Real Estate: What options might I have to back out at the 11th hour if I get cold feet? |
- What options might I have to back out at the 11th hour if I get cold feet?
- Credit and mortgage payments
- Earnest money dispute [Seattle WA]
- Why do I get instantly approved for a rental application, while my friend always has a delay?
- Hmmm could this be the start???
- Title company “received wire but can’t identify it?”
- Property Tax Assessment Appeal - HELP
- Do additional rooms bring more value to a home?
- Should I get a HELOC during a market downturn?
- How bad is angle iron? Should house buyers stay away?
- Why does Better Mortgage seem to have lower closing fees than Brokers/Lenders?
- Exclusivity Agreement (Texas)
- Inspector never sent report and now problems
- Sell my property on eBay?
- Having trouble gettting viewings due to corona
- Looking to put in an offer
- Mortgage lender is saying there are issues because of a discrepancy in salary. Has this happened to anyone? First time homebuyer.
- What did you pay for your MODULAR, not manufactured, home? Beds? Baths? Sq ft?
- Toronto - should I look now for a tenant to rent my condo out July 1st?
- Rent out condo unit now or wait? (Portland OR)
- In-laws want to help with down payment
- 18 Year old Real Estate
- Is it a good time to purchase land?
| What options might I have to back out at the 11th hour if I get cold feet? Posted: 22 Mar 2020 05:59 AM PDT I know you've seen the hundreds of posts here talking about folks with cold feet, so I hate to bore you with another one, but unfortunately that's what I'm going to do. After searching for a couple of years I finally went under contract on an investment property near a local beach. I live fairly close to this area, and have wanted to buy for some time. Unfortunately we happened to go under contract just before things started ramping up in craziness. We've received everything we would need for our clear to close, so I'm out of built in stop gaps that would allow me to back out. Obviously my biggest concern is that this property only makes sense with a rental market that's interested in heading to the beach. In the off-season it happens to double as an academic rental which also looks like it could be in jeopardy. Anyway, given that background, if I come to the conclusion that I ultimately think this is a bad idea for obvious financial reasons is there anything I can do in this time of uncertainty short of walking away from my deposit and risking getting sued? I'm not saying I will ultimately make that decision since we have negotiated a fair price (pre pandemic), locked in a sold rate (sub 3.8), and secured >$15k back for repairs after closing which lessens my cash outlay, but of course the uncertainty is driving me mad. Thoughts on best path forward if I decide I need to back out? [link] [comments] |
| Posted: 22 Mar 2020 06:45 AM PDT How much does credit score effect mortgage payments ? If we have good credit but then pay off our debt before locking in with a mortgage company will that bring the payments down or is it all based on the interest rates at this point ? They're just about 2 percent more than when we started the process so we're trying to figure out the best move going forward. [link] [comments] |
| Earnest money dispute [Seattle WA] Posted: 22 Mar 2020 12:01 AM PDT Look for advice. I appreciate any opinions and suggestions! I originally entered a contract for a house on March 2nd to close on March 24th. Our real estate agent convinced us that that would be enough time. Obviously, with the Coronavirus situation, things have slowed down a bit. We still haven't had the house appraised despite the fact the bank claims they put the order in on March 4th and an additional rush order in on March 5th. The appraisal still hasn't happened. So there is no chance we close in time because of the appraisal. We tried to get an extension but the seller's realtor is saying they will only extend to March 26 if we give up a 10-2 warranty and to March 27 if we forfeit our earnest money. Our realtor thinks we would likely lose the earnest money in this situation but I am not sure. Do you agree with the realtor that we are at risk of losing the earnest money in this situation or should we fight back against the escalating terms? UPDATE: We do have finance contingency:
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| Why do I get instantly approved for a rental application, while my friend always has a delay? Posted: 22 Mar 2020 09:06 AM PDT A few months ago, my friend and I coincidentally moved at the same time and were talking about apartment hunting. I mentioned that we (me and my wife) basically spent a day looking at apartments and signed a lease with large property management company (Essex) and moved in as quickly as we could sign the papers and transfer money to them. My friend was shocked and asked about the waiting period after the rental application and I had no idea what he was talking about and never experienced a delay when trying to rent a new apartment. I assume I must have a better credit score or something? But what exactly is going on here? [link] [comments] |
