- I know three buyers getting out of their contracts right now due to fears of housing prices declining significantly over the next couple of months. Does anyone anticipate the housing prices to reduce? With so many people out of work, it seems inevitable.
- Jumbo Loans being cancelled
- Sell now or wait (NYC market)
- Mom passing, brother wants family to keep the house
- Land contract
- A mexican friend needs advice
- Any word on if Illinois shelter in place order considers real estate closings an essential service?
- thoughts on rich dad’s real estate course
- Home Values vs Residential Real Estate ETF Performance in 2020
- Ex-tenant causing issues, aka TIFU by being nice
- State ordered "Stay at home". Will this effect my closing?
- After covid recession
- If shelter in place comes to my state would I still close on my house during it? My rental lease is up shortly after that. Would I still be required to vacate my rental and then possibly not close on my house basically leaving me with no where to live?
- Difficulties Selling Home - Realtors “Perplexed”
- Is job loss due to a pandemic enough cause to break the lease in Colorado? I want to move out BADLY, and without having to pay the $3,300 break up fee.
- Real estate agents. Do you ever have to fire or... Break up? What is the correct term, with buyers, and how do you to it.
- Help on offering plans on a condo in NY
- Highest interest rates since January. When will they start coming down again?
- Parents closed on house Thursday and don’t have the keys yet
- Looking for any advice
- Looking to purchase my first home at the end of this year. Any tips and tricks?
- New Construction / Texas / Closing with a Builder in May
- We were supposed to close on our house in 2 days and the buyer wants to pull out claiming they’ve lost too much money in the stock market (who hasn’t?!)and are claiming “force majeure” due to Corona Virus and want to keep their earnest money deposit. Is it worth it to go into arbitration?
| Posted: 21 Mar 2020 08:36 AM PDT |
| Posted: 20 Mar 2020 04:58 PM PDT Signed my refi this evening. ( Mobile notary at kitchen table). The guy with the title company said the only way I got an appointment on such short notice (bank was silly late with paperwork) is that they had three purchase cancellations today as the banks stopped funding Jumbo loans outright. These were people literally at the closing table being told their mortgage was cancelled. I am in Florida (Tampa area) has anyone else heard of this happening recently? [link] [comments] |
| Posted: 21 Mar 2020 08:33 AM PDT So we've been making improvements on our house to get it ready for market. We were hoping to list it in April, when boom, COVID19 hit the city. We do not HAVE to sell now, but we have a new baby coming this summer (already have space issues) and half of our stuff is sitting in a storage pod, costing us money. We don't own outright but have a small mortgage (under 90k) Job situation is stable (for now.) Part of me is saying to just say screw it and list it and see what happens. Another part is saying to hold off for a bit. Obviously no one knows what is gonna happen with COVID19, it's such a rapidly changing situation. What would you do? Is there anything to lose by just listing in April? Total real estate newb here. [link] [comments] |
| Mom passing, brother wants family to keep the house Posted: 21 Mar 2020 09:43 AM PDT My mom is going to be passing in a few days or maybe a week. She lives in a home that has been in the family for 30+ years. Because of the meaning to the family my brother wants to keep the house in the family. The trust is written so the estate passes equally to her 4 sons. My brother seems to think we can keep the house in the name of the trust, and he can then manage tenants and the property for as long as we want. To me this seems really messy. I also dont want to be a business partner with my brother as hes irresponsible and emotionally unstable, and I dont want to have to worry about tenants and managing property. My other two brothers aren't any more stable. I'm like 99.9% sure I dont want to be involved, so I'm making this post just to learn more things and be able to talk with my brother who is very emotionally distressed as well as get other's thoughts and opinions on the matter. Also is it even possible to keep the house in the name of the trust after my mom has passed? [link] [comments] |
| Posted: 21 Mar 2020 09:38 AM PDT Does anyone have a recommendation of someone who can look over a land contract for me? I just want to cover my basis [link] [comments] |
