Real Estate: Question on a refi from Rocket mortgage - 185k |
- Question on a refi from Rocket mortgage - 185k
- Listing agent played us
- Fed inflation policy and home prices
- Mortgage Refinance Surcharge Delayed until Dec 1
- Question for anyone savvy on fixer-uppers or just real estate in general
- When should I be receiving the lease agreement?
- When should I start calling contractors for repairs prior to moving into a home?
- Is my lease month to month at this point?
- Was supposed to close tomorrow...
- Is commission based on house price or net?
- Tax Title Real Estate
- Are there any good websites to search for modern/contemporary homes?
- Do I use a realtor that I know and trust or find somebody local?
- Is 6,000 sq feet a big lot?
- How long does it usually take to receive a copy of the contract? First time home buyer here!
- [New Mexico] Grandma inherited house. Used escrow company. Escrow company caught embezzling. Then, her tenants didn't pay her for almost a whole year. Need help please
- [QUESTION] Downside of selling a house and just saving the cash?
- [VA] Is it normal that value and tax increased significantly after a sale?
- Selling agent agreed that the mower would stay.
- Change jobs after closing
- Is it possible for 2 couples to buy a home together?
- Locked in at 2.625 on a 30yr fixed loan no points. Is it possible to do better?
- Has anyone used Federa (federated realty) to sell their home?
- Selling a vacant house?
- Buyer's lender says my house is unsellable
| Question on a refi from Rocket mortgage - 185k Posted: 27 Aug 2020 04:03 AM PDT I'm getting toward the end of a refinance. Initially the person i started with gave me some options and i ended up taking a 30 year conventional refinance on 185k left on my home loan. He stated that my rate would be 2.875, and $8500 closing costs, $500 up front. Couple weeks ago looking over the paperwork i noticed my closing costs close to 14k. Upon calling them to ask, he said they had to buy down the rate for 5k to get me down to 2.875 but that it would be well worth the 15k to get that low of an interest rate on the loan. Im just trying to figure out if I should shop around more because that seems like a lot of money to buy down the interest rate just a little bit. Does 14k sound about right for closing costs? I thought the going rate was around 3.2% but he said im borrowing less than 200k so my best rate is closer to 4% as a baseline. Maybe the market is better than i thought right now.. Not sure if i should do something or if i even have many options before i close on this deal. I know I'll still be saving in the long run - right now im at a 5.25% with 20 years left on my current FHA. I'm going to just see if i can afford a 15 year fixed loan and see if i can get a better rate like that and not have to buy down the interest so much. Im just grasping at whatever advice I can find cause im such a noob with refis that googling advice is sometimes over my head a bit. details that might be important: home is in fresno, ca, no late payments ever credit score above 750 no other homes or major payments like a car loan is for 180k and not pulling any additional money out single family home, not in a HOA, and built in 2010. guessing home est at 300k-ish [link] [comments] |
| Posted: 27 Aug 2020 09:02 AM PDT We bought a house recently. Before we closed on the house we had a signed agreement with the previous homeowners through the listing agent to fix 3 things that was found by the inspector. They were safety issues as well related gas and electric. The listing agent told us they were fixed and receipts were left at the house. After we moved in we found that none of them were fixed and now he is saying you guys should have done a final walkthrough before closing. We are first time homebuyers and we didn't know about a final walkthrough and our agent didn't suggest any of those. Now we are not sure what to do? Report him to ethics or take legal action against him for not full-filling the agreement. Any suggestions? Edit: Location: MIchigan, USA [link] [comments] |
| Fed inflation policy and home prices Posted: 27 Aug 2020 07:24 AM PDT Just curious around thoughts relating to the Fed's stance to keep interest rates very low and to re-evaluate their efforts to try and keep inflation rates low. Does this change your outlook on real-estate purchases? Those who have been not buying for fear of bubble, does this possibly change your feelings? Do yall think this will cause a new floor for home purchases assuming inflation does grow >2% [link] [comments] |
| Mortgage Refinance Surcharge Delayed until Dec 1 Posted: 26 Aug 2020 11:58 AM PDT Here is the link . This was announced a couple weeks ago and I first learned about it on this sub. The fee was supposed to begin Sept 1 but has been pushed back three months. [link] [comments] |
