Real Estate: Thanks, Covid: Buyer Walked Days Before Close After Fannie Cut my appraisal and Buyer got Cold Feet |
- Thanks, Covid: Buyer Walked Days Before Close After Fannie Cut my appraisal and Buyer got Cold Feet
- New neighbor asked us to be quiet during our home inspection. Bad sign?
- Closing on house in two weeks and found out our neighbor is holding sermons via megaphone multiple times a day, I work at home full time. (Mo)
- Is buying in DC area (nova) during covid-19 a good idea?
- To lower the price or not?
- Help! Trying to decide whether to buy or rent for the next 4 years.
- Put an offer in yesterday. Sellers are expecting one more. Should we write a letter? (CA)
- Under contract for a house under listing price, still worrying about appraisal, any advice?
- NMLS Exam 20 hr course + Prep recommendations?
- Can you factor the rehab into the mortgage?
- First Flip?
- When should we start the process of selling our condo?
- Showings in Michigan
- Getting a mortgage with variable income
- Our buyer's agent keeps pushing for 20% deposit
- Time or buy or wait in housing market?
- How Many Hours Per Job For Contractors?
- Most Borrowers in Forbearance will NOT have to pay a lump sum at end
- Renting advice
- From digital marketing to real estate
- Listing a home now while tenant with high risk health conditions lives there.
- Repercussions of moving out of refinanced primary residence
- Moved out of room but roommates refuse to show my room in NYC, and expects me to pay my portion of rent
| Thanks, Covid: Buyer Walked Days Before Close After Fannie Cut my appraisal and Buyer got Cold Feet Posted: 27 Apr 2020 05:35 AM PDT I'm posting this as mainly a form of catharsis. I'm not looking for sympathy but if anyone wants to call me an idiot for my actions or has any advice/constructive criticism for moving forward I will take it. I just had my sale fall through over $1,900.00. We were originally supposed to close April 15th and I had to extend until the 30th due to delays on the buyer's end. Offer was signed in early March. Inspection went fine as did the bank appraisal initially. I was supposed to move today. 4 days ago, I found out Fannie Mae cut my appraisal by 15k a week before close (buyer was doing a state first time buyer program). The initial bank appraisal that matched their offer (15k over list) was now reduced back to original list price. Some of the properties in the appraisal had houses in a much worse school district which I am particular upset about. Original deal had me paying the full 7.5k closing costs. I was verbally told I would now have to accept $15,000 under their original offer with me still paying full closing to match the appraisal (so net $15,000 less to me to match the appraisal). Because I was losing 15k with the appraisal adjustment, I verbally countered new terms to match the appraisal amount (so 7.5k hit there) along with 5.6k in closing help (I would pay 3.6k and the buying agent and my agent would each take a 1k cut in commission). The buyer walked claiming 1.9k in cash was too much. I'm sure they had cold feet in this market (both were still employed) but I can't believe they had the audacity to claim $1,900 was more than they could afford. You shouldn't be moving if that is the case. Part of me wonders how much they must have been freaking out the last few weeks because if Fannie hadn't cut the appraisal they would have been moving in to a house they were initially going to pay 15k over list for. I can't believe the amount of BS I now have to do deal with because of this. I am livid. My agent is livid. The lender is livid. My entire house was packed and I was supposed to move today. My girlfriend is particularly upset as we were really looking forward to living in an apartment for a year before buying our dream house. I just lost $750 in deposits from the move I was going to do today and don't even get to keep their earnest deposit because of a failure to come to terms. So now on the day I was supposed to move I need to unpack my house and return a Uhaul I wasted money on and lose a deposit on movers and my apartment deposit (luckily wasn't signing the lease until this morning). Part of me wonders if I had paid their full closing costs if they would have agreed but they didn't even counter my new proposal of them paying 1.9k, they just said it was too much. I just can't believe their sentiment changed so much in 45 days that they went from paying 15k over list price to refusing to take a deal where they would essentially be paying 12.5k under their original offer. Thanks, Covid. I am told my market is still doing well despite Covid. Inventory is low and a house on my street sold after 5 days 2 weeks weeks ago. Putting my house back on the market sounds awful during the pandemic. I'm going to re-list for 2 weeks and see what the activity is like. I had a ton of interest before and had something like 25 showings in 3 days. I am working from home full-time during the pandemic. I plan on limiting showings to 2-3 days a week and will just work from my girlfriend's on those days so I am not home. I'm also a bit mad at my agent. She did not tell me the appraisal was cut until I called her on Friday to ask if there was anything I needed to know before I sign a lease. I'm assuming she was trying to fix the issue before bringing it to my attention but I am telling her going forward I need to be made aware of any updates as they happen. So anyway, I hope I'm in the minority and the people reading this have their deals go through. Just don't count your chickens before they hatch. [link] [comments] |
