https://www.cnbc.com/2022/11/30/mortgage-rates-fall-for-the-third-straight-week-but-demand-still-drops-further.html Mortgage rates soared over 7% just a month ago, but since then they have fallen more than half a percentage point. Still, mortgage loan application volume decreased 0.8% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. The results also include an adjustment for the observance of the Thanksgiving holiday. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) decreased to 6.49% from 6.67%, with points remaining at 0.68 (including the origination fee) for loans with a 20% down payment. The weakness continues to be in refinance demand, which dropped 13% from the previous week and was 86% lower than the same week one year ago. Strange, given that roughly 100,000 more current borrowers could now benefit from a refinance with the latest rate dr

I'm looking to rent, for 12 months or more, properties which can house a large number of people. I've tried the traditional websites (rightmove, zoopla etc) , but most only have 12 bedrooms at most. How do I go about finding places like this? I have a pretty high budget of 1.5k per bedroom submitted by /u/unflaired69420 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z8wp4q/uk_how_can_i_find_places_to_house_1050_people_in/

A family member yesterday made an offer on a house, he and his fiance are very antsy to get one. After seeing the listing and what they paid (listing price) I'm certain they're getting ripped off, even adjusting for inflation. He said the closing date is Dec 20th. Is it too late to tell him to back out? submitted by /u/FreshSocks89 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z8ux5y/pulling_out_after_agreement/

Long story short: M27 been dating my GF 23 for 2 years next month. Before we met, my plan was to buy a house on my own when I got a decent paying job. Well we started dating and we wanted more privacy from our parents, as we were both living at home. So I decided to rent an apartment and told her she could stay with me if she bought food and contributed to cleaning, cooking etc. She was going to nursing school so I didn’t want to stress about finances. I made the rent work but ended up losing my job and hand to take a lesser paying job. So I decided to not renew my lease and we both moved back home with our parents. Well now, I’m making better money and while living at home, paying some debts off. I’m to the point now where I’m not sure what the best route is. I have some credit card debt so I don’t have a ton saved as I’m putting a decent chunk of money to my card each month. Also, with the interest rates going up, my buying power by myself is pretty low. Back when they were lowe

If a property is sitting on the market for two weeks to a month without a price change, are there any rules of thumb to follow on making an offer? I'm assuming you're always going to go under if it's been listed for over a month correct? submitted by /u/Bostonosaurus [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z8srws/how_much_below_asking_when_property_sits_on_the/

At what point can I get a mortgage while applying for green card? Is it after having approval of I-140, or I-765, or i-485? My current visa doesn’t qualify for mortgages submitted by /u/rapp17 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z8qv6d/getting_mortgage_as_new_resident/

The lender sent me an updated estimate with a better locked in deal than the initial disclosures. I signed those. But those updated disclosures were missing many of the pages that authorize the lender to get started. The lender told me to sign the initial disclosures which have those pages. The problem is that those initial disclosures are through docusign, require me to sign everything to complete the signing, and have sections that have me agreeing to the old terms with the worse rate. Should I be worried? Or is this common practice? submitted by /u/lildaemon [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z8kqxn/lender_asking_to_sign_initial_disclosures_after/

Over the past 6 months, the largest group(s) making an impact to market share for mortgage lending are Credit Unions and Local Banks/Mutuals. We can get into the logistics a bit, but the bottom line is that in almost every State or local market there is a credit union/small bank/mutual that is offering a rate significantly below the rates you are finding when working with the "big name" local lenders or your Agent's preferred lender. They are able to do this because they are putting the loan on their portfolio and either 1 - understand that they are lending at a very low rate but their typical volume is not large enough to need to make a change or 2 - the individuals who set rates are asleep at the wheel (because their mortgage loan volume is not impactful to their bottom line) We lend nationwide and started to run into Credit Unions and Small Savings banks offering rates/terms that you would consider ridiculous around June of this year. It then escalated to over 30%

Hey everyone, I inherited a couple of acres of land in CO that I would like to sell. The land itself isn’t worth much maybe 5-7k tops for 5 acres and is in a pretty remote area about 4 hours away from me. How exactly do I go about selling it and transferring the property to a new person and how do payments work when I’m just trying to sell it myself. I know normally you would have escrow but I don’t really want to use a realtor on something so small. Any advice would be greatly appreciated! submitted by /u/Dagabagoool [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z7ysf6/need_guidance_on_how_to_sell_land_i_inherited/

It’s no secret that the market is slowing down and homes are starting to sit much longer. I’m looking to purchase a SFH in the next few months and am thinking of making some below ask offers in the range of 5-10% off the list price for every 30 days the house has been sitting. Price range I’m looking at is the $1M to $2M range for reference . The inventory I’m seeing has been a mix of normal sellers but also new builds which prompts my question. Interested to get everyone’s thoughts. submitted by /u/bbc733 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z7wfa7/are_builders_investors_more_inclined_to_take_low/

