Real Estate: Just locked in for 2.67% |
- Just locked in for 2.67%
- Title work delaying closing - tips please!
- DIY Security products/locks for rental and vacant properties
- Pay student loan off before buying a home?
- Taking a break from this crazy market
- 1st home buyer: are apartments problematic?
- If you were a seller reading personal letters from buyers, would you feel any way about seeing a personal letter that mentions two people when only one of the people are making the offer?
- I am a Victim of real estate wire fraud
- Landlord sending us bill for repairs
- Rocket Mortgage (I should have known better...)
- Current Mortgage Rates at the end of Aug 2020
- Did anybody else think buying a point on a mortgage meant....
- Should I buy a condo or a single family home as a starter in Bay Area?
- Any pitfalls to consider when using a lender partly owned by the RE broker?
- What to do with a large home in a Tier 5 city?
- 1500 Foot Driveway!!
- Should I use my FHA with a partner/friend or wait?
- IF there is a big correction in the market, what properties tend to drop value the quickest?
- Transfering my rental property under my llc after a year appraisal suggestions?
- Inheriting a SFH, should I open a business account or just put on personal name?
- Refinance Appraisal vs Actual Listing Price
- Can anyone explain this chart for me?
- anyone rented owner occupied home before 12 months??
- Can I use different schools to complete the licensing courses in Texas?
- What are people guessing will happen to the real estate market in the next year?
| Posted: 29 Aug 2020 03:16 PM PDT New build 375k purchase price 10% down 820 credit rating. Using the builders preferred lender and getting 3500 credit towards closing. No points purchased closing costs are 2200 after credit. This is a local credit union in Austin area. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Title work delaying closing - tips please! Posted: 30 Aug 2020 07:36 AM PDT We are purchasing a property in upstate New York, and due to the insane amount of transactions happening in the area, our attorney told us that the title work will not be ready for a month, at the earliest. Everything else is good to go - inspection, appraisal, loan...so this is the only thing preventing us from closing. I asked my realtor if this was normal, and he said it's because a) they are swamped and b)the county is only allowing limited # of people in to physically pull records. Is anyone else experiencing the same thing? Could my attorney to use an out of state or national title search company rather than a local one? Do they actually have to physically go search for documents?! Any tips to speed up the process is appreciated! [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DIY Security products/locks for rental and vacant properties Posted: 30 Aug 2020 06:02 AM PDT I have a duplex under contract that will might be vacant a month or two before renovations can begin, and I'll be sporadically out of town during that period. The town is among the safest you could find for such a situation and squatting and the like isn't a huge risk, but I'd still like some means of monitoring/security. Curious on results with SimpliSafe, or if there are better products or good-enough non subscription hardware that would alert me reliably. In addition, I wouldn't mind a high end lock set that would also be attractive for tenants with the ability to add and remove access codes and didn't know what was the best/coolest product out there these days. Appreciate any tips [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pay student loan off before buying a home? Posted: 30 Aug 2020 05:19 AM PDT Hello! We're planning to buy our 2nd home (after selling our first) in about 6-9 months. We're almost debt free, aside from a $3800 student loan which my fiancee pays $80 per month on. My question: would it be worth it to pay this off before we get our new approval amount to buy? The goal is to get the biggest house we can afford (long story, but we're only able to have his income considered in the home buying, even though we will have double the monthly income so we're trying to buy at the top of his price range and then be comfortable with two incomes..) TDLR: Will paying off a $3800 student loan make a significant difference in home loan approval amount? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taking a break from this crazy market Posted: 29 Aug 2020 09:06 PM PDT This is one of those pity posts. We've been looking since March and offered on 4 houses with no success. We want to get out of the city, get backyard and grow our family away for the craziness of the city living. We are aggressive have financing and the down payment. We've been waving appraisal contingencies and offering short closes. But in every situation we've been losing out to offers that seem completely nutty. For example we offered $850k on home that was listed at $775k and lost to a bid of $890k. We realize that the house may Have been listed low to create buzz but damn. So we're taking a break for now. See how the elections and all this craziness plays out. It's just too depressing at this point. Ps if you're seller listing at below market price to create a bidding war, you suck. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1st home buyer: are apartments problematic? Posted: 30 Aug 2020 04:35 AM PDT Hello all, I have heard from a friend who is a Structural Draftsperson that apartments can come with flaws, defects which can be costly for the owners. What checks can be done before buying to make sure that I won't have any problems? Obviously researching the builder and architect company. Leaks and cracks are obvious during inspections. Thanks for the advice. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 30 Aug 2020 07:44 AM PDT I'm house shopping with my partner, but I'm the only one who will be buying. Despite being the only buyer, my partner has been with me for years and will be living with me in the place I buy. We aren't in a registered domestic partnership. Basically none of my partners finances are a consideration for this purchase and our finances are separate. I want to write a personal note to the seller because it's a popular home. I'm wondering if I mention my partner in the letter (talking about wo we are and why we love the home), would the sellers think it's weird that my partners name isn't on the P&S agreement and preapproval letter? If you were a seller, would that raise any concerns about financing? I want to include my partner in the letter because I think it will build more of a connection with them (I learned some things about who they are and they have a couple similarities). It's also a great home for a small family or couple and I worry about my personal letter not connecting if it looks like I'm just a person with no common ground. Thanks for any guidance. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| I am a Victim of real estate wire fraud Posted: 29 Aug 2020 09:11 AM PDT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Landlord sending us bill for repairs Posted: 30 Aug 2020 06:55 AM PDT Our fridge has been broken for about 5 days at this point and we have taken all the steps the landlord has recommended. It is probably time to get a repair man, but the landlord has told us that if there is nothing wrong with the fridge according to his repair person, it will be our responsibility to pay for the repair visit/pay for a new fridge. This is not in our lease and I can't seem to find anything in the Boston tenant/lessor rights. Can he do that ? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rocket Mortgage (I should have known better...) Posted: 30 Aug 2020 04:57 AM PDT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Mortgage Rates at the end of Aug 2020 Posted: 29 Aug 2020 01:14 PM PDT Hi all, I have been calling a ton of banks/lenders for purchase rates yesterday and today. Here's the rates I've been quoted for. Hope this helps some of you, and if you have a rate to share, I'd love to hear about it! 800k Condo Purchase, 20% down (640k high balance confirming loan), 780+ Credit, Massachusetts, Principal residence. Table sorted by APR.
