submitted by /u/vegalicious1 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hj269r/why_do_va_loans_advertise_no_money_down_and_no/

So we’re in the process of selling our home and i noticed a small amount of water damage under the tub and toilet visible from basement. This is from past plumbing problems from years ago and the floor isnt buckling or having any structural issues at all. Im talking maybe a half inch of discoloration where the toilet meets the floor above. So my question is will a buyer see this as a red flag or is it an expected type of an issue in an older home? (Built in 1940) again wood is not soft or rotted just discolored at the edge of pipes connection submitted by /u/bdog1414 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hj201j/repairreplace_subfloor_for_home_sale/

-Plan is to get pre approved for a $500,000 max 30 yr conventional loan with 5% down -type of home: multi family duplex (more bedrooms/units the better) -plan on living in said home -have 2 more roommates I’m friends with that I could rent to from day 1 -north jersey market ideally within walking distance to train to NYC About me: -25 yr old single male -$75,000 annual income -805 credit score -$25,000 in savings for down payment -DTI is less than $1,000/month in car loan/student loan/credit card payments Any feedback on my current plan would be greatly appreciated. I’m sick of throwing money away every month toward rent. I know it’s never a good idea to bite off more than you can chew when it comes to a big mortgage so if something were to happen I’d need to be able to pay the entire mortgage myself and I understand the responsibility. I’ll also need to boost my savings a bit more before buying so I have a solid 3-6 month emergency fund. Thank you for reading :) submit

Has anyone obtained their Home Inspecting license via online courses? If so, what programs do you recommend? How did you obtain field experience? submitted by /u/flabberbear [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hj1xrz/home_inspecting_online_classes/

I really want to back out of our escrow contract. Sold our house bc it's too small for our family but after seeing the lack of inventory on the market and with COVID cases rising I'm scared we won't find another house. I have major regrets and asked my agent to see if we could back out 11 days after we signed papers but she refused to even ask. Stupidly I was thinking that we could buy our "forever" home next but with so little inventory out there and also the fierce competition Im getting horribly discouraged. At this point I just want to cancel escrow. I don't know what else to do. I know legally I can get sued. Buyer is obtaining financing and did not disclose to their lender that we are staying 90 days past COE so they could get a better interest rate. I regret selling so much and could use some advice. Stats: Southern California. Agent did not include contingecy for me to find another home. As part of the offer buyer agreed to 90 free after COE.

I have a family of four. It looks like my options are, stay at my parents house until I close on the new house, rent an Airbnb, or Stick it out in a hotel. What would you do? submitted by /u/Madstork1981 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hj1eib/ive_got_a_three_week_gap_between_closing_on_my/

Asking in hindsight and in general. My example: we bought our home at $405k. Listed at $420k, then dropped to $407k one week later. We put an offer on our house at $402k. The day we viewed it--and the day we put in the offer--there were at least two other viewings, before and after us, though the house was on the market for just over a month then. The listing agent asked for best and final, because there are competing offers. Listing agent told my buying agent that another offer was at original listing price, so $18k over us. We counter-offered at $405k plus an escalation clause at $1k above the other offer with proof. We were willing to go to $425k exactly, but not happily. Our agent suggested the escalation clause so we went for it. The selling agent countered with, "the other offer has a selling contingency, so we can ignore the escalation clause, the house is yours at $405k". Was there no other offer? If there were, surely they would've used our escalation clau

submitted by /u/BzKVisceral [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hj104d/im_looking_to_move_to_ohio_missouri_or_south/

I’m 19 buying my first home. It’s a fixer upper house and a couple acres. Unfortunately I don’t have a credit score as I’ve tried to avoid credit cards unless it’s an emergency. Here’s my issue. My dad has decided and applied as my co-applicant. My dad and I have very different views for the place. I want to keep the trees as a privacy screen, set up a few greenhouses and make it look nice. My dad wants to cut down most, of not all, the trees as firewood and start a firewood business from that. I absolutely hate that idea. I’m currently living at home with my parents and it’s literally everything what they want and say, that’s exactly what happens, because they’re older and pay the rent. He’s made it clear that I’ll be responsible to the pay the mortgage or he kicks me out of the place. Here’s my issue with that, I found the home, I booked a viewing, I found a buyers agent, I’m paying the down payment, I’m covering the home inspection costs, I’m paying the water inspection,

submitted by /u/moretolifeee [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hj0r4m/can_i_skip_through_chapters_on_realestateu_72/

Hi all, I found a house that I really like and is in a really great location. It’s in the kent area of Washington. The only thing is there’s a retention pond in the back yard behind the back yard fence. Photo below. It’s been on market for 3 days which is more than usual in this area and has a pretty small back yard but a nice sized deck. Is this something I should be concerned with? It isn’t rained a ton in the past few days and there was standing water still in the retention pond. We personally wouldn’t mind the view just more worried about resale and if we are over paying the house is priced around 525k has updated kitchen, and is in pretty good shape. 2400 square feet with 3 car attached garage and updated siding. All appliances updated. Bathrooms have some dates stuff but nothing super concerning. Really no front yard but has a cul de sac. I think we are buying location more than anything here though. We don’t mind the small minimalist back yard since we don’t like doing tons o

