Monthly Archives: June 2018

Real Estate Attorney Question

Thanks in advance for reading this and for any responses. First time home buyer here and I am in the process of (hopefully) buying a house privately. I am getting 5k towards closing, brand new appliances, and my pick of finishes from the seller because I am not using a real estate agent and am saving him money. I was given the agreement of sale yesterday. I had already planned on hiring a real estate attorney to help me with the contract, closing, transfer, and title. So, I was wondering if anyone could give me a ballpark estimate of how much I will be looking at as far as walking me through, explaining and making amendments to the agreement of sale, helping with closing, transfers, and the title? From doing some rough searches online it looks like I'm looking at around 2k. Does that sound about right?

Thank you!

**Buying in PA**

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First time home buyers considering Fannie Mae property… Please help! (IL)

So my boyfriend and I are nursing students currently working at a hospital while we're in school. We're probably dreaming more than we should be, but we came across a $39,000 house that would be gorgeous with the right work. Mortgage/insurance/taxes will be completely affordable. We're renting at $850 now and the mortgage shouldn't be higher than $500, so we'd have $350+ "extra" than we do now. The place definitely needs cosmetic work, and at that price the house certainly has something pretty major going on.

I just want to know some of our options here… It's Fannie Mae, so I know they're really specific about what is and is not accepted… But we're first time home buyers, and I know there are special loan opportunities for first timers that I'd like to take advantage of. Help with a down payment would be great so we could put money into what work needs to be done. I've also heard of loans that can combine like a repair loan with the mortgage kinda thing. I've tried looking some stuff up but I'm not sure what Fannie Mae will do…

I'd just really appreciate any info. Feel free to crush my dream if need be, too. I drove by it today and fell even more in love, so a reality check is probably a necessity! 🙂

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I’m having neighbor issues and don’t know what I can do. – Update

So, I made a post about some shithead neighbors of mine who blocked my motorcycle parked on a public street because they apparently feel they are the only ones who should be able to park there. Here is the original post for those who want to read the details (it's a doozy).

Today I bring you an update. So, I contacted Code enforcement and they said they can go out and ticket the truck and trailer as the ordinance in our city is a vehicle has to be moved every 72 hours. They did not do this and were given an orange sticker warning them that they need to move the truck and trailer. They did so, but parked a new vehicle in it's place. Right up against the foot peg again. In the middle of the night, when I would have been asleep and no opportunity to move the bike once they got off the foot peg. All I really want to do is move my bike.

Today, I realized these asshats adjusted the trip mileage on my bike. I just filled up the bike the day I parked it and it got blocked in. I might have driven it a whopping 10 miles, but when I look at the pictures I took of the bike, it shows 113. What kind of motherf**ker decides they are going to mess with someone's mileage tracker!?!

It's on like donkey kong. I am moving my mailbox to the other side of the sidewalk where they are blocking me in. This should cause enough of a problem with the USPS that they are forced to remove their vehicles to leave enough room for them to get in. If USPS doesn't force them out, I'm not sure what else I can do.

In the meantime, anybody got any ideas on how to mess with these dicks? Nothing like damaging the vehicles, but something so fucking annoying like adjusting a god damn mileage tracker?!?! I mean, who the hell does that?!?!

Okay, rant over. Advice?

Oh and I'm in Idaho

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Buying my own home (Houston, TX) in a few months. Worth it to get real estate license?

Hi reddit, figured this was the best sub to ask my question. My fiance and I are looking for small houses/town homes closer to our place of work in Houston, TX. I'm using multiple online calculators to figure out potential costs e.g. down payments, closing costs, FHA loan costs as well as realtor sites such as redfin and HAR to find potential new homes for us.

I'm getting slightly worried with how much these additional costs are stacking up compared to our down payment. Most places say to expect ~3% on closing costs??? Would I be saving significant money by getting my own license? I'm trained as a structural engineer and am familiar with flood plains and the like in our area. Am I screwing myself by doing it myself? Is a realtor THAT much more knowledge in an area I already live?

Thanks!

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Buying home from parents. What options exist for best possible monetary outcome?

I live in the State of OK. I would like to buy my parents house from them, and they are willing to sell it to me for half the price of its expected value. In this example, lets say the house is 120k, and they are willing to sell it to me for 60k.

What are the legal, tax and monetary ramifications of this? – Is it possible to sell a house at any price you'd like? – Will there be a full burden of the assessed value in regards to taxes? – How would a loan work in this situation? – What are somethings that perhaps I'm not considering?

Thank you for any and all insight!

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Is it possible for us to get a loan or do we have to wait?

My husband and I just spent the last 2 years road tripping the US making ~30k combined (part-time). We’re almost done with the trip and now we want to buy a house. The area we’re looking at will be much more expensive to rent than buy.

Prior to the trip we had an income of 110k. We are hoping to buy a ~160k house and we currently have 40k in savings. We’re both self-employed and have credit scores in the 700s, no debts.

Is it too early to look for a realtor? I’m worried our low income the past 2 years will make it impossible to get approved for a loan.

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House next door is being bought by someone who will rent it three people to a room, no background check. Any suggestions for what to do?

In central Fl. We got l bought our house two years ago for $115k. The house next door got termites about six months ago so the guy living there moved out (we immediately got a termite bond and protection). He's trying to sell it but the bank want $130k. It's definitely not worth that.

Lady who owns a house across the street told me she's trying to buy it. She says she's going to try to arrange a short sale.

The house she owns across the street is four bedrooms of bunk beds, rented by the bed, no questions asked. Really loud music and shouting all day. Cars constantly coming and going all hours. There's about four constant guys there but otherwise the tenants turn over almost monthly. We've never had trouble with them but having that much noise next door will be a nightmare.

Anyone have any suggestions here? Thinking of contacting realtors I know and seeing if any might get involved as an investment opportunity for their contacts. Thinking of contacting local REIA groups to see if anyone might be interested. I don't want to buy it myself because I think the house might be a teardown and that's too big a project for me as a first time investment. Another teardown on the corner just sold for $85k, and last year someone bought a teardown one block over for $75k, took it down to one wall, built it back up and sold it for $235k.

Ideas?

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Sweet backup offer

We are currently under contract to sell our home but we also just received an awesome backup offer.

Is there an out (as the SELLER) for us to go with the much better offer before it drops off next week?

The executed backup offer:

  • nets us an extra $50k more
  • Has no option period
  • Is not subject to Buyer obtaining Buyer Approval
  • 80% cash with 20% VA gauranteed financing

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