First time buying with tenants. I plan on keeping them there but switching to my property manager. Do I need to negotiate their deposit or their cancellation of property manager in the offer contract? submitted by /u/TehLurker313131 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z7uscw/buying_home_with_tenants/

Very confused and unsure of how to proceed. Hoping someone with a bit more experience will have some advice. For the last year or so I've been looking for a townhouse around $250k-ish. I'm not in a huge rush to move so I've narrowed my search to a handful of areas that I like. Recently, I came across a townhouse in one of these areas that was slightly out of my price range ($265k) so I saved it in case the price dropped. The price was reduced so I contacted my real estate agent and went to see it earlier today. I liked the house so while I was grabbing a drink with a couple friends I decided to show them the listing to see what they thought. For whatever reason, I googled the address rather than clicking the link in my email and I ended up on a Zillow page for the same property but it was from when it was sold November 2021 for $165k. I was a bit confused since comps in that area are selling in the 250 to 280 range. This led me to take a look at the price history when I

Hi all, I run a broker office in Los Angeles, CA and looking to learn from the top 25 producer teams in the country and emulate their business. Who do you guys follow? Who would you say are the top teams in the country? Many thanks! submitted by /u/sebycb976 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z6vcqm/top_producer_teams_in_the_country/

submitted by /u/No_Appointment8144 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z6uojq/history_of_gwadar_port_and_baluchistan/

Hi everyone, hope you're well. Just wanted to find out people's preferences for off-plan real estate investment opportunities. What are your thoughts on investing in areas such as Greece, Turkey, and Cyprus at the moment? submitted by /u/Inside-Web-9116 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z6unke/mediterranean_investment_opportunities/

I'm under contract and am to close this Friday the 2nd on a new build. This is my second home. I hired a friend who is a realtor of 2 yrs. and he pressured me to use his lender, Loan Pronto. The builder has been very kind, they are doing all necessary repairs. That's the upside. I love the house and want to buy it. The builder offered preferred lenders but we decided to use my agents lender. The lender my agent pushed me to has provided me with the final disclosure. Conv 30 yr, $70k down on $440k sale price, 780 credit, $120k salary Builder is providing a $10k incentive, can be used toward anything like a 2/1 buy down Rate is locked at 6.999% at current down, can go to 6.5% if I put down another $5k This may have been an error but I pointed it out and the loan officer said it would be corrected at closing, my agent was listed as double agent on final disclosure (6% comm, not 3) The loan is to be sold to United Wholesale Mortgage (mixed reviews) TIP is 140% Builder t

I bought a house in June 2022 for 640k at the peak of the market with a 4.3% 7 YEAR ARM interest rate. But today when I look at redfin estimate and alot of home sales in my neighborhood. I noticed my house value dropped 11% in just 5 months. I paid 15% of the down-payment and now it worth nothing. I'm pretty sure the price will continue to drop next year and I will definitely be underwater. Now I even think the price will probably drop another 20% and my house will worth only 480k.. What can I do? Does it still make sense to pay the mortgage and keep this house if I'm underwater? submitted by /u/Impressive_Gur_7860 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z6ryc8/just_noticed_the_house_i_bought_in_june_is/

I’m just curious how most people handle renting to family. We have a walk out basement we are considering finishing and renting out to an older member of our family that, for heath reasons, is better off being close to us. We have to replace the septic tank anyway and are already planning to upgrade to the next size tank, we can do a lot ourselves but even still it’s expensive to get running water and a bathroom in the basement, plus heat of some sort. Is this a cost you just absorb since it’s an upgrade to your own house or do you charge rent based on the cost of finishing the space (like with a goal of making your money back in a certain amount of time) We have also had this family member with us before in a much smaller space where we had to share a lot of spaces and it didn’t go well. There are a lot of cultural differences and some dementia that has led to some unsafe conditions for our kids. This is part of the reason why we need to them to have their own space downstairs. I’m

I'm aware of traditional 'house hacking' like buying a duplex, living in one unit and renting the other to cover the mortgage. I'm curious if this can be achieved while having bad credit and low income through presenting a lender with a solid financial plan. Would another option be actually creating an LLC for said purpose to offset the personal financials? submitted by /u/KroggyGundee [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z62a7p/house_hacking_question/

In short, I work 30 yrs in health care, had a major Illness for 12 years , my mid 60's and know little about real estate. I want to start a second career in real estate, what area should I focus, agent, broker, and so on. I live in Michigan. Any ideas. Thank you in advance . submitted by /u/wwp1 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z61d0e/just_starting/

We bought a house 6 months ago. Seller never mentioned that the entire yard floods and collects 6-12 inches of standing water after rain fall. The bulk of the water does drain within a few hours to a day. It doesn’t reach the house. Is there any recourse for this? We plan on working on the drainage issue, it’s just salt in the wound when we purchased a home during the bidding war/inflated prices days. submitted by /u/cicadaomega [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z61t0s/new_house_seller_did_not_disclose_that_yard/

