Real Estate: One of the spam emails I get from Redfin was an update that the house I just bought sold! |
- One of the spam emails I get from Redfin was an update that the house I just bought sold!
- This market sucks for buyers.
- Listed house under market value and now Zillow and similar sites give that value as their estimate
- Refinance or buy second property?
- is now a good time to buy in the UK?
- I want to become a real estate appraiser. Any tips, suggestions or insight of what I need to do?
- Ohio Appraiser Holding Deal Hostage?
- Bridge Loans
- Creative Finance Chicago
- Looking for Agent in KS, Manhattan area
- Private Sale through lawyer timeline
- 18 years old with £25,000
- I don't remember it being like this with my first home purchase
- How do appraisals work?
- Should we trust, or are we being played?
- Am I screwed?
- How to get appointments from prospecting
- The parcel number for my property was erroneously recorded with the county on someone else’s home purchase. Title company and county not fixing it citing the pandemic. My house is still appearing as sold on Redfin and Zillow and the buyers are appearing as the purchasers of my property. Advice?
- Bad Inspection
- (US, GA) I just got approved for renting a house. But my question is...when is rent due? Kind of confused. Excerpt from the email inside.
- Lender quoted an amazingly low interest rate. Is this too good to be true?
- Questions - Buying a House with Rent Back Agreement
- FHA Streamline Refinance Questions?
| One of the spam emails I get from Redfin was an update that the house I just bought sold! Posted: 29 Oct 2020 03:47 PM PDT I mean it was already super exciting and official when escrow closed on Monday, but to see the spam email with my new address, saying it was sold, made me even more excited! Like, yeah! It is! I did that!! [link] [comments] |
| Posted: 29 Oct 2020 05:25 PM PDT Feel like I need to vent. We just lost the second round of bids for a house we love. First time we came in 2nd with an offer 10k over asking, buyer got cold feet so the seller went back on market for three hours. Our realtor just called to tell us that we lost this bid (fucking second place again). $35k over asking.. we lost out to a lower bid that waived the inspection on a 35 year old house. Every other offer we have made on a place over the last couple months, always over asking, has gone to a cash offer or someone waiving inspection, appraisal, or both. This is rediculous. It is making it feel impossible to buy right now without huge cash reserves or a huge amount of risk. /rant. [link] [comments] |
| Listed house under market value and now Zillow and similar sites give that value as their estimate Posted: 30 Oct 2020 07:16 AM PDT I know the estimates are BS but this bothers me so much. I listed my house 10k under market to try to get it sold quickly but now if anyone looks at it on Zillow, Trulia or Redfin they see that as the actual estimated value even though before I listed it, they had it estimated at 10-20k above what it's listed at. [link] [comments] |
| Refinance or buy second property? Posted: 30 Oct 2020 07:53 AM PDT Hi, I bought my home 10 years ago using an non conforming 40 years loan with a fixed rate of 2.99% first 5 years then increase to 5.89% for the rest of the term. House price was ~$890k. Currently mortgage balance is $790k, housing market has not been good here, I think current house value is the same as balance. Contacted bank to refinance house do to very low current interest rates. They are offering me a 2.139% APR on a fixed 15 years loan, but have to give $340k cash money for this, to cover closing cost and decrease balance for a Fannie Mae loan. This will decrease monthly payment ~$1k, which is a nice bonus, but not something that I need; and decrease loan by 15 years. This lump sum will consume almost all my cash reserves, but don't have to touch any investment money. Now, since this is a considerable amount of cash, wouln't it be better to just buy a second investment/leisure property??? [link] [comments] |
| is now a good time to buy in the UK? Posted: 30 Oct 2020 08:54 AM PDT |
| I want to become a real estate appraiser. Any tips, suggestions or insight of what I need to do? Posted: 30 Oct 2020 06:39 AM PDT Hello everyone, I'm looking to become a real estate appraiser and I'm in search of what I need to become one. I'm 29 years old and have a G.E.D. I've been in residential, and commercial construction for about 10 years now. I don't get paid well at all and I'm sick and tired of it and I'm in search of bettering my career and life. I know a family friend who works under an appraiser so I'll be asking him questions as well but I heard he makes really good money and it's fulfilling work! Also I'm in Florida, I've searched on the internet but the information on what exactly to do is hit and miss and all over the place. Just looking for some guidance. Thank you all! [link] [comments] |
