Real Estate: Buying a house and sellers refuse to leave at closing. Please help. |
- Buying a house and sellers refuse to leave at closing. Please help.
- Refi to sightly lower int% but drop PMI?
- Is the Open Floor Plan design dying?
- Does anyone rent to section 8? What exactly are you signing up for if you accept this?
- Is it normal to back date the transfer disclosure statement as the seller.
- Touches to do Before Selling?
- How much should I charge for rent?
- What is the maximum amount of closing cost credit a buyer can get?
- I have a question about ownership of an apartment building?
- Parents giving me some of their land, where to start?
- (Seller here) At what point during a sale with a buyer who's dragging her feet can I back out of a sale and put home back up for sale?
- How to get master condo insurance carrier info from abutting condo?
- California eviction in process, can it finish?
- Can someone please explain to me how I will ever be able to afford a house (Los Angeles, California)
- Using a whole life policy to fund housing purchases
- Does anyone know if title companies in Philly area are still open?
- Can lender ask spouse’s bank statement even though that spouse is not the borrower? Can spouse refuse to provide?
- Advice Needed: First Home, PMI and buying a point
- How much should I put down, and what type of mortgage should I be looking to get?
- Anyone know a quick and reliable online resource for property title search in PA and/or PA
- How long can I go for a commercial lease space on Long Island, NY right now?
- Thinking about buying a 60k-80k house in the Midwest to rent out, where’s a good place to start looking?
- First Time Buyer - Cash Purchase - Privacy Tips/Tricks?
| Buying a house and sellers refuse to leave at closing. Please help. Posted: 18 Apr 2020 08:36 AM PDT So we signed a contract to buy a home on March 2. Agreed to a 45-60 day period with 3 days until possession after closing. Everything's signed all good and we were supposed to close on May 2. Then the sellers want to extend to May 18. Then they have no where to move after (they were building a house and now they aren't or something. either way they knew they'd need to rent somewhere) so they wanted to rent back to us until June 1. Then it was pushed to July 1. Now July 5. We come to an agreement with a dollar amount in "rent" and the sellers are refusing to sign the agreement because they want to take out the section that says if they stay past July 5 then they are charged $100 per day. We don't want to take that out obviously because we don't trust them (why would we when they keep pushing back dates) and we want our protections. The sellers also refuse to put down a deposit for damages or keep money in escrow until they move out. We really love the house and could move in May 2. Our realtor is a dual agent (so that makes things even worse), but she's no help. Also, evictions aren't happening currently due to the virus. We've been nothing but accommodating but we are done being jerked around. They are saying if we close on May 2 or May 18 and demand possession of the home before July 5 then they refuse to get out. Do we close on May 2 and move to evict? Do we send them a letter from an attorney now (who is $225 an hour) and move to force them to get out? Any help would be appreciated. My rate is amazing and if we try for another house i could lose my down payment assistance. We don't know what to do from here. (KY) [link] [comments] |
| Refi to sightly lower int% but drop PMI? Posted: 18 Apr 2020 08:27 AM PDT Bought our house in early 2014 just after FHA loans were no longer eligible for PMI forgiveness. Since I'll be stuck forever with an extra $130 eaten from each payment for the next 24 years and rates are low I'm wondering if a 30yr refi makes sense. (I cant seem to find a calculator that checks all the boxes I need). Or if there's a rate threshold where I can no longer pass it up if rates dip again? Current appraisal- $184000 [link] [comments] |
| Is the Open Floor Plan design dying? Posted: 17 Apr 2020 04:40 PM PDT With everybody being cooped up together, kids at home, working from home, etc, ... do you think we will see a move away from the open floor plan, to separate again the kitchen from the living room? [link] [comments] |
| Does anyone rent to section 8? What exactly are you signing up for if you accept this? Posted: 18 Apr 2020 08:56 AM PDT The first time I put my condo on the market to be rented, at least 50% of messages I received were, "Do you accept section 8?" I never responded to them because I had no idea what I was getting into and it was my first time renting out the unit (which was hard enough with a full time job). Have any of you done this and what kind of risks are involved vs not renting to section 8? Thanks! [link] [comments] |
