Real Estate: Firing realtor |
- Firing realtor
- Verified Income Issue
- [GA] Legal Advice: Prop Subdivided Before Purchase 15 Yrs Ago, Just Discovered Our Leach Field is on Other Half
- Advice on 'selling' property from mother to children
- How does a duplex change pre-approval amount?
- Is this normal?
- Buying a house, trying to decide if I should rent my condo
- Confused / Anxious about buying a home in Bay Area, CA
- [Chicago] Buying a multi-family with friends?
- Question about mortgage shopping
- Removing listing vs marking as pending?
- Sellers mess up paperwork and I haven't heard anything in a week. Can this affect the sale?
- Real eerste course
- Election and Housing Expectations?
- Need some assistance in switching the title
- Does anyone have a check list or general advice on what to look for during an initial home viewing?
- Is it even possible anymore in California
- Mortgage Broker is Risking my Financing Contingency
- Appraiser Keeps Missing Deadlines. 18 days and counting
- Paying off HAMP loan modification with sale of home?
- Actual Realtor Fees (CA)
- Late November refinance escrowed property taxes
- VA Loan and closing costs
- Mortgage question
| Posted: 02 Nov 2020 10:12 PM PST I'm a first time home buyer and as the title states I'm about to fire my realtor and wanted to get honest opinions on the message I'm about to send him. First off I'd like to note that I never signed any sort of agreement with him so there shouldn't be any legal issues that follow. That being said, for reasons the partnership just isn't working and this was the message I wanted to send him. Is this appropriate? "Hey ****. I just wanted to say thank you for all your help over the past few months. I really appreciate everything you've done for me. I wanted to let you know that I've decided to persue other options and will no longer be requiring your services. Thank you again for all your help." Is this okay to send? [link] [comments] |
| Posted: 03 Nov 2020 08:57 AM PST My wife and I have started to browse homes and go through the pre-approval process. But I am running into issues with being able to use non taxable income as a piece for the pre approval process. Currently I make roughly gross $4k a month at my job. My wife is unemployed due to covid she was a teachers assistant and made about gross $2k a month . She also has a non taxable structured settlement that begin in March that pays $2,500 a month for 30 years guaranteed payments. In addition, 50k lump sums every 5 years. During the pre-approval process, they have said they can only use my income since the settlement hasn't been paying for over 12 months at this time. As a result, the difference of approval is a 200k house compared to 275k. Is this an across the board type thing where we would need to wait for atleast 12 months? The settlement is payed out by Berkshire Hathaway and we have all the documents with payment structure it just seems weird that we can't get a boost in approval for guaranteed income over 30 years. Thanks for any insight and help [link] [comments] |
| Posted: 03 Nov 2020 09:03 AM PST So, yeah. House was built in the 30s, septic tank was replaced in the 80s. Just realized that the gal that sold us the property subdivided it but our leach field in on the half she didn't sell us. We probably need to do some maintenance on the leach field but don't really want to open up a can of worms at the moment [$$,$$$]. Her portion doesn't have a house or anything on it. Why did the county allow division? Will my title insurance help me here? Will I have to move my whole septic tank [please, no...]? Thanks to anyone that can help me out here before I have to dive in head first into this steaming pile, lol. [link] [comments] |
| Advice on 'selling' property from mother to children Posted: 02 Nov 2020 03:47 PM PST I'm looking to buy my mom's house in the very near future. The house is 100% paid off and was initially my mother's investment rental home. She is willing to sell it to me for the same price she paid which is about 60k under fair market value. I would not be able to qualify for a mortgage of this size on my own however my mom is willing to be my 'bank'. We negotiated at roughly 30k down + 2600 monthly payment. What is the best way to facilitate this type of 'sale' while avoiding taxes as much as possible? We are just under the 2/5 year rule for rental properties so would like to get this done ASAP. Thanks [link] [comments] |
