Real Estate: Stock market dropping, what’s next for housing market? |
- Stock market dropping, what’s next for housing market?
- First time homebuyer in Chicago, have a few concerns on affordability and risk
- Is it worth it to buy? SF Bay
- Landlord selling house I'm renting
- " you are approved, you just have to get a fake lease agreement signed"
- Has anyone purchased a model home?
- Consequences of pulling out as buyer under contract. Past inspection period, financing is approved.
- FTHB with tenants
- Buying First Home Qs
- Rarely hear from my Realtor
- Is a 3.75 considered high right now?
- If you purchase a property at auction do you keep the establish equity on the property? ��
- Mold testing
- Can my basement SQFT be included in the overall SQFT of the home?
- Good Realtor(s) in Atlanta?
- Selling Condo with Special Assessment
- Just put an offer in on a co-OP in Queens, NY without a broker. Need help.
- Can I negotiate on a new build townhouse?
- Such a weird agent
- Refinance After Becoming a Freelancer: Advice on kind of unique situation needed
- (Arizona) Renting out to Students Near Universities?
- Refinance: Lender's title policy shopping
- RedFin and Zillow are amazing
- Private Storm Drain Easement
| Stock market dropping, what’s next for housing market? Posted: 11 Mar 2020 05:21 AM PDT Any thoughts for what the tumultuous drop in the stock market will do for housing in the next few months? [link] [comments] |
| First time homebuyer in Chicago, have a few concerns on affordability and risk Posted: 11 Mar 2020 08:35 AM PDT I am planning to buy my first home in the next 2-4 months at 23 years old in Chicago. I have two long-time friends also working in the city that I plan to have as tenants paying me rent (1/3 of the monthly payment each, this has been discussed and both are onboard). Currently I make just over 70k annually before tax. I run a tiny business that nets me 10k-15k after taxes per year as well. I have 80k in stocks and index funds and 25k in cash. 30k of that 80k is in an account from 1999 with super low cost-basis, I would prefer to not have to use this money if possible. I also have about 30k in retirement accounts (401k and Roth). My credit score is 775+ and I currently have $0 debt, living with parents for the time being. I am looking for 3/2 and 3/3 condos in the range of $450k-$550k. Hopefully that is enough background. I have two main fears: A 20% downpayment would significantly cut into my savings and brokerage accounts, possibly leaving me with no cash. Is there a scenario where I put down 10-15% and pay PMI until I reach the 20% equity? Or should I scrounge and put together 20% down? From my research, I can expect monthly payments (without PMI) in the 3000-3500 range which I am comfortable with when I have two roommates each covering a third of that. We all have enough income to afford it. When I DO NOT have the two roommates, which I know could happen in a few different scenarios, that payment is 90-95% of my take-home pay. Is the risk of having no tenants for at least a month, likely much longer while I look to fill that spot, worth the equity I am building? Are these concerns valid? What am I missing? Thank you, any help is appreciated. [link] [comments] |
| Posted: 10 Mar 2020 08:53 PM PDT Hello. I'm looking for your opinions. Do you think it's worth it to buy in the SF Bay Area? Details below. Sorry if this has been posted before...
Is it worth it to buy or just keep renting until I can retire and travel? EDIT: Thanks for all our answers. It confirmed what I was feeling. Even thought everyone says to get in the market, it seems impossible. [link] [comments] |
| Landlord selling house I'm renting Posted: 11 Mar 2020 08:54 AM PDT My question is, ny landlord is selling the house I'm currently in and wondering how it works. I'm on a month to mont right now, so I know I get 3 months after the house is sold, but is there loop holes the new owner can do to get me out faster? And are those 3 months I'm paying rent to the new owner? Hope that made sense [link] [comments] |
| " you are approved, you just have to get a fake lease agreement signed" Posted: 11 Mar 2020 08:14 AM PDT Okay so it wasn't that blatant. Moving ststes, into Texas. And fily suggested this " great real estate agent" who gives back a portion of the commission. We had plenty of assets tied up in the market we were going to use to buy the house in full but " you would be foolish to not take advantage of these low interest rates. Talk to my lender the real estate agent says" Talk to the lender and are honest about these things. -The baby we just had -The job the wife will be switching to -My lack of job due to oil field instability. -An investment property on the market to sell in Texas -A home we own in full in Oklahoma that we would love to be able to afford to keep and re t if we can get a loan on the new home. - all checking savings and investments in the msrket. No problem. Pre approved for whatever you want. Go find a good home. So we do. Then three weeks before closing the lender says " you just need a lease agreement for the home you will be renting" okay easy enough..." For the month of March". So it's March right. Closings at the end of March. Beginning of April. I can't have someone sign a lease agreement to live in a house i haven't moved out of. I get that the under writers need to do their assessments and decide if it's an okay risk for them. I get that if they feel without this property showing an income, I shouldn't be aproved for the previous amount pre approved for.. did I say that right? Anyway. Here's where things get squirmy. " Just have a friend sign a lease agreement for the month of March and then after closing find someone else to rent" Pretty sure that's fraud. Ask around. It's pretty much fraud. Call the guy back and say yeah I'm not doing that. " Okay Don't worry about that for now" Even closer to closing. " Hey there's just that requirement of that lease" call the guy back. And say " I Don't feel comfortable having someone sign a lease agreement on a property they Don't agree to lease from me" He says okay I get it. Calls my real estate agent. She calls me " if you need someone to sign a lease agreement I do that for people all the time. If you aren't okay with that there's nothing to do but move forward with a cash offer.