Real Estate: Family member willing to sell property to me at a seemingly low price. He's 88 and just wants his property to be cared for when he passes. I'm 21 and have very little know how. |
- Family member willing to sell property to me at a seemingly low price. He's 88 and just wants his property to be cared for when he passes. I'm 21 and have very little know how.
- Normal Number of Walk-Throughs
- [CA] Should we cancel escrow?
- Turning a 3 Bedroom 1 Bath House Into a 2 Bedroom 2 Bath House
- Selling my house - Tips for getting people to know
- How can I eliminate PMI based on the increased market value of our home?
- Use real eastate lawyer, agent or someone else to purchase parents home?! Help!
- 15 vs 30 year mortgage
- Pre-approval process - credit pull
- Refinancing; Should I have someone review the loan docs for me?
- Real Estate Developers... what does your day-to-day look like?
- Buying First Home: 20% down-payment vs 10% down
- Formula to evaluating purchase price
- Buying a second home after inheriting a portion of a house. (U.K. England)
- Inherited house, condo and a chunk of debt, what do I sell?
- (US, CA) Have 100k, put it into Index stocks (SPY) or real estate home in Sacramento?
- [CA] Issues with accepted offer for a home
- House Building on a Single Teacher Salary
- [IN] How to get a Real Estate Loan/HELOC for a house for a business owner who needs low to zero income documentation?
- Is it possible to be licensed as a realtor in two states and work simultaneously between the two states?
- [CA] Advice on Buying A House w/Abandoned Pool
- Renting a house for the first time
- Buying a house with an unpermitted garage conversion
- Appraisal to closing time? Conventional Freddie Mac 30 Year. Self-employed with 8 yrs job history.
| Posted: 06 Jan 2021 08:42 PM PST Alright. This property (built in late 70s) is a 3 bedroom, 2 bathroom house with a "kitchen, dining room, breakfast room, foyer, den, terrace, covered porch, and 2 car garage." It sits on ~3 acres with 2 other buildings/sheds/barns. It is located in a small town near a beautiful lake in the Ohio valley region. I don't understand everything I know about real estate but I get that property value could mean a beautiful house in the wrong neighborhood is worth nothing and vice-versa. Anyways; my uncle is willing to sell the house for $115,000 but I think he still owes maybe $40,000. In my opinion, the property could be sold for at least $200,000. It's beautiful it has a very classic design and the location is pretty good not to mention maybe 20 mins from a beautiful lake; and the land included. I learned of this 6 hours ago and just feel that it could be one of those huge opportunities that you would regret not taking. I would have to move very far from my family, I'd have to transfer jobs, It would be the largest change I have ever gone through but I don't know. I need worst case and best case scenarios. Is there an inheritance tax? Would I have anything else to worry about besides mortgage? I appreciate any help you can give and appreciate your patience with me. Edit: I really appreciate all of the thought and help you all have me. I may make more posts in the future if I do plan to go through with this. I am contacting a realtor in the area tomorrow morning. Again, Thank you all. [link] [comments] |
| Normal Number of Walk-Throughs Posted: 07 Jan 2021 06:02 AM PST We have a signed sales contract with the buyer and a $10,000 deposit was made. We have allowed at least three walk-throughs already. The buyer keeps asking to visit the property again. At this point we are saying no, but offering to do measurements if requested. We don't have a closing date as the buyer's lawyer was not quick to submit the title search report. What is the normal number of times a buyer gets to do a walk-through? [link] [comments] |
| Posted: 06 Jan 2021 08:28 PM PST Hi everyone! My husband and I are selling our condo in the Los Angeles area and accepted an offer mid-November. We took a chance on an offer that was over 10k over the next closest. Buyer waived inspection and appraisal contingencies and provided proof of over 25% down in the bank, 30 day escrow. The catch was the buyer is doing some sort of direct investor loan since he's not a classic W2 employee. As a small business owner I was sympathetic, probably where we first went wrong. Our agent talked to his finance guy who spoke to their lender. Their lender said they've got two different investors ready to go and there shouldn't be a hold up. Even though the buyers waved inspection we decided to give them the previous inspection report with the idea that if they had any issues I'd rather do another showing or reach out to other offers sooner rather than later and if they knew what was on the table before counter offers were accepted we could avoid haggling later on. Offer was accepted and 5 day investigation began 11/13. There was a note in the original inspection that called out possible termite damage and we allowed them to bring an termite inspector (didn't come till 11/19 but whatever). Appraiser didn't get scheduled until 12/2, one day before the appraisal/loan contingency removal was supposed to take place. We give it a few days for the appraisal to come back. We are being told the loan approval is due any day. Now it's the 8th and we are packing up to move out on the 12th so we have some time to get the place professionally cleaned after we move out. Everyday