So in a couple years I would like to buy my first home. Is it cheaper to buy a mobile home and buy land separately to put it on after picking the home out from a factory? Or just buy a home that’s already on a lot ? What are the pros and cons of doing my first idea? It seems like mobile homes get a bad rep but honestly, some of them are very nice inside and if you had a lot you wanted to place it on, I don’t see why you would wanna buy someone else’s home on their lot. Thanks . submitted by /u/Obvious_Aerie5458 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k4eajn/question_about_buying_a_mobile_home/

Hey all, Curious, say I have one home rented out for a little more than the mortgage price. How much equity or how long would I need to have it rented out for before I can buy a second home to live in? How does the bank look at this? What does it take to get approved for a second mortgage? Cheers submitted by /u/globlordious [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k4e6v0/how_to_finance_a_second_home_with_a_rental/

Hi I’m working on a mortgage deal for a client and helping them secure a refinance for their property as his broker. I submitted applications on his behalf to two lenders and my client signed the disclosures as well. For one of these lenders, you can see a loan estimate on their website via a calculator BEFORE you apply. Does that satisfy RESPA ? Or is the lender obligated to send a Loan Estimate after the application regardless ? Another lender I submitted an application for two weeks ago also hasn’t sent me a loan estimate. They gave me an idea on pricing but I don’t know what their closing costs looks like. I just know they charge a processing fee of under 1000 bucks. Is this weird ? The Loan Estimate must be provided to consumers no later than three business days after they submit a loan application. The second form (Closing Disclosure) is designed to provide disclosures that will be helpful to consumers in understanding all of the costs of the transaction. submitted b...

Was wondering, does anyone know if the United States Forest Service has ever recently sold land? I have also read that occasionally they lease land for people to build on. Asking as I am looking at acquiring private property adjacent to USFS federal land and wondering if that will ever change, or if a trailer will park there one day and get a homestead or something similar. If so, how and when? Under what circumstances? Really appreciate experience with this. Thank you. submitted by /u/danbemp [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k4e3i9/united_states_forest_service_adjacent_land/

I live in Ca. and real estate prices are out of control here. I have started looking in other states, but I found a whole bunch of real estate at unbelievable low prices (remember I'm from CA so..) and I don't really want to buy a bad property but some of these are as low as $16-$30k. I was thinking about just purchasing one for a rental, but it being out of state makes me think 'too good to be true'. Does anyone else have experience with this or if I am just to novice to realize? submitted by /u/RocketBallsct [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k4e19m/purchasing_real_estate_in_a_different_state/

Hi! Im in the process of buying my first home and I was hoping to get a recommendation for a good insurance broker I can speak with for Greenville SC! If you have any suggestions, please send them my way! <3 submitted by /u/Tempestwins [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k4dadr/looking_for_a_home_owners_insurance_broker_in/

I just recently inherited a home from my mother who passed away a few weeks. I’m 21 years old an my life of no where near in order especially not enough to maintain and pay on a house so I’m at a cross road here and very unsure of what too do.. an I’ve very inexperienced in this stuff the home currently has a mortgage on it with around 39k left to pay it off an the home was appraised for 153k and some change it’s a 1,000 sq ft on 1 acre in Tennessee.. not really sure to sell it or rent it or really how either one works I’m very new to all of this.. submitted by /u/Ok_Pickle8159 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k4csl0/recently_inherited_a_house_not_sure_what_to_do/

TLDR: no final walk through, seller didn't complete repair I closed this morning but per contract, seller has possession until 9pm (PST). My realtor called me and said the seller is out and hid the key under a rock, house is empty, and I'm free to go over and start moving. BUT the seller's ex is still there. The house has a new fence and gates weren't up yet but in the contract, it said gates needed to be up before 11/30. And they were. But then the ex took them down with the intention of re-hanging them. He plans to do it tomorrow but isn't sure if he'll be able to finish. He's left all his tools and supplies inside the home (garage) and will thus need access until the job is finished. Here's my big issue (unrelated to real estate): I'm buying this home alone. I'm a single late 20s female with a long history of sexual abuse while I was in the military. The idea of a strange man having access to my home and hanging around the property is TERRIF...

Hey real estate folks! First of all, I'm from Argentina. In my country I have a construction company, about 20 properties, and I manage them myself, with the help of my administrative staff. I've been in the process of conducting some business in the US, unrelated to real estate. But I'll be travelling more and more to Miami. And I also want my family to come with me when the kids are on school break. So I've been thinking of buying and appt in a touristy area in Miami, have it managed to be rented on Airbnb, and be able to use it myself when I travel, or when I vacation with my family. While I know the real estate business in my country, I know very little about it in the US or in Miami. So here are my questions, I realize they are a lot but I'll apreciate any answer to any of them: - Does this make good business sense? Will I be saving money as opposed to just renting an Airbnb myself when I need to? I'll be spending maybe 20 nights a year by myself in this...

