Real Estate: Word of caution to first time homebuyers. |
- Word of caution to first time homebuyers.
- New York man goes over 20 years without paying mortgage, evading eviction along the way
- PSA to first time home sellers
- Duplex I rent recently put up for sale.. questions.
- Can I burn down my house that has a squatter in it?
- Is the market only crazy for SFH?
- Listing sqft vs appraisal sq footage
- Tips buyers & sellers (budgeting & unexpected costs)
- Advice on working with a new home builder
- Possible to close refinance within couple weeks?
- Buying a house in Brooklyn from a friend without a real estate agent
- A little question out of the ordinary.
- Complicated SFH to Two-Family Conversion
- My agent is selling a house for another client and has convinced them to do a closed sale to us in exchange for her giving up a couple percent of her fees.
- Can't compete with Investors
- How calculate house value from 1 or 2 years ago to see how much it went up since. I don’t want to do comps which are time consuming and difficult.
- Rent Back
- Mortgage/Appraisal Question:
- Sellers are pulling out from seller’s remorse 10 days before closing. We want to sue for the house and attorney fees. What are our chances?
- [MS] I need to get a Mississippi real estate license for my new job. Where do I begin?
- Cash offer, as-is, 2k over asking same day as listing
- What does a buyers agent do that i cannot?
- USDA Underwriting?
- Buying land with a Treasurer's Deed
Word of caution to first time homebuyers. Posted: 04 May 2021 07:31 AM PDT I'm not sure if this is the right place to post this, if not please remove. But I feel the need to warn young first time homebuyers. This will be a life changing decision. I was young, just 26, when I bought my first home. I enjoyed drinking beer, playing video games, going out with friends, normal things. I didn't make much money, still don't. Rent in my area is astronomical, so I decided to buy, in the long run it would save me about $6000/ year minimum to buy vs. rent. How foolish I was... It all started normal, moving in, playing video games, drinking it up, parties at my new home loving life. Then I decided to do a little home reno to open up the kitchen, which means new floors. Well I'm gonna need new cabinets to fill in the additional square footage. All these projects piling up half done. Well now spring is here and the lawn is waist high in some areas and barren in others. I never cared about a lawn before. Who the hell cares it's dirt and grass? It's interesting the perspective changes we go through in life... This morning I caught myself walking around my yard listening to the birds chirp and crackheads down the street fight. Talking to my little grass and clover sprouts telling them how strong and beautiful they are and how I appreciate them for filling in my bare sports. Then I realized this isn't normal. Idk what these changes are, but I don't like it. Its like I'm hitting puberty for old men. I just want to play video games, do hoodrat shit, and drink beer. But instead I'm talking to my lawn, looking at flooring options, and drinking beer. My childhood is gone and been replaced with home renovations, lawn affirmations, and white Nike's. Before you buy, make sure you're truly ready for the reprcussions you'll face. [link] [comments] |
New York man goes over 20 years without paying mortgage, evading eviction along the way Posted: 04 May 2021 07:23 AM PDT What he did was taking advantage of the bank being defunct,the mortgage being sold then filing bankruptcy,then transferring the deed to friend who also claimed bankruptcy. When the court was ready to evict, Covid happened. Now he's selling Cash only. [link] [comments] |
PSA to first time home sellers Posted: 03 May 2021 10:25 AM PDT Do not, I repeat do not dig up all of the flowers and bushes the day before closing and hand them out to all of your friends and family. LOL The new neighbors across the street came for the final walk through and found that all of the bushes and flowers around the house were taken. The husband is steaming mad speaking loudly to their realtor and I get a front view from my home office! Update: they all left, nothing really was said other than "thank you" and "we'll be waiting to hear from you" the realtor did go around the house and based on how he was holding his phone, looked like he was taking pictures. Idk if this means anything but he put the keys back on the lock box and redid the lock. When we closed last year we were given the keys right after the walk through and went to closing. So I'm not sure what is happening. [link] [comments] |
