Real Estate: Adding my name to house title after marriage in Missouri |
- Adding my name to house title after marriage in Missouri
- Fannie and Freddie will now buy loans in mortgage bailout program, in a bid to loosen lending
- Thoughts on KTLA 5 interview on COVID19 effects on Real Estate?
- It's April 22, 2021--Where are US real estate prices in comparison to today, in your opinion?
- Mortgage officer asking for documents 7months before construction completion?
- Shady realtors
- Just went under contract.
- Do Lenders Have Incentive Not To Float Down After Rate Lock?
- (USA) -- How much do buyers care about landscaping?
- Home inspection: what do you wish you would have known/asked about/made sure the inspector looked for?
- First time home buyers looking at new construction amid coronavirus
- Changing down payment % in contract on new construction?
- Question about rentals
- Employment Past
- US home sales plunge 8.5% in March
- Unique Scenario of Buying From Family Friend
- Do most house rental applications require you to provide your Bank Checking Account Number?
- [USA]Who is responsible for providing closing date to lender?
- Housing market in Cleveland, OH is still hot af - despite the macro concerns
- Fact check me here.
- Question about showings now
- Would Zillow inflate their estimates of residential properties?
- Agent suddenly ask for 30,000 to fix my house
- PA testing
| Adding my name to house title after marriage in Missouri Posted: 22 Apr 2020 07:11 AM PDT While engaged my in laws purchased a home for my wife and I. It has been three years and currently I'm still not on the title just my wife and in laws but I have paid thousands towards the mortgage. I saw a lawyer several years ago and he stated since we were married it would not be necessary for me to be added to the title. My problem is that my father in law makes all the actual payments to the bank and we pay my father in law does this seems as if I have not paid anything on the house? all checks were wrote with house payment on them in the memo. In the even my wife and I were to divorce I would want my wife's family to buy me out for the equity I've put in to the house. Should I do a quit claim? Now that I'm asking this my wife acts as if I want to get a divorce but my standpoint is I should have already been on the title in the first place. From a legal standpoint how exposed am I at not getting bought out of the house with out litigation fees and what benefits would I get from being put on the title at this point? [link] [comments] |
| Fannie and Freddie will now buy loans in mortgage bailout program, in a bid to loosen lending Posted: 22 Apr 2020 08:33 AM PDT "The Federal Housing Finance Agency, regulator of Fannie Mae and Freddie Mac, announced that the two mortgage giants will now buy home loans that go into the government's forbearance program just after they close." Since jumbo mortgages are not eligible for the government forbearance program, this means that these loans are not eligible for this purchasing either? So in high cost areas, jumbo mortgage will still face tight lending requirements? [link] [comments] |
| Thoughts on KTLA 5 interview on COVID19 effects on Real Estate? Posted: 22 Apr 2020 01:49 AM PDT What's up? Just watched this interview with a top LA realtor about COVID19 effects on real estate. I'm not surprised that she encouraged buying now "since we have virtual tours". I'm more surprised at all the comments saying this will be a recession worse than 08 and to wait over a year before buying. I know it's too early to buy now due to banks diminishing buying power and a buyer's market could arise, but I wouldn't think it'd even come to 08 effects. These people are trolls right? [link] [comments] |
| It's April 22, 2021--Where are US real estate prices in comparison to today, in your opinion? Posted: 22 Apr 2020 08:17 AM PDT |
| Mortgage officer asking for documents 7months before construction completion? Posted: 22 Apr 2020 08:15 AM PDT So I've purchased a home before, but this time we are looking to buy a home from a national builder, on a lot with their home plans. We are working with the builders preferred lender. Homes expected completion date is November, and we already have a pre-approval. Well today I get an email from the financing team asking for income statements, banking, assets, current Assets yada yada. Slightly confused as to why they would want my documents now, as my entire financial picture can and will change in 7months. I have nothing to hide and can definitely afford the house, just don't want to have to go through multiple rounds of providing paperwork; being scrutinized about the $1k I spent on bitcoin or the money I give my elderly mother ( happened the last time I purchased, underwriter claimed. I launder money because I ACH my mother $500 a month). As far as I understand it, underwriters will want assets refreshed 1-2 months prior to the close which would mean that in Oct I would have to run around and collect the same documents all over again. Summary: Am I overreacting to a lender wanting to verify assets 7months before closing? Will we have to reverify again in Oct?. This same lender already pre approved me and I placed a deposit and house won't close till November. [link] [comments] |