| Question for anyone savvy on fixer-uppers or just real estate in general Posted: 27 Aug 2020 08:36 AM PDT Let's say hypothetically you and your wife were given a house by her family and her well meaning dad decides to add on a master bath. Now he's quite the handyman, a real diy kinda guy, but there are some glaring deficiencies in his skill set. Let's say he didn't bother with a proper foundation. Or a permit. You know, hypothetically. What the fuck would I do in this scenario? Ideally we want to sell in 5 or so years, how screwed are we when our realtor finds out? Obviously I'd be upfront and all. Gonna be inspected anyhow. Is this sort of nonsense fairly common? I can handle minor home repair but this house was an uphill battle before this calamity, and now... I feel like the house as a whole just needs money heaped at it and we simply do not have it. Hypothetically. Anyhow, thanks for any and all advice and insight you can give me. [link] [comments] |
| When should I be receiving the lease agreement? Posted: 27 Aug 2020 06:04 AM PDT Hey guys, I'm doing a move from MA to CA and recently applied for an apartment, got approved and put down a security deposit. After I paid, I was told I wouldn't be getting the lease agreement until 1 to 5 days before move in date. Is this normal in CA? The reason why I want to expedite getting the lease is I need to figure out shipping of all my stuff but want to make sure the housing is squared away before I book anything else. Thanks! [link] [comments] |
| When should I start calling contractors for repairs prior to moving into a home? Posted: 27 Aug 2020 09:40 AM PDT Hi All! FTHB here. Received final approval from the underwriter yesterday and just waiting on the title work to be completed. We're closing in about two weeks but do not plan to move in right away as we will paint a few rooms and also want to schedule a few repairs. Would now be a good time to try and schedule contractors to provide estimates on how much repairs would cost and line up work? We'd ideally like to get contractors sometime shortly after closing. But from reading stories about how some folks had unexpected closing delays, we're not sure if two weeks out from closing would be too early to start asking for estimates. Thanks! [link] [comments] |
| Is my lease month to month at this point? Posted: 27 Aug 2020 08:59 AM PDT I'm buying a house and I'm trying to figure out if my lease is month to month at this point or if it's another year. It says "The landlord agrees to lease to the tenant the apartment located at...for (12) MONTHS commencing 05/05/2019 and ending on 03/31/2020. This agreement shall automatically renew every year, unless otherwise terminated by either party upon thirty (30) day written notice." In the next clause regarding rent payments, it says "A written 30-day notice is required for vacating the unit after the expiration of the lease." What I can't figure out is if the lease renewed on a month to month basis or if it renewed for another year. If it renewed for another year, how could the lease expire as it says in the next clause? Can anyone help me figure this out? Also, is there anything preventing me from giving 30 days notice in the middle of a month? [link] [comments] |
| Was supposed to close tomorrow... Posted: 27 Aug 2020 08:58 AM PDT So I was set to close tomorrow but I just got a call from the title company stating that the buyers are still looking for insurance and quotes on repairs. It sounds like they still want the home but are delayed for the above reasons. The person from the title company says they will know more sometime next week. I still have the option to pre-sign the sale paperwork tomorrow. Everything I own has been shipped out, stored, sold, or thrown away. I have plane tickets bought for next week. From my quick research I am basically screwed if they decide to back out. Any advice would be greatly appreciated. [link] [comments] |
| Is commission based on house price or net? Posted: 27 Aug 2020 06:24 AM PDT US, Pennsylvania- I'm currently selling a house, and everyone that made an offer so far has asked for 10k sellers assist. Just curious, does the realtor make his commission off the net proceeds (after assist) or off the house sale price? Seems odd that everyone so far has asked for heavy seller assist, but never lower than asking. (One even offered to pay more than asking). [link] [comments] |
