Real Estate: It seems that no one is talking about the need to buy and covid. |
- It seems that no one is talking about the need to buy and covid.
- How is this not a bubble? Real talk.
- Is it ever cost effective to tear down a single family home and rebuild at the same location?
- Terminated a contract for a new construction recently upon mutual agreement
- Screwed in CT
- Closing pushed back due to attorney typo?
- Rate?
- First time home buyer guide?
- Offer on a coming soon property
- Is buying property abroad a good move?
- Don’t agree to amend escrow? (California)
- Sale of property in middle of construction
- Mortgage for investment property...
- Possible Scam? Would Appreciate Input
- Seller removed items from house after walk through.
- Confirming High Balance Loan with 5% Down?
- My realtor told me to tell my home appraiser what the offer on my house is. This seems transparent and uncouth. Thoughts?
- Mortgage Interest Rate: Buy Together or Alone?
- HELOC vs Cash Out Refi for Investmemt Home Purchase
- Wait or buy?
- Why won't my lender lock in a rate?
- First time home buyer resources [USA]
- Short Sale Woes
- Pre-foreclosure⁉️
| It seems that no one is talking about the need to buy and covid. Posted: 27 Aug 2020 06:41 PM PDT I keep seeing all of these posts/suggestions about waiting to buy. "There is no houses on the market. Everyone is overbidding to get in. In a year will have the ramifications of the economic downfall of everything " ect. What what people are not talking about is people who are buying because of covid. I live in a 2 bedroom apartment with my husband and my 2 kids. My husband and I are both college professors so we are working from home for this next year. Add my children will be distance learning for the next year. Normally we are fine with a 2 bedroom apartment because the kids go to school, we go to work, and the kids have after school activities and sports ect. My husband and I were planning on buying a year. But the idea of living in this 2 bedroom apartment with all of us working from home with no real outlets for a year......can't happen. I know I'm gonna overpay for a place but it's worth a year of sanity. Anyone else feeling this way? BTW we put an offer on a place yesterday wish us luck. [link] [comments] |
| How is this not a bubble? Real talk. Posted: 28 Aug 2020 07:31 AM PDT This isn't meant to be inflammatory genuinely needing a reasonable reply. How is this not a bubble? I'm seeing financing available at 2.0% (2.212%) APR with 5% down and no PMI. I bought my first home in 2005. People are frequently complaining about bidding wars and multiple offers etc... that was my 2005. Put 11 bids out there, went contingent 4 times (had serious finding on inspection) before finally landing a decent place by offering about 7K more than asking without an inspection clause. A year later sold that house for 50K over what I paid. Bought another house in 2008 preburst and have only just now recovered to purchase price 12 years later and going up rapidly each month. How is this not a bubble? Continuous growth is impossible we all know this, what reasons lead you to believe that this isn't a bubble? [link] [comments] |
| Is it ever cost effective to tear down a single family home and rebuild at the same location? Posted: 28 Aug 2020 08:15 AM PDT Hypothetical scenario: A young couple buys a older single family home in an great neighborhood for $185K. Most homes in the neighborhood/surrounding area of similar size sell for $300K+. This couple feels fortunate and enjoys living in this older home for 5-7 years. They then get the "idea" of to tear down their older home rand rebuild on the same exact lot. They would prefer to stay in the same location and really love their neighborhood. Is this scenario ever cost effective? Or is it almost always a better decision to simply sell the outdated, older home and use the proceeds to buy a new home? You [link] [comments] |
| Terminated a contract for a new construction recently upon mutual agreement Posted: 28 Aug 2020 06:37 AM PDT The reason for termination being that the sellers are nowhere close to completion of the house (no drywall yet). One of the clauses in our contract read that we could terminate on October 30th if the house was not ready. The only reason why the sellers have agreed to terminate the contract right now (before the termination date) is that they know that they wouldn't make the deadline. Hand money- the sellers have decided to give the hand money back provided we pay for the upgrades we chose (google security system and cameras). Our argument is that we will pay for those upgrades provided they give us the security system (given that it's not installed or anything). Are we being unfair here? It's very strange that they are asking money for something they haven't ordered, and are expecting us to not even expect the product in return. Thanks so much! [link] [comments] |