| Posted: 21 Apr 2020 04:15 PM PDT Long post, so I apologize for the long winded rant. Absolutely nothing I can do about it now, but I just thought I would vent for a moment and see what everyone thinks about my situation. My wife and i found a beautiful home that was the former model home for the builder, never been owned, and was up for sale. We wanted to put in an offer and try to kick out the current contingent contract that was still pending because of them being unable to sell their home. We have 20% down, conventional financing, and are ready to close ASAP. The listing agent (who works for the builder), rather than writing the contract said he had to "check with the builder" to see if they would accept another offer. This was two Saturdays ago, we never heard back from the selling agent about it. Our agent was hounding him, but he was just flat out ignoring her. Almost a week goes by and he FINALLY writes the contract for us. Another strange thing was that the listing agent refused to allow our agent write the contract and insisting it came from him. Once the contract was signed and delivered on our part, the agent would not present our offer to the builder. Then suddenly there is a second offer, that was apparently made on Easter Sunday (the day after we tried to put in our offer) and was also contingent on a VA loan appraisal....and somehow got the appraisal in less than a week. Then fast forward to yesterday and the agent claims that the builder rejected our offer. We didn't believe that he even presented our offer to the selling organization and requested the builder give us a signed letter stating it has been rejected for the other offer. He refused to get the letter. Said it was ridiculous to even ask for it and then became "offended" that we had questioned his integrity. We think he was representing the seller and the buyer and wanted 100% of the commission. Might have been trying to shaft us so he would get both commissions. Does this seem fishy to anybody else? [link] [comments] |
| Posted: 22 Apr 2020 06:32 AM PDT I just went under contract two days ago. Signed a counter offer right before they received a higher offer. Plan to rent out the basement. Locked in a 2.8% interest rate. Now im reading all the news about reals state crash. Am I an idiot? [link] [comments] |
| Do Lenders Have Incentive Not To Float Down After Rate Lock? Posted: 22 Apr 2020 10:16 AM PDT I locked in with a lender about a month ago at 3.75%. The lender told me that we could float down and re-lock on our loan one time before closing if rates dropped. I'm a little over a week away from closing and my lender is saying that rates never dropped below my locked rate during that time. Do lenders benefit or get paid more by not helping me out with a float down? I realize that my lending situation is unique so I'm not asking if I could get a better rate, I'm just wondering if she is really looking out for my best interest or is she lining her pockets by playing dumb? [link] [comments] |
| (USA) -- How much do buyers care about landscaping? Posted: 22 Apr 2020 09:51 AM PDT My wife admitted she wants to spend $20,000 on landscaping our back yard, arguing that it will add value. It's not that big a yard, maybe 35X35 feet, but it looks pretty bad. It's about I think that money would be better spend enlarging the footprint or other upgrades. We bought the house for $400,000 and we weren't too concerned about the yard, or we wouldn't have bought it. [link] [comments] |
| Posted: 21 Apr 2020 05:48 PM PDT Hi, I have my very first home inspection tomorrow for a single family home. The inspector does come recommended. What is our involvement exactly in the inspection as the buyer? Should I be flushing toilets and testing outlets and running the garbage disposal or opening the garage door, or does the inspector do that? Due to corona we limited touching anything during the showing. What stories can you share if things found after you moved in that weren't found on inspection? What are some areas or items to check that are NOT major like roof, furnace, etc Tell me everything... horror stories, successes with finding problems and having sellers fix them, bad inspections! [link] [comments] |
