2 weeks, then called me. I made a higher offer, they did not accept. Agent called other interested buyers, then re-listed the place for an additional 4%. I then made a full price offer on the pre-increased (original price), still no contingencies, but requested a response before the weekend (in short thought it was a fair offer and didn't want to give them more time to fish). Saturday came and I gave the sellers until mid-afternoon and rescinded offer. The end of the weekend has come, house is still available & I am still interested. Do I re-offer my original offer, wait for them to call me, or simply let it go at this point. Upset with the process, they were going to string my along for the weekend - but I guess ultimately I am in the same position. Houses are selling quick in this market and buyers don't have too much power. However, holidays are coming up, other calls didn't close the deal, and now a weekend has gone by. Not sure where to come in at this point... (fyi going thru sellers agent, house previously "contingent" in less than 5 days, overall area houses seem to go in less than 5-10 days when priced fairly - which it is). Update: Thanks for all of the responses! I am now working with a buyers agent due to the sellers agent not updating me timely/pushing to make the offer come to fruition. Will update as the process moves forward. [link] [comments] |
| Posted: 13 Dec 2020 09:50 PM PST I recently purchased a home built in 1967 in November with a VA appraisal, and termite inspection but no formal inspection. The sellers disclosed that the home had a recent termite abatement but stated the home was clear. The sellers provided us with a transferable warranty from the company who performed the abatement which stated they would come perform whatever work was necessary on the area they previously treated. The termite inspection from a 3rd party termite inspector that was required for the purchase came back clean. Fast forward 3 months, I start renovating and begin removing the Sheetrock around the chimney. Sure enough termites are still present and have done damage to the exterior framing of the house in the Southwest corner. What are my options and who should ultimately be held liable for the cost of repair, myself, the seller, the original abatement company, or the inspector the sale was contingent upon? [link] [comments] |
| Some questions about reverse mortgage and when the loan comes due etc? Posted: 13 Dec 2020 08:48 PM PST Hi I've been looking into helping my parents (who are over 62) get a reverse mortage out of their home. They bought their house back in the 80s for like 200k and now it's worth over a million at least. They are free and clear. From my understanding of reverse mortgages, the bank takes the money of the equity and the borrower gets paid either a lump sum or a monthly payment until they die, move out of the home or sell the home. So if my parents were to say take a 100k or 200k reverse mortgage and they will live in the home until they pass away, that means that I (as their heir) would really be responsible for the repayment when they pass away correct. And I'm wondering if this low interest rate environment would also be beneficial for reverse mortgages as well? The way I thought about it, it's like borrowing money from the future that I will have to repay and my parents can use it to have more liquidity now. Is that correct? What are the biggest pitfalls/downside of reverse mortgages that I should be aware of? [link] [comments] |
| Posted: 13 Dec 2020 05:35 PM PST I applied for a rental home which was priced really well, and in a great area. The landlord says he's gotten a lot of interest and applications, and narrowed it down to me and another applicant. He can't decide between the two of us, and because of the interest he's realized he may have priced himself too low. So to help him choose between the two of us, he's asked us both if we "would feel comfortable paying a bit more?". Is this right? What should I do? The place is listed at $3,200, how much higher should I go? Median home rent in the area is around $3,600. [link] [comments] |
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