Real Estate: A reminder that RE is local, not national |
- A reminder that RE is local, not national
- Going to be Tougher for Lots of People to Even Get a Mortgage. Expensive Housing Markets Most Affected
- FHA requiring home to be appraised above lon amount.
- Closed on our first home (mostly) stress free! A happy story in these times.
- Do we have a ticking time bomb that could explode in July or August and crash the market? Mortgage forbearance with the Covid-19 stimulus relief bill merely gives a brief pause on payments due, but at the end of 3 months you owe all 3 months AND the current month in one lump sum. (US)
- Will He Lose His RE License?
- Commercial / Industrial (Tri-State)
- How do you appraise an ADU (Accessory Dwelling Unit)?
- wow, there is no way the market isn't going to be in a free fall in the USA.
- How will Chase's changes for lending affect VA loans?
- Seller backed out of signed contract in Texas, help!
- First time home buyer loan question
- [SoCal] Anyone else currently in escrow in SoCal? How's the process been for you so far?
- Mortgage question: can I do two mortgages on a purchase?
- Can I Buy A House Or Am I Crazy?
- Turning basement into in law suit
- Negotiating on a Bank owned property Canada
- Went from having two full-price offers last month to getting one that's $30k below my asking. Don't know how to counter properly. Advice?
- Would switching from VA to conventional be a waste of my time at this point?
- Will an SBA loan affect a personal mortgage application?
- Teacher job hunting before closing
- How can we buy this house with our FHA?
- Videos on how skyscrapers are built?
- Would it be a waste to switch from VA to Conventional?
| A reminder that RE is local, not national Posted: 13 Apr 2020 05:56 AM PDT So I'm walking my neighborhood now days. A house goes on the market, a pretty nice house in a nice neighborhood, and with COVID19 I'm thinking it'd sit for a while. Well, after 3 days it has an offer per the sign in the yard. A few days later a townhome a couple blocks away goes up, and this townhome has an offer within 3 days. So even with this virus, some houses in some neighborhoods are selling. The offerpad home a few doors up still sits. You'll see someone comment in this sub that RE is local, but I suspect this doesn't resonate for most people, but this was a pretty good reminder of this fact. [link] [comments] |
| Posted: 12 Apr 2020 04:52 PM PDT https://wolfstreet.com/2020/04/12/going-to-be-tougher-for-lots-of-people-to-even-get-a-mortgage/ "That mortgage lending standards have suddenly tightened in just a few weeks – and in some areas drastically, such as jumbo mortgages – has been reported in bits and pieces by boots-on-the-ground mortgage brokers and mortgage bankers. But how loose were those lending standards to begin with, and how did they compare to the lending standards in mid-2006 right before the Housing Bust and Mortgage Crisis, and by how much have those lending standards now tightened?" I don't think the conclusion is particularly surprising, but I like how he has data to put it into context. [link] [comments] |
| FHA requiring home to be appraised above lon amount. Posted: 13 Apr 2020 09:15 AM PDT I was supposed to close 3 weeks ago. Bank has been slow in underwriting. I was issued the conditional approval. Then Friday then sent me a FHA amenditory clause document saying they want the home appraised for 20% higher than the original apprised value and the value of my loan. I'm set to borrow 309k for a home that was appraised at 315k. Now they want the home appraised for 370k at the last minute. Problem is no one on the FHA or bank side is explaining anything they have gone silent. [link] [comments] |
| Closed on our first home (mostly) stress free! A happy story in these times. Posted: 13 Apr 2020 07:00 AM PDT Hey everyone, I keep seeing post after post of sad stories, 11th hour hiccups, and mortgages falling through so I thought I'd share our mostly stress free story to let all those looking to buy a home know that it doesn't have to be scary. My wife and I have been looking since about February in the Boston area. We wanted to stay urban, so Boston proper, Cambridge, and Somerville were all high on our list. After about two weeks, and right around the time the first cases were popping up here in Boston, we made an offer on a house. We worked with a buyers' agent who made the entire process stress free and entertaining. We made our good faith deposit ($50k) and scheduled our close for 30 days later. About a week later, we secured our loan from a Private Bank (I'll post stats below) and scheduled our appraisal. At a time where many of my friends were getting "drive-by" appraisals, our appraiser did a thorough job and even took many pictures. We