Is it possible to change the interest rate of the mortgage if the BoA interest rate goes down? They say by prepayment option I can lower the interest rate if the national interest rate goes down next year without penalty. It is possible? submitted by /u/leftside21c [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z607jw/mortgage_prepayment_option/

Bought a starter house April 2021 for $412k 3.125% rate and 20% down, mortgage/insurance/taxes are $1780/month and the house would sell between $450-$480k with $320k left on the loan. We have an opportunity to buy a house that better suits us for $550k before it goes on the market and the seller is willing to make it contingent on the sale of our house. New mortgage/taxes/insurance would be ~$3200/month. Gross household income is $12k/month, $8.5k after tax. No other debt, childcare is about $1400/month and could go up to $2500 in two years. The new house would need serious aesthetic updates over time but is solid mechanically. Besides giving up a great rate, is this affordable for us? submitted by /u/observationlounge [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z5uf4n/is_this_irresponsible/

*This was deleted by a spam bot in the tax sub, not sure if not acceptable or by accident* Myself and a friend enter into a verbal agreement to help fix up two SFH. Instead of an hourly wage or salary, I 'gift' my friend the second home after both are completed. Both properties after completion are owned by myself. I also paid for every aspect of both renovations. -What are the tax implications of that? -Should that person be an employee? -Assuming both parties are completely onboard and in agreement with every detail, what outside forces could jeopardize this agreement? Thx for your time submitted by /u/PurposeMission9355 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z5e0ii/gifting_a_home_hypothetical/

I purchased a 2 bedroom condo (new construction) in Queens couple years ago and got the mortgage at 3%. Based on the current rentals in the area, it appears I can rent it for slightly more than my current mortgage payment is. I might need to relocate next year and wondering what would be the best choice. Renting the unit would allow more time for appreciation, plus my mortgage loan interest is very low based on the current rates. Any advice? submitted by /u/newone1982 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z5dru1/sell_condo_in_queens_nyc_or_rent_it/

I’ve had two lenders check my credit score. One of October and the second in November. I’m thinking of going to another lender but who it damage my credit to get it checked by a 3rd lender? That would be 3 credit checks in about 3 months. submitted by /u/Engridonline [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z5c8rn/will_it_hurt_my_credit_score_to_get_another_lender/

Alright, it's usually best to start with a credibility statement. I've been a real estate agent in Louisville, KY since 2014. I specialize in working with investors, it's always a good time to work with investors because it's typically always a good time to buy or sell. So when it is good to sell, I sell for them. When it is good to buy, I buy for them. Unfortunately, with these interest rates it makes it more difficult to find deals that turn a profit. As a result, I've come up with something to soften the blow because right now is a great time to buy opportunity to buy (demand is down). Interest rates are crazy high (I'm 34, but our parents saw much higher, but lower entry level price, and cost of living was way more reasonable. Anyway, the life tip! Prior to committing to your mortgage lender. Ask them to sign a promissory note at closing that you can refinance at THEIR cost within six years. This makes your loan work like a reverse arm where it can only go

Good day to everyone, I recently listed my property for sale with a reputable real estate brokerage. I’ve signed off on the listing agents exclusive listing agreement and agreed to a commission of 2.5%. However, after reviewing their website, I noticed they have links for MLS sheets for their other listings. After reviewing literally every MLS sheet for their exclusive listings - I have noticed that they are accepting a commission of 3.22% on the first 100k and 1.15% on the remainder. I’m very frustrated by this and feel angry at myself for agreeing to pay double the commission they normally accept as this is a difference of about 75k. Is there anyway I can renegotiate the commission and how should I go about doing so? It has been less than a week of me signing off. I feel that being straight forward is the best approach. Thanks in advance for everybody’s advice and opinions Edit: this is for a commercial property submitted by /u/bd95x [link] [comments] source https://ww

I grew up in a home without A/C in an area where most similarly sized homes had A/C. We got a pretty good deal renting the house I grew up in, but I doubt the lack of A/C made much of a difference in the rental price. Prices simply weren’t as insane as they have become in recent years. It was in a high demand, low availability area (which pretty much encapsulates most of California, especially now). But I know based on my own research as well as living in some other houses in the area that A/C is a standard. I don’t know how much the house I grew up in ended up being rented out for after we moved out. The owners could’ve decided to sell (and they would’ve gotten a pretty penny at that). But my question is whether a house without A/C in a region where most houses have A/C requires a lower price than similar-sized houses that have that amenity. I highly doubt any of the houses in my direct culdesac had A/C, so it’s not like the next house over has A/C but you’re charging the same pric