| Is it normal to back date the transfer disclosure statement as the seller. Posted: 18 Apr 2020 06:55 AM PDT The seller just accepted our offer on the house. Our real estate agent just sent us about 20 documents to sign and I noticed a lot of the documents are back dated. I did some google searches and found out that most documents can be signed before the house was listed. This is my issue, the seller paid for a inspection himself, the inspections revealed some water damage in the attic. In the TDS the seller checked that he has no knowledge of the damage. TDS was signed 4/1/2020 and inspection was done 4/13/2020. It look deceiving but is this a normal practice? [link] [comments] |
| Posted: 18 Apr 2020 08:06 AM PDT Hey all, So my family is in the process of selling our house. We've been working with a Real Estate agent and cleaning things up for viewing. Right now I need some help in regards to what needs to be done to ready the house for viewing. (more specifically, my bedroom) • I do have a good amount of posters hanging in my room. Should I remove those? • There are a couple of holes in my drywall from getting rowdy in my younger years. These are only in my bedroom, so do you guys think that this would make a significant impact on the sale or should I patch them? Those are my main concerns at the moment, but I'd like to hear any other input you guys might have. Thanks and stay safe. [link] [comments] |
| How much should I charge for rent? Posted: 18 Apr 2020 09:32 AM PDT I have an 1804 sf house in Bucks County PA, just built in 2019. The current worth on Redfin is $308,000. It's a three-bedroom colonial with about 3/8 of an acre. There's a garage that is currently being used for storage but can fit a smaller car. New trees have been planted all around the perimeter. There's a slab in the back with a picnic table, umbrella, and grill. There's a porch with two rocking chairs and a table in the front. It's in a quiet neighborhood on a dead-end street with respectful neighbors (aside from the occasion dirtbike screaming down the street a block or two over). I'm just 20 minutes from Philadelphia and walking distance from a train station. I'm renting out the master bedroom which is about 350 square feet including a massive walk in closet, and private bathroom with huge shower and two sinks. Is $1,200 with all utilities included too much to charge for someone to live with me? [link] [comments] |
| What is the maximum amount of closing cost credit a buyer can get? Posted: 18 Apr 2020 08:52 AM PDT I have a client that has a conventional loan, they are putting 5% down, I know this varies lender to lender but what is the general consensus? [link] [comments] |
| I have a question about ownership of an apartment building? Posted: 18 Apr 2020 02:43 AM PDT Hope I an on the right filter. I'm writing a story and I don't know any realtors to ask this. Is it possible for someone to buy a high rise apartment building where they own a few floors but the rest of the units are owned by the government/realtor companies/privately owned by an individual? Im thinking that a relative bought the building after the owner declaired bankruptcy. The person who inherited the building doesn't want the whole building so he sold off all of the apartments except the top two floors. [link] [comments] |
| Parents giving me some of their land, where to start? Posted: 18 Apr 2020 07:41 AM PDT Backstory: Parents own some land, about ~16 acres They built a house on it and been living there ~14 years. My wife and I were looking at houses in our area but they are all dumps in the price range we are at. I recently found out that we could get a new modular home for about the same price we were going to buy. Problem was we didn't have any land.... Situation: Parents are willing to peel me off some of their land for [A] my wife and I to own and live on and also to [B] use toward the loan to ease the cash need. (We were good to buy, build is a bit more). Issue is I think we need to get it surveyed? And then re-deeded in my name? Questions: Who does the surveying? Do I just call a surveyor? Is that just anyone with those sticks, or is it like Engineer/Notary and they are specifically certified for that? What do I ask for, are there differences? What is it I want from them, what is the deliverable they give me? Does the county need to do this? What are the things I need to make this happen, is it called re-deeding? Or is there some other term for what I am doing so I can quickly convey this to people at the court house without sounding like a complete moron? How much will this cost, how long will it take, how can I get this done faster if I gassed it and threw money at it? Relevant Info: State is West Virginia. The property is adjacent to a subdivision, no easements or access right issues or anything like that. It has access to public utilities, but none are dug on the specific land yet (like 20ft away is where my parents water/sewer/power run). No structures on the land, and no issues about splitting up the property on the deed. Total size is like ~1.75-2.25 acres, which translates to about 4 lots worth in the subdivision. [link] [comments] |