| Hmmm could this be the start??? Posted: 22 Mar 2020 09:52 AM PDT |
| Title company “received wire but can’t identify it?” Posted: 21 Mar 2020 10:20 PM PDT Those with more knowledge and experience please forgive my ignorance/frustration (first time buyer here), but how is it possible for a title company to be able to verify that they received a wire transfer, but not be able to identify your money? And in general, why do wire transfers seem to be so fragile? Are they risky just because they're high reward for bad actors, or because there's something innately insecure about the transfer system? In my work I've seen sketchy tech systems exist by sheer force of proprietary entrenchment, so wondering if something similar is the case with underlying wiring tech. Thanks Reddit! [link] [comments] |
| Property Tax Assessment Appeal - HELP Posted: 22 Mar 2020 05:39 AM PDT Hi there, I purchased a property in Washington DC at the end of 2019 for 1,050,000 with 20K in seller credits. An identical property on the same row of row-houses sold a month after mine for the same price. I recently received the property tax bill for 2020 and a notice of proposed real property assessment for 2021. It has my 2020 assessment at $1,110,000 and my 2021 at ~$960k This was a bit confusing to me and I have a number of questions: 1) Why would my 2021 assessment be lower than my 2020 assessment? I'm not complaining but trying to understand the logic. 2) Can I appeal the 2020 assessment or can I only appeal the 2021 one? Is it too late for 2020? 3) If I appeal the 2020 assessment, do I risk increasing my 2021 one? 4) Should I request an appeal to the amount I paid for it? or Do I appeal to the 2021 assessment which is lower? Appreciate the feedback! [link] [comments] |
| Do additional rooms bring more value to a home? Posted: 21 Mar 2020 11:35 PM PDT I live in a multi story, split level, single family home which has 2 living rooms on 2 levels. The previous homeowners split one of the living rooms and added 2 bedrooms. I would like to take the walls back down and have a larger game room, but I dont want to hurt the value of the home. A little about the home: it has 5 bedrooms right now at ~1800 sq ft. It's the most expensive property in the neighborhood at $315000. Most of the other places are newer apartment complexes and ~$250k-$300k properties. The room was roughly 23'x20'. Now it has a roughly 13'x20' living room with 2 10'x10' bedrooms. It has an oversized 2 car garage with a large deck on top of it. It has a 14,000 sq ft yard. If getting rid of the bedrooms would hurt the value of the property, do you have any idea how badly? I'm very handy, so I would do all the work myself. Thank you so much for your help! I really don't want to regret this in the future, but I really hate those walls. [link] [comments] |
| Should I get a HELOC during a market downturn? Posted: 22 Mar 2020 06:10 AM PDT I've been thinking about opening a HELOC to help fund my second investment property. But I'm concerned that during a market downturn, especially during a recession, the lender has the ability to call the HELOC balance. I thought about doing a cash out refinance on my current/first property but I don't want to pay interest on it before I find and close on the second property. Any thoughts and advice would be appreciated! [link] [comments] |
| How bad is angle iron? Should house buyers stay away? Posted: 22 Mar 2020 07:56 AM PDT Hi! We live in Winnipeg (central Canada), and are getting ready to put in an offer on a house. We've really fallen in love with it and are ready to go, but our real estate agent, after initially thinking it was a pretty great property, discovered that one basement wall has been reinforced with angle iron. He's in the process of getting the permits for more information, but he seems to think we shouldn't be going after this house anymore, in light of this new information. However, I've done a little googling, and this sounds like a pretty common solution to a pretty common problem, so I just wanted to get another opinion. So, without knowing that it was done poorly or that there is another problem, should new home buyers completely avoid anything with angle iron? Any advice would be greatly appreciated! Thanks! [link] [comments] |
| Why does Better Mortgage seem to have lower closing fees than Brokers/Lenders? Posted: 22 Mar 2020 10:10 AM PDT I'm looking at Better mortgage to Refinance and their third party fees for closing are only $2194 whereas both my current mortgage and my bank wanted to charge ~$6k. Am I missing something a large line item here? This is what they list: Third Party Costs Origination Charges$0 Appraisal Fee $550 Credit Report$50 Flood Certification $14 Title-Insurance Sales Tax$ 74 Title-Lenders Title Insurance $730 Title-Sales Tax Settlement Services$50 Title-Settlement Fee$495 Taxes and Other Government Fees$231 Recording Fees And Other Taxes$231 Adjustment & Other Credits$0 [link] [comments] |
| Posted: 22 Mar 2020 09:45 AM PDT Apologies if this has been asked already but I didn't see the answer when I searched through previous postings about exclusivity agreements in Texas. I signed one with a realtor (or broker? I'm not sure the difference). He's helping me find a place to rent. Am I only allowed to work with him when searching for places to rent now? Can I sign another agreement with another realtor as long as they don't show me the same properties my current realtor has shown me? If I end up finding a place with another realtor, what happens to the commission to that realtor and my original realtor which I signed an agreement with? What would happen to me, if anything, legally? I know this question is probably really stupid since it's an oxymoron at face-level... but can you have multiple 'exclusive agreements'? Thanks! [link] [comments] |
| Inspector never sent report and now problems Posted: 22 Mar 2020 05:47 AM PDT The house I recently purchased had a preinspection completed, but my real estate agent pushed me to hire his father in law for the inspection still. He didn't find anything else from the original preinspection, but still charged $250, but never sent a report. Now that I'm moved in I see one of the rooms is significantly slanted (about 2" in the 10' span). I'm not thinking it will be that expensive to fix as it is a small office addition, but still more money to spend. The inspector I hired has not answered my texts or emails. My question is what options do I have? Normally I would contact my real estate agent, but since it is his father in law it is tricky. Thanks! [link] [comments] |
| Posted: 22 Mar 2020 05:27 AM PDT Wondering if anyone has experience selling land? I bought some land in The Sangre de Cristo ranches 18 years ago for $8500. I built a small solid 10x12 building. Power is right on the road. I have no plans to do anything with it and it hasn't appreciated. I constantly get offers from people who buy and sell land. They want to buy it for anywhere from $1200 to $3300. I sent an email to the family company in the area I bought it from since they still buy and sell land but they didn't respond. So basically I'm just curious if anyone has any ideas how to get more than some insane lowball offer. [link] [comments] |
| Having trouble gettting viewings due to corona Posted: 22 Mar 2020 09:07 AM PDT The place where I'm at all of the coronavirus cases have been due to foreigners. As a result, the local people have gotten dead scared of foreigners. It's becoming extremely hard to get a viewing arranged - and people will often flake on you once they find out u are a foreigner. What can I do to appease these people? Are virtual tours a good idea? I imagine they are prone to scams. [link] [comments] |
| Posted: 22 Mar 2020 02:36 AM PDT I found a home in a neighborhood heavily occupied by healthcare workers as it's less than 5 minute walk to the hospital. Homes don't come up too much in this neighborhood. I found a turnkey house that is in the perfect location. Obviously, things are shaky right now. But is it foolish to let this opportunity slip? It's going for current fair market value. Now there are covid-19 clauses in place, I just need to make sure the housing market crashing is part of that contingency in the clause. I plan to occupy one room and rent the other 2 out to healthcare workers. [link] [comments] |
| Posted: 22 Mar 2020 12:24 AM PDT My lender had told me everything was approved and good to go, so we had waived financial contingencies and things seemed set for closing (aside from delays with title/etc. due to reduced gov hours, COVID stuff). Yesterday they called me up and basically said they needed additional information on salary as there was a discrepancy. Essentially they told me they don't use the salaries stated and base it off the documentation provided like pay stubs, W-2s, etc... the amount the verification came back with was lower than what they had, but the verified amount is exactly what I said I was making, so I'm not understanding how this discrepancy even came to place. The loan officer said not to worry and that they'll "figure something out" but I'm still very concerned... has this happened to anyone? I don't want to be losing my escrow money over this as I didn't do anything wrong. [link] [comments] |
