Real Estate: Signed offer and it's time to put up earnest money and I am freaking out |
- Signed offer and it's time to put up earnest money and I am freaking out
- We don’t want remote close.
- Has there been any studies due to low inventory on homes and prices going up on how house broke people are? Or debt to income ratio?
- Rate shopping vs certainty of closing
- Both elderly people died, bank owned townhouse. What now? North Carolina, USA
- Sale of home contingency...run?
- Bank says I own a property that doesn’t exist
- Closing Cost & Removing Escrow
- Should I buy my moms house at a 50k discount?
- Septic inspection failed - what are my options
- Could anyone explain what ‘Confirmation of Agency’ is in laymen’s terms?
- Home of Choice contingency
- Thinking About Buying a Foreclosure in Northern Maine with Winter Damage
- Can I switch to a VA loan after offer is approved?
- Is it safe to build on a Concrete Washout?
- Refinance
- [PA] Unemployment / Covid Relief fraud
- Buying a rental home from homeowner without a middleman?
- Cross posting for any advice
- Basic deed advice, how to transfer partial ownership. WA U.S.A.
- Resources to learn more about real estate
- First Time Home Buyer - Appraisal Nightmare
- Unable to Share Cost of Fence for Townhouse.. Advice Pls?!
- The person buying my house has to go FHA, worried?
| Signed offer and it's time to put up earnest money and I am freaking out Posted: 01 Oct 2020 05:07 AM PDT Just signed offer yesterday and I need to put down earnest money today. I can't sleep. Since covid started my fiancee and I have both been working from home in a tiny apartment and decided to buy a house to have more space. We've been wanting a house for years and I think we found one that meets all of our needs. The house costs more than I ever thought I would spend on a house. The way prices have been skyrocketing is making me fear that we are in a bubble, but maybe with all the money the Fed has been printing, it could just be real inflation. Either way, the fear of the housing market crashing is keeping me up at night. Anyone else navigating these same emotions? What is helping? Thanks and stay safe. [link] [comments] |
| Posted: 30 Sep 2020 03:20 PM PDT Why We are under contract for a vacation home. We do NOT want to close remotely, we want to do a walkthrough. It is a days drive from our house, and we are fine to do that, but the title company is pushing us to do a remote close. Why, other than COVID would we want that? We are willing to do a contactless close after we walk through. Our title company says don't drive down here, you could be spinning your wheels. Well, I don't want to close without visualization that the property is the way it was on inspection back in June. (The sellers needed a LONG close due to health issues) [link] [comments] |
| Posted: 01 Oct 2020 06:53 AM PDT |
| Rate shopping vs certainty of closing Posted: 01 Oct 2020 09:36 AM PDT Actively looking for a house, but not yet under contract. I'm pre-approved with a local lender that came recommended from our real estate agent. My questions revolve around the risk of shopping/switching lenders after hearing that there are currently a lot of delays with closing - even in best case scenarios.
Thanks! [link] [comments] |
| Both elderly people died, bank owned townhouse. What now? North Carolina, USA Posted: 01 Oct 2020 07:52 AM PDT This is happening about 3 doors down from me. This is generally a very well maintained townhouse community. The elderly people died (the wife died 6 years ago, the husband, 1 year ago) and had a "reverse mortgage," so, the bank "owns" that property. The family signed off on everything, leaving a ton of trash inside. Now, it's just literally rotting away. The enclosed fence area is totally overgrown, and the inside is full of mold. Three of us (on either side of the the property) have contacted the HOA but have never gotten any type of response from them. What's my next move? Who do I get to finally come out here and clean this place up? I'm planning on selling next summer and need to get this ball rolling, so as not to affect my property value. I can/will call the city to report it, but not even sure who to call. Any ideas? [link] [comments] |
| Sale of home contingency...run? Posted: 01 Oct 2020 04:44 AM PDT Hello everyone. I put an offer on a home in central Florida and seller countered the offer with a stipulation that they buy a home Of choice in a 45 day to 60 day time frame. My offer was cash And I communicated to the seller realtor that I could be flexible with the closing date. I did not have a buyers realtor. I decided to act quickly because the house met our needs. Any insight would be helpful on this. I know the market is tough right now. How common is this type of stipulation? Is there anything I can do? Thank you [link] [comments] |
