Real Estate: Landlords will be granted U.S. mortgage relief if they delay evictions |
- Landlords will be granted U.S. mortgage relief if they delay evictions
- Tenants cannot pay rent for foreseeable future
- To buy now or to wait?
- Under contract (IL); closing in 1 month; wife laid off due to Covid19.
- Closing on a house during Coronavirus outbreak
- You can't have your cake and eat it too
- [WA] Real Estate during "Stay Home" order: NWMLS update 3/26
- About to close, but lender grossly miscalculated closing costs
- If the seller fails to sign the required documents by closing date, that isn’t grounds for exiting the contract?
- Potential Farm Purchase - Buyer’s Agent contract details?
- Seller in TX looking for negotiation advice
- Soil maps. Aside from identifying slopes. What else should I use it for? I plan to put a home on 5 acres and was just given the soil map for a perspective plot of land.
- After the coronavirus , would it be a good time to buy?
- I am currently in the inspection process of a $700,000 house in northern NJ. We started the process before corona. I have an out to cancel the deal at no penalty. Do I walk because of economic uncertainty? Or do I proceed with a huge financial burden during a pandemic that may turn into a recession.
- Need Advice: negotiation
- Are there extensions in closing during these times of covid-19?
- Should I sell my property? (AU)
- Should I Just Request a Virtual Tour?
- Any thoughts on San Diego real estate prices in the coming future?
- What are pros and cons of renting a house as opposed to buying a house?
- Lost Employment Contract Because of Covid - Can I get out of my Sublease?
- Has anyone used the new virtual closing tool in NYC
- Rent Strike 2020
| Landlords will be granted U.S. mortgage relief if they delay evictions Posted: 26 Mar 2020 10:28 AM PDT https://www.latimes.com/business/story/2020-03-23/landlords-mortgage-relief How does this work? Do you contact your lender? What is going to happen with payments do they pick up where they left off or do you have to drop a lump sum. Also what happens with interest. Thank you. [link] [comments] |
| Tenants cannot pay rent for foreseeable future Posted: 26 Mar 2020 06:39 AM PDT Throwaway so my messages dont get spammed..... I own a small enough building in Wyoming with 56 apartments, which gives me around 55% of my total income. Due to obvious reasons, a large number of my tenants have lost work in the past few weeks and thus have been unable to pay rent. I was pretty relaxed because I know my tenants aren't exactly loaded but it is getting out of hand. Just this morning I receive a letter signed by 50 of my tenants saying they would not pay rent for the duration of this health crisis. At first I couldn't believe it. I provide homes to these people and they just exploit the situation to get free accommodation. If I do not find a way to replace the income by getting new tenants (almost impossible at this time) or getting my existing tenants to pay (I have already spoken to some of them and they day there is no way they can pay) then I will have to sell my summer home in order to pay the bills for my main house. What legal action can I take? How do I make sure my bills are payed? Any advice is much appreciated. EDIT : Sorry if the Summer home bit sounded obnoxious, it's just that I only recently made the purchase and it would be years of work gone if I had to give it up. [link] [comments] |
| Posted: 26 Mar 2020 08:34 AM PDT Hey all, before this Covid stuff hit, I was in the midst of applying for a mortgage and looking to buy a house. Is it better for me to buy now, in the midst of the upcoming recession, or to wait until after in terms of mortgages and housing pricing? [link] [comments] |
| Under contract (IL); closing in 1 month; wife laid off due to Covid19. Posted: 26 Mar 2020 09:05 AM PDT Just as the title says, we're set to close on a house end of April, but my wife just found out tomorrow is her last day. She works as a physical therapist and her company is only keeping the senior-most PT of each clinic employed for the time being. I'm using a throwaway since I'm giving numbers: My job is very stable. I work in health care, and we've actually seen an increase in workload since the pandemic. I do intend to tell my lender today, but I was just wondering what our chances are of getting the loan are now. Should I anticipate it being approved but with a worse rate? Currently locked at 3.25%. Thanks Edited for formatting [link] [comments] |
