Real Estate: Buyers Fell For Wire Scam/Hack Day Before Closing |
- Buyers Fell For Wire Scam/Hack Day Before Closing
- My experience as a first time homebuyer in San Diego, CA
- Pent up Demand. Hot Market. Emotionally over bidding. Be careful guys
- Landlord problems - rant
- Low-priced condos with extreme high maintenance costs
- I feel guilty having the agent show me around too many open houses
- Rural neighbor trying to sabotage my sale��
- Anyway to make my offer stand out?
- House appraised 8k under..... Because seller had it listed at 350 sq. feet over its actual size! Where do I go from here?
- How long does a seller have to respond to an offer in the state of New York?
- How to get over missing out on a house?
- First time homebuyer and cosigning.
- Did my LO rip me off with misleading information
- How many of you are having a shitshow of a househunt?
- Real Estate to Buy Outside of US
- Buying a vacation home as an LLC
- Considering buying my first house
- Impound account but still having to pay monthly? (CA)
- What happens after the inspection contingency and mortgage contingency period?
- Cracked/Broken Window - FHA Appraisal
- Does an owner occupied fourplex require 20%-25% down now?
- Advice for buying first time condo in SF
- Closing Disclosure and property tax confusion
- Brokers, I need your advice!
- invest money from house sale or sit on the cash?
| Buyers Fell For Wire Scam/Hack Day Before Closing Posted: 24 Jul 2020 08:31 AM PDT Looking for advice and guidance on what to expect here. Short version:
As a result of this, our entire plans are thrown for a loop. We just moved all of our stuff out of our old home yesterday in prep for their final walkthrough and closing today, and now have no idea if the sale will go through, but it likely won't. Is there any recourse for the buyers where they can cancel the wire or recover their funds and still close? Are we totally screwed? Anyone have similar stories about this and how was it resolved? [link] [comments] |
| My experience as a first time homebuyer in San Diego, CA Posted: 24 Jul 2020 08:13 AM PDT Hey all! Wanted to share my experience as a first time homeowner in San Diego, CA like some others have been recently. About me: 26M. Started seriously looking for a condo in and around January 2020 with a target of a 1 bed/1 bath in a particular neighborhood. Budget up to 350k, targeting closer to 320k. Full time job working as an engineer, with a lot of cash available due to a unique situation.
Been living in the unit for half a month. I love it! It stays cool with no AC. The gas stove is everything I wanted it to be, and then some. Living alone is bliss. All in all I am very satisfied! Edit: Grammar [link] [comments] |
| Pent up Demand. Hot Market. Emotionally over bidding. Be careful guys Posted: 24 Jul 2020 08:33 AM PDT A ton of frustrated buyers due to hot market... This is my read.. I'm closing next week and have enough liquidity to ride out future. ( 3 years of emergency cash) plus the house is only 25% of my net worth 1- Don't over bid and emotionally overpay for a house. Unless you can weather any upcoming storm 2- Its just a pent up demand and probably more demand in suburbs. remember toiler paper... It will normalize soooner then later 3- Interest rates will only go up in long term. Meaning more sellers. I bet 50 year low mortgage won;t last. Common sense 4- Not every buyer hit a jackpot in this high unemployment period. Defies logic. 5- Go for a over priced bidding only if you REALLY need the house NOW 6- Ignore FOMO.. All good things will come to an end 7- Relax and wait for 6-12 months and get a better house for low price when the suckers are licking their wounds. Come back to this thread in July 2021 and make me feel an idiot or genius [link] [comments] |
| Posted: 23 Jul 2020 03:28 PM PDT It's getting kind of ridiculous now, especially in California where they're trying to pass a law that renters have till 2021 to pay back rent. The moratorium was also extended till September when it was suppose to end this month. My tenants haven't payed rent since March and I'm getting really angry at all the protection renters have. What about landlords? Where is our protection? Yes, I get the Covid-19 messed things up for everybody but this is business. I could sue them to get my money back but how long will that take? What are chances of them paying it back? Not very likely! Anyway, thx for listening and sorry for the rant. Edit: thx for all the positive feedback. It's nice to know I'm not the only going through this crap and know what it's like being a landlord. For the negative people, I wish you guys the best and hope you never have to deal with this type of situation. [link] [comments] |
| Low-priced condos with extreme high maintenance costs Posted: 24 Jul 2020 07:54 AM PDT What's up with these condos that are priced extremely low, but have extremely high monthly maintenance fees?