| Posted: 27 Aug 2020 08:33 AM PDT My landlord is extremely old and has two House's one turned into a apartment. I was going to ask her if I can take over paying her taxes with that tax title thing I learned about when I was trying to get my Real Estate license (I since stopped because I can't see myself doing that) It's to my understanding that if u where to get a tax title I would pay taxes for the homes and she would continue to get income from the house until she dies then I would fully take over the property. Is my understanding about how this would work correct? And is this a fair deal to make because I don't want to take advantage of anyone here she's really bold and really trusting so I would feel bad for doing something like that [link] [comments] |
| Are there any good websites to search for modern/contemporary homes? Posted: 27 Aug 2020 08:00 AM PDT I have found Zillow/Trulia/Etc... to suck as the keyword search feature is unreliable at best. We are looking for a 2nd floor master as well and nearly every website only lets you search for main floor master. We have some pretty specific, but common things we are looking for and are open to moving to multiple locations, but finding the right house has been near impossible given all of these search engine limitations. [link] [comments] |
| Do I use a realtor that I know and trust or find somebody local? Posted: 27 Aug 2020 07:41 AM PDT On the one hand, I've known her for effectively all my life, family friend, etc. She's also the person that helped me get the house originally. However, happenstance has it that she lives about an hour away. I know that she would (and wants to) list it. Am I better off finding an unknown entity that knows the area better, though? [link] [comments] |
| Posted: 26 Aug 2020 10:36 PM PDT We're buying new construction in California. Average lot size in the development is 5,000 sq feet. We reserved a 6,000 sq foot lot with a 34L×60W backyard. The home is 2 stories and 2,700 sq feet with 5 feet of side yard on each side. Is this size lot big enough for a small pool and grass area? We have the option to wait 3 more months for a larger 7,000 to 10,000sq foot lot, but pricing is going up and interest rates can change. We locked in the home we wanted on Sunday and prices went up 6k Monday morning. The sales manager said she anticipates another price rise in 2 months. [link] [comments] |
| How long does it usually take to receive a copy of the contract? First time home buyer here! Posted: 27 Aug 2020 06:52 AM PDT We signed a contract for a home on Sunday afternoon, the sellers realtor called to confirm that the contract was accepted and we were officially under contract about an hour after we signed. However, we still haven't received a copy of the contract from the sellers agent. Is this normal? [link] [comments] |
| Posted: 27 Aug 2020 09:52 AM PDT Hello /r/ realestate, I am requesting advice from somebody that may have it. Backstory: My grandma (lives in TX) inherited her mother's house when she passed a few years ago. The house is in New Mexico. A few years ago, she sold the home to a young family and used an escrow company to handle all payments. Fast forward to last year. The escrow company gets caught embezzling money, stealing several thousand from the family my grandmother sold the home to, as well as my grandmother. As a result, she decided to stop using the escrow company and instead have the family directly mail her their mortgage payments. Shortly after, the family claimed financial hardship and stopped paying my grandma (this was even prior to the Pandemic). The months kept passing without any payment from the family. My grandmother kept thinking that they would get back on their feet and resume payment. It's been almost a full year since they last paid. None of this was known to be until about two weeks ago. I told my grandmother that she needs to demand that the family start paying her, or else she needs to evict them. She finally got in contact with the family and asked them to start paying again. It turns out that they weren't even paying for the home's insurance throughout this entire period. They just showed proof of insurance this past Monday. OK, NOW THAT BACKSTORY IS OVER: How do I proceed? My grandpa wants help "writing a new contract" to send over to the family. They want to continue letting this family own the house, which I don't agree with, but they are convinced that this family will start paying again. So I just ask of you, Reddit, what steps can I take to help make sure my grandparents don't get absolutely screwed from this whole thing? Would I be better off contacting a lawyer? I know that eviction is hard right now because of the pandemic. Any advice would be greatly appreciated [link] [comments] |
| [QUESTION] Downside of selling a house and just saving the cash? Posted: 27 Aug 2020 09:50 AM PDT Hi. Thanks in advance. I have a home that I want to sell very soon. It's paid off so I will walk away with a lot of cash. Purchased 10 years ago for 115k, sell for 350k (or just shy of that), walk away with about 300-315k. I put a room addition on that cost about 25k. The housing market in my area is guano crazy. Things are on the market for hours and then sell. I have a very good reason for selling my property (coastal Florida, very old home, tiny too). Yea, maybe I could make more if I kept it another year but I'm not greedy. The hurricanes are scaring the carp out of me and old cast iron pipes under the slab at some point will have to be dealt with. On top of that, shoddy construction on the room addition. Sooo, is there a down side to selling and not buying again right away? I don't think there will be too many tax consequences - if any at all. I believe in FL, I can make 250K before I have to pay anything (not entirely sure). Thanks. [link] [comments] |
| [VA] Is it normal that value and tax increased significantly after a sale? Posted: 27 Aug 2020 09:44 AM PDT I bought my house this past March for 420K, in Fairfax county VA. For 2019, my house was estimated by the county at 350K. My nextdoor neighbor's house, mostly similar with one less bathroom, was estimated at 330K. (I use the county portal to look up estimates.) For 2020, my house is 410K and my neighbor's is 360K. So ours increased by 17% while their increased by only 9%. So it seems that the fact that I just bought my house at 420K really affected how much it went up in value. Is that normal, or do I have a case for an appeal to the county? [link] [comments] |
| Selling agent agreed that the mower would stay. Posted: 27 Aug 2020 09:42 AM PDT We are buying a house in Washington state. During our walkthrough the day we put our offer in, there was a riding mower in the garage. This was the only mower on the property. Only other items at the property were odds and ends and some random cleaning things. As part of our offer we asked if we could get the mower as well since we don't have one. The communication we got back was that they would agree to it but want 400$ via check at closing. Fast forward to when we are scheduling the walkthrough we wanted to make sure the mower was going to be there. The seller had moved it to his house (listed property was his fathers that passed) to use it there. We then get word from the listing agent that there was no deal for the mower. To which we correct her and our agent shows her the communication showing we do have a deal. They drag it out some and then send us a picture of some ancient dilapidated mower saying that was the one agreed to. Turns out the seller has four mowers and he thought we were talking about this old one. Keep in mind there was only the one riding mower with bagger on property when we were there. The seller does not want to part with the mower and the listing agent offered us 400$ towards a mower or we could have the red one. We said no, we want the mower we saw or compensation to acquire an equivalent. To which the selling agent came back with 650$ and that's final. My question is what ground do we have to stand on for resolving this. I don't hold the seller at fault. I believe this lies with the listing agent. It's her fault for not knowing about her listing and confirming with the seller about what he was selling. [link] [comments] |
| Posted: 27 Aug 2020 09:25 AM PDT Will be closing on a house in the next week or so. My wife and I are both on the title, but I qualified for the loan on my own because she co-signed for a loan with a friend a long, long time ago and the person she co-signed with stopped making payments on that loan and severely hurt my wife's credit. She's got about 2 years before it falls off, so we decided to buy a house based only on my income. Here's the catch. I'm paid very well at my current job and easily qualified for the loan, but my wife also works and we are budgeting our finances based on both incomes. Despite being well paid, my work is pretty much hell and I'd like to start looking around for a new job after closing on the house and moving in. However, I don't believe I'll be able to immediately pull in as high of a salary, at least right away. Financially we're completely fine if I take a pay cut, but from the banks perspective I may not appear to be able to comfortably make payments based only on my salary since they are not taking my wife's salary into account. When I signed the closing docs I believe that I saw paperwork stating that the bank could verify my employment and income later after the deal closed. It was in person ink signatures so I don't have access to the docs right now, but now I'm nervous that if I decrease my salary the bank could either change the terms of the loan or (at worst) come for the house since my risk profile will change. I also believe that I saw they will be able to access my tax returns in the future. I'm in CA with a fixed 30 year loan. Is this something that banks can do? Is this a warranted fear, or are we ok as long as we make consistent on time payments? I will ask my lender about this at some point, but wanted feedback from others familiar with this topic. [link] [comments] |
