Real Estate: Any homebuyers want to share successful negotiation stories? |
- Any homebuyers want to share successful negotiation stories?
- Loan to buy a land + build a house
- Are too many trees next to a house bad?
- 18 looking to get a duplex one day
- Converting Bathroom to Laundry Room
- Is there any way to rent out an FHA home before one year?
- Realtor conflict of interest?
- How do I find out who the fence in between my neighbors and I belongs to?
- Purchasing and selling a home at same time.
- Creative ways to get approved for a mortgage with a Foreclosure under my belt?
- Questions about Legal, Non-Conforming Duplexes, Triplexes, etc.
- Should I invest in real estate by using my cash (savings) or by taking a loan?
- Things to lookout for with an older property. And did we get a good deal? AL
- Listing agent (who is also the seller) lying about competing offers?
- Landlord is going to sell the house we are renting from him.
- Any luck with cold approaches when trying to buy a single family home as a first time home buyer?
- Rodent droppings found on inspection - Sellers not following agreement
- Does an agent have to have an open house BY LAW after adding to MLS?
- When in the buying process does paperwork start to get drawn up and finalized?
- Refinancing home loan now or wait?
- Keeping up with listings
- Question about possibly buying land off of local school district
- Potentially won't get PMI - loan denial ?
- First time home seller. Would like some feedback on two offers FHA vs Conventional
- USDA Loan and Rental Income
| Any homebuyers want to share successful negotiation stories? Posted: 03 Jan 2021 03:24 AM PST |
| Loan to buy a land + build a house Posted: 03 Jan 2021 03:01 AM PST What are the best loan option for this? I am trying to find a properly, and build right away. [link] [comments] |
| Are too many trees next to a house bad? Posted: 02 Jan 2021 12:00 PM PST I'm currently house hunting and is thinking about making an offer. My concern is there are a lot of big trees near the house. There are two big trees literally is only 5ft away. I'm not sure what kind of tree they are, but they look mature and is more than 30ft tall. What's the chance that these trees might cause a foundation problem later? [link] [comments] |
| 18 looking to get a duplex one day Posted: 03 Jan 2021 09:29 AM PST I really wanna get a duplex tans rent out half to live cheap and keep adding on to my real estate to be able to profit a lot off of it any tip/ places to learn how to do things like this I have no one in my family that does these types of things and I really wanna learn [link] [comments] |
| Converting Bathroom to Laundry Room Posted: 03 Jan 2021 07:50 AM PST We have a 2/2 brick house with 1560 sq ft. Laundry is in the garage, with the machines on different walls. We would like to bring the laundry inside the house. But, our options of where to put the machines are very limited. We could put a stackable unit in our hall (main) bath or convert our master bath into a laundry room. We do not currently use the master bath as anything but a half bath because the shower is tiny and has not been used in more than 15 years (I say this as a petite woman and the previous owners didn't use it either). We could also just put a stackable set into the space of the current shower, but would still need to basically gut the bathroom. We bought the house for $115k four years ago. Would we be tanking our house value to convert our master bath into a laundry room? Just to give you an idea of the house: We have updated the kitchen (all new appliances, flooring, counters) and replaced flooring in the living room, hallway, and both bedrooms. New furnace and gas insert into fireplace. Installed new light fixtures in every room and added a privacy fence (we have almost an acre of property). We are in an established neighborhood of similar brick 1950s brick ranch homes, some 3+2 or 3+1. The closest brick 2+2 down the street just sold recently for $162k with more sq ft but similar enough to our house. It had a dedicated laundry area though. When we sell we'd like to get $135k+ because we've put so much into it. Thoughts? [link] [comments] |
| Is there any way to rent out an FHA home before one year? Posted: 03 Jan 2021 09:44 AM PST I'm thinking of doing a BRRRR with an FHA loan in Florida this summer. Is there anyway I can make it my primary residence for a shorter amount of time (2-3 months) or if I rented an apartment while leaving it as my primary residence for a year somehow? [link] [comments] |
| Posted: 03 Jan 2021 09:03 AM PST Random question but....if the home seller pays out their realtor and the buyer's realtor fees, is it not a conflict of interest for the buyer's realtor? Wouldn't they be incentivized to close at a higher price and not get the buyer the best/lowest deal if they are getting a percentage of the home sale? [link] [comments] |
| How do I find out who the fence in between my neighbors and I belongs to? Posted: 03 Jan 2021 08:57 AM PST I recently bought a home (2 weeks ago) and there's a brick fence in between our home that separates our patio and property lines. I want to make this fence bigger because my neighbors have a lot to trash I do not want to see, their trash is overflowing and they put trash in the recycle which is also overflowing. I can see it when I open my windows and people have mistaken it for my trash! "You should push your trash down" ugh, that's not mine. Ive thought about planting tall plants but the space is small so the plants would have to be super slim so one of the best options is to build the fence taller. Were willing to buy the brick and do the labor. I haven't asked them if it's ok with them because we've started off in a bad hand and I want to first find out who the fence belongs to if I can make changes without asking them. Is this something I can find somewhere? [link] [comments] |
