Real Estate: U.S. Orders Up To A Yearlong Break On Mortgage Payments |
- U.S. Orders Up To A Yearlong Break On Mortgage Payments
- Pennsylvania governor orders many businesses to shut down - including Real Estate
- Homeless people taking over vacant houses in Los Angeles
- An interesting development.
- RedfinNow pauses making offers on homes as CEO says housing market has taken ‘turn for the worse’
- Are appraisers an "essential" business
- [NJ] Is now still the time to buy?
- It's not closed until it's closed
- Question Regarding Mortgage Options From A First Time Home Buyer
- Ethical Question on Corona and Selling
- Buyer Backing Out of VA Home Sale Just Before Closing
- About to close on a house, should we pull out?
- Under contract on house and my salary got reduced
- Should we sell our house now or wait it out?
- Where to go for a newbie?
- Do I need a real estate agent for a sheriff sale? Attorney? (Northwest Pennsylvania)
- Is it too late to ask for closing costs?
- Realtor commission upfront on CD?
- Is house trading a good method for buying up right now?
- Under Contract and just lost my work for at least the next three months.
- For property owners in Los Angeles whose tenants cannot pay rent due to cut jobs, will the bank foreclose the property due to a missed mortgage payment? What is the current status of events like this? Would like to know ASAP, thank you!
- Add a Covid-19 clause for mid April close?
- Lying on your morgage application
| U.S. Orders Up To A Yearlong Break On Mortgage Payments Posted: 20 Mar 2020 02:29 AM PDT Homeowners who have lost income or their jobs because of the coronavirus outbreak are getting some relief. Depending on their situation, they should be eligible to have their mortgage payments reduced or suspended for up to 12 months. Federal regulators, through the mortgage giants Fannie Mae and Freddie Mac, are ordering lenders to offer homeowners flexibility. The move covers about half of all home loans in the U.S. — those guaranteed by Fannie and Freddie. But regulators expect that the entire mortgage industry will quickly adopt a similar policy. Sounds like an even bigger squeeze on Home Inventory. This is looking more and more like home prices will increase through and beyond this recession, IMO. [link] [comments] |
| Pennsylvania governor orders many businesses to shut down - including Real Estate Posted: 19 Mar 2020 03:45 PM PDT There's a PDF linked in the article. Under Real Estate, it lists "Lessors of Real Estate", "Offices of Real Estate Agents and Brokers", and "Activities Related to Real Estate" as shut down. No physical operations. [link] [comments] |
| Homeless people taking over vacant houses in Los Angeles Posted: 19 Mar 2020 05:58 PM PDT |
| Posted: 20 Mar 2020 09:28 AM PDT Maricopa County in AZ, home to most of the metropolitan Phoenix area, has today announced the acceptance of electronic notary for recording in the county. It will be interesting if this is adopted in other counties and states as things progress, and if this will become more prevalent after as life emerges from the current environment. [link] [comments] |
| RedfinNow pauses making offers on homes as CEO says housing market has taken ‘turn for the worse’ Posted: 19 Mar 2020 08:06 PM PDT |
| Are appraisers an "essential" business Posted: 20 Mar 2020 08:31 AM PDT Im a real estate appraisal apprentice. With multiple states closing all non essential business there has been a debate where I work if appraisers would be considered essential. One side is arguing that appraisers are required for the banking and lending and with people running tight on cash they might have to do a refinance to get through not working. The other argument is that since appraisers are in contact with so many people in their houses we would potentially be spreading the virus during a lock down. I did see in Pennsylvania where agents are considered non essential but there was no mention of appraisers. My state has not yet closed non essential business but I kind of expect it to happen and would like to have a plan. [link] [comments] |
| [NJ] Is now still the time to buy? Posted: 20 Mar 2020 07:17 AM PDT Loan officer proposed a 3.625% interest 2 weeks ago. Now I just got quoted 4.125%. Is now still the time to buy? Can I expect a reduced amount of "highest and best" type of sales? Should I wait this out? Fortunately, my job allows me to work from home so finance isn't a problem. With an escalation in rates this high in a short term, idk what to do. I have open houses I planned on attending this weekend. [link] [comments] |
| It's not closed until it's closed Posted: 20 Mar 2020 08:50 AM PDT We always warn our buyers and sellers that "it's not closed until it's closed" meaning that until you have the keys in your hands don't think this transaction is a done deal. People get laid off, people mess up their debt to income ratio e.t.c... [link] [comments] |
