Real Estate: Pending home sales up a record 44% in May |
- Pending home sales up a record 44% in May
- Seller disclosing easement after appraisal.. what are my options ?
- Will my sale show up on Redfin, Realtor, Zillow, etc?
- Are these normal times, in terms of real state?
- Should I finance for more on my Parents house?
- First time buyer in contract feeling remorse
- Analyzing a 3-family property for sale. Need help please!
- Close on new build with 10-12k left for builder to complete
- Home prices heated up in April, despite brief sales drop from coronavirus
- Would a floodfactor.com rating turn you away from buying a house?
- Los Angeles first-time home buyers: how did you do it?
- I found out a house I wanted to buy has an illegal ADU. Now time to walk? [WA]
- [Chicago] What's it like getting a mortgage for a condo right now?
- My mom is going to change the ownership from her to me. How will a mortgage lender see this?
- Is there a site/app that tells you demographics around an address?
- (US) (ND) Find the value of land inside the family
- Build
- I got preapproved for 800k loan with 5% down at 3.375 with no closing cost. Is this a good deal?
- Why do title companies exist?
- I live in my investment real estate property. Want to buy another one. Help.
- Have you ever worked with Little Pink Houses Of America?
- Mortgage Relief Bill
- About to be house poor, any tips?
- hey what places can i live a city life while owning a house preferably near water?
| Pending home sales up a record 44% in May Posted: 29 Jun 2020 05:53 PM PDT Buyers seem to be scrambling amongst the chaos. Like musical chairs. [link] [comments] |
| Seller disclosing easement after appraisal.. what are my options ? Posted: 30 Jun 2020 04:19 AM PDT First time home buyer here. In the seller's disclosure which was provided initially, there is a clear question about asking if there are any encroachments, easements, zoning violations or non conforming uses for which the seller has marked no. Inspection went through and the property got appraised on Friday, still awaiting for the report. Yesterday the closing coordinator sent an email with an attachment( email from seller) talking about easement due to wetlands on the property. Around 20 % of the lot is marked of as easement for "Permanent private ease. for surface drainage and wetland protection" and "Private public ease. for public utilities and storm sewer". We have already paid the earnest money and for the inspections and appraisal. They have also marked some trees which should be maintained as is. I find this highly confusing. I don't have any experience in buying a home but shouldn't this have been mentioned earlier ? This is in Michigan. What are my options ? [link] [comments] |
| Will my sale show up on Redfin, Realtor, Zillow, etc? Posted: 30 Jun 2020 07:59 AM PDT Hello! My husband and I recently purchased a home from our landlord, without the house being publicly listed. A real estate agent was involved, but at a limited capacity. Will our house sale and price we paid be posted on the the typical sites (Zillow, Realtor.com, etc)? Thanks! [link] [comments] |
| Are these normal times, in terms of real state? Posted: 30 Jun 2020 08:40 AM PDT This is my first time buying a house so I'm not sure how the whole bidding war works. I live in MA, I've gone over asking price by 15-20k on three different houses so far and still lost to other people with higher offer and waived home inspection contingency. Considering I live around Boston, most of these houses are old and I don't feel comfortable waiving the home inspection contingency. However, I'm wondering does this always happen with people going way over asking in hot markets? Or is it because of the limited inventory? On Redfin/Zillow I've seen that houses earlier in the year were bought at listing or went over by only 5/6k. I am considering waiting until Fall but am unsure if the situation will get worse with less people putting their house on the market. [link] [comments] |
| Should I finance for more on my Parents house? Posted: 30 Jun 2020 09:51 AM PDT Not in USA, but Im open for opinions n thoughts from you all. Just if its country specific I will mentally adjust for it. So my parents are wanting to exit a property as the tenancy is ending. They are getting easily 8-9% returns on their purchase price. Been renting it out 90% of the time. I somewhat recently returned to my country n want to find a place of my own. Been considering a rental while waiting for a good property to either invest or move into. (im flexible) i should mention I already have a small 520sqft condo 1 hour away that is already rented. Back to said parents property: Condominium, 2010, 3br, 1 storeroom, 2 toilets, 1100 sqft. Middle class condo, large student n working adult population. Upper middle class area. 20 mins away from work n parents home. Anyway, its roughly going for usd110k. They offered to sell it to me at a 25% discount from said market price. They have no capital gains tax on it as its between family members. We discussed if I was to finance it at 100k n I pay them the 80k. I will get 20k to play around at about the lowest possible rate as its a secured mortgage. Term /fixed deposit rates are abysmal at 2.85%, the bank is offering me a mortgage at 3.25% for 30yrs for 100k. So the question: What kind of computation/formula should I be doing to see the cost of taking an additional 25k out? Or how much I should be making to negate the cost of the interest? Anyone can share their excel/maths experience in this? Is there a reason to not take out additional money besides a higher monthly commitment? Its a flexi loan so any money I place inside will not be counted for interest. Would like to hear your opinions n seek questions I should be considering. Thanks for reading. [link] [comments] |
