I am looking over a real estate contract for a family member. They do have a lawyer, but I was just wondering about this. The contract requires the seller to agree to cure or correct such defects within seven days of being notified of such defects. I know often the two parties just come to an agreement on the cost to do these repairs, and it becomes an adjustment at closing.

But technically, does "cure or correct" include a monetary adjustment? So if the seller is only willing to do a monetary adjustment, and not actually do the repairs, is the seller violating the contract?

Here’s the scenario.

Home foreclosed.

Goes up for sheriff sale. Bank wins with minimum bid at 29,000. House goes back to the bank.

House is on the open market with a realtor. Originally listed at 41,500. Reduced to 38k. Reduced again to current price of 33,500.

I am looking at purchasing to flip, and this would be my first time. My questions:

I assume the minimum bid in the sheriff sale is what the bank is owed, which is what they ideally want to recoup. Correct?

How aggressively can I realistically get on negotiating? Will the bank realistically take less than 29k for it just to get the deal done?

I’m currently reading a book on short sales that recommends offering almost comically low when negotiating with a bank, since there’s basically no downside and they just want to get it off the books. I’m thinking go in at 20-25k. Is this a good idea?

I’ve already calculated ARV of 90-110k, so 20-25k mathematically is well within what’s recommended. Honestly could pay full price and still be pretty safe, but why not try for less?

Final random question; the utilities are turned off and they supposedly refuse to turn them on prior to closing. Is this a red flag or standard? I’m not that scared about it but I don’t know.

We had a really horrible young professional couple in our first income property, and they seemed perfect on paper, good job making $200K salary combined, strong credit score and proof of 2 months of pay stubs. Sounds great right? WRONG. They somehow didn't end up moving in together and it was just the single male living there and after 3 weeks, he was laid off. He refused to pay rent and we felt bad thus we set up a payment plan to help him get back on his feet, however; he has been sitting on EI unable to land a job. We ended up paying him to leave so we're already down $12,000 on our first property within 4 months.

What a shame. This was sourced by a Real Estate Agent - shocker. I'm totally fed up of these stories where landlords are villainized and yet, we take the biggest risk putting our own money down for a property, paying agents to find us good candidates, giving people a chance...

What a crazy experience...

Selling apt in DC: Do I need to disclose upcoming fees?

This is in Washington, DC.

I am under contract with a buyer. Today I found out the HOA is increasing fees in the new year and there will be a special assessment. They have not disclosed the $$$ of the assessment, but they disclosed the rate increase of the HOA. These fees will be implemented after our closing date.

Am I legally obligated to disclose to the buyer? Is it on her to do her due diligence and ask these questions? What are the repercussions of not disclosing?

Realtor and I have provided seller with termination letter and it has been over a week and the seller has not signed it. I mentioned this fact to my attorney and haven’t even received a response from him about it. How else can I proceed?

I feel like the seller is trying to punish me for actually following through on my written contingencies.

A home close to mine has been empty for several months. i noticed it had been empty so did some checking. The county has it owned by the rural housing authority Full info shows -- Owner - UNITED STATES OF AMERICA ACTING THROUGH THE RURAL HOUSING SERVICE. with a puchase price back in march of $75k

I did some digging and made some calls ( all went to VM and not returned) and have found , I think , the home is actually under the USDA . Why does the USDA own homes ?

So I went to the USDA site and they don't even have any listing for my state. Only a few in the whole country.

Has anyone delt with either of these agencies ? How to find out how to buy this home ?

FYI it needs a ton of work. last owner trashed it.

Seller has their house listed at $450k.

We offered $450k with $20k in seller concessions. Seller then countered with $430k but no concessions.

Is there any reason that they would do this? Isn’t it technically the same number($430k) either way? (New to this).

I recently purchased a house in North Carolina from a seller who failed to disclose significant foundation issues. After moving in, I discovered serious problems with the foundation that were not apparent during the pre-purchase inspection. The inspection was conducted by an experienced general contractor who is a friend (not a licensed home inspector), and only visible cracks were noted, which didn't reveal the underlying structural issues.

Here's what I've uncovered:

• Evidence of Seller's Knowledge: I obtained an engineering report and email confirmation from a contractor who was originally hired by the previous owner to address the foundation problems. The email references an engineering report detailing the foundation issues and recommends repairs costing between $18,000 and $20,000 for labor and materials, with the total project (including additional structural work) approaching $50,000. I also have copies of the engineering reports mentioned. These items are dated.
• Failure to Disclose: The seller did not disclose these known foundation issues in the North Carolina Residential Property Disclosure Statement. Relevant sections were left blank with no indication marked. ( He did not put NR Yes or NO) simply blank.
• Damages: I'm now facing repair costs estimated between $20,000 and $50,000 to fix the foundation and related issues.