( Which I had wanted to do in the first place) So I haven't had the Oklahoma home on the market during the hottest home buying time of the year, I haven't pulled cash out of the market pre oil crash/Corona virus world freak out. And now the family's at risk of living in the inlaws basement for the next six months over something that's (NO BIG DEAL) which would be the mortgage fraud. Am I totally wrong about how sketchy this seems? I'm not the fraud to get things done type. I would never use a real estate agent for the sake of half their commission again, which I'm pretty sure is also illegal... What a rant. [link] [comments] |
| Has anyone purchased a model home? Posted: 10 Mar 2020 01:35 PM PDT Wife and I are considering buying a model home in a new neighborhood. The neighborhood is still under construction so Im not sure when the home will be available, but it is currently listed. I have some questions, such as who is responsible for the cost of converting the model into a tradition home. Currently there isnt a driveway and the garage is set up as their offices. Im also just curious to hear about experiences, both pros and cons. Thanks. [link] [comments] |
| Consequences of pulling out as buyer under contract. Past inspection period, financing is approved. Posted: 11 Mar 2020 07:35 AM PDT This is hypothetical, so hoping to not have a dozen agents telling me why I shouldn't. Just wondering if there are more consequences besides losing my 3k in earnest money. Closing is 2 weeks away. My understanding from reading this sub is that the seller could sue. Thank you for information. [link] [comments] |
| Posted: 11 Mar 2020 10:10 AM PDT Hello, I'm looking to start my journey into real estate investing. I want to start small and utilize the FTHB loan. My ideal property has 4 bd 2 bath and I would rent out 3 bedrooms and live in the 4th. What gives me anxiety is the worst-case scenario: What if I can't find a single tenant? I am a single guy on one income, but if I were to buy a house in the $150-200k range (that's the cost for my market), assuming I continue to put the max into my 401k, I would not have very much left over if I take on all the expenses. Of course, with each room I fill makes it easier and easier. For every property I've analyzed, you can make a small profit with 3 renters, but anything below 3 typically puts you in the red for a SFH. I'm seeking advice if it's wise to purchase your first home in a situation where it will eat most of your disposable income in the event that you can't find a renter. Market rates in my area for a bedroom range from $450-600 depending on utilities, neighborhood, etc. My ideal tenant is a college student since there are a couple universities in the vicinity. [link] [comments] |
| Posted: 11 Mar 2020 05:59 AM PDT Put in an offer on a competitively priced home that was flipped within the last 9 months. The inspection report was sent and contained some major red flags including - backyard needing grading around the foundation, driveway & porch repairs, & moisture problems. Another professional commercial property consultant estimated it would be $20k in repairs in rhe first year if I bought as is. How much could I feasibly ask the seller to pay? None of these issues were disclosed. [link] [comments] |
| Posted: 11 Mar 2020 09:34 AM PDT Really feels like my Realtor is just sitting there waiting on someone to see his MLS or Zillow listing. Haven't heard from him for 3 weeks. We got an accepted offer from the first person to see the house(5 months ago), but after inspection they backed out(we offered to fix everything on the inspection report). I think his lack of communication had something to do with this. Is this normal practice? Do most realtors just wait on a buyer? Contract ends with him April , we plan to pull the house or make a switch. [link] [comments] |
| Is a 3.75 considered high right now? Posted: 11 Mar 2020 09:33 AM PDT |
| If you purchase a property at auction do you keep the establish equity on the property? �� Posted: 11 Mar 2020 09:31 AM PDT I apologize in advance if this is a super naive question. Lol [link] [comments] |
| Posted: 11 Mar 2020 09:00 AM PDT Had an offer accepted for a home. Found a well reviewed inspector and currently have an inspection scheduled for Friday. The inspector offers a mold inspection for an additional $215. Should I opt for it? Has anyone had luck (or bad experiences with) a do it yourself test from Amazon? Here's the wording of exactly what I could add on to the standard inspection (for $215): "I choose to have mold sampling of this home, which may include swab, bulk sample or indoor air quality for an additional fee starting at $215." And here's a link to a test on Amazon that I was considering. What do you think? The home was built in the 1970s, I understand that mold is just a part of life and I'm not super worried about mold. I do have 2 young kids and the upstairs ceiling shows signs that previous roof leeks had been painted over. [link] [comments] |
