Monthly Archives: August 2022

buying house, unexpected water damage

I am two weeks out from the close date. A little over a week ago I went over to the house I am buying to get a painting quote. When walking in my realtor informed me the person selling the house had already moved and had turned the power off. I walked down to the finished basement to find a decent amount of water on the floor. The basement does not have a history of flooding but the sump pump was not able to do its job due to the electricity being shut off. We made the calls to the sellers and they immediately got on it. They cleaned up the water and called in some experts. My realtor told me they filed an insurance claim to get it fixed up. I'm guessing this will most likely take the insurance company longer to process than two weeks. I am extremely nervous to close on this house without the basement being fixed first.

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First Time Homebuyer – Question About Mortgages and who to go to for my situation.

Hey y'all,

First-time home buyer here looking to relocate to FL to move closer to family. Had a few questions on mortgages that I was hoping yall could help me out with.

As of now I make $100k gross, no debts, a credit score of about 750ish, and was wondering who would be the best institution to reach out to? Conventional bank, lender, broker, etc.

I am still trying to understand the concept of the traditional bank lender, vs a mortgage broker, vs lender, etc. my RE agent sent me a few contacts for mortgage lenders/brokers I guess but I want to make sure I fully understand all the details before I get myself into something.

I just wanted to pose the question here to get an independent perspective on which institution might be the best place to look into for a mortgage.

ADDITONAL DETAILS – Price range $200 – 250K, 3.5% to 5% down.

  1. Is finding somebody local to the area the best option?
  2. Thoughts on big box lenders (New American, Rocket, etc.)
  3. Given my details why not just go to my bank?

Thanks yall!

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They want to change the assessed value to match the purchased price of our house

We bought our house a year ago at the appraised value. Now we get a letter that the school district wants to set the assessed value based on our purchase price. This feels crazy to me since that would be a pretty decent jump in assessed value and therefore taxes. I feel that this will also lower the market value of our property as well since since future buyers would be driven away by the property taxes. How do I fight this? What arguments do I have to appeal this?

This is Pennsylvania.

Always though that the assessed value was typically 20-40% below fair market value.

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Does it make sense to get a < 2000 sf house for over 1M, if the location and quality is very good?

For those of you in some of the more expensive COL neighborhoods, did it make sense to pour huge amounts of money into actually having a decent place in your great location?

It seems that it would be tempting not splurge and get something more normal. Getting a nearby vacation house, or much nicer retirement house seems like it might be preferable, this is mainly because expensive housing doesn't appreciate as quickly but has large taxes etc.

Just curious if anyone ended up feeling like it was worth upgrading in very high COL areas or not.

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Can’t seem to pass the real estate exam in nevada

Can someone offer some advice? I can’t seem to pass the Nevada real estate exam for both state and national. First time I got a 62% for both. Two weeks later (today) I retook and scored 67% for both. Getting discouraged, I used compucram and retook the exam 5 times, scoring 90% consistently. Only took online school, do I need to go back to school or do I need prepagent? I didn’t do well on the math portion at all.

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How do I sell a “to be built” property?

Bought a flip, and for the first time ever I want to discover selling the house for the ARV now, and then use the money to build? Most builders/flippers in my area are selling the house and then doing construction after the deed is transferred. How does this process work? I'm not sure if I have the right idea.

Curious if it would skip me having to get hard money or even use my own funds to renovate the house.

Located in Northern New Jersey.

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I just passed my real estate exam and finished my course, how do I get a broker to sponsor me if I want to work in CRE and don’t want to work as a realtor?

I just found out today that I passed the New York State real estate exam today and I have already finished the necessary 75 hour course requirement as well so all I really need is a broker to sponsor me.

However, I'm in college still and only really wanted to get my license so I would have some qualification and background in real estate because I am looking to apply to commercial real estate internships (JLL, CBRE, etc.) and I'm not necessarily looking to become a realtor fulltime at the moment.

Now I'm kind of curious as to how I get in contact with a real estate broker to sponsor me and would it be a bit harder since I'm not looking to work as a realtor at the moment? Honestly I am surprised I made it this far in getting my license so I am not too sure where I go from here but if anyone has any advice that could help that would be great.

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