• Breaking News

    Wednesday, June 10, 2020

    Home Unlabelled Real Estate: Mortgage demand from homebuyers amazes again, now up 13% annually despite rising rates

    Real Estate: Mortgage demand from homebuyers amazes again, now up 13% annually despite rising rates

    June 10, 2020

    Real Estate: Mortgage demand from homebuyers amazes again, now up 13% annually despite rising rates

    Mortgage demand from homebuyers amazes again, now up 13% annually despite rising rates

    Posted: 10 Jun 2020 06:07 AM PDT

    Article

    It seems that COVID hasn't slowed down the market at all, only pent up demand. How do you see this affecting the housing market moving forward? Were those expecting doom and gloom reversing course?

    submitted by /u/The_Hindu_Hammer
    [link] [comments]

    Offer accepted! First time homeowner, seller's market, VA loan! Just wanted to thank this sub, and give some advice for anyone in our situation.

    Posted: 10 Jun 2020 06:06 AM PDT

    Disclaimer: Our market is not as hot as some other markets on here, it seems. I don't know exactly what we were up against, but based on how many people were touring the home that day, and how quickly the first few homes we looked at went, we went in strong.

    1. Write a personalized letter. I can't say I know for sure it will help us, but I bonded with our sellers about specific things about the house, told them our professions (my fiance has a bloated official title, so we highlighted the parts of the title that made it clear he worked in tech and healthcare), and made it clear we were working with a local lender and had some flexibility with closing, but we could do it quickly. Since it's personalized, try to appeal to what relates to them... We were lucky we had a fair amount in common with these people.

    2. Be quick, if you expect the home to be hot. Even if you think it's a little overpriced, if it's got great curb appeal and is basically move-in ready, it's going to be hot (at least in our area, where most homes are built in the 60s-80s). Now, the other option is to try to go for less desirable houses (dated, but in great condition and livable). However, if you're not handy, (we aren't yet), it's not the worst thing to pay a premium. You won't have to deal with people coming when you're trying to settle, and the return on a remodel might not be as high as you think: https://www.cnbc.com/2018/01/24/heres-how-much-your-home-remodel-will-pay-you-back.html

    3. And to add to be quick, get pre-approved with a local lender, and make sure the letter is updated when you submit your offer. They're quicker to work with than USAA, and if your seller wants to move before the beginning of the school year, you want to ensure you can be quick. Also, based on USAA's posted rates, we got a .5% lower rate. Pretty good!

    4. I know one of the perks of a VA loan is having them pay up to 4% of closing costs, but ask yourself... Do you really need it? You are going to to look like a much more reliable buyer if you can guarantee that, yes, you have enough money to close and can cover some of a low appraisal. I'm not saying waive your appraisal (although you might have to in certain markets), that'll help your cause. A high offer that won't appraise doesn't mean much.

    5. One regret is not interviewing more realtors (our maybe the regret is not being more clear about what we want and can afford?) He was recommended by 2 people, so after talking to him, we just went for him. Our realtor is nice and not pushy (I trust he wouldn't try to screw us for commission, like some of the horror stories I've heard about), but he never recommended we try to cover a gap in appraisal (we were the ones who brought it up). Admittedly, it might be our fault...We told him we don't have much in cash reserves, but I guess we should have been clear about "not much".

    6. Look into what different taxes and fees might be in your state. We were initially going for something cheaper we planned to live in for 5 years and then upgrade, but when his brother pointed out, "transfer taxes are incredibly high here, find somewhere you want to stay in long-term". Just crunch the numbers to see what makes sense for you.

    Edit: VettedVA on Facebook has been a great resource for us as well. You can ask for more specific advice on VA loans, and there are recommendations for local mortgage brokers to give you a starting point if you want some options.

    I think those are the main things! Good luck. :)

    submitted by /u/UNsoAlt
    [link] [comments]

    URGENT: Closing on a new construction home today that looks like shit [MD]

    Posted: 10 Jun 2020 07:11 AM PDT

    I am set to close in 2 hours. I had my final inspection this morning after the initial inspection a week ago. They fixed almost none of the problems I listed. There are things broken (lights, cabinets, fridge door, dishwasher) and a crappy paint job all around.

    I need some serious advice on how to proceed. The 22 year old construction manager is at the house right now trying to fix everything in the next two hours.

    What kinds of demands should I make at closing? What information do I need? It costs me $300/day to delay closing.

    submitted by /u/mermaiddiva26
    [link] [comments]

    Gilson real estate in California is a sham! They are a slum Lord. They rent destroyed and cockroach infested properties!

    Posted: 10 Jun 2020 04:51 AM PDT

    Gilson Real estate has refused to address any complaints. I've lived with thousands of cockroaches. I've been sneezing, coughing up and defecating blood since I've moved into this unit. Oroville CA code enforcement has been paid off to negate any fines, even though they have issued abatement notices. Despite my physical proof of cockroach infestation and the code enforcement officer seeing the infestation first hand, nothing has been done. I've been forced to live in a building infested. Over 2500 cockroaches captured in the 100 days I've lived here. I am slowly dying here with no recourse. Help me. I begin protesting with a bullhorn tomorrow.

    submitted by /u/confused_n_disturbed
    [link] [comments]

    Anyone else noticing EVEN FEWER houses coming on the market this month?

    Posted: 10 Jun 2020 07:41 AM PDT

    I'm in Maine and my husband and I have been having a lot of trouble getting a house (7 offers and counting!). Inventory has been incredible low here, as I'm sure it has been everywhere, but I've been hoping that as things start opening up again from the quarantine, the rate of houses coming on the market would pick up a bit. Nope. In the last couple of weeks, it actually seems to have slowed down. I can't wrap my head around this. Is anyone else seeing this in their area?

    submitted by /u/PracticalCheesecake2
    [link] [comments]

    First time homebuyers buying a "fixer upper" - time to walk?

    Posted: 10 Jun 2020 04:58 AM PDT

    We are a first time homebuyers looking to purchase a 1920s home that needs a ton of work in Queens, NY. After our home inspection I am starting to worry that we are in over our heads.

    This area of Queens is always a sellers market. Fully renovated homes of this size typically are listed at over $1M.

    Sellers accepted our offer of $860k and we've budgeted for $100k of initial renovations and repairs. We thought that $100k would go to a new kitchen, two small bathrooms, refinished floors and paint. The kitchen/bathrooms are functional, but old. We wouldn't be moving walls or changing layouts.

    After the home inspection we are rethinking this. There are a ton of issues:

    1. Most window frames are water damaged and completely rotted out. Many of the windows don't stay open. We figure we'll need to replace all the windows in the house immediately.

    2. Water is getting into the basement and there are wood beams in the basement with water and termite damage. The inspector thinks this is from improper drainage and grading around the house and suggested we extend the gutters, build up the dirt around the house to fix the grading, and get better window well covers. He did not find cracks in the foundation but the basement is totally filled for storage so I'm worried there is more damage than we can see.

    3. There also seems to be some leaking with upstairs window roof area but the seller "re tarred" the roof in those areas. I'm not convinced that's a real fix. Roof is about 15 years old with some damage to the shingles.

    4. The boiler is 40 years old but still working. It's an oil burner that we want to replace with gas eventually.

    5. Electric needs to be updated. There are double tap wires, no GFCI outlets, and all outlets are the two prong outlets. Its also only 100 amps.

    6. Some water damage, termite damage, and a crack in the side of the garage.

    In addition to all that fun stuff, it turns out that the sunroom in the home was an illegal addition and sellers are not willing to get a C of O for it. We are planning to ask for a concession and walk if we can't get it. We've been told that getting an architect and getting the C of O ourselves could run us $20k and they may not even approve it and we'd be stuck tearing it down.

    I'm doubtful they'll give us the concession for the C of O but even if they do, is buying a house with this many problems a mistake? We like that it's an old home and know we're going to have to keep investing time and money into it but I also don't want to constantly be running into new problems.

    submitted by /u/lexvo
    [link] [comments]

    Best way to find property investments in Philippines as a foreigner

    Posted: 10 Jun 2020 03:22 AM PDT

    Hi, I'm looking to invest in Philippines' real estate as a foreigner. Due to limitations in owning a land, I'm leaning towards purchasing a condominium unit particularly in Metro Manila for some rental income.

    I'm just starting out with my research but is also curious if anyone here has done this before. Would appreciate all recommendations I could get. Here are some of my questions:

    1. Where did you start finding a property in the country?

    2. Are there any legitimate site or brokerage companies that I could look into?

    Thanks!

    submitted by /u/296130
    [link] [comments]

    (TN) Sellers haven't lived in house in 3 years, not required to provide disclosure. Does that remain true after a potential buyer obtains & provides an inspection?

    Posted: 10 Jun 2020 06:45 AM PDT

    In Tennessee, there are certain conditions where the seller does not have to provide a disclosure report for defects. One of these conditions is " if the Seller has not lived in the home within the 3 years before the Closing. " This exemption is in place essentially to say, "Yeah, I haven't lived here ever, or in years, so I really can't confirm if any defects have popped up in that time".

    Once a potential buyer obtains an inspection & finds issues, is the seller legally required to disclose them? Or do they maintain that exemption?

    I'm asking, because we just finished our inspection & found some issues that need to be addressed. Nothing as major as foundation repairs, but serious enough we'd walk away if they seller refused to fix them. However, I'm wondering exactly how hard we can realistically push for the repairs. If they're required to disclose the existence of the issues that popped up in inspection, I imagine they'd be more willing to work with us. But I can see them refusing repairs & holding out for suckers who get a bad inspector or waive the inspection entirely if they think they can sell without getting the issues repaired if they aren't required to disclose them.

    submitted by /u/snatchasound
    [link] [comments]

    [VA loan] USAA or Navy Federal?

    Posted: 10 Jun 2020 04:20 AM PDT

    Does anyone have strong opinions one way or the other?

    Hi everyone, first time homebuyer here! USAA is quoting at ~3.5%, Navy Federal at ~2.9% for a 30-Year VA Loan. We currently have other accounts (i.e. insurance) with USAA, but does the difference seem significant enough to go with Navy Federal, all other things being equal?

    Thanks for your input!

    submitted by /u/notthrowingawaytrash
    [link] [comments]

    Seller accepted offer, signed my Letter of Intent, now has gone dark?

    Posted: 10 Jun 2020 09:37 AM PDT

    I found an amazing condo. Place and area of my dreams. Seller accepted my offer. He signed it.

    I got a lawyer. Drafted up a contract and I signed it. Sent it over to him Friday night.

    It is now Wednesday and I have heard absolutely nothing from the seller or his attorney. The listing agent said he "didn't forsee any issues", but said we would "hear back before end of day Tuesday".

    It has been total radio silence even after repeated attempts by my agent to follow up.

    I am seriously panicked about this. Should I be worried, or is this normal?

    submitted by /u/StableGeniusNJ
    [link] [comments]

    seller requesting Special Warranty amendment?

    Posted: 10 Jun 2020 09:21 AM PDT

    Quick noob question - I'm buying a foreclosed property and, after accepting my offer, the selling bank sent an amendment asking to change from a general warranty deed to special warranty deed. the exact amendment text is:
    "Property to be transferred via Special Warranty Deed at closing"

    They're in the middle of doing a title search at the moment, so I don't know why they would do this and I instinctively don't like it. But maybe it's not a big deal? I already suspect that the septic system isn't up to par and accounted for that in the price, so maybe that's what they're worried about?

    Thanks in advance for any insight.

    submitted by /u/therealjwalk
    [link] [comments]

    First time buyer interested in condo

    Posted: 10 Jun 2020 09:05 AM PDT

    I currently rent a studio apartment for $767 and I start a 1-year accelerated grad program this August. Im a new renter and I'm hoping that once I earn my MSW and get a job, I can start to get out of the apartment life and buy something of my own. Being a single person with no kids, a whole house seems too big for me right now.

    I keep finding these nice condos on Zillow in good areas of town at great prices. For example, a typical condo would be 107K and Zillow's estimated payment is $530. I understand that Zillow's estimated payment doesnt count the additional fees involved with owning a home, but even with adding $200 to that cost, it's still less than what I'm paying now.

    My question is: I always pictured myself paying down my loans (will be about 20K) while I rent and then trying to buy a place but now it seems like I'd be saving a little money by buying my own place. I don't want to rent indefinitely, and I would feel a lot more at peace in my very own home that I pay down every month but I'm not sure what the smartest timeline would look like. Any input, advice or guidance from y'all would be so appreciated.

    submitted by /u/fuckcorona0908
    [link] [comments]

    Denver-- Desirable Home Not Getting Showings. What Gives?

    Posted: 10 Jun 2020 08:55 AM PDT

    We're in a desirable neighborhood. Comps sold for 630-660, we listed at 625. Everything is updated, new appliances, restored original hardwood, new carpet, etc. Honest feedback from trusted designer friends is that the house is amazing/wouldn't change a thing.

    (Our neighbor's house sold in 2 days last month, and ours has more SF/bedrooms and a more open layout.)

    First day on the market, we had back to back showings all day. It was wild!

    Then, nothing. 0 showings since.

    Feedback from the showings said "shows great" and "really nice, the buyer just wants 100% of her boxes checked, yours was 80%" No red flags, nothing specific we can change. One family wanted a different layout, one family wanted a larger yard. One person came back for a second showing that "went very well," so we're hoping they make an offer...

    I know selling a house is nerve-wracking, but why would the showings just drop off like that? Is anyone else in Denver noticing a similar trend?

    What can we do to improve showings? (Marketing? Price change?)

    Also, if we decide to lower the price, how much is significant enough to make an impact? Would buyers see that as a bad sign?

    Thanks for your thoughts!

    submitted by /u/pizzatoucher
    [link] [comments]

    Realtor not letting us go

    Posted: 10 Jun 2020 08:33 AM PDT

    So we found a real estate agent and for a month we were looking at houses and found one that was nice. We tried buying it but the owners didnt accept our offer and nothing was bought. We are now stuck with a six month contract that we cant get out of. We havent bought anything and we want to leave but they wont let us. What should we do? We dont want to be stuck with this contract because there are better realtors and we got stuck with these people. I couldnt find the right flair for this post so im sorry of it isnt fitting.

    submitted by /u/LeafyHasIt
    [link] [comments]

    Renting Vs Ownership.?

    Posted: 10 Jun 2020 07:45 AM PDT

    So its a self explanatory query there - Which makes more economic sense for a place like NYC and over a 6-8 year period of usage/living considering all costs in an ownership mode (of a 2BHK) vs simply renting it out?

    This assuming a mortgage of about 500k, rest from own accruals.

    Pros/Cons - Any thoughts..? Thanks!

    submitted by /u/YouStylish1
    [link] [comments]

    Can a Canadian partnership or incorporated business secure an owner-occupied loan if both partners live in the house?

    Posted: 10 Jun 2020 07:34 AM PDT

    I am an American looking to buy in Toronto which would subject me to the 15% non-resident speculation tax. In this scenario, I would form a partnership or business incorporated in Ontario with a Canadian partner to avoid the tax. We would then buy a 3-4 unit multi-family property and both live in it. Could our theoretical corporation secure an owner-occupied loan? Is the Canadian corporation safe from the NRST? I am unfamiliar with Canadian loans/real estate. Feel free to tear me apart if everything I just said is incorrect.

    submitted by /u/C-137_
    [link] [comments]

    Should I walk away from this house?

    Posted: 10 Jun 2020 07:25 AM PDT

    Buying on the cheap at 37k, 10k below Appraisal.

    Things that need done:

    Install Two GFCI outlets Replace medicine cabinet Replace Refrigerator Tighten toilet to floor Replace carpet in bathroom with flooring Touch up some wall paper

    Things might be needed later:

    Furnace (20 years) Water heater (11 years) BilCo doors need replaced eventually (small hole allowing water in basement steps)

    We will have the funds for repairs.

    Should we walk? Seller doesn't want to fix anything And we really don't need them too.

    submitted by /u/housebuyinggfci
    [link] [comments]

    Buying grandparents 102 year old farm house. Tax questions (IA)

    Posted: 10 Jun 2020 07:01 AM PDT

    Wife and I plan are in the process of purchasing her grandparents 102 year old family farm that sits on 13 acres. He (her grandpa, 87 years old) is under the impression he's going to have a huge tax hit when selling the house. I've always been under the impression that you are allowed to sell your primary residence once and not have any capital gains tax. Also, the $250,000/$500,000 rule, which he will not have that much gain. He purchased this farm back in the 50's I believe. Any real estate attorneys out there or people with experience on something like this that can fill me on a little bit on how the taxes would work for him?

    I could see a portion of the land being taxable to him. If the house is included with, say, 3 acres. That would then mean there are 10 more acres and at $1,000 a acre that would be $10,000 in gain for him on the land. Which at his age and income could be a very minimal tax hit. Hope I'm on the right track here and any advice would be appreciated!

    submitted by /u/CoachHines3
    [link] [comments]

    A check for proceeds of home sell

    Posted: 10 Jun 2020 06:59 AM PDT

    We are expecting the check from our home proceeds of the sale, has anyone ever had to have the proceeds mailed to them and not have any issues? Im just so paranoid about someone stealing the check or something messing up.

    submitted by /u/binxlyostrich
    [link] [comments]

    Is it a bad idea to buy a house at the top of your approval price.

    Posted: 10 Jun 2020 12:54 AM PDT

    We are first time home buyer in a fairly expensive area. There is not much in our price rang and when one comes up it goes fast if it is in fair shape at all. Mostly properties that need a lot of work are often seem to be an n out price rang and even these can go fast. We are approved for something slightly higher than we expected. Which opens up a bit more options some of are nice move in ready, but at the high end of what we were approved for. Is it best to just keep waiting for a house we know we can comfortably afford? Is it dangerous to buy at the top of your approval price?

    submitted by /u/BobbysueWho
    [link] [comments]

    How to inherit a home?

    Posted: 10 Jun 2020 06:50 AM PDT

    I'd like to take possession of my Dad's house (CA) when he passes away. I am not sure of the best way to do that. I'm in TX of that makes a difference.

    He's refinanced it, pulled a 2nd, and pulled quite a bit of equity out of it. It's a complete mess and I'll need to drop some cash on it to get it rentable. Needs A/C, 2500sq ft flooring, possible roof leaks. Paint inside and out. The good news is rent in that area is still higher than what he pays for the 2 loans on the house.

    What's the best way to do this? My credit is ok, not stellar. It should be much better in the next 6-12 mos. I have my own mortgage and would like to also buy a small rental property in my area if possible in the future. All said and done DTI should be 50% or below assuming all properties I don't live in are rented. Closer to 25%-30%

    I'm not sure I can purchase the house at 80% LTV with nothing down. Appraised value would be horrendous in its current condition. What about a Trust? His will? What are my options, both financially and legally?

    TIA!

    submitted by /u/rmanTX
    [link] [comments]

    When’s the right time to purchase?

    Posted: 10 Jun 2020 06:31 AM PDT

    At what age did you make your first property purchase?

    submitted by /u/deactivated-accountt
    [link] [comments]

    Siblings Inheriting a Vacation Home, Managing Expenses

    Posted: 10 Jun 2020 06:15 AM PDT

    My parents plan to leave their vacation home to me and my three siblings (25% each). The house is in need of immediate repairs that my parents are unwilling to pay. There are discussions among the siblings about splitting the repairs equally. As you'd expect, there are some siblings who use the house more than others and some who might not be able to contribute a lump sum to the repairs. I'd like to suggest that we establish a framework now for how we will manage the house after the death of my parents. I'm hoping for suggestions:

    Repairs & Expenses:

    After the initial funding, establish a monthly contribution from each sibling to build a reserve for repairs and improvements. How should we manage the reserves and vote on how to spend? Should voting rights be based on percent of ownership?

    Non-contributing:

    What if someone does not pay? Should we adjust ownership percentage based on contributions? Can people pay more that agreed upon contribution amount to accumulate a larger percentage of the house?

    Getting Out:

    What if someone just wants out? They can offer to sell their share, but the other siblings might not want to buy.

    Survivorship:

    All siblings have spouses and children…how would each sibling's share be handled at their death? Does it cause issues if one of them gets divorced?

    ​

    All the families get along well and we do consider this a real blessing. My goal is not to complicate things because I'm expecting problems. The goal is really to lay out a framework that is equitable to all so there will not be issues in the future. Thanks.

    submitted by /u/804Rick
    [link] [comments]
    Read more
    at

    No comments:

    Post a Comment