Real Estate: US jobless claims now tops 30 million over the last 6 weeks - Worst in US History - Does this affect Housing Prices? |
- US jobless claims now tops 30 million over the last 6 weeks - Worst in US History - Does this affect Housing Prices?
- WE DID IT! Closed in 25 days in LA
- People who were active in 2008, did a lot people argue against the market dropping?
- Is a condo a good or bad investment for a first time home buyer?
- buying a short sale
- How did a mortgage broker get such a comparably bad rate for my refi?
- [MN] Should we still sign buyer agent contract???
- Refi to get rid of PMI, appraisal came in below 80% LTV. Can I challenge? Negotiate?
- My goal is to lower my DTI for a new application, how should I file taxes?
- ‘A Bargain With the Devil’—Bill Comes Due for Overextended Airbnb Hosts
- Can’t find homes anymore.
- Are realtors inherently biased in their perception of housing prices?
- Realtor says to expect more offers from VA loan backed buyers, what does that mean? VA loan 101 help needed.
- Unwittingly Negotiating Loan Terms
- Home Inspections
- I adore this piece of property in my hometown owned by an investment group.
- Self employed and getting a mortgage
- Can I ask my landlord to rip out a non-functioning heater and brick up the old chimney chute it’s in front of? [Victoria, Australia]
- Should we pay our real estate agent?
- Can anyone advise what's the catch is on turnkey investments like this?
- St. Hedwig TX home questions.
- Apartment noise complaints
- Anyone else getting home loan rate reduction offers from their lender?
| Posted: 30 Apr 2020 06:17 AM PDT The total brings the rolling six-week figure to 30.3 million. See Chart - this DWARFS the Great Recession of 2008/2009 - https://www.cnbc.com/2020/04/30/us-weekly-jobless-claims.html [link] [comments] |
| WE DID IT! Closed in 25 days in LA Posted: 29 Apr 2020 06:57 PM PDT Just wanted to share my story over the last month of viewing and closing on a property in LA through the pandemic. We started this journey about 3 years ago viewing neighborhoods, checking out open houses, and just kicking tires - not serious about it but slowly saving our money for when the opportunity was there. We knew we'd probably be in south LA (Leimert Park, View Park) or far east (Highland Park, Eagle Rock) due to really enjoying the areas and what the neighborhoods offer. They are also a little cheaper compared to the rest of LA because South Central is the hood slowly being gentrified, and the east side is really far for anyone who needs to commute to the west. We viewed our first house on April 2nd in Leimert Park and loved it. It was exactly what we needed, and the price was right - $680k. I was so certain on this place, I told my wife we should put an offer in right away. She wanted to see a few more. We pushed our agent to show us 8 houses the next day so we could confidently make a decision. And guess what? First house was right. Beginner's luck I guess. We put in an offer at asking and I think the pandemic situation was already started to panic sellers and buyers, so it got accepted right away + a $6k credit for appliances. We were stunned. Everyone warned us that we'd get our hearts broken over and over again in this real estate market since it's the hottest in the country and you always hear stories of people buying in cash etc. So thankful we were able to avoid it. We put in another offer on a much more expensive place, just to see what would happen - and we were immediately outbid. No biggie. I didn't want it, but did it for my wife to see the reality of real estate out here. We started with Movement Mortgage as our lender which was a total shitshow. They weren't a great option for me, having a 699 credit rating and carrying credit card debt. Their origination fees were out of this world and customer service was kind of crappy. I recently changed my name in marriage and their underwriters gave me a lot of trouble for it. It almost looked like it wouldn't go through and we'd need to wait. I also couldn't justify the extra $12k in origination fees. Total bs. We couldn't risk this falling through, so we tried another lender at the same time, Better Mortgage. They were absolutely amazing. No issues with the name change, and a better rate with low origination fees. We got a 3.875% rate, a $2,500 kickback from AMEX and free appraisal. Thanks to Reddit for that tip! Viewing homes during COVID was weird, but we were luckily able to avoid the busy open houses so that's a plus. Dealing with Escrow and signing all the title stuff in-person was a funny experience, sitting at the furthest end of a corporate board room table with someone who hadn't seen a customer in 4 weeks. Oh, the best part - the appraisal came in at $720K so #instantequity is very exciting. I can't believe I have the keys and the place is ours! WOOHOO! [link] [comments] |
| People who were active in 2008, did a lot people argue against the market dropping? Posted: 30 Apr 2020 06:47 AM PDT I'm curious since the opinion on this corona-recession seems pretty divided. When the market began collapsing in 2008, do you recall if a lot of people argued against the real estate market dropping or was the overall consensus that the market was on it's way down? Not looking for arguments for/against a market decline, just the perspective of people who were active then. [link] [comments] |
