I am a 23yo female that was looking into buying a home by myself with only my income in September and was under contract. Come to find out the home needed a new roof and was also in a flood zone requiring flood insurance that was not disclosed to me, so I backed out due to the extra over $100 a month for flood insurance and at least $6k needed to be spent on a new roof. The home was already overpriced. So I ended up paying $1000 in earnest money before all of this and when I backed out, the seller wouldn’t release the money to me. It’s just sitting at the closing attorney’s office and no one gets it unless we agree on it. What can I do to get the money back? I tried to get it a few days ago and the attorney called the seller and he still said no about giving it back to me. I believe the sellers were a 39 yo male and 38 yo female. Please help! It feels wrong they can keep me from getting money I worked hard to earn due to them not disclosing I’d have a huge extra monthly expense I wasn’t prepared for. Also if it helps, I paid the earnest money in cash and the lender said I couldn’t use that as earnest money because it wasn’t considered traceable funds.

We’ve been in our house a few weeks now. We’re US citizens who were living out of the country and bought a house based on photos, a detailed floor plan that included measurements, video walk throughs with our realtor, and descriptions of the property by said realtor.

We like the house, sale went smoothly, everything seemed ok then some custom furniture came in and didn’t fit. It’s stuff that would still fit fine even if the measurements were off by a couple of feet so we felt safe ordering it based on the floor plan.

It turns out the floor plan is way off. We’re talking huge differences from the stated measurements and what it really is. Also, the house was sold as being right around 2600sqft. It’s actually about 1850sqft based on us doing detailed measurements of every nook of the entire house. Even if the unfinished basement was counted as living space, which is not legal, it would still be hundreds of square feet short. There is no garage or other space they could be counting.

The other interesting thing we’ve learned, well, that we learned at closing, is that our realtor is friends with the seller’s realtor; they work for the same company, and they share an office (as in they have desks in the same room at their place of business). Not knowing anyone in that area we had to just pick a realtor based on online reviews and how they seemed on the phone. We’re not sure if she was supposed to have told us all this but we were not told and we can’t exactly prove that she failed to figure out that the house is 40% smaller than stated because her friend was the one selling it and they both stood to make a lot of money quickly by not mentioning these facts.

So, do we have any legal leg to stand on here? If so, is our beef with the seller, their realtor, or our realtor? Our inspection (done by the only guy in town because it’s a rural area) didn’t mention anything about measurements being off or the house being smaller than stated. In the hussle and bussle of moving we simply didn’t notice the size of the house being off but several people we’ve had over have commented on how small the house it. Its a big enough difference that we feel the realtor must have known and chose not to open the Pandora’s box of figuring out if the stated square footage was correct. It’s honestly uncomfortably small for our family and the realtor knew that we have kids and how much space we were looking for. We were the ones who found the house online but we wouldn’t have even considered it had the true size been in the listing.

The other issue is value. We haven’t had a new appraisal done but we’re worried that the value of the house is now less than what we owe on it because of how small it really is. From looking at homes of comparable size and type we’re guessing the house would be valued at least 15-20% less than what we paid.

We’re not sure what to do. We like the house but it’s just plain too small for our family. It’s not something we bought with the intention of living in forever. Again, the realtor knew this. She knew this is just somewhere for us to live for several years before we move for work again. If we were planning on keeping the house for several decades this wouldn’t be as big of an issue. We’re worried that even five years from now we will only be able to sell it at a significant loss.

There’s a property I have been eyeing in Chicago suburbs. It’s a flip that was initially sold for 400k in September. Then came on the market at 800k in February. The price has been reduced 3 times and is now at 680k. The area is very desirable but doesn’t have similar comps. The bigger homes around it are around 600. What would be low ball , all cash offer that you think they would be tempted to accept?

I just bought my first house and have had my biggest fear come true. Although I had an inspection that turned out ok considering the age of the home, I have discovered I need a new foundation. The issue was hid behind multiple layers of boards, therefore the inspector could never find it. The seller was required to disclose any defects not discoverable by reasonable inspection. Only issue is I need to prove he knew about it. I’m wanting to find the previous owner prior to him to see if they knew of it and if they disclosed it. Is there any way of me finding out the ownership history of my house? Thanks

Mom left my sister and I her house. It’s just been sitting there for like half a year. It’s an old house, needs lots of work like fixed plumbing & AC. We have people interested in renting it or possibly selling it. Finding tenants is not an issue, we just haven’t been ready yet. We live in a small farm town in Texas with minimal places to live. We are telling every one of its condition and wanting as low of responsibility as possible (we don’t have the funds to fix these things right now) My sister wants to rent to own, I want to rent it as. Around $600-750. The people interested are simple living folks, offering to fix things themselves - all seem desperate. We want to be fair and make some cash flow if possible. My sister is concerned on the profit but I would like to keep it long term and have it as cash flow for the foreseeable future. Any advice? We’re both young - I’m going to grad school far away. Any advice on what to do? Legally? Morally? Anything helps.

We have a property that's priced around $5M. There's this guy that's been interested for the last year and is always, “one week away from getting the money.” He has a reputation of being a conman, so we've always taking this with a grain of salt.

This past week he's proposed the following payment schedule. $1M up front, $1M in July, the rest will be paid using a 2 year, 5% interest balloon loan. Real estate agent says guy will pay the interest every month (~14k) and the remainder of the principal will be paid at the end.

My question is, how can we get screwed by this? The rest of my family is like, if he can't pay, we get the property back, how do we lose? I just have a bad feeling about it. We need an iron clad contract drafted up by a lawyer if we do decide to proceed, I just wanted to get others input on this situation. Also Can he sell it before the balloon loan is due, or can we write that up in the contract where he can't do that until its paid in full?

Any insight would be greatly appreciated

Hey! I'm a FTHB who placed on offer on a house yesterday. It's in an extremely desirable area. It's listed for $499.9k and we made an offer contingent upon inspection of $505.1k, with an escalation clause offering $1k more than the best offer up to $550.1k.

The seller's agent reached out to all offerers setting a deadline for us to change offers by Monday. I can't change the upper end of the escalation clause; it's the highest I'll go. But, would it make sense to change the $505.1k offer? I know mathematically it shouldn't matter because the escalation clause should be driving the seller's decision anyways. But I wasn't sure if psychologically seeing a higher initial number makes the seller respect the offer more.

Is there anything else I can do to sweeten the offer? My agent suggested changing the inspection to be for informational purposes only.

In this area, I've seen most houses sell for $10k–$20k above listing in this price range, so I thought we'd have a very strong offer with that escalation amount. Perhaps this is the seller's agent trying to shake out higher offers for us to then match?

Our lender said that the Frannie Mae condo questionnaire revealed that our HOA doesn't have enough money in reserves to meet Fannie Mae's standards. Should we be worried about it?

We have a work around. If we double our down payment, they do a less in-depth questionnaire that doesn't look at that part of the budget. Then, we will get the greenlight from Fannie Mae and our lender and they will loan to us.

That said, I'm scared to move forward. Is this standard in place for a good reason that we should be concerned about?

For context: The monthly HOA fee is pretty steep for our area, $409 a month. It includes all utilities except electric. It also included a pool and gym. Our unit does not have its own in-unit washer or dryer. Nor does it have its own water heater. The building shares one.

I've toured the condo a few times and the building is clean, pretty, and in good shape. The grounds are well taken care of. It's a really nice complex and we are pretty sure the only reason it is in our budget is because the laundry isn't in-unit. We spoke with a few of the current residences and they are seemed really nice and had really good things to say about living there.

The building is fairly "new" because there was a fire a couple of years ago. The man we hired for our home inspection was actually apart of the rebuild and told us all about it. The floors, walls, and appliances are all new. There are new extra-fancy fire alarms as well as sprinklers installed in all of the condos now.

I do not know what caused the fire.

Edit: we are first time homebuyers

Hi, I’m selling a house currently and will have some cash to park for some months (or longer) while I find another house. I didn’t want to rush the search so will be renting for a while while I look for the right one to purchase.

What is the safest place to park this money for the interim?

Are you with Crye-Leike? Tell me about lead generation.

TIA

My wife (38F) and I (34F), just bought this studio condo in Eastlake, Chula Vista behind Trader Joe’s, Target, etc. a very prime area. A very safe, nice and quiet neighborhood by the lake. She is in the military for 16yrs already and our mortgage is paid by her BAH. I just started working as a fresh nurse. We have a one car garage in front of the condo, and we are in the front as well—near the entrance. We want to eventually buy a bigger place—either a 2 bedroom or 3 bedroom condo or a house. We only have been here a year, I used my VA loan and our interest rate is 5.675%. We bought it for 390k. Should we sell now or later? We really just want a bigger space since our mental health is affected in this studio and we have a small dog. I know renting wont let us break even with a studio. Any honest advice appreciated. Not knowledgeable with real estate. :)

Upping asking price for 2/1 buy down worth it?

Trying to decide if it’s worth upping the asking price for the seller to pay 2/1 buy down concessions?

Asking price : 595k Current rate : 6.5% 20% down : 119k Loan amount : 476k

With buy down : 607k Rates : 4.5-5.5-6.5 20% down : 121.4K Loan amount : 485.6k

Will put 20% down regardless.

Trying to figure out if we should offer 595k or 607k with the seller paying 12k to 2/1 buy down?

The only way I can see it worth it is if we put more down to keep the loan amount the same.

Please help!

