Real Estate: Bad time to buy? |
- Bad time to buy?
- Loaner asking to have 6 months of mortgage payments on reserve in bank at closing
- For sale, tenant occupied
- What can my wife and I reasonably afford
- Forebearance to free up cash flow: Virus Opportunity
- Builder Forcing Me to Close April 7th.
- Investment Property or First Home?
- New listings suddenly hitting the market at higher than usual prices
- What are the implication of building an addition on your home if you have a septic tank?
- Would you buy a house right now? (Details of our offer situation inside too)
- As a buyer, is the Seller allowed to know why buyer was denied financing to purchase home?
- Unsure of my decision
- Real Estate License (Class Recommendations)
- [Refi] Would I have to have PMI if I refi and the LTV isn't 80%?
- Torn between buying a house and uncertainty due to coronaVirus
- MY FIRST Possible investment how did i do?
- Stagflation and real estate
- Is this ethical, illegal, or the norm?
- In the beginning phase of building a new home w/ an on your lot semi-custom builder. Have a contract with builder, but still finalizing details ($1000 deposit to lock in the home prices before price increase in January). Any educated guesses as to what building costs for consumer's will be?
- Do you actually need two years of tax returns in order to get a mortgage?
- How can I get back in /landlord group?
- What happens if a gift for part of a home down payment isn’t seasoned?
- Can I get out of my contract
- Living next to a storm water pond...
| Posted: 29 Mar 2020 06:22 AM PDT My girlfriend and I have been looking at houses for about a month now and our realtor has recently told us he believes that the interest rates for mortgages are about to see a 6-9% increase. To secure the very low interest rate we were told by our lender, he thinks we should try to be under contract within the next week. With everything going on there haven't been any new houses to come on the market in our price range. We are in Ohio if that helps at all. Has anyone else heard anything about rates skyrocketing? We just feel a lot of pressure to find a house quickly, obviously we won't settle for something we don't like. If we don't find anything we will just have to continue renting. [link] [comments] |
| Loaner asking to have 6 months of mortgage payments on reserve in bank at closing Posted: 28 Mar 2020 09:05 PM PDT Our loan was approved on a some conditions a few weeks ago. We were only asked to provide more bank statements and other doable things. Today our mortgage broker let us know that due to COVID19 the bank is now asking we have 6 months worth of mortgage payments in our bank at closing. That is an additional $15k and they are only giving us until April 15... Feeling defeated. Not even sure I have a question here but if anyone has some thoughts please... EDIT: FHA LOAN, 2 family home investment (we would live in 1 of the units), $16k of what is in our accounts can't be used since they were made as large cash deposits in January [link] [comments] |
| Posted: 29 Mar 2020 06:50 AM PDT So this morning I noticed a bunch of new listings that state the property is tenant occupied. One of my clients called me about a few listing that popped up today priced a little below market value. They all say the property is tenant occupied and some say that they tenant has been give "notice". With the current situation I'm thinking to advise my client that he is likely not going to be able to collect rent or evict them for a long time. He has been looking for an investment property to live in and rent partially. Do you think this is good advice? I think if he can't afford to pay the mortgage without iving there, and collecting rent, then it is a bad idea. [link] [comments] |
| What can my wife and I reasonably afford Posted: 29 Mar 2020 07:20 AM PDT I live in Seattle where houses are extremely expensive, although they may be decreasing soon. We rent a cramped 2 bedroom in a great area but it is expensive as you can imagine. Our household income is around 150k a year. I make the vast majority so there is risk if I become unemployed. We have about 40k (took a hit) in stocks. 12k liquid cash. No car payment, no kids currently. Another 45k left of student loans at 6.6% interest. My wife and I are way off in what we think is reasonable due to our backgrounds. She thinks we should look at 600k homes, but I cant wrap my head around that. Are people using more percentage of their income for mortgage these days? We are not planning to buy for a year or two but I just want to start a bit of planning. Always been a renter so have no idea about this stuff. Any advice is helpful and thank you in advance. [link] [comments] |