| Ohio Appraiser Holding Deal Hostage? Posted: 30 Oct 2020 09:51 AM PDT Hi there....doing some research about a situation I am in currently and found myself on the real estate community Not sure if I could bug you all for a few minutes and pick your brains. I'm awaiting to close on a property and am being held up by the appraisal. Nothing disputable as far as the actual appraisal goes.....more so by way of procedures. Offer was accepted, home inspection done three days later, appraisal ordered immediately. The appraisal was completed three days after it was ordered I believe. We are now thirty days later with no returned appraisal. We were initially told the appraisal was selected for an audit by the state (Ohio). I'm not familiar with the laws and regulations regarding who can know what, but from what I can understand some checks and balances are involved, making it to where only some people can gain access to some information until it is released. Long story short, the VP of the lender reached out to the AMA and this is what we were told: The whole hang up is due to the appraiser not taking a photo of the attic. Now, it seems he is refusing to go back out to the property to take the photo so the entire process may continue. I did some research (I'm work with criminal law but have no knowledge of real estate law), and located where I can file a formal complaint through the state against the appraiser. My question to you everyone is.....have you heard of such a scenario? If so what was the outcome/repercussions? Thanks in advance for your time [link] [comments] |
| Posted: 30 Oct 2020 09:48 AM PDT Can one get a bridge loan to buy a home that is less then the house we are wanting to sell? We have no mortgage and excellent credit history. [link] [comments] |
| Posted: 30 Oct 2020 09:35 AM PDT I'm in commercial real estate our rules are way more fun and things like the below are super easy however in the world of single family residence financing I know for a fact you can talk to 10 lenders about the exact same program and get 11 different answers so here's my fun situation and a couple questions I would love input on regarding my latest project: 2 flat with non conforming 3rd unit in Chicago's bucktown. Recently the city is working on some stuff and ordinances regarding ADU's the garden unit checks all the qualifications boxes regarding making this an ADU from what I could find. Ideally I want to put perm debt on this thing as it does cashflow as is and once things open back up and people move back to the city the rents have a ton of room to grow. Purchased 02/2020 for $400k all in costs $418,000 Rehab took me up until two weeks ago and cost $250,000 Option A and my favorite, I have it listed for sale Option B put perm debt on cashflow and pay down I currently owe $388,000 on the mortgage (only my name) I took out a $75k 401k loan at 3.25% with deferred payments until Jan 2021 I used savings, low interest lines of credit and low interest credit cards for the rest of the rehab and currently have $75k outstanding on those which because that's a decent amount of revolving debt my credit has shot down which is why I'm here and haven't already done a refi... Me 32 $120k income and no debt outside of the above 620 credit score down from 750 when I bought the house in February apparently when you buy a house and go from zero debt to this it TANKS your credit score I am down to 10k in savings as well Financè 35 $70k income current $130k mortgage on her residence (her name only) no other debt 813 credit score Property Unit 2 2bed 1 bath $1,575 a month rent signed lease Unit 1 2bed 1 bath $1,500 a month rent signed lease GRDN 1 bed, 1 bath I have it pegged around $1,300 to $1,200 when I do decide to lease it Garage $250 a month in rent signed lease Assumptions: it's listed north of $750,000 honestly with the rents I'm getting the valuation should be damn near $700k but for giggles let's assume a $680,000 value. Assuming the above and assuming my goal of a 30 year $510,400 loan (conforming loan amount from what I can find) and a rate of 3.5% my payments are $3,270 including PITI and utilities that I have to cover. What's the easiest way to get a $510,400 30 year fixed... do I sell it to my financè and seller finance the rest with a payment plan that's deferred 10 years? ? Do I quit claim it to her and have her refinance? Do I find a small bank that will do a short term loan payoff my cards and when my credit goes back up put a longer term loan on it? I'm open to any suggestions that I haven't thought of as well. Thanks internet strangers!!! [link] [comments] |
| Looking for Agent in KS, Manhattan area Posted: 30 Oct 2020 08:24 AM PDT Buying my first house in this area and looking to see if anyone has any recommendations. [link] [comments] |
| Private Sale through lawyer timeline Posted: 30 Oct 2020 08:19 AM PDT What should be a reasonable time frame for a lawyer to do an offer to purchase agreement to send to the seller. We contacted him Tuesday, got some extra details from the seller Wednesday and sent them back that night. The seller wants it by end of day - they are doing me a solid by not listing in this crazy market so I don't want them to have the opportunity to change their mind. I am only getting the assistants voice-mail, and sent an email this morning asking to get it out today. Its 1pm my time now. Am I being unreasonable? I never clarified how long it would take so my bad. I know a realtor who said they can put it together for me in the next hour for a flat fee, but given it should be in progress it feels weird to do without talking to the lawyer first at least. I know thursday is a popular closing day too so giving benefit of the doubt. I dunno I'm just stress spiraling in this crazy market and my dream house ... [link] [comments] |