were fortunate that we appraised at home value. The only hiccup that occurred was that there was a bit of a delay in receiving the Certificate of Occupancy (we bought a house that was gutted and newly renovated). All the inspections were complete, but the person who needed to sign off was difficult to get ahold of because the Buildings dept was shut down. This delayed closing by 3 days. Closing itself was a breeze! We worked with a great attorney. For what it's worth, his business is not slowing down at all during COVID and he's apparently doing 50 closings a week right now around Boston. We did have to close in a tent in the parking lot, but safety first! I hope this inspires some of you looking to jump in and to realize that even though the world is in a crisis, if you're able to, buying is not that scary. Now some stats: -Time to close: 35 days -Value of house: $1M -Down payment: 20% -Rate: 2.7% -Closing costs: $8K -Type of bank: Private Bank [link] [comments] |
| Posted: 12 Apr 2020 10:12 PM PDT This is purely anecdotal, but I was talking to a friend and he told me he deferred his mortgage due to being temporarily furloughed and it wasn't a big deal to him since it was going on the end of his mortgage. I decided to look up his lender online and he was 100% wrong and it is due in a big lump sum after his 3 months of forbearance. He did not even know this. I informed him, which troubled him greatly, to which he called his lender and confirmed the situation. How many other people are taking this forbearance and thinking they have no payments for 3 months and have no knowledge it is due in a lump sum? I was about to do it myself until I saw THIS STATEMENT on the application. I was just going to do it and keep paying it anyway, but this makes it totally pointless. This just seems like a pending disaster. We know the economy is not exactly going to instantly bounce back to 100% what it was, even if it bounces back hard and it bounces back strong. No one is predicting it bounces back to exactly how it was before instantly. But, even if it does, even if a lot of these people get their jobs back, not a lot of people are going to have the money to pay 4 x mortgage payments on the spot. For a middle-income home in America, for a lot of people we are talking about maybe $6000 to $10000 due in a lump sum. If they don't pay it, the banks can instantly throw it into pre-foreclosure saying they are due back X months. This just seems like a HUGE pending disaster. How could the designers of this bill not see this absolutely horrendous pending disaster? Any thoughts on this? I have heard not all lenders are doing this, because all the BIG lenders in this country are forcing a lump sum payment. [link] [comments] |
| Posted: 13 Apr 2020 08:30 AM PDT After I closed on a townhome (2 days ago) I was greeted by my irate new nieghbor. She said my roof is causing damage to her townhome and I am now responsible. We share our roofs as we are connected. She showed me emails that she notified the selling broker of this issue. I was never notified of this. I did have an inspection that stated a few tiles were broken but no leaks. It's fine if I'm suffering a few leaks, I would of and DID still buy the townhome. But if I'm causing damage to my neighbor's roof and the sellers agent knew and did not disclose isn't this a big no-no. What can I do to remedy the situation? [link] [comments] |
| Commercial / Industrial (Tri-State) Posted: 13 Apr 2020 10:17 AM PDT Hi all, Recently closed on roughly 6.5acre industrial lot in the tri-state area. Can flip out of it for a nice profit, or can sit on it and fix it up a bit. Right now, the property consists of a warehouse with 2 tenants (out of 4) and 3 apartments with none of them currently rented. Have the apartments listed for rent as we speak.. Thinking about: - 1) Redeveloping it into a multi-use building (comm on bottom/resi on top). It already is zoned for same; (welcome any financing tips) - 2) Updating the warehouses and keeping it industrial as I think there could be a demand in the future for such spaces; -3) Leaving as is and collecting what money it generates for the time being -4) Sale of property for a decent profit (could be worth more/less in future) Seeking any advice/recommendations from the moguls on reddit! [link] [comments] |
| How do you appraise an ADU (Accessory Dwelling Unit)? Posted: 13 Apr 2020 10:17 AM PDT How do appraisals work for ADUs? I'm currently considering building an ADU on my primary residence for personal/family reasons and then as an eventual rental opportunity. I'm looking to make sure it makes sense to some extent from a financial standpoint. Some of my notes/questions after looking back at my primary residence's appraisal in Southern California (single unit).
