Real Estate: Took possession of my house yesterday - couldn’t be happier. |
- Took possession of my house yesterday - couldn’t be happier.
- First Time Homeowners: We closed today!
- Mortgage applications up, attributed to buyers.
- First time questions.
- Buying Land and Ensuring Correct Legal Description
- Land lord wants to show house while we are still in it?
- We closed yesterday! It's been a journey.
- Banking Incentives for Mortgage
- What type of loan I need?
- Has the 'Saved Homes' page on Zillow been broken for anyone else lately?
- What do landlords want?
- [MA] Two sisters buying together, both first time home buyers
- Buying Commercial Real Estate through Online Auction
- Does PMI drop if you buy a home at less than appraisal value?
- Home Purchase with Heated Driveway advice
- Been researching real estate investment but is it a good idea for us based on our situation?
- Trying to identify what a bank will loan - am I doing this right? (FL, USA)
- Best Options for "Buying" a home from a family member?
- Question: How much cash do I need to buy a 2nd house if we plan to do a cash-out-refinance on the first anyway?
- Home is for sale and restricting one unnamed potential buyer... why?
- Home owners trying to downplay electrical problems after inspection
- question about bidding on an HUD home
- Best way to shop for rates?
- Buying/Selling a home during the Pandemic, is it smart? (New Jersey)
| Took possession of my house yesterday - couldn’t be happier. Posted: 06 May 2020 06:54 AM PDT Tl;dr at the bottom. Edit to add this: I did get the house for $112k under their asking price, and $30k under it's appraised value.... It pays to do your homework and know as much as you can about the status of the people you're buying from.. It was a long and arduous journey, including police, arrests, drug use, theft, lies of kidnapping, threats of violence, and all sorts of madness. I gave the previous owners 3 days of rent back for free to vacate their stuff after closing and then $200/day after that. Closing went smoothly, one of the homeowners had his dad sign all documents via POA as the owner was in and out of jail throughout the process. No hang ups there. After closing they had 3 days to vacate.... deadline came and went with no success. They "moved out" and confirmed that with my agent, and then told him they just needed to store a few things in the garage (it was completely full). I took the day off work to go and take possession of my house, to find that they had not fully moved out and the garage was full too. The wife calls my agent with an excuse that her husband had kidnapped her son and left town and now there was a statewide search for her endangered 5 year old son, and that's why she will be unable to move out, and she needs her security deposit back, and she won't be able to pay the $200/day fee to stay past the deadline. I never got an amber alert on my phone, so I was skeptical to say the least. I contacted the local PD and they confirmed that the son was not missing and that the boy was in her custody. (Turns out that in her meth crazed mind she had lost him in their motel room and called the police, but they found him asleep in the bed she laid him in). A few hours and many phone calls to agents, police, and lawyers later, she finally calls again and says she can't move out. I told my agent to give her 3 choices:
She took option 1. She arrives with people she didn't know, she just showed up at some random persons house and offered them $60 to help her move.. Apparently these people thought, "sure, this seems safe". During packing I ask her if they used any meth in this house - she confirmed meth use (police confirmed meth use, but NOT a meth lab). I take my truck, and help her get all of her possessions into a storage unit. On our first load, she disappears. She says "I need to go talk to a detective about trying to find my missing son." (Mind you, I stopped and talked to the cops on my way to her storage unit and confirmed that none of this is true). She disappears, and me and these random people whom I have never before met continue to make trips to my house to load up her stuff and move it to the storage unit. After I got the final load, I dropped everything off at the storage unit, thanked her "friends" for helping make this happen, and went home to start the meth mitigation process of my new house. A couple minutes later I get a call from my agent that she now wants to take me to court for "slanderous statements about drug use in her home".... I asked a question and she gave an affirmative answer, so that's not slander. I plan to keep $200 of her security deposit for the day that she wasn't moved out. I don't plan to charge for my time and fuel moving her... I really just want this previous owner to have no reason to contact me again, and I wanna enjoy my home in peace and quiet! Anyway, I now have my house, and I absolutely love it!! It's perfect for me! Much larger than any home I've owned before, perfect location, amazing mountain views on 3 sides. I've got a lot of work to do, to clean her up and make her nice, but I'm so happy to be here!! Tl;dr: Bought a house from crazy people, they continued to be crazy, I helped them out, they wanna sue me, I have my house and they're going back to jail. [link] [comments] |
