Real Estate: Closed today! A long 5-month journey. |
- Closed today! A long 5-month journey.
- Legally speaking, how long before closing does the seller get a closing disclosure in the state of Massachusetts?
- City asking me to sign easement for property outside city limits
- Tips for getting pre-approved?
- Is 3.5 or 5% down realistic?
- Condo or attached PUD? How to tell?
- Trying to forgive out pricing for my home
- Is renting generally preferred over selling if you're able to do so?
- New house purchase
- Made a stupid decision and I just need to vent
- Owning 4 units for renting
- Would a fresh coat of paint really help the bottom line?
- Can't even get a showing for a new listing
- cancellation of notice of termination of rental lease
- Buyer needs 3rd extension “ In Queue for underwriter “ help!
- Sources For Beginners
- Who's insurance to cover an incident right after closing (seller renting back)
- Man real estate market continues to be on a tear.
- Grant money for a down payment.
- Middle of Buying a Condo. Credit Score Went Down...
- Cancer forced my in-laws to selling the house to me and my wife, but we don't know what to do...
- What should I look for in a multi family?
- Question: Closing Costs between buyer and seller
- How to convert primary residence to rental/investment property?
- What is an escrow advance, logged into my account and it says escrow advance $203 is this money I owe or money I’ll get back this year? Thanks
| Closed today! A long 5-month journey. Posted: 17 Nov 2020 04:51 PM PST Hi all! I just want to share my happiness. I started looking in July in the Charlotte area. I had all kinds of bumps along the road- seller got COVID. Her no-good son squatted in the place while she was hospitalized, trashing it while she was away, and he had to get evicted by her daughter. Roof was ancient. Then the house appraised $14k lower than I offered! But we got the sellers to get the roof replaced through insurance, they brought the house down to appraised value, seller who got COVID got better, son is out. But now the house is all mine and it's such a wonderful home. I also got a 30 year fixed loan at 2.75% (no points), so I'm thrilled about that. Anyway thanks to this sub-reddit. Reading all your anecdotes really helped keep me sane during this stressful time. Now for the fun part of renovating and making it my own. [link] [comments] |
| Posted: 18 Nov 2020 08:39 AM PST I've seen answers saying that legally they have to have it three days before closing but I've also seen answers that they have to have at 24 hours before closing. Just hoping for clarification [link] [comments] |
| City asking me to sign easement for property outside city limits Posted: 18 Nov 2020 07:22 AM PST A few months ago a construction company placed a water pipe in my yard. While doing so they knocked down several of my large trees in my tree line that starts about 30 feet from the center of the road which made my home a lot less private. I was not told that they would be removing my trees and they did not remove any of my neighbors trees where they were installing the pipe. It appears that the crew negligently drove an excavator into my trees. I couldn't find any evidence of an easement or any clear literature explaining right of way in my county, or get ahold of the specific contractor that did the damage so I just decided to let it go. My neighborhood is zoned county, but is surrounded by city limits. A developer bought 17 acres across the street from me and is building a 64 unit cookie cutter neighborhood and the 17 acre lot was annexed by the city as part of the project approval. Yesterday I received a call from a woman claiming to be with the city asking for an easement on my property for "an electrical project". She left me with the paper work and it mentions a 10' easement totaling 2600 sf for sewer, water and electrical. And the compensation amount for the easement is only 1$. It doesn't say specifically what they're going to do, but I think they're going to put in a sewer line in addition to the water line that was laid a few months ago and a gigantic transfer box to supply the new neighborhood across the street with power. My home is supplied by power from an electric co op, and not the city. Now given this paperwork mentions water in addition to sewer and electrical I'm thinking this proves they had no right to install the water pipe in my yard a few months ago and seems like they are looking for me to retroactively approve its install in addition to the other utility components they want to install in my yard. It seems pretty unreasonable that I'm expected to bear the burden for all the utilities for this developers project for $1. Is it typical to be offered 1$ for an easement? Is it worth negotiating? South Carolina [link] [comments] |
| Tips for getting pre-approved? Posted: 18 Nov 2020 07:18 AM PST So basically as the title says, I'm just asking for some info on what decides what you're pre-approved for. I posted here a few days ago about me and my fiancé buying a modular home. But after doing a lot of research and getting a lot of great tips from redditers, it looks like a modular home would cost us as much as a traditional stick built house after purchasing a lot and going through the whole process. So we're back at the drawing board as far as looking at purchasing a home. I was recently pre approved for a $250k house with 10% down. While we have the funds to put down the 10%, we would like to cut that down to around 5% just to have a nice security fund if something was to happen to my job etc. My question is, what effects your pre approval more? I know a lot has to do with your debt to income ratio. I'm trying to figure out how I could get pre approved for the $250k without a 10% down payment. Also do different lenders tend to offer different pre approvals? For example is it possible for me to go through a different lender and get the pre approval I'm looking for? I apologize ahead of time if these questions sound kind of dumb but I'm just trying to learn the home buying lingo. [link] [comments] |