| First time buyer in contract feeling remorse Posted: 30 Jun 2020 09:35 AM PDT My wife and I are first time home buyers and I'm already feeling some remorse after entering into contract. The house itself is very nice and my wife and I discussed about 15-20k in renovations when I move in though I feel in retrospect we agreed to pay too much. Our agent who was recommended by family members and is very reputable in my city suggested we offer 25k less than listing for our first offer, they seller responded by offering 10k less than listing. We asked if they would bring it down by 15k and they said no so we agreed to pay 10k less than listing. However looking at comps for recent sales in the area and Zillow/redfin estimates for other homes of the same model it seems that by comparison our house is priced 25-40k above what it should be. I'm told this is a sellers market and 2 other houses we liked were gone within a day so we acted quickly to put in an offer and now I'm kicking myself feeling that my wife and I acted too hastily and overpaid. I'm in the process right now of getting a lender and I've already signed up for an inspection. Before we put in our offer our agent said she believed the house would appraise lower than the contract closer to our original offer based on the comps. I didn't understand at the time most houses appraise at the sale price. I'm worried we made a bad financial decision. Don't get me wrong we can afford the place and we like the house I just don't feel like we got a fair price. Has anyone been in this situation that can give me any advice? I'm praying our appraisal comes in low so we can renegotiate. We also have HOA, loan and inspection contingencies. [link] [comments] |
| Analyzing a 3-family property for sale. Need help please! Posted: 30 Jun 2020 06:33 AM PDT Hi! hoping we can get some advice... My husband and I are looking to purchase a 3-family property listed for $1.050M in the Boston area. One of the units in rented at $1,200 (way below market value), the other is vacant and the last one is demoed and partially renovated with rough plumbing, electrical and HVAC completed. We estimate that renovations will cost approximately $200K to finish everything, including minor touch ups that are needed in the other 2 units. Our plan is to move into the vacant unit while finishing the renovations on the third unit. We would also increase the rent for the first unit to $1,800 (which is still low for a 3 bedroom). We estimate we could get $2,900 for the third unit once all renovations are done, and we could get $2800 each for the other two units (keep in mind, we'd be living in one for at least a year). We plan to buy and hold this property. According to our real estate agent and after doing our own due diligence, the property is overpriced - it's been on the market for 7 months and it still needs around $200K of work. This is what we calculate our monthly expenses to be: We have been quoted 3.625% with 1 point (1% of the final purchase price) for a 30-year mortgage. We'd put down 25% for the downpayment. We put in an offer for $900K and were denied (no counter offer). We are second guessing ourselves and wondering if we should go higher with our offer, in fear that we are going to miss out on a good deal. Do you agree? Not agree? And up to what price would the deal make sense if we want to be cash flow positive within the near future? Any thoughts help. Thank you! [link] [comments] |
| Close on new build with 10-12k left for builder to complete Posted: 30 Jun 2020 05:39 AM PDT Edited to add: I do owe about $4500 in upgrades that I haven't paid for yet. We agreed I'd pay those as we go, rather than change the contract amount several times. This would help offset the amount of work still to be completed. What a nightmare. Home is $350k. It's a new build from a very small, but established builder in southern USA. Builder is missing first close date by a week. I don't want to delay any more, yet about 10k will remain to be complete for about 4 to 6 more weeks. There were changes on exterior door sizes (custom doors were delivered in wrong size) and a couple of additional windows need to be installed (this was a no cost CO to me, no windows here previously due to builder error). These items are custom items and shipment has been delayed. How do I close on this house, yet guarantee these items will be installed as per the contract? I really thought building a house would be exciting. It's not. TL:DR I want/need to close on this house that is totally livable, but not complete. How to guarantee builder completes after closing? [link] [comments] |
| Home prices heated up in April, despite brief sales drop from coronavirus Posted: 30 Jun 2020 06:41 AM PDT
I don't think anyone in the market recently would be surprised to hear this. The article also goes on to suggest inventory is on a "steep downward trend." [link] [comments] |
