Real Estate: [FL] Can someone ELI5 the concept "backdooring" a waived appraisal contingency into the finance contingency? |
- [FL] Can someone ELI5 the concept "backdooring" a waived appraisal contingency into the finance contingency?
- Buyer Demand Drives Home Prices Up 8.5% In July
- Compass Private Exclusives - real or advertising?
- Advice on buying "For Sale by Owner" property in Los Angeles
- Looking for a good area to live in NJ.
- Need some repair and closing advice for a FSBO property in SC
- For a younger person not in a rush, is it more expensive to buy land first, then build a house onto it later? Or better to try to find a decent house on a land plot you really want.
- Is it worth it to pay more on my mortgage if I can afford it?
- Part time realtor
- Weird appraisal results
- 100% Investment Property Financing
- Rental and Lender Inquiry Question (X-Post from r/CRedit)
- I did it reddit! We closed today on time!
- good metrics to determine buying home in bend
- Roof replacement
- Potentially Silly Rapid Rescore Question
- Realtors, what is the most complicated transaction you've participated in?
- Home has more sqft than listing/tax records
- Need advice on interesting situation with my house.
- Buying right now vs. 6 months or so...?
- How do loans work when someone wants to renovate?
- Appraisal at purchase price?
- Homebuyer, Should we go ahead and walk or make 1 last counteroffer.
- Need advice on undeveloped land purchase!
| Posted: 01 Aug 2020 06:29 AM PDT Like many others have voiced, for new buyers, the residential market in South FL is absolutely ridiculous right now. I've lost out on 3 houses even though I've offered 5%-10% above asking price on all 3. My realtor is suggesting waiving the appraisal contingency to make my offer more attractive. Her position is that the finance contingency provides the same protections to the buyer because if the appraisal is lower than the contract price, my loan will be denied and I'll be off the hook per the finance contingency. I'm having a very difficult time wrapping my head around this -- in the above scenario, wouldn't I still be approved for a loan? Wouldnt it just be for the lesser appraised value(in which case, the finance contingency would be satisfied? ) Appreciate any help. PS: for purpose of clarify, doing an 80/20 conventional loan, and would still be keeping the inspection contingency. [link] [comments] |
| Buyer Demand Drives Home Prices Up 8.5% In July Posted: 31 Jul 2020 10:18 AM PDT |
| Compass Private Exclusives - real or advertising? Posted: 01 Aug 2020 05:25 AM PDT I'm looking to buy a house in the DC metro area. I have an agent who I really like (affiliated with Long & Foster). I get the usual alerts when there's a new house that's listed on the market but when I was on the Compass website and decided to set up an additional search there, they sent me a notification that there were 6 "private exclusive" listings that matched my requirements. I asked my agent to dig into this and she said that there was one Compass house that wasn't officially listed on the market but that was all. So my broad question is: are there really 6 houses or is this just something that Compass says to try and get more people to sign with their agents? Is there any way for me to view the website and see? The houses don't appear to me with a normal search in Compass. Here's how it appears to me: https://www.dropbox.com/s/wfdp1pd5skdob6q/Screenshot%202020-08-01%2008.22.26.png?dl=0 [link] [comments] |
| Advice on buying "For Sale by Owner" property in Los Angeles Posted: 01 Aug 2020 07:39 AM PDT I am a buyer looking to buy a property (currently under construction) in Los Angeles. The property will be ready in December 2020. This is exciting because I love the home and since it is under construction, I get to customize it exactly how I want it. For e.g. my wife wants an office with floor to ceiling windows and the builder is willing to do it. However, before I start customizing the home, the builder wants to enter into a purchase contract. The builder and I have agreed on price. To keep costs low, the builder wants to avoid involving realtors in the transaction. Does anybody have experience with an FSBO transaction like this? I am looking for advice on how to draft the purchase contract, deposit earnest money, handle title, escrow etc. The builder has never done an FSBO transaction either so we are both trying to figure it out. I trust the builder. She has built 5 homes in the area and is a trusted entity. Should I call an escrow company? Should I call a title company or an attorney? I guess the first step would be to get a purchase contract signed by both parties with the terms of the sale and deposit earnest money to show good faith. How do I get started? Any advice would be much appreciated. [link] [comments] |
| Looking for a good area to live in NJ. Posted: 01 Aug 2020 07:53 AM PDT Why are properties so difficult to find in NJ?? Although I am blessed considering how rampant things are getting, I still am having a tough time finding an area to live in. Looking for: 1. Near NYC or a train nearby 2. Decent school, we will be sending our future kids to boarding school during high school days as I might be making more hopefully. 3. Decent property tax 4. An area with growth new homes being built. (I know.... NJ is the worst place to find this.) Here is my situation: 1. I make anywhere from 250,000-450,000 a year including wife's salary both are fully remote even before covid.
