Real Estate: Closed Home but Still No Funds |
- Closed Home but Still No Funds
- Seller repair question - backfilling trench
- Closing today at 2pm but no receipts of repairs
- Locked a rate today for new construction
- Asbestos Testing Kit (MD)
- Advice- Return of escrow
- First time homebuyer, looking for input on my pre-approved interest rate.
- Seller won’t budge after low appraisal?
- We are torturing ourselves. First time home buyers.
- Just completed our first 1031
- Applying for two mortgages at the same time?
- I'm looking to buy an acre of land that borders my partners owned home/property. I don't own any home or property myself yet, how easy or difficult is it to purchase?
- For Sale by Owner websites
- Finished basement in Denver
- Is there any point getting my NJ Real Estate License if I'm moving out of state?
- Advice on purchasing first home
- Consumer Letter of Explanation
- Quick Loan Estimate Question
- Need some insight. New construction, resale? Wait out the competitive market?
- Does anyone know how to get home listed in Zillow/Trulia?
- Questions for a Mortgage Broker !
- To win bid, decided to remove Inspection
- Pros and cons of section 184 “Native American” loan at 2.8%? Tulsa, OK market views?
- How do I get into real estate investing?
| Closed Home but Still No Funds Posted: 31 Jul 2020 07:51 AM PDT Hey everybody ! I closed my house last week but still have not got my funds yet. When I asked the escrow agent she said, buyers final loan has not approved yet ! That sounds kind of fishy to me, if his final loan is not approved, why did they make me close the house on closing day. I started to get worry if that is a fraudulent activity. Does that happen often ? Sorry that is my first time selling a house and I heard from most people that sellers get their funds on the day of closing. Can you guys please enlighten me about this ? [link] [comments] |
| Seller repair question - backfilling trench Posted: 31 Jul 2020 05:25 AM PDT Hi all, I have an interesting scenario. I suspect that I'm up a creek, but just looking for any advice. During inspection, we found a leak in the water/sewer mains, and requested seller repair (which they agreed to). The front yard was dug up, and the water and sewer lines were replaced. During this repair, the gas line was exposed, so the gas company noted that they would need to come back to perform some work. As such, the plumbing company did not fully backfill the trench that was dug. Mainly, there are cavities that were left under the side/front concrete walks. We then closed, and the gas company performed their repairs. They did not need to dig up the entire trench, and only backfilled areas that they disturbed. So now we have cavities under the walks which no one is owning up to repair. Do we have any legs to stand on? The town has already said that they have no skin in the game. Appreciate any insight. [link] [comments] |
| Closing today at 2pm but no receipts of repairs Posted: 31 Jul 2020 03:25 AM PDT Hi all. Pretty annoyed over here and mostly venting because chances are we'll still go through with the closing BUT ...Did our walk through yesterday and items that were on the "credit addendum agreement list" were not repaired or I have no proof. One is a lower door glass panel that was shattered. When we first looked at the house it had a hand written note saying it would be repaired prior to closing, granted they still have a few hours but I doubt it'll be fixed. The other is recharging the HVAC mini split units with refrigerant, our walk through wasn't long enough to really know if it had been done. Should I stand my ground and threatened not to close until I get receipts for the HVAC service or an additional credit for both the door and HVAC? For context, we have to move out ASAP because we have tenant coming into our current living space one Monday. We also have two young children and with COVID babysitters are a no-go for us due to medical conditions and so packing and moving have been challenging, this is to say not closing would only extend the nightmare. Can I be an even bigger jerk and use my leverage right up until 2pm? ... Just wish people would follow through on what they promise. Advice and a beer would be greatly appreciated. [link] [comments] |
| Locked a rate today for new construction Posted: 30 Jul 2020 05:17 PM PDT Just a data point to share. I just locked in 2.625% rate with builder's lender at 0 points today with 110 days lock and float down option for my new construction townhome with closing date between 20th oct and 25th oct. credit score greater than 780 and down payment 25%. Edit: it's 30 year fixed conventional loan. Lender is TBI Mortgage. [link] [comments] |
| Posted: 31 Jul 2020 06:07 AM PDT What is a recommended DIY test kit. Are the options sold in Amazon viable? [link] [comments] |
| Posted: 31 Jul 2020 06:58 AM PDT My realtor also has an escrow account is the one who held the earnest money for the contract. The contract fell through and the seller and I both signed to release the earnest money back to me. 3 weeks ago the realtor said she would send the check in the mail that day. She lives two states over. Usually l can send letters and they arrive in 3 days when I'm mailing across the US. She didn't get tracking and refuses to help me and says "should be there any day." What should be my next steps if the check never arrives? [link] [comments] |