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| Did anybody else think buying a point on a mortgage meant.... Posted: 30 Aug 2020 09:41 AM PDT Did anybody else think buying a point (1% of the loan) on a mortgage meant you were getting a point (1% interest) off the interest rate? I always just assumed that and recently found out some of my clients are buying points (1% of the loan) for like .25% to .5% off the interest rate. This is not particular to any one lender either. Did it use to be different? As in point for point. Can this also be negotiated? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Should I buy a condo or a single family home as a starter in Bay Area? Posted: 30 Aug 2020 02:00 AM PDT As the title says, I am wondering which would financially be better in the Bay Area as a first purchase-- Either: A. Buy a condo or something below budget, with a more manageable mortgage; then upgrade to something larger in the future. Basically slowly upgrade from one place to another. B. Should I just buy a house at budget, with a larger, (and longer mortgage). Basically buy once. My logic for Idea A is to buy something more manageable, like a condo, and wait for it to appreciate a bit, and then sell it to get a single family home later (lets say after 5 years), allowing for more financial freedom. Getting a condo seems a lot cheaper in the long term than renting. OR Idea B; would it be better to just wait a little longer and continue renting and save up some more to get a single family home as a first buy? Some background info: I grew up in the South bay and would most likely want to stay there. I have a yearly income is around 170k, and have saved up enough for 200k down payment with another 100k extra in savings for other things. My girlfriend just graduated and is job searching so most likely she will contribute to mortgage as rent after she finds a job (I would say the absolute minimum she would earn as a starting salary would be 50k) and eventually we want to get married around the time of getting a home. I feel it's more financially stable to get a condo or something cheap near work/public transit, then later on, get something even better with increased spending power. But I am getting different opinions from friend's and colleagues about that idea. So I am not sure, what are your opinions? tldr; Should I continue renting then buy a home, or buy a condo, then buy a home? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Any pitfalls to consider when using a lender partly owned by the RE broker? Posted: 30 Aug 2020 05:23 AM PDT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| What to do with a large home in a Tier 5 city? Posted: 30 Aug 2020 08:54 AM PDT Hi r/realestate, Our family owns a large (~6000 sq ft) home in a Tier 5 city with an average income of ~$24,000. We've been having trouble selling it for several years, and despite price reductions we haven't gotten a lot of borrowers interested in it. The maintenance costs of the home are significant, perhaps ~40,000 per year. The home is about 60 years old and looks old, but is extremely sturdily built and has survived several hurricanes. What should we do with it? What kind of options do we have to reduce the cash burn on the property, or is there anything we can do to make it cash flow? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 29 Aug 2020 06:52 PM PDT Hi all. I'm looking at a house in southern Vermont that sits on top of a hill. There is a 1500 foot driveway to access the house. Gravel, somewhat steep, seems well built, with trenches on the uphill side, and 2 culverts diverting water under it. I know snow removal is going to be an expense, but does anyone know what other frequent or occasional expenses could go along with it? I could see some massive bills if it needs to be maintained with heavy equipment from time to time. Thanks for the advice!! [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Should I use my FHA with a partner/friend or wait? Posted: 30 Aug 2020 08:15 AM PDT Good morning everyone. I'm about to turn 30, joining the reserves and looking to build a brighter future for myself. At the moment I have about 15k saved. Once I finish basic and my schooling I should have close to 40k saved. I have less than 30k in school debt that the military will be covering. They will be paying down 33% of the total balance every year. I currently have a salary of 40k a year, I leave for basic training in 7 months for 9 months. I'm thinking about possibly becoming business partners with a friend of mine. I've known him for 13+ years, more like a brother to me. He makes 110+k a year and once I get out the army, my opportunity to make 70+k a year is almost assured. My friend has a single family home that he has bought with his VA loan. The idea is for me to use my FHA loan to buy a multifamily house together. The home will most likely be in the 420-500k range. We'd split the downpayment. My question is, should I embark on this endeavor with him out the gate or should I wait 2 years from now when I get out of basic and get a new job and use the FHA loan for myself and then start an LLC with my friend 4 years from now? I eventually want to get into the real estate game and amass a great portfolio of properties. But I want to go about it the right way. If I wait to buy the property myself I won't be able to do so for another 2 years. My other question is, because I am using my FHA should I be entitled to a higher percentage of this house that we go into together? Reason being is that if he wanted to get into any other property he'd have to go the conventional route and put down a 20% downpayment so I'm really cutting him a deal by allowing him to be apart of my FHA loan. Also, do you recommend any books on real estate? Thank you for your time. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| IF there is a big correction in the market, what properties tend to drop value the quickest? Posted: 29 Aug 2020 09:21 PM PDT I know. I'm sick of these posts too. I apologize. We are holding out buying unless we find absolute dream house. However, the looming fear of a giant drop in home values is lurking. What tends to hold value a little better in a mid size rural community? My uneducated guess is that SFH on a bit of land that are nicer and bigger (but not McMansiony) are probably a little more stable, since the shortage of inventory means income stable people will always be interested in these properties. But I'm also ready for someone to come tell me otherwise! [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Transfering my rental property under my llc after a year appraisal suggestions? Posted: 30 Aug 2020 07:41 AM PDT What to get my home appraised so I can have leverage for my business credit any suggestions on choosing a appraiser or tips on getting home appraised for higher. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inheriting a SFH, should I open a business account or just put on personal name? Posted: 30 Aug 2020 07:35 AM PDT I'll be inheriting a SFH (a mother daughter). The upstairs is rented and the downstairs was used where my father stayed. The property isn't on an LLC or anything. Should I just keep the property on my name and continue having the rent just go into my personal account? This is how their setup was. Or should I do an LLC, open up a business account and put the rent in that? It's just one house, I have no interest on buying properties. The renter has renters insurance if that is of any help. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Refinance Appraisal vs Actual Listing Price Posted: 29 Aug 2020 10:31 PM PDT I refinanced my home in March and the value came back at $395,000. I was really happy because I bought it for $284,000 a few years ago and when it comes time to sell, I'll have a decent amount of cash-in-pocket. I was speaking with a Realtor recently about it and they said when you refinance, the appraisal typically shows a higher value than what you'll sell it for, and that it's more likely to sell for $340,000-$350,000. Is this generally how it works, or is this Realtor feeding me bad information? Hoping to understand why that would be the case a bit more. Thanks! [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Can anyone explain this chart for me? Posted: 30 Aug 2020 06:38 AM PDT It's on Zillow, and I'm just curious how they arrive at those numbers throughout time? And also, if this is something worth paying attention to when it concerns finding a house to buy. Thanks. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| anyone rented owner occupied home before 12 months?? Posted: 30 Aug 2020 06:18 AM PDT I recently did a refi on my primary home and on the closing docs it stated that it is going to be owner-occupied for 12 months. It has been a month but the situation changed, my elderly parents need to move in with us and need a bigger home (covid, sickness, financial, other reasons). We found one with a bedroom + full bathroom downstairs and it is perfect for them and for the rest of the family. We want to rent out our current home. Has anyone been in this situation before? My new loan underwriting asked me about and it got cleared so it looks like I will close. Also spoke to a RS attorney and told me that while technically Im breaking the law that in case this comes up I have a valid reason + I didn't lie on my refi. Called the refi lender and lady on the phone said not to sweat it if I keep making payments. Should I let my refi lender know in writing ? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Can I use different schools to complete the licensing courses in Texas? Posted: 30 Aug 2020 05:42 AM PDT I'm getting my license in TX. All I have left is the last course (RE Finance). The site for the school I have been using is down, and they have been awful anyways. If I buy the single course (RE Finance) from another school, can I mix and match them? Or do all courses need to be from the same school when applying? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| What are people guessing will happen to the real estate market in the next year? Posted: 29 Aug 2020 07:16 PM PDT We recently moved to California and renting, but eventually would like to buy a single family home for our 2 kids and dogs. We live an hour outside LA and looking at homes around 750-900k. My husband and I make a good income together but we also pay for childcare which gets expensive. We are about to sell our home so we will have about 100k for a down payment which is not near the 20% for a conventional loan. We'd obviously hate to buy a house if there is a real estate market crash looming. With all the unemployment with the pandemic, what will happen once the moratoriums on foreclosure expire? Do banks just pretend the last 6-12 months didn't happen and just continue as is? Any predictions? I know nobody actually knows what will happen, just wondering what people's thoughts are. [link] [comments] |
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