Real Estate: Tip from an exhausted buyer: get the best mortgage broker you can |
- Tip from an exhausted buyer: get the best mortgage broker you can
- Coronavirus mortgage bailout sees biggest one-week decline, but more borrowers are extending terms
- Currently looking at purchasing my first (investment) property and wanted to know what benefits me and the property might qualify for.
- I want to buy a home to live in before selling 2 years later. What to look for in a home to grow/build equity in that timeframe?
- Los Angeles housing market is crazy right now
- Can I rent out an unfinished house temporarily?
- Can you purchase a foreclosure with a loan such as FHA or even a standard loan?
- Selling Advice
- Love a house on market for 7 months
- Closing cost typo on financing contract
- How to get access to MLS in Oregon? Do I need to "work" as a realtor or can I just "get a license"?
- Looking to purchase first home but wasn't sure of correct steps
- Mortgage Loan - Liquidity Requirement?
- Selling condo in NYC/LIC without agent
- Real estate license and career path.
- Landlord trying to charge £1000 to repaint a few walls, contractor says it’s £150 of work..
- How can it be, as many realtors claim, both a great time to buy and a great time to sell?
- Roosters zoning question
- Bought a house FEB 2020, now we want to sell
- Normal to feel so much hesitation?
- Facilitator or buyer’s agent questions
- Can’t seem to get a realtor to work with me
- Real estate wholesaling question
- Repaired Foundation Issue
| Tip from an exhausted buyer: get the best mortgage broker you can Posted: 09 Jul 2020 07:39 PM PDT We just closed today on what was a marathon in getting from offer to close. The TL;DR: we lost an initial offer on a house in a very competitive market but it came back to us twice before we got the contract (the other buyers fell through). Our financial situation ended up being very wonky, such that instead of using my second income to qualify for the mortgage (I only have a bit over a year in the job and you need two), we ended up renting out our current home and now I am the (nervous) owner of two houses, and apparently, am a real estate investor. Combine that with a VA loan with lots of requirements, a screw-up by the bank holding our current mortgage, and the IRS being virtually 100% closed so we couldn't get documents the underwriter required, we thought we were sunk many times this past month. Our mortgage broker (recommended by our agent) completely saved the day, mainly by brainstorming every option available to us, taking our panicked calls at all hours, and keeping us calm when things looked dire. When the second income fell through, I mentioned the potential of renting our house instead of trying to sell it (we took off the sale contingency because we thought we qualified with the second income and thought we had time to sell). Initially the broker said "won't work because you don't have landlord experience," but it turns out that we had had a tenant in the mother-in-law apartment above our garage, which I dutifully reported on our taxes (and word to the wise: aside from being illegal, the money we might have saved by taking the tenant under-the-table would have removed that documentation and we would have lost the deal). The broker ran with it and got us the okay to rent the house, letting us know the rent we would have to bring in to get the loan on the new house. Aside from the broker, my wife gets the rest of the credit for making our house very attractive to renters over the past couple of years (not necessarily on purpose -- she's just a great designer), and also for jumping onto Craigslist and putting out terrific ads with great photos and winning descriptions. Oh, and interviewing all the prospects, to boot (and renting to two different sets of tenants--main house and mother-in-law--in less than a week). The bottom line: choose your mortgage broker (and your spouse...) well, and it may make the difference between a contract getting to close and one that falls through. [link] [comments] |
| Coronavirus mortgage bailout sees biggest one-week decline, but more borrowers are extending terms Posted: 10 Jul 2020 05:14 AM PDT https://www.cnbc.com/2020/07/10/coronavirus-mortgage-bailout-sees-biggest-one-week-decline-yet.html
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| Posted: 10 Jul 2020 07:36 AM PDT I'm currently looking at a home ( 3 bedroom, 802 sq/ft) that is section 8 approved, located in a strong rental market area in Detroit. Monthly rent is about $916 (annual $10,992) selling for $48,000. So first I wanted to know if you think it's a good deal? (why or why not) And what benefits I might qualify for since this would be my first home I would qualify for Thanks in advance for your time. [link] [comments] |
| Posted: 10 Jul 2020 08:20 AM PDT Essentially a "slow flip". My wife and I plan to move 150 miles away in a couple years, what are some thing I can look out for that ensure the house grows in equity at least at the rate of the rest of the market. Do I avoid houses that have been renovated heavily? Go for bigger or smaller lot? Close to town or suburban-rural? Re-framing the question: Are there upgrades/renovations that have a dependable & decent return on investment? [link] [comments] |
| Los Angeles housing market is crazy right now Posted: 09 Jul 2020 07:09 PM PDT The wife and I have been house hunting for the last 18 months in Los Angeles for a starter home (looking at 700K - 1M range) and we just extended offers on two properties - one in Westchester that sold via non-distressed auction going for $1.13M (I'd say comps were around 975K) and one in Hawthorne which is going above asking for a home that could not be supported by price per square foot by any comps. Given the low volume, stock market rebound, high demand, summer season, and low interest rates, homes appear to be selling at peak value in light of the pandemic and the appearance of an economic collapse. Is everyone seeing similar in the high COL markets? [link] [comments] |
| Can I rent out an unfinished house temporarily? Posted: 10 Jul 2020 09:55 AM PDT In the house I just bought, the prior owner had gutted the living room but did not finish it. It is about half drywalled (just hung, not taped etc). But the rest of the rooms are habitable and in decent shape (ie the kitchen, the family room, etc). I may not be able to get around to these projects for a while as I'm working on another house. I am wondering if I can rent out this house at a discounted rate (say half of market rent)? It has a fenced in backyard and a detached garage. I think it is livable as long as they don't mind the unfinshed room which they have to walk through to get anywhere (it's kind of in the middle of all other rooms). Normally I would not do this. Never even thought of it until just a minute ago. But heck, I'm sure there's someone out there that would love to pay less and would be happy here as a temporary solution. Thoughts? [link] [comments] |
| Can you purchase a foreclosure with a loan such as FHA or even a standard loan? Posted: 10 Jul 2020 09:32 AM PDT I saw a foreclosure that I'm really interested in but my realtor said foreclosures are usually cash purchases only. Is that true? Or are they just trying to steer me away from them? [link] [comments] |
| Posted: 10 Jul 2020 09:26 AM PDT Hello! Looking for some advice on tax implications and options for selling my home I've owned for 3 years. I live in a city that is a crazy sellers market for starter homes (homes are still selling a couple days after hitting the market) like mine. I also live in a city that's been hit hard by all the recent goings on in the world and I'm not sure being in the city is what I want anymore. While I plan to vote for Biden, I'm also concerned that capital gains may sky rocket should Democrat's move in to office. If I were to sell, what would be my options for the proceeds? Can I use the capital gains exemption since it's been my primary residence for 3 years, but I haven't owned for at least 5? [link] [comments] |
| Love a house on market for 7 months Posted: 10 Jul 2020 09:22 AM PDT Hello. My husband and I have been looking at houses for a very long time and found a beautiful one that's pretty much perfect on the inside and outside (a few minor issues but no house is completely perfect). Compared to most other houses we've seen it almost looks brand new because of a remodel. The problem is that it has been on the market for a very long time compared to a lot of others. We aren't sure why. A nearby neighbor has A LOT of materials strewn around their property so my husband and his parents think the neighbor is the reason why the house isn't selling. I want to take that seriously, but the neighbors are on acreage and are also blocked by some trees where it can almost seem like they aren't there unless they make a lot of noise or something. Are they right in thinking people would turn down such a nice rare house because neighbors have a lot of junk in their yard? Both houses are even far from the Main Street. I could absolutely see this as an issue in a neighborhood where the neighbor was adjacent to the house from the street. But again, it's not. They're on acreage far from the road. Another issue is that the house was bought and put up for sale around a year after it was purchased before as if the owners regretted their decision to move there. But I know other things in life make people want to move even if they like their house. I first heard it was still on the market because the house was overpriced, but then they decided it must be because of the neighbor. They're imagining the owners being fed up with it and wanting to get out right away. I really don't know. Would it be weird to ask sellers why they wanted to move so soon or ask if the neighbors were a problem? What other reasons would it not be selling? I've seen similar houses sell much faster. (Similar as in area and price.) This house has a certain type of privacy (not close to busy street and not surrounded by multiple neighbors) the other similar houses don't which is why it's rare to us. We don't want to move there and find out it has some huge problem we can't fix (like a problematic neighbor) which leads us to have a difficult time selling later on. That is the biggest issue. 7 months on the market is a pretty long time. Why isn't it selling??? I don't understand. It doesn't appear to have any offers on it so far either. We've also passed up other great houses for one reason or another because of a similar hypothetical thing and regret it. "That house would be difficult to sell because of ______" but it's still sells soon after.... I don't want to let this house go too. Thanks! [link] [comments] |
| Closing cost typo on financing contract Posted: 10 Jul 2020 09:17 AM PDT Buying a new construction home. Builder will provide $4000 seller credits for using his approved lender. Lender contract has a typo that says seller credits $40,000 instead of $4000. Contract is signed by both parties. Purchase agreement between me and the seller does state seller credit to be $4000 correctly. Is there a way to actually get lender to provide $40000 credit? [link] [comments] |
