Real Estate: Real Estate listing should start including available internet options and speeds |
- Real Estate listing should start including available internet options and speeds
- Lost my childhood home to a misinterpreted escalation clause..
- (PA) I want to write my buyers a letter with home maintenance tips. Am I opening myself up to liability?
- Under contract to sell condo in Chicago!
- Our agent lied to us
- A Construction company wants to buy our land for building Condos.
- Buying land
- (AZ) Landlord thinks I killed his dog and is withholding my security deposit from me.
- Does having 20% down change your interest rate?
- What are my chances of getting a mortgage having been out of college for less than 2 years?
- Invest, Pay off mortgage or both?
- (WI) Selling a rental home for the first time, wiring questions?
- Low down payment offers not competitive?
- Potential Problems Buying My Grandma's House?
- Sell of a house - Finance Question
- What's the sign of a bad (buyer's) agent? This was the most recent, but I wanted to back out of a purchase agreement after an inspection, and she was still trying to get me to go through with it.
- Gifted 3 properties from estate - need advice
- Buying without a realtor
- What happens to trendy neighborhood price values over the long term, 10-15 years after the hype?
- Self employed prepping for first time home buyer
- Refinancing to get rid of PMI?
- Waiving Inspections
- Can I arrange viewings directly with listing agent, without my realtor present?
| Real Estate listing should start including available internet options and speeds Posted: 13 Jan 2021 08:09 AM PST If work from home options are becoming motivators for buyers to move into new homes then the agents should be able to list the available internet options. Fiber optic internet that offers high upload speeds will be increasingly important for work from home buyers and this data should be included in listing going forward. [link] [comments] |
| Lost my childhood home to a misinterpreted escalation clause.. Posted: 12 Jan 2021 08:06 PM PST I'm incredibly frustrated and the worst part is there's nothing I can do about it. My childhood home went on the market last week which is a place I always wanted to move back to as an adult, if possible. It's a beautiful, quaint log cabin in the woods in Maine that myself and my family are incredibly fond of. I moved to it when I was seven years old and it was in my family until two years ago when my father ended up selling it. I unfortunately wasn't in a financial position to purchase it when my dad was ready to move out. Anyway, it came on the market last week and I knew I had to get it back. It's list price was $360k so we decided to put in an offer at asking price, with an escalation clause of up to $401k. We figured escalating over the $400k mark would give us a really good chance as the listing broker mentioned they were expecting only four other offers. This morning we get the email that the seller has accepted another offer. Damn. That sucks. Someone else must have really wanted it and offered more than $401k. That was the most we could possibly afford so if someone else offered more then so be it. We contact the listing broker to find out where the weak link in our deal was and how far off we were to getting it. He lets us know the winning bid was $390k. Hold on. We had an escalation to $401k, we should have automatically topped that. Turns out there were two offers that included escalations, ours and the winning bidder. We come to find out that the winning bidder had an escalation of $5k capping at $390k. Our offer had an escalation of $1k, with a cap at $401k. The third best offer was $385k. The listing broker, in his mind, looked at the $385k offer and our two escalation increments and assumed that the increment of $5k beat the increment of $1k, therefore he presented the seller the offer of $390k, at the other buyers cap, as the highest bidder. What he didn't realize is that since our escalation went to $401k, we should have automatically topped that offer at $391k. What the fuck. We called him and he apologizes mentioning how confusing escalation caluses can be and how he won't be accepting any in future deals. Thanks dude. We had sent the seller a letter about our history with the house and to our knowledge they had wanted to go with us, but the way it was presented, they were told our highest and best offer came in at $386k, $4k less than the winning bidder. Which was obviously incorrect. If this was any other house or we had simply been outbid, I could accept it more easily and move on. The fact that it's my childhood home that my parents had done so much work to, and I lost it because of the incompetence of the listing broker is just unbelieveably infuriating. We had the fucking highest offer. I cannot get over how frustrating this is. Now we are sitting with a signed backup offer at $391k, which is what our winning escalation should have been. Our only chance is if the current deal somehow falls through. I don't know what to do. I know I need to get over it and move on but it's just so goddamn frustrating to lose it because of this brokers misinterpretation. How unlucky? 99 out of 100 brokers wouldn't make this mistake. Fuck me. [link] [comments] |
