Newsflash: Building a second house on a street-adjacent yard.

I’ve seen a lot of new houses built in people’s yards. So, one house with a big street-adjacent yard converted to two houses and two much smaller yards.Anyone have info on the process of doing this? What is construction like this called? I know the abutters have to approve it, any info in the process?There have been at least 4 houses on my street built this way in the past 10 years.

Read more at https://www.reddit.com/r/RealEstate/comments/6dg47e/building_a_second_house_on_a_streetadjacent_yard/?utm_source=ifttt

Newsflash: Question for all realtors

Im currently working on an assignment and was wondering if any of you could provide me some insight on some of your daily challenges? and would you consider hiring extra help to tackle those challenges? Example: Sellers leaving their house in a mess before potential buyers move in.

Read more at https://www.reddit.com/r/RealEstate/comments/6dfajz/question_for_all_realtors/?utm_source=ifttt

Newsflash: Buying Live/Work Unit with Separate Entrance and Renting Out Commercial Space

Hello,There is a unit I have been considering that is a live/work unit with separate entrances. I have been trying to find information on the feasibility of renting out the lower half while living in the upper half, but most of the information I am finding seems to be irrelevant (communal living spaces type of stuff). Any guidance would be appreciated, thank you.

Read more at https://www.reddit.com/r/RealEstate/comments/6de8pl/buying_livework_unit_with_separate_entrance_and/?utm_source=ifttt

Newsflash: Rent 1st home to relative, qualify for purchase of new home?

Mortgage question: We have $400k of equity in a house valued at $600k which we bought in 2011 for $300k. I just got a job offer in another state with a much cheaper real estate market. We can get a house exactly like ours for $200k. We have $50k to put down. Our current mortgage is $1500 with no consumer debt, student loans, no debt other than our mortgage. New job pays $70k.We don’t want to sell and my spouse doesn’t want to rent to strangers because currently my spouse’s mother lives in a 1br mother in law apartment in our house and pays us “rent” under the table of $1k. Fair market rent for our whole house would be $2600. For just her apartment it would probably be $1k. My Mother in law needs to keep living in our house because her credit is as terrible as humanly possible and she has 4 dogs and a cat and she’s just kind of a mess financially and personally but can’t move with us to the new city because of her job.Can we sign a real lease with my mother in law and use that income to qualify for more mortgage in our new city? Alternatively, could she cosign on a mortgage in our new city (despite her terrible credit) so her $50k salary would boost what we qualify for because on paper her $1k/month hasn’t been documented to this point? Thanks!

Read more at https://www.reddit.com/r/RealEstate/comments/6de0k0/rent_1st_home_to_relative_qualify_for_purchase_of/?utm_source=ifttt

Newsflash: Basement taking on water a week after closing. Any recourse?

So my seller sucked. She left the house disgusting with multiple repairs not done. One repair she did was fix a downspouting because they basement was taking on water. It looked good when we closed. A week later it’s still taking on water. Is there anything we can do? I’ll get someone out to fix it. Is that something she could be held responsible for?

Read more at https://www.reddit.com/r/RealEstate/comments/6ddtgx/basement_taking_on_water_a_week_after_closing_any/?utm_source=ifttt

Newsflash: Finding a New Selling Broker At End of Contract?

We have about two months remaining on a seven month listing with our current agent. Saying we are dissatisfied with our agent is an understatement and we want to work with someone else the instant the contract expires. Seeking advice on how to end it with our current agent when the time comes?Backstory …We’ve been working with a selling agent where they have a six month exclusivity agreement on selling our condo. At this point we are completely disgusted the services of our agent and his team and are only still working with him to honor the contract. Looking at the situation honestly, we have been very easy people to work with and they’ve proven that everyone at they are not very good at what they do.Concerns …The contract states that if the seven months pass, there is a 30 day period that if someone he shows the condo to buys the condo, we would be responsible paying him the standard 6% commission. The contract expires on August 16. So basically, if we go with another broker and someone the current agent brings in buys the condo, we’re responsible for paying 6% commission to both brokers which is (obviously) something we want to avoid.Question & Seeking Feedback …We have every intention of working with another selling agent the day after the contract expires. Also, being honest, the condo has been getting a good deal of traffic however our broker is not able to court anyone to buy the condo. The impression we’re under is, people like the condo, seems to be priced fairly, but folks all seem to walk away the last minute (which may or may not be the broker’s doing, but it is happening on his watch).Our thoughts are, ask for the keys back and the listing on Zillow be taken down with exactly one month left on the contract. We want ensure that our broker does not have any referrals that would get passed along to the new broker. The thoughts are the contract states that we would have to pay him commission for anyone he introduces to the apartment within 30 days of us finding another broker, and we want to ensure he doesn’t show it to anyone in that time.Curious everyone’s thoughts. Would this be an advisable way to go given the circumstance? Anyone encounter anything similar and how did you go about it? Excited to hear what folks have.

