Location: Kentucky, USA Husband and I are looking at possibly buying his parent's house. It's not the perfect house for us and feel like we would need to do some remodeling to suit our needs better. They have set a price for us and what they want to go to market at if we don't buy it. I'm not sure how they came up with pricing but honestly it seems appropriate for the house and area. We have a pre-approval letter from the bank but have not signed any contract yet nor have we talked to land and title. Are there any issues with doing our own appraisal and inspection before being under any kind of contract? I know with traditional transactions you go under contract then everything else falls in line based on timing. We don't want to end up double paying for things because we did it out of order. Time frame for purchase is approximately January 2027 so not in a rush. submitted by /u/nearthebeer [link] [comments] source https://www.reddit.com/...

Looking at acquiring a duplex in my area. Very strong property, but the seller is adamant that this porch is not an issue and that it somehow passed inspection. I checked and didn't see the previous year's rental inspection pass, it's still "under review." A demo permit was pulled but never followed through on. Looks like the porch and bottom office room are one unit and new addition to this ~1900s house. Remainder of the property was inspected and sound. The porch is the only issue, it's a very strong contender but not sure if I can swallow this. Estimates on price? I emailed some contractors as well as the city's inspector to see if it's truly under code. If it passes city code and my bank's appraisal, could just bite the bullet and go for it. What I know: - Water damage, supposedly from shingles being used on a roof that is not sloped enough (caused it to rot and accelerate damage) - Ceiling rotted enough to where bats got in and made a home...

I am a first time home owner planning to sell and purchase another home. I'll most likely need the cash from my current home in order to purchase the second. So I would be renting for a time until I purchase the second home. I'm assuming there is no way around this. Is there something banks do to allow the purchase of the second before the first is sold? I'm thinking there is no way but want to be sure. Also, if this is posted in the wrong place please let me know and apologies. submitted by /u/Roonwogsamduff [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1wer7wt/selling_home_and_buying_another_advice_requested/

within 25 years robots will have the ability to perform most of the manual labor humans now do, including home construction, that means the labor cost for building a home will eventually fall. once robot workers reach that capability, then later become commoditized the cost to build a new home will fall, which will cause a downward correction for the entire market, as home prices begin to converge to the materials cost. submitted by /u/Ennemkay [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1wekvn1/home_prices_are_going_to_drop_over_the_next_50/

What is the usual percentage for a referral commission? How standard is it for it to be offered? If it's not offered, is it bad etiquette to ask for one? I have a friend who's looking to buy property in my city. He's not from here and he's looking for a real estate agent. I know a couple of agents - one's a friend and others I've dealt with in the past. He's well off and I know he's looking to buy in one of the nicer neighbourhoods in the city. submitted by /u/BunRabbit [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1we59ez/referral_commissions/

I am 21 and want a career as a Real Estate Agent I don’t have much knowledge in this business but my teachers and friends always told me that I am good with making conversations and making people easy to talk to and few people told me I would be a good fit for this type of business. I am wondering if anyone could give me any advice, anything that you wish you were told before start working as a real estate agent. What is a regular week as a real estate agent. How many weeks/months u had spent before ur first closing/paycheck. Did you start doing as a full time job as soon as you got your license or did you work part time as well during the beginning submitted by /u/Character_Ad7821 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1wdqld4/any_advice_for_someone_who_wants_to_become_a_real/

Appraisal is happening today, underwriting is underway, still no closing date. Closing date was estimated as on or about October 1, which means anytime in the month of October. The interest rate on our loan estimate has already increased .125% from 9/3. I’d like to go the strategy of locking our rate the minute we get our closing date within the 30 day lock window. Is that the safest bet? If the rate goes up after we lock then yay who cares, and if it goes down then also who cares. It’s literally just gambling anyway, isn’t it? submitted by /u/iloverats888 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1wdlzk2/does_it_make_sense_to_lock_rate_immediately/

After a spring and summer of frustration and fruitless home hunting, I finally had an accepted offer on a house in a "suburb" 45 minutes outside of Madison, WI on a 265k 1.5 story cape cod with everything I need and not much I don't. First time home buyer, so I acknowledge that there is a certain amount of emotion involved and that it is easy to fall in love with a place and end up not getting it for a variety of reasons. Cosmetically it is in great shape with a recently redone kitchen and very cozy living room. The roof is 20 years old, and all the mechanicals ought to have been replaced by now, but all of that is in line with other properties in the same price range and within my budget over the next 2-3 years. Being aware of those issues and knowing that anything else could come up during the inspection, my realtor was confident we could get 5-10k seller credit. Then came the inspection, which confirmed the issues I was aware of and brought a handful of other small fi...

Hello, the house I want to buy with my partner is currently occupied with two elderly adults. The listing price is $450k. We are in Northern California for reference. My partner and I offered $450k, asked seller to pay closing fees, and signed tenant occupied property addendum to have seller deliver the property vacant. We are putting $115k down. And only getting loan for $335k. The house is like at our max budget. The seller counter offered: -seller to 2% of purchase price to buyers brokers compensation (our real estate agent is asking for 2.5%) -buyer pays all escrow and title fees -seller to pay county transfer tax -buyer to remove insurance contingency within 14 days of offer. (We are in a high fire area but already received a quote for home insurance coverage). Any help is appreciated. I want them to contribute to closing costs! This is an awesome house. Another thing is, seller has provided pest and fungus report and a home inspection. Which recommended that a contractor o...

We are in the process of looking at homes and an option e we think is better since we can’t find a home we like is buy a lot and build a new home. In terms of buying a lot we have money to purchase the lot immediately whether in cash/check whatever. The problem lies in getting a loan for the construction itself. We were already approved for a mortgage on an already built home through a bank statement loan. As I understand it is more difficult to get a loan for a construction project vs an already built one. Options I’ve seen are Non-QM loans that would use business bank statements to qualify for the loan but they are rare. Are there any other options for someone like me that would use bank statements that I could look into that would make the process of getting a loan for a construction project easier? I’m located in Georgia if that helps at all. Thanks in advance. submitted by /u/Magmar_01 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1w...