| Posted: 28 Aug 2020 09:06 AM PDT Can anyone tell me how unethical this is? In Norwalk CT, our offer was accepted, signed a purchase agreement (which the seller removed language about it being binding- our agent apologized for advising us to sign off on the changes) got all the way past inspection, appraisal scheduled for today, and then we noticed the apartment was put back on the market- turns out they accepted another offer after signing our purchase agreement, and won't tell us what it is so we could match it. We upped our offer twice, still nothing. Our lawyer, agent and lender all said it's extremely unethical and in bad faith, but only slightly illegal. What would you do? How bad is this? Thanks r/real estate! [link] [comments] |
| Closing pushed back due to attorney typo? Posted: 28 Aug 2020 07:49 AM PDT Got a call from my agent a few hours ago and she told me the seller isn't following through with the closing date and time. She said something about tenants still in the property and the seller is trying to invoke some 'emergency period' where they have up to 14 days to close. She also said the attorney apparently had a typo that the closing date would be 1 week later than stated. It's all kind of confusing but the contract specifically states the closing date and that all tenants currently in the property would be vacated prior to closing. This is not an investment property purchase. This is in North carolina if that helps. Does any of this sound accurate? What power do I have to push the seller to close on the specified date? My locked rate expires 1 day after closing but my agent said she would cover the cost to extend the rate which is super nice. I know closing times are not always accurate (from reading here) but I'd like to know if there is anything I can do to push the date closer to the contracted time. [link] [comments] |
| Posted: 28 Aug 2020 05:18 AM PDT We locked in at 3.2% rate with no points on a 30 year fixed conventional with 3% down on a 360,000 loan. I'm just wondering if anyone else is getting similar rates? I thought we would get a lower rate [link] [comments] |
| Posted: 28 Aug 2020 07:57 AM PDT Hello, In about another month I'm going to be in a good position to start looking for my first home. Being a first time home buy I'm feeling a little overwhelmed with where to begin. Could anybody point me in the direction of some good resources for first time home buyers, specifically in the Salt Lake City area? Checklists/guides anything like that? Thank you! [link] [comments] |
| Offer on a coming soon property Posted: 28 Aug 2020 08:50 AM PDT Hello, there is a property listed as coming soon in neighborhood we liked. Its also the similar model/same nieghborhood that we previously put an offer on and got outbid. Im not 100% sure on all the rules regarding coming soon houses but im pretty sure we cant do a tour of it. Is it advisable to put an offer on the house prior to the listing going active? There are no pictures but i know the layout from touring the same models in the neighborhood. The only questions would be floor colors/material, kitchen colors/ the view behind the house. P.s. the area im looking at is a hot housing market and the houses sell within 48hours of going active unless there is something wrong with them. I seen 2 houses go from coming soon to pending in the last few months. [link] [comments] |
| Is buying property abroad a good move? Posted: 28 Aug 2020 08:41 AM PDT Hi I'm 22 and looking to buy a property in a complex somewhere in Europe. I'm from Ireland so that's why Europe and looking for something in a sunny location to rent as a holiday home/Airbnb. The ones I've been looking at go for about 25-75k depending on location and usually have fees of about 200-500 a year for maintenance. They all have access to at least a few of the following golf courses, tennis court, swimming pools, beaches, restaurants and bar on site. Is this a good move as an investment. Im hoping that when I'm done travelling in about 5 years that it will be another income for me. Any tips or advice would be great! [link] [comments] |
| Don’t agree to amend escrow? (California) Posted: 28 Aug 2020 04:41 AM PDT Tired of a buyer, they keep missing deadlines and missed the date to close escrow. The seller agent, yes my agent kept delaying notices to perform and they failed to send a demand to close escrow. Escrow due date already passed and there is an amendment requested to change the close date. Can I force my agent to send a demand to close escrow, not extend escrow since I don't agree to it, and cancel the stupid transaction and find another buyer? What are my options here. Unfortunately I have to ask here since my agent is garbage. [link] [comments] |
| Sale of property in middle of construction Posted: 28 Aug 2020 08:00 AM PDT Hello. I've been lurking on this sub for while, and have learned a lot from you all! So thank you in advance for your insights! This may be a bit of a silly question that I'm not exactly sure how to ask. I don't completely understand the nuances of how construction permits and closing said permits work. I've seen a few homes for sale in which they are being sold as is in the middle of a massive gut job/reno (see example here). If a buyer were to purchase a home in this scenario, would they have to close all existing permits and open new ones to continue construction? Can the permits even be closed on a home in such conditions? Would the permits need to be transferred? And what are the risks of doing this? Are there any pros to buying a home in this condition? [link] [comments] |
| Mortgage for investment property... Posted: 28 Aug 2020 07:59 AM PDT Hi All, I recently started looking into getting a mortgage to buy a house that I plan to rent. The banker told me I need two years of work history, which I don't have because I took a year off to get married and travel the world with my wife. We have more liquid assets than the total value of the home we wanted to buy and I've had a job (w/ a six figure salary) since January. I definitely didn't think this was going to be an issue but it seems we can't get a mortgage... Anyone have any advice on how to get a mortgage while still taking advantage of the low interest environment? (I know there is stuff like LendingHome but those loans start at a ridiculous 6.5%... defeating the purpose) Thx! [link] [comments] |
| Possible Scam? Would Appreciate Input Posted: 28 Aug 2020 07:57 AM PDT Long story short. We've received two phone calls about my parents house (I live with them). One was from an area code right next to ours, other was from several states away. Basically this lady calls saying "she has follow up questions about a home evaluation" A number called after that saying "I know this is out of the blue, but I'd like to talk about buying the house and doing whatever it takes to make that happen" Mind you, the house IS NOT for sale and HAS NOT been for sale in 30 years. So they call the lady first from the home evaluation. She was kinda stammering but said "well if there's buyers in the area, and they see another house they'll submit a home evaluation on it" that sounds wrong. Just right away. How can someone submit a home evaluation on your house when it isn't for sale? Zero information was given to that lady by us except for "the house isn't for sale." Then we called the "buyer" and the number is no longer active. So that definitely raise a red flag and now I'm just curious to what this could have been. Again, house isn't for sale, won't be for sale, and no information was ever or will ever be given out. [link] [comments] |
| Seller removed items from house after walk through. Posted: 27 Aug 2020 04:59 PM PDT Let me preface this by stating this was our first home purchase so this might just be lesson learned. The seller didn't want to pay a buyers commission so they wanted to use an intermediary which we agreed to(first mistake). House was completely empty bar a few things in the garage, washer, dryer, hoses etc around the house. We were initially told we could keep the washer and dryer as buyer had moved to Michigan then told we could buy them for $300 and we declined. We viewed the house with said intermediary made an offer it was accepted all felt normal. We requested a few things be fixed and all was taken care of. We do a final walk through at 05:30 PM night before close to make sure said things looked good and repairs were good to go. Washer, dryer, etc was still all in the house which we thought was weird but whatever. We close at 3 PM next day loan is funded etc take possession of house and things have been removed after the walk through. Biggest issue for us was $300-500 fire pit in the back yard + wood + wood rack. Washer dryer were also gone plus hoses etc which weren't a big deal but would have been nice as they were there the night before. We text intermediary about the fire pit/wood etc as we thought they were included when we take possession of the house. He gives us a line about how the seller came through with a moving truck that day and loaded things up and took them with him to Wisconsin as they weren't attached to the house therefore not part of property. The title company told us the seller was already in Michigan for the close and they had to send out a remote notary for their piece of the signing. I understand the fire pit/wood isn't necessarily part of the realty and this may just be a bit of deception but I was seeing what if any any action we should take or just chalk this up first time home buyer naivety. Just left a bit of a sour taste in our mouths. [link] [comments] |
| Confirming High Balance Loan with 5% Down? Posted: 28 Aug 2020 07:14 AM PDT My wife and I are starting to look at buying in a high COL area (conforming limit is at the $765k cap), but when we talked to our bank (Bank of America) they mentioned anything over the national conforming limit was a "high balance" mortgage and needed at least 10% down. We have 10% saved, but with closing costs I think our down payment would probably be closer to 5-7%. I can't find a lot of info about this online—is this just a BoA thing or is a conforming high balance mortgage with less than 10% down not possible? [link] [comments] |
| Posted: 28 Aug 2020 07:14 AM PDT |
