Real Estate: Delinquencies up massively... at 8.2% |
- Delinquencies up massively... at 8.2%
- Does it make sense to go in as a backup offer?
- Too few Comparables, how do appraisals work?
- Considering a house with driven point well
- Buyers: what design trends do you like or dislike in recently renovated properties?
- Unpermitted guest house in back yard.
- Hearing Different Things - Is a Prequalification Enough to Place Offer
- [KY] Foreclosed and Deceased.
- Communication with lender during closing period.
- [US Midwest] Getting a good rate on unconventional properties; 4% too high?
- Mortgage rate fair?
- Closing Date Issue Help
- Is this ILLEGAL? Real estate SELLER advice?
- A Question to Landords Using Zillow.
- Pros and Cons of pressed piers to mitigate foundation issues.
- I inherited a property on Hawaii, what do you think I should do with it?
- I am buying a home, dependent on how the inspection goes tomorrow. There have been leaks in the basement. Should I be concerned about mold?
- A question regarding property rights and whether you have freedom to do whatever you want with fences between you and a public road.
- Looking to Renovate a Home -- no idea where to start
- (PA) Am I able to check with a listing agent from a home's previous sale to view historical Seller Disclosures?
- Septic Inspection Questions!
- Are mortgage brokers the weather forecasters of real estate?
- Appraisal used comps not in the immediate neighborhood, should I be worried about underwriter?
- Withdrawing from Roth IRA to Purchase First Home
| Delinquencies up massively... at 8.2% Posted: 18 Aug 2020 08:53 AM PDT How will this affect the housing market? The rate of change/incline at which these delinquencies shot up is far more parabolic than during even the 08 housing market crash. Sure they can say everything is just fine, but is it really? With the PUA unemployment benefits running out with no extension in sight I believe that the next time they report, the delinquency rate will be much higher than it currently is... Anyone have thoughts on this? Link to Delinquencies chart [link] [comments] |
| Does it make sense to go in as a backup offer? Posted: 18 Aug 2020 07:48 AM PDT We put it in a strong offer for the house, but the sellers said they are deciding to go with a different offer but want us to be their backup offer. In which cases does it make sense to actually submit our offer as a backup? To me it seems like a win-win for the seller cause if their current offer falls through they automatically get another buyer. For this case, i think the sellers were trying decide between a lower sale price or an offer that has a buyer house sale contingency because it took them almost 24 hours after they were supposed to present offers to get back to us, when normally it has been within the hour. Also before presenting offers, the seller agent called our agent and told them they had an offer that was a 'higher sale price' than ours and asked if we wanted to adjust our offer. I dont see the agent needing to inform us about it unless there was some contingency with the higher offer that the seller didnt want. [link] [comments] |
| Too few Comparables, how do appraisals work? Posted: 18 Aug 2020 07:29 AM PDT Edit: question for an appraiser or someone who went through an appraisal process in this scenario. Looking for factual answers on what was included in your comparables report, not conjecture. I'm interested in a tiny neighborhood that is in the midst of being rebuilt and is significantly more expensive within that community than outside. It is currently a mix of land (cash offers), tear down houses (cash only), houses built in the 50s at the lower end and mcmansions built in the last decade at the higher end. The one I'm interested is at the lower end built in the 50s, and there was only one similar sale in the last six months. There were two more 18 months ago. More sales of newer homes. I would want to take out a mortgage on it - how would appraisal use comparables in this case? Looking for info on actual appraisal process from the banks' viewpoint. Needless to say, there are bidding wars and all that, so I know sales price won't reflect actual value. [link] [comments] |
| Considering a house with driven point well Posted: 18 Aug 2020 06:41 AM PDT There's no shortage of questions regarding wells here, but I can't find information on driven point wells. I'm considering placing an offer on a house located in Londonderry, NH. Most houses I've looked at have drilled wells, even houses older than the one I'm considering, which was built in 1981. I'm very concerned from what I've read online, basically stating that driven wells have a high chance for contamination due to their shallow depth, and quantity may be an issue if you only have 1. I have a family of 4... I don't mind drilled wells as from what I can tell, they appear to be mostly functional and safe. I am concerned with the driven well if the water will be safe to consume and provide good quantity. I spoke with a drilling service nearby and was quoted about $13-14k to modernize to a drilled well with pump installation. That would be ok if there wasn't other things that are of concern. The septic tank is original. Concrete, but still about 40 years old. The leach field is also original. The problem is, we absolutely love the house otherwise. And with this crazy market and with having a less attractive offer due to a home sale contingency, we're opting to waive all inspections. I know there's risk with that. The house is incredibly well maintained. My main concern is the driven well and I'm hoping there are members on here with experience using them day-to-day. [link] [comments] |
| Buyers: what design trends do you like or dislike in recently renovated properties? Posted: 18 Aug 2020 07:40 AM PDT |
| Unpermitted guest house in back yard. Posted: 18 Aug 2020 09:23 AM PDT Note: Couldn't find a more specific subreddit, but this property is in San Antonio, TX. Also, I couldn't reach the city department to get answers. I'm currently interested in a property which is ideal in many respects, but the seller just disclosed that the guest house in the back, which is generating $1,000/month in rental income, wasn't permitted. I'm curious to know whether 1. This is something easily resolved by acquiring a retroactive permit? And 2. If this might be a reason the house has been in the market for more than 400 days?* *In all other aspects, it's a great house in a great neighborhood. No major issues whatsoever (pending professional inspection). New roof, new electrical, new floors, etc. [link] [comments] |
| Hearing Different Things - Is a Prequalification Enough to Place Offer Posted: 18 Aug 2020 07:11 AM PDT First time home buyer, working with reputable realtor & bank. There is a dream home that's been on the market for a few months. I just got a new job & want to buy this weekend. I have a prequalification & my realtor says that should be fine for placing an offer. Then I see Reddit threads claiming the seller will laugh me out the door if I approach with a prequal. Any clarity? Please only respond if you have any experience/exposure to this situation. For reference, I am trying to get preapproved ASAP, but there is a holdup with a document for our asset statement to finalize everything. [link] [comments] |
| Posted: 18 Aug 2020 04:40 AM PDT There is a property I want that I know was foreclosed on, and the person has since died. The property records show the deceased as the owner still. I'm fairly certain it was a government assistance loan. The house had been vacant for over a year now. How can I find who to contact about purchasing the home? Is this something a realtor can take care of, or something I need to do myself. [link] [comments] |
| Communication with lender during closing period. Posted: 18 Aug 2020 06:21 AM PDT FTHB here. How normal is it to hear radio silence from your lender during the closing period? They asked (and we submitted) updated paystubs/bank statement two weeks ago, and we've heard nothing since. I've tried reaching out to request updates, but haven't received a response. Our realtor doesn't seem too worried, but is this common? We're supposed to be closing the first week of September. We haven't even heard about the appraisal yet. [link] [comments] |
| [US Midwest] Getting a good rate on unconventional properties; 4% too high? Posted: 18 Aug 2020 09:52 AM PDT tl;dr: Estimated rate of 4% on large rural property that requires specific lender. Any hope of having it lowered? Our offer was just accepted on a ~100 acre residential property. We are working with Farm Credit/Rural 1st, the only lenders we're aware of who will loan on properties of that size. We're paying 20% down for a 30 yr and have good credit, hovering around 720. The rate they quoted when we first contacted them was 3.1%. I realize rates have gone up recently, but the loan estimate they just sent us has a 4% rate. It isn't locked, so are they just being conservative? Could there be some other factor causing them to increase the rate? This is on top of fairly high closing costs. Obviously I've reached out to our loan officer and agent about this, but I was wondering whether anyone here has insight related to buying this kind of property. Everything remains within budget, it just sucks. [link] [comments] |
| Posted: 18 Aug 2020 09:39 AM PDT Closing on a house for $260,000 with 5% down conventional loan fixed 30 years. Rate is locked in at 2.99% is this a good rate? [link] [comments] |
| Posted: 18 Aug 2020 09:32 AM PDT Hello! Our closing date was supposed to be 8/18 but had to be pushed back because of the buyer's VA appraisal. We had planned on that date, but were fine with signing the addendum for a later date (it says any day before 8/28 now). My question is, if they now want to close on say, 8/23, but we aren't available that day because of work, do we HAVE to close on whatever date they say between now and 8/28 or do we have a little leeway with the date if we aren't available? Thank you! [link] [comments] |
| Is this ILLEGAL? Real estate SELLER advice? Posted: 18 Aug 2020 09:19 AM PDT I get incoming calls all day because my phone used to be an agent's number I guess. They're always inquiring about properties in my area. I'm college educated and pretty young and full of energy and charisma so I'm more than able to sell a property. I just want to know, since they're looking for someone else when they call on REAL properties, is there a formal way of letting them know this number is no longer associated with the old agent, but I am more than willing and capable to help them find a home? Or is that illegal? And if isnt illegal, can someone walk me through selling a home step by step. I'm college educated but real estate ain't my uh...area lmao I'm getting upwards of 6 calls a day inquiring about properties and it's been going on since I switched numbers (about two years). How can I bank off this? EDIT: if anyone on here with more experience wants to go into contract with me and flip these properties while I get a % that is also fine with me [link] [comments] |
| A Question to Landords Using Zillow. Posted: 18 Aug 2020 09:18 AM PDT So my listing in Zillow is getting quite a few interests. One applicant who is super interested has a red credit score with many of late payments. So is there a way in Zillow to send an application rejection letter? If Zillow doesn't have this, what is the recommended way of doing this? [link] [comments] |
| Pros and Cons of pressed piers to mitigate foundation issues. Posted: 18 Aug 2020 08:55 AM PDT I am looking at a property with some known foundation issues, which are quite common in my area due to the clay-rich soil. The sellers have already gotten a quote for mitigating the foundation issues by installing pressed piers into the trouble areas. We are willing to consider going forward with this if the price is right (if we can negotiate with the price of foundation repair in mind). My question is, how long term is the pressed piers method for foundation repair? I am reading a lot of articles that talk about their limitations, but lo-and-behold, all these websites are from competing foundation repair companies with a vested interest in selling the more expensive methods. Does anyone have any personal experience with foundation repair they'd be willing to share? [link] [comments] |
| I inherited a property on Hawaii, what do you think I should do with it? Posted: 18 Aug 2020 02:49 AM PDT we're talking 2 acres. tell me your best ideas. creativity is most welcome and appreciated. [link] [comments] |
| Posted: 18 Aug 2020 08:40 AM PDT The seller's declaration mentions leaks in the basement from the neighboring unit:
When we viewed the house, the seller said that it that the leak happened twice before the neighbor figured out the problem. They put in a new floor after the first leak, so the new floor is warped, and I could smell mold in that room. My partner and real estate agent couldn't smell it, but I could clearly smell it before I even knew about the leak. Isn't it dishonest that they didn't include the floor repair in the declaration, and that it leaked more than once? The seller did the repairs themselves, so I am worried that they were not done well. Also, I was under the impression that a firewall should connect to the concrete floor, so if water could seep underneath it, does it mean that there is a crack at the bottom? If I can smell mold, it means there is mold, and I am concerned that I will need to rip out the drywall and floor to get rid of it. How concerned should I be? [link] [comments] |
| Posted: 18 Aug 2020 08:37 AM PDT Hi all, I tried searching online but wasn't able to find a definite answer to this. I have a corner lot that is at the intersection of 2 public roads. This property started as a huge acreage and a developer came in and purchased the land surrounding it, built a road along one side of the existing house, and then an HOA subdivision down this new road. This road is now public. Along the main road That already existed I have a driveway Coming into the property and a fence that the previous owner installed. Along the new road, there exists a fence that the developer installed as part of the subdivision construction. My question is, because this new fence separates me from a public road, do I have the legal right to make modifications to it? According to city parcel info, my lot is directly touching the public road parcel. If I do have the right to make changes, is this right subject to adverse possession? I.e. do I have to take actions now, before the adverse possession time frame is reached, to maintain my rights to modify this fence? This is in Idaho. Thank you. [link] [comments] |
| Looking to Renovate a Home -- no idea where to start Posted: 18 Aug 2020 08:27 AM PDT We are looking to buy a home in the Houston area. The neighborhood is great, but is a little older (most houses built in early 90s). Our plan is to knock down some walls to make the living area more open, refloor the entire home, renovate the kitchen and bathrooms, and paint the exterior and interior. I've never done this before, and I honestly have no idea where to start -- Do I hire a contractor myself? Should I contact a custom home builder that does remodels? Would love to hear some experiences, and any advice you can provide for undertaking such a project. Thank you! [link] [comments] |
| Posted: 18 Aug 2020 08:23 AM PDT I am in the process of buying a home in PA, and the process has been pretty rocky between agents and myself and the sellers. I have reason to believe the sellers may not have been totally forthcoming in the Seller Disclosure, many areas were filed as "not known." However, the sellers have only been in the house for one year. Am I able to reach out to the listing agent that sold the home to the sellers last year in regards to possibly seeing what the Seller Disclosure looked like when they bought the home? And if reaching out to the previous listing agent isn't an option, is there another way to access this via the MLS or public records? [link] [comments] |
| Posted: 18 Aug 2020 07:45 AM PDT Hey there extremely helpful people. My partner and I will be putting an offer on a house. The septic system was in there before the sellers bought the house, which makes it 20+ years old and they said that it was even old when they purchased the house. Now the house has been unoccupied for two years and when we called to get a septic inspection the folks said that there wasn't much they could inspect if it hasn't been used in that long. My question is, what would you all do at this point? Getting it inspected to at least see if there are roots cracking the pipes seems worth it to me, right? Honestly this septic system is pretty stressful because if it can't be thoroughly inspected we could be signing up for a huge expense right off the bat if it needs to be replaced, right? Any and all thoughts welcome! Thanks in advance! [link] [comments] |
| Are mortgage brokers the weather forecasters of real estate? Posted: 17 Aug 2020 07:56 PM PDT Less a question and more of a rant. We received a cash-to-close and monthly payment estimate for our future property at the beginning of July. It was at the high end of our budget, but we could handle it: six months of taxes, place-holder home insurance that was higher than our current rates, reasonable fees, decent interest rate. We moved forward with our house purchase. We're a couple weeks from closing and the numbers... they ain't great, man. We knew the insurance numbers were $2k higher than the placeholder, but apparently we owe six months more on taxes than was estimated ($4k) and, of course the rates are higher and the guy never locked our rate despite us repeatedly asking to do so. Still waiting for him to get our payout amount, so I've just started estimating way high. I wouldn't even know if I hadn't asked specifically for updated numbers; otherwise we'd have found this the day before closing. I don't get how someone could be THAT far off with closing costs (over $6k) just a month ago. Do other people just have that kind of cash laying around "just in case?" Would this not seriously deter, if not completely kill many real estate deals? I'm sick thinking about trying to pay next month's bills because all of our emergency fund is going to these extra closing costs now. [link] [comments] |
| Appraisal used comps not in the immediate neighborhood, should I be worried about underwriter? Posted: 18 Aug 2020 06:56 AM PDT I realize every situation is wildly different and that can affect the answer, but maybe some people here have been through a similar situation and can advise. Our appraisal came back $15k over our contract price. Yipee! All the comps they used were in the same zip code and school district, but they were a couple miles away in a somewhat nicer part of town. Our mortgage person told us they're not sure if the underwriter will question this or not. Anyone here been in a similar situation? We are told the underwriting can take up to 10 days right now. That would put us at 6 days before closing. What will happen if the underwriter does not approve? Do we have some leeway here because it appraised $15k over contract price? Or does that not matter? Is it possible they will ask us to get another appraisal at that point? [link] [comments] |
| Withdrawing from Roth IRA to Purchase First Home Posted: 18 Aug 2020 06:52 AM PDT As the title suggests, I (25M) am considering pulling money from my Roth IRA to use as a down payment on my first home. When I was a kid, my father put about $20k in an IRA in my name, which has since grown to about $50k. Under IRS guidelines, you can pull out your contributions and up to $10k in earnings penalty-free to put towards a first time home purchase. Given this is essentially free money for me, I'm trying to decide if it's better deployed in a home, which will give me tangible benefits now, enable me to build equity, and hopefully appreciate over time, or in my IRA, which will grow tax free but can't be touched until I'm 63. I have about $25k in cash saved and a 401k through my employer with about another $20k. So pulling $20k or so out of my IRA would only reduce my retirement savings by about a third and would enable me to 1) make a larger down payment thus saving me PMI and a better rate or 2) allow me to hang on to the cash I have to use for home improvement, buy a car (which I need unfortunately), or otherwise invest elsewhere. Any thoughts on how to weigh the costs/benefits would be appreciated. [link] [comments] |
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