Real Estate: Underwriting cost me my house. |
- Underwriting cost me my house.
- Locked 2.5% on 30-Year Today.. Zero Points
- First time home buyer, RE agent has 2% commission in contract
- Real Estate Market in Houston suburbs?
- Seller left stuff here, what do I do?
- Roll in closing costs?
- Getting an appraiser license in Sarasota Florida?
- Primary home loan for second house possible?
- Buying contingent, no money for down payment
- Advice for 25 YR with 30K in savings, enough for downpayment?
- Ideas for a 2,000 sq ft commercial unit
- Buyer just terminated 8 days before closing!!! Anyone ever experience this?
- Do we need to work with a mortgage broker if we rate capped with them, or can we shop around?
- How to find a land’s owner contact information to ask if is willing to sell in California?
- Landlord Never Sent Deposit Accounting or Deposit (WA)
- Can a Landlord move their family member into the house with you?
- 15% YOY price increase in US
- How to Negotiate for 6 month lease
- Buyer/Agency contract mandatory?
- Buying a home without a yard
- Fellow DINKS, are there any qualities my wife and I should consider in a home considering we are not going to have kids? Example: can a home be too big for two people? More in description.
- Weird to keep track of viewed homes after purchasing?
- Advice for my parents outrageous mortgage
- Finally was able to buy a house, but unsure about financial future moving forward
| Underwriting cost me my house. Posted: 20 Oct 2020 07:09 AM PDT Underwriting forgot paper work the day of closing, delaying the process 3 days. Our contract to sign expired in those days. After those 3 days our mortgage broker told us he needed 4 more days for the paperwork to process, and the sellers backed out. Is there anything I can do or am I just at the mercy of the bank be bad at their job. [link] [comments] |
| Locked 2.5% on 30-Year Today.. Zero Points Posted: 19 Oct 2020 12:54 PM PDT More of an FYI for you daily lurkers like myself. Local credit union. We are top bucket FICO borrowers, borrowing 400k in a blazing hot real estate market. Zero points purchased. Lender also waived the need for their own appraisal, even though our offer was significantly over ask. So big win on our end not having to go even more "out of pocket" in addition to 20% down payment. [link] [comments] |
| First time home buyer, RE agent has 2% commission in contract Posted: 20 Oct 2020 08:19 AM PDT The contract states I will owe my RE agent 2% commission IF no one else compensates him. If the seller/sellers RE agent covers their fee then I'm off the hook. Is this normal? Agent comes highly recommend from several friends who have all purchased homes with him. They all said they didn't pay him anything, just not sure if this is standard practice. [link] [comments] |
| Real Estate Market in Houston suburbs? Posted: 20 Oct 2020 07:43 AM PDT Does anyone have any experience with the real estate market around Houston? My friend attempted to sell his home in Sugar Land, TX in February/March of this year and was surprised to learn the property (SFH, 3000 sq ft, with a pool, amazing neighborhood) had not appreciated at all over the course of 6 years. Not even appreciating with inflation. Furthermore they received no offers on the home and ended up having to pull it from the market and just rent it out for the time being. Does their realtor just suck or what is the deal? [link] [comments] |
| Seller left stuff here, what do I do? Posted: 20 Oct 2020 04:57 AM PDT The seller left some items after closing, what do I do with them? It's been a month now.. after closing, the seller left a black bag outside that he said his daughter would pick up, and she did. But, he also left a ride-on lawn mower and some military jackets (ww2 era). 3 weeks ago, the seller reached out to me and said he was going to pick up the tractor. He never showed and hasn't called/texted at all. I've contacted my realtor and he didn't really give me a solid answer. Unfortunately, I would really like to sell these items because of the two roof leaks, pest control, electrical issues that we have been facing since closing. Do I need to bring a lawyer into this? Thanks. [link] [comments] |
| Posted: 20 Oct 2020 07:36 AM PDT I am looking to refinance, and then try to get a HELOC. Our LTV (if our appraisal comes in where we expect it to) would be .70 without adding closing costs in to the loan (350k loan for 500k home). We are trying to get the HELOC to have some work done and have some money saved already towards that so we have the money to cover the closing costs out of pocket. Should I be more concerned with the LTV or money in the bank for HELOC. Assuming closing costs are 5-10k, it would put LTV ~.71-.72 which doesn't seem like that big of a difference to me and I would honestly rather have the extra 5-10k on hand, but I don't want to try getting a HELOC and screw myself because my LTV is above 0.7. [link] [comments] |
