Real Estate: Anyway to find out about neighboring house that sold recently? |
- Anyway to find out about neighboring house that sold recently?
- What happens April 1st eviction moratorium ends? What happens July 1st when the foreclosure moratorium?
- Buying a Condo - Higher Floor or Lower Floor with gym below?
- Running out of time for 1031 exchange
- Looking on advice for house buying - Lynnwood, WA, United States
- Learning the ropes
- Offer accepted
- House Didn’t Appraise
- Property lines are not what I thought when i bought my home in NY. Can I buy my neighbors property.
- Am i beholden to this realtor?
- Buying into an investment property but wont be on deed. What are my options?
- Weird Situation, Taxes/Sales Question (IL)
- Need advice: Septic issue & closing
- 21 Year Old exploring options to finance first home (Seller Financing?)
- Taking school districts into account. (Upstate NY)
- House 200ft from a quarry: big no no?
- How does an appraisal process work?
- Don't forget to account for Mortgage Rate and Inflation adjustment
- The Fixer-Upper Condo or Move-In Ready Condo?
- Outbid again, advice for bidding?
- Toll Brothers / New Construction: Can I really tell my lender to go pound sand?
- How to respond to Realtor?
- Buyers Backed out after Minor Inpsection Issues
- What's the most people paid over appraisal
| Anyway to find out about neighboring house that sold recently? Posted: 15 Mar 2021 08:43 AM PDT Hi Realtors of Reddit. A house next door to me sat vacant for years despite being offered by a good real estate company. It's a really unique home with a large portion of vacant land attached. The land runs behind my property and despite many offers the owner wouldn't sell us the vacant land. There's also an easement or right of way to the vacant land that runs adjacent to my property. I was informed the property was recently sold and it was taken off market. I haven't seen any coming or goings and I'm worried it was sold to a developer. Is there anyway to find out any details about the sale? Could I pay a realtor to find any info out for me? [link] [comments] |
| Posted: 14 Mar 2021 03:57 PM PDT Is there going to be a massive flood of foreclosures/evictions? What does that look like when it ends? Do people immediately get evicted or foreclosed on or is there a several month process? [link] [comments] |
| Buying a Condo - Higher Floor or Lower Floor with gym below? Posted: 15 Mar 2021 06:03 AM PDT I'm looking to buy a condo in NYC and for some reason the price of the higher and lower units are the same (it is only one floor apart). These apartments in question are in a sponsor unit. The lower floor is right above the building's private gym (which I would hope was built with noise insulation in mind) In this case would it be better to purchase the lower unit or higher? They are otherwise identical. My thoughts are the lower unit may hear noise from the gym below, but the higher unit will hear noise from the lower unit once it is filled. Edit: They both have units above them. Thank you! [link] [comments] |
| Running out of time for 1031 exchange Posted: 15 Mar 2021 08:46 AM PDT I did two before in 2017, and it was tight then, days left in one case. But now it's 12 days away and no luck in my area. I started to look at multi family and single family that have sat 3 months hoping to go mutual and found out the hard way why they have sat; the seller and their agent advising them have unreasonable prices and demands (one guy wanted 60k over comps and 5k earnest money to keep as soon as we were mutual 🙄🙄🙄) So I'm tempted to buy in Florida out of state and eat the property management costs. I plan on eventually relocating to FL anyways. It's much less competitive than King, pierce and thurston counties of the Seattle area. Any other options? I don't want to pay 40 to 80k cap gains tax 🙄🙄🙄🙄 [link] [comments] |
| Looking on advice for house buying - Lynnwood, WA, United States Posted: 15 Mar 2021 08:36 AM PDT Hi /r/RealEstate, Crossposting here from /r/personalfinance! My partner and I plan to get married and are starting to look into buying a house due to low interest rates. We are thinking that housing prices will only become more difficult in the near future with land becoming less available and with Biden's homebuyer credit plan of 2021. As such, my partner thinks we can afford a house of up to 820k with a 20%+ down payment, but I am more hesitant as I've read varying values and ratios for determining if one is "house-poor". Financial details as follows:
Any financial suggestions or advice on big expenses to take into account, or thoughts on us being "house-poor" or not, would be greatly appreciated! Thanks for taking the time to read the above! :) [link] [comments] |
| Posted: 15 Mar 2021 08:26 AM PDT Hi everyone, I have a few questions about real estate and how one gets into it. I'm currently a university student in my third year studying something that has nothing to do with business (Engineering). After graduation I'll be working in the industry however I've recently been interested in real estate. Particularly becoming a landlord and renting out properties. So I guess my question is, how does one get into such a venture? Where is a good place to learn the basics for this kind of work? What are the different strategies? What about buying into a franchise and becoming a franchisee? There's so much I don't know and hopefully you all could point me in the right direction on where to go to learn these things. I apologize if these questions come off as ignorant or rather elementary, but you've gotta start somewhere. Thanks [link] [comments] |
