Real Estate: Closing on My First Home |
- Closing on My First Home
- Don’t be stupid like me
- Ways to make an offer more attractive?
- Identifying heirs to abandoned property.
- Reno before sale?
- Water heater said not to be working during inspection report. Asked seller to replace. They said they would ensure it’s fully functional before closing. Is this a loophole?
- Final walkthrough: Seller woefully unprepared. Closing likely delayed. Questions.
- Mentors for Wholesaling?
- Forebearanvce/deferment for new homeowners?
- first time renter advice
- Bad offer and bad agent
- Why do some real estate agents....have such terrible photos AND list way above market
- Walked away from a home because of unpermitted egress window, 'bedroom' and updated electricals in the basement (MI)
- Tenancy In Common (TIC) unit sale & Property Taxes question
- Subject to specific purchase
- Pros/Cons to buying a manufactured home on permanent foundation
- Swap rights to road easements?
- How often do sellers give seller credit to buyers?
- Unintentional omission on disclosure.
- Short Selling my home, if I move out before it gets approved will it impact the short sale?
- Cancer forced my in-law to selling the house to me and my wife, but we don't know what to do...
- Landlord Selling after Lease Expires
- Selling My Home Lost on What to Do Next (California - LA)
- Buying a ex-display home
- Buying our first home
| Posted: 16 Jan 2021 12:22 AM PST I'm closing on my first home in less then 5 days. It's still too early to jump and cheer but I can't believe that it's happening. It's a small 1bd 1bth but, it's my first home none the less. The sacrifices that it took to get to this point makes it so much sweeter. I feel like an adult. It's a beautiful feeling. [link] [comments] |
| Posted: 15 Jan 2021 11:50 AM PST First time home buyers. Just didn't pay enough attention. We've been under contract on a house since Dec 18, were supposed to close Jan 22 everything has been super smooth, but yesterday the seller enacted the ability to delay closing 4 weeks to finish the estate sale. No one to blame but ourselves, it's written in the addendum to the accepted offer that they can extend closing 4 weeks plain as day. No idea how I missed it. Now we either have to work out an early occupancy agreement (which we have been heavily advised not to do) or pay for an extension on the loan of 0.5%. Just a bummer, but totally our fault. Just another reminder to go over paperwork twice. Thanks for letting me vent. [link] [comments] |
| Ways to make an offer more attractive? Posted: 16 Jan 2021 06:24 AM PST I'm looking for ways that might make an prospective offer more attractive to buyers. I submitted an offer last night on a great home for us. My agent called back almost immediately and said while they offer price wasn't an issue ($30k above asking, 5% down, WELL within my own personal comfort zone), the sellers that had offers that were "up there in price" with over 20% down. I'm not sure if this is a negotiation tactic or posturing, but from what I gather from my agent they are likely only to consider our offer as a backup. It sounds like we have the strongest offer money-wise, but the money down is holding them up (I suppose in case it doesn't appraise). With rates so low, I don't feel comfortable offering 20% down and tying up my money for a down payment in a home, there are better ways to use that money. I have great credit, we aren't contingent on the sale of another home, and we are super flexible with the sellers needs (all of this has been conveyed to the seller). For future offers, is there anything else we can do to make our offer more attractive to the seller? [link] [comments] |
| Identifying heirs to abandoned property. Posted: 16 Jan 2021 06:00 AM PST I am interested in buying an abandoned house in my neighborhood. The owner listed by the city purchased the property in the 1950s and may be deceased. I used one of those people search services to get names and contact information for other former residents but all leads have dried up. What type of professional can I hire for this and what should I expect to pay? [link] [comments] |
| Posted: 16 Jan 2021 09:33 AM PST My wife and I are considering selling our condo in a major market and upgrading for more space. Over the years, we've kept up the place, and renovated both bathrooms within the last 3 years. The kitchen appliances are about 20 years old, the hard wood floors are nice, but they have 20 years of wear, too. I am wondering if before selling, is it recommended to update the kitchen cabinets, appliances and flooring? I am hesitant to put a lot of money into something I wouldn't get to enjoy, but if it would significantly help the sale price, I would happily invest the money. Just looking for some guidance and to learn from the experience of this community where it's best to invest before a sale. Thanks! [link] [comments] |