| Getting an appraiser license in Sarasota Florida? Posted: 20 Oct 2020 09:55 AM PDT I just moved to Sarasota Florida from Brooklyn New York, I've been in real estate for a while in Brooklyn, just no closed deals.. I was focusing primarily on virtual wholesaling and then listing whatever retail leads came in, but that didn't work (lol). Anyways I overhear my parents talk about becoming an appraiser down here in Sarasota. I looked into and you can get your license and course work done for $1200, then hopefully get a job, has anyone done this before and been successful at it? Is it worth it? Did you find it easy to get a job? The one thing I did really master with all my time in real estate was comps Thanks! [link] [comments] |
| Primary home loan for second house possible? Posted: 20 Oct 2020 09:42 AM PDT I closed on my first primary home back at the start of September since then I have been relocated, but due to my schedule I come back to the city where my first house is every 2 weeks. I have now rented out my primary home is it possible to purchase another property with a primary home loan since I did not plan on my original residence becoming an investment property? [link] [comments] |
| Buying contingent, no money for down payment Posted: 20 Oct 2020 09:34 AM PDT Hi all. I am looking into upgrading. My husband and I own a house, but it's too small for our family now. Adding on is not an option due to local regulations. I don't want to try for financing before I have all the information I need because I don't want it to impact my credit. We don't have money for a down payment, so I'm guessing we'd have to get a rural development loan. Last year we got an appraisal and our house is worth about $15k more than we owe, and since then, we've added a deck. What all do I need to know about the process? Any advice or information on what I should look into? Thank you. [link] [comments] |
| Advice for 25 YR with 30K in savings, enough for downpayment? Posted: 20 Oct 2020 09:28 AM PDT Need some advice! I'm 25, live with my parents and made 40K a year. I save 70% of my paycheck and live off the bare minimum thankfully because I'm still living at home and by next February I should have 30K saved. No debt. My dad has a reverse mortgage on the house, still trying to figure out how that will work when he passes away (he's 90, my mom is 57 so she's not on the title). He rents out parts of the house for extra income apart from his SSI. Anyway, my main reason for saving has been because I want a job in the film industry and plan to relocate out of Miami to where there's more opportunities like Atlanta, LA or NY. 2 of which are madly expensive. My job contract will be over in February and I planned to move in March to LA. However, I've been wondering if I were to stay in Miami and get another job here that I'll probably hate but it'll temporarily for a year, could I use that 30K for a downpayment on an FHA loan on a 2 bedroom, live in a room for a year and then move out and rent the whole place out? I could just be dreaming, let me know if I am. My goal is to create passive income through real estate this way. I figure it would have to be something way below 200K for that kind of downpayment, plus I wanna avoid PMI. I don't know much about real estate. Also, if it is a good idea, might it best to apply for FHA loan before I leave my job in February in case I'm making less $ in the next job? If you have any other suggestions or advice, I'd appreciate it immensely. Thanks! [link] [comments] |
| Ideas for a 2,000 sq ft commercial unit Posted: 20 Oct 2020 03:14 AM PDT Hi guys, I have a ~2,000 sq ft unit in a commercial building that has been empty for 5 years. I want to put it to work and don't mind getting involved actively, as it's a tough market for passive rental income in my city. Anyhow, I'm looking for creative ideas/suggestions on what I can do with the space instead of simply trying to rent it out. [link] [comments] |
| Buyer just terminated 8 days before closing!!! Anyone ever experience this? Posted: 19 Oct 2020 04:34 PM PDT Buyer for our current home terminated and didn't give a reason 8 days before closing. I am livid. They have been nothing but a pain in my ass the entire process and now this. We now can't not close on the new house we were looking to purchase. Looking for any advice on this. [link] [comments] |
| Do we need to work with a mortgage broker if we rate capped with them, or can we shop around? Posted: 20 Oct 2020 08:46 AM PDT We're going with a mortgage broker my BIL recommended, but I'm honestly not that impressed with him (our previous one seemed better, but there's a long story as to why we're not going with that one). The rate cap was also 3.25%, which is honestly silly. There's no way with a VA loan we'd be paying that much. Can we still shop around? And when should we start? We're set to close the end of September, but I'm a bit anxious to lock in before the election is decided (I'm afraid rates will increase after). Thanks in advance. [link] [comments] |