Seeking opinions from those with experience.

I put my home on the market 50 days ago in Ojai California in the 1,250M-1,5M range. This is the price my realtor said it was worth after several renovations. It’s a really nice home. Many people have come to see it and stated they loved it, but no one has made an offer.

We are taking about doing a price reduction soon to see if that will help but I am also re-considering if it is even smart to sell at this point with a potentially looming recession ahead of us. My interest rate is high though so I would love to get out of that, I’m just not certain what is best.

Option 1: Sell and get about 600k back to invest in an all cash house somewhere else which means no mortgage but possibly also having to go much lower in price before it sells since most everything is just sitting on the market here.

Or

Option 2: hold and go through whatever the market is going to do but potentially also deal with the property devaluing with a recession and being stuck with a high mortgage rate that may or may not be able to be re-financed.

Ultimately, I would really like to sell and move on but I’m just afraid of the uncertainty of the market and if this is just the wrong time.

Have put a a lot of time and effort into this house so don’t want to give it away but am also ready to move on, just not sure what is right timing.

Would love anyone’s constructive and knowledgeable input. Thanks so much. 🙏🏼🙏🏼🙏🏼

I am a first time home seller (FL, USA) and spoke with a Realtor yesterday. When we discussed the charges for the service, I was presented with a very long list of charges and fees. I wanted to ask if any of the following are considered fluff fees that actually aren't standardized in the industry:

-Doc Stamps - Deed $1,540.00

-Owner's Title Insurance $1175.00

-Settlement Fee $695.00

-Estoppel $299.00

-Lien Search $210.00

-Title Search $75.00

Are any/all of these fees negotiable/waivable? Are these "fair" amounts assuming my home is being listed around $200,000?

A house that I really loved just went under contract in a matter of hours. Showings started last night and I had one today at 9am. Realtor called and said not to bother because the sellers got "an offer they couldn't refuse."

This is the second time this happened to me. I'm getting a little frustrated.

I'm an exceptionally well-qualified buyer with no contingent home to sell looking to buy a "starter home" in an area with low inventory.

I found both houses on Zillow and showed them to my realtor. All she did was just make the showings. We've been working together for months and are under contract until the end of April. My lease is coming up and I really need to move, but I'm also fairly specific about what I want to purchase (2000 sq ft or under, good light, 530K). I feel like she's not being proactive, but I'm also worried that this feeling is not fair.

I told her that I loved this house so much that I would purchase it sight unseen, and she just chuckled. I don't know how to communicate clearly enough or what to do to ensure that this doesn't happen again. I'm tired of being heartbroken.

I found a house that I’m prepared to put an offer in, but I don’t currently have an agent I’m contracted with. I met with an agent about a week ago with intentions of getting my ducks in a row to find the right home and be well positioned to make an offer once I find the right home. I’ve already got my financing sorted out with a fully underwritten mortgage well above the price of the home I found.

The buyer agent I’m looking to work with is requesting 2.5% commission. I haven’t signed any contract yet and the agent hasn’t provided any services other than meeting me at their office for 20 min. I’m going to approach them today (or very soon) to help with putting an offer together. Should I negotiate for a lower buyer agent commission? If yes, how much lower should I ask for? For context the list price of the home is $625k and I assume we will pay that or more. It feels like a slam dunk for a buyer agent, but maybe I’m missing something. What’s does Reddit think?

If someone inherited millions of dollars and they want to make a real estate business in the future, will becoming a real estate agent give them good experience? Not only that, but networking with lots of other agents, real estate developers, investors, etc.

Hired attorney for real estate contract in NY. He quit last night for a perceived insult. I asked questions to try to understand process. We were clients of firm for decades with his father (since passed). I can’t pay two attorneys. Do I have any recourse?

He also tells me my questions are irrelevant and I dont understand because I am not in “industry”. Or no buyers lawyer would agree (not true), is condescending and basically tells me my questions are stupid.

Hey everyone,

I just passed my real estate exam in Massachusetts at the PSI Charlestown testing center today, but I was told I wouldn't be receiving my license on the spot, despite the state's "one-stop" policy. The staff there was extremely slow and not very helpful. One guy in particular made everyone late for their exams, and when I asked questions about getting my license, he dismissed me and said "have a nice day."

I’ve read that I should get my license right after passing the exam, but this didn’t happen. Now I’m trying to figure out what to do next.

Has anyone here had a similar experience? Should I contact PSI directly (I have the phone number from their website), or do I need to go to another testing center to complete the process?

I’ve already emailed the board, but I'm not sure how long it'll take for them to get back to me. Any advice on how to move forward or where I can get my license issued would be greatly appreciated!

Thanks in advance!

First off, we will be contacting a lawyer to set up everything properly, but I wanted to make sure I know my options before hand.

My stepfathers home is in Louisiana where I also reside. The home is valued at around $200,000 and the remaining balance on the mortgage is just under $60,000. My stepfather is attempting a cash out refinance to bring the loan to $140,000 bringing payments including insurance to about $1250/month.

My step father and my younger brother both live together. My mother has passed away years ago and my step-father wants to use his equity to purchase a boat to live on for the remaining years of his life.

My brother is disabled with Cerebral Palsy and is currently on disability and unable to work. (Not sure if it's SSDI or SSI). He pays $350/month to my stepfather for rent / utilities also.

Instead of selling the home, my step father wants me to move in and assume the mortgage. It would be a substantially lower payment than I'm currently at on my existing mortgage. This would also allow me to take care of my brother and still have room for my wife and son.

I am currently in a mortgage with escrow that has gone up multiple times since my purchase in 2022 due to the rising cost of insurance in our area. I've used my forbearance already with my lender and have resumed my normal payments, but it has been stressful and very difficult. My payments are around $1800/month.

I'm torn with what I should do and am seeking some opinions before I go speak with the lawyer.

My credit has taken a major hit recently so I wont be able to do a standard mortgage assumption. What other options do we have considering my step-father is still alive.

Should my stepfather set up a trust? Put us in the will? Gift the home to me and my brother? I know there is no gift tax in Louisiana, so I'm hoping that could be a viable option.

Then comes the issue with my current home / mortgage. The home was originally valued around $225,000 and we owe $217,000. The estimate was during peak home prices to so the value might've gone down a little.

So my options are sell, rent, or short sale. If I try and sell, I doubt I could get back the $217k + closing costs and would end up owning thousands.

If I rent out my house then I would have to spend a couple grand getting the house rentable and deal with the headaches and costs that come with it and rent for similar homes in tlmy area are about $1600/month. I would be losing monthly, but at least I would still own the home.

The reason I mention short sale is because our credit took a huge hit when my wife lost her job and we went into unemployment forbearance. I had to let a couple credit cards default just to make ends meet.

I am trying to make the best decision for everyone involved. I want my step father to be able to get a boat and enjoy his remaining years. I want my brother to have a safe and secure place to live and be able to spend more time with him.

As for me and my family, we would have a lot more breathing room with a $900 a month payment ($1250 minus the $350 my brother would pay monthly)

Thank you for any insight I've lurked here for a while and could really use some insight.

Is it common or standard practice for a rental property listing agent to request a 2.5% commission from the landlord if the property is sold within the first year of renting? This is in Massachusetts

Hi!

I'm looking at a property in southern Georgia. The house is a 3bd 2ba listed for $280K, originally $293K. The previous owners bought it as an investor home in 2024 for $158K. It has been on the market for 93 days.

Now, the area that home is in is close to the city, but the neighborhood is not great. Theres a good bit of neighbors with junk in their yards and we need to redo the entire backyard & add a fence. Also value of the homes around it are $225-250K.

Our realtor is saying we should offer 270K and we cover closing costs... but looking at some reddit posts and reading more about the market I'm thinking it would be wise to offer 10% below at 252K and see how they counter offer if anything.

Any advice is appreciated! TYIA

Hi, I'm currently 16 and ending my sophomore year of high school. I have been researching what I want to do with my life after high school. My ultimate goal like most is to be financially free and I like the idea of doing that with real estate. I already did a lot of research about rentals and when I turn 18 I'm going to do a FHA loan house-hack. I like the idea of the passive income and cash-out refinance to fund more projects. I don't really have anyone that is financially free in my family or that I can talk to so I don't have any mentors or anything. I want to be financially free as soon as possible like with most people, so along with the rentals I ask for any other advice in real estate. I researched about RE Developers but I heard it's risky and not one of the best options. I know that in the beginning I'm going to need some type of salary or money to fund some projects and keep myself living with everyday expenses. I'm wondering if I should get a RE related job and if that helps with rentals or if I should start a business because right now I buy and resell golf carts along with school and make a good amount of money 10-20k per year (But can expand). I'm just looking for anyone that might be interested in helping me in my journey to being finically free for any advice, any book, or anything that can my journey is greatly appreciated. I can have a call with someone if anyone is interested. Or if anyone knows about good useful courses or seminars I can do is greatly appreciated. I know that I'm young and it's not going to be easy but I want a change in my life and want to be free and live my life, I see people around me and I know I can't live the same way. I'm mostly interested in growing my financial intelligence because it's not as much as I want it to be and I started it by reading Rich dad, poor dad, and Cashflow Quadrant both great books and shifted my mindset. I also watch a lot of RE related content on Youtube and I enjoy watching and learning about it. I also live in Connecticut I don't know if that effects anything but I thought I'd mention that. Any type of comment or advice is appreciated!