Real Estate: I'm going to buy the townhouse I'm currently renting. The owner is a realtor as well. Do I need my own relator, can I use them, or should not use one? |
- I'm going to buy the townhouse I'm currently renting. The owner is a realtor as well. Do I need my own relator, can I use them, or should not use one?
- Thanks to this sub, we avoided a scam today
- Want a laugh? House hunting in Bay Area is ridiculous
- Is it possible for a house to be sold three times without the deed to be updated? There is a house I was interested in and it was sold three times but the deeds still show the owner from 2005. MA
- Anyone buy a money pit and regret it like I do?
- Did my RE agent do me wrong here? How do I handle this?
- Strategy for secret sale of commercial building as a hedge to ongoing business threats
- VA loan appraisal value lower than loan + financing fee but not purchase price?
- Comps and refi suggestion
- Trying to learn more about mortgages
- Did we make the right choice?
- Struggling between buying for the location and buying a nicer house in a different area
- Breaking rental lease early because of purchase of home
- I can't get ahold of anyone regarding a house on Realtor.ca
- What are your thoughts on this home inspection results?
- Scenic easement on property
- Suspicious Sellers - Is It Worth Closing?
- Looking to buy a new construction home next Summer in Texas....where do I begin?
- Wire title company using Fidelity
- (US, GA) Under Contract to buy a home - had inspection today.. some questions.
- Leaseback in Texas (1st time homebuyer)
- Any mortgage lenders in here?
- Looking at a house in a 100yr floodplain. Owner of 25yrs says he never had any problems. No signs of water damage that I can see. Should I still be worried?
- Advice on purchasing a house with best friend
- First time home buyer-we have an inspection this Saturday.
| Posted: 03 Sep 2020 09:05 AM PDT My question is in the title. Currently getting pre-approved from to local lenders and one online lender then I'll let the owner know. Then from their they said we will discuss the value of the house. Edit: Thanks for some advice. I'm reading over it on my lunch. So the value of the house on Zillow is pegged at 230k. There are two town houses currently listed at 250k. Both of those were gutted and remodeled. Our house has been remodeled at some point maybe 15 years ago. The house is fine, just not fancy. Some units sold a few months back for 220-240. Let's just say the appraisal is 240k. So people are saying I could get 3-5% lower than that 233k. Saving 7k, but then I should pay for an inspector and a lawyer, costing 1.5k~. Now I've got enough for a down payment and depending on the price that could be 17 to 20%. As far as the house goes we've been here a year and nothing has been wrong with it, other than the dryer duct was full of lint and was basically clogged. Because this is my first house I want to do this right. Part of me says get a realtor because I don't have the time and energy to square everything away. The other part says, if I make time I could do a decent job and figure everything out from reading, dd, and getting some more advice. [link] [comments] |
| Thanks to this sub, we avoided a scam today Posted: 02 Sep 2020 11:34 AM PDT I read in a post a few days (maybe weeks ago) about a redditor who wired earnest money thinking everything was legit. Turned out the attorney's office (most likely from what I read) was infiltrated and that was how the scammers knew the details of the sale. Thanks to this post, I knew that the link my wife was sent (even though it was addressed to me) through text message was a scam. We passed this on to our realtor who knew all about it, but assured us she already has the receipt for the earnest money we gave the title company. My wife was about to click the link to see why she would need to submit it and do it again just in case. Figuring if something was duplicated she would get one of them back. I have learned a lot from this sub and I would like to pass that on. It may have been a few days ago, but I have tried searching for it. My search skills on here suck apparently. EDIT Thanks to /u/byebybuy here is the thread I am referring to. [link] [comments] |
