Real Estate: Really would like some good free introduction to real estate courses that I could go through |
- Really would like some good free introduction to real estate courses that I could go through
- Mid-Long Term Market Outlook/How In The World Can People Afford Housing Right Now?
- Three offers on the table - one is a no go, one is a conventional loan at asking plus closing costs, the other is an FHA loan $12000 over asking. Should I be afraid of an FHA loan?
- Impulse offer accepted - any recourse?
- [NC] Non-Citizen spouse required to sign? (VA loan)
- Florida Partition Sale Credits?
- Survey before closing?
- Anything I could do about my lease for my off campus housing?
- First time homebuyer in Texas. How to best take advantage of a bad situation.
- How would someone living in the UK go about becoming a real estate agent in the US
- Anyone refinancing with US Bank? No remote closing option?
- Needing opinions on market after Covid
- At what point would new construction/new home builders start to feel the effects and take action?
- Should lenders be charging a Rate Lock extension if the delays are solely due to Coronvirus?
- So how can a housing drop/recession occur if mortgage companies are letting you defer payments for up to a year and apply them to the end of a loan
- Land Developer - Getting my own real estate license?
- Market/first time buyer advice
- Is Keller Williams a scam?
- Buyers Reporting Water in Basement
- Bad time to buy in SF Bay Area?
- 20% down to avoid PMI or cash in hand [FL]
- Is My New Part Time Real Estate Job Legit?
- LTV Question
| Really would like some good free introduction to real estate courses that I could go through Posted: 17 Apr 2020 06:32 AM PDT Only 17 years of age and many of my relatives and family friends are in real estate. It is my dream to be able to get into this line of work. Could anyone give me any sources that could help me start my journey such as online courses/ lectures ? Thanks [link] [comments] |
| Mid-Long Term Market Outlook/How In The World Can People Afford Housing Right Now? Posted: 17 Apr 2020 09:08 AM PDT Hi all, I would like to have a discussion with those knowledgeable on the market dealing with something that is on my mind a lot: how in the world can people afford to buy a house at the prices of the current market? And what are the mid/long term foreseeable effects due to people buying where they can't necessarily afford? Now, to preface, I live in a large city in the Mountain region that continues to see a lot of growth, which has helped drive prices up, so it's likely places like TX or southern US are not seeing quite a rise. To get a picture of our current market, an entry level house will cost you $325-400k. You will not be able to buy a house for under $300k, period. For first time home buyers with 20k to put down, this equates to about $1900-2000/month all in payment (PMI, Insurance, Taxes). When I was in the entry level market (6 years ago), this would be a VERY difficult price to meet, and that is with a higher education degree and skill based job. To get a semi-updated home, you are looking at $550-700k. This likely is not fully updated unless you are 20+ miles from the city center. Now, looking at my specific situation: I have been fortunate enough to become a high earner and am salaried at 90k a year. Breaking that down, I put 13% into retirement, claim 0 on taxes, and end up with $960/week in cash-in-hand. This equates to just under $4k per month in cash. Additionally, my wife makes approximately $2800/month in cash. That's a total cash income per month of $6,800. If we take the "rule" of 1/3 of your monthly income spent on housing, we can afford a mortgage of $2,300/mo. We are DINKs with no car payments, and are looking to sell our starter home (which we bought before prices weren't quite so crazy) and upgrade. With selling our house and the cash we have saved we can put down ~170k. If we purchase a $575k home, that puts our monthly payments at around $2500/mo. Now, to the issue: we are dual income, top 20% household earnings, and can barely afford a semi-updated home. But, homes are still FLYING off the market. Breaking down prices like we have above it doesn't make sense as to how people are surviving their mortgages in this current market and how the housing prices continue to climb. My questions for you lovely folks: How are so many people still buying houses at these prices? Are we going to see another 08 fallout because people are drowning in their mortgages? How long can you see prices continue to climb? What are the mid/long term consequences to people buying outside of their affordability? Just a general discussion of the causes/ramifications/justifications of prices on this situation would be great. [link] [comments] |
| Posted: 16 Apr 2020 06:13 PM PDT Put our house on the market and got three offers today as stated above. The first offer was ridiculous so it's out (asking price with a laundry list of contingencies). The second was a conventional with a big bank (Ally), asking price + $9,000 in closing with no major contingencies we can't handle. The third was an FHA loan with a big bank (Regions) for almost $12,000 over asking + $8500 in closing. We are (obviously) in a competitive market (Atlanta area). Our agent obviously isn't telling us which offer we should take definitively but seems to favor the third offer. I'm nervous about an FHA loan. Our house is older (35 years) and has been a little bit of a handful, though we have dutifully addressed each issue and maintained it meticulously you just. never. know with this house. We are at the upper end of our market price wise and the comps are all over the map in our area (mixed area with lots of older homes, some updated some not, etc.) Agent seems to think appraisal and inspection will be fine but what say you, realtors and real estate experts of Reddit? Edit: we decided to go with a different full price offer that had a conventional loan. Worried the FHA wouldn't appraise out over asking. Thank you for your advice everyone! [link] [comments] |
| Impulse offer accepted - any recourse? Posted: 17 Apr 2020 06:04 AM PDT Since our wedding was cancelled my fiancé andI decided to flip the order of events and buy our family home. We have been working with a realtor who was referred to us by a family member and looking at our "target town/neighborhood". We saw one house that checked all the boxes and decided to have our realtor find out more. He calls us and says many people have been visiting and that he thinks it is priced below market. He ultimately recommends we put an offer in NOW. We do for just under asking price and then go down the rabbit hole of comps/recently sold homes and now figure we are between 5-10% OVER. Contract has already been counter signed. Is there any reasonable way to approach this? We love the house anyways, but ~$25k is new furniture, lawn mower, snow blower, etc.. [link] [comments] |
| [NC] Non-Citizen spouse required to sign? (VA loan) Posted: 17 Apr 2020 07:40 AM PDT My wife is an Italian citizen currently in Italy quarantined. We were about halfway through the immigration process before this virus came about, but now she's basically stuck there until everything dies down. In the meantime, my apartment lease expires in June and we've been wanting to buy a house in the surrounding city where I am stationed. We looked at houses online and I got pre approved for a VA loan. Since pre-approval I've contacted an agent, and when I told him that I was married, he told me that my wife would have to sign documents and the deed in order to buy a house. Is this even possible or legal if my wife is not a citizen nor a green card holder or anything? [link] [comments] |
| Florida Partition Sale Credits? Posted: 17 Apr 2020 04:36 AM PDT Hi all, I have an unusual situation regarding a partition sale action in Florida. My mom has lived in her house for 30+ years, paid all the taxes, mortgage and repairs herself. After her divorce shortly after the house was purchased, my mom and dad had joint ownership, with the agreement that upon sale, my dad would owe mom half the taxes paid, half the costs of major repairs and capital improvements, and half the principal mortgage reduction which would come out of his half of the proceeds. Well, dad's a loser, screwed his life up and filed for bankruptcy, and the bankruptcy court sold his interest in the property to a 3rd party for just a few thousand dollars. That 3rd party has filed a partition action to force my mom to sell the house and split the profits, claiming their few thousand dollar investment entitles them to 50% of the value of the home. Mom does not want to sell, she's lived here forever. We're trying to get her an attorney now, which has been tough since everything is closed, and the few we've talked to weren't willing to take on the case since it's "not really something they do". My understanding is that it will be taken into consideration how much my mom has invested in the property vs how little this 3rd party has, and that half of the taxes and major repairs would be included, per the divorce agreement when determining who has what equity in the home. The mortgage is paid off, so does the principal mortgage reduction part mean anything now? I also read that "A tenant who pays his cotenant's proportional share of expenses such as mortgage payments, taxes, and necessary repairs is entitled to credit for those payments against sale proceeds. Burnett v. Burnett 742 So.2d 859, 861 (Fla. 2d DCA 1999); and As tenants in common they are responsible for dividing equally all payments such as mortgage payments, taxes, repairs and insurance, necessary to maintain their ownership of the property until its sale. Kelly v. Kelly, 583 So.2d 667 (Fla.1991). Generally, if one co-tenant pays all of the mortgage payments, that party is entitled to credit for payment of the other party's share when the house is sold. Mitchell v. Mitchell, 477 So.2d 2 (Fla. 5th DCA 1985); Rubino v. Rubino, 372 So.2d 539 (Fla. 1st DCA 1979); Strollo v. Strollo, 365 So.2d 189 (Fla. 1st DCA 1978)." So let's say the house is worth $250,000, and this 3rd party owns half, mom can claim that they owe half of the taxes, repairs, mortgage payments, mortgage interests and home owners insurance paid over the entire time since my parents divorce as credits against the 3rd parties 50%, correct? And if 50% is $125,000, and the credits come to $100,000, it would be reasonable to expect to pay $25,000? Are there certain things that can't be claimed as credits? Our hope is to be able to negotiate a buyout price without the partition action needing to proceed, but since mom has already paid for the house, and this 3rd party has so little invested, it hardly seems fair that they'd get the benefit of ownership without the burden of reimbursing her for the costs she's paid for ownership. She's kind of freaking out, she's terrified that she's going to have to get another mortgage on the house she paid for once already, so I appreciate any insight. TLDR: What credits can be claimed in Florida in a partition sale by one owner who has paid everything when the other owner paid next to nothing? [link] [comments] |
| Posted: 17 Apr 2020 09:10 AM PDT My brother is buying a home and his title agent (attorney) is recommending he get a survey done prior to closing. It is a large lot (~8 acres), and they are estimating the survey to be $1000, which he did not budget into closing costs. Is this really necessary? The prior survey is about 30 years old (prior to the current home being built), but the lots are huge and per him, nothing comes close to property lines on any side, not even fencing. Thanks! [link] [comments] |
| Anything I could do about my lease for my off campus housing? Posted: 17 Apr 2020 09:09 AM PDT Since COVID 19 really messed things up, I was looking to sublease my room in the summer or even do summer school and live there. Now since everything online there is really no one who would want to sublease it or even have me live in it and go to school. Is there anything I could do about this? [link] [comments] |
| First time homebuyer in Texas. How to best take advantage of a bad situation. Posted: 17 Apr 2020 10:02 AM PDT I just got a job making more than I ever have before and after another 2-3 months I'll be in a position to start looking at options. It's only 40k/year (55k total household)and I have no savings yet so it's not like I'm rich, but my debt is low and I want to buy at the appropriate time. I know it's terrible to try to capitalize on a tragic situation, but there we are. When will the market be best for someone with my means to get the best possible value for my dollar? [link] [comments] |
| How would someone living in the UK go about becoming a real estate agent in the US Posted: 17 Apr 2020 09:43 AM PDT |
| Anyone refinancing with US Bank? No remote closing option? Posted: 17 Apr 2020 09:18 AM PDT I'm surprised a bank of this size is still requiring in-person closing with a notary. Digital closing has been a thing for a while now...and with the quarantine, they still can't get their shit together? Pathetic. [link] [comments] |
| Needing opinions on market after Covid Posted: 17 Apr 2020 09:15 AM PDT Hi there. I recently just purchased my mothers house with my partner, and my dad (who is not together with my mother any more) will not stop talking about how awful of a purchase decision it was. (It wasn't) He is absolutely convinced that the market will be worse then 2008, and that we just fucked ourselves over. I have a feeling that most of this is just unresolved feelings between him and my mom, as the house is very nice. They've been split for 20 years... my dad has never owned a home. Anyways if anybody has some professional sources on a market analysis in the near future that would be great. We're in Oregon, for reference. Purchase price of $326k interest locked at 3.25% [link] [comments] |
| At what point would new construction/new home builders start to feel the effects and take action? Posted: 16 Apr 2020 07:22 PM PDT Looking at purchasing a new construction build in the Denver Metro Area. Wondering at what point would new construction builders start to feel the potential economic effects? I am thinking of larger builders, Lennar, DR Horton, Toll, etc. For example, if things go back to normal in two weeks I would expect minimal effects; however, at what point would new builders be looking at things like increased incentives, reduced prices (ha!), or even the potential to stop building in a new development and wait it out? Any insight on potential benchmarks or things to watch for out for? What happens if the economy is still struggling in 3 months, 6 months, a year, 18 months, etc. Any thoughts from anyone around in 2008 and what happened after the crash in regards to timelines and potential incentive amounts, when if ever did price reductions happen, and when did builders just pause building and wait it out? Thanks. [link] [comments] |
| Should lenders be charging a Rate Lock extension if the delays are solely due to Coronvirus? Posted: 17 Apr 2020 08:05 AM PDT For example, if a Buyer cannot get a Title Commitment because the records room is on temporary availability or shut down completely, is it right for the bank to charge a rate lock extension for the delay? Anyone have any success or insight as to how to sway the lender? [link] [comments] |
| Posted: 16 Apr 2020 03:07 PM PDT If you can use a forbearance for up to a year, why would any one default on their loan and go into foreclosure or have to short sell? I guess I'm not understanding all these videos saying foreclosures are coming ect. I see lenders are closing 6-12 month forbearances, people are getting an extra $600 in unemployment if they lost their job, stimulus funds ect. [link] [comments] |
| Land Developer - Getting my own real estate license? Posted: 17 Apr 2020 07:19 AM PDT Hi folks, I am currently a civil engineer and design and oversee land development projects for others. My plan is to break away and design and self-develop my own projects - mostly small infill single-family projects. Pretty low volume, between 1 and 10 houses a year. Would it be worth it to get my own RE license, so I can represent myself as the seller and not have to pay commissions to another agent, while still having more credibility than trying to "FSBO" my own projects? [link] [comments] |
| Market/first time buyer advice Posted: 16 Apr 2020 08:57 PM PDT We're hoping to purchase our first home this year. So far, we've spoken with a couple of financial institutions, but have not actually applied for a loan. We've also been searching real estate apps to see what is available. We've found several homes that we would like to check into further, and have even called on a few, but they're all selling/getting offers within days (sometimes even hours) of being listed. I guess my question is this: does this mean it's a bad time to be a buyer? Could things change (as far as maybe seeing homes before there listed in the apps) once we have a realtor? [link] [comments] |
| Posted: 17 Apr 2020 06:17 AM PDT I guy wrote me in chat about helping me with getting into real estate and told me he works for Keller William's and that he will send me an email with info for application. It seems strange at first that someone would send a job application to a random dude on Reddit plus I searched for Keller William's on Google and found alot of great reviews on Indeed.com but elsewhere they say that they just want to sell you their introductory courses and take a share of your commission so it's not a legit Real Estate firm that makes money from selling houses but from selling courses. Is this true? What's your sauce? [link] [comments] |
| Buyers Reporting Water in Basement Posted: 16 Apr 2020 03:27 PM PDT I am so frustrated. We sold our home 6 months ago. The buyers contacted our agent and said they had water in the basement. They had a contractor out that said it was pre-existing. We have never had water in the basement! I was so frustrated while selling the house because we were having heavy rains during each open house (and many showings) so people couldn't appreciate our yard which I thought would be the main selling point. I even said to my agent, "Well at least they'll see it's a dry basement." Many houses in our neighborhood had water in the basement a number of years ago when we had record rainfalls, but our house was dry even then! What do I do? Do I have to pay to get an attorney? Has anyone else gone through this? How much is this going to cost to fight this? Any advice, experiences, thoughts are appreciated. Thanks [link] [comments] |
| Bad time to buy in SF Bay Area? Posted: 16 Apr 2020 11:36 PM PDT Wife and I have been looking to buy in the SF Bay Area for the past 6 months but were constantly competing with cash offers and inflated prices way over asking. Seems like the demand has really dropped off (specifically the East Bay). We have secure jobs and our income supports the potential mortgage payment $650K range with 20% down, we have no debt and no kids. Found a place we like that has actually lowered the asking price and had no offers yet. What I'm wondering is what are people's thoughts on if this a a good time to buy in the Bay Area? Do people think prices in this market will really drop and we'll have just overpaid vs. waiting another 6 months? Any thoughts are appreciated. [link] [comments] |
| 20% down to avoid PMI or cash in hand [FL] Posted: 16 Apr 2020 06:30 PM PDT Located in central Florida specifically. I am weighing the pros and cons of putting 20% down on a ~260K (new build) home vs putting less, possibly 5, 10, or 15% Simple internet searches show PMI as a .5% - 1% monthly cost of the total loan amount. Does anyone know what specifically calculates this percentage? Credit? The mortgage company? Having more cash on hand may be more beneficial than a monthly PMI charge however I am having a hard time calculating this without knowing how PMI is calculated. Also, I am under assumption that any downpayment under 20% will have PMI fees, correct me if I am wrong. [link] [comments] |
| Is My New Part Time Real Estate Job Legit? Posted: 16 Apr 2020 05:31 PM PDT During this pandemic, I found a job listing on craiglist for makes cash offers for homes. I was told to use propstream to find houses that were in pre-foreclosure and then see if the owners are willing to sell their position for cash and give the property up to a local investor who is hiring me to make calls. The thing is, the offers being made to these desperate people are like 60%-70% of the ARV (after repair value) of the home. Are these people being taken advantage of and is there anything illegal about this? It was explained to me that these people have already explored all other routes for financing and have failed to secure the funds they need to avoid bankruptcy, so we are doing them a favor by giving them some of the equity left in the house and helping them avoid bankruptcy at the same time. And it did seem like the investor is being upfront with these home-owners - there was one lady who noted that the offer was much lower than the equity of the house and he agreed and told her that if she is able to make the repairs necessary and list the house then she would make more money that way rather than selling for cash. I guess I understand the logic but something still seems shady. Is this a legitimate way of doing business? Can I go to jail for this? Thank you -A concerned part-timer Edit: Thanks for the input! [link] [comments] |
| Posted: 16 Apr 2020 05:59 PM PDT Hi! Long time lurker 👀. Long story short, paid cash for investment SFH $205K. Put in $45K in renovations/improvements. Comp'a are in the $300K range. I want to put a mortgage on the property and take some cash out for other projects. Home is held in an LLC. I approached a local bank about funding this and they are offering 55% LTV on the purchase price ($205K). Ignoring improvement & "FMV." Is this typical? Was a bit frustrated that they are using purchase price and not improved value. Any input is appreciated. Thanks!! [link] [comments] |
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