Real Estate: Move-in fee |
- Move-in fee
- Flipping an inherited property? Advice.
- Can we discuss how quickly homes are selling.
- We are selling our home and the company that’s buying it will be paying via wire transfer so it would have to go into my account. I split everything 50/50 with my wife so my question is would I have to pay taxes on that money if I transferred her half? Or is that easily explained when doing taxes?
- best book to study for texas real estate exam?
- No cost refinance vs lower rate.
- Fort Lauderdale/Miami Housing Market?
- Part-time brokers, need advice
- Question re: builder
- Thoughts about Cast-Iron Pipes and Slab Foundations...
- Borrower beware of Better.com
- Talk me out of buying a home
- Appraisal Time Frame
- Conflict of interest
- I recently fell victim to a scam involving a “real estate internship.” Are there grounds to report this guy to his broker and the real estate commission in my state? What should I do?
- Received Commitment Letter before Appraisal?
- Signing with an agent and came across this line in their contract: " Buyer shall pay Broker, as Broker’s compensation, a commission of $499.00, PLUS 2.7 % of 0.00 the selling price or $0 whichever is greater, when Buyer closes the Purchase." Could someone explain this to me? $500 brokerage fee?
- No PMI on my mortgage loan?
- Question About "72 Hour Clause"
- What to do if house is listed by same agency as your buyers agent
- Land Contract Sale/Transfer Possibilities
- Closed today on our first SFH!
- Any advice??
- Legal Fee for Syndication
| Posted: 01 Feb 2021 07:28 PM PST I'm living in Oklahoma but I have to move to Miami in 2 months approximately. I'm looking for houses to rent but I've faced with a "move-in dollar" fee. The value is very high, more than 3 month rents. I'm looking for house of $2700 / month and move-in fee is $8k approximately. I've searched and seems to be a NON-REFUNDABLE fee. Is is correct? I can't believe. [link] [comments] |
| Flipping an inherited property? Advice. Posted: 02 Feb 2021 09:00 AM PST I'll try to be brief. My aunt inherited a house from her father in law. She and my uncle live out of state and currently the property is just sitting there. Her FIL did not take care of it and it needs to be gutted. No mortgage just neglected. She has offered it to me to live in if I want but it's kind of far from where I need to be and it's probably a health hazard besides. My bf and I are thinking of buying it and flipping it or going in with them to flip it. Aunt has expressed that she doesn't know what to do with it. I am leaning towards going in with them in order to reduce friction/take on less financial burden since we are young and this would be our first. Bf wants to buy it from them so there's less fingers in the pot (both from a design/working perspective as well as profits). I'm just curious on if we go in with them how we would split the profit since they would probably fund the renovation but we'd be doing all the work and selling it as well as the fact that none of us purchased the property in the first place. Any advice/clarity would be greatly appreciated. [link] [comments] |
| Can we discuss how quickly homes are selling. Posted: 02 Feb 2021 10:45 AM PST First time home buyer here. Been on market for a few months. Every house being listed is literally contingent within minutes of posting it for sale. I have submitted about 40 offers for asking price and all of them have been rejected due to the house being contingent in as little as 45 minutes to same day as it went on market. [link] [comments] |
| Posted: 02 Feb 2021 07:42 AM PST |
| best book to study for texas real estate exam? Posted: 02 Feb 2021 09:52 AM PST |
| No cost refinance vs lower rate. Posted: 02 Feb 2021 09:51 AM PST We have 3% high balance loan with ~$140 monthly PMI. Looks like PMI costs went down, so by refinancing we could save $50-70 only on PMI. There are 3 refinance options right now: 2.875% high balance with $2800 lenders credit minus closing costs, so we get $1000-500 after paying closing costs. Saving $~130 month. 2.625% high balance no points, $1700-2300 closing costs. Saving ~$200 a month. 2.5% conforming loan, no points. We would have to pay $1700-2300 closing costs and pay off $14000 balance to get to conforming loan limits. Saving ~$300 month. Would you get free refi, paid or pay off some balance to get the best rate? [link] [comments] |