| How to get access to MLS in Oregon? Do I need to "work" as a realtor or can I just "get a license"? Posted: 10 Jul 2020 09:12 AM PDT All I want is access to the MLS to do my own research. I love researching and am willing to put in time and effort into taking the online course to get the realtor license. However, I don't want to actually "work" as a realtor. I don't want to be going around selling properties or doing work for a real estate company. I just want to do this for myself. On the oregon website, it says - "Your new principal broker adds your pending license into the business in eLicense or your registered business name application has been approved" Does this mean that you absolutely have to actually work for some real estate broker in order to have access to the MLS? [link] [comments] |
| Looking to purchase first home but wasn't sure of correct steps Posted: 10 Jul 2020 08:56 AM PDT Sorry if this doesn't belong here. My partner and I are beginning the process of looking for our first home. I currently own a condo and am torn between selling it (average price in the complex is $100k) or keeping it as a rental property ($1200 monthly average). There is no mortgage on the property. When applying for a mortgage, do I need to already have taken steps to rent the property out to show the mortgage company that my income will be higher since I would be getting income from the property if I decide to keep it? Would they let me factor it into my income if I plan to do it in the future? Do you recommend not including that at all because it isn't a guarantee that I would always have a tenant? Sorry I'm very new to this process and Google has been giving me different recommendations. [link] [comments] |
| Mortgage Loan - Liquidity Requirement? Posted: 10 Jul 2020 08:41 AM PDT Currently under contract and I am self employed. I leave majority of my money in the business account - kind of to act as a saving account. During the loan underwriter said I can't use these funds in the business account because they are needed for the business to have liquidity. Mind you, I wasn't trying to use 100% of the funds. Is this a normal procedure? What are the exact rules regarding this. I've been met with many mines working with this lender and this is the current one I am facing. [link] [comments] |
| Selling condo in NYC/LIC without agent Posted: 10 Jul 2020 08:38 AM PDT I am thinking of selling my Condo in LIC without an agent to avoid commissions. I am pricing it aggressively and don't want to lose even more on commissions to a brokerage. It's a new construction building with 2 bed and 2 bath rooms. Has anyone here done something like this before? Any advice for or against this? What is the best way to list it? Hoping i can do showings myself with masks etc. Is it better to wait for all of this to blow over? [link] [comments] |
| Real estate license and career path. Posted: 10 Jul 2020 08:31 AM PDT Hey guys so I am currently in college as a 21 year old pursuing my degree in real estate. The plan is to go into commercial real estate out of college. I am going into my 3rd year in college and was wondering if it would be a good idea to get my real estate license to maybe do residential properties / maybe have a base when looking for careers in real estate. If anyone has any advice as to what I should do it would be greatly appreciated! [link] [comments] |
| Landlord trying to charge £1000 to repaint a few walls, contractor says it’s £150 of work.. Posted: 10 Jul 2020 08:24 AM PDT Commercial letting in the UK. We recently moved out of an office and our former landlord is trying to take £1000 from our deposit to repair damage. We had a few white board in there, so some wall plugs need to be removed, filled in, and the associated walls need to be painted. I got a quote for the work from a trusted contractor — £150. It is not much work. The landlord wants to use their preferred contractor, and has revealed that they're doing more substantial renovation work to the room. I've said that I don't want to subsidise that work, and just want to pay for the agreed repairs. I've asked them to provide us with a quote for the work, using their preferred contractor, but they are not providing it. Now that our license at the property has ended, we have no right to go back in to make it good. Landlord is refusing us access. Our tenancy agreement says that have full authority to do as they like. There is no deposit protection. We're in no rush to get the deposit back, so I'm happy to stretch this out with them. What can we do to make them back down from their ridiculous stance? [link] [comments] |
| How can it be, as many realtors claim, both a great time to buy and a great time to sell? Posted: 09 Jul 2020 03:08 PM PDT I have heard this on many real estate podcasts, videos, forums, etc stating this "fact." To me it seems as if its being disingenuous at best. On the one hand you're telling sellers its a great time to sell, because yes prices have never been higher. So how can you then say to buyers hey its a great time to buy, because interest rates are low, but nevermind what I just said 2 seconds ago about prices being extraordinarily high? This to me comes off as a deceptive sales tactic, if not cognitive dissonance. You may justify it by saying oh to the buyer its the same monthly payment, well but even that is deceptive because over the long term lower interest on a much higher priced home is still more money, and to portray this as a "great buy" is very misleading. Thoughts? [link] [comments] |
| Posted: 10 Jul 2020 08:18 AM PDT I see that the zoning allows 'Domesticated fowl collectively, especially those valued for their meat or eggs, as chickens, turkeys, ducks, geese, and guinea fowl.' Does this count having roosters? [link] [comments] |
| Bought a house FEB 2020, now we want to sell Posted: 10 Jul 2020 08:18 AM PDT Bay Area, we bought a house in FEB , right before the world fell apart. My husband is wanting to relocate to a more rural state and wants to put the house up for sale . We plan on listing Feb 2021, I've never sold a home before and I have never sold a home in a pandemic... I guess I am just looking for some insight. Should we rush to sell now ? Or would there be no difference in 6 months? I move is inevitable and I support it , just want to make sure we don't loose money or go upside-down in the process . [link] [comments] |
| Normal to feel so much hesitation? Posted: 10 Jul 2020 08:12 AM PDT Hi all - we are first time home buyers who have been looking for 8 months and have had 10 offers. We backed out of one house we liked because of inspection. We are finally back in contract on another house that checked most of our boxes (but not all). It's in an area we weren't considering but the market here (Cols. Oh) is so insane we had to expand. It wasn't a fall in love situation that we've experienced before and we went in very aggressive. We feel like we overpaid. We had an escalation so I saw the next highest offer. We waived remedies, $10k of inspection, and home warranty. The other offer didn't waive any of that and now I'm worried we screwed ourselves over. Is it normal to feel so unsure during this period? Should I trust this gut feeling? Or is this just a normal first home buyer in a bad market feeling? [link] [comments] |
| Facilitator or buyer’s agent questions Posted: 10 Jul 2020 08:08 AM PDT My girlfriend and I are currently 3 months into our first land buying venture. Our goal is to buy a 1.5 - 3 acre parcel with cash and then put a modular home on it next year. We've hired a real estate attorney that's assisting us. So far we made one offer that fell through because the seller had accepted an offer the day before (ouch!). We're now working on plan B, which is a bigger parcel and cheaper, but has an HOA and some other downsides. Here's what I'm confused about. When we initially went to view the land we met with a real estate agent that we assumed was the seller's listing agent. After about a month of researching laws/requirements pertaining to the land and getting our ducks in a row we made an offer. We had been in contact with the agent throughout that time and they knew we were on the hook. Upon making the offer we found out the agent didn't even know the seller's and asked if they'd be acting as a facilitator or buyer's agent. Since we already hired an attorney we went with the facilitator option. It was then that we found out we had just missed the land by a day and now I'm full of questions. Should we have hired our own real estate agent? If so, would they have given us a heads up that another offer was on the table so we could have moved faster? As a seller I would have been bummed to find out there was another interested party getting ready to make their offer. Do people generally always use a facilitator even when they have an attorney or is it better to deal directly with the listing agent on the next deal? TIA [link] [comments] |
| Can’t seem to get a realtor to work with me Posted: 09 Jul 2020 08:51 PM PDT I'm looking for a house in the Chico California area but my budget is more in the Oroville area. I was pre approved through veterans united for 200k (it's what I asked for) but I have great credit (low 800's) and I could ask for more if it came down to it. One of the agents told me that with the interest rates being the way they are, everyone is just buying up houses, he said he'd get me in contact with some people but never did. He answered the phone on a Sunday while mowing the lawn though, that was nice of him. I contacted Veterans United like, "The real estate agent you assigned me doesn't return my calls" and they cc'd me on an email and haven't heard back. Is the 200k to 250k really that bad? I figure I could at least get condo or something. I don't need anything fancy, just something big enough for me and my dogs. Do I need to be more aggressive and leave voicemails or send texts/emails? My last resort is looking out of state. Possibly Texas. Thanks in advance. [link] [comments] |
| Real estate wholesaling question Posted: 10 Jul 2020 07:34 AM PDT I just posted this in r/realestateinvesting do I hope this is ok to copy and paste here as well just wanted some info on this topic. I'm interested in starting virtual real estate wholesaling and I know it's a lot of hard work. I have one major question though. I'm very new to this but I'm learning rapidly. How does the whole "transaction" process take place. What if I found a house I want to wholesale and sign a contract and now I need to find a buyer within 30 days. Do I need to actually buy the house after 30 days if I can't find a buyer? What is the contract for me as the wholesaler actually stating? Is it saying I'm buying the house or is it saying I will find someone to buy it? I'm just worried I'll start and find a house and not get any buyers and I'll be stuck with having to buy a house I can't afford. Thanks so much guys! [link] [comments] |
| Posted: 10 Jul 2020 07:29 AM PDT I'm looking at my dream home, but discovered there was a crack in the foundation due to a tree. The current owner repaired it in 2017, with a life time transferable warranty. The tree was also removed. I'm going to have a structural engineer clear it, but I was wondering: 1) Should this deter me? 2) Can I use it as a negotiator on price? [link] [comments] |
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