| Is a condo a good or bad investment for a first time home buyer? Posted: 30 Apr 2020 06:10 AM PDT On the surface it seems like a condo is basically just an apartment with an HOA, so I don't see the point. What are the biggest pros and cons? I'd especially love to hear the experiences of anyone here who has bought a condo themselves! [link] [comments] |
| Posted: 30 Apr 2020 08:03 AM PDT Hey everyone! My husband and I put an offer in for a short sale on 4/5, and the update as of 4/28 was that the bank had done their appraisal and we are waiting on them to hopefully approve our offer. I understand short sales can take between 3-6 months to close, but from everything I've read it seems that we are moving along the faster side (I've read that the bank could take up to a month to even approve the house as a short sale on the sellers end and another month or two to get an appraisal and assign a negotiator, whereas that all happened for our situation in 23 days), anyone have some insight into how long their short sale took once the bank got the appraisal? [link] [comments] |
| How did a mortgage broker get such a comparably bad rate for my refi? Posted: 30 Apr 2020 07:55 AM PDT I bought my first house in October of last year, and decided to refinance it. My loan was FHA, 3.875%, 78 LTV. The conventional rate at the time was much higher, so FHA payments ended up cheaper. I went with a mortgage broker. I contacted a different mortgage broker with rave reviews, and my offer from their office is 3.875% conventional, $8k closing costs with points. Out of curiosity, I applied through BoA, and their offer was 3.75%, $7k closing points. I realized I should be shopping around. I locked in a 3.25% from Consumer Direct, $3k closing costs with an appraisal waiver and under $1k in points. How did the mortgage broker not even beat BoA? I would've thought that they had some better options than many, but they're literally the highest offer I received from anyone. [link] [comments] |
| [MN] Should we still sign buyer agent contract??? Posted: 30 Apr 2020 05:26 AM PDT Meet with a buyer agent broker who we liked and he said usual thing about him getting paid commission when house is sold, but got buyer contract today and it says he gets $675 when we close plus the sellers % commission. This is in Minneapolis, MN. We haven't signed the contract yet is this normal, should we negotiate, or maybe look somewhere else? [link] [comments] |
| Refi to get rid of PMI, appraisal came in below 80% LTV. Can I challenge? Negotiate? Posted: 30 Apr 2020 06:46 AM PDT Refinancing and was hoping to get rid of PMI because the market has risen since we bought. Just got the appraisal and it's about 78% loan to value, but the comparables they used are all foreclosures (that look like foreclosures) that sold to investors. The only reason I can think of as these for comps is that our house is single story + basement, as are these. But I see a house 3 blocks away, same sq footage and # of rooms, no basement but finished attic, and it sold for nearly $60K above our estimate. Would that not be a comp? Question is, can we try to push back on the appraisal at this point or should we ask our bank to waive PMI since we're so close to the 80% mark? [link] [comments] |
| My goal is to lower my DTI for a new application, how should I file taxes? Posted: 30 Apr 2020 06:12 AM PDT My lender said I just barely didn't meet their DTI requirements on a refinance because I had a few properties that showed a loss on the previous year's tax return. I don't mind paying more taxes this year if it helps me qualify on a good rate, so what's the best way to do that? All my properties have positive cash flow and only have a loss after deductions like utilities, depreciation, etc. He said he couldn't give me any tax advice but mentioned my accountant did a great job, and this was the norm for most investors. Initially my plan was to leave out depreciation, but based on initial research it seems depreciation is not counted by lenders against income, so maybe I have to omit other deductions. Any advice? [link] [comments] |
| ‘A Bargain With the Devil’—Bill Comes Due for Overextended Airbnb Hosts Posted: 30 Apr 2020 09:53 AM PDT A few quotes:
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| Posted: 30 Apr 2020 09:38 AM PDT This Is so frustrating. We have been looking at 2-3 houses every other week up until the end of February. 100% ready to put offers on one once we found what we were liking for. Then everything dried up. Only thing coming up is land. Lots of land for sale. And multi-unit apartments. I'm going to be stuck renting this place for the rest of the year. I know there are more important things going on In The world. I was just excited to finally own a home. 🤬🤯 [link] [comments] |
| Are realtors inherently biased in their perception of housing prices? Posted: 30 Apr 2020 09:31 AM PDT Not trying to disparage but genuinely ask the question if there is inherent bias involved. Since realtors either get paid a flat fee or more than likely a % of the selling price, it is in the best interest of the realtor for selling price to go up is it not? Realtors inevitably make more if the sell higher priced homes, so it would not be in the best interest of realtors to also prop up the idea that house prices will not go down? Maybe I'm missing something but to me this promotes a truly biased view of market pricing as the realtor has legitimate skin in the game and is "rooting" for higher selling prices. [link] [comments] |
