Real Estate: [NJ] Covering seller's closing costs to lower property sale price |
- [NJ] Covering seller's closing costs to lower property sale price
- Buying a home non contingent - need to sell ours now though. When do I consider dropping price?
- The Stress of Selling
- Brother buying a home in MA, in the middle of the process, government sends owner a letter that govt wants a piece of his land.
- During the selling process, how does the contacting of my current mortgage lending company work?
- Backing out of refinance last minute?
- Moving Equipment - movers, boxes, trucks
- Taxes Vary Wildly?
- Closing disclosure seems wildly off
- [NY] 1st Time Homebuyer Help - questions, jumbo loan rates, etc.
- Confused on a House I am Buying.
- New housing affect on the market - SLO, CA
- Abandoned trailer
- Foreclosure auction/Full demolition
- Seeking advice for NY salesperson licensing exam
- Now that we are 6 months into the pandemic, where do see the market going over the next 6 months?
- Freight Train Twice a Day — Deal Breaker?
- How much more value does Conventional financing have over FHA?
- Offer Accepted but the seller is still having an open house?
- Is buyer's agent an asshole, or am I?
- Started refinance in July, loan processor is now unresponsive
- Disclosure Statement?
- Mortgage Payoff
- Purchase a home without public eye
| [NJ] Covering seller's closing costs to lower property sale price Posted: 20 Sep 2020 04:39 AM PDT I'm getting ready to put an offer on a house in a town with relatively high property taxes. The price I'm offering is higher than what the sellers paid, and I am wondering how the final sale price will affect property taxes in the future. If the sale price is going to be a factor in new taxes, does it make sense to offer to cover seller's closing costs, and lower the final negotiated price by that amount? Or is the sale price irrelevant, and taxes are based on an independent appraisal value? [link] [comments] |
| Buying a home non contingent - need to sell ours now though. When do I consider dropping price? Posted: 20 Sep 2020 07:47 AM PDT It's only been 4 days, and we've had non stop showings - almost 20 now. No offers though. It's priced at $349k which is very fair for the area. Feedback shows people think it's priced fair, but it's other issues that prevent an offer (backyard is on a hill, bedrooms too small) If we hadn't gone non contingent, I wouldn't be too worried - fact is though, we did (was only way to get the house of our dreams). To avoid paying a double mortgage, we'd need to have an agreement within the next 3-4 weeks. Without any offers thus far,, would you consider dropping it to achieve a peace of mind sale? Or am I freaking out too early? [link] [comments] |
| Posted: 20 Sep 2020 09:06 AM PDT I know that selling a house isn't stress-free, but it seems like more than I anticipated. The listing viewings, and offers weren't bad at all. The inspection and concessions were better than I expected. But the appraisal process has been grueling. It took several weeks to have the appraisal scheduled and completed, and now it's been a week since it happened and still no word back. I've been told it's normal, especially right now, but it's still weighing heavy on my mind that I don't know if the appraisal will come back okay so I don't know if I should go ahead and complete my plans to move or hold off. It's like my entire life has been placed on pause. For those who've sold before, how did you stay sane? How did you handle waiting on everything? [link] [comments] |
| Posted: 19 Sep 2020 10:46 AM PDT Hi everyone, my brother is weeks in to buying (offer made, appraisal just happened a few days ago) a 1 acre property in MA and he told me he was informed that the government wants to purchase a piece of his land to build an animal shelter next door. How is this going to affect 1) the buying process, 2) the property values? From my limited understanding, if the government needs your land, they will "buy" it at a heavy discount. Something similar happened with my townhouse in CA where they wanted to expand the highway and basically said we (our HOA) need to get rid of our tennis/basketball courts to do so. Anyone familiar with this circumstance to provide more details to help my brother out? I was going to tell him to go back to the negotiating table to ask for the difference in the decrease of value but i figured id ask the collective experience/knowledge of you wonderful people. [link] [comments] |