I live in the state of CA. I am in the process of getting divorced. I will have enough money saved up to buy out my spouse’s equity in cash early next year. My ex and I are going through mediation and have been very agreeable through the divorce. If he is willing to allow me to wait until I can buy him out with cash, would I be able to refinance now? Or do I have to have the money to buy him out at the same time as refinancing? submitted by /u/bethany343 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z4mhvm/can_i_refinance_my_home_loan_prior_to_having_the/

Hello, What is the length of time required for a buyer to occupy a property before they can rent it? If someone has the intention of the home being their primary residence while working on it, can they run into trouble if they turn around and begin renting it soon after getting a residential interest rate? submitted by /u/Extra-Leather-4421 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z4jyvu/primary_residence_into_investment/

If a home has been sitting on the market for 80+ days. It’s a two bedroom, 2.5 bath, loft, 2 car garage home selling for $299,999. I truly believe even in this market this home is too high for only having two bedrooms. My questions is could one bid under asking price (which has been decreasing from the original asking price of $350,000 price tag). I really want to bid $240k - $260k or even lower if possible. The home is in a nice neighborhood and I believe the reason why people aren’t going after this home is due to the HOA of $135/ every three months. Is this a potential steal or don’t even try to offer anything lower than the $299k. Can someone please give me any insight on. Thanks. submitted by /u/ricob12 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z4j3jf/question_about_buying_a_home/

Yes... I hear people say saving will eat your money but I don't think if you save more than 5 years it will affect it that much. I mean... getting a mortgage is nice you get to have it right now and rent it and it will pay off later on but what if you just want to buy real estate with your money every 5 years ?. (If you can) Is it worth just getting a mortgage 50% of the property value and start paying the bank or just focus on saving then investing ?. I don't think real estate will increase in price that much in 5 years yet you will definitely lose some of your savings for sure!. The question is "is it worth it ?" " submitted by /u/XIANG80 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z4g3za/should_i_save_money_for_35_years_and_then_buy_an/

As the title says, how do you guys request and conduct inspections? First time landlord, this feels intrusive on the tenant. Do you want through? Or request photos? submitted by /u/WesternBeach5834 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z4bt0c/best_way_to_request_and_conduct_annual_inspections/

The strategy of Rent to Rent HMO has caught my attention recently - it seems like a low cost/capital strategy to get into property investing. From my understanding, this strategy involves becoming a tenant of a HMO and assuring the landlord a guaranteed rent, however with an agreement in place that you can sublet the HMO at a higher price on after a light refurb. You basically take on the responsibility of finding tenants to fill up each room, paying the utilities and council tax, and so on. Initially the strategy seemed quite sound as you offer to remove all the hassle of a HMO away from the landlord, but I don’t see how the numbers can add up. Assuming the rent for a 3-bed HMO is £2,000 per month and utilities are £500, that is £2,500 that you would need to pay. Let’s say I want to profit £500 a month from this HMO, I would need to charge all the tenants £3,000 in total. For a 3-bed that means each tenant needs to pay around £1,000 for a single room when the HMO was initially on ma

OK, the Census Bureau counts a new home sale when a builder and purchaser sign a contract, not when the house is actually sold and money changes hands, so since homebuilder cancellation rates for October surged to 26% compared with only a 7.9% cancellation rate one year ago according to John Burns Real Estate Consulting, the “sales” numbers of new home construction in the US are likely overstated. submitted by /u/24Robbers [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z47474/new_homes_purchases_overstated/

Is it possible to rent a house below 650 in illinois? submitted by /u/FinancialCollege9864 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z3mtw9/is_it_possible_for_the_price/

Would I be able to rent a house without a credit score? submitted by /u/FinancialCollege9864 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z3mst0/credit_related/

My father recently sold his deceased mother's house. He is out of state, so went with a cash offer from a flipper...however, he never received comps from the agent and needs them for record purposes. Anyone out in Redditville with Southern NJ MLS access willing to pull a couple comps? Thank you. Happy Thanksgiving! submitted by /u/Glum_Astronaut_2857 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z3j9r7/comps_for_southern_nj_inheritance_sale/

We close on our first home next week. Inspection noted the chimney needed serious repair but is no longer in use so we opted to bring the chimney down to the roof line and have a roofer come in to essentially waterproof it and shingle over it. We had specific writing in the amendment to bring it down to the roofline and sellers agreed to do this. Come to find out not only was it not brought down to the roofline but the roofer put a cap on it and removed a large portion of the chimney. We were told this is the best way to waterproof it and that bringing it down to the roofline could very likely result in a leaking roof and a huge expense to do this. Sellers have broken the amendment by doing this. We aren’t going to enforce the amendment given what the contractor mentioned (they don’t feel comfortable giving us a quote to bring it down to the roof line given the high likelihood of leaking). Is this something where we can come back and ask for more closing cost credit or should we not e

