Real Estate: Could this virus outbreak be the bane of commercial real estate? |
- Could this virus outbreak be the bane of commercial real estate?
- Bank of America's mortgage deferrals called misleading—what to know
- Nervous about closing tomorrow.
- Anyone ever heard of a buyer backing out on closing day?
- Covid and vacancy
- Are appraisals starting to be affected?
- Sellers lied on disclosure and hid issues. Is this worth hiring a lawyer? [UT]
- I want a divorce. When can we sell the house?
- How to monitor the market during uncertain times?
- Lease Renewal
- Is a 5% Downpayment The Deal Breaker Our Agent Claims?
- Need Advice. I’m about to close on house.
- First time home buyer wondering if buying a 2 bedroom would be a mistake
- Is there a way to increase seller’s maximum contribution without raising the purchase price?
- Are prices going to significantly drop?
- Can you build a small house for 100k?
- Homebuilder will not return my deposit
- Change in points and lender credit after rate lock?
- Thoughts? How (if at all) will rising unemployment affect the housing market?
- I put down a deposit on a new apartment a week before quarantine.. can I get that back?
- Deciding whether to purchase an investment property.
- (California) Can business owners sleep in their office?
- Would a mortgage forbearance right now negatively affect my chances of getting a new mortgage in a year or so?
- Question of real estate and insurance claims?
| Could this virus outbreak be the bane of commercial real estate? Posted: 30 Mar 2020 06:43 AM PDT At first, it was online shopping when people realize they don't need to leave their homes to get what they wanted. Now, companies and employees are realizing they don't need the thousands and millions of square footage to conduct business. Could this be the bane of commercial real estate? *Don't get me wrong, commercial real estate will always exist...at least in our lifetimes. But, more and more people are realizing that it's not as necessary as once thought. Therefore, the demand will not be as great. [link] [comments] |
| Bank of America's mortgage deferrals called misleading—what to know Posted: 29 Mar 2020 02:56 PM PDT |
| Nervous about closing tomorrow. Posted: 30 Mar 2020 08:33 AM PDT I qualified for a second mortgage and the plan was to rent my first home but now with everything going on this is just nerve wrecking. My job is fine but my wife has already been put on furlough. [link] [comments] |
| Anyone ever heard of a buyer backing out on closing day? Posted: 30 Mar 2020 06:02 AM PDT TLDR; set to close on selling my home in 4 hours. All this COVID-19 BS has me worried thinking the buyer might back out even though they got the clear to close last week. Anyone heard of a buyer backing out on closing day? [link] [comments] |
| Posted: 30 Mar 2020 09:23 AM PDT Right now I have an opening for May 1. Tenant gave me plenty of notice but it was given before the covid epidemic really got serious. Nobody is responding to the ad which is completely understandable. Are there any stimulus or relief plans that are being established for land lords in this situation as well? I imagine finding anyone before June will be next to impossible [link] [comments] |
| Are appraisals starting to be affected? Posted: 30 Mar 2020 08:15 AM PDT We made an offer on a home before the COVID-19 mess hit. We are through inspection resolution and the only thing left is appraisal. Both my job (medical supply manufacturing) and my wife's job (ed tech company doing online backends) should come out of this stronger than ever. We are buying on 2.5 acres of land in Southern Oregon which is a hot spot for California retirees, so demand may even increase after this as more people close to retirement flee the larger cities. Market here has been trending up for a while because of Californians moving here and I don't think that stops now. My main concern is actually appraisal. If it doesn't appraise I can't make up the difference and we've been looking for a year. Any word on recent appraisals and are they coming in lower than expected? [link] [comments] |
| Sellers lied on disclosure and hid issues. Is this worth hiring a lawyer? [UT] Posted: 29 Mar 2020 10:15 PM PDT We recently bought a home. After moving in we've discovered 2 major issues that were not disclosed and appear to have been covered up. The roof leaks. Literally the first time it rained the week we moved in the roof was leaking through the ceiling. On the disclosure it says the seller "sealed the leaking roof according to a contractors advice and haven't had any problems since". After getting up on the roof there's no visible repairs up there. However where it leaks its appears he sealed the sealing with this water proof stuff I found under the sink. This resulted in the water just coming out of the light fixture instead. In the basement there was a bedroom that was very poorly finished. Its just a mosaic of cheap squares of carpet that dont match. We pulled it up and underneath the carpet was a plastic tarp glued to the cemet floor. I thought it was weird and we pulled up the tarp. Under the tarp water is leaking through the cement floor. On the disclosure it says, "Consulted a contractor about drain in third bedroom. Sealed with cement per their advice to finish it." To me that doesn't seem like something a contractor would recommend and it honestly seems like he "finished" the room as cheaply as he could to hide the issue. Our agent has reached out to the sellers to get their contractors name several times now and they're not returning calls. Is this worth calling a lawyer? I don't even know if the home warranty would cover issues like this. The roofing contractor we called out said we could try to patch it but it just needs a new roof. Our home inspector was not able to get up onto the roof because it snowed that day but he did say the roof looked okay and the sellers told him they had a roofing contractor fix a leak. The inspector obviously didn't see the water hidden by the tarp and the carpet. [link] [comments] |