| How does a duplex change pre-approval amount? Posted: 03 Nov 2020 09:23 AM PST I'm going to be in the market to buy a house soon. I have the money for a 20% down payment on any reasonable house in the areas I'm looking so I think I'm better off getting a conventional mortgage as opposed to an FHA. I'm also interested in purchasing a duplex. I have a couple questions that I haven't been able to get clear answers on. 1) is my assessment of conventional vs. FHA generally correct? 2) how does having a duplex change the calculation for how much house can I afford? 3) tangentially related, how does a duplex change a pre-approval amount, if at all? I understand that with a conservative mindset I should only buy a house where I can afford the mortgage by myself, but surely having a second unit gives some wiggle room. Like if my take home pay is $3k/mo, I should be looking to have a mortgage payment $1k or less, but what's a reasonable heuristic to adjust that $1k number if there's a second unit involved? [link] [comments] |
| Posted: 02 Nov 2020 05:05 PM PST We're looking for our first home and started working with a realtor back in September. She set up 2 showings for us, for which she didn't show up herself and sent a colleague instead unannounced 30 mins late. That was about 5 weeks ago and we haven't heard a word from her since (last correspondence was me asking where she is, because she didn't show up to the showing) I thought we'd be looking at more homes than this, even if we don't put lots of offers in, just so we can get a feel for what's out there and see what you want in a home and what you need to run away from. Is this normal or is our realtor a potato? [link] [comments] |
| Buying a house, trying to decide if I should rent my condo Posted: 03 Nov 2020 08:31 AM PST I have owned a 2bd/2ba condo in Midtown Atlanta since 2014. I have recently gone under contract on a house in Atlanta and planned to sell the the condo. Currently market value for the condo is approx $360K (though maybe a little lower now with COVID) and I have $162K left on the loan. The condo is renovated, it looks great, and I'd love to hang on to it as a rental but as of two months ago I was told I was 19th on the waiting list for a rental permit. I decided to list it and it has had a few showings but no offers after two weeks on the market. I reached back out to our leasing office and was notified that I am now 12th on the waiting list for a rental permit. If I was able to move up 7 places on the waiting list in two months, I would guess that perhaps in 4-5 months I could have a leasing permit. This would require me to hold the condo at a cost of $2050/mo ($600 of which are HOA fees). Market rent for the condo would be between $2100-2400. Would it be worth it to wait for the permit or should I sell? [link] [comments] |
| Confused / Anxious about buying a home in Bay Area, CA Posted: 02 Nov 2020 06:43 PM PST I am mid 30s single women thinking about buying a townhome or SFH around 1 million. My TC is 250k (180 base and 15% bonus). I have 230k in cash. (50k of which is in Indian bank). 250k in stocks and index funds and 125k in 401k. My current rent is 1600( sharing a 2b apartment) and other monthly expense is around 1300/ month on average and I don't expect it go up in the coming years. My non-rent expense has remained more or less the same in the last 8 years. I will most likely rent out the extra rooms in case I buying a home. As a single woman, townhomes seem to be safer but 300$ HOA seems a waste of money. Buying SFH would be ideal from an investment perspective. But It is hard to find good ones in Fremont and I am skeptical about buying SFH in Newark and Union City. I could consider townhomes in Fremont and Milpitas. Currently, I live in Fremont and used to commute to Oakland for work. Milpitas seems like a good location based on commute wise for any future career move. I don't expect to work in Oakland for my next job which could be after 1-2 years. Making such a large purchase as a single person makes me very nervous. On the one hand, I am fine renting apartments for the rest of my life and having roommates( I always had roommates after moving out of home and don't like living on my own). But on the other hand, I have the money to buy a home now, and as the property values can become too high for me to afford me in 3-4 years. But there is also a possibility that the housing market might fall because of the surge of WFH in many companies. This process has made me very stressed. The confusion ranges from if I should buy a home at all. If so, should it be SFH or townhome? Will I be okay with SFH in union city or Newark as it will make for a worse commute? Or should I just go for a Townhomes closer to South Bay (like Milpitas)near BART( which makes the commute to South Bay and SF bearable but not a good investment compared to SFH)? Even the process of buying a home seems overwhelming. I would appreciate any advice for someone in my situation. [link] [comments] |
| [Chicago] Buying a multi-family with friends? Posted: 03 Nov 2020 10:18 AM PST Hi there! My husband and I are looking at buying our first place and one of the ideas we've thought of is to get a multi-family and live with some friends. We have pals who are interested in potentially buying with us but I'm curious about the best way to go about it all. What seems like the easiest way is to just all buy a multi unit together and just live there. However this sounds like it might cause an issue a few years down the road of some of us want to sell and move and the others don't. Is there a way to buy a building and then sell off a unit individually? Or would we have to hop through the process of turning the building into an official condo? We are not looking for this to be a money making venture but rather to be a little created community of a building. We're a bit apprehensive about just renting out units to pals because we don't want the legal landlord stuff. Any ideas on what we could do? Thank you! [link] [comments] |
| Question about mortgage shopping Posted: 03 Nov 2020 10:15 AM PST We are under contract for a condo in Southern California since Oct 14th and have been working with the only lender my realtor recommended. I signed the loan estimate and locked the rate at 3.068% APR. Interest rate is 2.99%. Is it a good rate? My credit score is over 760. I put 20% down. It's a 30 year conventional loan. We already got the appraisal report back last Friday. Is it too late for rate shopping? Besides the appraisal fee, what else could we lose? Is it a good idea to check with another lender to see if I can get a lower rate somewhere else? I am first time homebuyer and am still learning. I appreciate all the feedback and your insight. [link] [comments] |
| Removing listing vs marking as pending? Posted: 03 Nov 2020 10:00 AM PST Just a curious question for all the agents out there. My wife and I are looking to move to a rural area and we've noticed a trend that doesn't seem to happen as much in the large city we currently live in: agents removing a listing all together (homes showing as not on market) vs just listing it as pending. We're obviously following a lot of listings online to see if they will lower the price or what the sale eventually goes for, and this seems to be about 50/50 of what the agents do. We're interested to know, as an agent, what is the reason to just remove a listing upon accepting an offer vs leaving it and marking it pending? Is there some sort of advantage to doing this? Or is this just some sort of strange rural agent anomaly? [link] [comments] |
| Sellers mess up paperwork and I haven't heard anything in a week. Can this affect the sale? Posted: 03 Nov 2020 09:32 AM PST I made and had an offer accepted on my first home. Everything was moving fast and on track. I got the house for under asking (it needs some work and sat on the market since August but I have the money for the needed repairs.) All my financing is in order, we are skipping appraisal, and my agents thought we would close Friday or Monday. Last Tuesday, they told me the seller messed up the paperwork. It is a property management company (a father in partnership with his son and daughter) that is selling the house and he put his name in spots where he should have put the property management company instead. He also needs his partner (his son) to sign the forms. Once the paperwork is fixed, we can close. It's been a week and I have heard nothing. Are they just lazy? Is this something that could mess up the sale of purchasing this home? My agent has complained about their agent messing up through this whole process (it's the daughter, so he hasn't told her off yet). [link] [comments] |
| Posted: 03 Nov 2020 09:23 AM PST Good evening, I'm searching for a course in the Netherlands for real estate. There are lots of courses, but most of them are from different schools etc... I really dont know if i'm going to learn the things in need, to actually invest in something big. Does someone know a course that is good enough to cover most of the information? [link] [comments] |
| Election and Housing Expectations? Posted: 03 Nov 2020 09:22 AM PST I understand things are only speculative but what's everybody's thoughts on housing following the election? Depending on who wins are you expecting an increase in inventory or for things to remain how they have been for most of the year? [link] [comments] |
| Need some assistance in switching the title Posted: 03 Nov 2020 08:55 AM PST So my in-law is aging and snowballing very quickly. I've asked my spouse if she is going to have the deed switched over to her name. The in-law has already agreed to do so. However, my spouse is concerned that the wage of the house will increase once it is switched over. The spouse says that if it shows up as an inheritance, she will be forced to pay 40% for the value of the house. Is there anything legal my wife can do to have either her name placed on the title as an alternative or hire a lawyer to ensure that the monthly cost remains the same and that she doesn't owe part of that 40%, so that way we don't lost the house? Lawyers and legal fees are acceptable. Location: Florida. [link] [comments] |
