Real Estate: U.S. CDC issues temporary halt on residential evictions to combat virus through end of 2020 |
- U.S. CDC issues temporary halt on residential evictions to combat virus through end of 2020
- Given Wrong Apartment?
- Appraisal contingency experience
- Live in Arizona but want to be licensed in Colorado?
- Bought a Condo. No excitement, only dread.
- Clear to Close but Confused
- Equity, Appraisal, and PMI Refinance Question
- Does a real estate agent have a monthly income or is all income based off your selling performance in commission?
- Lowering monthly payment by pre paying mortgage?
- Other than saving interest, what are the benefits of having a paid off investment property in my portfolio?
- Any negatives to refinancing so quick?
- Applying for a new place, Landlord of new place shows up to my current place.
- How to classify...second home owner or investor for an already owned house?
- Is this possible - Lot size of 44 sq.ft? What about Public Facts on redfin.com?
- Future of Real Estate Brokerages. Will they be revelant?
- 15 vs 30 - Payoff sooner or keep 30 and invest the difference
- Should I sell or keep an investment property?
- quick questions regarding down payment entry on pre-approval application
- Apartment with high HOA
- Refinance with low appraisal?
- Seller Agent Commission
- Advice on this plumbing inspection finding.
- Is your mortgage rate more influence by the home price or by the amount of the loan?
- Payment for locking a rate?
| U.S. CDC issues temporary halt on residential evictions to combat virus through end of 2020 Posted: 01 Sep 2020 03:23 PM PDT |
| Posted: 02 Sep 2020 07:16 AM PDT So I live in Alberta, Canada. Me and my partner just moved into a new apartment yesterday and it wasn't what we were expecting. When we visited the building we were shown a staged unit and, when listing our unit options, the property manager said the unit we were getting would be the exact same as the one we viewed. Cut to now, the unit has a way smaller walk-in closet (we were expecting 6x8 and got 2.5x4), the bathrooms are both missing the built-in shelves, and the rooms are sized differently than they should have been (the square footage is completely wrong). What can we do about this? The guy who we met with is on vacation so it's just another girl covering for him, she doesn't know much about the property. I want to get this sorted in the next 48 hours so we don't face penalty if we leave, as this is definitely not what we were told we were getting. I want to either ask to be moved to the unit we were promised, or get a rent decrease, or something. Both me and my partner are very upset and stressed about this. [link] [comments] |
| Appraisal contingency experience Posted: 02 Sep 2020 09:23 AM PDT I'm in the process of buying a condo and scheduled to close in October. The listing price for the condo was originally very overpriced. The sellers came down to an amount that I was more comfortable with, even know I still feel like I might be slightly overpaying (the listing price was 550, they came down to 475, but I felt like it should have been closer to 450). I was fine with that because I really liked the place, but in the last few days every comparable unit in the building dropped significantly in price. Units that were 400-475 dropped to 350-400 and units around 500-550 dropped to 450-480. Literally all of them. The place hasn't been appraised yet, but I'm worried that it will come back much lower. I have an appraisal contingency in my contract, but I am hoping the sellers come down so I don't have to walk away. I'm just not willing to give away 75k+. For any realtors or people who have been in my situation, could you share your experience about how it turned out? Did you have to walk away, or did the seller come down? I know you can't compare a unique situation, but I am curious because I have never been through the buying process before. [link] [comments] |
| Live in Arizona but want to be licensed in Colorado? Posted: 02 Sep 2020 09:46 AM PDT I've got an opportunity to work as a licensed agent in colorado, but i live in arizona. Can i have a colorado license and do deals in colorado, while living in Arizona? The plan is to eventually move to Colorado, but that will take me a year. I have an Arizona license. If I get the Colorado license, is it ok to work from Arizona through the Colorado brokerage? [link] [comments] |
| Bought a Condo. No excitement, only dread. Posted: 01 Sep 2020 07:35 PM PDT Closed on a $200,000 Midwest condo. Put 20% down. The home is fine. No major issues to report, got a decent rate at 2.875% for 30-year fixed. Good location. And yet, everything feels terrible. My life savings are eviscerated, and now I'm $160,000 in debt for a mediocre 1,200 sq foot end-unit condo. I feel like garbage. I keep waking up hours before my alarm because my head is swimming. I've never been this stressed out in my life. I can't shake the feeling that it's all been a mistake. Is this what homeownership is like all the time? Frick Edit: I just wanted to give a massive thanks to the community commenting here. I've gotten a lot of wisdom, and the feedback has been really helpful. I'm feeling a lot better about my decision. [link] [comments] |