| Posted: 30 Apr 2020 08:59 AM PDT I live in Southern California and we are putting our house on the market. Our realtor says to expect a lot of buyers backed by VA loans. I don't really know how that is different from conventional loans. What should I expect? And has anyone sold their home to a VA loan buyer, if so how did it go? [link] [comments] |
| Unwittingly Negotiating Loan Terms Posted: 30 Apr 2020 08:57 AM PDT Ugh. Ok, so I was shopping around for lenders, and I've found myself unwittingly negotiating loan terms. I am going back and forth between two lenders, and it is getting annoying. I'll settle on one and then the other will come back with a "better" offer. But how do I know if it really is better? For instance, the interest rate changes on a daily basis, so will they actually be able to offer me the rate they estimate and no points? As for me, I'm a first time home buyer. I am buying a beautiful 300k house, I have excellent credit and a very stable, well paying job, so 300k is very affordable for me. [link] [comments] |
| Posted: 30 Apr 2020 08:49 AM PDT I have read a lot of horror stories about home inspections going wrong here. What is the proper way to go about them? Hire your own/multiple inspector? Inspect yourself? If an inspector walks away saying the house is fine, how do you know he/she is not BSing you? Is there ever collusion between the inspector/seller? Looking to buy soon and I want to make sure there are no surprises after purchasing. [link] [comments] |
| I adore this piece of property in my hometown owned by an investment group. Posted: 30 Apr 2020 08:36 AM PDT I've lived in this little town my whole life. I do currently own a house here that we purchased 10 years ago. The particular piece of property I'm speaking of, is within walking distance of my current home. It's peaceful, there is a little pond on it, and I estimate it's at least 5-7 acres of land. My kids have spent their youth fishing the pond and walking around the property. There is no "no trespassing" signs and many people in our community fish the pond. I never really thought about who might own it until walking down there one day realizing how much I love it. I researched the property and found out it was purchased by an investment group 12 years ago for an insanely low price. I realize it was an investment. My question is really how can I approach this investment group and what would interest them most? Is it all about top dollar? Or would they consider other factors? I'm rich by no means. I still owe quite a bit on our current home but I do have around 30-40k in equity and if we put about 20k into it, it would most likely be closer to 70k in equity (all cosmetic updating). Would investors ever consider purchasing a home for what is owed on it and using the equity as partial payment for another property? I did research the investment group a little bit. I believe it may be owned by a husband and wife real estate team. They seem to do quite well, but do have tax liens and judgements from a few different credit unions totaling upwards a few hundred thousand. The property I'm interested in is current on all property tax bills. This is so wishful thinking, but not doing anything would mean I didn't try. Any thoughts or suggestions? [link] [comments] |
| Self employed and getting a mortgage Posted: 30 Apr 2020 08:30 AM PDT Hello- wondering how difficult it is to get a mortgage if you are self employed? Ive seen a few threads on here but specifically, heres my situation: Profitable business, started in Nov 2018. If the home is going to be built after this date (ie close after Nov 2020) would we be okay? Ive seen how most lenders want to see 2 years of owning the business. Worked full time w-2 up until Sept 2019 as well. Have not taken any actual pay from our company yet, but plan to when needed. Had enough saved up until recently. Earnings were passed through on tax records as distributions for both employees of the company. Just looking for some input from loan officers, or anyone who has been in this situation. Just want to make sure we don't put a deposit down now for a home that's going to be finished later this year, and end up not getting approved for the mortgage. Also, planning to put about 40% down payment. [link] [comments] |
| Posted: 30 Apr 2020 02:32 AM PDT Hi all, I live in a little old house that has gone from residential to commercial to residential over it's lifetime. It's clear that the renovations to this house have been rushed and kinda shoddily done, which I don't mind so much as they don't make too much of an impact on my day to day life. For instance, many of the walls have no paint on them, the shower plumbing is just chock full of silicone making it almost impossible to change washers in the taps, etc. The only problem I actually have is where the chimney used to be. Rather than brick it up like is normally done, whoever did the renovations (not blaming my landlord as I don't know if he did it or bought the house with it) filled the opening with stone rubble and put a heater in front of the space, secured in place into the hardwood floors. The heater looks like it would have been top of the line in the 80s, but no longer works and looks very tacky. With the normal movement of the house over time, a large gap (about 2-3 centimetres) has appeared in between the mantle and the heater. Mice trying to escape from the cold have made a home behind there & I can't get behind it to get rid of them all. While I've put down traps, they're sneaky little shits! (I can't put bait down because I have a dog [landlord approved]). The flue also isn't completely shut up, so cold air gets in all the time. We have winters of 9°C high days, so it's always freezing in this house!! My question is: can I ask my landlord to pull out the non working heater and brick up the chimney flue to solve these problems? [link] [comments] |
