Real Estate: Is it normal to feel a lot of anxiety when buying your first home? |
- Is it normal to feel a lot of anxiety when buying your first home?
- Title company never recorded anything , new loan shows up , I am not going to pay it ! What now ?
- Rural land prices are going through the roof
- How do these “I’ll buy your house” mailers work?
- Vested interest and photographing homes
- Offer Made on Home, My Agent is Playing Games
- Buyers Remorse - Bay Area CA
- House went pending 6 times since January
- Looking to buy my first home
- Buying a house after burning FTB mortgage
- Trying to Decide to do Major Repairs or Move [NC]
- termination of agreement fees
- First Time Home Buyer: Bad credit, but money in the bank
- Benefits of Townhouse terms of ownership?
- Nervous first time buyer needing help with Redfin value fluctuations
- Builder’s in-house lender sounds like a better deal. Would I be a jerk if I decided to switch to them before closing?
- Mortgage Preapproval Bay Area
- Unique house sitting in hot market
- Should I ask for the seller to pay the closing costs?
- How many years of tax returns does a coop typically require?
- My Rate Locked Refi just got more expensive
- Is investing in Detroit a wise idea?
- Home with leaking underground oil tank
| Is it normal to feel a lot of anxiety when buying your first home? Posted: 14 Aug 2020 10:32 PM PDT Is it normal to feel intense anxiety about buying your first home?? I'm 30 and about to buy my first home. I know this home is perfect for us and our future, I can totally see us living here for at least 10 years and the location is great. And we can afford this home. But I'm still so worried!! Worried I might regret it, worried I might have terrible neighbors, what if one of us Randomly becomes deathly ill and can't work, all the things lol. Is this normal? [link] [comments] |
| Title company never recorded anything , new loan shows up , I am not going to pay it ! What now ? Posted: 15 Aug 2020 05:03 AM PDT I have been researching extensively regards to my own situation then I had to come here and cry for help. So 4 weeks ago around July 13th, I closed my refinance for my investment property in North Carolina with Pennymac Home Loan service with a remote notary agent at home in Texas. The loan was 'funded' and I kept getting calls from Freedom Mortgage asking me if I wanna refi with them since they are my original loan servicer. My statement with freedom mortgage shows late for 14 days , that triggered me call them , the title , and Pennymac. Then it turns out Pennymac or the Loan officer never paid the 500 lender credit to the title, and the title didn't record anything .... then I offered with if I can pay it upfront then I will fight the loan officer later. Title said no, because everything is so old they can't record it ... Now I have two mortgage on one house ... what should I do now ? My plan is paying freedom mortgage until Pennymac get their shit together and I will not pay the new loan that generated by Pennymac. Please let me know what's the right thing to do in this situation . PS : Pennymacs Loan was funded but got help up buy title , so freedom mortgage never received their pay off amount due to loan officer did not pay the 500 lender credit to the title company . It was a fee he left out on paper then he agrees to pay the title on a recorded line and in front of the mobile notary. [link] [comments] |
| Rural land prices are going through the roof Posted: 14 Aug 2020 11:17 AM PDT Back in 2006 and 2007 I bought about 2,000 acres of what I call "junk" land in southeast Ohio and northeast Kentucky for an average of $600 an acre. I cut it up into mostly 5- to 20-acre tracts. I had a 75-acre parcel with a barn that never sold or else it sold and I had to take it back. Anyway, I sold the 75 acres on a land contract for $120,000 in 2015. I just got notice my customer is going to be paying me off. Lawyer sent me the deed and the customer is having me deed it to a third party for $270,000. So in five years a piece of land that I sold for $120,000 way more than doubled. I'm happy for my customer I guess (but a little sick that I am missing the profit) and still have a little bit of land left. If you have any rural land, don't sell it cheap. [link] [comments] |
| How do these “I’ll buy your house” mailers work? Posted: 15 Aug 2020 07:10 AM PDT Just curious, have been getting some of these lately. I own a home in a neighborhood that's home values have outpaced the market for the rest of the city. We only bought it this year so no plans to actually sell anytime soon. Do people just pick a zip code and send these out like buckshot to all addresses? [link] [comments] |