Duplex I rent recently put up for sale.. questions. Posted: 04 May 2021 03:25 AM PDT So yesterday the duplex I rent was put up for sale and it was absolutely nuts. People were constantly stopping in front of my home and wandering the property with no realtor there. Some knocked on my door and the realtors kept showing the vacant side all day long. That frustrated me and since the house is in disrepair and the landlord wants me to cooperate he agreed to rules such as notice and reasonable hours even for the vacant side. (Yes I realize he doesn't have to but he wants me out so he's cooperating). I put a sign on my front and back door to not knock and it says unit is occupied, no showings please respect our privacy. Of course when he schedules a showing for my side I'm not going to stop him but this is for when they are just showing the vacant side. The worst part was some woman yesterday tried to barge her way in my home when I opened the door even though I told her before hand it's occupied. I have a couple questions. Do I have to answer peoples questions when they stop in front of my house or are waiting for a showing? I feel this is everytime I walk outside now. I don't want to be rude but I don't want to talk to them either. Also, are they allowed to just wander around my property? It's quite disconcerting and just plain annoying. They assume the house is completely vacant so they don't care. Can I put the sign on my door saying not to knock? I just want my reasonable privacy. I paid full rent with no discount so I feel I deserve that much atleast. [link] [comments] |
Can I burn down my house that has a squatter in it? Posted: 03 May 2021 03:19 PM PDT I inherited my mother's home. I hired a management company to handle the rental. The property was leased to a single individual who then brought in a roommate. The roommate had no lease. The renter died and the roommate paid the rent for six months without notifying the management company. This person has been in the property without paying rent and just from the outside there is about $50,000 in damages. The management company said there was nothing they could do so I fired them. I then hired an attorney to evict them. Then the roommate filed bankruptcy and the attorney said that even though this person had no lease they were entitled to stay on the property. This is a bloody nightmare and I see no way out of it. Can I just burn the house down while this person is at work? The lot is really valuable and I can't see any reason to fix the house up at this point. [link] [comments] |
Is the market only crazy for SFH? Posted: 04 May 2021 09:08 AM PDT Are Condos and Townhomes going way over asking as well? [link] [comments] |
Listing sqft vs appraisal sq footage Posted: 04 May 2021 07:35 AM PDT Hello. We are under contract on a condo in Chicago and are about 2 weeks away from closing. Yesterday we got our appraisal report back. It appraised at contract price, which is good, but the square footage listed in the appraisal report was 1472. However, the square footage for the condo listed on MLS was 1700. This is a difference of 228 square feet, or 13.4% less than that of the listed square footage. I asked my attorney about it and got a response to the effect of "don't worry about it." However, I am still worried about it and how it could affect our ability to resell the condo in the future. Thoughts? [link] [comments] |
Tips buyers & sellers (budgeting & unexpected costs) Posted: 04 May 2021 07:16 AM PDT After a year of being in limbo and some wicked situations on both ends of buying and selling, we finally closed on our forever home. In anticipation of the close, we arranged our long haul mover and then focused on our short term storage locally. What a freaking nightmare. Turns out, our local storage facility doesn't prorate the closing month. So whether you move on the first or the twenty-ninth you're still paying for the entire month. Fanfreakingtastic. Ok, so we get a UHaul and keep it at $40/day + insurance, right? Wrong. 4/30 is a Friday. Rates go up considerably for weekend moves. Also it was the first, so everyone is booking UHauls. Add to that, our state (WA) got the silly idea to move the majority of their equipment out of state due to the pandemic, hence a shortage. Need a 15'? You're SOL. Drop to a 10' and double your runs? The 40 cents a mile just shot up to $1.82/mile. What would have cost roughly $300 doubled. So we decided to eat the cost of the storage and double down on moving our things, half in storage, other half in the overstuffed (people, you don't need 300 handtowels and 20 sets of sheets for your rental, especially longterm) VRBO we've been hunkered down in for the past 8 months. But another wrench got thrown in. There are no uhaul dropoffs near our new home. The closest is less than 30 miles from where we