Real Estate: Seller got COLD feet two weeks from closing. |
- Seller got COLD feet two weeks from closing.
- First time Refinancing
- First Time Home Buyer! I Need Help!
- FICO Credit Scores
- ROI on $40,000 of Renovations
- Buying new house, not sure whether to rent out or sell old house
- Help me justify getting my own inspector before closing on a new construction.
- Buying a new construction home from the plans?
- Seeking an advanced loan amortization calculator that allows for sporadic extra principal payments
- Repraisal
- Spouse panicked, they put student loans in forbearance | closing this month
- What would happen if the buyer and seller go into contract, but the buyer never makes the deposit as stated in the contract?
- i want to know
- What Bank/CU you would recommend for Mortgage?
- Pre-Licensing Exam
- Inspection Issues
- What's the minimum ammount most new agents make their first year?
- Quick question
- How to work with contractor under budget?
- Escrow adjustments and property tax abatement
- House Buying Advice- Terrible Inspection and Poor Communication from Sellers
- Asked to manage parents' property in MD (I live in VA)
- Cleaning fee
- Need advice on how to proceed. Dc metro area (VA)
| Seller got COLD feet two weeks from closing. Posted: 05 Mar 2020 07:30 AM PST This is happening right now. Everything going so good till yesterday. Seller called me frantically upset yesterday. She said she can't sell right now she's physically and mentally in pain, I told her to take care of herself first. Ok now some backstory. Wife and I knew of the property for some time as being a dream fixer on 6 acres. Seeing it falling apart was sad. We finally got in a position to start looking to buy. Not able to find anything listed that we liked, we decided to knock on the door and meet who lived there and find out if they wanted to sell. Sweet older lady answers door. She immediately says yes she would like to sell and blurts out a price that she wants. We are excited not only willing to sell but willing to sell at a fair price. We both agree to revisit after the holidays. We meet up in February she says she doesn't want to use agents. Fine, I get a agent to write up purchase agreement for a one time fee. Everything going good. We agree to terms. Contact signed. Mortgage company does there thing as does title/ escrow company. Inspection went good. Didn't ask for any repairs. Then yesterday she called me upset she just can't bring herself to move out of the place she's lived for 30 years. My wife is crushed, I've been putting in a lot of time researching and running around for this deal to happen and I'm now deflated. What do I do now? [link] [comments] |
| Posted: 05 Mar 2020 05:00 AM PST I'm at 4.25% with a balance of 440k from GA. I see some posts with x rate and 0 closing cost. Does that mean the closing cost is included into mortgage or the interest is increased to accommodate the closing cost? I heard abt the float down option. Do I pay additional fee for float down option? Any suggestions on current refinancing options? [link] [comments] |
| First Time Home Buyer! I Need Help! Posted: 05 Mar 2020 09:21 AM PST Hello!
