Here’s my situation, I can most likely make around $80k by selling my current house. We’re thinking about upgrading, but we’re very picky about what we like, so just putting our house on the market and buying another one might not work for us, since we don’t know when a house we love will come on the market. So I’m just looking at houses, if there’s one we’re interested in, we would put an offer. If it were to be accepted, we would put our house on the market where it will probably sell quick.I could make an offer on a house with a contingency to close on my house, but the market here is so crazy that there’s a high chance that the buyer would just pick another offer without a contingency.I’m planning on when putting in an offer, set the closing date a bit far away, and when I do sell, try and get a quick closing date.So I met with a broker today about how to work all of this, he mentioned if I don’t end up selling the house before closing on the new one, I could recast the loan when I finally sell my house and have that chuck of money. My only worry is PMI, I’m not sure if I’d have to wait some amount of time after recasting to get rid of the PMI.Anyone done anything similar before? Anything I’m missing? Would love to hear from people who went through the same situation.
My elderly neighbor sold her house (one half of a duplex) to her granddaughter and husband.They came by today because they are seeking a variance that would allow them to convert the unit from a single family into two apartments, one on each floor. The variance request required signatures from people in the neighborhood, which is why they came by.This is the property that is directly adjacent to mine, and we share a fence. If the unit is converted into apartments, how would that affect my property values? The value has gone up pretty significantly since we bought 4 years ago.The street is all SFHs save for their building and another duplex across the street. They would be the first apartments on the street, although there are a couple buildings on the next street over that are homes converted to apartments.I’m in PA, just outside Philadelphia in the suburbs, if that helps.
My lender mentioned that they can run a report through a national database to provide an appraisal on the house we’re under contract for in lieu of having an actual appraiser go on site. It would cost only $75 for this type of report rather than the $300-500 for the onsite appraiser. Has anyone gone this route? I’m assuming my lender is taking all the risk. Is that true? Thanks in advance for the responses.
This seems like a great sub for home buying and any general real estate questions. I have created another sub similar but that has a different focus. r/LBHousingPredictions This is a subreddit for users to discuss and predict future housing market trends based on location.Areas around you that you want to know about, or give insight to other users based on backed information you may have or insider knowledge. Cities and towns around you that may be up-and-coming areas or have future plans for development. Discussions here may help your decision during the home buying process, investing, or simply just wanting to know about the areas around you.This is a brand new sub, all are invited and welcome to join. Must be 18+ to join. This will be a slow startup subreddit, as those joining looking for answers about the areas around them, must rely on other user information/advice. To put it simply, the more the merrier to make the sub a success. Thank you all and have a great day
As the title says, I’m 16 and I have very little knowledge or experience with the real estate market. The knowledge I have comes from my dad as he himself has a few property’s he manages. My plan is in order to minimize the costs of college as well as after, is to invest in a house near the college I plan to attend in order to rent it out to fellow colleagues going to the same school I am. My idea is, correct me if I’m wrong, that getting a property near a popular school is a surefire way to get tenants. The school will always be there, and so will my property giving hospitality to anyone who doesnt want to live directly inside the dorms of the school.The problem with this is I’m not sure what things I should learn and focus on NOW whilst I still have 2 years until I actually buy the property. What are some books, articles, videos, etc. that I can learn from in order to gain an understanding of real estate in general as well as so I dont go in completely clueless and end up wasting large sums of money.
There was an article a poster posted on someone’s post about capital gains tax about 1week-3weeks ago and i can’t find it. Basically my stepdad has 20+ rentals and he is under the impression he can move into them , homestead, sell after 3 years and collect all gains but I told him he would have to pay depreciation tax or something on them. He isn’t aware of the law bush passed screwing investors out of screwing the government lol. Any help??
When I’m searching for properties, I have to find a place I want to see more info on, and only then I can see that “school rating” is “3.4 out of 10”.Any tool out there where school rating is a filterable setting? Redfin and Zillow mobile don’t seem to have the ability.
My ex-partner and I bought a house once before but it was a family condo and so no realtors, etc were involved. I’m currently looking for condos, and was under the impression a realtor could also function as a broker. We’ve been seeing some properties and our realtor told us there needs to be a broker involved too. What value is there in having two separate people do these jobs?
Hello my husband and I have been pre approved for a home. We put an offer in and the bank had previously asked about one of my husband’s cars. They told us yesterday that we would need documents showing his dad has paid for it for over a year. This is complicated as my husband is active duty military and when he deployed I couldn’t get into his loan account to switch the payment to his fathers info. So he paid us 6 months worth of payments in a 2000 lump sum for back pay. We can show the bank that his father has been paying for 6 months and for the 6 months prior to that he paid us 2000 for back pay. Also his father is a Co borrower on the loan that’s why we just let him take it. We can also have his dad write a letter explaining the situation. Is this going to be enough? Has anyone had this experience? We are in the middle of a tropical storm and I can’t get a hold of the bank otherwise I would ask them. If anyone has any advice to give I would greatly appreciate it!
Hi friends, I’m hoping to leverage your collective expertise to protect myself from my own ignorance. My husband and I are currently renting, and are looking to buy our first home. We’ve set up a handful of showings this afternoon through our realtor, and I was wondering if anyone has any suggestions as to what we should keep a special eye out for. We definitely have our ” must haves” as well as a few total deal breakers, but I’m more concerned about potential issues with a property that we might miss completely simply because we’re so new to this game.For example, is there anything that we might look for as we walk through these homes that could point to shady electrical work, foundation issues, plumbing problems, etc? We fully intend to get a thorough inspection before we seal any deal, but do y’all have any tips that can help us identify problems before we get to that point?In case context helps, we’re in a decently small Midwestern city, pretty low cost of living, and our budget is 300k. Most of the homes in our budget are either brand new construction a little bit you of town, or homes built in the 1950s and ’60s. A lot of the older homes have been upgraded or flipped, but certainly not all of them.Thanks in advance – we appreciate any advice and guidance we can get!