| Purchasing and selling a home at same time. Posted: 03 Jan 2021 08:54 AM PST In the location my home is in, it is a seller's market right now. Homes are selling within days. So I want to find a new home, make an offer contingent upon mine selling, and then list my home. My questions are: will I need to be pre-approved for the new home before making an offer? Will this pre-approval take in to account my current mortgage? Because I want to find a home that is bigger for my family, we've currently outgrown our home. If it includes my current mortgage in my debt, the amount will be significantly less than I need for a new home. I am wanting to take a significant portion of the amount I will take home after paying the remaining mortgage and pay off my remaining debts (car, credit cards, student loans, etc.) And then a what's left over will be the new down payment. If I were to make an offer and then sell my home, will the bank take into consideration that I will no longer carry that debt on my current home? [link] [comments] |
| Creative ways to get approved for a mortgage with a Foreclosure under my belt? Posted: 03 Jan 2021 07:59 AM PST Hey all. My apologies if this is the incorrect sub to post this, but figured i'd start here. And excuse my lingo as i'm not too verse in the real estate world. To start, my wife and I are looking to sell our primary residence and look to move into another house. In talking with some lenders and real estate folks, with me having a foreclosure under my belt, we can't use my salary numbers for buying power and thus, have to work strictly with hers. She makes considerably less than I do so that limits us. I was told that my numbers could start being used after 3 years of a foreclosure (I always thought it was 7) but that the interest would be higher or what not. My question is, are there any creative ways to possibly figure in my salary into our buying power without having to get a much worse interest rate? I'm sure this differs from state to state potentially, so for what it's worth, this would be for Pennsylvania. Thanks. [link] [comments] |
| Questions about Legal, Non-Conforming Duplexes, Triplexes, etc. Posted: 03 Jan 2021 07:37 AM PST In the process of buying a non-conforming triplex in an R2 zone with the intentions of living in one unit and renting the other two out. For those of you in this subreddit that have gone through this process:
[link] [comments] |
| Should I invest in real estate by using my cash (savings) or by taking a loan? Posted: 03 Jan 2021 07:14 AM PST We're having a huge debate with our close friends: I would like to invest and buy property to rent it out (through airbnb or other). Some tell me to invest by purchasing a property by taking a loan, while others tell me I should you my own cash. Who can give me great advice to which one of the two is more interesting??? Thanks! [link] [comments] |
| Things to lookout for with an older property. And did we get a good deal? AL Posted: 03 Jan 2021 06:55 AM PST Just got our offer accepted on a house built in 1978. The house is a total remodeled home with new appliances updated electrical, updated plumbing. crawl space has new vapor barrier and sump pump. It has an in ground pool with new pump and liner. Is there anything I should look out for or ask the inspector about when they come? We were the only offer on the home and the hone was on the market 13 days. Isn't that unheard of in these times? We got accepted 11.5k under asking price. With no concessions. Because we do have to put a refrigerator and microwave in the kitchen. and put a mirror in the bathroom and finish the closets. For right around 200k with a highly rated high school within walking distance is that a good deal? [link] [comments] |
| Listing agent (who is also the seller) lying about competing offers? Posted: 03 Jan 2021 06:41 AM PST So on Thursday my husband and I put in an offer for $700k on a home that was verbally accepted by the seller (who ALSO happens to be the listing agent). However, when we sent the official paperwork over for her to sign, she refused due to "the amount of time it took us/our agent to get it to her"...even though we sent it the NEXT morning. She now claims she received another offer within that timeframe that she is now considering, which I find a little too convenient. After a lot of back and forth with our agent, she told him she would get back to us on Monday to let us know if our offer is still accepted. I should note that the house has been sitting on the market for 80 days and was originally listed at $775k, then lowered to $735k on November 9th and still didn't get any offers. She was also VERY set on getting $720k for it when we originally submitted ours for $700, but the comps justified our offer price so she agreed to it. Do you think this woman actually has another offer? Could she be lying about it to get us to come up or using ours to shop around for a better one? I'd think if she had a legitimate offer on the table that was better than ours we'd know by now and she wouldn't be making us wait until Monday... Lastly, is this even ethical? I know a verbal agreement does not hold much weight, but from what I understand this behavior is still pretty frowned upon in real estate. We are pissed. Our agent is pissed. And this all around sucks in general. Oh PS - this agent/owner is also aware that my husband and I are relocating from a different state for his job and that I happen to be 7 months pregnant so we can't play games & need to lock down a house in plenty of time before I'm due. Wondering if she's trying to take advantage of this...and what can we do if that is the case? [link] [comments] |