I'm so stressed and frustrated. I found a house today that I LOVE. I want this house so badly. I'm making an offer on it tonight. The people selling it are realtors, so I really want to make sure my offer stands out and is something amazing. The house is $209k, and I'm willing to offer $220k. It looks like it's going to appraise right about where they have it listed based on the homes around it. The realtor has recommended that I offer $215k. I've been adding a $2500 appraisal clause. Basically, I will pay $2500 over the appraisal. What can I do to make this a really good offer? I've seen comments about writing a personal letter to the sellers on why I want the home. I need help. I just don't know what I'm missing anymore. I'm on a tight deadline to get out of my current place and I'm really freaking out. Please, any advice would mean the world to me. [link] [comments] |
| Posted: 05 Mar 2020 09:37 AM PST FICO 2 vs FICO 8 credit scores. Why is there a 20 point discrepancy between the two with Experian? Why is the FICO 2 being used by the lender? Why does Equifax and TransUnion have even larger discrepancies in their scores compared to Experian? Who regulates all of this? If your average score of the three is say "735" and it drops you down from the best interest rate possible which is for scores >740... Even though you have other scores that say 760 but no one can tell you how they get each number... This whole system makes no sense and is frustrating that huge amounts of money are being determined by them. Anyone else feel this way? [link] [comments] |
| Posted: 05 Mar 2020 09:16 AM PST We're contemplating getting new windows, tripple pane, new siding, added insulation in in the walls 4.95 R value, and facia board and guttering. Total cost after tax of $42,000 ca. That's for 7 All Weather windows (7 year warranty) and siding for a 1,500 square foot home. Is this a reasonable cost? Will I see much roi for the windows etc. When it comes time to sell? Side note, I can currently hear my neighbour cough from down the street when I'm in my bathroom and cats meowing from outside when I'm trying to sleep at night. It's as if the windows aren't even there. Thanks. [link] [comments] |
| Buying new house, not sure whether to rent out or sell old house Posted: 05 Mar 2020 07:51 AM PST My wife and I just got pre approved and started looking at houses. We have been living at a place in Northeast Philadelphia for about 4 years now, and while it is a fairly nice area, it is not somewhere we would want to raise kids- we are looking into a nicer area with a better school district. We have more than enough money for a down payment. We already have three rental properties in Philadelphia, and were thinking about renting out our current place rather than selling it. We owe about 155000 on the mortgage, and have a HELOC out with about $50000 on it. We could sell for around 260, and pocket maybe like 30-40k after closing costs, which would be nice, but we don't need the money. The other option would be to rent it out. Our PITI is 1450 a month, and comps are renting for about 2100. Even in a worst case scenario we could get like 1800 for it- pay the mortgagfe and cashflow a little bit. The area has been aprpeciating nicely over the 4 years weve been here and I feel like it might be a way better long term investment to use it as a rental property. The wife wants to sell. What would you guys do? [link] [comments] |
| Help me justify getting my own inspector before closing on a new construction. Posted: 05 Mar 2020 07:30 AM PST I understand why it is useful to have an inspector for a resale, because you can back out of the sale with no repercussions. However with a new construction, you signed a contract to close that you can't back out of without losing your earnest deposit. The builders have no incentive to fix any of the issues your own inspector finds, as long as the home is up to code (which at a minimum the builders' own inspector will have to address). [link] [comments] |
| Buying a new construction home from the plans? Posted: 05 Mar 2020 10:06 AM PST The house we're looking at is being built by a local builder and they have just broken ground, expecting to complete by end of June. They are asking a 1% deposit to go under contract now, and we would then be able to make some minor design changes since its early. Our market is very hot, so it would likely sell quickly once completed, or someone could make an offer before that, like we are considering. They have provided photos of another house they completed last year with the same floor plan, so we have a good idea of what it will look like. Any advice from anyone who's purchased a new construction home before building has completed, things to look out for or any regrets? [link] [comments] |
| Seeking an advanced loan amortization calculator that allows for sporadic extra principal payments Posted: 05 Mar 2020 09:59 AM PST Does anyone know where I can find an amortization calculator with the below features? I would like to use this for making a possible refinance decision. I'm currently 10 years into my 30 year loan and I've made extra payments in some months but not all. Finding a calculator that can account for what I've paid to date that shows an accurate calculation of my remaining balance and an accurate calculation of expected remaining total interest I will be pay going forward based on the extra payments I sprinkle in has been a challenge. Knowing the total remaining interest I will pay on my current loan from this point forward is crucial for comparing to what I'd pay in a possible refinance (also with occasional extra payments) in order to make an informed refinance decision.