| Posted: 17 Nov 2020 12:00 PM PST For a number of reasons we are motivated to move soon and buy a condo in a VHCOL. Our income can easily support a mortgage on an approx. $500k-600k property with PMI, but we only have about $35k saved right now, as we just completed a cross country move and got married, so our savings took a little bit of a hit with both of those events. We are putting about $5k away every month, so that is going up pretty quickly, but we won't hit 10 or 20% for a while, and we'd like to get the homebuying process started sooner rather than later, but also don't want to waste anyone's time. [link] [comments] |
| Condo or attached PUD? How to tell? Posted: 18 Nov 2020 09:52 AM PST Hi All, I gotta say, I love this community! Reading through everyone's experience of home buying/selling is great. I have a question and need a bit of guidance. My lender provides better rates if (the place we are in escrow for) is an attached PUD as opposed to a condo. I did a bit of research and looking at the title insurance doc - there is no mention of a 'condominium' it has its own address and lot size, etc. I even looked at some vids that went over what a condo looks like vs. a PUD. To me, it looks like a PUD. But when I talked to my agent, she said it was a condo (I think she pulled the title or details in MLS). My lender initially said based on the docs it's a condo. But now the appraisal docs and the HOA docs say opposite things according to my lender. What is the ultimate source? Will it matter how it is designated now for when we sell later? The rate for an attached PUD is the same as a single detached residence (normal home) -- and I really hope that's what we are getting :) [link] [comments] |
| Trying to forgive out pricing for my home Posted: 18 Nov 2020 09:38 AM PST My realtor gave me a market analysis on the homes for sale in my area and they have sold for 160-210k, 188k on average in the last year. My house is on the nicer end of the spectrum, perhaps not as nice as the one that sold for 210k but still much nicer than the ones on the lower end. Per the market analysis homes tend to sell for about 96% of their listing price. I decided to list around 200-205k and my realtor told me that would be the absolute highest I should list. Typically is it better to price a bit high and then come down? I are trying to make sure I get the most I can for the property and do not want to price too low and have it sell immediately because it was underpriced. Would appreciate any input from experienced investors. [link] [comments] |
| Is renting generally preferred over selling if you're able to do so? Posted: 18 Nov 2020 09:34 AM PST This is something I've been thinking a lot about regarding my next move in real estate. I have a primary residence that I plan to move out of in the coming year or so that I could rent out for $400-$500/month more than the monthly payment including utilities. I have considered the pros and cons of renting it out vs selling it and it seems that renting is the better choice almost every single time. There are so many fees associated with selling that you lose a large chunk of the profit right off the bat and you miss out on future appreciation of the property, while renting lets me make income from the property and still keep ownership of it. I understand that renting can be a headache with dealing with tenants, but it may be worth it for the financial gain. Am I missing something here? [link] [comments] |
| Posted: 18 Nov 2020 09:31 AM PST Hello all, first time home buyer here, I would like to get some opinions. So my wife and myself have been looking for a house for two months now, area is la county, we had three offers rejected due to higher bids. Price range is from 550k to 650k so I don't have a lot of good options, a lot of the more 'experienced' folks I've talked to recommend to buy a place that I can get for cheap and fix the problem with that is those types of houses are being bought cash by investors with deep pockets. The latest offer i placed was a house with asking of 599k, my offer was 620k with all 'normal' contingencies, the day the offers were due I got a message saying that the best offer they had was over 10% of asking price plus no appraisal contingency. Pretty much that's the same story with the other offers I made. I decided to look at the Santa Clarita area, which is a 30 minutes commute for me, they have new houses being built. I liked a house that is 1890 sf in size with a base price of 606k and with upgrades it goes up to 617k, the house is set to be completed by May. They offered me move in ready house that is 599k base price, 1580 sf and 20k in upgrades. They said the buyer backed out. The first day they told me I could get it for the base price 599k I told them I preferred the larger home that will be completed by may. Once I got the pre approval by their lender the sales rep told me that they would give me a $7500 credit for closing costs or upgrades if I sign purchase agreement by the next day. I talked to mey agent and she said she would talk to them, later my agent calls and tells me they're offering another price cut for the other property, the 1580 sf one, contingent to closing by end of year. I would like to get opinions from the people with more experience in this community. I'm sorry for the long post I wanted to include as much details as possible, thank you in advance. [link] [comments] |