| First time home buyers looking at new construction amid coronavirus Posted: 22 Apr 2020 05:57 AM PDT My boyfriend and I have been semi casually looking at homes in our town. Our plan was to wait about a year, but with the virus going on, the low mortgage rates, and finding a house that checks all of our boxes/we love, we've decided to go for it. We have money saved up and we are extremely lucky that our jobs have not been severely affected by the virus, and I have actually interviewed for 2 new ones so my sector is stable. The house is new construction, in a development where some houses are still being built. We love the house itself and that it's in a dead end, private with only neighbors on either side and one row in front of us with lots of woods behind them, and a 3 acre pond behind us. They are offering to absorb either $4k in closing costs or a fridge valued $2800 and a fence. Because we are first time homebuyers I am trying to cover our bases. We think the house is a steal - the price has already been cut $6k (previous buyer backed out because of $$$) so it's lower than other properties in the development, plus the fact that it's fairly private and considered waterfront. We've asked that they take off the extra $763 on the end of the asking price to make it a flat number. In terms of further lowering the price, the agent said that they had already cut the price and had to maintain the property value of the surrounding homes, so they could go down a grand or two but that's it. We are using my boyfriends VA Loan so we are hoping the closing costs are discounted as well. Another huge plus for us is that we live in Wilmington NC, which gets hit by hurricanes every year. This property is on some of the highest elevation in town (not that thats saying much) and the area fared well during Florence. At first we were charmed by the fact that everything is "in house", the lender, lawyer, etc. but after talking with my family and doing some research, I feel it's in our best interest to have a real estate agent represent us and have a lawyer as well to look over the contract. Right now we just don't have anyone advocating for us besides ourselves and our parents. My boyfriend agrees on the lawyer, but does not think we need an agent. Since the agent would be free I don't see the problem. He is worried that it's too late to bring an agent in (we are getting preapproved and have been sent the contract to look over), and is also worried that having an agent further push negotiations to lower the price could hurt us in the end or jeopardize the sale for us. I'm not sure The chances of that honestly but I have considered it. He's also happy with the price and doesn't see the need for any negotiations. He also refuses to shop around for lenders and mortgage rates. I think because the builder emphasizes such a fast process and he wants this house so bad, he's worried about delaying. I'm considering shopping around for lenders to explore the interest rates and how low they are, on top of getting a third party opinion, as well as any deals of mortgage points. I bought a house in 2018 with my parents, so I was involved with that process but to be honest, just went with the flow and let them handle most of it because I was working full time and was in the process of getting out of an abusive relationship. So I didn't take away as much as I had hoped. We plan on staying there a long time, so we are not too worried about a potential house market crash because of the virus. I don't think the builder is out to screw us, but I also realize they are trying to maximize their profits and I want us to be prepared. Is it worth looking into things like an agent and other lenders? [link] [comments] |
| Changing down payment % in contract on new construction? Posted: 22 Apr 2020 09:41 AM PDT Hello all, We went into contract on a new construction home early Marc that is set to be finished in June, we initially were going to be 20% down, with everything going on we are still committed to purchasing the home but I think we would be more comfortable putting 15% down and have some more money in savings as rainy day fund...Our rate has no been locked in yet, is it still possible at this point to change our down payment or is it too late? [link] [comments] |
| Posted: 22 Apr 2020 09:00 AM PDT Our family is moving from Clearwater to South Florida area. We had planned on June 1-ish time to move. We want to rent for a year or two while we search for a house to buy. We don't know much about real estate or the market. But I'm curious what people think will happen to rental prices, rental inventory, etc. Should we wait because rental prices will drop? [link] [comments] |
| Posted: 22 Apr 2020 08:51 AM PDT Interested in doing real estate and was wondering if my web cam model past will affect this. My face had a mask so my face isn't out there, but the job is still on my tax and employment history. Will this affect my chances when background checks are preformed? [link] [comments] |
