Real Estate: Gift Money |
- Gift Money
- Can someone talk me off a ledge about listing price?
- Super nervous first time buyer just got a pretty bad home inspection report for their dream house :-/
- Did this real estate agent break the law?
- Vested Interest in House, seller getting cold feet? What are my options.
- Will the mortgage get approved?
- When buying a house in the US, can the money come from someone else's account?
- How do I refinance out of PMI?
- Fear hitting real estate market?
- Buying a house with no money down?
- Questions to ask my first time real agent
- Rate lock prior to 10 year note collapsing. Any wiggle room?
- Is buying a house a better idea than renting? Considering buying, but worried about saving up money to put down
- FHA w/Down payment assistance mortgage rates
- Coronavirus: Good time to buy?
- Can a guy with a beard and long hair be a real estate agent?
- How to approach replacing roof when planning to sell in 3-4 years
- Would my house/property value go up with The Obama’s buying a house in my town
- PMI vs Selling Stocks
- Is it possible to get a mortgage loan for a coop or condo for only 10% down payment or is it pretty much going to have to be 20% and up?
- Family Investment Property Possible live in.
- Help I have a Client Stuck on a NACA program! They signed with me but are hell bent on waiting for a NACA prog. Comming to town in 2 months!
| Posted: 09 Mar 2020 03:01 AM PDT I'm under contract with a house that's set to close in a month. The lender has already received my loan application. I just found out my Grandma had saved up 3k for me to put towards the house. She just handed me the check last night (probably going to put it towards furniture now). Is this going to be an issue? I'm also expecting to recieve my tax return money, two thousand dollars, between now an closing. Will I have to explain these to the lender? Should I deposit the check now or wait? [link] [comments] |
| Can someone talk me off a ledge about listing price? Posted: 09 Mar 2020 06:48 AM PDT I'm in northern VA (hot market that moves FAST). We're listing within the month here. My realtor wants to list it at about 20k less than what we'd like. There are homes in the neighborhood that have gone for 60k more than what we are going to list for. The comparable homes have 200+ more square feet, and they have nicer kitchens (granite countertops, stainless appliances). They also have decks and hardwood (or similar) flooring, and they're both end units. One backs to other homes, the other backs to a drainage pond. My home has a brand new roof, backs to trees, is in a private cul-de-sac, has a new electrical panel, and, has a new stone patio. However, our kitchen appliances are mismatched, we have formica countertops, and we've done no renos in the 4 years we've owned it. The bathrooms also are very small (nothing I can do about that). Plus, we can't afford to install new carpet, and in any case, I have a cat so it's just gonna get junky again (it's not too junky now, except slime and makeup stains bc my kids). I have had the walls repainted with one coat, and have done most of the 2nd coat myself (the owners before us had the damn place painted grey). So, all this in mind, I'm asking too much for 20k more than what my realtor wants to list for, right? I just -- the home nextdoor went for 20 more than what we're listing, and so did one down the row from us - this was last summer though, about 7 months ago. [link] [comments] |
| Posted: 09 Mar 2020 08:29 AM PDT I live in a city with a pretty hot real estate market where I see a lot of terrible houses go for 500k average. I fell in love with a little vintage cottage (1935) that is in a great neighborhood and well priced. When I toured the house I immediately saw that the cellar had a sump pump, which means that water is actively flowing in to the house and then being pumped out. I thought I might be willing to bid a bit lower and just have the foundation sealed to remedy the situation because I honestly love everything else about the house. The seller agreed to share their home inspection and I just read it and... I feel like this house might have a lot more underlaying issues and I am so bummed :-( If anyone is a house buying/selling veteran and would be willing to give me their perspective, it would be greatly appreciated!
