Real Estate: I Can't Believe Its Finally Over |
- I Can't Believe Its Finally Over
- Married vs unmarried
- Wow Bay Area, you crazy!
- How will a housing slump affect the price to build a house?
- Appraisal is right, but details are wrong, what impact can that have for refinancing?
- Any RE lawyers (or anyone with knowledge) that can give me some advice on a potential closing issue?
- Representing myself without buyer's agent - would I be taken seriously?
- A house on my block had been left vacant for almost 2 years and I'm interested in buying it
- HOA Incorporation to File Taxes
- Can you still get a jumbo mortgage today?
- Buying a home near the university that has students still in it.
- Need Mortgage Lender Advice
- Suggestions for Improvement
- Downsizing Leasing Office
- Bad time to begin Real Estate Career?
- what's a good site to track year over year sales and cost by neighborhoods?! i want to track prices as this pandemic goes on, and see if I can get a good deal for my family.
- VA Refinancing
- Final inspection
- First time buyer, talking to a non-profit local lending group with a few questions.
- How low can the 30yr fixed go?
- Looking to refi in Bay Area. Haven’t done this in 6 years. What’s the fastest/best way to get competitive quotes?
- Should I purchase this commercial building?
- Need home inspector for new build?
| I Can't Believe Its Finally Over Posted: 09 Apr 2020 07:36 PM PDT Just sold my condo after a 46 day escrow. Process began normal as a 30 day transaction. Buyer was using a VA loan so initial stresses were figuring out if the condo association would allow it but we got past the hiccup. I figured we would close on time and continued to look forward to March 24th, the initial closing day. Fast forward a couple weeks, COVID-19 explodes in California, I was selling in San Diego, an area of the state that took some time to get bad. Once this happened it was pure stress 8 hours a day about whether or not the buyer would be able to get his loan done, if he would walk, if things would close like the escrow company or the county recorder. It was insanity and I could not believe it was happening. Somehow time kept moving forward and eventually the lender proved problematic and had serious issue getting the loan underwritten. He told me in an email, "We are extremely lucky that this company did not go out of business before they could fund this loan " WOW. Two days before closing, Redfin furloughs / fires half of it's staff. Somehow my agent is spared. I don't know how it happened but we closed today and I have money in my account. It is so surreal it worked out but somehow it did and the buyer is happily already moving in. Anyone going through the stress, I know your pain, and hope it works out with you and you can offload your property quickly. These times are crazy. I wish I could celebrate but somehow I feel like someone will take this money out of my account or something. It doesn't seem real. [link] [comments] |
| Posted: 10 Apr 2020 06:27 AM PDT My fiancé and I were planning to buy a house after we get married this summer but due to Covid-19 we are postponing the wedding. We still want to buy a house this year but am interested in knowing the effects of being married vs not. [link] [comments] |
| Posted: 09 Apr 2020 05:27 PM PDT Just got turned down with an offer $200,000 over asking on house listed at $2.4m in Oakland. Ballsy move, they didn't even counter. In this economic climate? Fucking wild. [link] [comments] |
| How will a housing slump affect the price to build a house? Posted: 09 Apr 2020 01:51 PM PDT Hi all. Looking at the economy, theres a good chance that we might see a slump on the housing market, which means of course it will be the perfect time to become a homeowner! I've long considered building an house instead of buying, since I have a large family and unique needs. How would a housing slump affect home building costs? I live in a cheap part of the Midwest so the price of the initial parcel of land isnt a huge concern. Would labor and material and other costs go down, or are those fairly static? Thank you all for your advice. [link] [comments] |
| Appraisal is right, but details are wrong, what impact can that have for refinancing? Posted: 10 Apr 2020 10:00 AM PDT We are in the process of refinancing our condo, but with Covid-19, they said they could manage this with a drive-by appraisal. We got the appraisal back, and the amount was within range of what we think the value is, maybe even a little high. But when I read the appraisal it's obvious that it was sloppy. Eg, we live downtown in a major city and they marked our neighborhood as suburban. Our building has 0 parking spaces, and they marked it as 1:1 with 51 spaces. Just completely wrong and unverified information. Will this impact anything? Could it count as fraud? The appraiser was chosen by the mortgage lender, not us. For sure we're overqualified for the loan- even if the appraisal came in at half the value, the mortgage amount would be 50% of that amount and less than our gross annual income and we have strong credit scores. It just worries me what a shit job it was and if that could ever blow back on us? [link] [comments] |
