Real Estate: Got conditional loan approval from underwriting before appraisal. Is this odd? |
- Got conditional loan approval from underwriting before appraisal. Is this odd?
- Bonus / fee
- Closed in DC (4/16/20)
- What's the wackiest "This is killing my property value!" rant you've heard?
- Is equity taxed?
- Foreigner intending to invest in the US
- Buying empty residential lot next to me
- First Time Home Buyer/Builder
- Is it possible to sell a house as is through a realtor?
- Would sellers home insurance cover new roof?
- We Closed Today!!!
- Vacation Rentals / 2nd Homes will be a steal.
- In contact with a realtor company, they want me to sign an agreement to only work with them. Is this common? Necessary?
- Refi process: Red flag?
- First Time Buyer - Building Home in Indiana Fishers, think now is a good time for this?
- House is listed need advice
- Change Order for Patio
- Hoping to sell our starter home, should I wait before listing?
- How Much Should I Save for a Downpayment on a New Build
- New Home Buyer
- Currently in the process of getting licensed, wondering what the process is for new builds out of curiosity.
- How do people usually go about moving from a starter house to a larger house?
- Zoning and codes.
| Got conditional loan approval from underwriting before appraisal. Is this odd? Posted: 20 Apr 2020 07:47 AM PDT Me and the seller have agreed on a price, got under contract, was approved, put the escrow deposit down, hired an inspector, and afterwards it was sent into underwriting followed by an approval 3 days later. I havn't heard anything about an appraisal, yet. Me and the owner are talking about splitting the cost to get it tented as the house is "as is" and old, but I want to wait until an appraiser gives us the 'okay' for the loan so I don't give them a discount tenting job if things go bad. So my question is does this happen sometimes? Because every timeline I see the appraisal comes before underwriting. [link] [comments] |
| Posted: 20 Apr 2020 06:45 AM PDT Property company owns a piece of real estate with a building on it. Original offer for land and building is $75,000 in 2017. Owners did not accept the offer and instead one of the employees comes up with a new business idea. Company invests 30,000 in property improvements/ business. New offer for business / property comes in this year for $275,000. Employee worked on the business for three years without pay. What's an appropriate bonus / fee for the employee? State is Arkansas [link] [comments] |
| Posted: 19 Apr 2020 04:51 PM PDT Thought I'd share a happy story! After months of searching and many rejected offers, we had a very seamless closing here in DC proper. Our agent found an 1910 3/2 row-house several days before it was set to go on the market. We put in an offer for asking (649k) with a two-day inspection contingency. We waived both the financing and appraisal contingencies. EMD was 5%. The sellers accepted right away. Thanks to the sellers' sweat equity, the inspection turned up very few issues. House appraised for 33K over our offer (phew). Appraisal was done in person and on site (i.e., not drive by), but I imagine it would have been a drive by if it happened even a few days later. As we were preapproved, financing/underwriting went very smoothly (double phew). The only odd thing that happened was that to qualify for a DC First Time Homebuyer credit, we had to negotiate the price down by 3k. We were able to do so by agreeing to credit the sellers 3k at closing. All told, this workaround saved us about 1.6k. Everything wrapped up right at the 21 day mark. We had the option of a mobile notary, but didn't feel like forking over $200 to do it. Instead, we signed over POA to an attorney at the title company and they took care of everything. We went over the disclosures with the attorney via Microsoft Teams and had the encounter recorded. We put 20% down and were approved for a 3.19% 10/1 ARM. My husband and I both have credit scores above 780. Other than the 30k worth of student loan debt my husband has from grad school, we're carrying no major debt (DTI is 3%). PITI is $2.7k, which is less than what we're paying in rent. It didn't make a difference to our lender, but we did/do have six months worth of reserves. EDIT: Rereading this now and it's not entirely clear that the eventual sale price was 646k, not the 649k that we originally offered. [link] [comments] |
| What's the wackiest "This is killing my property value!" rant you've heard? Posted: 20 Apr 2020 10:17 AM PDT There's a guy in my neighborhood that blew his top on Nextdoor complaining about how his neighbor is "killing my property value! My house has gone down in value $20k since they moved in!" He was trying to get the HOA to come down hard on them, seeing if he had a case with a lawyer, the works. Come to find out, the 'problem' with the neighbors was that they had the audacity to put in green curtains. The horrors! Turns out this guy isn't even planning on selling, he just doesn't like the curtains on his neighbor's house. I'm sure that isn't the looniest complaint anyone has heard about something 'lowering my property value', so what's the best you've heard? [link] [comments] |