| Posted: 02 Sep 2020 09:38 AM PDT Unfortunately I have both a bad realtor and lender. I would've loved to switch, but the perfect place popped up and I had to move fast, and already had them lined up. They're getting the work done, but most of my education on home buying is coming from Google and HGTV. I got my loan approval, clear to close, and have signed the closing disclosure. After those things were completed I have had no contact with my realtor or lender. I have tried to contact them and their assistants. I have called, emailed, and texted with no luck. I am not sure if I am being ghosted, or if they just don't have anything to tell me. What happens after you sign the closing disclosure? [link] [comments] |
| Equity, Appraisal, and PMI Refinance Question Posted: 02 Sep 2020 09:32 AM PDT Hello, My wife and I purchased our first home in Sept. of last year ($330,000k, Interest rate of 4.0%, 3% down). We're interested in refinancing at a lower rate and looking to get rid of our PMI. My understanding of a refinance is that the lender will ask for a new appraisal of the home. Let's say our home is now worth $360,000 on the market ($30k gain). Will that increase in price help adjust the equity the lender views we have in our home? Therefore, if we have $310k left on our current mortgage, and the appraisal is $360k, we'd have 16% equity in our home? Is this the correct way to view it? Also, would the new appraisal value be factored into the calculation to end PMI? So if we get to $294k remaining on our loan, we'd refinance at $360k new value and remove PMI on the loan (have 22% percent equity)? So one strategy would be to wait till the paid principle and increase in home value is at 22% of the homes value to end PMI? Any guidance here would be appreciated, sorry if my terminology is incorrect as I'm new to this. Thanks for your help! [link] [comments] |
| Posted: 02 Sep 2020 09:01 AM PDT |
| Lowering monthly payment by pre paying mortgage? Posted: 02 Sep 2020 07:31 AM PDT Hi there. We were supposed to sell our condo last week and we close on our new house next week. Unfortunately our condo buyer's financing fell through at the last minute. We had to remove the close contigency on our condo to purchase the house as they accepted another offer, so we are kind of stuck. Without the condo sale, we can still afford and were approved to put 20% down. We wanted to put 40% down, but we'd need the net proceeds from our condo to do that. I would much prefer to have lower monthly payments. Now, my understanding is if we put 20% down on the house and later try to put another 20% down after our condo sells, our monthly payments would not be lowered, we'd just pay off our mortgage faster, which was echoed by a financial advisor. Are there any other options to lower our monthly payment after our condo sells here? TIA! [link] [comments] |
| Posted: 02 Sep 2020 06:54 AM PDT So I'm weighing the pros and cons of buying 3 fully paid off properties with a partner that would give me $750,000 in net worth vs. buying 2 properties by myself giving me a net worth of $500,000. Does this matter one way or another? Would I be able to leverage the $750,000 to get larger amounts of financing to buy additional properties or is it all the same? [link] [comments] |
| Any negatives to refinancing so quick? Posted: 02 Sep 2020 10:25 AM PDT Hey everybody! So the wife and I closed on our house in February of this year. Purchase price 365k at 3.375% FHA with 3% down. The total payment out the door is $2323. With the rates being so low, we reached out to our real estate people asking about refinance. They said our house, based on comps, would appraise between 395 and 405. The new rate would be 2.999% conventional 30 year and bring our payment down around $2085. Total closing costs at 6k. Looks like it would be fully paid with lender credit and actually give us 1300 back at the end he says for buffer for the loan payout. Is there any drawback to refinancing so early into the loan? From what I saw, the rates are forecasted to stay this low or even lower so is there any benefit to waiting to see if the comps go up even higher? There is a place that is similar, although bigger property and on it's own block without neighbors that is pending at 499k around the corner. I'm talking to the mortgage guy this afternoon but there's a lot for me to consider. Seems like a no-brainer to lower our payment as the break even point to cover closing costs is only 20 months. Obviously no one really know what will happen to the market, but I just want to make sure I'm not missing anything. [link] [comments] |
| Applying for a new place, Landlord of new place shows up to my current place. Posted: 02 Sep 2020 10:17 AM PDT Just had a really weird experience. I'm Applying for a new place to rent as my ex gf and I have split up and still currently in the same place. Today the landlord of the place I applied for showed up without telling me and asked to come in and look around "to make sure I'm not a slob." Was kinda caught off guard but really in a bind for a place right now and didn't want to hurt my chances. so let him in, common areas are clean my room a little messy just from getting stuff ready to go and stuff so whatever, he looked around for a second and left. Very Weird. [link] [comments] |
| How to classify...second home owner or investor for an already owned house? Posted: 02 Sep 2020 10:14 AM PDT The house in question is in California. The first home I bought was in 2015. I bought it for my parents as they didn't qualify for the mortgage and it's common in my culture to do this for family. I financed it as a second home (I lived in the same state). My parents have been paying the mortgage monthly by sending me a check which I then use to pay the mortgage lender. I don't claim this as rental income and for tax purposes have been treating the home as a second home. I am now getting ready to buy a primary home with my husband. Give the details above, how should I classify this home to the new mortgage lender? Ideally I would like it to be structured as a property I rent out so that it doesn't impact my income to debt ratio. Is that possible even though I haven't claimed it as rental property on my taxes? Thank you in advance! [link] [comments] |
| Is this possible - Lot size of 44 sq.ft? What about Public Facts on redfin.com? Posted: 02 Sep 2020 09:13 AM PDT Hi, I came across this listing (MLS# 14375675) that has a lot size of 44 sq. ft. I'm assuming that this is an error? Also, how reliable/correct are the values listed under Public Facts for a listing on redfin? [link] [comments] |
| Future of Real Estate Brokerages. Will they be revelant? Posted: 02 Sep 2020 09:07 AM PDT We live in a time where most of our transcations happen online. We live in a time where giant corporations are always expanding and desemating entire industries when they come in and take over. Zillow dominates address searches and is the go-to place for people to look for properties, whenever you search any US address, zillow is almost always in top 5 search results. What is really stopping them from raising a bunch of captial and just going on a home/property buying spree and set up a platform where zillow or a third party independant seller can list their property where a buyer can directly conact them without the need of any realtors. I think this is already happening in some areas. I mean what is stopping zillow from doing the following: You like a property and want to see it, you can schedule it from the website. You will receive a code in your email and your text message which you can type it into the door lock and checkout the property by yourself, no realtor needed. You really liked the property. You checked it out. Now you want to buy it. Ok, here we go. Put in your bid, if your bid is selected, then E-Sign all of the documents that you see on your dashboard. Then, We have a bunch of pre-approved banks which will approve you for a mortgage and will give you the lowest intrest rate possilbe in just minutes. For your downpayment, you can "venmo" the money into an escrow account. etc, etc, etc. Looking at how things are, how things were just a few years back, this type of change is not unimaginable. Maybe it's not possible right now but what about in 5-10-15 years. right? I mean what do I kown, I am just a teenager who is kinda of intrested in this industry. What do you think, are real estate brokerages doomed? If not, why not? What can they do to future proof themselves, what services can they offer so that people would realtors over zillow or other similar platforms? Should they pivot? If so, to what? Again I am not a realtor, just curious about this industry. [link] [comments] |
| 15 vs 30 - Payoff sooner or keep 30 and invest the difference Posted: 01 Sep 2020 05:15 PM PDT Looking to refinance my home. Currently in a 30 year FHA and 10 years in. Current payoff amount is 223k. Current rate is 4.75. If I refinance through my mortgage company my rates are: 30 year fixed apr 3.063% 15 year fixed apr 2.541% Would it make more sense to refinance back to the 30 year and take the difference of what I was paying in the original monthly payment and invest that money? or Would it make more sense to do the 15 year and raise my payment by 50$ a month and pay it off 5 years early and save 72k after 15 years? [link] [comments] |
| Should I sell or keep an investment property? Posted: 02 Sep 2020 08:14 AM PDT Hi, I have a townhome with a somewhat high HOA. At what point should I sell it or should I keep it since I bought at a low basis? Bought: 180K PITI: $1,179/mo HOA: $220 (includes water) Built in 2010, AC is acting up and probably need a new one soon If I sell today, I probably can get 230K. Owe: 90K left on the loan Rent currently at $1500, although market is $1800. Given the above info, I could hold, and increase rent to market which would achieve the 1% rule or 10% annual returns (I live in an area where the market is achieving 3-5% annually). OR do I sell knowing that the HOA will continue to rise and eat up most of my profit margin? I've also consider paying off the loan, knowing only 90K is left. My interest is at 4.25%, but it doesn't make sense to refi, after calculating the total cost to borrow against the remaining balance. I've also considered reaching out to the current tenant, who have lived here for 5 years, and seller financing it to them for the next couple of years. Let me know your thoughts~I'm here to hear different perspectives on my situation! TIA [link] [comments] |
| quick questions regarding down payment entry on pre-approval application Posted: 02 Sep 2020 07:58 AM PDT First Question - We're about 2 weeks out from listing our current home. From that sale, we plan on using that $$$ as the down payment on the next home. When i'm entering my expected down payment amount on the pre-approval application, do i limit that to funds i actually have available now? Or do i act-as-if i'll have the equity from sale of my current home? Second Question - There are some scenarios that could play out where we won't want to put a full 20% down. How do I handle this on the pre-approval? Do I indicate a 10% down (which is what we would do at a bare minimum)? Or do I indicate 20% because it's certainly possible we would want to go that route? [link] [comments] |
| Posted: 02 Sep 2020 07:55 AM PDT I am paying around $708/month for HOA fees for a condo and doesn't seem like it will go down much further in the near future. I am getting married and I was planning in a year or two to sell the apartment and buy a townhouse with lower fees. Would this be a great option or should I rent the apartment out? Thank you! [link] [comments] |
| Posted: 02 Sep 2020 07:41 AM PDT We bought a house a couple years ago for 345k. Did some very minor upgrades and a new roof. All house listing sites estimate our house at 380-390k now - which I know is not very accurate, but still. We started refinance process with Quicken/Rocket in April that for some reason is still in the works and not done yet (wth?). We started the process telling them we can't put any cash to close and would like to take an additional 2k out while refinancing to do a few more small projects. They say it's all good, give us a rate of 3.5%. Then the appraisal happens, guy is weird and unpleasant - a week later we get the report, he values the house at 344k - a 1k less than we paid for 1.5 years ago. I notice he also didn't include an entire room, our office room, in his report - counting 7 rooms in our house when our appraisal at time of purchase listed 8 rooms. I express my concern about this and Quicken tells me if I want, I can challenge the guy but likely nothing will happen and it'll be a huge pain, and that it won't affect anything on my refinance and I will still have no cash to close and the extra 2k. It's now September and still not finished with the refi - theyre telling me that I won't get my 2k extra and will have to pay 900-1k in closing costs because of the lower than expected appraisal... but that I should just be happy about it because i'll save $200 a month. Part of me just wants to get this over with since it's been forever - but part of me wonders now with houses selling for a lot and rates still dropping if I should try to start over somewhere else. I don't really know anything about real estate or financing, so maybe I'm just imagining a "grass is always greener" idea with switching so close to the finish line and instead should just finish it up. Or is it possible switching could actually get me a much better result? Anyone else have issues with low appraisals? [link] [comments] |
| Posted: 02 Sep 2020 07:01 AM PDT Hi, I Understand how commission works in that it's typically something like 6% total. Then that is split between the selling agent and the buyer's agent if they are different people. My question is if I sell my condo how much of the 3% does the actual listings agent get to keep? They work for a large real estate company who I'm sure takes a cut. I am just curious what Part ofthe 3% the actual agent makes on a sale. Thanks [link] [comments] |
| Advice on this plumbing inspection finding. Posted: 01 Sep 2020 06:30 PM PDT So I will be arranging the jetting and rerunning for tomorrow, obviously.My 10-day contingency for inspection runs out on Thurs, Sept 3rd. If it ends up being this massive line repair costing $10,000, any advice on how to approach sellers on this? Edit: House built in 1965. Plumber also said there were a lot of updates to the lines. [link] [comments] |
| Is your mortgage rate more influence by the home price or by the amount of the loan? Posted: 01 Sep 2020 09:45 PM PDT I'm a newbie. I hope someone can give me some info or their opinion on this. I'm looking to buy sometime next year in So California. I'm just wondering how mortgage rates will be affected in two different scenarios
So the loan amount is the same in both scenarios, but the home prices are significantly different. Would lenders give the same interest rate for both scenarios? [link] [comments] |
| Posted: 01 Sep 2020 05:11 PM PDT I got quoted a 3.125% for a 192900 house today but the lender is telling me it'll be 13k in closing costs and there is a 3900$ charge to lock the rate. Is this normal? [link] [comments] |
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