Real Estate: I'm still seeing sales of 5% over the asking price while reading headlines of near 20% of Americans unemployed. What world am I living in? |
- I'm still seeing sales of 5% over the asking price while reading headlines of near 20% of Americans unemployed. What world am I living in?
- I have tenants who are causing damage to my property and assaulting each other. My state has stopped all eviction [MA] What can I do?
- How worried should we be about this home inspection?
- Update: Under contract but it's going to fall apart because the sellers don't see reason (AZ)
- Who do I contact when interest I a house?
- Is it normal for realtors to almost bribe each other?
- CA, is a HELOC rate of 3.85% good? Does anyone know the going rate?
- When would you feel comfortable scheduling a move when selling?
- 4506-T form substitutes for tax transcript
- Forbearance with Wells Fargo
- Are Closing Costs Really This High in Pennsylvania? Help.?
- is it good time to buy a home? what is drop percentage are you expecting
- First Home and Not Sure Where To Start
- Investing In Real Estate With a Partner?
- We won a house that our friends also bid on.
- Selling at no profit within a year
- Closing in 45 days on a conforming loan at the max of $510,400, but jumbo loan rates are actually 1/8th point better. If I added $1 to the loan to make it jumbo, approximately how much extra in closing costs would that add?
- Bad idea to buy a house right now when we don't need it for another 6 months?
- Military First Time Homebuyer
- Over 14 showings in 22 days, no offer or negative feedback. Recommendations?
- If I buy half a house for 5k what’s the very worst that can happen to me financially?
- Nurse looking to buy 1st home
- Saving a buyers agent commission by representing myself: will the sellers agent take the entire 6% commission? Had one agent tell my they would! (Georgia)
| Posted: 02 May 2020 12:41 AM PDT |
| Posted: 02 May 2020 07:15 AM PDT I have two groups of tenants that both are telling me the other group is assaulting them. They are causing destruction to the property and none of them are paying rent. I have been told the police have come to the property but for some reason, they have not arrested anyone. My state has shut down evictions. From my understanding, the only evictions being processed are if the tenants are a danger to themselves and other. I believe all these people are. The only thing I can think of is possibly putting up cameras in the common spaces so I can get video of the physical altercations. Not sure of the legality or if that would do anything. If anyone has any feedback or thoughts your time is appreciated. [link] [comments] |
| How worried should we be about this home inspection? Posted: 02 May 2020 11:39 AM PDT Cross post from /Homeowners. Looking for more opinions before our option period closes. My wife and I are looking to purchase our first house. We got under contract this week and the inspection report just came back. The house was built in 2006 and we are in the Dallas Texas area. How worried should we be about this? https://ibb.co/0XsD1bW Foundation https://ibb.co/5RStMJ2 Electrical 1 https://ibb.co/ySRL0Vn HVAC 1 https://ibb.co/8Xz2g9v HVAC 2 https://ibb.co/QHgWD52 Roof 1 https://ibb.co/PwV58jN Roof 2 https://ibb.co/8xTXxDd Plumbing https://ibb.co/kyd5tgz Walls 2 https://ibb.co/vVry73J Walls 2 https://ibb.co/09GLVz1 Chimney https://ibb.co/VQ9tBGV Doors / Windows https://ibb.co/gTMBdzw Hot water heater Not pictured he also said that the AC condenser was loud while running and that the tub in the master bath was draining slowly. My wife and I are freaking out but our agent seems to think this is pretty normal. I asked the inspector his personal opinion about the house and if he would buy it; he said yes that it's in great condition for its age which has us pretty confused. What say you reddit? [link] [comments] |
| Update: Under contract but it's going to fall apart because the sellers don't see reason (AZ) Posted: 01 May 2020 01:22 PM PDT Previous Post: https://www.reddit.com/r/RealEstate/comments/g6bb3q/under_contract_but_its_going_to_fall_apart/ We had a phone call with the sellers a few hours after I made my post. Long story short, both sides agreed on $413,000 with the sellers doing no repairs and the next day we got all of the paperwork signed. We are scheduled to close next Thursday and everything is looking good. We were bummed about having to handle/pay for all of the repairs but that was before we knew just how badly people in this neighborhood want my house. We've been fixing little things in preparation for listing and last weekend I put my agent's sign on my fence just to get some buzz before putting it on the MLS. That day, several people stopped by to tour, and by Monday we had 3 parties interested in purchasing. Last night I signed an offer that was $6k above my asking price with no concessions--again, this was before we even had a chance to list the house! And the woman who is purchasing hasn't even seen the house in person. She's just deadset on being in this neighborhood and is very excited to be getting the house--she's coming to see it this afternoon. Before this whole process started, I hadn't really thought about how much my house could sell for. I figured I would net around $40k but I'm looking to net almost double that! This will more than pay for the repairs needed at the new house. And all of this during a pandemic. Who'd've thunk. [link] [comments] |