| Fort Lauderdale/Miami Housing Market? Posted: 02 Feb 2021 07:21 AM PST I'm looking to potentially buy a house in the Fort Lauderdale/Miami area. I am moving there for a new job and expect to live there for 4-6 years, so I feel that this would be a great investment opportunity. Background: I'm 27, I have about 25k saved for a housing down payment, I have a 6-mo emergency fund, I make 90k/yr (expected to increase), and the apartments I have found in the Fort Lauderdale/Miami area are at least $1400/mo for a 1 bedroom x 1 bathroom, and with that kind of rent, I figure why not just buy a townhome, rent out half of it, and gain from the property appreciation in the long run. However, I am weary of COVID causing another housing market crash. Should I wait it out a bit longer to see if I can score a foreclosure deal? Any general advice based on my situation? What tools can I use for market research? E.g. How do I find out if a school district is good or not? Also, what are general first time home buying tips / things to look out for? Obviously I'm a noob to housing! 😅 [link] [comments] |
| Part-time brokers, need advice Posted: 02 Feb 2021 09:11 AM PST Hi there, I am a 27 y/o working a stressful job in finance. I'm not stimulated with my work environment and I'm considering getting my brokers license for part time work. I'd love to test the waters and possibly transition to full time (if I find myself in a good place), however I am considering the part-time route because I want to be able to purchase properties with my W2 income. My moms brokerage is pretty top notch in the community. I have bought/renovated/rented/and sold property and have a network with people in the field - mortgage brokers, attorneys, inspectors, landlords, contractors, etc. Anyways my mom is trying to convince me to get my license and work part time (nights and weekends). She offered to develop a "partnership" and split commissions as well as hand her book of business to me when she retires in ~4 years. I live on the other side of the city however, but they list properties up here as well as list rental units so I anticipate working on those deals. Additionally my friends and folks in the younger network are beginning to look for homes/condos and new rental units in the area of the city I live. I am devoted to buying real estate investments now and in the future. It would be great to have access to the MLS. I spend a lot of time reading about real estate, investment strategies, podcasts, etc and plan on house-hacking my next deal. Those of you who work part time. How is it? What fees should I look out for? Do you find it rewarding working part time as opposed to full time? How much time does it take to be "successful"? Would appreciate any folks describing their part time journey and how it's panned out! [link] [comments] |
| Posted: 02 Feb 2021 08:48 AM PST Hello! Been looking for a house the past 4 months and my realtor sent me an interesting listing off of MLS in a neighborhood we are interested in. The listing was for a 1.5M single story house with permits and plans for a new house to build a 2 story house at same location. When asked, the owner is a builder who said he can build the house (total 3500 sqft) for another 900k. While the price per sq ft all said and done is competitive in the area we are unlikely to bite because I'm concerned of all the variables here (quality of work, completion date, actual cost of build). Also noticed he purchased the house on 8/20 for 1.2M and now is selling for 1.5M with plans and permits which he's applied for but hasnt been approved by the city. Is 300k fair for what's been done so far? [link] [comments] |
| Thoughts about Cast-Iron Pipes and Slab Foundations... Posted: 02 Feb 2021 06:20 AM PST Most of the houses in my area in our price range are 1960-1970 homes with slab foundations and old cast iron pipes. Seems like at some point I would have to foot the bill to re-pipe the house if I were to buy one, since the cast iron is at the end of its life expectancy by now. And since we are dealing with slab foundations, I'd expect that it would cost a pretty penny. Should this be a deal breaker? Is it as big of a deal as I'm thinking? Or am I making too much out of it? [link] [comments] |
| Posted: 01 Feb 2021 01:18 PM PST I wanted to provide a personal experience and review of using Better Mortgage (better.com) as my lender on a 30-year fixed conventional loan. I turned to reddit and other sources for reviews of Better before locking my rate, and everything I read was positive, so hopefully this review helps others who may soon be in my spot. Topline takeaways below - it's not all roses. I am currently in the underwriting phase of the loan, and the inspection/negotiation phase of my contract, and will update this post as I continue to navigate the process through to closing (hopefully on time).
Happy to answer any particular questions anyone has. I'll also be happy to update this as I go. Happy home shopping and selling out there - and to all you buyers and refinancers: best of luck with your lender experience. UPDATE: I nudged via email again today to get more information about the revised/increased MI premium noted in #4 above. They said that they think part of my income (rental income from an investment property) is not being counted but are not sure why - either it is not eligible or it is not viewed as necessary to get my base income high enough to qualify. Both sound like BS to me (I've been claiming the rental income on my taxes for four years). [link] [comments] |
| Posted: 02 Feb 2021 08:22 AM PST I don't particularly need to buy a house; don't have a family to put a roof over their heads. However, I am extremely bearish on the dollar. I think you just can't print this stuff like monopoly money and get away with it. Housing prices in the past few months seem to confirm my suspicion. Assuming I'm right about the upcoming inflation. Why shouldn't I find a home in a low tax area, go deep into debt with a big (but affordable) mortgage, and at worst sit on the property for a few years? Does anyone have a better way to taking advantage of the tax advantages of real estate and it's hedge against inflation? . [link] [comments] |
| Posted: 02 Feb 2021 08:09 AM PST FTHB here: The Appraisal was ordered 1/27 and the appraiser will be walking through the property today. How long should you expect to wait for the appraisal report to come back? [link] [comments] |
| Posted: 02 Feb 2021 08:04 AM PST Hey guys and gals, Just wondering if there is any conflict of interest in being a real estate agent and running a construction company. Also any tips? [link] [comments] |
| Posted: 01 Feb 2021 09:39 PM PST In December, I applied for an unpaid real estate internship position. The posting for the role was titled "Keller Williams Office Assistant/Real estate internship". I interviewed with the agent and he said he would let me know about my schedule/responsibilities closer to the starting date in January. No red flags yet. After starting, I find that the work is not really for Keller Williams. It was basically grunt work/data entry done via a shared google drive with 40-50 other "interns."Turns out this man is trying to create his own online real estate course, and is tricking people into working for his personal business by plagiarizing information from other online courses and adapting it into his course content. On his course's site, it explicitly says at the bottom: " ——— real estate school is in no way affiliated with Keller Williams." So the posting was a lie. The only form of compensation for the internship was free access to his course (so you could get your real estate license). The funny thing about this is that the course is not accredited in our state - confirmed through the real estate commission boards website. In addition to this, anyone can go to his shitty website, and get the course material for free (because it's worthless). He's claiming the course is "pre-approved" even though I know they are not complete based on the amount of work that was left. I guess what I'm ultimately asking is: (1) Is this behavior a breach of contract with Keller Williams? - it seems like tarnishing the brand name through a scummy operation like this would be prohibited. (2) Is this behavior something I can report to the real estate commission in my state? I wasted 5 days working for this douche, and I know there are going to be more people that fall for this guy's scam. I would like to help put a stop to it so no one else has their time wasted/gets their hopes up. I couldn't think of a better place to ask this question, let me know if somewhere else would be better suited. [link] [comments] |
| Received Commitment Letter before Appraisal? Posted: 02 Feb 2021 10:39 AM PST How can my mortgage loan get approved and a commitment letter issued with an appraisal contingency if the appraisal hasn't been completed yet? The commitment letter says that the appraisal was received but has not been processed by underwriting. My gut tells me not to sign the letter until I get the numbers back from underwriting. Has anyone else had this happen? [link] [comments] |
| Posted: 02 Feb 2021 10:38 AM PST |
| Posted: 02 Feb 2021 10:22 AM PST I just got preapproved for a mortgage loan and my lender told me it includes no down payment and no PMI. I asked how is that possible and she said because "your credit score is amazing and fits one of our packages". Will they just build the PMI into the interest on the loan or do you not have to pay PMI with a excellent credit score? [link] [comments] |
| Question About "72 Hour Clause" Posted: 02 Feb 2021 09:44 AM PST Thanks ahead of time for any opinions, advice, or comments. Situation is this: I made an offer on a house that already had an offer with contingency (buyer to sell home before buying) with a 72 Hour Kickout Clause in place. Seller accepted my offer as backup. 72 hours later, my realtor has yet to receive any information, update, or paperwork concerning the 72 hour clause, status of the prior contract/contingency, or really, any information at all. Because the other realtor won't even provide the documentation concerning the clause, time/stipulations/etc. are unknown. My realtor is of the opinion that the intent of the seller's realtor is to simply ignore our secondary contract and the 72 hour clause in order to keep the contingent contract "in-house". Advice on the next step? Again, thanks ahead of time. [link] [comments] |