| First time homebuyer, looking for input on my pre-approved interest rate. Posted: 31 Jul 2020 08:52 AM PDT Hi all, I'm a first time homebuyer who has just been pre-approved for a conventional loan with 3% down at a 3.25% interest rate. My goal is to live in the home for a year and then rent it out after occupying it for 12 months. 3.25% feels good to me, seeing as how I'm only putting 3% down, but wanted to get your guys thoughts. Not sure if this will be pertinent, but for reference~ Credit score: 800 Cash: $35,000 Debt: $0 Salary: $105,000/yr I'm looking at a single family home that's listed for $140,00. I have interest in homes up to $250k, which is what I've been pre-approved for. Thanks! [link] [comments] |
| Seller won’t budge after low appraisal? Posted: 31 Jul 2020 08:41 AM PDT Currently under contract for my first home in Phoenix, AZ. The appraisal came in low, the seller says they have a backup offer for $13k over appraisal (about 4%). I can either match or bail. It's my first home, and AZ is definitely a strong sellers market. Homes are selling like crazy, getting multiple offers first day on the market, going $20k over ask with waived appraisals. I don't LOVE the house, but I do like it. Much better than anything else I've seen. So...am I crazy to consider matching price above appraisal, or is this a huge no-no? [link] [comments] |
| We are torturing ourselves. First time home buyers. Posted: 30 Jul 2020 11:45 PM PDT We are in Kern County, California. Definitely a very affordable county by California standards. Combined income of 220k; 26k saved; 160k in retirement; Student loans that are 1600 per month and will be forgiven in 3-4 years; No other debt (cars paid off). We have never owned a home. Rent was stable so we just plugged away at paying down a ton of debt, saving. Flirted with the idea a few times and our super patient realtor gently told us there were a number of good buys but we were scared to do it. We both come from very low income families and home ownership is just so foreign and scary. Our lease is up and we want to buy. We're ready. We'll likely relocate in 5 years out of state, which I know conventional wisdom says maybe don't buy. But we are so sick of renting. It would be nice to buy a house well in our price range so we can keep saving for our forever house and roll any modest profit into down payment for the forever house (mostly, we just want a couple acres and a cozy house, doesn't have to be fancy). Housing stock is basically non-existent in our area. I think investors and out of town people are buying things up. Our current rental is homey and fits our needs. We have asked LL if he still wants to sell (he put it up a few years ago). We have lived here for 3 years and know that this house needs about 20k in structural repairs, probably another 15-25k in updating / cosmetic and maybe 2k in landscaping. Clearing cosmetic / landscaping is lower priority. I'm so stuck. Half the people in my life say this is the worst time to buy. The other half say just buy and it will eventually rebound even if there is a crash. I know that nobody has a crystal ball. We have 3 small kids and buying the current rental that needs the work seems like a gamble, since it might be hard to accommodate all the work on the house. We have strong credit (800s) and both are industries that are unlikely to suffer from Covid. Any words of wisdom about any of this? I don't want to profit wildly off someone's misfortune, but should we wait 6 months and at least see if prices come back down a little or if there are at least more options? Thank you in advance for any insights. [link] [comments] |
| Posted: 30 Jul 2020 06:48 PM PDT Just wanted to share that we completed our first 1031. We sold back on March 30th and the ticker started for the 45-day ID period right around when COVID was at it's worst initially and we were so lucky to get that extension...we would have owed about 30K in taxes if we hadn't been able to ID a place and close on it. Anyway, it was a bit stressful because there was so little on the market but then we expanded our search a bit and found a cash-flowing property in our price range. Only out of pocket expenses were the earnest money ($10K) and $384.56 at closing. Everything else was covered by the sale proceeds and we went from a SFH making ~$120/mo after expenses to a multi-family making ~$1100 a month after expenses. Will probably do this again next year with another one we own. [link] [comments] |
| Applying for two mortgages at the same time? Posted: 31 Jul 2020 09:21 AM PDT My offer has been accepted, inspection is complete, and I'm signing the purchase and sale on Wednesday. Closing is scheduled for 9/28. Yesterday I submitted a mortgage application with my credit union, but today US Bank e-mailed me and said that they can match my credit union's rate but also throw in a few extra grand towards closing costs. So, I have two questions:
Thanks! [link] [comments] |
| Posted: 31 Jul 2020 09:19 AM PDT Vague title, but my partner and I live in his purchased home. I moved in with him this year, but he's owned it since 2016, we have a 1 year old boy. We are not married. Our yard borders on an acre of open land that is owned by someone else but is not built on, just an empty lot with a couple big beautiful oak trees. They plan to sell the property soon and we want to jump on purchasing it to add it to our own yard to expand it (it already looks like its part of our yard, you wouldn't know unless you asked) and more importantly to prevent someone else from buying it and building on it. I have never purchased property in my life and want to use this as my first dive into land ownership. Since we have no plans to build on it, my bit of research on land purchases requires a minimum 20% down payment, and overall is more strict on purchase options since there is no house collateral. Although it is only an acre, the neighborhood is historic and beautiful, and I don't expect it to be less than $50,000 (official price has not yet been set, but it last sold for 52K in 2013). I don't currently have 10K for a potential down payment, but are there additional loans available for first time buyers, such as they have for first time home owners? If it matters, I live in Minnesota. [link] [comments] |
| Posted: 31 Jul 2020 09:02 AM PDT We don't need MLS listing because we're in no rush to sell our second home, a multi-family in the Boston area. So we decided to list it ourselves to see how it goes. We also may change our mind, so we don't want to waste a real estate agent's time. Any suggestions for legitimate for sale by owner websites would be appreciated! [link] [comments] |
| Posted: 31 Jul 2020 08:18 AM PDT I'm in the process of designing a home and deciding whether or not to add a finished basement. From what I've read, I can expect a 70% ROI, but it seems highly dependent on the market. The house would be about 2100 sq ft without the basement and about 3100sq with it. A portion of the basement would be used for a home gym, but I'm worried the rest of it will just be empty/unused space. It will just be me, my partner, and our dogs in the house (no children now or in the future) so 2100 sq ft is plenty of space for us. This is definitely our "forever home", but I'm wondering if the basement would significantly increase the resale value. I guess I'm looking for advice, guidance, and perspective. [link] [comments] |
| Is there any point getting my NJ Real Estate License if I'm moving out of state? Posted: 31 Jul 2020 07:02 AM PDT So the deal is, I took my 75 hour NJ real estate class. All if need to do now is take the class and state test. However, I'm going to move to North Carolina. Is there any advantage to getting the liscense if I wont be able to use it? Maybe job opportunities? [link] [comments] |
| Advice on purchasing first home Posted: 30 Jul 2020 11:21 PM PDT My wife and I currently live in the San Francisco Bay Area. I hate it here. This is not a place to vent so I won't go there, but it is the reason driving me to not want to buy here. Where I do want to live is somewhere in Los Angeles or San Diego countries where I can still be somewhat in a techy area. The problem is my company has not decided on a permanent work-from-home policy like some other major tech companies (Facebook or Twitter, for example). We are in our mid-30s and want to buy a house and start a family. The way I see it I have a couple of options: 1) Find a new job in desired location and relocate 2) Hope that one day my company allows me to work remotely 3) Find a way to buy a first home and use it as an investment property Choice 1 is hard because I have always struggled to pass technical interviews. I have already tried finding a new job in my desired location without any luck before stricter lock down policies were put in place by our state governor. So this seems like the less likely choice. Choice 2 is likely based on the current state of things and how my company has decided to allow us to work from home for the foreseeable future until basically a vaccine is available to the general public and is easily accessible. Choice 3 I was told was not possible for first-time home buyers. Ideally I would buy a condo in desired location as an investment property, but according to a friend that works in banking I cannot buy a condo with the intention of using it as an investment property as my first home. Is this true? It is clear I should not buy a house in the SF Bay Area since I do not want to stay here. I just do not know what to do with the savings I have in my brokerage account. Do I just keep saving up until one day I have the opportunity to move and buy my forever home? The benefit is I will have my 20% down payment and more for emergencies/pay off the mortgage faster. Do I try to buy a condo here and sit on it until I have that opportunity to move? For the record my wife and I are renting a house here so we are blessed to have the space and be able to afford such a place. Buying a condo will be a downsize space-wise, but a better investment. Investing-wise I don't think buying a condo and having to move/sell in < 5 years is such a smart idea. Do I just have tunnel-vision and am not considering other options available to me? Any advice would be helpful for me to get to my ultimate goal. [link] [comments] |
| Consumer Letter of Explanation Posted: 30 Jul 2020 10:01 PM PDT My wife and I are currently in the mortgage process. We pre-qualified for 140k (FHA).. we fell in love with a home and our offer of 115k was accepted.. Had our appraisal/inspection come back Monday with good news, appraising more than what we offered and are officially in the underwriting process! However, our credit scores are average.. between the two of us we have a few things in collections and a few late payment deragatory marks. Our lender sent us a consumer explanation letter to fill out, they have been super nice and left the impression that we are still good to go with the process but we are starting to worry that we may be denied by the underwriters. Being our first time being in the mortgage process we are wondering if having to fill out this letter means that there's risk of being denied? Thank you in advance [link] [comments] |
