Real Estate: Just signed our 2.75% 25 year refi. |
- Just signed our 2.75% 25 year refi.
- Did not realize how expensive it is to sell a house!!!
- Just closed on our first house!
- What do permanently low interest rates do to the SFH market going forward?
- Home Refi Flood Insurance
- Should I close with HOA violations?
- Buying a home with impending foreclosure
- Use first time home buyer now with a friend or wait two years?
- Am I doing my due diligence on land purchase?
- Real Estate accounting software?
- Selling a rental property that was acquired after death. What to expect? (California)
- Jumbo Loan Refinancing - Any broker/ bank recommendations?
- Ever had a seller cry when selling their first home?
- Buying a fairly new house without permits.
- Roof color for resale value
- Sellers refusing to take care of rat problem?
- *Dropping Out of College*
- My realtor got skittish when I told her I was shopping around for representation. She asked me to sign a Buyer Service Agreement before the first showing; I declined to sign anything but decided to work with her and texted I’d go with her as my exclusive agent but then we met and she’s AWFUL!
- How to determine if agent is good
- Selling condo n san diego thinking of getting another one
- Displaced for about 4 weeks, any recommendations?
| Just signed our 2.75% 25 year refi. Posted: 04 Sep 2020 05:12 PM PDT Totally excited. Dropped from 3.85 to 2.75, knocked a year of the mortgage, and eliminated PMI. We'll save about $200 a month and be done a year earlier. Cash to close was $450.xx. Took 30 days. Because it may be asked, we used Mutual of Omaha via the Costco mortgage service. They waived appraisal and listed the value as an average of Zillow, Trulia, and Redfin. Underwriting fees were $350. It was all online / DocuSign, and only interaction with a person was today to sign. We did it outside to be safe. They we're attentive and always available. Absolutely recommend it. [link] [comments] |
| Did not realize how expensive it is to sell a house!!! Posted: 04 Sep 2020 06:38 PM PDT I am the seller and paying 31K in closing costs (22K for RE agents, that was NOT a surprise). WA state. Every transaction involves title insurance. Almost 6K in deed transfer fees. The HOA wants 250 dollars to transfer from me to buyer, with no break in dues. [link] [comments] |
| Just closed on our first house! Posted: 04 Sep 2020 02:06 PM PDT Been awesome to watch some of the rates you all have been able to get. We finished with a 2.625% on a 30 year (credit about 740) and about 5k on closing costs! Looking forward to the move in process. [link] [comments] |
| What do permanently low interest rates do to the SFH market going forward? Posted: 05 Sep 2020 08:28 AM PDT |
| Posted: 05 Sep 2020 08:10 AM PDT My house is on the edge of a floodway (an irigation ditch that is dry 9 months of the year) My current mortgage requires flood insurance. I'm refinancing and the process is going to final approval but there has been no mention of flood insurance. Part of the process is a flood certificate though, which from my research seems pretty subjective, so is it possible that where one review showed my property in the floodway, another review would clear me? I would love to be free of the flood insurance, and hopeful this could ease any issues I may have getting a permit to add a bathroom in the basement (walkout basement at or slightly above the ditch elevation). Am I fooling myself that I'll be able to get out of the whole flood insurance racket this easy? [link] [comments] |
| Should I close with HOA violations? Posted: 05 Sep 2020 07:49 AM PDT I should be closing on Tuesday, in Florida. I am vary excited and overall the house is in good shape, BUT I was notified on Friday that the home owners failed to correct minor HOA yard violations. Due to it being a holiday weekend the sellers are worried they will not be able to correct the two out of three violations in time and have asked me to close and sign a 'hold harmless'. I agree the issues do look minor and easily corrected with a professional yard company and power washing, but I feel like they had the time they needed to correct these and also feel they should be willing to give some sort of reimbursement for this failing. These are new violations that were not there when I made my offer or had the house inspected. I want to close still, but I'm worried about dealing with HOA issues right from the start. No fines have been issued. [link] [comments] |
| Buying a home with impending foreclosure Posted: 05 Sep 2020 07:17 AM PDT Does anyone here have knowledge on the house foreclosure vs filing for bankruptcy vs taking an offer on a house? This is in California if that matters. We are interested in a house that's on the market but as of Monday, in the foreclosure process and scheduled for auction October 1 unless sold prior. The house was an investment flip and has been on the market for a year with no one living in it. Our realtor seems to think they would file for bankruptcy before letting it foreclose. The seller also told her a couple of weeks ago (before the official foreclosure happened) they wouldn't consider an offer around xyz. But now we know what they owe. So as long as we cover that plus fees, wouldn't they be silly not to take the offer? (That would be less than what they told us they wouldn't consider) What are the negatives of declaring bankruptcy on their end vs getting out from under this? Thank you! [link] [comments] |
| Use first time home buyer now with a friend or wait two years? Posted: 05 Sep 2020 06:39 AM PDT Good morning everyone. An opportunity just presented itself where my best friend said he wanted to become business partners. He already has a one family home. Said he'd go halfs with me on the downpayment and put himself down as my co-borrower for a 3 or 4 family home. This property will go down as an investment property and all revenue will go into a shared bank account where it won't be touched unless for home improvement and then for future joint property purchases. I'd be using my first time home buyers program to make this happen. Quick background, I have a 40k salary. He has a 110k. I don't have any debt, he only has mortgage. My credit score is 690. His is 720+. I'll be leaving for the military in 8months for about 10months. I currently have 15k in savings, when I return from the military I should be closer to 40k in savings and a 70k job. My question is should I do this joint venture with him now or wait two years and do it alone? [link] [comments] |
| Am I doing my due diligence on land purchase? Posted: 04 Sep 2020 09:13 PM PDT I found a 15 acre plot and hoping to buy it and subdivide to build two very modest homes with a friend (with the help of each other and our networks of people who do this stuff for a living). We are in talks with the seller/land owner who is doing this through private sale and we are going to have a lawyer write up a pns after we come to a number. The seller bought this land for about 45% of the assessed value and about 15-20% of what comparable lots would go for in the area (he said looks for opportunities where people just want to get rid of their raw land because they are done with it. He got it from two out of state family members who got it from their dad before he passed.) It's a great deal for the area and we are local and want to jump on it. I just don't want to miss something big. After all, the deal is really good and it makes me want to be cautious. The seller provided a survey done a few years ago (by the owners previous to him) that shows three potential lots with possible house sites, leach fields and well locations. One site is complete with an approved septic plan (and the other two sites have test pits of same depth dug). We have a septic guy coming out to do his own site walk to help us know if these plans are still viable.. I know we want to make sure the title is all good (been to the clerk for the deed, verified ownership) stuff like septic plan (which is a big deal here) and water can be drilled, but i'm not exactly sure where to look to find out that we are 100% getting the timber and mineral rights. When I have the lawyer write a pns, that does not mean they are finding that stuff out, correct? Or if I want the pns to include contingencies like timber rights must be included, does the lawyer find that out? I have the deed, I just don't understand if that is supposed to be revealed in the deed or if it can be hidden. The town has no zoning, and very few restrictions in general. I am also curious to know what the best route would be to determine if the land susceptible to erosion, as it is on a slope.. This is definitely something I keep thinking about. I am interested in potential due diligence I might not realize I am missing. Thank you for any comments etc. This spot feels very right, and we want to do this the right way, but not miss our chance to make an offer. [link] [comments] |
| Real Estate accounting software? Posted: 04 Sep 2020 10:01 PM PDT Looking for recommendation for decent accounting software for real estate, preferably a free one. Thanks in advance! [link] [comments] |
| Selling a rental property that was acquired after death. What to expect? (California) Posted: 05 Sep 2020 03:35 AM PDT Ill keep the explanation short. My father passed away last year and he had a duplex with the title only in his name. My mother just had the title officially transferred to her name. If she were to sell, will the capital gains be determined from the time the title was changed to her name, or from the time my father acquired it? [link] [comments] |
| Jumbo Loan Refinancing - Any broker/ bank recommendations? Posted: 04 Sep 2020 04:54 PM PDT Hello, My primary residence is in Novi, Michigan which I bought last year for around $630k at 4.5% mortgage rate with 10% down payment. With the low rates, I would like to refinance but no bank or broker is giving me the time of the day as it is a jumbo loan, unless I bring my total loan to $510k. Right now, it is $565k. I was wondering if anyone has recently refinanced a jumbo loan and could recommend their bank or broker because I haven't been able to find anyone. I have tried Chase, TD Bank, and Wells Fargo. Also, the broker I used last year is no longer doing jumbo financing. I will appreciate any suggestions. Thanks! [link] [comments] |
| Ever had a seller cry when selling their first home? Posted: 05 Sep 2020 02:23 AM PDT Just curious what kinda of emotional reactions realtors have observed from home sellers? [link] [comments] |
| Buying a fairly new house without permits. Posted: 05 Sep 2020 12:38 AM PDT I've already placed an offer on this house, before I found out that most of it was built without permits. The house was built in 2018, and it looks like the first 600 or so square feet were built with permits. The remainder of the house was not. The house is almost 1800 square feet in total. It wasn't listed with any kind of discount, despite most of the house not being permitted. The house is gorgeous and I really love everything about the property. Everything seems to work as it should, minus the hot water knob on one of the sinks. My lender doesn't seem too concerned about the lack of permits. My realtor has asked the seller to retroactively get the permits and to pay for the septic inspection. It looks like the septic is going to be big enough for the property, since the family of 4 who have been living there has never pumped the septic tank. Also, the same septic tank was placed on every lot before the houses were built and other houses in the neighborhood have the same number of bedrooms and bathroom as this one does. It's rather obvious that this was done intentionally, as the "original" house does not have a kitchen or living room. The tax assessment of the property is about a quarter of the listing price. Additionally, the seller put a gas stove in the kitchen just for the listing pictures, even though there is no gas in the house. My intention is still to buy the home, and I have to move within the month. I'm looking for advice on what to do to ensure that the home is properly permitted. I would hate to run into issues with insurance, the loan, or have to tear out the majority of the home. I live in a blazing hot market. The house is in a small town just outside of a big city in Texas. The inspection is this week. Edit: Clarifying information. [link] [comments] |
| Posted: 05 Sep 2020 12:23 AM PDT Hi, I am wondering if roof shingle color matters for resale value. The house color can make a difference. But does roof color? I'm guessing it's best to stay neutral? (grays, browns, or some combination)? Edit - I should add that the color of the house is a medium-dark gray (with slight blue-ish tint). The house is about 100 years old. 2 story. Old neighborhood. Most nearby houses are of similar design. [link] [comments] |
| Sellers refusing to take care of rat problem? Posted: 04 Sep 2020 08:20 PM PDT We just finished the inspection process on our first house and found that there is a huge rat problem in the attic of the house, to the point where the AC ducts and attic insulation have been eaten through as well as some of the wood outside. The rodent inspector said it'd be a 2000-4000 fix depending on if we replace the insulation or not. The sellers are claiming they didn't know about the rats (even though there were traps on the roof) and are now saying they don't want to credit us anything or do the repairs to seal off and clean the attic. The property itself already has some weird things with it (shared driveway, bedroom converted into a closet, etc) so we were the ONLY offer they had gotten in 60 days. Am I crazy for thinking we should be credited something especially for the rodent issue? Or am I just a naive first-time buyer who has no idea what they're talking about? Wondering if it would just be best to walk away or deal with it. [link] [comments] |
| Posted: 04 Sep 2020 11:58 PM PDT Hello all. In all honesty, without being sappy or dramatic, I'm very, very lost, when it comes to what I wanna do. I'm in almost my third year of college, have changed my major twice, and just don't enjoy it. However, I've always been a hustler, and have never, ever been afraid to work my ass of (over nights, early mornings, 12 hour shifts at a fucking dollar store even.) I'm thinking about switching my major to business, and doing real estate after college, but, is that really worth the money? Would dropping out and going straight to real estate school be the better option? I'm unsure, and it's a bit frustrating. [link] [comments] |
| Posted: 04 Sep 2020 11:44 PM PDT I hadn't met her and she'd maybe put in 1-2 hours of various emails and conversations with me and my lender. I was suggested to see another realtor which I set up. I felt compelled to be transparent and told her I'd set up meeting with a realtor to just figure out if I had a preference...market research and shopping around. Nothing surprising or offensive there. She got off the phone and sounded in fine spirits. I then sent her a house I was interested in seeing (at this point we'd never done a single walk through together) and she responded in a text that she would email a Buyer Service Agreement, essentially locking in exclusive representation. I proceeded to meet and show two houses with the other realtor. At first I sensed there could maybe be friction but ultimately she was knowledgeable and very, very efficient in pointing out red flags to me, as a newbie. So, with the original agent and I set up a Skype call to "get-to-know you" which made me really like her. She seemed to have an energy that I liked! And I feel stupid for feeling pressure so early, despite knowing it was quite normal to show multiple homes (even in COVID) to people who may end up being your client but ultimately, could be a loss. So because I felt this FaceTime "compatibility" I texted her that that I really liked working with her and I was going to "choose" her as my "exclusive agent." Long story short, we saw our first round of houses today and we were like oil and water. I couldn't stand her lack of guidance or appeal and she seemed very irritated and dodgy of my many questions. Could this text backfire on me?Are realtors burned enough to invest the time and money to pursue something like this as a contractual agreement? Would it even stand in court? Should i not even think twice before bailing on her and finding someone else – like the other more knowledgeable and informative agent who was very helpful, but I took for granted? [link] [comments] |
| How to determine if agent is good Posted: 04 Sep 2020 11:52 AM PDT When buying and selling a property (currently in process of) how do I determine if the agent is good. What can I expect of the agent and what type of things fall under my responsibility? Selling a condo and current agent asked me if signs are allowed. After telling her I don't know, she just replied with 2 words in an email "condo documents." I read through the documents and have no problem doing some research and leg work. Just want to see if that was knowledge I, as the seller and owner, needed to know. Thanks for all advice. [link] [comments] |
| Selling condo n san diego thinking of getting another one Posted: 04 Sep 2020 04:24 PM PDT i have a condo in escrow for sale for 410k with about 70k left on mortgage. was going to sit it out for a bit and see what is going to happen with the market but saw a condo i really like for 490k and thinking about making an offer w about 130k down and 30 year fixed. my friends think i am crazy for doing so but wondering what folks on here think. I think interest rates will remain low for years but dont know where prices will go in the short term. eventually i think due to inflation it would be a good investment [link] [comments] |
| Displaced for about 4 weeks, any recommendations? Posted: 04 Sep 2020 10:39 AM PDT I rented out my latest project house and was planning on moving to a different state, but I was asked to stay in town for work through this month. I currently have no where to stay now, which is weird seeing as I own 3 homes. All the rentals I can find require a min 6 month lease (understandably), and it is a small town with very few apartment complexes that also require minimum lease terms. Any recommendations on where to stay? Hotels are expensive. [link] [comments] |
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