Real Estate: Mortgage applications to buy a home plummet 24% annually as coronavirus slams spring housing |
- Mortgage applications to buy a home plummet 24% annually as coronavirus slams spring housing
- Closed Today!
- From the closing agent perspective
- Home Insurance
- Using a buyer's agent from the same agency as the seller's agent?
- Thinking of buying first house in NC, not sure where to begin
- Buyers requested: Put all the utilities in our name for us
- HOA payments
- Anxious and nervous about closing
- First time buyer, questions
- Buying a home with HOA fees
- Aggressive offer on a land lot
- Current FHA reserve guidance?
- Unable to close because I’m on (non-COVID-19 related) leave?
- Does anyone know the cheapest COL zip codes in the United States?
- REALTORS-Property Disclosure Form
- Limited home warranty plans with shorter coverage period
- Repercussions of backing out after Attorney Review ends, and no deposit was made?
- Should we walk?
- How did you know your first house was the RIGHT house?
- Lots of correspondents and lenders closing this week.
- Proper to give a gift to buyers realtor after closing the deal?
- Have been under contract for a new home since last June, to be completed in late May. Are we screwed for getting a mortgage?
- First Time Home Buyer. Inspection Questions
| Mortgage applications to buy a home plummet 24% annually as coronavirus slams spring housing Posted: 01 Apr 2020 06:17 AM PDT So much for the theory that this isn't going to affect Real Estate: https://www.cnbc.com/2020/04/01/coronavirus-mortgage-applications-to-buy-a-home-plummet-24percent-annually.html [link] [comments] |
| Posted: 31 Mar 2020 08:39 PM PDT Done deal. It went off fairly smoothly with a few typical closing day things such as the gutter being in the front lawn instead of attached to the roof for the walk through. I didn't experience much difficulty towards the end. I had a few late proof of employment requests from the lender, but this was my first purchase so I'm not sure how unusual that is. Overall, it went well. Just wanted to share that it's still working fine despite current conditions. [link] [comments] |
| From the closing agent perspective Posted: 01 Apr 2020 09:26 AM PDT Hi guys, just wanted to pop into the sub from the perspective of a closing agent during the current pandemic. -We've gotten word we may soon be able to notarize via Skype/FaceTime per the Secretary of State's office (they manage notary certificates in my state) - this would be great news as we could minimize traffic into our office. We are e-signing as much as possible but the documents that need to be recorded still require a wet signature; this would help with those docs and loan packages that require wet signatures. -we've seen an increase in contract terminations and refi lender orders (no surprise) -people are desperately trying to push up closings while buyers are still employed which means we are moving up closings like crazy. This is obviously adding stress to an already tense atmosphere so be nice to us. -your lender or agent might not be invited to come to the closing table since title companies are working to limit traffic as much as possible, don't take this personally. -I've seen a couple lenders not able to get closing packages to me until the last minute because they are doing the voe right before closing - if we don't have docs then we can't close, it's nobody's fault so be nice. -settlement services have been deemed essential by the department of the treasury so unless some insane collapse happens, we are still going to be closing transactions -we have a covid specific affidavit for buyers and sellers to sign regarding if there is a delay in recording due to county offices being closed down. -have I mentioned yet for everyone to be nice? (On mobile, sorry for formatting/ in a rush, sorry for syntax) [link] [comments] |
| Posted: 01 Apr 2020 06:42 AM PDT Hi there, does anyone have any suggestions for shopping around for home insurance? Thinking about going with one of the larger national companies, just because that is who does my car policy. I am also on a squeeze for time so thought it would be easier. Is it worth shopping around for some local underwriters? [link] [comments] |
| Using a buyer's agent from the same agency as the seller's agent? Posted: 01 Apr 2020 08:24 AM PDT Like the title suggests... Are there any issues with using a buyer's agent from the same agency as the seller's agent? The agent, assured me there are no problems with the arrangement. But would YOU do it? [link] [comments] |
| Thinking of buying first house in NC, not sure where to begin Posted: 01 Apr 2020 05:51 AM PDT I found a house I like, and I have some recommendations for a few local banks to speak to. Should I just call them and see about pre-approval? What steps should I take to prepare before calling? What sort of documents might I need to bring with me? There's a deluge of information on the internet, and it can be a little overwhelming. I'm just looking for pointers here. Thanks. [link] [comments] |
| Buyers requested: Put all the utilities in our name for us Posted: 01 Apr 2020 09:37 AM PDT Their lawyer reached out to our lawyer and put in the contact that we are to "put all the utilities in our name" Is this normal? Don't I need their socials to do this? Our lawyer struck that part, but it seems so bizarre to me. [link] [comments] |
| Posted: 01 Apr 2020 08:50 AM PDT Is everyones HOA payments still due in full during this is pandemic? I think it's sickening that they still want the regular payment knowing we have no income for who knows how long. I have asked them that's why I'm posting here. They don't care that I've lost my income and unemployment is only going to be 143 a week. They should have some sort of concience and cancel the weekly lawn and other things besides garbage due to this BS. But most of the members and residents here are old and rich without a care in the world. Must be nice. [link] [comments] |
| Anxious and nervous about closing Posted: 31 Mar 2020 12:33 PM PDT I got into contract for a home in Austin in feb 1st week and closing is on this Friday . I'm so stressed to decide whether to go forward or pull the plug . I'm going to lose earnest money of $10k . The home price is $550k . I'm so scared to see the news like 100k people die , 30 million people lose jobs .. etc. home prices will drop .. I'm grateful for having a job now and working from home . Deciding on the home is the toughest decision. [link] [comments] |
| Posted: 01 Apr 2020 09:39 AM PDT My SO and I are wanting to buy land to build house in eastern Wisconsin, we prefer country, wooded property with around 10 acres. This is the first for both of us and I don't know much about rates or mortgage's, but is there any worry or issues with buying at this time? It seems like real estate is slowing and prices are falling a little, id assume they would come back in some time. I know I'm asking a vague question... because I don't really know how to phrase it. In general, is this a good time to buy? Is there any difference in buying today vs 6 months ago? [link] [comments] |
| Posted: 01 Apr 2020 09:25 AM PDT We are set to close on April 15th and we are wondering if we pay HOA fees in advance on the day of closing or is that going to be put into our mortgage payments? We've never had an HOA so we aren't sure how any of it works. [link] [comments] |
| Aggressive offer on a land lot Posted: 01 Apr 2020 09:10 AM PDT For context; There is a 30ish acre lot adjacent to our current 1 acre lot, no utilities etc other than a small shack that is in disrepair. It's most likely buildable but zoning laws keep it from being turned into a development (as well as the terrain) When we moved in 5 years ago it was up for sale but outside our price range, it's dropped and dropped, until finally in the beginning of January they dropped from 150k down to 120k. This was before the market tanked and economy took a nosedive. We just closed on an equity loan and have about 115k in cash, and our realtor (back in January) said we should start at 100k. I'm wanting to be aggressive here considering the circumstances and offer 90k, expecting full well to end up around 100-105k. Is that too aggressive? Will it be an insult? The way I see it, they dropped to 120k when the economy was booming, and if they want to walk away from a cash offer, they'll be looking at potentially another few years before selling. [link] [comments] |
| Posted: 01 Apr 2020 05:23 AM PDT I saw buried in a post (I think for multifamily homes?) that FHA is now only approving those w/ 640+ credit and 6 months of payments in reserves. Can anyone weigh in on the guidance in these risky times? I'd like to swoop up a multifamily if/when these discounts materialize, but need to make sure I have enough DP to keep the monthly payment reasonable and have enough in reserves. [link] [comments] |
| Unable to close because I’m on (non-COVID-19 related) leave? Posted: 01 Apr 2020 09:05 AM PDT Will being on medical leave prevent us from closing on our house? Backstory: I work in the biotech industry and we're still considered an essential business, so no layoffs or anything (thankfully). At the end of January I was injured and it prevented me from returning to work temporarily. However, there's been some sort of bureaucratic hold up keeping me from returning to work for this long - probably a mix of a new leave system the company is trying to implement and the outbreak straining resources - so my official status is "on leave". I've been getting paid this entire time. In fact, I've been paid MORE than usual because of company dividends and even some of my stock in the company vesting and I cashed them out before everything started to tank. Unfortunately, my lender's assistant just told me that we'd be unable to close unless this leave matter is resolved. I haven't been able to find anything confirming this; the only things I've been seeing have been about maternity leave. Is this the same? It seems like if I'm still getting consistent income from my employer - so still employed and it shows in my bank account - it shouldn't matter what my status is. [link] [comments] |
| Does anyone know the cheapest COL zip codes in the United States? Posted: 01 Apr 2020 08:30 AM PDT Came into a small inheritance, I'm lucky enough to have stable remote work. I'm looking to purchase a primary residence in the cheapest COL zip code in the continental United States. I don't ask for much. -Running Water -Electricity -Some form of stable broadband internet beyond "HughesNet" or one of those satellite companies. Any ideas? [link] [comments] |
| REALTORS-Property Disclosure Form Posted: 01 Apr 2020 04:28 AM PDT In Ohio a property disclosure is required to be filled out, even if an estate. The sellers are in a nursing home with dementia. The son lives out of state and has no knowledge of the property. Have any other REALTORS run into this situation? How did you handle? Thank you!! [link] [comments] |
| Limited home warranty plans with shorter coverage period Posted: 01 Apr 2020 08:05 AM PDT Does anyone know of a home warranty company that will do a short term (less than a year) limited home warranty? Or a plan that just covers 1 or 2 things? Or, the cheapest limited home warranty available? [link] [comments] |
| Repercussions of backing out after Attorney Review ends, and no deposit was made? Posted: 01 Apr 2020 07:04 AM PDT I had my offer accepted right before Covid took off, so I believe I over payed compared to what the market is now showing me. I have not put any deposit/escrow down, just had my home inspection done. I see a new place that is about the same price with an extra bedroom and more space. Am I allowed to back out and put an offer on the new property? I know it's unethical, but it is my first house! [link] [comments] |
| Posted: 31 Mar 2020 10:51 PM PDT My wife and I made an offer of $282k on a home listed for $289,500. Sellers came back agreeing to other terms of offer but sticking w/ $289,500. We came back w/ $285,750 (meeting exactly in the middle). It was accepted. It is our relative-dream home and there's currently nothing else listed in the area we're looking at this price point that we like this much/checks as many of our boxes. For some specific reasons we'd be looking to sell in about 5 years. The sellers are getting divorced. Our agent told us per listing agent it's a "nasty divorce" where the listing agent has to communicate everything to each of them separately. They're an older couple, late 50s. I mention this because it might play into negotiating w/ them. The inspection occurred today. Infamous polybutylene (pb) pipes (home built in 1990) were found. In the disclosures the sellers had only listed "plastic" for plumbing system. Currently no known leaking per inspector but he recommended a plumber inspect it further as pb pipes can be a nightmare. The consensus online regarding pb is a bleak one. One consideration is that this house has its own septic and well. Chlorination, among a few other things, seems the main culprit in the pb failures. That the house has been w/ these pipes for 30 years w/o any noticeable issues thus far is perhaps a result of the sellers not putting chlorine in said well. Maybe just dumb luck. This is a big red flag for me but unfortunately not the only one. The house is fitted w/ 1990-era hardboard siding. The inspector identified at least 15 places between the home and the detached garage (also the hardboard siding) that were rotting and in need of replacement (they don't use it anymore for siding - w/ good reason). The sellers had a section on one side of the house that they recently replaced the hardboard siding w/ vinyl citing rot as to why. It seems the best course of action is to replace all of the home and garage siding w/ vinyl. We've yet to get quotes on the pb -> pex plumbing job or the hardboard siding -> vinyl one. From what I've seen online for our area we'd be looking at between $6-10k for the plumbing and about $7-10k for the siding. We've yet to have the septic/well inspected as it was scheduled for 4/2 but we rescheduled for a 4/9 to give us time to try and work something out w/ the sellers here. That inspection is about $700. We're in right now $1,500 for due diligence (non-refundable) and $750 for the home inspection. This $2,250 to me is a sunk cost. Sure, it would suck to have lost it but should the sellers not be too keen on providing any or enough of a repair credit we don't want to walk into a house w/ potentially $20k in repair costs between the plumbing and siding. And, we don't see the full inspection report until tomorrow. The inspector told me there were numerous other smaller issues as well. We know the well and septic are 30 years old. If they were in need of some repair, even something minor, that would only add to what right now seems like a daunting list. The estimated sales range on the house, per zillow (median error is about 4%), is $272k. Redfin's estimate is $285,500 (claims an error of only 1.77%). It is a seller's market right now and my realtor told me this house is priced right. We have yet to have the appraisal done but time will tell I suppose. The sellers seem a bit desperate to sell. They attempted for sale by owner back in December where they listed it for $309k. Jan they dropped to $295k. March they got a listing agent and priced it at $289,500. They accepted $285,750. We have until 4/23 to back out of the contract (due diligence period). What might be a reasonable expectation for me to have about how much of a repair credit the sellers might be willing to give? Is it common to accept their first offer or would I be fine negotiating it up? What percent of the total repair costs we end up quoted by a general contractor and a plumber might we expect the sellers to provide? Sorry if this was too long. It's my first post here and my first time buying a house. I'm also using the VA home loan so I'm wondering if these particular siding/plumbing issues might end up resulting in a lower appraisal from the VA. Appreciate all insight here! Thank you! [link] [comments] |
| How did you know your first house was the RIGHT house? Posted: 01 Apr 2020 06:22 AM PDT How did you know the house was right? My girlfriend and I have been looking at houses for about a month now, and around 2 weeks ago put an offer on what was to me a dream starter home. There were multiple offers and they went with another one. I have come to terms with the fact that I probably won't end up in something that nice and it needed a new roof within the next few years and a new furnace so that adds to the amount we want to pay as well. We're looking at houses in the 160-170 price range and I know that's not super high to get everything you want in a house! We're looking in Ohio as well if that helps. We looked at a house yesterday that my girlfriend really likes and would put an offer on, but I just don't feel head over heels with this house like I did for the last one we put an offer on. There are good parts of this house, and we're not looking for our forever home, I just wish I got more of an exciting feeling about it. For the house that you ended up buying did you have a great "this is it" feeling? We're also feeling a bit pressured I think to buy a house before the market may change quite a bit with COVID-19. Just looking for some advice as I don't want to be too picky for the amount of money I'm willing to pay! The house is a brick ranch that's 1300 square feet in a decent neighborhood that backs up to a big mall. There are newer updates that aren't my favorite but I know this can always be changed! The outside brick looks like it was white washed at some point but definitely isn't ideal looking to me. I also am super weird and typically prefer two story homes with a basement. Thanks for the read if you've made it this far and any help you're willing to give! [link] [comments] |
| Lots of correspondents and lenders closing this week. Posted: 31 Mar 2020 02:26 PM PDT Lots of gov correspondents and lenders closing/pausing this week. Non-qm went out the window last week. They will re-evaluate with the market on 4/13 or 15. At least two with aggregate 1,500+ loan officers. If your puchase money deal wasn't submitted with docs signed and loan locked, you're gonna be jammed up. [link] [comments] |
| Proper to give a gift to buyers realtor after closing the deal? Posted: 31 Mar 2020 05:08 PM PDT Just curious, my wife and I wanted to celebrate closing by giving our realtor a bottle of champagne or wine or something after we close as a small token of thanks for all work she's done getting us in the house. Is that appropriate? [link] [comments] |
| Posted: 31 Mar 2020 10:23 PM PDT Here's our stats: Married, both employed as essential employees. Our combo credit of 745. DTI is about 40% we are putting down $120k on the house which we are under contract for $298k. I can't use the $120k to bring down the DTI due to the money having come from the sale of another home. I do worry that because of COVID and tighter mortgage restrictions we won't qualify with our high DTI. We were previously underwritten, but I'm uncertain if this is even valid anymore. Let me know if we are S.O.L or have a fighting chance. Thanks! [link] [comments] |
| First Time Home Buyer. Inspection Questions Posted: 31 Mar 2020 02:41 PM PDT Got my inspection done yesterday and received the report today. New construction. First time home buyer. Got few questions. Notes from the inspector below Roof Types of Roof Covering: Composition Asphalt Shingles Viewed From: Accessible Areas Walked Roof Comments: There are notable bulges and lifted shingles on the northwest side of the roof. A qualified roofing contractor should be consulted regarding the repair of this condition. Should I be worried about the condition of shingles, especially since it's a new house? Do I need to consult with a roofing specialist? Walls (exterior) Walls (Interior and Exterior) Comments: There were small cracks in the exterior brick above the center of the overhead garage door opening. Cracks in the exterior bricks are usually indications that there is some degree of movement occurring in the structure. The severity of the cracks can be an indication of the amount of movement in a structure. These cracks should be filled and monitored for further activity. The inspector said foundation looks good and since it will have 10 year warranty, I hope i don't have to worry much about it Doors (Interior and Exterior) Note: It is recommended that you replace/rekey exterior locks upon taking possession of the home. Comments: The door margin is inconsistent at most of the doors throughout the home. This condition is causing these doors to be hinge bound. These doors should be adjusted so that the margins are 1/8 to 3/16 of an inch consistently. Is this normal? These are the significant things I noticed on the inspection report. Any advice appreciated. [link] [comments] |
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