Real Estate: To all the buyers who think their market is insane |
- To all the buyers who think their market is insane
- Can't seem to get an offer in fast enough. Any advice
- Do appraisals usually come in at contract price?
- Co-signed home loan changing to only one signer
- Just refinance or am I screwed?
- [MT] First time homeowner thinking about selling.
- Is it possible to build a lighthouse on your property?
- Closing Date was postponed and the sellers real estate agent never let us know. Now we can't get a hold of the sellers real estate to get the new date for closing.. Help!!
- Assuming professional installation, does a climate controlled garage devalue a house?
- NC. We signed a 12 month listing agreement. It's been 6 months and we want out. Is there a way?
- 20 vs 30 Year Mortgage for Non-Forever Home
- Seller failed to disclose major issue (Texas)
- Navy Federal Turnaround Time
- Thoughts on my scenario? Looking to purchase another property.
- Assistance w costs
- Closing finally confirmed for 7/13
- Do I need to do inspection for a new construction?
- If you plan on putting 20% down, what percentage would be inclusive all other closing expenses?
- As a seller I think my home will appraise lower than sale price. Buyer won’t be able to cover, but I’ll be willing to drop it to accommodate him. Could I then ask him to push out closing date if we do this for him? This would prevent us from moving in with the in laws as we’ve secured a home.
- Loan questions
- July 2020 - Why Is Inventory So Low Nationally?
- Signed closing documents Tuesday and still don't have keys
- How to Qualify Buyers?
| To all the buyers who think their market is insane Posted: 09 Jul 2020 06:00 AM PDT Dilapidated house. 54 offers. Sold for $250,000 over asking. Been like this for decades. We don't even blink an eye anymore. https://abc7news.com/realestate/bay-area-fixer-upper-fetches-$250000-over-asking-price/6307626/ [link] [comments] |
| Can't seem to get an offer in fast enough. Any advice Posted: 09 Jul 2020 09:22 AM PDT So long story short, I am getting married in just shy of a year, and we are looking at houses. After a disaster trying to buy a short sale, and a huge waste of time. (we kept moving forward because it was everything we wanted) Now we are going through everything in a 2 county area in New Jersey. (Warren and Morris Counties) looking. We have found a few viable to us options, and some of them are even under contract already after only being on the market for 4 days. I feel like our search criteria is not too picky, or out of hand. (see below) What can we do to get an edge? Note 1: we have also looked at just land and building a prefab. Land is selling just as fast in many cases here. Note 2: Search Criteria House: Single family 3+ bed 2+ bath decent size kitchen .75 acre + land garage preferred Land only 1.5 acre + would love 6+ to get farmland assessment Relatively flat [link] [comments] |
| Do appraisals usually come in at contract price? Posted: 09 Jul 2020 08:44 AM PDT Just got into contract with a house. What can bring down an appraisal? Also we have an appraisal guarantee, does the appraiser know that and could use that against us to make their appraisal lower? [link] [comments] |
| Co-signed home loan changing to only one signer Posted: 09 Jul 2020 08:37 AM PDT Hoping this is the right place to post this. I am looking to buy my first home. I am curious, if someone co-signs in my loan, how do I go about removing them later? Do I have to refinance and apply for that loan solely? Is there criteria I can meet with the original loan to take responsibility off of the co-signor? Thanks for helping out. [link] [comments] |
| Just refinance or am I screwed? Posted: 09 Jul 2020 08:20 AM PDT My boyfriend and I own a house together that we built on my families land that is now in both of our names-the house and land. We are in the middle of a breakup and not sure where this leaves us after the separation. Is it possible to just go to the bank to re-finance and just have him sign over the mortgage to me and get him off the deed so that it's just in my name and I take care of everything now? I'm wondering if I can smoothly go through this without him getting anything out of this. We've had the house for 3 years and still owe a ton on it What's you're best advice for us? I don't want to sell it because it's in my families property and I don't want to do that to my family. [link] [comments] |