| US home sales plunge 8.5% in March Posted: 21 Apr 2020 12:14 PM PDT U.S. sales of existing homes cratered 8.5% in March with real estate activity stalled by the coronavirus outbreak. The National Association of Realtors said Tuesday that 5.27 million homes sold last month, down from 5.76 million in February. The decrease was the steepest since November 2015 ...Sales in March were still 0.8% higher from a year ago, when mortgage rates were higher than now. Full article: https://abcnews.go.com/Business/wireStory/us-home-sales-plunge-85-march-grow-worse-70265685 [link] [comments] |
| Unique Scenario of Buying From Family Friend Posted: 22 Apr 2020 08:26 AM PDT My parent's family friend (let's call her Mary) has listed their house to go on the market on May 1 for 140k. She has a realtor. It is listed on Zillow. I've recently been pre-approved for a 150k mortgage through the guidance of a different family friend who is a realtor and kind of made us his clients through the process (but we haven't signed any documents or agreements yet). He is a great guy (let's call him Mike), who would work wonders when we sign him but the only thing he has done for us so far is get us set up on the pre-approval process. No showings yet. My questions pertain to the flow of events of home-buying with realtors. I recently asked Mary if there was any way we could see the house before May 1. She said of course. We then told Mike that we might go look at it, and he kind of went into full realtor on us. He told us that it would breach MLS laws & regulations of viewings, and then he said he would be sending us our buyer agreement contract today in an email. I'm wondering if this is true? Does he just want us to sign? Is it impossible to come to an agreement without a realtor on my end since Mary already has one? Thanks [link] [comments] |
| Do most house rental applications require you to provide your Bank Checking Account Number? Posted: 21 Apr 2020 08:54 PM PDT I've applied as a tenant to rental homes in the past obviously and I've come across this one person's house which is a pretty good find. Chatted with him on the phone and everything sounded legit. The only thing I'm concerned about is that the application PDF file he sent me lists "Bank Information" as one of the sections. The section asks for a Bank name, Checking Account Number and Savings Account Number, and I'm just maybe paranoid that people can do things like take a payment from my account with that number and just looking up a routing number. Is providing your bank's account numbers a typical thing while applying to rent a home? I've applied through Zillow for this same move and I don't recall them asking to divulge bank account numbers. Thanks for the input. [link] [comments] |
| [USA]Who is responsible for providing closing date to lender? Posted: 22 Apr 2020 07:47 AM PDT SINGLE QUESTION AT THE BOTTOM FOR ANYONE NOT WANTING TO READ THE STORY. Good evening everyone, I'm kind of frustrated right now but I don't know if I should be mad at myself or someone else and I'm trying to figure out who. Story below: Been under contract for new construction home since last year. Back in March things are getting close so I try to lock in a rate. The lender on file (used for pre-qualification at time of initial sales appointment) was no longer responsive so I found a new one and gave contact info to the developer. At the time of rate lock I have no closing date because this developer is non committal and had to delay already due to various factors. My loan officer set the date to be the last possible date on my 60 day rate lock (may 4th). Fast forward to the week before last. They email me and everyone else a date for me to see and accept my house as compete (21st) lender starts working with seller, gets appraisal scheduled for last Wednesday, my inspection for Thursday, and today I saw the house. It was 99% done, I signed a waiver on the few items that were not finished so that we could proceed with closing (maybe a mistake) and that's when my problem hits: I tell my lender that I just saw the house And signed off and they will want to close soon. Apparently they wanted to close 3 days soon, but the appraisal just finished the same time as my showing, and the lender still has not gotten everything from the developer that needs to go in to my closing disclosure (which will add 3 days by law, so there is no way for me to close this week at all). I'm mad that this whole situation has occurred, I still don't have a closing date or a disclosure and am worried that the developer is going to try and fine me for not being ready to close, but all of this comes down to one simple question: Is/was it my job in recent communication to my loan officer to say hey are we really ready to close I'm looking at the house on the 21st and would like to close ASAP instead of my more generic "blah blah getting close would like to close soon" emails I actually sent. Or to phrase it different: Who is responsible to provide a real closing date (instead of a placeholder 2 months out based on last day of rate lock) to a lender so they are ready to close on time? Thanks for your replies. PS: If the appraisal was ordered any earlier I don't see how it could be accurate, the house didn't even have a driveway much less landscaping when it was ordered so even if everything else worked out I could not have my closing disclosure today to close in 3 days because they could not have it all filled out. [link] [comments] |
| Housing market in Cleveland, OH is still hot af - despite the macro concerns Posted: 21 Apr 2020 06:16 PM PDT All of the houses we've had interest in on our agent's MLS portal are in contract. one house was listed for $365,000 in a neighborhood where no other house has sold for above $202,000. I don't even know how it would appraise that high but it went under contract the day it went on the market (today). It has last sold for $95k. We're under lease until November so we're in no rush. But it's crazy to see places flying off the market. It takes a lot of energy to keep track of listings on the MLS. just want house hunting to be done. I don't know how some of you have done it in even hotter markets. [link] [comments] |
| Posted: 22 Apr 2020 07:38 AM PDT Is this an accurate summary of the current state of affairs? "So its not as much the loan originators as it is the loan processors that are struggling. Im not in the mortgage side so forgive me if its slightly off in order of operations but this is the gist of it from my understanding! So for most loans it goes like this: Someone needs a loan Company A gives them a loan Company A sells that loan to Investor B who wants the cash flow (similar to a Bond but they take a whole bunch of mortgages and strap them together into one financial product called a Mortgage Backed Security) Processor C (normally) pays for the right to actually hold all the loans and process the money in and out (payments/taxes/foreclosures/Interest etc...) from the people who got the mortgage and pay the leftover cashflow to Investor B every month and Processor C will take a cut of the cash flow as their fee for handling the actual logistics of all those mortgages leaving investor B with just the financial product they bought. Typically Processor C will hit their break even point around year 3. All Hunky Dorey in good times. Right now, people cant work and/or are losing jobs and don't have money in reserves to pay their mortgages/rent. So Processor C has drastically reduced cash inflow from the consumer but is still expected to make 100% of the payments to Investor B (along with any taxes, insurance payments, etc... that are normally paid for the consumer in their mortgage payment) So processor C sees life as: No revenue in, full obligations out.. Typically, processor C has some cash set aside to deal with this because late payments happen and foreclosures occur from time to time. However, this is all happening at the same time in such a quick period of time so it stresses their reserves quite drastically which leads to liquidity issues. (Imagine everyone in your neighborhood said I'll give you $50 on top of my payment to pay my mortgage for me every month and then they all just stopped sending you money. You still have to pay but now you have to try and collect from all of them at the same time.) All of that was happening due to the shutdowns and then the government came out and said the word "forbearance" encouraging people to stop paying rent and mortgages and made the problem that much bigger. They "solved" the cash crunch for the Consumer but didn't do anything to address the knock on effect that would create in the form of a cash crunch for Investor B and Processor C when they stopped seeing revenue but still owed all of their obligations.. So thats who really wants a bailout is the Loan servicer who is about to run out of money. (Which in effect bails out Investor B also though not directly) Now even deeper into the rabbit hole!! Processor C is now saying, "we cant change our current mortgages but any new mortgages are a much higher risk of claiming forbearance and not making their payment for several months right off the bat. We wont pay for the right to service those loans unless the borrower comes with extra money down at settlement so we have immediate cash reserves" (this is whats known as points: 2 points = 2% of the loan paid upfront in cash) Investor B sees that the risk profile of all these loans in their Mortgage backed security is increased and is only willing