This is a prime location and easy to rent. I'd be purchasing for myself though as I'm looking to live alone for a while. The price looks low given the covid situation downtown, but historically the building has not seen much appreciation compared to other neighborhoods. Does anyone have input in this? Thanks submitted by /u/UncertainAccountant [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k4bnw3/does_it_make_sense_to_buy_a_1b_condo_in_chicago/

Hello! Hoping someone can provide some insight here. We are buying a home in CT with a VA loan, which requires a CO2 detector for the appraisal. I asked my agent if the listing agent, who would be present during the appraisal, knew what was required for a VA appraisal and she (my agent) told me yes. Well, there wasn’t a CO2 detector. So the appraiser had to return. They scheduled a time but there was a scheduling snafu (entirely agents and sellers faults) and the appraiser and my agent went early and the sellers wouldn’t let them in. (Agents were unable to make themselves available for original time.) He then went back a second time without incident. Now we’re being charged an additional $275 — I am unclear if this fee is from him having to go back period, or having to go back twice. In NY, where I’m from, this is an open and shut case. The house preparedness for appraisal is the responsibility of the listing agent (or seller’s agent). Will call the seller’s broker tmr but any insigh...

The area has mixed manufactured, pier and beam with concrete foundation homes. Placing a brand new manufactured that’s updated seems entirely economical right now. Area is in TX on lake property. Why would I not want to spend 60k on a 3/2 1200sq instead of the ridiculous building costs of 150 per foot right now? This would be a VRBO and my second investment property. Paid in cash. submitted by /u/Refinedredneck [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k4by6w/bought_a_lot_tearing_home_down_that_was_unusable/

My friends are getting a home in GA and the house is old and the older neighbors want it to become a historic neighborhood. The guy is for it (he likes the charm) the girl is not, she basically doesn't want to be in an HOA and have crusty old folks tell her how she can improve her home or what materials she can use. Does reddit have suggestions on fighting a historic neighborhood? submitted by /u/Sixtydotnine [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k4btgw/how_do_you_feel_about_historic_neighborhoods/

Over the last few months, my business partner and I have put several property listings for sale onto the MLS and autofed the data to other property websites (Zillow, Realtor, Homes.com ..etc) . Almost each time, without fail, someone has copied all of the information and photos from our listings onto the local Craigslist, posing as the owner, and falsely advertised the property for lease for a very low rate. Like most markets, our area has a shortage of affordable housing rentals and this individual or group has been taking advantage of this situation by scamming people into sending him money as a “deposit”. Beyond being totally immoral, this also seems illegal. Each time we’ve discovered the fake listings, we’ve flagged them on craiglist but we’re at our wits end on how to stop this and prevent it from happening going forward. Has anyone else ever dealt with this? How can we put a stop to this? submitted by /u/flonkertuna [link] [comments] source https://www.reddit.co...

I'll summarize this as best I can. Our contract stipulated $25K to be paid out at closing to contractors for work done prior to closing. $12K worth of work will not be done before closing. It's too late to adjust the settlement documents, since they're due to be signed tomorrow by the seller. Can I receive the 12K payment to later pay the contractor after their work is completed? submitted by /u/nasty_squirrel [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k4bbp2/can_the_home_seller_send_me_a_five_figure_payment/

I'm completely lost here. I have a vacant 5 unit apartment complex with a large backyard and the water bill for the month of October is $1500 dollars. Our average bill is usually 150 to 250, just for the sprinklers. Its completely ridiculous, there's no one in there and I've checked the sprinkler system 3 times in Oct and there's hasn't been any signs of leaks. I complained to the water department, and they've sent a technician to look for leaks and no luck. I filed a dispute but it looks like I'm going to have to pay for it. Anybody ever had a similar issue? submitted by /u/Sugoi_Bois [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k49jqo/insane_water_bill_for_vacant_apartments/

Hi all, I am 29 years old that has built up a nest egg of 50k in liquid assets. My father wants to gift me a down payment on a real estate venture. He has also said he would be able to pay cash and me pay him back to avoid financing. I have my eye on 610 square feet new construction condo with brilliant amenities in the perfect location for me. Asking price is 700k. The sales team advised half of the building has already been bought and all at the ask, so negotiating seems futile. Neighborhood comps seem to reveal this offering is in line in price per square feet. Through my profession (litigation compliance) I have connections to trust and estate, tax, and real estate attorneys, yet I am totally clueless and want to be prepared for some conversations that I’m setting up in the near future. What should I be asking them? What kind of research should I have at the ready when going into talks with my attorneys and CPA? And should I line up a buyer’s broker? A friend recommended me to a b...

Context to question: Closed on hosue about 7 months ago, and on the form they checked off no to any flooding or other leaks in the house - except during sandy. Since I've moved in there have been issues with the garage getting water during rain as well as an area in the basement near a back exitway where water seeps up through the foundation/tiled floor. Obviously I can't prove anything and this wasn't caught during inspection, but I find it hard to believe someone lived here for 8 years and never noticed any water in that area when I've seen it twice in 2 weeks. Doubtful it just started happening as well... Anyway - would there be any recourse in this situation? Thanks. submitted by /u/woofdoggy [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k49njo/any_recourse_for_possibly_lying_on_disclosure_form/

I don't have enough income to get a big loan, but I could buy like an acre paying cash. What would be the best way to find that small of a space? Do sellers of big pieces of land ever agree to sell just a tiny bit of their land? Please help me, thanks :) submitted by /u/support__farmer [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k48ojc/is_it_possible_to_buy_just_a_portion_of_land_from/

I inherited a free and clear one story 3 bedroom home on .5 acres on the edge of a town of 400 in the middle of grain fields. It's 15 miles from a university city to the north and a larger city on a major river to the south. East and west is farm land. Farm land abuts the back of my property. A north south state highway is three blocks from me. The street I'm on is filled with homes on each side of the street. North of me and directly across is a volunteer fire station and town maintenance guys building Recently a family moved in to a beautiful home on one acre next to the town maintenance building. I noticed the huge side yard being destroyed by his large trucks and trailers being driven onto that side yard and stored there. He also cut down all the fir and deciduous trees. I inquired about it to the one person town hall clerk. I was told he was fine because his land was zoned industrial. I then learned my lot is zoned industrial also. In fact, my entire single family ho...

I live in an owner occupied duplex. The units are stacked on top of each other, so the size and layouts are pretty much identical. My understanding is that for tax purposes, the units are basically treated as two separate properties. Upon sale, assuming I lived in one unit for 2 of the last 5 years I could get 125K capital gains tax free. However, since the requirement for the capital gains exemption is to have lived in the unit 2 of the last 5 years, could I theoretically, live in the bottom unit for 8 years, move to the upper for 2 years, then sell and get the full exemption (250K), treating both as primary residents since I will have lived in both units in 2 of the last 5 years? submitted by /u/irndk10 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k48pbn/can_i_move_into_my_other_unit_of_my_owner/

We had an inspection yesterday for a house built in 2002. The AC, boiler, and furnace were in working order but, the inspection report says "beyond typical life expectancy" basically they were installed when the house was built. the inspection deadline is on the day after tomorrow. is it a deal-breaker? what should I ask the seller to do? submitted by /u/Sophri [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k49dx7/inspection_for_ac_boiler_and_furnace/

Just won a bid 11k under contract price on a condo. Comps are 245-250k, pretty happy in this market submitted by /u/CrankLee [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k499oj/just_had_a_248k_offer_accepted_on_259k_list/

I’ve always heard one should live in a house for at least 5 years but now I’m wondering how dependent that is on your income to home price ratio. (I know capital gains would be taxed before 2 years so would plan to pass that mark for sure) I’ll definitely be in my current city for two more years but tired of renting. If I buy a house super within my means (let’s say $120K with $40k down, 15 year mortgage for remaining balance of 80k and I make $65k a year)would I hypothetically be in a good position to sell in 3 years, if property continues along a moderate steady appreciation rate? Are closing costs on both sides of buying and selling just not going to be worth a 3 yr plan? My partner would pay me rent within this house for next 3 years- and we currently pay $500 each for rent, so my rent savings would be about $6,000 annually. I’d be more comfortable in the near future in a house in the $250k range but salary consistent, it would take me longer to build equity so that’s why I’m ...

Tl;dr Does it make sense to buy the new house we want (likely with a smaller down payment and pay PMI), then put our current house on the market and try to sell. Then recast the new mortgage depending on how much it costs to sell the first house? So I’ll admit it’s easier in the sense we know more of what we want, and that we’re slightly more familiar with the buying process having gone through it. That said, we’re totally rookies to selling our first house, and it seems need even more money saved to account for the down payment/costs with buying a new home + the costs associated with selling a home. Concern with selling our current home first, then being on the clock finding a new place or stick with contingent offers we’re placing or adding a rent back clause. That said going the other direction, I struggle with knowing what the house we live in now actually sells for and how much we need available for sellers cost. Are these valid concerns? Appreciate any insight. Thanks su...

b/c my lender is telling me that will delay closing. submitted by /u/Heavy_Cheddar [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k3x592/my_attorney_wont_order_survey_until_we_have_a/

I live in NC and am looking into transitioning into real estate and investments since things are looking sketchy at work due to an on going workers comp case. I have a few properties that are being rented out and some money invested from my parents 401ks after they passed. I have made a spreadsheet that I have set up to account for all my bills, property tax, income tax, ext to give me an idea of what I could potentially net at the end of the year. As it stands, I am potentially looking at being able to save 1000 a month. I already have an emergency fund set up and plan to use the money from my settlement to cover emergencies for my properties. I am lucky enough to not have a mortgage or car payment either. My question is for those of you with experience in this, especially in NC, with the current state of the economy, would you consider 1000 a month good enough, or should I look for more ways to pad that? submitted by /u/KayakingHedgehog [link] [comments] source https:...

So I took the online course 63hr and passed the final exam. I went and got fingerprints done at the police station with CAPS and they said it would be via online. Has anybody done it this way? How long does it take to approve and how would I find an approval? What company do they send them too? Thanks submitted by /u/ph120299 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k3xt66/getting_your_license/

We’re preparing to make an offer on a condo/townhome in San Francisco and our realtor team is advising us to waive our contingencies (finance, inspection and appraisal) due to the fact that our financing is secure, they believe the property to be selling below appraised value and there was an inspection report included in the disclosures that was “very clean.” My husband and I are considering keeping the finance and inspection contingencies just for peace of mind. What should we do Reddit? submitted by /u/sniffgriffspen [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k3ws3j/should_we_waive_contingencies/

