Real Estate: Empty nesters in our neighborhood want to “swap” houses with us. Have you heard of this? |
- Empty nesters in our neighborhood want to “swap” houses with us. Have you heard of this?
- FHFA Extends Foreclosure and Eviction Moratorium to August 31, 2020
- Help... closing tomorrow. Gehan Homes (Texas) is threatening us with additional fees ($2,000)
- Can buyer bring someone in with them for the home inspection?
- Done with home inspection. Am I asking for too much?
- Scam? Sketchy individual asking for my rental information
- Transferring property to LLC
- Buying a 2 bed 1 bath home bad idea? Los Angeles
- Polybutylene piping – Walk away or an acceptable risk?
- Unresponsive HOA on a condo I'm buying - how important is it?
- Getting Real Estate License?
- House came up that I am interested in - coincidentally the listing agent works for the same company as my buyer's agent. What, if anything, should I be aware of should I want to move forward with this?
- When is the appraisal supposed to be scheduled and who schedules it?
- Refinancing help (TX)
- Pandemic Driving Down Cost of Rent in the Bay Area, Boston, San Diego and New York - Sign of a Trend for HCOL Areas?
- Own a single family dwelling, have rented it out and lived in it (primary residence) for my entire time owning it (3 years) if I sold for a 250,000 profit how much of that is tax free? Filing single.
- I terminated real estate agent help
- COVID Quarantine delaying closing
- To hard money loan or not
- Rent Back and What to be Mindfull of
- I’m trying to get in touch with a realtor for an annual rental, but they haven’t responded. What do I do?
- Seller won’t grant access
- HOA Fees?
| Empty nesters in our neighborhood want to “swap” houses with us. Have you heard of this? Posted: 16 Jun 2020 08:45 PM PDT There is a couple that lives in our neighborhood in a larger home. They are empty nesters and want to downsize. They have their eye on our house and have made the serious offer to swap houses with cash consideration. Their home is valued at around $630,000 and ours is about $415,000. We like their house and are in need of more space, but not sure if we can afford it. Have you ever heard of something like this? What advice do you have? [link] [comments] |
| FHFA Extends Foreclosure and Eviction Moratorium to August 31, 2020 Posted: 17 Jun 2020 09:54 AM PDT Today, to help borrowers and renters who are at risk of losing their home due to the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) will extend their single-family moratorium on foreclosures and evictions until at least August 31, 2020. The foreclosure moratorium applies to Enterprise-backed, single-family mortgages only. The current moratorium was set to expire on June 30th. "To protect borrowers and renters during the pandemic we are extending the Enterprises' foreclosure and eviction moratorium. During this national health emergency no one should worry about losing their home," said Director Mark Calabria. FHFA will continue to monitor the coronavirus situation and update policies as needed. To understand the protections and assistance the government is offering people having trouble paying their mortgage, please visit the joint Department of Housing and Urban Development, FHFA, and the Consumer Financial Protection Bureau website at cfpb.gov/housing. [link] [comments] |
| Help... closing tomorrow. Gehan Homes (Texas) is threatening us with additional fees ($2,000) Posted: 17 Jun 2020 09:19 AM PDT Honestly, not sure what to do at this point. Advice is appreciated. We're supposed to close tomorrow. A few days ago, Gehan Homes told us they would be charging us $500/day in fees because our lender had to push closing back by a few days to finish up some papers (100% was not our fault). Yes, it is in the contract that that they are able to this. We told them no, we wouldn't be doing this. They came back and said that if we don't, they'll be taking our deposit ($8,000). The only thing is, they STILL haven't fixed multiple issues that we went over in our walkthroughs, that they said they would fix. We mentioned these, and even said we will still close despite these issues, but they are still threatening us. Honestly? 2,000 isn't a huge deal to us. It's more the principle of it than anything else. We feel like they're scamming us, and don't want to give these people an extra dime. I don't want to have to hire a lawyer, but we may have to. If you've experienced this before, we're all ears.... [link] [comments] |