| Question Regarding Mortgage Options From A First Time Home Buyer Posted: 20 Mar 2020 10:19 AM PDT Hello all, got a question in regards to finding out what the big differences in Mortgage options are. I have served Active Duty for 7 years, and am currently in the National Guard for an additional 3 years. I have and intend to go forward using my VA loan on a house my wife and I are building. The builders are Coleman Homes in Boise, ID, and are owned by Toll Brothers Inc. As a part of the process, they are required to have us go through the preliminary loan process with TBI, but we are able to go elsewhere too. So far I have been working with TBI and USAA for my loan. Our rates as of right now have been quoted as such: I came to this Subreddit to pick the brains of those who may have been in my position before. I can provide more information if it's needed to answer the following question: Is there any reason to avoid TBI and go with my first choice of USAA just based on the fact I've been a customer with them for almost 10 years now, or is TBI also a great company and I should save the money where I can? Thank you for your time! [link] [comments] |
| Ethical Question on Corona and Selling Posted: 20 Mar 2020 10:08 AM PDT I have a house on 8 acres on a small river about 1.5 hours from Manhattan NY. Nice as it is to have the space I hate rural culture and want to sell. Now all the part time NY'rs are moving their families up here to avoid the virus and I'm wondering if this grim moment provides an opportunity to sell at a higher price. Yes it's gouging but I'd just have to be on the level with the buyer: without bumping up the price I cannot leave. [link] [comments] |
| Buyer Backing Out of VA Home Sale Just Before Closing Posted: 20 Mar 2020 10:52 AM PDT Buyer is refusing to sign closing documents even though appraisal was good, all inspection problems fixed and loan approved. What can I do? [link] [comments] |
| About to close on a house, should we pull out? Posted: 20 Mar 2020 10:39 AM PDT We locked in at 3.375% and we get the keys on the 26th. We won't be able to order a uhaul, we won't be able to get any supplies for renovations, it's basically a mess. Would it be better to just pull out and wait until all of this blows over? Will the market be any good at the end of all of this? is there any way to guess? [link] [comments] |
| Under contract on house and my salary got reduced Posted: 20 Mar 2020 10:00 AM PDT I am under contract on a house. The sellers needed a long closing so we don't close until beginning of May. We already got past inspections but appraisal hasn't happened yet. Long story short I work in the corporate office of the service industry which has been now shut down due to coronavirus. All salaried employees pay was reduced 25% and moved to 4 day work week for 60 days and will be re-examined then. I have a lot of anxiety that we won't be able to return to work after 60 days and my pay will continue to be reduced or they will furlough more employees. Basically 90% of company was already furloughed. Would you all bail? Seems like I should but I will lose my earnest money. $2k [link] [comments] |
| Should we sell our house now or wait it out? Posted: 20 Mar 2020 09:39 AM PDT My husband and I bought last year for about $273,000... in cash. Three weeks ago, we decided we were putting our house on the market, and it was appraised at a little over $300,000. Then shit hit the fan. Our real estate agent asked us today if we still wanted our listing to go live. (People are scared to go in homes right now, banks are also in panic mode, people are losing their jobs, real estate businesses might be forced to close, if this blows over people may not want to go in homes that were listed during the outbreak...), and it's very possible that we will not be able to sell. We understand all of this. Our main concern is, if we don't sell NOW, what if we lose 30%, 40% or even 50% of our equity?! What if we lose all the money we put into this house? What would you do?? As a side note, our incomes and savings are very stable (teachers), and we have contracts for the next school year. Not worried about where we will go next. [link] [comments] |
| Posted: 20 Mar 2020 08:12 AM PDT I've been wanting to become a landlord for a few years now. I just don't know where to start. I don't know anyone that works in real estate and google searches only ever seem to bring up people trying to sell a program. Where could i find a solid resource that isn't just trying to make money off of people interested in buying and renting real estate? [link] [comments] |
| Do I need a real estate agent for a sheriff sale? Attorney? (Northwest Pennsylvania) Posted: 20 Mar 2020 08:11 AM PDT My wife and I are looking at a property that is in pre-foreclosure. After asking questions, we discovered the home will go to a sheriff's sale next month. I can provide details on the judgement amount and all of that if necessary, but I am curious what kind of help I need. We had been talking to a foreclosure specialist who keeps asking us to keep her updated, but I don't understand her role or if we would pay her as the buyers later. She got confused and thought the sale was this month and asked us what happened, so that made me think she didn't need to be involved. We want to perform a title search to see if there are any additional liens on the house. Do I need an attorney for that or can I do it myself in a month's time? I have googled this and I'm still unclear about what I should be looking for at the courthouse. Thank you for any help you can provide. My wife and I are in the market for the first time, so your patience is appreciated. [link] [comments] |
| Is it too late to ask for closing costs? Posted: 20 Mar 2020 08:10 AM PDT I'm closing in 10 days. To say I'm nervous is an understatement. I should be fine, but that's assuming my two income household remains that way. I received $5k (less than 1%) off the asking price, for electrical issues that will require pretty immediate attention. Obviously my earnest is on the line, and I get that it's in poor taste, but circumstances have changed. I would feel much more comfortable with a little extra cushion where I could fix the problems and still retain a little emergency fund while I continue to rebuild it with future paychecks. Again, if it weren't for corona, I'd call myself an asshole, but frankly the seller is making out like a market-timing bandit based on what I'm seeing locally. For reference, we went under contract 1 business day after the first 5% drop and the seller is making a six-digit, 40% return after 6 years of ownership. [link] [comments] |
| Realtor commission upfront on CD? Posted: 20 Mar 2020 08:10 AM PDT I got a Contract for Deed ( land contract) offer for $15,000 down and $700 per month on a $70,000 home. This offer was given from the realtor. She wants her full commission up front. Is this normal? I have a problem with this because they're taking one third of the initial down payment from the buyer and I have to wait another ~10 years to get the full money. I don't understand why the realtor should get their full payment immediately. What can I say to the realtor? Is it possible that they just get the percentage of the down payment based over the years that it's paid off and I send them a payment monthly? House is in Minnesota [link] [comments] |
| Is house trading a good method for buying up right now? Posted: 20 Mar 2020 07:56 AM PDT I've got a 200K condo (paid off) and am interested in buying a ~400K house. Two weeks ago the plan was to buy a house and move everything into that house before putting the condo on the market (which would have sold in only a couple weeks as of recently). Net cost of house would be $200K - fees Now I am a little nervous that everything keeps shutting down. I'll pay 400K for a new house. The market drops so that is only ~390K and my condo only sells for ~195 and I'll need to keep paying several months of association fees before it finally sells. I'll be down $15K equity. Whereas if I wait until the market drops I could buy an equivalent house for 390K and only lose $5K of equity from the condo sale. However... I assume a lot of sellers are worried their $400K properties will stay on the market for much longer than they thought and they'll also lose out. If we trade properties they can lock in at least $200K of value. On the other hand it seems like a lot of extra hassle/risk for the seller if everyone thinks the market will start about the same. Does trading seem reasonable or am I overthinking this? [link] [comments] |
| Under Contract and just lost my work for at least the next three months. Posted: 20 Mar 2020 07:55 AM PDT Hey everyone, I am currently under contract for a home and with the Corona virus pandemic going on I've currently lost work for the next three months. A little background. I work in the event industry as a AV freelancer. 2018 was good but in 2019 after making just shy of 100K, I decided to move forward with buying a home. Everything was in line and moving perfectly until 2 weeks ago when all of this panic began. Deposit is in, inspection is done and I have the go ahead with the bank. I have little to no savings left, just enough to get me through the next couple months (at best) without work. I've found another gig but they have closed their doors until April 1st. I need some help here. Do I back out or move forward and hope this crisis clears up in the next month? I need to put this out here and hopefully get some information and just honest opinions on what people think I should do moving forward. [link] [comments] |
| Posted: 19 Mar 2020 07:26 PM PDT |
| Add a Covid-19 clause for mid April close? Posted: 20 Mar 2020 05:46 AM PDT Hi, I (seller) signed a contract in early March with a mid April close. The inspection period just passed and the buyer only had minimal requests which I am crediting them for. All that is left is appraisal. I'm in MD and with the news about Pennsylvania shutting down services I'm scared MD will follow suit. The buyer paid me 5% over list and I want this to go through. Should I ask them to sign a COVID-19 addendum extending close in the event we cannot on the original date? My realtor is telling me to wait a few days but I don't understand her reasoning. My other option could be to try to move closing up a week or 10 days but who knows what happens in a couple weeks at this point. [link] [comments] |
| Lying on your morgage application Posted: 20 Mar 2020 04:56 AM PDT No job I come through self employment Would have to wait 1 year from now to qualify for a morgage £50,000 savings Age 22 Parents won't be my guarantor Want to buy ASAP If I get bridging finance , I can't refinance because no Morgage will accept me currently Solution???? My friend has a shop and will provide 3 month payslips to me at a good wage, this is what my lender needs. How in depth will he go with the checks Will he call him , or will they do deeper checks UK ?! Advise!!!!! [link] [comments] |
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