Real Estate: I just signed my title on a three story town house using the VA loan on veterans day and closed on Friday the 13th.. first time home buyer. I'll remember this day to infinity. |
- I just signed my title on a three story town house using the VA loan on veterans day and closed on Friday the 13th.. first time home buyer. I'll remember this day to infinity.
- What's your current outlook on a wave of foreclosures, or lack thereof?
- What's the Deal With Corner Lot Homes?
- [CA] buying my first home and thinking about the worst case scenario
- How will structural issues affect appraisal?
- About to lose home I'm in process of buying because title company can't clear title. (DFW, Texas)
- Original Owners Mail
- Homestead question (two homes/diff states)
- Split level home. Two sump pumps?
- Help would be appreciated!
- Value of seller installing fairly new (2 years old) zoned HVAC system
- Selling and Buying at the same time . Our Buyers closing keeps getting pushed back . Is this normal ?
- Seller did not disclose special assessment. Closing in two weeks
- Change title name during closing
- For Sale by Owner Questions
- Do lenders share the appraisal with title companies?
- Sold home but taxes look to be miscalculated
- Finally my time to buy a house and they’re all sold out. :(
- [NJ] Should I start with a Lender or a Realtor?
- Anyone have experience sending a wire with Ally?
- How do you reach out to an expired listing and ask if they want to sell their house?
- North Jersey residences
- Just received my closing disclosure!
- Buying a house without an agent
| Posted: 13 Nov 2020 10:41 PM PST |
| What's your current outlook on a wave of foreclosures, or lack thereof? Posted: 13 Nov 2020 04:18 PM PST I work in the mortgage data sphere, and we spend a lot of time analysing the Fannie/Freddie, vs Ginnie (FHA/VA mostly), and private origination loans. All we're hearing is how much lenders and servicers don't want to deal with another 2008 crisis, and how much they want to work with borrowers who are in forbearance. We launched a website with a partnership from all kinds of mortgage associations (eg MBA) and most large servicers (eg Quicken) to "educate" people that they have options even if they didn't apply for COVID forbearance - that they're still eligible. The servicers are adamant they don't want foreclosures. The general sentiment I hear is that foreclosure is the absolute last resort if everything else failed. It's in contrast to a lot of personal views I see, sure, but brokers, agents, underwriters, appraisers - what are you thinking? Anyone else is also welcome. [link] [comments] |
| What's the Deal With Corner Lot Homes? Posted: 14 Nov 2020 07:42 AM PST I found some homes that are situated on the corner of two streets (i.e. corner lots). These home are quite attractive to my current needs and I plan to live in this new home for 5-7 years. On the other side, there are lots of corner lot homes and most of them are selling at or below other homes in the neighborhood. My question is -> why should or shouldn't someone buy a corner lot home? Why are there so many for sale? Why do people say to never buy a corner lot home? My concern is -> if I buy a corner home, then how difficult would it be to sell in 5-7 years? [link] [comments] |
| [CA] buying my first home and thinking about the worst case scenario Posted: 14 Nov 2020 10:20 AM PST Hello helpful community! I wanted to ask the questions that I am going to also ask my lender. I've been reading articles like this and I just entered escrow for a San Diego house that is around 915k. Neighbourhood has seen a steady increase in home prices in past 5 years. My income to debt ratio is around 25% which is good as per my lender. https://www.bloomberg.com/opinion/articles/2020-11-13/housing-market-s-p-e-ratio-is-in-the-stratosphere Waited so long for the market bubble to burst and I got in because interest rates are low but such articles are blowing my mind off. I wanted to be prepared for the worst just in case. The questions I have are: What happens if house value depreciates? Can we refinance and will monthly payment go down after it's appraisal? Similarly, what happens if it appreciates? Can we refinance and will monthly payment go up? In case of a foreclosure, do we lose the full equity? Reading investopedia to learn more about this but anything other resource that helps noobs is welcome. I plan to stay in the house for around 5-7 years, sell it off and relocate if that matters. Thank you again! [link] [comments] |
| How will structural issues affect appraisal? Posted: 14 Nov 2020 10:14 AM PST I'm under contract on a house. The structural engineer discovered bad wood rot in a ~16-foot section of the band joist and abutting floor joists, requiring the band joist to be replaced and the floor joists to be sistered. We don't have the full quote back yet, but we're estimating $15-20k for the repair based on a verbal quote. I'm in the good position of not needing an appraisal, however I want to use this as a negotiating chip with the buyer. If the seller refuses to make concessions and has to disclose this when relisting, would this affect future appraisals (even if the appraiser doesn't go into the crawl space himself)? Is that type of structural damage significant enough to rate a C5 or C6? I'm in kind of a weird position where I want a bad appraisal to scare the seller, and am kind of regretting not getting my own appraisal. [link] [comments] |
| About to lose home I'm in process of buying because title company can't clear title. (DFW, Texas) Posted: 14 Nov 2020 03:52 AM PST I've been attempting to purchase a REO for about 3 months now. It's a cash purchase and we've been dealing with some issues but this issue takes it to a whole new level. We had a survey done at the request of my financer and I guess it showed a dispute over a small piece of the land. The original owners sold a small strip for a utility easement, but when the home was refinanced that strip was included, result in some issues. The title company just asked for another month to solve the issue (they were already given 2 weeks) and my financer is just about done. Should it be taking the title company this long? [link] [comments] |
| Posted: 14 Nov 2020 09:03 AM PST We closed on our home a week ago, it had been sitting vacant for 4 months before then. Every day we've been getting a TON of the previous owner's mail. Not just regular USPS mail, but packages too, including refrigerated meal kits and medicine. So far we've emailed them when this stuff shows up and she came by once to get it, but I don't want to deal with the prior owner constantly coming to my house to pick up her packages. This is more than just "USPS mail forwarding isn't working." What is the appropriate thing to do here? [link] [comments] |
| Homestead question (two homes/diff states) Posted: 14 Nov 2020 09:01 AM PST I have a place on the east coast, that I claimed homestead exemption on when I lived there. I moved to Texas this year and rented out the other place. In Texas, I bought a house. On the homestead form it says I cannot claim homestead exemption if I currently claim it in another place. So my plan was to just leave it as is... keep the exemption on the now rental property and not claim it here in Texas. Is that the right way of doing it? Or do I need to claim it in Texas since I live here now and remove it at the other place? I haven't seen anything really black and white and just want to make sure what I do now doesn't come back later down the road to bite me. [link] [comments] |
| Split level home. Two sump pumps? Posted: 14 Nov 2020 08:21 AM PST In the process of purchasing a split level home made is 1977, 1,400 sq ft and 1.5 acres. My only concern is its a "wet property". The house has a sump pump under it connect to a sump pump outside of the house in a little trench to shoot the water further out. It also has a bladder tank leak(sellers agreed to replace). Is it a red flag that they already have sump pumps running? Would that tell you there was a previous water issue with the house or just a safety measure? [link] [comments] |
| Posted: 14 Nov 2020 08:18 AM PST I am 24 and I feel that the money I have tucked away should could be used to make me more money. Could anybody please give me advice on how to begin learning about real estate and selling/Renting? Books? Videos? Articles? It would be greatly appreciated! [link] [comments] |
| Value of seller installing fairly new (2 years old) zoned HVAC system Posted: 14 Nov 2020 08:07 AM PST We are looking at a townhouse for sale and the owner just recently replaced both HVAC units in 2018. They look brand new from the exterior. One unit controls the top floor and the other unit controls the main and lower level. The roof is around 16 years old, but the fairly new HVAC systems seem like it may be a good offset and a cost that we won't need to worry much about in the coming future. I am wondering what the value added is of having a fairly new HVAC system in the home already? [link] [comments] |
| Posted: 14 Nov 2020 07:50 AM PST Our house went under contract in the beginning of October . The bank asked for the first extension from 11/5 to 11/30 closing . The commitment was due yesterday and now they are saying they need another extension . Our selling realtor is saying he doesn't know if it's the bank or the buyers asking but he's going to ask on Monday . Meanwhile we have an offer on a home two states away contingent on our closing ( which was supposed to be the 30th). Our buying realtor is asking if we want to go ahead with inspections and send our earnest money in etc . Should we be worried about our home sale falling through ? I'm not sure if there financing is falling thru or if the bank is just busy or whatever . Is Covid affecting the closings right now ? Any advice is appreciated ! [link] [comments] |
| Seller did not disclose special assessment. Closing in two weeks Posted: 14 Nov 2020 07:39 AM PST I am looking for some opinions on the issue I am having. I am planning to purchase a condo and I am prepared to close the deal in two weeks. However, I was notified that there was a 10kspecial assessment that was approved two weeks ago and I was just notified a couple of days ago. The seller did not disclose this information that it was approved. Before we signed the contract they only mentioned that there was possible assessments and the association had talks about it. It feels like they knew the whole time and wanted to sell the unit before it passed. The title company is now unable to close unless this assessment is paid for. Both sides are refusing to pay this assessment and now this is where things get tricky. The seller refuses to pay for the assessment and now we are in the talks of canceling the contract. A couple of questions that I have
Would appreciate any advice or feedback. Thanks [link] [comments] |
| Change title name during closing Posted: 14 Nov 2020 07:26 AM PST Hi, Me and my wife are purchasing our 1st house and initially we wanted it on both our names. For initial deposit we have used my wife's bank account. Is it okay to keep the title on my name while closing? [link] [comments] |