We are contemplating how dumb it is to sell current home and get a bigger house when we 50 yo? That means another 30 yr mortgage and we are hoping to retire by 65 yo. In other words by what age group do people buy their biggest home in their life? 40 yo? submitted by /u/socalfirsthome [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z3hmmo/shall_we_take_on_a_bigger_house_at_50_yo/

There was a leak for a brief period in the past, which is fixed. But the drywall on the ceiling was never painted or fixed. Would insurance potentially refuse to insure for this reason? Or add a premium? submitted by /u/tekman1947 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z2tpic/offer_accepted_on_house_with_past_leak_insurance/

https://www.naca.com/ submitted by /u/CoatForeign2948 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z2t894/what_are_your_views_on_naca_home_ownership_program/

My wife and I are house shopping in Michigan. Our minimum requirement is 2+ acres, since we enjoy the open space and lack of neighbors. We found a house that meets our needs with 50+ acres of land and a price cheaper than we expected. After looking into it more, we discovered all but 3 acres are part of a conservancy agreement which prevents adding structures, trails, or anything else that would disturb the land. It is even noted that ATVs are not permitted off the existing trails. A representative comes out annually to ensure the agreement is being followed. I've been able to find information about the potential tax relief benefits, but I have seen much conversation regarding actually living on land that is part of a conservancy agreement. I would like to hear about your experiences after either inheriting or buying land with this type of conservancy easement. How strict is the enforcement of the agreement? Do you still feel like it is your land? Anything else I should be a

Offer was accepted on a house that had a leaking issue from upstairs bathroom. It caused dry wall to be stained downstairs. Is there a specific service that we can use that can check whether the wood inside the dry wall is rotten or damaged? Should we hire a general home inspection for this? Or would a plumber need to be hired to inspect it? I’m worried about the wood and not the dry wall itself. submitted by /u/tekman1947 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z2k67y/is_it_possible_to_hire_someone_to_look_inside_dry/

We'd like to buy a home in the upcoming year and starting to do some research. Question is about credit profiles and income. I'm in the low 800s, however, I'm a SAHM and have no income. My husbands credit isn't horrible, but not as high. Will they look at my credit too even though I have no income? Will my credit score have any benefit? submitted by /u/Ok-Structure6795 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z2j2kb/credit_income/

I’m looking to buy a two or three family property in urban upstate NY. I plan to live in one unit and rent out the rest. My budget isn’t huge, so the stuff that I can afford is usually either in a less than ideal neighborhood, or in less than ideal condition. Should I be prioritizing one of these two things over the other? By “less than ideal condition” I’m talking more aesthetic stuff (cheap kitchen, bad molding) , rather than major stuff like a bad roof or something. One costs money to fix, and the other costs opportunity cost in rental prices. Is there a reliable way to determine if a neighborhood is on the upswing? submitted by /u/DerelictUsername [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z1zjrk/priorities_buying_a_multifamily_property/

Hey I’m new to this subreddit but I thought it would be the best place to ask for some advice. I am 19 and want to buy my first rental property. What are some tips, tricks, things to avoid, things to look out for. Anything will be appreciated. I hope this post doesn’t go against the guidelines. I’m Just very curious. Thank you again! submitted by /u/Glittering_Gas_6574 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z1y1ie/first_time_home_buyerinvestorlandlord/

How do I go about finding out why a property tax for a specific house that's listed for sale is almost double other houses within a 5 miles radius. Some of the other listed properties are doubled in price, 50% to 80% more Sq.ft while having 30% less lot size and yet the property tax is 50% less. How do I find out why it's higher and if it's possible to reduce the property tax? Is this something I can contact the city hall about? submitted by /u/zethenus [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z1wrxr/how_to_find_out_components_of_property_tax_and_if/

There’s a home in a prime location in the city that was initially $450k but went down to $390k - I offered $370k & they accepted. Turns out the house has problems. The AC is extremely old, the roof is leaking (need to replace the whole roof), and there might be a foundation problem (contractor apparently said it was fine, but there was an evaluation done from my realtor who hired someone they know that I wasn’t initially aware of). Then there’s little things like sinks are broken, floor is worn out, & other cosmetic issues. The home itself is in a super good location (all the homes around are way over $400k and some million dollar homes in the area). At a first glance, the house is gorgeous. High and soaring ceilings, and it has a lot of space. For a house in the city, it’s 2.5 sq ft and has a small backyard. The flooring is real wood so I’m thinking of restaining it. I’m just not sure if it’s worth the repairs. Apparently the seller did not do any maintenance on the home h

And that’s why she hasn’t wired her earnest money yet. That her accountant works 1 day a week, and has to physically go to a bank to get a wire done. Is this BS? I’ve never heard of such a thing. It’s post Covid, wires can be done. Is she playing me? submitted by /u/adognamedpenguin [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z1uity/buyer_says_her_accountant_only_works_1_dayweek_re/