| Who do I contact when interest I a house? Posted: 02 May 2020 10:51 AM PDT Do i just request more info on trulia? Or do I contact the listing or premier agent directly? I asked for more info on the realtor app and got a text message right away. I'm assuming that person works for the realtor app and will get me in contact with a realtor? Is that how it works? [link] [comments] |
| Is it normal for realtors to almost bribe each other? Posted: 02 May 2020 10:50 AM PDT We were at our home inspection with our realtor and the inspector (obviously). Our realtor has a dual agency agreement, she is both the buyer and the seller realtor (we knew this going in and still fine with it. She's been very neutral in this and even gotten 10k off of asking price before our official offer). She told us that another realtor was showing a house next door and the buyers wanted to see the house we're buying. She basically told us that realtor told her his clients will give a better offer, bigger deposit and even give her a higher commission percentage if she can get them in. She stated she told that agent multiple times the house is under contract and deposit and she would not budge. But it shocked me and my fiancé a little that someone would try to bride their way in and see if the seller would drop the contract on us. We were even more shocked that, that can happen to someone. [link] [comments] |
| CA, is a HELOC rate of 3.85% good? Does anyone know the going rate? Posted: 02 May 2020 07:22 AM PDT |
| When would you feel comfortable scheduling a move when selling? Posted: 02 May 2020 12:39 PM PDT Hey all, my SO and I are under contract to sell a condo at the end of May. It was a quicker 35 day close. We've made it through the inspection. We will just be moving to a rental house after this one and will have a little gap. How soon before the closing date would you feel comfortable scheduling a move? Currently we close on a Friday and moving the previous weekend would be ideal, but with everything going on I don't know if we should try and wait until the day before to make sure it goes through smoothly and doesn't get stuck. [link] [comments] |
| 4506-T form substitutes for tax transcript Posted: 02 May 2020 12:13 PM PDT So we are in our last step of our loan approval and the lender asks us for a tax transcript from IRS because he wants to make sure our tax transcript is correct. However, we couldn't pull it off IRS due to this Coronavirus stuff that it might take a while to get it by mail and their online service is crap because it can't "verify" my phone number for some reason. Jus wondering what should I do about this and can I send lender 4506-T form instead so he can track my tax transcript whenever it sends. Thanks [link] [comments] |
| Posted: 01 May 2020 07:53 PM PDT I was having a conversation with my lender about some of our mutual clients as well as some of his clients and noticed there were some shady practices coming out of Wells Fargo. It seems Wells Fargo is soliciting its customers regarding putting their mortgages in forbearance. We came up with 3 clients that have been reached out to directly from Wells Fargo and were asked if they would like to utilize the program. All three declined service but still were signed up without authorization (aka signatures or verbal confirmation). My client can no longer refinance since her home is now in forbearance. Has anyone else been experiencing this? I tried searching reddit and have failed to find any information or news articles stating this is the case. If you could link me to some articles or even personal stories, it would be much appreciated. Best regards! [link] [comments] |
| Are Closing Costs Really This High in Pennsylvania? Help.? Posted: 02 May 2020 12:05 PM PDT I need some help. Relocated to this state a few years ago, and considering purchasing. I have contacted a few different lenders, including my local credit union, and have been told that on an 80k house i am looking at closing costs in the range of $6000 - $8000. I've purchased two other properties in the midwest before, and never paid more than $3K on a purchase. What I was quoted seems excessive. Is this a Pennsylvania thing or am I just not finding the right lender? Also, any suggestions on financing a house with a loan amount under 50k? (we're planning on putting 10-20% down, so this also could become an issue). Credit score is not a problem. Thanks in advance. [link] [comments] |
| is it good time to buy a home? what is drop percentage are you expecting Posted: 02 May 2020 12:05 PM PDT is it good time to buy a home..? planning to buy a home in fremont california? what is your take? [link] [comments] |
| First Home and Not Sure Where To Start Posted: 02 May 2020 12:00 PM PDT My wife and I are coming up on the end of our two year lease in March, and we're pushing toward buying instead of extending in this house for another year. I understand that 20% is ideal to avoid PMI, but the likelihood of coming up with 80k by December is slim to none (and Slim just left town). We're figuring to get some down payment assistance and bring 20-30 to the table. My question is 'where do we start?'. We've pulled credit reports, are working through a few items in collections and working to get payments back on track. I've submitted a pre-qual request with my credit union, and plan to talk with them and a lender on Monday to get some additional suggestions. Just wondering what else can be done to build momentum and move toward the end goal. Also, I'm slowly bringing her around to the idea of buying new construction instead of pre-owned, so is the process any different? TIA TL;DR - Planning to buy first home; credit not great, but working through collections, payments, utilization, etc. Submitted a pre-qual and plan to talk with the CU and a lender for suggestions on what else to do to clean up credit. What are the next steps? Is the process different for new construction vs pre-owned? [link] [comments] |
