Real Estate: RANT Just backed out of a contract for a beautiful 2 BR condo. + |
- RANT Just backed out of a contract for a beautiful 2 BR condo. +
- What is your bumping into your buyer story?
- Underestimated and Under educated: I did both when I asked how to flip homes with 15k in capital so I will rephrase my question to being what did YOU do to get into making money when your capital wasn’t that high ?
- Refinancing my home to buy an investment condo and having anxiety (UT)
- D/I ratio after a group mortgage for a tenancy in common
- Zillow Views and Saves
- Rate mod?
- Attorney & CPA advice
- How to Find A Good Home Inspector
- Lowering debt to income ratio (car trade in)?
- Selling house -> How to vet an agent?
- My Mom wants to put me on the title of her home?
- Another Potential Appraiser with Questions
- Seller requests increase in purchase price?? Is this normal?
- Is it possible for a real estate agent to get a bad reuptation among their competing peers? Do they care?
- Heat Source & Financing
- Is the referral fee from my broker fair?
- (OH) Lender is telling us they can only finance ARM on a rental through LLC
- Contingency for breaking apartment lease if house falls through?
- How do I find info on a specific piece of land?
- Closing date 10/30???
- Mortgage Commitment Due in Three Days, Appraiser has not come
- Taxes on sale for primary residence that was a rental
| RANT Just backed out of a contract for a beautiful 2 BR condo. + Posted: 24 Oct 2020 09:21 PM PDT Why? Because, we got there at 3 pm, spent about 45 minutes looking, asking questions, touring the amenities, and we were told there was a "bidding war" going on and the seller, who resides outside the US (non citizen - this was a vacation home) wanted to make a decision by 5 pm as there were other offers. I'm a cash buyer, so off to the races we went and a contract was written, signed, and sent to the Seller. I've had a knot in my stomach since then. I just started a new job a month ago, and relocated to this area 6 weeks ago. Although I have the money, the offer I made was 10k over asking. But....I HATE making rushed decision on such an important matter. My anxiety was THROUGH THE ROOF, so I backed out. I feel a bit guilty about all the effort that was made with the RE agent, but I can breathe now. I will continue to look but I'm NOT going to rush into this kind of stuff. I will continue to look and use this guy, but I will NOT be rushed into this sort of thing. Just needed to vent, I guess. Thanks for reading! [link] [comments] |
| What is your bumping into your buyer story? Posted: 25 Oct 2020 09:05 AM PDT I just literally ran into my buyer in Target. She was so lovely. She said hello, and thanked me again for taking such good care of the home I lived in and sold her. She then asked me if she could show me pics of what she had done to it and the 1 bedroom apartment attached to it. It looks great, and she was so happy, it really made me almost proud like I had Actually done something. Even though I just sold my home. I know she was very appreciative I took her offer because it was FHA and I guess another home offer was denied (well they went with a different offer) due to being FHA. Anyone else ever have something similar happen? [link] [comments] |
| Posted: 25 Oct 2020 10:05 AM PDT Any insight would help, I'm just trying to make money :) [link] [comments] |
| Refinancing my home to buy an investment condo and having anxiety (UT) Posted: 25 Oct 2020 10:19 AM PDT I have only $100k left on my home to get it paid off. This year I had a good year with the business and also I managed to daytrade and turn my 19k in January to about 100k now. So I can pay off the house and be done with it. But I started a refinance process and I've had it appraised and it appraised at $400k. Now I am planning on getting a refi for 250k , pay some debt that would save me about $600 a month in payments and the refi monthly cost would be exactly the same as my payment currently. My current rate is 6.25% and the new rate is like 2.87%. The closing costs are about 7.5k. I would get $116k cash out. The market is hot in Salt Lake City, so properties come and go very fast and very high prices. I am thinking of buying something here around 180k to 220k paid off no loan on it. Also I was looking at Las Vegas market, the prices are better there but there's more crime so I can't decide. Anyways, my anxiety comes from the fact that I could pay off the house and not worry about losing it, now I have an irrational fear of having the new $250k mortgage, even though I'll have that amount in my bank till I buy something. I'm afraid economy will sink or something will happen and lose my home like in "99 Homes" with Michael Shannon. I'm also worried because it's unknown territory for me, I haven't rented out anything before so there are like background checks etc. I'm also worried that property prices will sink once rates go up again. I would love to hear your thoughts. [link] [comments] |
| D/I ratio after a group mortgage for a tenancy in common Posted: 25 Oct 2020 09:58 AM PDT I recently purchased a short term rental property with 2 other friends structured as a tenancy in common with all of our names on the title and on the group mortgage. While we were getting the loan, the loan officer continued to tell us that each of our D/I ratios would carry the entire house's debt rather than our %payment of the mortgage. This seemed to make sense since the mortgage must be paid regardless of who pays it. However, when buying a house in the future, would a lender be able to use my individual bank statements as a means to prove that I am only paying X% of the mortgage and should therefore only have X% considered in my D/I? I've heard from one former loan officer that this may be possible if we pay by physical check, but I haven't heard this from any other lenders I've spoken to. [link] [comments] |
