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I have a few questions! Ok, short story.. I inherited a house in the bay area, California. Vallejo to be exact, in the nicer part. Homes in my neighborhood are nice and lovely people.I’m not sure what to do. It needs a bit of work to make it what I consider to me move in ready. I’d want to update washer/dryer, fridge. A section of floor in the kitchen got water damage from the sink overflowing a couple times… laminate floors, bathrooms are dated, walls are peach color, kitchen being brown, with brown cabinets, and corian counters. Outside… well, the landscaping is horrible in my opinion.. LOTS of garden planters even in front yard, with astroturf for green and some stone pathway work. To me, sure it’s ugly as all heck.My biggest question I guess would be… should I dump some money into it and make it more presentable, or just sell it as is.Last CMA went for about 450k.. last year, zillow shows similar going for 440-490k.It’s the only single story house on the block. Retired persons dream, and a small view of the bay.I owe about 130k on the mortgage. I have limited funds to toss at the house.Maybe someone can just give me some pointers.I’m also living in it while I try to figure out what to do.
I landed myself in a pickle. We made an offer on a house, went through inspections, and agreed upon a resolution for repairs with the seller.Fast forward to the appraisal. The home meets the financing conditions (barely), but the appraisal revealed the home is 500 sq ft smaller than it listed for.We thought we were buying a 3500 sq ft home. In fact that the value of the home (price per sq ft) is what attracted us to the property. The seller very specifically called out in the listing what a great value the property was because it had over 3500 sq ft for under X dollars, but it is only 3000 sq ft.We informed the seller of the discovery and our desire to cancel the contract more than 2 weeks in advance of the scheduled closing date.The listing agent has been a grade A douchebag saying the only acceptable remedy is for us to purchase the house. We are fine to lose the earnest money and possibly pay even more to get out of this deal.He is threatening litigation, and refuses to communicate with my real estate agent as the closing date nears.He is inrltentionally waiting for the closing date to pass so we will be in breach instead of attempting to negotiate.I am pissed because he has been 100% unapologetic about his listing mistake and said if I had cared about the square footage being accurate (or apparently in the realm of reality), I should have made it a contingency.I have already reached out to a real estate attorney, but have been slow to get a response.I think the letter of the law really screws me, but I do not know how likely the courts are in a suit for specific performance against a buyer.FWIW, the part of TN I am in has a red hot market. I cannot even begin to fathom why they don’t just take the earnest money and relist, or at least state what would be an acceptable remedy.I am also highly certain the listing agent is not consulting with his elderly client, but with the daughter who DOES NOT have power of attorney.HELP!
We’ve been house hunting in the suburbs 30-40 minutes outside the city of Seattle for 2 months now.We looked at a few houses at first but the very first house we looked at was PERFECT, it literally had everything on our want list, was 3 minutes from where we spend 80% of our time outside the house and was in our budget. My in laws however hated it, basically they’re super snobby and don’t understand that we are not also millionaires. However, they have experience in real estate so going with thier advice (our mistake) we made a low bid, like insulting low. They declined our offer and said that they’ve declined higher offers. So a few days pass, my in laws aren’t in my ear anynore and I call my agent to tell her I want to make another bid, what are the odds we’regoing to find a place as perfect, it’s worth it. So I tell my agent that I think we made a mistake bidding so low. She completely agrees and is so glad I decided to come back to that house. However we found out 5 minutes later that they accepted another offer. For the same that we were prepared to offer. Whyyy on earth didn’t my agent tell me our low bid was insane? The housing market here is crazy.Since that house we’ve fallen in love with a bunch of other houses and lost those to cash, bigger bids, better financing, etc.We just saw a house for 500k that is half unfinished and while we were there 3 other agents showed up to show it. When we were leaving my agent told me we shouldn’t even bother, it’s going to go for a lot more and probably get a bunch of cash offers. I feel so depressed and hopeless. Is this a bad agent or just because the market in Seattle is blowing up so quickly?
(International) A house that currently has a mortgage is normally disqualified from being transferred into a charitable remainder unitrust for purposes of deferring capital gains. Would doing a 1031 exchange for only the owner’s equity of this property (and paying capital gains on the mortgage boot), followed by exchange into a CRUT of the new, 1031 exchanged property allow one to defer capital gains on this property? This property is international so all exchanges would be done internationally.
Basically, the title’s it. My husband and I are on the house hunt and there’s a house we really like, but it’s across the street from a grave yard. NJ, USA if that’s relevant. It’s a 2-family we hope to live in one unit and rent the other.Husband is hesitant about it and fears we’ll have a harder time renting it out because the cemetery is “creepy.” fwiw, it’s a well-maintained cemetery. I like the idea of living near something so quiet and with relatively little traffic — if I was looking to rent, I think I’d take the cemetery over say, a school or a shopping plaza. But he might be right, so I wanted to get some opinions about whether a cemetery is a big deal for a renter or prospective buyer.thanks!
Ok, so I plan on buying a condo with a price between 75k-100k, but I have a few questions before I start to make plans.Are FHA loans harder to be approved for if your credit isn’t the best? Or are regular mortgages harder to get?How much would an FHA loan add on over time to the total price of the condo? I know about the PMI, but unsure how to calculate it.Is a condo a good first house, or should I go for something else to make it easier to be approved for a loan?Is it a good idea to use your 401k (like a loan from it) to help get the down payment on a house, and would it affect chances of getting a mortgage loan?Final Question: Should I go through my personal bank or a Credit Union for a mortgage? Unsure how to get into a CU, but I’ve heard good things about them.Any help or additional advice for a first time buyer would be greatly appreciated.
Yet another interesting headline in the world of health and well-being. Researchers Gather Health Data For ‘All Of Us’
Federal researchers are collecting blood samples from 1 million Americans as part of an effort called “precision medicine.” But some critics worry that the path ahead is expensive and unclear.
Yet another interesting headline in the world of health and well-being. The Year In Space Discoveries
It’s been a banner year in space. We hear about 2017’s biggest highlights, including the “Great American Eclipse” and NASA’s Cassini spacecraft.
Hi all. I’m a long-time lurker, posting here for some advice.i’m doing a 20% convention loan on a owner-occupied triplex in hayward(a suburb in san francisco bay area), the cap rate is about 0.04 including the costs to fix the house up front. i’m also including $300/month(please let me know if i am underestimating this) in addition for all the units for repairs etc. This is not an area with quick gentrification, nearest BART is 1.5 miles away. So i doubt this will appreciate too much.Is 4% cap rate in hayward or suburb of bay area worth the hassle of maintaining 2 units worth of tenants?Anybody interested, this is the house, price is now 850k with 20k worth of repairs: https://www.redfin.com/CA/Hayward/21498-Oak-St-94546/home/1373632