Real Estate: .8% difference on 15 vs 30 year mortgage. Seems like a no brainer to take 15 year mortgage if you can afford it, right? |
- .8% difference on 15 vs 30 year mortgage. Seems like a no brainer to take 15 year mortgage if you can afford it, right?
- PMI elimination appraisal
- When to sign the purchase agreement?
- Any way to tell whether a lender keeps mortgage loans on their books?
- First time buying
- Anyone familiar with Cadre?
- Plumber unable to perform sewer line inspection due to pipe layout, what can be asked of seller?
- Why Don't Property Management Companies Buy the Property?
- Family with kids purchasing home with parents (grandparents). How to proceed?
- Land loans, down payments, building house later
- What can u do with $80-100k
- FSBO Question
- Another Offer on a fixer upper home we want.. what now?
- Thinking of buying a property, then renting it out
- I’m writing a short film script about buying a house. Could anyone help me with some smaller details?
- First time homebuyers looking for advice
- Should I buy a house or should I wait?
- Is there a stigma created when a house is taken off market and relisted?
- Downpayment assistance
- First time buyer. How do you get a real estate agent?
- Current Renter 1 yr into 3yr lease. I want to buy current house.
- Renovation
- Getting a Mortgage on an Owner Financed House
- I need help. Young Professional with tons of issues
| Posted: 07 Mar 2020 06:04 PM PST I know you are then giving up the potential to invest the saved money in the market, but after 15 years, you are mortgage free and can invest nearly your entire income. Is there a type of calculator that can utilize projected s&p gains to analyze which option makes more sense in the long run? Edit: so many great answers, much appreciated! [link] [comments] |
| Posted: 08 Mar 2020 05:48 AM PDT I just had an appraiser come to appraise my house to eliminate PMI. It is an appraiser through the bank. Per their rules I had to use theirs... I think it will appraise high enough to eliminate my PMI early. My question is, is this appraisal an accurate value of my house to sell? Or to determine value for a loan? Or are they the same thing? Could I use this appraisal as a list price to sell or would I still pull comps? [link] [comments] |
| When to sign the purchase agreement? Posted: 08 Mar 2020 05:47 AM PDT I know which house I want to buy. It's in a perfect location for me and the house is beautiful. The seller hasn't put it on the market yet but verbally agreed to sell it at $430k without listing it. In the area we are looking to purchase this is the upper end of the market. For the last 2 weeks we have been working on our home as recommended by our seller's agent (sheetrock, paint touch up, cleaning, staging, etc). We plan to list it in the next week at $364k. It's a nice home and also near the upper end of the market for its location. Our agent says that buyers expect the home to be near-perfect at our price point. I'm a little worried that it may sit on the market for a while due to it being relatively expensive. (We do not live in one of those markets where I expect to have 5 competing offers.) I don't want to miss out on these low mortgage rates but I also don't want to get stuck paying two mortgages for 6 months. The seller offered us a purchase agreement with 90 days contingency to sell our home. Should I sign it? If I do sign it will I be able to lock in my mortgage rate or does that happen closer to closing? [link] [comments] |
| Any way to tell whether a lender keeps mortgage loans on their books? Posted: 08 Mar 2020 10:42 AM PDT |
| Posted: 08 Mar 2020 10:41 AM PDT So, currently we are negotiating with a seller (FSBO) without a realtor on both ends. This is my first time purchasing and I feel rather ignorant attempting to draft up what will be fair for both sides. The seller has been investing in real estate for the last 30 years and has sent over an updated offer. I was hoping someone here could help make a little more sense of it all. Im working with a broker who has asked for 9900 in buyers credits. Below is his latest response. I also have a copy of the contract outline if that will help. I have spent considerable time trying to work out the costs for closing this deal. Initially we thought that conceding $9900 was going to cover most of your and our cost for closing this deal. Unfortunately after carefully considering all the implications of this contract there appears to be some expenses that are being charged to us that we thought were going to be included in the $9900. Since your broker has not provided any estimates of the costs being covered by the $9900, I have searched the internet and compared previous sales contracts to estimate the normal costs for the buyer. My estimate is $8000 which includes appraisal, house inspection, title search-transfer-insurance, closing costs, and fees. There are state taxes and stamps to transfer the mortgage and some other miscellaneous expenses of about $2500 that are the buyer's responsibility. I think this covers the main selling - buying expenses for the property. In addition we transfer 9-10 months of property taxes (approximately $800/month) and 1-2 months of interest (approximately $420/month) prorated up to the closing date. Our property insurance was already paid to cover 2020 so no money is due for this. We will also turn over the rental security deposits ($3210) and prorated rent for remaining part of the month of closing ($3255 x ???/30days). I am sure that there are some other costs that are unforeseen at this time, but this is the best that I can estimate. I'm unsure what he mean by we transfer 9-10 months of taxes and the following sentences. ANY clarification or help would be greatly appreciated. [link] [comments] |
| Posted: 08 Mar 2020 10:33 AM PDT Looking into investing into real estate but don't really have much downtime to be micro-managing properties on my own. I work in a pretty time intensive field. Don't know if other redditors have had good/bad experiences with them or would recommend them. Am I better off just going with a traditional RE investment firm? (Mods this is not a paid promotion, just genuinely interested if anyone has money invested with them and can give feedback) Link to their website: https://cadre.com/ [link] [comments] |
| Plumber unable to perform sewer line inspection due to pipe layout, what can be asked of seller? Posted: 08 Mar 2020 10:25 AM PDT Hi, Well after months of searching we found the home of dreams. We had our inspections yesterday and there were only minor issues with the exception that the inspector was unable to perform sewer scope due to the layout of the pipes. When the house was remodeled in 2016 a sewer line reconstruction was done, however whoever did it made multiple turns in the piping. The seller is already underwater on mortgage and I doubt she will be unable to shell out the cost to replace it. What else can be done to mitigate our risk if we proceed on the purchase? If she says she's had no issues could we write into the contract that she doesn't have to replace it but if it becomes and issue say with the next 5 years she would be liable for it? [link] [comments] |
| Why Don't Property Management Companies Buy the Property? Posted: 08 Mar 2020 09:47 AM PDT I've been looking for an answer to this question ever since my real estate agent casually mentioned that her company also does property management. I know why I might need a property management company, but why would a property management company--especially one that employs real-estate agents--need me? Such a company
I understand that not owning the property can be a hedge against it's value dropping, but isn't this still a zero-sum game? I have to assume that they're more adept at analyzing this risk than I am; why would that risk cost less for me? Now maybe managing other people's property opens the door to a lot more business, but if you already have the buy/sell expertise, it seems like a no-brainer to pour any profit into, well, buying. The other explanation I've kicked around is that the tax/regulatory environment is different for an individual homeowner than a large company with multiple properties. Thanks! [link] [comments] |
| Family with kids purchasing home with parents (grandparents). How to proceed? Posted: 08 Mar 2020 09:38 AM PDT My family (2 adults, 3 kids) currently own a home and have good credit (700-750 for each of us). We also have a home that is worth twice what we owe. My parents are in the process of selling their home for several hundred thousand over what they owe, but have pretty rotton credit (several late payments over the last year - house too big for them and one parent between jobs unexpectedly). We are considering buying a large home together with a large deposit and splitting the remaining mortgage and house expenses, which would wind up being cheaper for all of us. We have all lived together in the past, we all get along, we are all pretty transparent with our finances, etc. We also want my parents involved in their grankids' lives, and want to have an easy transition into caring for them as they get older. How would we go about getting a mortgage? If we are all on the application, would it hurt us with their credit? Or would their income be more of a benefit? I would prefer to have all of us on the mortgage even though I know it would impact our credit negatively in the short term. Is there anything in particular that we need to consider? [link] [comments] |
| Land loans, down payments, building house later Posted: 08 Mar 2020 05:37 AM PDT My wife and I are eventually wanting to build a house on an acreage. Our financials are great for monthly payments, but poor for liquid cash for down payments on land/house/construction. The idea we are wondering about right now is as follows (some example/round numbers used for illustration): 1. Buy land for 100,000, including 20k down. 2. Gradually pay off the land 3. Eventually do construction loan to build house on land. (Either when land is paid off or not) We have many questions about this though.
Tldr: should we "invest" in land, by building up its equity, while we wait to buy a house, thereby saving up our down payment in the form of land value? [link] [comments] |
| Posted: 08 Mar 2020 09:19 AM PDT Im 17 living in NJ and I'm thinking about not going to college, and instead invest in real estate. If I work a full time minimum wage job over the next few years, living with my parents, and saving as much money as possible, I expect to be able to save up $80-100k by June of 2024 (as late as my parents will let me live for free) I've been looking into the idea of buying a rental property with a down payment and a mortgage, then renting it out to people. I'm also open to the idea of renting out a duplex, living in one half, and renting the other. With this sort of budget, how expensive of a property could I buy/ how many properties could I buy. I'm not limited to living in NJ btw, I really can live anywhere. Also, how much of a return could I expect on a property I'd such value and how long would it take to make a return on my investment. Lastly, could I support myself based on this income plus whatever I could make from a non-college degree job. [link] [comments] |
| Posted: 08 Mar 2020 08:42 AM PDT Excuse my ignorance. For this hypothetical questions. Let's assume in my state the buyer and seller agent get 3% (6% total). Does an appraised price include that 6%? So any FSBO should be 6% lower than the comps? I'm looking at a FSBO but it's like 30K more than the comps in the neighborhood. I've been house shopping long enough with my agent to gauge how to fairly comp. Should I assume his price includes my buyer agent's 3% or is he the stereotypical FSBO who's unrealistic and will have his home on the market for 6 months like the others in my area? [link] [comments] |
| Another Offer on a fixer upper home we want.. what now? Posted: 08 Mar 2020 05:20 AM PDT My husband and I fell in love with a little fixer upper home yesterday. It needed a roof, septic system, ceiling in the living room (bulging due to damage from a storm), and many cosmetic upgrades; however it's in a great neighborhood, amazing potential and we could see ourselves building a life there. We made a second appointment to see the home Tuesday with our realtor (she was unable to walk thru with us yesterday), and my father in law (who is a contractor and would be helping with the upgrades). If all went well, we would be making an offer. We just got a text from our realtor that another offer is on the property. The seller's agent said they wouldnt even entertain offers that needed to be financed because they want to cash sell- so the fact they reached out tells me it was an offer that they're thinking about taking. Our agent said we have 2 options 1) see if they accept by the 7pm deadline or 2) put in an offer contingent on inspection. My partner thinks we should wait to see if they decline the offer because he doesn't want to submit an offer until his father and our realtor walk thru because he wants their opinions. I think we should put in an offer because after the inspection- we can walk away if we don't like the findings but it would allow us to sneak into the house again with our advisors. Help! [link] [comments] |
| Thinking of buying a property, then renting it out Posted: 07 Mar 2020 07:28 PM PST Hi All - I am currently a physician making 280k+ a year. I am currently renting a property as I am trying to get acquainted with the new city I moved in (somewhere in the midwest). I found an interesting 2 bedroom, 2 bath apartment in a newish building (built circa 2006-ish) going for about 225k. I am interested in potentially buying this property (but still need to see other properties as well!), live in it for 3-4 years, and then rent it out as a future investment. I am currently also looking at physician mortgages, which seem to be in the range of 4-5% with 0 down. With the given information, are there any parameters I should be aware of? (please pardon my ignorance on the subject matter, I am starting to inform myself more about this). Any recommendations for literature? Student loans are a non-issue for me (FYI for those curious - I have student loans (>500K) if anyone is asking. For those curious, 80-90 months/120 for PSLF; all done at a 501c3. Doing IBR payments to count towards the 120). [link] [comments] |
| Posted: 07 Mar 2020 01:59 PM PST Hi there, I'm currently writing a short film script in which the protagonist wants to buy the house he grew up in. However, I'm not very familiar with the ins and outs of realty and home-owning. This means some of my writing is very surface level, in particular scenarios and obstacles revolving around purchasing the house. Could someone here help shed some knowledge that would make the script more believable? I'll include the problems I'm having below, please feel free to comment below or contact me directly. So, I have two main issues. Before getting into them i'll share some background to the story. •A family built a home and lived in it for around twenty years. •After a split in the family the house was sold. •Over a decade later our protagonists spots the house is again for sale, and hopes to purchase it for his Father who he knows has always regretted selling it. So, here are my issues. First issue: I have no conflict! What are some valid reasons that a realtor wouldn't give someone a house? In my mind the protagonist is single; has been living abroad for the last decade making good money. What could he lack that would make a realtor not want to allow him to proceed further? Second issue: I need a scene where the protagonist visits his childhood home. This is the emotional climax of the film. I'm not sure how he would have access to it. If the house is up for viewings can anyone walk in at any time? Does he need a realtor with him or could he go alone? I like the idea of the house being empty as the previous owners have already moved on, does that ever happen? Any light anyone can shed on the above would be beyond appreciated. As I mentioned before I'm very ignorant around this line of work, so please let me know if you have any questions that would help! [link] [comments] |
