House loan and title without living in the property?

Hello guys, I really need some help on this.

So, originally I was going to move in with my parents to this new house that my parents are still waiting to have it finish closing (papers and all). So I decided to change my mind and stay in the northern VA area since this is where the jobs are and I have few options for colleges.

However, my mom wanted to transfer the loan to my name eventually (long story). Do I have to physically live in the house to have the loan and title transferred to me? This is for the state of Maryland btw. If I do, is there any way around this like a power of attorney or something since the house isn’t for commercial use it’s just my parents will be living there but I won’t.

Thank you to anyone who can add some enlighten on this 🙂

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(GA) As a buyer, should my agent give me access to MLS listings?

I've bought a home before, and my real estate agent gave me access to the MLS. He made a filter based off of what I was looking for (e.g. 3BD home with at least 2BA), but I could also search outside of those parameters and browse for myself. It was the FMLS if that matters.

Fast forward 1.5 years, and I can't use my old agent because he's out of the biz. I'm chatting with a different real estate agent and she's saying that she'll look around based on what I told her I'm looking for and email me some houses that she thinks will fit. I asked her about access to the MLS and she says that the MLS is for agents only and there's no consumer-facing site/app for it. She also says that I can just send her links from Zillow or RedFin and she can set up showings (I guess by then plugging the address into her agent version of the MLS).

This doesn't seem like the most efficient way to do things. Is she blowing smoke/doesn't have the right tools to do the job? Should I try finding another agent?

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land contract question

Hello,

My parents own a farm and the neighboring farm is owned by an elderly lady with no heirs. Another neighbor has a contract with her to farm her property. Back in June we asked her if she would consider selling the field that borders our farm to prevent it from ever going up in houses, etc. She thought about it for a day and then got back to us, saying she didn’t want to parcel out the farm at this time, and that she was worried about how it may affect her contract with the farmer.

I am currently looking to buy or build a house and told her that if we bought the field, I would build a single family home on the parcel. Due to family politics, I am not permitted to build a home on our own family farm. This would kill 2 birds with one stone, preserving our privacy on the farm and providing me with a place to build a home.

Are there any types of agreements such as a land lease, contract, rent to own, etc. which would not require subdividing the field from her farm at the present time but would do so at a future date, while allowing us to build a home there in the meant time? I would like to approach her once more but would need a proposal that does not include parceling off her property any time soon or interfering with the farmer’s contract. I would build in the forested portion rather than the field to avoid reducing the tillable acreage.

Thanks for reading.

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Shared house equity

We are interested in buying two neighboring houses — one we would own 100% and live in, the other we would split equity with other family members perhaps 50/50 and they would live in it. We would not live in the second house, but might share use of the yard etc. How would this work? Split the down payment, mortgage payments, and property tax but have the occupants pay all utilities? What about repairs/improvements to the house — would those need to be tracked and split 50/50? Would the occupants need to pay "rent" to us at 50% market rate?

Please skip any of the "this is a bad idea" feedback. Simply trying to understand the financial logistics of an arrangement like this.

Thanks!

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Switching Realtors? Ethics concern – Florida

Have been corresponding with two Realtors via phone and online. I picked the Agent I like best and wanted to see a house tomorrow. (Our house is under contract, and it's time to buy a new one.) Told her we wanted to make an offer on a listing she sent us. She acknowledged my email, said she was busy and would call me back. It's been hours and I haven't heard from her. I've emailed her 3 more times. No response. She's the one who emailed the listing to me.

Would it be improper to switch Realtors mid-stream and have the other one show it to me before it's sold? We would like to buy it this week, like tomorrow! I haven't met either Realtor in person yet. Am I obligated to her in any way? Thanks

Edited to add: They are in a city several hours away from where we live.

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Logistics of Buying then Selling – Bridge Loan?

My wife and I plan on upgrading our home spring/summer of 2020. The kind of property that we want (large lot, slightly rural) don't go on sale very often. So I don't think we'll have the luxury of selling our house and then finding something new to move into. That being the case, we are planning on waiting for a house we want and buying and moving into the new house prior to selling our current home. This will allow time to find the right property for us, but obviously provides some logistical challenges financially.

We're looking for some guidance on our options to pull off buying the new house before selling the current one. We talked to someone at our bank (not a loan officer) who said our only option was a contingency on our offer, but I think it'll nearly impossible to pull that off in our market.

Some details on our situation:

  • Loan remaining on current home: $228,000
  • Current home value: $336,000
  • Current payment: $1,312
  • Yearly household gross income: $135,000
  • We have no debts other than our mortgage
  • We will have around $25,000 to put toward a down payment by spring/summer
  • The new house would be in the $500-000-$550,000 range.

One strategy that I've thought of to this point was that we could use the $25K in savings to make a minimal down payment on the new mortgage, move into the new house, sell the current house, then put the money from the sale toward the second mortgage and have them recast the loan. The issue with this one would be getting approved for the new mortgage. DTI with the existing home's mortgage, the new home's mortgage & cost of childcare (if they include that) would be around 49% if they include all 3. If the don't include child care, we should be good.

So what are our other options? I've seen bridge loans mentioned, but don't understand how this can help. Any guidance on the above or new suggestions would be very much appreciated. Thanks!

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Move-In Nightmare – What To Do?

Hi guys. This is a throwaway account obviously. I wanted to reach out to the wonderful world of reddit, per my friend's suggestion. I've been dealing with some issues at my new apartment and I'm not sure what to do. My apologies ahead of time for grammatical errors.

To start… I moved into this "luxurious" apartment complex on Friday. Given that I had the U-haul for a limited amount of time, I decided to move my things prior to inspecting the apartment. I should note that this is only my second apartment that I've had (the first one was AMAZING but I outgrew the space) so I'm fairly new to the renting scene. At around 5-6 pm, my SO and I started to unpack and noticed that the apartment wasn't clean (by tenant or professional cleaners) and probably didn't have a proper walk through or inspection done. Why? We noticed just SOME of the following issues: bugs in many cabinets/cupboards (pantry pests), an obviously cracked window, a nail protruding from the carpet of the bedroom floor, black residue on carpet, unclean appliances, unclean counters (sticky and grimy to touch), unclean bathroom (tub and shower), food particles (like whole piece of pasta) in many cabinets. We took pictures and videos, but of course the office was closed so we did our best and sent them an email ASAP. Given everything that we saw, we felt disgusted and uncomfortable. We couldn't unpack our stuff or sleep in the unit so we slept in our old apartment (since we still had it until Saturday).

Saturday comes around and we immediately stop by the leasing office an hour after they'd open since they didn't reply to our email. The leasing agent was waiting from the property manager (PM) for next steps. She was able to stop by the apartment to view the issues that we've mentioned above and was shocked to say the least. After speaking to the PM, the only solution they were able to offer was to clean some of the areas (cabinets, counters, tub, shower) today so we could unpack a bit and then wait until Monday. We couldn't wait until Monday to potentially have professional cleaners come in so my partner and I spent the entire weekend cleaning the apartment ourselves to get it into somewhat of a livable situation. We saw the PM on Sunday and he was able to come in to view the cracked window, the nail on the carpet, the black residue on carpet, unclean appliances, etc. He, too, seemed shocked and apologetic that these issues were severely missed and was planning on getting maintenance in on Monday. The PM also mentioned that he'd contact the property company regarding compensation for the "inconvenience".

Throughout this time, we saw some bugs in many cabinet/cupboards and drawers. We vacuumed, thoroughly cleaned the cabinets, and use vinegar solution to no avail. Again, we sent an email Sunday night to management. They came in Monday got some of the issues resolved. Noticed more issues with the previous tenant not having done their due diligence with cleaning. He also contacted pest control company to get them in for bug issue. At this point, we still have many items left unpacked.

Tuesday comes around, pest control comes in and discover that these bugs are scavenger bugs – most likely brought in by old tenant. Despite applying aerosol solution, we have to STILL deal with bug issue for the next 14 days. To top it all off, with all that we had been dealing with, the property company is offering $75 for our troubles. What. the. hell. I explained to PM that $75 is not an appropriate amount for what we had to deal with. We moved in expecting that the apartment was clean and move-in ready. It was not. A lot of things were blatantly overlooked which shows a shitty job was done by old tenant, maintenance, cleaners, and the complex. We had no choice but to sleep at our old apartment the first night and clean the entire apartment ourselves since they couldn't get someone in until Monday. In addition, the apartment was vacant from >2 weeks prior to us moving in. How do I know this? They wanted us to move in mid-July but since our lease at our old apartment ends 08/01/19, we wanted to move in the latest that they'd allow us to which was Friday. I told him that we are atleast expecting our prorated July rent back since the apartment clearly wasn't move-in ready or half-month's rent. PM replies that he'll ask property company again but he doesn't think they'll go that high for compensation. I come to find out that the PM was responsible for doing the walk through so I'm not sure what was relayed to the property company. I called them today and left a VM. It's been hours and I still haven't heard back. I'm not sure what I should do next. I live in Minneapolis and have reviewed my rights as a tenant, but I'm not sure where to go from here? TIA.

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buying a investment property

hello, i bought my first home 4 years ago. ive made $300-500 principal payments additional to the normal payment. the home has appreciated in value, and i am now over the 20% ratio but must pay the fha mip for another 6 years per the loan terms. its nearly 220 a month

i have saved enough for a down payment on a second home. i found a decent 2 family for just under 500k. i can do 20% down, but would rather do less if I can, to keep options open for another investemnt property in the next 3-5 years.

what do you experts recommend? I feel lenders just recommend what makes them more money off me. looking for unbiased advice.

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Brokerage buying seller property in MN

I'm studying for my real estate license in MN and have my state portion exam tomorrow. I didn't pass first go around last week. I feel like I've covered all the material I struggled with last week except for 2 related questions I can't find covered in my course material anywhere.

I'm sure I'll pass now but I can't help wanting to know the answer here.

The meat of the question is whether or not it is legal for a brokerage to buy a property that is listed with them. The second question was related to whether or not there were restrictions on offer amounts with an option saying no because it's illegal. To be clear this is specific to MN.

I have poured over my course work for days trying to cover everything I feel like I needed work on after my failed exam and I can't find a word about brokerage buying their list properties anywhere. Studying with Kaplan with what it's worth and I'm doing online only or I would ask an instructor.

Edit: a word

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In Southern California, is it illegal or legal to put in another offer for the same house? (time-sensitive)

So we did put in an offer for a house but due to some really minor things on the inspection report, we decided to back out after submitting an offer. After backing out though we have realized that we made a rash decision and want to put in another offer for the same house. My question today is if it is illegal to put in another offer for the same house shortly after withdrawing the original offer (according to state, local, federal laws and rules). Please base this off of rules and laws only and never mind about if it is morally right or kind mannered to the seller, however; advice or opinions on how the seller could react in this situation are appreciated. Thank you and have a good day.

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