Real Estate: How to get over continuing to lose offers |
- How to get over continuing to lose offers
- Some common first time homebuyer mortgage mistakes
- Refi now charged an extra 0.5% fee
- Buying a House Next to a Coworker (WA)
- SF Bay Area first time home buyer
- Should I take a break from the house search?
- How can I get a <$100k mortgage at 20?
- Are home warranties legit?
- Inspection, new build.
- Thoughts on selling completely before buying? (Columbus, OH)
- Negotiating a house price. After first offer.
- Garbage APPRAISAL Value - Please Help
- Refi: credit questions
- FL: Test dates extended, is it because of corona?
- Has anyone ever sued or been sued over not disclosing an issue with a home?
- The Great NYC Flee
- fellow real estate agent using my photos?
- "It Wont Affect the Real Estate Market"
- What do I need to do to make my seller-financed home purchase official?
- Beginner questions, just want advice and an average cost example of buying an apartment and renting it out. Like a landlord. Link a post if needed.
- Is a HELOC possible?
- 3X Salary Home Purchase Price
- Fannie/Freddie are increasing rates on refinances
- Needing advise on home sale
- New construction-lot unavailable?
| How to get over continuing to lose offers Posted: 13 Aug 2020 04:17 AM PDT Title. Currently 0-5 in NJ. Have bid 21k, 40k, 50k, 76k, and 97.5k over list. Have limited inspection. Have waived appraisal up to another 25k. Have put 25 percent down. Have written letters. Zero luck, and now it's reached the point where it feels hopeless. [link] [comments] |
| Some common first time homebuyer mortgage mistakes Posted: 13 Aug 2020 05:40 AM PDT This is by no means an all inclusive list and is purely based on my experience writing and processing mortgages for first time home buyers. Feel free to add additional, as a lot of the questions in this sub seem to cover the same mistakes:
These are just a few, what others can people think of? [link] [comments] |
| Refi now charged an extra 0.5% fee Posted: 12 Aug 2020 07:21 PM PDT Article: http://www.mortgagenewsdaily.com/consumer_rates/951943.aspx Any thoughts from the experts on this sub? Why is this cost being passed to homeowners? Edit: edited question and new link from Freddie Mac https://guide.freddiemac.com/app/guide/bulletin/2020-32 [link] [comments] |
| Buying a House Next to a Coworker (WA) Posted: 12 Aug 2020 12:50 PM PDT My wife and I just had our offer accepted on a house in a neighborhood we love. We are over the moon excited to have landed a beautiful home, especially in a competitive market like Seattle. When I told my colleague what house we were buying, they informed me that another coworker owns the house next door. As in, we share a fence. We can see into eachother's yards from our back porches. I like this coworker/new neighbor and I don't foresee any issues, but we work for a small company and we work together frequently in the office. It's such a funny coincidence and I want to be sure I handle it tactfully. Does anyone here have any advice for how to approach this unusual situation in a way that makes it easier for all parties? EDIT: Thanks for the thoughtful responses and for having fun with this question. Appreciate you, Reddit [link] [comments] |
| SF Bay Area first time home buyer Posted: 12 Aug 2020 07:38 PM PDT I feel like we need some sort of support group for those looking to buy their first home in the Bay Area. Bidding over is a necessity and a guessing game. You're competing with the wealthiest of tech people and with these low interest rates, even more challenges. All this to buy what is an average home in the Midwest... [link] [comments] |
| Should I take a break from the house search? Posted: 13 Aug 2020 07:05 AM PDT Looking to buy a home in a really hot market which I expect will continue to get hotter as more and more people are moving to the area. I moved to the area in Jan, pre-COVID and signed short term lease for a small apartment, expecting that 1) I could save a little money, 2) I wouldn't be spending much time here between working from the office and being social, and 3) it'd be a little easier to find a home when I could dedicate time to the search. COVID has obviously thrown a wrench in that plan. Inventory in my market is extremely low now. I have put in 3 offers in the last month and have gotten outbid each time, despite going $10-$15K over asking. I'm feeling extremely defeated. To add to my frustration, being stuck at home so much, I'm longing for more space (I don't even have space for a desk). My options on the table are to keep looking for a home and if things don't pan out before my lease ends, do month to month for a $400 premium or just find a house to rent, buying myself a little more time to save and look. Although I hate the idea of moving twice, at this point I just don't know that I have the heart to keep living in this small space / keep losing out on homes. [link] [comments] |
| How can I get a <$100k mortgage at 20? Posted: 13 Aug 2020 08:54 AM PDT I am looking to buy a trailer or any sort of home in the sub 100k range. What do I need credit wise? I have about 1 year of credit history and don't know where to begin. My main goal is to get out of renting and start putting money towards an asset How do I set myself up for the future? I make $30k y/r and my rent is $1200 I have no debt [link] [comments] |
| Posted: 13 Aug 2020 08:39 AM PDT My fiancé and I are in the process of buying a home, and our realtor recommended getting a home warranty right after we close. Thing is, we were talking to an aunt, about it since she works in property development. She told us not to waste time or money on a home warranty. In her opinion, they're a complete waste of time. She's known many people who were never able to get anything covered with their home warranty. She also said the people who were able to get coverage did so after tenuous back-and-forth with the home warranty company. Now that we're about to close, we're thinking about getting one to help pay for a new HVAC condenser. Do you think warranties are worth investing in? What has been your experience with them? Have you been able to get adequate coverage when making repairs? [link] [comments] |
