Real Estate: What's up with all the townhomes? |
- What's up with all the townhomes?
- Just Closed at 2.375% w/ a VA Loan, Details in comments for those interested.
- Selling house that I purchased that family lives in - Need advice
- Supposed to be a 30 day close. Fill in LO didn’t know they were supposed to order appraisal so now we are behind and today should have been closing. Will the sellers be terribly mad?
- Lien and Title Search
- Buying a home with unpermitted upstairs addition: inspection, appraisal, insurance, other risks? (OKC)
- I don’t need to occupy for another month. Seller is requesting that I move closing up, because funding is ready to go.
- We finally won a bid!
- Clear to close —->Actual Closing (NY State)
- Seems my HOA is making up a rule to prohibit me from AirBnb my home (NC)
- Principal Reduction not received by new lender.
- PreApproval amount needs to change to reflect down payment?
- Have a mega Karen in my neighborhood
- Abandoned home, but I like it
- Sell as-is or put a trailer on the property then sell it
- Guidance on refinancing?
- First time buyers, looking for options to finance a manufactured home [PA]
- Buying a property with a shop and a demo-worthy home as my primary residence. South Carolina.
- Approached By Renter Looking For Rental Property
- Wanting to buy a house, but I found my dream land. PLEASE HELP, reddit.
- Is anybody here an appraiser? I'm thinking of changing career paths and have questions.
- Messed up mortgage refinance
- I hate the house we just bought and moved into
- Interest rates with the coming election
| What's up with all the townhomes? Posted: 29 Sep 2020 06:30 AM PDT I live in the suburbs of a major US city and it seems that there are so many townhomes for sale. Is this a generational shift that is happening in real estate? I know many people my age probably like the convenience of townhomes because they don't have to worry about lawn maintenance and snow removal (if you're in a cold-weather winter climate). I'm 26 but want nothing more than a decent-sized yard for my dog to play in and a bit of space to just relax so it's tough for me to find something. Not crazy about sharing walls with other people (been there, done that in college). EDIT: edited to reflect that it's not that I'm not seeing some nice single family homes that I like within my budget, just was surprised by how many townhomes I'm seeing and how expensive they are. Also surprised by how big they are! The house I grew up in is about 2350 sq. ft. and it felt huge, I'm now seeing townhomes that are 2500 sq. ft. Just skinnier and taller I guess haha [link] [comments] |
| Just Closed at 2.375% w/ a VA Loan, Details in comments for those interested. Posted: 28 Sep 2020 05:47 PM PDT - We are in the N. OKC area (Edmond), this was a new construction home from the ground up. 4 bed, 2 Bath, 1900 SF in a great part of town with all 10/10 schools. - 30 Year fixed VA loan - Purchase Price was 269K, we put $2K in earnest and $2.1K in out of pocket upgrades - We did NOT buy down points. - Locked in the rate exactly 30 days ago. - The lender charged $1,095 for the loan/origination fee and gave us slightly over $2K in lender credits - We put $0 down and financed the VA funding fee. The funding fee goes directly to the VA - The builder gave us $2K in closing cost credit. - We paid nothing at closing and paid the VA appraisal fee of $500 out of pocket about 2 weeks ago. I cant think of any of the other big points or key take-aways but i have all the info and can answer any questions from the buyers perspective if anyone wants. We are a regular family of 5 with average income and great credit. We are super stoked and couldn't be more excited. *EDIT - closing was today at 3. [link] [comments] |
| Selling house that I purchased that family lives in - Need advice Posted: 29 Sep 2020 06:44 AM PDT Long story, purchased a house in 2011 with the intentions of selling to family (grandmother/father) who had foreclosed on their house due to the housing crisis and buying on the bubble. Their house had tons of issues and may have been taken for a ride when the market was crazy. Unfortunately the plan to sell it to them failed due to other drama. I have had the house since and lived there for a couple of years before moving for college and then work. I purchased the house at $142,000 with 4.25% 30 year fixed, $115,000 left on the note. The house is in Florida and I am in Washington. My grandmother lives there with my younger brother and they pay me $900 a month. I pay $350ish to make the difference up for the mortgage payment at $1,250ish. The house is valued at $325,000 now per Zillow, I haven't had any inspections or appraisals yet. I am meeting with a realtor this week for a walkthrough. The house has issues like roof/ac at end of life, water heater, grandmother smokes in house etc. I haven't gone through proper channels with the county to have my property as a rental because it's family and I take a loss every month. This will probably come back to haunt me when I sell. My goal is to sell with putting as little money into it as possible and walking away from the stress and financial burden but making as much as possible. Sounds counterintuitive I know. I have three questions really and I appreciate all the advice the sub can give:
Edit I didn't put any personal details about my family issues here because this isn't the sub for it. Strictly speaking it doesn't matter if I am evicting family or anyone else. I have done what I can to help but there comes a time when you have to look towards your own financial and mental well-being and your own wife and children and what's best for them. Thanks for everyone that replies with the information I was asking for. To sum it up, I am on the hook for taxes and COVID will prevent me from evicting them if they decide to fight leaving. Thank you to those who replied! Thanks in advance. [link] [comments] |
| Posted: 29 Sep 2020 07:28 AM PDT Paid for appraisal 9/5/2020 Appraisal ordered 9/14/2020 Appraisal came back 9/28/2020 We are in final review to close according to LO who is no longer on vacation. I'm worried on how the sellers will handle this. What are the possible scenarios? [link] [comments] |
| Posted: 29 Sep 2020 07:24 AM PDT I am in the middle of attorney review, the seller wants to remove the section regarding reimbursement on the title search. Through research, I found they have an HOA lien close to 5k, and they have not been paying utilities the last few months at least. The property is being sold as-is. They also have a mortgage on the property still, and she is not the owner, it was in an estate of her family member. How are liens usually handled? And if she doesn't accept the reimbursement clause for the title search, can she screw us over? Edit: Forgot to mention she also wants to change the mortgage timeframe to be 30 days, with covid, I have found most lenders say 45-60. Should I agree to 30 or try for 45 days? [link] [comments] |
| Posted: 29 Sep 2020 08:28 AM PDT My wife and I are recently under contract on a house (in-town move) which has a portion of the attic built out into a in-law suite which adds about 500 sqft to the downstairs 2400 sqft. As we've been fleshing out the details and begun scheduling the inspection etc., I have found out that the upstairs addition was built without a permit and is not reflected on the tax assessor's website. The work appears to have been completed 7 years ago shortly after the current owners purchased the house (FSBO and purchased BO). Assuming we can get it inspected to our satisfaction and insured (realtor thinks we'll be able to insure it), what other risks are we facing if we go forward with purchasing the house? Will the appraisal process hang because the sqft doesn't match the tax assessor's office? Will pulling a permit for other potential work in the future risk the addition being "discovered" and cause trouble? Should we just walk away if the owner won't go through the process of getting an "as-is" permit? [link] [comments] |
| Posted: 28 Sep 2020 02:15 PM PDT Is there any benefit to me in closing earlier if I don't need to live in the place ASAP? The way I see it, the earlier I close, the more I'm on the hook for in terms of pre-paids and taxes. [link] [comments] |
| Posted: 28 Sep 2020 05:12 PM PDT I can't contain my excitement after 6 houses that my fiancé and I have bid and lost, the 7th was the lucky charm. We are intended to close on October 30th and are hoping everything works out well. We were able to secure a 2.7% fixed conventional loan and we only went 15k over asking price. I am so excited and hope everything works out! [link] [comments] |
| Clear to close —->Actual Closing (NY State) Posted: 29 Sep 2020 06:48 AM PDT Hello! I received my final approval and signed the CD yesterday. Based on your experience, How long did it take to reach the actual closing date? I know there is a three day waiting period so I am not expecting a closing before that. This has been an arduous process since I had to sell my home, move out for the new buyers to move in, and have been living at my Mothers house for the past three weeks (with our FOUR KIDS!). All of our stuff is in storage and we've been living out of suitcases since then. Just getting antsy and cranky. I feel like all I've done is accommodate others by meeting all my conditions and contingencies on time and I'm left to sit here, figuratively homeless. When you signed your CD, how long did you wait to close? As of now, my attorney is waiting to hear back from seller's attorney in regards to scheduling. UGH!!!! [link] [comments] |