| Posted: 17 Apr 2020 04:07 PM PDT Notes: Signed purchase agreement February 28th. Buyer going conventional with a local credit union. Good Inspection on March 3rd Good Appraisal on April 1st (yes that long) Crickets from everyone, our jobs hanging in the balance. When do I drop this buyer like a hot potato? My Realtor is checked out and doesn't care. Her Realtor is checked out and doesn't care. Title company has my mortgage payoff request. After begging for answers, found out today there was an issue with her earnest money deposit that came from a boyfriend and the mortgage company needs a bank statement for something. Buyer is notoriously slow for getting requested documents to the mortgage company, mortgage company is equally slow reviewing them. I've been through a few closings and this is the weirdest one yet. What do I do here? [link] [comments] |
| How to get master condo insurance carrier info from abutting condo? Posted: 18 Apr 2020 06:14 AM PDT Hello :) We have a craptastic neighboring condo building and need their master insurance carrier's contact info to potentially file a 3rd-party claim. I have made the request directly to the trustees but they have not responded. I am prepared to send a second request to all unit owners (5) via registered mail. Does anyone know if they are required by law to provide this information upon request, or do we need to send a legal demand letter? We'd prefer not to involve attorneys but realize that may be the only way. Thanks. [link] [comments] |
| California eviction in process, can it finish? Posted: 18 Apr 2020 09:36 AM PDT Hi everyone. I was wondering if anyone knows much about evictions in the bay area. Before COVID-19, I had bought a house with a tenant. I made sure that they would be able to afford rent (they pay $50/month and the rest is covered by Section 8, which will pay market rent wherever they move) and then filed an eviction. Does the 90 day eviction moratorium affect an eviction in process? Will the eviction be able to complete? Or should I plan on not moving into my house this year? [link] [comments] |
| Can someone please explain to me how I will ever be able to afford a house (Los Angeles, California) Posted: 17 Apr 2020 02:26 PM PDT Let me preface my post with the following, since I know I will probably get comments about it anyways: I am unable to move anywhere else. Both my job and my partner's job/school are dependent on the area Hello all, I am 26 years old living in Los Angeles, California, and I've been spending a lot of time recently trying to figure out my finances to figure out how i can ever even think about affording a house here. I make around $110,000, which is almost 6,000 on the dot per month after California and federal income taxes. That stated, here are my current expenses: $1477 rent (split with partner - this is my portion since i make most of the money in the household) $100 total utilities $363 car payment (4 years left in loan - 2% interest rate- doesnt make sense to pay more down) $215 car insurance (had 1 accident 2+years ago on record that unfortunately makes this high. This is the lowest was able to get between 5 insurance companies). $150 apartment parking (street parking is not possible since i live in an urban area) $50 gas for car $5 renters insurance $10 spotify $247 student loans $80 work health insurance. $20 a month for therapy ($10 copay x2 a week). $300 grocery budget. total expenses: $2997. Lets round to $3000 That leaves me $3k a month for discretionary/down payment savings/retirement. (Retirement has been lacking, as last two jobs I have had either paid garbage wages or did not have a 401k. I have about 13k in my 401k.) Due to some bad financial choices when I was out of work for 3 months, I have about 9k in credit card debt. This was put on a 0% interest card, and I have since transferred that balance to 2 other 0% interest cards, each with at least 20 months time to pay these off. So going forward, this is my plan: $3,000 left per month after expenses. $650 per month to pay off credit card debt. With 0% interest period, this will mean I should pay this off in about 14 months. 6 months shy of the full 20 month 0% interest period. $1,500 savings for down payment. $250 towards investing/roth ira $500 discretionary for 2 people. This would include eating out/clothes/entertainment. Anything left over would go into savings. Would definitely appreciate any suggestions to this. I'm pretty disappointed in my retirement amount so far So this is my plan for saving for a downpayment: Over the next year, my credit card debt will be paid off. With $1500 a month, at the end of the year I will have $18,000 saved towards a downpayment. This is absolutely nothing for Los Angeles. Again, both our jobs and her schooling are dependent on the area, so moving to a lower cost of living location is both a) something we don't want to do for quality of life reasons, and most importantly, b) would result in our salaries drastically falling. The average Los Angeles home is 620-750k, and rose 8% in the prior year. I would like even just a simple, entry level home, but even fixer uppers in a crime ridden area that would not be suitable to raise a child (which is something I eventually want to do) is at a minimum of nearly $500,000 that's 1+ hours away from my work. There is nothing close to my work that is not 700k+, so this is a sacrifice I have to make. So even at say, 550k. How can I save up for a downpayment and contribute more to retirement without the price of housing increasing to the point of being out of reach? 