| First Time Homeowners: We closed today! Posted: 05 May 2020 10:03 PM PDT We became homeowners today, and I'm very excited to share the news on here! I've been reading everyone's posts and have been learning so much about the questions to ask, what to look out for, etc. just really appreciate being able to learn on here. Excited to own our very first home and so relieved not to keep paying rent money! [link] [comments] |
| Mortgage applications up, attributed to buyers. Posted: 06 May 2020 08:02 AM PDT https://www.cnbc.com/2020/05/06/weekly-mortgage-applications-show-real-recovery-in-homebuying.html I'm not sure I'd say such a small number indicates anything substantial, but, real numbers are better than no numbers. [link] [comments] |
| Posted: 06 May 2020 07:16 AM PDT I've been Married a year and we are planning to buy a house when our lease ends June 1 2021. We don't have any debt, income around 100k, both 780+ credit. We're looking around 250k. I've read this sub and personalfinance but I still have a few questions.
I'm extremely nervous, this is the first time I've been financially secure and the first time I've felt like I could lose my ass. [link] [comments] |
| Buying Land and Ensuring Correct Legal Description Posted: 06 May 2020 08:44 AM PDT We are looking to buy some acreage that is somewhat remote and as such does not have a typical address. I have obtained a legal description of the property, which essentially looks to be a set of instructions for a surveyor on where the boundaries exist. The sale consists of two parcels totalling about 59 acres. How can I ensure the legal description accurately and adequately corresponds to the parcels in question? Is that done by the title company? If the seller selects the title company, how can I properly protect myself in the transaction? Thanks. All of my previous RE purchases have been improved land with an address and the legal description would always point to a plat and subsequent lot which could be verified via tax rolls. [link] [comments] |
| Land lord wants to show house while we are still in it? Posted: 06 May 2020 08:36 AM PDT is this allowed? so our lease is up in 6 weeks and we are moving to a different house, and our landlords wants to start showing the house and inside while we are still living here. Is this legal, especially during the virus? the landlords arent the nicest and they dont fix stuff around the house (leaky pipes, there has been a leak in the roof for weeks now) so we would rather prove that they arent allowed to rather than ask. we live in Ohio if this make a difference. thanks! [link] [comments] |
| We closed yesterday! It's been a journey. Posted: 05 May 2020 01:55 PM PDT 03/19 - saw house 1, put an offer in that night - sellers were accepting offers and would decide on 03/23. 03/22 - saw house 2, as a back up. 03/22 - sellers of house 1 asked for best and final. 03/23 - offer not accepted on house 1, house 2 has an offer, but is going through counter offers/negotiations. 03/24 - house 2 offer is accepted. 03/25 - oh shit, bidder's remorse. Is backup house good enough or should we continue to look - covid is hitting hard, what should we do??? Apt lease is up in June, buy now or wait a year? Inspections show nothing major, we ask for a minor fix - accepted without any issues. Appraisal happens, we are FHA loan - a minor fix is needed. Financing - while we were pre approved in February and sent in our documents within minutes of their requests, it came down to getting final paperwork sent to us at 10:10am for our closing at 11. I understand how busy everyone is, but wow! 5/4 - Closing happens, no surprises, but lots of paperwork. Lots of paperwork, and then more paperwork. Get the keys from the title company minutes before they close. So many delays and unclear communications, but all is well that ends well. [link] [comments] |
| Banking Incentives for Mortgage Posted: 06 May 2020 11:03 AM PDT Hey there! Can ya'll share your experiences about big banks' mortgage incentive discounts for having $ within their system? Some questions I have:
I've been on the phone with over 10+ different individual or smaller firms in the last few weeks, and on the phone with just two big banks. I can call more but I'm hoping to "crowdsource" some info without the stress of going over everything and making appointments. [link] [comments] |
| Posted: 06 May 2020 10:52 AM PDT I need a loan that will cover the purchase and renovation cost of a house. My estimated total cost is around 60k. That is how much I need. My condition 1. I cannot live in the house
Any advise on type of loan would be appreciated [link] [comments] |
| Has the 'Saved Homes' page on Zillow been broken for anyone else lately? Posted: 06 May 2020 10:31 AM PDT 75% of the time I click on my saved homes page it loads with no saved homes, or a small fraction of the amount of saved homes. This has happened since they updated the page a few months ago. Has anyone else had this issue? I really liked Zillow saved homes because it didn't remove listings when houses sold or went off market like realtor.com does. They really nerfed it though a couple months ago when they stripped the pictures and went with street view, and also removed the map view function. I'm wondering if all this is intentional now that zillow is buying homes. Any good alternatives? [link] [comments] |
| Posted: 06 May 2020 10:25 AM PDT As a landlord, what service would facilitate your life and streamline your renting experience. Reliable tenants, maximizing income...? I would be very interested to have your input and learn from your experiences in managing multiple properties, and I would be interested to learn about the hassles that you encounter in finding tenants (avoiding vacancy), dealing with contracts, marketing your property... [link] [comments] |
| [MA] Two sisters buying together, both first time home buyers Posted: 06 May 2020 10:21 AM PDT I am considering buying an apartment with my sister, and we would both be first time home buyers. My question is regarding first time home buyer benefits. This is all totally hypothetical, so let's say for the sake of argument, we had 60k total to put toward a 500-700k property. Would buying a place together be a mistake from the perspective of taking advantage of first time home buyer benefits like low rate loans, down payment or assistance, or other benefits I'm not aware of? Would you get more bang for your buck by buying two places individually (let's say two properties for 500k each, 30k down on each place) and taking advantage of benefits individually on two separate properties? Thanks! [link] [comments] |
| Buying Commercial Real Estate through Online Auction Posted: 06 May 2020 10:13 AM PDT |
| Does PMI drop if you buy a home at less than appraisal value? Posted: 06 May 2020 09:53 AM PDT Fiancé and I are looking to purchase a home with a 10% downpayment. We know we will pay PMI but I am wondering if the PMI will go down based off of the appraisal of the home, versus the mortgage amount? For example, the house we're looking at was listed at $275k 280+ days ago. Sellers have dropped considerably to $231k. We will offer around $210k. Will the PMI be lower if the value is higher than our mortgage? Sorry for rephrasing the question multiple times, just trying to provide an example. [link] [comments] |
| Home Purchase with Heated Driveway advice Posted: 06 May 2020 09:12 AM PDT Anyone have experience with heated driveways on steep inclines in cold/snowy climates? I'm thinking of putting an offer in on a house that has a heated driveway. The house is beautiful and exactly what I want, with views, even. But with those views comes a very steep driveway and I live in a mountain town that is cold for 6 months, and can snow at any time during those months, but doesn't regularly get huge snowstorms. More in the 1-4 inches. The house is listed for less than it would normally sell if it wasn't for the steep driveway. Reselling the house would be hard, but I see myself in it for a 10 years or so. Any and all perspectives would be helpful. Resale? Thoughts. Experience with heated driveways on a slope in a cold climate? Just not worth the headache? I know the sellers are having a very hard time selling this home due to the driveway, but for me it seems like I get a very good value for the home due to the driveway. [link] [comments] |
| Been researching real estate investment but is it a good idea for us based on our situation? Posted: 06 May 2020 08:58 AM PDT Real Estate investing seems like an exciting field and for the past month, I have been doing research every day on it. I've been listening to "The ABC's of Real Estate Investing" by Ken McElroy. I've been watching countless, super helpful videos on Youtube by Graham Stephan and more. (The two have very different views, but still good to know) Anyways, our current situation is that we are both in our late 30s. Have a kid. We have a BELOW RATE mortgage on a home in CA. We won the lottery for a first time homebuyer program in our city two years ago. Instead of owing $1 million, we originally only owed $300,000 ish. Now we are around $175,000 for our mortgage. Some caveats for being in this program: We aren't