Real Estate: CNBC: Weekly mortgage applications to buy a home make a strong recovery, as rates hit a new record low |
- CNBC: Weekly mortgage applications to buy a home make a strong recovery, as rates hit a new record low
- CNBC: Only Half of Americans Confident They Can Pay Full Rent in May
- Is it just me, or are most homes built in the past 20-30 years low-quality?
- *UPDATE* Low Appraisal
- US. Am I asking my realtor too many questions?
- Offer accepted on home, dying tree on property, can we ask seller to remove?
- Established vs. Recently Gentrifying
- Do we keep addressing the inspection issues, or do we walk?
- Financing Questions: Unmarried Couple Buying Property in a HCOL Area
- Fixer upper financing question!
- Closing scheduled tomorrow, seller refuses to close
- Thinking about buying a home. Phoenix or Las Vegas? And why?
- First time house buyers, which programs to take advantage of?
- Should I move to another city as a Real state agent?
- Option to do closing remotely?
- Cash Out Refi on a VA Jumbo?
- [NJ] home purchase / short sale advice negotiating
- Lenders? Chase or?
- Buying
- How long are appraisals taking?
- Job furlough during mortgage process
- easier to rent: furnished or unfurnished
- Can you use FHA loan to purchase a home that also comes with a trailer?
- Where can I find homes that aren’t on the market yet but want to sell.
- Is putting little money down (<5%) a bad idea in this possibly volatile time?
| Posted: 29 Apr 2020 06:35 AM PDT Link: https://www.cnbc.com/2020/04/29/mortgage-applications-to-buy-a-home-make-a-strong-recovery.html The average contract interest rate for 30-year fixed-rate mortgages decreased to 3.43% from 3.45% last week.
Boost in demand, or a function of supply coming back online after bottoming out? Here in Boston, I've seen more supply come online. [link] [comments] |
| CNBC: Only Half of Americans Confident They Can Pay Full Rent in May Posted: 28 Apr 2020 02:53 PM PDT FTA:
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| Is it just me, or are most homes built in the past 20-30 years low-quality? Posted: 29 Apr 2020 09:40 AM PDT I've been aggressively looking for a home in my city and have been in probably 40 homes so far this year. The only ones I've considered buying were early 1900s-1950s. Every newer home I've been in just felt like trash. Creaking floors everywhere, poorly built, drywall cracking, ceiling not level, uneven molding, etc. Is this a thing? Are homes built well anymore or am I just getting a lot of budget home walkthroughs? [link] [comments] |
| Posted: 29 Apr 2020 08:18 AM PDT UPDATE Low Appraisal So I posted about our situation 2 days ago here So the sellers have come back and said they don't want to lower the price and want us to bridge the $10k gap between appraisal and list price. They also asked if we were willing to allow them to re-list their house until Sunday to see if they get a higher offer. I am extremely offended by this. We asked for literally nothing in the inspection, moved closing dates for them, just have been all around cooperative. We even offered them an additional $5k to make up for the appraisal, and they want us to allow them to re-list and move closing back?! I am seriously floored. I love this house but these sellers have really rubbed me the wrong way. We offered them an additional $8k and are waiting to hear back. In the mean time we're going to look at another house today. [link] [comments] |
| US. Am I asking my realtor too many questions? Posted: 29 Apr 2020 11:30 AM PDT How do I know if I'm becoming a buyer from Hell? I'm a first time home buyer that finally got under contract for a house. I'm past the inspection stage but I've been asking quite a few questions throughout the entire process. Should I just let everything go at this point until closing? What things do buyers do that irritate buyers agents? [link] [comments] |
| Offer accepted on home, dying tree on property, can we ask seller to remove? Posted: 29 Apr 2020 12:27 PM PDT Hi! My partner and I are first time home buyers in Minneapolis, MN, and recently found a home we love. We put an offer on the house, and it was accepted. However, I am an arborist and immediately noted that there is a very large ash tree in the backyard, as well as a magnolia on the side (magnolia is approximately 15 ft tall, multi-stemmed). The ash tree has a "treated 2019" tag in it, which indicates that it has been treated to prevent Emerald Ash Borer (EAB) at least once, and since there are not leaves on ash here yet it's hard to say what the trees canopy is like right now. I am not a proponent of removal of ash when treatment is an option, however EAB has been in this area for over 10 years, so I was questioning the overall health of the tree. I then did some digging and found photos of the tree from 2015 with leaves on it, and it looks terrible. Tons of dieback, a very thin canopy, definitely a dying tree. I voiced these concerns to our realtor who said she would talk to the sellers, and I set up a time for an arborist to come out and look at the tree to provide an outside opinion. The magnolia is also covered in magnolia scale, an insect that will ultimately kill it and attract wasps and other undesirable insects in the process. My question is this: is the seller required to remove the ash tree prior to us moving in? In my professional opinion, it is certainly a hazard tree and removal will be incredibly costly. This is NOT a cost I want to take on as a new homeowner, and would strongly consider backing out of the deal if the seller does not make any concessions. Can the trees condition be noted in the inspection as a hazard that needs to be fixed? I doubt there is much recourse we have with regards to the magnolia, but I'd rather deal with one small removal than two removals. [link] [comments] |