| Bank says I own a property that doesn’t exist Posted: 30 Sep 2020 03:05 PM PDT We just closed on the sale of our place and are still 3 weeks out from closing on our purchase. Everything was moving along fine until my mortgage broker asked me to prove that I didn't own a property that the bank was saying I did own. The address was (what I thought at the time) in a huge corner complex of cottages, homes, and apartments that we used to rent one of almost 10 years ago. In an attempt to prove that I didn't own it, I visited the property and spoke with my old manager. The property in question does not exist. The complex covers all of the even numbers from the 4280s up to 4298. There is no 4296. Now I have to prove that I don't own a property that doesn't exist. Any advice? [link] [comments] |
| Closing Cost & Removing Escrow Posted: 01 Oct 2020 06:41 AM PDT I've asked to have escrow removed. I'm putting 20% down and I prefer to keep my mortgage payment strictly as the cost for the property and I will pay taxes and home owners on my own, it gives me cleaner book keeping and I enjoy managing my money. I've asked my mortgager to remove it and they sent me my formal loan estimate with all the information still. I got an email back today saying: You will close with escrow and then later remove it. This seems wrong to me, isn't it quite difficult to be removed after closing? Also, they are going to sell the loan so.. I want it done for closing, otherwise they have my prepaids as the full amount of tax (9100) [link] [comments] |
| Should I buy my moms house at a 50k discount? Posted: 01 Oct 2020 08:22 AM PDT My mom has been an avid real estate investor in Phoenix since 2009, and it really has paid off for her. She owns 10 homes that nearly all have doubled in value since she bought them. She has encouraged me to do the same. I just got a new job with a very generous sign-on bonus and have about 60-70k in cash, so I've been thinking about buying an investment property in Phoenix. I won't be buying one where I will be working because I work in San Jose where the average home price is ~$1m. She has offered to sell me one of her properties, valued at $350k on Zillow, for $300k (I would put 50k down). But I've been trying to evaluate if this is a good option to exercise. On one hand, I would instantly have $50k more in equity just by buying the house. On the other hand, if I'm being honest, I was going to inherit the house eventually....so by buying her house I'm basically just voluntarily paying for my inheritance (sorry it's really awkward to think about). Another option I have is to continue saving and instead buy a 2b2b apartment/condo in San Jose for ~600-700k$ and build equity there instead of paying ~2k$ in rent each month when I move. I anticipate my work with continuing to WFH until January '22, and by living home with my parents this will allow me to save an additional $30-50k, which means I'll have ~$100k in cash. Of course, another option is to not buy a house at all and instead allocate it to a different investment opportunity. What do you think? EDIT: My mom wants to sell it to me to use the $ to pay off her last mortgage. She also has offered to manage it for me when i go remote. EDIT: Everyone has said not to do it...what should I do with the cash? [link] [comments] |
| Septic inspection failed - what are my options Posted: 01 Oct 2020 07:10 AM PDT I am currently under contract to buy a house, and have already had an appraisal and inspection done. Unfortunately the inspector failed the septic test. (https://imgur.com/a/qId9uhU) The seller is currently getting a perc test scheduled and is willing to put some money towards any repairs, but considering the inspection, I am expecting the perc test to fail. I am wondering what sort of options I'm likely to have for septic? An expensive high-maintenance system seems like a bad solution, but I'm preemptively trying to find other ways to salvage the deal as I like the house. Worst case scenario I can pull out, only losing money spent on the appraisal and the inspection, but also putting me back to square 1 finding a good home. [link] [comments] |
| Could anyone explain what ‘Confirmation of Agency’ is in laymen’s terms? Posted: 01 Oct 2020 10:36 AM PDT About to sell my house and got this COA my realtor told me to sign. I'm having trouble understanding what it is exactly. [link] [comments] |
| Posted: 01 Oct 2020 10:18 AM PDT We are looking to upgrade our house. Our house was listed yesterday, and we've already had seven viewings and two offers, but we haven't found our next home yet. How common is it to put in a contingency clause that ensures that we find a new home that we want first? Our agent is pressuring us into not putting it in, and I'm not sure if it's because it'll scare the buyers away, or if he has other reasons. We're located in Saskatchewan, Canada if it makes any difference. [link] [comments] |
| Thinking About Buying a Foreclosure in Northern Maine with Winter Damage Posted: 01 Oct 2020 10:06 AM PDT Hope this is the correct sub...California guy thinking about buying first home in Northern Maine. And yes yes...I'm fully aware of the hellish winters :) I'm doing as much as my diligence as possible by getting as much information about the house through an agent and I also just booked a flight to view the property next week to do my own inspection. This is what I know so far:
Some concerns:
Advice from you all: Upon my visit and even after having an inspector look at the place just so check for all the other things and my openness to taking a financial risk and living with the winters...