| Forebearance to free up cash flow: Virus Opportunity Posted: 28 Mar 2020 03:57 PM PDT Many are suggesting calling/emailing banks to ask about forebearance so I did exactly that. I was offered 90 days of interest free forebearance so I took it to stockpile more cash for an upcoming transition of mine back to school. Sure it extends the life of my loan, but it ultimately doesn't cost me anything since it's no interest. I was suggested by my bank to continue to pay Escrow for taxes/insurance/etc. so I did just that. I actually paid 90 days of escrow upfront so I can forget about making payments for a little while. This move makes sense for me because I want to save up an emergency fund as I go back to school and forego a salary. What do you think? Will you try it? Am I missing a major downside here? Edit: Make sure to read the comments. Remember, if it sounds too good to be true, it probably is. The worker I spoke with from my bank sounded a little confused herself, so I am following up in writing to make sure I've got these details correct. Furthermore, as someone commented, I meant deferment not forebearance. [link] [comments] |
| Builder Forcing Me to Close April 7th. Posted: 29 Mar 2020 10:11 AM PDT Is there anything I can do to delay this closing? The builder will not move the closing date back as I requested and threatened that I would be charged $500 per day until I close if I miss the scheduled date of April 7th. I am in Illinois and moving to Indiana. I have my wife, a five year old and a 9 month old baby. We have stayed home the whole time IL has been locked down and technically IL is still locked down April 7th. I am worried of catching the virus as there was recently an infant under 1 years old that died from the virus in IL. I am very unhappy the builder is not allowing us to push the closing back to a later date. [link] [comments] |
| Investment Property or First Home? Posted: 29 Mar 2020 08:28 AM PDT Hi, I'm currently a 30 yo married young professional with a stable healthcare job who'll be renting till at least next year 2021. I was planning on going in on a 4/4 condo in a medium sized college town so there's always students in need of rent. This would be my first investment property but I have family members telling me I should buy a house first. I don't plan on having kids for at least another 2 years so having extra space isn't my main concern right now. I was also planning on using some of the passive income from the investment property to cover my mortgage if I do decide to buy a house down the road. I'm pretty new to this so just looking for advice and insight as too what some of you might do during these uncertain times with the stock market so volatile and the virus spreading. Thanks! [link] [comments] |
| New listings suddenly hitting the market at higher than usual prices Posted: 28 Mar 2020 12:30 PM PDT Been keeping an eye on houses in the city we're moving to and tons of new listings have been added in the past week. They're all priced higher than comps and have horrible pictures like they were rushed to be listed. Anyone notice something similar in their city? [link] [comments] |
| What are the implication of building an addition on your home if you have a septic tank? Posted: 29 Mar 2020 07:03 AM PDT Hi everyone, I am in the process of making an offer on a house. We love it and it's beautiful. We are thinking in the future (10+ years) we would want to knock down a wall and build a family room. However, this house has a septic tank. The septic tank is located where we would want to expand. I have no experience owning a home with a septic tank and the information I've read is intimidating enough as it is (for example, only one load of laundry a day... I have two children under the age of 3 and one 14 year old who plays sports!)... I'm sure you can't build over a septic tank/ leech field obviously... but are there any other options I'm not thinking of? How difficult/expensive could it be to move a septic tank? Thank you for any advice or ideas. [link] [comments] |
| Would you buy a house right now? (Details of our offer situation inside too) Posted: 28 Mar 2020 07:41 PM PDT Hi all, I know this market is a gamble right now, and there's really no blanket sentiment to help in these uncertain times. I'm just hesitant to go on any readily available information from my agent, finance guy, and articles published right now. Given the current state of the US market, and how rampant coronavirus is, I'm wondering: would YOU buy a house right now? Here's our specific situation: Found a house for 350k (we were approved for 370k), in a rural area. The agent and Zillow both show it's worth the money (even more by 20k). We walked it and we loved it. We have great credit, but little capital. So, we are going FHA (we don't have down), 2k in earnest money. The owner is covering our closing (~9k). Neither of us are at risk of losing jobs, so in that respect we are very fortunate. Here's what's worrisome to me, though:
Crazy times, guys. We think we should sign pretty quick, in particular considering some of the other shit I've read on here. Just trying to gather as much data as we can. 😬 Thank you! [link] [comments] |
| As a buyer, is the Seller allowed to know why buyer was denied financing to purchase home? Posted: 28 Mar 2020 09:11 PM PDT |
| Posted: 29 Mar 2020 09:34 AM PDT Southwest Michigan location-both wife and I have jobs that are secure with no change in income due to covid 19. I have 1 rental property that is filled with great tenants and profiting $330 a month. Our plan was to buy an old house that was listed low but needed renovations and turn our current primary residence into a rental which we predicted to produce additional $350-$450 profit per month. Well we found the perfect house that checked all the boxes and also was a foreclosure, listed for $146,000 but neighborhood average value is $230,00. It needs updating - it's liveable just stuck in the 70's. This was a few weeks ago before everything hit the fan and this house moved quickly- it was hard to book an appointment to see it and a lot of people made offers. We offered $150,00 thinking it was still well below the value but at least competitive. With the crazy low interest rates we couldn't help but jump on it. They accepted our offer with no contingencies even though someone offered more but had contingencies. I did a second walkthrough with a friend who has has a ton of experience with facility/housing maintenance and I felt good about the condition. Then everything went to lockdown and here we are. Long story short I see most people saying not to buy, and honestly if this had been one week later I might have passed on the deal. I love the house and we're very excited but I'm a little concerned about the possible pickle I've put myself in. On one hand, all I need to do is find a renter for my current house (soon to be rental) and we will be fine as we made sure to buy a house we can easily afford the monthly mortgage. On the other, I will have a house I need to fill and a new house that needs renovations. Does anyone anticipate it being difficult to find renters in the coming months? I'm not even looking to make much on the new rental, just find someone to cover the mortgage and maintenance/upkeep. We anticipate to have $17,000 after closing/down payment and other small costs. Any input or advice on how you'd move forward? [link] [comments] |
| Real Estate License (Class Recommendations) Posted: 29 Mar 2020 09:16 AM PDT Hi, I'm looking to get a Real Estate License in California. Since we're quarantined, are there any online classes/websites that you would recommend? I was planning on going in-person classes, but that no longer is an option. Thank you! [link] [comments] |
| [Refi] Would I have to have PMI if I refi and the LTV isn't 80%? Posted: 29 Mar 2020 08:58 AM PDT I'm considering refinancing and am concerned that my lowered monthly rate would be negated by a PMI charge. I rolled my PMI into my loan and currently don't pay PMI. I've only had my loan for a year. [link] [comments] |
| Torn between buying a house and uncertainty due to coronaVirus Posted: 28 Mar 2020 05:40 PM PDT Hi all, I work as engineer in high cost geo. I have been saving since I started working. I have enough funds in account to afford 20% percent on 500,000$ house. I have been seriously thinking to move to a low cost geo within few years. I started looking for good houses in low cost geo. A posting just came up on realtor, that has my heart set on it. Its 0.63 acre lot with a 1905 built house. Its a kooky house, but its lot size and the location in a #1 school district. The price is 650K, which is way above my price range. However, I think I can still pull it off, with some negotiation. What I am torn between, is the market situation and the uncertainty in this CoVid times. Reading all the news and information, I expect the covid time is gonna last of another 6 months. So, I unable to decide. What if things take a ugly turn and I m stuck with house I cant pay monthly on. The market crashes. Earlier this year, I have let go a similar opportunity. I read somewhere, one should buy a house only when they are comfortable, not because the market tells you or people told you. I am financially stable, but I don't want to take financially risky decision. HELP! [link] [comments] |