| Posted: 25 Oct 2020 09:46 AM PDT My house has been in the market for 3 days with a realtor. It has 1,545 views and 101 saves. No offers. Is this normal? [link] [comments] |
| Posted: 25 Oct 2020 09:37 AM PDT Should I pay $950 to BofA to buy down my rate from 3.125% to 2.875%? I just started the mortgage last year, and the rate mod is not a re-amoritization. It will take six months to pay for itself, so sounds good on the surface. But I am wondering if I should try to get a lower rate outside. It would likely be a re-amoritization, which maybe is OK since I just started my mortgage. [link] [comments] |
| Posted: 25 Oct 2020 09:34 AM PDT Hi all, I'm just starting in the real estate game, but one thing I want to ask so to start on the right footing is how do I go about finding an attorney and CPA that can give me proper guidance from a tax/legal perspective? Do you just call a lawyer and say you want that guy to be in your back pocket in case you ever need him/her? How does the process for getting these people to work for you..work? do you pay them per phone call? Need some help here! [link] [comments] |
| How to Find A Good Home Inspector Posted: 25 Oct 2020 09:17 AM PDT Hello, my wife and I are in Florida and currently under contract. We are looking for a good home inspector. Our buyer real estate (RE) agent recommended one, but we heard some horror stories online about going with your RE suggestions. So we want a second opinion. How do we go about finding a home inspector? What should we look out for? [link] [comments] |
| Lowering debt to income ratio (car trade in)? Posted: 25 Oct 2020 09:11 AM PDT Would it be better to trade in my car for a lower payment (to change my debt to income ratio) before applying for pre-approval? Or would that hurt my chances for pre-approval due to the credit inquiry? TIA! [link] [comments] |
| Selling house -> How to vet an agent? Posted: 25 Oct 2020 08:56 AM PDT Hi everyone thanks for your help!! What questions do I ask to vet an agent and ensure I'm not being taken advantage of? Specifically I'm listing/selling a house [link] [comments] |
| My Mom wants to put me on the title of her home? Posted: 25 Oct 2020 08:35 AM PDT She still owes 150k and wants to put me on the title in case of her death so it would not go to her husband. I am currently buying 1 rental property a year, would this show up on my credit or effect my ability to finance property's? I realize there could be other consequences and variables involved, just curious before I respond. Edit: yeah I will most likely talk to an attorney or just not go through with it all together, doesn't seem worth the hassle. [link] [comments] |
| Another Potential Appraiser with Questions Posted: 25 Oct 2020 08:18 AM PDT I just turned 30 and I am starting to think long term about my life, and what would work long term, and I stumbled across Real Estate Appraisal. My dad, a formal realtor, said that I could do good in either appraisal or selling property. I like the appraisal portion because it appears you are using different techniques to come up with the value for property. I do not mind selling my services to banks, etc. for me to perform the valuation versus hustling to move property. I am currently selling tech solutions, and have about 5 years until I am burnt out from it. I would like a career I could do for 40 years, while also being able to be somewhat flexible with my hours. I also do not have a wife or kids, so if i needed to eat shit for a few years, I could do so. If I go down this road, I 100% want to do commercial. I have a few questions:
Any advice would be greatly appreciated! [link] [comments] |
| Seller requests increase in purchase price?? Is this normal? Posted: 25 Oct 2020 08:00 AM PDT I'm in a very hot seller's market in NC and my partner and I have been looking for a house in the 250-350k range for the past 6 months. We just saw a house we like listed at 340k so we offered 350k with a 8k due diligence (NC thing where if you walk away after inspection, you don't get this money back). I'm assuming they had multiple offers but they responded to our offer with a request for 355k and to agree to bring cash if the house doesn't appraise. Seems like a dick move to me, what do you guys think? Is this normal? [link] [comments] |
| Posted: 25 Oct 2020 08:00 AM PDT Is it possible for a real estate agent to get a bad reputation amongst their peers. Do buyers agents try to keep their clients away from houses sold by a bad agent? Do sellers agent keep their clients away from a buyer's agent with a rep? It's seems like one big happy family on a used car lot to me. [link] [comments] |
| Posted: 25 Oct 2020 07:45 AM PDT Looking for some appraiser/lender input. About to list a one bedroom 780 sq ft home with a wall heat/cool unit in the bedroom, electric fireplace in the living room that is open to dining and kitchen. I could make the argument that every room has access to heat for a conventional loan, but is that going to get past y'all? Getting conflicting answers this morning. [link] [comments] |