| Should we pay our real estate agent? Posted: 30 Apr 2020 08:05 AM PDT We have been working with a real estate agent (who is a family friend) over the last year or two. We were recently were in the process of buying a house with this real estate agent but, unfortunately, the deal ended up falling through. Now we are back in the market but we heard about a house that had had a pending sale but the buyers backed out just before closing. Now the house is off the market. We got in contact with the sellers and now are in the process of buying the house (without real estate agent because it's off the market). My question is, should we still pay our real estate agent that we've been working with. And, if so, how much would you say (we were going to pay 2.5% with our previous deal). [link] [comments] |
| Can anyone advise what's the catch is on turnkey investments like this? Posted: 30 Apr 2020 07:04 AM PDT Not sure if links are allowed but here's a reference listing I came across on Zillow. It sounds too good to be true. At $850 per month, even less an approx. 10% for management fees, it is still $9180/year on a $59k investment, approx 15% ROI. Curious on the community's take on this. https://www.zillow.com/myzillow/SavedHomes#44458340 Text below: $59,000, 3 bd, 831 sqft Jacksonville, FLThis is a Turnkey Rental Income property!! Get 14% ROI on 1st day of ownership! This property is currently rented out with the tenants on a 12 month lease paying $850.00 per month. Want a money maker? Here it is. What I love about this home [link] [comments] |
| Posted: 29 Apr 2020 11:03 PM PDT Howdy! I am looking at a manufactured home on about 4 acres outside of San Antonio, it has been on the market for over a hundred days. I am just wondering on an affordability stand point how it will all break down and what an acceptable offer would be. It is listed at $250k and I am thinking of offering $199k. My credit is great and I have been preapproved for much more than the asking price. I will have about $20k total cash on hand for down payment. I currently make $4200 a month and have just a truck payment/insurance that isn't housing related. Any help would be appreciated. If I'm in the wrong place, I apologize and feel free to delete the post. Any help or insight would be helpful. The agent I have spoken with doesn't seem too knowledgeable or I am not asking the right questions. Thank you! [link] [comments] |
| Posted: 30 Apr 2020 05:52 AM PDT So me (26f) and my fiance (28m) just moved into an apartment. He moved in in January 2020 and I followed in March of the same year. We have a 2 y/o female Siberian husky. It's just the 3 of us. My fiance works from home right now due to COVID-19, and I work a 9-3/9-5 schedule. We aren't super loud or anything. We are still trying to adjust to apartment life, we have never lived in one before. Sometimes I have to remind my fiance about the tv/music volume. Nobody has ever said a word to us. Sometimes our husky can get excited and run, and we try our best to calm her down. She's still adjusting to apartment life too. We thought things were pretty good here (Annapolis,MD). It's nice, quiet. Yesterday, my fiance got a call from the apartment office. Noise complaint was made against us. Because of the dog playing making noise, according to my fiance. I don't know the exact wording used. Okay I'll give you that. The night before the dog did have one of her let me run real fast episodes and my fiance chased her like an idiot. My fiance then proceeds to tell me the apartment manager said this wasn't the first complaint they had gotten about us. Obviously he was as dumbfounded as I was. We were never notified of any other complaints. He asks well what was it/why wasn't I notified? He was told "I don't want to get into that right now". He is super paranoid we are going to get evicted if the neighbor downstairs (we were told it was below us) are complaining. Mind you in our lease it says we can't make loud and obnoxious noise. But it doesn't specify "quiet hours" like I've heard of many complexes doing. So my question is really I guess, do I have the right to know what the complaints brought against us are? I find it odd she wouldn't tell him. He is at the point where he feels it doesn't matter and he wants to get the hell out of here ASAP, but I wanna know because how can I fix something if I don't know what else was brought against me? I know nobody can be evicted right now because courts are closed. But how many complaints would it take to be evicted ? How would something like this hold up in court if they aren't even telling me what else was said? I hate feeling like I'm walking on eggshells in my own living environment. I don't want to disturb anyone, but I want to live my life within reason and let my dog have fun within reason. [link] [comments] |
| Anyone else getting home loan rate reduction offers from their lender? Posted: 30 Apr 2020 05:49 AM PDT Out of nowhere today my lender offered to lower my VA loan rate from 3.25 fixed to 2.75 fixed. 15-year or 30-year same rate. Anyone else getting reduction offers? Also, it would cost about $3k in fees but my monthly would go down around $280. I would be paying the savings directly to principal every month anyway. Should I take it? [link] [comments] |
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