Real Estate: Laid off a week before closing |
- Laid off a week before closing
- Why is spouse name added as a borrower in refinance application
- Is it worth it to hold?
- Buying in stable are
- Buying and selling right now
- In predicament regarding old house.
- Explain to me like I’m 5 Assessment vs Market Value
- If the govt orders rent suspended, can I still find a new place to rent?
- To Everyone who is closing on a home right now
- [Question] Is interest rate too high?
- Refinancing - tips for the appraisal?
- Should I go forward with new home build?
- Good friend just bought house. Is this a bad timing?
- [Utah] First time home buyer in a city that just had a 5.7 earthquake
- Has anyone here used Better.com for mortgage refinancing?
- Property Management Firm Cost
- Buying a house for the first time and want to close by January.
- Is this sub full of realist or negative nelly's?
- Delayed Closing because of COVID-19. Can buyer back out?
- How is trustco as a mortgage lender?
- Coronavirus rent abatement?
- What is the rate on your current mortgage?
- (UT) Questions regarding buying an apartment directly from my landlord
- Can someone clarify my lease please
| Laid off a week before closing Posted: 19 Mar 2020 07:40 AM PDT Will i still be able to close? Should i report this to everyone? Will filing for unemployment be seen by the finance company? I have enough savings to be okay for at least a few months + moving expenses. [link] [comments] |
| Why is spouse name added as a borrower in refinance application Posted: 19 Mar 2020 05:16 AM PDT I'm in process of refinancing our home. I applied for refinance and gave all details for credit check. When i got final loan document i see my name as well as spouse name in borrower name field. I was surprised to see that. My spouse credit history was not checked, nor his work history was checked by mortgage company. Loan document also states that spouse will have equal responsibility for re-payment of loan. Never during the process i was told that spouse will be added as borrower in the loan. We are married and file taxes jointly, but we were trying to get mortgage in one person name only. Can mortgage company do this at last min. I'm in NJ if that matters. Update : Response from lender <<Spouse>> is not a borrower on the loan. Since NJ is a primary marital state, the spouse is required to sign certain documents on a refi as acknowledgment that there is a mortgage on the house he is living in. You will see that the note only has your name on it. I asked this question here to make sure if lender replies i have some information, if this practice is routine or not. [link] [comments] |
| Posted: 19 Mar 2020 05:52 AM PDT I'm 31, only have $22k in my 401 right now (down from $38k in February). My IRA / HSA I just put $4000 into and have no intentions on touching that. I was hoping to buy an investment property in a few months. I know it's never "wise" to pull out of the market at a loss but I'm having thoughts about whether or not it would be worth it to cash out and put the $$ into real estate once all of this craziness comes to pass. Pretty sure I know what this sub would do, so if this is a bad idea, talk me out of it! [link] [comments] |
| Posted: 19 Mar 2020 08:03 AM PDT Hi All, I was actively looking to buy a house in a stable residential market (think military, stable jobs, low risk of layoffs ect) before the whole coronavirus hit and looking for insight into how the residential market will react. I'm currently at the point in my life to buy, recently married and stable job, but would hold off a few months if it is likely the local residential market will drop off in the next few months. Does anyone have any data or insight into how stable residential real estate markets were impacted in 2007-2008 and how they might be impacted now? Thanks! [link] [comments] |
| Posted: 19 Mar 2020 06:37 AM PDT Hello, we recently found a house we love and are scheduled for settlement on April 10th. I put down 5k already and our plan was to sell our current house after we moved in to the new house. My realtor is telling me people are still buying and I see new properties going online with lots of saves and views. A couple weeks ago two houses a few doors down sold in under a week. With what's going on at the moment we are nervous that no one is going to buy our house during the pandemic and we are going to be left with a double mortgage until this property sells. Is it to late for me to walk away, would I lose the 5k I already put down on the house, if our current house doesn't sell can I just rent it out? Need advice. [link] [comments] |
| In predicament regarding old house. Posted: 19 Mar 2020 07:06 AM PDT We bought a new house and were planning to sell or rent the old one after moving in. The old house is in very good school district. Given the current pandemic and economic conditions is it better to sell or rent? If I rent it out I would be using a property management firm and my cash flow won't be much but I would at least cover mortgage payments and maintenance. Also this is a 4 bedroom house FYI. Appreciate any input. Thanks. [link] [comments] |
| Explain to me like I’m 5 Assessment vs Market Value Posted: 19 Mar 2020 06:48 AM PDT There's a piece of land I am looking at buying to throw a home on, its current price on the market is $250,000. Pulling the SDAT data the assessed property value is $28,500. The property is zoned R1 with an Agricultural Tax that must be transferred to myself if I buy it. I am trying to utilize a VA home loan to acquire property and structure. What is the difference between the assessed value from SDAT and his asking price. I don't want to insult him, but this is a big endeavor. Edit: Maryland State Department of Assessments and Taxation aka MDSDAT or SDAT [link] [comments] |
| If the govt orders rent suspended, can I still find a new place to rent? Posted: 19 Mar 2020 05:04 AM PDT Cos my home goes on the market in a couple weeks (thanks, realtor!) and I don't want to end up homeless. I have no family or friends in this town anymore, and would have to move out of state into a parents home if I can't find a place to rent. [link] [comments] |
| To Everyone who is closing on a home right now Posted: 19 Mar 2020 11:27 AM PDT Stay strong! Don't panic. AND make sure you will still have a few thousands over for food - all other expenses can be cut down. Ask for sellers assistance in covering part of the closing costs - that puts money in your pocket right now. Enjoy your new home! [link] [comments] |
| [Question] Is interest rate too high? Posted: 19 Mar 2020 10:43 AM PDT I'm 20 and in Louisiana. I'm buying my first house for 140,000 with First time home buyer with my local credit union with 3% down and they would pay pmi. They gave me a 4% interest rate. Is that good ?? The house is a foreclosure built in 2016. [link] [comments] |
| Refinancing - tips for the appraisal? Posted: 19 Mar 2020 10:31 AM PDT We built our home in 2017 and our original mortgage was 30yr conventional. The sale price was around $275k and we put down 5%, so we've been paying PMI during this time. Since then, the market in our area gone up a fair bit. Most homes in our neighborhood are $350k and up. We have comparable square footage to most of them, however we are lacking higher end finishes like solid surface countertops, wood/laminate floors, etc. The county assessor has our home assessed at $349k this year, which I think is absurdly high, but I do think we're somewhere north of $300k by this point. We're in the process of refinancing to a 15yr. We owe around 250k on the existing loan, and we're planning on paying cash for all closing costs - so if we get an appraisal at or above $315k, we should have enough equity to remove PMI. When we first started this refinance process a couple weeks ago, I figured that number should be pretty easy to hit, based on looking at comps. Now with the current state of things, I'm thinking it might be harder. Wanted to know if anyone has any tips for the appraisal to help get that number where we need it? We're going to have the house as clean as possible, but we're stuck at home right now with our three young kids (and working from home full-time) so that's easier said than done. The appraisal is in a week. Any suggestions would be appreciated! [link] [comments] |
| Should I go forward with new home build? Posted: 19 Mar 2020 04:30 AM PDT My wife and I signed a purchase agreement for a new home build. We have until Monday 3/24 to back out and get our 10k EMD back. It's going to be 7-9 months till we close. We've got about 120k in equity in our current house and in normal conditions it would sell extremely quickly. Our concerns are obvious. The mortgage market could tank making the new home more expensive and harder to sell ours. The real estate market may dive bomb, and we need the equity for the DP on the new place. Lastly, we're concerned that if those things happen, the new build may not appraise. We asked the builder for an extension on our recision period, but naturally they've said no, and the the markets will be just fine after this all blows over. I need guidance so that I'm not making a fear driven decision. Oh yeah, the new home is in a very nice area with tremendous potential for real estate appreciation. [link] [comments] |
| Good friend just bought house. Is this a bad timing? Posted: 19 Mar 2020 10:15 AM PDT A good friend of mine recently purchased a house in the Tri-Cities, Washington after renting. While this area has typically been stable with plenty of govt funding, I'm not sure this is the best time to buy. Her appraisal comes back this week, either thursday or friday. She used a FHA with zero down, and has $10,000 for an emergency fund. House is $250k, payment comes to $1,600/month for PMI, mortgage, interest, insurance. Income around $70-80k before taxes. With the shit hitting the fan, I've tried to say it's probably better to rent for the time being. She purchased 2/28, inspection complete, and appraisal this week, target closing on the 27th. I think she bought at the absolute high end and is going to be stuck if the real-estate market dips. Should she go through with it? I don't think she can back out now. [link] [comments] |
| [Utah] First time home buyer in a city that just had a 5.7 earthquake Posted: 19 Mar 2020 10:15 AM PDT My husband and I are looking for a house in the Salt Lake City area which had an earthquake yesterday. What should we keep in mind or look out for when searching? [link] [comments] |