| First time homebuyers looking for advice Posted: 07 Mar 2020 10:28 PM PST Hey all, I'm sure there's no real answer to this question, but we are just trying to find some advice to help sway us in the right direction. Here's the situation: FTHB with basically enough to cover our down payment and not much else, give or take a few thousand. We have a counteroffer to get the house we want at a reasonable price, with the seller paying 80% of closing costs. We are happy with the offer, and would probably be jumping on it, except.... The damned coronavirus. We are in Oregon, which is obviously wedged between two of the biggest hotspots for the virus so far, with four new cases confirmed in our state as of today. My job is fairly secure and I have little doubt that if things get really bad that I'd be able to work remotely; however, my wife's job is through a nonprofit and they have already had one meeting concerning the potential need for eventual shutdowns and/or the loss of grant funding, which may spell disaster depending on how long things with the virus take to stabilize. Therefore, we are faced with trying to decide if we should take advantage of the low interest rates and start building equity on a home we really like, or sit on the small amount of savings we have in the event that one or both of us ends up out of work in the next few months... Like I said, there's no true answer to this question, but we are curious to know if any others are in similar situations and are leaning one way or the other. Thanks in advance for the advice! TL;DR - buy a house now to capitalize on low interest, or continue to sit on the nest egg for fear of reduced/lost income secondary to the current pandemic. [link] [comments] |
| Should I buy a house or should I wait? Posted: 07 Mar 2020 06:41 PM PST 25M, $100k a year salary, $50k cash savings, $30k retirement, no debt, rent $500, other monthly spend: $1500, max my Roth 401k, Roth IRA, HSA. This all leaves about $1,000-$1500 leftover a month after retirement + rent + bills + living. In my area, houses have never sold for more money. They currently cost about $130k-170k but they have been from $80k-130k my entire life. Here is where most people tell me to still do it because interest rates have never been lower. However, I plan to pay the house off within 4 years of buying so it doesn't really seem like interest rates being higher or lower affect me. Renting also doesn't make me liable for any fixes (roofs, furnaces, plumbing, etc). Given all of this information, does it make sense for me to buy a house right now? Or does it make more sense to take it slow over the next ~5 years and if the market happens to lower, cash in on a house. [link] [comments] |
| Is there a stigma created when a house is taken off market and relisted? Posted: 07 Mar 2020 10:02 PM PST Hi. I'm a homeowner in Los Angeles who's thinking of selling his home. I'm aware that a house that sits on the market too long develops a stigma that something's wrong with the house. But how about a house that's taken off market and relisted months or a year later? Does relisting create suspicion that something's wrong with the house? Thank you for any feedback. [link] [comments] |
| Posted: 07 Mar 2020 09:21 PM PST I am looking to buy a house in Florida, and i want to use downpayment assistance. There are county programs, and state programs, and i do not know where to begin. Are there any advisors i could speak to? Thanks for any help [link] [comments] |
| First time buyer. How do you get a real estate agent? Posted: 07 Mar 2020 08:12 PM PST I realize this might be a silly question, my wife and I are going through the pre-approval process now and have started to go to open houses just to start setting the bar for how much house we can buy, what we like, what we don't like. We don't really understand where a Real Estate agent comes into play, if we need one or is it just about dealing with the selling agent? We've met a bunch of agents (who obviously are working for the seller and not us) some we like, some not as much. Is it common to strike up a relationship with agents in this way, or once we are ready to strike do we then find an agent and move on a property? I realize that Agents are going to get a commission, is that something which affects the buyer more or less then the seller? tl;dr - Is it realistic to buy your first home doing all the work, organizing the inspection and getting a lawyer to go over the documents, or do you need an Agent, if so when do you get one? [link] [comments] |
| Current Renter 1 yr into 3yr lease. I want to buy current house. Posted: 07 Mar 2020 11:11 PM PST Georgia I am 1 year into a 3 year lease. I thought I would be here 3 years max, but things may have changed. I want to buy the house I am renting. I am leaving the military and can break my lease and leave. This seems like an obvious situation to avoid a real estate agents commission and just pay someone to draw up the paperwork, right? The management company refused to name the owner at lease signing (despite Georgia RE form implying otherwise). Management company is a Real Estate Company primarily. Since I want to avoid using agents, should I demand the owners information, use public records, or submit a sealed letter to the management company in the hopes they deliver it sealed? In terms of offer, I was thinking neighborhood comp minus 3%. Anything I'm not taking into consideration for this transaction? [link] [comments] |
| Posted: 07 Mar 2020 10:59 PM PST Do you guys know anyone that turned their detached garage into a studio room? Not sure if it's possible but for those who have done it , how much did the project cost? [link] [comments] |
