Real Estate: My Neighbor's condo ($450k) will foreclosure because of HOA fees ($8K) |
- My Neighbor's condo ($450k) will foreclosure because of HOA fees ($8K)
- Neglected Property Owned by Out of State Investment Company - Squatters Causing Trouble
- I am happy not to buy my dream house. Maybe you would too.
- FHA Offer accepted
- How long after contract signing does appraiser reach out and appraises home?
- Zillow Market Predictions Looking Back One Year
- Would you buy a rental in a different state if you cant find a primary home in your own state?
- Increasing Pre-Approval?
- First time buyer thinking new construction townhouse - Seattle
- I have a question about depreciation on rental property in California.
- Empty feeling after housing search ends successfully.
- Property management apps?
- Thinking of making my first property purchase (condo), is this a sound plan?
- Sellers can’t get their offer accepted
- I unresponsive appraiser throwing wench into closing
- Switching Jobs while buying a second Condo
- Any tips for a First time homebuyer on finding a good inspector at a reasonable price? (FL)
- (US) I am looking just at renting on Zillow, and some of these houses show a huge number of applicants (this one I'm looking at shows 64)..is this a contrived number to make it look like it's getting a lot of attention?
- What is your mortgage interest rate?
- Zillow or an agent
- Foundation issues on inspection report
- Picking a brokerage (KW questions)
- How closely do appraisals match up with the ultimate sales price and listing price ?
- Favorite Places to Live for an Outdoorsmen
| My Neighbor's condo ($450k) will foreclosure because of HOA fees ($8K) Posted: 28 Mar 2021 01:37 PM PDT Hello, My next door neighbor was taken to a mental hospital about two years ago. I used to give him money for dinner and took him to hospital when he got hurt. He was taken by police for screaming on a monthly basis and I haven't seen him since. I would know if someone entered the property because the wall between the units is really thin. Here's the problem, I accidentally opened one of his mails, and it looks like the HOA is trying to foreclose the house because of past HOA fees. The condo is worth about $450K and total past due to HOA is $8K. From what he told me, when his mother passed away, she allocated $1M to his trust fund account, and his sister used the trust fund money to buy the property for him so that he's far away for her as possible. Is there anyway for me to help him? I would hate to see him lose his condo because of mere $8K. Edit. I live in silicon Valley so HOA is pretty expensive. It is actually 450sq ft studio. I'll try to contact the police and see where they took him. The crux of the problem is that he hates his sister because she bought the property without his consent. Apparently, she's a lawyer and let's just say he say things that no sane person would say. Last time he told me, he has about 400k remaining in his account. Bizarre situation to be in honestly. [link] [comments] |
| Neglected Property Owned by Out of State Investment Company - Squatters Causing Trouble Posted: 28 Mar 2021 09:00 AM PDT My house is in a dense neighborhood near downtown Louisville KY. Our homeless population is high. An alley separates my tiny backyard from two houses that have been neglected/uninhabited for a couple years now. Some homeless folks moved in over a year ago. The two houses, backyards and garage are basically a homeless encampment at this point. Meth, heroin, trash, bio-hazards, intimidation and all sorts of weirdness going on less than 100' from my back door. Not to mention property theft and a few violent crimes, plus a minor fire at one of the houses a couple months ago. Houses here are so close that if one really burns, it'll take two more with it. A few of us have been complaining to code enforcement and local gov't for over a year. Both houses sold in December 2020 to a CA investment firm. They have done nothing to secure the properties or remove the squatters. Code Enforcement has been to one of the properties 26 times in less than 16 months and it only keeps deteriorating. I have been talking to code enforcement, city council and LMPD Homeless Liaison and they are "working on it." I have a letter ready for the current owner which is a formal notice of criminal activity and demanding immediate removal of squatters and securing of the property - lawyer reviewed and approved so I'm sending the letter this week. I have a group of neighbors working on a call & report campaign to local gov't and police. We are logging our reports to track our own data. We are collecting photos and videos. What else can I do? My house needs work, otherwise I'd just sell it now and move out of state. At the same time, who would even want to buy my house with this nightmare situation going on? When out of state investment companies buy property like this, what is the normal cycle or end game? [link] [comments] |
| I am happy not to buy my dream house. Maybe you would too. Posted: 28 Mar 2021 12:06 AM PDT The market us crazy and everyone knows it. I recently just escaped buyers remorse by a sliver. I had to options. One cost 770k and the other 630k. The 770k one was a dream property. I am happy it didn't work out. I bought my second option, the 630K one and it's perfect. I had several second thoughts before buying something that wasn't my first choice. I am glad I didn't go for it. The dream house would have stretched my finances more than they already are and after some time, dream houses become nightmare houses if you end up paying over the nose The dream houses are generally expensive and it's easy to get carried away in the market. To those that are on the brink, I'd advise them not to be tempted. Because often the difference between dream house and second choice is greater than 100k. It's difficult to earn 100k. Even more difficult to save it. Don't forget the sacrifice it takes to make that money and you'll know that a dream home shouldn't end up with a life of stress. I would strongly urge you, strongly strongly urge you, don't fall into the trap. Realtors often lure you in and you are disarmed by the nomchalance to extra money (could be because of easy financing or because your heart is set) but do not fall in this. It's been four months since I made the decision and not a week goes by when I reflect that I am so happy to have not gone with the dream house because I found something better. The perfect house [link] [comments] |
| Posted: 28 Mar 2021 02:05 PM PDT Just got an FHA offer accepted. There is a generalization that FHA offers can go nowhere in these hot markets. However, if structured correctly these loans can be very competitive. Loan type: FHA 203k// Location: Denver, CO// List price: $635k// Offer price: $685k// Renovation: $105k// Property type: Duplex// Loan amount: $764,050// Down payment: $26,741 (3.5%)// EM: $15k// ARV: $810-$850k// Monthly payment: ~$4300// Rental income: ~$1800-$2400// Cost to live there: $1600-2200/month (after refi) Note: rental income when not living there will be ~$4500 [link] [comments] |
| How long after contract signing does appraiser reach out and appraises home? Posted: 28 Mar 2021 11:39 AM PDT We've been under contract since March 15th, and the appraisal company took the payment on March 19th. We've read horrible reviews on the company and are a little nervous. Some of the reviews were that they take forever to see houses, some still haven't appraised homes 20 + days after payment etc. They have not even contacted our agent with a date yet. So my question is, how long does the appraisal in this market normally take? Is this week coming up when we will finally hear something? Do they schedule it 5 days before, or 1 day, same day ? Once they see it, how long until the report? Thanks [link] [comments] |
| Zillow Market Predictions Looking Back One Year Posted: 28 Mar 2021 05:36 AM PDT To remember the early stages of the pandemic, I screenshot different market predictions from Zillow in April 2020 and am going back to look at them now. It's wild to see that CA had a -1.1% price decline predicted and the reality was a +10.9% growth. Texas, which has seen a lot of Californians move to the state this year, had a +8.5% growth in price, while Austin has had +15.8% price increases. Zillow spends a lot of money to try and predict the market, but it doesn't look like it's trying to provide forecasting anymore. It just goes to show you that no one can predict what happens in a disaster and what the impact of the federal government response will be. [link] [comments] |
| Would you buy a rental in a different state if you cant find a primary home in your own state? Posted: 28 Mar 2021 01:49 PM PDT hello, lets say your in a hard market like example NY/NJ etc, would you invest in a rental in a different state if you cant find a primary in your own market? if yes, what kind of lending implications does that have if after you buy a rental you find a primary house in your state? would you have to wait a year after buying the rental? [link] [comments] |
| Posted: 28 Mar 2021 12:27 PM PDT Increase pre-approval Quick background: Partner and I decided to go with a new build which has a 3 month waitlist and a 8 month completion date from getting off wait list. I was pre-approved for $270k with 5% down based off of one of my two incomes (other is 1099 that I've been at for only 15 months). My partner is also a two income earner but has high student loans in deferment due to school so only 1 of the 4 incomes we have is being counted therefore we're fine with maxing out our pre-approval since it's actually less than we can afford and budgeted for. As we sit on the wait list, prices are expected to go up around another $10,000 until we get to contract. This honestly sucks to watch, but is the reality of the beast. These increases will unfortunately go over our pre-approval amount though. What I want to know is if we have the extra cash on hand (that wouldn't touch our reserves at all), is it possible to use that and get a higher pre-approval? The lender wouldn't be raising their lending amount of $256,500, we would just be bringing more cash to the table. I will talk to my lender about it, but I wanted to know if it was vaguely possible before I mention it and sound clueless! I've already emailed her a few times and I don't want continue bothering her to ask silly questions. [link] [comments] |
| First time buyer thinking new construction townhouse - Seattle Posted: 28 Mar 2021 09:50 AM PDT So as a first time buyer my experience so far has been interesting. The market has been a challenge! We made an offer on a place and of course got into a bidding war with escalation well over asking. Set up a viewing for a condo and it was sold before even being able to see it. The bottom line is we will have to be patient which is fine. As I am driving to work I see these new townhomes being built. I did some research and discovered the community name. There is very little information online but I managed to get on the VIP list and there is an estimated price online which matches my budget! The estimated time of completion is right around when my apartment lease ends too. My understanding is that new construction townhomes are a first come first serve basis. There are not bidding wars on a new construction townhouse is that accurate? I saw previous townhomes from the same builder and they are just beautiful. Modern open floor plans, excellent square footage, 2 car garages etc. Just what my wife and I are looking for. Is there a downside to getting one? It seems like a great fit and we wouldn't be competing with a bunch of people in this market. [link] [comments] |