| Posted: 13 Jan 2021 05:01 AM PST Just wanted to see if this was one of those "good idea, bad in reality" deals. The buyers are first-time homeowners. We have some finnicky water filters in the house, for example, and I thought I could save them some of the "welcome to homeownership hassle". It feels like a waste to lose the knowledge we've acquired of the home over the years. But I also don't want to do it if this is going to be grounds for them to sue me on should issues come up down the road. Have you had any experience with this? [link] [comments] |
| Under contract to sell condo in Chicago! Posted: 12 Jan 2021 01:15 PM PST This sub had me majorly stressed that we were never going to be able to sell our vintage Chicago condo ($400k, 3BD/2BA with no parking and a monthly $452 HOA). We went on the market right after Thanksgiving and didn't hear a word. Suddenly after New Years we had showing requests like crazy and got a full price offer! Buyer is pre-approved for a conventional loan with 20% down. I am infinitely relieved and to the other folks out there... the condo market isn't dead. I think with a vaccine in sight people are ready to return to cities, start taking public transit, and begin returning to real life. [link] [comments] |
| Posted: 13 Jan 2021 09:15 AM PST We recently purchased a custom home that was built in an established neighborhood that is known for having high levels of radon due to its proximity to Lake Erie. Before purchasing the home we asked the real estate agent whether a radon test was performed on the property. She said yes and a radon mitigation system was installed by the builder. Before purchasing the home we had a general inspection done and the inspector indicated that he didn't see any mitigation system on the property. After purchasing the home we submitted for a radon test through the county where We discovered there were high levels of radon particularly in the basement where our children play and there was no visible evidence of a mitigation system ever installed. Is there anything we can do to hold the realtor accountable for the false statements told to us by our agent? [link] [comments] |
| A Construction company wants to buy our land for building Condos. Posted: 13 Jan 2021 01:24 AM PST My parents purchased 10 acres of land 25 years ago. It's been lying vacant all these years. Even though we got many offers from different commercial real estate developers, we never acted on it because the land sits in a prime residential area. 2 months ago, a very well known construction company reached out to us. They want to purchase our land (entire 10 acres) for building high rise condos. They are offering to pay half in cash, and give us a few condos to cover the other half. We are strongly considering selling it off because the land rates have reached stagnant levels, so there's no point in waiting for a better offer. The entire deal is worth moderate-mid 8 figures. I personally feel we can make money off of our lands if we invest and build some residential apartments and lease it out. Advice? [link] [comments] |
| Posted: 13 Jan 2021 09:45 AM PST Hi! Hoping someone will have advice on this. We would like to purchase land to start a small farm. We plan to build a pole barn house to live in. How would we go about getting a loan for the land and pole barn house? We have a current VA loan for our current home. Could we have more than one mortgage loan at a time until we sell this house? We want it sold ASAP. We're in Virginia if that makes a difference. Thanks! [link] [comments] |
| (AZ) Landlord thinks I killed his dog and is withholding my security deposit from me. Posted: 12 Jan 2021 04:13 PM PST I recently moved out from a duplex in Arizona that I had been renting since July of 2018. My landlord and his wife and dog had been living in the unit next door. I have two dogs and am very dog friendly and know how to take care of dogs. However, I'm not a fan that my landlord put me in the predicament to look after his dog while his pregnant wife gave labor to his son. It was very uncomfortable for us and extremely unfortunate that my neighbors dog passed away a handful of days after we returned the dog to him once he and his wife got home. While the dog was alive and at the vet, my landlord had asked me if I had anything to do with why his dog was suddenly going through kidney failure and dying. I have a history of receiving the full security deposit back from places that I've rented so it came at me as a surprise when he told me there was over $1,050 worth of charges from a $1,550 security deposit that he was withholding. I hate that I was ever put into the position to look after his dog to begin with and feel like these exorbitant charges are because of personal feelings he has against me and my wife for thinking we had something to do with his dogs death. I am trying to follow the example from NOLO.com for security deposit cases in small claims court. However, I don't know which laws in Arizona to refer to regarding this notice. Any help would be greatly appreciated! [link] [comments] |
| Does having 20% down change your interest rate? Posted: 13 Jan 2021 09:28 AM PST Title. Have the opportunity to be gifted enough to make 20% but unsure about accepting such a large amount of money. We'd otherwise have 15% for the house we're looking at with a comfortable amount left over. Would having 20% down improve our rate at all? [link] [comments] |
