Real Estate: Does anyone see the Covid19 impacting the market? |
- Does anyone see the Covid19 impacting the market?
- Coping with a rough seller's market/being a considerate buyer
- Buying first home, need advice
- Sale pending… when should we let our landlords know?
- Condo sold and funded, now she wants more?
- I locked in 2 weeks ago at 3.5%, but it fell through, and this new lender won't go below 3.5?
- What is the difference between a 5/1 ARM and a 5/1 Jumbo ARM?
- How to save FIL from getting scammed?
- How do I transfer a VA loan to my name?
- Mortgage Rates increased March 10 (Today) from March 09 - can somebody explain?
- Use current rental landlord as our buyers agent?
- Why would an appraiser come by a house that is not for sale?
- Refinancing Investment Property Mortgage - rate and need to wait 6 months?
- A question on closing and realtors
- Will the company that manages a coop tell you how much cash reserves you need in order to buy the house? (before going into contract)
- 30 year conventional vs 30 year FHA differences
- Good questions to ask when looking for a seller's agent?
- First time home buyer seeking advice
- On a refi due to underwriter guidelines the title company says it cannot place property in a trust...it can only be removed from a trust
- Interesting opportunity as a mortgage loan officer, advice needed!
- Is anyone currently looking to buy in LA for income property/rentals?
- REdibs
- HELP: Getting Started
- Advice for a 1st time home-buyer? (Northern California)
- Opinions on 3.25% 30Yr refi
| Does anyone see the Covid19 impacting the market? Posted: 10 Mar 2020 04:11 AM PDT Will sellers and or buyers get cold feet and supply dwindle? [link] [comments] |
| Coping with a rough seller's market/being a considerate buyer Posted: 10 Mar 2020 07:51 AM PDT I'm a first time buyer who could use a little perspective if anyone can provide it. I've been looking for six or seven weeks and put in three offers that were beat (two by cash offers, one by an offer that turned out to be over the value the home appraised for). Went under contract for one home, it was FSBO so wasn't getting the same kind of marketing and traffic that others were, but after I thought about it more, it doesn't have the things I want in a home, like a dishwasher, a functional kitchen, and a little more room to grow than my tiny rental. Is there any way I can be a "better" buyer in this market, with regards to sellers and how to treat my agent? I know my agent personally outside of this, which helps me trust that she has my best interests in mind but also raises the emotional work level for both of us. She says all's fine and this is her job, but sometimes she seems pretty stressed on my behalf about how the process is going. She says she's hearing about properties in my price range getting 15 offers, and has concerns about whether we can get me a home at a remotely fair price. But otoh, it seems like spring market is finally happening and more homes are coming on the market than in recent weeks. I'm pre-approved, I'm planning to put 20% down, I have great credit (my loan officer wrote a note for one offer to emphasize that there's no risk I won't get my loan), I'm not asking for contingencies outside of an inspection and a small window to address what comes back on the inspection. For the three offers that were turned down, I was (according to the sellers' agents anyway) the second-best offer and invited to put in a non-binding backup offer, basically right of first refusal. tl;dr: How can I be the best buyer I can be, in terms of making offers and being considerate of my agent's time? [link] [comments] |
| Buying first home, need advice Posted: 10 Mar 2020 08:30 AM PDT Hey all, 37 and looking to buy a first house in North Atlanta area (Johns Creek, Suwanee, Alpharetta). Never done this before. Been doing a lot of reading and just seeking advice on the process. Right now, wife and I have $51k in our savings and are living with her parents, saving $5k per month. We also feel we can use the first time home buyer status to pull $15k from retirement accounts ($10k for me, $5k for her) to add on to this - but I want to make sure we keep at least $10k in the bank. Our goal is a $400k - $425k home (my in-laws think we should shoot for $500k), I want to aim for 20% but also dont want to stay with the inlaws for too long (we have a 20m old). My question is, when should I start seriously look at houses, I think I am ok with 15% down and paying PMI for a short time for a better home. I guess I am not sure when I should really start looking with seriousness, should I wait till I have around $90k in available assets. Or should I just go for the $500k house and put 12% down on it. I have done a lot of reading and I only seem to get more confused. Any advice welcome. Thanks [link] [comments] |
| Sale pending… when should we let our landlords know? Posted: 10 Mar 2020 07:37 AM PDT We just received news that an offer on a house we love was accepted. We are in the process of finalizing the loan and it will hopefully be a 30 day close. When should we let our landlord to know that we will be moving? They have been great and we want to give them enough notice? The current home we are buying is a multi family home and it has current tenants so we would also have to give them enough notice for them to move out. I guess I am wondering at what point in this process do I it start to let them know should I wait until we know the loan is finalize, should we wait until closing? [link] [comments] |
| Condo sold and funded, now she wants more? Posted: 09 Mar 2020 10:33 AM PDT I owned a condo with my mother. I was the only one on the mortgage, but we were listed as "joint tenants" on the title. (She lived there, I did not) The condo sold last month, and funds were disbursed. 3 weeks AFTER funding, my mother contacts me and says that I "can't justify" the amount I received at closing, and that I need to send it back to her. I am 99.99% sure she's just being a lunatic (because she's a greedy monster) but I'm wondering if she will spend her newfound money to sue me. For context, I asked that I be reimbursed for the payments I had to make, so it was a little less than 7k, and she received the rest (104k). I haven't responded to her emails. From what I understand, her due diligence time has long since passed. She agreed to the disbursement at closing, so coming after me for less than 7k now is just an attempt to money grab? Right? [link] [comments] |
| I locked in 2 weeks ago at 3.5%, but it fell through, and this new lender won't go below 3.5? Posted: 10 Mar 2020 08:13 AM PDT I have a credit score of 745, and I'm trying to get a 30-year fixed-rate mortgage for a new condo. Two weeks ago, locking in at 3.5%, it was denied at the last second because of human error on the part of the HOA. I changed to a second lender, who said a few days ago that I could get 3.5% with a $500 lender credit. Surely I can get something closer to 3% now, right? How can I negotiate this? [link] [comments] |
| What is the difference between a 5/1 ARM and a 5/1 Jumbo ARM? Posted: 10 Mar 2020 07:17 AM PDT We are considering selling our house within 5-7 years and currently have a mortgage that is about 22% of our take-home. I'd love to be able to reduce our monthly costs so was researching options and the 5/1 seems like a good option for us but I'm stuck with some of the terminology... Jumbo? We have about 10yrs left on existing 15yr Mortgage at 3.5% Home Value is about $425K We Owe about $190K Thanks in advance [link] [comments] |
| How to save FIL from getting scammed? Posted: 10 Mar 2020 10:26 AM PDT In Texas. My FIL is getting scammed out of his property. He is about to sign a bogus contract that has him covering all closing costs while the buyer has the right to walk away with title in hand after defaulting on payment. We've tried pleading with FIL that he's going to lose it all and be in the hole but he's hooked on this guy's scam. Logical reasoning has failed this man. What legal protections can be afforded to him? We know that he's an idiot for ignoring is whole family, other realtors, and the family lawyer, but we can't prove he's insane enough to take over his assets. Does the law protect old, dumb people from scammers like this? The Family lawyer says that he could go to court, void the contract, and recover the title, but that takes time and money, and FIL has none. This type of scam is aimed ad poor, dumb people just like him. I'm sorry if I sound harsh towards him, but I caught him on the phone telling the scammer "I'll just tell the kids I'm seeing a realtor", then keeps lying to my face when I called him out on it. So he's dumb, and I'll never trust this guy, but I don't want him to lose his last asset. Then he'll have to live with me for the rest of his life! What legal actions can I take to prevent this from happening? Or; are there any laws that could save his ass? [link] [comments] |
| How do I transfer a VA loan to my name? Posted: 09 Mar 2020 11:46 PM PDT My uncle recently passed and left me his home. I've decided to keep it as a rental property and need to transfer the mortgage loan to my name. He purchased the house five years ago with a VA loan and mentioned that I should be able to just transfer without having to refinance. His interest rate is 3.25% and I want to try to keep it. Anyone have any tips? I have zero experience with this! [link] [comments] |
| Mortgage Rates increased March 10 (Today) from March 09 - can somebody explain? Posted: 10 Mar 2020 09:54 AM PDT Mortgage Rates appeared to have increased today (March 10th) from yesterday (March 9th). [link] [comments] |
| Use current rental landlord as our buyers agent? Posted: 10 Mar 2020 09:54 AM PDT My partner and I live in a HCOL area (Colorado) and are first time home buyers planning to start seriously looking at houses to buy in May. We are looking to buy a single family home right around the $350,000 range and will have 20% down, plus a healthy cash reserve. In our area, from a couple months of stalking the homes for sale on Zillow/Realtor.com, it doesn't seem likely the single family homes will go for any cheaper. Based on that research, I am assuming we will have a decent amount of competition for the houses we will be trying to buy. I am worried because a cursory google search says that houses in our area take 45 days on average to close, and our lease is up the end of July. But the real dilemma comes from the fact that our current landlord is a realtor, and she has touched base with us yearly to see if we are thinking about buying a home because she wants to be our buyers agent if we are. I am hesitant to use her as our realtor for a few reasons I'll list below, but I am not sure if they outweigh the simple benefit that she would allow us to stay in our apartment and rent month-to-month at a rate that is the same as our current lease until we find a house, close on it, and can move out of the apartment. Basically, we'd be guaranteed a place to live for as long as we are looking and not have to pay a premium for renting month to month, sign a new year long lease and then find a subletter, or have to worry about paying both rent and a mortgage at the same time (which we could swing, but want to avoid). Also, she does have a lot of positive reviews as a realtor, even with first time home buyers, so it seems like she is fairly competent at her job (or at faking reviews). The reason I am hesitant to use her as a realtor are:
So basically, does it seem like a good or a bad idea to use our landlord as our realtor to help us buy a house? [link] [comments] |
| Why would an appraiser come by a house that is not for sale? Posted: 10 Mar 2020 09:54 AM PDT So a friend of mine is cleaning out his uncles house. He is the heir, the house has been in probate for months. Yesterday, an appraiser from the county Assessor's Office came by and asked to take photos (from the street) and took a bunch of notes on a clipboard. He has the person's contact info, but this can't be good. Why is an appraiser coming around if the house is not for sale? I suspect wrongdoing on the part of the executor. Thanks for any replies Update: The offfice responded with an email confirming the information posted here. Thanks again! He'll be relieved to hear it. [link] [comments] |
| Refinancing Investment Property Mortgage - rate and need to wait 6 months? Posted: 10 Mar 2020 09:37 AM PDT Closed a cash out refinance mortgage on my investment property condo in early November. Is anyone finding amazing rates for investment property refinancing 30 year mortgages? Additionally, I have been told I need to wait 6 months to refinance again. Is this true of all lenders or just refinancing with my current lender? I cannot find any solid information on this. One lender told me "its the law". [link] [comments] |
| A question on closing and realtors Posted: 10 Mar 2020 09:23 AM PDT Long story short, my wife has been told by a family member, that our realtor's fee is a separate price taken care of by the buyers, after the house sale has finalized or closed. I have read that our realtor will be paid by the sale of the house we are looking to buy(specifically from the closing costs). Can someone please just give me a simple breakdown of what closing costs are for, where they are going, and if the realtor's commission is included in this? [link] [comments] |
| Posted: 10 Mar 2020 09:08 AM PDT or is that something that isn't told to the buyer? another question, what if i go into contract on the coop and make the deposit, then meet with the board and find out i dont have enough cash reserves....will I lose my deposit or can i get it back? [link] [comments] |
| 30 year conventional vs 30 year FHA differences Posted: 10 Mar 2020 09:01 AM PDT I always head that 30 year conventional is a better way to go if I have good credit. However, looking at mortgagenewsdaily.com conventional is currently at 3.20% while 30 year FHA is at 2.75%. Can someone explain to me the positives and negatives between conventional and FHA when FHA is so much lower? Also, how does the rate different for a refi vs a new home purchase? [link] [comments] |
| Good questions to ask when looking for a seller's agent? Posted: 10 Mar 2020 08:55 AM PDT Looking for an agent to represent us in selling our house. What are some good questions to ask during the initial phone call, to decide whether to invite them to the house? Do you reveal your home address in the first phone call? When do you start talking about pricing strategy and marketing strategy? [link] [comments] |
| First time home buyer seeking advice Posted: 10 Mar 2020 08:51 AM PDT Hey all, My wife and I are looking to buy our first home. We just moved from Chicago to North Atlanta area and are living with her parents, which is allowing us to save $5k a month. We figure our target home price for John's Creek, Suwanee, and Alphraetta at no more than $425, though my in-laws would prefer we aim for $500k - just not sure how tenable that is, not that they have demanded we leave any time soon, love seeing their grandson (20m) Financially we have $51k in savings right now, $41k that I would be willing to use for a down payment. Plus, being first time home buyers we have $15k we can pull from our IRA accounts ($10k from me, $5k for the wife). My question is when should we start seriously considering putting down offers, my current though is June which adds, hopefully, an additional $15k to our savings. I realize 20% is ideal but I figure I am good with something lower and paying PMI for a short time. The other option we have considered is buying something super cheap ($300k) and just sitting on it for a few years and then selling with some equity. Any advice welcome. Thanks [link] [comments] |
| Posted: 10 Mar 2020 08:49 AM PDT |
| Interesting opportunity as a mortgage loan officer, advice needed! Posted: 09 Mar 2020 09:31 PM PDT To start, I graduate in May from my University. I was recently offered a job through a very large non-bank lending company (in the top 3 of non-bank purchase lenders). They are devising a really interesting program where you spend 10 weeks in paid training at the head quarters, daily allowance, flight included, housing, all the good stuff. After the 10 week training program, I am given a base pay of around $44k and assigned to a mentor for no exact time period. The mentorship they said is meant to be long term, like a few years possibly, however, I can opt to go out on my own, however that means I am then given a recoverable draw salary instead of the standard base. In addition, I am given 30BPS for my referred business through my mentor, and 60BPS for anything self funded. I have a few questions... Is this industry worthwhile getting into? How does the compensation plan compare to what those in the industry have seen? Would this be a good starting point for a career in sales in general, or even the financial industry? Any applicable comments, tips, recommendations, etc. are always appreciated too :) [link] [comments] |
| Is anyone currently looking to buy in LA for income property/rentals? Posted: 10 Mar 2020 04:25 AM PDT Is the LA Area (WEHO, Downtown range) only for big investors? (10M+ purchases) Before I ask a few questions, I am not a homeowner (I rent) but doing research on buying a multi-family building. From my understanding, the average return on investment is about 8-11%. Most of what I see in LA for 2-4 family buildings, is always around 4-6%. When I look in other states, I can find ROI's above 15% and normally around the average. I just have a general question... What is the scene like in LA for real estate investments in today's market? Is it even worth buying in the already gentrified areas in LA when the US stock market on average can do 6-10% annually? [link] [comments] |
| Posted: 10 Mar 2020 07:40 AM PDT Not sure if anyone has heard about REdibs yet, but they made me an offer and I'm not sure if it's worth it. Basically they're offering to pay for $900 for exclusive rights to sell my house when I eventually do. The contract they sent me has these main points:
It all seems like standard rates. Is this worth signing? [link] [comments] |
| Posted: 10 Mar 2020 02:17 AM PDT I'm looking to get my real-estate license in Texas. I need a 100% online course due to my schedule. Any recommendations? [link] [comments] |
| Advice for a 1st time home-buyer? (Northern California) Posted: 09 Mar 2020 10:08 PM PDT Idk if this sub is only for sellers to help sellers out, if it is then delete my post. But hopefully I can get some help. I'm 26, my long term boyfriend and I are looking to purchase our 1st home. My problem is that I don't know ANYTHING about the market or how this works. We seriously have nobody in our lives to guide us through this. Any advice is welcome, but here are my biggest concerns: 1) I'm naturally very weary of brokers & realtors, so I don't know which ones to place my trust into or if it's even necessary to go through one. I just want to know how to get the least ripped off possible. 2) I don't know what the process of taking out a huge loan for a $300k home would look like. Which bank/credit union should I go through? How can I get the least ripped off in this sense? 3) I know that I have to look at numbers like APR, and credit scores, but what other important 'numbers' do I need to do more research on? 4) is it possible to haggle for the price of a home? For example if we see a house listed on Zillow for $300k, how can I professionally ask for less & how little is too little? Basically I just want to get smarter on the topic in order to minimize my chances of being totally ripped off. [link] [comments] |
| Posted: 09 Mar 2020 10:00 PM PDT Credit score in 720s. Conventional loan. Currently locked in but should I still be shopping around? I paid for an appraisal but it hasn't been scheduled yet. The above is at no points after lender credit. [link] [comments] |
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