Real Estate: Mortgage demand from homebuyers jumps 18%, as interest rates set another record low |
- Mortgage demand from homebuyers jumps 18%, as interest rates set another record low
- Buyers: Fight Your FOMO
- Negotiating a large repair with the seller?
- Any better tools than Zillow's terrible saved search?
- How to get rid of evil squatters
- How to overcome fear of not affording mortgage payment?
- U.S. Pending Home Sales Index Falls to Lowest in Records to 2001
- Can I Back Out of Winning a Short Sale Online Auction?
- How Low Can You Offer on a Home That Has Been on the Market for a Year?
- Inspection Before Offer (FTB)
- Selling to current tenants - how to negotiate closing fee
- Can you use your loan to put your down payment?
- NYC First Time Buyer of Condo - LLC for Anonymity
- At what point can I incur more credit?
- Does this house fit our budget?
- Which Loan do I want, and why?
- WA Gov. Inslee Extends Eviction Halt In Response To Coronavirus
- How would I go about in getting into this great business?
- Relocation
- Is it safe to sell a house without real estate attorney or real estate agent to a buyer without agent?
- What questions do I need to ask my realtor to make sure they’re a good fit? Anything I should look out for?
- Closed on our sale today!
- Is buying a house in a lower cost of living really better?
- Really glad I bought last year
- Property management company
| Mortgage demand from homebuyers jumps 18%, as interest rates set another record low Posted: 03 Jun 2020 06:58 AM PDT https://www.cnbc.com/2020/06/03/mortgage-demand-from-homebuyers-spikes-18percent.html
Looks like the sellers market has survived Covid. At least for now. [link] [comments] |
| Posted: 02 Jun 2020 08:50 PM PDT There are many buyers on here asking if they should buy. That depends on a lot of factors, but don't rush into something because of FOMO (Fear of Missing Out) or "House Fever". Inventory is insanely low in many markets, but it won't always be. Many sellers will wait for COVID to cool off. I'm in the Salt Lake market and within the last 3 weeks I've seen several bidding wars get crazy. One home had 16 offers and another got 34 (!!). Some buyers are freaking out and paying too much or waiving contingencies that will come back to bite them. If you can find a home you like for a fair price, go for it. But don't let panic drive you off a financial cliff. Take a deep breath. [link] [comments] |
| Negotiating a large repair with the seller? Posted: 03 Jun 2020 08:41 AM PDT So we got our offer accepted at listing price back in mid-May. We had our inspection shortly after, and we were pleased with the inspection report. The deck was noted as "repair or replace" but there was no severe signs of damage. So we submitted 2 minor things to be repaired. A few days after the inspection, we were up there and noticed water leaking into the basement. We discovered the flat roof under the deck was in immediate need for repair. As this was a large issue for us, we talked to the listing agent. She said the seller stated he is willing to work with us but wanted us to get quotes for repair. We got quotes from 2 different companies. One stated $10,500 for entire replacement of deck and roof. The other was $8,500 for half of the deck that is in the worst shape, and $10,500 if we wanted to do the entire deck. The seller came back this morning and said he got a quote from a contractor for $6,500 and was willing to pay for half of that to be fixed (a check for $3250). We asked for that quote document, but haven't received it as of yet. I'm finding it hard to believe that someone quoted that much less than the 2 contractors we got quotes from (that we know and trust) - for the same job. We countered back asking for $6,500 as a check to our contractor and that we would pay the remainder. Haven't heard anything yet. Any tips going forward with this? I'm a first time homebuyer. [link] [comments] |
| Any better tools than Zillow's terrible saved search? Posted: 03 Jun 2020 08:29 AM PDT We're looking for a home & I've got a search saved on Zillow that send me alerts whenever a house that matches them is listed. That's how it's supposed to work. Instead, it emails me multiple times a day saying "New listing: xyz street. Your x house search". I follow the link & it literally has not matched my criteria once. Whenever I run the search, only one house pops up in the boundaries & it's been that way for over a week. But I keep getting emails for these houses that don't fit the search. It's incredibly annoying. Are there any publicly available tools that would do what Zillow's saved search is actually supposed to do? [link] [comments] |
| How to get rid of evil squatters Posted: 02 Jun 2020 11:30 AM PDT Need some ideas as to how to get rid of a predatory tenant from a distressed purchased by my father. The tenant and former owner not only bought the property for $1million+ and didn't pay a single mortgage payment, but he managed to take out a total of 4 fraudulent mortgages against the property at the time of purchase! The bank finally foreclosed and put it up for auction, but they have not been able to get him out of the property since they sold it to my father four months ago. This morning this squatter/former owner called my father's lawyers to inform them that this weekend he took on a rental tenant of the property which, due to local COVID19 orders, effectively blocks any attempt to repossess the property legally. He also suggested he could accept $6500 to buy out the new subtenant's lease and consider vacating without taking the appliances. So, short of hiring thugs to break this guy's knees, I'd love to hear some creative ways to get rid of genuinely evil squatters like this. [link] [comments] |
| How to overcome fear of not affording mortgage payment? Posted: 02 Jun 2020 10:45 PM PDT Spouse and I are buyers in high-cost of living California. We both make solid incomes, have 20% down payment, and are in the range of 20% front-end DTI and 30% back-end DTI on a $950K home ($760K mortgage). We've thought about how we could afford the home if one of us were to lose our job. We would be paycheck to paycheck on the lesser of our salaries and totally screwed if we both were out of work for an extended period of time. Questions 1) How did you all overcome your fears of not being able to afford your home? 2) Do most people not think about losing their jobs? 3) Are we being too conservative and overly concerned? [link] [comments] |
| U.S. Pending Home Sales Index Falls to Lowest in Records to 2001 Posted: 03 Jun 2020 08:05 AM PDT Main takeaway is this: "While coronavirus mitigation efforts have disrupted contract signings, the real estate industry is 'hot' in affordable price points with the wide prevalence of bidding wars for the limited inventory," Record Low Interest Rates are driving up prices in the affordable areas while expensive cities like Los Angeles continue to trend downward: https://wolfstreet.com/wp-content/uploads/2020/05/US-pending-home-sales-Redfin-2020-05-30-los-angeles.png Hot affordable markets: Houston: https://wolfstreet.com/wp-content/uploads/2020/05/US-pending-home-sales-Redfin-2020-05-30-Houston.png Tampa: https://wolfstreet.com/wp-content/uploads/2020/05/US-pending-home-sales-Redfin-2020-05-30-Tampa.png [link] [comments] |
| Can I Back Out of Winning a Short Sale Online Auction? Posted: 03 Jun 2020 10:33 AM PDT Currently bidding on a short sale online auction, if I win, can I back out based on the Inspection? [link] [comments] |
| How Low Can You Offer on a Home That Has Been on the Market for a Year? Posted: 03 Jun 2020 10:32 AM PDT Looked at a house that has been on the market since July 2019. It started at 500K and has dropped down to 400K. It is on wonderful land. It has not been lived in since going on the market. Would it be a insult to offer 300K? Im not in love with it now, but would be as I know what it could be once updates are made to make the home flow. I think no one has bought it as it is a manufactured home with multiple additions, stick on floor tiles, bad carpet, ordinary bathroom finishes in the manufactured home part but amazing updates, tile, granite, real wood floors in the additions. [link] [comments] |
| Posted: 03 Jun 2020 10:24 AM PDT We are considering buying an old home and we want to get an inspection before we put an offer in because (i) the house is 100 years old, (ii) it's in pre-foreclosure (basically would be a regular sale from the owners in default but if it's in pre-foreclosure they probably haven't been maintaining it ideally although it has been renovated), (iii) they were renting it to tenants and (iv) were FTB who don't know what we're doing. We are willing to pay for the inspection out of pocket if we don't make an offer. We tried to schedule an inspection and the home inspector refused on the ground that's it's not under contract. Is this something that we are gonna hear from every home inspector? Do we have any hope of finding one who will do it before it's under contract? Maybe if we agree to assume the liability of damage by the home inspector other than through their negligence or something? [link] [comments] |