| Is it possible for 2 couples to buy a home together? Posted: 27 Aug 2020 08:18 AM PDT Before I start I just want to say I'm not actually buying a house at the moment, I'm 18, thinking about the future and this is purely curiosity. Basically what I've been thinking about is if for example I graduated university and came out with a secure job and was married shortly after to a girl who also had a secure job and another couple we were good friends with was in the exact same situation, could we buy a house together and split the cost of mortgage payments utilities etc? Then after a few year sell the starter house we bought and go our separate ways in terms of living arrangements. I was just thinking if you could do this you'd have an extra bit of money to invest early on in your career which would allow it to have more time to grow. Is this even possible? I literally have no knowledge of real estate I was just bored at work and thinking so please don't be rude lol. [link] [comments] |
| Locked in at 2.625 on a 30yr fixed loan no points. Is it possible to do better? Posted: 27 Aug 2020 08:10 AM PDT My concern is that I could maybe do better, but searching online gives me rates of 3% or higher. The lender I'm using checks a bunch of different banks apparently. I've done some searching on here and haven't seen many this low. Most times I see 15yr being that low. My brain is fried trying to manage all the house stuff including the mortgage to move so I'm wondering what peoples thoughts are to see if I should use the little brain power I have to get a better rate. [link] [comments] |
| Has anyone used Federa (federated realty) to sell their home? Posted: 27 Aug 2020 07:56 AM PDT I'm looking to sell my home in Richmond, VA. I have looked into online brokers like redfin ( charges 1-2% plus 3% for buyers agent), and another called Federa (federated realty) which claims to charge $1000 flat fee. Has anyone used them? What was your experience? Any other recommendations? I will pay 3% to buyers agent, but would like to reduce my cost as much as possible, while mainting a smooth sale. Thanks! [link] [comments] |
| Posted: 26 Aug 2020 06:16 PM PDT I did a search and found a couple posts on this already, but am asking again in case there are any new thoughts on this due to covid. My husband and I are going back and forth on whether we should stage our house or not. We're in a pretty hot seller's market, and I'm fairly sure our house shouldn't take more than a week or two to sell. We're both working from home though, and doing showings while we're working is going to be challenging. We'll be staying with my parents between houses, and would both really prefer storing our stuff and staying with my parents during the showings so we can work. They live an hour away, and I think it could be stressful having to come back and forth to make sure the house is clean or a realtor didn't accidentally leave a door open etc with all our stuff in the house. We also had to build a makeshift (and ugly) desk for my husband to work at and it won't look at all nice in the pictures. Both realtors I've spoken to (neither have been to my house) said we need to stage, but this is really stressing me out. We bought the house vacant, so I don't see why someone else can't? Can I just leave barebones furniture, and keep the drapes and shower curtains up? It's a 1600 sq ft house. My furniture isn't even that nice (anything new is IKEA, and everything else is secondhand and nothing matches) so I don't see how it would help me sell the house 😂 One realtor suggested paying someone to help me stage...I can barely afford to move, much less pay someone to stage my house. [link] [comments] |
| Buyer's lender says my house is unsellable Posted: 26 Aug 2020 08:19 PM PDT Been waiting two months to sell. During this period, the lenders, and the Realtors were saying everything was just fine. Well the week that we were supposed to close, everything got shut down. The buyer's agent quoted the lender saying it's unsellable. Their underwriters, at the last minute, realized there were no comps close by and the buyers were denied lending. Is this common? Do lending companies rely that much on close comps? Why would they wait until the last week to acknowledge this? Btw, my property is unique. There are two homes, one built myself. The other is a duplex. Rural area with a septic. [link] [comments] |
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