Of course they don't do mold inspections but because of the age of the house and the many water problems I am afraid there is mold somewhere. I don't know if I'm just overreacting and this is normal old house stuff as the seller claims or if this is a poorly maintained money drain. Even tho it is "well priced" for the area and size, I feel like this house is in need for some major repairs in the tens of thousands of $$ and that would make it not so much of a bargain. Any input appreciated!!! [link] [comments] |
| Did this real estate agent break the law? Posted: 08 Mar 2020 10:19 AM PDT I am selling my home. My real estate agent bought a couple and their agent to see it. The couple liked my home and intended to make an offer. When I arrived back at my residence the buyer's agent was waiting outside my house and told me he would get the deal done at my asking price if I paid him 1 percent more commission. Is this illegal? The state I am selling in is NY [link] [comments] |
| Vested Interest in House, seller getting cold feet? What are my options. Posted: 09 Mar 2020 07:52 AM PDT Hey r/RealEstate, I am in the process of buying my first home (Michigan) and have a super specific set of criteria. I have been nosing at the market for about 8 months and finally found something that I think is worthwhile and affordable (130k) I put an offer in (125k), and to my luck, the buyer accepted! I decided to hire an inspector (something my dad and I have always done ourselves for our rentals) due to the condition of the home. The home is almost 100 years old and has been severely neglected. Missing drywall, missing flooring, whole bathrooms torn out, birds in the attic, on top of an entire grow operation in the basement and garage. The house is pretty inhabitable by my standards, but it is close to what I am looking for. Due to the inspection report revealing a few more issues than what we could find, we decided we may change our offer in a small way, or ask for concessions for closing just to keep a little money in our pockets for the remodel. While talking with my agent, I asked if the house would appraise, because its pretty rough. He contacted my lender and I spoke with both on the phone. My lender claimed that the house would fail a conventional appraisal due to exposed subfloor, missing drywall, and needing mortar repairs; all structural aspects of the home. He explained a different type of financing where licensed contractors would have to perform the necessary repairs in order for the lender to lend on the home. Since we want the sweat equity ourselves, this was not an option we wanted to take. So, speaking with my father, we decided we would rather pay cash for the home, and finance after the major repairs were complete. This theoretically would make everything a LOT easier for all parties involved, and get us in the house quicker to start cleaning it out. We decided to offer a cash deal of 121k due to the limited number of people that could obtain financing on the home, and the hoops we would have to jump through to bring the house up to code (he also has past due water and taxes). This was approximately 7 days ago, the owner has not declared a written acceptance or denial of the offer, and it is past the expiration date. When contacting his agent, he claimed that the owner feels rushed, as he hasn't ever been through selling a home before and has emotional ties with the house. We believe his agent found him because he is on the verge of losing the home, and we think that if he would just accept the offer, it would benefit all parties involved. This is particularly frustrating because we are so close towards my first house, but I don't know what I could do to help the situation. I just want to make sure we are first to negotiate a deal for the house, I dont want anyone else swooping in. Has anyone been in a similar situation, or know of some advice for me or my realtor? [link] [comments] |
| Will the mortgage get approved? Posted: 09 Mar 2020 09:46 AM PDT Hello, I am a college student and I'm looking to buy a house, the city that I got to college in usually pulls rents from 500-1000 for a one bedroom apartment, I currently rent one for $550. I've been looking at houses going up for sale in the area and I'm pretty positive I can break even or make profit by living in a house and charging some cheap rent to a couple friends. The houses I'm looking at range from 70k-100k and might need a little fixing up. The problem is that being a student I have a pretty irregular income, I can get a summer internship at around $17hr and possibly continue to work part time while in school. I would be buying the home the FHA route for the lower Down payment. The previous year I only made about $12k Total income but that is definitely going to go up this year, and I've saved a lot. Do you think I could get a mortgage approved?? Because the mortgage payment on some of these houses would literally be the same as my current rent. Also I basically have $0 in debt. No car payment very small credit card payment and that's really it. [link] [comments] |
| When buying a house in the US, can the money come from someone else's account? Posted: 09 Mar 2020 04:03 AM PDT Disclaimer: I'm not a US citizen (yet) so I'm not sure if it's the same over there. I'm planning to buy a house, and I will wire myself the deposit and most of the money to the escrow agent, however, my parents will send part of the money to help me pay for it. In order to avoid unnecessary money movements, would it be a problem if the wire transfer will come directly from their account when I'm the one legally buying the house? Or does the money have to come from a bank account in my name? Sorry if this is a silly question, I just wanted to know before deciding on a purchase. [link] [comments] |
| How do I refinance out of PMI? Posted: 09 Mar 2020 07:12 AM PDT Home values are skyrocketing now! My mortgage company said that we have 3 options - wait unti the scheduled removal (2028), pay off about $27K to get the mortgage value to the same price it would be in 2028, or show I've done about $27K to the house. I'm not sure i understand why - if the value is higher, the PMI shouldn't be necessary. I SHOULD be able to buy an appraisal (or have the bank pay for it) to see what home values are and see how much I owe, but they aren't advertising it? [link] [comments] |
| Fear hitting real estate market? Posted: 09 Mar 2020 06:56 AM PDT Should I be buying investment property with Corona virus and stock market instability? [link] [comments] |
| Buying a house with no money down? Posted: 09 Mar 2020 06:49 AM PDT Here's my situation. I own a house already and need to upsize. I found a house I want that is up in my price range but I haven't been saving for a house currently because since I bought my house 6 years ago, I have been dumping cash into my mortgage to pay off early. The house I own appraised for 72k and I have around 57k in it. The house I want to own is around 200k. Income is 80s to possible 100 so I know there is no way to get a usda. Is there anyway for me to buy this house with little to no money down? At least until I could sell mine. [link] [comments] |
| Questions to ask my first time real agent Posted: 09 Mar 2020 06:06 AM PDT Hi all! My wife and I are starting the process of buying our first house/condo we are using a real estate agent that is a friend of my parents. She has never sold a house before but I feel like it is a good opportunity to get her first crack at it. What are your thoughts on us giving her the opportunity? Is there specific questions I should be asking her to make sure she is doing right by us? Any thoughts or advice would be greatly appreciated. [link] [comments] |
| Rate lock prior to 10 year note collapsing. Any wiggle room? Posted: 09 Mar 2020 05:46 AM PDT Hi all, I'm wondering if anyone has any ideas how best to treat this situation. For starters I have reached out to my loan officer to see if there is anything that can be done but in the interim I'm attempting to solicit some advice from you all. I locked in a 60 day rate lock on a 30 year note for a second home sometime last week or perhaps two weeks ago for 3.375% with 2200 in lender credits. As I'm sure you all know we then had a severe drop in yields and I suspect mortgage rates have moved in tandem. Is there anyway that I can "unlock" and "relock" at the assumed lower rate? I did just have an appraisal on Friday so I'm assuming if I decide to restart that entire process again I'd have to go about with another appraisal? I'm only giving it thought since the 10 year note has dropped by nearly 80 bp since I locked and I'm imagining that my rate would be significant enough to make a difference on my monthly P&I. Thoughts? EDIT: I'm wondering if any lender might be able to roughly throw out what rate they'd expect from 400k 2nd home, 10% down, 760+ credit score? This whole point might be moot if 3.375 hasn't gotten any better [link] [comments] |
| Posted: 09 Mar 2020 04:52 AM PDT I have a white collar job making 51k annually in Tampa Florida but I rent apartment for 1700 a month. It's quite a doozie on my finances since it's about half my pay. I'm a single guy so I pay for it all. Would it be better financially for me to get a house, and if so, what price range should I look at? I don't want to live in the ghetto so anything less than 170k is out of the question. My biggest concern is putting money down for a house. a resource found here on this subreddit from before says that you should put down at least 3.5% of the value of the house and that you can't just finance 100% of the house... I don't have $9,000 to put down for a 250k house. That's a huge sum of money I just don't have. I'm not sure how to obtain such a large sum of money either. Appreciate any help [link] [comments] |
| FHA w/Down payment assistance mortgage rates Posted: 08 Mar 2020 10:35 PM PDT Has anyone locked in a mortgage rate with down payment assistance recently? I'm trying to figure out if they are giving me a good rate considering how low interest rates have gone. What was your credit score range? First time buyer looking for some help making sure I don't get screwed was told 4.25 seemed pretty high considering I have good credit. [link] [comments] |
| Coronavirus: Good time to buy? Posted: 09 Mar 2020 08:34 AM PDT Few people will be checking out houses --> Depressed prices --> Good time to buy? What are your thoughts? [link] [comments] |
| Can a guy with a beard and long hair be a real estate agent? Posted: 09 Mar 2020 06:17 AM PDT |
| How to approach replacing roof when planning to sell in 3-4 years Posted: 08 Mar 2020 03:21 PM PDT We bought our one story, 3 bd/1bath rancher in 11/2015 and have been here for ~5 years. When we originally had the home inspection done, the roof was estimated at ~20 years old, so we're thinking that'd make it about 25 years old altogether. We haven't noticed any leaks or issues or anything other than a (I think?) neoprene vent cover thing that blew off a couple of years ago and led to a leak down the kitchen wall. I want to get the roof replaced sooner rather than later so that we avoid any future problems. It's already passed its expected life span so I feel like it's just a matter of time before something fails. We also plan on selling our house & buying a bigger place in ~3-4 years. We've gotten a couple of bids so far that range from ~$6,000 for "bottom of the line" shingles from one company to ~$14,000 from a "master elite" company (this included an actual walk-through & sit-down consultation). This company offers a 5 year, 0% interest payment plan which sounds nice. We also have one other company coming out to do a walk-by estimate on Tuesday. We're having a hard time deciding on how to approach the roof repair. Do we spend the extra $$$ for the top of the line repair? Or do we go with a lesser quality product since we won't be in the house too much longer? Will a potential buyer care as much as long as the roof was recently redone? Should we wait a bit longer until we have more saved since we don't have any issues yet? We have a bit of a down payment saved but we'd have to finance most of it. My student loans will be paid off in July, so I'll soon be able to start saving an extra ~$800/month after that. Cross-posted from r/homeowners [link] [comments] |
| Would my house/property value go up with The Obama’s buying a house in my town Posted: 09 Mar 2020 05:53 AM PDT The Obama's recently bought a house in my town, just wondering if that would marginally effect the value of surrounding properties? [link] [comments] |
| Posted: 08 Mar 2020 04:02 PM PDT With low mortgage rates and a lease cycle coming to a close (in Sept). My husband and I are trying to figure out which scenario (or if there are any others) that make the most sense for buying our first home. We live in Boston, so condo prices are pretty steep. We currently have enough saved to put 12-15% down on the average 2bd/2bth. We both have a decent amount of money in our investments (outside of 401k and IRA) to cover the 5-8% additional needed to make the 20%. My question is, does it make sense to take this money out of the stock market and pay the capital gain taxes or does it make more sense to pay PMI for a few years (we both have excellent credit - 760+). I'm not sure how to calculate this. [link] [comments] |
| Posted: 08 Mar 2020 09:44 PM PDT I want to buy a cheap coop / condo. something around $120K. anyone know what lender if will this kind of loan? [link] [comments] |
| Family Investment Property Possible live in. Posted: 08 Mar 2020 01:58 PM PDT My family and I are looking to buy a multi family investment property. Has anyone invented with family? My parents are selling a home and wants to buy a multi plex, I also will be putting money in along with management and willing to live in the plex for what I assume financial benefits. Suggestions on setting this up or what we should look for. We are a close family so I'm not concerned about one of us getting taken advantage of. What would you do or do differently? [link] [comments] |
| Posted: 08 Mar 2020 01:53 PM PDT |
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