| Vested interest and photographing homes Posted: 15 Aug 2020 07:05 AM PDT Just a question from a situation a neighbor of my recently dealt with. If someone has a vested interest in your home, are they allowed to come on to the property to take photos, or are they expected to take photos on public property, unless given permission to do so? A neighbor across the street from me has had a few people poking around taking pictures of their home, and walking up to the mailbox, and through his grass and from the middle of his lawn. When he confronted one of them they mentioned having a vested interest in the property gives him the right to come on his property and take photos. Is this correct or is he being fed a pseudo-truth just to get him off their backs? [link] [comments] |
| Offer Made on Home, My Agent is Playing Games Posted: 15 Aug 2020 10:13 AM PDT A little background before getting into details, I have been searching for homes for months where I live here in Western PA.. I found an agent months ago who claimed they were willing and able to show me any home I wanted. All was well, over the months they showed me 12-15 homes.. after deciding I wanted to make an offer on one, they drafted the offer and it was sent to the Listing Agent. The seller came back and countered, to which I accepted on the terms that they close in November rather than September as indicated on the offer. My agent claimed they were not willing, and the deal died right there. Fast forward two months to today - the home is still for sale as of 8/15/2020, if my offer was accepted today the closing would be right in line where I needed it in November. The questionable part here comes into play because my agent has not been trustworthy or honorable, and I do not trust them. Not only did I send an email to my agent 2 weeks ago asking if the home was still available but they simply never responded. My question comes into play as I am still looking to buy this home, would I still need to use the same agent given an offer was accepted then denied? Or am I free to go through the listing agent and avoid this headache all together? Thank you! [link] [comments] |
| Posted: 15 Aug 2020 12:56 AM PDT Sigh. Here goes another rant. Seriously regretting the decision to move forward with a house we are in contract for. 15% down, only $5K above list price, neighborhood decent. Conventional loan at 2.875%. We removed the inspection contingency yesterday and now only have loan contingency left to go, but the initial underwriting has been approved. And now I'm having major regrets. Mostly about making, what I am currently feeling was, a bad decision driven by emotions. We still have about 6 months of savings immediately, and can still save decent monthly amount after we start making mortgage payments. We were looking for a house over a year, and lost bids on 7 houses. With the prices creeping up and my daughters childhood slipping away, we decided to move on this property and settle since we knew we could get it. Asking price was a bit high, but near comps. We like the house. We did settle for a smaller yard and on the smaller side for square footage. But I am really freaking myself out with the economic outlook and the thought that I just made a horrible decision as we move into economic uncertainty. I'm so scared at this point that I'm almost willing to give up earnest money to stay safe and keep the would have been down payment and closing fees in a savings account and rent to weather the upcoming storm. Very little sleep over the past few nights mulling over the despair of the economy, and the decision I made to play roulette with our financial runway at a time like this. Is giving up the earnest money and walking away just completely insane? Even if we did do that, could we get sued by the sellers? [link] [comments] |
| House went pending 6 times since January Posted: 15 Aug 2020 09:01 AM PDT There's a house I'm interested in however.. Since being listed in January it's been pending 6 times, and actually sold once, then went to pending 2 days later, then relisted 5 days after that Is this a red flag about the house? [link] [comments] |
| Posted: 15 Aug 2020 10:05 AM PDT Hey everyone I wanted to know your thoughts on if I could/should buy a home. I'm looking to move to Arizona and buy a home somewhat close to the university and rent out one of the rooms to help pay the mortgage. The average 2 bed 1 bath house in the area goes for roughly 175-250k. I'm 21 and here's my situation. -9k liquid cash -39k taxable brokerage account -14k Roth IRA -6.5k 401k -40-45k annual income (if I go full time I can bump it to around 60) -745 credit score Is it worth it to save for 20% down to avoid PMI, or should I just save enough to put the minimum down on an FHA loan? Any input is appreciated! [link] [comments] |
