Real Estate: Renting |
- Renting
- Accepted Offer... Just Kidding!
- Built home during beginning of Covid - UPDATE
- Advice on Selling a Condo From an Estate?
- I’m about to sell my house, and lost!
- Property Appraisal Question
- Inherited a property with an uninhabitable structure. I want to renovate it. Where do I start?
- Buying in ultra competitive market - remodel strategy?
- Maps of properties in forbearance/foreclosure
- FL: Opinions please -- In South East Florida are posted worth it?
- How far away is too far for a lake house?
- Is it okay to work with multiple buyers agents when searching for a home in a multiple areas
- Question about wholesale proposals...
- [NJ] Tenant moved out mid lease and ghosted. How long before I can attempt to find a new tenant?
- Why is a conventional loan more attractable to sellers over fha?
- Divorce home buyout question
- Getting started
- FL: Looking for some advice on which direction to head with my next purchase.
- Renting the second home on our property, risks?
- Should I buy this house?
- Looking for advice as we move forward. Buying a home currently being rebuilt from fire damage from a work friend.
- Close in 17 days, Haven’t heard from the loan officer in about 32, assistant hardly communicates, what do I do?
- Question about retaining walls ..
| Posted: 14 Feb 2021 07:18 AM PST In my market, most homes in the size/location we want are going for $550,000-$650,000 or more. Before COVID, those same houses were $350-$450,000. My market also has cold winters, so an already-depleted inventory situation is almost non-existent right now. The market will likely remain hot thru 2021 by all accounts. I suggested to my buyer's agent that maybe it would make sense to rent for one more year and try buying in 2022 when hopefully there's at least more inventory to choose from. Who knows if prices will be higher, but heck, if I'm going to have to offer way over an already-inflated asking price, and even waive contingencies to win, it ought to be a place I really want. And what are the chances of that when there's no inventory and a huge push for city people to move to my market, fueling insane competition? My agent tells me that I'm wrong, that renting is "throwing money away" and that "everyone knows that". Really? Maybe in 2012, but now it seems to me that the only money being thrown away is all the extra commission baked into the price of the now-inflated house that's 20% higher than 2019, going to the agents for no extra work. Not to mention the house is $200-$300K higher than before (interest rates only matter so much, let's be real here), property taxes are likely going to go way up when municipalities realize they need to raise money and that home values just went thru the roof, and don't forget closing costs, utilities etc. God forbid any of the current economic chickens come home to roost with unemployment, mortgage forbearance, eviction moratorium for landlords, etc. So yeah, keep telling me about how renting is throwing away money. Lol. I know this sub is full of agents who will likely agree with my agent, but I call BS.. [link] [comments] |
| Accepted Offer... Just Kidding! Posted: 13 Feb 2021 03:12 PM PST Just have to vent because I am so frustrated. First time home buyer and already lost out on a few homes. One fell out of escrow yesterday that we really liked. The original buyer found out that you needed to pay $50 a month to park your car out of your garage and decided to walk. We put an offer back in the second it hit the market again. Today our realtor reached out and was told our offer was going to be accepted but we had to wait for the cancellation of the original buyer to go through. We were so excited. 10 minutes later our realtor calls back because the listing agent called him and confused us with someone else. The pure elation turned into pure disappointment. This process has been such a roller coaster. [link] [comments] |
| Built home during beginning of Covid - UPDATE Posted: 13 Feb 2021 07:39 PM PST Here is the original thread: Sales Agent acting in bad faith? : RealEstate (reddit.com) We were kind of put off by the agent, but due to mass panic going on last March and sales drying up almost overnight, what I predicted came true. The builder threw incentives at us left and right, tripled the amount of design money, gave us a lot with zero lot premium (was $10k pre-covid), and gave us around $10k in structural upgrades for free. The neighborhood had 2 entire phases sitting 98% empty and zero sales after covid started Fast forward to today: Neighborhood has been booming for months, and the home we moved into in October for $330k is now selling for $485k. We bought our first home right before the 2008 crash and made a 20% profit when we sold it over a decade later....now we have more equity in our 2nd home than our first home was worth in just 4 months since moving in. [link] [comments] |
| Advice on Selling a Condo From an Estate? Posted: 14 Feb 2021 09:24 AM PST My older brother passed away last June, and Covid stuff has delayed the probate proceedings until just recently, where I finally have the letters I need to act as executor. The condo is his only possession with value and I want to maximize the amount his sole child will receive when his estate is liquidated (i.e., sell condo, pay mortgage and a few remaining debts). The unit is on the tax rolls at around $90K, but it needs quite a bit of work. The buildings in this condo complex had some fairly significant foundation issues over the years, so there are several large and noticeable cracks in the walls in various places. Obviously, I want to get rid of this unit as quickly as I can because I've been paying the mortgage and utilities for over 8 months and am eager to get reimbursed for my expenses in maintaining things. Should I go with a realtor? Sell it directly to a home flipper/investor? This is definitely going to be an investor type sale, given the work needed. I'm in the Dallas/Ft. Worth area, so the market is red hot, especially for low-priced places like this. Anyone had any experience with something like this? [link] [comments] |
| I’m about to sell my house, and lost! Posted: 14 Feb 2021 08:12 AM PST I bought my house 5 years ago and I've been living here ever since. I have never painted or had to repair anything. My only project was that I finished the basement with help from my dad who is a retired construction engineer. The house is currently showing a few issues: paint cracks, wood floor small gaps, etc... what is the best value moving forward to sell the house? Should I hire someone to fix a few things around and then get a realtor to list it? Or just list it as is? Can I hire a professional who can appraise the current value and propose a list of high ROI things to fix before listing? I'm lost! Edit: I'm selling because I'm starting a new job in a different state. I'm in the Detroit suburbs. Edit2: I also just learned about staging, is this a thing people do or is it only for million dollar houses? [link] [comments] |
| Posted: 14 Feb 2021 10:03 AM PST I am in the process of buying a home that used to be an Assisted Living home. It is a raised ranch, with 4 bedrooms, dining room, living room, 2 full bath, storage room on the top floor. The basement is finished with two living rooms, 2 storage rooms, half bath, and an office. The property does have a full fire alarm/ sprinkler system, elevator, big paved driveway and handicapped ramps. It is being sold as a single family home and that is our purpose for it. What are the chances of the Banks Appraisal classifying it as a business property and how would that affect our mortgage and all the work we have done so far? Any help would be appreciated. [link] [comments] |
| Inherited a property with an uninhabitable structure. I want to renovate it. Where do I start? Posted: 14 Feb 2021 09:44 AM PST It's about an 800 sq ft. (1 bed, 1 bath and a loft) on 0.26 acres. I'd like to do a complete renovation using the existing footprint/foundation and structure and update all materials. The design allows me to extend the loft and make 2 bedrooms upstairs. There's no insurance, currently. I'll be hiring a General Contractor. Is there anything I need to do before contacting/hiring the General Contractor or is it their job to walk me through everything? [link] [comments] |
| Buying in ultra competitive market - remodel strategy? Posted: 14 Feb 2021 09:16 AM PST So how does this strategy sound: current Seattle area market homes are selling 15%-20% higher than listing price. So we're searching for homes where we can afford to offer >15% higher than list. Saw a split level home that is on the lower end of our minimum sq ft, needs interior updating but has land in the backyard where we can possibly build an addition. No clue how much it will cost to expand the kitchen and add a room, but the list price seems low enough. Another option is a detached addition or ADU. Is this a good way to go? The hope is competition will be lower due to smaller home and needing updates. Unfortunately all comps are back in August of last year, so hard to know if we will gain back the value of the addition. What else should we be thinking about? [link] [comments] |
| Maps of properties in forbearance/foreclosure Posted: 14 Feb 2021 09:08 AM PST Does anyone have a resource for maps of larger metro areas, and the % of homes in forbearance or foreclosure? I'm trying to see where one metro area (Denver) might stack against others (Nashville, Austin). Google was of no help, but maybe I was searching wrong [link] [comments] |
| FL: Opinions please -- In South East Florida are posted worth it? Posted: 14 Feb 2021 12:43 AM PST Does a pool make or hurt the value of the home in a drastic way? Are homes with pools typically easier or harder to sell? [link] [comments] |
| How far away is too far for a lake house? Posted: 14 Feb 2021 06:02 AM PST I'm looking for a lake house to use most weekends during the warmer months. At first I was limiting my search to within one hour of home, but the prices are crazy high. If I extend that out to two hours, there are lake houses that are much more affordable. Do you think two hours vs one will have a huge effect on how much it gets used? I really prefer one hour or less, but I've talked myself into extending the distance. The alternative is to wait for a good deal around here, but so far I'm striking out. Have you had a weekend home two hours away? How'd you like the drive on Friday after work? Thanks! [link] [comments] |
| Is it okay to work with multiple buyers agents when searching for a home in a multiple areas Posted: 13 Feb 2021 06:25 PM PST Hi, My wife and I are moving from New York City and are looking to buy a home. We have some flex and are open to a few different areas in the tri-state area including the Hudson Valley in NY, Fairfield County in CT, and further along the coast in CT. In researching buyers agents, I've learned it's best to work with someone who specializes in a specific area. I've also learned it's taboo to work with multiple buyers agents. But is it unusual to work with different agents simultaneously if you're open to different towns/cities/regions that are more than, say, 50 miles apart? Will a buyers agent lose interest with you if you're not just focused on their area? Any advice would be appreciated! [link] [comments] |
| Question about wholesale proposals... Posted: 14 Feb 2021 05:07 AM PST I was wondering what you guys use to improve the appeal of real estate wholesale deal proposals that you send out to prospective investors/buyers. I'm familiar with sending out emails with pictures of the property, the breakdown of the numbers/metrics, etc. I may be wrong but I feel like there's room for improvement in my deal proposal process. Any suggestions or tips will be greatly appreciated! [link] [comments] |
| [NJ] Tenant moved out mid lease and ghosted. How long before I can attempt to find a new tenant? Posted: 13 Feb 2021 11:59 AM PST I have a tenant with a year left on their 2 year lease. I believe they moved to another town. They previously asked about breaking the lease early, and I let them know I'd need to start the process to look for a new tenant. I got their last rent check, but then suddenly, radio silence. I went by and saw the place completely empty (open blinds). A neighbor told me they moved a week ago. They have a lease for another year. I haven't entered the property because I don't have emergency reason or permission. If I can get it rented shortly, I don't even care about pursuing them for damage beyond the security deposit, unless it is significant. This is a new one for me, as I'm a single property landlord and have had relatively easy tenants in the past. (This one included until now.) What can my next steps be? [link] [comments] |
| Why is a conventional loan more attractable to sellers over fha? Posted: 13 Feb 2021 08:14 PM PST I currently have a pre-approval for an FHA loan. I have been passed over on a few houses because of it. I spoke to my lender and I was advised that I need to have a 700 credit score to get approval. I currently have a 663 she said they technically could approve me for conventional but my mortgage insurance will be much higher and my pre-approval limit would be much less. Why is it so much more desirable to have conventional? Edit: we are not asking for any seller concessions either! [link] [comments] |
| Posted: 13 Feb 2021 03:40 PM PST Maybe someone here will know... Can my spouse use gift money from their parents to buy me out of our home during divorce? Are there tax implications for me if I take a big chunk of money from them? (Like $100k)? [link] [comments] |
| Posted: 14 Feb 2021 05:54 AM PST I'm going into the navy this summer and was wondering if anyone could help get me started buying rental property [link] [comments] |
| FL: Looking for some advice on which direction to head with my next purchase. Posted: 14 Feb 2021 12:41 AM PST A little back story starting in 2013 I started scooping up rental properties on the south east coast of Florida; more specifically PAlm Beach County. I'm currently living in 1 of my rentals - long story short I bought a property with an empty parcel attached. I've been trying to get them detached to build a custom home but based on my post, it's not going very well. So here's where I am at now, I bought the townhouse I'm in now for $195k as a foreclosure 3 years ago. Put about $45k into it. It's modern and nice but not over the top. Anywho, my agent who I work exclusively with for the purchasing and renting of all of my properties. She said a couple up north would be interested in said condo, cash sight unseen, they pay all closing costs and will split my agents comm with me. There offer was $339,750. Weirdly/oddly specific but cool done no problem. This would net me about $95k give or take. Contracts signed by everyone today, EMD paid into escrow, we close sometime last week of Feb. I also listed 3 days ago another until