Looks at Agents now, one is supposed to call me soon. Just waiting for that. Will get current owners to get inspections done.
Home owner monkeys
- Thread starter wannabeabonedoc
- Start date
inspections generally aren't done until an offer has been accepted by the seller.
with foreclosures, i believe you can have an inspection done, but they are usually being sold as-is. it just gives you an out from the offer if something major is discovered.
Where on earth do you live that a house that size has a 125k asking price?
Buddy of mine was doing flips for a while after the bubble popped. Did pretty well until he picked up the place where it turned out had been used to manufacture meth. In addition to having to rip out pretty much every piece of sheet rock, he had to grind 1/4 inch off the concrete sub floor and acid etch it all. He stopped flipping shortly afterwards.
brutal. my buddy started acquiring rental properties right after college. thankfully he's had no meth houses. he has inherited some interesting tenants. he's had to have at least 1 arrested. but he owns something like 12 or 15 properties now (and manages another 20 or so). He does well enough with it he was able to quit his job at SAP.
In Seattle you pretty much have to waive any contingencies so a post offer inspection is pointless. You could hire an inspector and do a pre-offer inspection to identify issues and make an informed offer. Of course if there was a problem there was always someone willing to make an uninformed offer and you would get out-bid. Previous owner of my place hired a reputable inspector and published the results when putting the place on the market. Only surprise I found was that the house has an abandoned sewer line. Not really a big deal as the new one is perfectly functional.
If your current lease expires in a month or so, make sure to secure a plan B for a place to sleep until you close. Even when things go smooth, underwriting and closing can take 60+ days. On a side note, don't count on "renting to a friend" as income that the underwriter will be willing to acknowledge. Also, the cost of loan origination can be anywhere between $4k and $10k nowadays so add that to the expenses your loan will have to cover.
regulations per inspections vary state to state, should have added that disclaimer. then again, the real estate market in PA/philly isn't as competitive/expensive as seattle.
Something a came upon during my research.
"As the Home Buyer you are Entitled to do Any and All Home Inspections that you desire when you purchase a home in Tucson. You should be sure to avail yourself of this right."
Also, apparently property tax and qualified home interest is tax deductible on my Federal taxes.
Tucson Arizona.
Only if you itemize your deductions, and all local taxes are now capped at $10k.
No, i am not using it as an income source. Thats just something im gonna do to offset my costs. I CAN afford it on my own, like i can afford my apartment on my own. I just dont want too.
Was tax deductible.
Ugh, lame. I will have to see if its advantageous to do so.
My daughter has a little friend lives three doors up and their house is currently "under contract". I'm very curious about how that house sale goes because it has a ton of work done without permits. Garage extension, rooms in the basement that floods regularly, etc. The market here is still really hot. It's fallen through once already, I suspect because of the above mentioned issues, but then was under contract again two days later. Guess it depends on how desperate the buyer is.
your daughter must have some really monocle friends if they're still children and already buying/selling real estate.
it was actually just changed by the GOP's tax bill boondoggle.
you can also no longer deduct charitable donations.
I think my apartment has a month by month option.
look into that now.
as a first time buyer, it *should* be easier to get to settlement in 30-45 days (depending on state / local laws) as it won't be a contingency sale.
If you've just decided to become a HO and are now rushing the purchase to get out of renting withing the next 30 days, here's my advice: don't.
Gold plated My Little Ponies and shit.
I just bought my 5th house. Used a realtor every time. Piece of mind having someone who knows the legal mumbo-jumbo of purchasing.
That said, if I could find 1800 sq/ft for under $300,000, I'd be rich.,
I just bought 1666 sq/ft for $379,900...
That said, if I could find 1800 sq/ft for under $300,000, I'd be rich.,
I just bought 1666 sq/ft for $379,900...
No, i have been thinking about it for awhile. Not just to get out of renting
ACTUAL ponies.
Probably nicer quality though
You need to check your facts. You can still deduct donations, interest and local taxes. The doubling of the standard deduction just means that it will not be beneficial for many people to itemize where such a deduction could be used. Local taxes are capped at $10K and mortgages at $750k.
You think it is nicer than this place?
https://www.redfin.com/WA/Seattle/6512-11th-Ave-NW-98117/home/497574
35000 over asking price?
Nice home. Where exactly was the defunct sewage line located?
Seattle real estate is... fun.35000 over asking price?
Most of the homes around here have probably had un-permited improvements made. It can be a problem if improvements/expansions are made that would be taxable. That is only likely to be a problem with the local government if it can be seen from the street. As far as inside the home it can be an issue with insurers if the work was not done to code. My insurance company made me remove a staircase that made my carport roof into an elevated deck without the appropriate handrails.
derp, you are correct. i pulled my 2016 taxes, if that's any indication it will still be beneficial for me to itemize. we deducted about $26k last year.
Thats an expensive shed
That is a good size lot. There will probably be 4 to 6 townhomes built on it. Each will go for well over the initial $650k purchase price. Total profit is likely to be 1 to 3 million. Hell of a racket if you have the cash.35000 over asking price?
I'd guess there are more than bongs inside of it.
I hope for you that <$10K of that is SALT.
With my sizeable mortgage and single deduction I will be itemizing. Thankfully taxes here aren't insane as the housing prices. Washington has no income tax so I can deduct property and sales tax. You can deduct one or the other in states that have both sales and income taxes.
The incentive is word of mouth repeat business/referrals. (I did the realtor game in the go-go years here).and this realtor is getting their cut of the sale, based on final sales price. right?
great incentive.
Ethical realtors do well, and often help buyers get the best price when they decide to sell years later. It's a long game.
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yea, our state and local taxes aren't bad, in part because i don't live in Philadelphia county.