Real Estate: tenant out of control, need advice |
- tenant out of control, need advice
- We closed!
- Does buying new construction in an early phase development result in quick equity most of the time?
- Why did house prices become so expensive in most cities around the world?
- Seller doesn’t allow me to do inspection, what are my options here?
- What are some things to remember to do when selling and moving out of your home into a new one?
- Stuck between real estate license or home inspector license
- When buying a condo or townhouse, what’s the best way to check the quality of sound insulation?
- Buying First Home in Boulder, CO - Need Advice
- "New Construction" Mortgage: Appraisal before build
- Inspection
- Realtor less than truthful
- Canadian Buying US Real Estate as possible Investment?
- How much is Off-the-Market home saving us? (Denver)
- Now: 93% of institutional mortgages must be for owner occupants only
- Best place in the US to buy property? Budget is modest.
- North Virginia, single family home, electric heat pump? Should I buy?
- Is a Townhome in Downtown Frederick, MD a Smart Buy for me?
- Buy or fly?
- Fix or no?
- BANK FIRST TIME HOME BUYING
- Brooklyn Condo vs Coop
- Home insurance payments for first year?
- How common are issues between a successful appraisal and closing?
| tenant out of control, need advice Posted: 13 Mar 2021 06:04 AM PST So yesterday I went to serve a 15-day notice to a tenant who is about a month behind on rent. When I get there I see he has cut giant holes in the soffit and removed a bunch of boards. He says he was improving it. I keep looking around, and the guy cut a hole in the exterior wall of the property to install a window AC in the garage, and also ripped up some other soffits. I lost my mind and told him to repair everything back to how it was. So I go back today and instead of repairing everything, he has now built a WALL. He stacked up cinder block and mortared in a wall extending off the side of the house. He says it's to block the view of the trash cans. Now I do not have any agreement with this tenant to make improvements or anything like that. He works construction and gets these wacky ideas in his head, and here we are. How can I stop him from ruining my house more before I evict him? Can I call the police for vandalism? I think he needs mental help and I don't know what to do [link] [comments] |
| Posted: 13 Mar 2021 05:10 AM PST Just thought I would share that my boyfriend and I closed on our new house a couple of days ago and I want to thank everyone here for sharing your wisdom, your success stories and even your frustrations. I have learned so much which helped to make this experience a whole lot less intimidating. We were looking outside Boston under 500k so finding our home in this crazy market was definitely a challenge. We placed 6 offers since September which probably does not seem like a lot but from day one we said we would be realistic but would not settle. We checked in with each other regularly, as well as with our agent, to make sure we were on the right path, not being unrealistic. We looked pretty much every weekend and because many first showings were open houses, we saw many homes without our agent. This was fine because my bf knows his way around a house and can easily spot red flags. For the houses we placed offers on...we initially started offers with escalation clauses but eventually realized that sellers wanted highest and best because they were receiving up to 30 offers in one weekend. Every offer we placed was 5% down and "inspection for info only" which we knew would hurt us but we refused to waive inspection completely. Depending on the house, we were only submitting anywhere from 10k - 25k over asking which we knew was not strong but it's what we were comfortable with. We also did not offer cash to cover any appraisal gaps. So yeah, we knew we needed to change our strategy, so this is what we offered on our house: 5% down [link] [comments] |
| Does buying new construction in an early phase development result in quick equity most of the time? Posted: 13 Mar 2021 07:47 AM PST I have noticed that phase 1 or 2 new construction almost always generates equity by the time the development is half way complete. This is due to the developer raising prices each phase. This appears to be the case regardless of how crappy a location is (e.g. just being a few hundred feet from a freeway). This was also pre-Covid in a more "normal" market. But it's even more pronounced in a Covid world. So does buying early phase 1 or 2 in a new development ALMOST "guarantee" immediate equity as developers raise prices each phase? [link] [comments] |
| Why did house prices become so expensive in most cities around the world? Posted: 13 Mar 2021 09:14 AM PST I live in Ontario, Canada where the housing market has become extremely unaffordable in the past 10 years. But this seems to be happening globally. I have friends in Ireland and Austraila who are expeieriening the same thing around big cities. It wasnt always like this since their middle class parents were able to acquire homes around these areas 20 years ago (they can't afford the average home now). What has happened? [link] [comments] |
| Seller doesn’t allow me to do inspection, what are my options here? Posted: 13 Mar 2021 04:58 AM PST First time buyer here. I live in NOVA area. I put in an offer for a townhouse with over 30% down and 5% above ask price, my agent strongly suggested me not to add any contingency to my offer since my local market is very competitive. I asked my agent to add inspection for information only and she said even that would lower my chance of getting the offer. So I didn't add that either. EMD is 10k. My offer did get accepted immediately. After reading a lot on how important inspection is, I am seriously regretting not adding inspection so I asked the agent to contact seller to see if I can have someone to do inspection for information purpose and stated that I will do the repairs myself. The seller agent said the seller is still moving out and cleaning so no inspection is allowed at the moment. That may or may not be true, since they said before that they will move out by 3/8. I'm really concerned if there is any serious problem with the property, and I plan to check with seller again next week and see if she will let me do an inspection. If seller doesn't allow me to do inspection, what other options do I have? Can I have an inspector inspect the house during final walkthrough? Not sure if I'm experiencing buyer remorse now, but I just can't over it. Do I only lose the 10k EMD if I back out before closing? Thank you in advance. [link] [comments] |
| What are some things to remember to do when selling and moving out of your home into a new one? Posted: 13 Mar 2021 10:22 AM PST Pretty basic post. I am in the process of buying a new home and selling my current home. What are some things that I should do during this process that might not be super obvious or are easily forgettable or overlooked? [link] [comments] |
| Stuck between real estate license or home inspector license Posted: 13 Mar 2021 09:47 AM PST |
| When buying a condo or townhouse, what’s the best way to check the quality of sound insulation? Posted: 13 Mar 2021 05:59 AM PST I understand that nothing is completely soundproof, but I want something significantly better than the apartments I've rented. I'm tempted to reach out to a neighbor and ask them to blast music while I'm looking at the unit. Are there better ways to do this? [link] [comments] |
| Buying First Home in Boulder, CO - Need Advice Posted: 13 Mar 2021 09:30 AM PST Hi Reddit I'm thinking about buying my first home in Boulder, CO. I want this home to be as much a place for me to live as it is an investment. My questions:
Thanks for any and all help! [link] [comments] |
| "New Construction" Mortgage: Appraisal before build Posted: 13 Mar 2021 09:18 AM PST We're in the process of purchasing a new construction home. The builder (Toll Brothers) apparently is "out of capacity" at their in-house lender, so they referred us to Wells Fargo. We may/may not use Wells Fargo, but we have completed conditional approval. My understanding of new construction lending is that the loan is supposed to now wait until closer to closing, and the house completion time isn't until 12-14 months from now. But the lender now wants us to pay $695 for an appraisal. Is this typically done before the foundation is even poured? Two questions:
tl;dr; new construction lender wants us to order $695 appraisal before slab is even poured. we might switch lenders and don't want to pay the amount until 60 days before close. [link] [comments] |
| Posted: 13 Mar 2021 08:56 AM PST So I entered into a contract to sell my home. Now the inspection has showing that I have mice in the home. I've never noticed any. The thing is the buyer wants me to negotiate a new sales price. My thing is that I'm unwilling to take anything less than what we agreed. My home is be only home on the market in downtown Colorado Springs, so I don't really see a reason to negotiate. Do I have to legally fix the issue now that the seller is asking me to? Or can I tell him no? And if they walk they walk with no penalty on either party? [link] [comments] |
| Posted: 13 Mar 2021 05:07 AM PST Hi, so, my friend is selling her house and her realtor is telling anyone that views that they have two other interested parties. They have none and have only had three viewings. She says everyone does it and it is normal. She wants someone like that to seel her house. My question(s) Is it normal? Does it even help? I did an informal ask around friends that don't know her and most said it would put them off. Of they really liked it, they would wait to see what happened, but, wouldn't want to get involved in what could be a bidding war. However, a lot of my friends are in different countries, so, maybe it is an American thing? [link] [comments] |
| Canadian Buying US Real Estate as possible Investment? Posted: 13 Mar 2021 08:38 AM PST Hi All, I am looking to purchase some real estate in the US (Florida) as an investment. Canadian Banks offer Cross Border mortgages at pretty decent rates, but i would be making the purchase as me and not as a corporation. If i can recall correctly, this can cause some issue with the IRS if i am generating income in the USA without a US corporation, and that i could have my canadian income taxed? I can create a US corp easily, but i dont think a canadian bank would allow me to make the purchase as the US corp, would a US bank allow my corp to make a purchase if it has downpayment cash required? I assume the corp would need history for credit, etc which poses another issue, a newly setup corp might not have the 'history' required to qualify for a loan. Anyone know the best way to navigate this situation? [link] [comments] |
| How much is Off-the-Market home saving us? (Denver) Posted: 13 Mar 2021 08:32 AM PST First time homebuyer here, Denver area, under contract w/ $800k offer accepted. House nearly 40 years old. 3% int rate locked in with the lender. Inspection results came back, have until Wed. to submit any repair requests to the seller. Unfortunately there are ~$15k in vital repairs we'd like to ask the seller to fix/credit us, things crucial to health/safety and structural integrity. eg: Radon mitigation system, Sewer line needs cleaned, Negative grading causing water pools against foundation (though inspector saw no damage at all yet), electrical panel code violation posing fire risk (needs replaced),HVAC maintenance, etc.) Then another ~$12k we're *not* submitting to the seller, but will reasonably incur these costs shortly after moving in (Attic Insulation is well below code, 25 year old AC is end of life, broken bedroom window , bathroom tile cracked/holes, interior repaint desperately needed, sprinkler system outside broken, etc.) We were quite lucky our realtor knew a friend of the seller's, so we actually had zero competition from other buyers since it was an off-the-market transaction. We did some comp research and feel the 800k is the very top value of that home, and we're looking at ~27k in repairs in the first year if the seller fixes nothing. The seller feels they could bring it to market and get 825k-850k easily , and they are 'doing us a favor' by not going to market. Based on our interactions thus far, I fully expect the seller to refuse just about all of our repair requests, except for the Radon (~$1400). We want the house as it checks nearly all the boxes- location is near trails, large yard/deck, 10 min walk to shopping/microbreweries, roomy square footage, quiet/safe neighborhood, just needs a lot of repairs. The appraisal has not been done yet, and our realtor is actually a transaction broker in this and we have had to play the part of buyer's agent this entire time. So my question is : how much has this entire off-the-market opportunity saved us, and are we being unreasonable in submitting the ~15k in repairs to the seller? If we truly have saved more than that, I don't want to risk pissing off the seller. On the other hand, I don't want to get stuck with an overpriced house with the financial burden of ~15k in repairs. Nor get bullied by the Seller giving us a half-broken, overpriced house and getting away with it strictly because Denver is hot amidst the hottest seller's market in history where us lowly, stupid first time homebuyers have no leverage. (I've read the 'State of the Market' megathread in this subreddit- i feel we should count our blessings here but maybe need to hear it from some one else..) Thanks for any advice :) [link] [comments] |
| Now: 93% of institutional mortgages must be for owner occupants only Posted: 12 Mar 2021 10:53 AM PST http://www.mortgagenewsdaily.com/03112021_loan_underwriting.asp > Fannie Warns Lenders on Investment Properties and 2nd Homes > Mar 11 2021, 11:44AM > bla bla bla > The letter focuses on the new 7 percent limitation on acquisitions of loans secured by second homes or investment properties. All limits are measured as 52-week moving averages. As the investor and second home share of acquisitions is already above 7 percent and has been since 2013, this new rule will certainly have an impact. > bla bla bla Each bank is (for now) being left to their own devices to figure out how to ensure that their mortgage backed securities being sold to Fannie/Freddie/etc are 93%+ owner occupant only. One obvious way to sell more of one thing and less of another, is to jack up the pricing of the thing you want to sell less of. Real life example just hit my inbox: https://imgur.com/a/if3tuNc That number is a 1-to-1 with discount points. And it just went up by 2, with that particular lender. Meaning, if a given rental property mortgage at a given interest rate had points/fees of 0.25% of the loan amount yesterday, and the rate wasn't locked, today it just became 2.25%. That's one way you can deter investment property mortgage business. Other things individual banks/lenders could to do deter landlord business and keep it under 7% include, but are not limited to: - Increased minimum FICO score requirements. Earlier this year, for certain loans, the largest lender in the country had a minimum FICO score of 780. That's an absurd MINIMUM requirement, but the precedent has been set. - Greater reserve requirements. - Reduced maximum number of mortgages per person. Right now it's at 10, in the past I've seen lenders cap it at 6, 4, and 2. - Disallowing the use of rental income to qualify. Oh, so you want to have $2.5m in mortgage debt? Great, then your PERSONAL income must suffice to cover the payments, no more counting those rent checks. - Automatic denial of the loan application if short term rental income appears anywhere on tax returns. - Allow only "2nd homes," but not rental properties. - Disallow 2-4 unit properties. - Any combination of the above. Basically, what I expect to happen is every bank/lender to go "OK if only 7% of our mortgages can be rental properties or second homes, how can we make it the sexiest, safest, most high profit, low risk 7% that we can possibly make it?" Now, I can already read the comment: "GREAT WE WILL HAVE LESS EVIL LANDLORD INVESTOR SPECULATORS GOBBLING UP THE REAL ESTATE! GREAT NEWS FOR BUYERS!" - This will certainly have an impact, but I do not think it will be particularly big. That reduction to 7% isn't from 30% to 7%, it's from something like 10% or 13% to 7% (anyone want to go find the actual number? GSE data is mostly public, it just takes time, and I don't have that time b/c I'm about to go lock a shit ton of rental property mortgages while I still have lenders that haven't implemented anything yet). [link] [comments] |
| Best place in the US to buy property? Budget is modest. Posted: 13 Mar 2021 07:55 AM PST I've been approved to work remotely from anywhere in the US... Where are some of the best places to buy property while living there too. I'm in Boston now and am considering Florida, Tennessee, Georgia. Only need a max of a 2 bedroom condo or house. Cheers. [link] [comments] |
| North Virginia, single family home, electric heat pump? Should I buy? Posted: 13 Mar 2021 07:04 AM PST 2000 sq ft, 4 bedroom, 3.5 bath, in Burke... looks like only one thermostat for all 3 floors. [link] [comments] |
| Is a Townhome in Downtown Frederick, MD a Smart Buy for me? Posted: 13 Mar 2021 07:03 AM PST Hello, My fiancé and I are considering buying a town home in downtown Frederick. She is a teacher and I have about a year left in nursing school. This is pretty desirable real-estate, so the idea is that it would be a 2 bedroom place for about $300,000. This is about as much as we could afford. We are thinking that we would live there for about 5 years, sell it, and move to a larger home to start a family in. My question: is this a smart investment for us? The pros: I figure that putting our rent money towards a mortgage is a smart idea. It should not be too hard to sell the town home quickly because of it's location. We love the area and interest rates are pretty low right now. The cons: Maybe we will have difficulty selling in the future (for an unknown reason)? Or we will end up spending more money moving and selling than we would just renting? Your insight is much appreciated. [link] [comments] |
| Posted: 13 Mar 2021 12:34 AM PST Hello! I need an outsiders opinion if you are interested. We are in the market for a home. First time homebuyers. Did all the good things such as shopped around for a mortgage, got pre-approved, found a fabulous realtor that we trust. Fast forward a bit, we found a house that we really like (trying really heard to not let our hearts get involved with any decisions until after closing lol). We made an offer and it was accepted! Yay! Yesterday we had the home inspection. Yeah.... our lovely home apparently has a few ugly blemishes that the inspector discovered. Now, some are cosmetic and we are not really considering them. Things like tightening a toilet or changing out a front door lock is easily handled. Things like structural issues or expensive HVAC replacements are a bit harder to swallow. Oh, and apparently our inspector found evidence of a potential rodent infestation. Potential... haha... there was rat poop in the cabinets under the dang kitchen sink. So either it was a prior issue and the sellers are just disgusting because they never cleaned it or it's an ongoing problem. Make of that what you will. Other major problems include : - nails popping through the roof and messing with the shingles - water damage in bathroom below area where nail popping problems are in the roof - Support poles in the basement not even attached to the house - 1st floor support beams not properly secured - Evidence of (prior?) termite damage (awaiting pest inspection report) - Soft floor spots on the 1st and 2nd levels and on stairs - Water heater needs replacing (Does still technically work but will probably kick the bucket within the next 6 - 12 months if not sooner. Inspector found evidence of minerals, cloudy water, and bad taste in the water which he says are all signs that paired with the noise it was making point to the fact that it's on its last legs.) - Heat Pump unit needs replacing within the next year or so (does work but at the very least needs servicing to help it last as long as it possibly can before we have to replace it) There were some other things like the windows won't open (possibly painted over), rotting wood on the door frame, cracks in the sidewalk in front, and then some other minor things that we'd have no problem fixing. The rodent problem and other major issues I've price-checked and the low end cost of the repairs would mean about $20k right off the bat. Potentially even more. We will be talking with our realtor tomorrow and will of course take his advice into consideration. He wants us to talk it over tonight and make a decision whether to move forward or not. The house was priced probably slightly below market