| Closing on a house during Coronavirus outbreak Posted: 26 Mar 2020 09:17 AM PDT Hello, I live in Central New York and I have the financial clear to close from the bank. I have been keeping in touch with the lawyers since then (March 4th, 2020) previously the attorney's paralegal told me she was just waiting on the survey paperwork (she has everything else in order). Well it is now March 26th and we're in the midst of this pandemic, simply put, I'm wondering how this pandemic will ultimately affect my closing. Who does the survey? Are they still conducting survey's in Upstate New York? And lastly, generally how long does it take to receive the survey? Originally I was told the estimated closing date would he April 7th, obviously it'll be later then that. I understand. I guess I'm just scared this whole thing is going to fall through. The paralegal and my realtor haven't been able to provide much information (as of last weekend). Any insight would be greatly appreciated! Stay safe everyone. [link] [comments] |
| You can't have your cake and eat it too Posted: 26 Mar 2020 11:21 AM PDT It was always hilarious to me seeing people want to heavily invest in RE for cashflow in these dumpy places. Would always flaunt their cashflow in my face and huuurrr durr Seattle cashflow bad you are relying on appreciation... Well guess what. My tenants have high incomes and recession proof jobs. Sure I'm only getting $700/unit for 800k properties. But my tenants won't band together because Walmart laid them off. Ouch! [link] [comments] |
| [WA] Real Estate during "Stay Home" order: NWMLS update 3/26 Posted: 26 Mar 2020 11:06 AM PDT These FAQs were sent out by the Northwest Multiple Listing Service (NWMLS) at about 10am today. Please note that this information ONLY applies to the NWMLS area, which serves 23 counties in Washington state. It is the most up-to-date information real estate agents have at this time. Some questions were omitted as they are not relevant to the public. Governor Inslee's Executive Order - FAQs What is the Stay Home, Stay Healthy Order? To help prevent the spread of COVID-19 (Coronavirus), effective midnight on Wednesday, March 25th, Governor Inslee issued a statewide "Stay Home, Stay Healthy" order. The Order will initially last for two weeks and requires the closure of all "non-essential critical infrastructure businesses." Workers that are considered non-essential and who do not have in-person contact with others, can continue to work remotely from home only. The Order may be extended and may be modified. Are real estate brokerage services considered "essential"? No. Real estate brokerage services are not on the list of essential services.Real estate brokers may:
Real estate brokers may not:
Can lenders, title, and escrow continue to operate during the Stay Home, Stay Healthy Order? Yes. The "Financial Services Sector" has been deemed essential. This includes workers who are needed to process and maintain systems for processing financing transactions and services and insurance companies including mortgage lenders, escrow and title insurers. Because the Financial Services Sector is considered essential, real estate transactions that are under contract may be able to proceed to closing. Of course, there could be delays, which is why the parties should use the new Force Majeure and Closing Addendum (Form 22FM). Can appraisers conduct in-person appraisals during the Stay Home, Stay Healthy Order? Probably not. An appraiser can certainly conduct a remote appraisal, if acceptable to the lender. Appraisers are likely prohibited from conducting in-person appraisals. Washington Realtors and NWMLS are awaiting clarification from the Governor's office regarding certain activities for pending transactions. Can inspectors conduct home inspections during the Stay Home, Stay Healthy Order? Currently, no. Inspection services are not considered essential. Washington Realtors and NWMLS are awaiting clarification from the Governor's office regarding certain activities for pending transactions. Can buyer brokers conduct "buyer walk-throughs" prior to closing during the Stay Home, Stay Healthy Order? Currently, no. Real estate brokerage services are not considered essential. Washington Realtors and NWMLS are awaiting clarification from the Governor's office regarding certain activities for pending transactions. Note that the Force Majeure and Closing Addendum (Form 22FM) extends the buyer's time period to complete the walk-through, which would extend closing. Can brokers retrieve house keys and provide to a buyer after a closed sale? Currently, no. If keys to the property are not otherwise available to a buyer at closing, a broker in the transaction may make arrangements for a seller to leave a set of keys for the buyer at the property, observing social distancing guidelines. Washington Realtors and NWMLS are awaiting clarification from the Governor's office regarding certain activities for pending transactions. Can brokers continue to physically preview or show properties in any fashion – even alone? No. In-person previewing or showing properties is in direct violation of the Governor's order. NWMLS has instituted a no previews or showings instruction for the membership during the duration of the Stay Home, Stay Healthy order. If brokers do not abide by this instruction, disciplinary action and significant monetary sanctions for a violation of Rule 11(g) (Duty to Honor Showing Restrictions and Instructions) will result. Note – the NWMLS Keybox system tracks all entries into every Keybox. In addition to property photos, brokers and buyers should utilize virtual tours and videos that were created before the effective date of the order. Can real estate brokers input new listings in the MLS system during the Stay Home, Stay Healthy Order? What about property photos? Yes. Real estate brokers are permitted to input new listings into the MLS system – from their home. However, real estate brokers may not physically visit the property to take photos, create virtual tours or videos, stage the home, or meet with the seller. Likewise, professional photographers are not permitted to visit the property to take photos or create virtual tours or enter the property for any purpose. However, the order does not prohibit a seller from taking pictures of his or her own property and sending those photos to the listing broker. Do listing brokers need to remove Keyboxes from Active listings? No. Keyboxes may stay on Active listings – so brokers do not need to reinstall the Keybox after the order is lifted. As noted above, brokers may not access the Keybox to preview or show the property. Can Sellers take their listing temporarily off the market during the Stay Home, Stay Healthy Order? Yes. A seller can choose to change the status of their listing temporarily off the market. Listings in the "TOMK" status will not be displayed on member's public websites. Under normal circumstances, the listing broker of a TOMK listing would be required to remove the Keybox, take the for-sale sign down, and only have the listing in the TOMK status for a maximum of 45 days. Those requirements have been suspended for the duration of the order. Is NWMLS going to stop days on market and cumulative days on market from accumulating? No. NWMLS conducted significant research and analysis, considered the MLS system's technical limitations and possibilities, discussed several policy concerns, and analyzed a variety of options and proposals. There are many technical and philosophical challenges with temporarily changing code, database structures, and statistical information. In the end, the Board of Directors determined that the best solution was to leave the system as it exists today. All sellers who leave their listing Active during the stay will be in the same position as one another and days on market will continue to accrue. Buyers are obviously aware of the Stay Home, Stay Healthy Order and the government mandate to stay at home. Sellers have the option to take their listing temporarily off the market during the stay, and if they do so, days on market will not accrue, until the listing is re-activated. Can stagers stage homes and remove furniture from a listing during the Stay Home, Stay Healthy Order? No. Stagers may not stage homes or remove staged furnishings from a listing for the duration of the order. Washington Realtors and NWMLS are awaiting clarification from the Governor's office regarding certain activities for pending transactions. Can moving companies move buyers into a property and move sellers out of a property? Currently, no. These services are not considered essential. Washington Realtors and NWMLS are awaiting clarification from the Governor's office regarding certain activities for pending transactions. Can for-sale signs be installed at a property during the Stay Home, Stay Healthy Order? No. Brokers and sign companies are not permitted to leave their home to install for sale signs for the duration of the order. Can contractors make repairs associated with an inspection response during the Stay Home, Stay Healthy Order? Generally, no. The only repairs that are allowed are emergency repairs and repairs necessary to the structural integrity of the property. Other repairs or improvements (e.g. for cosmetic purposes) are not allowed. For anything other than emergency or structural repairs, buyers should consider negotiating a price reduction so that a buyer could complete the work after closing and after the order is lifted. [link] [comments] |
| About to close, but lender grossly miscalculated closing costs Posted: 25 Mar 2020 11:26 PM PDT I told the lender from the start how much cash I had to close which was around 188k. This was an all in by me, 175k was going in as a downpayment on a 690k condo with a loan amount of 515k. She estimated ~15k in closing costs. I only had 13k to close but I let her know I could save up an extra 2k which I did. Well I just got an updated fee sheet that shows I need about 21k to close. She was off the mark by 6k. I do not have this money and there is no way that I can come up with that much before close. Isn't the lender's job to ensure that this does not happen? Why did she even allow me to make on offer on this house if I wasn't going to have enough to close? Seems like she did not account for city transfer taxes, escrow charges, or prorated tax fees in her estimate. Is she at fault here? What options do I have? This was basically a huge waste of time and what I spent on the appraisal and inspections basically goes in the garbage. I hope I have no issues in getting my deposit back, but can I bring this up to the lender's management team and have them cover these extra costs she missed? [link] [comments] |