| Want a laugh? House hunting in Bay Area is ridiculous Posted: 02 Sep 2020 02:57 PM PDT We're still looking in the Bay Area and prices are just going up, up, up during COVID. After loosing out on two houses we liked, we decided to try something new. In an effort to combat the bidding war, which is the standard practice here, we started looking at houses that have been sitting on the market for a while. Thinking, yeh, they may have something wrong with it but we will price it in and give the seller a fair market value for the house. We found a house on the market for 60 days (average here is 14 days) and the photos were horrible, there was zero staging, carpet in all the rooms, bad/unpermitted renovation, pests, bad foundation. The list price was over the fair market value/comps, even without the deferred maintenance. So we think, let's put in a fair offer (that is up YOY for her area and above her neighbor's renovated house which sold last month). It was truly a very fair offer. Y'all, she countered +$400k over list ($450k over offer) with the ability to cancel during escrow if she couldn't find a house she liked and the requirement to live $100/day after COE until she wanted to move! I am baffled. I thought the house wasn't selling because it was a lemon (still think it might be) but the truth is that the seller is delusional. Just thought I would give you guys a laugh and try to alleviate this overwhelming disappointment that is house hunting in the bay area. [link] [comments] |
| Posted: 03 Sep 2020 07:42 AM PDT The mystery was solved thanks to I/trimerra , I was looking at https://www.masslandrecords.com which has a wrong data for some reason. [link] [comments] |
| Anyone buy a money pit and regret it like I do? Posted: 03 Sep 2020 01:34 PM PDT Whether it's stuff the inspector missed, or you knew going into it there was something that would take some fixing but now you regret it. I bought a house but it's become a money pit. I felt very ready with savings buying a home, but now I've put a lot of money into this home. And my savings account is now dwindling fast and it's bad. I've been having to pick up lots of shifts at work to offset the costs. The backyard fence is rotting and needs replacing, we have a rat problem, and there's a leak in the bath tub. This home is 20 years old so I guess things are starting to go south. So frustrated. [link] [comments] |
| Did my RE agent do me wrong here? How do I handle this? Posted: 03 Sep 2020 01:19 PM PDT Hey all. This is my first time buying a home, been saving forever for it. I wasn't seriously looking but out of the blue found the perfect home on Redfin. Found it myself, toured it myself. Within 24 hours I got pre approved and placed an offer and the house is about $1.4 million. So I basically brought the deal to the RE agents lap. I wanted it badly, they never once had to show me houses, etc. Anyway, I had multiple agents that I have connections to fighting for my business as soon as I said I found a house and wanted to buy it. One agent (family friend) said he'd offer us a 1% credit. That's big and makes sense especially considering they didn't have to find the house. Another person (my personal friend) wanted the business, I said I'd choose them if they offered a 1.25% credit which I thought was fair that's still a gigantic paycheck for them without having to find or show houses. My friend accepted saying yes they'll give me a 1.25% credit, but she did make a fuss out of it and I wasn't totally happy with the way she handled it. A week later (current time) I realized I needed the actual dollar amount so we can pay for closing costs. My friend/the RE agent says "it's $10,000". However... 1.25% on a $1,400,000 house is $17,500. I could have used that for closing costs/buying down points for interest rates. I immediately felt I had been misled, as the family friend said his 1% would be $14,000 and felt frustrated. I told my friend/current agent I thought it was $17.5k, and she says no it's not because the money only comes out of her commission and her company won't take money out of their cut. It was never explained to me upfront that it would only be $10k but all we discussed was 1.25% credit that she accepted to earn my business over the other family friend. Given that it's a friend it's a bit awkward. Given that it's my first time, I can't tell if I'm getting screwed or if I should fight for all of/part of the remaining money or how to do that. Or is this normal and just what it is. Can you tell me what I should think and how you'd handle it? Thank you! [link] [comments] |
| Strategy for secret sale of commercial building as a hedge to ongoing business threats Posted: 03 Sep 2020 06:39 AM PDT We have a commercial building for manufacturing 45,000 square feet that we rent to our manufacturing business. Business is good, but the dearth of our needed talent and labor in our area is a threat to our continuing manufacturing operation (we have been exploring the sale or merger of our business as well). It occurred to me that we could hedge our manufacturing business risk by potentially selling our building. This would need to be done very secretly (no web advertisements) because if our staff knew, they would certainly look for other jobs. Any thoughts/advice/referrals to commercial realtors are appreciated! [link] [comments] |