| Posted: 20 Apr 2020 08:15 AM PDT I have a house I bought for $300k 7 years ago. I owe $250k and just got an offer for $325. If closing costs are $18k, I should walk away with $57k... Is only $7k of that taxed? Or is all $57k taxed? I already paid income tax on the equity I've paid off right? [link] [comments] |
| Foreigner intending to invest in the US Posted: 20 Apr 2020 10:02 AM PDT Hey everyone, I am from Singapore and am keen to invest in the property market in America in light of the Covid-19 situation. Before I come across as someone jumping on opportunities while people are suffering, let me explain that I have always loved America- the food, the scenery, the different cultures, and also it's a much larger stage for my career (finance). It's just that it never crossed my mind of purchasing a property there simply cause of the prices. I am not a rich Asian millionaire or son of one. On the contrary, the prices in my country are so high that it is pricing a lot of locals, myself included, out of it - properties here goes for ~$1k+ psf in the whole country. I have a budget of about $200-300k USD which I intend to split over at least 2 properties, both for investment purposes for now, until I actually migrate or work there. I have also read up on most laws and regulations regarding property ownership and I don't think there's an issue, I am not intending to seek financing if it's too troublesome and pay 100% cash upfront. I love the chill vibes of the suburbs(?) and have checked out locations such as Omaha, Jacksonville, Phoenix, Ohio, Idaho - places that aren't like NY, LA or Boston. And yes I am definitely making a trip down to the USA myself prior to any purchases. So here goes:
Thanks for your time! [link] [comments] |
| Buying empty residential lot next to me Posted: 20 Apr 2020 08:59 AM PDT Looking for advice or someone who has done this. I live in GA in a big subdivision. Let me give you a quick backstory. We bought our house 3 years ago in a cul-de-sac with lots of trees/woods between my home and the next home. We figured no one will build on this land because it was very steep but long and behold a builder started building a house. We didn't realize there were actually TWO lots between my house and our neighbor. Right now the builder is building a house on the lot that is next to my neighbor and the lot that is next to mine and new house is still empty. I just saw that the lot next to me the builder has put on sale for a good price. I have been reading our HOA covenant rules to make sure if I buy the lot, I do not have to build a home within X days. As well as pay any HOA fees on vacant lots. My question is, if I buy the lot, is it better to keep it as a separate lot instead of combining with my existing lot to save on property taxes? If I combine the lost, it will make my property just over 1 acre. If I do not combine, I eventually want to use it to build a pool a couple of years down the line, would I be able to do that? Any other Pros or Cons or advice you guys have? Thanks [link] [comments] |
| Posted: 20 Apr 2020 08:12 AM PDT Hello Everyone, I am looking to buy 2-3 acres and build a small home 1000 sq ft or less. I am looking at a barndo, pole barn, and container homes. I have so many questions. I apologize for my lack of knowledge and misuse of terminology.. Be nice :) My question today is in regards to qualifying for construction loan. How hard is it? How much liquid assets do I need to have in surplus?How hard is it to refinance into a conventional loan after construction is complete? Would I need to put a second down payment when I convert to a conventional loan? *I realize some or all of these questions are directly connected with my personal info. I just want to know what my options are. Information about me: *I am 3O with a salary full time job 45k /yr (4 years on the job) * Never owned a home * Live in Texas * Zero debt with great credit *10k in savings (No, I didn't put this on my dating profile) Any info and guidance would be greatly appreciated. [link] [comments] |
| Is it possible to sell a house as is through a realtor? Posted: 20 Apr 2020 07:47 AM PDT I know you can by owner but I was unsure if a realtor can do it also. We are thinking about flipping houses and this question came up. Thanks guys! [link] [comments] |
| Would sellers home insurance cover new roof? Posted: 20 Apr 2020 10:39 AM PDT House I'm looking at has hail and wind damage in the inspection report. Typically this is covered by homeowners insurance, is this something that could be replaced by the seller's home insurance? I'm concerned it could tank the sale if my home insurance wouldn't insure the house because of the roof. What typically happens in these cases? [link] [comments] |
