Real Estate: Reminder to first time buyers and others: have an emergency fund |
- Reminder to first time buyers and others: have an emergency fund
- Horrible buyers
- Properties appraised higher than expected, what's my best option?
- Remodel an older house or buy a newer house?
- First time home buyer, what should I be looking for during showing?
- New Build Townhouse - What options did you wish to have/not have upgraded?
- Seller wants to back out after signed Purchase Agreement
- What are some common homeowner costs that first time buyers may not think about? For example, gardening, life insurance, etc.
- Question on why prices fall after builder stops building/finishes
- Selling this house has been a nightmare
- Convince me not to buy vacant land in LA?
- Real Estate License in NYC
- Doe a builder have to reopen permit to repair extensive damage after final inspection?
- Moving for a year and want to keep our house
- Anyone has experience in the day-to-day practicality of owning a city appartment as well as weekend residence?
- How much does a positive lead disclosure impact selling price?
- I’m inheriting commercial realestate, help?
- Closing Tomorrow and water heater breaker keeps tripping
- Areas with good schools under 325k
- First time buyer was hoping for some advise
- Cash Out Refi for Next Investment Prop. Numbers Make Sense?
- Percentage of earnest money for new construction?
- Thinking about putting in offer on forclosure [GA]
- 203k Renovation Problem
- Kitsap/Seattle area - Is everything going for over asking?
| Reminder to first time buyers and others: have an emergency fund Posted: 11 Jan 2021 07:23 AM PST Got home yesterday, opened the garage door, and water began to pour down the driveway. It was quite impressive. Water heater had died. We were able to get a repair done within a few hours, but it did cost over twice what we had anticipated. Thank goodness we actually had money for this. If we were renting, it would be call the landlord and make them worry about it. More on Americans and their lack of savings: https://www.fool.com/the-ascent/research/average-savings-account-balance/ [link] [comments] |
| Posted: 10 Jan 2021 06:27 PM PST Dealing with the buyers of my home has been a nightmare. They nitpicked every inch of my home and demanded over 30k in repairs. Including asking for all brand new Windows! Basically they wanted a brand new home made from a 20 year old home. We ended up, after over a week of back and forth, settling on 2k of repairs and a credit of 500 towards the windows. They still tried demanding more even after their deal time ran out but my realitor cut them off. Now that this was all on top of the 5k I already gave them for closing! On every single inspection they would demand my pets be out of the house and would run hours past their allocated timeline. I spent hours in a dunkin donut parking lot with my very angry kitties. Every single time they left my doors unlocked when they left! We did a rent back. The only stipulation was that we didn't damage anything from the time they did the closing walkthrough until the time we moved out. We also had to have a professional cleaning service do a move out clean. We moved out a few days ago. Nothing was damaged and I paid almost 500 for a very through move out clean. Today they did their final walk though and complained that they still smelled my cats. They demanded the smell be completely 'neutalized'. They knew we had pets and I did the professional clean they asked for in my contact. I'm not sure what else I can do but now they are demanding my full 1500 security deposit! My opinion is if they didn't want a house with pets then why buy one that had pets? I'm not sure where to go from here. I really don't want to give them any more money at this point! Any advice? [link] [comments] |
| Properties appraised higher than expected, what's my best option? Posted: 11 Jan 2021 06:08 AM PST Both appraisals came back higher than expected:
Short term goal would be to purchase another investment property in 2021 as more opportunities are popping up in my town (North Jersey). Would you HELOC or cash out refi for this? These are my first refi's and HELOCs, just looking to do the correct thing financially. The duplex is the only question mark since I purchased with an FHA loan so there is $350/mo PMI that I'm looking to get rid of. Any advice is appreciated. Thanks. [link] [comments] |
| Remodel an older house or buy a newer house? Posted: 11 Jan 2021 08:28 AM PST I'm new to home buying. Is it more cost effective to buy a cheaper house and remodel it (floors, walls, ceilings, kitchen, bathroom etc) or buy a house that is newer and more modern on arrival? ( [link] [comments] |
| First time home buyer, what should I be looking for during showing? Posted: 10 Jan 2021 11:11 AM PST I am a first time home buyer and have a showing tomorrow. What are some things I should be looking for and questions I should be asking? What are some huge red flags to be aware of? [link] [comments] |
| New Build Townhouse - What options did you wish to have/not have upgraded? Posted: 11 Jan 2021 04:48 AM PST Hi all, New to this subreddit. In a few weeks, I will be going in to pick the options (vinyl, color, splashboard) for a new build townhouse. This is my first time doing so and was wondering if anyone wanted to share what they wished to have or not have upgraded during this process? I know that pricing can vary depending on location and builder, but I just wanted to hear about other people's experiences. Cheers [link] [comments] |
| Seller wants to back out after signed Purchase Agreement Posted: 11 Jan 2021 09:25 AM PST I'll try to keep this short since these types of posts can ramble on. I've read as much as I could. Details:
Seller is requesting to back out of the deal due to multiple excuses:
Some more details:
What I'd like to do:
Ultimately I know that not having a realtor isn't advised, but he didn't want to pay realtor fees and so we proceeded because we loved the house. Sounds like we should lawyer up, but there's still a chance he closes, although small. [link] [comments] |
| Posted: 11 Jan 2021 09:01 AM PST |
| Question on why prices fall after builder stops building/finishes Posted: 11 Jan 2021 08:26 AM PST I live in a home in south florida in a 500 + house community built by Lennar. I was pretty much unhappy with my purchase from day 1. Before I sold, my (new) realtor told me to hold onto the property a little longer and I will probably see a profit. As long as the builder keeps building, the prices will go up, then there is usually a correction. He ended up being right and homes are selling for 15-20% more than they were bought for from the builder, in just 6 months. (even the builder is charging an extra 30-40 K) What I dont understand is the drop after the builder leaves. Once there are no more houses left shouldnt it be priced even higher because the only option you have is from sellers/homeowners who are willing to sell? [link] [comments] |
| Selling this house has been a nightmare Posted: 11 Jan 2021 09:53 AM PST We have been trying to sell our house for awhile about 20 days now but to no success. I have put all new floors in it finished the basement so finally this weekend we got tons of showings and a few offers. First one the lender needed them to do a credit rescore. 2nd one sent an offer we countered for literally only $1000 and now they are getting cold feet. We rejected a few fha loans last week that wanted wayyyy to much off to put in floor on main level. (they took off 30k i got it done for 6) and another FHA offer that wanted me to cover all closing costs. How is this a thing? We are priced under the average for our city in one of the most sought after neighborhoods. The holidays killed early viewings. How do you not have all credit squared away first and how do get cold feet. edit: nothing was wrong with the floors they were just tile not hardwood. [link] [comments] |
| Convince me not to buy vacant land in LA? Posted: 11 Jan 2021 09:52 AM PST I had an idea and I'm too ignorant to tell if it's realistic or not. Give it your worst. I live in a van currently and was surfing real estate sites and was surprised to see vacant lots in and around LA for anywhere from $10-60k. They're mostly small and unbuildable BUT what if I'm not going to build?? Are there any laws preventing you from buying a vacant lot and then just parking your van or even camping (no fires) on it? First thing that comes to my mind is HOAs in fancier areas, I'm sure they don't want to see me chillin next to their million dollar houses haha. Are there any other barriers I should consider? Thanks for humoring me 🙂 [link] [comments] |
| Posted: 11 Jan 2021 09:42 AM PST Hello! I am currently doing research on what it takes to get a real estate license in NYC. It seems fairly easy to obtain a license with 75 hr coursework, passing the final exam and a sponsorship from a brokerage. (Please let me know if there is more to this, this is what I gathered from online course info) I was recently let go of my job as a GIS technician due to covid and am curious about different career paths. I have my bachelors degree in Urban and Regional Planning (graduated 2019) so I am young and inexperienced in terms of professional work experience. However, I'm looking for more information on what a job as a Real Estate Agent entails and if it's worth it in the long run (I'm trying to establish a career path for myself, covid has now interfered with 2 great career opportunities for myself, applying to jobs has been soul crushing as I have a lack of experience in the professional work place). i currently live in NYC, I love this city and am trying to establish myself so I can stay as long as possible. If you have any advice at all about becoming a real estate agent in NYC I would be so grateful for your advice! [link] [comments] |
| Doe a builder have to reopen permit to repair extensive damage after final inspection? Posted: 11 Jan 2021 08:13 AM PST We are under contract to purchase a newly constructed home. After final inspection, and submission of certificate of occupancy a water fixture broke a few days before closing and flooded part of the home. About 75 percent of the flooring and base boards must be replaced, and about 20 percent of the drywall needs to be replaced. All told probably 20-30k in repairs excluding cost of workers. Builder is being very sketchy about insurance and whether a claim will be filed. Does the builder have to reopen the permit to complete the repairs? Including another final inspection by the city?At this point all remedial steps have been taken for repairs and we are satisfied the house can be returned to pre flood condition. This is in Florida, and sale price of between 400-500k. [link] [comments] |
| Moving for a year and want to keep our house Posted: 11 Jan 2021 08:06 AM PST Hello all My husband got a promotional position in WA State. He would like to stay in the position for a year and then work on moving back to NM. We are working on moving out of our house and moving to an apartment in WA. Would it make sense to try and rent our large house and about an acre of workable horse property in NM or should we out right sell? We would love to come back to this house in a year and are having a hard time letting go. Thank you for your expertise! [link] [comments] |
| Posted: 10 Jan 2021 01:45 PM PST So I currently own a fairly nice estate in the countryside, but it is about an hour from my place of work. So I was wondering if anyone has any experience in living in an apartment in the city for the 4 work days and leaving to a weekend house on Friday for the weekend to relax. The commute is about 45 minutes between the two and property taxes in my area are almost nonexistent. I am wondering if it is practical and doable to do so over many years and whether you found there to be something super annoying or hidden about this concept. I find that in theory this is the best of both worlds where you have both city opportunities and fun, while having countryside peace and quiet to rest in, but wanted your input. [link] [comments] |
| How much does a positive lead disclosure impact selling price? Posted: 11 Jan 2021 07:49 AM PST |
| I’m inheriting commercial realestate, help? Posted: 10 Jan 2021 09:01 PM PST Hi, This is my very first post. My father passed recently and I will be inheriting 2 commercial buildings. 3 suites in one building and another 2 in the second. The 3 suites are all rented by one tenant(5 year lease) and the other building's suites are rented by 2 separate small companies. The buildings have zero debt, approx value of 1.7mm and cash flow close to 16k per month. My dad managed everything himself and I feel like I want to do the same. I work a regular job with no realestate experience but I'm a savvy guy. I have some small personal debt and only about 5k cash on hand. What should my next 3 steps be before transferring any assets into my name? [link] [comments] |
| Closing Tomorrow and water heater breaker keeps tripping Posted: 11 Jan 2021 07:34 AM PST Hello, we're selling our home and closing on it tomorrow. We took our last showers in our home yesterday and the tankless water heater breaker started tripping. The same thing happened a few years ago and we just replaced the breaker and it was fine. We're replacing the breaker today and are closing on the house tomorrow. To my knowledge it's just a breaker needing to be replaced but I'm afraid we'll close, they'll move in and it'll trip again and they'll come after me saying I lied or withheld info. Any advice? [link] [comments] |
| Areas with good schools under 325k Posted: 10 Jan 2021 11:34 PM PST Are there any good school districts with houses under 325k out there? I've been looking at Katy Texas but think there are likely other areas to research as well. It can be anywhere in the US not just TX. [link] [comments] |
| First time buyer was hoping for some advise Posted: 11 Jan 2021 06:26 AM PST I'm very new to being able to buy a house and I'm looking to buy my grandma's house which she is selling before she retires and moves back to her home state. The house is going to be around 250k and i really want it so I have a place to live and potentially rent out the extra rooms later on. My income is low i make around 20-24k a year I am able to save atleast half of that in a year. What should I do to be able to obtain the home? Thank you in advance and taking the time to read this. 🙏 [link] [comments] |
| Cash Out Refi for Next Investment Prop. Numbers Make Sense? Posted: 11 Jan 2021 06:04 AM PST I'm thinking about getting a cash refi to purchase an investment property. I'm on the fence and not sure if I should with values and because the HOA has certain rental limitations. Not bad but not great. Rental is limited to 10% of the neighborhood which is fine for now since only 2 rentals out of the new community of 240 units (some SFH, majority townhouse and condo). If I rent the home, I have the right to rent it for 3 years, then if there's a waiting list, I have to be placed on the list if my tenant changes. Take a look at the numbers and let me know if it makes sense to do so. Are there other considerations that I'm missing? Property to Refi Value: $275k Loan Remaining: $114k Mortgage (incl. Escrow): $1200 Rent: $1675 Cash Out Amount: $65k Monthly Payment for Cash Refi: ~$650 Property to Purchase Price: 405k Down: 20% HOA: 225 (landscape, roof, pool, gym, water, trash) Mortgage with Escrow: ~2100 Rent Potential: $2800-3100 [link] [comments] |
| Percentage of earnest money for new construction? Posted: 11 Jan 2021 05:55 AM PST First time home buyer looking at new construction as an option. [link] [comments] |
| Thinking about putting in offer on forclosure [GA] Posted: 11 Jan 2021 05:46 AM PST I'm a little confused about what to offer the bank. The property sold in 2019 for $158k. Went into default in 2020, and the bank purchased it at $104.5k. The bank now has it listed for $169k and it has been listed for ~100 days. Should we offer something between $104-158? Would the bank even consider a lowball offer? [link] [comments] |
| Posted: 10 Jan 2021 07:59 PM PST I recently purchased a house back in June of last year and began starting a 203k FHA homestyle loan. Overall the process hasnt been too bad but I have had a contractor from hell and most recently it has culminated in her installing my cooktop off center between two windows in my kitchen. A little information about my house, as you walk in the door the first room you walk into is the kitchen and the first thing you see when you walk in is the cooktop. It was going to be my centerpiece once I managed to get a nice backsplash etc. Well as you know by now she installed the cooktop 6 inches more to one side than towards the other and her excuse was that due to limitations in cabinetry and wanting to maximize cabinet space they didnt put it center. Well this was never communicated to me and if I hadnt gone to measure for my backsplash I wouldnt have noticed until after I signed paperwork. So I have spent close to 20k on my kitchen. The cabinets are all installed and so is the granite countertop (has been cut for the cooktop) How within my rights is it for me to ask my contractor to fix this mistake as she never informed me of her decision and options for cabinetry were available (smaller cabinet plus spacer)? [link] [comments] |
| Kitsap/Seattle area - Is everything going for over asking? Posted: 10 Jan 2021 08:48 PM PST I'm just curious. I found my dream house and already have a bid in, but was advised by my buyer's agent to put in an escalation contingency for up to 15% of the asking price since there were already 6 other offers. Is this normal for the area? [link] [comments] |
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