Hello, the house I want to buy with my partner is currently occupied with two elderly adults. The listing price is $450k. We are in Northern California for reference. My partner and I offered $450k, asked seller to pay closing fees, and signed tenant occupied property addendum to have seller deliver the property vacant. We are putting $115k down. And only getting loan for $335k. The house is like at our max budget. The seller counter offered: -seller to 2% of purchase price to buyers brokers compensation (our real estate agent is asking for 2.5%) -buyer pays all escrow and title fees -seller to pay county transfer tax -buyer to remove insurance contingency within 14 days of offer. (We are in a high fire area but already received a quote for home insurance coverage). Any help is appreciated. I want them to contribute to closing costs! This is an awesome house. Another thing is, seller has provided pest and fungus report and a home inspection. Which recommended that a contractor o...

We are in the process of looking at homes and an option e we think is better since we can’t find a home we like is buy a lot and build a new home. In terms of buying a lot we have money to purchase the lot immediately whether in cash/check whatever. The problem lies in getting a loan for the construction itself. We were already approved for a mortgage on an already built home through a bank statement loan. As I understand it is more difficult to get a loan for a construction project vs an already built one. Options I’ve seen are Non-QM loans that would use business bank statements to qualify for the loan but they are rare. Are there any other options for someone like me that would use bank statements that I could look into that would make the process of getting a loan for a construction project easier? I’m located in Georgia if that helps at all. Thanks in advance. submitted by /u/Magmar_01 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1w...

I bought a piece of land for $300k with the intention of splitting it and with my brother. He will give me back the $150k when he builds his house. I'm wondering if that would count as me selling the land and would cause me to owe taxes or would there be no capital gains since I didn't actually earn anything? submitted by /u/shellimedz [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1wchx73/splitting_land_with_family/

Hey, I would really appreciate it if anyone could advise us. Our place is not selling well. It's been more than 90 days. So we're thinking of pulling the listing and renting it out. Texted, called, emailed my agent but he didn't answer. I wanted to make sure I'm not violating any contract. My first text told him about my intention. Last time I signed a contract with him, the expiration date was Dec, but I need to rent the place out before Nov. Redfin btw. Btw, how's the townhouse sale market in the south bay area? Edit: I have coworkers wanting to rent the place already. submitted by /u/pumapeepee [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1wc84hk/question_about_cancelling_listing/

Just curious if such a thing exists as a financing option. Long story short, and without doxxing myself, I am waiting on a payout of my share of the equity in a home that my ex-wife got in the divorce. She has until February 1, 2027 to pay my share. Meanwhile, I am stuck unable to procure a down payment for a typical home purchase. I wasn't sure if there was such a thing as a lender allowing me to buy at a reduced down payment, with the understanding that the money will come into my hands eventually. If my ex does not pay me out by 2/1/27, the home is sold and I receive the proceeds. submitted by /u/Crafty-Strategy-7959 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1wc2dnz/is_there_such_a_thing_as_a_bridge_loan_while/

My property is fine aside from lingering mice and the neighbors house looks really unkept and just a pest paradise. I already reported the house to the city housing code but I just thought of a wild idea to try and attract cats to the house. I’m out of state from this property but I don’t want my tenant having to deal with this for longer. What if I asked her to hide catnip around the neighbors house? submitted by /u/brattysweat [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1wb75fp/pest_problems_at_rental_property_with_neighboring/

I started a loan application in May to purchase my parents home. It was appraised for 525k and the estate was giving a gift of equity of 20%. The sales price was 420k. My lender approved me and advised I had to sell my current home before being approved to purchase the new home. I sold the home, finished all the loan approvals, inspections, etc. Got to the closing table and advised that the lender counter the gift of equity twice effectively lowering the purchase price to 315k and figuring the numbers from there. Now the lender is saying that my only options are to bring another 105k to the table or increase the loan amount. I cannot afford to do either. I am Now homeless as my previous home sold already. The lender is giving me the run around and now I don’t have anywhere to live as a single mom. Any suggestions? submitted by /u/SqueegieeBeckenheim [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1wazjo6/lender_error/

Hi Everyone. It's been 25 years since i moved and even then i bought directly from the new-home builder. So please excuse my naivety. I just recently retired and we are looking to move from our current location, across (most of) the country. Before buying a place and committing in an area that is new to us, we were planning on renting a house or townhouse for a year to get to know the lay of the land better and decide (1) if we like the city and (2) where in the city we might want to permanently reside. I've been scouting properties on Zillow, Redfin, Realtor, Rentler and others. (Yes, i know they mostly are duplicative). Am i correct to assume that working with a realtor in the area is what i should do? If so, how does the realtor get paid in a rental transaction like this? Are there certain things i should consider when choosing a realtor? Any other advice? Thank you in advance - and again, sorry if this is a basic/stupid question. submitted by /u/skodaddy426 ...

So, like the title reads--please help me understand how it works. I have some vacation property that I am considering selling. It has been a rental property for years. For the last 5 years, the same tenant has rented it for the entire season, and they asked if I would consider selling it to them. I am not interested in doing a like-kind exchange, I'm interested in getting out of the landlord business. So, some basics: I inherited the property after my mother died in 2017. Appraised value at the time was $205K Current value based on recent comparables $550K Therefore, if I sold at current value, I'm looking at a capital gain of $345K My wife and I are both 68 and retired. So, an installment sale is an attractive option. Taking the full capital gain in one year would potentially cost me $60K in immediate capital gains tax, plus would drive us way over the medicare MAGI for the year, resulting in up to $500 EACH in IRMAA payments 2 years from now. ($12K total more or less ...