| I want a divorce. When can we sell the house? Posted: 30 Mar 2020 07:14 AM PDT We have been on this path for at least a year. I've hit a point where I simply have no interest in continuing our marriage. It is unfortunate because we have a young son. We have a home in a suburb outside of Portland, OR. Considering the economic climate, not to mention how social distancing practices would effect the real estate market, will we be able to sell the house? Luckily our area has appreciated quite a bit over the past couple of years so I'm not concerned about losing money we already have, but I know it is likely we won't get what we could've gotten two months ago. There are no financial reasons we need to sell ASAP, but unfortunately, neither of us could afford to take on the mortgage ourself, especially considering how the home's value has increased quite a bit. It would be quite expensive to buy the other person out. At the end of the day, I'm not sure why I'm writing this. I guess I'm just hoping for any advice anyone can give. We have a realtor that I trust absolutely that I could ask, but she is in my family and I'm not ready to announce the reason for our need to sell at this point. [link] [comments] |
| How to monitor the market during uncertain times? Posted: 29 Mar 2020 06:16 PM PDT For those of us sitting out while we wait to see how things play out, what tools or metrics (and where to view them?), for both national and regional, can we look at to monitor the potential impact the virus as well as the recent lending changes will have? [link] [comments] |
| Posted: 30 Mar 2020 10:19 AM PDT The lease on the apartment I live in is up at the end of May. Last week I got an email about renewing my lease for another 12 months. My preference would be to go month to month from here to maintain the flexibility to buy a house later this year if that's what I decide I want to do. With that in mind, I asked about shorter leases or going month to month. I was told they offered the following lease options: 6-11 months, rate + $25 2-5 months, rate + $50 month to month, rate +$100 I looked at their website and there is immediate availability so I know the apartment complex isn't completely full. Because of this, I want to see if I can negotiate a shorter lease at the rate I"m currently paying. What do you think is the best way to go about this? About me: High credit score Gross pay of 8X rent Haven't had any issues in the year I've been living here All amenities are currently closed [link] [comments] |
| Is a 5% Downpayment The Deal Breaker Our Agent Claims? Posted: 30 Mar 2020 10:11 AM PDT To provide some background: My wife and I sold our condo a few weeks ago. We've secured short-term housing while we search for our forever home and continue saving. We live in a high-COL city with a historically hot, sellers housing market. My wife finished school and started a very high paying job ~6 months ago. Her recently starting work, combined with how expensive the housing market is, means we will be going with a 5% down payment mortgage. We've gotten pre-approval from a lender. We have been seeing homes for a few weeks with our agent and had an offer rejected last week :(. Most of the homes we see that we like are in the $875k to $1m range. When we factor in closing costs, the highest purchase price we would have cash for 5% down and closing costs are ~$1.05m. Which means we could potentially bid 5%+ above listing price for the right home. Our agent is continually and firmly telling us that due to us only having a 5% downpayment, our offer won't be competitive. He is dissuading us from going to see any homes that haven't been sitting on the market for at least a few weeks. If we push him, he will take us to see newly listed homes but will always hint that its a waste of time and say things like "don't get your hopes up." He thinks anything that is nice and new on the market will get multiple offers. In a multiple offer situation, he thinks our offer with 5% down will be DOA, even if we offer 5%+ over the listing price. Question(s):
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| Need Advice. I’m about to close on house. Posted: 30 Mar 2020 10:01 AM PDT Me and my fiancé have been looking for a house for over a year in the Bay Area. We finally had an offer accepted for a home in the Oakland hills. We accepted a 45 day escrow and during that time the corona virus has changed everything. We close next Monday, 4/6. I was recently laid off and was not approved on the loan after. I do have a large sum of money soon coming to me, so we feel comfortable making mortgage payments for the next couple of years without employment. My fiancé makes the majority of our income and she is very secure in her job. My fiancé's father said he would co-sign on the loan to get us approved. My question is should we go through the process? We could back out and get our deposit back, since I have lost my job due to COVID-19. I fully expect to be back at work after the shelter in place is lifted. The house appraised 25k over our price, rare for the bay. We are locked in at a crazy low interest rate (3.375%) and we love the house. Any feedback or thoughts would be appreciated. [link] [comments] |