| Posted: 14 Mar 2021 06:16 PM PDT First time home buyer here. My ex and I recently broke up in December 2020 and I had to move back in with my parents and been looking for a house to buy during this time. My offer just got accepted and initially I was excited but now I'm freaking out a little and worrying about if I chose the right house, right neighborhood, or the right town (I'm moving a couple towns away from where I currently live) as I'll be living alone with my German Shepard dog. I feel like I'm getting cold feet. Has anyone else felt like this before ? [link] [comments] |
| Posted: 14 Mar 2021 02:19 PM PDT Hello. We are CA residents currently in the process of purchasing a home. Our appraisal came in low and the seller wants us to come up with $30k to make up the difference. Listing price: $828,800 Offer price:$850k Appraisal price: $820k The seller countered our original offer of $850k with "Buyer hereby agrees should subject property not appraise for the purchase price, buyer agrees to pay $10,000.00 above the appraised value not to exceed the purchase price of $850,000.00". We agreed and are supposed to be about 5 days out from closing now. When the appraisal came in low, we changed the purchase price to $830 which includes the $10k cash we agreed upon. However, now they are demanding that we come up the additional $20k or walk away from the deal. My realtor has spoken with CAR lawyers who state that we are in the right, but the sellers and their agent won't budge. Advice? 😠This is so horribly stressful. [link] [comments] |
| Property lines are not what I thought when i bought my home in NY. Can I buy my neighbors property. Posted: 15 Mar 2021 04:08 AM PDT I bought a home near my home town in upstate NY. Because of covid the appraisal was a desk top appraisal. In the appraisal the property survey lines were incorrect, and due to tons of snow I was unable to find my monuments when i first bought the house. Now the snow has melted and i followed the actual survey that was given to me by previous owners, i found out that the property is not what i thought. It pretty much cuts off my back yard and the shed that i thought was on my property. I live in a rural area and the property behind me is woods for a hunting camp so it is not ideal building land. Also the previous owners were using it and never said it wasnt theirs. How would i proceed with trying to buy about 1/4 acre from my neighbor? [link] [comments] |
| Am i beholden to this realtor? Posted: 15 Mar 2021 09:21 AM PDT We recently reached out to a local realtor to inquire about selling our home and locating something new. The realtor came to our home and gave us an estimate on what he felt would be an appropriate listing price. He has also sent me an e-mail or two with some local listings. We have found an off-market house in our neighborhood without this realtors help and the owners have accepted our offer to purchase - paperwork to be signed this weekend. Our current house is not yet on the market and we haven't signed anything with this realtor- but word travels fast in small towns. We have had someone express interest in purchasing our house without real estate. My question is- do we owe this realtor anything? He did give us an appraisal of sorts - but no paperwork or exclusivity was discussed. Thanks! [link] [comments] |
| Buying into an investment property but wont be on deed. What are my options? Posted: 15 Mar 2021 09:07 AM PDT So I want to invest in a property where I cant be on the deed. Basically, I would own 13% of the property but because of various issues I cant be on the deed. The capitalization rate is about 10%. What options do I have to be guaranteed I am repaid my initial investment plus any gains made through rents paid, and finally proceeds from when the property is eventually sold. The best option I have found is a promissory note, but I dont know if that covers exact profits made, instead only a preset interest rate is covered. [link] [comments] |
| Weird Situation, Taxes/Sales Question (IL) Posted: 15 Mar 2021 08:58 AM PDT I'll try to lay out the odd situation I'm working with as clearly as possible. I've tried Googling around, but I can't get a clear idea. I own a place in IL, and have since 2010. I don't live there, nor have I lived there for 8 years maybe? A family friend lives there, but they do NOT pay me rent. They pay rent to another family member who's place I live in. I pay my mortgage vs. rent. So it's a kind of triangle. I want to sell that place because I'm tired of living in this triangular web and I am likely going to try to move. BUT I'm not 100% sure of moving/when I'll move. My questions come around taxes. How will I be taxed? I have not lived there for a while, I don't technically collect rent, and I'm not 100% sure if I'll buy something else right away or wait a few months to a year. Am I still going to get hit with Capital Gains no matter what? Am I "good" if I buy in a certain time frame despite not having had lived there for a long time? I'm not even going to profit big off this place, I just want it gone and the money I put into it back as much as possible. Thanks. If something I said is unclear, or I'm dumb and there was an obvious link to this info, forgive me. [link] [comments] |