My questions are:

1. Legal Remedies: What legal options are available to me in North Carolina to seek compensation from the seller for the nondisclosure of known foundation defects?
2. Impact of Inspection: How might the fact that I used a property developer (not a licensed inspector) for the home inspection affect my case?
3. Best Course of Action: Given the significant repair costs, would it be advisable to pursue negotiation, mediation, or litigation to resolve this matter?
4. Recovery of Legal Fees: If I proceed with legal action, are attorneys' fees typically recoverable in cases like this under North Carolina law?
5. Are foundation issues considered Latent or Patent defects.

I'm seeking advice on how to proceed and any insights into similar experiences would be greatly appreciated. Thank you!

We have a very nice home with a 2.6 percent assumable loan. I hear agents bad mouthing our home when showing it. It's like no one wants to sell our home. It's in a beautiful area near a very popular park. No offers-seems very odd. We are at a very fair competitive price as well. Wtf is going on?

Here in Texas. My mom sold her house a few years ago to a friend because she could no longer afford the mortgage payments. She didn’t tell anyone before she did it and she only owed about $70,000. The new owner, who is also a family friend, somehow found a loan to pay off the mortgage and went through a tax title company to get the house in his name. My mom didn’t get anything but was able to live there rent free for a little while. The house was in the family for 30 years, and yes it was dumb. Right now he doesn’t want the house anymore but mentioned selling it to me for $120,000. I have about $25,000 cash, but I don’t even know where to go from there, or if this is even possible or good. I was thinking maybe looking for a loan (don’t know where to get a cheap $100,000 loan) and then going through a title company to put in my name, but still I do t know if that’s possible or how that would work. Appreciate any advice!

I found a house that was listed for sale (not listed as foreclosed, pending foreclosure, or short sale) on the MLS. My mother is a real estate agent and she reached out. The listing realtor (grandmother of the “seller”) explained to us that the house was a short sale. Mom had never worked with a short sale before so we were going in blind. I put an offer in on November 1 for asking price and “seller” signed the contract. I put $2500 into escrow and was told my 10 day inspection period had begun. I paid $800 in different inspections (house needs work and needed to know what I was getting in to) and also called in favors for professional connections (engineers) to come check things out. Everything looked good and we are moving forward. I applied for mortgages and had hard credit inquiry pulled (haven’t signed anything yet). Today we are notified that the property was foreclosed on and is bank owned.

Did public records research myself and see that the property went to auction on October 31 at the county. The foreclosing institution was the highest bidder.

How was I allowed to put an offer in, pay deposit, and pay for inspections on a house that was already foreclosed? How was this house allowed to be listed on the MLS when the “seller” had no right to sell it?

Hi friends. I have an interview tomorrow, over the phone for a Transaction Coordinator job at at local firm. I’m new to real estate, and don’t yet have my license. I have worked with real estate agents in marketing and social media, but not much past that.

I am very interested in the field, but find that I am not the best salesman but still outgoing.

Most of my work has been in marketing and restaurant.

Any advice helps!

I couldn’t find a good flair, so apologies there.

Situation: we’re going RTO from a family friend and I was put on the deed so I could get homeowners insurance.

How, if at all, does this add to our tax return for 2025? We don’t own the house right out money wise, but I’m on the deed and we technically are paying the property taxes (they’re rolled in to our monthly payment, so we pay him and he pays them). Do/can I report that? Do I report the amount of interest we’re paying to him? (6%). Do/should we mark the “home purchase” spot on the form for the upcoming set of taxes?

Thanks in advance! It’s a wild situation I know 😅

I've been considering investing in rental properties to generate passive income and build long-term wealth. However, with the current real estate market trends, I'm uncertain if now is the right time to make this move. I've read that some areas are experiencing a slowdown in price growth, while others continue to see appreciation. Additionally, interest rates have been fluctuating, which could impact mortgage affordability.

For context, I have a stable income and a decent amount saved for a down payment. I'm particularly interested in properties that could attract reliable tenants and provide a steady cash flow. However, I'm concerned about potential challenges, such as property management responsibilities and unforeseen expenses.

For those experienced in real estate investing, what factors should I consider before purchasing a rental property in the current market? Are there specific indicators that suggest it's a favorable or unfavorable time to invest? Any insights or advice would be greatly appreciated.