| What did you pay for your MODULAR, not manufactured, home? Beds? Baths? Sq ft? Posted: 22 Mar 2020 07:14 AM PDT Also include your state please. Modular home is NOT a manufactured home and there is too much misinformation for me to get accurate information from previous posts. I am just looking for prices. I'm interested in a 3 bed 2 bath ranch. Over 1700 sq feet that has a living room and an additional family room. I'm waiting on estimates from builders and using this to gather more info. Thank you!! [link] [comments] |
| Toronto - should I look now for a tenant to rent my condo out July 1st? Posted: 21 Mar 2020 09:17 PM PDT So I bought a small townhome in Etobicoke which outside of Toronto and need tenants to rent out my condo. With the wave of coronavirus and possibly getting worse, can it have an Impact on me finding tenants? I imagine people don't want to leave their homes to view places or want to move. What should I do? I'm very stressed [link] [comments] |
| Rent out condo unit now or wait? (Portland OR) Posted: 21 Mar 2020 02:48 PM PDT I'm planning a move to Seattle WA for a new job in May. Was going to rent an apartment my first year in Seattle until I know the city better before I buy. I own a condo unit in Portland OR that with it's great location, could rent out easily. I wouldn't make money off the unit initially, but in the best case scenario break even after all costs (prop management, taxes, insurance, HOA fees, etc.) and depreciation for taxes are considered. The mortgage has 8 years left on before I pay it off completely, and then I could make some real money on it. It's a unit that has sentimental value and I could see myself moving back at some point. That was the thought before the covid-19 virus... Now I'm wondering if it's worth it putting the unit up for rent amidst all this madness. I'm thinking the vacancy period may be longer than what it would've been. My new job is thankfully pretty secure, and I don't really run the risk of losing it in these times (knock on wood). Renting in Seattle would cost me about 18-22K a year alone before I find a place to buy. A contingency plan I was contemplating is I still live in Portland OR, but use a cheap AirBNB room super close to my Seattle job between Monday - Friday (4 night stay) to work at my job. Living out of a suitcase and walking distance to my new job. In other words, I would do a long 3 hour commute to my job early in the morning Monday, stay at AirBNB Monday-Thursday nights, and after work Friday drive back to my home in Portland OR. Gas + AirBNB would amount to around 13-15K a year, but I wouldn't be renting out my condo unit and still technically live there and not have to move the majority of my stuff. Building a new social structure in Seattle would be a lot harder without many weekends spent there, but I could do this plan for at least a year and hopefully this virus will have calmed down by then. Also another addition to the contingency plan is I could try and AirBNB my Portland unit the days that I live in Seattle. Opinions on what I should do to come out better financially? Go ahead and complete a move to Seattle and finding an apartment to rent there to really live in, and risk having a longer vacancy for my unit in Portland when I put it up for rent? Or go with the contingency plan? EDIT: I'm not factoring in any tax complications with this... maybe that would make things way more difficult... [link] [comments] |
| In-laws want to help with down payment Posted: 21 Mar 2020 06:20 PM PDT Second time buying a house, first time with a down payment. My in-laws are wanting to help us out with the down payment ($31k) for a $155k home. We have the money, but would be left with only a couple thousand in our savings account. This is why our in-laws want to help. They don't want to pay the whole thing, just gift us a couple thousand so it's not so tight. On the loan application it asked if any part of the down payment would be a gift. We said no when we filled it out because in-laws didn't say anything about helping. Would the lender check if we had a last-minute deposit to cover part of the down payment? Would it be better if the in-laws waited until after closing to "help us out"? Thanks for any advice you can give. [link] [comments] |
| Posted: 22 Mar 2020 08:45 AM PDT 18 y/o M I want to pursue a career in Real Estate but the problem I'm facing right now is that I look very young. I'm wondering if anyone thinks I should take a business course (in addition to my Real Estate license) or whether I should go for a low level sales position (phone sales) and get my licence after a year or so. Essentially my question is Experience vs School I also have a family member who's currently doing very well as a agent. I've only briefly talked to them, but should I look into becoming an intern or some sort of assistant for them? Thanks a ton [link] [comments] |
| Is it a good time to purchase land? Posted: 21 Mar 2020 11:22 PM PDT |
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