Real Estate: Simon Property Group sues Gap for $66M in unpaid rent The apparel company is the mall operator's biggest in-line tenant |
- Simon Property Group sues Gap for $66M in unpaid rent The apparel company is the mall operator's biggest in-line tenant
- Finally closed on my new place!
- Don't do business with Wells Fargo
- Did I sign an offer letter or contract?
- Traditional mortgages and renting out property
- Another Fireplace rant... (WTF)
- None of our windows open and it's hot, plus the AC sticks out of our wall into the hallway
- Is anyone waiting to buy their first investment property until this blows over?
- Out of State and Close to Retirement Mortgage
- Feel like I'm getting the runaround from Quicken
- Subjects Removed on First Home!
- Closed my first home
- Has a anyone used Keller Mortgage?
- HOA fee but no active HOA? (OR)
- Is now a good time to look to getting my first home from a market perspective?
- backing out of purchase agreement
- Recast or Refinance? 2 of 15 years in.
- [SC] Annoying Buyer - Funny Story My Parents Are Dealing With
- Any low down jumbo lenders you know about ? Looking for owner occupied 10% down. My go to guys are wanting 20% for loans over $765k. Looking at million dollar price range in UT Thanks!!
- Three sellers and unrealistic value
- Never Informed of Construction Project in my backyard
- Purchasing home in California restricted for low income buyer if trustor of inherited house?
- Questions for appraisal and home inspection licenses in texas
| Posted: 03 Jun 2020 06:18 PM PDT |
| Finally closed on my new place! Posted: 04 Jun 2020 06:38 AM PDT Got my keys today after a flub with the paperwork we couldn't get our keys. Moved from a single family to a 3 flat investment in a better neighborhood! Thanks all for the help on insight during the process of selling and buying again! [link] [comments] |
| Don't do business with Wells Fargo Posted: 03 Jun 2020 11:34 AM PDT We made a big mistake choosing Wells Fargo to mortgage our new home. We're first time home buyers, and it's been an absolutely nightmare of bait and switches. Our loan officer is TERRIBLE. First of all, at the start, our loan officer said we could pay to lock in a lower rate later. Wow, would be great if we could... if only we could get ahold of him. No responses to emails/calls for weeks. Our builder keeps trying to get in contact with him as well, asking if they've ordered the appraisal yet. Nahh. He doesn't respond. Poof, he gone. The bait and SWITCH. We told him we didn't want escrow. He said that's fine, I'll take care of it and get it removed. We find out later (week before close, they waited to tell us) that it's a required policy by Wells Fargo to force new home buyers to have escrow. Great. Another perfect bonus? We're putting 20% down and they are STILL REQUIRING PMI??? Of course we don't get all these docs until a week before close, that way we can't back out (even though we've been working on this for 2 months now). I wish we could switch. Super tempted to say frick all of you and back out. The construction company (Gehan Homes) has been terrible during the closing process as well. Trying to to close on the house WEEKS before it was even finished (set closing dates before it had flooring, grass, paint, etc in ?? Then threatened to charge us $500/day if we delayed, sending multiple emails. The stress is killing me). It's been a nightmare, I want it over. Feels like no one gives a crap but us, they just want the money. [link] [comments] |
| Did I sign an offer letter or contract? Posted: 04 Jun 2020 05:31 AM PDT I'm a first-time homebuyer having a hard time finding a clear answer to this, so I apologize if this is a dumb question. I don't know what an offer letter looks like. We saw a house we really liked on Monday and put in an offer right away with our agent (it's a seller's market and houses sell quickly around here). Because of the pandemic, she sent us a 14 page document to sign/initial digitally. Some of the language indicates that this a contract and only a lawyer cancel it within 3 days. The sellers aren't making a decision on offers until tomorrow. Is this what a normal offer looks like or do we need a lawyer? edit: Thank you to everyone for all of your advice. We just spoke to a lawyer and confirmed that what we signed is a standard state contract. The contract doesn't become active until (if) the seller accepts it and signs it as well. We're in the tristate area where houses are selling as soon as they're listed, so acting quickly seems to be a bit of a requirement here. Thanks and good luck to all! [link] [comments] |
