I tore up some old vinyl sheet flooring (house was built in 75) and put down laminate about 5 years ago. I removed half the old flooring and left the other half and just laid the laminate over. I never tested it for asbestos, although in hindsight I probably should have but I was a first time homeowner and knew nothing. Now I’m trying to sell the house and wondering if I have to test in order to let the buyers know. If they end up purchasing and there is asbestos, could I be liable for not testing since some could argue that it would have been the reasonable thing to do? I really don’t wanna test now because it would mean tearing up some of the laminate floor and to be honest I’m worried it could devalue the house if there turns out to be asbestos. submitted by /u/TheDENN1Ssystem [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j32o0b/am_i_obligated_to_test_for_asbestos_after_tearing/

submitted by /u/CluelessGoals [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j32mho/is_wholesaling_possible_in_canada/

I just wanted to a get a general feeling if people think near the holidays and early next year, the buying frenzy will tame down or keep roaring into 2021. Typically this would happen in a normal year, but with kids being homeschooled and there being so much demand, will the slow season be skipped? Is the demand still pent up so much that it will just continue through the New Year? Is anyone seeing it start to slow down in their area? submitted by /u/Pepper7489 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j3125w/will_this_market_slow_down/

There a house I’m looking at that has a 200k variance. 680 vs 880! Lol how can it be so different? submitted by /u/doritosgurl [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j32hyf/zillow_vs_redfin_estimates_value/

I put an offer (318k) on this house and the next day it went off market and my agent couldnt reach them anymore. I checked zillow and I saw they have been "trying" to sell this house with the same realtor since 2018. Listing it for 323k and lowering it by 1k a month until it reaches 318k and removing and re-listing it back at 323k. I bet it will be back on market for 323k again soon. It seems bizarre to me. Is this a legit tactic to sell or are the owners just really not wanting to sell? submitted by /u/zeromutt [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j32648/nv_can_anyone_explain_this_tactic/

I own a home with my wife and have lived there for about 6 years. When we bought it, we were given some documents about foundation repairs that were done, including a structural engineer’s report and verification that the work was completed to their standards. They installed ~18 piers along a portion of the exterior of the house that totaled around $9k of work. I also have a warranty on the work performed that was transferred to us. Fast forward and the area of the house they worked on (back living room which was an addition built a while back) is showing cracks in the ground and exterior wall (brick wall). I contacted the foundation company and they said they wouldn’t do anything without an engineer’s report. So I contacted the same engineer and was wondering if they had any liability for the work. If I have the original report, receipt of work from the foundation company, and verification the work was done from the engineer, is there anything we can do to try and save some money. S

I know that no one has the answer, however google is giving me conflicting information. Any thoughts on what mortgage rates will be q1 2021. Our house build has been delayed, and we are concerned of a bump. Thanks! submitted by /u/dikemee [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j31f1p/crystal_ball_owners_predictions_on_rates_q1_2021/

We (sellers) were supposed to close 10/5 but just got a text today from the lenders bank asking to come out for an appraisal on 10/6. This was after we gave them a one week extension a week ago. Now my real estate agent is saying we have to close on the 15th. So we have to cancel and reschedule EVERYTHING. (Trash, movers, gas, electric, settlement on the new house, etc). Is there anything we can do? submitted by /u/heraldtaliaw [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j31bqj/a_question_about_the_lenders_appraisal_see_text/

Any speciation on where the interest rates are heading through the end of the year? Planning to close in the first week of Jan, and trying to decide when to lock the rate. The election is a big wildcard. submitted by /u/uniquei [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j30u9j/where_are_the_rates_headed_in_the_short_term/

I applied for a section 502 USDA loan. I was advised by the agency that it would be about 6 months to find out if I am approved due to Covid slowdowns. Can that be right? 6 months sounds like a very long time to wait just to see if I am approved for a loan. submitted by /u/ButReallyFolks [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j304v3/usda_loan_6_months_to_find_out_if_i_am_approved/

My family owns a real estate holding company in Mexico that is extremely mismanaged. I've been asked to help in the coming years but I have little to no knowledge about real estate or even Mexican laws. The two family members managing right now are willing to help me get set up but being as things are not going well now I want to seek additional outside help. I've spoken with some family members about liquidating the real estate in Mexico and moving to investments in the US. As far as I can see everybody seems on board but I honestly do not know we're to begin. The holdings are 10 residential units in Jalisco, Mexico with 3 already being in the US. My goal would to make a plan to sell the units in Mexico and safely move the money to a US bank account. Of course this would be after covid. submitted by /u/XxX_Dick_Slayer_XxX [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j303an/does_anybody_know_were_i_can_find_rescorces_on/

We signed an Exclusive Right to List contract with a realtor 2 months ago, but he said we had to do some repairs before putting the house for sale. He found us a handyman but he took over a month to do a few (poorly done) repairs. By coincidence, an interested couple wants to buy our house, and they are even representing themselves. We've even agreed on a price and they've showed lender assurance. They want to submit an offer, and then we'd go over the contract with a real estate lawyer. The term of the signed Exclusive Right to List contract was filled out incorrectly--it has the end of the term being Jan 2020, instead of Jan 2021 (and no start date). Since the term of the contract is wrong, does that void the whole contract? Would we be to back out to pursue this offer? Hopefully this isn't too convoluted. Appreciate any and all advice! submitted by /u/ilackincreativity [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j2zwqn/possibl

