Real Estate: A neighbor asked me to join a class action lawsuit against a local builder who is building a house next door. What should I do? (TX) |
- A neighbor asked me to join a class action lawsuit against a local builder who is building a house next door. What should I do? (TX)
- Tenants throwing parties during COVID-19
- Contract contingency dates
- What happened to the Bay Area post-2008?
- Selling after taking a forbearance?
- Is now a good time to sell?
- [New York State] Thinking of buying a fixer-upper. Advice on location
- Tax history and loan qualification
- First time buyer here
- Get something notarized remotely?
- Interest vs. principal depending on pay date
- Shed in back yard Los Angeles with power
- As over-leveraged Airbnb owners are forced to sell through the end of the year, which international cities / markets will make for the strongest buying opportunities?
- Advice-Buying home that needs a new ROOF
- VA Cash out Refi in CA.
- Mortgage to income ratio.
- Should I take advantage of Wells Fargo's COVID19 Loan Assistance Program?
- In the middle of closing and got furloughed...
- Virginia Salesperson Exam
- What are some ways to find out whether or not a neighborhood is safe and decent to live in aside from what people say about the area through Google or Reddit?
- Property Showing Covid-19 [VA]
- Why did my escrow payment go down when I was short?
- Buying NYC condo - partner refuting my points on prices, is he right?
- In contract to sell and have open permits
| Posted: 06 Apr 2020 07:32 AM PDT So, yesterday a neighbor rang my doorbell and said he noticed the home being built next to mine is being built by a builder who has numerous "red cards" in the DFW area. At the end of next week, he's filing a class action lawsuit against this builder for issues regarding:
My neighbor wants me to join this class action lawsuit. Apparently at least five others have done so. I don't really see much reason for me to do so just yet but, I'm a bit anxious now. Honestly I don't really care about the trash issue, it's not excessive and it's hard to police. I do care about the erosion and water run off though. You can't even walk down one side of my house because there's so much mud from the construction. The walking paths are usually blocked by their machinery and lots of mud flows down their driveway into the street. I have no idea where to really start. Should I reach out to the foreman? Do I hire an inspector to check if there's issues starting to crop up that I need to keep my eye on? This is my first home that I bought barely a month ago. I have no idea what I'm doing. Should I reach out to the builder and express my concerns? EDIT: Again, I'm a new home owner so, for all I know this is nothing. [link] [comments] |
| Tenants throwing parties during COVID-19 Posted: 05 Apr 2020 11:19 AM PDT Hey guys, I'm a fairly new, owner-occupied, 3 unit multifamily, landlord in CT. I've been noticing that one of my tenants has been having people over, fairly regularly. The only reason I'm even bringing this to question is that one of his guests got so wasted that he fell down the stairs on his way to his car. Is there a way that I can legally restrict him having guests over during this pandemic? I've tried reaching out to my lawyer but he's shuttered his office for the time being. any information critiques and advice would be greatly appreciated. [link] [comments] |
| Posted: 06 Apr 2020 05:36 AM PDT If a contract was signed and executed on 4/5 and it had an inspection period of 10 days. On what day is the inspection period over 4/15 or 4/16? [link] [comments] |
| What happened to the Bay Area post-2008? Posted: 06 Apr 2020 09:27 AM PDT My fiance and I are looking to by our first home in the Bay Area (Oakland, CA.) Supply for the type of place we're looking for has been narrow from the get go. We have a lot of boxes we need checked to have the place feel "right" and just came across our perfect forever home. Now we're concerned that if we wait it out we're going to lose the opportunity to buy our dream home as it will get pulled from the market or bought by someone who's funds are recession "proof." Is the Bay Area an outlier in the sense of price drops nationally for residential property? My fiancé's dad mentioned that home values in the Bay Area only dropped by 4% during the 2008 crash. Is it safe to say that if we get in at $2.5m this month that in 5 years our house will be worth $2.5m? It seems like the Bay Area will always have a limited supply and high desirability. Thanks for any insight. We're inches away from sending our offer letter with proof of funds etc. [link] [comments] |
| Selling after taking a forbearance? Posted: 06 Apr 2020 08:39 AM PDT Like many, I have had a reduction in hours at work. However, my lender as given me a 90 day forbearance with options to eventually extend that out to one year. This has been a great help given the current situation, but I have intended to sell my house this fall anyway. Is there anything I should know prior to this? Will the forbearance have any effect on my selling the house at all? [link] [comments] |
| Posted: 06 Apr 2020 01:59 AM PDT With the current situation (COVID-19) and the current downtrend of our market, much speculation has come around the real estate market potentially crashing. Interest rates are very low right now, and it appears likely that there may be a multiple of foreclosures, loan defaulting, etc. which could result in a crash in a year or two especially since a cure or vaccine is unlikely till at-least a year. Is now a good time to sell? [link] [comments] |
| [New York State] Thinking of buying a fixer-upper. Advice on location Posted: 06 Apr 2020 10:24 AM PDT This is my first post on this sub, so if this does not belong here, please point me towards where I might find answers. Thanks. My wife and I are looking for a project home we can turn into our dream house in the Hudson Valley area of New York state. We found a huge property for a steal- about $200k under what other houses that size would go for and on a huge waterfront lot too. This is the part where I lay out the disclaimer that yes, we are definitely looking at every angle of why this house is so cheap. It looks pretty rundown and is definitely a fixer-upper and then some, so we'd have to be extra thorough with inspections, etc. Basically it's a no-go if the house has too many problems, which it definitely might. However, supposing that all that stuff checks out and we get the right 203k loan to make this happen, I have one more doubt about this place. While it's in an area that's becoming pretty popular for NYC and as far as popularity of the region and renovating the house we're pretty much guaranteed to increase the property value (as much as a guarantee exists in the real estate market), I have one concern that might be out of my hands: The property across the street is zoned a manufactured housing park. Aka, it's a trailer park. The house itself and property have potential, but I am wondering how much of that potential is affected by the trailer park across the street. Does anyone have experience in this at all? Thanks. [link] [comments] |
| Tax history and loan qualification Posted: 06 Apr 2020 10:24 AM PDT In May I will be on my fourth year working with the same company. The first two years I was a w-2. Last year I switched to a 1099 because pay went up and I saved on taxes. And now this year I am at a new position in the company and back to a w-2 because this position offers health insurance where as the previous one did not. So basically year 1 and 2 I'm a w-2. Year 3 I'm a 1099. Year 4 back to w-2. Generally speaking, will I be able to qualify for a loan? [link] [comments] |
| Posted: 06 Apr 2020 06:33 AM PDT My fiancé and I have been looking at houses for months. We've found two. Although I don't know anything about housing markets, as I understand it right now might be a crazy time to try to buy a house...But I also got approved for a good interest rate. Our jobs are in no danger so I feel like we could still proceed with our plans. Can you guys offer some advice, how low of an offer is ok to make? One house is within our budget but if I can sort of take advantage of the state of things right now and get a better deal on it I'd like to. The other house is about $20,000 over our budget. We live in a rural area where houses are cheap to begin with. Do you guys think we have a chance of talking the higher price house down to our budget? I'm not sure what would consist of a lowball offer at this point. [link] [comments] |
| Get something notarized remotely? Posted: 06 Apr 2020 08:51 AM PDT I am a UK citizen living in the UK who was buying property in the US. The deal fell through and now the title company wants to send my deposit back in the form of a cheque. The only problem is UK is in a total COVID19 lock down so I wouldn't be able to deposit the cheque (we don't have deposits via apps like in the US). Plus the exchange rate has fallen so much that I wouldn't want the money put in a UK account. I'd rather the money go into my US bank account* The title company said they can do this, but they'd need me to get some forms notarized, which I can't do because of the lock down. Any one know if there is any such thing as a remote notarization? I've Googled and found a few, but they seem a bit scammy and the reviews are mixed? I'd love to hear from anyone who has used a remote notarization (Or any one who has any ideas for my situation). *My US bank account does have an app to pay in cheques remotely, but I can't download that app from the UK. [link] [comments] |
| Interest vs. principal depending on pay date Posted: 06 Apr 2020 08:14 AM PDT This might be a junior question, but please forgive me I am dumb. If my payment is on the 15th and over three months I pay once on the 10th, once the 15th, and once the 20th... Is my ratio of principal to interest different every month? [link] [comments] |
| Shed in back yard Los Angeles with power Posted: 06 Apr 2020 08:05 AM PDT Hi guys Was wondering if anyone knew how big of a shed I could make on a property in Los Angeles? A vague question but trying to figure it out because I'd like to make an aquarium room in my shed so I'd need water and power. I've been googling it and folks are saying local building inspector, just wondering about folks who have made sheds larger than 120sq feet and what was involved and cost [link] [comments] |
| Posted: 06 Apr 2020 08:02 AM PDT |
| Advice-Buying home that needs a new ROOF Posted: 05 Apr 2020 09:25 PM PDT We live in SoCal and have been serious and shopping for a house the last 6 months. We have 20% down, great credit and stable jobs in the medical field. We put in a few offers in the last month and have been outbid by approx 100k every damn time! People are literally buying homes for 80-100k over the listing price- it's mind blogging and.. depressing. With that in mind, we toured a house today a few cities over. The house is unique and we loved everything about it. The neighborhood is great and schools are 10/10. It's our dream home, but it definitely needs work. The major/expensive thing is a new roof, some plumping/electrical. Also need to refinish the hardwood floors. This is all per the seller's agent. I asked my agent how to go about the offer and if we should offer less than the amount listed because it needs serious updates. Our agent said that we should offer the amount listed (which is our max budget btw) and wait until we go into inspections and then she said that we can negotiate and hopefully the seller will bring their price down. Do you agree with this? Any advice is appreciated!! Thanks! [link] [comments] |
| Posted: 06 Apr 2020 06:52 AM PDT I was able to snag a fixed 2.75% rate for a 30 yr VA loan in So Cal in the beginning of March. My current loan is 3.75% which I got about 2.5 yrs ago when I bought. We decided on a cash out with the intention of using ~$80k for an investment property in SoCal . Our mortgage would've dropped a few hundred dollars if we would've simply gone with a regular refi and with the cash out refi option, our payment is increasing by $100. My question is, if we decide to not move forward with buying an investment property in the next 12-18 months and just go with paying the $80k back to our mortgage , will my payment be what it would've been had I just gone with the traditional refi process from the beginning? There is no prepayment penalty. Investment property is a different animal in this area and we are hesitant to jump into it but I know there may be opportunity in the near future to buy a rental property. Also, is there any other obvious options for a couple that just has traditional 401k's in their portfolio to also park the money in the meantime? Thanks for any input provided. [link] [comments] |
| Posted: 05 Apr 2020 09:21 PM PDT Right now I make just about $50,000 a year (raise should be coming for a couple thousand this year 2020). I paid off all student debt last summer and have no debt other than a $400 a month car payment that only has 2 years left on it. I'm hoping to buy a home in the next 6 months to a year. I currently have about $15,000 or so saved up. Should be able to save more as I said My only debt is a pretty cheap car payment. I was hoping to buy a home in the range of $250,000. Is this a good idea. Would I mostly likely be approved. Last time I had my credit checked for my car 2 years ago I was about 790. I've since then removed my student debt and kept up all payments on time and I also only have 3 credit cards if that matters. I would expect my credit score to be 800 maybe more by now. [link] [comments] |
| Should I take advantage of Wells Fargo's COVID19 Loan Assistance Program? Posted: 05 Apr 2020 05:57 PM PDT My fiance and I bought a 4 unit building last August. So far the financial impact of COVID has been relatively minimal to us. My salary got decreased by about 10% due to a loss of my annual bonus. However, this is likely just the beginning and we will be seeing future financial hardships in the coming days/weeks/months both from our jobs and our tenants' ability to pay rent. We also have a tenant moving out in two weeks and we need to do significant work to the unit before we can put it back on the market. I worry about how long it will take to find new renters and how long it will take to get the work done. We've already had a contractor cancel because of COVID. Is it too early for us to start applying for the loan assistance program? The other reality is that even if we don't see future financial hardship, this is an old building that needs a lot of work and deferring a few mortgage payments to give us more cash now to make upgrades to the building would be a huge help. My understanding of the Loan Assistance Program is that we would skip the next 3 months of mortgage payments and instead extend the term of our mortgage for 3 months. Is that accurate? Are there any negative consequences to our credit history or ability to get future mortgages from this? Are there any hidden costs that I am not considering? What other important questions do we need to ask Wells Fargo? [link] [comments] |
| In the middle of closing and got furloughed... Posted: 05 Apr 2020 04:38 PM PDT My closing date is on 4/15, but I was just informed on friday that in have been furloughed for the foreseeable future due to the covid-19 pandemic. Can anyone provide some insight on how this will affect the sale? I am calling my agent and the bank tomorrow, but just want to know what we can expect as far as delays in the closing. Thank you! [link] [comments] |
| Posted: 06 Apr 2020 05:00 AM PDT Hello all! I took a course and received my license about six years ago. Things happened and I didn't do anything with it. I am in Property Managment and am thinking about getting my sales person license back to possibly earn extra income. I don't need to take the classes again, but I do need to take the test again are there any free resources I can utilize? [link] [comments] |
| Posted: 05 Apr 2020 08:10 PM PDT Do I simply just scout the neighborhood during nights and weekends and sit in my car or drive around to see whats it like? My days off vary wildly and I only get a single 3 day weekend off every month (Fri-Sun) so I'm not sure if thats enough time to determine whether or not the neighborhood and especially the home for sale is worth checking. I also dont want to just randomly start ringing peoples doorbell and ask them how they're enjoying their stay without being invasive or looking like a potential criminal. I also want to get a feel of what the atmosphere is like in general (noise levels, foot traffic, kids playing in the middle of the street and not caring about hitting other peoples cars, neighbors yelling, etc). [link] [comments] |
| Property Showing Covid-19 [VA] Posted: 05 Apr 2020 11:38 PM PDT Hi everyone I dont know if this is the appropriate place to post this but I'm feeling desperate and would appreciate any help/opinions. My family and I are currently renting a townhouse in Northern Virginia and our lease ends at the end of May. Its 60 days before our lease ends so I understand my landlord has a right to put the location up for rent but what I'm worried about is potential renters coming through our home for unit showings. I emailed our landlady and she said basically if we wear masks well be fine..when that's not true at all. I suggested virtual showings but she ignored my suggestion completely. I'm at a loss idk how to convince her to not let strangers into our home and adopt virtual showings only. I think legally she can still show places even though VA has a stay at home order but I'm not sure as the Executive Order [53] doesnt really touch on real estate. [link] [comments] |
| Why did my escrow payment go down when I was short? Posted: 05 Apr 2020 07:47 PM PDT My mortgage payment went down because my escrow payment is less but no idea why its less if a. We were $172 short for escrow the last 6mo and b. The value of the home is going up (tax assessment is also). Mortgage company error? [link] [comments] |
| Buying NYC condo - partner refuting my points on prices, is he right? Posted: 05 Apr 2020 06:14 PM PDT We're looking to buy a 2 bd condo in NYC in the $1.5m-$2m range (with ~800k down). We both work in finance so we have an understanding on how the market/economy works. We don't know what future prices would be of course, but I was putting out points for why I think they would decrease (specifically for apts in our price range). My partner kept playing devils advocate and shooting them down. Is he right? Me: sellers/investors will be pressured to sell for liquidity If their renters can't pay rent. Him: people living in luxury condos that's 4K-5k a month likely have high paying jobs that are secure so shouldn't have issue paying rents, therefore no pressure on sellers to sell. Me: lenders tightening criteria and squeezing out possible buyers, aka buyer pool is reduced so you have more leverage when negotiating prices. Him: again people looking for $1.5-$2m apts should have secure jobs. At most everyone moves their budget downwards if their assets tied to stocks (so we would be competing w buyers who were originally going to spend more) What do you guys think? My only counter argument is that the longer this goes on, even high paying jobs are at risk of layoffs. But is there some accuracy in his points that apartments in our $ range is not as affected? Fyi: he also thinks prices would decrease but we are trying to lay out the logic behind it. [link] [comments] |
| In contract to sell and have open permits Posted: 05 Apr 2020 11:01 PM PDT I live in Placer County - California. Put the house on the market just before the whole COVID19 took off. I recently (late feb) replaced the AC system and the entire roof. Both required building permits from the city. The inspector was supposed to come out last week and close the open permits, I got an email from him letter me know that there will be no inspection until this COVID19 thing is over. Unbelievably, I received many offers on my house last week and accepted an offer. My question is, what do I need to do to close on this sale within the 30 day period, even though it is very unlikely I wilk be able to get the city inspector to come out and close the permits? Based on some back and forth with the inspector, he already did preinspections during the replacement on the HVAC and the roof and said it is unlikely anything will stop us from passing the inspection. Just check that my smoke alarms are good to go... Can I close on a house with open permits? [link] [comments] |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment