Real Estate: This is how I react now when a tenant pays with cash. |
- This is how I react now when a tenant pays with cash.
- Willing to lose earnest money, should I?
- Positive Thing to Point Out
- Who agrees with me?
- Quicken Loans set to halt lending on all Jumbo Loans. (allegedly)
- 1st time buyer: Buy now, or renew lease and wait 12 months?
- How to use buyer credits
- First time home buyer dumb question
- Landlords trying to sell all their properties
- Are rent discounts tax deductible?
- Appraisal Comparison Method Question
- If I need to sell my house soon/now how screwed am I?
- Should I ask for a price reduction?
- First time home buyer in DC - Forecast to Home Sales?
- Tricky story-deposit rescue
- I'm closing on a house this Monday
- How will these loan deferments be reported to the IRS?
- LVP in middle-end kitchen.
- Short term rental/lease ? - Need advice on our situation
- 2008 landlords
- Walk-in Closet or Full Master Bath
- Curious if my plan around purchasing my first home is sound.
- Issue with credit towards home purchase
| This is how I react now when a tenant pays with cash. Posted: 02 Apr 2020 08:12 AM PDT Little one bedroom (no kitchen) in the back of a property and the guy always pays in cash. [link] [comments] |
| Willing to lose earnest money, should I? Posted: 02 Apr 2020 07:54 AM PDT Honestly just want opinions of others from an outside point of view (I feel like I'm clouded and may not be thinking logically). First time buyer here. I put an offer for a home in Orlando back in early March and it got accepted for 375K (with most of the closing costs covered, leaving me to pay about 3k at closing). I put earnest money (about 3k plus appraisal and inspection payments) in. Everything went smoothly and closing date is on the 9th. I plan on living at this home at least 5 years, if not longer. I locked in a rate of 2.75 (2.825 Apr) with no down payment (VA loan). But I'm now really starting to worry about the housing market and losing so much value (been reading some people throwing 25% or more out there). I have a very stable job that isn't at any risk due to the virus and will have no issues paying the mortgage if I go through with it, plus its only about $150 more than rent I'm paying now and I just got a promotion that more than covers the difference anyways. My lease ends May 4th for the apartment, so if I back out, I'll have to be out of my apartment by the 4th. So I'll have to find a place to put my stuff or move into another apartment. I have no issue with losing my earnest money, moving into another apartment or putting my stuff in storage and staying with family until things mellow out if it comes down to it. I really like the house. I saw plenty of houses and this one felt right, and if it wasn't for the virus and all the uncertainty with the market, I would have no hesitation. But I'm incredibly worried about the purchase now because I don't want to buy this home for 375k and end up having it be valued at 300k in a few months. So with that, I keep thinking maybe I should just back out and lose the money because ultimately I'll make it back by just waiting for houses to drop and buying a few months down the line. Sorry about being all over the place. Just how my brain is working right now which is why I want some outside opinion. What are your thoughts? [link] [comments] |
| Posted: 01 Apr 2020 05:01 PM PDT I really love this downturn for the following reasons : 1) sellers have gotten extremely cocky in negotiations and especially builders. Asking too much and won't negotiate much. I literally had a seller last year walk out of the closing table. He wanted to relist and ask for a higher price. Don't get me started with builders and their tactics to inflate prices. 2) Zillow and open door stopped flipping homes. 3) best real estate markets are when Buyers and sellers are on level playing field. When balance is tiled to one side, it creates a bubble 4) Foreign national loans stopped doing business. These add to the bubble selling mortgages at outrageous rates and fees. These owners are eventually gonna walk out as income from rental airBNB drop. Builders will stop taking advantage of these people. Lennar has built and sold thousands of these at outrageous prices. Now let's play fair game :) things will get better for all parties :) [link] [comments] |
| Posted: 02 Apr 2020 02:17 AM PDT We got an offer on our house which we accepted. Two weeks later due to the pandemic the buyers mortgage offer got cancelled. I said to my wife let's give them 2 weeks to find another mortgage before remarketing the house. She thinks I'm being heartless and seems ready to wait indefinitely. All this time we will be losing money on paying the mortgage on the house... House is empty and there is no chain. What would you do? [link] [comments] |
| Quicken Loans set to halt lending on all Jumbo Loans. (allegedly) Posted: 02 Apr 2020 10:19 AM PDT Some of you might have seen this already from u/aardy who is a well known mortgage broker on our subreddit. He claims that by 6pm today we will see Quicken sending out letters dropping all jumbo loans and returning their appraisal deposits. This will be the first of many. Non-QM has already gone away, servicing purchases disappearing. Shops halting lending. Just FYI. [link] [comments] |
| 1st time buyer: Buy now, or renew lease and wait 12 months? Posted: 02 Apr 2020 08:22 AM PDT My husband and I are potential first time home buyers in suburban Chicago. We've been renting for several years and have a healthy downpayment saved + rainy day fund. We both feel about as secure in our jobs as one can in this climate. If we buy, we'll most like be cost-neutral or save a small amount of money each month vs. leasing. Our lease ends at the end of May. But we need to tell our landlord in 2 weeks whether we plan to move out or renew for another 12 months. I've been monitoring the market, and prices are softly declining, but homes seem to be going into contract quickly (within a week). Given the current economic situation, is now a good time to buy? Or am I better off renewing another 12 months and waiting? What metrics should I be monitoring to determine if my local market is a good value? I'm concerned now is too soon.... but if I wait another 12 months we'll miss a buying opportunity. [link] [comments] |
| Posted: 02 Apr 2020 09:37 AM PDT We have an offer on a house that through inspection was found to have a leaky roof at the end of its life. After negotiations we've gotten 20k from the seller to be used towards a new roof and other small items that came up - a new electrical panel and mold remediation. Our lender can only let us use 15k in credits. Our attorney has recommended: "I think the best way to maximize the credit would be a purchase price of $431,000.00 and a closing credit of $12,930.00 which is a total of $19,430.00 in credits/price reduction. I realize this does not get the fully $20K in liquid fund for the repairs, but it is the best we can do given the restriction on total credits." Is there anything we're missing? Should we take it? [link] [comments] |
| First time home buyer dumb question Posted: 02 Apr 2020 06:56 AM PDT My wife and I have been dealing with a delayed appraisal for our first home. Closing date is set for the 17th in Nebraska, I just checked our banks application portal and it's updated that our app has been sent to underwriting. Does that mean the house has been appraised? [link] [comments] |
| Landlords trying to sell all their properties Posted: 01 Apr 2020 07:45 PM PDT In Maryland I just seen a landlord list 7 properties on (Hawthorne St, and Kent village Dr, Landover, MD 20785) As a landlord do you feel like you will have to sell your properties if your tenants don't pay you for a few months? [link] [comments] |
| Are rent discounts tax deductible? Posted: 02 Apr 2020 10:01 AM PDT I'm considering giving my tenant a 1-month break on rent to show appreciation during these troubled times. It will help him out a lot more than me. Can I deduct that when I file taxes for 2020? [link] [comments] |
| Appraisal Comparison Method Question Posted: 02 Apr 2020 08:14 AM PDT How is the appraisal value determined when using the comparable sales method? We recently had an appraisal were the adjusted comparable sale prices were $307,500, $256,500, $288,500. The appraised value of our house came back as $270,000. In a previous appraisal the appraised price was the average of the adjusted comparable prices. This time it is quite below the average. What other factors am I missing? [link] [comments] |
| If I need to sell my house soon/now how screwed am I? Posted: 02 Apr 2020 10:27 AM PDT In a nice suburb but itneeds work. Lawn needs some top soil and tree cutting, house needs painTing inside and out, probably could have sold it for $700k a few months ago. Some say as high as 950k with a lot of work. I was going to sell it when I inherited it but I had a significant other who said she would split the bill/taxes with me and now it looks like that's not going to happen. Not sure what my options are. I had a realtor give an estimate in November before we decided to stay but I honestly don't even remember the amount i gotta find what she gave us. I know this is kind of a stupid, poorly researched post buy I feel like making it for my mental health anyway. I inherited the house and have no experience buying/selling one. [link] [comments] |
