Real Estate: About your Home improvement "upgrades". |
- About your Home improvement "upgrades".
- New Construction: 2.75% rate lock for $1440 in fees on $288,000 loan?
- Anyone else starting to see more inventory in their local market?
- Accidentally got pre-approved for iphone financing a few weeks from closing. Am I at all screwed?
- How to buy unimproved property in MI
- New Homeowner Depression, is this normal?
- New Construction - The entire house is not sheathed with OSB - Is this expected?
- Going with an agent you like vs an agent with more experience
- How much apartment can I afford in NYC given the current low rates?
- Buyer inspection objections in a seller's market
- What's the best way to find For Sale by Owner homes?
- I found a house that is not for sale and the homeowner doesn’t have a realtor, but willing to sell. How will this work if I have a realtor?
- Contacting HOA for off market sales
- Given low interests rates right now, does it make sense to take out a mortgage even if you don't need it?
- I can’t afford PropStream what else do I use to skip trace
- Airbnb Analysis
- Pre-approved at Higher Rate
- Are there ethical requirements for mortgage brokers?
- Looking for advice on manufactured homes.
- Any other buyers afraid that their realtor is going to dump them?
- [US] I'm trading houses with a friend. We have no idea how to do it.
- Switching My Agent, How To?
- Worth it to try to become a Real Estate Agent part time while working full time?
- Californian Looking to buy in the midwest
- Substantial Presence Test question
| About your Home improvement "upgrades". Posted: 16 Oct 2020 05:14 AM PDT Hello, It seems every week there is a rant from a "butt hurt" home seller about the expected ROA on Her/His home improvement expenditures and the very minor appraisal impact - if any . Hopefully, these posts are reviewed by people in the process of a project of at least future food for thought. Buy/Build/improve for your enjoyment and benefit and if necessary, look into the comps if you are worried about building yourself out of the market. these improvements are to protect your investment and when the time comes to sell, could make your unit more sell-able or less time on the market . it is difficult to quantify this but you can easily calculate the cost to carry , per day of your property and the difference of sitting on the market 1 week vs. 4 weeks is definitely worth $$. and if you upgraded properly , may result in a stronger offer. TL:DR upgrade for yourself, not the market [link] [comments] |
| New Construction: 2.75% rate lock for $1440 in fees on $288,000 loan? Posted: 15 Oct 2020 07:42 PM PDT Would you take a 2.75% rate lock (2.839% APR) for $1440 in fees on a $288,000 loan? The fees are for a 6 month lock since we aren't expected to close until sometime between Feb - April. We'll also have the option to float down if the rate is lower up to 60 days before closing for no additional fee. Financing through Wells Fargo, if anyone is curious. [link] [comments] |
| Anyone else starting to see more inventory in their local market? Posted: 15 Oct 2020 08:36 PM PDT October 1st had 9% more inventory than the previous month. In the last 15 days alone, seeing a 15% increase in inventory. This week also started seeing price cuts everyday for the first time in months. This is a suburb of a major metro area on the west coast that I recently moved to. Are you also seeing similar things? [link] [comments] |
| Accidentally got pre-approved for iphone financing a few weeks from closing. Am I at all screwed? Posted: 15 Oct 2020 01:29 PM PDT As the title states. I participate in the iPhone Upgrade program because I'm a gadget nerd and like to have the latest tech. After the iPhone 12 was announced I got a notification saying I was eligible to upgrade my phone. I went through the entire process to get upgraded and completely forgot they run a credit check cause its technically "financed". I get a Credit Karma notification about the credit check and my heart drops. My wife and I are 3 weeks from closing on a new construction house. The lender pulled our credit two weeks ago, and we submitted all the required documents. Will this credit inquiry be an issue? Should I let my loan officer know before hand that this happened to avoid any issues? For the record I have excellent credit and little to no credit card debt. Edit: Contacted Loan Officer and underwriter - I'm in the clear. [link] [comments] |
| How to buy unimproved property in MI Posted: 16 Oct 2020 02:19 AM PDT I hope this isn't well covered ground here and that this is the right sub to ask. If not please point me if you know. Thanks!!! We found 5 acres in MI where we would like to build our retirement home. Our plan is to buy the property, build, then rent for VRBO until we retire. (5-10 years) The property is on 500' of river and already has a paved driveway but nothing else. Electric and cable are at the street and there are many neighbors around. The property is significantly larger than the neighbor's properties. We've bought many homes but never unimproved land so this is a new experience for us. Our understanding is that we need to:
What we don't know is how to do any of this, nor who to even ask. Can someone give us some clues how we can solve these? The realtor we're working with seems baffled by our asking these questions. We suspect that we are going to need a different realtor that's worked more with unimproved land. Thank you in advance for any help! [link] [comments] |
| New Homeowner Depression, is this normal? Posted: 15 Oct 2020 04:58 PM PDT My boyfriend and I just signed the contract on a new townhouse in Florida about a week ago and instead of being excited I have just been super depressed. We currently rent in Virginia and I've lived in this area my whole 30 years of life. Before coronavirus we had started looking at townhouses in Virginia but now I have to be in Florida for work. I always said I would never live in Florida and it's causing me to have extreme buyers remorse. Is this a normal feeling and will it pass? Also, if we end up hating it, how long until we can sell? [link] [comments] |
| New Construction - The entire house is not sheathed with OSB - Is this expected? Posted: 15 Oct 2020 10:19 PM PDT Hi Guys, So today after a few weeks I went to go follow up on the progress of my tract home being built. Things are coming along well. One concern though I have that I found random was that there's about 60 or so feet of random non OSB sheathed walls around the house. They just put some plastic coroplast feeling type of plastic against the framing and nailed Dupont Tyvek to it. I find this weird. Wouldn't the whole house have the OSB? I have attached some pictures below. If this is a California code thing or something please let me now but its a little concerning. One of the areas they put the plastic was behind our heads in the master bedroom. Someone can just literally punch a whole through the house if they wanted to. I really hope they don't do this to save a couple hundred bucks on some wood. I would have paid the damn difference. so it goes: drywall | Studs/insulation | corrugated plastic about 1/4" thick | Tyvek | Foam | stucco Any advice or if I should be concerned please let me know. I found this in fourspots on the house listed below: -Master bedroom, directly behind my headrest of the bed 8 feet -Outside wall of entire garage - 20 or so feet -about 6 feet right behind the 3.0 ton AC connections near our rear sliding door. -about 8 feet in my spare bedroom external wall The rest of the house seems sturdy with strong plywood or OSB on the 2x6 studs but this seems like a security issue as well as a strength issue. Please check out the images: https://imgur.com/a/Plwt9a1 [link] [comments] |
| Going with an agent you like vs an agent with more experience Posted: 15 Oct 2020 03:00 PM PDT Agent A - local/lives in my neighborhood, very nice and we get along, 3 years experience, is with a small agency I've never heard of Agent B - plays the game very well with other agents etc, seems smarter than me (which I like), with a larger national company, more experience I think Agent B will make some things easier for me when it comes down to negotiations and working with appraisers, because she seems to always know what to do. Agent A is just more pleasant and easy to get along with, and I don't cringe when she calls me. It's not the agent B isn't "nice," it's just that she has one of those sales-y personalities where you always feel like you're being manipulated. [link] [comments] |
| How much apartment can I afford in NYC given the current low rates? Posted: 15 Oct 2020 08:47 PM PDT I make approximately $122k, not including bonuses. I have 0 debt and a ~815 credit score. I also have somewhat over 100k in retirement and investments. I've spoken to a few mortgage brokers who quoted me 2.7% and 2.8%. Currently looking in NYC (LIC, Astoria, North Brooklyn area, but open to Manhattan too if the numbers work and the area is good). I'm looking for 1 bedroom apartments - condo or co-op. The prices I've seen are pretty high - around 600k for something decent and upwards from there. I am very good with my credit cards (no debt there other than regular shopping), am a strict budgeter, and am prepared to put down up to $140k on a downpayment. What kind of price ranges am I looking at? I am currently renting for around $2400/mo in LIC and I would say I live pretty comfortably - am able to pay the rent, spend on everything else, and also save on top of that. Thanks! [link] [comments] |
| Buyer inspection objections in a seller's market Posted: 16 Oct 2020 07:13 AM PDT So I recently put my house up for sale (we are in a Colorado front range town, which is currently a very hot market). House was priced at or slightly below comps. I received 3 offers within the first day of showings and went under contract for 10k over asking. The buyer came back with a laundry list of inspection objections, all of which are not cheap. The major ones include: Replacement of FP Stab-lok panel (I was aware and willing to do) Hiring a professional landscaping company for backfill to fix negative grading at back side of home Hiring a structural engineer to further evaluate foundation and make recommended repairs (The house had permitted foundation work done in 2010 and was evaluated and in good condition 2 years ago when I purchased the home. Minor/moderate settling cracks are normal in our area, due to the clay-based soil). In addition to all these things, there is a pretty nit-picky list of about 12 more items. My initial thoughts are to provide a credit for the Panel replacement along with a bit extra to show good faith for some of the other items on her list so that we can meet in the middle. If she pushes back hard, I'll put the house back on the market. I just don't see the need to go through the hassle of having a structural engineer come out for what are likely minor issues when I'm getting multiple offers over asking. I suppose my question is, does my thought process sound reasonable in response to her objections? [link] [comments] |
| What's the best way to find For Sale by Owner homes? Posted: 16 Oct 2020 06:29 AM PDT i assume word of mouth? driving around town? any other ways? do these also get captured by Redfin, Zillow, etc.? [link] [comments] |
| Posted: 15 Oct 2020 07:45 PM PDT I've been renting for several months now while also looking to buy. I spoke with my neighbor today who is willing to sell his house. I want to buy it. How will this work if the seller does not have a realtor? I'm assuming I will pay my realtor 2.5 percent of the purchase price (it's typically 5% total where I live). Or is this incorrect? And will my realtor just deal with his attorney? Or the homeowner? Thanks. [link] [comments] |
| Contacting HOA for off market sales Posted: 16 Oct 2020 09:45 AM PDT I'm a first time home buyer in central Illinois and I know which neighborhood I want to live in. I found the HOA website with contact info. Would it be appropriate to contact the HOA and ask if they are aware of anyone in the neighborhood interested in selling? I've heard of sending out flyers or knocking on doors when you're trying to look for an off market sale, but I'm not sure if this would be a wise alternative. There seem to be a lot of recent or pending sales in the neighborhood but nothing actually for sale now. So would putting the word out there to the HOA that I'm interested in something in that neighborhood help at all? Would HOAs put it in a newsletter or something? [link] [comments] |
| Posted: 16 Oct 2020 09:33 AM PDT Does low interest rates right now basically mean you don't have to pay interest on a mortgage? Or pay very low interest on a mortgage? [link] [comments] |
| I can’t afford PropStream what else do I use to skip trace Posted: 16 Oct 2020 09:28 AM PDT |
| Posted: 16 Oct 2020 09:26 AM PDT I'm trying my best to figure out how to properly analyze Airbnb property. I've used Airdna in the past but it is not wanting to work for this particular property. Any advice? [link] [comments] |
| Posted: 16 Oct 2020 05:36 AM PDT I was pre-approved for a 200k loan a few months ago at a rate of about 3.4%. I plan to look at a house this weekend and would likely have to put in an offer of 210k to secure the deal. Given the lower rate now (around 2.7%) and the fact that the original pre-approval was based on higher taxes, the monthly payment would be close to the same if not lower. My bank is typically responding to mortgage calls within 48 hours of making a call and offers will be due prior to this time. In the market we have here, 48 hours is a decade. I want to include my pre-approval letter, but don't know if it will be accepted because it is a lower total amount. [link] [comments] |
| Are there ethical requirements for mortgage brokers? Posted: 16 Oct 2020 09:20 AM PDT I had an offer for a refinance on our home. The broker provided a formal offer. I went to my existing lender and explained that I was planning on leaving and refinancing with another lender unless they would meet or beat the same rate. The mortgage broker at my existing loan said he would match their terms. I clarified that this would not include points as the new lender isn't charging them, and he confirmed this (without knowing the new lender's commission). He said he needed to see the formal offer/terms of the new lender's loan to make a formal offer to refinance in-house. I provided this the next day. Once my existing lender saw the replacement lenders terms and the commission amount to the owner of the brokerage firm, he now says I need to pay points to get the same rate from them. I pointed out that he said points weren't involved and he essentially said that was before I saw what they were getting in compensated. Basically, he was now adding points to make the two loans the same out of pocket expense, including the commission. Whereas this guy lied and only jacked up the price when he felt he could get more money out of me, after seeing the other offer, isn't this unethical? Do I have any recourse? [link] [comments] |
| Looking for advice on manufactured homes. Posted: 16 Oct 2020 09:15 AM PDT I've been reading some stuff about manufactured homes and so far what I have come across is very mixed. Also most of the complaints I have noticed come from those who have lived, or know someone who has lived in a trailer park. My situation is a little different and I want to know if anyone else has done the same and wouldn't mind sharing their experience? First of all my wife and I want to live as frugally as possible. We prefer to spend money on experiences like traveling, or going out whenever we feel like it instead of on a fancy house like some. Also we have some land we own ourselves we would put this manufactured home on. So we won't be dealing with a trailer park and the expenses that go with that. Basically what we are thinking is maybe getting a good sized one around 2400 square feet. We would also like a deck for the front and back, as well as a 1600 square foot garage, which I would build myself since that is much cheaper. There are other things we want to do to develop the land as well since we will be living in the country, and this will be our forever home. Does any of this sound worth it to any of you? The cost would be much cheaper for the area we want to live with the things we want (Close to half by my initial estimates). Thanks in advance! [link] [comments] |
| Any other buyers afraid that their realtor is going to dump them? Posted: 16 Oct 2020 09:12 AM PDT My partner and I have been looking for our first home together since early September. We are older, both work from home and have dogs so we do have some requirements but as time has passed, we are learning more and more about what we are able to live with and without. One thing is certain, we do need to love the home, or at least see the potential and I feel that with every house we have passed up there has been a solid reason for doing so. We also do check in with each other regularly to make sure our expectations are realistic. So far we have put an offer on only one home that received over 20 offers and we lost out. Our agents are wonderful, they work as a team so if one is unable to meet us, the other one will. We see maybe one or two houses during the week and a few over the weekends, which may include open houses. Sometimes we have to attend open houses without our agents but we are fine with this because we are not their only clients and I feel really bad about dragging them all over the place. I mean I feel REALLY bad, lately it has been all of the time, with every showing request I make. I made a joke to my mom this morning that I think our agents are going to dump us and she responded with, "I am not surprised they haven't already." So this really does not help with my anxiety. I know many of you have been looking for months and months. Is this guilt / irrational fear normal? [link] [comments] |
| [US] I'm trading houses with a friend. We have no idea how to do it. Posted: 16 Oct 2020 09:05 AM PDT Hey all, My wife and I are trading houses with another couple. We're very unsure of what to do about it, though. We've got new mortgage applications in, and that's about it. The rest of the process is Greek to us. We also need to minimize closing costs as much as humanly possible, so getting a realtor or lawyer or something on board really isn't an option. We just need to know what needs to be signed, who needs to get it, and how we can get it done as cheap as possible. I might be asking for the world, I don't know. But it's been remarkably difficult to get any real information about this. Presumably because house trading isn't exactly standard operating procedure, I dunno. Any advice or information would be hugely appreciated. [link] [comments] |
| Posted: 16 Oct 2020 08:53 AM PDT So, we have a unique situation I won't go into but long story short our house is very large and old, full of four generations of stuff and we need to move to avoid further tax penalties. At first our realtor was great, lived very close so we expected him to know some companies (which he promised he would research and find) basically he hired contractors who destroyed our giant yard, left it unfinished, luckily he offered to pay so we technically no obligation. I've read the contaract a million times and the only catch seems to be, if we do leave them and sell the house within 30 days of yesterday, we'd have to pay the old Broker her percent. But I don't foresee us selling that quick and they're being very pushy and dismissive. They also are aware they hired workers who offered me drugs on my premises while using a bobcat the whole day and work well into the evening after dark. Super unprofessional, even asked them to not stay late and they did. So, is there anything else I should check? Before I break it off? I'm in California. [link] [comments] |
| Worth it to try to become a Real Estate Agent part time while working full time? Posted: 16 Oct 2020 08:41 AM PDT Not sure if this is the right place for this question, but I couldn't find/think of any better reddit communities. I currently work full time, but do not love my job by any stretch of the imagination. A goal of mine is to get into real estate investing once I save enough money up to do so. Because of this, I have been reading books, and looking at posts on communities like this to learn all that I can so that when the time comes I can make informed decisions. During this period, my interest in real estate as a whole has increased greatly, particularly for residential real estate. With all of that being said, I already know the answer to "should I get a Real Estate License" for investing varies greatly. I'm not asking if I should do it for the purpose of investing, but more as a career move and potential to help on the investing side down the road. I just graduated college in May with a degree in finance and I currently work 40 hours a week. In my free time I've been reading a lot more than I ever have as well as attempting to learn spanish. I'm by no means worried about 75 hours of course work to get a license. I'm simply curious if anybody with experience as an agent has input on whether this is something that is worth a shot to do part time and potentially transition into full time in the future. TLDR: Recent college grad with full time job curious if it is worth it to attempt to pursue a real estate agent license and work part time as an agent and potentially transition to full time down the road. Side note: If you have any reading suggestions that are directed towards real estate agents, by all means let me know! [link] [comments] |
| Californian Looking to buy in the midwest Posted: 16 Oct 2020 08:28 AM PDT Moving for family reasons from southern California to Minnesota. Looking for some insight on things to watch out for when deciding on a home for someone from a warmer climate wouldnt know to look for. Lived in California my whole life and worried that I dont have the exposure to the climate. Thank you! [link] [comments] |
| Substantial Presence Test question Posted: 16 Oct 2020 08:11 AM PDT Hello! I just purchased a house in the US, and the sellers are not US citizens. I just received an email stating that the sellers are completing a substantial presence test, and that "Our tax advisor at XXXXXXXXXX stated that I will also need an email from the buyers agreeing with the results of this test and allowing no tax to be withheld if they qualify" Why would I, as the buyer, have to agree with the results of the test regarding their taxes? Does them qualifying for this affect my taxes or how much I am paying in the end for the house? I appreciate any info on this, as i'm very confused. [link] [comments] |
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