Wanted to get opinions from the community on days on market. For selling agents, how long until you would consider a lower offer or reduced price change? For buyers/buying agents, how long until it raises a red flag that something might be wrong with the place or enough to cast some doubt? How about houses that go Pending and come back into the market? Is there a way to find out why the fallout? submitted by /u/apatisda [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fsu9kf/days_on_market_how_long_is_too_long/

My wife and I made an offer of $282k on a home listed for $289,500. Sellers came back agreeing to other terms of offer but sticking w/ $289,500. We came back w/ $285,750 (meeting exactly in the middle). It was accepted. It is our relative-dream home and there's currently nothing else listed in the area we're looking at this price point that we like this much/checks as many of our boxes. For some specific reasons we'd be looking to sell in about 5 years. The sellers are getting divorced. Our agent told us per listing agent it's a "nasty divorce" where the listing agent has to communicate everything to each of them separately. They're an older couple, late 50s. I mention this because it might play into negotiating w/ them. The inspection occurred today. Infamous polybutylene (pb) pipes (home built in 1990) were found. In the disclosures the sellers had only listed "plastic" for plumbing system. Currently no known leaking per inspector but he rec...

Here’s our stats: Married, both employed as essential employees. Our combo credit of 745. DTI is about 40% we are putting down $120k on the house which we are under contract for $298k. I can’t use the $120k to bring down the DTI due to the money having come from the sale of another home. I do worry that because of COVID and tighter mortgage restrictions we won’t qualify with our high DTI. We were previously underwritten, but I’m uncertain if this is even valid anymore. Let me know if we are S.O.L or have a fighting chance. Thanks! submitted by /u/ivmeow [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fstelw/have_been_under_contract_for_a_new_home_since/

Last month I passed all of the tests in Virginia to become a realtor. I found a brokerage 3 weeks ago and have yet to sign with them due to the current pandemic. VA gives me a year to find a brokerage after passing the tests, should I hold off on joining a brokerage until we're at least off quarantine? I'm employed at a bank so I have income, but it would save me a couple hundred dollars a month (MLS dues, insurances, etc.) if I waited. Any guidance? submitted by /u/rwbcshw [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fstal4/should_i_sign_with_brokerage_yet/

I’ll keep it short and sweet. Mom is 53, has been unemployed for years. Her income is 45k a year from Social Security, she has $1.3 million in cash and a 660 FICO. Her current mortgage ends in 1 year and needs to find a new house soon. She has no equity in the current house so we’re just going to fire sale it and walk away. The trick is finding a new mortgage. Apparently social security doesn’t count as real income so I’m assuming she needs a non-cm loan utilizing an asset depletion to model an income. From my research it’s sounding like non-cm lending in this environment is basically a meme. Our only advantage is our ability to leverage our cash to receive major (50bp) fair market rate discounts, so that’s a plus. Does she even stand a chance at finding a lender with a fair market rate in this environment and going forward into the spring? Or is she screwed until investors calm down (hopefully) in the summer? submitted by /u/MojoOjojo [link] [comments] source https://www...

Does any know if a rental property under an LLC qualifies for an EIDL loan and grant though the SBA in a designated coronavirus disaster area ? submitted by /u/Hvny33 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fsriih/economic_injury_disaster_loan_sba/

Done deal. It went off fairly smoothly with a few typical closing day things such as the gutter being in the front lawn instead of attached to the roof for the walk through. I didn’t experience much difficulty towards the end. I had a few late proof of employment requests from the lender, but this was my first purchase so I’m not sure how unusual that is. Overall, it went well. Just wanted to share that it’s still working fine despite current conditions. submitted by /u/Technologhee [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fsrwwo/closed_today/

My mother recently had to move her mother into a assisted living home. Her mother’s trailer home\manufactured home which is pretty nice around 45k-50k in value needs to be sold so she can continue to live in this facility before she gets kicked over to Long-term care. She has put the home on craigs-list and trying to put it on Zillow but there have been some difficulties selling it since she does not own the property. Are there any tips or tricks for selling a trailer home/manufactured home quickly? We need to sell it within 2 months otherwise her mother will have to move to Longterm care which we are trying to avoid in the short-term. It is located in Florida but also know that this economy is not setting us up for success. Thank you! submitted by /u/Jcmonnett [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fsruc1/mom_trying_to_sell_her_mothers_trailer_home/

We bought a model home that had a security system pre-installed. The builder said we could use any company for monitoring, etc and didn’t have to use the company that installed the system. We aren’t sure which company would work with us? Do most companies (ring, simplisafe, etc) have their own cameras? Does anyone know what companies I should be looking at? We were hoping to use them like you would a ring or simplisafe - mobile monitoring.. The home is a smart home and has ring installed on the door and has other features but we aren’t sure about the security system and would like any advice! Thank you! Tl:dr- need advice on what company to use for security monitoring for pre-installed cameras. submitted by /u/justhereidkanymore [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fsrubn/bought_a_home_with_a_security_system/

