Newsflash: Thinking of selling house

I bought my house back in May and after alot of consideration I’m thinking of selling next year as I’m going to grad school. Here is my problem.When I moved into my house I noticed diagonal hairline cracks coming from corners of 3 windows. None of this is listed in sellers disclosure. My inspection came back fine with no issues. The basement had water damage in 2011 which a basement waterproofing company fixed and installed sump pump/waterproofing system. This company also specializes in foundations.My question is should I repair the cracks? Is this considered a material defect even though it wasn’t listed in mine? Could this be a sign of more serious problem or normal? I would think the company that installed sump pump would have mentioned it?I am located in midwest.To give more detail, house was built in 1950s, 1 story ranch. It’s in Iowa so not near any fault lines.

Read more at https://www.reddit.com/r/RealEstate/comments/7ejr6y/thinking_of_selling_house/?utm_source=ifttt

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Newsflash: Financing a mobile home? [NH]

I’ve posted here before about looking for a second home.A mobile home in a nice trailer park has just come on the market in the past two weeks. My SO and I are interested and I’ve reached out to my lender to see what the financing might look like, but was told that if it is not a double wide or not on a foundation, it isn’t something that he can finance. He did say that there are other institutions that will finance.Does anyone know where to start with this and how financing works on a mobile home?

Read more at https://www.reddit.com/r/RealEstate/comments/7ej176/financing_a_mobile_home_nh/?utm_source=ifttt

Newsflash: Did I get hush money from Home Inspector, or good service?

Our garage door opener tore the top of our garage door not a month after moving in.I sent this email to our home inspector company (emphasis not in original email):We’ve had an unforced incident with the garage door which has broken the top panel and forced us to disconnect the automatic garage door opener. The automatic drive bracket was connected and functional, but not properly done. There may have been prior damage to the connection evidenced by the use of mismatched hardware. It appears that the hardware used was inconsistent with the clearly stated intent present in the manuals for both door and automatic opener, as well as bilingual labels just below the connection point on the garage door. Apparently angle iron or wood blocking is required for a proper installation. The damage, hardware, and labels are visible in the attached pictures. I can reply to a request for the pertinent manual pages.In my review of the documentation I have received from Homecheck it is my impression the proper installation of the garage door opener was a point of inspection. I will proceed with attaining a quote on parts and labor to make the door fit and operable. Please clarify the process for a full or partial refund of the inspection fee if my assessment of coverage is correct.I received this email:First let me say that your garage door was installed correctly. It is a single hung lightweight garage door. Extra bracing is not necessary for this make of garage door. The township inspector gave approval for these garage doors and installation on final inspection of the property during the building process.The photos you sent me of the damaged garage door in question are more than an unforced incident. Clearly someone or something caused the door to bend outward and then caused the upper garage attachment bar to rip out of the aluminum. Even with extra bracing on top the door would have then failed in the middle because of extra forces placed on the door.In any event by no fault of our inspector or business name. as part of customer service we would be willing to offer $100 towards your repair of the door.If you have any questions, please feel free to contact me. I will have our office reimburse you $100 and consider this matter closed.Now I’ve straight up got a check for $100 in the mail from them. A little pushy…I’m going to respond and say I am still reviewing my concern to make sure they don’t consider the matter closed, yet. I am not sure if their appraisal of “installed correctly” lines up with the manufacturer recommendations and I am not sure the township inspector granting approval is a given since I have not explicitly seen than this was installed by the homebuilder rather than homeowner and beyond that I am not sure the township inspector’s approval absolves the home inspector of noting proper installation.So is this hush money and I should keep pushing or good service for an issue they are not responsible for? I appreciate any attention and guidance.

Read more at https://www.reddit.com/r/RealEstate/comments/7eit4u/did_i_get_hush_money_from_home_inspector_or_good/?utm_source=ifttt

Newsflash: Selling my home- Receiving very interesting offers

New to this sub… quick question/observationI’m currently selling a home I renovated in the Dallas/Fort Worth area for the past year while living in it, and I’ve been receiving several offers that are somewhat concerning. I’m not worried about selling the home (several offers, some for cash). I’m more so worried about purchasing another one, and getting involved in another real estate deal for 9-12 months with the market close to its peak.Several of the offers have come in with little to no money down, and terrible terms. 7yr ARMs starting at 4.75%, $5k down with a $210,000 loan, etc. I have received at least 6 offers with terrible loan terms like these for the buyer. It makes me wonder if the banks have relaxed the loan requirements again- with a glut of newly approved buyers, causing this temporary “shortage” in housing.Has anyone else noticed more buyers with much more relaxed requirements?

Read more at https://www.reddit.com/r/RealEstate/comments/7eigkk/selling_my_home_receiving_very_interesting_offers/?utm_source=ifttt

Newsflash: How to get rid of a house you don’t want (if it doesn’t sell)? [OH]

Apologies in advance if this is the wrong place for this, but Google has left me without answers, so here we are. I’ll make it brief.My mom is stuck with my childhood home, which is in disrepair. Our area is depressed (aside from some new fracking work) and so she’s commuting an hour-plus for the medical work she does. It’s taking a huge emotional strain on her as she gets older, and my siblings and I (we’ve all relocated to bigger cities) want to help her get rid of the house. It’s getting kind of dire.I believed it was just a problem of emptying it out and trying to sell it to the best offer, but on visiting this past weekend learned that she’d recently refinanced (taken out a new mortgage? not quite sure on terminology).Can she sell the house with that debt attached, or is that debt strictly hers and not attached to the home? So, theoretically, she’d use the money from the sale to pay off the debt? However, I’m doubting that there’d be a buyer in this area. Is there any way to just give the house over to someone else, or an organization?I’m basically an idiot when it comes to RE or any business whatsoever, and know that I’ve got to get on the ground in Ohio to actually do the thing. But just wondering if you guys can recommend the best course of action.(Also, if there’s a better subreddit for this kind of thing, please let me know! Sorry to litter /RE if that’s the case.)