| Traditional mortgages and renting out property Posted: 04 Jun 2020 07:31 AM PDT Looking to purchase an investment property. This would be my primary residence initially but, in a couple years i'd like to have it fixed up and turn it into a property that I rent. Eventually I want to have this property generating extra income for me when I move out. My plan is to not occupy this property for longer than 5 years max. My question: Is it necessary to refinance a home once you've vacated the house and it's exclusively a rental property? If yes, it's my understanding that an investment property mortgage would not be like a conventional one and would be subject to different interest rates, etc. What's the best way to go about this while still ensuring that it's financially sound? Would that refinance potentially undue any equity that was put into the home? I've generally heard of this happening only with properties that were extremely cheap and the loan was paid off quicker therefore, there was no mortgage change and it was pretty straightforward. Not sure if still having a mortgage on a house makes this a more complex issue that isn't as financially beneficial. [link] [comments] |
| Another Fireplace rant... (WTF) Posted: 03 Jun 2020 09:04 PM PDT What in The Fireplace is going on here. I posted previously about my hatred towards fireplaces but it seems to have followed me into my next home search. Why the fuck do we have fireplaces taking up the main living rooms of Sacramento homes when it only gets down to a frigid 54' degrees in the winter. Were the builders from Bozeman montana? We dont have winters! We dont have seasons. What the fuck are the builders thinking. Half the people in california buy their wood from Vons for $11.99 a box. They definitely dont own an ax or know what kindling is. 1500 sq foot homes with perfect floor plans F'd by a shitty fireplace that never gets used. Fuck fire places. Put on a sweater bitch. Otherwise you can enjoy your 37" plasma above your warm ass fire place. Here are some sexy examples I found during my home searches: WTFireplace!!!! [link] [comments] |
| None of our windows open and it's hot, plus the AC sticks out of our wall into the hallway Posted: 04 Jun 2020 03:21 AM PDT So my previous house recently burnt down and we were forced to move out and find another place to live. We settled on this apartment that's above a pizza place that recently went out of business and at first it was pretty ok but we realized that all of the windows are just panes of glass in the wall. Bottom line is the landlord says he doesn't have to do shit about it and we say he should have to because we're paying 600 dollars a month plus elec. to live in a damn sauna. I'm just wondering if there something that can be done cause even with the 2 a/C's in the wall it gets hot as hell. These acs are blowing air in from this dilapidated hallway that is literally like 120 degrees from the acs [link] [comments] |
| Is anyone waiting to buy their first investment property until this blows over? Posted: 04 Jun 2020 09:08 AM PDT I currently live in an apartment and was planning on house hacking. With all this going on (covid, eviction moratoriums, forebearances, tens of millions unemployed, businesses permanently closing), is anyone waiting to see what the new landscape looks like? My biggest fear is to buy a property and immediately sign a tenant that will not pay. I know that people posting on this subreddit about these problems can be the vocal minority (maybe?), but I also feel like there's a lot of uncertainty about the future; both with individual tenants' ability to pay (whether they're willing to or not) as well as legislation that could potentially severely hurt landlords' income without any recourse. I'm considering going back to school which would potentially push my first investment purchase back 1.5-2 years. After waiting all this time to accumulate a big enough down payment, I feel torn between buying a SFH or sticking with my plan to buy a double. Anyone else in the same boat? [link] [comments] |
| Out of State and Close to Retirement Mortgage Posted: 04 Jun 2020 09:07 AM PDT A family member will retire this year or next to a low cost of living area away from his current address. He is low DTI, and has a pension from a government job coming after retirement. He currently rents, and wants to buy in his retirement area. His pension easily covers housing in the new area. His plan is to buy, and work from home in his new location until his employer ends telework. He anticipates telework will continue through at least 2020. He will retire when the agency recalls all employees. His supervisors know this, and will likely be generous with telework because they want to keep him. What should he tell lenders? He is concerned that saying he is planning to retire will cause them to refuse to lend to him. He is also afraid that that the telework situation will impact the mortgage or cause the house to be looked at as non-residential. [link] [comments] |
| Feel like I'm getting the runaround from Quicken Posted: 04 Jun 2020 09:04 AM PDT Like many others, I'm looking into refinancing right now. I went onto a site from google to look into rates, and within minutes I got a call from someone at quicken. Gave them the details of my current mortgage, ssn to run credit check. I was approved over the phone, but the loan officer asked me to write down all of the terms for the loan - apr, points (which I had to ask for directly), closing costs, etc. He was putting a hard push on me to give a deposit and submit w-2s. At this point, shouldn't I receive a loan estimate from them? This guy will not communicate with me over email, only over phone. We're playing phone tag and he won't directly reply to my request for some sort of document going over the terms of the loan. This is so suspect. Does anyone know why this is the case, or what I should be asking for? Their rates seem good, but they roll all of the closing costs into the principle of the loan. I really need something with all the numbers that I can look at and compare against other offers. Thank you. [link] [comments] |
| Subjects Removed on First Home! Posted: 04 Jun 2020 12:01 AM PDT My husband (23) and I (22) closed on our first home on Vancouver Island, Canada yesterday! We're so excited! I know many timelines here are more relevant to the American market, so here is a timeline from a pretty hot Canadian market. Our house had a long-winded conditional offer (think months) before it eventually fell through. Seller was eager to get rid of it when it was relisted and we saw it. We'd been looking for two months with very little luck when this house fell into our lap. May 11- Saw the house posted online and contacted our realtor. Set up an appointment for as soon as possible on the advice of our realtor. May 12- Viewed the house in the afternoon. Really liked it. Put in an offer conditional upon inspection/financing, etc. around 9PM, offered 13k under asking price expecting to negotiate, and prepared to offer up to 15k over asking price. May 13- Seller accepted first offer by 8:30 AM. We had negotiated a subject removal of June 2 as many services had slowed down due to Covid (long subject period.) May 21- Inspection came through. A few things wrong but we felt comfortable being able to do much of the work ourselves/with our family. June 2-Subjects Removed and deposit put down. Our official close/transfer is July 28, so we have two months before we move, but we're so proud of how everything has worked out. Having a good realtor was seriously key. Our realtor would answer the phone first ring and had extensive connections to other realtors. Takes his business and clients extremely seriously and cares a great deal about integrity. He was amazing. [link] [comments] |
| Posted: 03 Jun 2020 08:58 PM PDT Now that it is done, what a relief. Bought new built apartment in a row house type construction, entire progress financed with mortgate took 3 months, really exhausting. It has been built the entire time, have been checking it every other day, can't wait. Have been drawing and planning interior, ordered bunch of furniture, light fixtures etc .. Curtains were a headache, couldn't find anything off the shelf so i had made it custom order. Now there's few finishing touches they are performing and i can hopefully move in anyday now . Wondering what's the brand new place feels like :) coming from place that really old and needs a lot of work. [link] [comments] |
| Has a anyone used Keller Mortgage? Posted: 04 Jun 2020 08:02 AM PDT Heard Gary Keller talk about it at Inman Now. Seems like an interesting option, no origination fees? Is it for real? Would love to hear from folks that have tried it and what the experience was. [link] [comments] |
| HOA fee but no active HOA? (OR) Posted: 04 Jun 2020 07:06 AM PDT Hey everyone, My husband and I are in the process of buying a townhome we love. On our offer letter, there was an HOA fee listed of $13/month, but the seller's agent informed us there was no active HOA. We were curious about this fee, so we asked our realtor to help us get more info. Our realtor was able to send over the HOA documents today, which included a blank template for the HOA agreement when this townhome group was built in 2008. It contains bylaws and restrictions, but no names or signatures of any kind. The other document we received was a projection of the HOA's monthly income through 2035 and a statement by our realtor that 75% of the owners are more than 30 days delinquent on their HOA payments. So, can we just not pay? I wouldn't mind contributing to an HOA if they provided any services or maintenance, but our realtor made it clear that there are absolutely no services they provide (ex: no shared community space to maintain, or exterior maintenance, and no one is enforcing the bylaws such as limits on street parking or driveway storage.) I realize it's a small amount, but I'd rather not throw away $13/mo for the entirety of our mortgage or run into other issues down the road. Has anyone else encountered a similar situation? Thank you for any suggestions or advice you can provide! [link] [comments] |
| Is now a good time to look to getting my first home from a market perspective? Posted: 04 Jun 2020 06:41 AM PDT New here, can anyone tell me if the market is favorable for first time home buyers right now. I'm in a situation where I have been saving for quite some time and could likely start looking now. I originally was about a year from my target savings (trying to make sure I put down 20% and have extra for various costs) but if the market is down enough could it make sense to pull the trigger a little earlier? Also is there a good online resource that helps let you know where the housing market is? Thank you!!! [link] [comments] |
| backing out of purchase agreement Posted: 03 Jun 2020 11:56 PM PDT This is my first purchase and I am starting to get cold feet. Realtor is getting kinda snappy with me and is dodging my questions. This is making me even more nervous about this huge investment. They are asking for my escrow deposit so I haven't spent any money as of yet. Home inspection is scheduled for a few days from now and appraisal is yet to be scheduled. If I want to can I still back out of this without losing a ton of money? [link] [comments] |
| Recast or Refinance? 2 of 15 years in. Posted: 03 Jun 2020 11:51 PM PDT Note: There is a TL;DR at the bottom. Some fun change for the regulars here (don't get me wrong, I am always happy to see "we closed!" stories). I am about to land on a $50k windfall from life insurance proceeds. She was my closest family member and I would like to use the money towards something meaningful. My other finances are squared-- no credit card or other high interest debt, etc. I am considering putting the money towards my mortgage. My mortgage just hit 2 years and so Recast is an option. What would be the "best use" of this money? Scenario: Original $350,000 principal @ 4.1% APR. 180 month term (15 years). Monthly PMT is $2600. This is the max I am willing to put towards mortgage. Loan is now exactly 24 months old. Remaining principal is about $330,000 for ease of conversation. I haven't confirmed but I think the Recast fee is negligible ($500 if not free, my mortgage just changed to US Bank). I haven't checked Refinance but you guys know the market better anyway... I'd like to assume best rate possible (800+ credit score, good salary history). Ok so back to the question now with better context... with 2 of 15 years knocked down, what is my best use of the $50k? I'm not sure if this is critical but I actually do not have any experience with Recasting a loan, and don't know the process in detail. In fact, I don't even know anyone personally who has recasted their loan. TL;DR Options for spending $50k towards mortgage: 1) Recast. New principal $280k and 13 yrs remaining. 2) Refinance 10 years. $280k principal. Aka keep my PMT the same but cut down the loan period by 3 years. 3) Refinance 30 years. $280k principal.. this would extremely lower my PMT. I also may feel like I "wasted" the last 2 years. I am very open to other advices too. It feels like Option#2 is best for paying off the house as quickly as possible, but it also seems so unusual to cut down a 13 year loan to 10. Perhaps I am missing something big? Thank you in advance, and I will follow up this post with my decision! Stay safe everyone!! [link] [comments] |
| [SC] Annoying Buyer - Funny Story My Parents Are Dealing With Posted: 03 Jun 2020 07:17 PM PDT Last year my parents listed their condo. It was 5k under everything else in the condo unit that had sold in the last year. Needed updating but was a decent enough spot. Goes under contract after a few weeks. Guy orders home inspection, we fix almost all of it. Get to a few days before closing - Turns out he is getting a divorce and has not provided any paperwork for it, and provided no explanation to his lender. After much back and forth and resentment, the deal falls through. Parents relist, but now we're out of beach season so it gets little attention. He requested his earnest money back. He didn't get it. Fast forward this year, we upgraded and updated the whole place. Relist, add 10k to the price. Nonstop showings and a bit of a lowball offer comes in. Parents entertain it and meet a few thousand under ask, they're happy. Guess what? Same dude buying it again. Parents furious, they tell their agent, agent calls buyers agent, all agents furious. Buyer never informed agent. Parents basically say "we will move forward but we're not fixing a single thing in the new inspection report, if he buys another one", parents agent communicates this to buyers agent. Today, inspection #2, finds a few nitpicky things, and this guy puts in a repair request for it. One of them is a new AC unit. LOL. Parents politely told him to fuck off and he's still moving forward on the purchase. Some people... [link] [comments] |