| First time home buyer wondering if buying a 2 bedroom would be a mistake Posted: 29 Mar 2020 07:01 PM PDT I'm a 27 year old single guy looking to purchase my first home. The only things I can find in my price range are 3BRs in crappy neighborhoods or 1 and 2 bedroom condos/townhouses in nice neighborhoods which is where I want to be. I found a really nice modern 2BR 1.5 bathroom townhouse in a great neighborhood with a great school district in my price range. I want to make an offer on it but I'm wondering if its a bad move since its not a 3 bedroom. I am not planning on this home being my long term residence to raise a family in. My hope is that I eventually meet a girl who I'll marry then have a family and move out of this place into a bigger home in like 7-9 years. It's plenty of room for me right now and has extra space if I get a gf who moves in and even an extra bedroom if I wanted to live here with one child. Ideal location for work and seeing family and friends. I'm hoping since it's in a highly sought after area in a really nice school district that I'll still be able to re-sell it in 7-9 years. I also think getting 7-9 years worth of equity in a 2BR is better than renting or buying a crappy 3 bedroom in a bad neighborhood where I dont want to live. I should also add that I'm taking out a 15 year mortgage so I should build some decent equity in 7-9 years. [link] [comments] |
| Is there a way to increase seller’s maximum contribution without raising the purchase price? Posted: 30 Mar 2020 05:09 AM PDT So, we are selling our home. Our buyers have a convention loan and are putting 5% down. Purchase price is $167,000 which puts 3% seller contribution at $5,010. Our contract specifies that seller will contribute $5,000 toward closing costs. These buyer are...being difficult. We have fixed or replaced everything they requested after their inspection except for a new furnace and water heater. Ours are both in good working order. Their inspector did not state in the report that they needed to be replaced. While that is extremely frustrating, we're at the point that we'll pay for a new furnace just to be done with these people. The problem is, they want a credit for it. And as I understand it, we can only give them about $10 which reaches the max 3% seller contribution. Their realtor has extended our resolution period so she can contact the buyer's lender to see if they'll allow more that a 3% contribution by the seller (me). Is that possible? I thought these limits were set and set for a reason. [link] [comments] |
| Are prices going to significantly drop? Posted: 30 Mar 2020 08:52 AM PDT I am in middle of divorce and settlement process. I have two properties that my ex appraised few months ago. I have settlement scheduled in next few weeks and they are going to take the estimate based on last appraisals. I am planning on selling one property to pay her share and planning to keep another one. However, I have option to delay the settlement if prices might significantly drop in next few months. I don't want to sell at too much loss as it will impact me significantly and I might not be able to afford a house anymore. Any suggestions would be appreciated. [link] [comments] |
| Can you build a small house for 100k? Posted: 29 Mar 2020 06:59 PM PDT Hi! My husband and I are looking to move back to our hometown (rural midwest town) however there is absolutely nothing for sale. We own some land with an ex-acreage on it (i.e. the house has recently been demolished but there is a good well, electricity, driveway, barns, yard, level ground, etc.). It's just us two and our dogs, and we try not to have more "stuff" than we need, so we don't need a big house at all. We're thinking 2 bedroom 1.5 bathroom house; maybe around 1200 square feet? We're thinking just a modest ranch style house. Would probably do an unfinished cement floor basement underneath it as well. We are not super handy people so we would hire professionals to do the vast majority of it, however we are planning on DIYing the fairly easy stuff like walls, sheetrock, flooring, paint, trim, etc. with the help of some handy family members. Does this sound doable in a ~100k price range? Thanks in advance, -Naive, prospective first-time home owners. Edit to add: Thanks for the comments everyone, you brought up points we hadn't thought of, which was precisely why I took it to Reddit! 😃 I think we have chosen to wait a little bit and save, and maybe up our budget to $150-180k in order to be able to build a nice small, efficient house. [link] [comments] |
| Homebuilder will not return my deposit Posted: 30 Mar 2020 07:15 AM PDT Put a 2.5k deposit to build a house and the land got valved less then what they want for it by the bank, so finance got disapprove now builders wont give back deposit because they used the money on contracts, site survey, and certifications etc. Is there any chance I can get my deposit back? [link] [comments] |