supposed to rent it out to anyone else. If we sell it, it goes back to the city and we do get money back but not, obviously the market rate. The wife has a good job, I do not compared to her, but it's not too bad. I am working on it. Anyways, I was very excited to tell her about what I had been learning. But later that day, she threw some cold, albeit, very rational water on my excitement. She thinks that first of all, she might want to get a more permanent place to live first. But even if we went investment first, she said that because of our lower salaries, the things we owe each month like mortgage and so on, a bank would likely never approve us in this area. She said out of state would be even riskier even though it may be cheaper. I get that. She also said that even though I am learning, unless I am in real estate (broker/agent) or something, there are so many little things, but important things I could miss that only people like that would know that could cost us. She suggested that if we invest, we invest even smaller into storage units as our friend in real estate mentioned was another option to us once. I don't want this to go on too long, but I am happy to answer any questions you guys have. Just wondering what you think? Could use some possible strategies/ideas. Thank you in advance! [link] [comments] |
| Trying to identify what a bank will loan - am I doing this right? (FL, USA) Posted: 06 May 2020 08:55 AM PDT Yesterday there was a question in the personal finance sub about how early you should get "pre-approval" for a mortgage. My wife and I are looking to buy in November and from what I understand, that's too far in advance to get something officially approved but if we want to see how much we'd qualify for we could get pre-approval from lenders, as long as they don't take our SSN and do a hard credit check.
We are first time buyers so I am a noob. [link] [comments] |
| Best Options for "Buying" a home from a family member? Posted: 06 May 2020 08:43 AM PDT Without boring you with the long of it I'll just get down to the numbers. Family Member A has a mortgage on a house and still owes 165K. She has agreed to sell the house to Family Member B for 180K (well, well below market value). What is the best way to proceed to get this done and save the most up-front cost for everybody. Thanks! Edit: I've been reading that since it would be sold for less than market value we would face some gift tax/ capital gain tax issues? Could somebody elaborate on that? [link] [comments] |
| Posted: 06 May 2020 08:31 AM PDT Hi all: Spouse and I plan to move in 12 months. It's likely our next home value will be about $350k. We are currently living in our 175k starter house, which we plan to use as a rental property when we move. We have about 140k equity in the starter home. We are saving for a down payment, but it's not going to be possible to have 70k down payment + closing costs by the time we want to move next year. We currently have about $20k saved, and should have another 20k by next summer, so we'll be going into this with about 40k. Our plan is do a cash-out-refinance on the starter home (future rental property) to cover the rest of closing costs + down payment. (Would like to avoid a PMI). Question: We could ramp up our savings (by contributing less to retirement accounts) to maybe 55k this time next year. OR, we may want to contribute more to our retirement accounts, and have less on hand next year, say 30-35k (recall we are going to need to do a cash-out-refinance anyway). Or, we may want to pay cash to replace a vehicle, and thus have less on hand. So my basic question is, does it matter if we have 30k, 40k or 55k available at the time we want to buy next year, given the equity we have at our disposal? Thanks to anyone who read this. [link] [comments] |
| Home is for sale and restricting one unnamed potential buyer... why? Posted: 06 May 2020 08:23 AM PDT But they are only restricting until a certain date (soon). My girlfriend and I are interested in this property, but don't want to bother our real estate agent unless it's a viable option. What does that mean/why would they do that? Is it because they are trying to get a higher price or the person who might be interested is currently renting the house? [link] [comments] |