A realtor has told me a few things and I’m not so sure they are true. I was hoping someone had a good resource for what can and can’t be done in FL with the new rules?

Perhaps a webpage that links to sections of the ruling / or FL statutes for different scenarios?

Trying to buy a coop in bayside, Queens and was rejected. We put in an appeal letter and was wondering if anyone knew the timeline to hear back a response? Our income + funds are sufficient and my attorney, as well as the seller's attorney are confused as to why we got rejected. House is being bought full cash and is not under market price.

We are in a rush to hear back a response from the board about our appeal since we are on rent until end of December and will have to find a different place to move to soon if they end up rejecting us again

House back on market with 20k price reduction after the buyer lost their contract and in turn couldn’t move so to contingency with selling their home. We have been looking, but we aren’t even listed yet for our own house.

We passed over this house at the higher price but the reduction made us take interest and we really liked it!

Made offer: lowballed because we saw a pending comp for 60k less. And also had contingency on sale/close of our property, like I said no listed yet (don’t come at me )

They didn’t even counter .

What would you do in this case ?

Hello, I've been living in the US for a couple of years and I'm looking to buy a house.

The price of the house is 419900, and we are getting an offer of a 5% interest rate with us giving about 13% as a down payment.

The monthly payments are going to be a bit more than $2600 in this conditions. My wife and me are trying to have a baby and were trying to keep the monthly payment below 2300 dollars.

The mortgage company will cover the closing cost for refinancing if we finance with in the first 2 years. If we save that time period we can manage to save up enough money to increase the equity to about 25% of the total value of the house, and our mortgage payments should be down to 2200 per month.

But my wife says that she thinks that if we refinance , we could get a higher interest rate than the one we are getting at the moment (this interest rate is a promo for a limited time). But to my knowledge, interest rates are going down, it just doesn't seem logical to me.

If we cant get the monthly payments to less than 2300 then were not getting the house.

In your experience, is this a good deal? Would getting a house now and refinance later to lower the monthly payments without getting a higher interest rate.

So I'm deciding to buy a condo in cash.

Some background to this. I told my realtor to send in an AS-IS cash offer to the sellers. My realtor then tells me he never heard back from the sellers and cannot get in touch with the sellers realtor.

I checked out the Zillow page and contacted the sellers realtor myself. It was easy to get in touch with him actually. Which made me sort of suspicious, why couldn't my realtor get in touch with the sellers realtor then?

Anyway I told the selling realtor about my cash offer and that I had my realtor send him over a contract. The sellers realtor search through his emails and he never got anything from my realtor at all. I then let my realtor know that I was able to contact the sellers realtor and I also let him know how to contact the selling realtor. My realtor then sends the selling realtor over my cash offer contract seemingly again. This time the selling realtor acknowledges he received the contract. My offer was 20k under the selling price.

We got a counter offer for 5k under the selling price. After speaking with my realtor he felt confident that the sellers would not go any lower on the price because of what the condo last sold for. I then contacted the selling realtor myself and negotiated for 8k under the original selling price of the condo. My realtor asked me how did I get them to do that, I simply told him that I was just trying to talk to them really and I was able to talk them down just a little bit more.

At this point I believe we all felt like we had agreed to a deal and we created the contract. While waiting for the seller to sign it, we hear back from the sellers agent saying the seller doesn't want to pay my realtor agent. My realtor agent told me that they originally planned on paying him, but now for some reason the seller doesn't want to pay him commission.

Now my realtor is telling me either I pay him 3%, I go in without representation or I push back on it and try to get him paid. So I asked the sellers realtor why the seller doesn't want to pay my realtor and he simply says the seller is not willing to compensate my agent at this point. So now I'm trying to renegotiate with the seller for a lower price of 15k below the condo original price tag, so that I can pay my realtor agent and use some funds to make some repairs.

I just read online that the sellers agent is supposed to split compensation with my agent, but I'm not sure if that is true. I also read that as a buyer it costs me nothing to use a realtor. The thing is I actually feel like I did a lot of the leg work. My realtor agent wasn't even the one who showed me the condo, he had someone else meet me there.

I'm not sure what to do in this situation. Do I pay my realtor? Do I push back on the seller and tell them to pay him? I'm also supposed to pay my own closing costs.

I am wondering if it is possible to get a bank to approve a mortgage if you don't have 2 years living and employment history in the US. I have a family member that just moved to the US and is looking to buy a house.

I own my property , I purchased a Manufactured Home and placed it on it . In Tax records now I have Taxes on the land and Taxes on the home (Two accounts) .My question is (I am being told I cannot get Exemption on the land but I can the home ? All because I didn't marry them and make it a one piece real-estate, is that true? , Just wanting to know so when I go to my appointment I know what's true. Thanks in advance for any information.