| Can my basement SQFT be included in the overall SQFT of the home? Posted: 11 Mar 2020 09:00 AM PDT I know this varies state to state so I'm not sure. My house is located in CT. I have a finished basement (drop ceiling, if that matters) with heat. A sliding door that goes out to our driveway and a door that goes out to our garage. Also a staircase that goes up to our kitchen. Should this be included in the overall square footage or does it need to be listed separately? Since it has the sliding door for egress/ingress based on what I've read it seems it could be included in the overall square footage? [link] [comments] |
| Posted: 11 Mar 2020 08:52 AM PDT I'm a younger guy in the greater Atlanta area--More towards Northeast end, think Gwinnett or Buckhead--That is thinking of buying property in the next few years. The commute to Atlanta is really bad, so I want to get as close to the city's heart as I can afford. Unfortunately, I don't really have any contacts in the city I can talk to, as I'm just starting my career. I am also looking to purchase a Duplex, Triplex, or Quadplex. Something I can live in while renting out the other units for cashflow. Does anyone know some good Realtors in the area that can help me find some good deals for this specific situation I'm aiming for? [link] [comments] |
| Selling Condo with Special Assessment Posted: 11 Mar 2020 08:50 AM PDT I live in my condo with my wife, two dogs, and we recently welcomed twins into the world. We have 2 bed, 3 bath, about 1400 sq ft and about 600 sq ft of outdoor space, so we're not at the point of desperation to move out, but we're certainly going to outgrow the place soon. We paid $613k using an 80/10/10 'piggyback' loan, so we owe about $500k. Based on comps, our place is worth around $750k now. We're planning on putting it on the market asap, and renting for a while while we consider our next move (we're almost certainly leaving the state, and we'd like to just get the place sold so we can make a non-contingent offer on our next place). I'm on the HOA board (because nobody else is willing to do it!), and our building is in fairly good shape, however we had a run of bad luck last year (failed sump pump in elevator shaft, failed commercial grade garage door, hot water heater replacements) that has taken our reserves down to the $20k mark, so we're issuing a special assessment of $30k, split between 15 units, to get us back to $50k reserve. In addition to this, we have two balconies that need repair, and this is likely to cost in the region of $30k, however it's not yet clear if this will be an HOA responsibility, covered by insurance, or the responsibility of the owners. I'm assuming this is something I will need to disclose, even though we might not know how the situation will play out for a few months. How big of a deal is this likely to be? A neighbor below us recently had 2 full ask offers on their unit, but they both pulled out when they found out about the special assessment, although at the time we didn't know exactly how much it would be. This is our 2nd special assessment in 5 years, and the last one was due to a major leak that our insurance carrier refused to cover, but in general, our finances have been in good shape. I'm starting to freak out a little now, as I'm perfectly happy to pay the assessment for the buyer, but now I'm concerned that just the presence of a special assessment along with the uncertainty around the 2 balconies could make it hard for us to sell! Is this likely to be a major problem for me? [link] [comments] |
| Just put an offer in on a co-OP in Queens, NY without a broker. Need help. Posted: 11 Mar 2020 08:36 AM PDT We want to bring one in now just to be our advocate. We are happy with the price but don't want to get taken advantage of if other problems come up. The seller's broker says she will not be splitting the fee with a broker. What can we do? [link] [comments] |
| Can I negotiate on a new build townhouse? Posted: 11 Mar 2020 08:22 AM PDT If a new build townhouse isn't selling, can I negotiate? I know the move-in date for the townhouses is coming up very soon. The builder still has one left that they have finally posted outside of their main company webpage. Do builders feel any pressure if they don't completely sell all lots? I have leverage with a move-in date asap. Thanks! [link] [comments] |
| Posted: 11 Mar 2020 08:13 AM PDT So we deposited a cheque to hold a plot for a new construction. The sellers agent said the spec house to be built on that plot will cost us X. And she will get back to us with the upgrade list within the week and we were suppose to sign the PO in 5 business days. So that never happened and she got back to us after 7 days, and the upgrade list she shared with us is for a expanded model than what we agreed on and is also 30k more than the agreed upon amount. When we questioned her on this, she replied , this is what the builder is building and has the permit for. That's it. I find that exceedingly rude and also that's just not how you do business. I am prepared to walk out of this deal. Am I overreacting? [link] [comments] |