| Is the referral fee from my broker fair? Posted: 25 Oct 2020 07:41 AM PDT Hi. Let me give some context. I am a new agent that recently joined a local real estate company. They have plenty of leads for me to call. The split initially is 50/50. I don't have a problem with this as I'm new, but would like a better split when I prove myself. However, my broker has a lot of her own leads that she hands to her agents. These could come from family members and friends, etc. On these leads, she only pays 10% referral fee (Yes, Ive clarified, she gets 90% and I get 10%). As a new agent, she is doing basically everything on this listing and holding my hand through the process. So for now that seems okay to me. In the future however, when I have my own business, I can't see this making any sense. I've questioned this to her saying just this, that I'm new so 10% makes sense, but what about when I'm more experienced? And she said, "Well they're my leads that I'm giving you. When they are your own clients, then you'll get 100%." In my head that's not true though, because as a broker you're getting half of it already. For now this isn't a concern to me because i'm new and will take what I can get. However, if this is a long term issue, I want to understand that now. I expect since I'm new I will have to take referrals from her as she is very busy already, and i want to be compensated fairly for it. What are your thoughts on my situation? [link] [comments] |
| (OH) Lender is telling us they can only finance ARM on a rental through LLC Posted: 25 Oct 2020 07:21 AM PDT Pretty much in the title. I am looking to purchase a rental property and the lender I have been using for a while is telling me they can only do ARM loans if titled under an LLC. It's a local CU and they have sold my previous homeowner mortgages straight to fannie/freddie. If I skip the LLC, they can do a standard 30 yr. Is the ARM requirement pretty standard or should I shop around some? [link] [comments] |
| Contingency for breaking apartment lease if house falls through? Posted: 25 Oct 2020 07:09 AM PDT So I recently put an offer down on a house for 255K. This was 5K over asking but due to the area I live in Florida, recently renovated houses don't last more than a day on the market. The offer was accepted with a 25 day closing. In my apartment lease it states I must give a 60 day notice plus two months rent to break my lease. I spoke with management the other day and although they didn't seem to mind the less than 60 day notice, which I said is in no way practical when purchasing a house in this market, they said as soon as I fill out the intent to vacate form my apartment will be listed for lease after my move out date. My issue is, after filling out this form what do I do if the inspection or appraisal fall through? Has anyone here ever dealt with a similar situation? I'm going to speak with the property manager monday to see what they can do for me but this makes me super uneasy as I am trying to expect the worst just in case. I already told them I will pay up on Nov 1 for the entire month even though I close on the 16th so I can still give at least a 30 days notice but I don't want them to lease my apartment in the event something falls through. Idk what to do here. [link] [comments] |
| How do I find info on a specific piece of land? Posted: 25 Oct 2020 06:28 AM PDT I live in LA. I have found a particular piece of land that has interested me for a while and I would like to purchase if possible, but I can not seem to find any information on it. I believe there used to be a sign in front of it maybe about a year ago, but that sign has since been torn down, and I don't remember what company was written on it. I've been keeping my eye on it for a while and it seems like no one owns it yet. No sign of any upkeep or building or anything. I often drive by just to see if anyone is around and I haven't seen any activity. So my question is, is there any phone number or website I can use to find the price and info on this particular piece of land? I have searched endlessly to no avail. [link] [comments] |
| Posted: 25 Oct 2020 05:47 AM PDT Projected closing date is 10/30. We are only waiting on the title search to come back and all will be good (uw conditions). We like to drive by the new house just to admire and the lady was moving out yesterday. We got so excited! LOL anyway, any other 10/30 closing people out there? How's your experience been? [link] [comments] |
| Mortgage Commitment Due in Three Days, Appraiser has not come Posted: 25 Oct 2020 05:40 AM PDT Seller here and the buyer has there mortgage commitment due tomorrow. There has not been an appraiser visit my home. I assumed the appraisal needs to be completed before their lender will give a mortgage commitment. They are only putting down 15% so I would think that they wouldn't qualify for an appraisal wavier. I'm concerned about the appraisal because comps are all over the place in this market and they offered 7% over our asking price. Maybe I don't understand the process but Isn't the appraisal late at this point? [link] [comments] |
| Taxes on sale for primary residence that was a rental Posted: 25 Oct 2020 05:34 AM PDT Bought a condo in 2012. Rented it from 2014 until July of 2019. Have lived in it since then, but getting ready to move next week and want to sell the condo. Sitting on ~200k equity. Additionally, the property I'm moving to I bought in 2017 and rented out for exactly 12 months, at which time we demolished the house and built custom. To date it has only been an investment property. My understanding is that I'm not eligible for capital gains exclusion because i have not lived in it for 2 of the last 5 years, and I'm also not eligible for a 1031 exchange...but this is where I'm iffy because it seems like there are a lot of loopholes in the 1031 code....and both of these properties either are still classified as investment or at least we're at some point. Is this correct? And do I have any options here to avoid a big tax bill? Is there a legal way to wait until next July to sell and hit the 2 year mark? [link] [comments] |
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