| Would a floodfactor.com rating turn you away from buying a house? Posted: 30 Jun 2020 06:21 AM PDT New York Times just released an article about hidden flood risk maps a new (not sure how new it really is) resource for evaluating flood risk and my future home ranks as having a major flood risk (6 on their scale). While I feel confident that the landscaping and the slope of the my future property will be protective I'm worried the rating alone could impact the value of the home in the future. More information: I'm under contract on a house that does not require flood insurance. There is green space behind the home that connects to a creek that floods every so often but is designated as greenspace because of it. ETA: this resource states the likelihood that the property will flood. I think this is an important distinction. If the land were completely flat the numbers would be right on. The land is not flat and the house is at the top of a significant incline. I checked all the homes of friends and family and anyone near a creek has a high likelihood of flooding on the property. This does not indicate, per se, the likelihood of flooding to the home on the property. My concern is whether this flood factor could become some new standard metric on a site like Zillow and tank the future value of the home. [link] [comments] |
| Los Angeles first-time home buyers: how did you do it? Posted: 29 Jun 2020 08:14 PM PDT I'm feeling so defeated. Need advice and stories of hope of trying to become a homeowner in Los Angeles. How did you do it? Our story: We've been renting in LA (Burbank and Pasadena) and hoping to buy for years. Praying prices go down for years yet they just keep going up. Now we're getting booted out of our rental house because the landlord wants to sell it. We have two kids and thought we'd be in this house a long time. Everyone's devastated. We pay $2550/month for our rental home now. Rents are now $3600/mo for an equivalent house. We're so frustrated. We really want to buy and have security. I make $135,000/year and we have $50,000 cash for a down payment. My husband was in the midst of job hunting when the pandemic hit so that's on hold for now. We're preapproved for $775k at 3.375% interest. We'd aim for a house under $700k, but I can't find anything decent for that price. It's depressing. [link] [comments] |
| I found out a house I wanted to buy has an illegal ADU. Now time to walk? [WA] Posted: 30 Jun 2020 11:02 AM PDT I was interested in a house that would only be in my budget if I was able to rent out the ADU that was above the detached garage. The tenant has expressed interest in staying with the new buyer. The tenant's rent would have basically paid a quarter of my mortgage payment each month. I was looking around at the town website and it looked like you needed an ADU permit. I noticed on the application, a requirement is the lot be above 9600 sqft. This house's lot is 20% under that so I messaged the town planner. He said that the house does not have a permit for an ADU and if someone put one in it'd be rejected. He also said that the only way to make this ADU legal is to create an addition that joins the garage and the house. Then the ADU would no longer be detached. However, there is a limit on the footprint of structures on residential lots. They cannot exceed 30% of the lot area and doing so would likely cause that to happen. The town planner also mentioned penalties for operating an illegal ADU were never established by the town council. Should I have my agent mention any of this to the listing agent? The seller's agent makes the ADU seem to be a big selling point. [link] [comments] |
| [Chicago] What's it like getting a mortgage for a condo right now? Posted: 30 Jun 2020 10:31 AM PDT First-time buyer, looking to buy a primary residence, not investment. I've seen some people in real estate blog comments saying that now if you want to buy a condo you need 30% down or all cash. How true is that? I'd like to put 5-10% down ($10-20k) on a place in the coming months, I have this savings now and would like to maintain a healthy emergency fund. I make 140k/year, solid credit rating, and am not looking to spend more than 300k on a 1-2BR place, will probably be closer to $200k. The reason I'm interested is I've seen a ton of price drops the last couple weeks on places listed since the riots earlier this month. If everybody wants a suburban SFH then I'd expect this to continue (accelerate?) and see more great deals on condos. [link] [comments] |
| My mom is going to change the ownership from her to me. How will a mortgage lender see this? Posted: 30 Jun 2020 10:29 AM PDT The house is worth 400k since it's right by New York City. I plan on keeping the house until my mom passes away. In the meantime, I plan on buying a duplex in March. Will a mortgage lender see this as a 400k asset and qualify me for a loan with better terms? How will this impact my purchase for a duplex. I will have 10% of the down payment by then. Thank you in advance! [link] [comments] |
| Is there a site/app that tells you demographics around an address? Posted: 30 Jun 2020 10:27 AM PDT I'm looking for my next home. I see lots of information for zip code demographics, but don't really see neighborhood demographics. The best thing I can find is an app called "The right move". It allows me to enter an address, and does a 0.5 mile radius search for demographics. Unfortunately it uses 2010 data. Is there something out there that fits my needs, but with updated data? [link] [comments] |