| Seems my HOA is making up a rule to prohibit me from AirBnb my home (NC) Posted: 29 Sep 2020 09:38 AM PDT I read the HOA covenants when I bought the house and I didn't see any language that prohibited me from AirBnb'ing my home (I'll also continue to live here if that matters). Just to be safe, I asked my HOA management company if I could Airbnb my home, and if not, to identify the specific language in HOA covenants that prohibit this. They came back and said I can't as that "would be operating a business" from the home, which is prohibited. I don't think airbnb qualifies as operating a business from a home. This house was a rental before my purchase, so no issue with rentals. I feel the HOA mgmt is making this up, but I'd like to make sure sure I'm on reasonable safe ground as I pursue this. This is in North Carolina. [link] [comments] |
| Principal Reduction not received by new lender. Posted: 29 Sep 2020 09:34 AM PDT I just refinanced. We are doing a couple small projects and asked about a getting some cash out at closing, but after going over the options our lender mentioned he could get us up to $2,000 back at closing plus our escrow from the old mortgage, otherwise a true cashout had a slightly higher rate. That was enough money for what we needed so we decided to do that option. They sent us the docs ahead of time and at closing we had a question about one line item for $1,043 that was titled "principal reduction". The title person said that the lender had over estimated a few fees and since the costs were lower there was extra money, but due to regulations we could only get $2k back before it changed the type of loan. He said the extra $1,043 instead of being paid to us would be used to reduce the principal on the new loan. Made sense. We closed on 8/24. No payment was due for September and only last week did I set up the account with the new mortgage. The loan amount was for the quoted amount, but there was never a principal reduction. I reached out to the lender but other than confirming all of the above info was correct, did not offer any assistance. I emailed him back yesterday but haven't heard back yet. Who do I contact about this? The lender or title company? I'm not really sure who technically funded the loan. How quickly is a principal reduction usually sent to the new loan? I was under the assumption that when the new loan was set up it would automatically show the principal reduction, but it's been over 30 days and it is still not there. [link] [comments] |
| PreApproval amount needs to change to reflect down payment? Posted: 29 Sep 2020 09:32 AM PDT I have a preapproval of $225M with a mortgage of $180M and a 20% down payment of $45M. The realtor I was going to list my house and purchase a new one with wants me to get that changed. (Was supposed to take pictures of my house today and get it listed and see some houses between $220M and $260M tomorrow) I stand to walk away from my current house with a gain of at least $85M. Between closing costs on a new place and the cost of a large Pod taken out of the proceeds of the sale, I would want to reinvest most (about $80M) into a new place. Do I really need to go back to my lender to get my preapproval updated to show $80M down? Or is my realtor just splitting hairs at this point? I work in finance (but not in consumer lending) so I'm actually really curious to know... [link] [comments] |
| Have a mega Karen in my neighborhood Posted: 29 Sep 2020 09:26 AM PDT Hello, there is some nosey Karen in my neighborhood who is constantly writing to code compliance claiming that my house is a duplex. It is not, we live with family and my wife and I both work with the public so to keep the rest of the family safe her and I enter the house through the side door. Our garage is basically a big room where my wife and I hang out and sleep until all this stuff blows over. This neighbor is apparently calling code compliance a lot so now code compliance is asking to inspect my home and I told them no while explaining my situation. We did not reroute plumbing or anything for our garage living quarters and it's just a regular garage you can walk in from the main house no problem, it's attached to the house. IF I were to decide to let code compliance come in and inspect is there anyway they can say my garage qualifies as a duplex? Thank you for any help. [link] [comments] |
| Posted: 29 Sep 2020 09:22 AM PDT So I didn't know how to make an interesting title, but my wife and I have been scouting a neighborhood for a while. On one of our trips we noticed a perfect house with an out of control front lawn. The outside appeared in great condition, however the inside is unknown. It's a great looking house and the online research shows it checks all our boxes on what we want in a home. I looked up the tax history and it's up to date on taxes, and the owner address is an APO address (we live in a military town). Our realtor suggested writing a letter but I'm not sure where to start. Any suggestions would be appreciated! TIA. [link] [comments] |
| Sell as-is or put a trailer on the property then sell it Posted: 29 Sep 2020 09:08 AM PDT Sorry, if this is the wrong place. I have a piece of property in the boonies I'm wanting to get ready for sell. Here is the parcel # if you want to look at it. Dixie County, Florida - 34-09-13-0000-4495-1601 Its 0.5 acres and has a lot of brush and its over grown since its been sitting there for 15 years un touched. It has a power pole, septic, and a well. A realtor company said I could get between 10-15k as is but would it be worth it to clear it out and put a trailer on it then sell? I'm going to try and sell it on my own first. [link] [comments] |
| Posted: 29 Sep 2020 09:04 AM PDT Guidance for refinancing I am helping out close family member with refinancing a home (due to language barriers, elder, etc) and because rates are historically low, I figured this is better than the extremely high 8% interest they are paying right now. The home is currently pending a Certificate of Occupancy and the owners are charging rent to some tenants in the home. Does anyone have any opinion on certain lenders, or can provide any insight to this process. I'd think the process of refinancing along with closing costs may outweigh the 8% interest the owner is paying now. Someone had told me not having a certificate of occupancy can affect the rate, although can anyone confirm that? I'm new to this, and would appreciate any guidance at all. [link] [comments] |
| First time buyers, looking for options to finance a manufactured home [PA] Posted: 29 Sep 2020 08:43 AM PDT My fiance and I are currently renting half of a duplex in a great neighborhood. One of our neighbors is selling an old rental property across the street from us. We have expressed interest to him in buying it so that instead of putting money into rent, we can start building some equity. The property is an 816 sq ft manufactured home on a foundation with an addition built onto it. Although it has gone through a few remodels, the original manufactured home was built in 1968. It also sits on a 6600 sq ft lot of property. His asking price is $47,000 and we have $10,000 to comfortably put down. However, banks have been almost impossible to work with because of the unique situation. If anyone can shed some light on our options for purchasing, it would be very greatly appreciated! (Allegheny County, PA) [link] [comments] |
| Buying a property with a shop and a demo-worthy home as my primary residence. South Carolina. Posted: 29 Sep 2020 08:28 AM PDT I own a home in town but me and my fiancee are looking to get more out in the country. We have found a property that has a large shop that used to be a business and a home on it. The issue is that the house is falling apart and isn't what we want. The plan would be to buy this property, sell my current home, move onto the property in a camper (which is allowed in this county) and demo the old house/ build a new house (not sure which we'll do first). Plan B might be build enough of a "home" inside the shop to qualify it as a house temporarily (think a barndominium or something like that.) My current home is the only one I've ever purchased and this is a very different situation. My question is how do I approach this with a bank? I'm sure I can't get a standard mortgage, do I approach it as a land/lot loan? Will they approve that with structures existing? Is there some better route to go? I can make a pretty good down payment but can't come close to buying this without a loan. Any advice would be appreciated. [link] [comments] |
| Approached By Renter Looking For Rental Property Posted: 29 Sep 2020 08:22 AM PDT Hi, I'm a new salesperson who got was approached by someone who wants a rental property on a VERY tight budget with a bunch of restrictive criteria points (phobias, disabilities, regions, etc). Due to the lack of MLS listings with those criteria, the alternative would be to approach for-rent-by-owner properties online however this person does not want to pay me a dime. I want to know, is it okay to take on such a client? I'm hesitant because if I approach a landlord who refuses to pay my commission, I'm out of time, gas money, and effort since neither party would want to pay me. How would you approach this? I really don't want to tell this person no but at the same time, this isn't the business to be doing pro-bono (especially when I'm new and can't afford to work for free). I also don't see potential in this person or their social circle to be referring me to any other potential clients. Do I take the risk and invest in this or refuse? [link] [comments] |
| Wanting to buy a house, but I found my dream land. PLEASE HELP, reddit. Posted: 29 Sep 2020 08:17 AM PDT I found my dream property. The problem is, I got preapproved for a $130,000 mortgage loan. I know next to nothing about buying raw land, and from what I have read, it is much harder to get approved for a straight land loan. The land is priced at $80,000. Is there anything in between where I can fiance buying the land and building a new home in one package? I heard about construction loans and mobile home loans (not sure if that includes buying the land too). But will these finance the land buy as well? [link] [comments] |
| Is anybody here an appraiser? I'm thinking of changing career paths and have questions. Posted: 29 Sep 2020 07:54 AM PDT Hello, Live in Pennsylvania. Have Bachelor's and Master's degrees (which is a req here). Have thoroughly researched what it takes to become an appraiser. However, having a hard time find where/where's best to take the initial training? Also don't know anybody personally who's an appraiser, and am wondering if existing appraisers enjoy their jobs, pros/cons, etc. It seems like it goes: training, exam, training and then shadowing/intern period. I'm gauging approx 2yrs before you can make a living at this. Did anybody continue to work their existing job while putting in the hours for this one? Any insight is greatly appreciated. Other than process and requirements I'm having a hard time finding much information. TIA [link] [comments] |
| Posted: 29 Sep 2020 07:48 AM PDT I have a quick question. We are refinancing October 2nd. We were not supposed to pay the October mortgage but it processed earlier than I thought and we did. What happens now? Will we get back a prorated amount of the interest we paid for October? [link] [comments] |
| I hate the house we just bought and moved into Posted: 29 Sep 2020 07:00 AM PDT My husband and I just sold our condo in the city this summer because a. We found out we are expecting a baby in December and b. We were nervous about the city housing market taking a dive with the new normal of working from home and folks realizing they didn't need nor want to be in the city if they didn't have to go to the office. We bought a house 30 mins south of the city, and it was exactly what I was looking for - close to the ocean, a lot of space, newish with room for cosmetic updates that I could pick out. I'm originally from the Midwest so we spent a good chunk of time there at my parents before closing. We closed about a month ago and I cannot stop crying about this house. It feels way too big, it was disgustingly dirty when we moved in in areas you wouldn't have realized (ie the people who lived before us literally did not clean a window in 12 years) and it just does not feel like home at all. I miss our neighborhood in the city but realizing that is impracticable with baby, I now want to move back to the Midwest so we can be close to family with the baby and kids. We've started to do some upgrades that I think make a huge difference and are cheap to do like paint, new hardware, new light fixtures. But the floors still need to be refinished and it all feels so overwhelming. I think my husband knows I feel this way but I can't continue to complain to him because I know I am being irrational. I want to bring up selling in a year if I am still not happy. I'm just mad at myself for being so indecisive but also feeling like I jumped into this. [link] [comments] |
| Interest rates with the coming election Posted: 29 Sep 2020 06:55 AM PDT What's the general consensus among you real estate experts on what rates will do in the next year with each way the election could go? Thanks! [link] [comments] |
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