| Any RE lawyers (or anyone with knowledge) that can give me some advice on a potential closing issue? Posted: 10 Apr 2020 05:54 AM PDT Hi r/RealEstate, So here's my situation. Had an offer accepted on a home in early February, took about a month for inspection + back and forth repair negotiations, finally signed a P&S agreement in mid March. Closing date set for 4/15. Did everything I needed to, got the ok to close from the bank early last week. But then, last week, I'm notified by my attorney that they found an issue with the sellers title. It's held as a tenants-in-law, because the house was passed down to multiple siblings from the parents. One of those siblings has passed since it was deeded to them, and it doesn't look like it was ever probated. The sellers attorney has not responded to us yet on this, and I've been informed (by my attorney) that closing will very likely be delayed. Here's where it gets tricky - with all this covid stuff going on, my attorney says that it's very likely the sellers will get an extension on the closing date. So here are my concerns:
Thank you to anyone who took the time to read, I appreciate any knowledge here! I am talking with my attorney but I figured I'd get some more opinions here as well. [link] [comments] |
| Representing myself without buyer's agent - would I be taken seriously? Posted: 10 Apr 2020 10:21 AM PDT My wife and I are looking to buy a home, and while I'm confident I would be able to rep myself, I'm not sure what the reaction would be from the listing agents. I am licensed in my state (IL), but am currently not hanging my license with any sponsoring broker. I have a license because I previously worked at a commercial brokerage firm selling retail shopping centers (large transaction size, institutional buyers/sellers), so I know the process but haven't had any direct experience with buying/selling residential. I still work in CRE, but on the lending side so no longer need a license, but have maintained it since it was a pain to get originally and don't want it to lapse. My plan would be to negotiate either a purchase price reduction or closing credit for the 2-3% allocated for a buyer's agent and ask that the seller/listing agent figure out a corresponding listing fee reduction since I can't receive a commission directly without a sponsoring broker. The market I'm looking at is definitely not hot (North Shore Chicago), so I would think some of the seller's may entertain this. Is this reasonable, or should I just hang my license somewhere and be "official" in self-repping (or even just get a separate agent)? I'd rather avoid the monthly fees and commission split if I can, but will do it if I have to. [link] [comments] |
| A house on my block had been left vacant for almost 2 years and I'm interested in buying it Posted: 09 Apr 2020 05:57 PM PDT How do i track down the owners and let them know I'm interested? There's no for sale sign or contact info on the home. The owner was a lady who rented it out but the tenant stopped paying and she hired guy to set it on fire and run the tenant out. Idk the whole story. After that it just sits there and ppl only come around once or twice a year to check on it. [link] [comments] |
| HOA Incorporation to File Taxes Posted: 10 Apr 2020 10:11 AM PDT Does anyone have experience with this? Do I need to hire an attorney to incorporate my HOA to file taxes? [link] [comments] |
| Can you still get a jumbo mortgage today? Posted: 10 Apr 2020 10:04 AM PDT Is there still room in the market for the XL-sized home loans? https://www.housingwire.com/articles/bruised-but-not-broken-the-state-of-todays-jumbo-mortgage-market/ [link] [comments] |
| Buying a home near the university that has students still in it. Posted: 10 Apr 2020 09:49 AM PDT Hi- buying a large home near our local university. They currently use it as an investment property and rent individual rooms to students. We will use it as a single family home. The realtor tells me the students are aware and will leave before closing. But what if they don't or refuse to with everything going on? I don't mind extending closing so they have more time to find a new place but what can I do in writing to help me make sure they aren't in there in closing day? Thanks [link] [comments] |
| Posted: 10 Apr 2020 09:34 AM PDT I am a 26 year old male that will start as a resident physician on July 1st of this year. Since I will be living in a cheap cost of living city for the next 5 years minimum I decided to buy a house. I have good credit (~750), about $180k in student loans ($300 minimum monthly payment), and will be making about $55k next year, increasing by around 3k or so a year for the next 5 years. I am going into a field that is consistently one of the highest paying medical specialties. I recently went under contract on a house that I love that costs $220k, and am trying to compare the options I was given by 3 different mortgage lenders and figured some of you here would have better knowledge and insight than I do. My girlfriend will be moving up with me in the next couple months as well and will be contributing to at least half the monthly costs (she is a PA with 6 figure salary). I have enough in savings to live comfortably for a bit, but not enough to make a sizable down payment so I am utilizing a physician loan with no down payment and no PMI. I reached out to 3 lenders in the area to compare rates and they are as follows: Bank 1: offered me a 3% interest rate on a 30 year, 5/1 ARM with 2/2/5 caps ($955 monthly payment interest + principle) Bank 2: offered me 2 options, a 15 year fixed 4.4% interest rate ($1671 monthly interest + principle), or a 4.59% interest rate on a 30 year, 6/1 ARM ($1180 monthly interest + principle) Bank 3: offered me a 3.75% interest rate on either a 5/1, 7/1, or 10/1 ARM all for 30 years, with the ability to reduce the rate by .1% if I switch my bank account to them ($1018 monthly interest + principle for 10 year, not sure on other options yet) I am wondering what the pros and cons of some of these would be in terms of building equity, overall rates, etc. I plan on most likely selling the house in 6-7 years, so would like to build as much equity as possible since it is in an area that should appreciate $20-30k in that time based on past data (I am aware this past data can't predict future growth, but is the best predictor I have at the moment). Thank you for any help or advice you can offer! [link] [comments] |
| Posted: 10 Apr 2020 05:32 AM PDT I've been looking to into getting started with real estate investing. Do you have any suggestions on where to start, videos to look at, books to read, anything that would help in kick starting? [link] [comments] |
| Posted: 10 Apr 2020 08:55 AM PDT What's going on fellow landlords. We're new to this whole multi family investing thing and recently purchased a 70-ish unit apartment complex here in SoCal. The issue is: one of our two-bedroom units is currently being used as the leasing office. There is no designated "office" space on-site; however, there is quite a bit of space out in the central courtyard area next to the pool. Anyone know the legality of setting up a storage shed next to the pool & designating that as the leasing office? We're intending to self-manage this project. Suggestions or legal advice of any sort would be greatly appreciated. Just think it's a shame to let $1500/month go down the drain like what is currently happening. [link] [comments] |
| Bad time to begin Real Estate Career? Posted: 10 Apr 2020 08:27 AM PDT Just seeking advice from others more knowledgeable and aware than I. Prior to all this Coronavirus stuff, I had been studying for my Real Estate License, and I had just passed my final test when everything hit over here in the states. I understand that most brokers will charge you monthly for desk fees and whatnot, which is a big reason why I have been biding my time. Should I continue waiting for things to clear up, or just dive headfirst and hope for the best? [link] [comments] |
| Posted: 10 Apr 2020 07:43 AM PDT |
| Posted: 10 Apr 2020 05:06 AM PDT I have a condo right now that is a VA Loan. It's a rental property. My wife and I are both on the title. The VA entitlement is under my name. We may refinance again if rates drop lower. Can we refinance it and transfer the VA entitlement to her? (We are both veterans). I searched all over and haven't found a good answer. I don't see why we couldn't but I can't find anything. I'd like to free up my VA loan for a purchase because I don't get charged a funding fee. Thank you [link] [comments] |
| Posted: 10 Apr 2020 04:03 AM PDT Hello all, Is there difference between "Appraisal final inspection" and "pre-closing and post-closing inspections done by buyer"? Property was incomplete during appraisal and the lender wants final inspection. I think property inspection done by buyer before closing to find out issues and then again post closing is different from above. Am I correct? [link] [comments] |
| First time buyer, talking to a non-profit local lending group with a few questions. Posted: 10 Apr 2020 03:59 AM PDT I am looking to buy a 2 unit property and have been talking to an agent that was assigned to me through a local, non-profit lending group that was recommended to me by a few people. Being my first potential purchase, I have a decent amount of questions about the process, what the different terms they use mean and how they calculate different variables in relation to what they're lending me. Being the way things are, we are solely communicating by e-mail (other than our initial phone call), but my agent has been hit and miss with responding to my questions. I'll either get a response within 10 minutes or not at all. The group works with 14 different lenders to find the best rates/loans for me and so far we've gotten to the point of narrowing it down to the best three options and I'm needing to make a decision on which one I choose. We've done some back and forth e-mailing about signing documents, but I still have a few questions that I've sent him before I make a final decision, which I haven't heard back from yet. Is this level of responsiveness normal given how early of a stage I am in the buying process along with the current events going on in the world? I hate to be 'that guy' that demands immediate attention just because I have a few questions (even though I don't expect immediate attention in any way), but this is the biggest purchase of my life so far and I want to understand what I'm getting into. [link] [comments] |