| (US) (ND) Find the value of land inside the family Posted: 30 Jun 2020 10:24 AM PDT I am trying to buy my dads lot from him (1 acre). As a gift to to me and my siblings, my dad wants all three kids to profit from the lot. So we either have a choice to buy it at 1/3 off market value and pay the other two siblings their 1/3 or sell it down the road the split the money three ways then. My wife and I want to build a house on the lot next year so I am trying to come up with a fair market value price. The only way that truly comes to mind is it use an appraiser. But the problem is appraisers are about three months behind right now. Furthermore, if we were to finance it for the agreed price (the bank can't start their work until a purchase agreement is in place), the bank would have to do another appraisal on it. So it would take at least 6 months to purchase it. I am wondering if anyone has any other ideas on how to find a fair market value? I have also thought about a realtor, but not sure they would take the time when they are for sure not going to get the listing. Any ideas would be amazing. [link] [comments] |
| Posted: 30 Jun 2020 10:21 AM PDT When building a house when can u out it on the market, when the structure is up or does it have to be move in ready? I wanna get going on the two years as soon as I start to build the house but unsure when that time starts [link] [comments] |
| I got preapproved for 800k loan with 5% down at 3.375 with no closing cost. Is this a good deal? Posted: 29 Jun 2020 04:03 PM PDT First time buyer here and I have no idea what I'm doing. I have excellent credit score so im assuming that brought the the rate down. Should I take the closing cost and possibly have a lower interest rate? Edit: yes I know using all the loan will be too much for me to afford. Realistically I'm looking for a place that's 650k max with 3k - 3.5k monthly. I'm just trying to see if the rate is good for the amount of down payment I'm putting in. [link] [comments] |
| Posted: 30 Jun 2020 10:01 AM PDT OK, this is mostly a rant. When I bought my first house three years ago, the title company forgot one of the documents we had to sign. They made us drive out (a 3 hour drive) the next week to resign it, and then on top of that charged us $100 for the notary's time, even though it was their mistake. I tried to refinance this March and the title company was so incompetent that while they were figuring out how to get my co-owner (who is stuck outside the US due to covid19) to sign virtually, my rate lock ran out. Luckily for me, rates have dropped even further since then, and I had time to shop around and get a better rate. This time, the title company (a different company) is just as moronic. First, they also had no idea how to get my co-owner to sign virtually, until he googled "virtual notary" and asked if he could just use that. Apparently yes, that's fine, but somehow they didn't know that that existed. I took off work on Friday so that I could sign, and then they delayed the meeting until Monday, and then Monday they messed up because somehow they forgot that my co-owner was signing virtually, so they never set up a virtual appointment. So now I have to miss a work meeting just so I can finally sign this. Fingers crossed they don't bungle this again. My first question is why are people who work at title companies so incompetent? I know I only have a sample size of three, but those three have been awful. My second is why do title companies still exist? It seems like you could easily create a database that would make this job obsolete. I am genuinely curious if anyone who has ever worked for a title company thinks that there is a reason for them to still exist. [link] [comments] |
| I live in my investment real estate property. Want to buy another one. Help. Posted: 30 Jun 2020 09:57 AM PDT Hi so I currently own a three unit house that was once a one unit. I currently just take rent under the table, however I would like to purchase a primary residence and end up renting the three units out. My question is, when I go to the bank to shop mortgages, will I have to become legit at this point, ie pay taxes, start a LLC/SP in order to have mortgage number 2? [link] [comments] |
| Have you ever worked with Little Pink Houses Of America? Posted: 30 Jun 2020 09:42 AM PDT I have a FSBO on the market and got a call from Little Pink Houses Of America offering above asking (in a very cold market) but in payments over 6 to 12 months. I don't know much about the company yet but it appears they do lease to own for buyers unable to qualify for a loan but who have the money for a large down payment. The only reason I could conceive of someone doing that would be irregular income or bad credit. Has anyone ever worked with them or done something similar and what should I watch out for if we decide to pursue it? [link] [comments] |
| Posted: 30 Jun 2020 09:39 AM PDT What are your thoughts about this bill which just passed the House? I get the need, but it could totally destroy landlords. [link] [comments] |
| About to be house poor, any tips? Posted: 30 Jun 2020 09:35 AM PDT So I got a house I could barely afford, closing in a week. I also have 0 furniture to bring to this new place and what it would cost to fully furnish this place with brand new stuff islooking like 10-15g (3bd3ba) I also have to pay the rent on my old place during the overlap. Any tips for how to survive being house poor? I'll have some savings left but I don't really want to spend it on furniture right away. I'm ok with just bumming it in an empty house, it's just me. Looking for tips on how to hustle my way into getting some dope furniture and also any general first time moving in tips. Also anyone successfully do part time air bnb? Looking for advice there if it's worth it. Would be nice to be able to travel and Airbnb my place out while it's empty. Thanks [link] [comments] |
| hey what places can i live a city life while owning a house preferably near water? Posted: 30 Jun 2020 09:27 AM PDT |
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