[link] [comments] |
| Can I switch to a VA loan after offer is approved? Posted: 01 Oct 2020 10:05 AM PDT Is there anything to stop be from switching to a VA Loan after my offer is accepted with a preapproved conventional 30 year loan? Can the seller do anything to stop me from doing that besides walking away from the deal? [link] [comments] |
| Is it safe to build on a Concrete Washout? Posted: 01 Oct 2020 09:44 AM PDT In the USA/AZ. Forgot to put that in the title. I'm going through the process of getting a new build and the lot the house will be built on was used as a Concrete Washout for a little bit during the construction of the neighborhood. Some sludge is on the ground and has been there for a few months so I'm sure some of it has soaked into the dirt. I've read that the washout can have a high PH level like Drano and can cause some other health problems because of the toxic metals. Is this safe to build a house on? I'm sure they will clean up the top layer but they can get everything. Will this damage any pipes under the house over time? Any help is appreciated! [link] [comments] |
| Posted: 01 Oct 2020 09:22 AM PDT So back in July my wife and I started the process of refinancing our home. Long sorry short we finally closed a month ago this coming Friday. As of today the funds still have not disbursed. Our lender (Quicken) originally had disbursement scheduled for three days following closing. A week passed an do payoff was made. We reached out only to be told their closing team was not responding and they would have them reach out to us. A few more days pass and we finally get a call saying the payoff they received from our previous mortgage holder did not have the necessary information and they had just requested a new document that day. 4 days later we get a call saying they are still waiting. Frankly I know this is false. My wife and I personally had to obtain the original payoff which was received the same day and they told us they have a 1 business day maximum turnaround on them. Do I have any recourse on them in this situation? [link] [comments] |
| [PA] Unemployment / Covid Relief fraud Posted: 01 Oct 2020 09:06 AM PDT Listed my house FSBO on 9/18 with Zillow. Checked the mailbox couple days ago. Turns out someone is claiming unemployment compensation at this address. It was filed on 9/20. Person is self employed and claiming $0.00 income. He is eligible for $195/week in Covid relief though. Another envelope contained a debit card. Also had another letter addressed to "Uber technologies" for someone claiming unemployment due to lack of work. Filed it as fraud with the PA online fraud reporting tool. Anyone else have something similar happen? Govt. should have a system to check if the address has been listed for sale prior to the claim. Anything else i should do about it? [link] [comments] |
| Buying a rental home from homeowner without a middleman? Posted: 01 Oct 2020 08:49 AM PDT Would you reccomend it to save money, would it benefit the buyer much? What are the risks involved? How would you go about this, for those of you who have been in situations like this? [link] [comments] |
| Posted: 01 Oct 2020 08:46 AM PDT |
| Basic deed advice, how to transfer partial ownership. WA U.S.A. Posted: 01 Oct 2020 08:33 AM PDT Hello, I need some advice. I have never owned any property before. An elderly friend has decided to put 51% of a school building(+land) into my name and she wants me to gather the paperwork for her to sign. Should I use a quit claim or warranty deed? Do I need to be an LPO to prepare the papers? I feel like I'm missing something here. Wa state U.S.A Thank you [link] [comments] |
| Resources to learn more about real estate Posted: 01 Oct 2020 04:43 AM PDT I live in MA. Looking at prices for houses just about anywhere in Mass are insanely high. Feeling discouraged I've thought about relocating down south more where the prices are awesome for very nice houses. My goal is to settle in MA because that's where my whole family is, I'm very close with them. Right now my boyfriend and I live in a 1 bedroom apartment for 1500 a month (not including electric) would it make sense for us to invest in a property down south (thinking North Carolina) and then in a few years sell and look at property up north? Or even keep the property and rent it out? Is that a good idea? I know next to nothing about real estate, what are some good resources to educate myself [link] [comments] |
| First Time Home Buyer - Appraisal Nightmare Posted: 01 Oct 2020 07:37 AM PDT I need some advice on how to move forward as my fiance and I seem to have stumbled into a disaster and we're not quite sure where to turn or how to proceed. Four weeks ago we put an offer on a home in NC. The market in NC is very hot right now and houses have been selling in less than 24 hours of being on the market. We found a home we really loved and felt like was a great fit for us. We were one of the first people to visit the home and immediately put an offer in on the home. The house was built in 2017 and was listed for $400k, we put a full asking price offer in with the request that they leave the Fridge and Washer/Dryer units. At the time we felt that was fair as the house did seem to be a little pricy on the price/square footage - however there had been a couple homes with similar cost/square foot. Our agent recommended we go in strong with a $5k due diligence amount and a $2k escrow. The buyers agent quickly got back to us and said "I have another offer I was told would come in this afternoon, but my client is willing to accept yours right now if you waive the fridge and washer/dryer request". We said sure and sent the paper work in with a 3 week DD period and a 40 day close. Everything seemed to be going smoothly. The next week turns into a blur of activity as we order the home inspection, Radon testing, termite inspection ect. I asked our banker if it was his job or my job to order the appraisal and informed him that I'd heard appraisals are taking longer than normal. He informed me "yes they're busier than normal but we will handle it, no worries it will be done on time" ( I have this via email). Well, as our DD period is ending my agent is starting to ask about the appraisal. Neither her nor myself can get our banker on the phone for days. Finally he tells me via text on a Friday at 4pm that the appraisal due Monday would not be available for at least 1 more week. They His secretary/staff forgot to order one until 6 days after I'd sent my email about it. He had suspected it might not get done in time for several days and did not inform me. Now we try and get in touch with the sellers to push back the DD period but their agent is backpacking in the mountains for the weekend and cant be reached. Through our agent we agree that instead of letting the deal die and losing the 5k DD, we move forward with the 2K escrow and hope the appraisal comes in just fine. Surprise! the appraisal came in $35k lower than the list price... We are now panicking and sent some comparable back to the bank to request the appraiser to consider and see if we can get the value up at all. The sellers are not interested in talking to us about the low appraisal until we get the "updated" version. However the sellers agent is indicating that they are upset and believe that the house has been done a disservice and that they are of the mindset to put it back on the market and keep the $7k DD and Escrow to cover the additional costs. My fiance and I were committed to doing 10% down as a downpayment and cant really afford to go higher than the appraised value. We could do a couple thousand but this is looking like were going to be off by 10's of thousands. What are our options here? We followed the advice of the banker and agent the entire way and we seem to have gotten stuck in the middle of a huge mess. Losing that DD and escrow money would be devastating as we would have nothing to show for it and couldnt turn around and search for another home. [link] [comments] |
| Unable to Share Cost of Fence for Townhouse.. Advice Pls?! Posted: 30 Sep 2020 05:15 PM PDT Hi everyone, I (27F) recently moved into a newbuild townhouse with my boyfriend (30M). Our neighbours, who are retired, talked to me about building a fence to divide our tiny backyard a few months ago, and I wasn't ready to commit to the cost. I kept saying that I needed to look into my options (e.g. having my boyfriend's friends build the fence for a low cost), but they insisted that they needed to place a downpayment fast as there was a long waiting list. Without my direct approval, they went ahead with the downpayment. The backyard can't be more than 30 feet long, but our half of the cost for one side of the fence was over $500. At this point, my contract at work isn't going to be renewed because of COVID, and my boyfriend is still a student, so he isn't able to contribute. They are amazing neighbours, and I feel bad for not being able to contribute. Is it horrible if I explain my situation, say that I am unable to contribute at this time, and express that I hope that I can make it up to them one day? Thank you so much for input! I have just been feeling so guilty about the situation. [link] [comments] |
| The person buying my house has to go FHA, worried? Posted: 01 Oct 2020 07:19 AM PDT So the person buying my current house was originally with a local bank, then switched to BofA to get a 15k assist(or a first time home buyers incentive?) just got an email that it didn't go through or he couldn't get the 15k so he needs to go FHA. So he'll need a new appraisal. It's stated that if it appraises at 320,000 he'll pay 325,000 (which was list and his offer). Is appraisal different with FHA? My realtor just forwarded this email. No call. Closing is in 15 days. The plan was closing on our current house in the morning to take that money to buy our new house. Everything has taken so much time I can't honestly believe this buyer will make closing, can I? They offered in the email for us to let him go, but we are covered in boxes, not prepared to go back to market. In addition we really need to close on our house to have the 90k to bring to the closing of the new house. What is the deal with FHA? I'm not familiar. Could it be this fast and this guy will make it? So didn't need this on top of an already rocky process. [link] [comments] |
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