| Posted: 20 Apr 2020 10:36 AM PDT When they tell you it's a roller coaster ride, they weren't kidding! We got an offer on our house within 4 hours of it being on the market back in February. 24 hours later we were under contract on a new house. Our date got pushed back due to covid-19 a few times, but we did it! Luckily all of us are essential workers so that is what saved this deal. Closed at the lawyers office, but our agents were not present. Closing went smoothly. Closed on the house we were selling and directly after closed on the house we were buying. I know granting early occupancy is not always a good idea, but we were granted early occupancy and let our buyers have early access so everyone is already moved in. We did this Friday so we'd all have the weekend. It luckily went smoothly but I was nervous all weekend. Even with a pandemic these things can still go pretty smoothly. Thank you all for the advice during this process! [link] [comments] |
| Vacation Rentals / 2nd Homes will be a steal. Posted: 19 Apr 2020 10:29 PM PDT Let me preface by saying of course I understand COVID-19 and its economic effects are a tragic situation. With that said, it is also a situation that will obviously create a lot of opportunity. For example... a city like Vegas has SO many workers who will not be able to pay mortgages for some time. I anticipate a lot of foreclosures. The city will open again one day to some degree. There must be some steals to be had here in the next 6-18 months. Outside of Vegas, vacation rentals / 2nd homes are usually hit HARD during recessions, and I'd bet especially so in one like this. I'm talking Hawaii, South Lake Tahoe, etc. keeping a close eye on these places and buying where I anticipate I can get even cashflow on rent with a huge upside for potential appreciation. Of course there are risks like not getting tenants or guests. If I don't buy these homes, SOMEONE will. What do they know that I don't? What are you all planning to add to your portfolio in the coming 1-2 years? Appreciate any and all thoughts in comments, thanks! [link] [comments] |
| Posted: 20 Apr 2020 10:15 AM PDT |
| Posted: 20 Apr 2020 10:11 AM PDT TL;DR: Refi process has me worried. So my 5/1 ARM just matured and I am in the process of refinancing.... Best hit in my area was XYZ credit union with a decent 3% and no points (15 year). I go through the online process, get approved and the next step is to put together all my documentation, i.e. taxes, account statements, other property info, etc. Most of these docs contain PII. So I have everything together and the credit union rep wants me to email these docs to them. Not upload to a secure server, nor encrypt and then email. Just plain email them. When I tell her these docs contain PII, she responds with:
Is that a big enough red flag to find another bank for my business, or I am overreacting? [link] [comments] |
| First Time Buyer - Building Home in Indiana Fishers, think now is a good time for this? Posted: 20 Apr 2020 01:13 AM PDT So, just wanted your advice on this. Fischer Homes is the builder, its in Fishers, Indiana. The builder seems really good, toured a few homes the quality is very nice. We settled on a house that we absolutely love area is nice a I could see myself living there for the rest of my days. We started talks with the builder back in January, got more serious about it in February. The Builder was offering us 30k off if we spend over 100k on upgrades, addons/extras. We were still looking around but we really do love the house, then....Covid-19 hit, economy took a huge drop and the future is uncertain. About a few weeks ago the builder let us know there would not be any new incentives for the foreseeable future. They recently reached out to us to ask what we were thinking, we told them we were still thinking about it but were also talking to other builders, the next day they came back with 50k off if we spend over 100k on upgrades, addons/extras. I guess im asking you if I should go for this? do you think if im just patient i'll get a better deal later in the year? Do you think this is as good as it gets? Do you think this is an awful deal? Are we going into another Housing like Crisis like 2008 because of Covid? Thank you in advance for your advice here. [link] [comments] |
| Posted: 20 Apr 2020 09:44 AM PDT We listed our house on Friday. So far we have had 7 showings, have a ton of traffic going by, and a lot of views/saves on Zillow. This is all great! What we are struggling with is the fact that we haven't had any offers yet. In our neighborhood houses are usually pending with-in the first few days. We have been getting feedback from our showings and some of them have said we are way over priced because a house 2 doors down from us is a little bigger and sold for 20K less. My house was fully remodeled 3 years ago. Everything was replaced other than windows/roof but those are only <10 years old as well. The house that sold hasn't been touched since the early 2000's so that is my justification of the price (obviously I cant tell them that). The closest comp to us sold a few weeks ago for 15K more than I am listed. Its pretty much the same as ours but a little smaller and they spent a little more on the update. My dilemma is should I start thinking about a price adjustment? I priced higher than I want for wiggle room. I left money there for negotiations and closing costs. [link] [comments] |