| Change in points and lender credit after rate lock? Posted: 30 Mar 2020 07:15 AM PDT So we are currently getting a mortgage form the lender, movement mortgage. That in itself has been a nightmare but recently they have sent us a new disclosure and the cash to close has gone up about 2500$ we found this strange because we had signed a rate lock only about a week and a half earlier. When we looked into it they had now added points to our loan and taken away our lender credit but our interest rate remained exactly the same. Very clearly on the rate lock we signed it says lender points and credit and rate will not change. This seems like they are trying to take advantage of us. So i guess my question is, is this normal? Can they do this? Any way we can stop it? We have contacted them but they are blaming an overloaded schedule because of the virus for not getting back to us. [link] [comments] |
| Thoughts? How (if at all) will rising unemployment affect the housing market? Posted: 29 Mar 2020 06:39 PM PDT Goldman Sachs issued their unemployment numbers this past week and I believe they said they estimated 2.25 million applying for unemployment. If this number continues to grow, how will this affect real estate? [link] [comments] |
| I put down a deposit on a new apartment a week before quarantine.. can I get that back? Posted: 29 Mar 2020 10:05 PM PDT Currently, I'm living in the same apartment I've been in for 3 years. I recently signed a new lease to move into a new apartment on May 15th. I paid the $1250 deposit, but due to the coronavirus, I was laid off and have not gotten a paycheck since March 12th. I don't have enough money to make my current rent next month, so can I ask my new landlord for my deposit back? I know they will say that it means I don't have the unit reserved anymore but I don't care if I lose the new place or not. Legally with the coronavirus pandemic changes in the world, can I get out of the new lease that I haven't moved into yet? [link] [comments] |
| Deciding whether to purchase an investment property. Posted: 30 Mar 2020 06:42 AM PDT My brother and I newer to real estate investing and are under contract for a new duplex being built in tennessee in a smaller tow, about 100k. The town is not far from nashville which has seen a huge real estate boom. The duplex is expected to be completed and closed on by the end of april. We will then try to rent both sides out. The property is in a class B neighborhood which has seen a lot of investors lately, but not a lot of new builds such as ours. The units will be of similar size to the surrounding homes and the rents would be about $200 more, but we have some wiggle room to go down. My brother and I are contemplating if we follow through with this purchase since we only have ernest money in the deal and have the option to back out. We have some time to decide before moving forth with our loan to see what the markets do. I believe we might see an influx of people looking for more affordable rental options from Nashville in the coming months but cant be certain. My brother believes we are purchasing at the peak market and the property will depreciate in value and rents not long after closing and will take years to recover and get back to the value that we are purchasing it for. There is no wiggle room in the purchase price. We are very interested to hear an insight and suggestions you might have. Thank you! [link] [comments] |
| (California) Can business owners sleep in their office? Posted: 29 Mar 2020 07:45 PM PDT Let's say you're renting a business office in a business center. You're paying rent and it's coming straight out of your business's bank account, not your personal bank account, so it's all tax deductible. You want to maximize this benefit by nixing your house (you never liked your kids anyway) and setting up shop at your office. Would it be legal for someone to live in their office, provided it was possible (building security allowed it, front door was still accessible, etc.) ? [link] [comments] |
| Posted: 29 Mar 2020 03:54 PM PDT I've had my pay temporarily cut due to my company being significantly impacted by what's going on. I've looked into a mortgage forbearance, but we were also planning to buy a new house sometime in the next year. Would future lenders look negatively on this? I understand it doesn't directly affect your credit score, but didn't know about that specific situation. [link] [comments] |
| Question of real estate and insurance claims? Posted: 30 Mar 2020 04:34 AM PDT I'm looking for some advice to see if some of You would know?? When selling a property, do we need to mention if we had past insurance claims in the home?? Our house was new and in impeccable condition. We had a small water leaked, on the top 3rd floor. Now the buyers who bought our home had their own damages, (** in a different area, on a different floor for a completely different case altogether!!) he clogged his toilet on the second floor and is coming after us for compensation. He is saying his home insurance with is not paying for it as there was a previous water claim two years ago? However, i have my Claim and it's not in the same spot nor on the same floor?! I find it hard to believe that they aren't going to pay??! I offered to pay him half of the costs of repairs of the bills his insurance company sent him for relief to the situation, what I am having trouble With is that the document he wants to sign, he doesn't want to sign "I acknowledge that the sellers had a previous claim". I have a feeling this won't be the end of it and just wants $! Furthermore, I believe his insurance company DID actually pay him! Can anyone help with tips or advice?? [link] [comments] |
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