who is buying these types of places? [link] [comments] |
| I feel guilty having the agent show me around too many open houses Posted: 23 Jul 2020 10:54 PM PDT Is that normal? Our agent is a really nice lady in her 50s and is very detail oriented. Especially during the covid19 situation, our agent need to call every other listing agent and prepare for the PEAD forms for every open house. She also did lots of research on the properties we are interested in, but sometimes you are just dissatisfied about a place or lose the bid war. We feel sorry that we've wasted her so much time and effort. Curious how many open houses you visit and how long the whole house hunting process takes before you close the deal. For us: we went to about 40 listings together with the agent in the past 2 months and still haven't purchased yet [link] [comments] |
| Rural neighbor trying to sabotage my sale�� Posted: 24 Jul 2020 06:13 AM PDT I live in the country surrounded by fields and the guy that owns one field pasture cows next door four months of the year the first couple years he was OK to get along with but the last seven years he's been a real pain in the butt always bitching about my sub pump and how it floods his field in the spring, ( which it does not)... How the septic system which is 40 years old runs under the fence into his field slightly which has never been proven.. Who really knows without scoping it out but besides that it would've been grandfathered in with the land was surveyed in 1985... Just a whole bunch of other nonsense accusations with no foundation. he contacted my real estate agent the day we were getting offers on the house with all these accusations and the agent had to notify potential offers about issues and then two business days later he shows up at the real estate agent office what's the signed letter with all of his accusations written down Now the lawyer Has to notify the future buyers About all these accusations again which have not been proven or even if they do exist would've been grandfathered in in allowed to exist.. So the big question is if this deal falls through because of said neighbour, what kind of action do I have or should I take against him? Thanks [link] [comments] |
| Anyway to make my offer stand out? Posted: 24 Jul 2020 08:54 AM PDT Me and my wife are currently ready to put offers on homes. We have $100k saved up for our down payment, both of our credit ratings in the 800's and pre-approved for more then we want to spend. Sold our home in March currently living with mother in law, so no contingency on selling our home. What else can we do to make our offers stand out? I keep hearing about bidding wars and understand that is the nature of the beast right now. I'd think if we made our offers solid from the get go we wouldn't get stuck trying to out bid someone. [link] [comments] |
| Posted: 23 Jul 2020 03:06 PM PDT I'll keep this short & simple, happy to provide any extra info though.
The reason for the low appraisal was the square footage discrepancy. The seller listed it counting the partially finished garage (drywall installed in half of the garage) as livable space. The appraiser wasn't buying that (it's still very much a garage, no heating/cooling, garage door, etc.) & correctly recorded it as 300 sq feet less. Needless to say, we're pissed about the misleading listing throwing this wrench in everything. The sellers have said they'd be willing to lower the purchase price if we negotiated on the closing costs. The thing is, our offer was structured this way so we weren't out of pocket for closing costs. Theoretically, we could cover them dipping into savings, but it would stretch us thinner than I feel comfortable with considering the country is essentially crumbling at the current moment. So at this point, I've told our realtor we'd be willing to give up the $900 repair credit, but that's it. The way I see it, I'm not willing to budge much considering how drastically different the house was represented in the listing. Whenever we go to sell it, we'll be selling a 1700 sq ft house, not the "2050" one we bought. Any advice, thoughts, or wise words would be welcome. This is our third home in contract & the continual cycle of paying for inspections is getting very old, very quick. We love this house, but simply can't justify paying $8k more out of pocket. Edit: Quick update- Seller agreed to our offer with one change. They won't be repairing the damaged siding near the rear door. I haven't got a quote on it yet, but it's a 1'x2' section of hardieboard that's damaged, so it's not going to be a $2k repair or anything. Agent said they'd been trying to get a contractor out there for weeks with no luck, they keep flaking. They're under contract for another house & wanted to just be done with this. Overall, I actually think we came out even better! The deal continues until the next hurdle! [link] [comments] |