My realtor is coming to take pictures of my house to list and i'm neck deep in packing and boxes, there is no way I can get the boxes out of the pictures, the question is, will this turn buyers off if they see moving boxes in every picture? submitted by /u/binxlyostrich [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fsru1s/listing_my_house/

I find it extremely fulfilling to help others and it is my passion. How can I find that as an agent, investor, real estate business owner, or any other kind of real estate professional? Or am I better of in a different career with that mindset? submitted by /u/huskies53 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fsrr73/how_do_you_get_to_help_people_in_real_estate/

submitted by /u/4BigData [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fsqkdj/if_the_premium_for_buying_a_new_house_is_25_above/

I am set to close on April 17th. It is my first home purchase. So far my work has not had to close down. In Iowa so no safer at home rules as of yet. If my work does close down they are saying that they will continue to pay us our full wages. Would I need to report work closing to lender? Would they look at it like unemployment or would I be considered still employed? Right now this is just hypothetical but we have had a few cases diagnosed in our small town in the last couple of days. submitted by /u/Justravenmore [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fsq0ok/hypothetical_covid_question/

Let's say I want to buy a 3 bedroom house. I know two friends who would be my roommates for a year or so. Let's say the monthly payment on the mortgage is $1266. I get two payments of $422 from my two friends. Can I now say that I make $844 extra per month-- an extra $10,000 or so per year? I imagine for this to be legit, I would have to document my income, perhaps draw up legal leases, etc... How can I do this? I'm tired of paying rent, it's such a scam. submitted by /u/band_in_DC [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fspwi2/can_i_become_a_landlord_of_a_house_that_im_about/

We are in Oregon. We live in an apartment complex on the top floor, and our downstairs neighbors have been complaining about us ever since we moved in. It started with them taking a broom and banging on their ceiling when they thought we were too loud throughout the daytime. Then, we got a call from our land lord saying we have been getting noise complaints, for loud music or banging at night. My fiancee and I work early so were in bed by 10:30. We typically are pretty courteous already but when we got that call we adjusted to see if it would help. We didnt recieve any calls for about 6 months. Just today, we got a call from our landlord saying they have gotten multiple complaints from the same neighbors dating back the last 6 months and that they are finally getting around to contacting us. They said there have been numerous times where they again complained about loud music and banging noises. They also described dragging noises and what sounds like bowling balls thumping. It...

Just curious, my wife and I wanted to celebrate closing by giving our realtor a bottle of champagne or wine or something after we close as a small token of thanks for all work she’s done getting us in the house. Is that appropriate? submitted by /u/bullmoosespecial [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fsold6/proper_to_give_a_gift_to_buyers_realtor_after/

Should I try to buy now and default and 3 months? Will the bank let me live in a house for 5 years free, failing to foreclose while they hide the loss from their balance sheet? Is it 2008 all over again? submitted by /u/telmnstr [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fsp6dp/buy_now_and_default_in_3_months/

I'm only so far into the process as to be looking between listings, basically. One house that caught my eye, in part due to a relatively low price, also raised a question for me. In the pictures, I noticed there is a small, yellow postcard with "Danger" and "10/2019" taped over the circuit breaker, as well as over the toilet, sink, and bathtub in both of the bathrooms. I am unsure of what this would mean; at first I thought that there was an electrical issue with the house, but that all of the plumbing in both bathrooms are all signed off as well sorta confuses me. I sent an email to the realtor, didn't hear anything back about it. I don't want to start calling or anything, giving my phone number, when I'm still only at the point of searching listings, basically. Any ideas of what this would mean? submitted by /u/tylerhunt54364 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fsolp5/prospective_first_time_buyer_que...

submitted by /u/Boneyabba [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fsoe1y/commercial_loan_deferment_strategies/

Hey all— I entered contract to buy a place in SF a few months back. The construction and contract says that “Estimated Closing Date” is in June, but the construction and project finish has now been delayed till October. I’ve sent a 3% deposit. Is it possible to back out of this contract bc of the delay in construction and it now finishing 4 months later than it says on contract? Would love all advice, thank you! submitted by /u/jonsmee [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fs74sw/backing_out/

SW Florida. I want to offer significantly less on a condo I have found. I am a cash buyer, 12+ condos on the market in a 2 mile radius, sellers are international and gone, I think the market is iffy. Sellers paid $30K 9 years ago and have probably spent $10K in improvements. I'm not looking at this as an investment property that I'll be flipping. I just want something I can afford and I certainly don't want to take a hit. I have just gone on disability and I want to take care of my future. I'm afraid my offer will be construed as arrogant. What do you think? submitted by /u/Cak2170 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fs647z/offering_55k_on_a_79k_condocrazy/

“We expect a peak-to-trough fall in prices of around 4% by early 2021, with values then flattening out for the rest of the year,” wrote Matthew Pointon, an economist with Capital Economics. “Housing demand will see a sharp decline as unemployment hits record highs, and households are prevented from buying a home due to the shut down of large parts of the economy.” Pointon says the risk to housing will rise, so buyers’ willingness to pay for a home will fall, and house price expectations will take a hit. https://www.cnbc.com/2020/03/31/before-coronavirus-january-home-price-gains-were-strong-sp-case-shiller.html submitted by /u/hiker201 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fscl1m/home_price_gains_were_strong_in_january_says_sp/

My home is under contract right now and I'd like to go on and square up where I'll be living next. We just got done with inspection and everything is still moving forward. Now I have to get the HOA docs out. We're supposed to close at the beginning of May. So, when can I breathe and look for a new place to rent? I don't have cash on hand to pay a rent and a mortgage. Also, I've been chatting with this apartment complex in town, and I've asked several times if I could know where certain units I'm interested in are located (they're not doing in person tours) or if I could have a map, and they ignore the question. Is there a reason for this? submitted by /u/sportstvandnova [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fscbeq/at_what_point_in_home_sale_can_i_move_and_why/

I have recently gotten approval for a small mortgage which I have been working towards for some time. With the current pandemic I have decided to hold out as prices may be about to drop. What are the general thoughts on this? Should I continue and make a purchase at current asking prices? Should I make a lowball offer of 20% less than the asking now? Should I wait a month or two and see where things fall? submitted by /u/MagnumPewPews [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fscbra/market_drops_a_good_time_to_buy/

I am a foreigner, i consider buying a property in the USA and rent it to a tenant to generate passive income (or at least let the tenant cover the mortgage). As someone who is not living in the USA and cannot take care of the maintainance - is there any services in the USA that i can use to let them take care of that for me? submitted by /u/Bar_1996 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fsaudv/as_a_foreigner_can_i_buy_and_rent_a_property_in/

I’m 19 and started reading recently. I want to be financially independent eventually. I’m reading and have read books about personal finance, money management and investing so far, I’m looking for some real estate books now:) I’m based in Ireland if that matters submitted by /u/deanmcgov99 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fsa95g/looking_for_some_good_books_about_real_estate/

Disclaimer: mobile, apologies for any formatting issues. My husband and I are under contract to purchase our first home. We both thankfully remain essential employees working from home. We live in an extremely high CoL area. When we put in our offer, we deliberately offered more than asking price, because we wanted to lock in the house asap and we really liked it. Homes in our region and budget have come on the market and accepted offers in literally 2 days (I wish I was making that up). House was listed for 370k, we basically agreed to pay 390k. We are putting down 75k, no PMI with our lender. Today, we learned that the house appraised at 33k under our offer because of some of the features of the house are outdated (old bathroom, kitchen could use updating, and some of the hardwood flooring had scrapes and dents, etc.). We intend to live in the house for at least 5-7 years, and we intend to make plenty of upgrades to the house. We were under the impression that the long island rea...

Here's the situation: In Escrow for a house. We close on April 10. Wife's Current Credit Score 810+ My Current Credit Score 805+ We went into escrow right when the mortgage rates went crazy after the recent low. When we were shopping around and looking to lock, the best we could find was 3.625% for 30 year fixed. Our lender (BoA) is floating our rate, and said that if we see a lower rate somewhere else, if we show them the Loan Estimate, they can match it or do better. At this point, we'd like to get a lower rate if we can. We have had about 7 inquiries over the past 3 years; 5 of them being from lenders in past 4 months, and more recently 4 of them in the past month since we made the offer. With our scores being high, is there any reservation about doing one more credit check to potentially get a lower rate before we close? What would we need our credit for, in the near term, after we buy our house? We aren't expecting to open any other lines of credit. We don...

My 2 brothers and myself are going to be investing in a house for 2 out of the 3 of us to live in. We will all be contributing 1/3 of the initial down payment. Since only 2 of us are going to be living in the house and paying for the mortgage and increasing the equity in the house. How would we split up the return on investment for the 1 silent partner and 2 active contributors? Would it just be the overall equity contribution percentage at the time of the sale, including appreciation? Thanks in advance for any guidance. submitted by /u/mlepage12 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fs6y0c/3_brothers_1_house_return_on_investment/

Dear community, Wondering if there are any people on this forum that know a thing or two about effectively posting apartment ads online and how to maximize exposure. I have been running ads for about 3 weeks online to secure a new tenant through the free platforms like Zillow Apartments.com, Rentberry, Zumper etc My current tenant has now extended his lease by a month until mid May (6 weeks out). Is it typically better in a constellation as such to take all ads down and repost as to not make them look stale and get some potential freshness boost when reposting in 2-3 weeks? TIA. submitted by /u/kodridrocl [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fs6pq2/1_mos_tenant_extension_best_to_take_down_and/