Read more at https://www.reddit.com/r/RealEstate/comments/7eibll/how_to_get_rid_of_a_house_you_dont_want_if_it/?utm_source=ifttt

Newsflash: Duplex Opportunity

Hello, there is a duplex for sale down the road from where I currently live (Ohio); college student neighborhood; medium size university; walking distance. It’s listed at $80,000 – 2,300 sq ft total.Owner is currently receiving $1375 for rent of both units.How do I go about figuring if this is worth it?I am deciding between 1st time buyer loan with 0-3.5% down and conventional 20% down. I would live there 2-5 years.So if mortgage is 640/month and after I move out I receive an additional ~685 per unit. I would make ~700/month profit (I would allocate a portion of this to a fund for repairs/maintenance/vacancy)So would around $700/month profit be worth it, would you suggest putting it all towards mortgage?I am also going to need to move coming up very soon either way, I figure this is an easy way to live and start investing at the same time.

Read more at https://www.reddit.com/r/RealEstate/comments/7ei1w8/duplex_opportunity/?utm_source=ifttt

Newsflash: Please help us keep the location bot! Do not downvote the bot!

The locationbot is getting a lot of downvotes and we are in danger of having it removed.It does appear to have been successful. We are seeing a lot more posts where location is included or added due to the bot’s prompting.Please do not downvote the bot. If anyone would like to comment as to why the heck they would even bother to downvote the bot, I think the moderators here would love to know.The creator of the bot was kind enough to allow us to use it and to help implement it. Please help us support it by JUST IGNORING IT IF YOU DON’T LIKE IT.Thank you from your moderators.

Read more at https://www.reddit.com/r/RealEstate/comments/70wv3d/please_help_us_keep_the_location_bot_do_not/?utm_source=ifttt

Newsflash: [FL] what are the pros and cons of buying a manufactured home?

My lease is over in 13 months — but I’m just doing homework.In this time, I should have a nice credit score and be able to afford a 130-150k home with my wife.what are the pros and cons of buying a manufactured home?

Read more at https://www.reddit.com/r/RealEstate/comments/7ehp6z/fl_what_are_the_pros_and_cons_of_buying_a/?utm_source=ifttt

Newsflash: House didn’t appraise

Any help here is greatly appreciated.So I put my house up for sale for $160k after my real estate agent researched for comparables in the area. The house is a 3 bedroom, 1 bath outside of Atlanta, Georgia. Understandably, we had to do some work because most houses have more than one bedroom and the market is very short on supply in atlanta. We had a hard time finding 3br 1 bath houses in the area that are nice as mine so of course we considered some 3 br 2 bath and 1.5 bath homes in the comparisons and we adjusted the prices accordingly, considering the bathrooms.I had multpile offers and I went under contract. We got back the appraisal today and it is a staggering $30k off! I am completely lost on how the difference could be so high and if I were to sell it for this much, i would take a huge loss.According to the appraiser, there weren’t enough comparables with 3br, 1 bath in the area. There are many houses in the same neighborhood with 3br, 2 bath selling for almost 200k. There’s even a 2 br, 1 bath on sale here for 180k. Apparently he didn’t take any of those houses into consideration. He only compared the couple of 3br, 1 bath homes that are somewhat in the area but in rundown neighborhoods. If you aren’t aware, in atlanta you can have mansions across the street from slums. Is it common practice to ignore similar houses in the neighborhood simply because they have an extra bathroom? I understand that most houses have more bathrooms but does that mean my house will be compared to run down foreclosures just because they all share the same number of bathrooms as mine? My house is definitely one of the nicest in the neighborhood, so I’m confused.As a seller, do I have any options other than to await the lender’s reconsideration? At this point, I don’t know what to do. Am I not able to appeal this? I would really appreciate it if someone can give some pointers. I spent a lot of money refinishing my home so I could come out on top financially but now my earnings from the sale won’t even cover the renovation expenses.I trust my realtor but I am completely caught off guard. I put all of this money into this house to bring up the value but the house appraised for much lower than we expected.

Read more at https://www.reddit.com/r/RealEstate/comments/7eeouu/house_didnt_appraise/?utm_source=ifttt

Newsflash: How common are Supra or other Bluetooth key boxes in your area?

Where I live in Utah Supra is a widely used Bluetooth key box. But I’ve talked to agents from other states and they have no idea what I’m talking about. Does anyone use Supra or any other brand (if so what brand?) Bluetooth key boxes in your area or is it mostly contractor lockboxes?

Read more at https://www.reddit.com/r/RealEstate/comments/7eeu3j/how_common_are_supra_or_other_bluetooth_key_boxes/?utm_source=ifttt