| What are my chances of getting a mortgage having been out of college for less than 2 years? Posted: 13 Jan 2021 09:24 AM PST I got my degree in May 2019 and worked an unrelated job until I got a job in my field just over a year ago. My parents will give me the $20,000 left in my college fund for a down payment, and townhouses in my area go for $150,000+. I also have good-excellent credit since I was 18. Since I have the money for at least a 10% down payment I feel like it might be worth it to buy, but I don't even have two years worth of tax returns that mortgage companies ask for. Can I get a mortgage and is it worth it to buy? [link] [comments] |
| Invest, Pay off mortgage or both? Posted: 13 Jan 2021 08:55 AM PST Hello all! My wife and I are wanting to invest in real estate. We currently have a house with a 15yr mortgage and around 130k for investing in something. Should we pay the 15yr mortgage off and invest in a rental house? Or should we keep the mortgage and buy a couple rental homes? What are the best options here? Thank you all for any input! Much appreciated!! [link] [comments] |
| (WI) Selling a rental home for the first time, wiring questions? Posted: 13 Jan 2021 08:30 AM PST I am selling my rental home and the closing company working the deal has requested I give them wiring instructions if I want the money wired. Selling a rental home to a cash buyer AS-IS. House is being sold for $50K. First question, is wiring the safest place? Should I just get request a check or cashiers check? Or pure cash? If I do choose to receive funds via wiring. What information should I give. Is there anything I need from a tax purpose when selling the rental. First rodeo so unsure what questions to ask. [link] [comments] |
| Low down payment offers not competitive? Posted: 12 Jan 2021 04:47 PM PST Hi all, I'm currently in the market looking to buy a single family home and my agent is telling me that our offer is not competitive vs others because we have low down payment 5% - 10% and that during appraisal step if appraisal comes out where it's valued lower there's a negotiation that happens with the sellers, and they want to avoid all of that... Anyways, I wanted to put in offers at 10% at contract with a clause that says I'll cover the first x% difference in the appraisal difference. Would that be appropriate? I understand every market is different but wanted to hear some feedback from the community. Edit. Wow thank you folks for your responses!! I felt so alone struggling with this and really glad I asked! [link] [comments] |
| Potential Problems Buying My Grandma's House? Posted: 13 Jan 2021 08:19 AM PST My grandma recently passed away and we've been given the opportunity to purchase her house. It's in a hot market, with multiple offers and overbids. The benefit to my grandma's home is that we will only have to pay whatever it is appraised for and don't have to fight the tight housing market. The downside is we cannot negotiate anything. The house is being sold as is. We will be getting many inspections as we can. Are there any common potential problems that I am not aware of? This will be our 2nd home. We are selling our house out of state to buy hers. [link] [comments] |
| Sell of a house - Finance Question Posted: 13 Jan 2021 08:07 AM PST Okay, all, so I know I'm totally going to get roasted on this, but honestly I don't have a clue and need all the assistance I can get. We are currently renting a house from my mother. She has agreed to sell the house in the spring and is gifting us a portion of the sales since we've done all of the renovations and have been renting for several years. She owns the house. We are putting this towards a down payment on another house. Can someone tell me how this works? Let me know if this is better in the personal finance forum. Is it better if she gifts us the deed and we pay her or are there tax implications for her. How long after she sells/closes does it take to get the money? Thank you in advance for your advice and guidance. [link] [comments] |
| Posted: 12 Jan 2021 07:02 PM PST Just a few things off the top of my head:
Now, after going through the inspection and having some reservations about maintenance, sound transfer from neighboring units in a condo, etc, she was still trying to talk me going through with it. I suppose this is understandable/common given the financial stake in the game, but it just felt weird. Can't help but feel the agent isn't looking out for me at the end of the day. [link] [comments] |
| Gifted 3 properties from estate - need advice Posted: 13 Jan 2021 07:45 AM PST So one of the worst events in my life happened recently, my mother passed away. She didn't leave us (myself and 2 sisters) much money, but we did get 3 properties and a parking lot/grass lot. Location: PA, in suburbs. 2 family homes, roughly valued at 80-90k each. One has a mortgage of only 10k remaining and is currently rented. Other home has unknown mortgage (at time of writing this). We have a 4 unit commercial apartment complex(valued at 300k last I know of). The apartment complex is completely paid off, no mortgage. 1 store front (currently vacant) and 3 apartments (all rented out - I'm in one and pay reduced rent). The apartment complex also has a roughly 6 car parking lot attached to it (gravel) and a fairly decent sized lot. I am trying to think of this as a gift, I want to use this to kick start my career in real estate/property flipping. I have a good job, make good money and work from home (IT), truly thankful for that. I have family friends in many different fields, including law, electricians/carpenters/handy men (and women). This is not a grief post by any means, but my head is spinning (in terms of these properties)... where do I even start? I'm thinking move home, rent out my apartment and get someone into the store front asap. I pondered the idea of converting the storefront into an apartment (could probably get 2 apartments actually) but commercial to residential conversion seems to be a mess. While I'm home, just get my feet wet in some more DIY projects and fix up the house... I want to carry out my mothers passion (she loved DIY/house fixing/flipping ideas and shows and little projects) but she was very comfortable in her life and was working towards retirement. Now it's my turn to take over... Any advice/tips/stories/failures would be appreciated. [link] [comments] |