| How low can the 30yr fixed go? Posted: 09 Apr 2020 07:11 PM PDT We are poised to see the lowest 30 year fixed rate in history. Today's average 30yr fixed rate is 3.25% by one measure. A loan servicer keeps about .375% of that. Fannie/Freddie/Ginnie take some cut (X%) and package them into mortgage backed securities (MBS). Investors buy MBS, expecting some return (Y%) slightly higher than treasury yields for their added risk. 10, 20, and 30yr treasury yields are said to influence mortgage rates. Treasury yields are determine at auction, which is complicated. Buyers look at federal funds rate, economy outlook, interest rate expectations, etc. Mortgage rates generally lag changes in the federal funds rate and treasury For the example below, the 10-yr Treasury yield was about 0.75% today. In my mind the bottom for a 30yr fixed should equal to... 30yr Fixed Rate = .375% + X% + Y% + 0.75% ... otherwise someone doesn't get their slice of the pie. Today's average mortgage rate was 3.25%, meaning X+Y = 2.125% ... or another one of my assumptions is wrong (like using the 10 year treasury yield instead of the 20-year yield). Can anyone expound on how these variables fluctuate: Loan servicer's cut, Fannie/Freddie/Ginnie's cut, MBS holders cut, and Treasury buyers major influences. [link] [comments] |
| Posted: 09 Apr 2020 09:34 PM PDT Sorry for the low effort post, I'm sure this topic comes up constantly. I've got 24 years left on a 30 year that's at 3.125% till 8/2022 (7/1 arm). I figure rates aren't going lower.
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| Should I purchase this commercial building? Posted: 10 Apr 2020 02:36 AM PDT Hello everyone, I hope everyone is staying safe and doing alright, and thank you in advance for your comments and feedback. I am new here on Reddit and I'm not quite sure if this is the correct place to post this but I have a general question about commercial real estate, any resources that might be helpful when considering buying a commercial building. In summary, I work as a tax consultant in California, and my family who lives on the other side of the country has a small commercial building that used to be a restaurant. The building has been vacant for some time now, maybe 3-4 years and it's a run down/ hole in the wall kind of restaurant vibe building that was built in the 1960s. This is in a small city roughly 200,00 in population and 350,000 for the county. The city as a whole is experiencing a huge growth, and I believe the land value will only increase from here. I know in the long run, this will be a very good investment. The location of the building is what makes this building so attractive, it's less than a 3 minute drive to the local university, and 5-10 minute drive to Downtown. The building is off of a road that experiences heavy traffic and that road intersects with the busiest road in the city. The only downside is that, while I see other areas of the city are building and new businesses are coming in, this particular road hasn't experienced that yet. The other buildings that surround this particular building are all restaurants as well and pretty run down. Anyway, I don't want to drag this and give out tmi and bore you so I'll cut to the chase. With so much going on currently, my family has asked me to purchase the building since we still have some debt on it, roughly over 100K. My salary is about 70K, and I live in a city that's very high cost of living. I want to make this possible to put some burden off of my family, but I also know this is a great deal that's only been made because we're family and I would like to do further analysis. If any of you can provide any insights or links to any helpful resources that may help my analysis, such as estimated monthly mortgage payments if I refinance the debt and etc.. I would greatly appreciate it. As you can see, I have no clue what I'm doing, I'm still young and this would be my first ever investment but I would love to learn. If real estate is something you have deeper understanding of and passionate about, any advice would be helpful. And aside from all of this, I would love to connect with people. Thanks again! [link] [comments] |
| Need home inspector for new build? Posted: 09 Apr 2020 06:27 PM PDT I was curious about the need of whether I need to have a home inspection for a new home I am having built. I am having a custom home built and it is scheduled to be finished in about 2 weeks. This is my 3rd home I've had built. The first two were tract homes. I know that the home has a warranty but I haven't had the best experience with this builder. We are building in a rural area and I feel like we have been to the house more often that the construction supervisor. What is everyone's thoughts on this. Would I be wasting my money on having an inspection on a brand new home? Thanks. [link] [comments] |
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