| How long does a seller have to respond to an offer in the state of New York? Posted: 24 Jul 2020 07:33 AM PDT The contract for the offer was submitted Wednesday at 8pm. Their realtor hasn't even acknowledged that she received it and had not responded to text. I know they have a showing this morning. Not sure what to do with their agent not responding to ours [link] [comments] |
| How to get over missing out on a house? Posted: 24 Jul 2020 06:35 AM PDT My fiancé and I just started the process and went out looking for the first time yesterday. We saw a house we absolutely loved in a great neighborhood and much better than the other houses we saw. The thing is it went contingent just after we saw it and now I'm just thinking about how we missed out. Does it get easier over time? We're just hoping to find something else just as great and I'm even secretly hoping it falls through so we can get it. Any advise? Thanks! [link] [comments] |
| First time homebuyer and cosigning. Posted: 24 Jul 2020 07:28 AM PDT I'm a first time homebuyer planning to look for something next year. I have excellent credit above 750 and good income. My bother asked me to cosigned for him on a house loan right now in order for him to qualify for a greater loan. He says he will refinance in 6 months and will take me out of the consign contract after that. My questions is if by doing this would I still qualify for first time home buyer program when the time comes for me to buy my first house? Any help with this I will appreciate it. [link] [comments] |
| Did my LO rip me off with misleading information Posted: 24 Jul 2020 10:27 AM PDT I just signed the closing disclosure on our first home and I am upset with my lender. Due to miscommunication with her we spent 19K more than we were willing to. I need to get this off my chest and hear 3rd party opinion on this matter. My company allowed me to work remotely indefinitely so my husband and I decided to relocate to a state he used to live in. His family has a vacation home there so the plan was to initially live there & pay their HOA and utility expenses in exchange. About 2 months ago we toyed with the idea of buying a house. I didn't think the time was right because I have 16K in credit card debt, 14K in savings and credit score of 694 and he was going to quit his job for the move. We decided to reach out to a LO and see what they think. We thought that worse case they say to just save and wait another year. She asked us how much can we afford and we said he can pull 20K from his 401k. Initially we even considered him staying behind another year to help me with the mortgage, but the LO said that we would have to do a second home loan for this to work and she suggested that I take a loan on my own. We told her that I don't want to use my 14K for this and she said that my husband can just gift me 20K. She ran the numbers and said I will qualify for a condo I liked for 390K FHA loan and 13K down payment for monthly payment of $2,450 including HOA. That sounded reasonable so we made an offer which was accepted. We moved forward and I had to send 5k deposit. LO said that I can just wire from my savings and that she will work it out in the gift and my husband can pay me back so I wired 5k to escrow. Few days go by and when she is about to order appraisal, we realize that this condo doesn't accept FHA. So, she and I connect and she says she can convert me to conventional 3.3% interest vs FHA 3.1%. And down payment will be even lower 3.5% $11,700. It sounded to good to be true and my gut feeling was telling me something doesn't add up, but I still proceed. Another condo of similar size in the same community was on the market. Their RE tax was lower because it is used as a primary residency. I didn't like this property because I felt it requires too much work. But I noticed she kept pushing for it and questioning me if I'm sure I want the other unit. Both were 390K so I felt weird why is she suggesting I change properties. When we discovered FHA isn't accepted, she went as far as looking up other units in different communities and suggested I go with them, which I found off-putting but brushed it off. Then she started saying that I need to pay off 10k of my debt because taxes were too high for the next year. She said that my husband can include this in his gift so I agreed. She asked him to sign new gift letter for 25K. Then few days go by and she says we need to pay my whole debt and she can work it into the loan and gift. I thought that the interest rate on the loan is lower than my credit card so I agreed. Then she asks to see my bank statement and asks my husband to gift me $27,700 because I am short on funds. Even though We told her from the get go we can only afford 20K, we scrambled and he wired to escrow the funds. She even told me I can give him the funds and he can wire to escrow. We talked to her and she ensured us she is overestimating and we thought we might even get something back. The next day she sends me closing disclosure showing I owe 7k more at closing. I reached out and said we agreed we can only use 20K for this sale. At this point we have 32k in escrow and you are telling us that we need to pay 7k more when you ensured us that you are overestimating. What is interesting Is my cash at close amount was exactly what I had in my bank account according to the last bank statement I sent her. I understand that things change and lenders cannot predict to the penny, but 19K off budget seems like huge miscommunication to me. Then she start getting defensive and says she thought my husband will reimburse me for this from his 401K. She then says she thought he just has more than 20K that he can use to cover this. I don't know why she would think this when we were clear from the get go, he has only 20K and I don't want to touch my savings. She said there isn't anything she can do, she is sorry I feel upset and to let her know what I want to do next. I felt cornered and taken advantage. We are a week of signing closing documents. The agents wasted their time, the seller cleaned the place. I couldn't understand how was it even possible for me and to LO to not be on the same page for something so major. Had I known buying this place will result in us moving to new state with $0 in savings, I wouldn't have done it. We weren't in a rush to buy a home. We could have lived for free in my in-laws vacation home for few months and save money. Long story short the condo that was supposed to be $2,450 a month Is now $2,800 and instead of putting 20K on this place we have spent 39K. Yeah, my credit card is paid off, but there was a reason I held dearly onto my savings. I have an elderly father who lives on his own overseas. I need to have cash at all times if I need to fly on a short notice or if he needs funds for medical expenses. I didn't think I was in a position to purchase a place and I feel mislead by this lender. Are misunderstanding like this common? Why would she think that I can spend all money in my account on this place. Keep in mind she was looking at a June statement. Luckily my husband paid all our living expenses for June and July so I have the cash. But she never told me don't use your cash. She keeps saying don't worry I am overestimating, will work it into the gift. Based on what she told us all along, my husband quit his job. We thought we have 14k in savings after all, my CC was going to be paid off and I have stable paycheck coming in that was able to pay $2,500 mortgage. Except now at the 11th hour,we have no savings and our mortgage is $2,800. I feel mislead and angry. I wish I had the whole picture before making this decision. [link] [comments] |
| How many of you are having a shitshow of a househunt? Posted: 23 Jul 2020 09:20 PM PDT I thought I was made in the shade...820 credit score, able to make down payment without PMI. But holy hell there is nothing on the market right now under $135k...literally nothing came up on redfin for past 5 days. I find myself settling a little bit more as time goes on. Anyone else having this experience? I'm single and buying a house so it's all on me. [link] [comments] |
| Real Estate to Buy Outside of US Posted: 24 Jul 2020 07:48 AM PDT I'm thinking about buying a rental property outside the US. I'm thinking anywhere. Italy, UK, Ireland, France. I'm saving up to 100k USD Ideas ? [link] [comments] |
| Buying a vacation home as an LLC Posted: 24 Jul 2020 07:26 AM PDT Hi all, I'm interested in buying a vacation home as an LLC with some friends, neither of us own a first home, the vacation home will be the first home we purchase. How do we go about doing that? [link] [comments] |
| Considering buying my first house Posted: 24 Jul 2020 11:13 AM PDT Hi everyone, I am thinking about buying a house in next 3-6 months. Currently, i do have 25k $ in my bank acc. Before purchase i am thinking about to save up around 50k $. I have 750 credit score. I do not have student loan or any other debts. The only problem , i have been working less than a year in a well pay job. Also, last year i did not pay lots of taxes(I showed my income as 10k). I was outside of the US so i did not get a proper income which makes sense. I live in Kentucky and house prices are not super high. I am going to try purchase a house around 120-150 k. Even tho ,i do not have well paid taxes from last year, do i qualify for a house in my range? I thought that if i can pay 50k as a down payment, they would not mind tax papers from last year. Please enlight me! [link] [comments] |
| Impound account but still having to pay monthly? (CA) Posted: 24 Jul 2020 11:04 AM PDT Our first mortgage payment is coming up and we prepaid into our impound account for the whole year. Now we are being asked to pay our P&I as well as our escrow amount. Wont we be double paying then? What was the point of pre paying? We are confused and waiting on a call back from our LO. [link] [comments] |
| What happens after the inspection contingency and mortgage contingency period? Posted: 24 Jul 2020 07:15 AM PDT First time home buyer here. Just came out of both the inspection contingency period and the mortgage contingency period on the agreement of sale and we are all signed and moving forward. What is next? Our close date isn't until August 31st to allow some time for tenants in the property to move out (they are family members of the seller so I was fine being flexible in having a long close period with them). But it just seems like now there is nothing to do but wait until closing... am I missing something? [link] [comments] |
| Cracked/Broken Window - FHA Appraisal Posted: 24 Jul 2020 10:59 AM PDT My wife and I are selling our home and two windows are broken. One window has a hairline crack running through it, and the other window has one pane (the exterior pane) of a double-pane window completely broken (it is a garden level window and the lawn mower threw a rock). We have an FHA appraisal next Friday, a week from today, and all of the glass contractors we have been working with to get this repaired have either flaked, been unresponsive, or aren't interested (due to the high volume of work/larger projects out there). These continued delays have really pushed our back against the wall and our realtor is telling us that if the windows are not fully repaired by the time the FHA appraisal comes (next Friday) that it won't meet FHA appraisal standards. What is your experience? What are the implications of these not being fixed before the FHA appraisal? If these are fixed after the FHA appraisal, but before our closing date, would that be acceptable? What can we do, in addition to herding the glass contractor cats, to ensure this deal doesn't fall apart? Thanks in advance! [link] [comments] |
| Does an owner occupied fourplex require 20%-25% down now? Posted: 24 Jul 2020 10:47 AM PDT I just go off the phone with Quicken loans and they were saying I need 20%-25% down for a fourplex, even if it was owner occupied. He was also saying 40% down if it was just an investment. Is this the new norm or is this just Quicken? I was hoping to put 5%-10% down. [link] [comments] |
| Advice for buying first time condo in SF Posted: 24 Jul 2020 10:26 AM PDT First time home buyer here looking for a condo in SF. Need some advice on whether I should wait or just pass. I found the perfect place 2 weeks ago. The seller's agent told us they settled litigation (the HOA sued the developer after 10 years as usual in SF, no damages were found). I bid on it, and then found out the litigation won't be completely settled until 90-120 days from now. The buyer's agent told us that the place was under a "litigation discount" and would be priced higher after it settles. None of my lenders will lend on it currently. First Republic, who will, gave me the worst interest rate and requires more in reserves. Should I wait 90-120 to see what happens? Redfin estimate says the condo's current value is slightly lower than the "litigation discount" is currently. [link] [comments] |
| Closing Disclosure and property tax confusion Posted: 24 Jul 2020 06:38 AM PDT I got my Initial disclosure and I see in the seller paid section that he needs to pay property taxes for 6 months... Lets assume the sale price is 700K. Transfer tax is paid by seller and lets assume 5K. Closing date is July 30th. My initial disclosure has the following. Closing cost details. Under Other costs. To be paid by seller section. Property Taxes (6 mo.) to XXX County $3,635... Also has this in Seller's transaction field. Adjustments for Items Paid by Seller in Advance County taxes 7/31/2020 (closing date ) - Sep 30th - $1000.00 Amount due to seller is sell price -5000 ( transfer tax) + 1000 - 3635 = 692365. I'm confused. Does it mean the seller has pending tax to the county???? . Does it mean that the Seller hasn't paid taxes for months?? . I'm gonna talk to the lender to see what is this about. [link] [comments] |
| Posted: 24 Jul 2020 10:14 AM PDT We are working with a listing agent that is out of control. Our contract stipulates that we had to send a mortgage commitment letter by July 15th, we sent on on July 8th and she indicated that it was not a "proper" commitment letter because it had conditionals, we worked with our bank to take off some of the easy items and sent a new and updated letter on July 17th which she also said is not valid. She is harassing us, reached out to our mortgage lender and threatened them to send her a proper commitment letter or they are going to walk away from the contract. She had an attorney send us an email with a 24 hour window to sign an addendum that would give them the right to decide what a proper commitment letter would look like, and it seems like she is making legal decisions for her client. As the buyer what can we do to have her removed from this deal? Can the broker at her firm remove her? Help! [link] [comments] |
| invest money from house sale or sit on the cash? Posted: 24 Jul 2020 10:01 AM PDT If we are able to sell our house in next month, we are planing on renting for a year in hope to save up enough to buy single family home. Should I try investing money from house sales into some safe stocks or just sit on the cash for awhile? [link] [comments] |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment