Real Estate: My buyer can’t get a loan for my condo because, “All conventional lenders will not lend on the property if one entity owns more than 10%.” |
- My buyer can’t get a loan for my condo because, “All conventional lenders will not lend on the property if one entity owns more than 10%.”
- House isn't selling because of neighbor's house. What are my options? (Ca)
- Buying and selling at the same time in a seller's market?
- Compensating RE agent if house sells before listing?
- Things to do after house purchase
- Let's hear your money pit stories
- Lot selection - Orientation of a 2 story living room huge window wall
- Is there any reason to keep renting if I can afford to buy & maintain a home?
- Our real estate agent now wants to buy our house
- Potential buyer not communicating
- Buyers not leaving us alone
- Evidence of deposit UK
- Better alternative to Zillow that’s not Redfin or MLS?
- Low appraisal, now what? Missouri.
- New build home by a major distribution warehouse
- Time op-ed by Redfin CEO Glenn Kelman: "If We Are Serious About Racial Equality, We Need to Start in Our Own Neighborhoods"
- Applying for mortgage with different salaries and different credit scores
- CRE/Retail Valuation Question
- USDA loan verification of income
- FSBO--Buyer's Agent Wants to List my Home on the MLS as Pending
- Maris and Mred MLS Question
- Paid first year homeowners insurance as part of prepaids in cash to close; insurance company never got paid off
- Homeowners Insurance Coverage
- Does anyone have experience with First State Mortgage
- Questions about assessing comps for house/property value
| Posted: 18 Sep 2020 07:20 AM PDT There is a corporation that owns like 40% of them and rents them out. This is what her realtor told my realtor. Is this a thing? [link] [comments] |
| House isn't selling because of neighbor's house. What are my options? (Ca) Posted: 17 Sep 2020 05:56 PM PDT So, basically, my house is in a great neighborhood in a beautiful suburban area, and is priced at slightly below cost for the area. It's been on the (very hot) market for more than a month now, and isn't selling. The feedback that I keep receiving is that the neighbors are the issue that keeps preventing them from jumping on an offer. The lowdown on the neighbors is briefly this: original homeowner is in prison. They are keeping the house by renting it out to many subletters at a time, I count 6 right now, at next to nothing. These renters are trashing the place. Junk cars on the property, trash heaped up in the back yard, and daily arguments which are audible from my house. This is scaring off potential buyers. What I've done so far: A) reported them to the HOA. This was mostly ineffective as the HOA told me that the property in question is already so far in fines that their hands are tied, barring raising prices for everyone in the neighborhood to pay for further legal action. B) reported them to the city code enforcement for fire hazards and other violations. Code enforcement has been over, taken pictures, and spoken with the residents next door. Some minimal changes were made by my neighbors, but not enough to make a difference in potential buyers' minds. I am trying to close on my new home in my new within the next week, and the sale of my current home is impacting my lender's willingness to sign off on my loan on the new place. Thoughts/ideas on what I can do here? Thanks! [link] [comments] |
| Buying and selling at the same time in a seller's market? Posted: 18 Sep 2020 06:11 AM PDT Hi all, I'm in the market for a new home while also selling mine. As my agent informed me, in an ideal market I could close on both properties in the same day. Unfortunately it's a heavy sellers market right now, especially in my area. Low rates + not a lot of inventory = most single family homes are going above asking and contingent offers are barely worth the effort. I have about $85k in equity in my current home and $20k cash on hand. My current home is in a white hot area and according to my agent should sell almost right away. We're listing this week with showings taking place next Saturday. During all this, I'm also looking at homes. Saw one last night I actually really liked and talked it over with my agent a bit. She mentioned getting creative with something like a bridge loan, or HELOC, in order to submit non-contigent offers and actually be competitive. Just wondering if anyone has any experience or suggestions regarding this. If I don't do that, it sounds like my only other option is to submit contingent offers only and hope for a miracle until the sale of my current place goes through...and then move out and rent month-to-month (and rent is NOT cheap here) while house shopping. Thanks all. Edit: To be clear here, I'm asking if anyone has any experience or advice regarding buying and selling at the same time, in a sellers market where contingent offers basically have no chance. Is it worth it to get a bridge loan or HELOC for the downpayment so my offer is no longer contingent? Or should I sell my home, then deal with renting, and then buy? [link] [comments] |
| Compensating RE agent if house sells before listing? Posted: 18 Sep 2020 06:43 AM PDT We have an older house that we are planning on fixing up and selling. We contacted a real estate agent who did a market analysis on their own, but we haven't listed the house or signed any contracts with them. We had a contractor come to give us an estimate for fixing the house up to get it ready for sale and they are interested in purchasing the house outright and fixing it up for themselves. There will probably be another thread about that, but this question is about doing right by the agent. I am not trying to bypass the RE agent and I want to be fair to them if this goes through as a private sale. I don't think I am legally obligated to pay the agent anything because we never listed the house (?) but I want to properly compensate them for what they have done so far. What is the right thing to do here? [link] [comments] |
| Things to do after house purchase Posted: 18 Sep 2020 12:06 AM PDT What are the things i need to do after moving into my new house! I can think of changing locks, what else? [link] [comments] |
| Let's hear your money pit stories Posted: 17 Sep 2020 11:42 AM PDT Recently closed on a house and it was 100% the right house for us. We love it, but ideally we would've found a great older vintage home. Originally we fell in love with a gorgeous home in an ideal part of town that was built in '39. Unfortunately it was also an "as is" money pit. Just a few of if it's bigger glaring points:
Being at the point we are at in our lives starting a family, a huge endeavor into the rennovation world wouldn't have been ideal. Additionally, while it was priced well being a foreclosure, it wasn't a deep enough discount for our budget to account for any of the big unknowns that would inevitably come up after the known things were fixed and updated. I still can't help but day dream about that house though. I want to hear all the money pit hell stories to remind me of woes we avoided by not buying that home. If you have experience with a money pit, please share below! [link] [comments] |
| Lot selection - Orientation of a 2 story living room huge window wall Posted: 18 Sep 2020 09:20 AM PDT Hello guys, I am looking for your insights on what direction my living should be facing. The house has a 2 story living room and the exterior wall is a huge 18*18 ft window I know if the room faces south it gets sunlight through out the day and I love light falling in the room. Also I believe it would be great during the winters.But, given the window is huge, the light will falling all over the room.When I visited the model house, I loved it. But when you are living in such house with light falling over your face, do you guys think it would be fine for everyday use, or would it be uncomfortable where you end up closing the curtains, which defeats the purpose of getting such huge window wall. I prefer not close curtains while using the room. I am wondering if I choose a lot where the living room faces north, light might not fall into the room, but room will indeed be bright. Would you prefer such living room to face north or south? https://drive.google.com/file/d/1MfgTMTwKKczy_N8MOnCE-GHev8ywVcxU/view Energy costs is one topic, while being able to use the room comfortably is another topic. If i am willing to pay the energy costs, and looking for suggestions on usability of the room, what would be your choice? North facing: Pros: No direct light, so the room will be consistently bright in all seasons Cons: 1. Can feel cold in the winter 2. You will miss the feeling of light falling in your room South facing: Pros: Very bright. Direct light in room. Heating benefits in winter. Cons: Light can fall on your face in colder months through out the day. Cannot watch TV in that room. And ofcourse suggestions toward energy costs are welcome. [link] [comments] |
| Is there any reason to keep renting if I can afford to buy & maintain a home? Posted: 18 Sep 2020 07:57 AM PDT My landlord needs us out (to sell the house) by March at the latest. We pay $2,000 plus utilities now but that's a very very low rste for what we have and where we are. A mortgage payment would be cheaper than renting a new place. We have enough for a down payment plus all those one time expenses that come with moving/buying like land transfer tax. We make enough to pay for all additional expenses that come with home ownership while still saving every month. We want to start a family in the next 2 years and want to move out of the city and into/around a small town. I cant think of why we shouldn't buy other than it increasing our commute to work, something we are comfortable with. Any opinions are appreciated. [link] [comments] |
| Our real estate agent now wants to buy our house Posted: 18 Sep 2020 07:44 AM PDT Hi all, We've been working with a real estate agent and prepping our house to put it on the market. Our house is in great condition, but he convinced us that we need to make about $10,000 in improvements to get the house sell ready. Our area is definitely a seller's market. Comparable homes with less updates have sold right away with what we assume are multiple offers. This week, our real estate agent offered to buy our house as is (we do not need to make the improvements) to use as a rental property. He sent us an offer yesterday and he offered us about 30,000 below market value because he said that was what we would have spent on the 5% commission for the sale. It would be a cash sale. So when you compare his offer to if we were to sell it for the list price, we save the $10,000 that we would have spent on the updates. Though if we don't list it on the market, we would have no idea what we could have sold it for. We feel that he gets the best deal in this offer. He gets a great house for at least $30,000 below market value which he can easily rent out. We are not sure saving the $10,000 is worth seeing what happens if we put it on the market. Would love to hear people's thoughts on this. [link] [comments] |
| Potential buyer not communicating Posted: 18 Sep 2020 09:43 AM PDT So I have a potential buyer for my house which is great- our agents have been in contact and she seems like she'd be a wonderful buyer. I am very willing to work with her on price and closing etc. her agent says she needs to weigh out house vs townhome and also price out the privacy height fence she would like for the yard for her dog So my question is if you were a potential fence sitter buyer what would y'all appreciate/would help you make the decision? My realtor has been great and helpful with suggestions- just always looking for outside perspectives!! [link] [comments] |
| Posted: 18 Sep 2020 05:50 AM PDT Good morning reddit, we sold our house recently and the couple that bought our house were blue collar, skilled trades type individuals. My wife and I are office personnel where we work, we haven't owned a house for more than 3 years at this point and we are still learning plenty. However, these people will not leave us alone after the closing. They have found a few issues that I wasn't aware of and they keep bothering us about it. They waived the inspection on the house and I didn't notice any issues but I also know very little on houses in general. The issues they brought to my attention were not anything I was aware of and I just let them know that "sorry this wasn't something I was aware of prior to closing." Do I have any obligation to respond to them or am I okay to just block them? Realistically they give us some really creepy vibes too. They've asked if they could swing by our new house and see the place and they text us about random stuff too. I'm sorry but this is a business transaction and I never spoke with either of my sellers about issues with the house after I bought it. They might just be overly friendly, but I've never asked to go over to someones place if I didn't know them. [link] [comments] |
| Posted: 18 Sep 2020 09:32 AM PDT Wondering if I can get some clarification as I have conflicting information about source of deposit. Ok here it goes. Were first time buyers and finally got our offer accepted on what is our dream house. All hunkie dory. Except 10 percent mortgage disappeared meaning we then have to raise another 20,000 which is feasible. With time. Our mortgage advisor has started the application for the mortgage. He believes that after month or so we need to show bank statements as evidence of where our deposit has come from. As 20,000 is coming from my parents they will only need to produce their three months bank statements showing the 20,000. I just got off the phone from the solicitor but they said not only do we have to my parents bank statements but also mine showing the transfer has taken place to my account. My parents cannot send over the money until the end of the process which is months away not weeks away. My mortgage advisor thinks I've been misinformed. Who's right? If I have to show the money now means our house is effectively dead. Very unlikely I will find 20,000 in weeks. I will probably get an answer on Monday but heck this is so frustrating I want an answer sooner than that. [link] [comments] |
| Better alternative to Zillow that’s not Redfin or MLS? Posted: 18 Sep 2020 09:16 AM PDT I'm in the market for a house to buy, and was reading up on how MLS and Redfin are both very highly praised in this subreddit. However, MLS shows only 10 houses in the whole city I'm looking in, and Redfin is not available at all. Which is weird because Zillow is showing hundreds of houses and the city is the 3rd largest in my state. Was just wondering if Zillow is my best option here. [link] [comments] |
| Low appraisal, now what? Missouri. Posted: 18 Sep 2020 05:20 AM PDT Some background I am the buyer the house was listed at 350k, we offered 365k escalating to 386k. Offer was accepted at 375k. Seller was also asking for a fast close and we agreed to a close date 30 days from acceptance. Our realtor comped the house in the 380s; in hindsight we should have asked for these comps before making our offer. Fast foward a week and the home is inspected. We decided on an inspection contingency for safety and structural issues only. The inspection revealed a couple of fire hazards that we requested repaired, a few non-safety issues, and a couple of other small issues that we probably could have made a safety argument for if we'd really wanted to, but we decided not to push our luck and just request the 2 clear fire hazards be dealt with. Another week passes and now we have the appraisal at 360k. Adding another 15k upfront would drain our savings pretty considerably, and I imagine taking from our downpayment to close the gap would significantly impact our interest rate and pmi, so we really don't want to make up the full difference. But we do really like this house and would like to salvage this deal if at all possible. It also feels pike like we're already financially and emotionally invested in this place so I'd hate to walk away. This is all pretty new to me I bought my current house for 85k in a completely different economy 8 years ago, actually appraised higher than my offer. And it was a short sale so there wasn't a negotiation after the price was agreed to [link] [comments] |
| New build home by a major distribution warehouse Posted: 18 Sep 2020 08:40 AM PDT Looking at a new build that has everything we've been looking for within our budget. Pros: Corner lot meaning only 1 side has a neighbor. Large overall lot size. Very early in the process, can customize to our preferences. Major con: the back of the home is approximately 450 feet from the loading/docking side of a large major warehouse distribution center open 24 hours. Noise galore? Truck engines, reverse beeping, banging pallets etc. etc. we heard some of these noises as we were checking out the empty lot. What would you do? Pass or buy? Will the sound be as loud once all the homes are built and were inside? Will landscaping help much with the noise? Thanks! [link] [comments] |
| Posted: 17 Sep 2020 01:42 PM PDT Redfin CEO Glenn Kelman published an op-ed in Time today: If We Are Serious About Racial Equality, We Need to Start in Our Own Neighborhoods Excerpt:
He makes a number of specific, concrete suggestions like enforcing fair housing laws with paired testing (like the excellent Newsday investigation in Long Island) and passing national zoning reform. Interested to hear what this group thinks of these ideas. (disclosure: I work for Redfin but nobody asked me to post this here) [link] [comments] |
| Applying for mortgage with different salaries and different credit scores Posted: 18 Sep 2020 08:27 AM PDT My wife and I are planning on applying for a mortgage towards the end of the next year. Is there a way for us to use her salary but not her credit score, or is that just not possible? She makes good money, but a few years ago she had debt settlement/consolidation (not sure which) and her score didn't bounce back yet. Mine is 800, hers is a bit above 600. We live in California if that matters. Household annual income is about $235,000 [link] [comments] |
| Posted: 18 Sep 2020 08:19 AM PDT I am looking for a simple way to calculate the value of interests in an entity that owns cash flowing real estate. For example, say a retail property cash flows $1000/mo. Is there some kind of simple rule-of-thumb that can be used to roughly estimate purchase price of the underlying property? Is there a multiple that is typically used? 30x/40x/50x monthly cash flow? Assumptions: no mortgage and steady retail business. [link] [comments] |
| USDA loan verification of income Posted: 18 Sep 2020 07:47 AM PDT So I know that it is customary when I'm underwriting for them to verify your employment. My question is does the lenders do this BEFORE sending to USDA for underwriting or does USDA request it during their underwriting process? Just hoping to gauge from this maybe how much longer the USDA underwriting process is gonna take. [link] [comments] |
| FSBO--Buyer's Agent Wants to List my Home on the MLS as Pending Posted: 18 Sep 2020 07:23 AM PDT I am selling my home FSBO. Everything has been going along great, Got 3 offers in the first weekend and accepted the strongest offer. The buyers have an agent and we agreed to pay her 3% commission, no biggie. At 14 days out from closing, the buyer's agent texted me and asked if she could enter my home into the MLS and put it in pending status and then to sold status once we close. Obviously there is no point for this on my side of things, and I can only guess that she is asking to do so to benefit herself in some way--I'm assuming it will look like she sold the house. I told her no at the time, and she is pushing me on it again. Can any one on here explain to me why she would want to do this/what is the exact benefit to her? Honestly I am not very happy with her request as I know it is not the right way to do things and she is clearly trying to take advantage of me in some way to benefit herself. I am thinking about contacting her broker after we close and filling him in on the issue, but maybe I'm just being petty. [link] [comments] |
| Posted: 18 Sep 2020 06:14 AM PDT Any one work in the St Louis & southern Illinois area? Maris and/or Mred MLS access? Trying to understand if one can list a home in Illinois with both MLS's. I just realized my gf's grandpa sold his home in Illinois but the list agent had it only listed in the Maris MLS not Mred. [link] [comments] |
| Posted: 18 Sep 2020 06:05 AM PDT My homeowner's insurance premium for my first year of ownership was included in the prepaids section of my CD, which was calculated as a part of my cash to close. It was my understanding that this payment should have then been disbursed to the insurance company. But it never was. Is my understanding of this correct? Going to contact settlement agent, mortgage servicer later when they are open. TX [link] [comments] |
| Posted: 17 Sep 2020 11:00 AM PDT Hello, We are in the process of purchasing a house and our lender insists we get our homeowner's insurance to cover for at least the amount of the loan. Problem is, it's an older house and even in a worst case scenario where the house would need to be rebuilt, the insurance payout will be far less than the loan amount. We would basically be over insured. Do you think the lender's request is reasonable? Thank you. Edit 1: insurance payout would be actual replacement not depreciated value. Edit 2: thank you to those downvoting a legitimate question. How dare I question what my lender says? [link] [comments] |
| Does anyone have experience with First State Mortgage Posted: 18 Sep 2020 04:47 AM PDT I am trying to get my home refinanced and First State Mortgage seems to be pretty good in terms of rates being offered (2.75%) with $4K of estimated closing cost on a conventional 30-year loan. I am planning to get an official loan estimate from them to make sure there are not hidden fees. Does anyone have any experience in dealing with them before and how did your transaction turn out. [link] [comments] |
| Questions about assessing comps for house/property value Posted: 17 Sep 2020 07:02 PM PDT What are some general rule of thumbs for picking comps for appraising a house? 12 months ago a private broker appraised my house for 268k and the county I live in just appraised my house for 392k. My concerns are that the county is over valuing my house to increase my property taxes. They rejected the private brokers appraisal and sent me theirs. I'm no expert (that's why I'm asking y'all) but it seems unfair that they comped my house to 5 houses that are hundreds of sqft larger than mine and those 5 houses also sold 2 years ago. Is this normal? [link] [comments] |
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