| Posted: 14 Nov 2020 07:09 AM PST I am trying to sell my home without a realtor and have some questions and also just wondering what general things I need to watch out for, be aware of, and should consider in the process. I have a mortgage on the property, so does the potential buyers' lenders just cover that & I get the difference after closing costs, etc? Currently have it listed on Zillow & a sign in the yard. Is that enough for marketing purposes? How do I know when to lower the price or if it's too high? Will the title company & lenders ensure everything is kosher legality-wise? I can read legal docs, but may be challenging to surface loopholes, nuances, or clauses the buyer may be trying to get away with... Am I better off renting if I have a lot of equity in the house? [link] [comments] |
| Do lenders share the appraisal with title companies? Posted: 14 Nov 2020 06:34 AM PST Do lenders share the appraisal with title companies? If so, why? Is this common practice? [link] [comments] |
| Sold home but taxes look to be miscalculated Posted: 14 Nov 2020 05:44 AM PST Hi all, [link] [comments] |
| Finally my time to buy a house and they’re all sold out. :( Posted: 14 Nov 2020 05:34 AM PST What is some good advice for buying in a market like this? I went under contract and the seller backed out because I wanted to include my closing costs into my loan. Idk why that scared him off, but it doesn't seem like its my loss. I had the best offer and he turned me away because I added more money to MY LOAN. Completely baffled by that. Fast forward to today. I found a house in my old neighborhood thats overpriced. (I know the neighborhood prices very well) This one is about 15k-20k over average. But I want it. How should I go about my offer? Im thinking offering full price with the closing costs included. HELP ME OUT QUICKLY! [link] [comments] |
| [NJ] Should I start with a Lender or a Realtor? Posted: 13 Nov 2020 08:40 PM PST I've seen people say start with a Lender and ask them for Realtor recommendations and I've seen people say start with a Realtor and ask them for Lender recommendations. I'm kind of gathering that either way is viable, but as a first time home buyer I want to try and narrow it down. So...
I have searched these topics quite a bit already in this sub but found some mixed answers and wanted to get a fresh take including any possible area specific insight. Thanks in advance! [link] [comments] |
| Anyone have experience sending a wire with Ally? Posted: 13 Nov 2020 01:24 PM PST So I am officially closing on Monday. However, I just received the final numbers to wire an hour or so ago, past the 3PM cut off time for a wire to transfer today. Ally says their wires will start processing again Monday on first come first serve basis. I already set up the wire but my closing is at 10:30AM. I am worried that the money may not be with the title company by then. Any idea what would happen if this were the case? And how long a wire should take to process, specifically with Ally if you know. [link] [comments] |
| How do you reach out to an expired listing and ask if they want to sell their house? Posted: 13 Nov 2020 10:16 AM PST |
| Posted: 13 Nov 2020 11:32 PM PST I got pre approved for 500,000 with 5 percent down at 3.2 interest. I feel like in Jersey if you want a good house you will have to spend over 600k. I'm looking in Passaic and Bergen county [link] [comments] |
| Just received my closing disclosure! Posted: 13 Nov 2020 03:21 PM PST First time home buyer and big time reddit lurker. Back in early October I had a rough patch with a loan officer. I put it in an offer on a home and got to the point of a home inspection, when the LO told me the program I was using for financing was no longer available. It was $700 down the drain. He did not offer me any recourse and simply just said sorry. After multiple emails to owner of his company and VP of sales they agreed to provide me with a lender credit, should I choose to stay with them and conduct my home purchase. Taking into consideration their prompt response I chose to stick with them. Fast forward to today I received my loan disclosure, there is no lender credit reflected on there. After mentioning it to my new loan officer which is also the VP of sales he said "I said I will make those changes" "Sign it the way it is right now and the changes will be made after" Am I missing something here? What reason would he have for not putting that lender credit on the disclosure ? Am I just paranoid? Please help [link] [comments] |
| Buying a house without an agent Posted: 14 Nov 2020 03:09 AM PST My husband and I are currently in the process of selling our house with a realtor. We've been looking for about a year for a house with the same realtor (we have specific requirements and limited inventory in the area we want). We are not currently under a contract with our agent for buying purposes, only selling. A few months ago we found a house in the neighborhood we want to be in, that checks pretty much all of our boxes for what we want. We could definitely see ourselves in this house very, very long term. We've tried pursuing the house but they won't work with anyone with an agent. I'm assuming they won't work with an agent because they don't want to pay the commission. Would it be wrong to tell our realtor we want to pursue this place knowing we can't use him? Is it a red flag that they won't work with agents? How should we approach the conversation with our current realtors if we decide to move forward? There are some other odd things about this whole transaction: the house has never been lived in but was built 14 years ago and has sat empty, and the seller is extremely difficult and unwilling to negotiate or budge at all on price. My husband and I both kind of feel like even if we proceed the seller would find one reason or another not to sell it to us (I.e. if we were to request an inspection, which we would), but at the same time I feel like we'll always regret not trying. We are buying/selling in Maryland. Edited for typo. [link] [comments] |
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