| Posted: 21 Mar 2020 08:40 AM PDT Ok. First of all, I'm from Mexico. My money has been devaluated greatly. 1 month ago, one dollar was worth 19 pesos. Now, its 24 pesos. So I've been saving pretty much for the last 7 years. I have a pretty good pay, so I have enough to buy myself a nice house right now, which is my goal with all of these savings. I had this money on a somewhat moderate portfolio, so I've obviously lost money recently, though not in a catastrophic fashion. I had most of the pesos in debt. What a had in stocks was mostly in the USA so I've both lost stocks plumetting and won some due to the rate exchange. All in all you could say that a) my money is the same in pesos and b) my money is worth less because the pesos are now worth a LOT less. Im a little concerned that most of my money will be a lot less worthy in a year, so I'm planning in buying a house with what is 65% of my savings. I can keep living in my old small house after buying it, and since its a new house that im buying, there won't be many extra expenses. I think its a conservative approach because everything here in mexico is going to skyrocket in a couple of months in prices due to the value of the dollar. I could wait and maybe buy a house of people that go broke, but I think my approach is more conservative. THANKS IN ADVANCE. [link] [comments] |
| Any word on if Illinois shelter in place order considers real estate closings an essential service? Posted: 20 Mar 2020 01:39 PM PDT We are supposed to close on a house on Monday, and IL is issuing a shelter in place order. Will we be able to close? [link] [comments] |
| thoughts on rich dad’s real estate course Posted: 21 Mar 2020 06:38 AM PDT hi good people! recently i have watched many podcasts of robert kiyosaki and got into a decision to get into his one of the online coaching course 'real estate cashflow blueprint' for $99 the limited edition offer. if any one of you attained robert kiyosaki's rich dad real estate course online, was it worth it? will it make you financially free? [link] [comments] |
| Home Values vs Residential Real Estate ETF Performance in 2020 Posted: 21 Mar 2020 06:37 AM PDT This year, real estate ETFs like VNQ are down more than the market. I thought this would mean that residential real estate has been similarly devalued. I even looked at residential specific etfs like REZ. Down 34% peak to trough this year. Since this is not a leveraged ETF doesn't it mean the typical home value is about to decrease by 34%? Or is it somehow leveraged by its nature? I talked to my friend and he said typically home values decrease by half of what the stock market does. But unsure how this will play out in coronavirus times. I've lost over half my net worth and most of my cash flow because of this crisis but I have high income on my last couple of tax returns, and access to dirt cheap debt. If homes crash soon by 30-50% I wouldn't mind buying something. [link] [comments] |
| Ex-tenant causing issues, aka TIFU by being nice Posted: 20 Mar 2020 09:17 PM PDT So obligatory TIFU wasn't today. If you don't want the backstory, scroll to the bottom. I inherited a renter when I bought my property. According to the seller, she'd been there for years and been a good tenant. Well, it started off bad from the beginning: 1) She had an arrangement to pay on the 10th and 25th. Even though I sent information on where to send the payments before the 25th of the month I bought it, she conveniently 'forgot' to pay her rent due from the first of the new month till the 10th. I didn't catch it right away as she paid 1/2 of the $1400/mo on the 10th, but it took her almost 6 months to finally pay it in full 2) She didn't know how to use a computer she claims, wanted to pay me through CashApp (big NOPE!) even though I had her set up on cozy.co and she could also pay by certified check through the mail. Big go around with that as 'the old landlord would just come pick it up' 3) Horrible at communicating with me, she'd be late on rent, short on rent, etc, but not quite late enough that I'd start eviction. And though she'd be short a few hundred $ she'd make it up within one or two payments (barring the $300 she was supposed to pay off $50 per payment). Yes, I put up with too much from her, but she took really good care of the property ,so that's my excuse for tolerating it. 4) Then she lost her job. Still wasn't communicating what was going on, then when I finally got a hold of her it's a huge sob story. I gave her a break and let her break her lease and move out w/o a penalty. With how much stress she was causing me I would have given her cash for keys at that point. *************** So here comes the fuck up *************** She'd crammed a TON of stuff in the house, and as she was going to be couch surfing she had nowhere to put it, and no money for a storage unit. So I allowed her to use the garage free of charge for a month. I usually charge $100/mo for it. Month goes by, I stop by the property, her crap is out of the garage and garage key is under the mat as agreed. This was in October. Fast forward to today, I'm showing the property and they were interested in also renting the garage, they wanted to see it. So I open it. Lo and behold, it's PACKED with her crap. What in holy hell is this? The bitch had made a copy of the key, and had been storing her stuff in there! There was a carton full of paperwork, her name all over the papers! So I text her, basically "Get your shit, ALL of it no trash or crap left anywhere, by 5 pm tomorrow". She writes back "Can't I just pay you to rent it?" Da fuq?? NO! "No, you took advantage of my generosity. Get your shit out, else I will have it removed and bill you for the cost. I may even call the cops for illegal breaking and entering, and illegal dumping" Her: "Can I have it out by Sunday at 5? I have to work tomorrow?" me: "No" Her: "I can show you proof that I have to work" Me: "No. Out by 5pm tomorrow, you're lucky I'm even giving you this warning and didn't just have it all hauled away" I'm sure there will be more drama tomorrow, I'll update if so. TL;DR: Helped a renter, they took advantage of me kindness by copying a key and secretly storing their crap in my rental garage. I don't want to stop being nice, but shit like this is making it tempting. [link] [comments] |
| State ordered "Stay at home". Will this effect my closing? Posted: 20 Mar 2020 04:51 PM PDT |
| Posted: 20 Mar 2020 04:31 PM PDT With covid stressing our economy, there's supposed to be a recession following. With that in mind, how much do recessions make house values fall? Once the recession really starts to hit, would we expect houses to fall by 5% or 15%? Would a house currently 300k end up being 250k? I know it's speculation but maybe someone has seen the past recessions and how that affects the housing market. Considering buying but trying to decide if I should wait [link] [comments] |
| Posted: 20 Mar 2020 01:07 PM PDT |
| Difficulties Selling Home - Realtors “Perplexed” Posted: 21 Mar 2020 04:04 AM PDT Given what's happening in the country, I realize this may quickly be moot, but going for it anyway! This is my first post and I'm on my phone. Please excuse errors. Apologies for length. A year ago this time, the neighborhood I lived in was pretty hot and homes went within days/weeks. I decided to list my home at the end of August. I knew that was when the season was slowing down, but the agent was hopeful I could be under contract within a month. The local market seemed to fall off a cliff overnight. In the three months I was listed, I had three showings. Other homes in the neighborhood experienced the same. I finally got an offer from a company that turns homes into corporate rentals, got the initial thumbs up from the HOA, moved out and at the last minute the HOA changed its mind, the sale fell through and I then had an apartment and a mortgage. I caught my breath during the holidays and relisted in mid-January, priced lower than the last sale in my neighborhood (and below) most other homes in my area. Other homes in my neighborhood came back onto the market as well (though I'm still the lowest). Have had a good number of showings but no offers after 2.5 months. Same for the other houses in my neighborhood. I've continuously lowered the price, but it hasn't generated an offer. The house shows well - biggest point of feedback is that it's near a busy road (which unfortunately I can't change). All is the realtors in the neighborhood are confused by what's happening. They've sold houses in the neighborhood before and never had so much difficulty selling. We had some new construction in the general area, but we took that into consideration when we priced. Any agents been in a similar situation? What did you do? My agent is hesitant to drop the price further, but I'm in a full out panic at this point and terrified of trying to carry a house and apartment at this point, given what's going on with COVID and the economy. I'm actually surprised there aren't more posts on selling houses. I've found this about 300% more stressful than buying a house. In Atlanta, btw. [link] [comments] |
| Posted: 20 Mar 2020 09:16 PM PDT " In Colorado, landlords cannot hold you to the terms of the lease while the unit is vacant, even though you may have breached the lease. The landlord must try to find a new tenant." [link] [comments] |