| How to find a land’s owner contact information to ask if is willing to sell in California? Posted: 20 Oct 2020 08:01 AM PDT |
| Landlord Never Sent Deposit Accounting or Deposit (WA) Posted: 20 Oct 2020 07:49 AM PDT Title explains most of it. We moved out well over 21 days ago. Only correspondence we have had so far from our landlord has been very petty, very personal emails to us expressing her "outrage" over the condition of the apartment as we left it (undamaged but certainly not professionally cleaned) along with threats via email to sue us. Despite this outrage and legal threats, she never sent us an actual deposit accounting or returned deposit. Per Washington State Law RCW 59.18.280 "The court may in its discretion award up to two times the amount of the deposit for the intentional refusal of the landlord to give the statement or refund due." ——— Do you think her consistent emails berating us would be considered proof that she knows about your vacancy and is intentionally refusing to give us a statement or deposit back? Is it worth it to seek double deposit in small claims court? Can she sue us for damages without ever sending us a statement expressing how much we would hypothetically owe? Can she sue us in small claims court in Washington if we now live in another state? Any info helps. Thanks! [link] [comments] |
| Can a Landlord move their family member into the house with you? Posted: 20 Oct 2020 06:56 AM PDT I rent a room in house that's being rented per room. My landlord lives in another state, but her son in my state got out of prison (nonviolent crime) after 5 years and she moved him in with me and my other roommates. I made my protest and dislike of that known and spoke what I could for my other roommates who didn't want to speak up for themselves (understandably). It caused one of the best renters here to leave. It just didn't feel right. On top of that she came in at 7pm unannounced on a weeknight to move him in. She often comes unannounced. [link] [comments] |
| Posted: 19 Oct 2020 09:51 PM PDT https://www.redfin.com/news/housing-market-news-september-2020/ WTF.. This is crazy. Did I just dodge the ball buying in june? Too bad for FTHB.. This isn't good.. [link] [comments] |
| How to Negotiate for 6 month lease Posted: 20 Oct 2020 06:31 AM PDT Hi everyone, I'm looking to get a 6 month lease in the northern Virginia area. The 6 month lease is ideal because I don't anticipate being able to go back to our office in NYC until late in 2021. Due to this, I was curious if you had any tips on negotiating for a 6 month lease. Is there any rule of thumbs like if it's not a 12 month lease it will cost X% more? My ideal price range is 1500-1750 so I was thinking looking for something at 1450-1500ish and then asking if we could do a 6 month lease at 1600-1750. Does that seem like a reasonable deal for both parties? I'm swimming in unchartered waters so any perspective would be appreciated. Thank you [link] [comments] |
| Buyer/Agency contract mandatory? Posted: 20 Oct 2020 06:27 AM PDT So my realtor is telling me I have to sign a contract with her. But aside from the exclusivity, it also has 3% of sale plus $695. Is this normal? I was under the impression that the seller paid the commission fee. Please help. (I'm in Pennsylvania btw) [link] [comments] |
| Posted: 20 Oct 2020 06:21 AM PDT The house is on a corner lot and the home itself is huge. 3 stories, 5, bedrooms, basement that is the full size of the home and could be finished. One bathroom but plenty of places another bathroom could be built. Is this a good idea? I hate yardwork. There is a front porch where some furniture could go to be able to sit outside. This isn't intended to be a forever home. Curious if other folks have had similar experiences and what you'd wish you'd known. The home is beautiful, fully remodeled, essentially a bare canvas waiting for finishing touches. Price is great, not finding much that matches up in the market we're shopping. The only thing other houses have is a yard/garage. Edit: one person asked and it seems important, there is a big, kid friendly park up the street one block. You can see it from the front porch. [link] [comments] |
| Posted: 19 Oct 2020 05:46 PM PDT We are not looking for a starting home. We are looking for a "stylish" home for hosting dinner parties, hiding out from the city, working from home, etc. We are not interested in ever having kids. So are there things DINKS look for in a house that we may not be thinking of? We don't need a specific number of rooms, or to be close to a good school district, or have a big backyard for kids to play in, etc. [link] [comments] |
| Weird to keep track of viewed homes after purchasing? Posted: 19 Oct 2020 04:57 PM PDT Maybe weird of me but I viewed like 6 houses before landing on one that had everything we wanted... and those 5 or so houses, I was weirdly keeping tabs on it. What is sold for, is it on the market, did it not sell and off the market now? It started when I saw one home and the seller agent and home seller (pre-COVID) was rushing us through the home and at the end made comments of "well we have good strong offers already so if you plan on making one, do it soon." Also made an offer on a home when the daughter and father went to court on if she is allowed to sell. Just wondering if this is common? I love and have been enjoying my new home but for some reason I check Zillow or Redfin every couple weeks just out of curiosity. Located in Long Island NY. [link] [comments] |
| Advice for my parents outrageous mortgage Posted: 20 Oct 2020 01:20 AM PDT My parents and aunt bought a house together in 2005, pretty much peak market. They're currently paying 6%+ in interest on the original mortgage (I believe it was over $600K, house cost $736K as a new build). My aunt has lived in it the past 15 years. The house is in a beautiful, highly desired neighborhood with a view of the city from the backyard. However, it only has builder grade finishes that have not been updated in 15 years. No pool, no upgrades, just basic design features that the house came with. They definitely went house poor buying it, hoping for a big payoff after a few years (which obviously, the opposite happened). Their income was never reduced during the Great Recession, and their mortgage is not owned by FNMA so they didn't have much options back then for refinancing an underwater house. The value plummeted to around $400K. (From a finance perspective, they should've done a short sale, but what does their son with a finance degree know? They were too emotionally invested to let it go back then). They tried to refinance earlier this year. They currently owe about $450K on the mortgage (monthly payment is $4200), but due to some medical debt, my aunt's credit score was only at about 620. They have all since retired, so their combined income isn't near what it was when they bought the house. They were denied for the refi. They have been trying to sell it since March. It's been on the market starting at $690K, going down to $620K. They haven't had much luck. There was one legitimate offer, which they accepted, but the seller couldn't get financed at the end of the day (lied about income, didn't have cash to close) so the deal fell through). They refuse to go any lower on price, and honestly, I sort of agree with them on this. The neighbors' house 3 lots down the street, built at the exact same time, just sold for $1.13M - however, it is just about double the size, just went through a major renovation (not a flip), and has a much larger yard with an infinity pool looking over the city. New builds are going up fast in the area, closing at over ~$700K for similar sized homes without view lots. I keep telling them to invest some into having a heavily updated look, but they are not interested. They also have medical issues that they're prioritizing for financing, so I'm not pushing the subject too hard. They just want to be rid of it, but they are getting nervous since it's not selling. Their next step is to rent it out. However, they would need to get the mortgage down to at least just cover the monthly payment with the rental income. What, if any, are their options? [link] [comments] |
| Finally was able to buy a house, but unsure about financial future moving forward Posted: 19 Oct 2020 06:06 PM PDT I made a post in this subreddit a while ago about our family trying to buy a house. We have debt - mainly $100,000 in student loans on my husbands side. I have a little bit of students loans. Credit cards are paid off and we have monthly expenses from our 11 month old. Husband is in forbearance for his student loans so he's not paying them and we're trying to save more. Things are a little tight, but we make it work. We ended up buying a home for about $240k. We think we got a great deal - we used a USDA loan, closing costs were covered, got a 2.99% interest rate, and we put $0 down. We actually got a $100 credit. A bunch of our other friends bought houses and it seems like they all put money down. We kinda felt like we almost got away with something because we get to own a house and didn't put a cent down. Our real estate agent never mentioned anything about it when we explained we didn't really have money to put down. We could really only afford the house using the USDA loan because we didn't have anything close to 20%, we had about $20k saved between the 2 of us. We knew we'd have to deal with PMI. But the more our friends are talking about interest and down payments and what goes towards principal vs interest, were wondering if putting nothing down with our debt will affect us in the long run. Like I said, the agent and the mortgage company said nothing and had no issues with us putting nothing down. Is it typical to not have a down payment? How does this affect us with owning our house and paying it off? [link] [comments] |
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