| Home owners trying to downplay electrical problems after inspection Posted: 06 May 2020 08:18 AM PDT I got the home inspection report back and the home owners don't want any of it. The summary is that the electrical is old and needs replaced because it's severely out of code and half-non grounded, original 1971 equipment. I had two electricians give me ballparks off the home inspection, both came back with 3k. Then on top of that, there's other stuff, like missing fire alarms, needs a fire-proof door, leaky gutters, damaged sidewalk/driveway, wax seal/possible subfloor damage in one of the toilets broken. There were some other repairs that I don't feel like mentioning. For the other repairs I ballparked another 2k. Sellers countered me with just a 3k credit. And now they are having an electrician go look at the place Thursday, and I have the feeling they're going to be pressuring him to just "sanction" it and say it only needs a panel swap, because their listing agent thinks she's an electrician apparantly and keeps saying "oh it only needs a panel swap" when it clearly needs an ENTIRE re-haul and re-grounding, amongst other things the electrician and home inspectors told me about. tl;dr do I just take this 3k credit offer before they go have some crooked guy go inspect it and say "nah its fine" or should I wait and have my electrician go out there and look at it in-person too? I mean id still have to replace the door and toilet, but I can DIY the other stuff myself like leaky gutters I suppose. I am thinking about just counter-offering at 4k credit and seeing what they say, because I really want that broken toilet fixed too. [link] [comments] |
| question about bidding on an HUD home Posted: 06 May 2020 07:51 AM PDT I'm looking for a sanity check since I'm a first time homebuyer and learning a lot of this for the first time. I have been looking for homes since early February, made 2 offers, 1 was not accepted and 1 was but as a short sale. Went to go see an HUD insured escrow, multifamily home yesterday that I'd like to bid on. I quite like my real estate agent and she's been quite helpful with putting together the other offers, but now I am getting the sense that she is not experienced with HUD? First, I asked her about the insured escrow part and she said she didn't know what that was. Then, her advice to me to make a strong offer was to do the same as for any other seller: offer good earnest money, big downpayment, and check with my loan officer to see if I can do a conventional mortgage instead of FHA+203b as signs that I can close quick. But as far as I can tell from my research the amount of earnest money, downpayment and type of loan doesn't matter to HUD as long as their net is maximized? And also the IE part only applies to FHA, are there benefits to going with a conventional mortgage wrt HUD besides not having to navigate bureaucracy? Is my real estate agent giving good advice here? If she's not, there's only a few days until the exclusive bidding period ends, is it worth looking for a different agent in that time period? (I would also feel bad since I've been working with her for 3 months and otherwise she's been very helpful) [link] [comments] |
| Posted: 06 May 2020 07:51 AM PDT We currently own and want to move. The original mortgage company (it has now been sold to a new company) we got our financing through gave us such a good rate that we didn't shop around. It seemed like a hassle just applying and the rate we got was so good we were cool with it. But now we want to shop around. So how do you go about filling out all the different applications and then getting bombed by calls as easily as possible? Also, don't you take a credit hit every time you apply? How many differently companies should we apply to? If we do say 5, then that would be a big hit to our scores. [link] [comments] |
| Buying/Selling a home during the Pandemic, is it smart? (New Jersey) Posted: 06 May 2020 07:44 AM PDT Hello Everyone, My wife and I are in the midst of putting our home on the market and needless to say, I am pretty nervous about the whole thing. We were preparing to sell right before the pandemic hit us, and we decided to wait and see what was going to happen with everything going on. My wife really wants to sell the home. We are seeing a lot of homes go off market within days of being listed out here and it's been painful to see so many potential opportunities missed. We have been told by our real estate agent and our mortgage guy that the housing market in south Jersey is still strong and it is currently a sellers market. We would still be able to get max value for the property. I keep seeing all types of news articles saying that the impending doom of a housing market crash is upon us... but from what I am seeing, that isn't the case... yet. My primary worry is if a second "wave" of the virus hits in the fall, that could trigger a real economic collapse and it could easily be a year or two before the economy rebounds. This leads me to believe that we should probably list now and find new housing sooner than later. I am also worried about the health risks and having strangers tour my home, interacting with people during closing, and moving.... What are your thoughts? Is it irresponsible to try and move right now? or could it be a blessing in disguise? [link] [comments] |
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