| Does anyone have a check list or general advice on what to look for during an initial home viewing? Posted: 02 Nov 2020 09:31 PM PST I'm in the market for a new home and have probably seen a couple dozen at this point (lost three offers already, but that's a different story). Something that's bugged me as a first time buyer in this market is that I don't really know what I'm supposed to be looking for apart from general layout of the house and whether I "like it" or not. It's a super hot market and for a good chunk of the homes, I only get an hour or so to walk through before the next showing (Covid rules mean only one buyer-party in the house at a time). And then I need to put in an "aggressive" offer based on what limited information I gathered from the walk through. I'm going to see another house this weekend which I gather will be a "one weekend and done" type situation and I already know that if I want it, I'm going to have to bid over ask. It just seems a little ridiculous that I've got to make this kind of purchasing decision based only on the aesthetics of the house gathered from a 45-60 minute walkthrough. I know if I have an accepted offer I can probably get out on an inspection contingency if something is misrepresented or far from my expectation, but I guess I'm kind of looking for a 15 minute checklist that I can run through while there - like roof type, size/type of water heater, type of windows to name the few that I know. I'm sure there must be more... Anyway, if you had less than an hour to decide what to offer on house, what are the big things you would look for? [link] [comments] |
| Is it even possible anymore in California Posted: 03 Nov 2020 08:19 AM PST Hi, so I'm interested in buying a house in southern California. I have about $5000 only in saving, I know of some first time buyer benefits, and I know for a fact I'm in over my head by at least 8 stories. I feel like its impossible to own a house with a $21 an hour job. I just want a simple 2bd 1 bath place with a yard and garage. But there is alot of things I dont what to ask or look for and more importantly too watch out for. I'm a very skeptic person who get easily get intimidated with stuff that doesn't make complete sense. What routes should I take to be savvy and understanding of the house market game, cause that thing I want if to get screwed over cause of team that wants a quick buck off of me. Is it better to look into bank owned homes or foreclosed? What the difference between forclosed preforclosed and auctioned? Why is that some properties that are cheaper in value but has a higher mortgage (ex 300k but with 2500 monthly mortgage) where some is higher in valve with smaller mortgage options? ( ex 500k value with 1200 monthly mortgage) I dont want to be perpetually SOL to the renting game. I literally hate renting since the first time I moved out on my own, but never made enough money to save money, at least be able to save but would need for hold me over as back up. I feel like I'm stuck with either renting and not be ever to own anything if that makes sense. I've also thought about moving out of state. Besides family holding me back from moving, I personally feel like I'd be in the same exact situation but just in a different state cause I would be starting from the ground up. [link] [comments] |
| Mortgage Broker is Risking my Financing Contingency Posted: 03 Nov 2020 08:14 AM PST Hi Everyone, My financing contingency ends today, and my mortgage broker is being difficult (in my opinion) and is risking it. She has all of my bank statements from the past 6 months or so, and is saying she needs my October statements or she won't tell the realtor I've been financed. My banks do not release October statements until later this month. I've already locked in a rate, so thought I was done with this! Is she being un reasonable, or do I need to scramble and try to get my banks to give me some sort of special early statement? Thanks for the help! [link] [comments] |
| Appraiser Keeps Missing Deadlines. 18 days and counting Posted: 03 Nov 2020 07:14 AM PST Looking for a little advice. The saga started when the lender couldn't find any of the normal local appraisals to take it. They then farmed it out to one of the 3rd party services (Radian), who as I understand it, then send it out to anyone on their nationwide list of appraisers. This was on Sept. 23. The original deadline that they agreed to was Oct. 8. The first appraiser apparently showed up unannounced and the owner wasn't there. He then rescheduled for the following weekend and on the new date, called and said he's recovering from COVID and won't be doing it. This was 3 days before the 10/8 due date. They then reassigned it to a new appraiser with a rush timeline. It was assigned to him around 10/12. He visited the property on Friday,10/16. We gave him a few days and then contacted him for a status. He said he would have it by that Friday (10/23). That date came and went with nothing. My agent has called him and Radian multiple times and gets the same canned response. Last week they were promising to have it by the close of business last Friday (10/30). I finally got sick of being lied to and called Radian myself at 4:30 on Friday and spoke to the agent. She gave me the same canned response but promised to call the appraiser and elevate it to her manager. I called her again yesterday and was a little less pleasant this time. She repeated the same canned "we contacted the appraiser and he said he'd have it to us today". Of course that didn't happen. I once again was assured her manager had it. I'm currently sitting at: And there is no end in site. Luckily the seller has been more than understanding and has agreed to extend the dd and closing dates about 5 times now, but I fear that is running out. I'm at a loss at what I can do here. My relator, mortgage company and myself have never experienced anything like this before. I've decided that I'm going to have to get fully involved to get anywhere any time soon. I've tried contacting the state appraisal board, but they're completely shut down due to COVID. I do have his contact info, but I've put off contacting him directly. I know this is a little gray area and I don't want to give anyone a reason to say I messed up the agreement. Should I get my closing attorney or another lawyer to make a call or send a letter? What else can I do here? [link] [comments] |
| Paying off HAMP loan modification with sale of home? Posted: 03 Nov 2020 07:06 AM PST I'm in the process of selling my house, and despite being told nearly a week ago that title had cleared on it, that turned out to be false. Back in 2015 I participated in the loan modification program through FHA called HAMP (similar to HARP, from what I can gather). I'm wondering if anyone has experience with paying this off. I sent all the paperwork I had to my buyer's title company, but they kept insisting that there was a second loan on the house (there isn't), and that if I can't get ahold of the second loan (that doesn't exist), I will have a delay in closing. I'm moving into new construction so a delay won't really adversely affect me, but I'm still trying to help the title company figure this out, because a delay will suck for my buyer. After speaking to my current mortgage company, they said the lien should be payable through HUD/Novad (which is what the paperwork I scanned to the closing title company on Fri stated as well), and so I found their information online and sent it to the title company, who then sent them both an email and fax. But we haven't heard back from them yet. Anyone know of who else I could possibly get ahold of? I'll probably call them later today too. Just wanted to see if anyone had experience with this. It was an awesome program and helped this then injured nurse keep her house, but it's turning out to be a nightmare to pay off! [link] [comments] |
| Posted: 03 Nov 2020 05:52 AM PST So here in Alberta Canada we have the standard 7% on the first 100K and then 3% on remainder split by two (selling and buying realtor). Now I hear a lot of people whining about additional costs to realtors (brokerage fee taking 20% for instance, licensing fees, staging, etc). Without bias what are the actual honest to god breakdown of a realtors fees? [link] [comments] |
| Late November refinance escrowed property taxes Posted: 03 Nov 2020 05:38 AM PST If I am refinancing in late November will my property taxes be pulled out of the escrow account with the new lender? How does that work. I am VA so now that we are in November have a pretty substantial Escrow balance. I'm Assuming taxes will be pulled some time In December. Does the new lender just automatically have my tax information and send those in? [link] [comments] |
| Posted: 02 Nov 2020 10:20 PM PST I was just approved for a loan to purchase my first home. Admittedly, I was not properly educated about closing costs. According to many people I know that've used VA loans before, I would be good with $2-3K in fees and that the seller should typically handle the rest. Imagine my surprise when my loan officer quoted me at $10K in fees. How do I go about negotiating with a buyer to pay some/all of closing when I find a place? Is it customary that they would do so? Can I roll those fees into the loan ? 10k is a nice chunk out of our savings. Any advice is appreciated.TIA [link] [comments] |
| Posted: 03 Nov 2020 01:42 AM PST Can you request a loan for $250,000 and use it to buy a house for $200,000? That way, you'd still have $50,000 left for repairs, etc? I apologize for my noobish question. I'm trying to learn about investing in real estate and was wondering how people are able have the money to fix up their first properties. [link] [comments] |
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