Newsflash: Appraisal/Value/Real Estate Agent ???

Gonna start of by saying I am no expert at knowing things about real estate, but my first time home buying experience has been pretty frustrating. I found a house that I really liked and wanted to put an offer in with a real estate (family friend real estate-first mistake I made but whatevs.) The house was listed for 115,000 and I was fully prepared to offer that much. We go back to her office and she does a comp analysis and if averages around 95k. She strongly suggests going in at 95k, I’m apprehensive because that is 20k under their price range—I’m not trying to low ball them, I was ready to pay full price. So we go in at 95, and they counter at 112. I was READY TO TAKE IT and she’s strongly strongly suggesting that I don’t and counter with 105k. Whatever, we do it and they don’t want to come down that much. I finally speak up and express that I will pay 112, and she is telling me there is no way that the house will appraise for that much and goes on and on about how the real estate agent listing the property is out of her mind. I’m clearly frustrated with the situation, and am now stuck with using her for the next 6 months because of paperwork signed during the first offer we placed.Is this true? I know there are factors that come along with the appraisal, but isn’t this how property values increase? People are willing to pay more for them? Pleaseeeeee help

Read more at https://www.reddit.com/r/RealEstate/comments/avxr7x/appraisalvaluereal_estate_agent/?utm_source=ifttt

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Newsflash: Changing the color on a spec house (new build)

We are in the process of closing on a new build which is a spec house, closing date later next month. The house is completely done except for the exterior paint which they can’t paint until the weather becomes consistently above 40°.I’ve just found out the color of the house is white with white trim which is a current “trend” of farmhouse look. Their sales person said they always build a farmhouse styled spec house in every community as part of their “variety of houses”. Most of the houses around are dual colored (white trim with another color) so I was caught off guard by this.They haven’t painted the house yet so I asked for a color change but they said they can’t, and that I would have to re-paint it after closing. My realtor thinks it’s a cost issue but said she’d talk to them to see what can be done.Is there anything I can do, anyone I can speak with about this? This is a cosmetic issue only. Inspection went off without a hitch. The builder has built all the houses in the community and in other communities. It is their general policy not to change anything in a spec house.Since the house isn’t custom built, everything was already decided and most of it was already built before we made an offer. I should have asked what the color was but didn’t have a strong opinion about it and figured it would be tastefully done like the rest of the neighborhood.Also, there’s a chance they will have to paint it after closing date because of the weather. The bank will escrow the painting money until they finish. Is there anything I can do now or after closing (if it hasn’t been painted) to get them to change colors? It’s an otherwise great house for our family and we are excited about moving into it.

Read more at https://www.reddit.com/r/RealEstate/comments/avxtee/changing_the_color_on_a_spec_house_new_build/?utm_source=ifttt

Newsflash: Can my son live in an apartment I own with no tax consequences?

My son is moving to Georgia for a new job and I am considering buying an apartment there for him to live in and eventually rent out. The apartment is in a building with an HOA and their policies prohibit anyone other than the owner or spouse of the owner to occupy the property. However, if the property is owned by an LLC, the HOA allows for the LLC to designate an occupant of the property. I have been exploring the option of forming a single-member LLC, which obviously is a pass-through entity. The question is this: My son will be paying for the monthly HOA dues as well as the property tax on the property. Would this be considered taxable income to the LLC? If he were to simply transfer me x amount of dollars per month, and then I were to pay the HOA and tax bills myself, would this technically be considered tax fraud?

Read more at https://www.reddit.com/r/RealEstate/comments/avwqs5/can_my_son_live_in_an_apartment_i_own_with_no_tax/?utm_source=ifttt

Newsflash: Looking for entry to Real Estate Investing

I just recently graduated, and am about to start a job as a rotational field engineer in oil and gas. My schedule is 2 weeks on and 1 week off. I’m looking to monetize my off time, and am curious as to how I should go about this in real estate. I will be living with my parents and the goal is to save over half my pay – around 35k. Should I work towards my real estate license, or just continue to save to hopefully buy a rental home/duplex and go from there? Is there any benefit from a license if I’m not looking to become a licensed agent? If not, should I just focus on research through books and other advice people have to offer?

Read more at https://www.reddit.com/r/RealEstate/comments/avwduz/looking_for_entry_to_real_estate_investing/?utm_source=ifttt

Newsflash: Shed on country property – FL

I have a friend that is having issues with a shed that came with a home purchase last year. When the survey was done, the title company/attorney didn’t find any abnormalities with the home and the surveyors didn’t make any notes about the shed being outside the property lines.Well recently the county just randomly showed up to tell him that the shed is on county property and is going to fine him until it is moved.The home was a short sale so it wasn’t including the shed as an added item for sale with the home. The home was sold as-is but the seller was nice enough to do some repairs within his budget.What legally can he do? He doesn’t want to lose the shed since it was in decent shape, wired for electric, and plumbed for water. He is worried that he’ll lose the shed altogether and it was an added bonus to wanting the home.He did speak with the title company about it but since it wasn’t in the seller’s disclosure, mls sheet, or the contract then there’s nothing they can do either. It was there since 2004 so I’m curious as to why it took over 15 years for the county to notice it. Something doesn’t make sense there.Any advice would be super helpful.

Read more at https://www.reddit.com/r/RealEstate/comments/avwgv4/shed_on_country_property_fl/?utm_source=ifttt

Newsflash: Landlord reneging on verbal agreement

Long story short, when our landlord came by as we were moving in, my roommate asked if it was okay if we put up “curtains or blinds” in the front windows. (I specifically remember her saying “curtains or blinds” because I was worried she wouldn’t ask about blinds.) The landlord said “sure.” It’s a huge window looking out at the street, so of course we ordered the blinds right away. The window is so big that we had to get custom, and they were pricey. They’re inside mount, fwiw. And we were planning on leaving them when we moved out, so it’s really free money for the landlord.Fast forward a week, and the landlord’s sister (who won’t actually let us speak directly to the landlord… but that’s a different story) is saying that he told us that we could only put up curtains, but not blinds. Of course, it’s way too late to cancel the blinds. The only reasoning the sister gave us was that “it’s a lot easier to repair drywall” (presumably she meant easier than repairing wood trim, which is where the blinds would be mounted). It’s simple shaker wood trim, painted white. From what I’ve seen online, it couldn’t be much easier to repair with wood putty, and we have the exact paint used for the trim.Any ideas on what to do? I’m inclined to just put up the stupid blinds and fix the holes when we leave, but the landlord’s family business is across the street, and I don’t want to have problems with them. Our lease does say we can’t “obstruct or cover windows or doors,” but I’m not worried about that either since curtains are window coverings too. I guess a diplomatic solution would be best, but I’m too irritated to think of a friendly, rational solution right now.Any advice/thoughts appreciated. Thanks!

Read more at https://www.reddit.com/r/RealEstate/comments/avw25k/landlord_reneging_on_verbal_agreement/?utm_source=ifttt

Newsflash: Will getting a second appraisal hurt us more than help us?

Hello!Long story short – the mortgage lender we went with may have taken advantage of our inexperience. He refused to give us our final interest rate until the appraisal was completed ( I say may have taken advantage because I don’t know if this is a common practice). However, he did a maximum lock rate (so the rate can’t be higher than..) at 4.6% We had the appraisal done and it came in right at sale price. However, my fiance found a much lower rate (around 4.3%) through his bank and the mortgage lender is now saying he can’t match that. If we decide to go with my fiance’s bank, they will have to do a second appraisal. My questions are:Is getting a second appraisal normal? How do sellers normally react when this happens?What happens if the second appraisal comes in lower than the sale price? My worry is that the bank won’t loan us more than the appraised value and the sellers won’t come down because of the results of the first appraisal. What can we do if this is the case?Any other advice about navigating this process is also much appreciated 🙂

Read more at https://www.reddit.com/r/RealEstate/comments/avvp13/will_getting_a_second_appraisal_hurt_us_more_than/?utm_source=ifttt

Newsflash: Relo company wants to use their own in-house title company. Is that OK?

Greetings Reddit.​My wife and I just had an offer accepted on a house. After making the offer, we found out we are buying from a relocation company and not from the homeowner. Our only real concern about this is that the company wants to use their own, in-house title company. We’re concerned about the idea of having our title company and seller be, essentially, the same entity.​To give some context for our concern, we were supposed to close on a house two weeks ago, but some weird stuff happened with heirs. The seller didn’t reveal that his wife (who was listed as the sole owner on the deed) was deceased until the title company asked for her to come sign some papers. Then the seller claimed his wife had children from a previous marriage that he had never known about, and when the title company tried to get him to go through the normal process of establishing heirship (the wife died without a will), the seller tried to do an end around and just pay out the heirs directly (and presumably less than they were entitled to) without going through the necessary legal steps. If the title company had been affiliated with the seller in that case, we might be holding the deed to a house that doesn’t have a clean title right now, so we’re really reluctant to not have an independent title company involved in all this.​Is this normal though? Do relocation companies usually handle the title themselves? What assurances do we have that their guarantee of a clean title isn’t motivated by their desire to close the sale? Should we be worried, or is this all above board?​Thanks in advance for any help.

Read more at https://www.reddit.com/r/RealEstate/comments/avvf56/relo_company_wants_to_use_their_own_inhouse_title/?utm_source=ifttt

Newsflash: Do major banks always perform an appraisal before going ahead with a mortgage? [CAD]

It was mentioned we needed to schedule an appraisal by one major bank we were speaking to, but the other competition, who we ended up going with, never mentioned an appraisal.I see appraisals mentioned A LOT in this sub, but I know it’s heavily American based. But we never spoke once about it other than that one bank, that one time after going through the approval process.I’m nervous to mention it as we’re a week away from closing, but should I be mentioning it for our own sake, or is it only for the banks benefit?

Read more at https://www.reddit.com/r/RealEstate/comments/avvi29/do_major_banks_always_perform_an_appraisal_before/?utm_source=ifttt