Hi everyone, This is probably a very basic question but I've seen so many different responses and wanted to see what criteria current homebuyers are using for determining their budget on a property. I'm in a high COL and competitive area (Washington DC) which is making it very difficult finding a property to begin with. I've read that the highest one should pay for their mortgage is 30% of gross pay per month. Is that to include everything associated with home mortgage (property taxes, homeowners issue, etc) or just the principle and interest? submitted by /u/Corianderchi [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hj02au/dc_determining_budget_for_a_home/

First time home buyer looking to not get screwed over. If I have all of the appropriate contingencies in place such as home inspection and appraisal, is there any way I can get sucked into a bad deal? Besides the low inventory, the entire process seems relatively simply UNLESS I am missing something. From my understanding, if my offer is accepted, I can back out of the deal anytime AND get my earnest back if 1. the home inspection turns up bad and the seller does not want to fix what I ask 2. the house does not appraise and the seller will not negotiate on the price. The only way I will lose my earnest is if I back out of a deal without a valid reason. Is all of this accurate? Is there anything I am missing? Is there anything my realtor/listing agent or mortgage company can do down the line as a "gotcha" that results in me having to pay more than what is on my closing cost estimate sheet? submitted by /u/hpizzle12 [link] [comments] source https://www.reddit.c

SD - The title says it all. This dude is being foreclosed on by the bank and is trying to sell the house. My brother is currently living in a motel waiting for the closing on July 2nd and was just informed by the buying agent that the seller has no claim to sell the house. The realtor called the bank and they said it will be sent to auction and that they have no interest in selling it private party. How the fuck has none of this come up in the past 2 months? They just closed on selling their house in WY this morning, and now have nowhere to live. How did the title company, the selling agent, the banks involved, anyone not know about this until 36 hours prior to closing? Who is responsible? What can we do? submitted by /u/Stellar1557 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hizl3r/brother_sold_his_house_and_moved_to_our_town_and/

Hey guys, just wanted to confirm my suspicions, or see if there are other possibilities. I went under contract on a house a couple days ago. Today, I received an e-mail congratulating me on the move and offering "moving consierge services". This email included the address of the property and my email address is not registered to a Zillow, Redfin, Trulia, etc account. The only people (that I know of) that have this e-mail are: My loan officer, my real estate agent, the listing agent, and the title company. Someone I know recently used the same loan officer and this didn't happen to them, so that narrows it down to my realtor, the listing agent, their respective companies, or the title company. To me, it's most likely that one of them sold my e-mail. The only other thing that I can think of, is public record, but it happened very recently, so that seems unlikely to me. What do you guys think? Curious to know if this is common and if there are other possibilities

Has anyone used the Homelight Trade In program? How was your experience? Was it worth it? submitted by /u/Expensive_Record [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hizkrn/homelight_trade_in/

Hey y'all, I'm outfitting a duplex to attract good renters. I'm adding a washer/dryer to each unit, because I would not rent a place that didn't have one. I'm adding soundproofing to shared walls (city property). Updating all mechanicals, resupporting structure, etc. I'm adding a dishwasher to the unit that is easier to do so to, but not the other unit. I've gotten by just fine without a microwave for the last x years in different places, with different people. But I don't know if this is standard. Should I add one to both units? Do people not care about these? Happy to hear other tips or input for what attracts good renters. edit: I guess another good question is how do you feel about the difference between gas and electric range? I've converted the one unit to electric out of fear of an accident with gas, but I have the option to do gas in one/both if I want. submitted by /u/Common-Ramen [link] [comments] source https://www.reddit.c

The person buying my house works for the title company they chose for closing. I’ve always heard the title company is supposed to be a neutral third party. Is this an issue? On the positive side, the buyer is paying for the title insurance policy. submitted by /u/mcbizkit02 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hiz8rw/buyer_works_for_the_title_company_am_i_at_risk/

So I just started looking into mineral rights, and it seems really confusing. So lets say I own the mineral rights to a piece of land, say in Nevada, and I want to start mining uranium of gold or whatever it is. How would be allowed to build all of the mining infrastructure, rock crushers, workshops, mines etc. if someone else owns the surface rights? Am I still allowed to build on and enter the property as long as it is for excavation of minerals? Same goes for oil wells. I don't really see a way around it unless you lease some of the surface rights too or if there's an exception for mining structures. submitted by /u/TimmysDrumsticks [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hiywk0/how_can_you_build_mining_infrastructure_to/

First time posting here. I am looking to purchase a house within the next 6 months and am a first time buyer, I don’t have much information on the process jus like probably most first time buyers. I have a question for you, because it could in fact hurt or help my future situation and didn’t know who to ask and if you could please help that would be great. So long story short, My Wife and I have Good credit 755 and 753, anyway like I said I am looking to get the ball rolling on my home buying experience maybe start of 4th QTr, so she currently is a Co sign on her fathers current home loan, I want her to get off the loan for our future loan sake. So again long story short, he cannot qualify for a refinance to get her off the loan WITHOUT her, which would lower his monthly payment BUT she would have to stay on the loan which is the burden here. I talked to loan officer guy and he said there is no way to do the refinance without my wife co signing WHICH defeats the whole purpose of this