550k with an 8% increase would mean that 18k downpayment is worth even less now that the average, starter, home would be worth 594k. Give it two years, I can move all that credit card payment money into savings and have ((1500+650) * 12) + 18,000 (from pervious year) = 43,000, and with a conservative 5% raise on that previous house would mean that house is now worth 623,000. So downpayment after saving for 2 years would be 7% of the housing price... Lets extrapolate to 3 years. Assuming no rent increases for 3 years (laughable), and a conservative 5% housing price increase, same savings as the previous year. At age 30 I will have $68,800, and that same house would be 654,000. That brings that housing payment to 10.5%. At age 35, when I'm pushing the age to have kids, I'll have $194,000 for a down payment after 8 years of savings. That same house, assuming a 5% year over year increase in housing prices. That house would be worth a whopping $834,000... but at least I would have a 20% downpayment!!! (fucking kill me) I don't think the price of these housing numbers are unreasonable, as in the last 6 years, the average price of a home has increased 44%. My numbers have housing prices increasing 52% over the next 8. My biggest concern with this plan is that this whole time I am neglecting my retirement. How can I even think about retiring on $250 a month towards 401k/IRA? My job doesn't offer 401k match due to being a startup, so I can't really take advantage of that. I make good money, why does it seem like I cannot afford a piece of property? I am trying to be conservative in my numbers. I'm assuming no salary increases and no rent increases. Obviously they are simplified, in 4 years I will have my car paid off, etc, but I want to plan for the worst case scenario. At what point can housing prices keep increasing like no tomorrow? If I'm making 110k, how the fuck can people making way less even think about SURVIVING let alone planning for their future? If someone more experienced with real estate can tell me that my numbers are garbage, PLEASE do so. I would love to hear better news on the state of the market. The biggest thing I can see helping with my savings goal is moving to a cheaper housing. Right now it's just me and my partner. It's not an ideal scenario at all, but at the end of the lease (11 months to go), we could probably see moving with roomates into a 2 bedroom house and reducing my housing costs about 50% to $800 total instead of $1477. In that scenario, should I move that ~750 towards retirement? Or should I funnel it into downpayment savings? [link] [comments] |
| Using a whole life policy to fund housing purchases Posted: 18 Apr 2020 08:53 AM PDT Does anyone use whole life policies to fund their housing purchases? I have some insurance sales reps trying really hard to sell me on the "infinite banking" idea of a whole life policy, where you borrow against the value of the policy to fund a down payment. I can see what they are getting at but at the same time, ive never heard anyone doing it. Anyone have any experience or thoughts on this? [link] [comments] |
| Does anyone know if title companies in Philly area are still open? Posted: 18 Apr 2020 08:37 AM PDT |
| Posted: 17 Apr 2020 08:06 PM PDT So the lender ask how much money household collectively has as liquid. Only the husband is borrowing. Can they ask for wife's bank statement even though she won't be on the loan or deed. They haven't ask yet but wondering if they have the right to ask since she is not borrower. If they do ask, can she refuse. No money in the acct anyway lolz. [link] [comments] |
| Advice Needed: First Home, PMI and buying a point Posted: 17 Apr 2020 10:23 PM PDT We were approved for our loan (30 year conventional) to purchase a home for 640,000 in a desirable neighborhood in LA County. Its out first home and have our first baby on the way and wanted some advice and wisdom (never done this before!) We are putting 5% down (32,000) and taking out a loan for 608,000. We will be paying PMI and my loan options are: 3.875% without purchasing points and 3.5% with purchasing 1 point (about 6k). While we may purchase a bigger home in the next 5-7 years, we are currently thinking we would keep and rent this home out given the neighborhood its located in. Is purchasing the point worth it? We think we would want to refinance within a year or two to get rid of PMI but are uncertain since we do not know if we would get comparable rates down the line over the life of a loan. Any advice would greatly be appreciated!! [link] [comments] |
| How much should I put down, and what type of mortgage should I be looking to get? Posted: 18 Apr 2020 05:36 AM PDT My wife and I are buying a new construction in a developing neighborhood. The house is financed by the contractor during construction, then we get financed for the finished product. It is in a "cookie cutter" neighborhood and all of the houses are very similar in size, style, color etc. The neighborhood is in the vicinity of 2 major colleges, and a very good school zone. We are planning to use this house as an investment property, and live there no more than 3-5 years. There is currently a house for rent in the neighborhood for $1,700, and we are estimating our first mortgage will be between $800-1000 on a 30 year fixed, dependent upon down payment. We will be spending $166,900 on the house, and it will be around November before the time comes to actually get the financing. By that time, we will likely have approximately $40,000 for the down payment. What type of loan should we get (FHA or conventional, we don't qualify for a USDA because we make too much and have too much in savings) and how much should we look to put down? I want to do whatever is going to make/save us the most money long term. [link] [comments] |
| Anyone know a quick and reliable online resource for property title search in PA and/or PA Posted: 18 Apr 2020 04:55 AM PDT I saw a few properties I would like to buy. The auction starts this Monday. Unfortunately, the title abstract companies are backed up. Anyone know a quick and reliable online resource for property title search in PA and/or PA? I check out propertyshark.com but I would like to hear from the pros first. [link] [comments] |
| How long can I go for a commercial lease space on Long Island, NY right now? Posted: 17 Apr 2020 11:45 PM PDT I have a new law firm. We are looking at 2k square feet of office space that was formerly two adjacent retail spaces. It's basically two open spaces now. All signs point to the fact that this space has been on the market for a few months already, only interest has been from people looking for one of the two spaces (LL wants to rent together) and we are the only ones looking at it right now for sure. The original ask was $24 sq foot modified gross. How crazy of a deal can I get right now? Are landlords very concerned? I know it's fact specific but would it be insane to offer $16 and 4 months free rent for construction on a 6-10 year? Maybe escalate the rent every few years? First time hope that's enough info for some input. [link] [comments] |
| Posted: 18 Apr 2020 09:09 AM PDT I've been saving my money to become a home owner, but I have to stay where I'm at for the next few years for work reasons. I'd like to buy a house soon though and start making rent money on it, where's a good place to look? I was thinking 60-80k. [link] [comments] |
| First Time Buyer - Cash Purchase - Privacy Tips/Tricks? Posted: 17 Apr 2020 10:30 PM PDT First time home buyer. Don't have a buying agent. Not opposed to one but don't feel that I "need" one. Perhaps the SA will push the client for a better deal if they get double commission. I have been waiting for the market to drop here in Phoenix AZ metro area for a few years and it seems to have only gone up 20% year over year in the specific areas I am interested most. Not sustainable, because if this trend keeps going for another decade or so, then 99% of the entire United States GDP will be in Maricopa County housing LOL Well thanks to COVID, I think I will have my buying opportunity. I have a budget of around $400k. I can afford more if needed but my business is slow and will be slow until end of COVID and I want to preserve as much liquidity as possible. I don't want a mortgage. Mainly due to privacy and hassle. This is a primary residence, I don't need leverage. Financially a mortgage makes sense but my net worth is just north of $1M in liquid investments/cash so as long as I stick to around $400k, I will be just fine and wont run out of money. Prop taxes here are $1.5k to $2k and I'm only looking for no HOA homes again for privacy and because I hate the idea of them. I plan to purchase in a property trust for privacy reasons to keep my name off public records. One hiccup in my plan that a realtor friend said is even with a cash purchase, I have to show proof of funds. Which means I have to liquidate my investments to move them to the trust bank account. Obviously, with the stock market down, I don't want to do that 6 to 18 months in advance of buying a house and letting this cash sit in the trust bank account earning zero. Although maybe I can get a brokerage to open a trust account and keep the money invested in the interim. Can anyone explain this proof of funds things more? I don't want the realtors or buyer to know my real name either, since they might document it somewhere in a database that gets breached. I am an IT security professional for a living and these things are for sale on TOR sites for bitcoin. It seems paranoid to tell the realtors my name is Jimmy Smith, but who really cares, as long as the trust has money, it's legitimate, and closing happens? The trustee is the person signing their real legal name to the docs anyway, no fraud is occurring. Also, any tips or tricks to know given my situation? [link] [comments] |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment