Real Estate: Just Closed! Thanks for the advice! |
- Just Closed! Thanks for the advice!
- (serious) Any real estate discussion sites that don't allow participation by real estate agents?
- Interested in a property, seller would like a rent-back...but would you, under these circumstances, in this current climate?
- Extra things for my home when it is being shown.
- Lender requiring addendum almost 2 months after refinance
- How do you find foreclosures to buy?
- So, you’re saying there’s still a chance?
- [CA] My sister and I own a house in the Bay Area. It's on a big lot. How do we make it two houses?
- Medical emergency and close to closing
- I submitted 153 documents for my nightmare of a jumbo mortgage application, this has to be some kind of a record!
- Ready to list our place and move to home town. How do we sale one house and also get approved for the new place ?
- Does 3.25% on a 30-year fixed jumbo mortgage sound about right in this environment?
- Uncooperative seller bumps us on technicality, puts us out on the street
- What is the most inefficient zoning rule that is common in most global cities?
- Closing Costs
- UK Vendor trying to rent flat while we get mortgage
- California landlords are locking out struggling tenants. (Reminder: that's not legal)
- Increase cost during final closing disclosure
- What's a fair pet charge for a 2 bd 1 ba apartment renting for $1200?
- Repair or replace roof before sale, or sell as-is
- Moving Quote ok????
- Advice about selling low value property.
- Offer advice
- 2 small bathrooms vs 1 large?
- Gift ideas for friend who is becoming a real estate broker?
| Just Closed! Thanks for the advice! Posted: 30 Jul 2020 08:57 AM PDT Didn't want to post until I had the key! Just closed! 3% no points! Moving out of my parents house into a 4bd2bath with a pool! 270k price negotiated price down from asking. Inspections went great! (previous property I considered had mold and termites) Appraisal came low and the seller reduced by 11k. Pretty excited right now! [link] [comments] |
| (serious) Any real estate discussion sites that don't allow participation by real estate agents? Posted: 29 Jul 2020 08:40 PM PDT Just wondering if there are any real estate discussion sites that don't allow participation by real estate agents. Reason being that any question asked is immediately swamped by a storm of bubbly "Get a REALTOR(TMTMTMTMTM) and they will take care of everything! If you dare to do any aspect of the process yourself without a REALTOR(TMTMTMTMTM) your house will be eaten by termites and then explode!" Yes, I get it, you are a REALTOR(TMTMTMTMTM). I really don't have an interest in talking to you. [link] [comments] |
| Posted: 29 Jul 2020 11:57 PM PDT I am a buyer, and have been house browsing for quite a while, but as a resident (physician) I just was not able to financially gather the competitive 20% down that is needed right now in most markets. I'd really like to get my family away from the city and into a small home that I could isolate in, while with them, rather than living away from them completely. So, while I would typically just continue to wait to buy a home because of market fluctuations and my downpayment, I'd really just like to get in now. I found a unique house that I love and know that offers are all going to be looked over at once, on Friday. I understand that cash/20%/limited "asks" on my part will make my offer most appealing, but I don't have that. My real estate agent mentioned that the seller was waiting to purchase a specific home in a retirement community, and that purchase depends on the seller of that unit to shift to a medical/retirement care facility. I'm unclear if it is a "waiting for space" in general issue as in — I hate to say this — waiting for someone to die to free up a unit situation, or if it is a specific unit he has in mind and a specific resident who will be moving. Either way, the seller's timeframe of when he will have a new home seems up in the air. Typically, we would offer the standard 30-45 day to close in our offer, but both my agent and the seller's agent have made it clear that a bit extra time would make the offer more appealing. Especially given the fact that I have a bit less to come to the table with as far as deal-sweeteners. At first, we discussed a 60 day closing, but then my agent suggested a rent-back offer, and now he seems to be stuck on that suggestion. I don't know this agent well and I don't particularly feel that he has my best interest at heart. There's been no discussion about weighing offer prices or negotiating, or how the market is doing, or "I want to get you a fair deal," — he clearly just wants to make a sale. Same, with the seller's agent, who is definitely fighting for his client's best interest. I don't want to close on a home with a tenant. I'm not a landlord. And, I would have no idea how to structure rent or how that works (nor has my agent explained). I don't want to be indefinitely locked out of the house with the inability to remove my tenant if another pandemic regulation comes along, as it is a personal home. But I would love to increase my chances of getting this home. I asked about a "standing offer" to the seller that expired after 60-90 days with us both having the right to cancel the contract at any time. He said he had never heard of that. Is there any other sort of long-term offer I can make? A sliding timeframe that I can remove myself from? It seems like everyone wants the house sold today because the market is great for sellers and the seller is sure to get a hefty sum for his property, but refuses to wait until closer to when he actually needs to move out because who knows what his local market will be in a few months. Otherwise, why sell immediately in this market, but insist that a closing date in October would be ideal? Do I have options? It's too late for this particular home to interview another agent to represent me, and I'm struggling with work stress, the desire to keep my family healthy and together, and not wanting to get trapped in a real estate mess I don't understand. [link] [comments] |
| Extra things for my home when it is being shown. Posted: 30 Jul 2020 04:39 AM PDT We(North Jersey) just had our listing go up. Everything looks great on the listing sites and we have already booked our first showing for this weekend. What extra things should we do besides clean/tidy/mow the lawn? Thing we have come up with so far, but unsure weather or not we should do(some are more realistic then others): -basket with booties(shoe covers) -Typed up list of renovations/upgrades (new boiler/natural gas conversion/installed a fence ECT.) -Remove dog beds and water bowls. -bake bread the morning of(who doesn't love fresh baked bread smell) -empty all garbage cans and diaper genies Any additional ideas, thoughts, comments are welcome. [link] [comments] |
| Lender requiring addendum almost 2 months after refinance Posted: 30 Jul 2020 07:53 AM PDT Our lender is requiring/requesting an addendum to note (inter vivos revocable trust) to be signed nearly 2 months after the closing. We received an email yesterday. They say it: must be signed in blue or black ink only, sign only your names, do not add Trustee to your signature and do not date it. This feels a bit shady, particularly the lack of dating. They are rushing to get it done within 60 days of closing. Part of the rush is because they attempted to reach out to us before with the wrong email address. That email is part of a forwarded chain of emails. We think our loan officer wanted to forward the attachments not necessarily everything else. We specifically went with this lender because they claimed not to sell loans. In the forwards are internal communication that we probably shouldn't have received. One said, "My biggest concern would be to have the Note addendum signed as we can't sell the loan without it." Someone else is asking to make it happen before 60 days. The addendum seems to say we can't change the trust at all without lender approval. Before reaching out to our trust attorney, I thought I would check with you, who have more familiarity with these transactions, if this is a normal request. [link] [comments] |
| How do you find foreclosures to buy? Posted: 30 Jul 2020 08:42 AM PDT I want to buy a house in College Station, Texas. Pensacola, FL. OR Lillian, Alabama. It will be my first home, and I was wondering how do I find foreclosures to buy? I've been just searching zillow. [link] [comments] |
| So, you’re saying there’s still a chance? Posted: 30 Jul 2020 08:26 AM PDT So, we put in a bid last month for 10k over asking, didn't end up getting it. But, nothing else has come up and we remained as a back up buyer on that property. Fast forward to today-the seller's realtor called and asked our realtor if we are still interested. But, not so fast—the seller's missed their mortgage commitment date and were given a 7 day extension. Apparently they are switching mortgage lenders. She will get back to us in a week if they don't get a mortgage and we will move forward as the back up buyers. Should we get our hopes up? How often do these things fall through? [link] [comments] |
| [CA] My sister and I own a house in the Bay Area. It's on a big lot. How do we make it two houses? Posted: 30 Jul 2020 07:13 AM PDT Here's an overlay of the property. It's an older house that's been renovated a few times. There's currently no mortgage and we rent it out via a property management company for about 90% of market rent to keep high occupancy rates. We're getting a fairly consistent 3.8-4.3% gross rent on the assessed value over 12+ years but feel like that extra space could be used more effectively. Looking around the neighborhood, it looks like other large lots have historically created a common parking area for two homes. I'm not opposed to demolishing the current house and available off street parking is always desirable. What sort of steps should we follow to get a second home on the property that's also rent-able? I'm at a loss of where to start. [link] [comments] |
| Medical emergency and close to closing Posted: 30 Jul 2020 09:13 AM PDT As life would have it not related to covid my child had to be rushed to ER. Child is ok but paid hefty amount. Still have plenty for closing costs. Will this effect closing? Obviously my child's health is more important. Just want to brace myself for what's next. [link] [comments] |
| Posted: 30 Jul 2020 06:44 AM PDT So I had heard through this sub going into the process that the jumbo mortgage application process has been tightened up and investors/lenders are going through intensive scrutiny but this is never what I expected. I have applied for mortgages in the past but this was like nothing I have ever encountered. I am putting down 25%, 820+ for the both of us and borrowing over $1M, 3.375%, no points. IMHO I think I am a no brainer of a credit risk or so I thought. This rigorous process has resulted in delaying the closing atleast twice resulting in friction with the seller. It has not helped that we have rental properties, some side hustles, income in multiple states and other issues which I am sure make underwriters nervous. But I have had these all before (as in last year) and it has never been an issue while applying for a confirming mortgage. I maintained all my submissions in a folder and it was 153 documents in total. I was asked for things from some events back in 2013 and because I am quite meticulous I had those. I asked my broker what would have happened if I did not have these and they said they would need to be requested from the bank's (where the prior issues occurred) documentation department resulting in even more delays. The entire process has resulted in so much stress and time and if I knew this going in, I wonder if I would even attempt buying a house right now. Both my realtor and broker are seeing this across the board for jumbo loan applications. I think my broker has been phenomenal through the entire process. This has helped to convince a nervous seller that I am not a flaky buyer everytime the COE has needed to be extended. My main tips would be for any would be jumbo loan applicants is to be prepared, follow up over and over again, start early and not assume closing will simply happen. Request for things even before you need it and start getting documentation to your broker even before you go into contract (while browsing for a property) so you can satisfy conditions early. Good luck to everyone! [link] [comments] |
| Posted: 30 Jul 2020 08:49 AM PDT Also should add, income hasn't changed, in fact its gone up since we bought last place. 250k in equity. So, how do we get the 250k to the new mortgage ? [link] [comments] |
| Does 3.25% on a 30-year fixed jumbo mortgage sound about right in this environment? Posted: 30 Jul 2020 08:24 AM PDT 80/20 LTV. Excellent credit. Some folks are telling me I can get lower but I haven't been able to. [link] [comments] |
| Uncooperative seller bumps us on technicality, puts us out on the street Posted: 30 Jul 2020 08:15 AM PDT We're in a really hot market, houses sell within a day or two. Our house wasn't for sale. We weren't planning on selling. But... this one great house became available. It's one we drive by a lot, that we've always liked. We made an offer, contingent on the sale of our home. As soon as the seller accepted it, we listed our home with an agent. Within 24 hours, we had multiple offers and went under contract with the best one. A few days later, the seller invokes his bump clause, saying he's got a better offer and tells us to lift our contingency or scram. We sign the paper lifting the contingency -- the offer on our home is strong, so this isn't too scary. Figure we're good at this point. Two days later, seller contacts agent and says the deal's off. He wants a letter from the bank saying we can close without our house selling. Agent says, no problem, we'll get that to you. Seller won't have it. Keeps pointing to the "2 business days" line in the bump clause. Agent tries to negotiate, offers more money, etc. Seller is obstinate and refuses everything. We get the letter to the seller, 4 hours past the end of the business day. Seller still says nope. Meanwhile, we're still under contract to sell our house, but with no new home to buy, and don't have an easy way out of that. And there's precious few other houses to choose from, none like the one we wanted. Everyone's going to say "talk to a lawyer". I get that. I've been calling around. But my question is, has anybody here ever "talked to a lawyer" in a situation like this? Did it do any good? [link] [comments] |
| What is the most inefficient zoning rule that is common in most global cities? Posted: 30 Jul 2020 07:52 AM PDT Zoning has its benefits, but due to lobbying of homeowners, what is the most inefficient aspect of zoning regulation that you commonly find? [link] [comments] |
| Posted: 30 Jul 2020 06:21 AM PDT Dumb question....How exactly are finances handled through selling a home? We're selling a home and will look to pay off the mortgage, along with a percentage of the agent's cut. Are closing costs just deducted from the sale of the home, distributed by the attorney and we walk away happy? OR do sellers need to come prepared with cash to pay for closing costs during the time of closing? [link] [comments] |
| UK Vendor trying to rent flat while we get mortgage Posted: 30 Jul 2020 09:49 AM PDT Recently we put an offer on a vacant property down and had it accepted. We asked that the property be taken off the market as we were dead set on the flat. Our first mortgage got rejected as repairs need done on the outside of the building due to decorative cladding. Since then we have applied for a second mortgage with a higher deposit which is more likely to accept the mortgage regardless of the cladding. As this has taken a while (due to no fault of our own) the vendor has stated that they want to put the property up to rent, which we really don't want to happen. Legally, can the vendor do this after accepting our offer? Is there anything we can do? Any advice would be appreciated! [link] [comments] |
| California landlords are locking out struggling tenants. (Reminder: that's not legal) Posted: 30 Jul 2020 08:59 AM PDT |
| Increase cost during final closing disclosure Posted: 30 Jul 2020 08:53 AM PDT Is it normal to have add on cost expenses and increase amount of payoff balance during final closing that was not noted in the Initial closing disclosure 3 days before closing. Does the PMI remain the same as the initial closing disclosure at final closing as well? [link] [comments] |
| What's a fair pet charge for a 2 bd 1 ba apartment renting for $1200? Posted: 30 Jul 2020 08:26 AM PDT Post says it all. Just wondering since I've seen charges/deposits for dogs all over the place ranging from a few hundred to over a thousand. [link] [comments] |
| Repair or replace roof before sale, or sell as-is Posted: 30 Jul 2020 08:25 AM PDT Between some life changes and the market in our area being super hot, we're considering selling the place we purchased a few years ago. Thing is, the roof on it is leaking occasionally in two spots (that we've identified)–and upon closer inspection there are a lot of details lacking (flashing, proper boots) from what appears to have been a DIY metal roof install 20+ years ago. So, my question for you realtors (who don't have a vested interest like our realtor) is, do we sell it as-is, mentioning the leak on the disclosure, repair it and mention the leak, or simply replace the roof. We'll obviously get the best sales price if we throw a new roof on it, but we've been quoted anywhere from 11-15k for a shingles install (bc it needs decking, the old metal roof was directly into purlins). A repair may be in the 3k range. Right now our agent thinks we can list for 30k+ more than our purchase price, and obviously we want to keep as much (after fees, expenses, etc.) possible... Not sure which path sets us up for the best return, while still doing right by the buyer. Thanks in advance for opinions. [link] [comments] |
| Posted: 30 Jul 2020 08:25 AM PDT Hello, i received a quote of $2500 to move from a 2 bedroom condo to a 2 floor single famly home. It seems a little high to me. This will be an Overnight Move and Hold from 9/10 to 9/11 Moving from a 2 bedroom condo on 5th floor (Elevator) to a single family home (2 floors) Dining Room has a Dining Table and China Set Living Room has an entetainment center and sectional couch and coffee table Kitchen has a small kitchen table master bedroom has a king bed, desk, vanity, 2 dressers, and 2 coffee tables, 2 night stands 2nd bedroom has a full bed, 2 night stands,dresser, and toy shelf [link] [comments] |
| Advice about selling low value property. Posted: 30 Jul 2020 12:16 AM PDT Hello all, so I have about an acre of land, it has a 50 year old mobile home in terrible condition, a stand alone garage that's also falling apart, and it has a very large concrete storage building that was built in the last 15 years. They were wanting to eventually build that into a home, as it stands now it's just a giant concrete shell. There was an empty lot next door that sold for 10k(but was zoned only for a mobile home) This lot is zoned for housing though, no idea if that will effect value or not. Speaking of, Zillow says this lot is worth 27k. Which from my understanding those aren't usually accurate. My guess is it's somewhere in the middle, but probably on the lower end. Does anyone have any advice on how I should go about selling? Would a realtor even be bothered in it, or should I just go with the we buy ugly houses people? [link] [comments] |
| Posted: 30 Jul 2020 07:45 AM PDT Location: South west Louisiana I'm pretty sure my area is a buyer's market. Most of the homes have been sitting for weeks/months with a select few selling fast. The home we're interested in is in a rural area, sitting on almost an acre of land. Looks like it's a modular home with a raised foundation (crawl space). 4 beds and 2 bathrooms (due to additions added to the home). Listing price was $165k but it dropped down to 149k 2 weeks later and that's what the price is now. The home has been sitting on the market for almost 2 months now. It needs several rooms painted and a barn on the property needs to be repaired. It has also recently gotten an ac unit for the entire house. We really like it, but I want an idea on how to go about making our first offer below listing price because of repairs and how long it's been sitting. We were thinking about $130k and then negotiating up. Would this offer be disrespectful or unreasonable? What would you offer? TIA! ETA- we're hoping to use a USDA rural development loan or an FHA loan. Not sure if it makes a difference or not. [link] [comments] |
| Posted: 29 Jul 2020 08:06 PM PDT I'm currently renovating my house and have the option of expanding my small bathroom into a much more comfortable bathroom or using the space for another bathroom. Is it better for home value/buyer demand to have 2 small bathrooms or 1 really large bathroom? [link] [comments] |
| Gift ideas for friend who is becoming a real estate broker? Posted: 30 Jul 2020 06:22 AM PDT My buddy just started working for an agency and pursuing his license and I want to get him something to congratulate. Any ideas on a thoughtful gift for a broker just starting their career? My first idea was a leather folio for meetings / paperwork but I would appreciate any insight you all may be able to offer. Also, if there's a better sub for this kind of question please advise. Thank you in advance! [link] [comments] |
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