We are in the final stages of closing on a house. We got a report from our termite inspection. The sellers sent us their inspection they did 4 months and they acknowledged that they knew about the termites and have not done anything about it. They only provided a copy because their estimate was lower than ours. We were not aware of the termite infestation until our inspection was done. My question is does the Real Estate agent have an obligation to notify the buyer of termites or shouldn’t it be added to the seller disclosure once they become aware of it? submitted by /u/runslow [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z1o9tp/does_the_presence_of_termites_reports_need_to_be/

Who to apply with? What other certs to have? Any advice helps thanks 🙏 submitted by /u/cochorecords [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z12fa2/just_passed_my_california_real_estate_test_any/

I'm trying to sell a small property I own in northern WI. It has a basement well (new basement well installs have been banned in the state since 1953, although anything installed before that is considered grandfathered in). I have an accepted offer, but the buyers mortgage company won't approve unless I put a new well in (or credit the buyer for it so they can do it in spring). They are trying to get a conventional loan. Is this something every mortgage place is going to require? Does anyone have experience buying/selling a property with a basement well? This is going to cost me a small fortune to replace a well that is fully functional. Thanks! submitted by /u/theaddison [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z122fr/mortgage_approval_for_property_with_a_basement/

Anyone living in CA can recommend good earthquake insurance? Anything particular I need to be aware of? submitted by /u/black_mamba_returns [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z10pd4/recommendations_for_earthquake_insurance/

Outsourcing your back-office tasks and projects beyond your core areas is a smart move. It saves you time and helps you focus more on your revenue-generating activities. You get access to a skilled and scalable workforce and save on hiring, training, and infrastructure costs. The story will walk you through the advantages of outsourcing property listing management. submitted by /u/snehal-joshi [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z0urif/how_outsourcing_property_listing_management/

Disclaimer: This is not a post of trying to dis the whole real estate agents but more on the system on how to give the incentive for the both buyer and seller agents In the past few years we have seen that because of covid and both buyers agent and sellers agent will always sell it to the the retail customers that house price keeps going up so you will always have to put offer the best of the best possible! And with that they have insane amount of commission never seen pre-covid. Totally understandable for the listing agent's side because for seller its better for them to get higher price but it does not make sense for the buyer's agent to do this. Correct me if i am wrong but the buyer's agent is supposed to help the buyer understand the market of the property, the rental comps, the property comps and what is the *best purchase price for the buyer* and usually lower is better for buyer... but no.. because of this commission incentive they will try to convince the buyer t

submitted by /u/IllustriousTill3 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/yzzd6s/can_there_be_any_repercussions_of_backing_out_of/

Hey what’s up guys, I had a question I wanted to ask the people on here. I’m fairly young and have a bit saved up and was planning to buy my first home. But due to my religion i am prohibited for taking interest in any form of contract. I wanted to know if you guys know any lenders who work with the buyer, or any other way where the interest paid over 30 years can be initiated in to the upfront price of the home and divide that over the 30 years as one payment. Thanks in advance for the help. submitted by /u/dudhdhd77 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/yzvjko/no_interest_buying/

Looking at $900k two family with 20% down. Taxes are 18k and current tenant pays $2,750. I would live in other unit. Based on this my out of pocket each month would be lower than my current $4,200/Mo rent. Only other debt is car payment 10k @300/mo. Does it make sense to do this? It’s so expensive but at end of day I own something and pay less then currently do. submitted by /u/renyc16 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z05v30/900k_two_family_in_hcol_would_be_less_than/

I recall that when we were searching for a home years ago, the basement wasn’t included in the square footage. In the rare instance when it was, there was an egress window in a room that qualified as a bedroom. The listing would however share how many finished space was below grade. I noticed during Covid this started to change. Homes that I knew could only be 1500 sq feet were listed at 3000 sq feet. I just checked my home on redfin and even my listing (now off the market) includes the basement sq footage (it didn’t when we bought this home). I’m just curious and I know this seems like a weird question but it feels like another ploy to get people to pay for a home. And seems dishonest to me as well. Especially since some basements are at risk for flooding, I don’t see how it’s fair to include that in total sq footage. submitted by /u/Frosty-Incident2788 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z04rbc/why_is_it_allowed_to_include_the_finished/

There’s strangely little information available about this online, and sorry in advance is this a dumb question : let’s say I still owe a mortgage and sell my home , does the bank collect any future interest that was expected over the life of the mortgage or not? submitted by /u/traanquil [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z02s4h/sell_home_is_future_interest_owed_to_bank/

I’m interested in renting out a single room in my 3bd/2br home. What is the best source to get a contract drafted and what can I do to protect myself from any liabilities such as personal injury of the tenant on the property? I wouldn’t imagine it’s necessary getting an entire rental insurance policy for a situation where I (the owner) would be sharing the house. Any other advice for the situation would be greatly appreciated. Thank you! Louisiana home owner. submitted by /u/b_dubbz21 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z02cyy/questionhouse_hack_advice/

In your opinion, what would you say is one main reasonwhy most fail in realestate investing And If you could tell your 25-year-old self three things about investing using your current knowledge, what would be the most important information you could provide? submitted by /u/WFRLLC [link] [comments] source https://www.reddit.com/r/RealEstate/comments/z02cn2/failing_in_a_recession/

My living room wallpaper is peeling so I've removed it and I've also now got a new 65 inch TV which won't fit on the wooden stand on the wall and wouldn't work on the existing bracket either. I'm looking at fixing the TV on the wall with the wiring hidden with a media wall. It'll cost £2000 if not a little more. Obviously it's a lot of money which I'm naturally a little reluctant to spend (despite still having the budget for it), but if I know it'll increase the house's sell on value then I might be pushed in the direction of doing it. Can anyone confirm please? submitted by /u/Friggintherigging [link] [comments] source https://www.reddit.com/r/RealEstate/comments/yzznjn/question_to_people_living_in_the_uk/

If one want to open up the restaurant what are the factors one must consider before deciding the location?What factors do decide the failure or success of any restaurant? submitted by /u/dharmayodha [link] [comments] source https://www.reddit.com/r/RealEstate/comments/yzzn1u/question_advice/

I’m wondering if buying a home is even feasible at this point. I don’t want to be “house poor” and have absolutely no flex or ability to live my life because I’m paying a mortgage. I’m hoping for advice or any resources that could give me some hope that purchasing is still possible. It is my dream to own my home, but I feel like it’s getting further away. Any help is appreciated! submitted by /u/Any-Growth-2083 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/yzf1hx/first_time_home_buyer_teacher_75k_a_year_20_dti/

I have exposed wood around my garage door above and to the sides of it. Is this normal or should that have been covered with drywall? There is drywall everywhere else. Thank submitted by /u/Ghostaware365 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/yzcnqs/is_this_perry_homes_being_lazy_and_should_this_be/

i have a buyer not yet in contract, they just had the inspection done and are coming next week to measure rooms for furniture. Is that normal before signing a contract? FYI it's now standard in NYS to have the inspection done prior to the contract signing. submitted by /u/arcticranger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/yzb2qn/buyer_coming_to_measure_rooms/

I am currently transitioning out of the Marine Corp and am looking to become a Real Estate Agent in New Jersey. I will be located in the Edison area. I am looking for information on the process and getting my license to be a Real Estate Agent and any recommendations for schools. submitted by /u/Striking-Fox-2578 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/yz9l5s/real_estate_licence_in_nj/

An elderly lady is selling to move back to Kansas. The home is in California. Her house was built in the 60s-70s. 4bed/2bath. Decent condition, little work to be done. What’s the easiest way to go about getting a loan. What would you do to make the home value go up? Advice plz submitted by /u/TonyTremendous [link] [comments] source https://www.reddit.com/r/RealEstate/comments/yz6sse/got_the_opportunity_to_buy_a_4bd2bath_house_for/

So the RE and landlords can claim huge amounts of depreciation and bonus depreciation in their PnLs and pay little to no tax. This is on upgrades they’ve done to the property etc. However properties are being listed at 400% appreciation with them claiming that the paltry beatification they did is worth that much. Is there some kind of tax recapture at the time of sale to offset the 400% appreciated value they pulled out of their asses? submitted by /u/thentangler [link] [comments] source https://www.reddit.com/r/RealEstate/comments/yz6f2y/how_does_this_work/

My family is in need to sell our 5/3.5 in East Central Florida so we can relocate out of state. Everything was remodeled replaced in 2018. New roof, air conditioning (2 units and ductwork), windows, everything. I know the market is headed downwards for sellers. We are already priced below appraisal and the lowest price by $50k even when compared to a 4/2 in our area. Any suggestions on how we can get this sold in a reasonable time frame so we can move out of state and not stress? submitted by /u/Ok_Finding3437 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/yyma13/need_to_sell_so_we_can_relocate/

I'm currently trying to purchase an off-market property. My lender says the home will need to be listed just for a day, to qualify for an FHA. My lender says I will have to pay upfront 7% of the purchase price. 2-3% will include the down payment, the rest is lender fees and closing costs. Right now, my rate is about 6.5%. I have never gotten an FHA loan in the more recent years. I question if this is a reasonable cost for my lender to charge me? If not, what are some ways I can negotiate this down? submitted by /u/itsjulius12 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/yyfm5f/is_it_reasonable_for_my_lender_to_charge_34_of/

I attempted to hire a home inspector about two weeks before closing, but builder is not allowing me to do so until after closing. This is a new build. Apparently there was a clause in the purchase agreement that said I had to give 30 days notice to the builder before closing. I don’t think I’m comfortable moving forward unless I can have an inspection before closing. Any who have dealt with this before? Is there any recourse here or any action I can take? I’m surprised my realtor didn’t catch this in the beginning. submitted by /u/alvinleephd [link] [comments] source https://www.reddit.com/r/RealEstate/comments/yyjczl/builder_wont_allow_home_inspection_until_after/

