Real Estate: Lender asking for paystub from new job AFTER closing as condition for approval |
- Lender asking for paystub from new job AFTER closing as condition for approval
- What is the justification for RE Agents getting paid a % of sale and not just a flat fee?
- Is it me or is this sub filled with well-capitalized doomers rooting for a crash?
- More homeowners delay mortgage payments.
- Seattle-area Mortgage Delinquencies Rise 3x the National Average
- Just signed purchase agreement from a builder on a spec home yesterday. Found out there's some warehouses being built nearby soon and a freight train that runs closeby that was hidden. Can I still get out? (AZ)
- Best real estate books
- How to sell a condo with loud upstairs neighbors?
- Title Insurance for Non-permit Second Kitchen?
- Texas RE License
- Wells Fargo Will No Longer Accept Applications for Home Equity Lines of Credit
- Advice regarding a security deposiy
- Would a house associated with a horror film increase in value or decrease it?
- My buyers agent has a HUD home under her own listing, how to broach getting a viewing.
- Vermiculite Insulation
- Buy a lot and construct or buy an older home
- Rural Development Issue?
- Question About Appraisal
- US Properties some of the Cheapest in the World?
- Question for people familiar with Canadian RRSP First time home buyer incentive
- What to offer for my rental?
- Is it normal to be anxious before closing?
- What happens if you lose your job after the loan contingency expires?
- Are these reasonable repairs to ask for from seller (LA area)?
| Lender asking for paystub from new job AFTER closing as condition for approval Posted: 01 May 2020 07:13 AM PDT I'm moving across the country to start a new job in a high paying profession in the healthcare industry. I have conditional loan approval. One condition is that I provide a paystub from my new job showing monthly income equal to the amount stated in my signed employment contract. The job doesn't start until after the closing date. Some healthcare organizations have been temporarily reducing pay for people in my line of work due to the cancellation of elective surgeries. While I don't anticipate this, I'm not comfortable signing an agreement that has my full monthly salary as a condition for approval, since I could plausibly face a temporary reduction in pay if there's a new COVID outbreak. Is this condition normal? Am I right to be concerned by this? What are the implications of not meeting the condition that my income is x amount per month, even though any reduction in pay would almost certainly allow me to still comfortably pay my mortgage and expenses? Is this negotiable or should I start shopping for a new lender now? Thanks for your input! [link] [comments] |
| What is the justification for RE Agents getting paid a % of sale and not just a flat fee? Posted: 01 May 2020 09:00 AM PDT This question was born out of another discussion in this sub, but I am looking for discussion and/or support to justify why agents generally get paid a % of the selling price and not a flat fee? For example, does an agent that sells a house for $150k work 50% harder/provides 50% more service and therefore should be compensated 50% more than an agent that sells a house for $100k? In my limited understanding I definitely dont think so. So for arguments sake lets say selling a house between $200k and $600k requires a similar amount of work/contribution/service from the agent, so what is the justification for the agent to get paid 3 times more at the high end than the low when they are providing the exact same service? Again this is meant to be a respectful discussion and not meant to attack but genuinely ask for legitimate justification. Thanks [link] [comments] |
| Is it me or is this sub filled with well-capitalized doomers rooting for a crash? Posted: 30 Apr 2020 01:26 PM PDT Everyone rips on realtors for being real estate cheerleaders ("it's a great time to buy!"). But it seems the majority of people in this sub (and Reddit in general) have an irrational belief that housing will crash since it will benefit them (well capitalized and waiting on the sidelines). Anyone else notice this? As for me, I sold my house last year and am also on the sidelines waiting to buy. Sure a crash would benefit me as I would be able to get a house for cheap. But to play devil's advocate, I'm not sure I see that happening because:
Just my take on it. Obviously do your homework before buying. But I see the doomer point of view so dominant here, it reminds of those in r/investing and other places saying a stock market crash was "imminent" since 2015 or so. Thoughts? [link] [comments] |
| More homeowners delay mortgage payments. Posted: 01 May 2020 07:50 AM PDT |
| Seattle-area Mortgage Delinquencies Rise 3x the National Average Posted: 01 May 2020 09:46 AM PDT
Everyone was so sure the knowledge-economy metro areas would be unaffected, but we're seeing signs that might not be the case. [link] [comments] |
| Posted: 01 May 2020 04:47 AM PDT Hello, I am a first time homebuyer and I'm unsure of what my rights are. I signed a home purchase agreement for a spec home from a builder yesterday. However I learned today that there is a huge freight that runs a mile down the road, and blares the horn every time it passes (loud, and very active railway that I somehow missed). There are also large warehouses that are planned to be built soon next to the property, even though the builder told me it was going to be a school (of course nowhere in writing anywhere). My question is do I have any hope of getting out of this? I waited and checked, the trains are LOUD. It's a brand new home so I'm doubting there would be anything wrong with an inspection. Not all parties have signed the home purchase agreement yet, but all buyers have. If I'm stuck with this place so be it, but I just want to know my rights and options are. Thank you. [link] [comments] |
| Posted: 01 May 2020 09:38 AM PDT What real estate book would you recommend to somebody who has never bought any real estate? What real estate book has had the biggest impact on you? [link] [comments] |
| How to sell a condo with loud upstairs neighbors? Posted: 01 May 2020 09:12 AM PDT There is a family with 3 kids above me that run around all day and night. I live in a nice condo and each unit has 2 floors. Not only can I hear them from my 2nd floor but I can hear them from our 1st floor as well. Their hardwood or just the general building's design was screwed up I guess. I've had friends who've been to my place say they would never live in a condo with people like that above them. How could I expect to sell the condo in any market like this? I'm working with management to build up a case to eventually make them strip their hardwood and put in carpet. If they don't comply, could I technically sue them for up to the worth of my condo considering it's market value would literally be 0 with nobody wanting to live under them? Any insights would be greatly appreciated! [link] [comments] |
| Title Insurance for Non-permit Second Kitchen? Posted: 01 May 2020 07:38 AM PDT Hi guys, I bought a property that has an in-law suite with an unpermitted second kitchen. That being said, With times being tough it's likely that my grandma will be living down there and be completely separate from me and my girlfriend (for the time) as we are both nurses and can't take any risks. That being said, would title insurance assist in fixing the kitchen to get proper permits and up to code? Thanks in advanced! [link] [comments] |
| Posted: 01 May 2020 07:23 AM PDT I'm working on my real estate license here in Texas and wanted to see if anyone had suggestions for where to take the classes. I'm tying to do it all online. I took Intro to RE (45 class hours) in college (2 years ago), but wanted to know if I should go ahead and retake the course. Is my college transcript all I need to prove I took it? Also if you have any recommended class or review material that helped you prep for the license test I'd love to know. If there's a class dedicated only to covering the material on the test that would be of big help. [link] [comments] |
| Wells Fargo Will No Longer Accept Applications for Home Equity Lines of Credit Posted: 30 Apr 2020 02:50 PM PDT
[link] [comments] |
| Advice regarding a security deposiy Posted: 01 May 2020 07:09 AM PDT So I am looking at renting a house soon and the owner took our applications and is looking at them. The open house is tomorrow and he says that whoever gives him the deposit on Saturday will get the house. What kind of guarantee should I ask him to give me on Saturday to make sure I dont get scammed and he just takes my money. He's also not allowing anyone to give the money before the open house. [link] [comments] |
| Would a house associated with a horror film increase in value or decrease it? Posted: 01 May 2020 04:42 AM PDT Recently saw that the house that the movie conjuring was based on is being live streamed for a week. I also think about movies like Amityville horror or the exorcist or the haunting in Connecticut, etc. I feel like it can either REALLY increase your value because diehard fans will want to buy the house and say that it's the house from the movie or it can really decrease it because nobody will want to buy it. I feel like most people are somewhat superstitious no matter how unreligious they are and wouldn't want to live in a house where scary things supposedly happened. [link] [comments] |
| My buyers agent has a HUD home under her own listing, how to broach getting a viewing. Posted: 01 May 2020 04:41 AM PDT My agent has the perfect home, close to my job, that she just posted as her listing. It's a HUD home, and I don't know much about buying one. Can I ask her to act as a dual agent, since she is acting on behalf of USDA and me? I want to ask her about it, but don't want to offend or insult her. [link] [comments] |
| Posted: 01 May 2020 06:18 AM PDT Hello reddit! My wife and I are in the process of purchasing our first home. The sellers and I have agreed to everything post inspection except for one thing. The house has vermiculite insulation that has tested positive for tremolite asbestos. We received a quote for removal which was $6500 and asked the sellers to remove the asbestos. They came back to say that the EPA recommends not disturbing the vermiculite and it is not harmful when left undisturbed. ( https://www.epa.gov/asbestos/protect-your-family-asbestos-contaminated-vermiculite-insulation#risk) I am not sure how to proceed considering this was not disclosed when purchasing the home. In my opinion the sellers should have some responsibility to remove or provide credit based off this finding. I do not want to run into the same issue in the future if it left in the attic. Please help! [link] [comments] |
| Buy a lot and construct or buy an older home Posted: 30 Apr 2020 11:29 PM PDT Hello Good People , Does anyone have any experience with buying a lot and constructing ? Primarily looking at info on financing a construction. I can't get a straight answer if there is a loan product for construction and not a home . [link] [comments] |
| Posted: 01 May 2020 09:33 AM PDT Put down a bid for a house that was going to flat out accept the highest bid by a deadline that ended yesterday. Found out today that we did in fact bid the highest by a few thousand, but were turned down because the realtor doesn't like rural development loans. Can anyone shed some light on this? I am now worried about my future house prospects. [link] [comments] |
| Posted: 01 May 2020 09:26 AM PDT Hi all, First time home buyer! I am seeing on other posts here where people are getting actual value amounts through their appraisal for their home. Our lender said that the appraisal will only tell them whether or not the home is worth the value of the loan. Is this common? Should we expect a hard dollar amount? Thanks in advance!! [link] [comments] |
| US Properties some of the Cheapest in the World? Posted: 01 May 2020 08:27 AM PDT I came across this website, https://www.numbeo.com/property-investment/rankings_by_country.jsp, which contains indicators about property in different countries. And it seems that across all indicators the US is top 3. Are these indicators skewed in any way that makes property in the US less desirable than these indicators make it look? [link] [comments] |
| Question for people familiar with Canadian RRSP First time home buyer incentive Posted: 01 May 2020 07:48 AM PDT |
| Posted: 01 May 2020 07:17 AM PDT Our landlord has suggested multiple times to make an offer on the house we're renting. He's at retirement age and wants to get out. The Zillow estimate is 279k and houses in my neighborhood routinely list for 300k to 400k. It's a great neighborhood and the yard is huge. My issue is, our house has been a rental for well over 2 decades. I've been here just long enough to see all the work it needs. Single pane windows, poor insulation, pest problems (apparently there were termites at some point). Hardwood floors are sperating in some spots. Some past repairs look a bit shoddy. Like the corner of foundation that slouched that had some cement patched in there after an earthquake. Also a rafters beam that was plastered over real ugly for who knows what reason. I don't know much about houses, but it's an old house (1952) that would likely need many repairs. I don't think 279k is fair. Is 200k too low ball to offer? I almost want to go lower. Zillow says the house was bought in the late 80s for 25k. I presume that was our landlord. From what the neighbor told me, he is a real estate shark. He owns many properties around town and rents them out. [link] [comments] |
| Is it normal to be anxious before closing? Posted: 01 May 2020 06:50 AM PDT Wife and I are both 26, been wanting to buy our first house for a while now, have been saving anticipating buying this year anyway. Yada yada covid bullshit happened. She's a first responder, makes good $ and obviously a 0% chance of being unemployed. I, however, just started a new job in Dec - an apprenticeship. Pays decent, and as of now, I'm still "essential" and working, but if stay at home orders and lockdowns continue..who knows. Am definitely concerned with getting furloughed. That being said.. we still pushed ahead. My credit union still approved us for a conventional loan with 5% down. Found a house, they accepted our offer a couple days ago, set to close in June. Are we about to make a massive fuck up with the possibility of a crash? Is it normal to feel extremely anxious when buying? It's hard to be excited - finally buying a house! In a part of town we like, with a garage that can fit all of my cars and then some! Yet all I can think about are the negatives. Haven't even put earnest $ down, but fuck it, not concerned with losing a couple grand if it means not shooting myself in the foot. Burning through all of our savings for this, so if shit goes wrong a month after close.. well...fuck. [link] [comments] |
| What happens if you lose your job after the loan contingency expires? Posted: 30 Apr 2020 06:08 PM PDT I'm in the process of purchasing a home. I can't keep my mind of the worst case scenario of possibly losing my job after the loan contingency expired but before closing day. Does anyone know what would happen or seen it happen? I'm scared of being bankrupted by the seller suing me for breach of contract. To be clear I have a job and expect to keep it but I can't seem to find an answer anywhere online about this scenario. [link] [comments] |
| Are these reasonable repairs to ask for from seller (LA area)? Posted: 30 Apr 2020 11:07 PM PDT I'm going through escrow on a home that was touted as remodeled. It is a 70 year old home. We were very impressed with the cosmetics. Kitchen, bathrooms, front lawn, and rest of the interior are all looking great. Great exterior paint job. Knowing the house is 70 years old, we got a structural engineer and a sewage drain/plumbing inspector to check out specifics. The structural engineer provided several recommendations and quotes, including:
Drain Inspector found the following (both pipings 3-6 ft deep):
Photo of offset: https://i.imgur.com/WwT6deL.jpg I did not yet get a quote for these two items, but any potential water hazard freaks me out. I am gonna guess the replacement/repair of these pipe issues is at least $5k (probably $10k). At this point we're eyeing at least $50k in repairs for this list. **Do you think it's reasonable to counter the seller to lower the price on this to cover these costs? I'm actually thinking to counter more than this (like $60 or $70k to account for potential time/hardship to repair this and unknowns). ** I can't get credit for this and I would not trust the seller's choice in who they choose to contract. [link] [comments] |
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