Hello, I'm in a weird situation. I have been pre-approved for an FHA loan and my boss/friend gave me money for a down payment and closing costs. Since it's from an LLC my lender said it's too risky to move forward with the gift until it seasons in my personal account for on statement cycle. In the meantime my mother and sisters home (they live together) has been sold by the owner and they need a cosigner to find a new one to take out their own FHA. I'm the only option but I am not sure . Is the fact that I just got this huge gift into my account going to impact the cosigner approval? I know it was going to for me but how does it work as a cosigner. I will obviously need to discontinue my search for my own home by being a cosigner. submitted by /u/throwaway4573890 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j2zqz4/being_a_fha_cosigner/

The house is about 1000 square feet while the condo is about 1400 square feet. The condo has an HOA with dues of about $560 per month while the house has no HOA at all. The house has a different location but both locations are great. The house is currently in old condition which is why it is in the same price range as the condo. After some cosmetic renovations costing about $40,000, the house should be worth more than what it is worth today, making it worth more than the condo. There is a total closing cost of about $35,000 which is what makes me skeptical on whether to do this or not. Would it make sense to sell a condo to buy a house? Thank you so much! submitted by /u/RedditUser252 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j2ycax/would_it_make_sense_to_sell_a_condo_to_buy_a_house/

Long story short: our 10 month home buying journey culminated in the acceptance of our offer for a fairly steep driveway in New England for a house on a hill. It’s approx about 30 yards from the bottom to the flat/turnaround area just before the garage. The seller’s agent says they have their landscapers do the plowing, which we’ll likely continue. However, we get some brutal winters. Are there any tips for dealing with this? Get a ton of dirt/salt? Invest in a flamethrower? submitted by /u/EssienCarvalho [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j2yuv9/steep_driveway_tips_for_icey_winters/

Okay so I am looking at a home, and they had it listed for 696k and wanted you to do some loan for solar panels. Now they updated it to 719k. Here is the concern I have when looking at comparables (my realtor dunno) i looked at a lot of homes via zillow and others. Within the last 6 months, etc. Crazy times What I found was that this home is 28 per square foot average more than the comps. . .most all comps are during pandemic There were two comps that this was cheaper, and then I dug in and noticed something In realtor.com the square footage is without the basement for ALL homes except 2. Examining pictures I can see the two homes with square footage have walk out and/or egress. This home doesn't yet its listed the entire sq. foot as area unlike all homes in the area. Seems a bit shady. It would cost me 8k to install Egress to bring it up to square footage noted. But I don't understand rules thoughts? submitted by /u/csgraber [link] [comments] source https:/

They're asking $319,500. Zillow's "Zestimate" says $316,780 https://www.zillow.com/homedetails/1426-Sodom-Hutchings-Rd-Girard-OH-44420/35505060_zpid/ Realtor's "Home Value" is showing under $240k https://www.realtor.com/realestateandhomes-detail/1426-Sodom-Hutchings-Rd_Girard_OH_44420_M98668-69899 At Zillow, for recently sold, there's practically nothing in the area that shows as high as $320k for a single family home. Yet on their "Zestimate history" graph, last month it was worth $250k, but somehow jumped to near what they're asking for? Anyhow, we're going to look at it tomorrow, but it seems like they're asking for a LOT higher than what it's worth. submitted by /u/dreamache [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j2yibv/is_this_house_overpriced_realtorcom_home_value_vs/

I’m a 30 year old professional that is looking for the next step in my financial journey. I’m looking at investing in some real estate, but have a lot of questions about the timing, what order I should consider, or if this is something I should put off for a little later down the road. First a little about my financial situation: 1) My salary is about $125,000 annually. I bring home between $5400 and $6000 monthly after taxes and all of my other deductions (insurance, IRA, HSA, etc) 2) I max out an HSA every year, and am contributing to my IRA up to where my employer matches 3) My monthly expenses include: $1700 rent, $800 student loan payment (eligible for public service loan forgiveness in 6 years, payments have been deferred since March), and ~$1500 to pay off my credit card balances that I use to buy everything – totaling $4000 4) Current assets include $40,000 in a savings account and a stock portfolio currently worth $55,000 So here are the options I am considering. In the

Hi everyone, I (27F) recently moved into a newbuild townhouse with my boyfriend (30M). Our neighbours, who are retired, talked to me about building a fence to divide our tiny backyard a few months ago, and I wasn't ready to commit to the cost. I kept saying that I needed to look into my options (e.g. having my boyfriend's friends build the fence for a low cost), but they insisted that they needed to place a downpayment fast as there was a long waiting list. Without my direct approval, they went ahead with the downpayment. The backyard can't be more than 30 feet long, but our half of the cost for one side of the fence was over $500. At this point, my contract at work isn't going to be renewed because of COVID, and my boyfriend is still a student, so he isn't able to contribute. They are amazing neighbours, and I feel bad for not being able to contribute. Is it horrible if I explain my situation, say that I am unable to contribute at this time, and express that I

Hey all, We recently offered and were accepted for a home we truly loved. It belonged to an elderly couple who passed, so the son is selling it(estate sale). We offered the sale price because I didn't want to see my wife have it bought out from under her like her first choice as she loved everything about it, old fashioned and all. That being said, our appraisal is coming up. The list price is $179,990. The home was immaculately cared for and has nice things(carport, metal roof, etc)but was built in 1966. A couple of close friends have said that, even so, it probably won't appraise for that. Is it common for estates to stand firm if it appraises lower? Moreover, do things traditionally appraise lower than asking price? Should I tell my realtor to argue for closing costs? Any advice here? submitted by /u/Moridianae [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j2y45t/do_estate_sales_typically_negotiate_better/

Hello All, I am hoping to buy my first house next year. I am hoping to buy a multi-family home for investment but I live in MA and multi-family homes are pretty high in price. Right now im just looking through zillow (I know it shouldnt be the do-all say-all but i'm just starting), and I feel like multi-families right now may not be the best investment because even though I can get more money, the amount of mortgage i'd have to pay would be more where I feel like i would just set myself to always lose money if rent + some of my money will go to mortgage. I am planning on living in one of the units so that's one less unit to get money from. Most single families I see, I'd have to pay about the same difference amount if I lived in a single family as oppose to a multi-family. So I am thinking maybe I should just buy a single family and then the following year get another single family to get the rent from that house. Is this a good idea? Are Multi-family still better in

The below was posted on a private facebook group for loan originators. I deem the poster credible, he participates, he's not a fly-by rando or anything like that. The author of the below (assuming it's valid, and it probably is since it's so consistent with other stuff I've read, etc) is a 3rd party compliance person. A smaller mortgage outfit might retain such services b/c they don't have enough compliance work to warrant a full time compliance person or staff. Said lawyer will have several clients who "subscribe" to their ongoing legal compliance services. The "subscriber" is one small mortgage company among many other "subscribers" that the compliance lawyer would have. And keep in mind this is just from one single lawyer. https://imgur.com/a/Ea723OF The investor/lender, whose name I've blacked out, as of today, still has the absolute best 'quoted' pricing around. They are the top left corner outfit here on this scree

Hi guys, My landlord is looking to sell the property my wife and I live in and has given us the option to make an offer before it goes on the market. I know he wouldn't make this offer if it wasnt convenient for him. I know he won't have to pay estate fees or do the little fixes to make the house look pretty before selling. I want to quantify the amount he saves by selling to tenants over sale through an agent, or some other private sale. What else is there to think about here? We live in NZ, that's likely important. submitted by /u/IncredibleTeacherMan [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j2f5gg/buying_from_my_landlord_help/

So I just bought my first house in the SoCal area and I just feel a little weird about how it went down with my realtor. At the start, she was very friendly and mostly helpful. However it seemed like I was the one that kept asking to go view houses and she wasn't helping me find anything very much. Once I found a house I liked enough and went into escrow. She seemingly disappeared. She would take days to answer texts and would just send me documents to sign and wouldn't explain them. The lender and his underwriters were bombarding me with what seemed like unrealistic deadlines every day for different forms and documents. It was my understanding that the realtor was supposed to be kind of the middle ground that makes things simple for me. She was supposed to be the bridge between the lender and myself, to break things down so a normal person would understand, yet she was extremely hands off between us and the lender. Is that how it normally is or did she just drop the ball?

I am in bay area and my realtor has asked me to compromise on looks and concentrate on location and price. She said you might get a house which might look bad but you have to compromise and pick a good location for future appreciation. This will be my first home and i was planning to stay in it for next 10 years. I was thinking of buying a house without compromising on the look and feel. Should i buy by compromising on looks and concentrate on location, the curb appeal of houses are terrible but the location will appreciate well. What does everyone think about my situation?? submitted by /u/Striking_Insurance16 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j2euv1/compromise_between_looks_and_price/

submitted by /u/iamgrape1119 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j2env9/which_lender_is_your_mortgage_through/

We finally got an accepted offer on a house! We previously put in 2 offers on other houses (10k and 12k) over, but those were rejected. This house was listed at 195k. Our initial offer was 200k with an escalation clause of 1k up to 218k. We would cover an appraisal gap of 5k and cover any inspection repairs under 2k. After our realtor spoke with the selling agent, she said they had multiple offers already and suggested we waive inspection contingency and start at a higher offer. So we ended up changing our offer ultimately to start at 215k and escalate by 1k up to 222k. Appraisal gap we'd cover was raised to 10k, and we'd cover inspection repairs under 5k. I feel like a sucker now for paying 27k over on the house! :/ The house ended up having more than 20 offers. The competing offer which activated our escalation clause was an offer for 227k that covered appraisal gap of 5k and waived inspection contingency. Now just hoping the appraisal comes out ok! If appraisal was to

Is a house with backyard facing a turf field a plus? The turf field belongs to city. In summer nights, there are soccer games and football games. Yes, there is light. Neighbourhood is good, no issue with parking. submitted by /u/jmadele [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j2dhle/will_you_buy_a_house_with_backyard_facing_a_turf/

I bought the house in 2013. It was built in 1953 and has few improvements (I like it that way). There is a basement bar sink that would back up frequently that was also on the same line as the kitchen. I thought it was due to tree roots and kitchen gunk and would periodically have someone root it. A month ago I had plumbers come in for some unrelated work and another rooter job. This plumber was a bit more on top of things than the others. He found that the pipe from the kitchen and basement bar went the opposite way that the main sewer out to the street. He pulled out a bunch of roots and sent a camera out...165 feet into darkness (there's nothing back there, its a field) Turns out the camera was just circling the inside of a round single chamber cement septic tank. They dug out the pipe going to the septic and replaced the piping to the tank. With help I dug out the top of the tank to find all the portals and determine the size. It was pumped and has a lot of dead roots in it.

I want to get into real estate and I would love people to point me into the right direction ...I’m not asking for much just point me where I should start , what books to read , what videos to watch , etc !! Please help ! submitted by /u/riiiichiiiieeee [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j2e514/help/

Current situation - California. With estimated numbers. Let’s say my primary residence is worth 1m. And the mortgage was paid off last week. I want to buy a property let’s say 500k to an area 45 miles by car away without doing anything to the first property. I plan to sell it next year and claim the 250k home sale exclusion. (Reaches 2 years in June next year) How do I classify the second purchase to the bank/underwriting ? Do they report to the IRS where my primary residence is ? My work is closer to the primary home. (Now remote until next year) Since it is 45 miles away, what reason can i use if I want to buy that as a second home ? Let’s say according to google maps, there are different ways to get there. 45 miles and 65 miles (through hills) is that ok if they ever mention the less than 50 miles ? submitted by /u/darkmwar [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j2dqzk/how_do_i_classify_my_second_purchase/

Hello, home inspector here from a small province in Canada. Our market is very hot right now and house values are sky rocketing. I got a phone call from someone from outside the province looking to purchase a $1.2 million dollar home. It's roughly 5500 sq/ft, several out buildings, indoor and outdoor pools, large hot tub, theater room, two kitchens etc etc etc. It's much bigger and much more elaborate than I'm use to dealing with and the buyer wanted to know if I offered "High Value" real estate inspections. I should ad this will be a private sale with no real estate agents involved. From what I'm reading a high value inspection is similar to a commercial inspection, which I'm use to, where I'd sub contract various trades to inspect various parts of the house. I.E. a pool guy, roofer, electrician and so on. Is this typical? Is this common in higher value cities? It's rare to see anything sell for more than $500k in my area. Any insight would

So I'm looking to buy for the first time and I'm interested in a condo that I'm worried will sell to another quickly if I don't jump on it. Should I have an attorney before I offer a price to the realtor? Or that only really the absolute necessity during the review of the contract itself? I have the funds to pay the full price upfront, so there's no delay for mortgages and banks, but of course that means I'm discussing a healthy amount of cash without much advice than the realtor who obviously has a vested interested in selling the property no matter what. I looked at the place and at first look everything looks fine, and I understand that the contract can include a contingency for a housing inspector to do an in depth examination before the closing. So is there any reason I would need a real estate attorney at this point prior to the contract being drawn up? Or the most important role of the attorney just to review that contract? Thanks in advance. submitt

My sister is buying a new house and is asking for "help" with the downpayment. They have enough money but not in the bank, so they want to give me cash to write a check to them, to show that the funds are a "gift from family." This doesn't make sense to me, because why can't they just deposit their own cash and explain they've been stashing it under the mattress up until now? We're talking around 50k here. If I help them, is there anything I need to know about depositing 50k cash into my own bank account? TIA! submitted by /u/Visual_Author [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j2csv1/downpayment_check_for_family/

submitted by /u/dogballtaster [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j2cn2f/cross_posting_from_legal_advice_i_thought_maybe/

We are locked in at 2.99 with 5% down on an offer letter mortgage and now that I’m looking around on here I’m seeing people with much better rates.. not sure if I should be looking around at lenders again or ride with the 2.99 we have.. 30 year, conventional, in Northern California submitted by /u/Giant-slayer-99 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j2cl1s/should_i_shop_around_for_better_rate/

Hi All, Is there any adverse impact to your credit if you request pre-approval letters from different lenders? I assume it’s similar to buying or leasing a car, and if you do a few pre-approval letters with different lenders within a close period of time, the credit bureaus treat this as one hard pull. Anyone have experience with this? Looking to shop around for a better rate. Thanks in advance? submitted by /u/monicapar [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j2ckoa/experience_with_multiple_preapproval_letters/

My fiancee and I are about 2-3 months out from buying and want to get pre-approved soon. However, we're not sure whether being on the mortgage together will help or hurt our mortgage terms. The way we see it, the pros of having us on together is that we both have good credit (above 700 although mine is about 50 points higher) and it's extra income to show. The cons are that our combined debt to income ratio is worse, her employment hasn't been steady due to COVID, and we're unmarried. Not really looking to get approved for a higher amount since the places we're looking are easily afforded on just my income, just worried it will affect our rate. Thanks! submitted by /u/based-j [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j2ax0a/question_about_getting_a_loan_with_my_fiancee_or/

My wife and I are closing on Thursday after being under contract for over 90 days. We’re very excited to say the least. We locked our rate fairly early in the process at 2.875 for a conventional loan with no points. I know at the time there was a lot of talk about rates going lower so I’m curious to see what people are getting now and if it was the right move to lock in at that rate back in July. submitted by /u/SWS55 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j2bn2z/mortgage_rates/

Currently living in Manhattan and paying 3900/month in rent. Was thinking about buying a cheap condo (e.g. https://www.realtor.com/realestateandhomes-detail/325-Lafayette-St-Unit-3202_Bridgeport_CT_06604_M44569-08970?view=qv ) with cash and recouping the sum within a year because of the fact that I will be remote working for the next 12 months. Does this make sense? Looking to move back to Europe so not keen on dropping much more than 100k which makes my options limited. What are your thoughts? Thank you. submitted by /u/SicilianBull [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j2bgtf/buy_100k_condo_in_bridgeport_ct/

I am in the process of buying my first home, and have gotten myself in a pickle. I am getting an FHA loan, requiring 3.5% down. When talking to the lender about this, he explained the process of procuring bank statements to show that I have enough money to pay for this. He explained that they will not count any money that cannot be traced, meaning if I sell a toy or something without a title and deposit cash they won't count it. Because I have more than enough money in my account to pay the down payment, I disregarded this. Now a month later and a week before closing, I sold a toy and deposited 5k cash into my account. When I mentioned this to him he said this could kill the loan if they ask for this months bank statement, as I wouldn't be able to show where this money came from. Why would they care if I deposit more money into my account that already has enough money? Will this really risk the loan, and if so is there anything I can do about it? submitted by /u/back

Hey all, I've been researching the potential of buying a home together with my girlfriend of many years, and we aren't married yet (probably not for some time). I've been researching Tenants in Common and that seems like the way to go, in addition to a thorough agreement written up by a real estate attorney. I do have a question that I haven't been able to get a clear answer on: financing. Traditionally, it would be a mortgage that we both co-sign. There are some banks offering TIC or "fractional" loans where we could each have a loan to ourselves for our ownership %. These TIC loans carry higher rates and probably aren't going to be what we go with. We are both high earners, are capable of putting plenty down, and I have excellent credit. She has somewhere in the 700's, but only about 3 years of history in the US (she lived abroad for most of her life). She also has had her current job for only a year, while I've had mine for 8. Debt-to-income

I'm looking at purchasing property and have come across a house which was converted into a duplex. The house is 4 bedroom, 2 baths, and seems to be like the perfect home the only caveat is that its already tenant occupied. What are some advices when buying tenant occupied homes, and should it even be considered for a first time invester? submitted by /u/darkmatter201 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j2b1lk/should_you_inherit_tenants_if_so_what_are_some/

Long story short, appraisal came in low by 20k and after negotiating with sellers we agreed to split the difference. We have asked our lender to do a full appraisal, not just a “desktop” appraisal. Is there any likelihood we will get a higher appraisal? Desktop appraisal used old data, comps that aren’t apples to apples in home size and the terrible photo from the sellers realtor, which did not feature the entire home. Oceanside CA in Rancho del oro, great school district and location. Any input is welcome! Thank you submitted by /u/hotburnedpork [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j2azm1/low_appraisal_via_desktop_and_asking_for_a_full/

If so, how did the process work ? submitted by /u/Zagadoesit [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j2au5n/has_anyone_used_a_va_loan_to_buy_a_new/

Hi, anxious FTHB here, currently in underwriting. Inspection, appraisal & title report were great. My finances are also great, with zero debt and putting down a decent chunk for the down payment. My only red flag is that I recently switched jobs right before starting the process. It’s a different company, but same industry with higher pay and better title than I had before. My lender is already aware as I had to upload my offer letter at the time since I didn’t have paystubs yet. My question is how much this will negatively affect my application and is there anything I can do to prepare? I’ve heard so many stories of buyers getting denied simply because they recently got a new job. I appreciate any advice/guidance. Thank you! submitted by /u/dreamboogie [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j1rh5z/how_much_does_a_job_change_affect_your_chances_of/

Where are you now? Do you own or rent? submitted by /u/bluechipmonk [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j1rsdv/anyone_here_who_had_their_house_foreclosed/

as a seller? i keep trying to ask this question but the post gets rejected. sold our home my self using one of those flat rate platforms, half way to closing date my other home deal fell apart. there was no contingency protecting us from this situation and due to loss of employment, not to mention having large dogs, finding some where to rent is almost impossible my only hope was to reach out to the buyers agent and offer some compensation to their client if we can cancel the deal. do buyers usually pursue legal action in this situation ? submitted by /u/00sev3n [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j1rij2/exiting_signed_pa/

as a seller? i keep trying to ask this question but the post gets rejected. sold our home my self using one of those flat rate platforms, half way to closing date my other home deal fell apart. there was no contingency protecting us from this situation and due to loss of employment, not to mention having large dogs, finding some where to rent is almost impossible ​ my only hope was to reach out to the buyers agent and offer some compensation to their client if we can cancel the deal. do buyers usually pursue legal action in this situation ? submitted by /u/00sev3n [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j1rg8m/backing_out_of_a_pa/

Just went under contract. 2700sf SFH built in 1974. Appears to be in good shape, no noticeable issues from my tour. My inspector's rate card looks like this (Denver, CO): Base Inspection : $415 Sewer Scope: $155 Mold Air Sample Testing: $195 Infra-Red Scans: $75 Water Quality Testing: $175 Energy Check: $100 Pest Inspection: $185 I'm thinking of just getting the whole package but wondering if any of these might be frivolous and/or offer no real benefit in negotiating credits/fixes from the seller. submitted by /u/gunslingeroutawhisky [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j1qx9x/home_inspection_addons_unsure_what_all_is/

Strap yourselves in for what has absolutely got to be the worst luck a FTHB can have. My wife and I have been under contract since late August on a house - and all contingencies from our perspective (inspection, appraisal, financing) have been met. We've been getting whipped around by the seller from the get-go. When we were negotiating the deal, they pushed us to commit to a super fast close because they had a house ready to go and pushed us to fund ASAP - of course we agreed and whipped everyone into a frenzy to accommodate them. Then, after we signed the contract from our side, the seller goes silent for a week and we cannot get a proper response on why they have not signed the contract. We find out later that it's because they were negotiating the purchase of their house and were stalling us with no communication. We finally get this all signed up, scheduled for an October close. My wife and I are discussing wall painting colors, furniture, where we're going to put

Hi again! ​ We were supposed to close on our current home in two days and close on our new home in a little over a week. Our buyers' lender was waiting on getting some info from our HOA who was taking awhile to respond to them. We were notified that our closed date would get delayed a bit due to this (which was fine because we were doing a rentback until our new house closed). I got an email from our realtor stating our current home's HOA reserve funds were insufficient for the loan the buyer was trying to get, but the lender was going to see if they could bypass the amount. Another issue is, we were able to get a bridge loan for our new home ONLY because we had a buyer for our current one. So: How common and likely is it the buyer will still be able to purchase our home by waiving the HOA reserve criteria (iirc it's a BoA loan)? If he pulls out of the purchase is that going to make us lose out on our future home? submitted by /u/positivefeelings1234 [link]

Hi All! Looking for some suggestions... I'm under contract for my first home and close in a couple days. I received a copy of the appraisal on the home and found out that it appraised for 20% higher than my purchase price. Which is great. Purchase price: $299k Appraisal: $360k So what do I do now? We clearly won't tell the seller but what can I do with this extra "equity" from day 1? Here are some thoughts I have but feel free to add your own or tell my why my ideas are bad/good/impossible/etc. 1) Use equity toward an investment property 2) Use equity to upgrade home 3) Refinance to ditch PMI (isn't this based on the lower of the purchase price or appraisal)? Paying $200/mo for PMI. 4) Invest into stocks 5) nothing? Anything else? Any ideas would be great!!! submitted by /u/gaberooni54 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j1r1yb/appraised_20_higher_than_purchase_price/

Does anyone know any good bank statement lenders, banks or mortgage companies. I had to many write offs and I know I'll get denied for what I want. submitted by /u/elitebuzzy [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j1qunz/bank_statement_lenders/

Looking at a potential home, I saw knob and tube wiring but the wires may not be live. In case it is, what cost are we looking at? It's a 3k square foot home total and it's a 2 family in NJ. 2nd question, when they replace it do they just cut small holes in the wall and feed new electric line through or do they rip the whole wall open and would p Potentially lead to more issues like the studs are not up to today's code so now I need new studs etc? It's a 1915 home. submitted by /u/ck357 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j1qeq6/1915_house_may_have_live_knob_and_tube_wiring_how/

We were given 16 items on our inspection and the homeowners asked us to fix all of them, except 1, which we would have fixed also. No major damage to the house so these issues aren’t big at all. We have no problem fixing any of them. BUT they also asked us to throw in a home warranty (original HVAC). In this market, I don’t see any reason to spend more than we have to and want to decline that portion. Will talk to realtor tomorrow. They are paying for what the house appraises at, and we are already providing some of their closing costs. What are most sellers doing in these situations? Or AITA for not wanting to pay for a home warranty? submitted by /u/xsweetnlowx [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j1q2bi/deciding_what_to_fix_for_inspection/

So...this is my first post on Reddit and one I write with sadness and looking for advice.... Like many we have sized out of our home and had embarked this summer on finding a home with more space and a better school district. We found a beautiful home that both my husband I loved (this is hard to come by!). Things start to get sad here: The sellers were relocating to a different town and our contract was with the relocation company who we signed with and exited attorney review on 7/30. We had an inspection a few days later which was riddled with issues but we negotiated 28,500 at closing to fix all the issues. This agreement was agreed to in an email with their attorney on 8/15. Our attorney sent a rider following that which they never signed (and honestly we overlooked). We were waiting for receipts on some termite treatment that they sent through on 9/2. Unfortunately before we could send our signatures back, the relocation agency sent us a letter on 9/4 saying the sellers are “no l

- We are in the N. OKC area (Edmond), this was a new construction home from the ground up. 4 bed, 2 Bath, 1900 SF in a great part of town with all 10/10 schools. - 30 Year fixed VA loan - Purchase Price was 269K, we put $2K in earnest and $2.1K in out of pocket upgrades - We did NOT buy down points. - Locked in the rate exactly 30 days ago. - The lender charged $1,095 for the loan/origination fee and gave us slightly over $2K in lender credits - We put $0 down and financed the VA funding fee. The funding fee goes directly to the VA - The builder gave us $2K in closing cost credit. - We paid nothing at closing and paid the VA appraisal fee of $500 out of pocket about 2 weeks ago. ​ I cant think of any of the other big points or key take-aways but i have all the info and can answer any questions from the buyers perspective if anyone wants. We are a regular family of 5 with average income and great credit. We are super stoked and couldn't be more excited. ​ *EDIT - closin

...if I hear one more advocacy group claim indebted homeowners need loan forgiveness. You took on the debt. Sell your home if you can’t pay. Responsible, prospective first-time buyers need an entry point into homeownership. submitted by /u/PoopSuitsCA [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j1pl7p/im_going_to_lose_my_mind/

Looking for some mortgage brokers and lenders in Austin TX that are good for rental investments. I do plan on living in the property for a year at least before renting . Any info would be greatly appreciated thank you submitted by /u/Caliguy18 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j1pjpv/mortgage_broker_or_lenders_in_atx_area/

I’m looking at using a joint mortgage (with a longtime friend, not a significant other) to purchase my first home to start my real estate investment journey. We live/work in Los Angeles and prices around here aren’t exactly beginner friendly if purchasing alone. I figure using a joint mortgage gives me a little more breathing room for learning and leaves me with extra cash for a potential real estate dip in the near future to purchase a second investment property (almost definitely out of state though). Anybody here have any horror stories dealing with a joint mortgage, things to look out for, positive experiences...? submitted by /u/sdjcg14 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j1pjnc/joint_mortgage_noob/

I'm starting a new job and moving from the east coast to California. ​ I'm going to be in the market for a house, but not sure if I should wait or buy now. ​ How are the months after the fires predicted to affect the housing market? I have also heard predictions that when forebearance ends, some homes may go into foreclosure and that could make for great buys. ​ Obviously no one can tell the future, but I would like to hear everyones opinions on what the market and home values will look like in the coming year. submitted by /u/itsthewolfe [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j1pg79/california_buy_now_or_wait_two_years_in_search_of/

Any tips for getting a home? I've put in 4 offers in the Kirkland area, waiving all contingencies and escalating 55-100k over the listing price with 5% earnest money and still getting beat. People who have recently got their offers chosen / successfully went mutual your experiences and advice are also very welcome. Process is quite exhausting! submitted by /u/HelloWorld824 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j1p3m0/buying_a_home_in_kirkland/

I've literally counted down hours it seems over the course of two months. My question, do it do a wire or certified check? submitted by /u/Z0diaQ [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j1ose3/closing_in_two_days/

I can’t contain my excitement after 6 houses that my fiancé and I have bid and lost, the 7th was the lucky charm. We are intended to close on October 30th and are hoping everything works out well. We were able to secure a 2.7% fixed conventional loan and we only went 15k over asking price. I am so excited and hope everything works out! submitted by /u/RoseGoldIcePrincess [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j1o9y7/we_finally_won_a_bid/

Hi! Im in the process of buying a multifamily in Rochester NH with my brother in law. Property have 3 units 2 are 2bd and one is 3bd 2bth. The offer was accepted at 320k and we are planning on have this as investment and not going to live in it. 2 of the 3 units are currently vacant and he ine rented is below the market. Im schedule to do the inspection next week but I have the fear that the market is going to drop dramatically in the near futureand that I should wait. I have a stable job and currently working from home and have good savings. If they find anything in the inspection should I back out and wait? I know we can't time the market but want to read some opinions. Looking for advice. submitted by /u/abdelzapata [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j1o59g/in_the_process_of_buying_a_multifamily/

Let’s start with change number one. They put in a speed hump right in front of my lot. Signage on both sides. Looks like shit. After I expressed disapproval and how it may actually conflict with where our driveway is going to be it looks like they filed it down and put in another one about 30 feet away. Wonderful. They told us there would be a pond across the street and now it’s been decided it will simply be a dry pond. Cool, keep making changes. Now the final nail in the coffin. They have now added a paved walking path down the property line on the east side of the house and it connects to another that runs down the entirety of the back yards of all the lots. None of this is on the original community map and the sales rep we worked with specifically said the only path would be a few houses down to make a connection to another street where a playground will be. I mentioned how walking paths all around my house would be a dealbreaker for me and they ensured me it was going to just