As the title states i have been looking for a house for almost a year and am in no rush to buy whatsoever, me and my so were approved for more than we plan on spending but nothing is jumping out at us. Dumb question but can i expect the market in southeastern PA to drop due to economy taking a shit right now? Tia submitted by /u/Tonnonman [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fs5izt/first_time_home_buyer_in_no_rush_should_i_wait/

Assuming that it wasn’t actually purchased, do you think that there’s a chance it’ll go back on the market in the near future once the COVID19 situation gets better? I’ve been eyeing it for about a month now, but because of the current situation (and some other factors), I haven’t been able to visit in-person. I emailed the listing agent to ask, but I don’t really expect an answer. submitted by /u/uwuowo_nya [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fs56vm/a_home_im_interested_in_was_recently_taken_off/

I’m a first time homebuyer and have been looking for about a month or so. I made one offer ( with 30% down) about two/three weeks ago and was outbid by multiple offers and some with cash. However, things have changed a lot in those few weeks. Three weeks ago, there were a few hot properties with as many as 22 offers as it is/was indeed a very competitive market. My sense is that it has (obviously) cooled off a bit since then. I have also seen properties go back on the market although I’m not sure how much of that is normal. Is this a good time to buy? Since there may be a lull in the competition. Or should I just wait it out a few months? Everything I read ranges from depression /recession/ deflation to everything bouncing back to normal end-of-year. submitted by /u/Hollywoodsbaddest [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fs417j/advice_first_time_buyer_good_or_bad_time_to_buy/

Given the current coronavirus situation, would Charles Schwab be willing to work with me on a payment plan if I call and inquire about it? Trying to decide if it’d be a waste of my time. Thanks submitted by /u/robinshp [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fs5rox/can_i_ask_charles_schwab_about_a_payment_plan_for/

Good Evening, I am looking into crowdfunding through two of the following platforms; Fundrise Realtymogul Does anyone have experience with the above mentioned platforms? If so, what're your thoughts? All opinions appreciated in advance. submitted by /u/HiiiOctane [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fs5hqp/crowdfunding/

Landowners, are you guys expecting to reduce payments to tenants or give them some sort of break? submitted by /u/JealousTurnover [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fs50hc/landowners_here_with_rent_issues/

Currently two weeks away from closing on a house (first time home buyers) and our loan officer just received a Verification of Employment from my employer on Friday stating that I was hired on as a full time employee. Today, he temporarily laid me off due to COVID-19. Here's my question - Can I still be employed with them, not working or collecting hours, just so it doesn't get reported to the mortgage company? Is that legal? Him and I discussed it and his main concern is they legalities and so am I. I have been able to collect unemployment but chose not to due to the fact that we're still in escrow and I didn't want to throw up any red flags to lose this house. I just don't know what route to take, Thank you so, so, so much in advance for any feedback. submitted by /u/blyross [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fs4uo5/in_escrow_and_being_temporarily_laid_off/

(Assume conventional USA loan) The lender tells you that you aren't able to take full advantage of the seller concessions because it would result in your not coming to the table with 5% of your own $. Which of the following line items on the closing disclosure count toward that 5% requirement? Earnest money deposit Closing costs paid before closing (e.g. appraisal, credit check fees that you've already paid) Adjustment down to reflecting seller's unpaid property taxes from January to closing Cash to close --- The lender is telling me that 1, 3, and 4 need to total >=5%. Having a hard time seeing how credit from seller for partial year property taxes is considered part of the down payment amount, but #2 is not. Anyone help? submitted by /u/whoever12 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fs3u1x/creditsconcessions_vs_down_payment_usa/

We are all set to close on April 6th on our new home. We have a 3.25 interest rate on a 15 year loan. I would like to keep our current locked in rate because my husband has bad credit and I don’t believe we will get a better rate if we re-do the financing once our rate lock expires, therefore, I won’t be able to push back our closing any further. I was in a rush to buy because I was going to leave my steady job (haven’t put in my notice) to go full time into private practice (which I doubt will happen now due to COVID-19). We both are still employed and should keep our jobs. We wanted to upgrade from our tiny home so we can start a family and have a backyard, etc. Our current house was listed 9 days ago. We thought we were going to be into a better position selling this house for a large profit and quickly. We live 3 blocks away from a major hospital (UTMB) and in a beautiful location in the historical district of Galveston. We have only had 2 showings so far which really worries me...

submitted by /u/OpenOpportunity [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fs2egj/did_any_foreclosure_investing_booksblog_come_out/

I'm considering buying a house for myself and being that the country is in this crisis I figure there could be some really good deals. Like I'm guessing some people who are not working are going to sell their home because they can't pay the mortgage and don't have much money in savings. I'd be open to buying a home in really any big or mid sized city in the country (in warmer climates). I was wondering if there was a website or a blog that compiled really good deals? Like I've heard of websites and blogs that show really good travel deals, where a guy would just scour travel sites and find great deals and post them to a blog for other people to benefit. I'm curious if there's something similar for homes? Like a forum or a blog where the people just scour zillow, redfin and trulia for fun and find really good deals. Some people find that fun just hunting, even if they are not buying the home for themselves. It's like a scavenger hunt for them and the...

First time home buying, applied with 2 lenders back in February, offered accepted this weekend in a not very expensive but competitive market west side of the saltwater from Seattle, closing date is projected to be May 1st. Both lenders quoted me 3.75% interest rate before buy down Lender 1(BofA) need 35 days so that would require me to extend closing date for 3 days, officer fairly responsive, the highlight is that they have a program that offers to pay 7500 of closing cost. Lender 2(a local lending company) responds very swiftly, great customer service, could close on time. Which one should I choose?? I'm torn because 7500 would be extremely helpful to have but I'm not sure if it's worth asking to extend closing with all these uncertainties. My agent highly endorses Lender 2 since they have a close working relationship and I can see the benefits of being able to close quickly. I can also potentially negotiate half of the closing with the seller after inspection. Le...

TLDR; set to close on selling my home in 4 hours. All this COVID-19 BS has me worried thinking the buyer might back out even though they got the clear to close last week. Anyone heard of a buyer backing out on closing day? submitted by /u/fmab_wasenob [link] [comments] source https://www.reddit.com/r/RealEstate/comments/frqdw9/anyone_ever_heard_of_a_buyer_backing_out_on/

At first, it was online shopping when people realize they don't need to leave their homes to get what they wanted. Now, companies and employees are realizing they don't need the thousands and millions of square footage to conduct business. Could this be the bane of commercial real estate? *Don't get me wrong, commercial real estate will always exist...at least in our lifetimes. But, more and more people are realizing that it's not as necessary as once thought. Therefore, the demand will not be as great. submitted by /u/HenryK81 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/frr0y8/could_this_virus_outbreak_be_the_bane_of/

My brother and I newer to real estate investing and are under contract for a new duplex being built in tennessee in a smaller tow, about 100k. The town is not far from nashville which has seen a huge real estate boom. The duplex is expected to be completed and closed on by the end of april. We will then try to rent both sides out. The property is in a class B neighborhood which has seen a lot of investors lately, but not a lot of new builds such as ours. The units will be of similar size to the surrounding homes and the rents would be about $200 more, but we have some wiggle room to go down. My brother and I are contemplating if we follow through with this purchase since we only have ernest money in the deal and have the option to back out. We have some time to decide before moving forth with our loan to see what the markets do. I believe we might see an influx of people looking for more affordable rental options from Nashville in the coming months but cant be certain. My brother bel...

So, we are selling our home. Our buyers have a convention loan and are putting 5% down. Purchase price is $167,000 which puts 3% seller contribution at $5,010. Our contract specifies that seller will contribute $5,000 toward closing costs. These buyer are...being difficult. We have fixed or replaced everything they requested after their inspection except for a new furnace and water heater. Ours are both in good working order. Their inspector did not state in the report that they needed to be replaced. While that is extremely frustrating, we’re at the point that we’ll pay for a new furnace just to be done with these people. The problem is, they want a credit for it. And as I understand it, we can only give them about $10 which reaches the max 3% seller contribution. Their realtor has extended our resolution period so she can contact the buyer’s lender to see if they’ll allow more that a 3% contribution by the seller (me). Is that possible? I thought these limits were set and set fo...

Great read here! https://one.rent/a34e6 submitted by /u/bryanlee670 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/frnv39/keeping_you_informed_and_updated_on_how_to/

So some context: My boyfriend and I had been wanting to move and talking to landlords before all this covid stuff started. Cool guy who isnt from the area and is renovating houses to rent out. He only had one place ready but it was out of our price range. But we were cool with waiting for the other place to be fixed up. Then we mentioned possibly needing to move sooner. He told us that he had a tenant moving out of another one of his properties and to a different spot hes fixing up soon. Said by April. We went to check out the place and really liked it but the person had not boxed up anything. He talked to me not long after and said that its very possible that she wont be out until halfway through april and he was unsure of when we could move in. We said that should still work. He then wanted us to sign a lease and pay deposit. We asked if we were able to sign and pay deposit closer to when we actually move in since we dont actually have a date or know when. This made him think we c...

TL;DR I make $1,131/month from VA disability. Would it be possible to purchase a $50,000 to $60,000 townhome with that being my only income? I have been psyching myself out as multiple, albeit automated, tools are suggesting that my mortgage would be too small or that I don't make enough. I have no debt and a 730 credit score. There are no stipulations to my disability income and will be receiving it for life. ​ Hey everyone, I recently received a letter from my current landlord (apartment I rent) that I have ten days to vacate due to a complaint of drug related activity in my apartment. Not sure where the complaint stems from other than a neighbor who smokes marijuana. I know this because it makes our hallway reek of the stuff. I have not imbibed any controlled substances since we moved to the state we are living in and have never had marijuana or any other drug, prescription or otherwise on the premises. The notice we received via certified mail stated that there was a compl...

We recently bought a home. After moving in we've discovered 2 major issues that were not disclosed and appear to have been covered up. The roof leaks. Literally the first time it rained the week we moved in the roof was leaking through the ceiling. On the disclosure it says the seller "sealed the leaking roof according to a contractors advice and haven't had any problems since". After getting up on the roof there's no visible repairs up there. However where it leaks its appears he sealed the sealing with this water proof stuff I found under the sink. This resulted in the water just coming out of the light fixture instead. In the basement there was a bedroom that was very poorly finished. Its just a mosaic of cheap squares of carpet that dont match. We pulled it up and underneath the carpet was a plastic tarp glued to the cemet floor. I thought it was weird and we pulled up the tarp. Under the tarp water is leaking through the cement floor. On the disclosure it ...

Currently, I'm living in the same apartment I've been in for 3 years. I recently signed a new lease to move into a new apartment on May 15th. I paid the $1250 deposit, but due to the coronavirus, I was laid off and have not gotten a paycheck since March 12th. I don't have enough money to make my current rent next month, so can I ask my new landlord for my deposit back? I know they will say that it means I don't have the unit reserved anymore but I don't care if I lose the new place or not. Legally with the coronavirus pandemic changes in the world, can I get out of the new lease that I haven't moved into yet? submitted by /u/digestthis1 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/frkp3e/i_put_down_a_deposit_on_a_new_apartment_a_week/

Let's say you bought this 6,500 acre of land for a cool $28 million. I have some questions: 1) You bought the land, but are you required to still pay property taxes on it, even if there are absolutely no buildings on it at all and not a single soul roams the soil? If so, how much do you reckon that would be (if it were still just plain land)? 2) Now let's say you start building - schools, stores, hospitals, fire and police departments, all that stuff. Would the property tax go up? If so, what sort of metric is the increase based on? submitted by /u/ScottyINeedMorePower [link] [comments] source https://www.reddit.com/r/RealEstate/comments/frjj91/california_do_property_taxes_go_up/

I’ve seen “pending 421a” or “expected with 421a” in a number of listings this year. Isn’t the program dead like circa 2016? Wouldn’t someone know if the papers went through or not four years later, or does it really take longer? Tell me what I don’t see here and thank you :) submitted by /u/trashtvplz [link] [comments] source https://www.reddit.com/r/RealEstate/comments/frjeli/nyc_how_can_421a_be_pending/

I'm a 27 year old single guy looking to purchase my first home. The only things I can find in my price range are 3BRs in crappy neighborhoods or 1 and 2 bedroom condos/townhouses in nice neighborhoods which is where I want to be. I found a really nice modern 2BR 1.5 bathroom townhouse in a great neighborhood with a great school district in my price range. I want to make an offer on it but I'm wondering if its a bad move since its not a 3 bedroom. I am not planning on this home being my long term residence to raise a family in. My hope is that I eventually meet a girl who I'll marry then have a family and move out of this place into a bigger home in like 7-9 years. It's plenty of room for me right now and has extra space if I get a gf who moves in and even an extra bedroom if I wanted to live here with one child. Ideal location for work and seeing family and friends. I'm hoping since it's in a highly sought after area in a really nice school district that I...

Hi! My husband and I are looking to move back to our hometown (rural midwest town) however there is absolutely nothing for sale. We own some land with an ex-acreage on it (i.e. the house has recently been demolished but there is a good well, electricity, driveway, barns, yard, level ground, etc.). It's just us two and our dogs, and we try not to have more "stuff" than we need, so we don't need a big house at all. We're thinking 2 bedroom 1.5 bathroom house; maybe around 1200 square feet? We're thinking just a modest ranch style house. Would probably do an unfinished cement floor basement underneath it as well. We are not super handy people so we would hire professionals to do the vast majority of it, however we are planning on DIYing the fairly easy stuff like walls, sheetrock, flooring, paint, trim, etc. with the help of some handy family members. Does this sound doable in a ~100k price range? Thanks in advance, -Naive, prospective first-time home owner...

Let's say you're renting a business office in a business center. You're paying rent and it's coming straight out of your business's bank account, not your personal bank account, and you want to maximize this benefit by nixing your house (you never liked your kids anyway) and setting up shop at your office. Would it be legal for someone to live in their office, provided it was possible (building security allowed it) ? submitted by /u/ScottyINeedMorePower [link] [comments] source https://www.reddit.com/r/RealEstate/comments/frit00/california_can_business_owners_sleep_in_their/

Hey all, so this might be a really stupid question, but I'm a senior in high school looking to do real estate in southern california after college, and was wondering if I wanted to do real estate in places like laguna beach/laguna niguel area AND somewhere like the Hollywood hills at the same time eventually, could you do that, or do you have to stick to a smaller area like only laguna beach/niguel area. If so, how? thanks! submitted by /u/jakedomanski [link] [comments] source https://www.reddit.com/r/RealEstate/comments/friiwa/real_estate_oc_la/

There’s a lot of articles saying that you shouldn’t take out 401k money early for downpay on a house. Was wondering if there’s any benefits of doing so? Assuming that I’ll be able to make money on selling this house in the future wouldn’t it be worth it or use it as rental and generate passive income. I see a house as something tangible vs 401k money just sitting there. Right now i believe they are waiving early withdrawal penalties for 401k due to coronavirus so might be an opportune time to cash out. submitted by /u/tifa3 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/frhxrq/is_it_ever_wise_to_use_401k_money_for_a_downpay/

For those of us sitting out while we wait to see how things play out, what tools or metrics (and where to view them?), for both national and regional, can we look at to monitor the potential impact the virus as well as the recent lending changes will have? submitted by /u/rethrowaway82 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/frhgt1/how_to_monitor_the_market_during_uncertain_times/

Goldman Sachs issued their unemployment numbers this past week and I believe they said they estimated 2.25 million applying for unemployment. If this number continues to grow, how will this affect real estate? submitted by /u/etheraider [link] [comments] source https://www.reddit.com/r/RealEstate/comments/frhtdz/thoughts_how_if_at_all_will_rising_unemployment/

Pool on the property I am purchasing has a rusty wall which was repaired with a patch but the rust was not really addressed. It is continuing to rust and both another redditor and a pool store told me replacing the wall section is only slightly less than cost of replacement of whole pool. Should I be asking for a credit for this? What is reasonable? Deck wraps the pool 360 degrees, and I was verbally quoted at about 4-6k for full replacement. I'm worried about safety. If the wall fails, imagine being sucked out of the pool through a rusty ragged hole. Rusty hole submitted by /u/LockedEarly [link] [comments] source https://www.reddit.com/r/RealEstate/comments/frhqq4/pool_fixed_enough_to_sell_wwyd/

So, I've been looking for a SF for a while, and one that was under contract came back on the market thanks to the covid collapse. This is a rural market with declining population for the last few decades. The biggest employer in town (tourism) just announced their layoffs. I anticipate being fine myself, thankfully. I went to look at this place today. It's a nice fit, but I don't need a new place to live. The asking price on this house is the same as it was pre-collapse. I 100% do not want to be buying a place like its 2007, but any value adjustment for this house based on covid issues is speculation at the moment, so I'm not sure what kind of agreeable terms there could be between me and the seller. I guess I'm wondering what would make people jump on buying a house at the moment. I've seen a lot of posts about deals falling thru or people opting to wait. I'm wondering if I can float some ideas about price reduction to the seller that could be agreeabl...

Here’s the deal. We are in the process of refinancing (got the low rate from a few weeks back) and are pulling some cash from equity for various things. We haven’t gotten the appraisal back but expect we have about 35-40% equity. We have also been thinking about buying a new house and renting out current home. Would it be terrible idea to pull more cash from equity now since that’s in process and keep it aside for a down payment later? The hope would be that house prices drop, but we can afford one even if they don’t. The plan would be to keep our current house as a rental. We live in a high income, high rent area and we think we can just about break even or a bit better on the mortgage with what it will rent for. Our jobs are very stable, so that is not a concern. I guess worst case we could end up owing more than is our house is worth and then have problems with our tenants. We can afford to cover loose ends but not a six month eviction process if it came to that. Thanks for a...

How is this obtained? Closing this week and LO still has to obtain this tax cert to submit and get us a closing disclosure. Will any of that be delayed due to shut downs? submitted by /u/Enonnaig [link] [comments] source https://www.reddit.com/r/RealEstate/comments/frgbte/final_tax_cert/

So we are under contract all CONTINGINCIES released with OpenDoor to sell our house close date of May 1. Well we got a vague email from them saying they would reach out to us to discuss options such as pushing it back to July. Well it's been over a week since they suspended their Ibuyer program and no one has reached out. We are still set to close on May 1st. Is anybody else dealing with any of these ibuyers who you were under contract with but have had no communication with them. I'm just so frustrated with them and after this experience I would never recommend them again. I'm losing valuable time that my house could be listed waiting on these frauds. submitted by /u/binxlyostrich [link] [comments] source https://www.reddit.com/r/RealEstate/comments/frg5e0/under_contract_with_opendoor/