| New neighbor asked us to be quiet during our home inspection. Bad sign? Posted: 26 Apr 2020 10:56 AM PDT Hi Reddit, My partner and I just had an offer accepted last week on our first home in CA. It is generally within our budget and in a decent neighborhood. After our home inspection, which showed only minor issues, we were talking with our agent in the dining room which faces the front door of the next door neighbor. During our casual conversation the neighbor pokes his head out of his door and says "Hey can you close your patio door? It sounds like you are standing in my living room." We currently live in an apartment and hate the close proximity to our neighbors. This potential new neighbor is very close and we hadn't noticed until this interaction that his front door/master bedroom are adjacent to our patio where we plan to entertain/bbq/listen to music, you know, general things that people do in their backyards. Should we be concerned, and is this enough for us to walk away? We were already having doubts/cold feet and the coronavirus situation isn't really helping either. Edit - Thanks for the comments! This is a single family home with no HOA. The lots are a bit small so the neighbors are close and the garages are in the front with the front doors off to the side. This incident occurred at 11AM on a Friday. [link] [comments] |
| Posted: 26 Apr 2020 07:22 PM PDT Title says it all. I work at home and have worked at home years, we started looking for houses before the pandemic and settle on one and signed contract about a week before the nation shut down we close in two weeks. While making minor tweaks to the house after the inspection and before appraisal we heard a loud noise, sounded like music. We could hear it with doors and windows shut. (I mean the floors are wood and house is bare) Looking at our local city Facebook page it is a pastor and he does this several times a day. We live in the Bible Belt-religion or not we should be entitled to privacy in our home. I am not sure what we are going to do yet- I guess if we move in we can make tons of noise complaints and see if that helps. Can we break contract over this and get back our earnest money? There is nothing I mean NOTHING on the market right now this was the best we can do as a starter home. The seller moved at of state in January I believe they were unaware and this started during the pandemic. [link] [comments] |
| Is buying in DC area (nova) during covid-19 a good idea? Posted: 27 Apr 2020 01:59 AM PDT We live in Arlington, VA and want to buy soon. We've been looking for months and wondering if we should wait based on that is happening with covid. We know this area is considered 'recession proof' but this pandemic situation is a whole new scenario. Anyone have any advice? Is this area 'depression proof'? Our lease is up soon and we need to make a decision to renew or buy something soon assuming we find property we can afford and feel is our home. Thanks for any advice and expert opinions on the market during economic downturn even in a region that is usually not hit hard when other areas are... [link] [comments] |
| Posted: 27 Apr 2020 07:39 AM PDT I live in the outskirts of Northern Va, and I'm trying to sell my townhome. I paid 300 three years ago, and I added some improvements of about $10k. It started at 315 on March 18th, went under contract for 320, and then the contract fell through because the lender didn't want to work with the client anymore (or that's what I've been told). The first time it was on the market, we had 7 people in 5 days, and 2 offers within that time. It's been back on the market for 2 weeks, and only 6 people have looked at it. We've had one verbal lowball (for 280 with seller concessions), but they bounced. My realtor wants to hold off on lowering the price another week. We will add "motivated seller" to the listing on Wednesday (my husband and I are trying to purchase a home in Richmond for job reasons. We are already under contract. That deal didn't fall through because I own the townhome outright, but I wanted to use it as a down payment. Without it we'd have a significantly higher mortgage payment, but we can afford it for a few months.). My concern is that it's not the price keeping people away, it's Covid. I don't want to lower the price now, still have nobody tour it, and then be stuck with the lower price once the economy opens up again. My realtor says the whole industry is going to take a hit, and to take what I can get, especially since I'm on a time crunch. My realtor is also my mother in law, so that can add some drama at times. I would love some objective opinions. This is my first time selling. Thank you! [link] [comments] |
| Help! Trying to decide whether to buy or rent for the next 4 years. Posted: 27 Apr 2020 02:21 AM PDT Hi there. We are thinking about buying at the end of next year, and selling when we move back down south after my fiancé is done with school. We live in Seattle for reference & pay $2400 a month in rent though we are hoping to move somewhere a bit less expensive to save $$$. We are wanting to purchase a home with the intent to sell in 4 years and move down south and use the money + other savings to put a large down payment on a family home in Texas. We would have $20,000 for a down payment, about $350,000 budget and would look to sell in 4-5 years. We would probably be able to save ~$1000 a month on the regular. If we rented, we would be looking at places between $1800-2000/month and we would probably be able to save about $1500 a month + our $20,000 down payment. Basically my question is - is it a financially smart move to purchase and sell in 4 years? My thought is that if we are paying into something that we can sell in 4 years, the profit from the sale of a house will be more than what we could save in those 4 years while renting. If this isn't the right sub please let me know!! [link] [comments] |
| Put an offer in yesterday. Sellers are expecting one more. Should we write a letter? (CA) Posted: 27 Apr 2020 10:08 AM PDT Hi! We live in Los Angeles, which as you know is very competitive. Right now it's less competitive but we will be going up against one more offer. Our realtor said the sellers aren't emotional about the house and won't care but we kind of feel like it could help us just communicate that we are serious and can close in a short time (25 days). What do you guys think? [link] [comments] |
| Under contract for a house under listing price, still worrying about appraisal, any advice? Posted: 27 Apr 2020 09:54 AM PDT Hi everyone, we are under contract with one inspection done and another sewer/below grade inspection scheduled for this week. I'm the most worried about appraisal. This property was listed at a higher price than other recent sales. We have it 10k under list but still about 10k over other on the market. However they weren't comparable as this housing market has low turnover (current sellers stayed for 15 years, neighbors stay for 20 + years). Things that are different about this house: -amazing upgrades, updating from the roof down to the basement. For an older neighborhood this house is fully updated. The other houses we saw on market had a renovated kitchen but then the other rooms were all falling apart or super 80s looking. Aesthetically very pleasing. -brand new energy efficient and and sound proof windows and doors all throughout -This house has an attached garage, I can't find ANY other house on the market (or on the street)within 5 miles that has an attached garage. -This house is "newer" built (built in 1980 vs 1940 for other homes). -New culdesac, and overall updated curb appeal since now closed off to through traffic, not sure how this affects house appraisal. I am very anxious about appraisal! Loan is conventional 20% down, no credits. So we have room to wiggle if needed as we are not asking much of the sellers. My realtor said to not worry to much as the appraisal affects the sellers more than the buyers. [link] [comments] |
| NMLS Exam 20 hr course + Prep recommendations? Posted: 27 Apr 2020 09:29 AM PDT Hey everyone, I am looking to take the NMLS exam within 2 weeks and am looking for the cheapest 20 approved online course option out there. I will probably then purchase compucram for the practice exams (unless anyone has a better suggestion). I really am only concerned with finding the best practice exam questions that are most similar to the exam. Don't care at all for the course hence, I really would like to spend the least amount on it. Thanks for the help! Final question regarding the 20 hr online courses that you recommend: What is the structure? Can you just have it on in the background the fulfill the 20 hours? [link] [comments] |
| Can you factor the rehab into the mortgage? Posted: 27 Apr 2020 08:56 AM PDT First I am a potential home buyer. Many of the houses in my area (Fayetteville, NC) are not to my liking. I was wondering if use could the approval rate to buy a cheap house and fix it up how I want to? Or is that just on tv? [link] [comments] |
| Posted: 27 Apr 2020 08:17 AM PDT I found a local house for sale, with the price tag $89.900. It's 1845 square feet, but the price is low for the square footage. It's almost half the price of what it should be. Needs a new ceiling and a few utilities, is this a good flip potential? Who should I consult? First time flipper here [link] [comments] |
| When should we start the process of selling our condo? Posted: 27 Apr 2020 07:30 AM PDT My boyfriend and I will be selling our condo and moving into a brand new rental condo. The new place is across the street and is still being built. A couple of weeks ago we got an email that said they were a month behind schedule due to COVID-19, but since construction hasn't been halted they're still working on it. A few days ago we have been told that the new move-in date is June 15th. Condos have a 30-60 day closing period and we would like a bit of a buffer in case the new place is delayed a bit more. We are currently in contact with a realtor, but have not officially begun anything. When should we begin this process and tell the realtor we are ready to start? Ideally we would like a closing date in August to give us a big enough buffer. [link] [comments] |
| Posted: 27 Apr 2020 06:43 AM PDT Does anyone know for sure if home showings (not open houses) are prohibited right now in Michigan under the governor's executive order? Slightly frustrated because a home we really like is being shown by the seller's agent, but our buyer's agent says it is illegal so we cant see it. Afraid someone may get in in front of us and take it before we can see it. [link] [comments] |
| Getting a mortgage with variable income Posted: 27 Apr 2020 06:16 AM PDT I work a series of short gigs all in the film and tv business. There are weeks I have no income and weeks I make 6k. Average income is around 1500-2000 per week. I've been working in this line of work for 2 years making an average of 70k a year. Will I be able to get a mortgage? I'm a w2 employee and I have my tax returns and pay stubs [link] [comments] |
| Our buyer's agent keeps pushing for 20% deposit Posted: 26 Apr 2020 03:09 PM PDT We're in the process of making an offer on a house in northern NJ. When putting together the offer, my agent keeps strongly suggesting that we put down the full 20% deposit on the house at the completion of attorney review. This sounds bonkers to me, as my understanding of earnest money is generally 1-2%, and maybe during crazy times a percent or two more. This house is not in hot market (many comps on the market for 180+ days), and we're offering about 10% below ask. 20% is in the high six figures... Sure it would make it unlikely we'd walk away from the deal, but so would 1/10th that. Is this a desperation move on his part, due to the downturn? Is he able to take his 3% out of the down payment prior to closing? Is there a legitimate reason to ask for so much prior to closing? Should I be cursing the guy out or does he have a legitimate reason to suggest putting down so much that isn't self-serving? I've been very firm, stuck to 2%, and moved forward... But I wouldn't want to use him as a seller's agent assuming this transaction goes through if he's not playing straight with me now. Quick summary:
EDIT: we are absolutely putting 20% down toward mortgage. He is suggesting we put 20% down prior to closing. Also, the conforming non-jumbo loans in Bergen County go up to $765k financed so we're nowhere near that. Financing in the mid 600's. [link] [comments] |
| Time or buy or wait in housing market? Posted: 26 Apr 2020 04:06 PM PDT I have a basic question which has been weighing on me for those buying a house for the first time in wake of that virus I apparently cannot name for Reddit will ban my thread. Is it a good time to buy or is it time to wait? Usually this will always be a question, but this is somewhat a once-in-a-lifetime sort of scenario as there are things happening now that haven't seemed to have happened before. We've never "shutdown" the economy quite like this, but there are talks of things opening back up, or people going back to work with masks. Historically viruses usually come in waves, and I don't see this really disappearing away from the world virus landscape so-to-speak any time soon. Anyways, I wanted to ask what you thought of this other common factors that seem to be affecting housing and the changes the government has done to compensate. Granted, I understand this is location dependent, but here are some overall facts that are mostly all encompassing:
It doesn't seem like they are allowing the market to adjust and correct itself naturally and they are propping up housing. Previously would banks just take back their assets and have to sell to other people that were deemed more reliable in the past? It seems like as always banks win out. That and it's pretty crazy as millennial's only have 3% of US wealth when boomers owned 21% at the same age. So it seems hard to start having families for them. So far I've been educating myself on 2008. Case-Shiller Home charts seem helpful as well as some other things. What are your thoughts? [link] [comments] |
| How Many Hours Per Job For Contractors? Posted: 26 Apr 2020 11:50 PM PDT So I'm trying a different approach with bidding for jobs on my properties. I'm trying to drive down cost as much as possible, but I need to know how many hours I should expect a contractor to work on a given job. Like how long is it supposed to take to put in a window? How long is it supposed to take to install a door? Etc. In the auto mechanic world there such a thing as book hours that is to say the standard amount of time such and such a job is supposed to take so that a client can be invoiced before the job is done. Is there such a thing in real estate maintenance? [link] [comments] |
| Most Borrowers in Forbearance will NOT have to pay a lump sum at end Posted: 27 Apr 2020 08:13 AM PDT There has been a lot of misinformation going around about this. For Fannie/Freddie backed mortgages (and presumably FHA/VA) there is no lump sum payment requirement at the end.