| Posted: 16 Jan 2021 09:07 AM PST Seller said their previous tenant says there was no issue with the water heater. Seller said they will ensure it's fully functional before closing which is next month. My inspection contingency ends soon. Should I be concerned with the phrasing? Doesn't prior to closing mean my inspection contingency will lapse and be rendered useless? I've asked my agent to confirm what they mean by their work to ensure it's fully functional. From my end I am requesting a verified confirmation from a licensed professional it works. It's been days and the seller agent has not confirmed what their intent / plan is. I have no idea what they mean by ensuring the water water heater is fully functional, if they agree to the verification of the work by a licensed professional (paid by them), or if they will credit. Shouldnt I try to get them to commit their plans more precisely before the inspection contingency lapses. [link] [comments] |
| Final walkthrough: Seller woefully unprepared. Closing likely delayed. Questions. Posted: 16 Jan 2021 08:31 AM PST So I'm supposed to close in four days. Did my walkthrough yesterday and it did not go well. First of all, I have never even met my seller's agent. Only my seller. She was there for the showing inspection and now the walkthrough. People have said that they hate this and now I'm understanding why. After the inspection the seller agreed to fix various issues including the windows. Well when we walked in there was a piece of paper taped where a window should've been. Furthermore there was another window with moisture buildup (she was supposed to remedy broken seals) and she's now saying that this window was not under warranty and that the moisture will subside. Our agreement said that she would fix seals on the windows and she seemed to only care about fixing the ones that were under warranty. Now she was also supposed to vent bathroom exhaust to the exterior. It appears that she vented them towards a vent but they are not actually vented outside. My question is. A) is this normal? B) is there recourse/penalty? I imagine that if I as the buyer had delayed closing there could be penalty for me. C) what action should I take at this point. Thank you. [link] [comments] |
| Posted: 16 Jan 2021 10:20 AM PST Hey everyone. I want to get into real estate investment, starting with wholesaling. While I understand the general concept, I have a lot of questions, and I feel like I need a bit of guidance. If anyone is willing to be a mentor or even just to give me some advice, I would appreciate it greatly. I'm around GTA and Niagara Falls, Ontario. Cheers! [link] [comments] |
| Forebearanvce/deferment for new homeowners? Posted: 16 Jan 2021 10:15 AM PST My s.o. and I are currently shopping for homes and we saw that the new administration plans on extending the moratorium in mortgages through September 30th. We were wondering if this is something we could take advantage of when we purchase a home in the next 60 days or so? We would use the opportunity to pay down student loans if at all possible. [link] [comments] |
| Posted: 16 Jan 2021 10:08 AM PST ok so I am a full time university student, and will be for another 2-3 years. my partner is finishing up uni this summer and will be looking for a full time job. we are both 21, and want to move out of my parents house this year. around september as i'd need to move back to uni anyway which is an hour away (I lived in halls my first year) so we are looking at 1 bedroom flats and not gonna lie they are EXPENSIVE, but we decided it would be more worth it than me moving out in my own and spending that money anyway and then going back and forth to see each other. so really I'm just looking for any kind of advice, we've done lots of research but it's still very new to us, what will we need? references? paperwork? etc. (both of us will be first time renters obviously and we won't have full time jobs only part times to show payslips) should she look for a job first or after we move??? as we've looked at a few places so not sure which to secure first. (we have enough saved up for deposit and a few months rent) also do i have to change hospitals? as i'm getting treatment every two months and i really want to stay at my current hospital, it would be about an hour drive away. so yeah just any advice is welcome or any experiences :) [link] [comments] |
| Posted: 16 Jan 2021 09:50 AM PST We put our house up for sale in October/November 2020 and despite Covid we got several offers and in 3 weeks the house had been taken off the market by the real estate agent. Then a few weeks later turns out the buyer worked at a restaurant and the bank denied his request for a loan. We put the house back on the market to little interest. Is it normal to take a house off the market so quickly? I feel like our real estate agent really dropped the ball. They now want to list it for $20k under the original price. I just think this drastic price drop and the fact it was taken off the market only to be relisted are going to be seen as red flags to future buyers. Im just looking for advice. This is my first time selling a home and im in a different state rn. I dont really trust this RE agent anymore. [link] [comments] |
| Why do some real estate agents....have such terrible photos AND list way above market Posted: 16 Jan 2021 09:48 AM PST This condo went through two price reductions. I also had dismissed it when I first saw it appear. The photos were taken on an iPhone probably and just poorly staged. The unit itself is actually not bad but just terribly marketed. I benefited from its bad marketing since I was able to get a good deal but it befuddles me the seller couldn't tell they weren't well represented.
Now if they took a lot of bad iPhone photos, that can be slightly forgiven if there were a lot of photos of the rooms in different angles but it was mostly one shot of each room. In fact the previous seller's listing had better photos. On top of their terrible photos, they priced it 20k above a recent comp that looked way better and had better appliances/remodeled. [link] [comments] |
| Posted: 16 Jan 2021 09:22 AM PST A week ago we were elated to have our offer accepted for this 4bed/2bath single family home that ticked most of our boxes and was actually move-in ready. The current owners looked like they took really good care of the house which gave us confidence. Post offer-acceptance, we find out the 4th bed which was actually in the basement with an egress window was done without permits (neither City hall, nor city inspector nor state assessor had any record of any permit pulled). When asked, the sellers claim they got most of the work done through contractor friends and they self-installed the egress window, but their buddies did not tell them these works needed permit. But these same sellers had pulled a permit for a fence before all this. How does one have knowledge of pulling permit for a fence or installing an egress window themselves, but no knowledge that an egress window needs a permit? Also, why should we pay for the 4th bed if there is no proof that it is upto code nor has a permit? (Sellers refused to give any info, just wanted the deal done and kept reminding us they had several back up offers) We backed off from the deal last night without waiting for inspection to happen (against out realtor's advice) because we are not really interested in taking such a huge risk no matter what our inspector were to say. Besides we would have lost/spent no money if we backed off now. From previous reddit posts about the complications of unpermitted work that involves anything massive, I have understood that we will face issues when selling this house in the future, along with any insurance claims and if we want to rent this out later on (I don't want to mess with a safety feature like egress window not being upto code nor permitted). Today morning, we woke up with that knot in out stomach disappearing. We have time to find another home, so as one redditor somewhere had commented, Don't take up problems that are not your own. [link] [comments] |
| Tenancy In Common (TIC) unit sale & Property Taxes question Posted: 16 Jan 2021 09:04 AM PST Hi all, hoping some of you have specialized knowledge in this. In California. Let's say you have a a 2-unit (duplex) in a TIC arrangement, each unit is worth $100,000 for $200,000 total for the building. One unit is owned by Jack and the other by Jill. Jack sells his unit for $150,000 to a new owner. Jill stays in her unit. What happens to property taxes in this situation? Because it's a TIC, I'm assuming the entire property gets reassessed, and if so, how is the new value of the total property determined? Obviously half the building was sold for $150,000 so that's half the value right there, but how is the other half or Jill's unit's property value assessed? Am guessing there are at least 3 different possibilities:
Thanks! Any advice is appreciated. [link] [comments] |
| Posted: 16 Jan 2021 05:09 AM PST As a buyer, does this clause make you want to run the other way? Or is this a pretty normal request from seller's? We're listing our home next Friday with this stipulation, and I'm just wondering how buyers will react when seeing that. Thanks! [link] [comments] |
| Pros/Cons to buying a manufactured home on permanent foundation Posted: 16 Jan 2021 08:52 AM PST What are some Pros vs Cons to buying a manufactured home on permanent foundation? It's a 2700-sqft house with 3 Bed/2.5 Bath on a huge lot of land with no other structures. [link] [comments] |
| Swap rights to road easements? Posted: 16 Jan 2021 08:32 AM PST I will attempt to keep this brief. We will of course consult with local attorney, but wanted input before we proceed. We have a friendly relationship with our neighbor. We each have a road easement across our respective lands (imagine a big rectangle containing our two lots with a driveway running through it, connecting two county roads). Each of us can (and often do) use the road within our own land to access our own homes. She has indicated she is planning to sell or walk away from her home. Before she does this, or even if she decides to just sell, can we buy out her easement through our land, and relinquish our own easement that runs through her land? The only hiccups I can think of are: 2) Her mailing address is as if her house were situated on the main county road. Would elimination of the main entry mean her new address would have to change to that of the second county road? [link] [comments] |
| How often do sellers give seller credit to buyers? Posted: 16 Jan 2021 08:10 AM PST First time buyer. I was so close in getting a condo. Initial price $125k, i offered $107k, seller wanted $113k final. I agreed but with 2% or $2500 seller credit. Seller refused. I mean.. I'm not in love with the condo but yes $2k closing cost help would make me stay. Am I nut? So I told my agent ok then let's find another condo. But hes been quiet and not replying my text. I have feeling that he's disappointed? [link] [comments] |
| Unintentional omission on disclosure. Posted: 16 Jan 2021 04:23 AM PST Long story short we are selling a home my wife had purchased before we met. Our mistake was having me fill out the disclosure (due to her heavy work/school schedule) not knowing the complete history of the sewer pipe. Anyway I was aware of a hydro cut and chemical treatment to keep roots out of the pipe but not a hole in the pipe itself. I didn't disclose this because I was unaware and only aware of the other service. So our buyer asked for any receipts for the pipe and we didn't have them, called mr rooter and asked for the receipt to to be sent and lo and behold it says there is a hole. I ask my wife and she says the plumper said the hole is in a spot that it's still functioning as intended and dumping into the sewer properly (said could last a 1 year or 10 he couldn't say). So I am going to send this to our realtor to forward to the buyer. I'm sure this will be an issue as it would be for me and I'm not feeling too great integrity wise omitting this fact. To salvage the sale what would you do? We are willing to offer credits off the sale price. Is there any way you would present this to help regain trust and continue with he sale? [link] [comments] |
| Short Selling my home, if I move out before it gets approved will it impact the short sale? Posted: 16 Jan 2021 08:02 AM PST I just started the short sale process on my home, and I currently live in it. I want to know if me moving out now and renting an apartment would lower the chances of my short sale being approved. [link] [comments] |
| Cancer forced my in-law to selling the house to me and my wife, but we don't know what to do... Posted: 16 Jan 2021 07:58 AM PST So long story short my FIL passed away due to terminal kidney cancer and left MIL with no money at all. She doesn't work and will be leaving from SS back in Puerto Rico where she owns a house. She can't afford this house which owes 193000 and she just wants to sell it to her daughter without gaining anything. House value is probably 220000 so we offered her to sell the house to us at that price but she wants her daughter to at least inherit something from her dad and is not interested in selling it to nobody else either. Would it be better for us to buy the house for 220000 and do a gift of equity or purchase it for what is owed since we don't mind paying the down payment and closing costs? I always plan financially in the long run and want to take as little as debt possible on this loan. We want to take advantage of the historically low interest rates too. Our credit scores are excellent and we plan on living on this house for 10 or 15 years. Thank you Edit: I have enough savings for 20% down payment available + closing cost and still have emergency savings [link] [comments] |
| Landlord Selling after Lease Expires Posted: 16 Jan 2021 07:21 AM PST Have a strange situation happening with my rental. My lease expired December 31. I September, I gave notice of my intent to resign in writing. In the beginning of December, I was told that we would continue our lease agreement in 2021, but wasn't given a new lease to sign. However, the first week of January (after I had paid rent for the month in good faith that a new lease was coming and the holidays had just slowed things down) I was given notice that the landlord was selling, and that there would be a photographer coming to take pictures and the property would be listed as for sale. As a relatively private person I was NOT comfortable with this but allowed the photographer to come. What I'm NOT comfortable with is my apartment being shown to potential buyers in the middle of a pandemic. That being said, as we were not on a lease agreement I gave 30 day notice. Now the landlord is furious saying it's not enough time. I'm assuming they thought I would live here until the unit is sold. Given were in NY, the real estate market is HOT rentals are few and far between. A worse case scenario for me is likely, which is that there are offers in hand the same week the unit is listed for sale. The landlord has my last months rent + security deposit from when I signed the original lease 2 years ago. Can they keep any of this? [link] [comments] |
| Selling My Home Lost on What to Do Next (California - LA) Posted: 16 Jan 2021 07:00 AM PST I just accepted an offer to sell my house in Long Beach. I'm moving due to the increase in housing prices (profit) and I recently started a new job in San Bernardino County so I want to reside closer to my work. I want to purchase my next home as soon as possible. My current plan is to put all my stuff in storage and look for a short term rental. Should I look for a pre-approval loan now or should I wait until I completely sell my house? Would having a short term rental, house in escrow effect the loan amount I would be able to get? Any advice would be greatly appreciated! [link] [comments] |
| Posted: 16 Jan 2021 12:54 AM PST Hi all, currently looking to purchase a house in NSW, Australia. We've seen a really beautiful ex-display home that is so much more than anything else we've seen in our budget. I was wondering if anyone has experience, tips or warnings they could share? It feels a little too good to be true... [link] [comments] |
| Posted: 16 Jan 2021 06:27 AM PST My wife and I finally got approved. She is looking at the upper end of our budget but I'm trying to get out as cheap as possible. I've explained to her the first house isn't our last. I don't want to be stuck with a high mortgage for the next 30 years. The budget I am looking in is about 20-25% of our income, which is actually LESS than we are currently paying for rent. The problem, the market is pretty bare right now and what is there is inflated in price. We were approved for an FHA loan and I'm just wondering what options we have other than just the typical listings at sites like Zillow & Realtor. I have been looking at HUD homes but I don't know what I am looking for in the sense of what will FHA accept? I've read that FHA has requirements on the house for them to approve it, such as bedrooms must have exits other than the door (like windows), everything must be in complete working order (no power or water issues) doors must not be off the hinges or broken, any additions made to the house must have been made with a permit or they have to be torn down, etc We do not mind buying a place that needs some work, but I don't think an FHA loan allows that unless it's just cosmetic work. I feel like these sites are akin to going to a Car dealership to buy a car. They're all very nice looking but your paying too much. [link] [comments] |
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