Hey guys, I’m looking for some advice regarding what my next move should be.. I have roughly 280k saved with no debt. I live in California: LA 27 year old male My goal is to buy a house or two in Nevada, rent them out as my brother did and live in California, maybe rent an apartment and have the houses pay for my apartment. Would you say making that move would be good idea? Any suggestions would be freakin amazing submitted by /u/OpenLiterally [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hiysyy/is_it_time_roughly_280k_saved/

I’ve got told that my Appraisal for a house is tomorrow. What does this mean? submitted by /u/_Coledust_ [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hiynx7/what_does_appraisal_mean/

Do lenders typically allow you to add a 2nd co-owner to the deed if they are not a co-borrower on the mortgage? I am closing on a conventional 15-year with guaranteed rate and would like to add my mother to the home as it will eventually become her retirement home in 2-3 years when I upsize. Being on the title, she will then be able to take advantage of homestead tax reduction in Michigan. Thanks for the help! submitted by /u/dowgy [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hiyll2/adding_a_coowner_to_deed_at_close_who_is_not_on/

We closed today, and the escrow person who walked us through the papers mentioned the lender we used (Wells Fargo) by far has the best amortization schedule, meaning that they are the most generous with principal:interest. I didn't even realize that was a thing among lenders. On a side note, they also said Wells Fargo is among the hardest to get a loan from. Is that true? submitted by /u/JohnMacArthur [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hig2ds/us_different_lenders_have_different_amortization/

Alright agents. Just a question. We overshot the market on our listing and need a course correction. We’ve made a $10,000 priced reduction to match the other homes that have offers. Ever had a bidding war or offer over asking after a price reduction? Just wondering the odds. Thanks. submitted by /u/fitzpats9980 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hifo55/well_shoot_overshot_the_market/

What are rents looking like in your local cities? Is it going up? Is it going down? Staying the same? What are everyone's prediction (yes, I know it's hard to predict because the situation we find ourselves in is unprecedented) on where the rental market will go moving forward? What is everyone's guesses on what that rental market will mean for RE? Personal anecdote for me - rental markets in the Bay Area have taken huge beatings. I know friends who have leveraged the current situation to get themselves into cheaper leases (often times 10-25% discounts on what they normally would find, and 1-2 months off). I know friends who have left the Bay Area, and are unsure whether or not they want to come back. I know friends who have been trying to find subletters/subleasers/renters who have had to put out their listings for 1-2+ months constantly, and are having a hard time finding someone to come in. Having to make major concessions compared to what it was like before. My gue

Hey all I was curious if anyone is aware of lenders that do a true VA construction loan. I’ve searched a lot on google and mostly coming up with nothing besides websites saying they are out there. Any info would be great, thank you! submitted by /u/lurkelsewhere [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hiff0w/va_construction_loan_lenders/

I'm feeling so defeated. Need advice and stories of hope of trying to become a homeowner in Los Angeles. How did you do it? Our story: We've been renting in LA (Burbank and Pasadena) and hoping to buy for years. Praying prices go down for years yet they just keep going up. Now we're getting booted out of our rental house because the landlord wants to sell it. We have two kids and thought we'd be in this house a long time. Everyone's devastated. We pay $2550/month for our rental home now. Rents are now $3600/mo for an equivalent house. We're so frustrated. We really want to buy and have security. I make $135,000/year and we have $50,000 cash for a down payment. My husband was in the midst of job hunting when the pandemic hit so that's on hold for now. We're preapproved for $775k at 3.375% interest. We'd aim for a house under $700k, but I can't find anything decent for that price. It's depressing. submitted by /u/chatnoirrrr [link]

So I own a multi-family property with 3 leases in a landlord-friendly city/state, though I am out-of-state. And I got a call from the property management company saying that a car caught on fire next to the house and damaged the house. One of the tenants had just moved out weeks ago, prior to the incident. I got a text today from the tenant renting out the garage for storage that he had to move out. Nobody was hurt. It was actually on the local news, and the owner of the car was in the video, along with the fire department. Sounds like he was having car problems and temporarily parked by the house and then it ended up catching on fire. The homeowner's insurance company is reviewing the claim and thinks that it is a total loss and is waiting for approval from his supervisor. I don't yet have details of the claim amount. My homeowner's insurance is actual cash value (ACV), and the home has appreciated a little bit over the amount of fire damage coverage (policy fire coverag

Due to covid, it is quite difficult to get out there and meet new people, host open houses and meet potential clients. Is now a bad time to start my real estate career? & am I better off taking some business or marketing courses? submitted by /u/cheese_pasta_life [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hifecg/i_am_almost_done_my_real_estate_license_wondering/

