Real Estate / Property Development Tech Project

Hi,

So I am entering my final year of University and have to complete a final year project. I have always been interested in Civil Engineering and should really have chosen it over doing Computer Science.

So once I leave uni I want to switch things up and begin a path in real estate (currently am sitting on one property waiting to develop it)

But why I am here is would anyone have any cool, good technology ideas which would be useful for real estate (any sort of areas) that I could try and develop for my final year project.

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First time home buyer. What red flags should I look out for when looking at newly renovated houses?

A lot of houses around the area I live in (Central NJ), in our budget, are houses that seem to be flipped and put on the market. They look nice, but I'm weary when it comes to the quality of the renovations. What are some red flags to look out for when it comes to houses like these?

Also, are there any resources for first time home buyers to look into and take advantage of?

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Flies in apartment

I’m not sure where else to post this so if you can advice I’d appreciate it

I rented an apartment a month ago. These past few days I’ve had a serious fly issue. Today I’ve killed like 10 flies. They keep gathering onto my window. It’s seriously bothering me and feels like I spent my whole day killing flies.

I made a maintenance request. What can I do and what are my options if this doesn’t get resolved? Can I get them to break my lease? It’s disgusting and wasting my time.

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What to watch out for in “pop up” communities new home builds?

I am looking at purchasing my first home.

The community is all up and coming build wise, most of the homes are in construction or just completed within the last 2 years.

The location is great and price point is incredible, a good 10+% lower than comparable homes in the area however they actually "LOOK" nicer. Obviously this means cheaper materials were used.

What should I watch out for with new builds? I was touring some of the completed builds around 1 year old and many had cracked floor molding, slightly crooked light fixtures, nail pops, etc. This seems relatively common and easily fixable/under warranty? Any advice?

I'm trying to understand why EVERYONE isn't buying these new homes when the value is just too good to be true. I have heard some negative stories about rejected warranty claims but also stories of people who have lived there for 2 years with no issue.

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Mid 40s, first time home buyer, 150K/yr, and moving to Ft Collins, CO

As the title states, I'm a first time home buyer who is going to be moving to Ft Collins, CO soon. I'd like your thoughts on the Colorado market and any advice you have to offer.
Here are my details:

  • Mid 40s
  • Single and never married
  • First time home buyer
  • Salary: $150K/year
  • Credit fluctuates around 800
  • No debt (car, student loans, and credit cards are all paid off)
  • I have $40k for down payment
  • I plan on staying in Ft Collins for over 5 years . I may stay until I retire, but I may decide to leave at 6 years – who knows…

I'm tired of renting. I've rented my entire life. The last few years, I've been living in California and spending $2k/month on rent. It's been a wonderful experience, but I feel like all that money was wasted. The market in Ft Collins is much more approachable than California, but it's still considerably higher than the national average. The home prices have nearly doubled in the last 7 years (probably because people are moving from California).
How much longer do you think this growth can last? Some people talk of a bubble coming, but foreclosures are at an all time low.
What would you do in my situation?
Any advice is much appreciated. 🙂

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Do we have a discrimination case?

So, my wife and I are looking for a home in one of most competitive real estate markets in the country right now. Competition is tight, and good homes usually go for way over asking with multiple offers. After losing out on 3 homes, we found one that was in our price range, had excellent location, and was generally well maintained (such homes do not come by often and we were very excited about it). Having been burned before by being conservative, we put in a bold offer, hoping for the best. However, the home did not go to us, and the seller agent told our agent that the home had close to 10 offers and ours was somewhere in the middle of the pack. Well, that sucked, but we decided to let it go and keep looking. A few days ago, the house is finally closed on, and what do we find? The home went for a few thousand less than what we offered! We immediately contacted our realtor and asked them to find out what was going on. Was it the contingencies, or rent back or what? They got in touch with the seller agent, and called us the next day basically saying that the seller agent told them that the sellers wanted to sell to "nice people". Apparently we didn't make the cut for being nice enough. The seller agent said that our offers were pretty similar in terms of contingencies, only that they liked the letter that the other buyer had written to them (looks like our offer was the top offer as well). For the record, my wife and I are immigrants, we look the part and are names are pretty immigrant-ish too – we think that these were disclosed to the seller.

