- Brother sold his house and moved to our town and should be closing on the new house in 2 days. Just found out that the seller is extremely delinquent on their mortgage and being foreclosed on and has no legal right to sell the house.
- Is house hunting fatigue a real thing?
- Middle-Unit vs "End-Unit" New Construction Townhouse
- Father is looking to sell California real estate via 1031 exchange to avoid taxes
- Part time realtors, what is your second job? Is six months of real estate and six months of other work practical?
- When do we realistically think that inventory is going to pick back up again?
- How often to mow lawn after putting house on the market?
- Old Boy Scout Camp building has septic system. Do I need Title V septic inspection ?
- Do I need a co-borrower to be approved for a home loan? (first time home buyer)
- Does my rental property income and equity benefit me when applying for my forever home mortgage?
- First time buyer, prepaid home insurance at closing questions
- First Time Home-buyer seeking advice on first offer
- Finally Cleared to Close! and Now Attorneys are on Vacation! just my luck
- Dealing with an overpriced house
- 4 points (3.75 to 2.75) for $826?
- Can a Commercial Property Get A Reverse Mortgage? Can a land lot?
- Personal market research using sales and listing data
- Should we just build a house?
- Questions to ask a listing agent
- What is it like working in Real Estate? What should I know heading into a possible interview?
- Mortgage Banks and large cash deposits
- Selling overseas multimillion properties
- Gift of equity in North Carolina?
- [Oregon] Am I being ripped off by this mortgage lender?
| Posted: 30 Jun 2020 05:14 PM PDT SD - The title says it all. This dude is being foreclosed on by the bank and is trying to sell the house. My brother is currently living in a motel waiting for the closing on July 2nd and was just informed by the buying agent that the seller has no claim to sell the house. The realtor called the bank and they said it will be sent to auction and that they have no interest in selling it private party. How the fuck has none of this come up in the past 2 months? They just closed on selling their house in WY this morning, and now have nowhere to live. How did the title company, the selling agent, the banks involved, anyone not know about this until 36 hours prior to closing? Who is responsible? What can we do? [link] [comments] |
| Is house hunting fatigue a real thing? Posted: 01 Jul 2020 06:10 AM PDT My wife and I have been looking pretty aggressively for about 8 months now. We lost a house we loved a few weeks ago and just found another house we are about to bid on that literally checks all the boxes minus a pool (but the sellers have an approved permit and we love the design so will likely be putting that in next year). For some reason though my wife and I just don't have that, I don't know...spark? We had it on other houses we didn't put offers on because it didn't meet all of our criteria. Idk if it's something we don't love about the house or if we are generally just burnt on searching and losing places. Does anyone go through the same thing? I'm worried about losing this place because we are burnt out and not because we don't love it. [link] [comments] |
| Middle-Unit vs "End-Unit" New Construction Townhouse Posted: 01 Jul 2020 06:40 AM PDT Hi All, We are about to purchase a new construction townhouse and already have been pre-approved for up to 537k. However, we are still on the verge on deciding if we should purchase the middle-unit for 450k with 3br 2.5 baths and is 1879 sq ft VS an "end-unit" for 515k with 4br 2.5 baths and is 2120 sq ft. I say "end-unit" because technically this end-unit only has about 10ft space in between the other row of townhouses. The layout is almost the same and size difference is negligible and both have 2-car garage. Is it worth having the extra bedroom and bath and getting a corner unit (i.e. one less neighbor) for the ~60k difference? We both can afford it per se but obviously the cheaper one will leave us a bit for us to save/ or allocate somewhere else. Also, these are only the base prices so if we go cheaper route, we might get more design upgrades but if we go to the more expensive one, we might just get as close to base price as we can. We have some time to decide so I wanna see what are some views/ opinions out there. We do plan on living here for a bit and maybe raising a family but also want to look at the possibility of investment or resale value down the road. This area is a very desirable area for young professionals and is walking distance to their downtown and the commuter train to city and has one of the best public schools in the state. This one of the rare new construction homes in the area as well. [link] [comments] |
| Father is looking to sell California real estate via 1031 exchange to avoid taxes Posted: 01 Jul 2020 06:40 AM PDT TLDR: Dad is looking to sell some rental property in California via a 1031 exchange into a zero income tax state like Tennessee. I'm 95% sure he'll still have to pay capital gains even when he eventually sells the Tennessee property- he thinks he'll be able to get out of it. So my father has a few rental properties in SoCal that have obviously significantly appreciated. He has never lived in any of the properties. He got the idea about a year or so ago to do a 1031 exchange into a state with low or no income tax, establish residency, and then he'd be able to sell the new properties and not be subject to California income tax on the original gain that's been deferred via 1031. I came across an article recently that says California will still be able to come after him for the gain since they aggressively track 1031s. I could not find any information related to if he established residency in a new state. Has anyone here done something similar? Any pitfalls to watch out for? Edit to add: He's talked to a few accountants who have told him what he wants to hear and 1 that told him CA will come after him. [link] [comments] |
| Posted: 01 Jul 2020 06:34 AM PDT My husband and I just bought our first home! In the process, I developed a quick connection with my realtor and told her about the transition from a high-stress upper management job to working from home as an illustrator this last month. I'm grateful I can make any money at all with my art (which I have!) and I'm extremely fortunate to have a wonderful husband that supports my art. But I'm missing the social aspect of work, which isn't something that would change much with or without the virus. My realtor pointed out to me she thinks I'd have a great personality for real estate, saying that in touring homes I have noticed a lot of things and asked very smart questions that most people wouldn't think of, and that I could right away see the impractical designs of awkward home layouts and how renovations could pan out. She has been in real estate for about fifteen years and offered to let me shadow her with other clients. She said she's offered this to another client in the past and that previous client is now a real estate agent. Any other part-time creatives here that still feel like they have the time and freedom to pursue their passions? Is it something you can successfully start part-time, or does it need some full-time devotion to establish yourself? If I need full-time focus outside of the certification process, how long would you estimate it took to get your foot at the door, then relax into part-time real estate? I definitely understand that even "part timers" really need to be on call full time. Is it practical to expect full time real estate work only half of the year, the other half being devoted to my art? Is a mix of the two more realistic? I do understand that starting out in this field is no easy task. I'm not afraid of a challenge. I'm more concerned that it's something that would somehow take away from me telling my story, which is very important to me. Thanks for your time :) [link] [comments] |
| When do we realistically think that inventory is going to pick back up again? Posted: 01 Jul 2020 07:39 AM PDT I live in the SE, and I've been searching for several months...things are looking bleak right now because there is barely any inventory in my price range (which is not a starter home). My lease ends next month, and I have no idea what to do. I'm in an apartment that I desperately want to go get out of (my daughter is starting to walk), but even rental inventory in my area is pathetic. Plus, the idea of moving and then moving again shortly after if inventory start to pick up (and breaking a lease in my new rental) sounds like a nightmare with a small child. Sorry for the rant, but I'm just frustrated with this whole damn situation. [link] [comments] |
| How often to mow lawn after putting house on the market? Posted: 01 Jul 2020 08:48 AM PDT Hi, First time home seller here. Our single family house is going on the market tomorrow. It's been unoccupied for a couple of months but we've been having a lawn care business mow every 10 days thus far. We just got an extensive mow & trim & weed pulling done for the pictures today. But since it's the summer (in south central PA), and the house will be on the market, should I increase the frequency in between mowing? Once a week? More often? Or keep it to 10 days? It's $45 each time. My realtor didn't have an answer for me, so any help would be most appreciated! [link] [comments] |
| Old Boy Scout Camp building has septic system. Do I need Title V septic inspection ? Posted: 01 Jul 2020 08:44 AM PDT Considering the purchase of old Boy Scout camp property in MA. 5 acre property has a camp building or hall with bathrooms and showers. But the building is not a 'house' and has no occupancy permit. The septic is old enough that as-built records do not exist at local Board of Health dept. Will pay cash for the property so no mortgage. Does the seller need to perform Title V septic inspection? Future plans = I would like to build a single family home on the property, and would expect to design and install a new septic system for the house. No town sewer in the area. [link] [comments] |
| Do I need a co-borrower to be approved for a home loan? (first time home buyer) Posted: 01 Jul 2020 06:20 AM PDT Hi! First time home buyer here. Looking to get some opinions/advice. I'm in the process of buying a home. I was wondering if I would get a better deal on home loans if I get my Mom to be a co-borrower. Her income is about twice as mine. She already has a mortgage of her own that she anticipates to be fully paid later this year. Would there be any disadvantages of making her a co-borrower? Also, my husband has a mortgage for a house he bought when he was still single. Will that affect my status as a first time home buyer? Thanks! [link] [comments] |
| Does my rental property income and equity benefit me when applying for my forever home mortgage? Posted: 01 Jul 2020 05:44 AM PDT Hey all, So I have owned a 3-family income property for around 5 years now. We lived there and rented out the other 2 floors for around 4 years. Last year, my wife and I decided to move into my parent's house temporarily in order to lock in another tenant into the income property along with allowing for further savings before buying our forever home. Fast forward to today, we just got our offer accepted on our forever home. We also have all three floors of the income property filled producing three rent payments to us each month. Finally, we have around $80K in equity in the 3-family home. My question is, can we send in the lease agreements as proof of further income on top of our full time jobs to assist in our mortgage approval? Also, will the equity in our income property be a factor? Thanks in advance! [link] [comments] |
| First time buyer, prepaid home insurance at closing questions Posted: 01 Jul 2020 06:48 AM PDT Prepaid home insurance in combination with insurance money collected for escrow has been the most confusing part of the loan. I asked my loan officer to clarify, and this was his response: The first years premium is collected at closing. At closing we will collect 3 months in escrow. Closing in July makes your first mortgage payment dues Sept 1st (note no mortgage payment in July or Aug...hence the 3 months collected). Each month we will be collecting the escrow for taxes and insurance. When the bill comes due in 2021...the balance in the escrow covers the annual premium. My basic question now is are we constantly paying a year in advance, or when 2021 rolls around we won't be making additional insurance payments for the year since it was prepaid? [link] [comments] |
| First Time Home-buyer seeking advice on first offer Posted: 01 Jul 2020 10:31 AM PDT Hello all, I came across this sub and thought I would ask your advice. My husband and I approved for a 30-year conventional mortgage at 315k. We are first time home-buyers and found a home we really love. The home is in a rural small town outside of Dundee, MI/Toledo, Ohio area. It's on a acre of land has 5 bedrooms, 3 full baths, 2 car detached garage, 2500 square foot house on a dirt road. The house is updated with fresh paint, carpets, and has a modern feel. We like the area, the schools, the property taxes, we just aren't sure of what amount to offer first. It's listed at $289,999. The house was built in 1992 and has the original septic tank, roof, furnace, and AC. It has a new hot water heater and recently installed hot water tanks. It also has original kitchen appliances. I don't want to be naive to the massive costs all of these items could bring us within the next 5 years. I believe the the house is priced high for the amount of items that will need replaced soon. What would be a reasonable starting offer with all things considered? I know you may possibly need more information, I am just asking for an estimate. We LOVE the home, but are willing to pass if it's not the right cost. Thank you! [link] [comments] |
| Finally Cleared to Close! and Now Attorneys are on Vacation! just my luck Posted: 01 Jul 2020 10:20 AM PDT We were supposed to close yesterday June 30, but didnt get the final CD until yesterday evening and the clear to close this morning, we were super excited because we thought finally we get to close! and now it turns out sellers attorney is on vacation today tomorrow and friday and the closing attorney is out all of next week, which leaves us with the week of July 15th and our mortgage commitment expires July 17. Its easy to say we are feeling so down and stressed right now. Anyone whose closed weeks after being cleared how does that work bank wise do you need to provide new pay stubs and statements again after being cleared prior to closing? [link] [comments] |
| Dealing with an overpriced house Posted: 01 Jul 2020 10:19 AM PDT My house has been on the market for a little over 100 days (started in March) and I think my Realtor has over priced it. I didn't think a ton of the fact that we had so few showings over the last 3 months because of COVID. We've had like 4 showings. Now I need to do something about this and I'm not sure how to fix it. Obviously re-evaluating the price needs to happen but there is nothing I can do about DOM. Do I pull the listing and try again in 6 months? I'm at a loss and a bit aggravated at myself for letting it go so long. [link] [comments] |
| 4 points (3.75 to 2.75) for $826? Posted: 01 Jul 2020 10:16 AM PDT Mortgage company offering 4 points (3.75 to 2.75) for $826. Is this possible? I have a house loan for $350k. They are my lender now (been resold so many times.) They are offering a 15 year fixed at 2.75, after buying points down for $826. I thought points were always $1000 for every $100k of your home? Do you expect that I just missed where that true point cost is? Have you ever seen point cost so low? I am new at this, any insight appreciated. [link] [comments] |
| Can a Commercial Property Get A Reverse Mortgage? Can a land lot? Posted: 01 Jul 2020 10:14 AM PDT |
| Personal market research using sales and listing data Posted: 01 Jul 2020 10:09 AM PDT I'm interested in doing some market research for the markets/neighborhoods I'm considering to buy a house. I tried to download data through Redfin, but it only limits the files up to 350 rows. It seems that MLS would have the info I need but I don't think they provide the data in csv or some other data format, at least to the public. Are there any publicly available data sources for listings and sales data? [link] [comments] |
| Posted: 01 Jul 2020 10:04 AM PDT I had a baby last year and we have outgrown the home we own right now. We are really pleased that it's valued at 300,000 and we owe 190,000. The problem is in our area the inventory of houses that meet our needs is very very low and the market in general is incredibly competitive We carry around 50k in debt and make $140k a year. At this point would it make sense to build a property? We see land for sale in developments in towns we like but have no idea how the process works [link] [comments] |
| Questions to ask a listing agent Posted: 01 Jul 2020 09:55 AM PDT I am in the market to list my house for sale and want to hire a listing agent. I will be interviewing 3 agents. I was wondering what kind of questions to ask. This is for a sub $500K house in a hot market. These are the questions I have so far. 1) What is your marketing plan? 2) Do you intend to do open houses and if so what is your plan to deal with a multiple offer situation? 3) Would accept a flat fee like $5000 to list the house? 4) What is your plan to deal with re-negotiation situation during the inspection period? 5) What price do you think I should list the house at and why? 6) What is your plan for professional photos and videos? Anything else you guys think I should ask. [link] [comments] |
| What is it like working in Real Estate? What should I know heading into a possible interview? Posted: 01 Jul 2020 09:44 AM PDT (Apologies: I couldn't find an appropriate flair for this). I got laid off from my full time job at a gym in mid March due to covid; the business still remains closed with my employment status as standby; my other job continues to keep me afloat. One of the gym members personally emailed me today (out of the blue) and wanted to know if I was interested in working for him as I "would be a great fit." While I am flattered and intrigued that he asked me, I know nothing of real estate. What should I know before reaching back out to him and what kind of things do real estate companies look for when hiring? Thank you in advance! [link] [comments] |
| Mortgage Banks and large cash deposits Posted: 01 Jul 2020 09:35 AM PDT Just wondering how banks handle it when a mortgage applicant shows a significant cash deposit in their recent bank statements? Do they simply verify that it is not a loan? For instance, if you said your parents gave you the money or someone owed you the money, would they simply ask you to verify it is not debt or require the payee to provide a notarized letter? How is this handled by the bank and what's the best way to deal with a large cash deposit beside keep int in your account for more than 2 months (or however far back they go for bank statements). Also, does the bank ever report this to IRS in anyway? Thanks. Wasn't sure if this belongs here, but i figured i'd give this sub a try. [link] [comments] |
| Selling overseas multimillion properties Posted: 01 Jul 2020 09:35 AM PDT My family is looking to divest overseas (Italy) properties such as wineries, ranches and golf courses. Looking to explore potential interest from US buyers whilst mantaining strict confidentiality. Any tips on what type of professionals we should contact to provide leads ? [link] [comments] |
| Gift of equity in North Carolina? Posted: 01 Jul 2020 09:33 AM PDT I'm attempting to sell my house in NC to my brother for less than appraised value. Would anyone have experience or know what the % of home selling price vs current value needed to not have to go this route? Thanks in advance ! [link] [comments] |
| [Oregon] Am I being ripped off by this mortgage lender? Posted: 01 Jul 2020 09:28 AM PDT I'm buying a home. I'm putting a 15% down payment on a conforming loan. I received these rates before making an offer and told the lender that while they are low historically, it seems higher than what I could get by calling a normal bank like BoA or Wells Fargo. He said, "Don't worry, we will work to get you the lowest rates after you make an offer that is accepted." So I made an offer that was accepted last night and, as expected, the rates have not changed, even though they were originally quoted with a 5% down payment (a number he pulled from his imagination). I'm at the point where I want to just call another bank and see if I can get another rate, but they've already warned me that if I try to do that it will jeopardize the deal, because they'll have to make sure I didn't get another credit line, and that the seller may back out of the deal. So do these rates sound OK or am I being scammed here? My wife and I make over $200K a year. My credit score is around 799. Hers is 789. She is a vet so she has a lot of student loan debt, but other than a car payment of $335, we have zero credit card or personal loan debt. If her student loans put her in a risk category, that's fine, but I want to make sure that I'm getting the best rate possible for my financial profile. If I'm being screwed by these guys, I'd rather risk losing the house deal by calling another lender. Number are below: Purchase Price: $569,000 Loan Amount: $483,650 Interest Rate: 3.375% APR: *3.462% Term (mos): 360 Payment: **$2,958.40 Cash To Close: $93,656.97 Monthly Savings $0.00 1st Total Interest Percentage: 59.150% 1st Loan 5 yr Cost: $135,799.49 Savings(180 mth): $0 Freedom Pt 1: 30.00 yrs [link] [comments] |
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