| Posted: 31 Jul 2020 06:03 AM PDT In Cook County taxes are paid in arrears, and proration is estimated at 110% previous years' bill. So someone closing 8/31 on a property with a 2019 bill of $5000 should receive a credit of $5000 x 110% = $5500 * 243/366 = $3651.64 (if I'm understanding it correctly). My question, is should this show up on the loan estimate form when first applying? Obviously reached out to lender on this as well, but being super busy they may not get back to me until tonight. This credit is not currently not listed at all on my Closing Cost Credits page, and my back of the napkin math for closing costs lined up perfectly aside from this amount. Thanks in advance. [link] [comments] |
| Need some insight. New construction, resale? Wait out the competitive market? Posted: 31 Jul 2020 05:47 AM PDT Some context: I'm a first time home buyer in the northern Virginia area and would like to buy a primary residence for the next 2-5 years potentially. I may stay longer in this area, but I'm still young and just don't know if I would want to move to a different city at some point, so considering my monthly payments in the context of a rental market is important to me. The market here is supposedly very much a seller's market, with renovated resale listings flying off the shelf within 2-3 days. There are very little new construction homes being built in the area I want to be in; most builders are 10-20 miles farther out. I have been considering new construction homes more heavily since the bidding wars right now is something I am not particularly interested in. Additionally, I value the advantages of being able to choose my own options, a more modern layout, and newer materials. My hesitations with new construction include being farther out, the premium price that comes with new homes, and the possibility of not being able to break even in a rental market down the road (if I decide to move). I'm currently living with my parents so my only debts every month is my car payment. My credit score is 794 according to Mint, I have 48k in cash savings in a HYSA right now, and I plan to save $3,800/month with each passing month I'm at my parents house. I have also been pre-qualified with one lender— just to get an idea of what I can afford — I got a 2.75% up to 500k with 50k down. I think the best plan of action right now is to wait to see how this pandemic plays out as well as the election. I'm thinking I could not only save more for my down payment, but also buy in at a more unstable time with less competition. Any insights as to how I should best plan my next 6-12 months of this home buying Oddessy? [link] [comments] |
| Does anyone know how to get home listed in Zillow/Trulia? Posted: 31 Jul 2020 05:35 AM PDT I bought a new construction back in December and something I've noticed is none of the homes on my street are searchable in Zillow or Trulia (apart from the much older homes more than 2+ years)... is their a formal process to get my home listed here? I'd like it to be discoverable in the future when I go to sale. [link] [comments] |
| Questions for a Mortgage Broker ! Posted: 31 Jul 2020 05:09 AM PDT Describe the mortgage brokerage process from start to finish with added emphasis on aspects that you believe to be the most important / least important. -Shopping lenders, locking loans, issuing disclosure, etc. How many people / different roles are involved within the brokerage when securing a loan? What software do brokers use and which is most popular? -Calyx, Encompass, etc. What factors go into determining whether the borrower or lender pays the brokerage fee? -thank you! [link] [comments] |
| To win bid, decided to remove Inspection Posted: 31 Jul 2020 04:49 AM PDT A few people Ive known have forgone inspections to win a bid. The house I bid one, at face value , looks fine. I do plan on getting an inspector out in the property and don't mind investing since it's practically my dream house. I'm doing a final walk through today w my agent and have printed out a check list. While not 100% ideal doing it this way, I'm in hot zone and it was my only option - so I get it. However I wanted to ask if anything a must when doing this walk through? If anyone has any check lists please feel free to post. [link] [comments] |
| Pros and cons of section 184 “Native American” loan at 2.8%? Tulsa, OK market views? Posted: 30 Jul 2020 09:12 PM PDT Building a home in Oklahoma, $300k, looking into section 184 loan. Seems like a no brainer, very low down payment requirement and great interest rate. Is there anything I may not be considering? I know we need to sell our current home before we close on the new home, but I don't think that will be an issue. Anyone have thoughts in the Tulsa surrounding area market? I've heard "no PMI" with a 184 loan, but is that true? Current home built in 2015, 1,900 sq feet, 4 bd, 2bath, single story, 2.5 car garage, premium lot in HOA on 1/3 acre, backs up to semi-busy road but most of the time it's not bad, Immaculate, neutral, and lots of custom features, added tornado shelter. New home is 3,200 sq feet, 4 bd, 3 bath, game room up, two story, 4 car garage, 3/4 an acre backs up to farm land, can do whatever the hell we want (aka no HOA). [link] [comments] |
| How do I get into real estate investing? Posted: 31 Jul 2020 04:09 AM PDT So, I haven't even started college yet (I'll be starting this Fall), but I am very interested in real estate investing. Renovating/managing houses and renting houses just sounds fun to me, and the passive income is obviously a huge plus. Now, the problem is I will be most likely finishing college with around 40k$ in debt. Can people that had a similar background give me some tips as to how, and when, I will be able to invest into real estate? I am well aware this is not a get rich quick industry, and it might very well be much more than a decade before I can even start. Any advice is welcome, thank you! [link] [comments] |
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