| Selling to current tenants - how to negotiate closing fee Posted: 03 Jun 2020 10:24 AM PDT Hi all, We bought a house in 2016 that we weren't really equipped to afford. I thought I could make it work but after a year with no job I'm in a really deep hole. We only lived in it for 11 months and then moved out of state so my husband could take a job elsewhere. Since then we've been renting it out through a real estate agency. The current tenants have made an offer, and it's gone up in value a decent amount. If I sell now I won't have to worry about vacancy, staging, repairs, or listing, and I can pay off all of my debt and still have a nice chunk of savings. I should have looked into this early, but I became aware that the agency charges a 6% selling fee. They are representing both of us in this case, and none of the work that normally goes into a sale had to be performed here (the tenants live there already, decided to buy on their own, so no listing had to be posted, and there did not have to be any showings/open houses, etc.) Do I have any room from which to negotiate here? Any advice on how to approach it? [link] [comments] |
| Can you use your loan to put your down payment? Posted: 03 Jun 2020 10:10 AM PDT I've had this question for a while, and I think you guys might be able to help me. If im going to buy a 200k house, and theres a 20% down payment, why cant I take a loan for 200k and use 40k of that loan for the down payment instead of paying 40k of my money and then getting a loan for 160k? [link] [comments] |
| NYC First Time Buyer of Condo - LLC for Anonymity Posted: 03 Jun 2020 10:06 AM PDT I'm looking to purchase a condo in NYC; however, I would like to have anonymity on the purchase/record. My understanding is that the new laws enacted around LLC and name disclosure does not apply to condo purchases. However, it looks like I would not qualify for the condo tax abatement. https://www1.nyc.gov/site/finance/benefits/landlords-coop-condo.page Is there a workaround to take advantage of the condo tax abatement while maintaining anonymity? Thank you. [link] [comments] |
| At what point can I incur more credit? Posted: 03 Jun 2020 09:40 AM PDT I'm closing on my house tomorrow. I know during the process you want to refrain from incurring additional credit accounts or having your credit checked. However, I need to buy a few things using financing, such as a bed and washer and dryer and a few other things for the new home. Does it matter if I have an additional credit inquiry today compared to Friday? A little about me, I have a credit score of over 750. I've had 3 credit inquiries in the last 2 years. And, my home puts my monthly debt to income ratio at around 22% once I begin my new job. [link] [comments] |
| Does this house fit our budget? Posted: 03 Jun 2020 09:20 AM PDT Not sure if I am being to conservative, or if this house will leave us stretched too thin. Gross income: $110K Savings: $42K Monthly Debt Payments: $500 (car and student loans) The house we are looking at is listed for $275K Mortgage broker gave me a monthly estimate for principal, interest, tax and insurance of right at $1,500/mo (30yr conv, 10% down, no PMI) On top of that I am budgeting $500/mo for utilities and $500/mo maintenance allowance. So planning on setting aside $2,500/mo for this house. Kids are planned in the next 1-3years, this house reflects that. We briefly considered smaller 2 bedroom houses but aren't interested in having to move again within 5-10yrs. Right now our other monthly expenses are minimal, basically just food and the occasional night out which hasn't happened in a while, but know that kids could drastically increase those expenses. All opinions welcomed and appreciated. [link] [comments] |
| Which Loan do I want, and why? Posted: 03 Jun 2020 09:14 AM PDT Hi all! Please be easy on me. I am reading all that I can on mortgages in preparation to buy my first home. I entered my information to Lending Tree and got the following. To me (wanting to put down less for closing costs), it looks like Option number 2 is the way to go. Thoughts? Quote 1: 30 years, 3.026% APR, 2.875% Rate - Fees at closing: $5,760 Quote 2: 30 years, 3.303% APR, 3.25% Rate - Fees at closing: $1,983 Quote 3: 30 years, 3.500% APR, 3.500% Rate - Fees at closing: $0 About my wife and I: Salary: $110,000 - $125,000 this year. I believe I will be promoted sometime in the next 12 - 18 months, increasing our combined salary to somewhere in the 125,000 - 145,000 range. Price range we are looking at: $300,000-ish. Loans: $600/mon. student loans and $380/mon. car payment. Current savings: $30,000 (we have had a big jump in combined salary the past 2 years) Any feedback will be greatly appreciated!! Thanks! [link] [comments] |
| WA Gov. Inslee Extends Eviction Halt In Response To Coronavirus Posted: 03 Jun 2020 09:11 AM PDT With the economic slowdown from the new coronavirus moving into its fourth month, Gov. Jay Inslee extended his emergency order temporarily halting evictions and freezing new increases on residential rents through August 1st. New provisions also include prohibition on retaliation against tenants who invoke the order's protections, and establishing a defense for tenants on lawsuits in instances where a landlord has failed to offer a reasonable rent repayment plan. [link] [comments] |
| How would I go about in getting into this great business? Posted: 03 Jun 2020 09:09 AM PDT |
| Posted: 03 Jun 2020 05:11 AM PDT I bought a house in Michigan back in early 2019 for 57,000. There's a room with uneven foundation that really soured me on the place and it's gotten worse over the last year. After looking into it more, I've noticed that the room is an addition and after pulling up the siding outside after being unable to find a crawl space to jack the house up, I noticed the addition is not on any foundation. I don't believe this was disclosed to me in anyway during the sale. What are some of my options to be able to move on from the property, fix the issue, or get financing to move elsewhere? I've never missed a payment and everything is in just my name right now. [link] [comments] |
| Posted: 03 Jun 2020 08:34 AM PDT I'm thinking about doing a for sale by owner and the buyer doesn't have a real estate agent either. [link] [comments] |
| Posted: 02 Jun 2020 04:58 PM PDT |
| Posted: 02 Jun 2020 04:57 PM PDT We put our house's listing up as coming soon on April 22, and it sold in two hours. The whole process was way too smooth for comfort. Fingers crossed that the closing on the house we're buying is just as smooth 🤞🏻 Two other houses on our same block went up for sale during the time we put our house up and today, and they both had 'under contract' signs on them by the next day, too. These are crazy times. [link] [comments] |
| Is buying a house in a lower cost of living really better? Posted: 03 Jun 2020 08:18 AM PDT I know salaries are much lower in lower cost areas, but what kills me is transportation costs. Where my parents live(very expensive place to live) there is decent public transportation and things are close enough that I don't have to buy a car. I live in San Jose where I pay only $500 in rent, and don't need a car. I plan on saving up and moving back to my parents house when I have enough money because I can't rent a room from somebody forever. Of course I'll pay my parents when I move back. The way I see it if I move to a lower cost of living area, if I buy or rent, I will have to buy a car, pay for gas, pay for insurance, and get a lower income, which I don't think is worth it. The way I see it I have no choice, but to move back to my parents house for the long term. Is it even possible for a single person to not sacrifice too much by moving to a low cost of area and buy a house? [link] [comments] |
| Really glad I bought last year Posted: 02 Jun 2020 05:28 PM PDT We were debating continuing to save/wait until absolutely necessary (upgraded from 1 bedroom to a house). This season is way higher prices and almost no selection. Plus I would have had to ride out quarantine in a 1 bedroom apartment if I didn't jump last summer. [link] [comments] |
| Posted: 03 Jun 2020 07:43 AM PDT Any advice for someone thinking about starting a property management company in the current climate? [link] [comments] |
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