| Can buyer bring someone in with them for the home inspection? Posted: 17 Jun 2020 08:51 AM PDT We are having a home inspection done in NY. Me and my fiancé are the buyers. I won't be able to attend because I am going to be at work but my fiancé wants to bring my father along with him since he is familiar with home renovations and repairs and will be helping us with that process if we get the house. The listing agent said it was fine, but the inspector is saying it should be the buyer only. Is this common? We are first time homebuyers so I'm not sure what the typical protocol is here. [link] [comments] |
| Done with home inspection. Am I asking for too much? Posted: 17 Jun 2020 08:01 AM PDT This is my first time buying a house and I'm not good with fixing stuff since I rent. I asked my agent for the seller to address these problems. I know repairing is part of buying a house the house, but since I thought the house was built in 2008, it would be in great shape and it looked great when I looked at it. I really don't want to pay a lot in repairs. These are the problems I asked them to fix:
[link] [comments] |
| Scam? Sketchy individual asking for my rental information Posted: 17 Jun 2020 10:37 AM PDT My room just became available because I am moving to another state for school so I posted it on Craiglist and the local Facebook Housing Groups. This bot/person, with a private FB profile(where you actually cannot find it and it is registered with a Nigerian Number), messaged me on FB and asked if she could have my email for her friend who is interested in the room. I gave her my email and 'the friend' messaged me asking for pics/rental info/location of the place. I asked her for a confirmation that she is a real person and she sent me an Asian girl(I am also Asian and she can see that on my email) pic downloaded from Facebook because I can see the file download name. I asked her for her FB profile but she said all of her social media were deactivated since her breakup with her fiance. She is very insistent to get my rental information, which she can find on Facebook. Is this a scam? [link] [comments] |
| Posted: 17 Jun 2020 10:25 AM PDT If I would like to transfer my rental property under my name to an LLC, what do I need to do? [link] [comments] |
| Buying a 2 bed 1 bath home bad idea? Los Angeles Posted: 17 Jun 2020 10:14 AM PDT |
| Polybutylene piping – Walk away or an acceptable risk? Posted: 17 Jun 2020 06:20 AM PDT Perhaps the biggest red flag from the inspection report on what could be my first home purchase was that the house has polybutylene piping. For those who aren't aware, polybutylene pipe was commonly installed in houses from the mid-70's to the mid-90's. However, due to problems with leaking pipe and fittings, this pipe material was subsequently banned for use in construction. The house I may purchase was built in 1991. The fittings used on piping are the "plastic fittings with copper band" style. This Copper & Plastic fitting style is the 2nd generation style fitting that replaced the original Aluminum & Plastic fitting style. (The third generation style used copper for both the fittings and the bands.) Part of me thinks that the risk is minimal because the piping is 29-years old and hasn't failed yet. It's easy to think that if this piping was installed incorrectly, or was incompatible with the water quality flowing through the pipes, that the piping would have failed by now. Another part of me thinks that the piping is a liability, and could fail at any time. (The house is single story with a crawl space. I'm assuming the cost to re-pipe the house would be in the $6-8k range.) Would you all walk away from a house with polybutylene piping? Or, given the above, do you think the risk of a piping failure is no different from the risk of any other major system (e.g., HVAC, roof) failing? [link] [comments] |