1st time seller (IL) here. We will be moving to MA due to a job change, but want to continue to live in the house ideally until end of June. Will this hurt us in selling? We’ll start looking seriously (possibly bidding) in MA in May or so, because houses where we are looking are currently selling in less than a week. We’d love to have a contract (know the house is sold) before looking in MA. Will buyers be turned off if we list the house now but don’t want to move until June? submitted by /u/FishLibrarian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k3w95h/move_out_date/

Question for all you smarty pants's on here ​ My retired dad wants to get a reverse mortgage on his property that would be equal to about 50% of the equity currently in it, at some point it's possible that the loan compounds and becomes greater than the value of the property, so if I wanted to keep the house I'd have to pay more potentially than the house is worth. My choices are to leave them the keys and walk away, or sell it myself and try to settle with them for market price. So the question becomes, how does the lender protect themselves if I sell the property to a 3rd party to sell at a much lower price than market value to settle the loan, after which they just sell it back to me. It would be a non-HECM jumbo loan so the terms are a bit different, but the broker said the lender doesn't control the title so I would be able to dispose of the property myself. I'm sure there's fine print somewhere pertaining to this but would be nice to know if there...

We have someone taking over our lease due to us moving into a house. We let them keep our security deposit of $500. Are we responsible for repairs after they sign the lease? While moving, some of our wall art caused paint to peel and we have some holes in the walls from screws. Nothing major, but was just wondering if we have to fix that before moving or if the property management could somehow charge us after the lease is signed. submitted by /u/Yakhaha [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k3vush/subleasing_our_apartment_and_letting_the_leasee/

The home inspection was done on the home we offered on a few days ago. I was present for the home inspection, but didn’t have too many questions as I am first time buyer. He reported some minor deficiencies nothing major. Now I am feeling that he didn’t do that thorough of a job. He didn’t go into the attic he just looked inside and took some photos (maybe there wasn’t space?), he didn’t go on the roof just did a visual inspection(my fault didn’t read the contract throughly). He sounded knowledgeable but I don’t fit feeling I guess. Of course I maybe be over thinking it as well as the house is newish built in 2012. So going back on topic, is it dumb to hire another inspector to do another inspection( is it allowed?) or maybe hire this new inspector to do his inspection after the sellers deals with issues from the first inspectors report? submitted by /u/HatefulAngryNation [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k3rzd7/paying_for_additional_...

I love this thread! Thank you to everyone who shares their experience and wisdom. It's so helpful. submitted by /u/Mr-Toy [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k3rgzy/about_to_interview_a_few_realtors_for_buying_a/

I found a great house in the perfect location. They were accepting cash or conventional offers. I made an offer of exactly what they were asking for and not asking for any closing costs. After an inspection, I ran into some issues that worried about my ability to close. The first issue was the permits for the roof were back in 96. While the roof didn't appear to be that old, we had to ask the seller for documentation proving the roof age. They got documents stating the roof was replaced 6 years ago. Great. An inspection of the house showed cloth wiring (it does have a 200amp box and circuit breakers though). I know this limits insurance options, but cloth wiring doesn't completely rule you out. What does rule you out, however, is an open-ground. The house has 3 prong outlets, but they are not grounded. The inspection report also showed galvanized pipes. It was noted there were no signs of present or past leaks and water pressure was great, but this worried me as well. Essen...

I went through my homebuying archive recently and realized that I may be missing some of the relevant deeds. I bought my house in the state of Oregon, refinanced it twice, followed by paying it off. I would like to reconstruct the entire chain of deeds that I'm supposed to have, and obtain anything I'm missng. I do have the following documents: Statutory Warranty Deed, wherein the previous owner conveyed the property to me on purchase. Two Deeds of Trust for two different lenders, establishing my house as security for the respective loans. One Substitution of Trustee & Deed of Reconveyance between lenders - this relates to one of the refinancing events, where lender B took over from lender A. The final Substitution of Trustee & Deed of Reconveyance (STDoR) that released the house from the last lender to me on my paying it off. My questions are: 1. Given that I refinanced twice, am I correct to expect to have another Deed of Trust and another STDoR? I think so ...

List agent here. Have a signed binder or sale (contract) for a listing with 1% deposit, cash offer pending an inspection (one year old house inspection will be clean). This was signed last week. Now buyers decide that house is too close to highway and want to walk away. Are they allowed to cancel contract for a non contingent reason? If so I’m assuming they forfeit earnest deposit right? submitted by /u/pro655 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k3r7uh/under_contract_now_buyers_want_out/

cabin here >> https://www.airbnb.com/rooms/44195397?source_impression_id=p3_1606713033_WbxeEei%2BG0tSehT5 ​ DESIGN DETAILS 1277 SQUARE FEET 2 BEDROOMS 2 FULL BATHS 33' 6" WIDTH 30' 2" DEPTH ​ Let's say the land purchase price was $35k.... ​ ​ any shot this build is staying under $175k after all permits and materials/building costs ? submitted by /u/ROTHER88 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k3pqt8/chances_this_build_would_stay_under_175k_awesome/

First time buying a house in denver. Looking to be closer to the city and torn between a new town house which seem to be more available and less expensive compared to an older house which has a yard. Pros and cons? submitted by /u/blurpleburple [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k3pko9/buying_a_modern_townhouse_vs_a_single_family_home/