| Landlord is going to sell the house we are renting from him. Posted: 03 Jan 2021 06:13 AM PST Backstory: our lease is up on June 30, 2021. Our landlord has expressed his desire to put the house we are currently in up for sale on that date. He wants to give us first dibs on purchasing it. The house is almost 20 years old and needs a lot of work and is in a very competitive real estate market (Charlotte, NC area). We are going to have to renovate if we purchase. Should we purchase this and renovate or find a another house that costs what the renovations would be + value of this home? (We would be first time home buyers.) I'm totally clueless as to what to do. Thanks for your help. [link] [comments] |
| Any luck with cold approaches when trying to buy a single family home as a first time home buyer? Posted: 02 Jan 2021 03:37 PM PST I'm looking to buy a small single family house for myself to live in, in a really desirable small town. The houses are in the $100,000 range go fast and are competitive. How much luck would I have if I approached a homeowner and asked if they had any plans of selling? Thanks! [link] [comments] |
| Rodent droppings found on inspection - Sellers not following agreement Posted: 02 Jan 2021 07:03 PM PST I close on a new home on Monday. During the inspection the inspector found what he thinks were rodent droppings in the attic. We asked the seller to have a rodent inspection & control done. They agreed to have it done and provide receipts of it being completed. Our realtor has asked several times since and they haven't provided anything. Wondering what my options are. I know I can always just not sign on Monday but that seems extreme? Can I ask them to give me money instead since they won't have time to get it completed now? Thanks in advance for the advice! [link] [comments] |
| Does an agent have to have an open house BY LAW after adding to MLS? Posted: 02 Jan 2021 01:58 PM PST My neighbor just put a For-Sale sign outside his house and I am interested in buying his house for an upgrade. He told me he was thinking of selling last year, but I wasn't sure if it was the right thing for me to do at the time so I didn't say anything. Anyway, we agreed on a price, he wants to sell it to me, but his real estate agent is telling him that BY LAW he has to do an open house because he already added it to MLS. This would be a couple of weeks away, slow everything down for everyone, and I don't know why, the seller will still pay the agent his commission even though he doesn't have to do any work whatsoever. It sounds like the agent is hoping for some kind of bidding war. I am in NY. Has anyone heard of such a rule? [link] [comments] |
| When in the buying process does paperwork start to get drawn up and finalized? Posted: 02 Jan 2021 11:07 PM PST (Picked Closing Issues, but know it's not a real issue atm. But falls in the realm). So I know I'm going to get a lot of lectures on "just wait", but theoretically, when do papers like the loan (maybe) and deed get finalized and official in the buying/closing process? I'm in the process of getting divorced (California) and I'd like to be able to buy a house as soon as possible once it's final. The clock counting down on the 6 months minimum after him being served would be early June. He's motivated and I'm motivated to finalize it as soon as possible, and my lawyers have even told me they think we can get the financial numbers done earlier than the June date (based on what motivation they've seen in their communication with his lawyer), for what ever that means. I know I don't want to put my name on documents until it can clearly and unequivocally say "Jane doe, a single woman". Given that the market picks up in spring, I'm wondering if I can start the process before the divorce is final (say early May when I'll have a better idea of whether or not early June is going to happen), and have a closing date of something not too long after the expected divorce date. I'm looking in a very specific area (I've been watching the neighborhood over the last 12 months, and houses just don't come up that often, usually go to sale pending in a week and close in like 30-45 days; in my first choice neighborhood, there's been something like 5 homes that were for sale the last 12 months ) so I dont want to miss out. I can offer some sort of daily payment to the seller if the closing gets delayed because the divorce gets delayed. I will also likely buy all cash. So without the lectures, help me understand the timing on this so I might be able to jump on a house if something I want comes on the market? [link] [comments] |