Divorced finalized and looking to refinance the multi family home my now ex wife and I bought some time ago. She lives in one unit but will move out once the settlement is ironed out. I plan to move in and occupy the unit as a primary dwelling. Also looking to cash out to pay off parts of the settlement. Any recommendations for lenders I should approach or other pertinent advice would be much appreciated. submitted by /u/wornoutnewark [link] [comments] source https://www.reddit.com/r/RealEstate/comments/yyim8n/refinance_lender_recommendationsnorthern_nj/

So since it's a primary residence loan there was an expectation to live in the home for a year or two (haven't checked on the exact yet). But I got laid off soon after. I could pay the house outright cash, but since I found a better job out of state I physically have to move but do not want to sell the house. I want to keep paying my mortgage. What happens to the expectation to move. I can't be forced to live there and fly on a plane for a new job right? submitted by /u/ichtyology [link] [comments] source https://www.reddit.com/r/RealEstate/comments/yxwb6m/was_laid_off_after_closing_with_the_bank_primary/

Do y’all also think 2023/24 will be a bloody year for real estate. I’m thinking overall market down 20 ish % submitted by /u/No-Sky4797 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/yxvb60/2023_market/

I started out 2 years ago at a small boutique office 3 working agents (broker is one of em) in 2 years I’ve done 17 deals residential & commercial. My commission split is 50/50 with the office and then 70/30 with the broker. I’ve done over 2.5mil in volume and walked away with 12k total- Is that common? my broker co-listed me with a residential sale w/o asking.. the house is listed at $850,000 (way over priced) it’s worth about $780-810 max I’ve discussed this with her and she won’t hear it on top of the house being over priced she promised the seller consecutive open houses sat&sun EVERY weekend until the house sells which she isn’t present for, myself and the other working agent show up- we’ve had this listing since June we’ve had maybe 15 people show up in all this time and offers from 730k-800k… I’ve backed out of multiple weekends explaining that consecutive open houses are a waste of everyone’s time and makes the house look bad and us look desperate.. I’m looking at o

First I'm sorry I know a little not a lot about them so please don't chew me out too bad for things I get wrong I am learning. Also in Texas if that matters. I am selling a house. We listed it as cash or conventional financing only but a realtor showed it to a guy with a VA loan. They really liked and want to buy it put in an offer $5k under asking plus $10k concession/me paying all the closing costs for the VA loan. The house may have a couple things the VA inspection would want fixed. Not sure all of what though. I've heard both ways depending on inspector. Some let's lots go some not pick every little thing. Buyer said they would fix whatever needed to be fixed to get it approved. I've been told this is a bad idea because if things fall through and they're out time/money for repairs then they can come after me on top of it they don't know what they're doing and break something else then I'm on the hook. Again not sure what all the VA would ding

Hey friends, i am about to buy an older home in the bay area that was rebuilt with official permits that i confirmed on the county website. the county still thinks the house is 1400 sqft but the house is 2200 sqft. As a buyer, I wanted to make sure the addition are permitted. Should i be concerned the county hasn't updated on their end? Should I get it corrected ? what is the impact of not doing so? submitted by /u/beleafer [link] [comments] source https://www.reddit.com/r/RealEstate/comments/yxruyv/county_records_square_footage_not_upto_date/

i had a cash buyer drop out and re-contacted a prior offer buyer, nice young couple who were really happy and excited to proceed. Now I am waiting on the inspection and appraisal for their bank loan. Meanwhile another cash buyer has called and will view my house Sunday. My listing does say OFFER ACCEPTED - ty to the folks here who got me that info - and my agent has told buyers not to bother unless they will go substantially over the standing offer. I am not sure I can disappoint this young couple again, but if a big cash offer comes in I may have no choice as i do need the money. I've told my agent it has to be at least 25K over asking. How best to handle that eventuality? Maybe gift them 5K if I go for the cash? submitted by /u/arcticranger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/yxr6sb/ethics_vs_money/

Northeast, USA We sold our house mid summer at the peak and currently squatting at my in-laws waiting patiently to strike to buy our next. House we really like is listed 830k after being reduced from 870k 2 weeks ago. We offered 795k + 10k credit for closing costs w/ 20% down. They came back with counter of 820k & no credit.... We are holding firm & so are they. We are not willing to go any higher as we firmly believe our offer is fair and that the home was listed significantly overpriced to begin with. Many comps in the immediate area in mid-high 700s including new construction comps. This house is everything we imagined, but does needs some updating. The neighborhood is what drew us in. Buyer is elderly + recently widowed & her son is doing the negotiating on their behalf who does not live in the area. It's been on market 3 months. During our tour, the seller's agent was very open about seller being highly motivated. Wife wrote the seller a letter already. Sel