| Posted: 13 Aug 2020 07:54 AM PDT Process of buying new construction from local builder. Yesterday had my home inspector go through in the morning and first walk through with builder rep in the afternoon (blue tape). House is about 98% done btw. My Inspector found minor issues (random window not caulked, wood floor panel splintered). Builder asked for copy of the entire inspection in order to correct all deficiencies noted by my inspector along with everything cosmetic we found. While I think this is totally cool and have no issue giving up the inspection, I read on here recently that this isn't the norm and saw some comments about it being improper to give up the inspection a buyer paid for. Can anyone advise if that pertains to new construction as well? Thanks [link] [comments] |
| Thoughts on selling completely before buying? (Columbus, OH) Posted: 13 Aug 2020 07:33 AM PDT So I'm likely going to buy a new home in the coming year. I currently own mine by myself and have some equity built. I live with my pets and my daughter 50% of the time. The more I consider things, the more I lean toward wanting to completely sell this one (as in, have closed on the sale) before I buy. I'd like to have complete control and flexibility of the profit from this sale and how I use it as a down payment into the next place. And I'd like to take my time with the search. I also don't want to carry two mortgages. So if I go this route, I would either need to: (a) include a lease-back agreement in the sale (saying I could rent the old house from the new owners for 2-3 months), (b) put stuff in storage and live with a friend (and all my pets, oy), or (c) put stuff in storage and rent a short-term place, ideally furnished. If you've done this or a variation on it, what can you tell me about your experience? What do you wish you'd done differently? What other factors should be considered? [link] [comments] |
| Negotiating a house price. After first offer. Posted: 13 Aug 2020 06:59 AM PDT We saw a house that is currently with a guided price of 375,000. The exterior and structure of the house seem sound but the interior is disastrous. New everything, even the front door. We estimate you need to invest a further 40 - 50 grand, just to make it liveable. We saw a second house from the same agency. Roughly the same size and that went for 390,000 five minutes from the first house. We offered 316,7750. Our fist offer. The house inside really is that bad. The estate agent said he was authorised to reject offers of 360,000 and below but will pass on the offer. What is the next step? Should we give it a few days and go with 341,250 which is our best and final offer and be prepared to walk away. He also said the sellers are prepared to wait and sit on the property. [link] [comments] |
| Garbage APPRAISAL Value - Please Help Posted: 13 Aug 2020 09:41 AM PDT I really really don't want to pay MIP. In this hot housing market my appraisal value came in much lower than my home price. Just because of the nature of our home, short inventory and limited settlements. (1) we are awaiting other settlements in the area, appraiser kindly said he would accept them on appeal (2) the mortgage company agreed to do another appraisal later in the month My wife and I have awesome credit. Any other ideas on how to avoid this? [link] [comments] |
| Posted: 13 Aug 2020 09:22 AM PDT Our super-nice loan officer who helped us close about 3 years ago called a couple weeks ago letting us know that rates and our home value were great candidates for a refi. With the increased valuation (reduction in PMI) and new, lower rate, we are going to be saving about $450/month. Great news! I have been monitoring my credit, and I thought it was upper 700s. Credit Karma listed it at 770, wife's at 800+. But when he pulled the official credit, mine was 679: a small $110 medical bill I didn't know was reported and my student loan was put in disaster forbearance because of COVID. I must has misread the letter, because I thought it said they offered forbearance, but you had to call to activate it. So we disregarded it. But he said it was negatively impacting my credit. Since we locked in the rate, he said to hold tight until after the refi. Two questions: is it normal for a service like Credit Karma to be 100 points off your actual score, and should I not resolved those two credit issues until after the refi is complete like he suggested? He said they will pull my credit once more right before closing, so why would improving it be a bad idea? Note: I also just read this morning about Fannie and Freddie adding 0.5% fees to new refis beginning Sept. 1, so I am aware of that possible increase if we wait. [link] [comments] |
| FL: Test dates extended, is it because of corona? Posted: 13 Aug 2020 09:16 AM PDT Pearson Vue sent me an email about my authorization to take the FL Real Estate exam. My first attempt was late in my two year authorization period and I was supposed to only have about a week's span to take it again after the two week waiting period. I guess my question is; is the state allowing this? Is there a chance that its a fluke, meaning that even if I tested and pass, I'd still be denied licensure? Sorry if this isnt the place for this post. Pearson doesn't have its own sub. TLDR: Essentially my 2-year time to take the test should have expired this month, the testing center extended my "authorization to test" until August 2021. [link] [comments] |
| Has anyone ever sued or been sued over not disclosing an issue with a home? Posted: 12 Aug 2020 02:34 PM PDT If so, what's your story? How did things work out? [link] [comments] |
| Posted: 13 Aug 2020 05:16 AM PDT |
| fellow real estate agent using my photos? Posted: 13 Aug 2020 08:55 AM PDT It has come to my attention that a listing (expired) I had is re listed with another agent, however this agent is using all the photos I had professionally taken. This doesn't seem right to me. What do you all think? [link] [comments] |
| "It Wont Affect the Real Estate Market" Posted: 12 Aug 2020 05:35 AM PDT |
| What do I need to do to make my seller-financed home purchase official? Posted: 13 Aug 2020 08:49 AM PDT I posted this in r/legaladvice but wanted more clarification. My husband and I are purchasing a home from his father. The home is already owned free and clear, no mortgage on it in years. Prior to this purchase, the property was used for rental income. Father in law is not charging us a down payment. We will pay him a monthly payment equal to the estimated purchase price over 15 years. What do we need to do to make this official so that we are the legal owners of the home? From the responses on my other post and what I've found on google so far, I know I'll need a contract and a promissory note. Some suggested using a real estate attorney for that. Is there anything else? I can't find anything about how my state (NC) handles these type of sales. Also there were warnings to be aware of the tax consequences, but nothing specific. I'm an accountant, so I know mortgage interest and real estate taxes would be deductible if we itemize. We won't be paying mortgage interest, and we currently don't itemize. Am I missing something else tax related? The only thing I can think of is how my father in law will report the income that we pay to him in lieu of a mortgage, since it won't be rental income. [link] [comments] |
| Posted: 13 Aug 2020 08:24 AM PDT |
| Posted: 13 Aug 2020 08:10 AM PDT I own a co-op property in New Jersey with no mortgage. The property is worth about $100,000 and is currently being rented out for $1,200 per month. I'd like to leverage some cash from the unit to invest elsewhere but I'm having trouble finding if I can do a HELOC on a co-op investment property. Does anyone know if this possible? [link] [comments] |
| Posted: 12 Aug 2020 08:00 PM PDT I've posted about wanting to buy a house before and keep reading about the 3X salary maximum house cost. I'm just curious if this factors in other debts and obligations. I'm currently debt free and have over 1 year of living expenses saved. My hope is to save more and eventually use some of it for a down payment and keep 6 months left over. My salary is $80k/year and using the 3X rule I come to a $240,000 home price which simply does not exist anywhere near me since California sucks. I currently pay $2150/month rent which is the cheapest I can find while staying out of the ghetto. This is roughly half of my take-home pay but I still live quite comfortably while being able to save a decent amount each month. Using online calculators this rent payment is comparable to a mortgage payment including taxes and insurance on a $450k house assuming 20% down. Now I understand homes have maintenance which most say to assume 1%/year or $375/month. This drops potential purchase price down to $400k but it is still way above the 3X figure. Am I neglecting other expenses? My math tells me that 4-5X my salary is affordable for me given my life style. After reading the 3X rule I gave up on ever owning a house because I don't think I'll ever make 1/3 the cost of a home in California unless I move 2+ hours away. [link] [comments] |
| Fannie/Freddie are increasing rates on refinances Posted: 12 Aug 2020 07:55 PM PDT https://guide.freddiemac.com/app/guide/bulletin/2020-32 Doesn't seem like a decision made in the public interest at a time like this.... thoughts? [link] [comments] |
| Posted: 13 Aug 2020 07:49 AM PDT I have been trying to sell my townhome for 89 days in central FL 3 bed 2.5 bath and 1600sq. We had 1 pending sale but the buyer messed up her credit b4 closing. I am just over the process. We just dropped price again and there has been no movement, no activity, no showings. What are we doing wrong we are priced 15g below any other unit in the complex. What should we do? [link] [comments] |
| New construction-lot unavailable? Posted: 12 Aug 2020 09:11 PM PDT My husband and I met with a planner regarding a new construction home in a community we are interested in. We picked out a lot and home style but wanted to take a day to sleep on it before committing. Unfortunately the lot we had picked out sold that same day and when we went in to sign, it was gone. We selected this lot because it was larger than their average lot but not so large that it was unaffordable as well as it backed up to a small wooded area. While looking at the lots, we couldn't find anything that really fit what we wanted that was listed as "available". My husband asked about a comparable lot a few lots down that was listed as "not available". The planner called her supervisor who approved for us to purchase this lot provided his supervisor says it is ok to start a build on (due to time of day, we couldn't leave with a certain answer). If they say no, we get a refund if our earnest money. Has anyone come across this before or know why some lots are listed as "unavailable" but still on their map. I can't really relax or be happy about something huge we just did because there's a cloud of uncertainty over it. I don't want to say anything because I'm worried they will call back and say they can't move forward on that lot. I don't quite understand the available vs unavailable open lots and why it may not be approved if we are ready to sign and pay that day. Anyone know anything about this? [link] [comments] |
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This article provides practical, relatable advice for homebuyers struggling with repeated offer rejections, making it both informative and reassuring. For more expert tips and insights on real estate photography and marketing, check out the our blog.
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