| Established vs. Recently Gentrifying Posted: 29 Apr 2020 08:06 AM PDT First time poster in this subreddit! I wanted to hear some thoughts, maybe get pointed to some literature about this classic dichotomy. Like many other posters, we were anticipating to make our first home purchase this year but are in a privileged position to not rush and just save more money. We live in Philadelphia and we're hoping to buy within the halo of downtown. While we were initially looking at less established neighborhoods to get a bargain, it seems like there may be an opportunity to buy "up market" if the values drop or our leverage increases with high income, job security, strong credit, etc. Our target home is the same in both neighborhoods, there's just may be less trash on the street and more trees and a historical track of increasing home values. Would you recommend purchasing in the established neighborhood or just trying to further reduce our debt by buying in the newly gentrified neighborhood? Thanks in advance! [link] [comments] |
| Do we keep addressing the inspection issues, or do we walk? Posted: 29 Apr 2020 05:15 AM PDT First time home buyers here. We put in an offer on a house in MD. If anyone knows the fun market here, you know our pain, and subsequent joy of finally having an offer accepted. We just had a home inspection conducted, and had a number of issues come up. We figured there would be a few, but did not expect things like water intrusion and foundation cracks to be part of those issues. We are currently compiling a list of issues for the seller with prices/estimates to fix/repair/replace. The seller is not local anymore so they want a price for repairs, which could benefit us since they will not be able to conduct crappy repairs. However, with all the issues, should we even take the time and additional costs for estimates? Or just walk away?
Another issue with all of this is that the seller claimed no latent defects, but should have known about at least some of this because the house just went back on the market from finances falling through with a previous buyer. Their inspection would have uncovered some of this. Plus, our real estate agent claims to know the seller, so they are trying to "help us out" with everything, like getting the basement and roof inspected. Is this normal? I'm started to get that feeling that something is off. [link] [comments] |
| Financing Questions: Unmarried Couple Buying Property in a HCOL Area Posted: 29 Apr 2020 07:20 AM PDT We will be in the market to purchase a property in Spring 2021. In the interim, we are using this time to get everything lined up until then. We are unmarried, and are still figuring out how we want to finance the purchase, as well as take the title, while also taking advantage of the historically low interest rates. We also expect the prices to drop where there may be some good buying opportunities—especially since we live in a HCOL area—giving us a greater control over our housing costs versus renting. We intend to reside in this property. Him: US Military veteran No money available for a down payment Generally good credit score, but paying down some debts This will be his first property purchase. Her: No debts Has enough money available to put down a full 20% on most properties in the area Excellent credit score This will be her second property purchase. Does it make sense for both to apply for a VA loan given his military experience? Or does it make more sense for the financing to take place under her with a conventional loan? Or under both with a conventional loan? Is there any harm in applying for mortgages various ways, and comparing? Anything else we are overlooking as a part of our discussion? [link] [comments] |
| Fixer upper financing question! Posted: 29 Apr 2020 12:48 PM PDT Currently looking to buy a fixer upper through a company that is renovating the city. Background: This would be my first home purchase and we would live there permanently The building: it is completely gutted and they did all the major structural fixes. However, needs everything (ie plumbing, ac, electrical, etc). Cost: they want $100k for it (which is a lot). However, location is great and huge opportunity. Estimating putting in $100K to renovate it. Finance: this is my big question. There appears 4 options.
Any other ideas?? Please let me know any and all your thoughts and questions. I will answer! Love the power of reddit - thanks fam [link] [comments] |
| Closing scheduled tomorrow, seller refuses to close Posted: 29 Apr 2020 12:42 PM PDT This is in Pennsylvania if that matters. My wife and I are supposed to be closing on our first home tomorrow. However, the sellers have advised their new home isn't ready (a retirement community or something similar) and they won't be closing. We've offered to delay a few weeks, while they get situated, if they'd be willing to pay for our mortgage rate lock and the extra rent that we would not be getting back. We thought this was a reasonable request since there is nothing on our end that would prevent us from settling on time as agreed. We're still awaiting their response, but the seller's agent has advised that the sellers may not be willing to accept those terms, due to the fact that their appraisal came in 22k under offer. We made a few concessions (some minor repairs and radon issues didn't need to be handled by them) and they accepted the updated terms a month ago. Assuming they decline our offer to push back to mid-May we plan to proceed with closing as planned. We will also have one month left on our lease at our current rental ending at the end of May and no housing beyond that. We would then likely proceed with a lawsuit for either damages or for them to perform on the terms of the agreement. Our realtor has said he's never experienced this in his 20 year career. The sellers of the home are also old and have lived in the house since the 60s, even though they're the ones breaking the agreement our realtor thinks that may factor into any kind of legal proceedings. He's not an expert though and we plan to speak with a real estate attorney if it comes to it. Has anyone had to deal with sellers who gave last minute notice that they wouldn't close? Has anyone had to proceed with legal action against a seller who wouldn't close? They don't have a timeline for when their new home will be ready. It could be a week or a month, no one knows. The seller seems to be content with stringing us along until they're ready. I'm more concerned with being made whole and having housing beyond the end of May. [link] [comments] |
| Thinking about buying a home. Phoenix or Las Vegas? And why? Posted: 29 Apr 2020 12:39 PM PDT |
| First time house buyers, which programs to take advantage of? Posted: 29 Apr 2020 01:14 AM PDT My girlfriend and I are looking to purchase our first home rather soon, we are planning to put 10% down on a $572,900 house. A 30 year fixed conventional loan is what we plan to do, but since we want to put a bigger down payment , thus not qualifying for the FHA 3.5%, is there anything else we can take advantage of? [link] [comments] |
| Should I move to another city as a Real state agent? Posted: 29 Apr 2020 06:22 AM PDT Hello, I've recently got my real estate license and have been training and for the past 5-6 months been working as an assistant for another agent in Seattle to get some experience. But I want to know if I should move to another city like LA or NYC or somewhere else for better opportunities but I don't know how competition is in those cities. What I'm thinking is the population in those cities is 5-9 times that of Seattle and there is a housing crisis in those cities so obviously there is huge demand and so people are buying and selling left and right and the average house prices also are a bit higher which means you need to sell less to make the same amount of money (I know taxes makes this way more complicated but). I could be wrong but I think there might be more growth opportunity in a bigger city (not that seattle is small!) and it might be worth it. I would appreciate any advice or opinion and maybe some insights if someone actually works as a realtor in those areas. [link] [comments] |
| Option to do closing remotely? Posted: 29 Apr 2020 12:19 PM PDT In light of the pandemic, has anyone been able to close on a new loan 100% remotely? I'll be closing next month on a refi and would really prefer to not meet in-person with a bunch of people. Let me know if this is something people are doing. Thanks! [link] [comments] |
| Posted: 29 Apr 2020 12:15 PM PDT Hello! I bought a house in Illinois for 620k in January 2019 with a $580k VA mortgage. I've heard that in 2020 the "0 down loan limits" disappeared - does this mean I could do a 100% cash out refi? Or is that still restricted by the loan size? I'm at 3.25% now but if there's an opportunity to consolidate some of my debt into something super low (have about $30k in personal loans we took to cover some family medical expenses), i'd love to look into it - if those options are available. Thanks! [link] [comments] |
| [NJ] home purchase / short sale advice negotiating Posted: 29 Apr 2020 12:01 PM PDT Questions for redditors: Should I give up on this? Should I come back to the sellers / bank with a lower offer now in light of the amount of repairs needed? Situation Made an offer on a short sale home over the past weekend and sellers accepted. Waiting on bank to accept. Home is a huge upgrade from my townhome in a very desirable area Approved for renovation financing 203k vs FNMA homestyle...TBD Background Home has been vacant 2yrs Something flooded or pipes burst and there is significant mold damage requiring gutting of large areas of the home (entire kitchen multiple rooms upstairs). First mold remediation assessment = 32k I am waiting on second estimate to come in. Inspection is tomorrow, but I anticipate HVAC and roof repairs are needed in addition to large amounts of drywall replacement after demo and mold remediation plus new fixtures and appliances. This would be my forever home and be a huge opportunity. Intial offer: 325k Comp homes in area 480-500k Thoughts? [link] [comments] |
| Posted: 29 Apr 2020 11:40 AM PDT Buying my first home in my name. Should i use Chase, or my Realtors referred lender? I am interested in Florida first time home buyer assistance programs aswell, but my realtor does not know much about them. The easy button imo is to call chase, but what is the best button for me to press here? [link] [comments] |
| Posted: 29 Apr 2020 11:35 AM PDT My husband and I were planning on purchasing our first home this year but with everything going on with the economy/covid we are second guessing our decision. We are both essential workers and have not had any financial hardship due to the virus. We have almost 20k in savings and both of us have excellent credit. Can anyone give me advice? [link] [comments] |
| How long are appraisals taking? Posted: 29 Apr 2020 11:33 AM PDT I'm selling my home and just had a drive by appraisal done. Never had a drive by appraisal done before and curious if this changes the time frames? Just curious how long everyone else's appraisals took to get back during the virus. [link] [comments] |
| Job furlough during mortgage process Posted: 29 Apr 2020 10:50 AM PDT We are in the process of closing on our new home and have been conditionally approved following submitting some supplementary documentation. However, I was just furloughed from my job indefinitely and will not be receiving any more income after my paycheck drops this week. I already had a new better-paying job lined up to start in a month and my mortgage company knows this. I'll still be listed as an active employee at my old job but I want to file for unemployment during this time to get some income for the next month. My husband is the primary borrower and still has all of his income but I was the household breadwinner until now. We have enough saved so financially not having my income for a month won't be much of an issue in our eyes. Obviously we don't want to put our loan at risk and want to put ourselves in the best position to get approved. My question is, do I tell my lender about my furlough so I can file for unemployment and get some income, or do I wait to file until we officially close on the house and not say anything about the furlough? [link] [comments] |
| easier to rent: furnished or unfurnished Posted: 29 Apr 2020 10:44 AM PDT Hi, subject says it. I have a property that I've done short-term rentals on before and I'm planning on moving to long-term (> 6 months) rentals. What rents faster and for more money? Furnished or unfurnished? I have the furniture already. [link] [comments] |
| Can you use FHA loan to purchase a home that also comes with a trailer? Posted: 29 Apr 2020 10:24 AM PDT I am looking for homes that have accessory dwellings or trailers on the property as opposed to an actual duplex or triplex. Are you able to use an FHA loan to purchase this type of property? I know multiplexes are OK, but haven't found an answer to this question yet. ** Located in NC [link] [comments] |
| Where can I find homes that aren’t on the market yet but want to sell. Posted: 29 Apr 2020 10:17 AM PDT I'm in the Denver area trying to find the right home to buy. We are pre approved but there doesn't seem to be much inventory under 450k for 3+ bedrooms south of Denver. Where can I find any current flippers getting ready to put their house on the market? Or anyone else wanting to sell soon but waiting out covid? Is there a secret place people put listings? Our realtor doesn't seem to be much help and doesn't seem to be well connected. Thanks in advance! [link] [comments] |
| Is putting little money down (<5%) a bad idea in this possibly volatile time? Posted: 29 Apr 2020 10:09 AM PDT Let's say you're buying a house for 100k and put 5k down as a first time homebuyer, planning on holding the property for a long time with a stable job, even with current events. Now let's say the market crashes and the property drops in value from 100k to 80k, leaving you (forgetting payments on principal for the sake of the example) 15k in the red. Does this matter for someone that isn't planning on trying to turn around and flip it for a profit? Would there be any unforeseen problems a new homeowner might run into in this situation? [link] [comments] |
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