I have been planning on selling. (This is how the convocation with my realtor and her clients started on this other property). This property I paid $119500k for and have a number or offers already; hovering in the $245k range. - depending on which offer I accept this will net with in the neighborhood of another $100k. So in total Ill have $200k to work with. Also small detail I did most of the rehab work on all my Properties. I'm capable as well having a number of trades contacts. Here's my question; looking for opinions please: I buy a 3/4B 2/3bath -1900-2500 sqr foot possibly with a pool in the same city I live now with a budget of $400k ish. These houses are all in good shape just very dated and 'original. Plan is put $100k down and rehab the house with some most or all of the other $100k 2nd option is put $200k down on a similar 3/4b 3/2bath house with a pool and done up really really really well for $550k-$650k. [link] [comments] |
| Renting the second home on our property, risks? Posted: 14 Feb 2021 12:32 AM PST I live on a three acre property that has two houses, the main house in the back that I live on, and a guest house/inlaw house at the front that pretty much I just spend a little time and money every month for it to be empty. I'd like to use it as a rental, but I'm not sure of the legal risks, or how to figure them out. I realize each state is going to be somewhat different, but is there a general case that might apply to most places? Can I form an LLC, lease the unit to it, have it rent out the guest house, and manage liability through that? Other issues I don't know about? [link] [comments] |
| Posted: 14 Feb 2021 12:25 AM PST I'm 23. I come from south Italy but moved to Germany. Back at home, my Uncle wants to sell my old grandparents house. It's half his and half my mothers. I could get it by paying out my Uncle half, my mother will give me her half for free. I am not planning about living there or ever going back, should I buy the house anyway? It would be very cheap. [link] [comments] |
| Posted: 13 Feb 2021 07:10 PM PST Home is currently down to the framework including the roof. Our real estate agent is amazing, she seems to be covering all the bases even though this a very unique situation. The house is owned by a work friend. The home is down to nothing but the outside frame, roof, and certain inner things. We plan on hiring a structural engineer while the house is open in its current state to inspect it. We will also have the roor inside and out inspected. Our real estate agent is working up contracts to protect us. We're essentially moving forward to close on a home that is being rebuilt due to fire damage. I'm slightly worried about the home being rebuilt by contractors as opposed to builders. I'm actually decent friends with my coworkers daughter, and I know their family. I dont believe we would purposely get screwed, but I just worry about this unique situation. We've bid on 10 homes and been outbid on all of them, so I'm happy to get this home at below market value, especially considering most homes seem be getting bid 10-20k over market/ appraisal value. Edit: Owner Insurance is paying for the rebuild and working with current owner. Current owner is giving us complete say in colors, trim, cabinets, color of wood floor/carpets etc. [link] [comments] |
| Posted: 13 Feb 2021 11:50 AM PST Should I be concerned? The only correspondence I've had is with one of his assistants Thursday this week who said the appraisal had been ordered and came back above purchase price. Problem is, I sent the LO an email 9 days ago and have yet to get a response. I called the branch who said he was "sick," so I called back today and they said oh yeah he's been in this week. Okay so when am I going to find out if the loan was approved or not? I emailed his assistants last Monday and after two days of no reply, called them Wednesday and they acted totally surprised By the call and could only say "well we know you applied." No, really. That was around Jan 3rd. 40+ days have passed. Still don't have any kind of formal loan approval. Is this behavior normal for a US bank in Colorado? I have $8k cash in the deal as EM. Single fam, new build. VA loan no funding fee. [link] [comments] |
| Question about retaining walls .. Posted: 13 Feb 2021 09:50 PM PST Retaining walls. Property I'm looking at sits about three feet lower than the uphill neighbor. Retaining wall is made of railroad ties and is rough shape, visibly. One tie is missing, all are rotten. Who owns this wall? Other side of the property, soil is held up via 2x8 planks, underneath a fence, about 2 feet high. Fence faces away from property. It's been standing for about 30 years and is in surprisingly good shape. Who owns this "wall"? Location is Dallas, TX. Seller is providing a survey... But it says nothing about any of these features. Should I get my own? Does a survey tell who owns these things? Thank you. [link] [comments] |
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