So, I'm looking for a database of loan brokers in the US that has name, email, and phone numbers. Found some info online but can't find a complete online. submitted by /u/-thisisnotausername- [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k3p18q/where_can_i_find_a_data_base_of_loan_brokers_in_us/

My husband and I have enough money to put 20% down now and have been looking since September. The market is very slow here right now (midwest). I'm very picky and the few times we have found a house we love, when we put in the offer I have the most intense anxiety over it. I do not feel excited in any way... I have anxiety about the home having things that cost too much down the line, about moving, not loving it as much as where we rent (same city). Today we saw a house that was nearly perfect, AND at a much more affordable price than most houses. I got so anxious when my realtor sent the documents I couldn't get myself to sign it. It is literally 2 blocks from my "dream area" and that made me think I need to wait until something pops up there. I also worry what if house prices go down in a few months and I bought a house for too much? I worry over everything... I guess I'm just venting .. I feel like I'm being ridiculous but I legit feel so nervous over thi...

Contract signed early September set to close first of November. Buyers move belongings and furniture to property from sept to November. Title work is finished 1 week after original closing date title issues come up. Realtor NEVER sends buyer contract extension even though buyers ask multiple times only to be told not to worry about it. Buyers ask realtor for price reduction and sellers decide they no longer want to sell to buyers. Agent and sellers avoid all phone calls and tell buyers to remove all belongings from the property. Agent starts marketing the property using buyers survey and inspection report. Agents tells buyer tough sh*t he is hunting all weekend and it’s over nothing he can do. Buyers agree to buy property at original amount even with old oil lease issues. Sellers tell agent to tell buyers they won’t ever sell to them at any price. Buyers have over $10K in due diligence plus moving costs. Buyers haven’t moved anything yet. There were MANY other mistakes made by the sh...

When we were making our selections, we got the "upgraded" kitchen package, which comes with the worst-reviewed wall oven on Consumer Reports. :( For a few-hundred extra, we could have had a pretty good oven from the same manufacturer. When we wanted an induction cooktop over electric, as long as it was through their manufacturer, we could upgrade the difference. My husband thinks there's absolutely nothing we can do about it at this point, but is that true? Can we return the oven to the manufacturer or do anything else? The problem is we're supposed to settle by the end of December, so with everything backordered, I don't know if they could do anything in time... submitted by /u/UNsoAlt [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k3lp25/were_closing_on_a_new_construction_home_with/

Hi, I’m about to purchase a home with additions the previous owner added (converted garage to room with hvac and built sunroom attached to that) I looked up county permits for additional improvements on this address and the latest permits it shows are for the pool and electrical work, but I don’t see anything about these additions. Are additions that are not permitted included in the livable square footage of the home? Overall is this something I should be worried about? Thanks for your time! submitted by /u/rad_thundercat [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k3l118/additions_builton_without_a_permit/

I'm interested in a "new construction" condo, but they already have contracts that will close in February. One person is purchasing several for the purpose of reselling immediately with a 20% margin via a reassigning of his contracts. To my understanding, he'd have to pay capital gains tax on that transaction. Would it be possible to give this person cash as a gift for walking away from the deal to save me some money and him some capital gains tax? This would be my first real estate purchase, so I'm not well-versed in these areas. submitted by /u/kinkose [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k3ksl2/paying_someone_cash_to_walk_away_from_a_contract/

submitted by /u/Winona_Hawkins [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k3k1ph/replacing_galvanized_pipes_timeline/

I deleted the first post since I was pretty embarrassed from it all but I tried to get a cached version of it here for anyone out of the loop: https://www.reddit.com/r/RealEstate/comments/jz05av/bought_a_house_through_my_realtor_who_was_a_long/ ​ My insurance broker had called me the other day telling me that my current home insurance can no longer cover me. They said the roof isn't in great shape despite my realtor telling me it was replaced back in 2009 , but after talking to my neighbor, she said that roof was never replaced (or at least she never saw it replaced since she's lived there) My realtor had said the inspection had gone good, and that the house was well kept. The inspection though said the gas lines were missing some components. Sediment traps, the inspector noted all that. he even said "Under current construction standards, they're required". He also said a few other things were required due to "Safety standards" and should be instal...

submitted by /u/uchiha_izumi [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k365xl/is_there_a_website_that_groups_all_the_real/

So me and a couple of my friends, 5 to be exact (there could be more but we're still figuring it out), are thinking about buying a home. We've established most basic things but I'm still worried on how this whole entire thing will go down in the future. I know that eventually most of us will move on and decide to eventually move out but then what happens to the house? Will one of us end up keeping it, will we rent it out to other people, sell it again? I'm just worried it may cause some sort of issue. If someone where to keep the house they'd have to pay back all the other people. Or if we end up selling it, we'd have to divide the money we got from selling the house between all of us. It's a lot. Now I'm just wondering is buying a home is a smart move or not. Should we just rent a home/apartment? Sorry if this doesn't make any sense, we're all pretty new to real estate and what not. We appreciate any feedback! submitted by /u/Otaku-Taco ...

I am hearing about people who are buying home far away from their work, including moving out of state due to COVID initiated working from home. Are these people not worried about having to show up at work in a year or two from now? I can understand moving from downtown to a suburb an hour out. That is still with in reasonable commute time. But those who moved out of state or further out Are you not worried about having to go back to work at all? foreseeable future? Especially with vaccines - Will you quit your job when/if they call you back - Are you worried about having to sell your house because you brought something that doesn’t work for you post-COVID - am I just being too optimistic thinking COVID will end by 2022 & life will be back to normal submitted by /u/Bluetwiz [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k350pp/people_relocating_due_to_wfh_are_you_not_worried/

You still get the 10k, right? I re-read my contract and it seems...unclear, but that was my assumption during negotiations. submitted by /u/DoctorFunkk [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k341yt/if_you_buyer_ask_for_10k_from_the_seller_towards/

I feel like most of the people buying houses now are not going to be able to afford them and in 2-5 years time we will have another housing bubble pop. Why is the fed keeping interest rates so low? submitted by /u/aokaf [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k32u43/is_the_housing_market_so_insane_right_now_because/

Hi there - looking for challenges to my way of thinking Based in NYC, wife and I both earn good money and have one kid with another on the way. We are looking to purchase our first home together (I own property in the UK but nothing in the US). Return to work is still unclear (both downtown nyc). We are seriously considering purchasing a lake house outside of NYC with the reason being that it would make a good home for us over the next 12-18 months until we know more on our work situation. This would also provide the opportunity to have a vacation home as our primary residence until we need to head back to the city or potentially commute from there. This helps prevent us wasting money on rent, but also gives us a future potential passive income in the form of letting or Airbnb (I think it would be perfect for weekend getaways). Our story is complicated but I see this as a good option to keep flexibility without spending serious money on a forever primary home, especially in this ov...

I was wondering where would be the best place to go to find someone that can take care of a lot of issues prior to a home sale and what would be worth having remodeled. I will probably need to refinish the hardwood downstairs and replace carpet upstairs certainly. The kitchen and bathrooms are pretty dated (linoleum for bathroom floors, countertops for the kitchen that are equivalent to linoleum). I just don’t want to spend a lot of money if I won’t recoup the costs. I have considered refinishing the cabinets in the bathrooms and kitchen. Any advice would be great. I’m a block from the bay in what seems to be a pretty up and coming area. submitted by /u/MyDay2Day [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k31wqc/repairs_and_remodeling_prior_to_home_sale/

I’m far from an expert but I’ve always been interested in real estate and browse homes for sale on Zillow often. When you take into account, let’s say, a 20% down payment, interest rate, property tax and home insurance, on a 30 year mortgage, the monthly cost of a 500K seems like it would be a lot higher than $1,892. I know it definitely varies but I used the average cost breakdown of each category and the monthly cost should be somewhere around 3K, give or take. Does anyone have an explanation as to how she’s paying so little? I’m just very curious, thank you! I attached the link in the comment section. submitted by /u/ChicagoChurro [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k31u4o/came_across_a_tiktok_video_where_a_woman_pays/

First time home buyer (Illinois) - Signed the executed real estate contract (both parties) on Wednesday 11/25. Haven't put down any earnest money yet. Closing is scheduled for Beginning of January. Starting to get cold feet - Am I still able to back out of this thing? If so, how long do I have? Any penalties? Having a mini-panic attack - Can someone please tell me I can take a deep breath? ​ Thanks submitted by /u/YoungstownBurgh [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k31srd/getting_cold_feetcan_i_still_back_out/

Hello everyone, Im 2 weeks from closing and it’s my understanding we don’t pay the realtor anything? Most of that is handled through the seller and lender, they get a percentage? Where do I come in? I feel kind of weird being like “thanks! Bye!” The home we found was all thanks to her and her quick finding, her connections and her quick acting, and advice to write a letter to the seller. I am beyond grateful to her especially in such a crazy market, how do I thank my realtor? I’m a first generation child, first time home buyer so I’m clueless about what is etiquette. Please advice, thank you. submitted by /u/confleiss [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k31m9b/how_to_thank_your_realtor/

Background: My mother lives by herself in a 4 bedroom/2.5 bathroom home that she owns (mortgages). She is in poor health and rapidly headed towards not being able to care for herself. I need to help her sell her house and get her in an environment more suited to her needs. And it needs to happen fast. ​ The House: Structurally the home is fine. The interior of the home is not in good condition. It smells BAD, kitchen needs complete renovation, basement is half finished, carpets all need replacement, doors need replacement. I would be embarrassed to bring anyone into the house, never mind try to convince someone to buy it. She, nor I, are able to front the cash to remedy the issues prior to selling. However, I assume for the right price there would be someone willing to buy it. ​ Financials: The house is in the suburbs of NJ Others homes in the neighborhood have sold recently for $400,000-$450,000. Questions: Is there a particular strategy for selling a house in this condi...

We signed a listing contract that has a listing period of 180 days from September this year. We couldn't sell the house for the price we wanted and decided to pull the listing off for the holidays. Now a couple of new options popped up after the listing is canceled. A friend wanted to rent our house A new agent wanted to help us sell with low commission (We are not entirely satisfied with the current agent, which is the main problem. We felt he is a bit passive and we always had to ask him to get the buyer's feedback) Given the MLS listing is canceled, and the house is off market, can we proceed with either 1 or 2 without any penalty or commission paid to the current agent? submitted by /u/newcbdttc [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k311h9/california_listing_contract/

We signed a listing agreement that has a listing period of 180 days from September this year. We couldn't sell the house for the price we wanted and decided to pull the listing off for the holidays. Now a couple of new options popped up after the listing is canceled. 1. A friend wanted to rent our house 2. A new agent wanted to help us sell with low commission (We are not entirely satisfied with the current agent, which is the main problem. We felt he is a bit passive and we always had to ask him to get the buyer's feedback) Given the MLS listing is canceled, and the house is off market, can we proceed with either 1 or 2 without any penalty or commission paid to the current agent? submitted by /u/newcbdttc [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k30x4m/ca_questions_about_cancelling_listing_agreement/

We signed a listing contract that has a listing period of 180 days from September this year. We couldn't sell the house for the price we wanted and decided to pull the listing off for the holidays. Now a couple of new options popped up after the listing is canceled. A friend wanted to rent our house A new agent wanted to help us sell with low commission (We are not entirely satisfied with the current agent, which is the main problem. We felt he is a bit passive and we always had to ask him to get the buyer's feedback) Given the MLS listing is canceled, and the house is off market, can we proceed with either 1 or 2 without any penalty or commission paid to the current agent? submitted by /u/inforu [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k3126h/california_listing_contract/

Say I sold a house that pulled $48K in rent a year and bought another six months later that also pulled $48K. A loan officer told me that neither would be qualifying income if it was filed on Schedule E. The first house is no longer owned, and the second would not have been a source of income for two years. Two questions: Is this a legitimate statement, and would refiling everything as a property management company with a Schedule C affect anything if it is? submitted by /u/TheProdigalBootycall [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k30zxg/question_about_qualifying_income_on_a_schedule_c/

I’m 29, making about $82k a year in a HCOL city in CA. I have no debt no student loan with about $75k in assets (savings and investments combined). My partner and I are renting an apartment for $2050/month. We’ve been thinking about buying a place of our own, with a monthly mortgage similar to what we’re paying for rent now. That way if the home appreciates in value (which is the case with CA as housing keeps going up), at least we can have some equity and the house can be another asset. Only concern is my partner and I aren’t sure whether we want to stay at our current jobs for another 5-6yrs. I’ve also been thinking about purchasing a rental property to Airbnb. The monthly rent can be used to pay off the mortgage and maybe down the line this generates passive income for us. I’m leaning towards getting a rental home, here’s my logic: if we buy a home to live in, that requires us to always have a stable job for at least 5-6yrs. If there’s a career opportunity somewhere else, it’s a ...

So I purchased the house that I've been renting for a few years as a tenant with my friends in Texas. Soon I will need to have them sign a new rental agreement for the next year. I am both the landlord as well as one of the tenants at this home. Because of this relatively unique situation, I have had a hard time finding an example of a rental agreement that would work for me as both landlord and a tenant. Is there a good example available that I could utilize for my purposes to develop a rental contract with me as landlord and tenant that I could use as a template or pull from to develop my own? submitted by /u/Bipbegone [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k2zbdv/landlord_as_a_tenant_lease_contract_help/

We are first time home buyers. Our closing date is November 30th. The fridge, stove, washer and dryer were on the listing. I noticed that the dishwasher was not on the listing so we asked for it to be included in our agreement, along with the other appliances. We just went for our final walkthrough and the sellers were there installing the washer and dryer. Our real estate agent talked to the seller's agent and they told us that the appliances had belonged to their tenant so they took them when they left. There was a glass-top stove when we first viewed the house. Now there is a coil range in its place. I am fine with a coil range but the bottom drawer part is missing! It is just a big hole under the oven. I don't remember the washer and dryer but my husband thinks it was a better model than the ones they were putting in. I just need some advice on how to proceed. Do we just go ahead and close with the replacement appliances? Do we bring the issue up with our lawyer. Do we a...

first time poster to this sub. Heres my situation: I currently have a townhouse that I purchased in 2016. Looking to upgrade to a slightly larger home (whether it be now which is damn near impossible with the demand so high or 2021). My issue is I’m thinking of renting out my current home but I dont know if I should just sell. If I sold it after everything I would net 35k give it or take maybe up to 45k. Is renting out a good option? And yes I know I know it depends on if I want to be a landlord or not my plan is to hire a property management company to handle the heavy lifting. I would essential receive $200-$500 after its a said in done in rental income. Im just asking what YOU would do given everything I listed—and why. FYI I dont need sale of current home to get new mortgage. Thanks! submitted by /u/dwizzle88 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k2zn0r/to_rent_or_sellno_urgency/

Hi, we’re based in the UK and have just seen a home that we would really love to buy. Unfortunately we just don’t have the deposit or the credit rating for a mortgage. I’ve just secured an extremely high paying job (promotion, have a stable work history) and have a new 2 year financial plan that would see us debt free and with about £25k in savings. I stupidly started looking at the type of houses we’d like to buy 2 years from now and I’ve fallen in love one! It needs A LOT of work but is okay to live in. The rent market value as it stands is probably about £500-£550 (house is for sale at £105,000) Do you think there’s any way I could approach the seller about renting to buy? Or even a contract that allowed us to rent it for 2 years then sell at the same value it is now? We would want to be able to carry out work on the property and upgrade it, then in 18-24 months, get a mortgage and buy it. If you were a seller, is this something you’d ever be interested in? Or am I dreaming? I’ve s...