picked up the one way near storage even though we traveled close to 90 miles. Technically they should be factoring that in, but since, at their suggestion, we booked online, that part gets left out of the equation. So instead of waiting for an hour to talk to someone at UHaul, we are now having to spend 2+ hours making backend arrangements so we're not taken to the cleaners with all these added charges. Short end of this: read your storage unit's terms and conditions before renting a unit. Plan to rent a UHaul Monday-Thursday for the absolute best prices. Add 10-15% buffer to your budget for moving in/out of storage. Don't book online. Set an hour aside and call. And because of the pandemic, as soon as you have a closing date, secure your UHaul rental. Also: UHaul will charge you for extra equipment such as a dolly even if you didn't ask for it. When you do your walk-around check for this added equipment. If it's in the truck, get it back into the facility immediately and say you didn't want it and aren't paying for it. We read about how people were getting charged at the tail-end and had no wiggle room because they should have refused that at the beginning. Good luck out there! [link] [comments] |
Advice on working with a new home builder Posted: 04 May 2021 08:17 AM PDT My husband and I are relocating to the mid Atlantic. We want to be closer to family so will be selling our home in minnesota. We decided to go the new build route because it seems more predictable than trying to get into a bidding war 1200 miles away. We found a builder we liked and flew out to meet some. The one we like put us on a wait list. They are IMPOSSIBLE to get a hold of and get any kind of reply. The only time they respond is when I reach out to the sales manager. They told us our lot would be available last week or this week. I sent an email and left a voicemail for an update - NOTHING. I understand it's a sellers market but is this normal?? Any advice on how to handle this? We really like the location and floor plan of this builder so it is definitely our top choice but I am pretty turned off by their customer service. [link] [comments] |
Possible to close refinance within couple weeks? Posted: 04 May 2021 10:21 AM PDT I inherited a home currently months behind on a high interest mortgage and i would like to get the refinance ASAP but i've read some of the threads on here about people waiting months and i'm a little worried Does anyone have experience with refi that took just a few weeks? Is there any company that can guarantee to close in a few weeks? Info: Brooklyn,ny, my first mortgage,will be primary home Home worth about $1.2m payoff is 200K Credit score:700+ i make $35k yr. I'm using a co-signer with 800+ credit score $100k+ yr. [link] [comments] |
Buying a house in Brooklyn from a friend without a real estate agent Posted: 04 May 2021 08:07 AM PDT Hi! A friend of mine is putting up a house for sale in Brooklyn. As he is not yet working with a real estate agent, one option would be for us to get the house appraised, agree on a fair price, and then work with a property lawyer to do the house sale and save a mutual 6% or so in broker closing costs.
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A little question out of the ordinary. Posted: 04 May 2021 09:52 AM PDT Good morning everyone. I'm currently in the process of purchasing a home in the U.S. I'm a U.S. citizen but my wife isn't. I was able to hire a judge to meet me on the international bridge in Reynosa, TX so he was able to notarize and marry us with a Texas marriage certificate which was uniquely awesome. I have a U.S. general Power of Attorney over my wife which wasn't a problem before with signing documents in the states as her, but my current title company is stating I need a "special" POA specifically from them and need to have it notarized in the U.S. Consulate in Monterrey, MX (nowhere else) in order to be able to sign as my wife since she can't be there on the day of closing. My question is what the heck is the difference between what I have and what they (the title company) wants? I close in exactly one month and they're now mentioning all of this to me while appts in the U.S. consulate are literally a month out. If I could honestly change title companies, I'd do it in a second. [link] [comments] |
