Real Estate: Knowledge about adjoined property? |
- Knowledge about adjoined property?
- More than 20% down (LA, CA)
- Arguably a better flood map than FEMA but unquestionably a lot easier to use
- How many times can I possibly be outbid......
- Is it worth it to sell now, rent and prepare to relocate?
- Why are my estimated 2020 property taxes so high?
- Lost bid on a home that received 12 other offers. Home was then listed online the same day for much higher.
- Married. I used an FHA Loan to buy our first home and I’m the only one on the loan. Can my wife use an FHA loan for our second home? More details in comments.
- Is it worth buying a condo or townhome in Seattle area? (Very HCOLA)
- First Time Home Buying Anxiety
- Vacant land sales
- Forced Connection to Public Sewer
- What is the minimum income to get a max conventional loan (765k) in a HCOL area?
- Selling with a realtor vs privately. How much commission is enough?
- Overlap in Rent and Mortgage
- So if im buying with an agent and selling with the same one, can I expect a break in commissions?
- What is the best day of the week to list a home? I heard Thursday but seems late to me.
- Buyers may fall through. How do I still get the house I am trying to buy?
- New Build Loan Process
- Would you sell and wait for bubble to pop?
- Closing cost and repair credit?
- Seller asking for more money after failed inspection
- Schools for a new baby?
- Question about Buying a House Without a Contingency to Sell an Existing One
- Can you decrease the down payment percentage after the offer has been accepted by the seller?
| Knowledge about adjoined property? Posted: 19 Jul 2020 06:56 AM PDT Yesterday I almost bid on a wonderful home abetting about 50 acres of woods below a river. The owner of the home is selling only 4 years after buying (and making about 40% over what he paid 4 years ago) . I asked my agent about the land: is it an easement? floodplain? recreational use? She didn't know but said that it is zoned as 2DU - 2 properties per acre- so low density. Okay, that kind of sucks, but not a deal breaker. I start googling around and I find out that that land is under huge dispute. Developers want to put about 75 townhomes and 100 homes on that property far and away above 2DU. The community members are fighting the proposal and are trying to keep what little forest area within city limits left. But if the developers go through it would mean the woods completely gone and building right up to the back yard of the property I almost bid on. The city is allowing a lot of high density housing as the population in the area is exploding. I suspect that this is the reason why this person is selling the home after only 4 years. I feel bad for whomever is going to buy this at top dollar and then will have to deal with years of construction noise. I guess my question is, is there any kind of moral (or legal) responsibility the listing agent and/or the seller have to disclose this kind of information? [link] [comments] |
| Posted: 19 Jul 2020 12:00 AM PDT We're close to buying a new home in SoCal - likely in the ~1.7-1.8M range. We're currently thinking we'd want to keep our monthly payments low and considering putting ~600-700k down - well more than 20%. The money down would come from a combo of current home sale proceeds (maybe ~450k) and savings. We would not be pulling any investment or retirement money, but it would reduce our bank and savings accounts a great bit (while not completely depleting them, certainly taking a very large percentage). Is there any real benefit to this? Would we be better served just putting down a straight 20% and paying the higher monthly payments with more cash on hand? I originally thought we should put as much towards down payment as possible, but I'm starting to second guess our plan to keep a larger cash buffer. [link] [comments] |
| Arguably a better flood map than FEMA but unquestionably a lot easier to use Posted: 18 Jul 2020 01:38 PM PDT I posted this the other day but it was taken down since I linked to a nytimes.com article that discussed this site. The article referenced local authorities who agreed that this new map is more accurate than FEMA's. Here's the website: https://floodfactor.com/ [link] [comments] |
| How many times can I possibly be outbid...... Posted: 19 Jul 2020 08:16 AM PDT Anyone else trying to buy in the days of COVID and finding it impossible to compete? I just made my 10th offer since Feb. and lost again. I'm well qualified have pre-approval and no contingencies. It just seems hopeless and I'm being priced out of the market rapidly. I'm being beat by 10s of thousands in most cases and some are even waiving home inspections! I just offered 21k over ask and still lost. I don't know what I'm missing and am becoming extremely frustrated. [link] [comments] |
| Is it worth it to sell now, rent and prepare to relocate? Posted: 19 Jul 2020 07:54 AM PDT New York (not the city) - we bought a home 3 years ago (no money down) and have recently decided that we really want to move out-of-state. Right now the comparable houses around us are selling for $30-50k more than we bought our house for. As I mentioned, we didn't put any money down so we don't have a ton of equity. Our thought process right now is that my job has a strong potential to allow relocation in the next 12-18 months. We should sell now while prices are inflated and bank the money we make to put down on a house we really want and then rent for the next year or so (rent would be about the same as our mortgage payment). Being able to walk out of a lease seems that it would be logistically easier to move into a new home as we can't afford 2 mortgages and we wouldn't be contingent on selling our current property. Does this seem like a smart move? Is there anything I'm not considering here? [link] [comments] |
| Why are my estimated 2020 property taxes so high? Posted: 19 Jul 2020 08:49 AM PDT Im a first time home buyer in Florida interested in purchasing a townhouse. My county property appraiser website shows in 2019, the total taxes paid was $2500 on an assessed value of $170k. Come 2020, with a purchase price of $262k, the property tax calculator estimates I could be paying $5000. Why the significant jump? What am I missing? [link] [comments] |
| Posted: 18 Jul 2020 10:18 AM PDT I placed a bid on a home that was originally listed at about the value of the home. The agent I'm working with told me the sellers received 12 other bids and decided to go with the highest one. What confused me is the same day the bid was accepted by someone else, the price on the website jumped 40k. Is this normal? My agent said they have only seen that once before as a shady trick by the seller and seller agent to get a lot of interest low but never actual intend to sell for that price. Once people see it low and become emotional invested they can jump the price and get someone to buy. Sounds like a classic bait and switch to me and pretty shitty. I'm more frustrated then anything because I wouldn't have even bothered looking at the price they sold for. It was completely out of my price range and a good waste of time. [link] [comments] |
| Posted: 19 Jul 2020 09:51 AM PDT My wife was unemployed 2 years ago and I was the primary bread winner. I also supplied the entire down payment and am only on on the mortgage loan. My wife did end up being on the house title. If we move into a second loan, can my wife take a FHA loan out if she can qualify for the loan by herself? [link] [comments] |
| Is it worth buying a condo or townhome in Seattle area? (Very HCOLA) Posted: 19 Jul 2020 01:03 AM PDT I'm considering purchasing in Bothell and am interested in buying a new construction townhome. It will be my first home. They are very nice and spacious, they even have a little yard for my dog in the back. I work in Seattle and can't afford to buy a single family home. Will the value hold for 5 years or so? These homes are selling like hot cakes and I feel like I need to jump on it to get my chance. But am afraid of making a mistake. I will share one wall with a neighbor, which I'm used to since I live in a tiny cramped studio apartment. I don't mind living next to people so much, I mean it's not a perfect situation but I'm eager to start building equity on something instead of throwing my money at overpriced rent. How to ensure reasonable quiet living in a new construction townhome? [link] [comments] |
| First Time Home Buying Anxiety Posted: 18 Jul 2020 08:32 PM PDT Without getting into details of home prices, incomes, and the like, I want to discuss the anxiety that comes with buying a first home and thinking about the massive amount of debt that the buyer is taking on. Any good ways to get comfortable with this? I know a lot of people have gone through this process, but it just seems so daunting to owe so much money! Thanks!! [link] [comments] |
| Posted: 19 Jul 2020 10:05 AM PDT |
| Forced Connection to Public Sewer Posted: 19 Jul 2020 09:38 AM PDT Has anyone ever heard of a township forcing people to connect to public sewer? [link] [comments] |
| What is the minimum income to get a max conventional loan (765k) in a HCOL area? Posted: 19 Jul 2020 09:24 AM PDT Basically, the title. Also, how will mortgage companies assess some income being cash, and some being restricted stock (RSUs)? [link] [comments] |
| Selling with a realtor vs privately. How much commission is enough? Posted: 19 Jul 2020 08:54 AM PDT Been a landlord, multiple properties for 30 years. Finally time to sell one of our houses. I've done all the renovations and listed it at an aggressive price, only 10k above what I hope to get. Showings were good. Did 10 in a week and had two offers but neither could follow through on financing. The issue is that the house is 500 miles from where I live, and I had to come home. So now Im selling remotely and of course its tricky. I have a friend opening the house for showings for a nominal fee I pay him. We know of course that we will get far more audience if we put it on the MLS system, and we can do that through Purplebricks, a flat fee service with its own realtors that sells and then collects $3000, no additional fees. BUT, other realtors can ask whatever they wish for bringing buyers. I fully realize Im swimming in shark infested waters in this forum but my experiences with other purchases and sales with realtors have NOT been good and we've had some pretty slimy treatment. I am NOT willing to pay another realtor 6500 (standard buyers agent fee) to bring an offer when MY realtor is getting 3000 flat fee. So how much will do the trick? Im not wanting to pay the buyers agent a big commission, and Im more than hoping to sell privately as Ive already done all the work - I collected all the data, took the pics, the video, made the ads, and I have the Offer to Purchase forms and lawyer lined up. But if I have to pay, whats enough to get an agent interested? 1000? 1500? [link] [comments] |
| Posted: 19 Jul 2020 08:49 AM PDT I am currently searching for my first home. Before COVID, my partner and I renewed our lease until January because we were planning a big wedding this summer and didn't want to deal with house hunting at the same time as that. Now that we have postponed our wedding we have gotten into full search mode. This weekend we found a great property which our realtor says would be a great investment for us, however, they must close on August 15th. This is a little sooner than we were looking for as there would be about 4 months in overlap of rent and mortgage. Our lease is unfortunately not flexible and we can't get out of it. We have been comfortably putting away over $1,500 a month in income which would be enough to cover the mortgage. Looking for advice on if we should go for it or hold out for something else to come along? [link] [comments] |
| So if im buying with an agent and selling with the same one, can I expect a break in commissions? Posted: 19 Jul 2020 08:48 AM PDT |
| What is the best day of the week to list a home? I heard Thursday but seems late to me. Posted: 19 Jul 2020 08:47 AM PDT |
| Buyers may fall through. How do I still get the house I am trying to buy? Posted: 19 Jul 2020 07:59 AM PDT Our house is under contract but I'd say there is a strong possibility that it is going to fall through. Meanwhile, we have a contract on a house that we LOVE that is therefore in jeopardy and to make matters worse, the agent forgot to put a home sale contingency in the contract so it appears as though we would just completely lose our chance at this home. Pretty specific situation, but I'm wondering if anyone else has been in this or a similar position. Does anyone that is experienced know of any possible negotiation tactics that we could use to ask the buyer to please wait for us to find a new buyer (we expect the home would go quickly as inventory is extremely low in our area). HELP! [link] [comments] |
| Posted: 19 Jul 2020 07:34 AM PDT Getting ready to kick off a new build and hoping for some guidance on the mortgage seeking process. Expected completion is March/April 2021.
[link] [comments] |
| Would you sell and wait for bubble to pop? Posted: 18 Jul 2020 12:14 PM PDT We live in Utah and are considering having a house built sometime in the next year. The market here is INSANE right now. Houses are selling in days or weeks. Even old houses that are significantly marked up are selling quickly. We could sell our house and make at least $100k-$120k. We could buy now and use that for the down payment. We've also considered selling, pocketing the money, then buying when the bubble pops. Of course nobody knows if or when that will happen. We have almost no experience with real estate. What are your thoughts or considerations? [link] [comments] |
| Closing cost and repair credit? Posted: 19 Jul 2020 06:30 AM PDT Found a pretty good house that we love in a great neighborhood. It is in the school district we want to be in and close to work. The house is overpriced and has been on the market for awhile. It needs cosmetic updates. Nothing serious, but it's a big house and would be rather costly to do it properly. I have enough for 20% down, but that would leave little left for closing costs and nothing for updates. The house is listed at 800k but comps are closer to 740k. Can I structure a deal when the seller covers all the closing costs and gives credit at close for repairs? 800k listing price 780k offer price (15k) closing cost credit (25k) repair credit 740k net price [link] [comments] |
| Seller asking for more money after failed inspection Posted: 18 Jul 2020 06:26 PM PDT IN - Seller accepted our bid on a house, contingent on inspections. Septic inspection failed and the county states that it is a health hazard and must be replaced. Our finance said we cant close with a bad septic system. Seller came back and asked that the house bid be increased to cover the septic (9K to replace as is, but could be 20K for mound system if they ask for that). House was already appraised and is worth our original bid price, so we cant just add to the financing, nor do we want to. Do we have to pay for the septic fix, or is it on the seller? [link] [comments] |
| Posted: 19 Jul 2020 05:08 AM PDT My wife and I just did IVF and we just got our confirmation that she's pregnant, 2 weeks in now. We've been planning on moving and IVF put it on hold, but now we're going to continue looking. How important are the school ratings for a child who isn't going to school for 5 years? [link] [comments] |
| Question about Buying a House Without a Contingency to Sell an Existing One Posted: 19 Jul 2020 04:40 AM PDT In today's seller market, a seller will not accept an offer that has a contingency of a buyer selling their home. In addition I would like to have a couple days (no more than one week) if possible of overlap of buying a new house and selling the existing one. Offers on homes also need to see a mortgage pre-approval letter without a contingency. I am in a position that I can put 20% down on the new house without selling the old one but my debt to income ratio is too high to allow me to get a normal loan for the new house while keeping the old. I was told by a mortgage company that I would qualify for both mortgages if I did a FHA loan however it appears that this would be expensive. Curious what my options are that won't "break the bank". It seems to me that this would be pretty common and ideally I would like to lock in on my new loan at the low interest rates that are available today. TIA [link] [comments] |
| Can you decrease the down payment percentage after the offer has been accepted by the seller? Posted: 19 Jul 2020 04:39 AM PDT I'm in North Carolina USA if it matters. My basic question is (assuming that the lender will approve you for it) if you are able to reduce the down payment amount one seller has accepted or is that something that I even have to clear with that party. I put in an offer on something earlier than I had planned for my financials and while I've run the numbers and I will have enough but I would prefer to try to have less to pay at closing in order to reduce stress from having to watch every penny and cutting it close. In my offer on currently talking about putting down just over 10% with great to excellent credit and income to purchase price well within limit. Lender said that I have much more Headroom if I wanted it on the purchase price. so as far as I know I could go probably lower. But then seeing some of the posts from people talking about what makes a good offer it seems like they're saying that the down payment amount is something that factors into the strength of an offer. To me it then follows that if the seller accepts my offer I would have to consult them before reducing that percentage. Do sellers typically care so long as I'm above-the-line with the lender? And do I even need to communicate that with the seller? [link] [comments] |
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