| Posted: 03 Jun 2020 08:47 PM PDT |
| Three sellers and unrealistic value Posted: 03 Jun 2020 06:18 PM PDT Put an offer in on a home that was accepted, yay, however post inspection things came up as always( already knew before we put in the offer but nice to have the report in hand) ~20k in work needs to be done to make the townhome same and to code. Illegal electrical panel, sub panel jumped off the main , 6 different breakers in the panel plus the sub panel. More fun is indoor wiring outside and no box or no gfci. Deck has 3 of 9 pillars rotted to the footers leading to structural hazards. Subfloor damage from prior roof leaks, where a second layer of shingle was placed but no remediation of damage. Plus sky lights in the loft which are always such a joy (of course the worst damage is under said sky lights , bonus trampoline floor!) sellers only interested in 3k in concessions and completely out of touch with reality yet they still accepted our offer... [link] [comments] |
| Never Informed of Construction Project in my backyard Posted: 04 Jun 2020 06:33 AM PDT So exactly a year ago I closed on my first home, a townhouse in a quiet community, an end unit surrounded by wooded area and and nicely landscaped lawn. I fell in love with the unit and loved the wildlife in the area. I loved the privacy of the wooded area and the yard. I loved sitting on my patio on warm morning drinking a smoothie, bird watching and enjoying the quiet sounds of nature. Fast forward a year, I start hearing sounds of construction, I paid it no mind. One day I look out the window and I see machines maybe 50 feet from my window destroying the trees, cutting them down. I do my research and find that in 2017-2018 a project was proposed to build a multi family community in the wooded area behind my home. This was never disclosed to me at any point during the closing process, none of my neighbors ever brought it up to me. I had no idea. Now what was once a quiet and peaceful home has turned into a construction zone, for 10 hours a day I hear construction. My beautiful wooded view is now a view of dirt and construction equipment. This is exacerbated by the fact that I am working from home now and the noise is distracting. I'm upset, I would never have purchased this home had I known I would be living near a construction zone for the next 3 years. I'm afraid that I won't be able to sell until the project is over unless I take a huge financial hit because who will purchase a home near an ongoing construction project? I feel I was misled during the process, I was never informed of the project and I now suspect it is the reason the seller sold when they did. Do I have any recourse? [link] [comments] |
| Purchasing home in California restricted for low income buyer if trustor of inherited house? Posted: 03 Jun 2020 10:22 PM PDT So I inherited a house, deed is in my name, and in trust for my kids. I seem to fit income criteria for potential purchase of other house, except may require buyer to be "first time home owner". I may rent out inherited house and transfer most income to children. I wonder if I would quality for other house? [link] [comments] |
| Questions for appraisal and home inspection licenses in texas Posted: 04 Jun 2020 01:55 AM PDT I was told recently, you cannot do appraisals independently and must be part of an AMC who assigns you jobs. This would limit the potential jobs that you could choose to take, and if I were to go down this path, would want to pursue jobs aggressively after I earned my license. Either way, I will be working towards the certification, but I want clear expectations for myself for peace of mind. I have also looked into home inspection as well, which I have not found any requirements to be part of a group, and may be a better start to break away from my current job. Are there any conflicts holding both licenses at once taking both types of jobs? Thank you for any information you could provide. [link] [comments] |
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