| MY FIRST Possible investment how did i do? Posted: 29 Mar 2020 08:06 AM PDT There is a Duplex that just hit the market that is non-conforming completely renovated from what i saw on the pictures... There is a tenant currently in place that i am unsure of currently (i am going to view it in 1 hour). The numbers on it look amazing i just want a bit of guidance if there is anything i may be missing..Also the unit only has 1 water heater and furnace that was just completely replaced. I am unsure if i am to move forward how would i split utilities.. I saw that one you can increase rent to mirror or two do a split with the tenant(my least favorite option) but here are my numbers as followed: LOAN Type:FHA Price:135k (max price offer have seller pay closing) Downpayment:7k Reserve:5k CAPEX:8% Vacany: 10% Rent:850(without utilities) Interest:4%( i am running a bit higher thank my 3.5) Propert Taxes:4k Water: 300 every quarter i know this is high!! but i like to inflate my numbers.. In summary my out of pocket when rent would only be 530 on a house hack..How did i do? [link] [comments] |
| Posted: 29 Mar 2020 04:11 AM PDT We seem to be marching into a stagflation, a stagnation of the economy coupled with double digit unemployment, over supply of money, 0% interest rate and inflation of goods. Anyone have an insight into what this means for the real estate market? One side of me thinks house prices will correct down due to high unemployment and low demand. But not so fast...it might actually head up due to cheap money and inflation [link] [comments] |
| Is this ethical, illegal, or the norm? Posted: 29 Mar 2020 07:25 AM PDT The seller's home has a 20 year old shingle roof, in a hot, humid, and windy climate. The buyer was concerned about the roof, and wanted a 3 year certification on it. The seller's agent met with the inspector and told him he needed to roof to have at least three years left on it. The inspector was transparent with the buyer, and informed him that the roof needed replacement and what the realtor said to him. The seller's realtor trying to influence the buyer's inspection seems extremely unethical. Is there some sort of violation here, or is this the industry norm? Edit, he told me on the phone, and here is a follow up email convo As far as what the realtor told me, basically he said that the roof is original to the house but they need it to have three years left on it. I told him that the house tells me what it has, and I tell it like it is. [link] [comments] |
| Posted: 29 Mar 2020 07:16 AM PDT Cash deal. Rebuilding a SF rental that tenant burned down. $350,000 total outlay in Central Ohio. 1) I have 18 months to build - per insurance company 2) Will building supplies be available and if so, will the costs be astronomical? 3) Should I just cancel the build and see if builder lowers pricing on base house? 4) What happens if my builder can't complete the house? [link] [comments] |
| Do you actually need two years of tax returns in order to get a mortgage? Posted: 28 Mar 2020 02:41 PM PDT I just graduated from college in December and started my career that I really love this January. I will have saved enough money by September for a down payment in an area that I'm eyeing. Problem is I haven't worked these past two years since I was in college. I'm worried I wont be able to even apply. Am I screwed for two years? [link] [comments] |
| How can I get back in /landlord group? Posted: 28 Mar 2020 12:32 PM PDT I know this probly doesn't go In this thread. But the /landlord group recently kicked a bunch a people because they were getting invaded with trolls. I dont really blame them for kicking me, I had no pic and no real profile info. But I am a landlord and I did contribute and learn from that community. And would love to get back in. Now I dont even see a way to apply to get back in. Can any1 help with this? [link] [comments] |
| What happens if a gift for part of a home down payment isn’t seasoned? Posted: 29 Mar 2020 01:51 AM PDT In a situation that basically goes like: Buying a home, can afford the down payment on my own but was advised by the loan officer that I have more in reserves. Parent is giving me a one time $5000 gift, but the deposit will not be seasoned—only in my account for a few days prior to going into underwriting. Is the $5000 not considered legitimate due to how recently it was placed into my account? [link] [comments] |
| Posted: 28 Mar 2020 10:25 PM PDT Just signed a purchasing agreement today. Seriously scared at this point. Can I call the realtor tomorrow and get out without getting sued? [link] [comments] |
| Living next to a storm water pond... Posted: 28 Mar 2020 08:00 PM PDT Good? Bad? Ugly? Tons of mosquitos and critters? Better or worse property value? [link] [comments] |
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