| Refinancing home loan now or wait? Posted: 02 Jan 2021 08:49 PM PST I'm moving interstate at the end of March and I plan to buy a home within the first 3-6 months of moving. I currently own (mortgaged) a home in Melbourne, which I will hold on to as an investment and use some equity to make up part of my deposit on the new home. Should I refinance my exisiting property now to access the equity and hold the cash to top up my deposit or do I wait until I'm ready to buy interstate and do the refinance and new mortgage at the same time? Thanks for reading! [link] [comments] |
| Posted: 03 Jan 2021 01:17 AM PST For the realtors and real estate investors out there, how do you guys keep up with the latest listings on the MLS? Any tools out there or just manually going through them every day? What's your workflow? [link] [comments] |
| Question about possibly buying land off of local school district Posted: 03 Jan 2021 12:57 AM PST I live in Ohio on a half acre lot, and the land behind my property is vacant. It's 33 acres of wooded area and not maintained. After doing some research, I found out the land has been owned by my city's public school district since 1975, and I automatically assumed it was not possible to buy a piece of this land. However, there is a house down the street from my house which looks to have an additional 6 plots of land behind it. This family seems to have bought the 0.5 acres of land behind their home plus 5 half acre plots of land behind 5 of their neighbors' homes, which equals to them owning about 3.5 acres of land. I'm basing all of this information off of a public property search for my county and what I assume are the property lines of each of the other properties around my house. I'm interested in the 0.5 acres directly behind my house. Assuming my neighbor did purchase this land from my city school district, and assuming the city school district will not use this land in the future and are willing to sell, could anyone help me out on what steps I could take to possibly inquire about purchasing some land from the school district (or whoever owns it)? Thanks! [link] [comments] |
| Potentially won't get PMI - loan denial ? Posted: 02 Jan 2021 06:29 PM PST TL;DR: Is it hard to qualify for a PMI? Is there anything I can do to get approved for PMI? It's the last thing needed to close. Hi all, I was told to hop over here with this question. I was supposed to close on my home last week and it got pushed out a few times. The final problem the lender is having is getting a PMI since I put 5% down. I received final approval for my loan, but just need PMI to close. I was told on Thursday that I just need to put into closing costs a payment toward a credit card which is no big deal for me and I said okay. They said I should be closing early next week. Today I received a call from lending saying actually I do not need to make any payments on that card, but that I may get declined coverage from the PMI because my income is in the form of a fellowship + adjunct pay (I'm a PhD student and adjunct prof) and the PMI doesn't like it. They said if the PMI declines me I'll lose the loan. What can I do? I submitted all my proof of employment with the lender and made it to their final approval. Why would a PMI decline me? I'm very confused and stressed about not being able to have my home when I've just made it to the end of such a stressful homebuying journey. [link] [comments] |
| First time home seller. Would like some feedback on two offers FHA vs Conventional Posted: 02 Jan 2021 08:21 PM PST I have two offers on my home that I just put on the market. House was listed for 255,000. Offer 1 - FHA 260,000 wants me to pay 1% of their 3.5% down payment Offer 2 - Conventional 255,000 wants 3% back in closing costs. I have a house built in the 1990s. In overall good condition but I do worry about little spots of exterior wood rot on the patio and settling cracks on the patio. I fear that the FHA inspection people will nitpick and require fixing prior to closing. What are your thoughts and experiences. Thank you! [link] [comments] |
| Posted: 02 Jan 2021 08:17 PM PST I've been researching how USDA Guaranteed Loans calculate the buyer's rental income from a prior property. From what I have read, they take the rental profit/loss. If you are profiting, that is added to your income and the mortgage payment is not added to recurring debts. If you are losing money every month, the difference between the rent and mortgage payment is added to your recurring debts. The property is a duplex, one tenant pays $1200 and the other $1400. The mortgage payment is $1600. I profit $1000 a month before other expenses. I have only owned the property for 1 year now. One requirement I saw, was that you must have the rental income for 2 years. So I'm assuming that will disqualify my profit from the rental property, even though the tenants are in lease agreements. I'm wondering if I am correct in this, or if they will in fact count the income as it will be on my Tax return this year, before applying for the USDA Mortgage? Let's say they do not count the rental income. That's fine. Will they still count the mortgage payment for the rental property against my monthly recurring debt? If they did, that seems it would be extremely unfair as it would be double dipping against me- not counting my income from the property, but then counting the debt from the property. I do meet income qualifications for a USDA Direct Loan in the area I am looking, and it qualifies as rural. [link] [comments] |
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