| Need advice: Septic issue & closing Posted: 15 Mar 2021 08:23 AM PDT First time home-buyer here... sort of. I've lived in big cities and never purchased a home for myself -- but I've purchased investment homes with partners before. I'm in the process of buying a >$500,000 house that is supposed to close this week. But one issue arose from inspections: it needs an entirely new septic system, something I know absolutely nothing about. The current system is a lagoon setup and the sellers have agreed to escrow the bid amount. Now where the issue arises: the contractor that they got the bid from is booked for 2 months. They wouldn't be able to start it until May... maybe, if weather permits. The company that made the bid indicated that the septic is working and would be operable until then. My lender has come back and said that the septic must be replaced prior to closing. They said it's a Fannie Mae / Freddie Mac issue. So instead of closing this week, we wouldn't be able to close until late May. My real estate agent wants me to seek a new lender, who would accept the septic issue as-is with the escrow to get to close next week. They think we will lose the house if we don't find a way to close sooner -- and said that maybe the only way the seller's agree is for me to pay their rent ($3,000/mo) until the septic is fixed if we extend closing for this. My agent indicated this possibility of me going to a new lender to the selling agent, and I do not believe indicated the Fannie Mae / Freddie Mac issue that my lender mentioned. My current thoughts / questions are: 1) If my lender (a large bank) won't sign their name to this investment as-is, should I? 2) Is it standard for lenders to want this work done prior to closing? Or is my agent correct that it's more standard for the amount to be put in escrow and to be completed after the fact? I'll take any advice on this that I can get. Thank you in advance. [link] [comments] |
| 21 Year Old exploring options to finance first home (Seller Financing?) Posted: 15 Mar 2021 06:42 AM PDT Hi Reddit, (Important details are in bold) I am a 21 year old in Utah who is interested in the prospect of purchasing a home by either the end of this year or during the following year. I have no debt, no credit history, and anticipate having $50,000 in some form of liquid asset/cash and have graduated college by the end of the year and hope to get a notable pay increase afterwards. I work for my father. I do not make a ton of money (Income: 30k/Year). I am very, very good at saving and budgeting, on the other hand. (I save/invest about $20,000 a year, after paying for my own rent, gas, food, etc.) I will not consider building a credit score. (Reserve the snide) I do recognize how difficult purchasing a home can be without one, but I don't mind a more difficult process. Just requires some extra creativity and a little brute force, that's all. I am considering a home for the following:
I intend to rent out a basement and/or a bedroom or two since I do not plan on being married for several years which should cover at least half the monthly payment, if not more. (Basements go for roughly $1,000/mo and Bedrooms $500/mo, average 3-4 bedroom home about $400k) aka "house hacking" I met with a financial advisor. Went over my expenses, my income, assets, goals, my intent to rent extra space out, and he says a home-purchase is something I could consider. He advised that although seller-financing seems to be my most viable solution, that I should meet with at least two mortgage companies which I am doing tomorrow. I already know they are going to look me in the eyes and say "lmao gtfo", but I have nothing to lose. Given my circumstances, seller financing seems to be my best option available. I have done research on this for many, many hours over the span of weeks but am still overwhelmed. If my analysis is wrong: what avenues may I be missing? Else, How do I initiate the process of seller financing a home? (Given that I will not have an agent or other individual available to walk me through the process.) How do I structure the seller-finance to be fair, but also protect me? (I would presume a lease-option to be most appropriate?) It's always the first step forward that seems to be the most difficult, especially since I do not have a very good frame-work to refer to since I am venturing into more obscure waters. Some insight would be mucho helpful. [link] [comments] |