| During the selling process, how does the contacting of my current mortgage lending company work? Posted: 20 Sep 2020 09:57 AM PDT So I plan on doing a FSBO on my home in the next upcoming months. Aside from the FSBO aspects, how do I go about contacting my current mortgage lender/"pay off" my current mortgage balance with the sale of my house? Do I need to actually call the mortgage lending company and tell them I'm selling/present the buyers paperwork? Or will this all be done by the title company at time of closing? I live in a state where a real estate attorney is required, so they will be involved in this sale. [link] [comments] |
| Backing out of refinance last minute? Posted: 20 Sep 2020 07:41 AM PDT Hi all, so I have been trying to refinance a home for my dad and after the appraisal we realize that the home was valued higher than we thought. Initially we thought the value was around $600k but after the appraisal was done it is valued at $700k. Currently, I have been dealing with a lot of stress and would rather pay the fees to cancel the refinance instead of continuing with the process. Is this understandable to lenders? Maybe because of the appraisal we would like to back out and try to sell instead? [link] [comments] |
| Moving Equipment - movers, boxes, trucks Posted: 20 Sep 2020 05:09 AM PDT Moving a 1BR from Oakland into SF 3BR and wondering if there are better ways to move these days than having movers spend hours packing stuff into shoddy cardboard. I've stated getting ads for reusable plastic tubs. Anyone have experience if they make the move easier? Finally, anY recommendations on cost saving, or companies you've liked to work with? [link] [comments] |
| Posted: 20 Sep 2020 08:31 AM PDT I'm looking at two different homes, same zip code and within a mile of each other. One was built in 1985, the taxes are ~3k/year One was built in 2015, the taxes are ~$1k/year Only real difference I can see is one is 0.23 acres the other is 0.31 acres. The one with higher taxes sits on the larger lot but is 100sqft less for the house itself. [link] [comments] |
| Closing disclosure seems wildly off Posted: 20 Sep 2020 01:41 AM PDT Of course my bank sends me my closing disclosure on a Friday evening right before leaving, so I've spent this whole weekend freaking out. I'm a first time home buyer, so all of this is new...but two things stood out in my disclosure that made my closing costs nearly $11k more than I was expecting or that we ever talked about (closing is Wednesday). I was told to bring $5572 to closing for my upfront mortgage insurance premium, yet they already added that exact amount to my mortgage...so they charged me twice. That's not supposed to happen, right? They also charged me for a full 12 months of property taxes. Shouldn't I only be charged from Sept. 23 until end of year? I'm so confused and stressed. My landlord sold our place, so if I don't close on Wednesday, my family has nowhere to go Also, isn't this unsettling that a bank would make these types of (assumed) mistakes? Right now my (3.5%) downpayment along with closing costs is coming out to more than $24k on a $330k house. I have been quoted throughout this process that it would be closer to $15k give or take. Help!! [link] [comments] |
| [NY] 1st Time Homebuyer Help - questions, jumbo loan rates, etc. Posted: 20 Sep 2020 07:55 AM PDT Hi guys, thanks in advance for any help. located in ny, will be doing conventional loan 20% down 30 year fixed jumbo loan (loan amount will be 600K plus). Credit scores of 830+. A few questions: 1. we got our pre-qual through chase - at 2.875% and some else quoted 2.625%. Are there better rates out there without buying points? also there is a "wholesale lending" company advertising low rates - not sure i can post their name so i will avoid doing so - anyone use them or comparable companies - good / bad? To avoid self promotion issues, if you're a mtg company rep just inbox/pm me. 2. estimating fees etc/closing costs etc. - the bank fees are around 2200 - is that high low normal? 3. I did online quote requests and some people have title services for $3600 is that a lot or little? 4. Thoughts on doing your own taxes and not paying into escrow? is it better/cheaper in your monthly payments? I was told if you do that you looking at .25% higher rate (not sure what the link is) 5. 1st time homebuyer - my wife had her name on a family home before but this is my first home purchase (both of us will be buying this house joint) do we qualify for any 1st time home buyer incentive? 6. Where can we save money in this process if we did some legwork ourselves or used a different company or dont need xyz service they may try to throw in etc. Any other tips/heads up would be greatly appreciated. [link] [comments] |