| Buying a house after burning FTB mortgage Posted: 15 Aug 2020 10:04 AM PDT My current residence is great but the landlord has become a tremendous problem and it's clear we're going to have to move. Available rentals in our area for our income level are few and far between and usually hot garbage. We bought a house a few years after marrying but after only 2 years my wife became fully disabled and could not work. Half our income disappeared and the bank refused to refinance or short sale so we lost the house, which was purchased with a first time buyer no down payment loan. That was in 2011-12. Someone who has a real estate agent spouse suggested we just get another USDA loan with no down payment, but we found out that once you get foreclosed in a USDA loan (which was the first time buyer house) that you're eternally locked out of USDA loans. We only have a small emergency fund and little ability to save enough to be able to create a down payment on a house any time soon. There are a few homes in our area that we could easily afford once we were into a mortgage, but the down payment/closing costs would slaughter or exceed our meager savings. Is there any way that my wife's disability would qualify us for any sort of mortgage without the down payment? Is there any sort of program besides the USDA first time buyer mortgage with no down payment? Is it possible the circumstances leading to the first time buyer home being foreclosed (becoming disabled) could be an exception? We're in the state of Missouri, which as far as I can tell is not much help. I'm posting here in because it;s difficult to get meaningful results on something so specific from google, in hopes someone here would have the knowledge to answer some of my questions. [link] [comments] |
| Trying to Decide to do Major Repairs or Move [NC] Posted: 15 Aug 2020 09:28 AM PDT I know that's a pretty racy title-- hear me out before you grab the pitchforks. I own my home, we've lived here 4 years. We bought it for under market value at $197K. Despite the pandemic the market seems to be going up in this area. Currently, the value seems to be somewhere between $225-275K. However, the home was a flip and there are issues. Quite a few actually. We never planned on staying in this area for longer than about 5-6 years and we are approaching that now. We are trying to decide what to do. Part of our plan was to pay down some debt which we have just really started tackling fully. I anticipate that it will take a couple more years to completely pay it off. If we decide to stay here then we need to start looking at doing major upgrades like siding, landscaping and drainage, possibly foundation and attic rafter repairs, replumb the house, rewire the house, etc. We are tossing around the idea of getting a home equity loan for some of that. We can probably qualify for somewhere between 35K-50K maybe more depending on the appraisal value. I think it appraised at 215K when we bought but home values have gone up since then. I am definitely concerned that this amount won't cover all of the work that needs done. None of this would feel like a big deal if we were staying long term but we don't love the area and I grew up on the west coast and I am itching to get back there. I feel like even if we stayed for 2 more years to fully pay off the debt we put ourselves in a position where we might have no choice but to do some of this work. Now, I want to be clear that this house is very liveable. Everything functions and there are no issues that are dangerous or make the place uninhabitable. It's just maintenance that we can see coming down the road. I should also point out to others who are not in this area that we have clay soil in this area and foundations are basically out of whack on every home. We've spoken with many contractors, including a foundation repair specialist, who have been under our house and looked at what we are seeing and all of them just basically said: "ya, that's no big deal, every home has those issues here." So, this is all stuff that is not an emergency and is common to many homes in this area. It just means that we have to maintain it more than maybe in other places. We are basically looking at 2 options: 1) take out a loan and fix the bones of the house and live here for a couple more years; or 2) fix as much as we can without taking out the loan, disclose the other issues as far as what we know about them and sell it for a low price that reflects the work needed. We owe about $167K on the house so we have quite a bit of wiggle room between what we need to get to pay off the loan and what the market value is in the area. I'd like to get opinions (please be nice!) on which way to go and also, if there are any situations that lenders won't finance a property. Like, certain repairs which would have to be done in order for a buyer to purchase. Thanks! [link] [comments] |
| Posted: 15 Aug 2020 08:47 AM PDT We are selling a house in Texas, and getting ready to sign an agreement with a realtor. The house is in the $240,000 or so value area. There is a line added to the boilerplate (section Other Fees and/or Reimbursable Expenses) that says: "If the parties agree to terminate this agreement Seller agrees to reimburse Broker $2000.00 for expenses incurred." Is that a standard thing for the realtor to add? If so, is the amount excessive? They also want a year on the agreement. In the past, I have heard 6 months. Has it changed? Thanks! [link] [comments] |