| Should I ask for a price reduction? Posted: 02 Apr 2020 10:21 AM PDT I am closing on a home on Apr. 30 and me and my fiance are SUPER stoked. It's in my dream neighborhood and the house is directly across the street from my cousin. Couldn't be a better situation. However, the house is an ugly duckling in a great neighborhood and will need some fixing up. The house appraised for $585k and we agreed to $560k plus they are putting an additional $7,500 toward closing costs due to some fixes that need done prior to moving in. Now this all happened just prior to the Coronavirus becoming so bad here in the USA (their renters couldn't move out sooner so our closing is a 2-monther). My question is, assuming the housing market is likely going to have a downturn soon, would it be a total POS move to ask for an additional reduction in price? Or should I just suck it up and stick to the price we agreed on? Edit: I'm a first time home buyer and clearly don't understand how things work. We are under contract and I would lose my earnest money if I don't close. Sorry if I came off greedy but it was a genuine question considering the uncertainty of things. Thanks for everyone's replies! [link] [comments] |
| First time home buyer in DC - Forecast to Home Sales? Posted: 02 Apr 2020 08:59 AM PDT My partner and I have been looking at homes in the DC/Northern VA area for nearly a year. Approved for a 2.825 APR with no money down (VA Loan). We've been a little colder in our house search these past 3 months as we've finally narrowed down where/what we want around 600K (preferring under). Historically, the selling in the area moves quick and offers and acceptance are completed right after the weekend. Finally, a good prospective home popped up this week. In terms of COVID, i have no risk of losing my job and could cover costs alone. The plan was to hold this next home for 5-10 years before moving out of the city. I'm most concerned of value loss, being able to get a better deal on a home in a few weeks/months, or messing with the 5-10 timeline. I'm curious if any have experience with uncertain times like this in the DC area. To my understanding the DC area was relatively resilient to these situations in the past due to the consistent transient population. I'd be interested on some advice as to whether to hold off purchasing for some time. If so, what should be my indicators as to the appropriate time to identify the bottom of this crisis? [link] [comments] |
| Posted: 02 Apr 2020 04:30 AM PDT California-deposit rescue This is a long and complex story. Me and my roommates are international students. At the time of the corona out break we decide to go back to our Home Countries since all our classes got switched online. (I have been living in this new place for about a week) we headed to the leasing office of the building complex we were living into, as we tried to move out, and discuss the different options we had to get out of the lease it turned out neither me or my roommates were on the lease, we went back multiple times and the leasing office assured that we could leave whenever we wanted and that the leasing was on the name of one person. Kinda fishy, we all talked with the same person through the phone when we first moved in, sent him deposit money and rent. so I decided to text him, of course I played naive and acted like I didn't knew what was going on, he started giving me deceiving answers. When I first moved in before sending the deposit money, I asked for a copy of the contract, he sent me a copy of the amendment to the original contract. Which doesn't have neither me or my roommates name on it. When I first moved in I signed some papers and was told that was the contract when in reality it was just an application(when we went to the leasing office they even told us they had received our applications but shredded them). After this we moved out basically on the same day. Now basically someone is holding our deposit money without any type of contract. I have full proof of the transfer(messages, wire transfer data) to this person as well as on that particular building complex subleasing is now allowed! Now is in me and my roommates best interest to get our deposit money back (in total is 6+k) I already informed them that we ll pursue them legally and they started to collaborate,We made a group chat with these people and they said they I'll find other people and then send the deposit money back. It's been almost two weeks and I feel like it's time to let the teeth out otherwise we ll never see our money. What should we do? How bad it gets for her if we take her to court and report the (not allowed) sublease to the building complex? [link] [comments] |
| I'm closing on a house this Monday Posted: 01 Apr 2020 01:58 PM PDT I'm scared and excited. I can't wait to move out of this neighborhood. This will be my first house. I'm gonna have so much space for all my crap. [link] [comments] |
| How will these loan deferments be reported to the IRS? Posted: 02 Apr 2020 07:36 AM PDT So my bank is allowing for this loan deferral program for up to 90 days. The question is how will this be reported to the IRS? [link] [comments] |