we are being told "any day now", "we are waiting for this document", "we are waiting for the underwriter to review the document". Eventually we made the tough decision to move across the state before we got the loan contingency removed. On 12/15 our agent escalated the case to the loan officers manager who said they'd have the loan approval that day. Meanwhile our agent prepared the notice to perform. Loan contingency was finally removed 12/17. Then 12/21 they are supposed to receive CDs to sign to start the 3day review period, let's just say after hounding them constantly they didn't sign the CDs until the 30th and they have yet to sign the loan docs. Last week we submitted a notice to close and a notice to release funds and are just about out of patience. We are now looking at paying rent and another month's mortgage and my husband is pissed enough to cancel the sale and go after the escrow funds. Our agent is just about ready to submit a complaint about the agent and lender. TL;DR Would you cancel escrow that's 3+ weeks past original close date because you don't trust the buyer's agent or lender to give you accurate information/timelines? Would it be bad karma or reasonable? Thanks for taking the time to read this, any advice would be appreciated. [link] [comments] |
| Turning a 3 Bedroom 1 Bath House Into a 2 Bedroom 2 Bath House Posted: 07 Jan 2021 04:42 AM PST I have a 3 bed 1 bath house. Right now I need to add a walk in shower for my elderly mother. Removing the tub from the House leaves it with no tub. Would it be a good Idea to covert a small 3rd bedroom into a 2nd bath? [link] [comments] |
| Selling my house - Tips for getting people to know Posted: 07 Jan 2021 05:50 AM PST Hello I live in Mexico on one of the best areas so the market for my house is very low their aren't much people who I can offer this place to. Were can I make advertisement or how to do I clients to show up and see my house? [link] [comments] |
| How can I eliminate PMI based on the increased market value of our home? Posted: 07 Jan 2021 09:53 AM PST This is a combination of posts I made on r/personalfinance . Someone suggested you may be the group with better insight. I live in the tri-state NY metro area. Home values have skyrocketed this year. Homes, including those in my in my own neighborhood, are sold quickly, often over asking and with multiple bids. Nothing is on the market longer than a day or two and people are literally bidding up to $50k over asking. It's a shoving match right now and my spouse and I want to be able to take advantage of the market but I have some challenges. We bought our home 2 years ago. We put down 10% and are paying PMI. Since we moved in, we've made some small aesthetic changes, redid the driveway, replaced the septic system, boiler and furnace but nothing earth shattering. My spouse and I considered selling but the reality is, we would just be put into the same pen with others looking for a home in our area. Our kids are school aged and we're involved in the community- so moving far is not an option we'd like to entertain. I was laid off in the early days of COVID (after 20+ years - given a fair package) and took the opportunity to stay at home with the kids while school was remote (and I do not regret it). Looking for a job now but husband is the only one with an income (solid and steady). Because of this I do not see refinancing as an option. I contacted my lender to see if the home can be re-appraised for the purposes of eliminating the PMI. I was told that two things:
Woe is me but both of these seems like just moving the goal posts - albeit I don't really understand #1. Can I take advantage of the real estate bubble in regard to my current mortgage in any viable way? [link] [comments] |
| Use real eastate lawyer, agent or someone else to purchase parents home?! Help! Posted: 07 Jan 2021 09:53 AM PST Hello, I am starting the process of purchasing my parents home in LA area. I am already preapproved through Veterans United. The house purchase will be about 10% less than appraisal so there is no negotiating or other items of concern. Does anyone know a local cheap real estate lawyer to assist with the process or should I use a real estate agent at say 1% of purchase price? Any advice or tips are welcome, thank you. [link] [comments] |
| Posted: 07 Jan 2021 09:32 AM PST Looking at refinancing to get a much better rate and running the numbers it appears that the increase in principal paydown (and lower rate) of a 15 year mortgage retains DRAMATICALLY more value than a 30 year mortgage. For example if you're probably going to sell in a handful of years, you might pay slightly higher payment on a 15 year mortgage but you're keeping more of that money in the form of equity, to the point where it makes total sense. Is this true? I read a lot of stuff about "just invest the money because the interest rate is so low" etc, which seems to be quite a crock now that I'm looking at a spreadsheet... [link] [comments] |
| Pre-approval process - credit pull Posted: 07 Jan 2021 09:25 AM PST Hey guys, quick question on the pre-approval process and the credit pull. Wife and I are first time home buyers. In terms of getting pre-approved I have read anywhere that getting one is enough to getting multiple to see what other lenders can give you. Also a bit confused on the shopping around once my offer is accepted (if I want to). I have decided on three places to get pre-approved from.
[link] [comments] |
| Refinancing; Should I have someone review the loan docs for me? Posted: 07 Jan 2021 09:11 AM PST I'm refinancing my house. The new loan is at 3.25%, the current/original loan is 4.25%. Friends and family have all recommended I have an attorney review my final loan documents for me prior to closing. This sounded like a good idea to me. I've contacted three separate local real estate attorneys/firms that would seem to offer this type of service according to their websites, but none of them seem to want to assist with this. This has made me wonder if having an attorney review refinance documents is a normal thing, or if I'm asking someone to do something that isn't typical. I'm hoping someone can lend some guidance to me on this, as I don't have a ton of experience with real estate, or refinancing. I'm located in the Clarksville, TN area. Thanks! [link] [comments] |
| Real Estate Developers... what does your day-to-day look like? Posted: 07 Jan 2021 08:34 AM PST Hi friends, I'm entering real estate development from an architecture background, and was curious how does your day-to-day tasks look like? Are you more often looking for sites, financial modeling, meeting investors? This is assuming you work at a company and do not own your company. Thank you! [link] [comments] |
| Buying First Home: 20% down-payment vs 10% down Posted: 06 Jan 2021 09:56 PM PST Hi, We are preparing to buy our first home. I wanted some advice on the down payment amount/percentage. but bit confused on the down payment. Average home price where we are looking at is $1M (Bay Area, CA). Currently due to pandemic mortgage interest rates are quire low (2.7-2.8% range). We are thinking to make 10% down and get the loan. Some of my friends said, it is better to make 20% down in order to get best interest rete and avoid PMI. If we pay 20% down, we will not have 6 months worth mortgage amounts saved in our account. So I was thinking if it would be good idea to take 80% main loan and 10% additional loan on high rate and try to repay that that quickly? Currently, it seems market is hot for real estate and labeled as seller's market. There are anticipation that market will see bit of correction, but predicting the time is very difficult. If our approach (80% regular loan + 10% high rate loan) sounds okay, we can start the process. Any thoughts on this regard would be greatly appreciated. [link] [comments] |
| Formula to evaluating purchase price Posted: 07 Jan 2021 07:50 AM PST I'm considering a house for investment. The current owner has provided a P&L for the property that shows a 5.5k profit per year. I know there's a million factors to consider, but based on profit alone what (ballpark price) would you pay for this house? [link] [comments] |
| Buying a second home after inheriting a portion of a house. (U.K. England) Posted: 07 Jan 2021 03:49 AM PST So, I was wondering if anyone could clarify something / knows where to find some information relating to second home tax....here is the info...
I have read online that one might be exempt from second home tax if the portion of the inherited property is less than 50% (which it is) and if the home was inherited within the last 36 months (which it has been). I have read this online but I can't find any solid information from a trusted site (like the government website or something official) Does anyone know if second home tax has some exceptions when the individual has recently inherited a property and owns only part of the property (less than 50%) alternatively what if I were to put myself as a trustee of the house? Would that avoid second home stamp duty if I were to buy my own home? [link] [comments] |
| Inherited house, condo and a chunk of debt, what do I sell? Posted: 07 Jan 2021 07:09 AM PST In January last year my mother passed away leaving me to inherit both the house that she lived in and I continue to live in as well as a condo that is rented out roughly an hour away from the house. Besides the real estate I also unfortunately inherited the mortgages on both properties. As I am still a college student and barely able to pay off both properties with my current income I decided that I will sell one of the properties and use the excess money to pay off the mortgage on the other property as well as all the other debt I inherited. The condo: Built in 2001 into two new floors that were added onto a building originally built in 1903. Features two balconies, 1 bathroom, 1 bedroom and a massive main hallway that doubles as a living room that also has a kitchen built in. The size is roughly 85sqm . As I said the condo is in almost pristine condition. The condo is situated in the city of Kassel, Germany. The house: Built my my grandfather as a prefab in 1968. The estate itself is rather massive, literally a small forest in the middle of town with a size of around 1800 square meters. The house itself is in need of several larger renovations, the one bathroom that is used as such needs to be completely remodeled and the house facade needs to be redone as well as additional insulation added. Besides that there's hundreds of smaller things that need to be done, the inside of the roof, which acts as an attic, needs to be insulated, several rooms need to be repainted etc. I don't have an exact figure on the size but the house features 2 bathrooms, one of which is actually modeled as such with other one acting as a laundry room and 6 additional rooms outside of the main hallway and boiler room. There's also a garage next to the house. The house and surrounding estate is in a more rural area roughly an hour south of Kassel, where the condo is. What makes the decision hard for me are several factors. For one I don't know the cost and effort associated with the renovations on the house, on the other hand the house features several amenities and way more space than the condo. Both the house and the condo have almost the exact same selling price at around 145k euros each. Unfortunately I also inherited the mortgages for both properties, 10k on the house, 90k on the condo as well as around 10k of other debt non real estate related. Just from the way I described the situation, which one would you decide to sell? I am rather pressed for time at the moment as the current tenant has canceled her lease. A new tenant is already available but if I decide to sell the house and move into the condo then I of course couldn't just kick out the tenant 3 months into the new lease. [link] [comments] |
| (US, CA) Have 100k, put it into Index stocks (SPY) or real estate home in Sacramento? Posted: 07 Jan 2021 12:27 AM PST So I have 100k and my grandparents who have dealt with real estate (made money buying, cleaning, fixing, and reselling houses) for a long time advised me to buy a house in Sacramento, California with a down payment for 100k and a longterm mortgage for 300k. Monthly payments should be $600 for property tax and $600 for mortgage and plan to leash the home to a family for around 2.5-3k a month. That way the money from the lease can be used to pay off the property tax and mortgage and still have money left over as the property increases in value. Compared to putting the 100k in SPY stocks longterm investing and leaving it alone. Which do you guys recommend? They told me real estate is much safer too. Mortgage cosign, etc other stuff is assumed to be taken care of and my grandparents / parents would be dealing with the landlord side of things, but Personally I prefer SPY since it sounds like similar returns for much less hassle, but any opinions? [link] [comments] |
| [CA] Issues with accepted offer for a home Posted: 06 Jan 2021 09:52 PM PST Hi folks, we have an interesting situation and wanted to get some input. We had our offer accepted (no contingencies to stay competitive) for a home and are in the process of getting the loan approved. In the home appraisal by the lender, we noticed that the living area was being underestimated a bit more than 10% (few hundred sq ft) less than what the house was listed for (and what the property assessment shows in Disclosures). The garage space was converted into a unpermitted living area and it looks like the County incorrectly assessed this unpermitted living area as part of the total square footage (and also listed as having the garage as well even though it was completely converted). What is our recourse here? We don't want to overpay both in price and property taxes for unpermitted area. We already have submitted our earnest money in escrow. [link] [comments] |
| House Building on a Single Teacher Salary Posted: 07 Jan 2021 03:24 AM PST Hi, everyone! I posted yesterday about feeling unsafe in my current situation, thinking about selling and looking for a change. Everyone's comments were kind and thoughtful, and I so appreciate it. I've never gotten deep into the Reddit rabbit hole, but am definitely going to start with the hopes I can help others, too. I reached out to a licensed contractor who happens to be a fellow teacher. He's built three homes in the past couple of years - two being his own family's. Unlike some of the bigger construction companies in my area, he said that he builds to the owner's needs, wants, and budget. I know he wouldn't take advantage in regard to necessary features or materials, which got me giddy yesterday because I thought, "Could this actually happen?" I'd love any advice as to what you should/need to know when it comes to building a modestly sized (800-1,000 square feet) home. I know building costs are through the roof right now due to the pandemic, but if and when they calm down a bit, I'd love to pursue this as an option. • How do you approach land purchasing if there's not much on the market right now? Look at the county's tax website and send some letters out to large farm owners? • What are some things to keep in mind throughout the lending process? I saw where good credit (680+) and 20% down are typical as well as them being harder to qualify for. Is everything included in a construction loan (land, land preparation, water/electricity hookup and/or well digging, etc.) or does it only include the physical home construction itself? • Where's the best place to look at house plans (houseplans, eplans, etc.)? When it comes to building costs, does square footage mean everything or could that be lowered depending on materials used (cement counters versus granite, real hardwood versus vinyl, etc.)? • What are some non-negotiables when it comes to the build itself? I'm certainly not fancy, nor do I have money to be fancy, but of course I want the house to be efficient in regard to design and sturdy. • What are some simple ways to be frugal during the build and in years to come (energy-efficient options, crawlspace versus slab foundation, etc.)? I've never known anyone close to me to build a house. (I know that may sound wild.) I've never known any acquaintances to build on a modest budget. They've usually been lavish and expensive. This is all brand new to me and any advice or tips are gladly welcomed. Thank you in advance for your time! [link] [comments] |
| Posted: 07 Jan 2021 03:13 AM PST |
| Posted: 07 Jan 2021 02:10 AM PST I am currently working in California. But I would like to also be licensed in either Vegas or Arizona. Honestly, my dream is to have a home over there. And I want to be able to start a life there. But California is where I make most of my income and it's home to my family. I'm stuck not knowing what I should do. Any advice you guys can suggest? Thank you so much [link] [comments] |
| [CA] Advice on Buying A House w/Abandoned Pool Posted: 06 Jan 2021 10:21 PM PST Hi Reddit Real Estate! I am close to securing a SFH purchase, which is habitable but needs significant renovation. The big question mark about the property is that there is a large empty pool in part of the backyard that could either be filled or repaired. Both the pool options are costly, whichever direction we decide to move forward. Our thoughts would be to table the decision on the pool, chip away at the higher priority renovation projects and probably around a year from now decide the fate of the pool. Hoping to get some feedback on experiences leaving a pool empty for an extended period of time. Any hidden costs to be aware of, issues securing homeowners insurance, etc? Thank you in advance and appreciate the advice! [link] [comments] |
| Renting a house for the first time Posted: 06 Jan 2021 10:11 PM PST Hello I recently purchased a home and I have decided to rent it out to someone, they want to put their company name which they own, a home care company and of course their name on the lease and their two daughters. Is that normal for a residential home? It's gonna be their home and office, there won't be people coming in for services. The house is mortgaged if that matters. Some googling shows them as an agent of the company with their kids as head people. Also they do have another address with their company name. FL [link] [comments] |
| Buying a house with an unpermitted garage conversion Posted: 06 Jan 2021 10:00 PM PST Hi folks, I am a prospective first time home buyer in Los Angeles looking for advice about buying a house with an unpermitted garage conversion. The house was last accessed as a 3/2 with roughly 1300 sqft and listed as a 3/2 with 1650 sqft. The seller disclosed that the attached garage was converted to a bedroom without permit and an existing bedroom was converted to a den/family room area by blowing out walls near the kitchen. I understand that if I were to purchase this house I would then be on the hook for any issues that arise with the unpermitted space and I assume that I have the option to take the risk of ignoring it and hoping for no issues or trying to retroactively get it permitted. My main concern is that I am interested in doing some small renovations myself and I'm concerned that it would open a can of worms if I try to play by the rules. What sorts of things should I do even before entering in a contract to see if this is worth pursuing? Or is this a stay away type of situation? How likely am I to encounter unpermitted work in the older homes in the LA area? Is this something I should expect to have to bite the bullet on eventually? If not this house than maybe the next? Thanks for any advice. [link] [comments] |
| Appraisal to closing time? Conventional Freddie Mac 30 Year. Self-employed with 8 yrs job history. Posted: 06 Jan 2021 09:59 PM PST DTI is 23% home / 33% total debt. I've made increasing gross income since I started my business. I was pre-approved and provided current 2020 P&L, December bank statements, etc.. No concessions after inspection. Appraisal report finished yesterday. House appraised exactly at value. Loan send into underwriting today. Whatcha think? [link] [comments] |
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