| Mortgage Interest Rate: Buy Together or Alone? Posted: 28 Aug 2020 10:56 AM PDT My partner and I have been together for many years and do plan on getting married but we want to wait until COVID is totally over and we can make wedding plans without compromising. We are however casually looking at buying houses now, and if we find the right one we have the funds to put 20%. My partner has no debt and makes good money and has great credit as well (740+). We're comfortable with the range he qualifies for on his income alone, it fits right in our budget. I have student loan debt and a car loan as well, but my credit might be slightly higher (770+). I have a few questions: If we buy the house together (but not married) would we get a better interest rate? If we got married first, would we get a better interest rate? (Would it be better or about the same as buying together but unmarried?) [link] [comments] |
| HELOC vs Cash Out Refi for Investmemt Home Purchase Posted: 28 Aug 2020 10:35 AM PDT I own a couple properties and am looking into buying another property. One of my properties has about 40k in equity. Should I use a HELOC or the Cash Out to be my next investment property? I like the idea with the HELOC, the only payments required are interest only(during the draw period) and dosent increase my monthly mortgage. Granted I would be taking my hopeful rental profit to pay it off sooner then later. Only downside I see is the ARM. With the cashout, I like the fixed rates. I don't like that it increases my monthly payments on my home for the next 30years. [link] [comments] |
| Posted: 28 Aug 2020 10:25 AM PDT We live in Vancouver and would like to buy a 2 bedroom condo, aiming for $750,000. Our combined annual salary before tax is $234,000. We have a leased vehicle but aside from that, no other debt. No kids (ever). We currently pay $2800/month for rent. We are first time home buyers and could currently afford 6% down. On a 25 year mortgage, it looks like our monthly payments would be in the $4,000 range (incl. Maintenance fees, insurance etc.) My question is, is it better to continue to save for a bigger down payment while wasting money on rent, or buy now but have a larger mortgage? [link] [comments] |
| Why won't my lender lock in a rate? Posted: 28 Aug 2020 10:16 AM PDT Okay here is the situation: Buying a new house and got quoted a great rate and we were told we can't lock it in until we are under contract for the house. The rate went up in that time (which was a bummer) but NOW we are trying to lock in the new - slightly higher rate - since we are under contract and our lender is saying that they can't lock it in and we have to go with a floating rate until some indeterminate time between now and the close date in October (sellers need a long close since they are relocating). BUT everything on their website says they do rate locks, and we called not one but two of their offices and they confirmed that this is the case at the point of contract. Feel like we are getting taken for a ride and they weren't expecting us to actually read the contract. We are putting more than 20% down and have great credit, and they have done enough leg work to know we are good for the payments. Why won't they lock it in? [link] [comments] |
| First time home buyer resources [USA] Posted: 28 Aug 2020 10:15 AM PDT Hello all I am new to much of this, but am finally in a financial point where buying a home is something I may be able to do. I checked your FAQ and although there is a first time home buyer link, it is a dead end.(I'm on mobile) If someone could direct me to resources on a first time home purchase I would appreciate it. I am looking in the northern area of Ohio if that information is helpful. Thanks [link] [comments] |
| Posted: 28 Aug 2020 09:50 AM PDT My wife and I purchased a house in 2015 and our mortgage payment was $900 on a $120,000 home.We got an FHA loan etc, etc then I lost my job (I was there primary source of income at the time) and the mortgage payment jumped to $1200 because the county didn't change their property assessment until after we moved in, so we got screwed on taxes. We could no longer afford this house. We tried to sell the house for a while, then gave up, moved out in Feb 2017 into a rental property in a different city and began the short sale process. Finally selling it in June 2019, we're still renting, my wife is employed by the government with an income considerably larger than before. I worked at a restaurant that closed due to Covid and am presently out of work until our new restaurant is built and open in the fall. We're now looking at a new property for around $230,000 and trying to get a loan, but three different lenders have told us that we need to wait 2 years to apply for a new FHA. Everything I have researched has given me so many different numbers. Is it waiting 2 years? 3 years? There are supposed to be "exceptions" due to extenuating circumstances such as ours but it's never defined. Is this up to the lender? I feel like a chunk of these articles is missing. I'm going to cross post in other threads, if anyone has any advice, it's most appreciated and I'll try to answer any questions promptly. Edit: incorrect date [link] [comments] |
| Posted: 28 Aug 2020 09:20 AM PDT We're househunting in NJ, & one of our interests is in "Pre-foreclosure". Never came across this term. Should we pass? [link] [comments] |
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