Real Estate: WHO IS BUYING ALL THE F’N HOUSES |
- WHO IS BUYING ALL THE F’N HOUSES
- What are the best ways to find residential growth patterns for a city?
- Chicago Real Estate Market hot?
- Closing with COVID-19?
- Normal to have doubts/fear of regret before buying?
- Am I getting screwed on financing?
- 150 day mortgage rate lock
- 1 year mortgage?
- Realtors in hot markets: How are you advising your buyers?
- Is this a unicorn mortgage program?
- Are they just handing out mortgages?
- Why are some two story homes listed as one story homes?
- Help settle a debate! To leave the bidet or not?
- Redfin Agents! Do they offer you equity in the company?
- URGENT- NEED REAL ESTATE HELP
- Are realtors fees causing low inventory?
- USDA question for LO’s and Underwriters
- Buyers Agent - Redfin vs Traditional [2020]
- How to find a reputable "cash for houses" company
- Closing soon, confused about getting a survey.
- What will the long-term impact be of low interest rates on the market?
- Anybody here have tiny homes as investments?
- Mortgage Forebearance... Still get mortgage interest deduction??
- Did I jump the gun getting a new roof?
| WHO IS BUYING ALL THE F’N HOUSES Posted: 09 Aug 2020 10:27 PM PDT For the love of Doug, WHAT IS HAPPENING. My sleepy ass town where beautiful houses take weeks to sell and houses are going pending same day. Why and what and STOPPPPPPPPP. [link] [comments] |
| What are the best ways to find residential growth patterns for a city? Posted: 10 Aug 2020 08:26 AM PDT I have a research project where I am asked to find growth patterns for three cities. Up and coming neighborhoods, property, construction, and etc. [link] [comments] |
| Chicago Real Estate Market hot? Posted: 10 Aug 2020 09:54 AM PDT I've been hearing that the market in the city was still fairly hot. However this weekend we saw no showings and very little interest on a new listing and now I'm wondering if things are finally slowing down. We were hoping to finally get out of the city quickly but now it's looking like a complete slow down. Obviously it could just be our listing, but I'm surprised that we have 0 calls during the opening weekend for it. Has anyone else noticed a slowdown as of August 8th weekend? Hoping to get some insight from others with their homes for sale. [link] [comments] |
| Posted: 10 Aug 2020 09:18 AM PDT Sadly we are supposed to close on our house after a very long search within the next week or so, however Friday I started feeling very ill and am awaiting a very likely positive COVID test. Are we able to sign a POA to allow someone else to sign off on everything for closing? Or is it possible to close with electronic signatures for something? [link] [comments] |
| Normal to have doubts/fear of regret before buying? Posted: 10 Aug 2020 12:26 AM PDT My family has been casually looking for a house for awhile (currently rent) and finally found one that ticked all the important boxes. Now in the early days of the offer process, and while we all still feel really good about the important things, I'm starting to have little doubts based on a friend's comments. The issues weren't huge in my mind - bedrooms are smaller than other homes we've seen and the kitchen is beautiful but compact. Far from some of the gourmet kitchens and expansive bedrooms we've seen in other walk-thrus, yes, but completely functional. I genuinely didn't care about these issues when we walked through a few days ago, because it far exceeded the others on the things in my family's MUST list (safe location, thriving community, lots of natural light, etc.). My friend, who joined us on the walk thru, asked great questions but zero'd right in on those "problems" and continues to bring it up. They are well-meaning, and I value their opinion, but their repeat comments about bedroom and kitchen size (and forwarding "comparable" options that lack our musts) has made me go from minor annoyance to actually starting to worry if they may be right...if this is something that we would regret later on. My significant other is in a similar place...was happy at walk-thru but starting to make comments about measuring furniture, what if something doesn't fit, etc. Obviously its a huge investment/commitment so we want to avoid buyers remorse...but I also feel like we would seriously regret losing this house. Plus inventory is terrible in our area and homes don't go up for sale often in that stable neighborhood. Anyone else ever have these pre-purchase doubts or worries? Did you go through with the deal anyway, and if so, how did it turn out for you? [link] [comments] |
| Am I getting screwed on financing? Posted: 10 Aug 2020 07:40 AM PDT I just got my loan quote on a purchase and I feel it's not that great considering the market. Please let me know if I am off. Any help would be appreciated. Below are the details.
I can put 20% down but would rather hold on to as much cash as possible because of the current state of the economy. [link] [comments] |
| Posted: 10 Aug 2020 07:34 AM PDT Got an email from one of our potential lenders with new rate locks that are super compelling. Would you lock or wait longer to see if rates go down more? If I wait I would prob try to lock at 90 days , to do it before the election. Our new home construction in Denver is closing end of December. 150 day lock 2.775 with no points 2.525 for about 3-4K worth of points For reference the 30 day lock rate is 2.5 no points The rates have been steadily dropping for months , I just don't want to get gready. With the 150 day lock I get one float down but I don't want to count on that Thank you for any thoughts or advice! [link] [comments] |
| Posted: 10 Aug 2020 07:18 AM PDT Hypothetically, I have 160k in savings. Dream house "X" shows up on the market and cost 250k. Option A: I can obtain a mortgage and pay it off in 8 months. Option B: Hope that no one buys its and pay all cash in 7 months (I deducted a month since I would not be paying taxes and some of the closing costs until buying the place ) Do people ever obtain a 1 year mortgage? Or is this more of 15 or 30 year type of deal. Would the bank even want to deal with me? My area has a shortage of house listings. But most of them have been on the market for at least 30 days.. [link] [comments] |
| Realtors in hot markets: How are you advising your buyers? Posted: 10 Aug 2020 07:11 AM PDT As the title implies, I'm a buyer in a hot market. I'll start by saying I think I've gotten some great advice from my realtor on being more competitive in this market such as writing personal letters, switching from VA to conventional, and waiving appraisals - but the one area I feel like I could use some advising that I'm just not getting is actually when it's time to talk offer amount. Usually I just bring up the numbers my wife and I have discussed and my realtor just will basically agree. I understand with prices what they are it's a moving target right now but the realtor won't ever provide what she thinks is a competitive number, even when asked directly her best guess on what the house goes for or what she would offer in our position. She knows approximately what our budget is and we've definitely made offers where we had room to go higher if need-be so it's not like she's thinking her advised number would exceed our cap or anything. I'm guessing it's like a liability thing or just something done so a buyer doesn't get mad at them when they don't win with the suggested offer - but boy it sure would be nice if she would use that 25 years of experience she likes to talk about to come up with a number. Be curious if other realtors have this rule and if you can enlighten on what I'm experiencing here. Also would love to hear about any tricks of the trade you like implementing to make your buyers more competitive. [link] [comments] |
| Is this a unicorn mortgage program? Posted: 10 Aug 2020 10:00 AM PDT Southern California $780,000 loan balance 3.25% discounted to 3.0% APR 3.06% No PMI No impound $8k closing costs For a balance over the conforming amount, no PMI, 10% down, this seems like as good as it gets. I was hoping the rate would be lower, but I honestly can't complain about 3%. Should I shop around more? I don't have a broker, this is through Citi Private Bank. [link] [comments] |
| Are they just handing out mortgages? Posted: 10 Aug 2020 09:43 AM PDT I read that mortgages are harder to get. But than I talk to certain people I know that have shaky employment and they are getting approved for quite high mortgages. So what's up. [link] [comments] |
| Why are some two story homes listed as one story homes? Posted: 10 Aug 2020 09:43 AM PDT I'm only looking for single story homes. Occasionally I find a listing with unusually high square footage and I almost immediately see pictures of a staircase and a second floor. The description will also say something like "lovely second floor (game/kids/bed/whatever)room must see." In the details about the house where I can see all the specifics it will clearly state Floors: 1.0. Why do these two story homes get listed as single story? [link] [comments] |
| Help settle a debate! To leave the bidet or not? Posted: 10 Aug 2020 05:47 AM PDT We're selling our 3br/1b townhome in MD just outside of DC. My wife wants me to get rid of it because she thinks it's weird and would scare off buyers. My selling agent could go either way. It's a simple install (Luxe Neo120), so it's not going to be a lot of work to remove it, and the inventory is incredibly low in our neighborhood. Would a bidet be that big of a deal breaker/maker? [link] [comments] |
| Redfin Agents! Do they offer you equity in the company? Posted: 10 Aug 2020 09:28 AM PDT How are you incentivized? Since you're on salary, how does the commissions work? Do you feel you're incentivized enough? How can it be improved? Do you subscribe to the company's slogan "the future of real estate"? Is it really? Thanks! [link] [comments] |
| Posted: 10 Aug 2020 09:25 AM PDT I recently put an offer in on a home in Michigan. I put my offer in on Saturday and offers closed on Sunday. I found out today that they went with a more appealing offer and already signed the contract. My offer is second choice and I don't want to sound far-fetched but is there anything I can do to possibly still get this house. I understand if the person fails to meet the agreement it comes back to me, but in the meantime is there anything I can do to entice the buyer more legally? [link] [comments] |
| Are realtors fees causing low inventory? Posted: 10 Aug 2020 09:23 AM PDT Talking to my neighbor over the weekend and he is moving to a bigger house but said he is not selling because he doesn't want to pay agent fees. Our condos are worth 400k (2b/2b) so he would have to pay 20k for agent fees not including closing costs. Him and his wife are putting 5% down on the new place and make enough combined that it's not an issue. Apparently he's going to try Airbnb or renting it out afterwards. I wonder if agent fees were a set amount like 5k each side it would promote selling? I understand other factors are limiting supply right now but seems like there is more incentive to hold vs sell. [link] [comments] |
| USDA question for LO’s and Underwriters Posted: 10 Aug 2020 09:01 AM PDT Urgent please help! I'm an LO and I have a borrower running approve/eligible through Gus. My uw is telling me that my borrower still needs to show two tradelines on credit in order to qualify. This is not what I'm interpreting from reading the guidelines. Could be an overlay from my company but I'm trying to see if this borrower can go elsewhere and get USDA with just one tradeline. All other qualifications are EXCELLENT! Thanks strangers! You're the best :) [link] [comments] |
| Buyers Agent - Redfin vs Traditional [2020] Posted: 10 Aug 2020 08:56 AM PDT There's been a lot of discussion on this topic before in this sub, but it's 1+ year old so I wanted to bring it up again to get some more data points. My wife and I are looking to buy our first home in a market that is a huge sellers market (seems like most are now-a-days). We have interviewed multiple agents (traditional vs Redfin) are we're torn between two in particular one traditional and one Redfin. This is our short list of pros/cons. Can anyone debunk that they are false? Redfin Pros:
Traditional Pros:
I think given the above we're most worried about the negotiating process and actually getting the offer accepted and at a reasonable price. In the crazy market there are often 5+ offers per house. Is a Redfin agent going to be able to help us be successful here? Tl;dr Stuck between Redfin/Traditional Buyer's agent. What have others experienced when going with a Redfin Buyer's Agent? Did they do a great job at negotiating and getting the offer through on your behalf? [link] [comments] |
| How to find a reputable "cash for houses" company Posted: 10 Aug 2020 08:53 AM PDT My husband and I are currently working to help his parents move to a more suitable home (less stairs, quieter neighborhood, etc) but in order for them to have a down payment they'll need to sell their current home. They bought it in the mid-80s as a complete gut job, and while they were able to accomplish a lot over the past 40 years, a good portion of the house is still in demo state. For example, there's a bedroom that needs drywall/flooring/lighting, electrical is new but not finished, there's drywall and trim missing throughout the house, half the second floor doesn't have flooring, the first floor bathroom needs a complete gut job which will require a jackhammer since the tiny shower stall base is 12" of poured cement. It's legally a two-unit and the rough-ins are there for a second kitchen behind drywall, but all the "kitchen things" aren't there like a stove/sink/counters/cabinets/etc. In order to get it fully done and ready to sell properly, they'd easily need to put $30k+ into it since they're of an age where doing things themselves just isn't feasible. Since the house will only sell for about $130k fully finished (3 story, 2500sqft, 2 units), they're not willing to put that much money and effort into it for a place they're not going to stay in. How would we go about finding a good "cash for houses" company? What kind of vetting should we do? Is it worth it to call several companies to see what they will offer? It is understood that the offers will be well below full retail value. Thanks for your time! 😊 [link] [comments] |
| Closing soon, confused about getting a survey. Posted: 10 Aug 2020 08:49 AM PDT I will be closing soon and I'm a little confused about the survey portion. Is a survey always done as part of closing or a watered down version just for the mortgage? I'm going to be installing a fence on the property within the next two years so ideally it'd be good to know my exact property boundaries from the start. [link] [comments] |
| What will the long-term impact be of low interest rates on the market? Posted: 10 Aug 2020 08:09 AM PDT With the market as competitive as it is and with low interest rates, we decided to skip the starter home phase and go for a home we plan to live in until retirement/our future children move out. While not everyone can afford a home they can grow into, with many homeowners refinancing or buying now, do you think we'll see even fewer sellers in 5-10 years? Given housing values might not increase enough to gain equity in that time, and to upgrade, sellers would have to give up their low interest rate for one that is potentially double? This is our course difficult to predict, but just something I was wondering. Looking at historical trends, the only significant jump was in the late 70s/early 80s during Carter. While it's unlikely we'll ever see interest rates increase that drastically, the Fed never really increased rates between the last recession until now. They'll probably have to after this recession. Anyway, how much impact do you think this year will have in the next homebuying cycle? [link] [comments] |
| Anybody here have tiny homes as investments? Posted: 10 Aug 2020 08:09 AM PDT I'm looking for my next investment and was always interested in tiny homes and prefabs. I would love to hear the thoughts of anyone who's in this field and has experience in renting these out on Airbnb or other short term rental platforms [link] [comments] |
| Mortgage Forebearance... Still get mortgage interest deduction?? Posted: 10 Aug 2020 07:45 AM PDT My home mortgage is in forbearance. My lender said that missed payments are put on a subordinate loan at 0% interest to be paid in the event of a refinance or sale of the home ..... if I am borrowing money to make my payment shouldn't I still get the home mortgage interest deduction? ... If I borrow money from any other source to make my mortgage payment I still get my mortgage interest deduction, this deferral is a loan I have to pay back send it I still get the interest deduction on taxes? [link] [comments] |
| Did I jump the gun getting a new roof? Posted: 10 Aug 2020 07:42 AM PDT Hey there, I know it's a tough call without better pictures but I wanted to know if I could have done anything different for next time. My roof is 16 years old and, in relatively, okayish condition. My insurance company, who is known to not care about old roofs, canceled my policy because they didnt think it was good enough. So I got a new policy and looked for good roofers/advice. I found a good one that offered a total roof replacement for less that 6k, which isnt bad for Florida, and right before hurricane season and as im typing this they are tearing off my old roof. But I wanted to know if I jumped the gun a little too soon or is it better safe than sorry? I know 16 isnt exactly young and the previous owners didnt take care of their roof. There's no leaks, mold, or holes or anything like that, but there are, atleast, 6 missing shingles and whenever it rains there are granules all over the place and all in the gutter. The roof never looked "poor" but in many shingles there were some dead spots on them. My logic was that I would rather get it replaced before I need it, like wouldnt it suck if a nasty storm came by and then I sprung a leak and had to wait for, not only a repair person to fix the leak, but also new roofers on short notice. What do you all think? Was my reasoning fair in just replacing the whole thing or should I have gotten an additional inspection? https://imgur.com/a/biOWh4V [link] [comments] |
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