We make about 290k a year, and was expecting a little more but it looks like there are caps for first time buyers? Post tax we bring in 15k a month with no student debt. Anyone know why they won’t loan us more (not saying we would use it)? submitted by /u/whathatabout [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hif3k2/prequalified_for_765k_with_5_down_at_35/

submitted by /u/pahi21 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hiewwr/do_seller_make_decision_offer_on_or_after_review/

We have been working with Redfin for about 4 months in super competitive market. We have found all the tours and went through offer process. Realtor from Redfin doesn’t give feed back on the offer process. Curious if others have ditched Redfin for a traditional agent. Thanks! Jared submitted by /u/jms9993 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hievll/anyone_try_redfin_then_go_traditional/

There is a house that I absolutely love and I put a bid in on it last night and they had until 9pm tonight to respond. Well first let me give details on the house, it’s a brick home with a slope in the front which I’m not to concerned about but the back yard is almost flat which is perfect and enough space for large family get togethers. The house is approximately 2200 square ft, 5 bedrooms 2 master suites, and a total of 3 bathrooms, 1 master is a Jack and Jill. Has an unfinished basement that once complete would bring the total to approximately 3700 sq ft. Also has a 2 car garage. The home is in a subdivision that is almost 60% developed. Basic appliances, central heat and air, with hardwood floors in the hallways and dining area, carpet in the bedrooms, and tile in the bathrooms. The current selling price is listed at 107$/sq ft, and I offered them 15,000 less than asking with seller paying the closing. The house is currently a little over what I’m wanting to pay monthly but I have

Hello everyone, Does anyone know the process of getting ones name of the title/deed of a timeshare property? It's paid off and held in two people's names. One of these names is supposed to get removed. What is the process? Thanks! submitted by /u/ItsMyTime2020 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hie1aw/taking_name_off_deedtitle_timeshare/

Buyers seem to be scrambling amongst the chaos. Like musical chairs. https://www.google.com/amp/s/www.cnbc.com/amp/2020/06/29/coronavirus-update-pending-home-sales-spike-a-record-44point3percent-in-may.html submitted by /u/VR_IS_DEAD [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hicw9p/pending_home_sales_up_a_record_44_in_may/

Hey All- Anyone know if you can evict commercial tenants yet? I know you cannot on the residential side in most states. submitted by /u/GorillaMSP [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hid77b/evictions_in_commercial/

I'm looking at renting a house in the Twin Cities. It's a 3 bedroom/2 bath/finished basement house in a nice area. According to realtor.com , it's valued at $450,000. The tenant is looking to rent it out "to the right person" as he is currently in New York for work but isn't interested in selling the house yet and prefers to not work with an agent. He is asking for $1,140 in monthly rent for the house. It looks beautiful and really well kept. My question is: could this be a scam and if so, what kind of scam could it be? What might I be missing here? I won't lie - I'm not knowledgeable about real estate. (Also, I'm sorry if I should post this somewhere else. Happy to do so if need be!) Edit: Thanks everyone! I think you've all confirmed my suspicions that this is likely a scam or at minimum, simply too risky for my taste. I appreciate all of your speedy responses and not making me feel like a total idiot for wondering about it! submitted

I think I did pretty well for my poor credit score. The lender started at 3.875 with 1.2 points (approx $4500). I shopped around and asked the first lender to price match, and they did. DC area, $380k mortgage submitted by /u/sachin571 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hicxma/3625_without_points_680_credit_20_down_for_475k/

Hey guys, I am just here to learn more about the potential future that I am looking towards but of course things may change and I may end up never visiting this idea ever again. However, I am still fairly young and I am hoping that in the near future to purchase my first home (or build one from the ground up through buying an existing one). ​ Currently, I am renting a home that is on 8,500 sq. ft. of land. The land currently consists of two mobile/manufactured home, with one being unoccupied. I was recently in a small conversation with the landlord about his thoughts of me purchasing the home (which would then give me ownership of obviously the entire land with both houses instead of the one I am specifically renting right now) because I am young and soon to complete college. He suggested of selling the home for approximately $220,0000 to $235,000 since my family and I have been great tenants for several years now. He mentioned that because if we were to move out, a company or real

Hi all, My bank offer lock the interest rate after a negotiation. The interest rate is 3.0% and the APR is 3.216%. I wonder if should I lock it or due the pandemic it will be lower. Any recommendations? Thank you :) submitted by /u/Chisea93 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hicq2f/lock_interest_rate/

We received an offer on our house that was 2k over asking with 3k closing cost. The house sold in 2 days which is standard for the neighborhood. The buyers appear to be first time home buyers and are apparently ecstatic about it. After the inspection the buyers agent ran into my wife in the driveway when she returned and told her that they didn't find much but made it a point to say that her average inspection garnered $6k in concessions. We thought it was an odd thing to mention. Today was the 9th day of the inspection period and we got the requests back. They have asked for about $2k in repairs (prices assumed by inspector) and another $4800 in closing costs/concessions that they want. At the bottom of the inspection report the total was $6200 dollars for the potential repairs. These repairs were ridiculous: $200 to fix the touch less faucet in the kitchen that "doesn't work without the sensor". $200 because a slide out partition was missing in one of our kitchen c

My uncle owns our family house and he plans to transfer it to me so I can take responsibility for it (e.g. rent it out, repair etc). I'm completely fine with this as I'm financially responsible. But the tricky part is the minimizing fees and taxes. I hear we can do a As-Is sale for what he bought the home for (with no cash really exchanging) as another option. Wondering if anyone has any knowledge any my options here? The house is in California (Bay Area) and we're based in California as well. Any help would really be appreciated. submitted by /u/tuanjapan [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hicny1/minimizing_taxesfees_when_transferring_property/

I am suppose to close to on a home tomorrow and loan is at "loan committee." I have been having a ton of trouble getting a hold of the lender. The loan officer, processor, and their immediate supervisor are out of the office. I had to contact another manager and basically they told me it's at this comittee and that's it. What does that even mean? submitted by /u/dogmeter [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hic3or/mortgage_loan_stuck_at_loan_committee/

So technically this is a friend who did this, and is freaking out so I’m trying to help. The future owner went into the house they are closing on in a few weeks after the visit with the realtor. Turns out they could see the realtor punch in the code and wanted to take measurements. Stupid move but they thought they’d be quick. Current owner catches them, they claim the realtor gave permission (the realtor did not). They have since recanted, explained the realtor did not give permission, but not sure if the current owner was updated. 1- can the closing be stopped/cancelled? 2- can the realtor really lose their license and/or be fined (state- Massachusetts)? 3- other than apologizing, can anything else be done? Thanks for your help! submitted by /u/uhohspaghettiohss [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hic2yz/caught_trespassing_in_home_im_about_to_purchase/

Has anyone ever got a mortgage with QuickenLoans that was less than $50K? If not, where should I get one for an investment property? submitted by /u/Studentloanclock [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hibo4k/quickenloans_mortgage/

My realtor (business partner) has sold me on a few different multi family homes before but I’m a little out of my depth on this new opportunity he pitched me and need some advice. He recently closed a deal in a superb neighborhood for 10 duplexes (tenant occupied) he put into his name. He says that each lot in the deal is approved by the township to be transformed into either a 4plex or 6plex and he also has architectural approval for everything. In short, as one of his customers he’d like to sell me a lot, hire the contractors to turn the duplex into a larger property, and flip it or I would add it to my collection of rentals. I guess what is really bothering me is not knowing the right questions to ask. Do I ask for proof of the town approval and architectural approval? Aside from putting up the money is it a challenge to add extensions to a property? What red flags do I look for? I have never been burned by this person in the past and have invested significantly with them but t

I'm about to be in the hunt for good tenants again for 3 units again in a middling cost of living area. With COVID I'm wondering what else people are doing to filter out the high risk tenants. How have you been vetting renters, what does your process look like? What are "the little things" that I can do to increase my chances of getting good tenants? This is my strategy: - Create listings with a 650+ credit score requirement, background check (NO criminal activity) - Determine whether their job industry is at risk because of COVID - Meet the tenant, see if I get a good character vibe from them. Also bring my sister who s a property manager and usually is a good judge of character. ^ Has relying on your judgment of character actually worked for you? submitted by /u/jacove [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hhsdrq/how_to_vet_potential_renters/

Just wondering from some agents. With the Fourth of July being Saturday, would the market cool a bit from the weekend before until after the holiday because of the short week? I’m asking because we are listing in a hot market. DOM has been about 6 days before an acceptance of an offer. We listed on Wednesday and have had one showing and an open house on Saturday with a single visitor. Would the fact that someone could go away on vacation from this past Friday until next Monday on four days vacation cool the market a bit? Should we hang onto our price for a week after the holiday to see what happens? Our realtor is pushing for a $10,000 price reduction already, which puts us at the neighbors price they just sold at. Their finished footage is 350 feet more, but we have an 800 sq foot basement that’s unfinished giving us 500 sq foot more total space. Another in the neighborhood accepted an offer $80,000 over our list for 100 sq ft more finished with an unfinished basement. The higher sal

He owes 70k on it. If fixed up its probably worth 200-250k. Thats what similar houses have gone for in our neighborhood. I take care of him now hes paralyzed and hes on a fixed income submitted by /u/pizzaphile93 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hhs034/can_i_use_a_first_time_buyer_program_to_buy_my/

Hi, Reddit newbie here. I am selling my 1br condo in central Washington, DC. I’m in a desirable location - established neighborhood, close to Metro, etc. I did some nice/impactful renovations to my unit and while I’m in an older building, my unit has a lot of style and visual appeal and photographed well. However, it is a smaller than average 1br and while it has big windows/lots of light, I don’t have a view. It went on market Friday and I had six showings today, none on Saturday. My realtor said he heard from several buyers’ agents asking if there is an offer deadline. He suggests we establish an offer deadline of THIS Tuesday. Apparently one agent said her client was likely to submit an offer. I asked what other feedback he’s gotten but haven’t heard yet. Is this a good move? I know the market here is pretty hot but feel like six showings in one weekend without seeing how the rest of the week pans out doesn’t quite justify setting an offer deadline SO early. I’m also cognizant

