Real Estate: Help. Ex wife, refinancing questions |
- Help. Ex wife, refinancing questions
- Low down payment bc 2% interest?
- Woe is me
- NY Refinance title and attorney fees
- Offering closing costs in lieu of repairs
- (sensitive) Has any one here bought a house before/during COVID and then got laid off? Whats your story and whats your game plan?
- Will we ever escape this crazy market now that the fed has confirmed low interest for the long term?
- Inspection found doubletaps
- Home Insurance Double Payment
- VA Home Loan Discrimination
- Question about financing while not having W-2 income
- Help: Need Advice- get my ex off my mortgage
- Do you remember how much commission you made during your first year as a real estate agent?
- Building Biology Inspection (Baubiologie)
- Help. Best way to make a listing presentation look nice?
- (DC/MD) How to negotiate a new construction build after signing a purchase agreement?
- FTHB (with anxiety) - How do you get over decision paralysis?
- What is a typical weekday for an agent?
- Realistic Expectations
- Is seller liable for undisclosed structural damage?
- How to find open house rules for FSBO in NJ during covid?
- Buying a home with my family.
- What specific questions should I ask an agent about their experience and selling history before working with them? We’re first time homebuyers. We both have great credit and 20% down payment. How much information should I give them about us?
- Home appraised $12k under accepted offer - what do we do?
- As a buyer, what’s the limit to the guidance/advice my agent can provide? And what’s the best way to find an agent if I’m out of state? | Dallas/Austin, TX
| Help. Ex wife, refinancing questions Posted: 22 Sep 2020 05:55 AM PDT My ex wife and I bought our home 2 years ago. She lives there with my kids and current boyfriend. My name is on the deed and title, her name is just on the title. She is paying the mortgage. The house has been appraised at over 80k what we payed . I guess my question is when my ex refinances she wants to put it all under her name. Would she have to " buy" it off of me? Am I able to profit? [link] [comments] |
| Low down payment bc 2% interest? Posted: 22 Sep 2020 07:12 AM PDT We're in the process of buying a house and we got our interest rate and it's 2%. That seems really low to me and made me contemplate going with 5% down instead of 20%. We're almost positive that we'll want to build an addition soon so I think it might make more sense to keep the money we have on hand instead of putting down 20% and possibly getting a different loan to expand later on. It'll just be more loan costs and probably higher interest rates, right? I'd really appreciate any thoughts. Am I missing some important piece of info that makes this silly? Thanks! E: nm, fuck it, we just signed the paperwork! Closing on a home we're in love with in 3 weeks!! 😁😁🎉🎉. Best of luck to everyone [link] [comments] |
| Posted: 21 Sep 2020 05:54 PM PDT Just feeling sad. We didn't get our dream home. We bid 25k over asking, waived contingencies other than major structural issues, no contingency to sell, and it still wasn't enough. So bummed. We don't know what to do at this point. Feel like we are getting pushed out of this market. We have 3 kids and really wanted to settle in our forever home. [link] [comments] |
| NY Refinance title and attorney fees Posted: 22 Sep 2020 07:50 AM PDT I'm currently in the process of completing a refinance and am shopping around for services that I can shop for: Title - attorney's fees Title - lender's title policy Title - settlement/close/escrow Title - TIRSA 9 restrictions, encroachments, min of Title - TIRSA EPL 8.1 Environmental protection lie Title - TIRSA Residential Mortgage Title - TIRSA Waiver of Arbitration I honestly have no idea what all of those services/fees are for, they total to $2,700. Is this pricey? I've tried Radian but unfortunately they do not have an account with my lender. I haven't gotten much option when googling to shop around so was wondering if anyone else here in NY has recommendations. [link] [comments] |
| Offering closing costs in lieu of repairs Posted: 22 Sep 2020 04:21 AM PDT We are under contract to sell our house. My Realtor has helped negotiate some credit to the buyer for some repairs I really don't want to get involved with this late in the game, there is also no way they will get them repaired for the amount of money I'm offering but I digress. She wants me to sign an addendum that says the amount is offered toward closing costs which is fine, I will do that, but at this point the buyer hasn't signed anything saying they are accepting the closing costs in lieu of some repairs. Am I wrong for telling her I'm not going to sign the addendum offering money until the repairs are tied up in a bow and agreed upon. I feel like signing this nondescript addendum opens me up to them coming back for more. Update: my realtor updated the repair addendum to include that all other repairs are covered by a closing cost credit. No idea if that makes it better but that sounded good and the buyer and I both signed it. I then signed an addendum for paying some of their closing costs in the amount we signed on the repair addendum. [link] [comments] |
| Posted: 21 Sep 2020 12:35 PM PDT Just wondering how are people dealing with this. It is so scary to think about it tbh. Edit: thank you all for sharing your experiences and I've enjoyed reading them and understand the struggles of what some people have gone through during the housing crises. Even though I was young and was graduating HS during 08 - 10 and had a decent waiter job and was fortunate to have a roof over my head and was doing ok. I've seen a man in my bus ride to work yell out "does anybody know if any one is hiring?". It was very sad and no one could help him. (During 2010) Any ways here is my side of story, I'm 28 now and married. I work for a hedge fund as an IT guy. Thanks to covid, our company is thriving and we've been wfh. (They even hired few more people). Unfortunately, my wife is/was furloughed from local city gov. (Starting a new job in few weeks, and were thankful). And very fortunately, she was able to collect unemployment throughout. Luckily, my salary is enough to pay the bills and even save/invest (stock market). We bought our first house in 2019 with a 4.75% int rate. Luckily, we were able to refinance in May and got our rates down to 3.25%. (Shaving off $400 a month). I appreciate and know that I am fortunate that this pandemic hasn't really affected us. And it would be really scary to think of losing both of our jobs and the stress we would have to go through. Thank you all again. [link] [comments] |
| Will we ever escape this crazy market now that the fed has confirmed low interest for the long term? Posted: 21 Sep 2020 07:34 PM PDT I've been dicking around in what was supposed to be a temporary apartment in Louisville for way longer than I'd like. I sold my house at the beginning of the year with plans to pick up something a little cheaper around Kentucky/Tennessee/Virginia. I've had 3 realtors in and out over the last few months just digging up anything they can find. Every time it's a massive bidding war. Even houses out in the boonies are seeing 10 offers in a few days and a transformation into bidding way over what it's actually worth. I get that there are a million factors at play right now. Economic instability makes people less willing to move meaning less inventory. People scare of the virus not listing. Rock bottom interest rates means everyone wants a house now. Big juggernaut slumlord companies scooping up as many properties as they can find. We really are living in the perfect storm. All 3 agents bitch about the lack of inventory and how they've never seen this before and feel like something is off. Is this just coronatime and things might get back to normal in the future? I heard the fed said they had no plans to raise interest rates again for years. I really would like to get into something with some equity that isn't a guys 700 sq ft barn in the back that is a "HANDYMAN SPECIAL!" that no one wants. [link] [comments] |
| Posted: 22 Sep 2020 08:42 AM PDT My inspector found doubletaps in the electrical panel and stated this would be an issue for our insurance if left unfixed. Should I ask the seller to fix it or should we do it ourselves after the purchase.? Also he found the oil pipe from the tank to the boiler is not up to current standards? Should I ask the seller to fix this or do I get it done myself after the sale? Edit: I'm not overly concerned about either of these issues. But am thinking about it from a liability standpoint. Should I be getting it fixed before I take possession of the house? Split the cost with the seller or agree to pay for the work myself? Or would I just be making trouble for myself. Does it hurt to ask the seller to deal with it even if they refuse? [link] [comments] |
| Posted: 22 Sep 2020 10:17 AM PDT Hi, I recently purchased a home on July 1st. I received a check in the mail for 1 year of my home insurance premium as an overpayment. My insurance agent informed me it was due to a check from my closing company got lost and was supposed to be cancelled and a second check was sent. My mortgage company says they've never paid the insurance (proves it was the closing company). My agent told me I should send the check to my escrow account, but my mortgage company said I should keep it unless the escrow goes negative. Should I cash the check from my insurance company and hold onto it until the balance goes negative, send it to escrow, or should I contact the closing company / wait for them to reach out to me? I don't want to send the money to the wrong spot and it be tied up there if a different place asks for it. I don't have a contact with the closing company, so if I'm supposed to reach out to them, should I go through my mortgage broker? [link] [comments] |
| Posted: 22 Sep 2020 06:02 AM PDT My husband and I are first time home buyers looking to settle down with our 2 little ones in the New England area. My husband is an army veteran so we're using the VA home loan. We're a month into our home search and have found 4 homes we loved so much we put offers on them. Each offer, unfortunately, was rejected. From what our realtor has told us, sellers are afraid of the VA appraisal or inspection process and reject us simply because we're using a va home loan. We've offered significantly over asking and even dropped the inspection and still no luck. I don't want to give up but after several rejections it seems as though we'll be living in an apartment forever. Anyone out there have a hard time buying with the va home loan? Any tips or advice? Switching to a conventional loan is not an option for us. [link] [comments] |
| Question about financing while not having W-2 income Posted: 22 Sep 2020 09:32 AM PDT I've got enough cash on hand to buy the property I want, but I'd rather get a mortgage so as to avoid tying up so much cash in a house. The payment would be really low, too. Now, on to my question. I don't work a formal job. I sell puts and calls on my stock market account, really doing low-risk plays that provide enough income for me to live on. I know it sounds risky but I've been doing it for years and have kind of a niche established in my trading. Is it impossible for me to get a mortgage in my situation? Should I avoid banks and credit unions and go to a more non-traditional lending source or private mortgage company? What would you suggest? [link] [comments] |
| Help: Need Advice- get my ex off my mortgage Posted: 22 Sep 2020 09:22 AM PDT Hi everyone, I need solid advice on how to get my ex off my mortgage. I need to relocate which means I need to rent or sell my home but my ex is still on the mortgage. I do have a Special Warranty Deed and a Assumption Agreement from the divorce three years ago. However, the mortgage company, Chase, says that I can only remove my ex if I refinance the home. The problems I see are that, I would not qualify for a refinance loan and I only owe 20k on it which I believe is too low for a refinance. Either way, I am afraid of alerting my mortgage company too much and then have them demand full payment for the property. I have read of mortgage companies doing evil things like this to homeowners who are like me, financially precarious. Specific Questions: Are there any other ways of doing this? Can you still get equity out of a home if my ex is still on the mortgage? Can I rent a home that still has my ex on the mortgage? [link] [comments] |
| Do you remember how much commission you made during your first year as a real estate agent? Posted: 21 Sep 2020 08:00 PM PDT |
| Building Biology Inspection (Baubiologie) Posted: 22 Sep 2020 09:14 AM PDT We are selling are 3 year old home to move to the 'burbs in what has been a very hot real estate market. House is almost new, slab on grade, great shape. We listed the house, it went under contract within a few days. Our buyer has now requested a slew of inspections. The first one which is a mold inspection, I'm totally fine with as there's no concern there and we live in a dry climate anyway. Of course there's the usual house inspection. However the latest inspection that's been requested is called a building biology inspection. Has anyone ever gone through this? From what I can glean it's supposed to ensure "holistic living conditions" and a low stress building, whatever that means. It seems to focus on some of the EMF/5G fears that some people worry about. We live in a dense urban area where 5G towers are being rolled out across the city, our house has tons of wireless devices, so I'm not really sure how our house is supposed to pass this type of test, or even what the standard is? From googling this inspection it looks to be a bit of quackery and pseudoscience. I'm not excited about jumping through all of these hoops for the buyer, especially given the market, but I also don't want to raise any alarm bells on the house if it goes off and then back on the market so quickly because we refuse the inspection. Any advice? I'm definitely feeling some red flags with respect to the buyer. I've dealt with difficult buyers in the past and I have no appetite to deal with that again. Link to some information on this type of inspection: Building Biology [link] [comments] |
| Help. Best way to make a listing presentation look nice? Posted: 22 Sep 2020 08:42 AM PDT Super new and need some help finding the best option for pulling the info and making it look nice. [link] [comments] |
| (DC/MD) How to negotiate a new construction build after signing a purchase agreement? Posted: 22 Sep 2020 08:39 AM PDT Long story short, I made all the noob mistakes possible when the wife and I looked at a townhome in a new construction/tract builder site (DC/Maryland area). We were originally apartment hunting and looked at a townhome on a whim since it was in the perfect area. We met with their representative and fell in love with the area and the inventory home. Our first mistake was never using a real estate agent, we're in our early 20's and just didn't know any better. So all the negotiating, contract reading, and ass-covering falls on me. We pulled the trigger on a purchase agreement in June to be closed in December. The final purchase price is mid-400s with the closing costs being around $26k, which seems pretty high but still within the 2-6% range. We got around $17k for closing credits ($15k of which are tied to using their in-house lender). It's still pretty early but the rates have swung back and forth to the pet lender having a lower rate compared to the competition, generally ranging between 2.25 to 2.8%. Our next biggest mistake was in the design center. It brought us up from 450 to 500 on the purchase price, which I've read is relatively normal because we didn't go absolutely nuts on upgrades, but the mistake was that I didn't negotiate for some of the upgrades to be added for free. The contract is signed, materials are ordered, $10k nonrefundable earnest money is deposited, and the slab is poured. We don't have any regrets about the house itself (the location is perfect, fits our lifestyle, HOA does grass, trash and snow for $115/mo and the neighbors are happy with it, etc.) but I'm kicking myself for signing before negotiating for a better price. With all that said, what are my options for negotiations now? A VA loan goes to a jumbo loan after $510,400, and with the 2.3% funding fee my purchase price has to go down below 498. I wish I had a real estate agent to negotiate for me or navigate all the contracts, but you know what they say about spilled milk. If I call up the builder's representative and say "Hey, I need the purchase price to go down to X in some way", what kind of number should I ask for? It's a sellers market here, so I don't think there'll be much similarity to a car deal where you gp up and down to eventually meet somewhere around the middle. They want to keep prices up for future house appraisals, so I don't know how much the purchase price can change in the first place, plus he's got me with 10 grand in the design center deposit and we're very much not wanting to pull out of the deal. Any advice on how I should word things or what to ask for? Just know where I'm stuck or not stuck at would be a big help. I greatly appreciate any help I can get! [link] [comments] |
| FTHB (with anxiety) - How do you get over decision paralysis? Posted: 22 Sep 2020 04:53 AM PDT I've posted here a good deal (and always really appreciate all the help!) but we've been searching for a house since last November. We are looking for a house that works for my handicapped mom as well as us and we are in a crazy Midwest market. Few houses work, layout wise. When one does, we overthink whether it's enough space for us (how do we know how much space we need to live with her having not done it?? Is it too big? Too small?), resale (there's a good chance we may want to leave in a few years if she passes away), and location (close to a train, close to a highway, far out in the burbs, etc). We know the market is inflated right now and that we may lose money if we leave the state, but we also know we can't rent a house that works for us. Anyone have tips on making a decision in such an insane market? Everything we once had as a "must have" we've pushed down to "nice to have" aside from layout for mom but every time we're about to make a decision we can't sleep, have crippling anxiety and worry we won't be happy in the house due to size, location, etc. Most of the time we don't regret the houses we passed on because they all had flaws, but this isn't sustainable and it's making the process so painful. How do I know if this is a gut feeling to trust or not? [link] [comments] |
| What is a typical weekday for an agent? Posted: 22 Sep 2020 03:05 AM PDT I am thinking about a career change and I know there will be a lot of evening showings and weekend open houses. What is an average weekday schedule? After you've pushed out listings what are the other tasks? Is it one hours work or 7? [link] [comments] |
| Posted: 22 Sep 2020 10:45 AM PDT We are in the middle of buying and selling. Well, our sale closes in a week so we are just buying at this point. My question is based on the fact that everything is so frustrating right now. What should my expectations be of my realtor right now? I am starting to feel like my realtor might be a bit passive but it can be hard to discern what is just my anxiety talking. [link] [comments] |
| Is seller liable for undisclosed structural damage? Posted: 21 Sep 2020 03:08 PM PDT This is Delaware. My daughter bought a townhouse in 2019. The pre-sale inspection noted water damage on the top of the basement wall in the basement sill and 1 adjoining joist. The cause was listed as an improper grading that allowed water to pool at the foundation. The wood is intact and repairable. We just finished removing her deck in order to regrade the area, and because the deck was rotting. The chimney chase ( "the "box" around the prefab fireplace flue that looks like a chimney) sticks out past the foundation, above the water damaged area. When we removed deck boards next to the chimney, the siding came loose revealing that the wood structure is severely rotted and needs to be replaced. The rot is definitely coming from rain not from ground pooling at ground level because it extends up at least 8' and is much worse than the foundation damage. Also there is no plumbing in this part of the house. It seems like the seller (a flipper) must have know about this problem because several of the planks that we pulled up were new and he would have seen then damage while installing them just like we did. Does my daughter have any recourse if she can demonstrate the seller knew about this damage but didn't disclose it? [link] [comments] |
| How to find open house rules for FSBO in NJ during covid? Posted: 22 Sep 2020 09:48 AM PDT Hey all, I have a friend who is looking to sell their house in New Jersey and want to do an open house but are unsure where to find the laws due to COVID. We have done research but can't seem to get a clear answer for FSBO.We saw on realtor websites that they are able to, but we are unsure if that also applies to FSBO. What would be a suggested course of action for us to figure this out? Thanks! [link] [comments] |
| Posted: 22 Sep 2020 12:59 AM PDT So, my father never built credit, he simply bought the home we live in outright which is worth 208000 on the market value. My family wants to move to a new home valued at 450,000. Problem is, my father never built credit but has a very high income while I have a very high credit but very low income. Is it possible to have a loan I can we can cosign. We definitely have the money, problem is we have each others weakness. Is it possible to get a mortage? Ideally conventional, but an FHA wouldn't be bad either. [link] [comments] |
| Posted: 22 Sep 2020 09:38 AM PDT We looked at houses pre Covid but couldn't find the right one. It was our fault for working with an inexperienced agent. [link] [comments] |
| Home appraised $12k under accepted offer - what do we do? Posted: 22 Sep 2020 09:37 AM PDT Agreed on a price, which was 260k with a seller credit toward closing of $7,500 for repairs. Now the home appraised $12k under the purchase price at $248k. What are my options? How do we negotiate this smartly? We really need the seller credit because that offsets the upfront cost of buying the house, as it needs appliances, and a few other repairs that we were planning to use that money for. I know that removing the seller credit or reducing it could help in getting the sale price of the home go down, and to the seller that might make the most sense, so I'm just trying to gauge what others have done in similar scenarios. Thank you [link] [comments] |
| Posted: 22 Sep 2020 09:27 AM PDT I know they can't share demographic information on neighborhoods (ex ages 25-35 predominantly live here, or mostly [race]) but should agents be providing guidance on particular houses as well? Like, "here are the sellers disclosures and it looks like they had some foundation work done so I would recommend digging a little deeper into this" - is this type of advice something they typically offer or should I already know to do this? I have to dig for a ton of specific information with the agent I'm working with currently and sometimes I don't know which questions to ask bc I'm a first time home buyer. And I've asked for help from him but his answers are vague or that the house is great full stop. How frequently should they be communicating? Should I find another agent? That's something I'm having trouble with as well since I'm out of state and don't know anyone in TX to refer me. [link] [comments] |
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