I know upstate NY is one. Still seems like a plane ride away though, right? If that is the case, I don't see much benefit to choosing a very low priced midwestern market with more favorable LL/Tenant laws and more stable demography. Curious what other NYC based investors are doing. submitted by /u/embar5 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fr30vu/im_moving_to_nyc_are_there_any_nearby_markets/

In a situation that basically goes like: Buying a home, can afford the down payment on my own but was advised by the loan officer that I have more in reserves. Parent is giving me a one time $5000 gift, but the deposit will not be seasoned—only in my account for a few days prior to going into underwriting. Is the $5000 not considered legitimate due to how recently it was placed into my account? submitted by /u/Adhiboy [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fr2w8j/what_happens_if_a_gift_for_part_of_a_home_down/

Hello r/RealEstate (If this post is against subreddit rules, please let me know and I will remove it). I am current taking a startup course in college and wanted to create new home inspection software. There are questions that also apply to home owners in the survey - just skip the first section if you aren't a home inspector. Link: https://forms.gle/KrAwebMpFXvonG7U6 (Google forms) ​ Thanks submitted by /u/IBeRamen [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fr1t15/thinking_of_creating_new_home_inspection_software/

Just signed a purchasing agreement today. Seriously scared at this point. Can I call the realtor tomorrow and get out without getting sued? submitted by /u/tenniskidaaron1 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fr0kpt/can_i_get_out_of_my_contract/

Anyone know? submitted by /u/trufinfan13 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fqzla6/as_a_buyer_is_the_seller_allowed_to_know_why/

Our loan was approved on a some conditions a few weeks ago. We were only asked to provide more bank statements and other doable things. Today our mortgage broker let us know that due to COVID19 the bank is now asking we have 6 months worth of mortgage payments in our bank at closing. That is an additional $15k and they are only giving us until April 15... Feeling defeated. Not even sure I have a question here but if anyone has some thoughts please... submitted by /u/HeartOfMelon [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fqzi5y/loaner_asking_to_have_6_months_of_mortgage/

Could this pose problems or delays in closing? Would the bank even approve it, or would they find out the house is for sale? Thank you submitted by /u/despicedchilli [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fqz17z/house_is_currently_for_sale_what_happens_if_i/

Good? Bad? Ugly? Tons of mosquitos and critters? Better or worse property value? submitted by /u/Serious-Try [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fqykj4/living_next_to_a_storm_water_pond/

Hi all, I know this market is a gamble right now, and there’s really no blanket sentiment to help in these uncertain times. I’m just hesitant to go on any readily available information from my agent, finance guy, and articles published right now. Given the current state of the US market, and how rampant coronavirus is, I’m wondering: would YOU buy a house right now? Here’s our specific situation: Found a house for 350k (we were approved for 370k), in a rural area. The agent and Zillow both show it’s worth the money (even more by 20k). We walked it and we loved it. We have great credit, but little capital. So, we are going FHA (we don’t have down), 2k in earnest money. The owner is covering our closing (~9k). Neither of us are at risk of losing jobs, so in that respect we are very fortunate. Here’s what’s worrisome to me, though: The homeowner doesn’t have any other offers He wants this done...now The market getting worse and being locked in at a rate that’s going to be lower...

Hello all, I am interested in approaching a parent of friend who has a piece of landlocked property with no easements deeded on the property. The property is 12 acres and valued at $7500 from the tax assessor, it is currently not for sale but I know the owners are a bit down on their luck and have had no use for the property. What do you all think is a reasonable offer? submitted by /u/ccg17 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fqy25k/landlocked_property/

Anyone have experience getting permission to rent an affordable housing (income restricted) given extenuating circumstances due to COVID? For clarification I own this unit. I am based in Boston. I know they do not allow it (they used to) but I need to be in another state to take care of my family. Thanks! submitted by /u/szy94 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/fqx3kl/getting_permission_to_rent_an_affordable_housing/

So we're having some issues with our seller's agent recently and I'm feeling frustrated but wondering if some of it might be me being unreasonable. Based in the Phoenix area. So we started working with our agent in February when we knew for sure we'd be leaving the area and selling. Our plan was to do premarketing asap, go live April 1 and she'd do open houses the first two days. In the last few weeks I've been feeling anxious about getting on the market before things get any worse and our state goes on lockdown. We've been decluttering and getting all the projects done prepping the house. On Wednesday, the realtor came to do the staging. She was six hours late but ok, something came up. When discussing our timeline, I mentioned my concern about getting on the market sooner and she agreed, like she had been thinking that already. So she scheduled the cleaners for Thursday and the photographer for Friday at 3. She said as soon as she got the pictures from ...