| I have a question about depreciation on rental property in California. Posted: 28 Mar 2021 01:32 PM PDT I am studying to get my 2 year sales license and I am having a hard time understanding a formula for depreciation on a rental property whose basis is $275,000. The book says the owner can take $10000 deduction. How? It says the property depreciates 1/27. Can someone help me understand? [link] [comments] |
| Empty feeling after housing search ends successfully. Posted: 28 Mar 2021 09:48 AM PDT Might sounds weird/existential, but, after years of saving, we are going to move into a new construction in a few months. I had planned for at least some renovating and stuff, so I had some sense of direction for the post move-in, but now I am a bit lost. I feel empty in a way (although obviously full in the sense that the house problem now has a solution after so long). I guess I have an empty feeling of "what next?" Live my life is the obvious things (kids soon), and to enjoy hobbies and such, but it is difficult to consider that buying a house will have been checked off the list when it has been the entire list for so long. Does anyone get what I am saying? [link] [comments] |
| Posted: 28 Mar 2021 10:49 AM PDT I just bought 5 multi units and will need help keeping track of everything. I would rather not use a property management company...are there any apps/websites that can help with this? even if its just help organizing everything? [link] [comments] |
| Thinking of making my first property purchase (condo), is this a sound plan? Posted: 28 Mar 2021 03:17 PM PDT I live in Chicago, and plan on keep living in the city for the next 5-10 years (no interest in suburb life). Thinking of purchasing a condo (as they're more affordable for what I'm looking for and suit my preferences for a living space). Long term plan is to purchase condo in a growing part of the city, live there maybe for the next 5-10 years. With the expectation that property value will keep going up (as it has been here for the last decade), I'll sell likely before I pay off the mortgage. Hopefully, at a profit. Not an entirely original idea, I know. But are there caveats? Things I should know before making this purchase? I'm curious if selling the condo before paying it off will be a problematic process. [link] [comments] |
| Sellers can’t get their offer accepted Posted: 28 Mar 2021 12:40 PM PDT Hi everyone, I'm the person who did the thing everyone says not to do. My boyfriend and I are first time homebuyers so we were ignorant when it came to these situation. We're under contract on a house with the contingency that the sellers had to "find a home to purchase" and now the sale is stalled. They had a closing date set for on/around early April but that's not gonna happen. Our agent/sellers agent are friends and they both agreed that the sellers finding and closing on a home in two months wouldn't be a problem and pushed us to get everything done on our part to make sure things go smoothly (we wanted to wait because why would we throw money into a house we might not get? Once again agents insisted this is best). Obviously it's a hot market and they can't get their offer accepted. Their agent brought up the idea of renting back, which we agreed to, but they're continuing to put offers on houses and getting rejected while now clearly trying to avoid renting back. I feel like this isn't moving at all and honestly I am incredibly angry with our realtor and myself for trusting them on this. Is there anything I can do to move this along? Thanks! Edit: No rent back agreement contract with them, they asked about it and we agreed (not they're silent on the topic). They will not close and move/rent elsewhere. [link] [comments] |
| I unresponsive appraiser throwing wench into closing Posted: 28 Mar 2021 08:48 AM PDT Some background information. We have been under contact for a new home since early March. It is a 4 bedroom 3 bathroom home on 0.5 acres and a huge deck. Not very updated, but has gorgeous hardwood floors, everywhere but the bedroooms. It also has a brand new roof. Took a lot of offers on a lot of homes but once we finally got under contract everything has gone very smooth... Until now. We offered $422k on a house listed for $400k and did not waive any contingencies. We got approved for the loan, no problem, and the inspection only turned up a handful of minor things. The seller is even giving us $3k credit towards those repairs. But then came the appraisal. The appraisal came in at 390k. So, 10k under listing. There seemed to be a lot of oddities on the report. Two of the comps they used were from 2016 and 2017. The report also said that the housing market in the area is down and that prices have been decreasing. Which is absolutely not the case in the area. We got out bid on at least half a dozen houses over the last two months, all WELL over asking. We challenged the appraisal and sent in 4 comps we thought were a lot better and a lot more recent. One of them was a house on the same street that was even the same exact model that sold in December for $410k. It was supposed to take 3-5 business days to get a response to that challenge. The only problem is that it has been 7 business days and we have not heard anything at all from the appraiser. We are supposed to be closing on Tuesday. The lender was able to make the deal work by by basically giving us a second loan to cover the gap, but we would have to pay PMI for the first 5 years or so of the loan. We would also only have 14% equity instead of the 20%. We were planning on. Our total monthly payment would be exactly the same (except for the added $42 PMI). This is obviously