| Posted: 30 Oct 2020 08:19 AM PDT Please help, I'm 18 years old, finished school, £25k invested, making £30k annual, self employed and my dream is to get involved in real estate but I have no clue where to start, do I buy my first property and take in a tenant, do I do a FHA loan and buy a larger property and house hack with 2 tenants?? Please any advice would be greatly appreciated!🙏 P.S any story's about how you got started, any mistakes you've made and any advice you would give to your younger self would be really appreciated! [link] [comments] |
| I don't remember it being like this with my first home purchase Posted: 29 Oct 2020 06:43 PM PDT We heard back from the underwriter on our loan today and he had a list of questions as long as my arm. Proof we paid our taxes owed this year (yep), asking about a company that sent me a I managed to get everything rounded up this evening, but I don't remember things being nearly this involved when we bought our first house - and that was when we were broke college students with 20k debt, not adults with 6-figure careers spanning 20+ years and no debt. Is this normal these days, or do I have a particularly difficult lender? [link] [comments] |
| Posted: 30 Oct 2020 07:02 AM PDT In the process of buying a home for 133k. The appraisal came back at 136k, great. Well the underwriter came back and said that after looing through comps that they would only value the home at or around 100k and denied the loan. The seller is not wanting to release earnest money. We are claiming that the appraisal was to low. They are saying the loan got denied so they want to keep it. [link] [comments] |
| Should we trust, or are we being played? Posted: 29 Oct 2020 04:01 PM PDT Property went on the market Monday. We saw it Tuesday and put in a full price offer, only contingent on inspection, with a super flexible closing date. Wednesday we hear from our realtor that the seller "loves our offer," and "this is exactly what they wanted - a quick and solid offer - no games." BUT - our realtor says "There's an issue with the inspection on the seller's next property, so they're not comfortable accepting and stringing you along. They're stressed and don't know what to do." Our realtor told us they were trying to figure out the logistics and she'd be in contact with the listing agent throughout the day and keep us updated. Wednesday night our realtor told us this whole sob story about how the listing agent was having trouble with her phone all day, so she hasn't been able to talk to her. Our realtor convinced us to give them the benefit of the doubt and give them until today. Spoke with our realtor today. The logistics are still up in the air, and now she wants us to give them until Monday. Through this whole process, we've given the seller everything they've asked for. They're asking us to trust them when they say they really want to make this work - they just need more time. We understand all of this is stressful and hard, so we're totally OK giving them the benefit of the doubt, BUT: They continue to have showings of the unit. They have an open house scheduled this weekend. To us, at this point, it feels like the sellers AND/OR realtors are using our offer to encourage competition. Our realtor has tried a million different ways to convince us that that's not what's going on, but their actions don't match the story they're telling us. It just doesn't add up for us. At this point, we've given them an ultimatum. We've decided that if the sellers don't accept our offer by tomorrow at noon, we're going to pull it and walk away. We want to pull the offer before the open house because we feel like it's the only power we have at this point. What do you think? Should we believe them, or are we being strung along? Should we keep the offer on the table, even though they're still showing the property, or should we pull it and maybe call their bluff? Also worth mentioning that our realtor and the listing agent work in the same office and are friends. It seems to us like maybe they're working together to try to push the price higher. We've been looking for months and we love this place and want it to work out, but it just feels fishy at this point to us. [link] [comments] |
| Posted: 30 Oct 2020 06:40 AM PDT Closing was supposed to be today. Definitely not happening. We sent our documentation 4-5 weeks ago to our lender. She just told me last night she was missing a w2. All of our stuff is packed in a military moving van, (including the important documents, this was an extreme oversight on my part) including the W2 in question. My old employer sent over proof of employment with financials that corroborate with the w2 in question, however, he is being sketchy and now not responding when asked about an official w2. I managed to locate a "2018 form w2" in my 2018 tax returns that matches the missing w2 and the financials provided by the owner, but the lender is saying it won't work per VA guidelines. This problem should've been picked up by someone 5 weeks ago instead of the day before closing, I get that. But for now what is my best option if the company owner refuses to send my w2? First time buyer if you can't tell lol [link] [comments] |