| What to do if house is listed by same agency as your buyers agent Posted: 02 Feb 2021 09:10 AM PST Hello, I'm looking to buy a house and have a realtor and all that. We've been doing showings and everything. A new house popped up on zillow and I asked him to schedule a showing. I then noticed and confirmed with him that his agency is the one that listed the property. I figure the viewing is free. There's no commitment to viewing. However, if I like the house and want to move forward, what is the protocol here? I have no reason not to trust the guy and he's been great at all the houses we've been to telling me what's good, what's bad, whether he thinks a house is worth the price or not, etc. However, I feel in a transaction of this size, I should have someone looking out exclusively for my interest. Am I incorrect? How do I handle this? Just be like "hey, you've been great, but in this situation I want to have another realtor work as my agent?" [link] [comments] |
| Land Contract Sale/Transfer Possibilities Posted: 02 Feb 2021 08:42 AM PST I have a situation before me that is a little strange, and I was wondering if there is anything that can be done outside of the norm. I do have a realtor btw, just wanted to ask the general question to get some more info before speaking with them We are shopping for a house. My wife's coworker's parents are currently on a land contract in a house that they are no longer able to afford payments on due to unexpected medical costs (original sale price was $275k, 14 months ago). We very much like the house and would like to buy it. Currently, they are going to leave next month, and, as they will have technically broke the land contract terms, end up with nothing. Is there any way that we can help them close out the contract and then turn around and purchase the house from them? Any weird in-between where they can convert the LC to a mortgage and then have us purchase from them immediately, something like that? We have around $200k cash that we can throw around temporarily, but would like to have a traditional mortgage in the end. We will likely pursue purchasing the house no matter what, even if it is from the current owner (who we know is looking to sell the house). We would just like to purchase from my wife's coworker's parents if at all possible to help them out (and potentially get a bit of a deal perhaps). Just wondering if there's anything like this that could be done (or if there are rules against this sort of thing), and what steps would be involved in doing so. I realize the specifics of the land contract may dictate what can happen, but, thought I'd ask if there might be an overriding option where it wouldn't matter. Thanks! [link] [comments] |
| Closed today on our first SFH! Posted: 01 Feb 2021 03:35 PM PST We've owned a condo, but closed today on our first single family. Been waiting to post until done since I found so many other timelines helpful! As a ymmv warning, Realtor said it was the easier transaction he has ever seen, and I feel like we got very lucky in many respects. The sellers seemed like truly nice people. It felt so much easier than my prior real estate transactions, and seems atypical for the current market environment. 12/23: Submitted materials for preapproval. 12/24: Lender asks for HOA invoice on current condo. This is the only thing the lender followed up about. 12/28: Finalized decision we wanted to buy a home in the Coachella Valley. Requirements were no HOA, 0.25-0.5 acre lot, single level, at least 2000 sq feet, pool/room for one, at least 3 BR, at least 2 BR, 2 car garage, central AC/heat, not on a busy road. We narrowed down to 3 specific neighborhoods we wanted to live in. There was very low inventory - there were five homes on the market that met our requirements. 12/29: Saw 3 homes - one was already under contract by the time we got there. Did not like other two. 12/30: Saw 2 more homes. One had a very odd layout. Liked the other quite well. 12/31: Made offer on house we liked in the afternoon, about 25k below listing (745k)/no contingencies waived/30 day close, offered accepted same day. Used a prequal, but provided proof of income and funds. Realtor says this is a common practice in the area, and sellers often go for it. 1/4: Wired earnest money. 1/6: Inspection day. Did very complete set of inspections (general, pest, sewer scope, tree/arborist, chimney, pool). 1/11: Submitted repair request - minor things. GFCIs, double tapping, leaking sprinkler head, missing CO detector, replacement of pool filter cartridges. Accepted same day, except cartridges cleaned rather than replaced. Seller also sent us a list of their current service providers (gardener, pool guy, etc) so we could contact them if we wanted to stick with them. 1/12: Got our underwritten preapproval certificate. A bit out of order here, but knew our loan would be OK even with another mortgage on the books and no W2 income (we're 1099 earners, fun). 1/13: Got a quote we liked for homeowner's insurance from our current provider, put them in touch with escrow. 1/15: Removed inspection contingency. Learned appraiser had already come, and appraisal was more than purchase price. Removed appraisal contingency. 1/21: Lender confirmed full approval; removed financing contingency. 1/30: Final walkthrough/re-inspection. One sprinkler is still leaking - will be repaired. Homeowners had house deep-cleaned, and left a "care package" with paint samples for paint identification and touch ups, manuals for all appliances etc., and original blueprints for the house/records of all renovations. And a thoughtful note welcoming us to our home. 2/1: Close! Wired remaining funds. Opted for 10% down since I worked with a lender that has no PMI with at least 10 down, and interest rates are so low the money can do better elsewhere. Also homeowner's insurance person did an exterior view of the home in person. Edit to add a few deets. [link] [comments] |
| Posted: 02 Feb 2021 06:44 AM PST I've just gotten into my real estate career and i'm having a hard time finding my first sale. As discouraging as it is seeing my peers excel past me with their sales, I'm still very determined to find my first sale. But does anyone have any tips, any help would be greatly appreciated!! [link] [comments] |
| Posted: 02 Feb 2021 05:06 AM PST |
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