My wife and I recently sold our home and are looking into a new construction (renting in the meantime). I’ve exchanged a few emails with the builders agent to see options for floor plans to see if we could make something work in our budget, which we’ve seemed to have found one we like. We haven’t entered any contract or committed to anything yet. We have been working with an agent (same one that sold our home) so I have a few questions in regards to our agent, if we decided to go through with a new build. We haven’t really mentioned a new build to her yet, simply because we just started thinking about it ourselves. What is her role in this whole process? I’m curious if she should be there during all the meetings including when we meet with the builder to personalize things, choose add-ons, etc or if she will just review contract when it comes to that. Does the builder cover the commission for both real estate agents? Is there any negative to having a real estate agent? Any

Say you want to renovate your tenant’s only bathroom (1 bath apt). Instead of doing it during a vacancy, does it ever make sense to plan with the existing tenant to renovate when they’re going to be away (assuming a good tenant relationship)? I imagine it would be nice not to lose out on rent in the future doing the work in between tenants and they would be happy to have a new bathroom. But I’m sure there are practical downsides too right? submitted by /u/MonstaWansta [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j16fgn/timing_of_starting_improvements_on_rental_property/

My husband and I are looking at making an offer on a house that we both really like and I just looked up the flood map to find that just behind the property line looks to be a floodway zone ae. I really have no idea what this means and don't understand the information when I googled it. Can anyone tell me if this is a concern or deal breaker on this house? Thank you in advance! We really appreciate the help! submitted by /u/chefscoop [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j16bhx/flood_zone_ae_just_behind_property_line_deal/

We are starting the process of looking for a real estate agent in a very competitive market. We have never bought a house before and honestly, don't exactly know where to start. Beyond the more common questions, what are some more specific questions that you feel are most important when searching for an agent after going through the buying process? Thanks! submitted by /u/jennambee [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j15mh5/interviewing_real_estate_agents_what_should_we_ask/

Hi everyone, First time buyer and am in contract currently. The seller was supposed to provide all disclosures two days ago but hasn't. I've asked my realtor about it but haven't heard back from her in two days either. The seller's agent didn't respond to schedule the appraisal until I checked in on it, so now the appraisal is delayed. My supposed deadline to remove contingencies is in two days, which I do not think is happening. There are a number of potential issues with this property outside of the lack of communication/hitting deadlines, so I'm leaning toward backing out. Is there anything I should be worried about in particular with this situation? Thanks! submitted by /u/sushirolls [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j15hvu/seller_hasnt_provided_disclosures_on_time_and_my/

Being my first home I could secure a FHA loan to buy a house and subsequently rent the home out and generate rental income. If I save my extra money after my Roth IRA it would take me about a year, if I max my roth it could take up to three years. What would make the most sense? I contribute 6,000$ to my Roth but this could very well be a down payment instead. submitted by /u/faker2030 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j15drj/should_i_defer_contributing_to_my_roth_ira_to/

One of my buddies was trying to convince me to hop on board with him and start wholesaling. I am very confused by this and how this works. If anyone could explain further that would be greatly appreciated. submitted by /u/MagicMario33 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j15aa2/wholesaling/

So my wife and I have been looking around for a new home in New Jersey for the past two months. We're not quite sure how the whole buyer's/seller's agent thing works (especially in Jersey), so we could use some advice. A few weeks ago we met an agent whom we seemed to get along well with at an open house, and agreed to see some listings with him. About a week after first meeting him we saw an apartment without him that we'd already wanted to look at. Over the past 2 weekends we've seen a number of options with him, and he's done a solid job. Today we went with him for a second look at our top picks out of his suggestions and all of them had some issue or another that made us lean towards pursuing other options. We also saw the unit from earlier without him for a second time. We're leaning toward making an offer on it, but we don't want to leave him out in the lurch and feel like we wasted his time, since he did give us useful advice, and we'd also

None of this drama when I purchased my first home.. I recently had an offer accepted (out of attorney review as of last Wednesday). The sellers are insisting on a mortgage commitment by the 19th and a closing date of the 26th. No one thinks this can happen, but they also gave us the soft "we'll extend if needed." Promise - but nothing in the contract. We like the house so we're moving forward hoping the sellers aren't massive assholes. Lender sends me the application with errors left and right. I tell him I'm not signing as he left off a property's HOA and some other shit that I don't want to squabble over with the underwriters. I shit you not, this guy says "just sign it well fix it later." Lmfao. I tell him no. He says find another lender (basically). So I have another lender (who actually gave me a better rate) but I'm essentially starting over from square one .. hoping to get a commitment letter by the 19th. 😵 submitted by

We (sellers) are closing in a weeks time and was wondering what are some good welcome gifts to leave for the new buyers. They are buying their first home. FWIW, house sold for $32k over asking. Is it customary to give a welcome present? When we bought the house, the sellers at the time gave a succulent plant, ring doorbell from amazon and a shower squeegee (yes, really) submitted by /u/shinepro [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j14gc3/welcome_gift/