Read more at https://www.reddit.com/r/RealEstate/comments/6ddz8r/finding_a_new_selling_broker_at_end_of_contract/?utm_source=ifttt

Newsflash: Using several agents for showings

I like Redfin due to the simplicity of setting up appointments. But my credit union has an arrangement with a real estate company that offers more cash back. So in my price range for a 300k house I’m promised 2k back while Refin offers less than 1.5k back.Now I didn’t like my real estate agent because I feel like he just wants to choose something and move on as quickly as possible. While Refin agents don’t seem to pressure you into anything.Anyway, I don’t feel well using Redfin agents while possibly going with another agent in the end due to the money incentive. Any thoughts?I already asked to get another agent and he was changed but apparently didn’t get the memo because he keeps contacting me.

Read more at https://www.reddit.com/r/RealEstate/comments/6ddoag/using_several_agents_for_showings/?utm_source=ifttt

Newsflash: Owner’s Title Insurance: are the consumer reviews right that it’s a scam?

Hi /r/realestate. I am in the process of buying a home, and I’m hoping you all can shed some light on the question of whether or not to purchase owner’s title insurance.I’ve done a fair bit of research on this already. I know this topic has been covered here before. My understanding is that:Most industry professionals will advise you to get it.Most industry professionals also have a stake in the game – either directly, or indirectly (i.e. a real estate agent wants to protect the interests of the settlement company he regularly uses.)Typically, around 80% of the cost of a owner’s TI policy will be paid in sales commission to the closing agency.Title insurers generally pay out only 5% of their revenue towards claims, which makes it in actuarial terms, a very bad bet.Nonetheless, the conventional wisdom is still to get it, because few people can afford to lose their home due to a defective title, or to defend a title law suit.I’ve seen these points echoed overwhelmingly on the Internet, and was ready to accept that like others, I want the peace of mind of knowing a defective title won’t be a problem down the road. I was planning to hold my nose and pay.But.Then I went and researched consumer reviews on the title insurance company my closing agent has proposed. The reviews are absolutely atrocious!My research so far seems to indicate that all of the “big 5” title insurers get poor reviews. I see story after story of people who did have title defects, and either had to pay to clear them up on their own, or went through an arduous and costly process to get their insurer to honor their agreements. Additionally, I am having a really hard time finding real life examples of people who got the insurance, filed a claim, and had it handled to their satisfaction. As an example, when I spoke with our settlement attorney about the matter he described several hypothetical examples I should fear: the walking corpse, the jilted bride. When I pressed him for real life examples of buyers who got it and benefited, he was stumped.I’m increasingly convinced that in the incredibly unlikely event of a disputed title on my new property, I would be happier paying for an attorney at the time, than dealing with the aggravation and risk of having already paid an insurer who then tries to weasel out of their obligation with technicalities and delays.What am I missing /r/realestate? Have any of you here had a good experience making a title insurance claim?

Read more at https://www.reddit.com/r/RealEstate/comments/6dds06/owners_title_insurance_are_the_consumer_reviews/?utm_source=ifttt

Newsflash: Help with finding an investor

Greetings, I’m looking for any help as to how I can find a large investor. This would be a $1 mil+ investment in construction/real estate outside of the U.S. It’s an experienced team with knowledge of construction and the local laws and market in the country. Any help?

Read more at https://www.reddit.com/r/RealEstate/comments/6dd7el/help_with_finding_an_investor/?utm_source=ifttt