| Made a stupid decision and I just need to vent Posted: 17 Nov 2020 01:53 PM PST I own (well, mortgage) a home but was moved across the country this year for work due to covid. I was thinking about selling my house at the time, but I liked the thought of having somewhere to return to. Instead, I rented my house out to a beautiful family. Fast forward 6 months, and they made me a really great offer to buy the house. I agreed. I thought I was being sly by not getting agents involved, but we both need lawyers in our state. My buyer said they would pay privately for an agent, they aren't familiar with the buying process. Fine. My lawyer works closely with this agent. Perfect. My lawyer was to act as a "facilitator" and be at the house for septic inspections, etc. The lawyer and facilitator have literally never spoken to me until today. If I email them a question, the buyer's agent will respond. We needed someone for the inspections, it was the buyer's agent. We are now two days away from closing and the facilitator finally reached out to me - to schedule the closing. I asked for the HUD so I could review it in advance, and he responds "we send those out a few days before." Ok, well it's 43 hours until closing, I'm anxious and want to look at it dammit! I know I'm saving 6% of the house proceeds, but I feel like I am losing my sanity here. I wish I had gotten a communicative facilitator or even an agent to help me. I worry we're going to be taken advantage of at closing - that they won't pay us for the flood insurance and taxes. I am just an anxious mess. I cannot wait for this to be over! [link] [comments] |
| Posted: 18 Nov 2020 09:28 AM PST Hey guys, So I was talking to coworker and they were suggesting looking into owning 4 apartment units. I would live in 1 and rent out the other 3. I don't know much about this, and the reason he suggested 4 units is because it is the amount right before being considered commerical status. My question really is, what would this actually look like and if I wanted to get started how do I even look for this? [link] [comments] |
| Would a fresh coat of paint really help the bottom line? Posted: 18 Nov 2020 08:52 AM PST It seems to be the popular opinion. I have a well kept lawn and hedges, only thing is the 20+ years old paint shows wear. I plan to move in two years and don't think it'll make a difference in the selling price...or will it? [link] [comments] |
| Can't even get a showing for a new listing Posted: 18 Nov 2020 08:50 AM PST I hadn't dabbled in looking for a house for a while just cause everything has been so batshit crazy lately but damn... I've never not been able to get a showing. Saw the house on Redfin needed a lot of work but a super nice lot. 5k views in 24hrs.. House is pretty decrepit looks like it hasn't been remodeled since the 70s. My realtor tried to call the listing agent multiple times and I tried to get a showing through redfin appointments. No one has responded. Has anyone else experienced this lately? [link] [comments] |
| cancellation of notice of termination of rental lease Posted: 18 Nov 2020 02:33 AM PST Hi, I am a tenant on a non-standard lease agreement in Ontario, Canada, with pretty much no clause in it, and no indication of a requirement for a 2 month notice. I called the landlord, and he said notice should be given in 2 months, so I wrote a simple email, and said I am leaving by Dec 31st. He then started looking for a replacement. Now, due to my circumstances, I have changed my mind, and want to stay. He is ok with me staying, but he wants a new agreement (i.e. not month-to-month anymore), and a rent increase of $250 per month. I tried negotiating with him, but he is rigid. Do I have any legal rights here to void my notice, and just stay on monthy-basis and pay my current rent? [link] [comments] |
| Buyer needs 3rd extension “ In Queue for underwriter “ help! Posted: 18 Nov 2020 08:19 AM PST So we are supposed to close on the 30th . Commitment from the bank did not come through after two extensions . The lender states it is due to needing to verify stability of borrowers income as are now asking for three more weeks . We are supposed to close on our new house mid December . Our realtor said the lender told him the loan is in queue for underwriter . That sounds good to me ! Should I be more worried? Why do they keep extending ??? Our purchase and sales agreement on our new home is contingent on our home closing on the 30th . Now I will have to ask for an extension . The sellers could back out correct ? [link] [comments] |
| Posted: 18 Nov 2020 08:06 AM PST Hey people! I hope you all are doing well. So, I (M 29) wants to invest in real estate. I have never bought a house before, but have done some research. I want to learn more. I got inspired after watching a webinar hosted by DJ Envy and Caesar. Do you have any suggestions as far as resources? Also, does anyone have any notes from parts 2-4 on his webinar/seminars? Thanks! [link] [comments] |