Using a simplified Sales Comparison Approach, my potential 1 car garage conversion plus extension ADU can be calculated as:
$44-64k net gain seems low. Unfortunately, this value is less than 50% of expected construction cost. Am I missing adjustment factors? For the simplified Income Approach, conservative rent figures for my area are:
[link] [comments] |
| wow, there is no way the market isn't going to be in a free fall in the USA. Posted: 13 Apr 2020 10:11 AM PDT something like 1/3 of people can't afford this months rent (didn't pay) . millions of people have lost their jobs. China ramping out production for everything, making an absolute killing on everything. The meat supply in the USA is going to stall. We also don't know if the USA is going to be able to get a grip on this, you have a huge part of the armed population that is thinking this is all a scam, won't stop going to church, you have an absolute narcissist president that will go down in history as the designer of the collapse of the US economy. It is like playing any game, your ahead until your beat. I am sorry this is the worst time in the history of the United States to expect stable real estate prices. A few pieces of large land will probably actually benefit as well as some very safe, isolated small towns where people still have farmers and stuff.but your average industrial town or large city. Oh No [link] [comments] |
| How will Chase's changes for lending affect VA loans? Posted: 13 Apr 2020 09:50 AM PDT Hey everyone, My wife and I are house hunting and are planning on using a VA loan, but I'm not sure what the Chase changes will mean for us. Thanks for anyone who can answer this for us! [link] [comments] |
| Seller backed out of signed contract in Texas, help! Posted: 13 Apr 2020 09:42 AM PDT Seller signed contract to sell single family home on April 9th and I just got a call from my realtor saying the seller is backing out of our signed contract. This home/property is perfect for us and we won't find a deal like this along with locked in low rate. I know I have options, but I'm looking for your experience or suggestions on how to handle this situation. [link] [comments] |
| First time home buyer loan question Posted: 13 Apr 2020 09:17 AM PDT Hello, I'm getting married this year in September and my wife and I are starting to look for a home. Both of our credit scores are over 700 and we are looking for a home around 400k in DFW. Obviously we can't put that much down. We are hoping for around 5% down or less. Should I be looking for a FHA loan or a conventional loan? I heard FHA is only for people with bad credit? [link] [comments] |
| [SoCal] Anyone else currently in escrow in SoCal? How's the process been for you so far? Posted: 12 Apr 2020 05:08 PM PDT I'm currently in escrow on the selling side. We just had an inspection and I think everything came out OK. I guess the "only" things I have left are lending/appraisal and closing. My buyer is pre-approved (post COVID timeline) but things are changing every week so I am extremely nervous. They are on a conventional loan. I might just squeeze by but who knows. How's it been for you guys? Are your realtors taking steps to expedite anything before things change even more? [link] [comments] |
| Mortgage question: can I do two mortgages on a purchase? Posted: 13 Apr 2020 06:16 AM PDT I currently own a condo and want to get a bigger one. The one I am living in is a small studio I bought right out of college and I have outgrown it. I am looking at condos that I can qualify for a loan without using the equity in my condo but I don't want to rent my place out. I also have enough to put 20% down (I think). I don't want to make an offer contingent on the sale of my condo. Can I get two mortgages - one for what my mortgage will be for the next 30 years and one to pay off when I sell my condo? I don't want to refinance immediately after closing. Here's a very ballpark scenario: I have $100k equity in the condo I'm living in. I have $70k for a down payment. I want to buy a $350k condo. I qualify for a $280k loan without selling my condo. I want to get a $180k loan and a $100k loan (this one to pay off when I sell the condo). Can I do that? [link] [comments] |
| Can I Buy A House Or Am I Crazy? Posted: 13 Apr 2020 02:24 AM PDT My fiance is 19 and I'm 18, but we'll be 19 and 20 by the time our lease is up. We're currently renting and pay $925 in rent alone, no utilities included. I have an okay credit score, around 660, and he doesn't have any credit built yet, but we have a few people who'd be willing to cosign if needed. We've both been working fulltime for 2 years. This would be the first loan for both of us. Outside of utilities and rent, we have about $300 in other bills. Our bank has an interest rate of 3.125% for mortgages and the houses we're looking at have been $105k at the most, leaving monthly payments around $400. We have enough money saved for a 3% deposit (or about $3k) If my estimations are correct, we'd be paying about $1200 per month (insurance, car, internet, utilities, mortgage) vs the $1350 we're already currently paying for just rent and utilities. We plan on meeting with a loan officer soon, but I wanted other opinions first. Is buying a house plausible for us? Are there any potential costs or loan barriers that we're missing? [link] [comments] |
| Turning basement into in law suit Posted: 12 Apr 2020 12:14 PM PDT I'm buying a home that has a basement, the current numbers allow me to rent out the house as is, but the basement is already finished and I would like to add a bath and small kitchen to add even more income. If I add the necessary egress points would I be able to rent it out separately without having it zoned as a multifamily i.e an in law suite? [link] [comments] |
| Negotiating on a Bank owned property Canada Posted: 13 Apr 2020 05:14 AM PDT Looking to buy a foreclosure that's owned by TD, I know Genworth will negotiate 8%, any ideas of what TD's % their policy allows for negotiation? Home in question is in Alberta. [link] [comments] |
| Posted: 12 Apr 2020 10:16 AM PDT I have a duplex, built in 1973, in AZ. I've had it for 20 years (bought both sides for a total of $180K) and the price per square foot on similar comps put this at a $500-$515K property. I put it up for $499K in January and had two full-price offers since then. The very last one was just three weeks ago and buyers pulled out during the inspection period because of their concerns over the fallout from the stay-at-home orders. I took the time to do about $11K in repairs/upgrades this past month (two new A/C units and used the inspection report as a punch list to fix all those other ticky-tack items) to hit the ground running when things subsided. It's been quiet for a month and I had a showing on Friday. (Obviously, breaking quarantine, I thought these people were really motivated) Showing went very well, potential buyer and his pregnant wife want to live in one side and rent out the other (like I did with my family). Written offer came over last night. $470K, $30K less than asking. I know, don't get emotional about these things. Just between us, because I need to tell someone, I was really insulted. I know, I know, but I just did all this work to try and make this a slam dunk when the order is lifted and I get showings again only to have, what I feel, is a low-ball offer. I'm not desperate. I'm not in a hurry. I'm not a "motivated seller." I do, though, realize this is all part of the game and need some help navigating my way through this. I am willing to take $490/$485K but I'm not really wanting to go lower. Are there are any good, basic ways to how to respectfully respond to this offer in a way that tells them I'm willing to negotiate but that this isn't going to be a difference between them from going from $470K to $475K? Thanks for listening, it's my first house sale... ***EDIT*** Thanks for the advice and insight below. Talked with my relator and we're going to counter at $490K and hopefully meet in the middle. Also, they were only going to put down $1,000 earnest money and we're asking $5,000. We'll see how this goes. [link] [comments] |
| Would switching from VA to conventional be a waste of my time at this point? Posted: 12 Apr 2020 05:01 PM PDT I currently have a 30 year VA loan @ 4.125% and I have been making yearly lump sum payments of 20-30k toward the principal to accelerate the loan payoff. Bought in 2018 for 180k, current principal is 121k. I'm now debating on getting a 15 year conventional loan at 3.1 percent instead, and freeing up my VA loan to buy another house with some land. I live in a home that is currently paid off and that I would rent out if I chose to buy something else. Which option should I take? Keep my 30 veteran year loan and continue to plug along with 20-30k lump sum payments hoping to accelerate the payoff before 15 years? Or should I just refinance and let the 15 year loan run it's course and also give me some more investment/rental property? VA 30 year - Principal 121k with 4.125%, currently only $311 toward principal monthly Conventional 15 year - 7k closing costs added into refi, new principal would be 129.5k at 3.1%.. $565/mo would be going towards principal and increasing each month going forward Hopefully this is enough info, I don't post here much. Looking for insight/opinions/perspective I may not have alone. TIA. [link] [comments] |
| Will an SBA loan affect a personal mortgage application? Posted: 13 Apr 2020 03:34 AM PDT I'm currently closing on a primary residence purchase, but I also own a single member LLC. I'm about to press submit on the SBA website's Covid-19 ECONOMIC INJURY DISASTER LOAN APPLICATION which offers a $10k loan advance that does not have to be repaid. I just want to make sure I'm not going to torpedo my conventional residential mortgage application that closes in a few weeks. All the research I've found so far says that it will not show up on or affect my credit report. [link] [comments] |
| Teacher job hunting before closing Posted: 12 Apr 2020 05:30 PM PDT We are set to close on a house in mid-May. I am a teacher who's looking to switch districts and right now is prime job hunting time for teachers. I would finish out the school year at my current place regardless of the job hunt - the school year for us ends the Friday before Memorial Day and usually teacher contracts go from July 1-June 30. If I wait until after closing to apply for jobs and go on interviews, it's possible I could miss out on good opportunities. Our lender has said there will be an employment verification on closing day, and I would still be employed by my current district at that time. Would it mess up closing/underwriting if I went on interviews and potentially accepted a job before closing? [link] [comments] |
| How can we buy this house with our FHA? Posted: 12 Apr 2020 06:40 PM PDT We found THE house. Me and my girlfriend are doing a joint FHA loan. The house in question is under our budget and very new (built in 2004). The issue is, the home is a foreclosure and it has most of the carpets pulled out. Needs new wood flooring or carpets. Everything else seems to be fine. Will the lack of carpet pass inspection? If not, do we have any options in order to still insure we can get the home to pass. Possibly have our realtor offer up to $9000 towards the sale (our loan max) in the event that the seller must replace the carpet? [link] [comments] |
| Videos on how skyscrapers are built? Posted: 13 Apr 2020 01:29 AM PDT I'm looking for a video on how to build a skyscraper. Not the engineering challenges of how they are physically built (there's already plenty on that), but a video focusing on the business, financial, legal, ordinance, planning, etc aspects involved in the process of building a skyscraper from start to finish. Kind of like an instructional video for real estate entrepreneurs looking to get into the skyscraper market. Are there any videos like that out there? [link] [comments] |
| Would it be a waste to switch from VA to Conventional? Posted: 12 Apr 2020 05:44 PM PDT I currently have a 30 year VA loan @ 4.125% and I have been making yearly lump sum payments of 20-30k toward the principal to accelerate the loan payoff. Bought in 2018 for 180k, current principal is 121k. I'm now debating on getting a 15 year conventional loan at 3.1 percent instead, and freeing up my VA loan to buy another house with some land. I live in a home that is currently paid off and that I would rent out if I chose to buy something else. Which option should I take? Keep my 30 veteran year loan and continue to plug along with 20-30k lump sum payments hoping to accelerate the payoff before 15 years? Or should I just refinance and let the 15 year loan run it's course and also give me some more investment/rental property? VA 30 year - Principal 121k with 4.125%, currently only $311 toward principal monthly Conventional 15 year - 7k closing costs added into refi, new principal would be 129.5k at 3.1%.. $565/mo would be going towards principal and increasing each month going forward Hopefully this is enough info, I don't post here much. Looking for insight/opinions/perspective I may not have alone. TIA [link] [comments] |
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