| Posted: 26 Mar 2020 08:18 AM PDT If the buyer has the loan secured, closing costs ready, binder prepared, and is there on closing day to sign; but the seller misses the signing date and is unable to sign (they are remote and working). If the closing date passes, the seller can't back out after the date has passed since it failed to close due to their lack of action? Is this correct? What if they refuse to sign an extension? Just stressing about my first home purchase. :) [link] [comments] |
| Potential Farm Purchase - Buyer’s Agent contract details? Posted: 26 Mar 2020 08:03 AM PDT We have been looking for years for our 'forever' home - a farm property with 100+ acres in Ontario (Canada). Just prior to this germ thing, we started working with a buyer's agent to view some available properties. Agent has been helpful but now wants us to sign a representation agreement as client/customer. I'm not sure what the best way of structuring the purchasing contract would be. In our area, residential deals usually include about 2% to the listing agent and another 2% to the buyer's agent. If the property is on the market, easy decision for us as the seller's agent will split the commission with our agent, right? However, what is the best approach if they manage to find us a property that is not on the market. What would a fair commission be (still the 2% as there are no marketing expenses and no listing agent to pay)? Do we pay that or does the seller pay that? Looking for your ideas on how these types of agreements should and could be structured in the most cost effective, fair and tax sensitive fashion. Bonus points if someone can explain how agricultural lending works through Farm Credit Canada and the like, and if that would change things if our property was used for cash crop. [link] [comments] |
| Seller in TX looking for negotiation advice Posted: 26 Mar 2020 10:28 AM PDT All- Selling house in Dallas, TX. We were using word-of-mouth starting 2 months ago to try and sell without listing. We've got an offer in, $650k, it's $20k or so below where we wanted to be (and feel like we can be given broker advice even in current conditions, plus discounting for not having to prep the house for listing, plus not being able to show the house regularly in person for some time). We know that the buyers are at the absolute ceiling for what they've been approved to borrow. I want to make sure we don't go any lower. The only thing that comes to (my inexperienced) mind that could cause an adjustment after an acceptance is the inspection. Cosmetics aside (and the buyers and their agent have been thru multiple times), I know there's 2 things that need to be fixed (that don't take away from their ability to use) that will ring up to about $3k. The tool I think I have at my disposal is, sell it for $660k, plus a $10k seller's allowance for anything found during the inspection, netting our $650k number. Is that fair and normal? Are there other tools I can use here to set a floor on the price in the contract before accepting? Thanks! [link] [comments] |
| Posted: 26 Mar 2020 09:12 AM PDT Anything in particular I should be googling to learn more. There is a lot of info in here. I don't plan to farm so the class isn't important. I'm just having trouble determining if Nunda silt loam is ok to build on and suitable for a home Upstate NY [link] [comments] |
| After the coronavirus , would it be a good time to buy? Posted: 26 Mar 2020 08:08 AM PDT I think it's time to start searching for prices of real estate now and start buying in a few months when the market is low. What do you all think? I will probably be buying in Southeast Asia for really cheap to equal a few homes equivalent in the USA Good time to buy? [link] [comments] |
| Posted: 26 Mar 2020 07:59 AM PDT |
| Posted: 26 Mar 2020 07:46 AM PDT Hi all, Prior to all this madness I offered the asking price on a 3 bedroom apt in NYC. It has everything my wife and I wanted. It had recently dropped in price by 40k and is just under 600k, which to me is/was a steal. It ticks every box of our dream apt. I had the building inspected. It is clear the maintenance will need to jump a bit to fix some things, but it is still relatively low. We are still negotiating things like credits and I have not signed a contract. I am not working with an agent. There is only the sellers agent. My lawyer is pretty good though. In any event, I am tempted in light of the virus to ask for a percentage off the asking. Likely 5%. I really don't want to lose the place but all this uncertainly has rattled me. Is now the time to ask, or after appraisal (if that can even happen). Should I ask for more off? Is there anything see if can ask for that would save me money that the seller may be more ready to accommodate, but that is genuine savings for me? Any and all advice would be so appreciated in these unstable times. If it affects things I already own a one bedroom and plan to rent it for two years or so and then sell when things are helpfully more stable. I have a pretty secure job and make close to 200k a year. Thx [link] [comments] |