| Investing In Real Estate With a Partner? Posted: 02 May 2020 11:57 AM PDT Hi All, A friend of mine and I are looking into buying a quadplex in a Texas to generate some cash flow and eventually sell for a profit. This would be our first time investing in real estate and I want to make sure that we are covering all our bases before we take any action. I'm a stockbroker/financial advisor & options trader, and he works in IT. Both of us have a six-figure income and are looking to do a bit more with our cash. I have a firm handle on a bunch of financial aspects like cash flow management through my professional experience so we have that base covered. I've made a list of the things we should discuss and look at but would like the opinion of some more experienced real estate investors. Here's what I have so far: -How long do we want to hold the asset? -How do we want to structure the partnership agreement. -What is the market forecast for the area we are buying in. -How quickly can we fill the units given the current situation with the virus. -How much can we afford to buy? -What realtor should we work with? -Financing Should we set up a joint account to manage the cash flow or have any sort of LLC established? Are there any other items we should address or factors we should consider? Is there anything in particular that we should be including in our legal agreement? Should we be looking in a different state? Thanks in advance. [link] [comments] |
| We won a house that our friends also bid on. Posted: 02 May 2020 11:47 AM PDT Not sure if this is allowed here, but here we go. My wife and I are first time home buyers. Yesterday, we finally found the perfect house for us. It isn't exactly what we wanted when we set out to buy a home, but it was at an unbeatable price and we loved it. My wife immediately texted her best friend (her husband is also my best friend) to let her know we'd made an offer on another house. They usually let each other know when they put new offer in out of sheer excitement since we're all in the same house hunting boat. Turns out, they had also put an offer on the same house a the day before. We panicked. We didn't know what to do. All four of us sick to our stomachs. My wife and I had honestly hoped that they won it so we could all move on and we could be happy for them. Each of us have had our own fair share of disappointments throughout this house hunting time. Some folks I'm our friend's family had also gotten sick this week, so on top of it all, it just wasn't a good week for them. We had hoped to have the night to think about pulling our offer, but we got a pretty fast response from the seller. Within a couple of hours they let us know that we had won the house. Our hearts sank. We initially planned on not telling them, but they texted us asking if we'd heard back. The smart thing to do would've been to say no. But we thought the right thing was to tell them the truth. The husband responded happily with a congrats. His wife was audibly devastated. We feel terrible. Our first home and my wife has spent the majority of the time crying over it instead of celebrating. Idk what to do. We should be happy, but we're not. We've already paid due diligence, but I'm considering back UNG out [link] [comments] |
| Selling at no profit within a year Posted: 02 May 2020 10:56 AM PDT I'll make a long story as short as possible! I moved to a new state and purchased a home last year in December, originally thinking I wanted to stay in the area I am in for a few years. Due to an amazing unforeseen job opportunity out of state (back where I moved from), I have decided I would like to move back and want to sell this house because I don't want to be a landlord. I believe after closing costs and commissions, I will be at about breaking even (potentially losing a little, but I am okay with that because the job is more than worth it). I say all that to say - I do not believe I will not be walking away making money / taxable profit. My question is - are there unexpected tax penalties / implications for selling a home within a year of purchasing? I've only owned one home before and I owned it for 7 years and made a substantial profit from the sale - so this is a very different situation for me. Any help is appreciated! Thank you so much [link] [comments] |
| Posted: 02 May 2020 10:18 AM PDT It should be noted that I have a credit score of 805 and enough money in the bank to buy the whole thing for cash. So qualifying shouldn't be an issue. I just want to understand how much more a jumbo loan costs to close versus a conforming loan. Are we talking a couple hundred bucks or would this add thousands to the closing costs? [link] [comments] |
| Bad idea to buy a house right now when we don't need it for another 6 months? Posted: 02 May 2020 09:43 AM PDT My guts tell me the market prices will go down. But the area we're moving to is affluent, supply has been scarce and buyers have been snagging up all the mid-priced listings. This drives my wife crazy and she's been pressuring me to buy even though we can't move until Nov. Today I agreed to send in an offer sight-unseen just so she gets off my butts (and I hate to be wrong if the economy recovers soon and prices shoot up). Agent told me it will sell over asking price. To me the math doesn't work out, we're paying property tax, insurance, HOA fee, grass mowing, to let a house sit empty for 6 months, just in case the market goes up. What do you think? [link] [comments] |
| Posted: 02 May 2020 09:10 AM PDT I am reading that a lot of people are saying to wait to buy a home because covid will affect the housing market. What exactly will change from buying a house now and in a few months? Housing prices? The quality of home available to choose from? I don't quite understand. I am in a position where I have to move out of base housing within a month and I'm getting worried by the posts I'm reading. I don't want to make the wrong decision. I also do not want to rent because where I am located is crazy expensive and a waste of money. Thank you in advance. [link] [comments] |
| Over 14 showings in 22 days, no offer or negative feedback. Recommendations? Posted: 02 May 2020 08:48 AM PDT I don't know what to do. My realtor is saying she has never seen so many showings and no offer. We just lowered a little bit to get some more traction. Homes that are in a similar price/sq ft and design are going in 1 or 2 days and we're all in the same neighborhood in less than a quarter mile radius. Feedback is "Shows well, price just right, 4 out of 5" in 12 of the 14 showings. I asked what my realtor is doing outside of organic marketing and that prompted her to post on Facebook. We got professional photos, 3D tours, repainted inside and out. Minimalist furniture, hidden wires, cleaner than a hotel lobby. The only positive is that since the other houses are going quickly, I am a part of the shrinking inventory available. Any recommendations? I understand, right price, right time, but when you literally have the same model house listed for the same price, but mine has hardwood everywhere, I don't get why they got the offer! Edit: I'd prefer not to include my actual address with respect to the anonymity on reddit. The area is a suburb of Frederick Maryland called Urbana. Prices for these townhomes range from 355k to 415k. There are some outliers asking for a stupid amount more, over 500k... that's not mine. Lol Homes were built from 1990s to a lot of new construction in newly developed areas. I say this because my area is finished. I appreciate any feedback you could provide. [link] [comments] |
| If I buy half a house for 5k what’s the very worst that can happen to me financially? Posted: 02 May 2020 07:39 AM PDT I have a seller that purchased a property in 2001 with his girl friend at the time. They broke up in 2005 and she has since stayed in the property. The original mortgage of 80k was in both their names. Current mortgage is 50k. Deed still in both their names. The ex gf still lives on the property. She pays all the mortgage, the taxes and insurance. She had the roof redone last year. The guy just wants to be done with it and refuses to just give her his half. He is willing to quit claim me his half for 5k. We've done a record search and the only things attached to the property are the mortgage and a small lien. Zillow estimate is 197k I would purchase through a LLC or perhaps create a Florida land trust I have several possible exit strategies: I know not controlling your own asset is not a good position to be in but for 5,000 I don't think I have much on the line to be concerned about. What's the absolute worst that can happen that I would be liable for? Edit: would you guys do it?[link] [comments] |
| Posted: 02 May 2020 07:19 AM PDT I know there are programs to help rns does anyone have any information , Also this would be my 1st home and I have no idea where to start. Credit is fair but I was told 660 is ok for getting a loan? Or should I hold off until it is higher ?I have no idea what a great interest rate would be. [link] [comments] |
| Posted: 02 May 2020 07:07 AM PDT I'm not trying to discuss the benefits of using a buyers agent and all the knowledge they bring. We have an RE lawyer that can review all the contracts. I'm living in a hot market and while supply is down demand is still high so prices are not dropping. However, we are planning to buy a home with cash so I assume that with all the increased restrictions on mortgages and extra time it takes to close right now that being a cash buyer is attractive. Since no one seems to be budging with thier prices we decided to call one selling agent directly and give an offer below asking (much less than they probably expected), but told them we won't use a buyers agent so they are saving the 3% commission. In this case they agreed, but we walked away in the end due to some repairs the home needed. We tried it again with another home we were interested in and the agent said if she represents us (as a buyer and sellers agent) she would take the full commission. Maybe I phrased it wrong and should have said I am representing myself, but why would an agent take all 6% ? Should I be saying that I am a "self represented buyer" in order to ensure no one is taking the buyers commission? [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