| First Time Home Buyer: Bad credit, but money in the bank Posted: 14 Aug 2020 11:58 PM PDT BF and I are touring homes tomorrow within the price range that we've decided on. I have awful credit (young, didn't establish any- apart from things which went to collections about 5 years ago when I was 19 that included 2 utility bills totaling a mere $400 or so dollars- I know). I have money saved for a nice down-payment and BF has good credit and income. Basically, we can afford the homes we are looking at easily. How will this be a problem for me and how can I make it work if it is? [link] [comments] |
| Benefits of Townhouse terms of ownership? Posted: 15 Aug 2020 08:08 AM PDT I understand that there is an ownership difference between a Condo and a Townhouse: A condo you only own the airspace between the walls ceiling and floor. A townhouse you typically own the entire structure from the middle of the shared walls up and down including the exterior and also the land the townhome is built on. How is the townhouse terms of ownership beneficial if you are restricted by HOA bylaws on what you can do in this property anyway? [link] [comments] |
| Nervous first time buyer needing help with Redfin value fluctuations Posted: 15 Aug 2020 07:45 AM PDT I know sites with estimated home values like Redfin have to be taken with a grain of salt, but I'm wondering what would cause the value of a home to fluctuate by $60,000 in a day's time... I just got a purchase agreement signed for a home that was listed at $425,000 and my accepted offer was for slightly more at $433,000. Yesterday, the Redin estimated value was $466,000 (which made me feel pretty good!). However, today, the value went down to $408,000 (not making me feel good). I live in the Minneapolis area so lack of sales in the neighborhood is probably not a factor. For additional context, I'm a first time home buyer in a highly competitive real estate market who is having some intense anxiety about whether or not I overpaid for my first home. I'm contemplating backing out after inspection because I fear I overpaid. [link] [comments] |
| Posted: 14 Aug 2020 09:09 PM PDT Hi! I'm currently in the process of building my first home with DR Horton. Prior to signing the purchase agreement, I've already talked to and got pre-approved by a mortgage broker. Fast forward to today, I got to speak with the loan officer of the lender affiliated with DR Horton, and they are offering a way better deal for closing. Mortgage broker estimated around 20k cash to close, DR Horton estimated 13k cash to close. Now I'm seriously considering switching lenders. I just kinda feel bad because I've been working with this mortgage broker for at least a couple months now, and he did warn me that the builder's lender will try to "steer" me their way, and it is kinda working. Should I continue to work with both lenders until the actual loan application and closing? Or should I just cut one loose now? Would I be a jerk if I decided to go with the builder's lender even though I've already worked with this mortgage broker for a couple months and he's already helped me with a bunch of things? Or is it a fairly common thing that buyers do? I would appreciate any input. Thanks! [link] [comments] |
| Posted: 15 Aug 2020 07:41 AM PDT Hi all, Is there a current preference in lenders for mortgage preapproval in the bay area ca? In speaking to some local realtors I've been hearing some similar and conflicting information regarding how long it's taking some of the larger banks to close (> 30 days Chase, Citi, WF, etc.). Most told me to go with BofA so I'm currently going through the process with BofA but does anyone have any insights? Thank you [link] [comments] |
| Unique house sitting in hot market Posted: 14 Aug 2020 06:29 PM PDT Put an offer on a house today. Typical hot market, and in a hot neighborhood. Details about the house: -On the market for over 100 days, originally listed for $545k, now down to $490k -Built in 1980, doesn't appear to have been updated in at least 20 years aside from a new roof in 2014 -Listed as a 5BR/2.5BA with 2700 sq ft; County records say 3BR/1.5BA with 2000 sq ft -Sloped lot with walkout basement. 2 bedrooms and 1 bath were added below grade (no permits) but they are legit bedrooms with window egress and the same quality of finish as upstairs -The house has unique architecture and high vaulted ceilings. -Seller's agent sent us their comps to justify the price; comps were all over the place and included houses in an adjacent neighborhood that are priced significantly higher despite there being several houses that sold recently in the neighborhood in question. One of the comps was the realtor's own house. All comps were significantly updated, whereas this house has not been in ages. I can't find a comparable house sold recently that hasn't been updated. Our realtor agrees that it is overpriced and we ended up offering $450k which I still feel is kind of high and am worried about resale value. She is confident that the appraisal will come in lower even though that is atypical. We're comfortable with the price financially but worried we are making a mistake that will bite us in the future. However we think that the updates we'd make would make the house way more desirable. Additionally, the sellers agent has indicated that they will likely counter to get us close to $470k, so we need to decide how high we are willing to go. I'm curious if it would possible just to get a second opinion from an appraiser during the inspection period (informally). I feel like there is something we are missing but our realtor thinks it's just been sitting because no one wants to do the update work. [link] [comments] |
| Should I ask for the seller to pay the closing costs? Posted: 15 Aug 2020 01:58 AM PDT Hello everyone, To start off, this is our first house we are buying. We are getting a VA home loan to finance the house. The house we are looking at is in an amazing location and is exactly what we are looking for. The issue we are having is we don't have ALOT of money to spend on out-of-pocket costs. The seller wants nothing to do with this house (we are assuming they inherited it), they just want to sell it and be done with it. Because of this, they are selling the home as-is, so we would be responsible for any repairs before we can purchase the house. There isn't a huge amount of repairs that we seen from the walk through, maybe 2k-3k worth, but thats money that will have to come out of our pocket. Our current plan is to offer the asking price but request the seller to pay closing costs since we have to pay repairs. Would this be a good decision to send that offer? We really dont want to scare the seller into not accepting the offer because we really like this house. Some other info: There is no other pending offers at this time, but the house has only been on the market for 10 days. Since we are going through the VA home loan, we are required to get the home apprised, and the VA home loan will only cover what the home is appraised for, meaning we would have to pay the difference out-of-pocket or negotiate the price, both scenarios are not good. If we have to pay the difference, thats just more coming out of our small pockets, and if we have to negotiate to lower the price, the seller is likely just to say no and go with someone else. Thanks for reading, I know its a bit of a long one. TL;DR--We don't have alot of money for out-of-pocket costs, should we request the seller pay for closing costs when we have to pay for home repairs? [link] [comments] |
| How many years of tax returns does a coop typically require? Posted: 15 Aug 2020 01:38 AM PDT How many years of tax returns does a coop typically require? [link] [comments] |
| My Rate Locked Refi just got more expensive Posted: 15 Aug 2020 05:15 AM PDT I was excited because I locked my rate on Monday of this week. I had JUST barely avoided the .5% rate increase. Unfortunately, while my rate has not changed, the "Estimated Total Payoffs and Payments" amount has just increased by .05% of the loan amount. [link] [comments] |
| Is investing in Detroit a wise idea? Posted: 14 Aug 2020 07:30 PM PDT I saw recently that the median home price in detroit is under 100k, and also that there are a lot of cheap vacant buildings that could easily be remodeled and turned into apartments. I read that Detroit is expected to make a comeback soon, since the economy is better, google and microsoft both have headquarters in detroit, more people are moving back, its getting safer and gentrified, etc. Is it a good idea to invest in cheap properties, remodel them, wait for the value to go up and sell them? What about buying cheap apartment complexes and fixing them up so you can rent apartments out to people? Im new to real estate so i need some tips. Thanks in advance! [link] [comments] |
| Home with leaking underground oil tank Posted: 15 Aug 2020 01:33 AM PDT Edit: Home located in NC. We are in the due diligence phase with a home. We discovered a oil tank on the property (was not disclosed by the seller). Upon inspection it was confirmed there is still oil in the tank, it is leaking and it has contaminated the soil. The seller is doing their own inspection to determine their next steps. As a buyer, would you walk away? Or accept one of the following conditions: - seller decommission oil tank, by removing oil and inserting foam - seller remove tank and all contaminated soil Thanks! [link] [comments] |
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