Real Estate: Closed on our first home today! |
- Closed on our first home today!
- Mortgage refinancing will be more expensive as Fannie Mae and Freddie Mac raise fees
- Buying a home with stucco siding?
- Offer Accepted Closing Update
- Selling in Brooklyn from Georgia. Homes are on and off the market in days in Atlanta, but my agent says Brooklyn is just slow right now. Thoughts?
- All Stucco Home
- Confession time: Home sellers of reddit what's something you "forgot" to point out on a house you sold? (I.e. crazy neighbors, loud planes flying over, etc.)
- Interviewing home inspectors
- title insurance is it worth it?
- Warranty deed with vendor lien.
- Double Paid Property Taxes (NY)
- new meritage home - anyone has a home with their Spray Polyurethane Foam (SPF) and two story with a single AC unit?
- Questions about mortgage, when, and where to start
- House with a Non-Violent Death
- TIFU by not locking at 2.875% with $3,500 refund. AMA.
- [ME] Finding more asbestos after seller's disclosure & removal pre-purchase & inspection ?
- My Goal is to get a Mortgage - Student Loan Default
- Good Or Bad Idea To Purchase The Model Home In New Construction Community
- Things Ive Learned from House Shopping.
- How do I level the Rent Zestimate playing field?
- Supposed to close on Monday, clearly that is not happening.
- did i just overpay considerably or is this market just super hot
- It’s been a week and no inspection yet. Should I be worried?
| Closed on our first home today! Posted: 13 Aug 2020 08:08 PM PDT We did it. Finally closed on our first home. [link] [comments] |
| Mortgage refinancing will be more expensive as Fannie Mae and Freddie Mac raise fees Posted: 14 Aug 2020 05:49 AM PDT Overnight, that's how quickly a rate can disappear. I have a lot of potential clients who "need to think about it," "have to talk with my spouse," "need to get a few more quotes." Now that offer is gone. Every single investor built this right into the rate sheet. Compounded with increasing rates, I'm glad I closed so many refinances over the last few months, it's truly feast or famine in this business. Lock it while you got it! [link] [comments] |
| Buying a home with stucco siding? Posted: 14 Aug 2020 05:35 AM PDT i've always heard that stucco is "bad". something about moisture or mold getting underneath it? this house is a 100 year old colonial with stucco siding. is there "good" and "bad" stucco? a way to tell? avoid all together? thanks. [link] [comments] |
| Posted: 14 Aug 2020 05:52 AM PDT Hello everyone! Updating with my final stats because someone requested. Our mortgage officer ended up suggesting we do 5% rather than 10% because the monthly difference (even with PMI) was only $80. We're aware we will pay more with interest and all that Yada, but we are able to pay more monthly toward the principle if we choose to. Our rate ended up being 3.3 instead of 3.5. Some people gave me shit for anticipating it would drop because the markets were crap, yet my prediction was true. The loan officer actually said it was a great choice to float the rate. Our closing was around 70 days, per the sellers request. We did however pay $200 for points. It wasn't the $1,000 per point I've been seeing on here. We sold our house May 29th and used a chunk of the money to completely pay off one of our student loans and all credit card debt. The rest we allocated toward savings and a downpayment on our new house. Our credit scores didn't fully update before us locking our rate, but we're still happy with the deal we got. The seller paid for the years property taxes, which dropped our closing costs shockingly low! We anticipated $24,000 for closing costs. Final numbers for home in NC/NW Illinois. $250,000 home Closing cost WITH downpayment: $13,500 Rate: 3.3% [link] [comments] |
| Posted: 14 Aug 2020 07:25 AM PDT Anyone have thoughts on the 2mil+ Brooklyn market? It's been about 6 weeks and I'm starting to get nervous? [link] [comments] |
| Posted: 14 Aug 2020 09:15 AM PDT Wanted to see whats everyone's thoughts are on all stucco homes. There's a current builder that's building some square/modern like homes with open rooftops. However it went viewing the home I realized that the entire texture was built from stucco. The builder reassured me that the quality was good and that it would hold up for a very long time but I did some reading and looks like stucco is usually on the siding and good for hot and dry weather like AZ and CA but living in the Midwest, I get all four seasons including lots of rain and snow. While the design is fantastic I worry about the build quality and just wanted to hear what everyones thought about all stucco built homes. It seems to be the new trend. [link] [comments] |
| Posted: 13 Aug 2020 07:16 PM PDT |
| Posted: 14 Aug 2020 08:46 AM PDT I'm in the process of buying my first home. It's a 1978 townhouse, end unit. My realtor has recommended a few different home inspectors and suggested that I interview them. What questions should I ask the home inspectors (aside from fees)? TIA! [link] [comments] |
| title insurance is it worth it? Posted: 14 Aug 2020 10:31 AM PDT so i just got a call from the closing company they have offered me title insurance for around $1100 is this something i should purchase or is this not worth the paper it's printed on? [link] [comments] |
| Warranty deed with vendor lien. Posted: 14 Aug 2020 10:07 AM PDT I (24m,TX) just finished paying off an owner financed house in may 9 2020. I have a warranty deed with a vendors lien. Now that i finished paying off the house, is the seller supposed to sign a lien release or something? I find it weird that i gave the last payment and i didnt have to sign something saying i was done paying off the house. The seller just congratulated me and gave me his old previous deed (i dont know why). My question, is there a difference between a general warranty deed and a warranty deed with vendors lien? I did some research and i think the seller was supposed to sign a lien release stating i was done paying off the house but he didnt. Im young so i dont really know how all this stuff works. [link] [comments] |
| Double Paid Property Taxes (NY) Posted: 14 Aug 2020 10:06 AM PDT Closed on a house in Westchester, NY recently. The title company held an amount in escrow for upcoming property taxes at closing. The title company correctly paid those taxes when due and refunded us the balance. (this was 1 of 3 annual tax bills- this one just happened to fall close to closing) Unfortunately our mortgage servicer also paid the same tax bill (double payment) and took the money out of our escrow account. The village has confirmed that payment was received from the title company, so we are paid in full. They have not seen any payment at all from the mortgage servicer. We have been getting absolutely nowhere calling the customer service line at the mortgage servicer. Being told that a 'ticket has been opened' and that it could take more than 6 months to resolve. The amount of money is not negligible (around 7k), and it seems ridiculous that we should be out that money, even temporarily, for a mistake that is 100% on them. Are there any other options here other than constantly calling customer service for updates? [link] [comments] |
| Posted: 14 Aug 2020 09:47 AM PDT I'd never seen this before. They claim the use of the SPF and well insulated home works fine with a single unit. There's two thermostats but apparently regulated with dampeners. House size ~ 3800 sq ft [link] [comments] |
| Questions about mortgage, when, and where to start Posted: 14 Aug 2020 09:40 AM PDT Let me start by saying, I have no idea when and where to start our home buying process. My fiancé and I had planned to buy our first house this year but due to COVID, we both lost our jobs, so we resigned our lease. Luckily, we were able to both gain employment for much better positions. We now plan to officially start the process in April. I would like to prequalify to see our standing and if we would even be able to buy a house due to employment gaps and my fiancé entering a new field. Is prequalifying worth it? If so, when should we do it? If not, what are some steps we could take to ensure we're on the correct path to get a mortgage? [link] [comments] |
| House with a Non-Violent Death Posted: 14 Aug 2020 09:25 AM PDT Would you buy a house with a non-violent death that you know about? We're looking at a 30 year old house. A quick Google search of the owners found that the wife died of cancer a few years ago, and the obit said that she died at her house. Having dealt with a fair amount of cancer, I imagine this means she was cared for at home and spent considerable time with loved ones by her side, etc there as she faded away over time. I know almost every old house has had a death, but 30 years isn't really old. I've always been a little weirded out by deaths in a house that I know about. Any kind of a violent death (murder, suicide, etc) is a definite no. But we're on the fence about this one because it's not violent or sudden, but at the same time there's probably a lot of sadness & sad energy. I know this is super-subjective and likely I'll just do what I feel...but I'm wondering what others' opinions are if it was you? Thanks. [link] [comments] |
| TIFU by not locking at 2.875% with $3,500 refund. AMA. Posted: 13 Aug 2020 04:32 PM PDT |
| [ME] Finding more asbestos after seller's disclosure & removal pre-purchase & inspection ? Posted: 14 Aug 2020 08:46 AM PDT On the showing there was noted asbestos by listing agent, which was to be removed. Offer was made, offer accepted, asbestos removed. P&S contingency doesn't specify "visible" or specific location for removal- just "all asbestos on the property". What is the liability if, for example, I punch through a wall to find asbestos vermiculite / pipe insulation, or do flooring work to find it in the tiles? I can't really ask the inspector to go cutting holes in the place, but also figure the likliehood of post-closing recourse will be virtually nil. Do I just eat it then? (proverbially) thnx! [link] [comments] |
| My Goal is to get a Mortgage - Student Loan Default Posted: 14 Aug 2020 08:36 AM PDT |
| Good Or Bad Idea To Purchase The Model Home In New Construction Community Posted: 14 Aug 2020 08:32 AM PDT When the model homes are substantially marked up and priced a 100k plus over the sold homes how common is it that it doesn't appraise at the listed price? I've read that in most builder's contracts it stipulates that if the house doesn't appraise the buyer MUST makeup the shortfall. Are there any with purchasing at the model home that buyers should be aware of beyond pricing? [link] [comments] |
| Things Ive Learned from House Shopping. Posted: 13 Aug 2020 07:01 PM PDT I've been actively shopping and now have my commitment letter. I bought my first house 7 years ago and rushed it. I was a moron. I didnt want tk make all rhe same mistajes. Maybe this will help people, I'm not sure. Some of it is ranting/venting. More of an atypical list. I skipped the find a trusted realtor and financial stuff. People covered that a lot.
Thats all I can think of for now. Have a good night all. [link] [comments] |
| How do I level the Rent Zestimate playing field? Posted: 14 Aug 2020 07:54 AM PDT I have a rental in a community of 149 "cookie cutter" homes where there are 8 different models. 9 other homes are the identical model to mine. i.e. exactly the same layout and square footage. Of course each has a different location in the community and a different level of upgrades internally. Today's Zestimate rental values for these homes range from $1,925 to $2,350. Mine is $1,950 so right at the bottom. When I compare the property tax on all these homes mine is right at the very top just a couple of dollars off the highest and 16% above the lowest. I mention Property Tax because I would imagine that would go into Zillow's algorithm to calculate its sale/rent Zestimates and would imagine that mine being at the top of the range would have a significant influence. (Well obviously not.) All the homes pretty much have the same features listed on Zillow. They're "cookie cutter" homes so hardly any difference among them. Some of the identical models are right next to mine in location. As with all home owners we usually feel that the market is under valuing our home in value. This is the reason that I presented the (above) hard facts to give a perspective. What changes/edits on Zillow have you found to have an impact on the Rent Zestimate to fairly value your home against similar homes? [link] [comments] |
| Supposed to close on Monday, clearly that is not happening. Posted: 14 Aug 2020 07:50 AM PDT My SO and I are supposed to close on our new home on Monday. We made an offer and it got accepted nearly two months ago. We still have yet to receive our final disclosures to sign. We contacted our MLO and he said that he's still waiting to hear back on the appraisal. Well I did a little research on the appraisal company and it has horrible reviews, the address is a residential property in a slightly shady neighborhood. The business phone number goes straight to voicemail. It's looking like our closing will be delayed (if the entire deal doesn't fall apart) due to this. Just wondering if anyone has dealt with this issue before or if this is common? My realtor is furious and I'm ready for legal action at this point. [link] [comments] |
| did i just overpay considerably or is this market just super hot Posted: 14 Aug 2020 07:40 AM PDT got an offer accepted this week - the house was listed at 540 (zestimate about the same, if it matters), we offered 550 with escalators up to 600 (i did not want to do this, but my S.O. insisted, saying she trusted our buying agent) the sellers come back the day offers are due and tell us there are 9 offers, 3 with escalators, and they want a final offer without escalators. our buying agent recommends offering 603k, or at least 600k. i was of the opinion this is a BS move attempting to get us to offer the highest we stated we'd pay (which is why i did not want to use an escalator clause). i say i'd offer 570 max, my agent says "they won't accept it, i know it" so i say withdraw the offer. 10 minutes later, he calls me back and says, "would you do it for 580?" i say yes, the sellers accept within the hour. i'm feeling more and more like my buying agent just wanted to close the sale no matter what and really didn't care what we paid. he continues to act as if he really did some tough negotiating to get them to accept 580, and i don't buy it. i just found a comparable house (zestimate 20 lower) that closed on the same block, 3 weeks ago, for ~60k less than we just paid (and had to undergo a 15k price cut, and was not presented by our agent when we asked for comps prior to an offer). did i just wildly overpay? or is this market just insane, and this is what it was going to take to lock down a nice house? (i don't have any complaints about the house - it's extremely well maintained, very nice, we love it otherwise.) every house we went to see was closing within a day of the first open house. [link] [comments] |
| It’s been a week and no inspection yet. Should I be worried? Posted: 14 Aug 2020 07:23 AM PDT Hey everyone, so I'm selling my house FSBO and got into a purchase agreement with someone who is not using a realtor. He fell in love with the house since it's completely remodeled and don't have to do anything to it. He put a down payment on it. He still wants it inspected and that's fine. But today is the 9th day since we signed and no word on a inspection. He told me Monday he was working on it. But haven't heard anything since. Should I reach out to him again? Or is that bad strategy? Thanks [link] [comments] |
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