| Getting a Mortgage on an Owner Financed House Posted: 07 Mar 2020 02:11 PM PST I purchased a house via owner financing 3 years ago and my balloon payment is due in May. The balance in May will be $41,000. I have until May 17, so I am now considering either selling it to meet the balance or even giving a mortgage to a traditional bank. What would I need to furnish to the bank to mortgage the house? Can I get one that small? It is in a small town where my bank isn't, will they let you borrow on a house in a town they are not located? The balance is 39% of the mortgage (I paid off roughly 60%). The person who let me owner finance has not reported this to any reporting agencies, but yes to the IRS (I write off interest). Would I need to get an inspection, appraisal, survey, ect again (been three years). Do they want the current amortization schedule? Will the current amortization schedule impact the term, or where the term starts (in theory, three years in. Trying to save that interest). Anything else? I am not a residential real estate professional in any capacity, so I am open to all thoughts and criticisms! [link] [comments] |
| I need help. Young Professional with tons of issues Posted: 07 Mar 2020 10:35 PM PST Hello Everyone, Please read everything. I need help, it will be clear if you invest the time to read. I hope you all are doing well today. I need some help. And I'm not sure what to do, as everyone I speak to has a different opinion. I'm 23 years old. I've lived North of Boston, MA for one year, renting an apartment for 1275$ a month all utilities included with a 5 mile commute. My landlord will not renew my lease as she is going to sell this half of the two family as a condo. I live in the Greater Boston Area, My office is near the Rt3/95 interchange. I make between 70-80K a year. I have two older twins, disabled brothers. One of whom can afford 500$ a month rent. The other is in public housing. More leading in. I'm not going homeless as my not-legally step-dad is a *great* guy whom has offered a bedroom for 300$ to live with him (Most likely includes food&Utilities, but I will help him more than that... he is a REALLY good guy and has the best for my mother... more later). He is 40 miles south from my office (1 hour 45 to my office, up to 2 1/2 hours). My mother lives with him at this time. I lived there for 3 years, but finally had the income where I felt I could move out and still have cash to spare to live/have fun/pay for school some out of pocket. My debts, roughly: 300$ a month car(19,200K debt @ 3.25%. 2018' Toyota Camry V6 Bought due to Moms condition and not trusting my 2011 C30 with 140K mileage and needing work). 250$ Insurance for car and motorcycle (No loan on motorcycle). Student loan payment TBD (22K total @ 5% average). Credit cards (1K ish). Will be paid off at end of month, always paid in full. My assets: 1.6K IRA, 460$ Roth IRA, 28K 401K (Varies due to Market). 11,100$ ish cash($5000ish in stocks as of today, mostly in income funds). Credit Score: 740+ My mother has a chance of not making it past one year due to Glioblastoma Multiforme (brain cancer). She has nothing to pass on to us kids. She kept a roof over our heads for over 10 years as a single parent doing what she needed to do to keep us in the town we where, while sorting my brothers disabilities when younger. I do not want to rely on inheritance as I know there is none. My brother A makes ~50K a year and can only afford 500$ a month rent. Brother B is in public housing and I don't want to move him and need to keep brother A within driving distance. My GF lives 120 miles away... Besides the point. I've lived too much. Spent too much not saved enough nor paid enough debt. I messed up in this department and see it now. But I can;t regret what i've done. Can only move forward. Don't ask about my father as he is worthless and has not worked in 10+ years. He owes me 20K+ for my education. Not getting that anytime soon. This path is not to be explored, nor discussed as I do not want to take him to court/do anything about him. I am pre-approved for up-to 200K on a mortgage using my 401K as a down payment and closing costs. I've put offers on two places and lost both of them as they went for 196K and 200K. More than what I felt I could do with ease. I'm stuck in buying due to high investor activity in my area paying cash for places. My current plan: Move to Mom/Step dads and hoard cash. I've got a storage locker for my things in the town I am in. Move to a 4 day work schedule so I can take mom to doctors appointments while maintaining my current job. I've been with this company for over just over 3 years. I don't plan to leave as they fully support me with Moms situation. My manager, I have worked with for over 5 years at two companies. He brought be into this field of work and has my back 20000000% without question. I am forever in his debt. My goal: Stabilize myself housing wise, so I can help/stabilize Brother A, and keep him near Brother B. Simply, I need help. I don't know what to do. I want to be close to my office and not 40 miles away at a two hour commute but literally, I find paying 1600$ for a okay place crazy, and unaffordable due to debts. I can buy, but I am always out bid even with best efforts. Brother A is non committal to living with me even though I could make a nice place for both of us if he was to commit to living with me paying what he can afford minimally. So, community, with trust, this is my situation. An honest, 23 year old with brains, a good job and approvals who is lost and overwhelmed. I am discouraged, disgusted and infuriated with the times we live in and my own situation. I feel like I need to buy a place for me, or even brother A and me. But yet can't. What would you do? How would you navigate my shoes? I am tired and beaten up, but refuse to quit easily. [link] [comments] |
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