I am selling 2 properties in Southern CA (2 different counties). Both are ~1M sales price. 2 different selling agents. I agreed to the following commission splits - Agent #1 - 1.75% listing + 2.25% buying agent commission. Agent #2 - 1.5% listing + 2.25% buying agent commission. ​ Here is the interesting part. I received 4 offers in under a week for property #1. My agent informs me that he "accidentally" set the commission structure to 2% listing and 2% buying agent commission (Ultimately, my fault for e-signing so quickly). He mentions that since it still adds up to 4%, I am paying the same amount. However, I can't help but think I might have lost some offers due to the low BAC rate. ​ At the same time, I am talking to Agent #2 and then based on what is going on with Property #1 and the few offers I have already received, I ask if I should just set the BAC to 2% (listing still 1.5%). He discourages this as he thinks it will hinder some agents from presenting offe

In case anyone has knowledge on this market and is awake at this hour figured I would ask. Looking seriously into at a 4 unit in Chicago and we had initially had an offer 652k with 3.5% down using an FHA loan. Seller said they would accept that price if we can get a conventional mortgage instead. Local lender #1 told me 2 weeks ago lowest I can get done for conventional is 5%. That's fine, we can afford that. Lender #1 wasn't available today for new non FHA pre-approval so I called lender #2, who promptly told me that there is "no product available on the market" that will allow me to do a conventional loan at 5% down on a 4 unit owner occupied investment property in Chicago. WTF? I was under the impression this was not a problem at all. Lender #1 is from a very large company while #2 is from a much smaller practice but has been doing this in Chicago for 19 years. Does anyone have any experience with the Chicago market in this regard that can shed some light here?

we talked with the city about it - they don't care: https://www.marketwatch.com/press-release/my-management-llc-warns-high-rank-memphis-city-officials-of-imminent-housing-crash-2020-06-26 We created a blog post about the situation in Memphis and let everybody knows - no body care: https://www.apartmentsnearme.biz/post/should-we-be-worried-after-all-they-are-just-numbers we than decided to take a different rout and even to show you how free money is like opiods without real treatment for the problem - no body cares: https://www.apartmentsnearme.biz/post/free-money-addictions-opioids-what-a-time-to-be-alive ​ we are a big company, a major landlord in Memphis, and its look like as long as we have Fed money it's all gonna be ok, but the truth be tolled, nothing is ok - and instead on focusing on how to build our economy again in the next 10 years the right way in a way that will lower the probability for crash we just put something to cover it and keep going. I really hope

Sorry if this isn't the appropriate place to post this type of question, but it is the only place I can think of to start. Our mortgage lender sent our final closing cost to us on Friday and instructed us to make the cashier's check payable to Standard Everyday Title Company. We went to the bank yesterday morning to get it. Going over paperwork to make sure we have everything in order and ready to go and noticed a paper from the title company says make check payable to Standard Everyday Title Company, LLC . We close first thing tomorrow morning and are worried we won't have time to get to the bank to have them print another one with the LLC added on. Is this a major issue? Thanks for any advice! submitted by /u/BossySweetRosey [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hhr4xs/question_about_cashiers_check_for_closing_funds/

So the thought crossed my mind and I want to get some advice. If three friends and I wanted to purchase a triplex together, utilizing an FHA loan for the 3.5% down payment, what should I be considering? So the end goal would be that the three of us equally split the down payment. Each of us live in the house and would have a set "rent" to pay. Then the three of us earn an equal share of the profit and liable for an equal share of the expenses. submitted by /u/palbert6969 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hhr4bz/multi_home_multi_owner_occupant/

Is there any reason to offer above asking price if you have an escalation clause? My realtor recommended a high initial bid because there's a lot of interest in the property. But I just can't figure out why... If my bid automatically increases to 1k above the next highest bid, why bother with a starting bid higher than asking? submitted by /u/fancybaton [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hhq5zk/question_about_escalation_clauses/

Sorry if this question sounds dumb but my hubby and I are newbies. This is our first time trying to buy/own a home. I saw a property today on Zillow and the realtor text and ask for me to send her the preapproval letter. Then she will let my hubby and I see the house. Is that standard procedure? Is it okay to show realtors our preapproval letter in general? I just don’t want us to make rookie mistakes. Also any other advice is greatly appreciated. Thanks. submitted by /u/Anjel10520 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hhq7do/is_it_okay_to_give_a_realtor_your_preapproval/

Hello everyone, Disclaimer: I'm new to this sub and have no actual real estate experience. I'm interested in getting into real estate and want to know what the experience will be like purchasing my first property. I intend on purchasing an empty parcel of land and building everything on it from the ground up. I have created a few different budget scenarios, blueprints, and payback ratios depending on how much I'd potentially be spending. I guess my question is, how was it like purchasing your first property? What were the biggest issues that you ran into? And what advice you give to someone just starting out? Thanks! submitted by /u/1A9D6 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hhqlet/purchasing_first_real_estate_property/

