Newsflash: Offered 25% Above Asking Price for a Real Fixer Upper – Is that insane?

First time buyer. Super inexperienced. I’ve done some research online, but this is all happening pretty quickly. Someone sanity check me and my real estate agent!In the mid-west (LCOL). I had my heart set on a duplex and one came available for $60k. I put in an offer at asking. They came back asking for best and highest. My agent we would need at least 65k+. We settled on 75k. (25% higher!!) It needs A LOT of work. Offer is contingent on an inspection. I’d live in one side and rent out the other.​Some stats:Size: 1600 sq ftCost to renovate: 75-90k (real estate agent who renovates houses said 50k to make it liveable. 75k to make it “nice”. I’m adding in some buffer)Neighboring house (single family) that is of similar size is selling for 185k (listed originally at 210 but is slowly going down)Smaller SFH houses in the neighborhood selling for 110k – 190kArea: “up and coming” still a little rough. a lot of new developments. is getting price jacked a bit because of the up and coming assumption but it no where near the prices of the adjacent neighborhood.Rent for other side: 650-800Salary: 90k cash / 6k not vestedNo other debtsYear built – Old as shit, not 100% sure. But it looks like it was changed to a duplex in the 70’s.My thought is that if I bought a renovated single family, I’d be paying 150k+ and may have to do some cosmetic updates. Here I’ll be all in at 165k plus have a little cash flow to offset the mortgage and have everything be brand new and to my design. The undertaking is definitely ambitious. I have a full time job but no kids or other obligations. I’d contract out the majority of the work. Maybe I’m crazy. What do you think?​​​​​

Read more at https://www.reddit.com/r/RealEstate/comments/9inovq/offered_25_above_asking_price_for_a_real_fixer/?utm_source=ifttt

Advertisements

New Story Just Out: Judge Restores Grizzly Bears’ Protections As Endangered Species

Yet another interesting headline in the world of health and well-being. Judge Restores Grizzly Bears’ Protections As Endangered Species
The ruling blocks planned hunting of grizzlies. Judge Dana Christensen said the federal government didn’t use the best available science when it took them off the threatened-species list last year.

Read the full story here

Newsflash: Hello Need to Sell parent’s house and pay off a loan I took out to save the house from Foreclosure. But the Agent we signed contract to didnt find the investor, we did. Can we fire her and move on with the Investor?

Maryland, Fort WashingtonHello I made a thread here not too long ago about my situation.Well I took out a loan (7000$) 2 months ago to save my parent’s house from Foreclosure after a robbery left him paralyzed. Well to sum up the new issue now. The Real Estate Agent we on contract with to help us sell the house, for the last 2 months hasnt done anything.My Spouse and I are desperate to Sell the house, and so we started calling investors that we see on the signs posted on the streets . You know, those people that say they buy houses. We found an Investor that is willing to buy. We gave them the number for the Agent, and they ( the investor) called us back, telling us that the Agent was real nasty and rude and was talking down on the property. We been sending the Agent a number of people over the 2 month period, and nothing seem to come from it, but now we know why.We do one call, and got somebody willing to buy. Problem is, they gave us a Offer of 215k$. The House loan itself is 202k$, and like I said above I owe the bank 7k$. 202+7 = 209k$. Problem is the Agent wants 6% Commission, even though she didnt even find the Investor, we did. Thats a romping $12900 !!215,000 – 12900 = $202100. That means all the profit will go to the agent, and we wont be able to pay off the bank loan. What should we do? How can we get out this contract with the agent if I can just call somebody to buy the house. I sent her 8-10 people over the last 2 months and nothing. But she will now take all the profit, and yet hasnt communicated well with us over these last 2 months.

Read more at https://www.reddit.com/r/RealEstate/comments/9in7k5/hello_need_to_sell_parents_house_and_pay_off_a/?utm_source=ifttt

Newsflash: Title Insurance + Broker Missed an Easement Issue. What Recourse Do I Have?

EDIT: Minnesota is our location​So I’ve been having some tough luck with real estate transactions as of late… long story short, we were sold a section of land by a person who claimed to give us a 66′ ft wide easement across his property to our home. Only problem is, he didn’t own the entire area of the easement he gave us. Instead, there’s about a 10’x2′ section of land that is owned by 2 separate people, meaning the easement he sold us actually goes across 3 people’s land and the other 2 parties involved are not interested in selling their small pieces of land.​The reason this is a problem is because we wanted to make our driveway into a road that was up to township standards, thus turning over all maintenance to the town rather than deal with about 1,500 ft of snow plowing and maintenance ourselves.​We attempted to contact our Title Insurance company about the issue and they’ve denied any liability, saying they are not liable as they only deal with easement issues that prevent access and the agent who sold us the land that didn’t catch this just said “sorry”.​Does anyone know what, if any, recourse we have to try and recoup financial damages?​​

Read more at https://www.reddit.com/r/RealEstate/comments/9inchp/title_insurance_broker_missed_an_easement_issue/?utm_source=ifttt

Newsflash: Selling agent keeping a higher commission?

Hi everyone!I am in the process of selling my condo and noticed my agent is getting a 4% commission but is only offering 2% to the buyers agent- is that normal? I am in Northern VA if that makes a difference.​Thank you in advance.

Read more at https://www.reddit.com/r/RealEstate/comments/9ilyco/selling_agent_keeping_a_higher_commission/?utm_source=ifttt

New Story Just Out: Environmentalists Concerned That More Coal Ash Ponds Will Spill Into Rivers

Yet another interesting headline in the world of health and well-being. Environmentalists Concerned That More Coal Ash Ponds Will Spill Into Rivers
Environmental groups are closely watching coal ash storage ponds in North and South Carolina as rivers swollen by rain from Hurricane Florence continue to rise.

Read the full story here

Newsflash: What do I need to know before renting in NYC?

Me and my buddies are wanting to rent a two bedroom apartment in NYC after we graduate college. I know it’s expensive but if we split it four ways I’m guessing we can manage? What I’m wondering is how we should go about it and what we should look for. Thank you for any advice!

Read more at https://www.reddit.com/r/RealEstate/comments/9ilimz/what_do_i_need_to_know_before_renting_in_nyc/?utm_source=ifttt

Newsflash: How to know if a house is THE HOUSE? Struggling right now..

My husband and I got married in July and he has always talked about wanting a house. Me personally… it’s not something I ever really cared about. We rent out of a very nice duplex that is a bit small for us but not too terribly. We can paint and do whatever we want, any updates our landlord reimburses us. After the wedding we got a lot of money and the idea of it being a downpayment for a home was brought up a lot and I started getting interested. We were househunting a bit and found a house that pretty much checked all the boxes for me, was affordable, and VERY CLOSE to the area I like. It happened really fast, we put down an offer and got a very good counter back.. but I freaked out. Literally all the things I have thought I wanted and I still felt unsure. It had wood floors, nice kitchen, a cute bedroom, balcony, patio, good backyard with a fence that’s not falling apart.. We didn’t accept (or reject) the counter and I’m just wondering… what did it take for you to be sure and know?​Here are my fears: One is that we will be stretched very thin once we have this house. It’s 400 dollars more a month than our rent, and while we have some for a downpayment it’s nowhere near 20%. We have great credit scores but a LOT of debt from student loans, car payments, etc. But we easily could have made it work. Another… I honestly love our duplex. I love where it is located. I love its big front porch and back yard. It is janky and I would never want it to be a house I own but I love the exact area it’s in. Houses in this exact area are generally way over what we can afford, or they might be affordable but outdated and needing work. This one was only a four minute drive away but the area just didn’t have the same feel as where we are. We have lived here five years, and maybe I’m just being attached because I’ve been here so long and I’m being stupid picky. I’m worried that I’ve made a bad mistake and I will never find another house that we can afford with all the things we want 😦

Read more at https://www.reddit.com/r/RealEstate/comments/9ill4s/how_to_know_if_a_house_is_the_house_struggling/?utm_source=ifttt

Newsflash: First time home buyer, loan estimates

My gf and I recently got an offer accepted on a house in Omaha, Ne and we are finalizing our mortgage lender. I have two estimates that are pretty different. I was hoping to get a sanity check and see if there is anything else I should be considering. My biggest questions is about what optional services I should be getting as well as why is there a difference in the length of time property taxes at closing (Section G) Ideally I would love to just approve the better offer and be done with this part of the process. Any thoughts would be greatly appreciated!Lender AA. Origination Charges $1,452.25% of Loan Amount (Points) $512Origination Fee $940​B. Services You Cannot Shop For $548Appraisal Fee $450Credit Report $83Flood Determination Fee $15​C. Services You Can Shop For $1,249Title – ALTA Endorsement 8.1-06 (EPA) $25Title – ALTA Endorsement 9-06 $25Title – Closing Protection Letter $25Title – E-file Fee $14Title – Escrow Closing Fee $500Title – Lender’s Title Policy $615Title – Planned Unit Development (PUD) Endorse $25Title – Wire Fee $20​D. TOTAL LOAN COSTS (A + B + C) $3,249​E. Taxes and Other Government Fees $150Recording Fees and Other Taxes $150Transfer TaxesF. Prepaids $1,861Homeowner’s Insurance Premium (12 months) $1,500Mortgage Insurance Premium ( months)Prepaid Interest ($27.75 per day for 13 days @ 4.875% ) $361Property Taxes ( months)​G. Initial Escrow Payment at Closing $2,616Homeowner’s Insurance $125.00 per month for 3 mo. $375Mortgage Insurance per month for mo.Property Taxes $320.13 per month for 7 mo. $2,241​H. Other $487Survey/Plot Plan $90Termite Inspection $85Title – Owner’s Title Policy (optional) $312​I. TOTAL OTHER COSTS (E + F + G + H) $5,114J. TOTAL CLOSING COSTS $8,363D + I $8,363Lender Credits​Total Closing Costs (J) $8,363Closing Costs Financed (Paidfrom yourLoan Amount) $0Down Payment/Funds from Borrower $10,850Deposit -$1,000Funds for Borrower $0Seller Credits $0Adjustments and Other Credits $0Estimated Cash to Close $18,213Lender BA. Origination Charges $749MERS Registration Fee $12Processing Fee $425Tax Return Verification Fee $12Underwriting Fee $300​B. Services You Cannot Shop For $473Appraisal Fee $4`0Credit Report $51Flood Determination Fee $12​C. Services You Can Shop For $375Title – Lenders Title Insurance $75Title – Settlement Fee $200Title – Title Endorsement Fee $100​​D. TOTAL LOAN COSTS (A + B + C) $1,597​E. Taxes and Other Government Fees $92Recording Fees and Other Taxes $92Transfer TaxesF. Prepaids $1,737Homeowner’s Insurance Premium (12 months) $1,348Mortgage Insurance Premium ( months)Prepaid Interest ($27.75 per day for 14 days @ 4.875% ) $389Property Taxes ( months)​G. Initial Escrow Payment at Closing $865Homeowner’s Insurance $112.33 per month for 2 mo. $225Mortgage Insurance per month for mo.Property Taxes $320.13 per month for 2 mo. $640​H. Other $0​I. TOTAL OTHER COSTS (E + F + G + H) $2,694J. TOTAL CLOSING COSTS $4,291D + I $4,291Lender Credits​Total Closing Costs (J) $4,291Closing Costs Financed (Paidfrom yourLoan Amount) $0Down Payment/Funds from Borrower $10,787Deposit -$1,000Funds for Borrower $0Seller Credits $0Adjustments and Other Credits $0Estimated Cash to Close $14,078

Read more at https://www.reddit.com/r/RealEstate/comments/9ikcef/first_time_home_buyer_loan_estimates/?utm_source=ifttt