| Unresponsive HOA on a condo I'm buying - how important is it? Posted: 16 Jun 2020 05:27 PM PDT I just finished my inspection on a condo. When my offer was accepted, I received a slew of HOA docs, including a very extensive reserve report. However, I couldn't find any record of the plumbing or electrical being updated or replaced. The condo was built in 1929, and has galvanized pipes. I'm reluctant to move forward without this information, but the contact person at the property management company for the HOA hasn't returned my phone calls, my agent's phone calls, or the listing agent's phone calls. I looked the company up online and stumbled on their Yelp reviews. I realize that property managers are not the most popular of companies, but this one had about 75% one-star reviews--many people complaining about them being unresponsive when needed, but being quick to charge fees and penalties to owners when the need arose. Overall, I think I'm getting a good price, and my interest rate is quite good. How concerned should I be if the property manager for the HOA is indeed as crappy as the Yelp reviews suggest? EDIT: I just wanted to clarify that the contact number I have is for the property manager, not an HOA board member. My realtor has a board member's phone number and I plan to call them tomorrow to ask some questions. [link] [comments] |
| Posted: 17 Jun 2020 09:48 AM PDT My program at my local community college has two parts. The first one says the program prepares you to be a real estate agent. I don't want to be an agent. The second part is a post licensing and it says you learn: selling and financing real property, analyzing/managing investment property, legal issues, and strategies for business planning and time management. If I get this license would I be able to do something in real estate besides selling homes? I was thinking propert manager or something. I live in FL and am movin to AL soon. [link] [comments] |
| Posted: 17 Jun 2020 09:48 AM PDT |
| When is the appraisal supposed to be scheduled and who schedules it? Posted: 16 Jun 2020 09:17 PM PDT I applied for my mortgage on May 7th. My mortgage broker filed it fairly fast. I have turned in everything to him the day he asked for everything. It has all been smooth. I had the inspection done and it all was good. I received my conditional approval on May 29th. This is my first house so I'm depending on my mortgage broker and my real estate agent to tell me every step that needs to be done. Finally on June 11th my mortgage broker tells me the price of the appraisal and I paid for it. Is it normal for the appraisal to be ordered so late in the process? Everything seems to be done except for the appraisal which was supposed to be done yesterday but for some reason the guy didn't have time and it didn't get done. Who physically orders the appraisal and when in the process is it usually ordered? [link] [comments] |
| Posted: 17 Jun 2020 09:39 AM PDT I'm trying to refinance my house and having trouble figuring out which of my 2 bids are better. Could someone please help me figure this out? I'm getting lost in these loan terms. I'm not wanting to buy down the interest rate so, assuming the bidders didn't sneak anything into the fees, the rates should be what they have to offer at par. What I currently have left on the principal of the loan is a little under $154,000
Original loan Info Loan Amount = $157,600 Loan Issue Date - 3/11/2019 Loan Type - 30 year, fixed rate Interest Rate = 4.375%
Bid 1 (from bank) This bid from my bank used estimated numbers instead of the true loan amounts. The escrow is not rolled into this loan Loan Amount = $150,000 Type - 30 year, fixed rate Interest Rate = 3.375% Closing Costs = 4638.61 Closing Cost Breakdown (Estimated Values)
Bid 2 (from mortgage company) The escrow is rolled into the loan amount for this bid. Loan Amount = $162,871 Type - 30 year, fixed rate Interest Rate = 2.99% Closing Costs = 9,144 These guys sent me a nice closing cost sheet breakdown that I'll link to instead of re-typing like I had to for the 1st bid Page 1 - https://i.imgur.com/MrTomRH.png Page 2 - https://i.imgur.com/hL16EXM.png
What I think I'm looking at is that Bid 1 has a higher interest rate but lower closing costs, by almost half the amount, of bid 2. This is true even when factoring in the return of my current escrow. While it looks like Bid 1 is making their numbers look better by using an "estimated loan amount" that's lower than what I actually owe, I think the higher closing costs on Bid 2 still end up making Bid 1 better in the long-run.
Also, rolling the closing costs into the loan amount means I don't have to pay those fees all at once at close, correct? So for Bid 1 I would have to pay the $4638.61 all at once at close. Bid 2 I wouldn't have to pay anything at close since that is rolled into the loan and I'd be paying that amount off monthly with my Principal, Interest, Taxes, and Insurance. Is that correct?
I really appreciate anybody's help on this. I'm really feeling like I don't have a solid enough grasp on this to make the best decision. [link] [comments] |
| Posted: 17 Jun 2020 09:26 AM PDT Story (NBC Bay Area): https://www.nbcbayarea.com/news/local/making-it-in-the-bay/pandemic-driving-down-cost-of-rent-in-the-bay-area/2310654/ "Pandemic pricing", rents also falling in Boston, San Diego, and NYC: https://www.cnn.com/2020/06/16/success/rents-are-dropping-us-cities-coronavirus/index.html Purchase pricing seems stable or slightly up in these markets, but not nearly as much as cheaper areas. Could the desire for more space (housing and neighborhood), combined with more WFH, be the start of a new trend driving people away from developed, older, expensive areas, into newer, cheaper areas like the southeast, midwest, big sky country, and southeast? [link] [comments] |
| Posted: 17 Jun 2020 09:21 AM PDT Assume I paid 500k and sold for 750k, rented it out for the whole three years but also used it as my primary residence. Thanks for the help [link] [comments] |
| I terminated real estate agent help Posted: 17 Jun 2020 09:20 AM PDT 6 days ago I terminated my real estate agent due to not being on top of her things and I decided to with a agent who knew her stuff with VA Home Loans and requirements. Well I need the termination papers for my new agent to even put in offers etc but since then the terminated agent promised to send me termination papers Monday, since then she has ignored me and won't reply or send me the papers. I'm not sure what to do I was going to contact the broker to find out she's the broker. I'm stuck and not sure what to do now [link] [comments] |
| COVID Quarantine delaying closing Posted: 17 Jun 2020 09:17 AM PDT Has anyone experienced this, with either the buyer or selling being quarantined prior to close, delaying the close date? My seller (a relative of mine), was exposed and was tested today. Her test results won't be available for another couple of days. She was sick yesterday but seems to be doing better today. Just curious if anyone else has had that happen? We are supposed to be out of the house by the 3rd, so I don't know if we'll end up having to put our stuff in storage and get a hotel room. [link] [comments] |
| Posted: 17 Jun 2020 09:00 AM PDT Need your advice. We have been interested in a property with a lot of potential. It has land to build on and a simple house for my spouse and I (Dual income, no kids) in a MCOL (slightly HCOL) area. The property right now is priced under market and looking to be staying that way for awhile. It needs TLC. Will be our primary residence. We've been qualify for a 30yr fixed conventional loan, but the property is not. Looks like there's some missing essentials that needs to be fixed: bedroom, kitchen, and potentially foundation. We have a foundation contractor coming out to check the property for us soon. Hopefully it's not too major. In any case, if all the structural and permits look good, we think we can do most of the TLC work over time. The question now is how to finance... Been looking at hard money lenders, but the 8-11% rates is risky. How would we go about refinancing this and how soon? We'd like to make this work. [link] [comments] |
| Rent Back and What to be Mindfull of Posted: 17 Jun 2020 08:51 AM PDT We put an offer down on a condo. The owners originally asked for a Sept move out before we put the offer. Now after getting our offer, they are saying they need to say until Oct 1 because the house they are building wont be ready and want to do a lease back. I found that they changed the move out day after the offer fishy. But maybe that's just me. Our lease is up on Sept first, so we would have to move twice and find a hotel/1 month rental. Is this worth it? What should I be concerned about with a Lease Back. How do I make sure they don't hide anything from the sale and then claim it broke after we took it and they are just renters? Thanks in advance. [link] [comments] |
| Posted: 17 Jun 2020 08:42 AM PDT The place is still available, but the only contact number is a single realtor who seems like she's super busy since all her listings are million dollar homes. We just went to rent out a $1500 place. My girlfriend and I are looking to move out asap. Talked to her a few days ago and she said to drive by the place, let us know what we think then shoot her a text/call so we can set something up. We did just that and It's been a couple days now and still no response. My buddy is a realtor and he said the condo is still 100% available. Should I contact the office that she works at? Is it possible I can go through a different real estate agent? Any solutions? I feel bad blowing up her phone, but we're looking to move out ASAP and this just seems like an amazing deal / location for us right now. Any thoughts? [link] [comments] |
| Posted: 16 Jun 2020 08:45 PM PDT I'm in contract on a property. Seller wanted to add addendum post final contract. Language was one sided in seller's favor in regards to post-closing seller possession. I said thanks but no thanks. Now seller is refusing entry to my home inspector and appraiser. Do I need an attorney? Clock is ticking on my inspection period. [link] [comments] |
| Posted: 17 Jun 2020 08:28 AM PDT I am looking at this property https://www.zillow.com/homedetails/881-Lafayette-Blvd-UNIT-4L-Bridgeport-CT-06604/177073628_zpid/? This is the info that they gave me What would the monthly HOA costs be? $343.32 + $133.38 Loan Repayment What is included with it? Water, Hot water, Insurance, Landscaping & Snow removal, Sewer, Refuse Is there a cap on how many units can be rented out in this building? 49% Do you have a reserve fund study? No Then they said the extra 133.38 is for: The association is taking out a loan for $750K and the repayment is through 2041. There are 17 rentals now, and 2 more are allowed. That could change by the time you desire to rent. [link] [comments] |
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