| Taking school districts into account. (Upstate NY) Posted: 15 Mar 2021 06:40 AM PDT Hello all, Apologies if this isn't the right subreddit for this question. BUT, as my fiance and I are looking to buy soon(I know, good luck to us lol) we're obviously taking school district into account as we have a 1 year old together. We have our preferred school districts, and ones we'd like to avoid. I was wondering if anyone on hear, realtor or average Joe, has any experience with sending their child to a school district outside of the one you live in? I've heard of open enrollment and things like that, but have ZERO clue as to the legalities and such. Thoughts? Suggestions? For background As we all know how insane the market is currently, this question is being posed because there is inventory within a school district we aren't fans of, but "better" school districts neighbor this one. [link] [comments] |
| House 200ft from a quarry: big no no? Posted: 14 Mar 2021 04:39 PM PDT We have friends of friends about to list their house in NC. It's a beautiful house with 2 acres of land, in the middle of the woods, but it is 200ft away from a quarry. Our friends have never heard the quarry when visiting them, but it'd been in the evening only. We're trying to see if we can work with them before they put it on the market: we've been looking to buy a house for over a year, and lost 6 bids, so we're getting desperate (we lost the last 3 bids going 20k over, another 25k over, and the last one someone made a bid before any showing and got it...) Is it not even worth visiting it because of the distance to the quarry? Edit: it's actually 100 meters ~ 330 feet, probably not much difference. [link] [comments] |
| How does an appraisal process work? Posted: 14 Mar 2021 08:50 PM PDT We are under contract for a house and we did not sign any inspection or appraisal waivers. But we did agree to a price which is on par with the current crazy market. Precovid this house would have sold at least 80k lower.The house in itself has a great layout and has great scope for improvements. This is 2000 built house well maintained but never updated anything. the kitchen has laminate countertops with oak cabinets and white appliances old bathrooms with stained bath tubs.Needs new carpets on both floors. All in all we might have to spend about 30k-40k for these improvements. Now that we did not sign any of these waivers wondering if the above things would be considered in the appraisal and the house would be appraised to a lower price than agreed price - thereby giving way for negotiations. Point to note here is that there are no other houses that were sold around that area since aug 2020. But will these factors be considered in the appraisal or would they think it is all cosmetic. Any and all inputs are appreciated. Thanks! [link] [comments] |
| Don't forget to account for Mortgage Rate and Inflation adjustment Posted: 14 Mar 2021 12:34 PM PDT People complain how much the home prices have gone up $x but they don't account for how much 1% decrease in mortgage rate has on the total cost of the mortgage: $289K house in 2015 with 3.6% interest rate would cost $473,340 or $525,408 with inflation adjustment. Today's $340,000 with 2.7% interest rate would cost $493,228, which is 30K less than inflation adjusted cost of 2015. A 2016 $300K house with 3.7% interest rate costs more than $340,000 with 2.7%, even before inflation adjustment! Total cost of mortgage has been reasonable since last year. [link] [comments] |
| The Fixer-Upper Condo or Move-In Ready Condo? Posted: 15 Mar 2021 05:56 AM PDT Needs work versus Turnkey? Here I am, up at midnight, anxiously overthinking the home buying process yet again... I started looking at condos in January of this year and fell in love with a particular neighborhood (let's call this neighborhood A) and condo type. I wasn't completely ready that month so I lost out on submitting offers on a few that had listed during January. I watched and watched and stalked the listings hoping and praying that one would come back to market and SURPRISE... On Friday I learned that the low priced, fixer upper, condo in neighborhood A was back on the market. Original buyer's financing fell through. I was delighted to have another shot. There's just one issue: I'm using FHA and the property is not FHA approved. However, my lender informed me that they're able to internally push through despite this. Although I love neighborhood A, I also have my eyes on a recently renovated and very similar condo in neighborhood B. My only real issue with neighborhood B is that it's about 10 minutes further (in a less desirable town)from the major city than neighborhood A. I've decided to put an offer in anyway. My question is: Is it wise to designate neighborhood A's condo as my first choice? I love everything about it BUT I'm not thrilled at the amount of work it will require to become updated and appealing. People are saying that the investment and appreciation will be worth it, but I'll likely finance the renovations out of pocket. As a first timer, I'd like to get the most bang for my buck. At the same time, I don't want to miss out on a good thing! [link] [comments] |