In order to finance a STR condo costing 755K what is the preferred scenario?

(1) I use 1/2 of my CD liquidity currently making 5% to pay for property all cash in full

(2) I cash out equity in my primary home, which does not have a mortgage, but I do not know what the interest rate would be, and this is variable this way, correct?

(3) Pay some cash from CD/ take out a new mortgage on the STR

I realize not paying interest is ideal (even though it is a write-off through the rental LLC). But when I do the investment property calculator on caluculator.net my return rate of (12%) is greater WITH the mortgage amount of 255K paying 500K cash for the deal instead of all cash which is lower at like 8% so I am confused - is the return greater but I am paying more interest out?

We’re in contract to sell our house, and the buyers’ 14-day inspection contingency per the agreement is up today. Five days ago, we countered their repair request, but my realtor now claims they have 3 extra days. I think she’s confusing this with the 17-day “Informational Access to Property” deadline.

I pointed out the contract, recited her own email confirming the 14-day timeline, and asked why she’s giving them leeway past the deadline. She responded, “timelines change, nothing is 100%,” and said she doesn’t appreciate my disrespect. Aren’t contract deadlines binding? There’s been no communication or signed extensions amending the contract.

Side Note: A week ago, we asked about potential rent back from the buyer, and she said the contract is set in stone and can’t be changed. But now, when it’s about the buyer’s terms, suddenly “nothing is 100%”?

Update: It's been nice reading your replies and will reply to them after work. I did not reply to her but received more info. Apparently I don't know this kind of business. If the deal falls through, she is no longer representing us because I don't respect her expertise. More time is granted when not all information is given and extensions are permitted.(Where does it say this, we haven't signed anything to that degree?) She asked how the notice to perform applies to this situation? (I mentioned this since they haven't done the contingency release due today). I guess I questioned her integrity by stating she's giving leeway for them to have an extra 3 days when the .

Title. Parents mismanaging a property, haven't paid taxes on it for years, and I found a letter saying it will go for Tax Sale in April. Does that mean if I don't pay before then, it goes for Sale? Do I have until then to pay, or do I need to pay now? Kind of lost, will be seeking some legal advice but also wanted to ask reddit. Any tips would be great.

I'd like to buy a rental property. I have to cover $100 K of the price and my husband will pay the remainder. The place will be ready for rental in Novembe or December of 2025. My bank offered me an equity LOC, using the variable rate would 5.95 prime + .6% spread = 6.55%. I can pay the principal and balance at anytime. Option 1: $279,000 USD, 20% downpayment in December 2024. In 2025, payments are as follows, Feb 20%, May 30% , Aug 20%, Nov 10%. Option 2 (price is higher by $950. but in May I'd pay 20% instead of 30% & higher payment instalment in August ). SP $279,950, 20% downpayment in December 2024. In 2025, payments are as follows, Feb 20%, May 20% , Aug 30%, Nov 10%. Which one would you choose?

https://imgur.com/a/d0he775

Right after the house was sold, the redfin estimate went down by 140k from 1.14 million to 1 million, whereas Zillow estimate increased by 50k from 1.05 million to 1.1 million. Anyone have any idea how do these even work? And does anyone take the estimates seriously?

I have a rental house that receives pretty good income. It will be fully depreciated in a few years, and I was thinking about selling it, and buying a rental property near where my daughter lives. But I was wondering, if it has good rental income, should I just keep it until I die and let my kids inherit it? Or is it better to sell it before the depreciation ends, do a 1031 for another place, and let the kids benefit from something closer to them when the time comes?

What’s a fair commission for a new construction home for two realtors? Right now they have it listed as 6% split between the two. We bought land using our realtor and used them to sell our house a couple of weeks ago. We have a builder lined up but they are listing for us to pay 31k between the two realtors. We would be way more comfortable at 4% but not sure how to approach this with them.

On a scale of 1-5 (1 being worst idea you horrible person and 5 being not a big deal at all)…how bad would it be to set up a viewing with the listing agent to view my old home?

Here’s the thing. It was a lovely home but I never could figure out how to design it. It just went on the market and the current owners just…I’m floored with how amazing this place looks!!!! I want to view it to see what they did and how they did things. (Not going to lie…I think I want to implement some of their changes in my current house.)

Edited to add: where we lived they don’t do open houses so that’s not really an option.

Like the title says, is it a good time to purchase? Or should I wait until the new president takes office to see how the interest rates will be next week?