value. Our realtor said it "was a good price" but that was before becoming aware of all those things that the inspector found. My question is this: considering that we are first time buyers with no house construction/ repair skills (beyond the basics), would you move forward with the purchase? Request fixes of the major problems? Walk away completely? I have no idea what the sellers would agree to but the area we are moving to is definitely classified as a sellers market right now. No doubt they could find another buyer if we back out but at least now they would have to disclose the report our inspector compiled. And with that knowledge there's no way they'd get the price we agreed upon. I'm feeling gun shy and want to run far far away (it's mainly the structural problems and the rat thing, ugh!). My husband says we should see if the sellers will fix the major problems or at least knock the sell price down to cover the cost of repairs. So yeah, what's your opinion? Any advice would help a bunch. [link] [comments] |
| Posted: 13 Mar 2021 06:24 AM PST We bought our house in 1999 and started making improvements such as wood floors, new carpet, paint, paving the driveway etc.. About 3 years later, my mother-in-law needed care so my wife went to part time at her work so she could take care of her. There wasn't the extra money to continue improving the house so we stopped. We refinanced in 2004 saving 2% on the mortgage and taking a lot of the equity. My MIL passed away in 2007 and my wife went back to work full time but then the crash in 2008 happened. Similar houses all around us were going into foreclosure and selling for less than half what we owed on ours but we still continued to pay our mortgage on time. Fast forward to today and I've got a house that I don't owe much on but it desperately needs updating, all new windows, doors, roof and mechanicals (they work but are builder grade and old). Do we put in the windows, doors and roof? Update it? Mechanicals? All of it? Or just sell as is? Thank you for any professional advice! [link] [comments] |
| Posted: 13 Mar 2021 06:22 AM PST Hi guys, what do you think of banks offering programs for first time home buyers? for an example Bank of America say that they will give you 7500 credit for closing cost etc and they will also give you 10k for down payment assistance. PLEASE if you have experience let me know down below. im trying to buy a house this year and looking for all help I can get! [link] [comments] |
| Posted: 13 Mar 2021 06:12 AM PST Hi community, I'm in my early 30's looking to buy a 2BR in Brooklyn. I'd imagine we'd live in a unit for 5-7 years minimum before selling and moving to our next place if financially beneficial. As much as I would love to get a condo, realistically the neighborhoods I would want to plant roots in are mainly coop properties with about $1,200/mo in fees. I know properties are so different and really everything can be subject to the particular management of a coop board. Would this be a financially irresponsible decision to invest in a coop? Any rough guidance on how I should be thinking of tracking equity gained outweighing the costs with monthly fees? Thanks fam. Any thoughts is greatly appreciated. [link] [comments] |
| Home insurance payments for first year? Posted: 13 Mar 2021 05:49 AM PST How does home insurance work the first year of payments since I will be prepaying a year at closing? Is my mortgage payment (escrow if taxes and insurance) lower for the first year to account for prepaid insurance? [link] [comments] |
| How common are issues between a successful appraisal and closing? Posted: 12 Mar 2021 09:40 PM PST I'm a first time buyer and I just keep feeling like this deal could fall through at any moment. I'm used to feeling like an expert but I have no expertise or interest in real estate until now. I thought I would feel less anxious after the appraisal, but the closer we get to closing, the more anxious I get that it will fall through somehow. At this point we have everything lined up: the mortgage lender has everything they need, we have already started paperwork with the title/escrow company and we heard back today that that the home appraised, subject to a minor fix that has already been addressed. But it does mean the appraiser has to go back out and check that the subject-to issue was addressed. I know none of you know the specifics of my contacts in particular, but how common are issues at this point in the buying/selling process? We're scheduled to close on the 22nd and I'm wondering if I will be able to take a deep breath until then. 😅 We kind of got a unicorn in that our offer was accepted with the seller covering closing costs, only offering slightly over asking, no contingencies waived (we even got them to make a couple repairs after the inspection!). I'm worried the seller would want to walk away and see if he could get more $$ by waiting a bit longer for a better offer (I don't think he got many offers which is why ours was accepted). With our financial situation, we couldn't/wouldn't buy with the appraisal contingency waived so this feels like our one and only shot to buy a house until the market cools off. [link] [comments] |
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