| Has anyone here used Better.com for mortgage refinancing? Posted: 19 Mar 2020 10:10 AM PDT This company was suggested by Credit Karma to me for lowering our mortgage rate. It's interesting that they seem to exist entirely online. I started the process last night, they tried to call me this morning and left a voicemail. I just tried to return their call last night.... and they have no voicemail boxes. No human answered my call. Now I know it's weird times right now, but this makes me think they are a little fly-by-night. Does anyone here have an experience with Better. com they could share, good or bad? My spidey sense is up right now. [link] [comments] |
| Posted: 19 Mar 2020 09:43 AM PDT I'm considering renting my home. Rent would be 2,000 a month give or take. I've never rented before and would go through a property management firm. Can anyone give me a rough idea of the monthly cost? [link] [comments] |
| Buying a house for the first time and want to close by January. Posted: 19 Mar 2020 09:40 AM PDT Hey guys, Husband and I are in the market to buy a home (3br2ba) in the Eastern AL (Georgia State line) area. We've already met with a loan officer to discuss our options and she suggested a FHA backed loan with a down payment of around $1500 which we have. I've looked at a few houses but I haven't gotten attached for fear that we won't have everything done in time. This is how far we've gotten in this process. What other information and tips do you have for us to get this ball rolling? [link] [comments] |
| Is this sub full of realist or negative nelly's? Posted: 18 Mar 2020 05:35 PM PDT Every post where the OP is nervous about selling or buying in this market it seems the responses are mostly negative, "back out, run away, it's the end of the world, the market is dying". Why? Am I being naive? What am I missing? Our loan just went to underwriting, so I should forget my earnest money, the inspector fee, all the time, work and effort, by us, our buying agent, loan agent, and the seller, and give up? Houses are coming on the market. And are going under contract just as fast as before. Should I ask this in, no stupid questions? [link] [comments] |
| Delayed Closing because of COVID-19. Can buyer back out? Posted: 19 Mar 2020 09:15 AM PDT Our closing is getting delayed. (selling) We were supposed to close early next month with Offerpad, and the closing just got pushed because our city offices are closed "until 4/15". (I don't see how they will be able to reopen by then..) I'm worried the buyer will back out, is there any way they can void the contract now? We're past the due diligence phase. We're afraid to sign a lease on a rental now with everything up in the air [link] [comments] |
| How is trustco as a mortgage lender? Posted: 19 Mar 2020 09:15 AM PDT |
| Posted: 19 Mar 2020 09:00 AM PDT I live in a complex in Los Angeles with many seniors and low wage workers. We already have a moratorium on evictions, but does that cover tenants if they can't or don't pay their rent? Can our landlord require them to pay their back rent once the moratorium has been lifted? She's already a borderline slumlord (has been fined numerous times by the city for violating codes) and is always trying to find new ways to evict her rent-controlled tenants. If there is nothing we can do, I would like to put some sort of pressure on the city/state to come up with an abatement plan. Any advice is welcome. [link] [comments] |
| What is the rate on your current mortgage? Posted: 19 Mar 2020 09:00 AM PDT Although there is a lot of uncertainty with where the economy is going, we are experiencing a great time to purchase or refinance a home when considering how low rates are. I locked my rate on February 14th, and was able to float down on March 9th. My details are as follows: Loan amount: $1,210,000 Amortization: 30 year fixed Rate: 2.75% (purchased 2 points) My points will pay off after about 6 years, but for me it is worth it because I plan to live in the home for 15-20 years, and my DTI would have been too close to the max without buying them. What's your situation? I'm interested to know if I got a good deal! Cheers and stay safe everyone. [link] [comments] |
| (UT) Questions regarding buying an apartment directly from my landlord Posted: 19 Mar 2020 08:29 AM PDT I currently rent a 2 bedroom apartment from a great landlord. He's mentioned that he's considering the selling the place, though he's in no rush. I'm considering purchasing the apartment directly from him, if he's willing. It seems like a mutually beneficial transaction: no realtors required, no moving costs for me, and no wasted time on the market for him. He would probably let me buy the place for slightly less than market value. The apartment would probably go for around $225,000. I was originally thinking of using an FHA loan with 3.5% down payment since I don't have that much cash saved up, but I've read online that "non-arm's length transactions require 15% down" if you use an FHA. 2 questions: 1) Does this transaction count as non-arm's length? 2) Is there anything else I should be mindful about before approaching my landlord? [link] [comments] |
| Can someone clarify my lease please Posted: 19 Mar 2020 08:08 AM PDT |
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