| [MT] First time homeowner thinking about selling. Posted: 09 Jul 2020 03:41 AM PDT Hey folks. Super rookie here. Six years ago I bought a piece of property in Northwest Montana for $136k. I've lived in it since, and currently owe $110k. It hasn't been particularly well taken care of and there are a number of repairs needed (garage door, sprinkler system, carpets). As the primary caregiver for an elderly parent in ailing health, I left my job two weeks ago due to COVID-19 concerns. I have a great deal of financial uncertainty on the horizon, as well as very little capital to make the repairs the house needs. That said, I had two separate CMAs done in the last week by real estate friends, both of whom returned a value of around $195k / under 45 days. Houses are selling stupidly fast in the area, and it seems like this might be my only chance to get a big head start. With very little in the bank and not a lot of prospects on the horizon, would cashing out now be a good option? Should I squat a little longer? Given the condition of the house, would a "We Buy Houses" option be worth considering? Thanks! [link] [comments] |
| Is it possible to build a lighthouse on your property? Posted: 09 Jul 2020 05:39 AM PDT |
| Posted: 09 Jul 2020 09:05 AM PDT We we're supposed to close on Monday. My real estate agent and I went to the house for the final walk-through. When we got there the sellers were confused as to why we we're there. They thought that they're real estate agent Kim would have told us that closing had to be postponed because the Sellers needed another signature on something for the title company and it would take a few days. I was told it isn't a big deal and the sellers were really nice and understanding and let me do a walk through. They showed me the stuff they fixed. It sucks because we had to take off work for the closing that didn't happen. Now I am trying to figure out what day we are closing and my real estate agent cannot get a hold of Kim to figure out what day it's supposed to be. My real estate agent hasn't heard from her at all. Meanwhile the title company is holding my 20K. We are all set to close. The sellers are even letting us keep our lawn mower over at the house for the time being. I just don't know if we will ever be able to close because Idk if the real estate agent's suck at their job or what. I'm super panicking right now because we have to take off work again for the next closing which we need a few days notice. Would it be okay to call the seller's agent myself and try to figure it out? Or what should I do? [link] [comments] |
| Assuming professional installation, does a climate controlled garage devalue a house? Posted: 09 Jul 2020 09:00 AM PDT I have a two-car with an insulated door and am considering installing a mini split to keep the place from baking and freezing. My wife is concerned about the unit devaluing our property. It would place a small condenser unit outside, relatively close to our existing condenser unit for the whole house. The mini split is unobtrusive enough that I could remove it for sale if needed, but barring that, should I worry about installing it in the first place? [link] [comments] |
| NC. We signed a 12 month listing agreement. It's been 6 months and we want out. Is there a way? Posted: 09 Jul 2020 08:55 AM PDT We are not impressed with our listing agent and while we have tried to work with her, we are pretty desperate to find someone different.
There might be nothing legit enough to get out of the contract, her, but we are used to agents who are more engaged in marketing the house and making sure it is in showing condition since it's unoccupied. I admit I probably made a bad decision in hiring her. I've looked at the contract and it seems like I am stuck with her for another six months. Anyone know any loopholes that I could take advantage of? Thanks. [link] [comments] |
| 20 vs 30 Year Mortgage for Non-Forever Home Posted: 09 Jul 2020 08:54 AM PDT We're in the process of buying a new home. We are in a position where a 30 year mortgage would be a nominal increase from what we currently pay on our condo, but 20 year would be a little more of a stretch. Knowing that we are unlikely to live in this home for more than 10 years, what are your thoughts on stretching ourselves with a 20 year mortgage or would it be better to take a longer mortgage and know we can more comfortably afford the payment regardless of what happens? [link] [comments] |
| Seller failed to disclose major issue (Texas) Posted: 09 Jul 2020 08:48 AM PDT My partner and I closed and moved into our new house last week. House was flipped, and we're pretty sure the previous resident died and the county took possession and then sold it to the flippers we bought it from. It's an older house (1953) but it was a really good flip job for the most part- all new AC unit, furnace, roof, completely redone quality interior, new pipes under the house. We paid a price that reflected what we believed to be the condition of the house. During our inspection, a main line clog causing water backup into the house was discovered. This should have been more of a red flag than it was, but we were inexperienced first time home buyers. We asked seller to fix and they agreed. They provided an invoice showing the work was done, we had a re-inspection where the inspector ran all the water in the house for 45 minutes and nothing backed up. Our realtor said nothing about getting a further plumbing specific inspection, so we figured the issue was taken care of. Also important to note, seller filled out a disclosure form that said they were not aware of any defects with the property whatsoever. I guess the fact that they bought the house from the county, who wouldn't have had to disclose anything, and the fact that they never actually lived in the house gave them plausible deniability. Flash forward to 3 days after moving into the house. I'm taking a shower and water starts to back up again. I can feel my blood pressure going through the roof. All toilets in the house stopped flushing. We call a plumber out who unclogs the main line again and runs a camera down. The piping for the main sewer line buried in the front yard is total garbage- it's the original piping from when the house was built, it was shitty material in the first place, it's completely deteriorated in places, and permeated with tree roots causing almost total blockage in spots. We were quoted $6000 to replace. The work is being done as I type. Initially we just assumed the house was ours now and we were going to have to eat the cost. We sat on it and decided to contact our realtor, who was as upset as we are, and is going to reach back out to the seller to see if they'll pay for part or all of the work. I am not hopeful. I also have a very difficult time believing that they spent six months flipping this house and were not aware of this issue when it happened to us after 3 days, even if they didn't live in the house. I feel like it was willfully not disclosed but that would be difficult to prove. However, I've been doing research, and there's something in Texas real estate law called the statutory fraud act- it says that when it comes to major issues affecting the habitability of the house (I think this would apply) you don't even have to prove the seller knew about the problem. The burden is on them and the fact that they failed to disclose the issue at all is fraud. We're still waiting to see how this plays out, but do we have any options for recourse here? If our realtor comes back and says the seller is not willing to do anything, I am tempted to contact an attorney but I don't even know if that would be worth it over $6000. Just curious if anyone with some experience can chime in. Thanks! [link] [comments] |
| Posted: 09 Jul 2020 08:46 AM PDT |
| Thoughts on my scenario? Looking to purchase another property. Posted: 09 Jul 2020 04:32 AM PDT Hi... I need advice on my scenario so thought i'd ask on this sub. - We have a 600k mortgage on our primary residence. $4000 total monthly payment (incl insurance, util etc) after adding in a few extra bucks on top. Equity available is $300k. - I have a multi family home with $350k on the mortgage, that I rent out for $4500. $3000 total monthly payment (incl insurance, util etc) after adding in a few extra bucks on top. Equity available is $600-700k. - My wife fully owns a property that she rents out for $2000 with equity available of $350k - Our combined income from employment is $280k - Our combined credit card debt $15,900 both at 0% rates - Monthly credit card spend of $1500-$1800 (includes groceries, cell phone bill, cable, shopping etc) - $800 vehicle insurance per year - Savings of $80k - Combined 401k/IRA/just for fun trading accounts of $275k - We have 2 toddlers that we would like to provide for with long term assets Seeking to purchase a new construction property as either new primary home or investment with a purchase price of ~$1M in our city and 10 year tax abatement. We would rent out our primary residence for $4300-4700 OR rent out the new property for $5500-$6000. Questions:
[link] [comments] |
| Posted: 09 Jul 2020 06:59 AM PDT How come my mortgage guy says there are no programs for disabled or lower income or first time buyer for closing cost assistance or even appraisal assistance? I Google it and see things . Should I not trust this lender? He is says it will be $6590 closing fees doesn't this seem EXTREMELLY high? on a condo I am refinancing. Help please My friend helped me get this condo we have agreement I am refinancing it to get her name off of it . I couldn't get a mortgage at the time but our names both on deed. [link] [comments] |
| Closing finally confirmed for 7/13 Posted: 09 Jul 2020 06:33 AM PDT Closing finally confirmed for 7/13 it was supposed to be 6/30. Anyway our final walkthrough is scheduled prior to closing is there any advice on things i should really focus on? I wanted to ask for warranties and maintenance logs is this the time to ask for this? Or should i ask prior? (House has a new roof, fairly central air 2016, and new siding, windows). When did you all get your final closing disclosure? Our attorney told us to expect it to arrive the day of since its a Monday closing. Just hoping all goes as planned its been a long process and scheduling closing was a pain [link] [comments] |