| Posted: 02 Apr 2020 07:14 AM PDT I am currently working on a property which may end up being a long term home for my family. We are in an A class community but the property is a bit difficult to comp. There seems to be two types of properties in the general area; new contruction with high-end finishes or 30 year old homes with dated but well kept high end finishes. The cabinetry will be middle-end quality (think a slight step better than home depot) along with appliances and sink. The rest of the home has hardwood flooring which is being restored. The initial plan for the home was to put in LVP as this is my tried and true solution for kitchens in the past. I've lived in homes with LVP flooring in kitchens before and it's a pleasant surface for bare feet compared to tile (in my opinion). I'm in the school of thought to build your home the way you want and not for resale but will I be kicking myself 10 years from now if/when I go to list it? Will it appraise much less today if there is LVP instead of tile? I'm really stuck on this. Thanks for any advice! [link] [comments] |
| Short term rental/lease ? - Need advice on our situation Posted: 02 Apr 2020 06:16 AM PDT We are originally set to close by this month end, but had to postpone our house buying decision. We live in northern NJ, currently working from home. We are debating whether to do short term rental or do 1 year lease , The reasoning being,
Can you help on following
PS: We absolutely have to move from our current rental due to neighbor issues. [link] [comments] |
| Posted: 02 Apr 2020 09:35 AM PDT Those of you that were landlords during the 2008 crash, did you forgive rents or accept partial payments during the depression? If not why is it okay to do now? [link] [comments] |
| Walk-in Closet or Full Master Bath Posted: 02 Apr 2020 05:23 AM PDT Hey all, I am trying to decide whether to renovate my master bedroom. It has a walk-in closest on an exterior wall with a window that is the perfect size for a medium sized full bath. The room also has a decent sized cove that could be boxed in and turned into a standard sized non-walk in closest slightly larger then the closets in the other bedrooms in the house. I know from an appraisal perspective having the master bath would add more value because it is another above grade bathroom. What are the opinions though on the master having only a standard closest slightly bigger then the other rooms as a trade off? I would say the norm in the area is either/or for houses of my price and size so not really many with both a walk-in and full master bath. Any opinions or thoughts? Thanks! [link] [comments] |
| Curious if my plan around purchasing my first home is sound. Posted: 01 Apr 2020 07:49 PM PDT I am a 27 year old single guy and I just purchased my first home for $257k. It is in a good location and a good school district. I have been lucky enough to be successful so far early in my career and have paid off my student loans and my car. I have a credit card but I pay off the full balance every month. I took out a 15 year mortgage on the home at 3% interest. With my current base salary I have calculated that I can pay the mortgage off in 10 years if I overpay while also still contributing 10% to my 401k (my company matches my contributions 100% up to 10%), maintaining my emergency fund, having money to spend on fun and still saving about $10k in additional funds per year. This isn't even considering any of my commissions which will generally be 12k a year minimum and as high as 40k a year maximum but I do my financial planning solely on my base because thats the only guarantee I don't plan on this house being the one I retire in so based on my plan even if it were to not appreciate at all in the 10 years that I paid if off in I'd come out with $260k in equity and be in a really good position to put a large down payment on whatever house I plan to retire and hope to raise a family in. I know a lot can change in 10 years but just curious if that plan makes sense or if I'm missing anything important that I may not have considered. [link] [comments] |
| Issue with credit towards home purchase Posted: 02 Apr 2020 01:27 AM PDT This is a new construction. Builder/Seller and I agreed there will offer credit towards each item I personally buy for the house. I have bought several items from faucets, vanity, bath trims, etc to match my style. But I have still not received what will be the amount of my credit and the house will be ready for final inspection in few days. I have asked seller several times and they keep saying they will provide today/tomorrow but nothing so far. Now couple days ago I started having issues with my mortgage broker (see my post history) and due to delay in construction (twice), I have asked the seller to cover lock extension cost to which the seller has rejected. I am now worried that seller will not give a good faith credit amount towards items I bought because I am asking them to pay for lock extension. I concerned about pushing to pay for extension ($2,000) and they fudge numbers in the credit amount to cover their cost. How can I get them provide a good faith estimate? [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