Complicated SFH to Two-Family Conversion Posted: 04 May 2021 08:36 AM PDT Hi all, my friend and I are buying a two family home (she lives in one with her son, and I live in the other with my son) in a Boston suburb. We're drawing up plans of ownership and expectations/responsibilities with a lawyer and have talked about this extensively for many years so no need for lectures on how bad of an idea it is to buy with your friend. We have a property we're getting inspected today. Its two separate buildings on the same property (separate heating, electricity, water, etc) but is currently zoned as a single family with a separate garage unit. The second building was originally a garage, and still is according to the city, but has been finished on the inside and is basically ready to occupy. There is a bathroom and kitchenette (and it looks like all permits were pulled but the family who owns it stopped short of doing the two family conversion with the city). My question is whether doing the final conversion to a two family (through the city) will increase the value of the property overall? This feels like a great opportunity but I don't know. Another question I have has more to do with how we write up the plans of ownership/responsibilities/expectations with the lawyer. The main house was built in 1930 and is larger and in good shape and the other is a converted garage that is pretty spartan on the inside (no closets, a wall or two is unfinished, kitchenette is small and bathroom needs to be updated, etc). What are some ways in which we could make this deal equitable between us? For example, whoever lives in the main house could pay more of the mortgage (I see this like "rent" where a larger nicer space costs more than a smaller less-nice space). But when it comes to final ownership we want it to be 50/50. This feels somewhat complicated but I wanted to put it out to the Reddit universe to see what people thought could make an equitable arrangement. Thank you! [link] [comments] |
Posted: 04 May 2021 04:39 AM PDT My partner and I are now responsible for representing ourselves in the purchase of a home. To say I am terrified would be an understatement. Any advice on how to successfully do so? [link] [comments] |
Posted: 03 May 2021 10:10 PM PDT Was out bid on a shitty 450 sqft condo because some investor had 400k sitting in their bank account. Southern California is screwed. The average joe isn't meant to own anymore. The rich need their 5-10 investment properties. [link] [comments] |
Posted: 04 May 2021 08:08 AM PDT Is zestimate a good tool that'll give me a ballpark idea? I'm trying to figure out how much houses on market have gone up in past year or two and if it's worth it for me to buy or wait. Agent not really helpful here. [link] [comments] |
Posted: 04 May 2021 10:20 AM PDT So...we have been in this shitstorm that is the market these days for about 2 months. We've put in 6 offers, and have been beat out by cash 5 times. We now have an offer in on a home where the sellers want occupancy for 3 weeks after closing. We agreed to allow this at no charge trying to get the tiniest edge. NOW I am reading all these horror stories about sellers refusing to leave, trashing the place, taking everything that they can possibly remove, etc. Assuming that our offer gets accepted (not terribly optimistic about that, because...cash), how bad did we fuck up by agreeing to the rent-back? [link] [comments] |
Posted: 04 May 2021 06:16 AM PDT Hi all! So my house is on the market. I met with my real estate attorney as he's assisting me. I asked him about what if the house doesn't appraise for the sale price? Can the buyer bring cash to the table to make up the difference? He said 'No, the mortgage loan will NOT be approved & the mortgage company will NOT get involved in a transaction where the buyer is paying over appraised value'.. My understanding was always that the buyer could bring cash to make up the difference.. so I'm a little confused.. Anyone have some insight? thanks!! [link] [comments] |
Posted: 03 May 2021 07:30 PM PDT The sellers started getting difficult during the attorney review period. There were some things that we were going to ask to get fixed but decided to not ask for them. The sellers acted offended that we even asked about the condition of the AC unit even after inspection. In fact, their attorney put in writing to our attorneys, "I just want to make sure I have this correct, your buyers are attempting to negotiate regarding the AC unit," almost to lock us in on something that didn't happen. My attorney said no that's incorrect. Yesterday I found out from a person who knows the sellers that they are having regrets about selling. Today, my realtor and attorney call me up and tell me that the sellers are pulling out of the deal. I said well that's unfortunate because we've now spent a few thousand in inspections, our time, and lost our on dozens of houses while we waited on this one. We will be using. Has anyone else heard of or done this in similar circumstances?How did it end? [link] [comments] |