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| Posted: 05 Mar 2020 09:34 AM PST For those that renovated the garage into a studio, if you refinanced your property how much was your appraisal? [link] [comments] |
| Spouse panicked, they put student loans in forbearance | closing this month Posted: 05 Mar 2020 08:59 AM PST Will this hurt us? Should we call back and cancel it? They were due to re-apply for their monthly payment plan, and that required their w-2, so they just put everything in forbearance. [link] [comments] |
| Posted: 05 Mar 2020 08:56 AM PST |
| Posted: 05 Mar 2020 08:36 AM PST 5) A property owner must replace a roof this month at the cost of $30,000. He wants to put money aside to replace the roof at the end of its economic life in 20 years. Inflation is 2.75%. He can invest funds at 6.5%. How much must he put aside each month in order to replace the roof in 20 years? 6) In question 5, what is the process called and what type of function is it? [link] [comments] |
| What Bank/CU you would recommend for Mortgage? Posted: 05 Mar 2020 08:20 AM PST Do you have any recommendations for the Bank or Credit Union which offers :- Good APR Possibly provide some help closing cost Origination fees are minimal Good working experience. Thanks in advance. [link] [comments] |
| Posted: 05 Mar 2020 08:15 AM PST Hey all, I've been studying for my exam for about 3 weeks now. It took me 2 and half weeks to complete my 60hr course. There is just so much information, its difficult to know what I need to know every detail of, and what I should just have the gist about. Can anyone tell me how they studied? I've spent 2 weeks memorizing the 366 definitions provided to me.... I feel like I'm studying wrong. [link] [comments] |
| Posted: 05 Mar 2020 08:10 AM PST If this is the wrong place to post, I apologize- I'm looking for advice and also suggestions about what is going on with this situation in which we find ourselves. We're looking to buy our first home. And found a house we would love to buy. We made an offer, they countered, we countered back and they accepted. It is an old house, built in 1925, but the listing said it was renovated in 2008 from head to toe, and it has been remodeled beautifully. Marble counters, hardwood, stained glass windows, exterior restored to original wood, the sellers did a really tasteful job and hired the right people. Our agent and even our friend who works on houses thought the inspection would go great. BUT... it did not. We got 40 pages back about how there was termite damage, damaged foundation columns, beams, and deteriorating mortar on the foundation walls, several busted rafters, structural movement, open wire splices in the crawlspace, several "soft spots"in the floors throughout the home, etc, etc. The inspector recommended contractors further inspect and make recommendations on the problems he found. He also recommended doing a main sewage drain inspection because the age of the house, and noted problems with roof (old with delamination, nails coming up, broken shingles, etc but no water damage or leaking was noted), and that the HVAC system was nearing its end. We were shocked and wanted to give them a chance to respond and so our agent said he would send the report to them. I don;t think they read it, and based on further research it seems like of course their agent would not share it with them because then they would have to disclose if this deal falls through. At the same time we shared it we also asked for a week extension of the contingency period. The seller's agent responded with a request for repairs, but we were not willing to pay for a costly foundation inspection and ask that they do this and answer a few questions that we had before we could submit a repair addendum. With one question being if they had a termite bond. Long story short, they do not have a bond, and inadequately answered our questions about when a main drain inspection was done and what was found, the last time it seems they inspected for termites was 2008. We also know that they had their own termite and contractor inspection on Tuesday, it is now Thursday, and they have not shared the results. Communication has been delayed and seems withholding. Our agent went ahead and put together our list of repairs- all very reasonable, not nitpicky or just the laundry list of the whole inspection. We are willing to take on roof and HVAC repairs when they come up in the next year or so, but will not take on foundation/termite issues, or framing issues. Our contingency period is up tomorrow (Friday) as they have not signed the extension. We have already signed the termination and our agent is holding it for us. I'm pretty sure they are riding this out and waiting for us to terminate because they have told us they have a full asking price offer. But then also why would they accept ours in the first place if they had a higher offer? Were they showing the house or reviewing offers even after we entered the binding contract? We met the seller at the open house and we seemed to really like each other, and she even called me to tell me she had shared before pictures with me and left them on the counter, and that they were lukewarm about other offers and so happy when ours came in because they knew we would appreciate and take care of the house. Other questions for the post are- Why wouldn't they be willing to make repairs? They will have to disclose the damage they found and the termite infestation. Are we dumb to think that extensive termite damage can be repaired, or continuing to entertain this contract as long as we have? The market is very tough right now as far as options, and there are several compelling reasons we love this house. Do they have to share their inspection reports with us from Tuesday? [link] [comments] |