I got prequalified with chase , and I said I wanted to move forward and get preapproval. So he got my documents (w2s, tax returns , etc ) and said , no red flags , I can write your pre qualification up to x amount for 90 days. I don’t know why he’s still not preapproving me, but this is who the realtor recommended . I am preapproved through another lender that I don’t want to use. (First realtor that I didn’t end up using uses them, and he was extremely hassling when I said I was going a different route so it’s just too weird ) submitted by /u/_finewine_ [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hhqg71/question_on_prequalified_vs_preapproval/

I am a student living in a college town at an apartment complex. I began my lease in January 2020 and my lease is now ending July 31st. Since May I have been receiving spam emails with deals to renew my lease and in June someone contacted me about renewing my lease. I wrote back saying YES I would like renew my lease. The next day he sent me a link to renew my lease. He sent me the renewal on June 10th. (Yes I procrastinated a little on signing). On June 24th someone from my apartment leasing office contacted me and said I cannot renew my lease because they have someone moving in to my apartment and it was a mix up because the office is being outsourced because of COVID so they messed up. She told me the only option I have is to hope someone will move into a smaller unit or if they have a smaller unit available I can move there. Do they have a right to deny my renewal? I haven’t done anything wrong to make them not want to. submitted by /u/PlantsnSun7 [link] [comments] sou

So I live in the tiniest state in the USA . I want to move to CT. So my question is what do I need to know about how real estate works in CT. The closing cost, inspection, how long does it take to close on the house once picked out. Is it all the same as buying a house in RI? submitted by /u/brownroomshit [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hhq51l/i_want_to_move_out_of_state/

As NYC/SF/DC/Chicago/Boston/Denver/LA/etc. are becoming more and more cost prohibitive, and with all else being equal (priority on access to job markets) what are reasonable alternatives? In my travels, I’ve enjoyed the following locations and could see myself eventually residing there Salt Lake City, UT Tucson, AZ Concord, NH Rapid City, SD Portland, ME Omaha, NE Destin, FL Norfolk, VA Davis, CA Pittsburgh, PA But would love to hear thoughts about where people are heading for more affordable RE while maintaining their quality of life submitted by /u/EssienCarvalho [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hhq0rd/big_city_exodus/

Looking to sell house in Ottawa. (1) Can I insist on having listing agent present for all showings of my house? (2) Does the buyer’s agent stay with their clients as they tour the house (liability)? Sorry but had a bad experience with someone poking in my dresser drawers during an open house last time so not comfortable with leaving house unsupervised with strangers. Pls advise ASAP. submitted by /u/booottawa [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hhpwdc/should_listing_agent_be_present_for_showings/

I have a owner-occupied duplex in a desirable area just outside of San Francisco (Marin County). The place has appreciated about 30% since I bought it in 2015. I was happy living here for a while. Now I want to downsize/move to a cheaper COL area as I will be retiring in the next 5 years. Before COVID I was confident the best approach was keep the property, move out, and rent both units. I would be about $2k cash flow positive if I rented the units pre-COVID and hopefully enjoy further appreciation over a 10-15yr period. Now with COVID people are leaving SF in droves as many jobs have dried up. My tenants have started feeling me out about a possible rent decrease. Every day I read more bad news about COVID. Yet, it seems that RE is still strong in my area and houses are selling. I'm not an optimist. Thus, I'm starting to wonder if I should sell my place now while prices are still relatively strong rather than seeing what happens in 1, 2 years or longer. Is anyone else ha

My husband and I are first time home buyers. We had an offer accepted last Sunday for $10K over the asking price. The house was only on the market for 2-3 days. It is a 1,400 square foot ranch that was built in 1961. The house was attractive to us, as it seemed like everything was extremely well taken care of. In addition, there were many new updates throughout the home. We had our inspection yesterday, and we are feeling defeated. If nothing else, the inspection was $800, and it stinks that it could have been for nothing. The inspector found numerous issues. The largest ones being: Most of the 3 prong outlets on the ground floor were not grounded. There is no ceiling vent installed in the master bathroom. The insulation in the attic was poorly/incorrectly done. The furnace short cycles- turning off and on more often than it should. Numerous spots on the finished basement walls showed high moisture levels of ~20%. We are not able to see behind the paneling for mold,

Hello! There's a house in my town that's supposedly in preforeclosure or shreiff's sale per my realtor. The owner isn't interested in letting my realtor setup a tour. I'd like to explore the possibility of buying this house but I don't know what to do. Do you folks have any suggestions? This is in the San Francisco area if it matters. submitted by /u/aerosteed [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hhpgyu/preforeclosureshreiffs_sale_house/

Looking to sort of vent a little and also get some advice. First time home buyer on the east coast and we lost our 3rd offer. The first was due to a cash offer, 2nd just barely beat out by a better price, and 3rd by a cash offer. Are cash offers common or just something happening right now? Where the hell are people getting $200k cash from? Where I am at, people are waiving all contingencies and offering $20k over list price. Will it stay like this? I know there is a lot of talk about things leveling out but what if they don't? What are your guys' thoughts? submitted by /u/hpizzle12 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hhp7vh/3rd_offer_lost_2nd_due_to_cash_offeris_this_normal/