[MS] I need to get a Mississippi real estate license for my new job. Where do I begin? Posted: 04 May 2021 09:49 AM PDT Hey, guys! If you're reading this, you rock. I was recently hired to work as a data analyst for a commercial real estate firm. My boss wants me to earn my Mississippi real estate license, and I wanted to learn how I should go about doing it. What's the first step? What exams do I need to take? Is there a study textbook / practice exams I can review? What should I know before I begin this journey? Thanks for your help. I'm new here, and I would love to hear your feedback and testimony. [link] [comments] |
Cash offer, as-is, 2k over asking same day as listing Posted: 03 May 2021 11:14 PM PDT Today we listed our house. It's in a relatively rural or suburban small town in central California. The house has a bit of a weird layout and was on the market for over a month back in 2018 when we bought it for 12000 under the listing price so I wasn't expecting much this time around. Today, several hours and 3 showings after listing, we got our very first offer. It seems quite respectable as a cash offer too. I want to accept the offer. Mainly because: Short escrow, it's at least over listing, less contingencies, and the buyer is local and is offering to buy the house as-is. However, my husband is hesitant wondering if we should wait a few days (this offer is only good till tomorrow though) to see if we get more offers for more money. Our realtor thinks it'd be a good idea to take it but didn't push hard on this and says it's entirely possible to get a higher offer later. She agrees with the mantra that the first offer is usually the best. Does this still apply on a first day offer too? What are people's recommendations here? Would just like some thoughts! Update: to add to the confusion, this morning we got 2 competitive offers well (one is 15% over asking price but they require financing and it might be a tactic / too good to be true). I'm still leaning towards the cash offer... [link] [comments] |
What does a buyers agent do that i cannot? Posted: 04 May 2021 09:29 AM PDT Because there isn't like a literal law that requires agents, right? So i'm wondering a few things what goes on behind the scenes i'd need to crash course on? I have found a fsbo, seller used to do real estate. I have a buyer agent but i just called myself to ask them if they will be interested in a VA Loan. Its a yes, but seller wants me do it myself and drop my agent since i've already done a fair grip of homework and discussing contingencies and how i'll structure my offer. I even told the seller i don't mind offering 10k over asking to cover my agent, seller told me offering over ask is so messed up and her home is priced correctly. I have preapproval from my lender for well over the home price, i have cash to pay difference on appraisal and ask if it comes under, i have a fair grip on what VA inspection will be looking for, i've bought a home before. Whats the rest of it? Seller doesn't mind guiding me if i don't use an agent but i could use any factoids tips tricks laws etc. My lender will set up appraisal and va inspection, i'll set up the regular inspection myself? I'll contact an escrow agency and title insurance company myself? Beaides "don't f up newb" or "this is suspicious, seller is scamming you", what would i need to know? [link] [comments] |
Posted: 04 May 2021 09:28 AM PDT Does anyone know the USDA underwriting turn time? Or where I can find how long they're averaging to complete underwriting? In Ohio if that helps! [link] [comments] |
Buying land with a Treasurer's Deed Posted: 04 May 2021 09:22 AM PDT Hey there! I've been looking for land in Southern Colorado. I found a great flat lot with water taps available. After more prying, I found it has a Treasurer's Deed, which means it was bought at a tax lien sale then 3 years after no redemption the tax lien holder became the official owner. Since it was obtained with a Treasurers Deed from the tax sale it has a "Right of redemption by minors, or incompetent persons, as provided by law." Basically it means if the person who lost the property in the tax sale can prove they were a minor or incompetent persons they can file for redemption of the title for up to 9 years. There are 3 years left of that 9 years before it would be considered marketable. Seller's agent says "I do know that the seller have had no contact with previous owners and have had no notice from the Treasurer that anyone is claiming any redemption at this time." Our plan would be to build in 3-5 years. Should we run away from this land? Take a gamble? We really like the land and could buy in cash. Have bought homes before but never land, would really appreciate any advice. Thanks! [link] [comments] |
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