| Who's insurance to cover an incident right after closing (seller renting back) Posted: 18 Nov 2020 07:41 AM PST One-in-a-million situation here. I just sold my house, signed the documents after a thorough walk-through. The buyer agreed to rent back to me as I am waiting to move overseas. The rent-back setup our agents put in was literally a one-line addendum to the contract "the seller is allowed to continue occupying the property until (date) and agrees to pay additional $$$". The next morning 9 am the fridge water line broke and caused a big flood, damaging the floors. That was BEFORE the sale was recorded, but AFTER the documents were signed. Literally the transition period. I contacted all parties, the new owner's agent showed up and arranged repairs. Now he says my home insurance policy should cover it even though I sold the house because according to his broker there is a 30 day grace period. My agent is silent, although I asked. I am hesitant to contact my insurance and volunteer any money if I don't have to. The new owner did not request that I get my own renter's insurance or anything like that. What's the deal who's insurance pays for it? Virginia, if that matters. thx. [link] [comments] |
| Man real estate market continues to be on a tear. Posted: 17 Nov 2020 03:04 PM PST I'm in NJ, in a NYC suburb. Average home price in town was $465,000 last year. Currently 13 houses on the market (extremely low, even in the fall) and the lowest house on the market is $490,000. Only 5 are under $600,000. Certainly feels like the hot housing market is going to carry into the spring and heat up even more [link] [comments] |
| Grant money for a down payment. Posted: 18 Nov 2020 06:45 AM PST Hey all. So I got my pre approval and I was wondering if anyone knew of any grant programs? my credit score is a 627 so I didnt get much assistance from the loan officer. I live in South East Michigan and heard of MSHDA. I dont know if anyone knows of any options. I only need to come up with $1500-2000 more and Ive tried my personal options. Also gonna ask for some extra work for some ot. If anyone has any suggestions Im all ears. [link] [comments] |
| Middle of Buying a Condo. Credit Score Went Down... Posted: 18 Nov 2020 06:43 AM PST I'm in the middle of buying of condo. I was pre-approved and gave 20% down for it. Lender is in the process of getting the loan approved. At the time the process started, my credit rating was about 763. Now it's down to 753 due to some unexpected medical costs I had to book on my credit care. When I saw this dip, I made a couple of large payments to the credit cards hoping that sometime soon it will bring my credit rating up even a bit. I'm freaking out worrying that the dip is going to cause me to lose my loan and the condo. The closing is tenatively scheduled for mid December. Lender has not said anything (yet). I have never missed a payment, my salary is solid, etc. How worried should I be? [link] [comments] |
| Cancer forced my in-laws to selling the house to me and my wife, but we don't know what to do... Posted: 17 Nov 2020 12:33 PM PST My father in law passed away due to stage 4 cancer in less than 2 months and he left the house to my mother in law (which cannot work) with a 209,000 mortgage that she cannot pay. She offered us on selling the house to us, which now owes 194,000. We have always rented and still love renting due to the flexibility it offers but we have considered buying lately since we want something of our own. We can put 20 percent down payment from life insurance that my wife will get from her father and have at least 30,000 dollars in savings left after calculating closing costs and fees. Few questions:
We live in Florida btw. Thank you Edit: Father in law had 100k in live insurance split 50/50 between spouse and doughter (my wife). We offered her our part but she wants us to use at least some of it for down-payment. I don't think we will do that since she probably needs it more than us cause she has no savings and no retirement accounts. Some people here are saying we are screwing her but really we don't care as much for the house. We care for her and we want her to be well but we do need our space since we are pretty much newly weds. She has a house outside the country but doesn't wanna live there which makes things more complicated. [link] [comments] |
| What should I look for in a multi family? Posted: 18 Nov 2020 12:10 AM PST I am looking to buy a multi family and move into one of the units while renting the others. I'm just not sure what I should be looking for. I just went to a showing for a house that is a 4 family with 3 of the units already rented, so it would allow me to move in and immediately start collecting. I've read a lot online about what to look for, and it seems that mostly I should just check the age of appliances and furnaces etc. I want to do this and have done a lot research, but I still don't know if I'm ready. I just don't know what else to do to prepare and ensure that the house is a good deal. I know this might be hard to answer without lots of specifics, so any advice anyone can offer would be helpful. [link] [comments] |
| Question: Closing Costs between buyer and seller Posted: 18 Nov 2020 05:39 AM PST Are the closing costs split between the seller and the buyer? [link] [comments] |
| How to convert primary residence to rental/investment property? Posted: 18 Nov 2020 01:34 AM PST Hello, I bought my house at 550k and I am planning to sell it ~1.3 million. I want to take advantage of the 1031 exchange, but it only works for investment properties. How do I claim or convert my house to an investment/rental property? And how many years do I need to rent it out before using 1031 exchange? Thanks [link] [comments] |
| Posted: 18 Nov 2020 05:06 AM PST |
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