Real Estate: Closed on our first/(hopefully)last house today! |
- Closed on our first/(hopefully)last house today!
- Airbnb hosts are planning to sell off their properties because of the pandemic
- Neighbor finally put their fence up but it’s a little... close? I wasn’t provided a property line survey and it appears to be touching the pillars of my deck
- Likelihood of backup offer getting accepted?
- Does collecting unemployment now affect my ability to borrow in the future?
- Sub contractors and builder
- Paid off Land Contract (MI). Obtaining deed?
- Well we might have made a mistake
- Multiple Prequalifications
- Wraparound mortgage
- Closing on purchase of my first home in 11 days. Appraisal was ordered 17 days ago and we're still waiting on it. What to do?
- Pros/cons of house in middle of other houses
- Landlord is asking me to give 90 days notice on a month to month lease
- Real estate liscense. Does it come with a certificate/diploma?
- I’m considering buying my first home and have no previous knowledge. I’m looking for information and advice.
- Bad realtor
- Buying a House after getting evicted
- Refinance advice needed
- How to find "dirt" on a property
- Have you ever lost significant money because you needed to sell fast? How much to slash the price?
- Looking for Down Payment grants in Southern California.
- Owner Financing on land
- Down payment to see the house before signing lease?
- Curated list of houses in Los Angeles?
- Bought investment property cash, what now?
| Closed on our first/(hopefully)last house today! Posted: 27 May 2020 07:12 PM PDT After 60+ days we finally closed and got the keys today. Changed the locks, mowed the lawn and scrubbed cabinets down. Can't wait for the first beer after getting things moved in this weekend. Worked so hard to get here, and just really happy this day has finally come! Thanks for all the great info! [link] [comments] |
| Airbnb hosts are planning to sell off their properties because of the pandemic Posted: 27 May 2020 10:52 AM PDT |
| Posted: 28 May 2020 09:45 AM PDT |
| Likelihood of backup offer getting accepted? Posted: 28 May 2020 05:44 AM PDT We have been contracted as the backup offer on a house that was listed last week. This is a new concept to me (first time buyer) but we still had to send in an option fee and earnest money, even before the original sale goes through. After that, we get the earnest money back but not the option fee. It feels like we just spent a couple hundred bucks on a tiny shred of hope that the original deal falls through, and if it doesn't, that was a waste. Realistically how likely is it that we'll end up getting this house? Any success stories from others who put in backup offers? The option period for the accepted offer should be ending on Saturday, and I expect our chances go down dramatically once that ends. [link] [comments] |
| Does collecting unemployment now affect my ability to borrow in the future? Posted: 28 May 2020 08:29 AM PDT Hours were reduced and I was laid off a bit ago. I'm one of the few people that did have money saved up though, so going several months with no income won't kill me, but it'd be nice to collect unemployment like everyone else and not burn through my savings. The reason I've been hesitant to collect unemployment is that we plan to buy a house next year. So I'm wondering, if I collect unemployment now for a month or two, does that hurt me 12-18 months from now? I currently have an 800+ credit score, but I am typically a seasonal/freelance employee. Sometimes paid as w2, but only for 6 or 7 months at a time. I guess I see this one of two ways: Scenario 1: I collect unemployment now for a couple months, have a fulltime job again in the fall, go to purchase a home by Summer 2021 Scenario 2: I collect unemployment, find some work but not super steady, still have a big down payment, try to purchase a home in summer 2021 Also luckily the fianceé has a killer job and credit score so I guess its not a problem if we both sign for it, but I still just dont want this coming back to haunt me when we go to buy a house. [link] [comments] |
| Posted: 28 May 2020 04:30 AM PDT Hi everyone, Recently purchased new construction and I remember seeing a post here about asking the builder for some type of document which shows the builder has paid every contractor in full so the purchaser has proof in-case one of them puts a lien. Can some elaborate on this or tell me more details what document i should be asking the builder? [link] [comments] |
| Paid off Land Contract (MI). Obtaining deed? Posted: 28 May 2020 09:21 AM PDT 5 years ago, I purchased a house on a land contract. I've reached the last few months of payments, and am preparing to obtain the deed. We filed through a title company when we closed, and paid for title insurance. I reached out to the seller's agent at said title company who conducted the closing. She reminded me that transfer tax should be remitted our last payment to the seller, but we will need written authorization from the seller to release the deed. Is this accurate? We were hoping to not have to deal with her again, as she's kind of bizarre. She was difficult during closing, and I can only imagine she'll be difficult in wrapping up the land contract as well I have kept perfect track of payments, and we've met every term of the land contract Thankful for your advice! [link] [comments] |