not ideal. Our realtor doesn't want to approach the seller and ask to lower the listing price yet. He thinks we will hear from the appraiser on Monday, but there is no guarantee that we will or that it will be good news. It is also worth noting that our agent and the listing agent work for the same office, so I am sure they just don't want the deal to fall apart. I am more or less at a loss for what to do at this point. No one we are working with knows what to do either. I am leaning towards pushing closing back until we finally hear back from the appraiser and can put together a new plan. Maybe even pay to have a second appraisal done since no one has confidence in the one we have, even the lender. I don't, know... Any thoughts or comments would be appreciated. It feels like we are completely at the mercy of this random appraiser and no one is willing to look out for us. Just keeping the deal together. [link] [comments] |
| Switching Jobs while buying a second Condo Posted: 28 Mar 2021 09:57 AM PDT I intend to rent out my current 1B1B condo in Chicago in the next month and then buy a second place. In parallel, I have a job offer with my companies direct competitor (both global consulting firms) that is offering $25K more than what I currently make. Will me accepting this new position impact my ability to get a loan for the second condo (primary residence)? I know they look for recent pay stubs when getting approved [link] [comments] |
| Any tips for a First time homebuyer on finding a good inspector at a reasonable price? (FL) Posted: 28 Mar 2021 01:23 PM PDT It seems like inspectors aren't very up front on their websites about cost, but I don't want to pay hundreds above the median cost just because I didn't research this. I think you can get someone who is thorough and competent, as well as affordable. So where should I start? [link] [comments] |
| Posted: 28 Mar 2021 04:26 PM PDT There is no possible way 64 people applied and are getting denied for a house that is $1900/mo to rent. Where is this number coming from? I'm trying to figure out how to guage actual interest and whether or not it will be gone soon or not. https://i.imgur.com/UHBeOXe.png ^ the listing i'm talking about [link] [comments] |
| What is your mortgage interest rate? Posted: 28 Mar 2021 04:02 PM PDT I'd like to start a thread on what interest rate everyone locked in on to see the current trend. Go! [link] [comments] |
| Posted: 28 Mar 2021 03:53 PM PDT We've out grown our house. It's been a great starter house. But we need a second bathroom and a basement. I've been on Zillow a lot lately looking at houses. But I can't find jack squat in any area that is in that sweet spot. Is it the market? cause I know houses are selling like hot cakes or will an real estate agent be able to get me more listings? [link] [comments] |
| Foundation issues on inspection report Posted: 28 Mar 2021 09:42 AM PDT We're in the process of buying a home in the Austin, TX area and our inspection report said "some unleveled flooring observed at rear kitchen / dining area shows signs of beyond normal foundation movement." That's the only foundation related comment, and the home is in an otherwise great condition. Our realtor didn't seem concerned about this, as he stated this is common due in the central Texas area when there has been too much moisture in one section of the yard due to drainage. We're cash buyers (not rich, just lucked out when moving away from a HCOLA) but we're concerned when we sell this in the future, someone might not get bank approval to buy our home if they're using financing. Is such kind of "foundation movement" common in central Texas? What kind of experience do you guys have with an inspection report related to the home's foundation, especially if using bank financing? Any input would be appreciated! Thanks in advance. [link] [comments] |
| Picking a brokerage (KW questions) Posted: 28 Mar 2021 03:36 PM PDT So I feel like it's a very common thing here that people try to warn against Keller Williams, and I'm just super curious as to why? I've interviewed with 7 brokerages last week and the 2 that stood out the most to me were both KWs. They seem to have tons of education and support and one of them even told me they'd waive my cap for the first 6 months, which seems kind of like a crazy good deal to me to be honest. Am I missing something? Why do they seem to be kind of a joke on here? [link] [comments] |
| How closely do appraisals match up with the ultimate sales price and listing price ? Posted: 28 Mar 2021 03:00 AM PDT I understand that listing price is not just about the sqft and location. It does not factor in demand, buyer sentiment and inventory and many other things. But i am curios how do those things compare ? Do appraisals before listing usually come in lower than listing price by agent or higher. And what about sale price ? how much seller consessions are usually built into price ? [link] [comments] |
| Favorite Places to Live for an Outdoorsmen Posted: 28 Mar 2021 03:25 PM PDT Hi friends I hope I'm born and raised in FL and it's time for me to leave in hopes for hiking, skiing, camping, whitewater rafting, mountain biking, fly fishing, horseback riding and everything in between that I've been missing for my young adult life. I'm 32 and I can afford a house up to 750k. I would love to find a place an hour close to skiing. Right now Park City seems to be my go-to because of it's proximity to the airport and all the other activities I can do year-round. I'd love to own a pair of horses two and a couple of farm animals with 10-20+ acres. This is not a must but something I've done quite a few times and absolutely enjoyed. Any recommendations of your favorite cities? [link] [comments] |
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