| Do I need to do inspection for a new construction? Posted: 08 Jul 2020 09:21 PM PDT Hi, I'm a first time home buyer and buying a new construction home. Still learning the process. Do i need to do inspection although it is new home that comes with a warranty ? [link] [comments] |
| If you plan on putting 20% down, what percentage would be inclusive all other closing expenses? Posted: 08 Jul 2020 10:21 PM PDT In addition to your down payment, you need to pay for an inspection, have one year of property taxes/insurance earmarked, a couple months of mortgage payments in a checking account, etc. As a percentage of the sales price-- what would that usually work out to be? Do you really need closer to 30% cash on hand? [link] [comments] |
| Posted: 08 Jul 2020 06:48 PM PDT |
| Posted: 08 Jul 2020 09:15 PM PDT I have a question regarding your home loan. Let's say you pre-qualifies for a 600k home. You go shopping, and you find a home at 500k, what happens to the remainder of the money? Is there a possibility for you to keep that money to make home changes? [link] [comments] |
| July 2020 - Why Is Inventory So Low Nationally? Posted: 08 Jul 2020 04:10 PM PDT I'm in AZ. Many of metro areas are seeing huge building booms, despite COVID. Snowbirds are still buying their winter getaways. Realtors are still claiming "low inventory" despite hundreds of homes being built on a monthly basis. Ask around the USA, and it's a common theme - low inventory is driving prices up, despite doom and gloom economic data. Why? I've heard a few interesting ideas: - Builders and developers no longer building houses in advance of buyers - all builds after the model homes are purchased prior to build. - Small land subdivisions are slowing - larger lots are owned by big investors who sell to big developers. - Cities limiting infill development and height restrictions to "maintain character". - Fewer Owner/Operator Tradesmen due to insurance costs, most work for builders or GCs who tack on 40% to any build cost, making building non-spec homes more expensive and less common. Also makes expanding or home renos more expensive and less common. Any idea on how to solve this? Other thoughts on why inventory is so low? [link] [comments] |
| Signed closing documents Tuesday and still don't have keys Posted: 08 Jul 2020 06:21 PM PDT First time home buyer and this entire process has been so crazy- I thought that when I signed the closing documents it was finally all over but NOPE. So first of all, this is a bank-owned property (former owner was an old lady who lived in the house for 25 years and did a reverse mortgage and then passed away). Seller originally took over 3 weeks to sign purchase contract. We only had 25 days to close. Mortgage broker really needed atleast a 1 or 2 day extension but Seller refused to respond to requests. Broker pulled off a miracle and got closing scheduled on time. I went on Tuesday at noon and signed all closing documents. Notary said Seller would sign shortly and all completed documents would be emailed to me that day. End of the day comes along and they can't release keys because Seller still hasn't signed. Title company keeps saying they expect signature from Seller at any moment. Never comes. This morning I contact the title company and they say the same thing- they expect to have signature from Seller any minute. Day goes by again. Nothing. End of the day I call title company again and they say they just got off the phone with the Seller who confirmed they definitely would be signing and sending back documents today. 8pm EST comes around and NOTHING. What the hell is going on? Does any one have any idea? What should I do? I tried googling this kind of situation but couldn't really find anything. Just looking for some opinions while I stress myself out for another night. [link] [comments] |
| Posted: 08 Jul 2020 09:09 PM PDT Hey everyone, Not sure how many realtors are in this group, but I'd be happy to hear what buyers are comfortable answering when speaking with an agent in the early stages ... anyways: I've been thinking about some early conversations I've had with buyers and what kinds of questions I could be asking to better qualify them without trying to get too personal/offending anyone especially in the current market. For instance, when speaking with buyers at open houses or moreso over the phone these days, I've found it helpful to ask them how long they've been looking/how soon they are looking to close (people who are looking to close soon are typically more serious) and also whether or not they've been prequalified by a lender (especially with more expensive homes, I've found this to be important to understand who may actually be able to afford the property). What other types of questions have you found helpful in qualifying a buyer/whats the most important information for you to know? Looking forward to hearing your thoughts! [link] [comments] |
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