| Posted: 20 Mar 2020 08:47 PM PDT So the thing that got me thinking about this Three days ago I listed my home for sale. Its a beautiful, 2018 home in a great area with lots of jobs around and great schools listed at a competitive slightly lower than other homes in the area. ( It should be noted, I'm not upside down on the place or anything. We were just moving to be closer to family.) The housingmarket hasn't taken much of a hit in our area, and with it being the first weekend, we have three viewings scheduled even with the shelter in place thing going on. The first people viewed the house, and their realtor got back to us saying " I am very impressed with the house, they will probably loose out on it because they are being inddsisive." Later that day my realtor received an offer from them. 10k under asking Covering their 7.5k closing costs They want the fridge. It's listed at 215k. 20 k if you include the fridge is pretty significant. My realtor said, you know there are more showings tomorrow right? She knew. We said we were too far apart and to please come back if they decide they could offer more I got the impression that their agent was just generally annoyed for putting in as much effort as she had. Again. Maybe putting it on the market the week the world ended made them think we needed out now. I'm not offended. It just got me curious. What kind of situations have made you break up with clients in the past, I'd imagine something much worse than this. [link] [comments] |
| Help on offering plans on a condo in NY Posted: 21 Mar 2020 02:06 AM PDT Hey all need a little assistance. I have a client very interested in putting an offer in on a condo in NY. They want to know the rules and regulations of this condo prior to making an offer. What is the best way to obtain this information for them? Any advice would be greatly appreciated! [link] [comments] |
| Highest interest rates since January. When will they start coming down again? Posted: 20 Mar 2020 02:03 PM PDT From my understanding interest rates are up because they were so low that everyone started refinancing (supply and demand). Anyone have any predictions when interest rates will start to decline again? The average 30 yr fixed was over 4% today. I have until 4/01 to lock in. [link] [comments] |
| Parents closed on house Thursday and don’t have the keys yet Posted: 20 Mar 2020 05:46 PM PDT My parents paid cash for a home and closed this past Thursday. They were advised after closing that they couldn't get the keys. Something about the seller's bank not processing the payoff of the mortgage. Their realtor said she hasn't ever seen this before, but assured them they would get the keys today, Friday. They didn't. Banks will be closed all weekend. The seller's bank is ( i think a little bank) called Freedom bank. The mortgage hasn't been paid off, neither realtor has gotten their fees, and my parents are out their cash and can't move in. Has anyone experienced this? Is this possibly an issue just because of COVID-19? [link] [comments] |
| Posted: 21 Mar 2020 01:08 AM PDT Live in the Midwest and am suppose to be signing on a new house this week. I'm putting my house on the market Monday. I own a small business in the service industry and jobs are slowing down due to the coronavirus. I'm at a loss. I've found the house of my dreams but am concerned about selling my current house. Realtor says deals aren't slowing down but I don't know what to believe. I have savings but am worried about how long this will last. I know this is all anyone's guess right now but any advice would be appreciated. [link] [comments] |
| Looking to purchase my first home at the end of this year. Any tips and tricks? Posted: 20 Mar 2020 05:34 PM PDT |
| New Construction / Texas / Closing with a Builder in May Posted: 20 Mar 2020 09:17 PM PDT Greetings, I am building new construction in the Dallas/Fort Worth area. Supposed to close mid-May. I do not have a contingency on my current home, I could afford to carry two homes. I do want to know if I have any ability to negotiate at this point with my new home purchase. With what has occurred economically since I signed the sale agreement, I'd like to renegotiate the sales price or terms. My earnest money is only $20k and at this point to lose this amount may be worth it to then buy a property at a much lower price. [link] [comments] |
| Posted: 20 Mar 2020 11:36 AM PDT We are in Ca. This is an investor that made a cash offer with a 10k earnest money deposit, 45 day escrow, they released all contingency weeks ago. Any advice is appreciated! [link] [comments] |
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