to buy the Mortgages that have a strong borrower behind them which decreases the chance that they will default on their payment. Investor B also cares about what Processor C's needs are because they don't want to actually get individual mortgage checks every month so its in their best interest to make sure they'll be able to get a processor to take on the loans. Company A now sees that its going to be harder to sell a mortgage that they created for a consumer because the standards for Processor C and Investor B just got higher and Company A (typically) doesn't actually want to hold the mortgage for all 30 years, they just want their fee for originating the loan and the profit from turning around and selling that loan. So their pool of prospects that they expected to convert into revenue just got smaller because they no longer qualify for a loan because they don't meet the increased standards that would enable Company A to sell the loan. That all means the pie got smaller. Less revenue for everyone. This next section is the part I think you were referring to but I'm also most in the dark about how this actually works so might be worth fact checking me here: Couple that with the fact that loans can take around 30-45 days in order to be originated. This means that when Company A meets with a consumer that wants a loan, they will agree to lock in their commitment to lend at rate X but by the end of the origination process when the money is actually exchanged, interest rates might now be at Y. (Could be higher or lower). To combat that interest rate volatility, Company A will usually hedge their risk by buying financial products (I think options and the like) so that if the rate changes and they have to lend at a below market rate, they will make up for it with the profit they earned on their options and it all nets about even. Given the volatility in the markets lately, Company A is getting margin called on the options they bought to hedge their risk and has to come up with cash to satisfy their margin call from the Broker which reduces the cash they have to actually fund the loans they are promising. Again, causing a cash crunch for Company A because they have to reduce the pool of people they can loan to and at the same time reducing the amount of money they can loan out. That may prompt Company A to ask for a bailout as well. The federal government just recently said they will take responsibility for payments on loans if Processor C sees non payment greater than 4 months so that in effect is their bailout of the mortgage industry." Sound legit?? TIA. [link] [comments] |
| Posted: 22 Apr 2020 07:25 AM PDT I am considering doing a FSBO now as I need to move ASAP. I am open to paying a buyers agent 3% commission. With the current restrictions can a buyer come look without their agent? I am planning to use a flat fee MLS to list which will also cover Realtor, Trulia, Zillow. Thoughts? [link] [comments] |
| Would Zillow inflate their estimates of residential properties? Posted: 22 Apr 2020 07:10 AM PDT Would Zillow inflate their estimates of residential property values in some areas? I ask only because the value of my home here in suburban Detroit, per Zillow, jumped 1.4 percent "sometime" in the last 30 days. I wouldn't expect a sizable jump in value at a time like this but I'm a complete novice. Could this be the result of a lag in the market, some nefarious (but ultimately legal) way of parting fools with their cash or is it generally an accurate reflection of the price of my home? I hadn't even considered selling at this time but the amount of money I could potentially make if Zillow isn't FOS is not insignificant. Thoughts? [link] [comments] |
| Agent suddenly ask for 30,000 to fix my house Posted: 21 Apr 2020 09:18 PM PDT Not sure if this is the right place to post this but I'm trying to sell my house and I moved 12 hours away for my job. It's been a couple of months and the agent texted me saying there's mold on the wall which was to my surprise because I've lived in that bedroom and never felt any humidity or saw any mold. Then the agent brought someone professional to inspect the house and they teared downed the carpet and said they found more mold on the dry wall and estimated 30,000 to fix the damage. It's a relatively new house 10 years old and I've only lived in it for two years and it's kept in great condition. I asked my friend to take a look at the house and he said the mold is not that bad. Not sure if the agent is trying to cheat us. Not sure what to do at the moment as 30k is a lot of money for us. [link] [comments] |
| Posted: 22 Apr 2020 06:21 AM PDT Does anyone know if you can take the Pennsylvania Real Estate exam online after completing the training? [link] [comments] |
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