Real Estate: Exclusive: JPMorgan Chase to raise mortgage borrowing standards as economic outlook darkens |
- Exclusive: JPMorgan Chase to raise mortgage borrowing standards as economic outlook darkens
- Showing an occupied rental property in FL during this pandemic
- Will we be over leveraging?
- Can we please create a master thread on any questions involving questions about getting started in Real Estate?
- Significantly low appraisal
- TEForecast is predicting the NAHB housing market index to be 15 in June - the lowest it’s been since 2008.
- First time home buyer in the DC area. I have a few questions about an interesting house and would appreciate your advice
- Closing on a house I can't move into immediately.
- Should I walk on this condo or should I stay depending on how seller responds to low apprasial?
- What long term side effects could we see on Real Estate because of COVID-19?
- In Contract For New Build - Anything To Watch For Due To COVID-19?
- Listing properties for international buyers
- Will appraisals be affected by the covid19 situation?
- Sudden cracks all throughout basement - PLEASE HELP
- Are There Two Kinds of Equity In a House?
- [US] Is it unreasonable to ask realtors to use e-mail/text correspondence?
- Getting close to breaking even on home bought before 2008 crisis..
- How do agents expect anyone to believe them when they say they already have lots of offers on that home so the offer has to be high?
- I (25f) want to be able to own property, and I don't know where to start.
- Wait for a good buying opportunity?
- Can I cancel a purchase if the appraisal comes in lower than the price on contract on a cash offer?
- Tips and Tricks for Moving?
- Advice on estimating and building this 750 sq ft guest house
- Buyer agency contract.
| Exclusive: JPMorgan Chase to raise mortgage borrowing standards as economic outlook darkens Posted: 11 Apr 2020 04:06 PM PDT https://finance.yahoo.com/news/exclusive-jpmorgan-chase-raise-mortgage-221128934.html "From Tuesday, customers applying for a new mortgage will need a credit score of at least 700, and will be required to make a down payment equal to 20% of the home's value." "The bank was the fourth largest U.S. mortgage lender in 2019, according to industry publication Inside Mortgage Finance." [link] [comments] |
| Showing an occupied rental property in FL during this pandemic Posted: 12 Apr 2020 01:31 AM PDT I am a renter (34f bartender) who is up to date on my rental payments. My lease is till next spring, that will bring me to 3 years of residence. The duplex that I live in has been on the market via REX realty for over 3 months. It is over priced, and in the 2 years I have been resident no updates or more than basic maintenance...at best. I received a notification for a showing tomorrow, easter Sunday, with 25 hours of notification which is within FL law for entering. With this pandemic what rights do I have concerning my quarantine? I have been out of work and quarantined for a month. Paid my rent in good faith despite many others not doing so. The thought of strangers entering is frightening. [link] [comments] |
| Posted: 12 Apr 2020 07:56 AM PDT Hey all. Me and partner want to buy a house in a super HCoL city. Our yearly salaried income is about 250k. With bonuses and such we make about another 60k. I know shit is sitting the fan right now, but we really need to move. We live in a cheap apartment where it's fairly unsafe to be outside. Our jobs will both be stable for the foreseeable future as well, both of our workplaces are aggressively hiring. With 20% down + 6 months of emergency find, would we be over leveraging ourselves on a 900k purchase price? To give perspective, the place is nice enough that similar ones go for 1m+. [link] [comments] |
| Posted: 11 Apr 2020 05:23 PM PDT It's getting really frustrating when half the questions here are people wondering whether it's a good time to start buying or getting into real estate. Here's the answer. -Nobody knows where the economy will be, anybody who says they know is either a realtor, or misinformed. -Houses have a pretty likely chance of dropping over the next few years. -I personally have some opinions on what will happen but they're unsubstantiated and based off of anecdotal experience from past downturns. "But what about market X? I know I live in a special market that probably won't be affected but I'm still here asking questions" -If you're so confident your market is different or special go ahead and buy and don't troll Reddit for validation on your desire to get into investing. "Ok, so you say wait.... But how long should I wait?" -If we have to do your basic homework when you're putting your own money on the line, then chances are your likelihood of failure in an up or down market is high no matter what and you should put it in a SP500 like Warren Buffet says and do NOTHING. Good luck to everyone out there, but we really need to reign in the same questions polluting this sub. [link] [comments] |