| How to get appointments from prospecting Posted: 29 Oct 2020 08:16 PM PDT Hello! I work in real estate and have just started in a sales position. I am working to get appointments and conversions to listings so any input would be greatly appreciated. What has worked for you? What hasn't worked for you? Thanks in advance. [link] [comments] |
| Posted: 30 Oct 2020 12:05 AM PDT |
| Posted: 30 Oct 2020 03:42 AM PDT We are under contract for a home that was recently remodeled. Unfortunately no permits were pulled for anything and none of the electric was done properly. Additionally they did not do the calculations for furnace output when finishing the attic and basement, so it isn't able to handle the square footage. And of course the tax assessment is like nothing, so the taxes are probably going to at least double. We are not buying under market value and the market in our area is pushing most offers above what houses will appraise at (this house is no exception). We have put probably at least 10 offers, all of them significantly over list, and I'm concerned about walking away from the one we finally have on hand. The finishes look phenomenal, but none of the work was done to code. I could really use some suggestions as to what to do. Home is located in MN. [link] [comments] |
| Posted: 29 Oct 2020 06:49 PM PDT Due to Reserve your property- Due by Friday 10/30/2020 (Cashier Check or Money order Only;NO Personal Checks Accepted ) A Property Reservation Fee of $1,095 Lease administrative fee of $150 Total amount of: $1,245.00 ***This Reservation fee will become your first month's rent at move-in. A Property Reservation agreement will also be sent for signature via Docusign shortly. Due At Move In: 11/2/2020 (Cashier Check or Money order Only;NO Personal Checks Accepted) Residence Monthly Benefit Fee of $20 …….See the attached document for all the great benefits! Security Deposit of: $1,400 (Higher deposit due to lack of rental history) Move in/move out fee of $250 Total amount of: $1,670.00 **Your Second month' rent will be pro-rated for those days you did not occupy in November ** I paid the first $1.2k. Today. I'll pay the $1.6k tomorrow. I move in tomorrow or Monday. But when is my first months rent due? Dec 1st? [link] [comments] |
| Lender quoted an amazingly low interest rate. Is this too good to be true? Posted: 29 Oct 2020 04:52 PM PDT Buying a home.Leader Bank in MA quoted me rate 2.25% with about 8.5k in closing costs for 30 year fixed. Total loan costs 3k. I just cannot believe this rate. Although communication-wise they are slow but wanted to ask if anyone has had this rate or any reviews on leader bank [link] [comments] |
| Questions - Buying a House with Rent Back Agreement Posted: 29 Oct 2020 11:16 PM PDT Currently offering on a home in Southern California and the seller is open to a rent back agreement of 60 days. I'm hoping that since we are flexible and also open to it, this would give us an edge in the competitive market. This helps them as they don't have enough cash on hand to purchase their next home, and wouldn't have to move into a rental before purchasing a new home. It also helps us as we want a later move in date and 60 days fits our timeline well when finishing our current lease agreement. The issue we ran in when we arrived was that there were 2 renters in the home already (renting 2 bedrooms from the sellers), because the sellers needed help paying the mortgage. This worries me for a few reasons:
I'm wondering if its more worth it to just try and close normally, lose our competitive edge and possibly risk the house? Doing so I would have to pay rent and a mortgage since my current lease would not be over. Thoughts? [link] [comments] |
| FHA Streamline Refinance Questions? Posted: 30 Oct 2020 02:33 AM PDT Looking for some input. Have an older FHA loan from pre 2013 (so no lifetime mortgage insurance premium MIP). I'm actually at 75% loan to value, so MIP has been gone off of it for a bit. Thinking of doing a FHA Steamline Refinance. First, any suggestions on which lender is the easiest to deal with, lowest rates, etc.? Also, if I refinance, will there be MIP since I'm already at 75% loan to value? If I refinance, am I agreeing to have this house as my primary residence for another year or something? When can I rent it out? Finally, I heard about some 0.5% increase in interest rates on refinances coming soon. Is that just for conventional or FHA as well? Anything else I should be thinking about? I'd like to lock in rates in the 3%'s with an easy no/low doc refinance and considering renting the house out in a year or two. Thanks! [link] [comments] |
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