| Posted: 13 Jan 2021 07:37 AM PST First time home buyer here. I'm not using a realtor nor is the seller. I've already got my finances in order, pre approved for the amount I wish to spend, I have a real estate lawyer I'm going to use, but how do I go about making an offer? The seller is a family friend that I've known my whole life, not a stranger. Do I offer an amount contingent upon appraisal amount and and discrepancies found in home inspection? (House has not been appraised or inspected yet). What should I include in the contract to give to the lending company? [link] [comments] |
| What happens to trendy neighborhood price values over the long term, 10-15 years after the hype? Posted: 13 Jan 2021 07:37 AM PST As I have entered into the world of real estate (past 5 years), one thing that I've began to notice is the excitement that can go into micro real estate markets - specifically how it can decouple from the greater market. If an area is up & coming, trendy, and generally attractive, property values climb at a higher rate compared to the greater area. As well, a properties average time on market tends to decrease due to the hype. However, what are the longer term implications of buying into a trendy, up and coming part of a city? I am aware that if you purchase prior to the $ influx, you can realize substantial gains. That said, what typically happens 10-15 years after buying into a trendy neighborhood? Are the gains usually maintained, or does the trendy area eventually correct to meet the market average? I ask because I bought into a very trendy neighborhood at the start of a huge climb. It is currently maintained as an investment. I want to know if I should target selling in the next 3-5 years, or hold for a greater period of time. [link] [comments] |
| Self employed prepping for first time home buyer Posted: 13 Jan 2021 07:01 AM PST It's frustrating that a house payment in Portland would be significantly less than a rental payment. So I'm looking to do everything I can to be a home buyer ASAP. Currently have 20k saved up but don't have a significant stable money history. I have a toolkit of skills, and my last business was rendered inoperable due to covid. The homes I'm looking at are in the Sub 100k range. I just can't stand burning 1k+ every month when I could be accruing 500$ in equity every month. I'm not sure what to do or how to set myself up to getting a house as soon as possible. My credit score is also 790-800 depending on the day. I've never missed a payment since I was 18. [link] [comments] |
| Refinancing to get rid of PMI? Posted: 13 Jan 2021 06:35 AM PST My current lender drops off PMI once the loan reached 80% of the original loan value. However, the actual property value has increased to the point where the current loan value is 80% of the property value. Is it a smart idea to try and find a different lender to refinance my mortgage without PMI, or is it not possible/worth the hassle? I currently have a 3.89% fixed interest rate on a 30(29 now) year loan. [link] [comments] |
| Posted: 13 Jan 2021 04:57 AM PST Long story short. My husband and I found our dream home yesterday. It was absolutely perfect for us and very rare in our area. We needed to put in an offer last night, so we did. We are first time home buyers and this was our first offer we ever made on a house. There were two offers on the house, us and someone else. We were the highest bidder! However, the other offer waived inspections. So they did not accept our offer they accepted the other offer. We tried to counter and waive inspections but the other people were already told they got the house. We are completely bummed and nervous we will not find anything else like that in a long time. My question is, is everyone waiving inspections right now. I know the market is hot but how normal is this right now? If my husband and I ever find another house we like should we waive inspections? We just don't want to feel this defeat again. Background information: my husband is a contractor and can see most problems in homes. Our realtor told us that it just wasn't wise to waive inspections. If we could go back in time we would have waived inspections 😞 Thoughts? [link] [comments] |
| Can I arrange viewings directly with listing agent, without my realtor present? Posted: 13 Jan 2021 04:28 AM PST Apologies if this has been asked before, but could not find it on first glance. We are looking into buying our first investment property in Ontario. My realtor is a friend who would be helping us to make an offer, foregoing their commission. Because they're helping us out for free, I was curious if we could reduce the workload required. Would it be possible for me to arrange with the listing agent directly to see a property? Then, when the time comes to make a formal offer, we can get our realtor involved? Thank you! [link] [comments] |
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