| Posted: 12 Apr 2020 09:25 AM PDT Good morning, We are in the process of buying our first home in CA. Inspections completed with no major issues found, only a few minor things which seller has agreed to fix. Appraisal took several weeks to come back and had to be sent back to appraiser for clarification. Finally got it back last week and home was valued at $50k below what we offered. Given the current market, I am hesitant to pay anything above the appraisal, however our agent stated that seller would agree to sell it for 5k over appraised value and that seller was requesting this amount to cover the repairs that were completed. We were firm in not wanting to pay anything above the appraised value, however countered with 1k above appraised value. It's been a couple days and we have not heard back from seller. We are prepared to walk if seller does not agree to price. My question is, does this seem unreasonable? I mean I feel bad that the appraisal came in low and that seller has already paid for repairs but my gut is telling me that is just business and I need to leave emotions out of it. Thank you in advance for any input. [link] [comments] |
| Posted: 12 Apr 2020 09:17 AM PDT The prediction is also staying it'll ramp back up very quickly. In terms of investments, what do you guys/gals think about getting ready to buy so soon in a unpredictable future? What would be best; retail, commercial, or residential? Source: https://tradingeconomics.com/united-states/nahb-housing-market-index [link] [comments] |
| Posted: 12 Apr 2020 08:22 AM PDT First time home buyer in the DC area. I have a few questions about an interesting house and would appreciate your advice Thinking about purchasing a house in the suburbs of Washington DC. Will be using this house as primary residence. Currently renting a house. The property I am looking at is priced lower than comparable homes and Im guessing it might be due to the significantly higher than average HOA fees ($700+ for a townhouse condo) The property is priced close to $330K ($168/sqft) whereas I see similar houses going for $450K+ ($250+/sqft) HOA fee for this property covers all utilities except electricity and internet The monthly payments on both the $330K property and $470K+ properties are about the same ($2300 range). The only difference is that I can easily pay the 20% down payment on the $330K property vs a property that is $475K+. Something seems to be off here. Is there some "catch" to this? Am I missing something? Would appreciate any insight on this. I know over the years my equity stake will be lower as 25% of the monthly payment goes towards HOA fees, but the taxes paid and total interest paid over the life of the loan will also be lower. Second concern: There is speculation that housing prices will go down starting at the end of this year due to Coronavirus. I am under the impression that if this happens things won't look that much different in the suburbs of DC, the market here seems strong. I would like to know what your guys' thoughts are on this and whether you advise waiting until 2021 to purchase? [link] [comments] |
| Closing on a house I can't move into immediately. Posted: 12 Apr 2020 07:32 AM PDT Hi guys, so like the title says I'm closing on a house on the 15th. I'm military, currently stationed in Korea and started looking to buy before this COVID-19 pandemic was really in the news. My wife is back in the states as I came here alone. She went to look at the house, I haven't seen it yet. I just saw photos and spoke with the realtor over the phone in conference calls. We went under contract in early February and then the news really took off with the outbreak. Cue March and it made it's way to Korea by then and the States still weren't taking it very seriously. Fast-forward to mid-march, the military in Korea and Italy were put on a stop-move order. I could not leave here in mid-March as I was supposed to. Since then that has extended to the entirety of the U.S. Military all over the world. The stop move order is supposed to be over in May. I have a new date to move in late June. We close on the 15th of this week. But seeing as how I am not supposed to be coming home until June I don't know if we are supposed to call the utility companies and tell them that we will not occupy for a few months. To make matters worse, an Air Force General stated that the Secretary of Defense will make a decision this week to push the stop-move order another 60 days. Effectively ending in July. Which could push my date to Julyish-August. (More than likely August) I can't move back to my family yet. It is indefinite. I can't keep paying a mortgage and rent on the house my family is currently residing in. I don't even know what all I am supposed to do after buying a house. I was supposed to be home now. I need some advice as to where I go from here guys. Namely, what do I do after closing in this situation when it comes to utilities. The house I'm buying is in Florida. [link] [comments] |
