Real Estate: Best approach for shopping around for best mortgage rates? |
- Best approach for shopping around for best mortgage rates?
- Is it better to buy a condo with a HOA management agency or self managed?
- Listing Agent Asking for Pre Approval from Another Company
- Am I doing something wrong by contacting listing agents directly?
- Making a decision with incomplete data (tax assessment)
- Is PMI paid in arrears?
- Offer Accepted
- What concessions are unreasonable?
- Realtor family member passed away but...
- Signing on a sale when out of state
- Immediate Buyer's Remorse after Offer?
- Quick question about subject removal.
- Experiences buying through offerpad?
- Record high lumber prices to impact cost of new construction homes?
- Hail Damage-New Roof
- Homeowners, what are things that you didn’t think about when buying your first home?
- Received our first mortgage estimate, and I have questions...
- What exactly is a co-living property?
- Active Termites Found During Inspection
- Viewed home today and seller wants to close in 11 days
- Refinance Stalled
- Request Lower Interest Rate During Remortgage Process
- Buyer letter with offer
- I'm worried my paranoid landlord will ruin my chances of finding a new rental home.
| Best approach for shopping around for best mortgage rates? Posted: 07 Aug 2020 07:38 AM PDT My fiancé and I are looking to get pre-approved next month and wanted get advice for how we should shop around for the best mortgage lender and low interest rate. Right now we have my bank as an option since I am part of a credit union (which have been known to have the best rates) but I wanted to explore other opportunities to make sure we get the best rate possible with how things are now. Is the process as easy as calling and asking what their current mortgage rate is at that time? Or do we have to get pre-approved first for an official rate? We both live in Maryland looking to live in Harford county. Any resources or links will be helpful as well! [link] [comments] |
| Is it better to buy a condo with a HOA management agency or self managed? Posted: 07 Aug 2020 06:41 AM PDT My agent prefers HOAs without professional management, but I'm not sure if that's more of a personal preference or something buyers actually look for. Thoughts? [link] [comments] |
| Listing Agent Asking for Pre Approval from Another Company Posted: 07 Aug 2020 08:41 AM PDT Title says it all. I'm a buyer's agent and have never had a listing agent demand the buyer get pre approved somewhere else because they were not familiar with the lender. Of course I mentioned they may not be open to the idea, however, they've already said the seller is denying our offer if we go with the first lender. They don't mind if we use the first, as long as we get a 2nd pre approval to show we have good standing. Seems intrusive but my client wants the house and is willing... wondering if anyone has had a similar experience. [link] [comments] |
| Am I doing something wrong by contacting listing agents directly? Posted: 07 Aug 2020 06:46 AM PDT My wife and I are looking at vacant land, and for whatever reason it almost all cases, there is no lot map in the listing. So I have been emailing agents to get more info on the listing. I would say I only get a response about 20% of the time. Is it wrong for me to contact listing agents directly? I do not have a buyer's agent at this time. We are mostly looking at land that has been on the market for 100+ days so I do not think the non-response is because of sold property. Am I breaking some sort of protocol by asking for info from the agent? [link] [comments] |
| Making a decision with incomplete data (tax assessment) Posted: 07 Aug 2020 07:32 AM PDT So here is the situation. In Westmoreland County, PA, they have a VERY strange way of doing taxes. They take the building design and see what the cost to build it would be in 1973 and assess based on structure size. Case and point, my current house is assessed at 33k despite the purchase price being 210k. But the millage rates are like 15% not 1.5%. According to a real estate tax attorney and the tax assessment office, they will not reassess unless the structure has changed, and even if they do, it would be very little because the purchase price does not impact taxes, just square footage of the house. Here is the scenario. 1100 sq ft ranch was bought for 70k, an a local guy who does good work flipped it and is selling it for 255k (down from 270k). taxes are 2k/year. Even at $5,500/year we could easily afford it but it wouldn't be a good value/purchase, but at 2k/year it is a good purchase. I researched 800 homes sold between 2012-2018 that were sold in a similar size/design and not one of them has been reassessed in the county. Would you buy the house in this situation? Since we have no way of knowing if it will be reassessed and if it does no idea how much> [link] [comments] |
| Posted: 07 Aug 2020 07:05 AM PDT I just refinanced my loan a week ago. (The former loan is on escrow.) Today I looked at my account on the former lender's portal and they deducted yet another PMI payment from my escrow balance, after the loan has been paid off. (They have not refunded escrow yet.) I couldn't find much from google, is PMI paid in arrears or in advance of the month it applies to? [link] [comments] |
| Posted: 06 Aug 2020 06:46 PM PDT Made an offer, sellers countered, I accepted, and now I am buying my first house?! Sellers wanted a short due diligence, so the inspection is scheduled for Saturday am. Probably going to get a surveyor out as well next week. Wish me luck, this is nerve racking. Closing on Sept 10 if no issues - wondering if there's anything I should consider to make this go more smoothly. Thanks in advance! [link] [comments] |
| What concessions are unreasonable? Posted: 07 Aug 2020 08:52 AM PDT Hi all, Husband and I are under contract for a house for 310k, 5% down and we had the inspection yesterday (in Michigan). Big report with issues like we expected but a few surprises:
These are the three big things that we think are real safety issues but the selling realtor said they got a better offer by 1k (have proof) so we better not come back with concessions unless they are big surprises and make the seller regret taking our offer. I know this is a scare tactic but in reality it's a seller's market. If we walk away someone will take the house with these known issues and not care. Is it completely unreasonable to ask for some concessions to go towards the furnace, electrical and a little towards the deck? When we were talking to our realtor about all of this I think she got frustrated and said "I can just write up a mutual release if you want". Which isn't what we said at all and seemed a little alarmist. We are leaning towards being OK with this purchase knowing we can't use the deck (even if the inspector was wrong). You can live in a house without a deck. I guess my main question is, is it unreasonable to ask for concessions in this seller's market? We know we have some immediate fixes and the seller will have to disclose the leaking roof and water damage in the basement if we walk away and relist. Our realtor is not being very helpful right now. [link] [comments] |
| Realtor family member passed away but... Posted: 07 Aug 2020 08:33 AM PDT Hello guys, First time posting here. So I am currently trying to buy a property. As you guys know the market is pretty hot right now and selling fast. There is a property that I put in about two weeks ago and was outbid. However, that same property came back on the market about 4 days ago and who knows why. The problem is the realtor that I'm working with had a death in the family (been about a week) so I'm not sure how to go about this situation. We've ben in contact by texting but no calls. I know the market is hot so I want to put in an offer as quickly as I can, however I know that my realtor is going through a hard time so I want to give some space. What's my best option in this situation? Thank you guys. [link] [comments] |
| Signing on a sale when out of state Posted: 07 Aug 2020 05:38 AM PDT My ex and I are selling our jointly owned home. We are selling by owner, and he would like me to sign a power of attorney so he can act as a realtor. I live out of state. Are there any pitfalls for me if I agree to sign the power of attorney over to him? In other words is there any way he can cheat me out of my half of the proceeds? [link] [comments] |
| Immediate Buyer's Remorse after Offer? Posted: 06 Aug 2020 10:15 PM PDT My wife and I are currently house hunting in Las Vegas (we live in Hawaii). We've had our realtor take us to several showings and we finally put in an offer last night. After placing the offer, we both had immediate buyer's remorse, even though our offer was below list price with several contingencies. Earlier today, we found out the offer was countered, and we immediately rejected the counter. YAY! We are shopping in the $500-650K range and this particular place was a fixer upper. I think we got cold feet because we actually want a move-in ready house, not something that is going to require a lot of projects. Have you ever had immediate buyer's remorse after submitting an offer? [link] [comments] |
| Quick question about subject removal. Posted: 07 Aug 2020 09:58 AM PDT Once subjects are removed is that basically a done deal or is the seller or buyer still able to back out. This is before lawyer papers are signed I'm talking. [link] [comments] |
| Experiences buying through offerpad? Posted: 07 Aug 2020 09:55 AM PDT |
| Record high lumber prices to impact cost of new construction homes? Posted: 07 Aug 2020 09:36 AM PDT Just read this article and wondering if this will significantly affect new construction sales? I've been considering developing some lots recently and now it seems like it may be a bad time. [link] [comments] |
| Posted: 07 Aug 2020 09:31 AM PDT Long story short: Seller had hail damage to roof - post inspection. Seller agreed to file insurance claim to have roof replaced. Seller filed insurance claim with the contractor of their choice. Buyer/Seller closed on home. Insurance met with sellers contractor to get the claim put together and a check sent to seller for the work to be completed ASAP. Buyer now threatening to get legal involved if they do not get to have the contractor of their choice do the work. Is the seller obligated to change contractors? It's sellers insurance, shouldn't they get their choice in contractors? Legally speaking, does buyer have a case? Thanks. [link] [comments] |
| Homeowners, what are things that you didn’t think about when buying your first home? Posted: 07 Aug 2020 08:50 AM PDT Here's some background for me: I was in the army right out of high school, so I always lived in barracks, and then after I got out, I rented an apartment. However, I've just had an offer accepted on a home, finally! (Very hot market for my area). I am just really trying to brainstorm anything that may have been slipping my mind when thinking about monthly bills that I haven't thought of yet.. (example: trash/sewage pickup fees) You know, things that you homeowners know now, but caught you by surprise at first. Thank you guys so much in advance! [link] [comments] |
| Received our first mortgage estimate, and I have questions... Posted: 06 Aug 2020 09:32 PM PDT First-time homebuyers. We met with a lender for the first time tonight expecting to do a pre-approval. We ended up just receiving a Loan Summary/Estimate since the lender took our word on our credit score (810 and 760 respectively), so no hard pull. This is what we were offered:
It's much higher than we thought it would be for a $325,000 house. Does everything look standard? I can't figure out why property taxes are $338. Property tax rate for my county should be .84%. 325,000 x .84% = 2,730 /12 = $227.50 per month, no? [link] [comments] |
| What exactly is a co-living property? Posted: 06 Aug 2020 10:05 PM PDT I've noticed a lot of apartments I'm seeing in the NYC area are co-living and I'm not sure what that means. They say something along the lines of "Utilities included, rent is anywhere from $______ to $______ per person in a 5-6 bedroom apartment". Are they typically for students or anyone? [link] [comments] |
| Active Termites Found During Inspection Posted: 07 Aug 2020 07:44 AM PDT Hello, My thanks to whomever takes the time to read this and provide some insight. My husband and I are first time home buyers on Long Island, NY. We recently received an accepted offer on a home owned by an investment company who has been renting out the property for the last 11 years. We had our inspection yesterday and our inspector found live termites in wooden molding that was on the floor in the garage. You could imagine my horror. The inspector told me he typically finds termites or termite evidence in 6 out of 10 houses he inspects and didnt think it was a big deal. He went on to check the interior and exterior of the home and did not find any structural evidence of termite damage to the house itself. He checked several exposed beams in the basement without finding an issue. He also checked the attic that is above the garage (garage is attached to the house) and also did not find any evidence. He told us that while he can't guarantee there were no termites in the house without opening up the sheetrock, the only area he found evidence was that spot in the garage and said he doesnt believe the problem should stop the sale of the house. When we told our realtor, she told us that apparently the homeowners are already aware of the problem and said they would treat it. Fine-- but being that they are investors and do not live at the property, my concern is how they were already aware there was an active termite issue before we completed the inspection? Should I be concerned? The inspector didn't think a major problem was going on with the house, but termites are not my area of expertise so I have no idea how true that is. Has anyone else had experience with finding active termites during a home inspection? How did it turn out? Should this be a deal breaker or something that can be easily treatable ? [link] [comments] |
| Viewed home today and seller wants to close in 11 days Posted: 06 Aug 2020 10:55 PM PDT We like the house and know one offer was put in already 20k over. Seller is buying another house and will lose it if he can't close this one by Aug 18. Is there any risk on my end if closing doesn't happen by specified date? (Aug 18). Putting in offer tomorrow if my lender comfortable with deadline. Edit: First-time homebuyer. Just trying to see if it was possible. [link] [comments] |
| Posted: 07 Aug 2020 07:03 AM PDT Hey all, I Started a Refi at the end of march with Rocket Mortgage, went through everything, appraisal and countless requests for new documents. Its been weeks and weeks without anything. My question, Do I have any recourse for either getting my $350 Appraisal fee back since they have been less than dilligent? [link] [comments] |
| Request Lower Interest Rate During Remortgage Process Posted: 07 Aug 2020 06:24 AM PDT Hello, I'm in the process of completing a refinance through NFCU. I just signed application forms, disclosure forms, intent to proceed, etc., but have not been given an official offer yet. I was approved for 2.75%, however they have since dropped their rates to 2.625%. It has been hard to get a hold of my loan processor because of the number of requests they are getting, so I'm asking here too while I wait for her reply: am I too far into the process to request the new interest rate? [link] [comments] |
| Posted: 06 Aug 2020 07:34 PM PDT Okay so I've seen talk online and heard the anecdotes from people who "knew a guy" who submitted a sappy letter and a family photo with their offer that got them some amazing deal that beat out 16 higher offers. Admittedly I'm a cynical b**** , so I've always kind of felt that if it was me selling, I would just go for the best deal, and probably resent someone trying to pull my heartstrings. On this particular house my realtor suggested a letter couldn't hurt. So if you were the seller, what would turn you off in one of these letters, and what would you want to see? I technically could go ultra sappy (widowed mother with two young kids) but that's not something I'm inclined to do and like I said, b**** that I am I could see that backfiring too. I'd appreciate any thoughts, tips or advice! Thank you [link] [comments] |
| I'm worried my paranoid landlord will ruin my chances of finding a new rental home. Posted: 06 Aug 2020 07:05 PM PDT My bf and I have lived in a rental house for just about a year now. Our lease is coming to an end in less than 2 months and I hadn't heard anything from the landlord, so I emailed him and found out that he's not going to be renting the house out after our lease is over... so I have to search for a new home in the middle of this pandemic. I'm worried, though. Every time we've had a maintenance call, the landlord has charged us and claimed things were our fault. The master toilet, which the lease noted has a weak flush, got clogged from toilet paper once; the plumber came and found a piece of metal in the pipes (I've never flushed anything like that), and once he removed that, the toilet's flush stopped being weak. When we were out of town, the guest toilet sprung a leak, but the landlord insisted we must have done something and charged us for the plumber and replacement. The last time I had any contact with him was in February, and there have been no issues since, and we've paid rent on time. But rental applications ask for his phone number, and I'm worried that he's going to claim we were bad tenants that damaged the house multiple times, which isn't true--we had one issue that was either our fault or bad caulking's fault (and it wasn't clear which), but that's it. I know I can't leave his phone number off of any rental applications, and I can't look like I'm badmouthing a landlord to a prospective landlord, but I don't know how to approach this. I can't put a note on the application saying "landlord was unreasonable and paranoid and claimed he was constantly distressed about damages to the house." What do I do? [link] [comments] |
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