Curious what people think about fully online mortgage broker services like Credible, Better, and to some degree, Rocket Mortgage. I'm looking to make my first purchase soon (HCOL area, will probably get a small condo just because I'm tired of renting), and I would much prefer a streamlined experience. I almost bought a house 2 years ago (was in escrow but ended up not closing), and I stupidly just went with the first agent/mortgage broker team that Zillow recommended, really didn't like it. I prefer not to have a "team" of people who sound like car salesmen spamming me with texts, calls and emails every day, so I'm looking at these alternatives and wondering if they're actually worth the alleged convenience. Any opinions appreciated! submitted by /u/IndividualVisual [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k2z239/thoughts_on_online_mortgage_broker_services/

Hello everyone I’m about 2 weeks from cloaks and my real estate agent sent me an addendum with no explanation about it so I’m a little confused. It reads: The following terms and conditions are hereby incorporated and made part of the Purchase Agreement It’s dates Nov 10, 2020 On the notes it has: 1. Backup offer addendum is not part of this agreement. What does this mean? It’s scaring me a little I want this home so bad and maybe I’m just thinking negatively for nothing but I don’t understand this type of real estate terminology. Is it something and or simply mean I’m agreeing to purchase? Or worse that the seller can back out? submitted by /u/confleiss [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k2yh1c/question_about_an_addendum_i_received/

Buying a condo. Loan is currently in the Underwriting phase. According to my lenders website, it went to Underwriting on November 17th. My credit score is 760. I put 20% down. Make a very good salary. I made sure to get anything they requested to them super ASAP. Closing was originally scheduled for November 30th but lender stated that they could not make that date. Seller agreed to an extension. Lender stated that they “will shoot for” December 11th to close. Anyone have any opinions on what the average length of time a loan is with an underwriter? I was hoping to be settled in well before Christmas. My Real Estate lawyer also suggested that I kinda nudge my lenders and he will do the same. What are some ways to do that without being annoying? Thanks for any advice. submitted by /u/Suggest_a_User_Name [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k2px7i/underwriting_any_average_length_of_time_to/

I'm investing in a property. The appraisal management company has dropped the ball several times. First scheduling an appraisal after closing date, then cancelling another appraisal and LYING to say that they never cancelled it and that the appraiser "was not responding to calls or texts." The seller may walk or require a substantial concession to stay in the deal. Although the appraisal management company was the shitty company, who is responsible? The lender? submitted by /u/ura_walrus [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k2qfly/appraisal_process_from_hell_who_is_liablelender/

do i need new home insurance if i refinance? my current policy expires in 2021 will i need to do anything if i am in the process of refinancing? my LO is not horrible and does not respond to me.. submitted by /u/ovobob [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k2nvo8/do_i_need_new_home_insurance_if_i_refinance/

Hi all! I currently have equity in a property (that I am still paying off) and I want to start a construction project to build a home and then finance everything into one FHA loan. Bank construction Loan (what my bank sent me): Construction cost = $250K Estimated Appraisal of construction and land = $250K + $80K = $330K Loan of construction (90% of appraisal) = $297K Down payment of construction loan = $330K - $20K (equity in land) - $297K = $13K Closing costs = $8K My question is: If I have owned my property for less than one year once construction is finished and everything is appraised at $330K, can I use the equity in my property to pay for the closing costs (3%) and down payment (3.5%) of an FHA loan? If not, based on the numbers above, how much can I contribute towards a down payment and closing costs? Thanks! submitted by /u/aero1055 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k2j6c6/construction_loan_to_fha_loan/

Apologies if this is a dumb question- I’m preparing to buy a property for the first time (condo). I understand that if you’re selling a home you’re aiming to get as much money as possible for it, but if you’re buying a home you want to get it at the lowest possible reasonable price- and since the agents work off of commission, wouldn’t my agent as a buyer want me to pay more to make more money? I know that if I fall in love with a place it will be obvious and my agent will clearly see that- wouldn’t they encourage me that the max end of my budget is worth it, and then it benefits them? Additional question if you have the time- there tons of info online about what your monthly mortgage budget should be- based on gross income, net income, 25% of that, 28% of that, your dogs best friends unicorns cousins- for homeowners out there- how did you determine what percent of your monthly income was appropriate to spend on a mortgage? Thanks all! submitted by /u/MarkAwkward6172 [link] ...

As a buyer, I had an offer accepted today for a flipped house that had major remodeling work done: knocked out walls, added a bathroom and bedroom. It was all permitted work. We didn’t waive any contingencies and will do our due diligence, but from posts on Reddit it seems like people are rarely happy with a flipped home. It does make me nervous that no one has inhabited the place for 18 months. From the listing history the work took 6 months, then they overpriced the home for a stubbornly long time. submitted by /u/PalePast [link] [comments] source https://www.reddit.com/r/RealEstate/comments/k2l25h/has_anyone_been_happy_with_their_flipped_house/