| Outbid again, advice for bidding? Posted: 14 Mar 2021 12:32 PM PDT So with how crazy things are right now, a perfect listing came up, we were first in to see it, it had everything I wanted so I offered so I offered 143k on the house (their asking was 139900). We were the first to offer. I found out that day they got 6 offers total on it and I was outbid with an offer of 153k financed. This is highly unusual for the market im in and comps don't match that high offer, but this has been the norm these past 2 months though and this is the second time I've been outbid. What is it going to take to have a winning offer? I know everyone (unless they are cash buyers) is going to have an appraisal contingency so I dont get what's with all the inflated offers? Are they just throwing those out expecting the appraisal to come in low and the seller to be flexible? Is that the thing to do?? I didnt want to offer more than appraisal and oop would cover Advice please!! Ive been doing this for over a year 🤦♂️🤦♂️ [link] [comments] |
| Toll Brothers / New Construction: Can I really tell my lender to go pound sand? Posted: 14 Mar 2021 10:42 PM PDT We're currently under a purchase contract to buy a toll brothers house (new construction) in CA. The home won't be ready until over 12 months from now. Toll brothers sent us to Wells Fargo as a lender, which was okay - we obtained the necessary conditional approval, but Wells Fargo is now being a complete pain in the butt by demanding that I sign their letter of intent and pay their "upfront costs". It seems that usually, new construction purchase agreements are contingent on buyer's continued ability to show that they can finance the home, and to continue working with the lender. However, our contract says:
(emphasis mine) Based on this contract, it seems that I basically can tell Wells Fargo to go away and not bother contacting any lender until 6-7 months from now, when I can shop around based on rates then instead of now. Is that right? I mean my own problem if I can't find someone who'll give me a loan then, but if Wells Fargo changes their mind in 6 months, I am equally screwed, right? [link] [comments] |
| Posted: 14 Mar 2021 01:12 PM PDT My fiancé and I are buying our first home soon(hopefully lol). We are just at the beginning where we've met our realtor just once and he has sent us 2 emails with houses to look at. Super nice guy! I'm just new at this and not sure the etiquette. How should I respond to my realtor when I'm not interested in seeing any of the homes he just sent, while being respectful and not sounding picky? Please help the newbie!! [link] [comments] |
| Buyers Backed out after Minor Inpsection Issues Posted: 14 Mar 2021 08:01 PM PDT We listed our house March 6 and got 4 over ask, no closing cost to seller offers. We also were offered the option to rent back at no cost to us minus a security deposit thru the end of the school year. Our house was built in 1992 and we recently repaired over $6000k worth of wood siding and got a few new windows. The offer we chose was $15k over list price and was so good we couldn't refuse it. The agent was the father of one of the buyers which made me uneasy but I gave him the benefit of the doubt. This quickly turned into a nightmare. It turns out that the buyers graduated college recently (VERY YOUNG FIRST TIME HOMEBUYERS) yand come from a family of brokers and realtors. We are assuming they are having help with their down payment but who knows. After the inspection, they sent us a reasonable a list of the things that they wanted on the inspection report that were very minor. HVAC servicing, a broken window seal, and some additional wood rot repairs that were minor. We countered with offering cash for the wood rot repairs and window and offered to have the hvac and furnace serviced and buy a buyers warranty and have a plumber fixing a loose hose and water pressure reading. They freaked out in their second counter and said we must be hiding something by offering cash for the wood repairs instead of doing them ourselves and recountered by telling us the only way they wouldn't walk is if we hired a general contractor to now do every item on the inspection list?? So so bizarre. This freaked us out as sellers and we put our foot down and said this was our final offer. We even got quotes for the minor wood work from our contractor which came in only at $500 total, which is way lower than the cash we offered. After a weekend of them dragging their feet they backed out and I feel relieved but also very anxious about having to possibly get our house back on the market. We have three young kids and need the funds from this house to purchase the house we already have an offer on. Can someone talk me off a ledge here? Not all buyers are spooked by a house going back on the market right? We still have minor wood rot and are happy to share these buyers' inspection report to anyone. Our price range is very much first time home owners and now I am spooked they are all going to question why we are back on the market. I am praying we don't have to and can go with a backup offer we got but man is this stressful. [link] [comments] |
| What's the most people paid over appraisal Posted: 14 Mar 2021 05:49 PM PDT I know this is location dependent but just wondering how much people were comfortable paying over, to close on their homes. I'm about to pay $25k over appraisal/$80k over asking. Kinda stressed but it is what it is. [link] [comments] |
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