| Are there extensions in closing during these times of covid-19? Posted: 25 Mar 2020 11:38 PM PDT We have sold our house and are in a 60 day escrow and just recently (this week) were contacted about getting a home inspection and an appraisal done this weekend for this house we're living in and the one we're about to purchase. I feel like this is not the time for inviting some random person/people into either homes just to accomplish closing. I have expressed this concern to my realtor and she states there are no extensions and exception being made since we have already started the process previous to the lock down in CA. I'm at a loss, I'd like an extension so we don't lose our future house or lose our buyers but now it's not the time to have those things happen and potentially be exposed to the virus. What are my options? What should I ask and say? Are there really no exceptions at this time? I also get it; she's probably really pushing for us to do these things so she can get paid and buffer herself from the incoming economic hardship she will face. Any advice would be wonderful in this stressful time. [link] [comments] |
| Should I sell my property? (AU) Posted: 26 Mar 2020 12:23 AM PDT I have an investment property in Australia (1 bedroom unit) that is currently being rented out. The rent pretty much pays the mortgage. Should I sell the unit? I'm worried about housing prices plummeting and not going back up. I'm worried about my renters leaving and not being able to find people to rent the place. I don't need the money (I still have enough savings to get me through). [link] [comments] |
| Should I Just Request a Virtual Tour? Posted: 25 Mar 2020 07:14 PM PDT I inquired about a rental I'm interested in. I was given a video tour on youtube and a virtual tour like google street view. The agency asked if we could meet Saturday to see the place and I just agreed quickly as I was in a rush. now thinking about it, it would probably be best if I asked for him to simply FaceTime/video call me from the house on saturday? Would you see this as a rude thing to ask after agreeing? Sorry if its a dumb question I've just never done this before. Thank you in advance. [link] [comments] |
| Any thoughts on San Diego real estate prices in the coming future? Posted: 26 Mar 2020 03:47 AM PDT |
| What are pros and cons of renting a house as opposed to buying a house? Posted: 26 Mar 2020 06:50 AM PDT I'm going to be moving out in a couple of months and I've never had a place of my own yet, so if anyone can help in my decision that would be great! [link] [comments] |
| Lost Employment Contract Because of Covid - Can I get out of my Sublease? Posted: 25 Mar 2020 06:12 PM PDT Hi everyone, Title speaks for itself. I signed a sublet contract for an apartment in the city I got a summer job at. The sublease is for May-August and I paid last months rent as a deposit. The firm I was supposed to be joining canceled my employment contract as a result of covid. I'm in Canada and because I'm still in law school I'm not eligible for EI or any of Trudeau's financial relief measures since I technically was not working at this place when covid started. I already have heavy student loans and it will literally be impossible for me to pay the rent at this moment (which is also in one of the most expensive cities in the world). My question is - even though there was no force majure clause in my sublease, would the circumstances of covid and me suddenly losing my employment because of it make me able to get out of the lease? Also if I can get out of the lease is there any prospect of the deposit I put down being retuned to me since it was supposed to be last months rent? [link] [comments] |
| Has anyone used the new virtual closing tool in NYC Posted: 26 Mar 2020 02:38 AM PDT I'm scheduled to close in a few days for a home in ny. (likely won't happen) and just received a note from my real estate agent about the new virtual closing methods instituted by the REBNY to help facilitate closings during this time. Wondering if any has done this, and if so, how was your experience? [link] [comments] |
| Posted: 26 Mar 2020 08:06 AM PDT Some of you who are landlords might want to keep an eye on the rent strike movement: [link] [comments] |
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