| VA loan appraisal value lower than loan + financing fee but not purchase price? Posted: 03 Sep 2020 08:55 AM PDT We are buying a home with a VA loan, the list price was $159k, we offered $165k , seller financing the closing. However, overall our lender, Navy Federal, is loaning us $170.9k with the VA Funding Fee included. We just received the appraisal, it's $166k which is higher than the list price and higher than our offer, but with the VA fee is NOT higher than our overall loan. Do you think our lender will ask us to make up the $4.9k difference, or do they weigh the appraisal only versus our offer of $165k? Waiting to hear back, but I thought I'd get an idea as to what to expect. [link] [comments] |
| Posted: 03 Sep 2020 12:36 PM PDT So I bought my house for 857k. Took out a loan for 771k at 3.875 for 30yr. Now I'm looking to refi. Current balance is 728k. My biggest concern is home value. I have nothing to go by. Zillow/Redfin gives me a number. One of the lender thinks the listed value on these sites may be too high. A lot of these estimates are contingent I have at least 80% loan to value ratio. Assuming my previous appraisal of 857k (3yrs ago) hold true, that means I'm still 5% away. Is it worth it to pay down the balance to hit that 80% LTV to refi at 3%? Assuming worse case, value is now below, it may throw a wrench in my plans. Is there an decent way to get comps besides researching these sites or hiring an appraiser? I'm in NYC if that helps. Thanks! [link] [comments] |
| Trying to learn more about mortgages Posted: 03 Sep 2020 12:15 PM PDT Hi, I'm brand new to home buying, listening to a few podcasts and reading some articles. I haven't contacted any lenders yet. Can someone explain:
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| Posted: 03 Sep 2020 11:16 AM PDT We live in the Portland metro area (Oregon) and people say it's a sellers market right now. I don't know anything about that but house prices are really high imo. Anyways, we listed our house (built 1943, 2 bed 1 bath, 750 sqft) for $250k in as in condition because we knew it wouldn't qualify for Va funding (peeling paint on the deck, some holes in the siding) and didn't really want to fix it up. I bought it in 2015 for $155k. We had 18 showings in the first 2 days and received several offers. Most were exactly what we were asking for and looking for ($250k as is with conventional loan) but one couple offered $275k with a VA loan on the condition we pay $5k of their closing costs and that they are responsible to getting the property up to a level where it'd work for a VA loan. I didn't want the liability of them working in the house while I still own it so I countered with basically "everything sounds good, but let's see what comes up in the inspection and depending on what needs to be done I will either do it or them and I can negotiate from there". Is this jenky?? My realtor said it wasn't a common situation. Waiting on inspection results now and feeling anxious about it all. [link] [comments] |
| Struggling between buying for the location and buying a nicer house in a different area Posted: 03 Sep 2020 07:30 AM PDT So I have been wanting to buy a house for years and almost impulse bought one when my husband and I definitely couldn't afford it. But now we are finally ready with most of our debt paid off with a very good chunk in savings. We got our pre-approval for a good amount that can get us a medium/smaller house in the neighborhood we would most like to live (we rent there currently), but it's taking a while to find one in this neighborhood that we can afford and is decent. Lately stuff has slowed down, less houses pop up but also they stay on the market a bit longer which is nice, however now I'm getting impatient and have considered looking outside of my desired neighborhood. The houses in my neighborhood are all super old and a lot of the ones I can afford are not amazing as far as size, updates, etc. If I'm willing to live even ten minutes outside I can get a much nicer house for less. People keep encouraging me to think about looking outside the area and I'm considering it.. but a big part of me loves living in my neighborhood and being able to walk to all of the things I love. I guess I'm curious to hear what others think or have done and if you feel it was the right choice. I am a bit concerned because the interest rates are so low right now which is making getting a decent house easier for us but I'm also worried that will go away if I wait too long. [link] [comments] |
| Breaking rental lease early because of purchase of home Posted: 03 Sep 2020 10:10 AM PDT Hi, I was wondering if anyone has broken their rental lease agreement early because of the purchase of a home. I will be paying the 2 month penalty, but wondering if it is possible to pay the penalty in installments or some other option. Thank you in advance for your response!! [link] [comments] |
| I can't get ahold of anyone regarding a house on Realtor.ca Posted: 03 Sep 2020 01:47 PM PDT I have emailed the agent posted beside the ad, and other random agents in the area, and no one is replying. I simply ask if the house is under contract or not. The reason I need to know is because I am Canadian but I live in USA, I am looking to buy in Canada and wasn't going there to house shop until winter but for this house I would be willing to fly in ASAP like today, quarantine, view, and make an offer. This is my first time buying. The house is 25% of my max budget, and checks all boxes. How can I find out if it's on the market!?? [link] [comments] |
| What are your thoughts on this home inspection results? Posted: 03 Sep 2020 01:36 PM PDT We are in the process of buying a 33 year old townhome. Just had our home inspection done and our inspector noted a lot of issues. Any minor issues such as leaky faucets, shower heads, and tub faucets, along with lack of GCIF in kitchen/reverse polarity, we are going to overlook. There is a lot of trash/debris on the property that we are overlooking. Architectural codes that are not up to par on roof, attic, and balcony, unfinished basement issues, we are overlooking. However, we are thinking of asking for the following repairs and/or replacements or credit back: HVAC, heat pump, and sump pump is not working. The inspector noted that the water heater is at the end of its life and recommends it be replaced (however it is currently functioning). Supply pressure regulator is not working and rusted. Outside valves need back flow preventative measure. Certain electrical fixes like open wiring above sink. Chimney inspection/cleaning for safety Removal of one tree given that we will need to remove at least 4 or 5 trees on property because they are ruining the exterior foundation of the property and deck by pulling up sidewalk, deck, etc. Radon level need to be under 4.0 (its almost at 8). Water filtration system is not working . Installation of a kitchen appliance that is there but not installed. What are your thoughts? Unreasonable or reasonable? Let me also mention that the price of the home is higher than its neighboring homes. It was listed at one price and then the agent hiked it up by 35K because of seller request due to upgraded bathrooms and kitchen renovations. The seller brought the price back down by 9K but we had asked for 15k back. Even seller's own agent thought price was high. [link] [comments] |
| Posted: 03 Sep 2020 09:49 AM PDT Hi all, I'm thinking of making an offer on a home that is built adjacent to a hillside. The lot size is fairly large for the area (about .7 acres), but about a third of the lot is a scenic easement on the hillside. Think about a huge long rectangle of a lot, where a third of it is undeveloped hillside -- just grass and shrubbery. There's a fire road that provides access to this hillside area. The question I have is why is this even a part of the property at all? It just seems like a nature area/fire access. If you can't do anything with it, if there is public access, if you have no control over what's done there, then why would the city even sell that piece of land for development? To get taxes on it? I realize that this is probably a question for someone in the city, but I am also not sure who I should call. Would it be zoning? Planning? All of these departments are a bit overwhelming. Thank you! [link] [comments] |
| Suspicious Sellers - Is It Worth Closing? Posted: 03 Sep 2020 09:47 AM PDT My wife and I are supposed to close on a house tomorrow (yay!). As part of the agreement, the Seller agreed to have a new water heater (was 30 years old) and furnace (was 20 years old) professionally installed. More on that later. We were actually supposed to close a month ago, but 3 days before closing the sellers disclosed an unrecorded land contract (held by Lienholder) on the property and everything seemed to fall apart. The Seller and the Lienholder were uncooperative with us and the Title companies, so it didn't look like the property could even be sold until the seller refinanced the land contract a couple weeks later. After another week of delays, Seller and Seller's Agent have been very dodgy about disclosing how the work was done for these appliances and even providing the invoices. Today they finally provided an invoice, and we have a lot of concerns. - The Seller previously told us different companies were doing the work, but the invoice lists one company - The Invoice lists even $ amounts for the appliances (listed as "Water Heater Replacement" and "Furnace Replacement", no model numbers or anything), with a single combined total. - The invoice says it was $3,500 paid in cash. - There is no tax listed on the Invoice, and the Date of Service is different from the two dates they told us the work was done (one was done before the Date of Service, the other was done after the Date of Service). - Googling the company name and the State's corporation database returns no results, but a similarly named company does come up with a street address that matches Seller's address. - There are no permits listed online for the work that was done (35 days ago now). We're feeling a lot of pressure to close because we lost our apartment due to the seller's delays. When we found out they couldn't close on the original date (August 7th), it was too late for us to renew another month and we moved out last weekend. For now, we're paying to keep all our things in a storage unit while we stay with a friend. We also had to leave our pets with my wife's parents since they can't stay at our friend's place. We also know the seller did a lot of renovation work (flooring, countertops, cabinets, etc), but we can't find any permits for it online. At this point, we feel like we should just take the risk and close because our current situation isn't sustainable and we're pretty desperate. But is it too risky for us to accept this? Is there anything that protects us against the unpermitted work the seller did? [link] [comments] |
| Looking to buy a new construction home next Summer in Texas....where do I begin? Posted: 03 Sep 2020 01:31 PM PDT What is a good place to start? A friend of mine put money into escrow and they say they don't have to put any downpayment until the house is built? There is SO much to go over I just need a first step. [link] [comments] |
| Wire title company using Fidelity Posted: 03 Sep 2020 01:23 PM PDT Hello, has anyone used their Fidelity account to wire money for closing? The title company requires special instructions to be added to the OBI field and I'm not seeing an extra field to add my property address and file number. Thanks! [link] [comments] |
| (US, GA) Under Contract to buy a home - had inspection today.. some questions. Posted: 03 Sep 2020 01:14 PM PDT First time home buyers here. We had an inspection on a home that we are very interested today and maybe some of the items are red flags? Im not sure! I'll do my best to post what the inspector wrote.. the biggest things that stuck out to me were HVAC, Water heater, plumbing and an issue in the attic. 1) AIR CONDITIONING \ Life expectancy Condition: Near end of life expectancy The air conditioning system is 10 years old. The design life of this system is 10 to 15 years. Unit is operational at time of inspection, budget for replacement in the near future. This system takes R22 refrigerant which has not been manufactured since 2001 and banned by the EPA, completely phased out in 2020. Should the system need recharged refrigerant will not be available. 2) Water heater approximate age: 29 years Water heater typical life expectancy: 10 to 20 years Water heater failure probability: High Due to its age recommend budgeting for repair or replacement at any time. 3) SUPPLY PLUMBING \ Water supply piping in building Condition: Polybutylene The type of Plumbing (polybutylene) used in this home is prone to leakage. The pipe was involved in a 950 million dollar class action lawsuit in the 90's and is no longer used. New studies show the plumbing material to deteriorate over time as result of chemicals added to the Municipal Water Supply including chlorine. It is recommended that homes with polybutylene plumbing be re-plumbed. Recommend a plumbing contractor evaluate the pipe to determine condition and if it is needing replacement at this time. Also check with your home owners insurance agent to determine if they will insure homes with this type of plumbing. Implication(s): Chance of water damage to structure, finishes and contents | Leakage 4) ROOF FRAMING \ Rafters/trusses Condition: Split The valley rafter is split below the splice. Recommend repair to prevent possible collapse and damage. Implication(s): Weakened structure | Chance of structural movement 5) VENTILATION \ General notes (This is related to the crawlspace under the house) Condition: Amount inadequate The crawlspace vent is currently covered. Recommend further evaluation by an insulation specialist as it appears the crawlspace requires additional ventilation due to the microbial growth on the underside of the subfloor. As I go through this list - my nerves start to rattle. There are 1-2 dozen other issues that need to be addressed. Most of them seem like easy/simple fixes - but, should I negotiate that or just do them myself if we decided to move forward? Thanks for any input/advice. I plan on talking to my realtor about all of this tonight as well. [link] [comments] |
| Leaseback in Texas (1st time homebuyer) Posted: 03 Sep 2020 02:25 AM PDT I submitted a full price offer on a house that has only been on the market for 3 days. Seller's agent told my agent that they would accept the offer if we would agree to a three week leaseback after the indicated closing date. Being a first time home buyer, I did some research and learned that leasebacks are generally to be avoided as they are fraught with all sorts of possible pitfalls, even though most usually go smoothly. I do not want to be a landlord but entertained the idea because I like the house and want to get it under contract and start the home inspection, new survey, HOA compliance review, etc. My agent suggested a $4k deposit (1% house value) and $100/day rent. My PITI will be about $3k/month so this sounded reasonable to me (and also what my research suggested was fair). I am currently month to month at my rental (no lease) and am able to move out with prorated last month's rent. So having to continue to pay rent to stay in my current place after I become a homeowner actually costs me over $1200 in rent for those three weeks. Money wise, I was willing to accept breaking even on the leaseback and the loss on my rent just to get a signed contract. The sellers came back with a leaseback agreement of $500 deposit, $25/day rental, and $100/day hold over if they stay past the three weeks. This seems absurd to me. I feel I would be doing the sellers a favor just by agreeing to a leaseback. That way they don't have to move twice (once into a storage unit and once into their new house) and maybe they'll be reasonable if/when the inspection report comes in and I need to ask for repairs. But why would I ever agree to the terms presented? And shouldn't the hold over be $200-300/day to incentive them NOT to overstay the 3 weeks? I have no reason to suspect the sellers would be bad tenants as their house is in great condition or that they would intentionally overstay the lease. But more than $500 in ACCIDENTAL damage could occur when they move out. Also, the $25/day rent is a quarter of my carrying costs. Not to mention I have to continue paying for my rental so I have a place to live even though I would own a house at that point. I have heard of some situations where a buyer might agree to a leaseback for 2-3 days for $1/day just as a courtesy to the seller who has made the transaction smooth and pleasant. But it seems like a $25/day leaseback demand at the very start of the process is indicative of lots of friction ahead. I asked why we couldn't just extend escrow and change the closing date on the contract to 1 day past their 3 week leaseback end date but haven't gotten an answer. The only thing I can think of is that they need the money from the sale of their current house to close or move to their new home. There's got to be something going on that's contingent on the sale of their current house. If that's the case, then fine but at least pay me fair market rent or make me whole on my PITI. Advice I've seen in this subreddit is that you should never make someone else's problems your own. My gut feeling at this point is to say hard no any leaseback. Either we push the closing date, or they can reject the offer. To be honest, the whole thing now makes me feel very uncomfortable about proceeding and I even though I like the house, I am considering retracting the offer completely and just putting this house in the rearview mirror.. Any thoughts or feedback would be appreciated. Thanks! Edited to add: Thank you for all the comments. I did not think the terms of the leaseback were anywhere near reasonable and a red flag for an acrimonious home buying ahead but for full disclosure I have a partner that is in love with this house and is reluctant to walk. I'll show her your responses and hopefully she can see the situation a little more clearly. I also did not mention this originally because I thought it might unnecessarily bias the replies/feedback you all had for me. The sellers agent actually asked why we were asking so much for rent because interest on the loan will not be more than $30 a day and that our request for a $4k deposit was totally unreasonable. Those are his words. Even me being a novice home buyer instantly thought to myself, can you say PITI??? And why would a $4k deposit be unreasonable? They would have the money from the sale of their house to cover it! From what I understand the seller's agent is family friends with the seller. [link] [comments] |
| Posted: 03 Sep 2020 12:56 PM PDT I'm looking to sell my house and then move to a lower cost of living state and buy roughly at the same time. Current house value $550,000 Remaining Mortgage $350000 I was reading I can pull out the equity using a HEL or HELOC and use it as a downpayment on the second home. The articles I'm reading are catered towards people who want a second home permanently or a vacation house. I merely want to roll my equity into the new house as a downpayment so I can facilitate the simultaneous buy/sell process. The new one will be a primary residence. So rather than selling the house, waiting for escrow to get the $200k in equity, and then start looking to buy and using the $200k as a downpayment (Which leaves me a few months of having to rent a place. Not easy when you have 2 large dogs).... I'm thinking pull my equity out now as my house is for sale (will list it in 2 weeks) and use that as a downpay for the new house. Problem is, because of the 2nd mortgage I don't know how this would work when it comes to lending. Is there a lender that would do both? They would do the home equity loan AND do the new loan? Or is that not advised? Trust me, I'd rather have the cash in hand and then rent first and then buy but right now, the rental market where we're looking sucks and finding a short-term rental with 2 dogs is impossible. The market in CA is hot right now and we will be ready to list in 2 weeks so this is a short-term plan. I don't plan on trying to float 2 mortgages long-term. We have enough in savings to float it for a year if we have to. [link] [comments] |
| Posted: 03 Sep 2020 12:54 PM PDT So, title says it all pretty much. We are thinking about going forward on this home with an inspection contingency (I assume they could find signs of flooding pretty well), but it looks good to me (no water lines on basement walls, water heater and other basement appliances don't look rusty, no muddy patches in the yard, etc). I was worried about trying to sell it at some point, but it currently has several offers so I may not even get it. Should I still just flat out avoid a floodplain? [link] [comments] |
| Advice on purchasing a house with best friend Posted: 03 Sep 2020 12:49 PM PDT Good afternoon all! As the title says, my best friend and I are considering purchasing a two-family home in NYC/Long Island and are looking for some advice on financing, how to's, things like that. I'm sure the most obvious advice would be to not get involved with a friend when it comes to this large of a purchase, but this man is a brother to me and I've known him my entire life and trust him thoroughly, as he does me. The reason for a two-family home is because this is also going to be the first time either of us has bought a house so there is the additional challenge of 1st time buyers and the vast amount of things we don't know that we should consider. We and our spouses are at a time in our lives where we want to have something more substantial and want to work with each other to be able to purchase something larger with all of our finances combined. So I'm really wondering how (or if) a mortgage can be designed with all 4 of us involved (he and I are both married), or if we have to go about it separately? Is there more security in having more individuals included in the mortgage contract that would be favorable to a bank when considering a loan? Are there unexpected taxes or benefits that we would have to consider when purchasing a two-family home? When the time comes, how involved is the selling process with others involved? I assume all of these details should be ironed out and documented with all of our signatures before purchasing, and when that happens, how legally binding are those signed terms/conditions (do we have to have those terms signed by a judge/bank)? And overall, is this a radical idea or is this something that is feasible with certain protections? Any and all advice is GREATLY appreciated, and I thank you in advance! [link] [comments] |
| First time home buyer-we have an inspection this Saturday. Posted: 03 Sep 2020 12:47 PM PDT We will be present and have a great realtor. They've worked with this inspector many times and he has good reviews. What are some things we should ask during the inspection process? What should we see as red flags? Any help is greatly appreciated! [link] [comments] |
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