Our realtor and their broker seem to think that we have a discrimination case and should file a Fair Housing Complaint with HUD. I have a few questions:

  1. Do we have a case? It will suck that we lost out on our dream home because of discrimination and would absolutely file a complaint if that was the case, just to prevent something like this happening in the future. At the same time, we don't want to inconvenience anyone if there was no actual discrimination.
  2. Does filing a complaint affect us in anyway negatively?
  3. What can we expect the outcome of the complaint to be?

tl;dr: Wife and I put offer an our dream house. Offer did not win, but we found out that house went for less than what we offered. Sellers wanted to sell to "nice people" according to seller agent, and made that decision based letters that the other buyers wrote to them. Wife and I are immigrants and think that our names may have been disclosed to the sellers which may have biased them against us.

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32 and looking to buy our first home.

I make 50k a year Gross with an average 640 Credit Score (which Im working on raising actively).I live in Rochester, NY and Im hoping to get some advice on the "gotchas" of home buying.

The range that Im looking for is between $70k and $120k which is about what I would pay in rent, all inclusive.

There are First Time HomeBuyer programs here that could help me greatly in getting into our first homes, but I honestly don't know where to start besides getting a pre-approval for the loan.

What are the major cons of buying a foreclosed home besides the obvious? (unreported damages, leaks, etc).

I have credit card debt and negative items on my credit report which are being paid off, albeit very slowly.

I also am considering using my 401k to roll into the down payment. It's only 2 years old, but I doubt I'm going to have enough to retire by the age of 60 anyway. I'm more concerned with investing in something now that can help us later on, and if I can get my monthly payments down, I can focus on saving more instead of surviving now.

Also, please keep in mind that I don't have family or financial help. Im not looking to to take the fiscal high road and *save save save*, I've been renting for the past 12 years and Im sick of not having anything to show for it.

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Subjective Opinions: What are Reasonable Inspection Issues?

We're the buyers and have been seriously looking for a house for about four months in a hot market. Hot as in, a desirable house will have multiple offers by the first or second day on the market. The house we offered on was listed on a Friday, we offered on Saturday (multiple offers), and was accepted the next day (Sunday).

The sellers are relocating, and having gone through that before, we figured having flexibility on closing would be huge. We offered $5k below list, no contingency, no request of closing costs, and closing on the seller's timeline. It was accepted, mainly due to the closing flexibility.

We had our inspection a few days ago and after reading through, we had a few minor electrical issues (missing grounds, exposed grounds, loose wires at panel, non-functional outlets) and a few minor plumbing issues (loose toilet in particular), along with some other stuff I would consider "no big deal" but would have to be fixed sooner than later. Since we have been looking for a while, and this house checked every box, I was leaning toward calling it even and completing the inspection with no requests.

After speaking with our agent, my wife ended up getting some estimates and in the end, to end an argument, we requested closing credit of $2500 to have the issues fixed after closing.

So the question being: what would you consider reasonable in this scenario? Are we justified with asking for closing credit to fix those minor issues or is it being petty to ask for a small amount to fix minor issues on a 40 year old house? My biggest concern being we lose the house over little stuff since they had multiple offers initially. Or am I the one being crazy thinking we shouldn't ask for credit to cover repairs?

Very much appreciated on the comments and advice!

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Low Appraisal-Help/Advice

Hello real estate reddit! We have hit a bump in the road in our home buying journey. Long story short(ish): my partner and i are interested in buying a home in a “hot area”. We saw the house the day after it was listed, came in above asking price. They had another offer that was cash. The selling agent “liked” us, we wrote a letter about how much we love the house, said we wouldn’t ask for improvements after inspection, and she wound up accepting our offer. She requested the closing be pushed back another month, we extended it another 2 weeks to help her out as best we could without totally inconveniencing ourselves (we have a lease that ends this same month we were supposed to sell). The appraisal was done and the house under appraised by $20,000. We cannot (and decided we wouldn’t) make up the difference. Our lawyer advised we ask them to lower the price and we will close on the date she asked for. Just wanting some general advice or words of wisdom.

I think the deal maaay be dead considering there was a cash offer who the seller may just contact to see if they’re still interested :-/ just wanting to vent to Reddit and hear any stories you have about a similar situation! Thanks 🙂

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