| Confused on a House I am Buying. Posted: 19 Sep 2020 04:24 PM PDT I have agreed to buy a new construction house, and talked to the owner/builder or the house. We had an issue with the driveway, and he offered to allow us to use "his" driveway. He then walked us around, and showed us where the property ended....and it did not seem right to me. According to everything we have signed the property is 1.4 acres. Also, the county property line viewer shows 1.4 acres and includes "his" driveway and other property next to it. I paced between the markers he placed for property lines, and came in at around 0.6 acres. I'm going to go out tomorrow with my 300ft tape and see the exact measurements. How accurate is using Google maps measuring tool? Can he do that, if that is the case? [link] [comments] |
| New housing affect on the market - SLO, CA Posted: 20 Sep 2020 10:05 AM PDT I'm looking to buy my first home in San Luis Obispo, CA. Low inventory and competition from bay area exodus has housing pretty high. I know no one can time the market but don't know if it makes more sense to rent right now and see what happens or move forward with a house. The only factor I see in increasing inventory which may lead to decrease in pricing is about 5-7 new developments which would lead to about 280 new homes over the next 5 years. Anyone know this market well and or the affect these new developments could have on home pricing? [link] [comments] |
| Posted: 19 Sep 2020 09:19 PM PDT Hello I own a trailer mobile home unit. It is currently abandoned on a lot that I do not own. I have the title for the trailer but at some point due to life circumstances the trailer was abandoned for me to never return. Now that my life has started getting into a better place I'm wondering what are my options for this unit. I probably on a lot of lot rent for the property being abandoned and a lot that wasn't mine. Would I still be able to sell the unit or have the unit transported? What is the trailer park likely to do. Are they able to demolish the unit if it's abandoned on their property or how does that work legally? Am I still liable for the lot rent? [link] [comments] |
| Foreclosure auction/Full demolition Posted: 20 Sep 2020 09:48 AM PDT A house/4 acre property in my community has been in complete disrepair for about a decade, is condemned and recently came up for foreclosure auction that I think will be very thin in bidding. I am considering bidding purely to demolish the house and improve the aesthetic of the property, but also think I might be able to flip the property down the line. It abuts a future development and will have value to several of those lots for access purposes, and even if not, will have value to me in the interim and I don't mind eating the relatively cheap taxes each year. The house is definitely a full demo - roof is collapsed, ancient/non-working sesspool, no rebuild value. Is there any way that it would be illegal for me to demolish the existing structure? I am hesitant to inquire about permits or contact a local attorney as I think it might bring attention to the auction. I've checked the property and it is clear of red flags from a title and lien perspective. Anyone with experience in a similar project? Any unexpected financial or legal issues that I need to research? [link] [comments] |
| Seeking advice for NY salesperson licensing exam Posted: 20 Sep 2020 09:43 AM PDT Not sure if this is really a topic covered on this sub, but I am hoping somebody can help. I recently completed the 75 hour pre-licensing course for NY through RealEstateExpress, and am now studying for the state licensing exam. Can anybody give me a comparison between the course final exam and the state licensing exam? For example, are there any common topics on the licensing exam that aren't sufficiently covered or emphasized in the course? General tips and information about the exam would also be appreciated. Thanks in advance for helpful responses. [link] [comments] |
| Now that we are 6 months into the pandemic, where do see the market going over the next 6 months? Posted: 20 Sep 2020 09:43 AM PDT I read delinquency rates have gone up to the highest they have been since the last crash. But at the same time, interest rates are low and supply is still tight. Will there be a wave of covid related foreclosures coming as the moratoriums and protections end? Or will prices continue to rise? My brother is looking to buy his first home in the Metro Detroit area. He's currently living with me at my house, so he isn't in a rush to buy if there is a good chance we might see a cooling off period coming up soon. [link] [comments] |
| Freight Train Twice a Day — Deal Breaker? Posted: 20 Sep 2020 09:35 AM PDT My fiancée and I have been arguing over a house we looked at last week. Everything about the house meets our needs, but a freight train runs behind it at 7 am and 2 pm each day. We spoke with a neighbor and he said the train goes pretty slow and there aren't any crossing nearby, so no whistle. He did say it is a long train that lasts about 5-10 minutes. The train is about 5 feet away from the backyard fence and the backyard is about 60 feet long. There are some small trees on the other side of the fence. Her argument:
My argument:
I'm curious if anyone has lived by tracks that have a slow-moving freight train come by a few times a day? Would you let this stop you from purchasing a house that checks all of your other boxes? If there were a ton of options in our target town, I don't think I'd be writing this post. We are dealing with a limited supply and I'm wondering if I'm being overly dramatic about the train tracks? [link] [comments] |
| How much more value does Conventional financing have over FHA? Posted: 20 Sep 2020 09:29 AM PDT So if the current real estate trends in Chicago (and everywhere else) aren't stressful enough with listings flying off the shelves, we were in the process of acting on a place 2 DAYS after it was put on the market. Our realtor calls us up at 9pm after he heard back from the sellers listing agent (we were asking for another showing with our GC on Monday morning to do one last walk through before submitting our offer) and she said someone just put in an offer. Now coming full circle to the title of this post, their offer is through FHA financing, we got our numbers in check and submitted ours this morning via conventional financing. The list price is $469,000 but when running comps in the area it was more in the $450,000 range. Our offer came in at $430,000 expecting a counter or maybe even an acceptance. How optimistic am I thinking that they'll consider ours over the FHA which is probably a lot closer to what it is listed at? [link] [comments] |
| Offer Accepted but the seller is still having an open house? Posted: 19 Sep 2020 05:39 PM PDT Hi! My fiancé and I just got our offer accepted on a home in upstate New York. The purchase agreement was signed by both parties yesterday and I deposited the earnest money this morning and scheduled the inspection for next week. The sellers are still having an open house tomorrow. This doesn't bother me too much because I understand that having back up offers is something that protects them. The thing is, since our contract is still pending the attorneys approval, I'm worried about the sellers receiving a better offer and backing out of our agreement. Can they do this? My understanding is that the contract is not really valid until it is approved by the attorneys. So if they received a better offer could they potentially just ask their attorney to not approve the offer? [link] [comments] |
| Is buyer's agent an asshole, or am I? Posted: 19 Sep 2020 11:46 PM PDT House built in 1907 (remember this as you read): Selling house. Buyers (or at least their agent) are a pain to deal with. They got a viewing, gave an offer, then required a second viewing and demanded it be at 7am when my wife and I work at 8am at home. Why did we let them? We were in the middle of a remodel when they first viewed it and we were okay with showing them what was finished and how it looked. Inspection gets done. Inspection called out 10 things, they required 8 of those to be fixed. Most are pretty minor items and all we can fix: face plate on wall outlet missing, bathroom door needs to be closed and pulled up slightly to actually lock so replace it, bathroom toilet has lost its caulking so put new caulking on, are the worst for us. We gave them a credit for things like putting a cover on an electrical junction box in crawlspace and checking if the old knob and tube wiring is actually live (remember 1907? With modern electrical system how the hell could the inspector think it might be live?). Since they require a licensed electrician to do that and we don't want to hold up the sale waiting for one to get available in 3 weeks, we gave the credit. Inspection contingency said for certain work to be done, but it wasn't until after the work is done, did we realize the box that is to say we all agree seller will do the work wasn't checked all along. I was relooking over the original offer to see if we screwed up in taking down shelving units you buy from Lowes and build. The contract says shelving attached. Okay, good. I didn't screw up. Then I noticed the box for the contingency repairs is not checked. The box for the credit is, though. Buyers want their second inspection of the things we did in fact fix, but I feel we weren't required to in the first place. Asshole realtor (think she did it to get free work?), honest mistake and am legally bound to it anyway, or am I being the asshole in thinking they can kick rocks if they say I didn't fix things well enough for them? They signed a contract without making sure that box is checked, they can't hold me to it. I've already agreed to demands of a 7am second viewing after their offer, while also being demanded on Friday they get their second inspection at 7:30am Monday only (no nights and weekends). I feel like I've been more than generous in dealing with them. We are supposed to close Friday 9/25 on the sale and the purchase of our new home. I'm likely going to let it go, but I'm curious if I have some ammo to tell them to get lost if they continue to be assholes about things and/or escalate their pickiness? How important is the box being checked and us being held to it without it? A couple bonus items: Buyers agent is married to buyer's lender. Buyers agent sent our agent an email with the original offer and said something like: "..and I've attached my kids letter for your clients." Buyers agent did not disclose a relationship and our agent is trying to figure out what the deal is there. [link] [comments] |
| Started refinance in July, loan processor is now unresponsive Posted: 20 Sep 2020 02:14 AM PDT Hello, I'm curious on my options here. I stated my refinance process on July 6th and Over the past couple of months I have been asking for updates on my loan every week. Now, the loan processor has been unresponsive since late August and I'm now worried. I know there have been a huge number of refinances over this year and banks have been swamped. I talked with another bank who mentioned their refi process currently takes 90 days so I should temper my expectations. What are others experiences right now? How long have you had to wait? How well has the loan processor communicated with you on the status of the refinance? At what point is it appropriate to cancel the refinance and move to another bank? I was told by the other bank that there is a fee associated with backing out of a refinance. I would also lose the 3.125 rate I started the refinance with. [link] [comments] |
| Posted: 20 Sep 2020 07:54 AM PDT My husband and I purchased our home in March in NC. The seller was also the selling agent and is part of an investment group, he never physically lived in the property. Our water heater needed to be repaired a month later and then in July, I noticed possible water damage on the ceiling in my infant's bedroom. There was a bubbling in the center of the ceiling and what looked like a painted over water stain. I had reached out to our agent about the issues and he told us he was going to have a friend come look at it for us so we could figure out what was going on. Long story short, friend never came and there's now black mold growing. It's more noticeable now that someone definitely painted over the defect to hide it. A friend of mine told me to check the disclosure statement from the seller to see if any defects were listed - problem is, I don't think we ever received a disclosure statement. Prior to purchasing this home, we had put an offer in on a different home and I remember signing that disclosure statement and have a copy of it. I think our agent forgot to give us the disclosure statement for this home. At the time we knew nothing about the real estate buying process because we were first time home buyers, so we just trusted our agent to walk us through the process. I reached out to our agent to request a copy of the disclosure statement- he sent me a link that didn't work, I let him know it didn't work and he sent me a screenshot of the first page but it was unsigned so I am almost positive we never even saw it. Do I have any options as far as getting assistance from the seller in paying for the repairs? Or am I just stuck with the bill? Edited to add: Yes we did pay for a home inspection. No defects were noted with the roof, but I'm not sure that they went up and checked the roof. We are a military couple and couldn't be physically present for the inspection. [link] [comments] |
| Posted: 19 Sep 2020 05:20 PM PDT Is there any practical advantage to paying off my mortgage balance prior to selling my house? Just wondering because I'm getting ready to accept an offer on the home and only have a small amount left to payoff my mortgage and have the cash on hand to do it if there's any benefit. [link] [comments] |
| Purchase a home without public eye Posted: 19 Sep 2020 09:17 PM PDT Hey. Recently purchased a house and living happily in it , recently googled my name and found county gazzete website posting article on sales day that this and this family bought this house for that much . I feel it disturbing - is there are way to keep your name out of such a public information? I dont feel comfortable that people can find out where i live and how much i payed for it .. just by googling my name. example : What if you are girl and you have crazy ex and he just put your name And find out where you live? Please let me know if there is a way .. [link] [comments] |
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