r/RealEstate 10h ago

Homebuyer Is it true that everyone is lying about putting down more cash?

Upvotes

My neighbor gave me an advice after I told him I keep getting outbid. He basically told me to offer 50% down payment in the offer but once it's accepted I can just tell my lender that I got 10% and it'll be ok?

Apparently he bought his Brooklyn 3 family by offering 50% cash on a 1.2mil but only put 10% lol. What???


r/RealEstate 18h ago

Homebuyer How concerned should I be about possible flooding issues?

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Found a very nice house in a suburb of Akron Ohio. I noticed it showed on redfin that there is flooding in the side yard. It looks like a French drain was recently installed along the driveway. The basement is finished with carpet. It looks like there was quite a bit of landscaping done to keep water flowing away from the house towards the new drain. We love the house but we're not sure if we want to deal with this kind of headache.

Even if the new changes mitigate some of the flooding, I feel like we won't really know until a year in when we have a torrential downpour.


r/RealEstate 6h ago

Should I Sell or Rent? Unique selling opportunity to neighbor

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I bought my first house 4 years ago. I am military and move about every 4 years. I’m moving soon and was planning on renting it out for a few years then selling it or potentially renting it long term. Currently, it rents for about $400-500 less than the mortgage (including property management fee). I bought it with a 0% down VA loan at the peak Covid prices so it’s lost about $25k in value and consequently I’ve only payed about $28k off the principal since then.

I had it all set up to rent out and my neighbor approached me about purchasing it for their elderly father. It would be an all cash offer with no realtors. The idea is intriguing to me since I really do not want to be a landlord and could get out of this somewhat poor financial decision. think it’s worth roughly $320-$330k and I owe about $330k. I estimate it’ll be $5-6k in costs for me to close/pay off my loan plus if it sells for lower than I owe.

How do I go about negotiating the price? I was planning on renting and can cover the small monthly loss, but I would prefer to sell it the price is right. It seems mutually beneficial to both parties


r/RealEstate 9h ago

"Time to Buy" comic strip.

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