| Refinance After Becoming a Freelancer: Advice on kind of unique situation needed Posted: 11 Mar 2020 07:39 AM PDT So, bear with me, I'm a weird millennial that has made weird choices that apparently don't fit well into the mortgage industries forms and boxes. Appreciate any advice. I bought a house about 2 years ago. When I bought it, there was a chance it would become my primary residence, so we financed it that way. A few months after that we started renting it out on Airbnb. Now, we spend 2-7 days there per month and maintain an apartment, "in the city". With the drop in interest rates, I started looking into refinancing. Our rate was around 3.8% (and we'd bought it down) on a 15 year fixed. Our mortgage guy told me he could get me at least a point better than that about 1.5 weeks ago so it may be even better now. Here's the problem: I quit my job to become a consultant, because I'm planning on taking a long trip with my wife and, #traveling for a few months. When I told the mortgage guy this he balked. I have about $60K in cash, $400K+ in investments (although this is going down daily with what's going on), and a work track record of around 8 years before this, but he's claiming since I've only been a freelancer for 3 months I'd have to wait another 9 months to prove I can make this amount of income. The loan is for around $350K, and the house is worth about $500K (purchased at 450, a little appreciation, we also did a hundred K or so in renovations). The other kinda issue is that...well, this has really become a vacation house at this point. I will say that we're planning on spending 5 or 6 weeks there in the coming weeks and using it as our primary residence before we take our longer trip (if things don't get cancelled due to the news). So it's a little mixed, but after that, I think we'd go back to 2-7 days there a month. I don't want to be dishonest with lenders but I also think we're kinda weird, it's really not black and white for us. Sometimes we spend a lot of time there, sometimes only a little. We like to be on the move. Does anyone know if there's a way around this or a lender open to this? I really really want to get in on these rates, don't want to be dishonest or anything, but I just don't fit neatly into a box. Not trying to say I'm some cool cool nonconformist, just that we did things kinda weirdly and the mortgage people don't know how to underwrite us or don't care to take on the risk. Thanks for any tips! TL;DR; Became a freelancer in the last few months, now I can't refinance because I, "don't have a job" even though I'm being paid around 80% of what I made pre quitting per month and have a good amount of other assets. Have a semi-vacation house. Any lenders that would consider refinancing this case? [link] [comments] |
| (Arizona) Renting out to Students Near Universities? Posted: 11 Mar 2020 07:12 AM PDT Does anyone have experience renting out 3-4 bedroom places to students near popular universities where there is either consistent turnover, or a larger demand for these rentals? How long have you done it, and what are the costs and profits associated with these student rentals you've found? [link] [comments] |
| Refinance: Lender's title policy shopping Posted: 11 Mar 2020 07:11 AM PDT Going through a refinance and shopping around for the Lender's title policy and settlement fees.
What's the risk here? If we get through closing without issue, can there be lingering effects if something about them turns out to be sketchy? Thanks for any insight! [link] [comments] |
| Posted: 11 Mar 2020 06:46 AM PDT Sites like RedFin and Zillow have done so much for both the consumer and the industry, imho. They're perfect for the buyer bc you can look for yourself and see what's out there. You can eliminate homes without looking at them if you see a critical flaw. They're great for sellers/realtors because they probably eliminate a lot of traffic that would otherwise look at something they aren't interested in. The interfaces are perfected at this point, the filters are great, and they are lowering commissions. Is everyone else's opinion as favorable as mine? [link] [comments] |
| Posted: 11 Mar 2020 05:38 AM PDT Hello all, Hopefully this is a good place for an opinion. We own a single family home on a corner lot that's next to where the city storm drain runs (on the street on the side of our property). The street we face slopes downward so the street in front is uphill from our storm drain. Our neighbors are planning an addition and would like to tie into and upgrade our storm drainage. To do that they would need a private easement. Potential pros for us: 1. They pay for part of the new storm drain (ours is 100 years old and has a break in it so drains badly) - we will need to redo the pipe ourselves likely regardless so it might save us $10,000 or so 2. Good terms with neighbors Potential disadvantages: 1. Their plan is for an addition so might require a bigger/more expensive system than we would otherwise need (just updating or replacing an old pipe) 2. Their plan likely requires paying an attorney for both (for easement) and more difficult permit from city 3. We get along with these neighbors but what if issues in the future? Do private easements in general negatively affect home value? My husband is in favor but he's a people pleaser so he thinks the easement is NBD. I'm concerned about the legal ramifications and saving a relatively small amount of money once may not be worth it. Our choices: 1. Upgrade our existing drain line (cheapest, maybe not possible) 2. Put in new drain line down our driveway to city storm drain (most upfront cost to us, easiest permit, excludes neighbors and they have to figure out their own plan re: addition and uphill water drainage to front of their property) 3. Jointly go on system that takes care of their addition and have easement on our drain/pipe under our driveway (medium price, above issues) Thoughts? [link] [comments] |
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