| Well we might have made a mistake Posted: 28 May 2020 09:04 AM PDT Our plan pre-covid was to buy/sell houses in April. Our plan was to find a house, have an offer accepted, and then list our house for sale. Contingencies to sell weren't really getting accepted around here and we were fine to carry two mortgages for a few months. Well, due to covid, we pushed our timeline about a month and a half. At our realtors suggestion, we decided to list our house to sell before putting an offer on a place, due to uncertainty with selling our home. Well our house sold full price in less than a week. And the two houses we were eyeballing to put offers in also went contingent over the weekend. We added a provision to the sale of our house that the closing date is contingent on the closing date of our new house - but we have 90 days (from last Sunday) to close. And there's no where we want to buy. We are basically just refreshing the mls waiting for something to get listed. I am very worried we are going to end up being forced to buy a house we don't like or void the sale of our home. Has anyone else been in this situation? [link] [comments] |
| Posted: 28 May 2020 05:22 AM PDT I know that applying and getting pre-qualified for multiple lenders within a 30 day period are combined into 1 inquiry. Is there a limit on the inquiries though? For example, could I apply to 10 lenders and have them all combined into 1 inquiry? [link] [comments] |
| Posted: 28 May 2020 07:29 AM PDT Hi all. Not sure if this is the right place for this, if not I'll delete. Long story short I'm looking to get out of my house ASAP (trying to free myself from a difficult marriage). I owe 90k on it. I was approached by a friend of a friend about a "wraparound mortgage" - this individual said it'd be an easy way to make some money and be rid of the house. Reading up on it this doesn't seem like a great option, and possibly a little shady. Would anyone be able to offer some guidance here? Said "buyer" was talking about paying me cash "on the side" which kind of made the alarm bells go off. Any insight would be appreciated! [link] [comments] |
| Posted: 28 May 2020 07:27 AM PDT My realtor says he spoke with my lender a couple days ago and they were both surprised it was taking so long, but it seemed like the lender was on it. What are the next steps if I don't get this by Friday? My realtor mentioned that if it's a week out from closing and we still don't have it that might be concerning, but what will happen? This is a conventional 30 year mortgage and I do not know who is appraising the property. I don't even know if they've made it out to the property yet. [link] [comments] |
| Pros/cons of house in middle of other houses Posted: 28 May 2020 06:54 AM PDT I'm looking at a house/lot that's in the middle of a bunch of other houses. It's in the center of the block. All the houses surrounding it face a street, this house you have to drive down a long driveway between other houses to reach it. It shares a fence with 6 other houses. The long driveway is shared with another house of similar setup (and is also one of the 6 neighbors). It's a large lot so it's decently spaced between neighbors. What are the pros/cons to this type of setup? Pros: No street noise, more privacy Cons: More neighbors to possibly contend with, shared driveway issues?, potentially claustrophobic feeling (especially if neighbors rebuild taller homes) What do you all think? Any other pros/cons you can think of? [link] [comments] |
| Landlord is asking me to give 90 days notice on a month to month lease Posted: 28 May 2020 09:50 AM PDT I have a really positive relationship with my landlord generally, but have been uncomfortable with the request to give 90 days notice when moving out of a rented condo. For some context, I have lived in this condo for 2 1/2 years and when my year lease was due for renewal, I requested to move to a month to month lease because I planned on looking for a house in the coming year. I ended up signing for another 6 months and part of the agreement when I originally moved in stated that I could move to month to month at any time when my lease was up. Now I am seriously looking for a house, got the pre-approval and real estate agent and I am touring houses. I asked my agent how long it typically takes to close, and with my situation and type of loan, 6 weeks is a comfortable time frame. I am not really sure if that means I would be moving into the house in 6 weeks, or if there is a delay on moving in. Now to my original question, from my understanding, being on a month to month lease means that I only need to give 30 days written notice when I am ready to move out. I like my landlord and will give as much notice as possible, but am I in the right in thinking that I have no legal obligation to give any sooner than 30 days? I live in Oregon by the way. Thank you in advance for any advice for this question! [link] [comments] |