First time home buyer here trying to gauge what is reasonable for an annual premium for homeowners insurance. I've been shopping around and am consistently being quoted ~$4000 per year for policies with replacement costs between $650-750k. The premiums seem to be not so dependent on deductible. For example, Progressive's quote has a $1000 deductible and State Farm has $7500. Personal liability is the same on all policies ($300k), medical is the same ($100k). Personal property varies a lot because some insurance providers require a minimum of 75% of the real property replacement cost (which is much, much higher than I need), but some others allow me to choose the coverage I want. If it matters, I have excellent credit and I'm in Colorado. Not sure what else might be causing such high premiums here. I keep seeing averages even in high CoL states at being between $1k and $2k. submitted by /u/OpticaScientiae [link] [comments] source https://www.reddit.com/r/RealEst

Realtor's Listing NY Post Article that gives background about the area I used to live around this area in a vacant family home that we rented, about 11 years ago. The house we lived in was a very similar style (brick Tudor, slate shingle roof) and was similarly outdated (though not nearly as dirty). When we moved out, we were the last family members to live there before they decided to sell. The day the realtor was going to put the for sale sign in the ground, there was someone camped out in front of the house waiting for the realtor and offered cash on the spot, sight unseen. The house was never shown and sold at asking (which I believe at the time was $675k). Crazy market. submitted by /u/CMD2019 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hhcz2s/uninhabitable_home_selling_for_839k_in_nyc/

Hi everyone, I'm hoping you can help me out here as I'm a bit confused. So I'll be moving out of my folk's place around the turn of the year - once Covid is (hopefully) more-or-less behind us - and I've been thinking it probably would make more sense to buy rather than rent. I can afford to put a deposit down of £25-30K, and since I'm still young I figured I could take out a 25-30 year mortgage to cover the rest (which I can remortgage as my income increases). Now, the amount I can borrow is what's causing the confusion. I tried out the calculator on moneyadviceservice.org which takes account of your salary, bills etc, and it concluded I could take out a mortgage of around 90K in value - meaning I'd be looking at houses in the 115-120K range. Other sites say first time buyers can pay as little as 5% as a deposit and take out a mortgage for the remaining 95%. So which is it? submitted by /u/Redbury [link] [comments] source https://www.re

submitted by /u/Monaco_Playboy [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hhb1bl/what_are_some_of_the_college_towns_that_would_be/

I got into REI a few years ago, and bought a class C duplex cash for about $40k, generating $1000/mo in gross rents (good ROI, but the area is kind of sketchy). My realtor thinks now it's worth around $70k, and that's because our market is currently experiencing a pretty substantial inventory shortage. The tenants in both units are great people and we get along well. They generally pay on time, and take reasonable care of the property. But, being a class C, there are definitely some issues with property maintenance and on time payments, but none that are extreme at all. We moved about a year ago and kept our (previous) primary residence and turned it into a rental as well. We owe about $85k on that property. It currently generates gross rents of $1500, with a mortgage of about $850. The thought is, should we sell the class C duplex to pay off the other property? It will net a little less cash at the end of every month, but we would own it outright (we would either add some

Low income couple looking to purchase a home to begin building equity. We are more than willing to put in sweat equity, and minimize costs as much as possible. FHA 203k seems like the perfect fit, and we seemed to have found a listing that is an interesting option. Several questions: Can an inspection be done before applying for and getting preapproved? The seller has posted a topline engineer's report that has an upper end estimate of $53,000 in cost of repair, but i would like to get a thorough inspection and second opinion to determine a project plan with our tighter budget in mind. <br> If the total amount estimated does not equal actual cost of repairs, does the loan get consolidated for the actual amount spent, since the money is monitored through an escrow account? <br> What kind of low ball offer can we make? Given that we are taking out more money to finance repairs, i would want to low ball the price up to 15% of current list price, and ask the selle

I’ve always wondered why some people get to sell very expensive houses, while others sell normal ones. I just graduated college but have been thinking about becoming a real estate agent, it seems a lot more fun and something I’m interested in compared to sitting at a desk working on IT stuff. submitted by /u/StylesYT [link] [comments] source https://www.reddit.com/r/RealEstate/comments/hha8o1/for_real_estate_agents_how_does_a_real_estate/

We saw the house yesterday, and I really want this house & I'm hoping someone can help me understand where we stand. * My agent * submitted an offer this morning. The selling agent countered via email (about 10k higher). My agent countered, we'd go up 8k if they left the patio furniture Selling agent said they'd except our offer but no on the patio furniture. They bought it 2 weeks ago for $2,400 & don't want to part with it. My agent said okay, then we'll go up 6k. * Selling agent * said they'd meet in the middle & agree if we go up 7k. (Sent via email) All of this to say... We immediately sent them an updated signed offer. They haven't signed it yet. I'm afraid they had more showings today (and some scheduled for tomorrow?) and could get another offer. Can the seller back out now since we've delivered the signed offer they agreed to via email? Any info is GREATLY appreciated!! submitted by /u/Crazichic