| Should I walk on this condo or should I stay depending on how seller responds to low apprasial? Posted: 12 Apr 2020 06:14 AM PDT So I am currently in closing for a condo here in phoenix. Purchase price was 159k. We went thru home inspection first and there was some leaking water behind laundry, in the wall, that the seller fixed without any hesitation. The seller also agreed to pay 3% of purchase price towards my closing costs. (Currently in our contract) Well appraisal just came back. Its 5k lower than sellers asking price. So my realtor and I just sent back and addendum, 155k same terms. I have a feeling the seller will agree to that appraisal price BUT pull the 3% towards closing costs. I would. Thing is, that would wipe out my savings. I was approved for a 30 yr fixed conventional loan. At 3.2%, locked in. Putting 10k down Maybe this is greedy and I kinda feel bad but honestly if seller pulls the 3% towards closing I want to walk. This isnt a emotional purchase for me. I can keep renting, save even more money and buy later with a full 20% down which I currently do not have. I'm a first time home buyer (35 yrs old), have 800 plus credit score, no debt and I work in IT management, my job is pretty secure even through this covid mess. But because of this covid-19 situation I'd hate to buy this place and have almost zero in savings. Is that greedy of me to do, kinda looking to justify my feelings here of anyone insight, I dont believe the market will crash that much like many people are speculating, but also, who knows. Also, still have not heard from seller yet, so who knows, what would you all do, same situation? [link] [comments] |
| What long term side effects could we see on Real Estate because of COVID-19? Posted: 11 Apr 2020 10:41 PM PDT We all know the potential of a temporary recession/depression and price drops in the next year, but what long term side effects could we also see as a result of this whole thing? For example after 2008 lending became more stringent and people were more aware of the potential for foreclosure. One side effect that crossed my mind was how buyer behaviors could be modified and people may think more about the home they're living in or buying and what it will be like if they are quarantined for an extended period of time. Features like a dedicated home office, multi-purpose room or large yard may be more on people's "need" list. High density housing may be somewhat less desirable as people recall how uncomfortable it was to be quarantined in a small space with people close by. [link] [comments] |
| In Contract For New Build - Anything To Watch For Due To COVID-19? Posted: 11 Apr 2020 09:42 PM PDT We are in contract for an expensive new construction townhouse in SoCal. The company has $20K+ in deposits from us. VA Loan. We are expected to close sometime this summer. House is 60% finished according to the most recent update. What stuff, if any, should we keep an eye on due to this pandemic situation? Is there something we should be wary of entering into such a big purchase amid the world crisis? Our realtor sent an email asking if they were offering any delayed escrow or reduced cancellation or etc to find out our options. They responded with: "We will keep your $20K if anything changes. Hope this helps." Both our jobs are stable and we are still working. No expectation of that changing. Thanks! [link] [comments] |
| Listing properties for international buyers Posted: 11 Apr 2020 07:36 PM PDT Hello guys, First post in this subreddit although I have been exploring it for quite some time. My question is simple, maybe kind of naive. I own properties in EU(Italy) and I want to list them for international buyers. I want it to be accessible for Chinese, Russian American buyers - investors etc. I know the odds of an international deal are kind of almost non existent, during this time, but I don't see why I wouldn't just list the apartments. What are the best sites for such listings? Thank you all in advance :) [link] [comments] |
| Will appraisals be affected by the covid19 situation? Posted: 11 Apr 2020 03:07 PM PDT Hello. I'm sorry if this is a dumb question, but my offer was just accepted on a house where the sellers graciously allowed a 60+ day closing period (end of June). The inspection is scheduled for Tuesday, and I might be jumping the gun here, but with the covid-19 situation, do you think the appraisal will end up being really low by the time it happens? Is an appraisal typically affected by something like this? I guess my main concern (and sorry if that is dumb and unfounded) is that the property value or market will drop, so the appraisal will be too low to approve the loan and/or I cannot make up the difference. Let me know your thoughts! I appreciate it. Edit: if it means anything at all, this is more or less for a dream house that literally checks off *all* the boxes without being over $300k, so I'd really like to proceed, but trying to think of worst case scenarios here. [link] [comments] |
| Sudden cracks all throughout basement - PLEASE HELP Posted: 11 Apr 2020 07:24 PM PDT Hi everyone! We've just bought a new house (four year old) last month, and today, all of a sudden we've noticed a lot of cracks in the unfinished basement that weren't there before. We are very concerned what these might be. While I've contacted our home inspector, and given it's Easter weekend ( I suspect the cracks appeared early this morning) I'm hopeful that someone might have an idea what these might be and how concerning these are. Please help!! UPDATE: Thanks everyone, for your replies. I've video chatted with a constructor, and he asked me to show him the outside walls. He has identified that there have been several fixes in the foundation, likely from water infiltration. He will drop by today to take a closer look and will write a report. After video chatting he found the cracks to be quite large, and was more concerned than from the pictures. He suspects water infiltration that with thawing of concrete slab led to all sudden cracks in the basement. I wonder if anyone can advise us of the next steps? How bad is a water infiltration issue? Side note - the house is four year old, but had three owners before. I found that initially suspicious, but was reassured by selling prices in the system that everyone made in a year 150k return selling the house, other than the last owner, who basically sold us the house for the same price he had bought. However, further inspection allowed me to find out he had received a major promotion and went to another province for his role. Should I be concerned with all of this? [link] [comments] |
| Are There Two Kinds of Equity In a House? Posted: 11 Apr 2020 10:51 PM PDT Is there such thing as a buyers equity and a sellers equity on the same house with the same FMV? Let's use a house with an FMV of 200k as an example. If the owner of that house has a mortgage balance of 80k, then his equity in that house would be 120k correct? But if they are in dire need to sell the house for whatever reason & an investor comes along & offers to buy it at 75% of the FMV which is 150k and this is the best offer the owners can find, is their equity now considered to be 70k? Regardless as to whether the owner's equity is 120k or 70k in the above example, wouldn't the buyer's equity (if he bought it) be completely independent of what the owner's equity was? If he buys it at 150k, he'll automatically have 50k in equity on the house that has an FMV of 200k right? What I'm wondering is, why does it matter to a potential buyer how much owners have left to pay off in their mortgage? Shouldn't the only equity he cares about be between his purchase price and the FMV instead of how much equity the owner's have built up by paying down their loan? Is there not two different equity amounts between the owners & the buyers? [link] [comments] |
| [US] Is it unreasonable to ask realtors to use e-mail/text correspondence? Posted: 11 Apr 2020 02:05 PM PDT I work 64+ hours a week, 3rd shift. I have tried, repeatedly, to get realtors to use text messaging/emails for correspondence with me, but even if I have notes about that when checking on properties online, I still get calls 5 minutes later and they say, "I don't have any notes about that". We aren't at a point where we are discussing anything incredibly private, so why is it so hard for people to just do what I ask? [link] [comments] |
| Getting close to breaking even on home bought before 2008 crisis.. Posted: 11 Apr 2020 09:48 PM PDT We are within $10k of the value of our property versus loan balance. Perhaps this is more of a finance thread question but in your experience what should that value look like just for us to break even at the end of a sale? [link] [comments] |
| Posted: 12 Apr 2020 01:28 AM PDT Why would they be wasting their time trying to sell me the home if they already have lots of offers? Logically, the only way that can be true is if all of those were lowball offers that ignored the agent when they gave them the same speech, right? So why should I be the first one to make a high offer? It just seems like agent BS every time I hear it. [link] [comments] |
| I (25f) want to be able to own property, and I don't know where to start. Posted: 11 Apr 2020 09:34 PM PDT I'll start out with explaining my current financial situation. I'm a 25yo able-bodied female working as a full-time social worker for a public city hospital system, therefore it is a civil service position. My salary goes up by about 3% every 1-2 years, and my goal is to earn another form of licensure called the LCSW within three years that will boost my salary up to starting $70K+. I live at home with my parents in NYC. Here are the numbers I'm currently working with: Salary = $62,612 annually + some extra from over-time & other side hustles I've been told that to be able to own any place such as a condo, co-op, or home, you should have 20% of the mortgage ready as a downpayment upfront. I am counting on the AMEX HYSA account to be the account towards my goal of owning. Based off of what I presented with my current financial situation and budget: 1) How realistic is it of me to be able to own a property in NYC that zillow estimates the value to be around $300K-400K within the next 5-10 years? I am aware that there are other expenses such as HOA fee, condo maintenance fees, etc., so I decided to just ask. I am a newbie to all of this. Thanks in advance! TL;DR I am starting to pursue my personal goal of owning a place in NYC and have laid out my current financial situation, want to know how realistic it is to achieve the goal in the next 5-10 years and what other expenses I should be aware of. [link] [comments] |
| Wait for a good buying opportunity? Posted: 12 Apr 2020 12:28 AM PDT We've lived in apartments since we moved to Houston/The woodlands, TX. Our household income doesn't surpass 30k a year. However, we currently have around 50k to spend on a small house for three people and we're willing to put in the work to finally have something that's our own - American dream, not paying rent, future for our family, etc. It seems that not only the stock but housing market will crash but who knows how long it will take. I know we have to wait right now but where (Foreclosures that might be coming because of corona?) And around when should we look for a house for that amount? We know this is not much but given how things are looking it might be plausible to actually get something to start building financial independence and equity. We're new to all of this so any useful comments and suggestions are welcomed. Stay safe! [link] [comments] |
| Can I cancel a purchase if the appraisal comes in lower than the price on contract on a cash offer? Posted: 11 Apr 2020 08:41 PM PDT I know that you can choose to back out of the deal if the appraisal comes in lower than whats written on the purchase contract in a typical sale of a home where the buyer is borrowing money. Is this only a rule when a lender is involved or is this something that also applies to cash offers? [link] [comments] |
| Posted: 11 Apr 2020 07:46 PM PDT Hi there. I am about to move about 30 min away from a 1600sf to1900sf. Have you learned anything in your moves that made the process more efficient or found cost savings? One thought is to start using a plastic bin storage system in the new house and just pack in those up to the number of containers we'll use in the long term. [link] [comments] |
| Advice on estimating and building this 750 sq ft guest house Posted: 11 Apr 2020 11:24 PM PDT This is my first time bidding on a small house like this and was thinking about estimating 150,000 for this guest house because I'm doing 200$ per sq ft. I will do some work myself and subcontract to others also. Is my estimate too low, or would it be a fair price? What would you guys bid for a plan like this? What should I look for first and ask from this person. Any advice or thoughts would be helpful for my first time so thank you. https://drive.google.com/file/d/1XLA1KO3xNk1aQG8G8hxI7699IfaqxOxT/view?usp=drivesdk [link] [comments] |
| Posted: 11 Apr 2020 07:14 PM PDT Hello, I need some help with this "contract". My SO has an agreement from before we were dating. We are now ready to purchase land but the buyer she has a contract with did not help us in the process. For some reason she was confining her searches to a small area. We've been searching on our own for 3-4 months now, she will send a few properties a week, none close to what we want or where we want. We do not have a copy of this contract, and before reaching out to her, we want to know how we stand. In theory the contract would be up in a month or so. As she has not been in the process thus far, can we proceed by ourself? Thanks. [link] [comments] |
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