| Posted: 19 Apr 2020 10:13 PM PDT We are in the middle of a new build, estimated to close end of June. We want to add a cement patio to our back yard. Originally the builder in the options offered a 12x20ft patio for $1380. We skipped it and thought, we can add one later, let's not go crazy on upgrades and add ons to stay on budget. Our construction supervisor did let us know we can just hire the cement company to come and pour it for $12/sqft, but that's pushing $3000 now. Our supervisor also told us though that if we try to get this later, after they finish the development that it could cost us up to $22/sqft! We don't really understand the massive price differences or if we should just submit the change order. [link] [comments] |
| Hoping to sell our starter home, should I wait before listing? Posted: 19 Apr 2020 03:20 PM PDT So My husband and I are ready to move into a bigger home. We have a condo in my name, and would like a nice home with a yard. This is our first time buying a home while owning a home. Should we wait to list our condo for after the pandemic or should we list it now? I'm seeing some contradicting info tbh. For some context we are in NJ, USA the state with the 2nd highest covid-19 numbers. We still have some minor work to do prior to selling but none of it is crucial, and the market is very weird right now! [link] [comments] |
| How Much Should I Save for a Downpayment on a New Build Posted: 19 Apr 2020 05:27 PM PDT Hey everyone me and my wife have recently started saving for a down payment for a home and are putting roughly 60k a year back at the moment. We currently live in rural Indiana and are looking at buying a 2 acre lot. We are looking to build a 3-4500 sq ft home with 4.5 bath and 5 beds. I've seen a variety of ranges of what we should be saving up but we just want to know what a good range of money to have down before we even start consulting with builders and agents. [link] [comments] |
| Posted: 19 Apr 2020 02:14 PM PDT Just about to close on my first home. I'm very happy with it, but my father thinks we could have waited longer to find something better. I just want an unbiased opinion on whether we got a decent deal or not. Home was appraised at 145k. We agreed go 140,500 with 3% sellers concessions to cover my closing costs. I know the market is weird right now, but I do value getting into the home sooner rather than later in order to settle in before I start my career in late June. [link] [comments] |
| Posted: 19 Apr 2020 06:39 PM PDT Hello reddit. As the title says, I am just curious about the process of buying a newly built home. I see a lot of SOLD signs on houses that are not even finished yet. How can the buyers tell if they like the house before it's even built? Are you able to buy it once it's been built or is it sold before they even begin building? How does an agent help you with a new build? Thanks for your help! [link] [comments] |
| How do people usually go about moving from a starter house to a larger house? Posted: 19 Apr 2020 11:03 AM PDT My wife bought the house we are currently living in about 4 years ago. She owes about 100k on it, and similar homes in the area are selling for about 180k. (zestimate 183k) We are looking to buy a bigger house for about 260k. We have about 15k saved up. How do people utilize their equity/first homes down payment into the down payment of a second home? From what I see, we could do a cash out refinance, use the cash as a down payment on the second home and then sell the first. Down side to this is closing costs of the refinance and higher interest rate for the time between refi and selling. Or, I could buy the second house in my name only using some first time homebuyers process with little down (I would qualify according to the mortgage brokers we spoke with), then we sell the current house and pay down the new one until 20% LTV... would we have to refinance again to get rid of PMI anyway? We aren't concerned about potentially having to carry two mortgages for awhile. We can afford the monthly payments even if we couldn't rent out/sell the first home. [link] [comments] |
| Posted: 19 Apr 2020 10:48 PM PDT Looking at a home on the market in St Paul mn area and has me asking some new questions. House has two kitchens. Possibly could be two units but it's currently zoned residential single. If i owned the house and lived there i assume i could rent out 1 secluded area as a unit with the current situation but if i move out and try to use it as an investment I'm assuming you can't rent both sides without rezoning. I'm trying to figure out what makes the situation different without living there. I've been trying to find state/city codes and ordinances which would point me in the direction of what would have to be done to the property to meet criteria for rezoning and that has been quite overwhelming! Looking for some information or someone to point me in the right direction! Thanks! [link] [comments] |
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