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| Posted: 27 Apr 2020 04:17 AM PDT Hi guys! I'm looking into renting a house for a year. I just have a question and I don't really know anything about renting. The landlord for the property I'm looking for is asking for my social security. Can they do that? What is it for? How do I know if someone is scamming me? Pls help [link] [comments] |
| From digital marketing to real estate Posted: 26 Apr 2020 08:27 PM PDT For the past couple years I've been working as a freelance digital marketing consultant. My primary job duties have been videography, social media management, photography, and lead generation. I've done a lot of real estate work too. Will being able to utilize these skills help me in a real estate career? Is it possible to do real estate and still shoot the occasional wedding video? Honestly, I have enjoyed freelancing but am wanting to find more lucrative opportunities. Would my knowledge of digital marketing open doors for me as a realtor or is 2020 just a tough time in general to become a realtor? [link] [comments] |
| Listing a home now while tenant with high risk health conditions lives there. Posted: 26 Apr 2020 10:16 PM PDT My father in law lives out of state and owns our home in Massachusetts. He can no longer afford to keep it even if we give him more rent. Apparently there's a realtor coming next week and my FIL wants my husband to show the dude around. The concern is that I am high risk for Covid 19. I have type one diabetes and asthma. My husband has been working from home and for 6 weeks we have only left to go to curbside pick ups. The idea of someone coming into our home right now is downright scary. Let alone the idea of more people down the line. Could we take a video instead? Is it absolutely necessary that come inside? What precautions are realtors taking right now? [link] [comments] |
| Repercussions of moving out of refinanced primary residence Posted: 26 Apr 2020 09:41 PM PDT If I were to refinance my VA loan home into a conventional mortgage (95% LTV) , live in it for say one or two months and then buy a new home as my primary, I was told this could raise red flags. Exactly what are those red flags and what are the potential consequences? Edit: due to people already arguing with each other in the comments, I'll extrapolate a bit. I may very well get a job promotion soon, and if that happens, I won't want to live in my current house anymore. someone help give me a clearer picture here with this situation [link] [comments] |
| Posted: 26 Apr 2020 08:26 PM PDT I had to leave NYC (and the US) due to unforeseen circumstances (was laid off and visa was expiring) and my landlord was pretty understanding towards my situation. He took on the responsibility to find another tenant for my room and also to pay for the broker fees. However, issue arises when my previous roommates are asking me to pay my portion of rent when: 1. I am not drawing a salary anymore 2. I'm not in the US 3. I already forfeited my security deposit + didn't get to sell my furniture Talked to the landlord only to find out my roommates locked my room from the inside to prevent the landlord from showing my room to prospective tenants when I left the room door open (with the keys inside the room) before I moved out. As they live in NYC, they refused to show the room over fears of the coronavirus. And because they prevent the landlord from showing the room to get it filled, the landlord had to ask the remaining room mates to pay my portion of the rent, which they refused, and tried to make me cover my portion of the rent. What should I do? [link] [comments] |
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