Real Estate: Got the keys yesterday... |
- Got the keys yesterday...
- [CNBC] Supply of existing homes plummeted 21.1% annually, with just 1.5 million homes for sale at the end of July. Median price of a home sold in July rose 8.5% annually to $304,100.
- Refi fee will wipe out millions in mortgage profits..
- Update to Our sale may be falling through on the day of close
- Making an Offer: I Don't Get It...
- Emergency repairs week before closing
- Likely loss of property (fire) one week till close in Bay Area
- Anyone here become a landlord (duplex owner, live on one side and rent the other) and regret it?
- Real Estate License
- Gift for realtor?
- Low Appraisal
- Where can I go/who can I talk to to learn about buying a house?
- (Oregon) Can We Back Out Now That Buyers Financing Fell Through?
- Duet Homes
- Seller signed and agreed to complete certain repairs by the closing date. They came back and stated that they wouldn't be able to complete them in time and offered credit. What are my options here ?
- What happens if a seller backs out of selling?
- Second Offer rejected but....
- California is very expensive and the world is changing. Should we reconsider settling down here now?
- How do I ensure I am getting access to all pre-MLS listings without slighting my agent?
- Considering a larger home to save money; is this worth looking into?
- Which lender should I go with?
- Did I get a good rate? 2.375% 7/1 ARM, $800K loan
- Proof of income used inappropriately?
| Posted: 21 Aug 2020 06:30 AM PDT Buying a home isn't always as scary as this subreddit makes it sound. Believe it or not, things can actually go smoothly. Quick timeline... July 1st: Decided I was ready to sell my current starter home July 3rd: Met with a real estate agent who would assist in the sale and purchase of a new home July 18th: Toured a home I wanted to make an offer on July 18th: Got pre-approval for financing July 18th: Listed my current home for sale July 19th: Had my offer accepted contingent on the sale of my home July 22nd: Accepted an offer on my home July 27th: Inspection completed on current home (no major issues found) July 28th: Inspection completed on new home (no major issues found) August 10th: Received contingent approval for financing August 11th: Appraisals for both homes came back at asking price August 14th: Received final approval for financing August 20th: Closed on both homes This market is scary. The loan process is scary. There's potential for problems all through the process, but it can and does actually work without issue sometimes. This sub was incredibly helpful in preparing me for potential issues that I ultimately never had to face so I thank you all for that. To those just starting their home buying journey, don't fall victim to all the negativity. There are plenty of success stories out there that too often go unnoticed! [link] [comments] |
| Posted: 21 Aug 2020 07:49 AM PDT
Actual source: https://www.nar.realtor/newsroom/existing-home-sales-continue-record-pace-soar-24-7-in-july [link] [comments] |
| Refi fee will wipe out millions in mortgage profits.. Posted: 21 Aug 2020 01:08 AM PDT Interesting Article - https://www.americanbanker.com/news/fannie-freddie-refi-fee-will-wipe-out-millions-in-mortgage-profits [link] [comments] |
| Update to Our sale may be falling through on the day of close Posted: 21 Aug 2020 07:35 AM PDT Well we finally closed and recorded yesterday! After all that stress and panicking, they never even called to confirm employment! I was waiting and waiting and then called into the office and laid off (along with 32 other managers) and about 30 minutes later our agent called and said we had closed, loan was funded and recording was to happen by end of day. Around 6:30 he said we were all done! So I guess I need a job, but the good thing is our mortgage is $550 less than our rent was! Thanks for all the positive thoughts! [link] [comments] |
| Making an Offer: I Don't Get It... Posted: 20 Aug 2020 07:12 PM PDT OK, so I am trying to navigate the low supply, high demand market we are in as a first-time home buyer. My understanding is that we make an offer based upon "what we think the house is worth" if seller accepts we become contingent. We pay due diligence and earnest money. If the deal falls through for any reason we are out the due diligence. But because of the low supply in the market people are over-bidding on properties regularly, and if I over bid too much the deal could fall through because my bank appraises the property for less than I offer, in which case they tell me to come up with the difference myself or no mortgage. If all of the above is correct, how in the world am I supposed to decide the value of a property? If I bid at asking or below I lose to other bidders. If I bid too much over, and the bank says that's too much, I lose. For clarity, I have great credit, pre-approval, my 20% down, and an emergency fund. I don't have a low supply/high demand fund. That's supposed to be a joke, cause I'm frustrated. I have to have a bid in before 10am tomorrow and I feel lost. EDIT: Such a pleasant surprise to wake up to so many helpful comments! You've all restored my faith in asking financial questions on a public forum. Thanks for not being r/personalfinance , r/RealEstate! [link] [comments] |
| Emergency repairs week before closing Posted: 21 Aug 2020 09:43 AM PDT I apologize if this isn't the correct place to post this. We are currently selling our third floor condo and closing is next week. All repairs had been made, contingencies removed, and we were seemingly all set to go. Well, late last night our downstairs neighbor pounds on our door stating something in our unit must be leaking because he can hear water dripping in his wall. Panicking, we search the house high and low to find the leak. He later explains he only hears the leak when we run the shower. I get a little confused because he says the water is coming from inside his wall, not his ceiling. And it's also on a wall in his bedroom, which is a little far from the shower. But okay, whatever. Water can travel. We will check it out. Now, here's the catch. My partner knocked on the door this morning to see if we could narrow down where the leak is coming from. Neighbor doesn't want to let us see where the leak is or let a plumber come in to look. Now, we are baffled, because how are we supposed to fix something if we don't know what the issue is? We have had issues with his neighbor before and I'm honestly not sure if the leak is even from our unit. If it is, we have no problem repairing it, but if he won't let us see it how can we even be sure? I woke up this morning to loud noises of him hammering in his utilities closet (where the water heater is housed). He definitely knows we are selling and part of me wonders if he is trying to get a quick buck out of us. Condo association is horrible and no help. We are responsible for any pipes that service our unit. Does anyone have any advice on how to move forward? We have a new home lined up and really don't want to delay closing. [link] [comments] |
| Likely loss of property (fire) one week till close in Bay Area Posted: 21 Aug 2020 09:16 AM PDT Hello all-- unfortunately I am asking for some insight from the Santa Cruz Mountains that is currently burning. We were suppose to close on the house of our dreams next week, however the fires from the lightning storm a few days ago appears to have burned through and wiped out the community. We don't know if the house is still standing, however we do know the water plant burned down, power is gone, and potentially the sewer plant as well. We no longer have any contingencies as we were on track to close and everything was good to do (loan, appraisal, insertions, etc). My question is if we will get our earnest money deposit back (~$25,000) or if this is in danger for us canceling the contract. I did read in the contract (CAR from SCO revised 11/14) under paragraph #11 (condition of property) that "Unless otherwise agreed in writing (I) the property is sold "as-is" in its PRESENT physical condition as the date of Acceptance and (b) subject to the buyer's Investigation rights; (II) the Property, including pool, spa, landscaping and grounds, is to be maintained in substantially the same condition as the date of Acceptance" Can anybody chime in and let us know if we are off the hook for losing our earnest deposit in this situation? We have not conducted the "final walkthrough", and it will be weeks until people are even let back into this region to check homes and valuables. [link] [comments] |
| Anyone here become a landlord (duplex owner, live on one side and rent the other) and regret it? Posted: 20 Aug 2020 07:22 PM PDT Hello. I would like to purchase my first house in the next 2-3 years. I am 25 now. I live at home... Self employed, owner/operator of a service business of almost 2 yrs. Medium cost of living area. About 30-40 mins from Orlando, FL. I can buy a duplex here for 250k-275k. I don't need a lot of space to live so I thought why not a duplex. Just pocket all the money I earn from my business and have the person next door pay for the mortgage basically. This is still a very "rough draft" type of idea. I have approx 30k already saved. Plus 45k in a roth ira target retirement fund and index funds (in a solo 401k). In the next 2-3 yrs I believe my business will net me about 60k per year as an owner/operator. Good life hack or is the juice not worth the squeeze? [link] [comments] |
| Posted: 21 Aug 2020 09:51 AM PDT Hello all, This question has probably been asked here before. I'm own a multi family home and will be purchasing one or more in the future. Is there any advantage on getting a real estate license as an investor? Thanks a lot. [link] [comments] |
| Posted: 21 Aug 2020 09:43 AM PDT We are buying a house in CA and our realtor is kind of a friend (we were friends on Facebook before all this). I've seen mixed things on the internet about whether we can/should buy a thank-you gift for her once we close. Thoughts? Ideas? [link] [comments] |
| Posted: 21 Aug 2020 09:39 AM PDT Hello, We are in the process of buying a home and just received word that the appraisal came in $25K less than the agreed sale price. Our financial situation has changed over the past few weeks resulting in me feeling less confident in the home purchase financially in general. However I wasnt going to ruin the sale for the sellers since we were already so far down the road and all the contingencies had already been met. (Inspection was fine, got approved for the mortgage pending appraisal.) However now that the appraisal contingency is in play, I was wondering if I have the ability to now walk away? I am unsure if they are willing to drop the price to the appraised value but I am moreso wondering if I can walk away regardless? Thanks! [link] [comments] |
| Where can I go/who can I talk to to learn about buying a house? Posted: 20 Aug 2020 09:03 PM PDT Mid-twenties, hating spending so much on rent, hearing about the value of real estate from. But I feel like for people my age the idea is daunting. Buying a house or leveraging real estate is this mysterious process that ends up trapping people into 30 year nightmares. Is there someone I can talk to or call or schedule a meeting with who can break it down for me? How a mortgage works, is it smarter to buy or rent, can I rent out a place I have a mortgage on? I don't fully trust online articles I'd like to find a financial adviser or whoever I can trust and talk to them. [link] [comments] |
| (Oregon) Can We Back Out Now That Buyers Financing Fell Through? Posted: 21 Aug 2020 09:28 AM PDT On the day of the signing, today, Chase Bank tells our buyers, who were "pre-approved", that they can not accept their form of down payment. Our (sellers) paperwork is signed and done. All repairs requested by buyers are done. Buyers are currently reapplying with another bank. Are we required to wait and see if buyers can aquire another loan from a different bank? [link] [comments] |
| Posted: 21 Aug 2020 09:17 AM PDT Hey, just wondering if there is any catch to owning a Duet? The HOA is relatively low and the list price is reasonable for the neighborhood, but just wanted to get feedback on anything I should look out for. Thanks in advance! [link] [comments] |
| Posted: 21 Aug 2020 09:07 AM PDT I asked to complete the repairs and they said no, but would be open to credit offers. I offered 5k worth of credit and they low balled and came back with 3k, even though estimates are showing the repairs will cost around 4.5k I then said that I'd do $4,500 or I'm walking. They then went back and said they would complete the repairs and signed the documentation stating it would be done. Now they came back and said they couldnt get it done in time and would give me the 4.5k. It's a beaten down house and needs a ton of work. This credit is for safety and plumbing concerns, and it'll cost me aroind 20k to do all other repairs. I got a cheap price on it and the housing market is insane so I took what I could get. It's been on the market for a while and hasn't gotten much activity. I'm thinking about just telling them to give me the 5k or I walk, but Im a first time home buyer and a bit nervous about backing them into a corner... [link] [comments] |
| What happens if a seller backs out of selling? Posted: 21 Aug 2020 09:05 AM PDT What if something changes in the seller's life and they no longer wish to sell but they have already accepted an offer? [link] [comments] |
| Posted: 21 Aug 2020 08:46 AM PDT I've placed a few messages about this. Our first offer got rejected so we placed a second offer. They got back to us within 24 hours from our second offer. They said this offer was rejected and that they, the seller, did their numbers and it was a no. What type of excuse is that!! Also during the conversation he started a sentence but didn't finish it. I didn't interrupt. He said they have a family that....... That's it. Either way. I told them this is our last offer. We believe this a reasonable price. We hope they reconsider and that this price remains on the table for 7 days. [link] [comments] |
| California is very expensive and the world is changing. Should we reconsider settling down here now? Posted: 21 Aug 2020 08:41 AM PDT I currently rent in the Bay Area with my wife and child. If I were to buy a $1M home in San Jose, that gets me into a middle class neighborhood. Can I afford it? Yes. Am I complaining? Absolutely not. It is a major blessing to be fortunate enough to be able to buy a home here and I realize that. It would be moderately comfortable with about $3k each month leftover (not including some other securities like stock). While it is feasible, I question whether it is smart. Despite having a job I love, I could take a pay cut and live much more stress-free elsewhere....cheaper house, bigger yard, less traffic, and more money left over. With the tremendous growth of real estate here over the years and the recent wildfires, remote work revolution, etc., I wonder if California and Silicon Valley in particular will continue onward from recent years. Something just feels wrong, and although we can't predict the future I was curious if anyone else is in a similar predicament. [link] [comments] |
| How do I ensure I am getting access to all pre-MLS listings without slighting my agent? Posted: 21 Aug 2020 08:28 AM PDT I am looking to buy in an in-demand location and it seems like pocket listings are certainly in play. Multiple houses have come to MLS as immediately pending. I know that could be private network, but i also sold my house this year via pocket listing. It is my understanding that the agent i'm working with now would only have access to the pocket listings within her RE group. Is it out of bounds to contact the other RE groups that get most of the listings in the area i'm looking and let them know what i'm looking for? I dont want to miss out on the right house bc i limited myself to one RE group. Any advice on best practice here would be appreciated! [link] [comments] |
| Considering a larger home to save money; is this worth looking into? Posted: 21 Aug 2020 08:26 AM PDT We have a 2/1 in a gentrifying neighborhood. We bought it, planning to keep it when we eventually moved, to rent out. We also bought it planning to be childfree and we have a toddler now. I put the minimum down for an FHA loan, mistakenly thinking that the PMI would fall off. Now I know we'll have to refinance at least to get it off. We also have high taxes and insurance on this home, because it's older and in a desirable location. We are now considering a larger, newer home, using the profit from our current home to put 20% down and hopefully get a better interest rate (we have 4%). Mortgage calculators seem to indicate we'd pay much less a month, even including taxes and insurance. I also need the home office space, and if we don't move, we'll put a shed in our current backyard. I'm thinking we'd get more value out of a home that already has space for this. I'm sad to think about giving up our starter home, especially since the value will likely increase significantly over our lifetimes, but it doesn't suit our needs anymore and I'm not sure how to figure out what is wiser long term. It would take us a long while to save up a down payment for a second home if we didn't sell, but we would do it if it were the smarter decision. [link] [comments] |
| Which lender should I go with? Posted: 21 Aug 2020 08:22 AM PDT Hi everyone, I recently just went under contract on a property after many tries over the last few months and am excited but extremely stressed with the process. I have been in talks with both a larger lender (TD) as well as a local lender who my agent vouched for. It's a jumbo loan 30 yr fixed we applied for and TD is offering us 2.875% with .125% points. The local lender says they can only get us to 2.875% if they charge us an extra .125% points. The overall extra charge to me by going with the local guy is $1625. I'm conflicted whether it's worth the extra money to go with someone local who has a higher chance of meeting deadlines and getting the appraisal done around our sales price. Anyone have thoughts on this? [link] [comments] |
| Did I get a good rate? 2.375% 7/1 ARM, $800K loan Posted: 21 Aug 2020 08:10 AM PDT Wells Fargo, got it locked back in May, 7-year fixed interest and 30 year amortization, got 2.5% then lowered to 2.375% after depositing $200K into a checking account (new customer discount), $800K loan, 20% down, credit score around 780, no points, $1,300 Wells Fargo fee waived. Is it OK? I'm seeing people post lower rates, i.e. the 2.5% 30-year fixed sounds incredible. Thanks. [link] [comments] |
| Proof of income used inappropriately? Posted: 20 Aug 2020 01:39 PM PDT Looking for thoughts from those in real estate who may understand compliance and ethics rules better than I do. When I rented my current apartment, I provided proof of income. The real estate agent for the rental and I ended up having the same cleaning lady in common. I recently got a call from her telling me the cleaning lady needed help for medical stuff and "since I make more money" than her (the real estate agent), she asked if I could help the cleaning lady with her medical expenses. It's not that I don't have a heart, I do. But it made me feel super uncomfortable to be on the receiving end of that call. Thoughts from real estate professionals out there? [link] [comments] |
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