Real Estate: Waiving an inspection is stupid |
- Waiving an inspection is stupid
- Mistake to buy a stale listing in a hot market?
- Buying property with a friend
- Thoughts on 3 floor detached home?
- When to tell landlord you're moving.
- I bought my first house six months ago. Should I hire a CPA to do my taxes?
- How is the real estate market in areas of the US with decreasing populations [example: Chicago suburbs]? Are there any parts of the country where the market is more balanced?
- How does extending the closing date affect closing costs?
- Help?
- Back Out of Sale
- Offer accepted four days ago and house is still not shown as contingent
- Feedback on my AI land search tool
- Unrecorded Deed: Title Company never submitted information?
- How can I find end date for Mello-Roos?
- Does this mean the condo is warrantable?
- Title Insurance Agent or Real Estate Agent?
- Refinancing instead of buying
- Is there a way to confirm a tenant has been paying rent before you buy a property?
- I haven’t signed a buyer agreement, can I use a different buyer agent than my listen agent ?
- I feel less pressure about buying my first house because I can always rent it out if payments get exhausting. Am I missing something?
- Detached Condo vs. SFH (Los Angeles)
- Anyone have any experience and knowledge around being pre-approved for a second time? Does it come with a big credit score hit? We do not plan on using any of our savings or making any big purchases.
- Condos in Trump Tower
- Possible to get a VA loan with a < 12 month primary residency requirement?
- What happens to the condo owners and residents when the area is in gentrification?
| Waiving an inspection is stupid Posted: 18 Jan 2021 01:38 PM PST This market is ridiculous enough as it is but people are making it worse by waiving inspections. I've lost on five offers so far since November of 2020 and I've been beaten out by offers with no inspections every time. I got a pre inspection done on a flipped house that was for sale for $500k in my desired area and the crawl space was the worst that the home inspection crew has ever seen. Leaky plumbing and leaky sewage line created a stream of water that flowed into the back yard. Structural support is wet, rotted, and was cut into in order to add additional plumbing. Uneven stacks of wood jammed under a support beam to hold it up. It was a disaster. Electrical work is sketchy and wired wrong and it all has to be redone. My agent didn't even want us to put an offer in and the inspection crew didn't even want to finish the rest of the house. This was flip that cut a lot of corners and hid a lot of problems. My agent said it will cost around $50-100k to fix everything So now, some poor soul is going to put in an offer with the inspection waived and have no idea about the problems that are about to hit them. People are way too desperate right now to get into a house and it's going bite them in the ass in the future [link] [comments] |
| Mistake to buy a stale listing in a hot market? Posted: 19 Jan 2021 08:04 AM PST In my area all the "good" homes are listed on Wednesday/Thursday and pending that weekend. We are just starting our home buying journey so I'm not sure how competitive the bidding wars are, but I've seen houses I liked sell for 5-10K above listing. My dream house has been on the market since the fall. I honestly don't understand what's wrong with it especially given the low inventory in our area. We spent almost an hour looking at it and there were no surprise red flags. It was very well maintained, built in the early 2000s, one owner, and it's an estate sale. There are no disclosures. Would buying this house be a huge mistake? It's a perfect house for us but I'm afraid we will never be able to sell it. It's in a VERY expensive HOA and a high property tax county. (Edit: I'm told $150/month is not that high but it is one of the most expensive HOAs in my area.) So if we have to move suddenly every month it sits unsold would be a huge loss. They listed it way over market value when it was first on the market but after two big price drops it's now in line with similar prices in the community. There was a 1k drop last week to highlight that they removed the ugly wall paper in the kitchen and bathrooms painted the walls white. My hope is that this is why it did not sell already. Things that are "wrong" with the house
None of these are dealbreakers for us. The small lot is a bonus in our minds. I'm just terrified that I'm missing something or we will never be able to sell it. [link] [comments] |
| Posted: 19 Jan 2021 09:33 AM PST Hey guys, just FYI I did search through the sub and found plenty of responses to this type of question. I am posting this because I would like to discuss people's concerns and why they have them. So, I have lived with a good friend of mine for about 4 years with little to no issue. We have split the apartment costs completely down the middle over the years and have never had any dispute regarding money. We are entertaining buying a house so that we can start paying towards equity instead of rent. We live in a metropolitan area and the cost to live in the city in a decent area is too high for one person to afford on their own. While we are both handy people, we do not plan to buy anything that could be considered a fixer-upper and would ideally keep any renovations to a minimum.The goal is to live in the house together and pay down the mortgage for a few years (2-3) then move out and rent the place and go our separate ways living wise. We are both in our late 20's and have steady, reliable income. I know that the gut reaction here is going to say don't do it, but please let me know the problem areas I am not considering. [link] [comments] |
| Thoughts on 3 floor detached home? Posted: 19 Jan 2021 06:09 AM PST I am in the market for a 3-bedroom, new construction home (~$500k) in the greater Denver area. Most new construction around this price are 3 story townhouses, and depending on location, $500k will typically get you a middle unit. End units may add another 50 or 75k to the purchase price. Recently I toured a new construction development in the Arvada/Westminster area that features 3 story houses but they are completely detached (no shared walls). They basically look like townhouses that the builder spaced 7 feet apart from each other. The builder claims this is better because all units get windows on all four sides, though they admit that there is less light on the walls facing adjoining houses. Rendering of the development here: https://imgur.com/Hvjc8Hj There are also benefits to no shared walls: no noise from neighbors and no party wall agreements. There is a master HOA for the community ($85 per month which covers landscaping, trash, snow removal) but because you own the building, you are responsible for the building maintenance, roof repairs, etc. This is the same as any other detached single-family home. This development seems to be a mix of townhouse-style living (3 story floor plan) with some of the benefits of detached single family living (no shared walls). For me, and for what I'm looking for, this seems to strike a good balance. I do not want a typical single family lot with a large yard to maintain, I'm looking for low-maintenance living. Has anyone seen anything like this before? Any thoughts, or things that I should consider other than higher insurance since I'll be responsible for the entire building & roof rather than just the interior as with a condo? [link] [comments] |
| When to tell landlord you're moving. Posted: 19 Jan 2021 07:59 AM PST We've been living in this apartment for 2.5 years. Signed a one year lease and havnt signed anything since so I assume we're on a month to month. I also feel this was safe assume since they automatically take out rent every month and we've had contact with our landlord plenty of times and they've said nothing to us. Our closing date is February 15th. Home inspection is done and now we're waiting on the appraisal. We wanted February to be our last month here but with the closing date being in the middle of the month obviously a 30 day notice is needed therefore if we wait until closing we'd be paying for march too. Is it safe to notify our landlord we're moving before closing or should we just bite the bullet and wait until after closing and pay for March? [link] [comments] |
| I bought my first house six months ago. Should I hire a CPA to do my taxes? Posted: 19 Jan 2021 10:05 AM PST My wife and I bought our first house to live in. We work regular jobs and we get W-2 forms. No side businesses. We made a lot of improvements to the house including new HVAC, new flooring, kitchen and bathroom renovation, and new landscaping. Would we benefit from using a CPA? Or should I just use DIY tax software? [link] [comments] |
| Posted: 19 Jan 2021 08:17 AM PST I know the majority of the country is experiencing a major sellers market currently. I see many posts here from either east/west coast people describing an insane market right now. Are there any areas in the US where the market is less hot, maybe even more balanced? area in particular I'm thinking of is the Chicago suburbs. Starting to look there as a FTHB and am curious what others think. [link] [comments] |
| How does extending the closing date affect closing costs? Posted: 19 Jan 2021 06:55 AM PST I understand the closing costs have some prepaid amounts that you pay during closing. If the closing extensions runs into the next month, how does that affect the amount owed at closing? [link] [comments] |
| Posted: 19 Jan 2021 09:34 AM PST I don't know if the is the right sub, but I desperately need help. I purchased a house back in November, the seller represented himself as the agent, and did not disclose major flooding problems ( hooray! ) now my basement is a water park, and my stuff is ruined and my back yard is a swimming pool daily. I'm trying to get in touch with lawyers but my problem is the real estate agent we used represented me ( the buyer ) and him ( the seller ) without notifying me so no lawyer will take my case because apparently, I have no case. can someone please help me? Where do I go from here? Help! Massachusetts if this helps! Thank you in advance!! [link] [comments] |
| Posted: 19 Jan 2021 08:39 AM PST I have my home up for sale, had the open house, and have accepted an offer. They did pay the earnest deposit money. We just had an inspection and it came back with a few things to fix. Nothing crazy; maybe about 2K in repairs. I'm starting to get cold feet and I'm wondering if selling is the right thing to do right now. Is there any way I can back out of this sale? [link] [comments] |
| Offer accepted four days ago and house is still not shown as contingent Posted: 19 Jan 2021 07:42 AM PST We put an offer on Wednesday and agreed and signed the contract on Friday. The house is still seen as active on Redfin as of this morning (Tuesday). Is it normal? Any reason the seller/seller agent won't flip the sign to contingent? [link] [comments] |
| Feedback on my AI land search tool Posted: 19 Jan 2021 11:00 AM PST Hey guys, My friend and I are building a service to help people build land and rural properties with an AI-based search. We are seeing a lot of traction and would like to continue to improve the tool. I'd love to hear your thoughts on the tool and what you like and dislike about it, especially if you tried to buy land before! Any feedback is greatly appreciated :) Terrascope - https://www.terrascope.io/ [link] [comments] |
| Unrecorded Deed: Title Company never submitted information? Posted: 19 Jan 2021 10:52 AM PST Hi, My wife and I purchased a home and used a title company in 2019. We're currently refinancing and find out our title or deed was never recorded. My understanding is the title company didn't do their job... My questions are: (1) Has anyone experienced this? (2) I'm wondering what recourse I have at this point? I wouldn't mind going after this title company. They are working on correcting it, as I understand, only after Wells Fargo checked in on it. Which could delay the whole process. Thanks for your help! [link] [comments] |
| How can I find end date for Mello-Roos? Posted: 19 Jan 2021 10:48 AM PST I'm looking at listings to potentially buy a first home later this year. This city has Mello-Roos in a certain neighborhood, but not in others. Is there a way for me to find out when the Mello-Roos will end? The effective tax rate is almost 2x so the number of years left would have a large influence on whether or not we would move to that area, or when. (Norco Hills... which is a neighborhood within the city of Norco, CA) [link] [comments] |
| Does this mean the condo is warrantable? Posted: 19 Jan 2021 06:57 AM PST Unfortunately there is a high number of unwarrantable condos in my area so it's been tricky to navigate. Hoping to get some advice. I'm looking at a property and the agent is saying it isn't FHA-approved but conventional loan is fine. I was going to do conventional anyway, but the fact that it isn't FHA-approved has me a little worried about whether or not I will run into trouble if I choose to resell the condo in the far future. They did give me this info: 9 units out of 17 are owner occupied. No units in arrears with dues. HOA is not named in any litigation. No owner over 10% threshold. Is it normal for condos to not be on the approved FHA list but still be warrantable for a conventional loan? Any red flags about this that I should look into? My last offer we made it all the way up to the week of closing before the lender realized the building actually wasn't warrantable (not sure how they missed it) so trying to avoid going through the same situation again. [link] [comments] |
| Title Insurance Agent or Real Estate Agent? Posted: 19 Jan 2021 10:24 AM PST Recently, I wanted to have a third stream of income and I thought about being a real estate agent. I come from a family that flipped houses and rented them out and the appeal has always been amazing.Honestly, binge watching House Hunters helped too. However, I am not sure if I am into hustling for clients. I am not sure if real estate agent profession will work if its like a MLM where I have to find my own clients. Real estate estate classes are $250, 60 HR, and need to pass state test. Last week, I refinanced my house and a title insurance agent came through to notarize my documents. The agent told me its a great part time and it seem more like steady work. I don't know much about the line work because resources are scarce. Classes are $600, 20HR, and need to pass a state test. If it helps, I live in MD but close to DC area. So, please ket me know your thoughts and thank you for your time and help. [link] [comments] |
| Posted: 19 Jan 2021 10:17 AM PST Iam thinking about refinancing to take advantage of lower rate. Now what? Do I approach my current lender who I have had zero problems with, no to mention its a FHA insured loan? is the process the same as it was when i first purchased my home? [link] [comments] |
| Is there a way to confirm a tenant has been paying rent before you buy a property? Posted: 19 Jan 2021 10:17 AM PST Happy Tuesday everyone, First time home buyer here, with all the nightmare stories about people not paying rent, is there a way to tell if the tenants has been paying rent up until the sale? I understand this doesn't mean that they will 💯 pay after they get a diff landlord but it'll be nice to know that the current landlord isn't considering evicting. Cheers! [link] [comments] |
| I haven’t signed a buyer agreement, can I use a different buyer agent than my listen agent ? Posted: 19 Jan 2021 06:19 AM PST I've been working with a listing agent to sell my home and they said that once we enter an agreement on the sale of our house we can go look at homes to buy. For several reasons I would like to use a different agent to buy my home (someone who I know personally that knows the area better). I have only signed a Seller Agreement with my listing agent. How and when should I tell my listing agent that I'd like to work with a different buyer agent? [link] [comments] |
| Posted: 19 Jan 2021 09:59 AM PST I make $50k/year and am looking at buying a house for $270k. Paying $1500/month feels like a lot but it's barely more than rent in the same place as the house is. I can afford the house, but it'll be a little tight. However I don't feel too worried about it because if it gets hard to keep making the payments I can always just move out and rent the house out. A house like the one I'm looking at rents for $2000 to $4000 per month where in the city it's at, well over the monthly mortgage payment. The town it's in is a very popular spot for families and rental homes come and are taken within a week of posting. Is it just this simple, or am I missing something? [link] [comments] |
| Detached Condo vs. SFH (Los Angeles) Posted: 19 Jan 2021 09:58 AM PST Hello! I am looking to sell my Los Angeles condo and purchase another home in Los Angeles. I love the newly constructed homes, but noticed that some are detached condos. What are the pros and cons of a detached condo vs. a regular single family home? Thanks! [link] [comments] |
| Posted: 19 Jan 2021 09:53 AM PST |
| Posted: 19 Jan 2021 09:43 AM PST I'm curious if anyone knows anyone who owns a condo in a Trump Tower or is trying to sell one. What was the motivation for purchasing in that building? Is the resale market totally dead? Do people actually care? [link] [comments] |
| Possible to get a VA loan with a < 12 month primary residency requirement? Posted: 19 Jan 2021 09:35 AM PST My understanding is that the VA does not actually specify how long the home needs to be your primary residence, only that you have to move in within 60 days of it closing; the bank is the one that actually specifies the length of the primary residency requirement. We're considering buying a SFH in the Seattle suburbs or possibly Bellingham this summer. However, my wife's company wants to move us to Vancouver (CAN) at some point this year. It's been in progress for a while but being held up by COVID. What are the chances a bank will reduce the primary residency requirement to 5 or 6 months so that we can rent the place out when we move to Canada? [link] [comments] |
| What happens to the condo owners and residents when the area is in gentrification? Posted: 19 Jan 2021 08:25 AM PST Do they move else where or stay and become a classier cleaner people? Lets say I bought a cheap $60k condo in a slum ghetto. Gentrification and total redevelopment is coming in the hood within 2 years. I know the rent price will increase, what about the condo owners? My building is not fully kept; has graffiti, huge crack in the wall, trash everywhere, rats, broken fence etc. Will I and condo association be forced to pay and fix our own building to "look nice" like the others? [link] [comments] |
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