| Real estate liscense. Does it come with a certificate/diploma? Posted: 28 May 2020 09:39 AM PDT Let me know if this is the wrong place to post this. Google isn't giving me any answers. My Gf is taking the real estate exam soon and her bday is coming up. I thought for her B-Day i might get her a fancy frame for a certificate or diploma like thing she gets for getting liscensed. Do people who pass the real estate exam get a certificate?? If it's not given can you order one from the state? Sorry again if this is dumb. Thanks for responding! [link] [comments] |
| Posted: 28 May 2020 09:33 AM PDT First and foremost, I live near Los Angeles, California. I currently live in a city called Rolling Hills Estates. I'm a 28 year old, single, female. I have a good credit score, no debt, and $30,000 in savings that I can use towards a down payment on a home. I'm currently living with my parents who are renting. They're paying $3,700 a month for rent. Our landlord wants to sell our home and has given us 2 months notice. My parents have never been homeowners. My parents initially wanted to rent another home, but after some talk and consideration I have decided to buy a home and they will help to pay the mortgage instead of renting elsewhere. I don't have stable income right now, but I graduate nursing school in 6 months and will have a solid and stable income within one year. (approx $60,000 a year after taxes) During that time, my parents will primarily be responsible for paying the mortgage. They have no savings, and they have debt, so my savings will be needed for the down payment. I'm unsure what to do. Should I buy a starter home for under $600,000? Fix it up, and sell it after a few years? Should I buy a decent townhome for $700,000-800,000? I don't know anything about "equity" and "refinancing" and I will need to do research on my own. Any recommendations for good books, podcasts, or resources to learn about buying a home would be appreciated. I'm a bit more interested in living in a home that's in a gated community so I'm aware I would have homeowner association fees in that situation. This is very new to me so any and all information is appreciated. Thank you! [link] [comments] |
| Posted: 28 May 2020 09:29 AM PDT We're in a pickle, we're buying land in Wisconsin, we don't have a realtor, seller does. Basically... they are just bad, it's hard to explain all the ways that they keep dropping the ball. We've spent weeks trying to get standard information from them to no avail. I'll try to sum up the main points, there's a lot so I'll try to keep on point. -no land survey. For weeks we asked for it, she kept saying it would be sent by the end of day. This went on for 3 weeks, at one point she just stopped responding all together for 8 days. We finally get survey, but not a single signature is on it... we close tomorrow. Turns out it was ready April 28, they didn't give it to us until may 24th. -no condition report. We've sent 16 emails, nothing. It actually feels like we are in the twilight zone. They will randomly respond and say stuff like "what's up with the condition report", "buyer needs to sign report"... from my reading, we were suppose to get this by 10 days after accepting offer according to WI Law. -many unsigned documents. They will often send over documents that are unsigned... like an Amendment to our offer over a typo. Bank needed this, it took 3 weeks to get. She blamed just about everyone as to why it took so long, main issue being e-signature, saying the seller refused to e-sign anything. At this point, we've all been e-signing everything, including the seller. There's more, but it's all the same sort of stuff. Basically, we can't get the paperwork we need to finish. They think we're not in communication with the seller, but we are, often. Seller has same issue as us, plus more. We close tomorrow... but still do not have a land survey or condition report. Now the realtor is saying the bank is holding it all up because they have not been in contact with the title company. The bank is equally frustrated and has asked for the reports but get nothing. When we finally get something from them, it's dated weeks ago... So it's not the seller. What do we do here? We want to buy the land. The seller wants to sell the land to us, I just talked to the seller today again voicing these issues. The realtor is "legit", big company, not some one man operation. All their reviews are good, except for this one person, they are all one star reviews with the same issues. We are sooo frustrated, any advise would be good. [link] [comments] |
| Buying a House after getting evicted Posted: 28 May 2020 09:26 AM PDT So its the not the best reason, but our current house we are renting doesn't have an A/C that is working for the last week, landlord said he'll fix it this week, which I think he will. There are other minor problems but we don't want to live here anymore (still have 10 months on the lease) and buy something right now. We are looking at houses now and found a couple we like. So if we buy a house and leave our current renting place, assuming we get evicted, will it effect us in buying a house? This is assuming the closing date is before we get evicted. [link] [comments] |
| Posted: 28 May 2020 09:25 AM PDT Long story short, I've been looking to refinance my current home. We're in an FHA mortgage, and I'd like to get out of it and remove PMI. During all of this corona stuff, the real estate market was shut down in my state (PA), so I wasn't able to refinance. My lender informed me I could refinance using an FHA streamline, which would ultimately drop my payments by a few hundred. He also said that the conventional rates weren't as good as the current FHA rates. I ended up signing the FHA streamline yesterday. Today I checked better.com and they're now accepting applications for PA again. The conventional rates are just about what the FHA streamline rate was. My questions are: 1) Is it possible to reach out to the lender and cancel the FHA streamline, or have I gone too far into the process? (We've not closed yet, just locked in a rate (3.25%) and I did sign a few papers). 2) If I can't get out of the FHA streamline, can I just refinance again right when we close on the streamline (roughly 30 days from now)? I was told there was a 210 day period between FHA streamlines. Feeling like I jumped the gun with the FHA streamline and am kicking myself a bit right now. [link] [comments] |
| How to find "dirt" on a property Posted: 28 May 2020 09:23 AM PDT To all investors and property owners, if you are interested in a property, how do you find "dirt" on a property that will help you negotiate on the price??? [link] [comments] |
| Have you ever lost significant money because you needed to sell fast? How much to slash the price? Posted: 28 May 2020 09:12 AM PDT We have a house that we need to sell fast and it's been sitting for a few months now with not many bites. At this point I don't believe we will make money all said and done and in fact I believe we will lose money in the end. We need to move, so my options are to move my family in with relatives and keep paying for this house until it finally sells or cut the price so much that hopefully someone finally makes an offer soon. Has anyone else been in a situation like this? [link] [comments] |
| Looking for Down Payment grants in Southern California. Posted: 28 May 2020 08:12 AM PDT First time homebuyer and google makes everyone look so fishy. Would really like to apply for a down payment grant so I can get into a home sooner. [link] [comments] |
| Posted: 28 May 2020 08:11 AM PDT What's the downside? I see nothing but upside seller financing land. It's an annuity basically. And when the buyer wants to build on the land, the underlying loan gets paid off, right? If the buyer defaults, you get to keep what was paid to date AND get the land back. [link] [comments] |
| Down payment to see the house before signing lease? Posted: 28 May 2020 07:45 AM PDT I do not know a whole lot about renting processes and thought to get some help here. This is USA/CA. I was finding houses to move in for rent and came across a place that was budget friendly and nice. The thing was, the landlord told me they were in NY and couldn't show me the place themselves. They told me they could show me the place through an Airbnb agent and the only way I could initially see the house is when I would pay a down payment of one month rent. After they receive the payment, an agent will reach me for initial inspection. They reassured me that if I did not like it after the inspection, I will get a full refund. I never heard of renting a long-term house through Airbnb and I never had to give some kind of fee before I was shown. So my question is, do you think this is safe to go through with? If anyone has any advice it will be much appreciated, thank you. [link] [comments] |
| Curated list of houses in Los Angeles? Posted: 28 May 2020 07:25 AM PDT We are looking for a house to buy in Los Angeles. We have been using Zillow and Redfin but there are so many ugly houses that it takes a lot of time to find a gem. I love the column on LA Curbed (la.curbed.com) that shows you nice looking houses on the market for different budgets. They always find incredibly beautiful houses! I was wondering if there are similar websites/Instagram accounts that go through the houses on the market and show you the nicest ones. Thanks! [link] [comments] |
| Bought investment property cash, what now? Posted: 28 May 2020 07:22 AM PDT I bought a house for 20k cash in 2018. I bought this property solely for investment reasons, but I used pretty much my entire savings. The property is livable but needs more work than I have money for. My idea was to use this property for an equity loan, to use as a down payment on another home, and rent this one out. Currently I'm living here slowly making improvements. I'm 26 years old working full time and feel completely overwhelmed with the project at hand. I learn more everyday, and have a better eye than I did when I bought the house but I also feel in over my head. Battling with myself whether to sell or not... I know this could work but I don't really know what's necessary to keep pushing forward with the idea. Currently I wouldn't be able to rent it out as is, needs entire kitchen project. Any advice would be helpful, thank you. [link] [comments] |
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