| What's the minimum ammount most new agents make their first year? Posted: 05 Mar 2020 07:57 AM PST Lets say they were on a part time basis? How about full time? Thank you. [link] [comments] |
| Posted: 05 Mar 2020 07:57 AM PST a lender has issued a mortgage commitment letter with the following conditions. The debt coverage ratio of 1.25, mortgage term of 10 years with a 25 year amortization period with monthly payments for a property with an NOI of $110,000. What are the monthly payments? [link] [comments] |
| How to work with contractor under budget? Posted: 05 Mar 2020 07:46 AM PST I am interviewing general contractors for home renovation. Is it a good idea to give them my budget to set the bar and go over a list of projects to eliminate which ones fit in my budget? For example, I will meet with the contractor, say my budget is $50K and discuss flooring, painting, kitchen, and other projects and then discuss how to fit all/or most ON budget. I know in deal making, it isn't commonly advised to be the first one to call a number. I am wondering what your experience is like working with general contractors. [link] [comments] |
| Escrow adjustments and property tax abatement Posted: 05 Mar 2020 07:30 AM PST For little background, apparently the city of Philadelphia is updating their computer system associated with tax abatements (which has been going on since approx. last Fall) so from what I've heard they haven't been able to make any changes/adjustments for months now. The system is slated to come back online "mid-March 2020." I'm currently under contract to purchase a house that has a tax abatement submitted but has not been entered in the system yet. This should decrease our annual property tax by about 60-70%, however because it's not in the system yet, our closing documents and costs have the property taxes at full value. The abatement is retroactive to the build date, which for our property was 3 years ago and will have 7 years remaining once it's entered. I completely understand that they can't/won't adjust that based on numbers that aren't officially set in the system yet, but my question is with property tax payments set to go into an escrow account, how often is that adjusted and/or would we be able to contact the lender to manually adjust it once the system is back online to get the lower property tax value? Similarly, we're putting in a 2-month cushion for the escrow account also based on the full property tax value, which will end up being much larger than a 2-month cushion for the abated value - will that be adjustable as well or is that pretty much "lost" once it's in the account? [link] [comments] |
| House Buying Advice- Terrible Inspection and Poor Communication from Sellers Posted: 05 Mar 2020 07:23 AM PST If this is the wrong place to post, I apologize- I'm looking for advice and also suggestions about what is going on with this situation in which we find ourselves. We're looking to buy our first home. And found a house we would love to buy. We made an offer, they countered, we countered back and they accepted. It is an old house, built in 1925, but the listing said it was renovated in 2008 from head to toe, and it has been remodeled beautifully. Marble counters, hardwood, stained glass windows, exterior restored to original wood, the sellers did a really tasteful job and hired the right people. Our agent and even our friend who works on houses thought the inspection would go great. BUT... it did not. We got 40 pages back about how there was termite damage, damaged foundation collumns, beams, and deteriorating mortar on the foundation walls, several busted rafters, structural movement, open wire splices in the crawlspace, several "soft spots"in the floors throughout the home, etc, etc. The inspector recommended contractors further inspect and make recommendations on the problems he found. He also recommended doing a main sewage drain inspection because the age of the house, and noted problems with roof (old with delamination, nails coming up, broken shingles, etc but no water damage or leaking was noted), and that the HVAC system was nearing its end. We were shocked and wanted to give them a chance to respond and so our agent said he would send the report to them. I don;t think they read it, and based on further research it seems like of course their agent would not share it with them because then they would have to disclose if this deal falls through. At the same time we shared it we also asked for a week extension of the contingency period. The seller's agent responded with a request for repairs, but we were not willing to pay for a costly foundation inspection and ask that they do this and answer a few questions that we had before we could submit a repair addendum. With one question being if they had a termite bond. Long story short, they do not have a bond, and inadequately answered our questions about when a main drain inspection was done and what was found, the last time it seems they inspected for termites was 2008. We also know that they had their own termite and contractor inspection on Tuesday, it is now Thursday, and they have not shared the results. Communication has been delayed and seems withholding. Our agent went ahead and put together our list of repairs- all very reasonable, not nitpicky or just the laundry list of the whole inspection. We are willing to take on roof and HVAC repairs when they come up in the next year or so, but will not take on foundation/termite issues, or framing issues. Our contingency period is up tomorrow (Friday) as they have not signed the extension. We have already signed the termination and our agent is holding it for us. I'm pretty sure they are riding this out and waiting for us to terminate because they have told us they have a full asking price offer. But then also why would they accept ours in the first place if they had a higher offer? Were they showing the house or reviewing offers even after we entered the binding contract? We met the seller at the open house and we seemed to really like each other, and she even called me to tell me she had shared before pictures with me and left them on the counter, and that they were lukewarm about other offers and so happy when ours came in because they knew we would appreciate and take care of the house. Other questions for the post are- Why wouldn't they be willing to make repairs? They will have to disclose the damage they found and the termite infestation. Are we dumb to think that extensive termite damage can be repaired, or continuing to entertain this contract as long as we have? The market is very tough right now as far as options, and there are several compelling reasons we love this house. Do they have to share their inspection reports with us from Tuesday? [link] [comments] |
| Asked to manage parents' property in MD (I live in VA) Posted: 05 Mar 2020 06:37 AM PST I'm in a bit of a dilemma, in that my parents asked me to manage their rental condo in Montgomery County, MD, and frankly, I'm not set on it. I live in Virginia, and they live in NY. I've been reading about the requirement for "Legal Agents" if the owner lives outside of MD, but the Legal Agent must live in MD. Is that accurate? (Previously, my sister had been taking care of it, but she does live in MD.) Does anyone have any knowledge/experience about this? I don't really want to do anything that could be construed as illegal, because I just don't need that kind of stress. Honestly, though, I guess you could say I'm looking for reasons not to do this (there's a reason I don't have my own investment properties!). Thank you!! [link] [comments] |
| Posted: 05 Mar 2020 06:36 AM PST I rented a place short term for 4 months. I was barely there, and left the place spotless. The carpet was dirty when I moved in, and someone had even commented this on the vrbo website previously. I just moved out and am only getting $100 of my $250 deposit back for "deep cleaning". I know there's nothing I can do since this was the agreement but I just think it's chicken shit the landlord keeping all that money when I left the place perfect. [link] [comments] |
| Need advice on how to proceed. Dc metro area (VA) Posted: 05 Mar 2020 06:32 AM PST My current situation: Make 70K per year, have a house worth 450K, with 150K in equity and 300K mortgage left. I live in this house AND rent rooms upstairs. Mortgage is 2K with PITI and I collect about 1900 a month in rent from the 3 upstairs rooms. So I pay all the bills and that's less than $500 a month. Also, the room I live in is a basement and I can rent it for around 800. That 1900 a month was declared in my taxes, so I have documentation. So I could collect around 2700 a month on this house, and have a small positive net cash flow, which I would save for maintenance etc. I contacted my credit union because I want to buy a house, move to that one, and keep this one as an investment. I have around 100K from an inheritance I could use as a down payment on a house in the 350-450K range. I would do the same- rent rooms at the new one while living there. I have 2 issues: My credit union does not finance investment properties, so if I moved out the mortgage contract wouldn't be valid. Also, they said they cannot count rental income from a primary residence as my income. How should I proceed? I know cash flow wont be an issue, but my (salary) income alone does not justify 2 houses, even though the rental cash flow easily does. I dont even need the future income to justify it I feel. [link] [comments] |
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