Thanks for the help. [link] [comments] |
| Need some repair and closing advice for a FSBO property in SC Posted: 01 Aug 2020 08:32 AM PDT We are under contract on our FSBO property (yay!) but the CL100 came back with small areas of previous termite damage and current infestation of powder puff beatles in small section of crawl space. The buyer's realtor has been very unclear on what documentation we need to have in order to prove that all has been fixed. She's not too bright. Anyway, I understand I need a contactor to fix the damage and write a report but she is also telling me that after the space is treated for current infestation, I will need a clear CL100 "from the contractor". Do I, the seller, have to pay for another termite inspection or how should this even work?!? I am so confused. Any advice is welcome. [link] [comments] |
| Posted: 01 Aug 2020 09:44 AM PDT To be more detailed, I bought my first house recently moving from out of state and I love it, I just would like to work for something bigger now that I have a better idea of some features to land or my home I would want. When I say not in a rush I mean I don't mind the time it would take for the Initial time until move in for a constricting a home I just am not sure if financially it makes more sense to just settle for a decent good bones house on a fantastic piece of land. Rather than try to buy the land first then figure building a house onto it I would want to spend around 200-250k for a home and land , or around 50k in land and 150k to build a house on it. Using fha construction loan. I would do a septic out there but use a public water line, and also run internet to the house , preferably fiber cable. Would there be two separate payments because of the land being a separate purchase? Such as taxes on that land and also taxes on the house. Would using a premade floor plan help keep the cost of the house down? I'm not trying to build a massive dream home crazy floor plan house. A 1500sq home with a basement. My questions may come off as silly, I am just trying to see what option I should be looking into over the next years , I would absolutely prefer to pick out land and build a house on it, but maybe I have the misconception that it is much more expensive to build a house and buy land. Maybe others with experience with this can give me a pointer [link] [comments] |
| Is it worth it to pay more on my mortgage if I can afford it? Posted: 01 Aug 2020 09:41 AM PDT I have a 30 year mortgage, I pay $1200ish a month but I could pay $1400 or $1500. Would it be worth it to do that, or would it be better to just put the extra money in savings? [link] [comments] |
| Posted: 01 Aug 2020 09:36 AM PDT Has anyone worked as a relator part time? What was your experience like? Are you able to manage both careers and give your clients the attention they need? I really enjoy real estate, but also have a successful career. Just seeing if anyone else has ever done both to add a little additional income. [link] [comments] |
| Posted: 01 Aug 2020 09:34 AM PDT Hi guys, I closed yesterday (yay!). I just wanted to share my somewhat weird appraisal with you guys. Mind you that the inspection came back squeaky clean with the biggest issue being adding a lint sock - seller is a tradesman so he knew what he was doing (with permits). My buyers' agent who has been incredible and has an incredible track record told me that he was baffled by it:
In addition, I'm a little surprised that the following factors were never even considered:
Both the seller and I are happy with the transaction price so that's all that matters. I also don't plan on selling it considering how great the construction quality is and the location is just amazing. However, I can't help but find this appraisal illogical from a layman's perspective. It threw a huge wrench into our financing but we made it through. [link] [comments] |
| 100% Investment Property Financing Posted: 01 Aug 2020 09:25 AM PDT Does anyone know of a bank that will allow you to borrow the down payment as non-recourse no lien debt? Or, alternatively, just finance 100% of investment property purchase price? I just closed on another house and am not particularly liquid right now. I want to buy another rental in immediate future. I can borrow the down payment at terms that make sense to me, but my understanding is that banks won't approve this. My income and assets can support more rentals and purchases, but I really want more leverage. Any lender anyone knows of that wouldn't have an issue with this financing? [link] [comments] |
| Rental and Lender Inquiry Question (X-Post from r/CRedit) Posted: 01 Aug 2020 09:10 AM PDT Hi all, wife and I are looking to purchase a home but are also looking for short term rentals in the meantime. If I am shopping for a mortgage and a rental hard inquiry is also run, will it hurt my credit if i am within the 45 day window for a credit check? [link] [comments] |
| I did it reddit! We closed today on time! Posted: 31 Jul 2020 12:26 PM PDT We finally closed on on time today at 12:30! We lucked out majorly! This was an FHA loan at 2.75%! Here's the timeline for those who are curious: 6/13 we did a tour of the house. It was not yet on the market. The previous buyer lost their job and had to back out. (They were the second buyer of this house, first backed out due to COVID). 6/18 12pm The seller got a quote to fix the garage floor (previous buyer's inspector failed the house due to the garage floor). 6/18 5pm we put in our offer. 6/19 Our offer was accepted, but seller asked to sell as is. We agreed. 6/20 Seller finished signing (he didn't hit complete on DocuSign) 6/25 we had our home inspection. A lot of cosmetic issues. Some repairs are needed. Also our realtor had to kick out another realtor and couple that was trying to see the house during our inspection. (Market is crazy here). 6/28 Seller offers to lower the price by 15k to be nice since there was some concerns regarding the house. (They also received other offers during this, they were all higher. One was 40k more than ours and we offered more than asking). 6/29 we signed the addendum to lower the price. 7/1 we received initial disclosures and loan estimate. 7/3-8 Signed and sent a bunch of stuff to mortgage broker and appraisal was ordered. 7/9 we got sent to underwriting. 7/10 appraisal was done. 7/15 we received the appraisal, appraised at offered price. 7/21 we got our conditional approval! 7/22 got home insurance. 7/24 we got our closing disclosures. 7/27 we got the clear to close! 7/30 11:15 am I got the disbursement statement 7/30 12 pm I went to the bank to wire the funds. (Had an appointment, couldn't walk in. If it didn't come in time would had to reschedule closing). 7/30 2pm we got the bank package! 7/31 11:45 am we did the final walk through. (Our realtor actually forgot and was 15 minutes late.) 7/31 12:30 we went to the lawyers office and signed our life away. At one point I had to think what my last name was lmfao. [link] [comments] |
| good metrics to determine buying home in bend Posted: 01 Aug 2020 08:28 AM PDT Bend,Oregon looks enticing but it's a hot market property market...What metrics do you use to determine to buy a home? I know RV ratio is a good one...But if I base on RV Ratio, bend oregon real estate would never make sense since it's expensive based on that metric. However, I think it will hold value well because of high demand, limited supply. thoughts? [link] [comments] |
| Posted: 01 Aug 2020 08:02 AM PDT We are thinking of selling our current home knowing the roof will need replaced in the next 1-2 years. Is it worth it to do it before selling to boost the value of the home or just disclose to a buyer the status of the roof and have that reflected in the listing price? It is about an 18K cost. [link] [comments] |
| Potentially Silly Rapid Rescore Question Posted: 01 Aug 2020 07:56 AM PDT If I ask a mortgage lender to do a rapid rescore of my credit, will the new score also contain the lender's credit pull? Or do they do the rescore first and then a real credit pull? Asking because I'm a few points shy of an ideal number and I'm trying to boost it by correcting errors and making some hefty payments. I don't want the score gains canceled out by the rescore request. [link] [comments] |
| Realtors, what is the most complicated transaction you've participated in? Posted: 01 Aug 2020 07:20 AM PDT |
| Home has more sqft than listing/tax records Posted: 01 Aug 2020 12:10 AM PDT So I suppose lucky me has found a house with ADU that has more sqft than it is listed for. Per the county records it has ~2032 sqft but in reality it has ~2800 sqft. It also is listed having 2 less bedrooms than it actually has. The listing has a clear layout of the house with measurements but one of the rooms is just simply not there. It can not be a new addition because it's in the center of the house. I think the listing agent was lazy and made a mistake. Even the 'appraisal' has the house listed as 2032 sqft with 2 less bedrooms than it should have. It was an 'exterior only' appraisal so I think that could be the reason but the appraiser (even with the less sqft and rooms) thinks the house is 5k MORE than I am asking. Why would this happen? Am I missing something? If the appraisal was corrected to show more sqft and rooms would that theoretically increase the value of the house? [link] [comments] |
| Need advice on interesting situation with my house. Posted: 01 Aug 2020 05:51 AM PDT Hi all, So long story but ill try to keep it concise. Bought a house and later found the inspector missed water issues. It was a hot summer when we looked. The foundation was in good shape just a few minor cracks but not anything overly for a 1960s house. Fast forward had a water line installed and plumber mentions during install he saw water in the crawl space but not much so nothing to worry about. I go down and found a few very localized areas with water, but the puddles a few inches deep in some areas and seemed to only occur during the heaviest rain periods. I hire a civil and structural engineer. They inspect crawl space and say the foundation is in good shape. No repairs needed. They were more concerned with my roof framing and suggested I have repairs done on that first. They the structural engineer comes later as the civil asked him to look at my roof to make recommendations. Anyways structural I end up working with mostly. I have roof framing fixed he suggests a curtain drain on the perimeter of the house as the first repair to address water runoff. I have that done too. Lawn is torn up from that so very expensive landscaping repairs done too. $30,000 later and here I am 5 years later. Have structural engineer come out to write a final review late last year and he says the following. "We delayed my follow up visit so we could observe the crawlspace condition after significant periods of rain. I observed minimal water in the crawlspace beneath the vapor barrier. I observed no standing water above the vapor barrier. All framing members were dry and free of decay. It appears the repairs significantly improved the site water management and minimized water intrusion to tolerable levels. It should be noted that no crawlspace is entirely water proof, which is why vapor barriers are installed to protect framing members from water vapor. During my first visit, I observed cracking in the interior wall finishes. The cracking appeared to be a combination of defects in drywall work (separation at seams and corners) and differential settlement. During my second visit I did not observe any significant growth in the cracks or see any new signs of differential settlement. The cracks may be patched or painted over. It should also be noted that in older homes there was no standardized deflection criteria for walls, floors, or roofs. Due to the lack of requirements, homes of the time period often move more under occupant loading than newer homes. This movement overtime may also contribute to cracking in the sheet rock seams. Diagonal cracks where sheetrock is fractured is most often the result of differential settlement and is not likely to occur as the result of occupant loading. When I first visited the home there were many items in the roof framing that required repair to minimize the potential of future issues. The crawlspace was collecting large amounts of water that pooled in localized puddles on the vapor barrier and was causing excessive moisture in the floor framing. The water in the foundation crawlspace is also the most likely cause of differential settlement that occurred in the home over the years. With the water remediation efforts and the roof framing improvements complete, the longevity of the home has been significantly improved and at this time there are no further repairs required. Based on my examinations and coordination with you during construction, I have concluded that the home is structurally sound at this time and, with continued typical home maintenance, should continue to perform well over time." So now I'm looking to sell my property and found a house we've made an offer on. I believe water is still down in the crawl during heavy rains but I spoke to both engineers verbally and they both stated with the way the house has performed over the years and that there's no sign of rot or additional settlement that it's not something they think needs further attention. I need to disclose on my sale the issues and the engineer letter will be given up front for view when people look at the house. How can I protect myself from a law suit down the road if say a seller finds water in the crawl space at some point and tries to go after me for not mentioning there was still water. The engineer letter states "minimal water", but that's subjective. I need to determine how to legally protect myself during this sale. I believe sometimes during heavy rains there can still be we few inches of water in areas but it's not affecting the house from talking with the engineers. I am in Washington state. Also added to the house. New gutters, new downspout system for all roof gutters that now egressed to street instead of next to the house. Crawl space is dry as a bone when there's not heavy rains. [link] [comments] |
| Buying right now vs. 6 months or so...? Posted: 01 Aug 2020 09:13 AM PDT My wife and I want to sell our house and move. Right now, there's very low inventory for houses and they're selling very fast (a lot of times above asking price, probably due to low supply and high demand). I spoke with a buddy (a house inspector) and he told me that he's expecting that in around 6 months, we might see another 2008 housing crash once the foreclosures start to roll in -- as they're currently under moratorium. If this happens, and we buy a house right now that's worth $250k, then in 6 months it might be worth $200k or less. What are your thoughts on this? Would it be a stupid time to buy right now? I'm thinking yes, unfortunately -- the economic affects of the coronavirus I think haven't quite hit home on many industries, and real estate is probably one of them. We could sell our house now and rent, but we have a LOT of animals and that doesn't sound pleasing. Our current house value is around $90k, and we're upgrading to a $250k budget. So, if we buy/sell now, we'll get the $90k value, but we might overpay $30k-$50k or more -- as opposed to waiting in 6 months, when our $90k house might only get $70k (losing $20k), vs. buying a house that's currently worth $250k that's then worth $200k (saving $50k). Thoughts on this? Just trying to gauge the general pulse of the community. [link] [comments] |
| How do loans work when someone wants to renovate? Posted: 31 Jul 2020 07:26 PM PDT I have a question that for some reason won't leave my head. I'm 22 years old so I haven't bought my first home yet but say someone gets approved for a $300,000 loan. I've seen a lot of people buy something for $200,000 and then stick $50,000 into renovations. My question is, does the bank put that on the loan? I just can't imagine someone having $50,000 lying around for renovations when buying a house. I'm just curious if the loan would be made for say $250,000 even though they are paying 200 for the actual house. Can someone help explain how it works to me? [link] [comments] |
| Posted: 31 Jul 2020 11:58 PM PDT How often does the purchase price NOT equal the appraisal? I have heard it always appraises to purchase price because someone is willing to pay that when they make an offer? Is that true? [link] [comments] |
| Homebuyer, Should we go ahead and walk or make 1 last counteroffer. Posted: 31 Jul 2020 06:22 PM PDT We are really interested in a home with a list price of 320k. Problem is the comps in the last 6 months indicates a price of only slightly above 300k. We are actually willing to go higher in price from a budget standpoint. But we don't want to waste our time with this if the home is likely to appraise much lower than the contract price, especially if the seller is unwilling to lower most if not all of the list price to match. This could seriously screw up our financing. Based on the comps, we were only willing to take the risk of paying for an appraisal to the 305k-310k range. Their last counteroffer is 313k. They stated its their final list price offer. Our realtor talked to theirs about the comp prices. Her justification for their higher pricing is "house prices are on the rise". She did not really address the data. According to our data for this individual neighborhood, they have been stagnating. There is a lot of homes for sale in the neighborhood, all sitting on the market ranging from a month to over a year. Some have slashed prices. This listing is coming up on 3 weeks. No competing offers. So the way we see it is we have 2 options. Walk right now. Or do one more last ditch offer. Match their 313k price but with the stipulation that they have to lower the list price to a maximum of 10k if the appraisal comes in lower. If it comes lower than that, we reserve the right to walk away unless and agreed resolution can be made. I figure the worse they can say is no. And after that we walk like we were thinking of doing anyways. I say this respectfully. But the way I see it, if they are so confident that their house will appraise higher despite contrary hard data, then they should put their money where their mouth is. What do u guys think? [link] [comments] |
| Need advice on undeveloped land purchase! Posted: 31 Jul 2020 09:53 PM PDT I'm looking at a 3acre property in UT that is mostly undeveloped. It has gravel road access. There is currently NO: power, sewer, water, etc. There IS: gravel road access, permit for well drilling(or water access permit to about 300ft), a stream that runs through the property that is zoned for micro hydroelectric power. If bought and developed with a long timeline(5-10yrs) what should I think about? Drilling a well? Sewer or septic? Power? Offgrid an option? Permanent structures, prefab like zipkit or something else? What are bumps in the road a person should think about? [link] [comments] |
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