Real Estate: Loans more than value of deceased brother's house. |
- Loans more than value of deceased brother's house.
- House buying vs car buying
- Just closed!
- Prevent house envy
- Is paying nearly $0 in closing costs common?
- Just took my NYS Salesperson Exam, Starting the Job Search. Questions!
- [MS] Higher appraisal than contract price
- When should I start comparing lenders and what's the recommenced approach?
- Cooperating Broker vs. Buyers Agent
- Do the powers that be mandate house listing photos include a photoshopped fire in any/all fire places and pits?
- Got a relationship-priced mortgage then closed, free to cancel now?
- Dangerous Trees
- Phoenix housing market: WTF! (1st Time Buyer)
- Wholesaling Help
- [Orlando] I am moving 12 hours away and it looks like I've found a deal-of-a-lifetime type condo, and I'm worried that it's a scam.
- Shared $500 home inspection with agent who is now sharing it with other agents and perspective clients. Is this ok for him to do?
- Sewage Inspector - Possible Scam?
- Closing disclosure timeframe
- Buyers listing and showing property while still in escrow.
- Good spots for relocating to in the U.S. suburban/rural
- Our Loan officer lied to us? Are they being disingenuous?
- Closing on cash purchase in US while living abroad
- Abandoning a mortgage
- how to source cash rental payments to qualify for another mortgage
| Loans more than value of deceased brother's house. Posted: 21 Nov 2020 05:01 AM PST My brother passed away and left his house to my sister and I. He has the inital mortgage and several other loans against the house. These loans are more than the value of the home. We are having to make the payments on the loans while trying to sell, but there isn't much interest considering the condition of the house and asking price. My question is if we sell for less than the value of the loans are we still responsible for the balance? I apologize if this is the wrong place to ask this question. House is in South Carolina. Edit: Thank you to everyone for your responses. Looks like letting the bank take it is going to be my best course of action. Thank you for pointing me in the right direction. [link] [comments] |
| Posted: 20 Nov 2020 05:51 PM PST My sister was complaining about how annoying, unpleasant, and stressful it is to shop for a car. It made me think about how house shopping is so, so, so much worse! I told her now imagine you find a car you like and they want $20k for it, but if you really want it you have to offer as much as you're willing to pay. So you offer $30k even though it's not worth that much and you also write a love letter to the car dealership just in case that would help. But then someone else offers more and gets it but you don't even know how much they paid and you had no chance to even negotiate. Now you just have to go to the next car and the next car and the next car and keep trying again and again and you don't even know what you're competing against. Sorry, obviously still bitter after losing our dream house after offering $26k over asking and waiving appraisal contingency and offering to buy as is (8% more) and losing it to... Who even knows for an unknown quantity. Anyhow, house buying is stupid and unfair and ridiculous. [link] [comments] |
| Posted: 21 Nov 2020 08:17 AM PST Used my local broker in California who I've used before. I probably could have shaved a bit off by using one of the online boiler rooms like Loan Depot, but the people that I deal with (I spoke to two) were super aggressive and used salesman talk that made me feel like they were being disingenuous. It made a difference to me that this guy is local and I trust him. My loan was a little complicated because I am self-employed (co borrower, wife is a w2 with good income). Also, at the beginning of the pandemic, I applied for a forbearance because I thought my business was going to fall apart, but I still made the payments on time. It appeared in my credit report and the servicer (old loan) wouldn't give me a letter stating that id made the payments on time. I think Loan Depot would have taken forever to unravel it, if at all. Here are the details: 30 Year Jumbo. 2.8% rate $4500 closing costs. chunk of cash out Payment still lower by $400/mo. 25 days to close (this was important to me). Pretty happy! [link] [comments] |
| Posted: 21 Nov 2020 12:01 AM PST So many people I know are buying these big, new build house in far into the suburbs. The houses look good in social medial pic and it makes me envious. I made the decision few years ago after finding out the biggest expense a person has is housing & if they can keep that under control one can make great financial progress. I have been determine on not joining the crowd & having a small cozy place that cost fraction of our income because tbh no one visits each other's house much & no one cares how your house looks like after the initial "wow, this is amazing". Still I find myself envious when I see friends and family announce they brought a house & its fancy/big. Anyone have any tricks/tips when the envy bug hits u while house searching. Figuring out location, commute and house style is already hard enough but to add the question of am I on a reasonable budget or am I being too stingy [link] [comments] |
| Is paying nearly $0 in closing costs common? Posted: 21 Nov 2020 08:21 AM PST Our offer asked for no seller concessions for closing costs. We obtained $5,000 in lender credits at 3% APY and ended up getting $2,500 in seller credits for repairs after the inspection. I'm looking at our cash to close and our closing costs will be around $100 after all the credits. Is this common? [link] [comments] |
| Just took my NYS Salesperson Exam, Starting the Job Search. Questions! Posted: 21 Nov 2020 10:21 AM PST Hey everyone, I just took my NYS salesperson exam and I'm starting the job search process. I'm very green and just got off a phone interview that I think went well, but the interviewer mentioned up front fees for access to services. No desk fees, 60/40 commission split, but I guess it didn't occur to me that up front fees were going to be a part of my search process, so I'm just wondering if that's a common proposition I'm going to run into and how much it should factor into my decision-making. Thanks! [link] [comments] |
| [MS] Higher appraisal than contract price Posted: 21 Nov 2020 07:57 AM PST Can my sellers back out if the appraisal comes back higher than the contract price? I'm anticipating a much higher appraisal than the contract price and I'm nervous they might back out. It's a for sale by owner, however the bank set up the purchase contract. The sellers are asking that I show them the appraisal when it comes in, if I don't can they back out? If I show them and it's higher, can they change the price or back out if I don't agree? [link] [comments] |
| When should I start comparing lenders and what's the recommenced approach? Posted: 21 Nov 2020 07:48 AM PST First, I apologize as there are a plethora of threads with the same question, give or take different details. I'm under contract on new construction and the house won't be ready until March/April of 2021 (Lot has not been cleared yet). For the time being I'm in communication with the builder's preferred lender, but I would like to shop around at some point. Problem is, I have no idea when the "right" time is and I'd like to do it efficiently, so my credit score does not become unrecognizable.
If there is something else that is noteworthy, please share it as this process is a foreign one. [link] [comments] |
| Cooperating Broker vs. Buyers Agent Posted: 21 Nov 2020 07:27 AM PST Hi All, I am trying to figure out where my "agent"'s loyalties lie. I am about to enter into contract on a new home with Lennar and came across the "cooperating broker" agreement where it outlines the compensation received by him. A quick google search brings me to this link which says buyers agents represents the buyer whereas cooperating brokers represent the seller. The reasons I am a bit skeptical about my "agent":
I would love to hear this subs opinion, would help a lot! Edit: Oregon State [link] [comments] |
| Posted: 20 Nov 2020 09:58 PM PST I swear it is in basically every single house listing I have seen in the Seattle area. Can someone please explain? [link] [comments] |
| Got a relationship-priced mortgage then closed, free to cancel now? Posted: 21 Nov 2020 10:33 AM PST Hi RE-ddit, I just closed on a house two weeks ago and did so with a mortgage whose down payment was lowered to 15% with no PMI due to a relationship. The relationship was having a minimum in a bank account with the lender, which I opened and funded just for this. Now that we're closed, I'd like to close that checking account. I'm assuming that once we're closed, we're closed and there's noting that can change that. Am I correct in that assumption? Thanks! [link] [comments] |
| Posted: 21 Nov 2020 10:05 AM PST Hi. I purchased a home but I'm concerned about the trees that line the property. It is a HOA community. My concern is that's the builders or maybe surveyors marked trees for removal but they weren't removed. How can I get the report or is there a report that's required before building? I'm not really sure what I'm asking for but there has to be some documentation of some sort. Thanks Simple Issue- There are a few trees that appear to be dead that I think were marked for removal and weren't removed as they should have been. I'm concerned about them falling. Location: GA [link] [comments] |
| Phoenix housing market: WTF! (1st Time Buyer) Posted: 20 Nov 2020 07:00 PM PST Background: Great job. Approved Conventional buyer. 800 FICO. 20% down. Rate locked 2.85%. 1st House: Offered full price. Sellers accepted all cash offer for 30k less. 2nd House: House on Market for 360 days. Offered 10% off ask. Needed tons of work. Needed new roof, HVAC, etc. Never been updated. No counter offer. 3rd House: Offered full price. Was jerked around about Rocket Mortgage's appraiser. Seller wouldn't allow lender to appraise TWICE. Requested 2nd appraiser BEFORE HOUSE EVEN APPRAISED. Wanted someone "familiar with area". Denied appraiser into home. I backed out. 4th House: On market for 100 days. Seller dropped price $30k. I offered 10% lower. Seller asked why we were "lowballing". House sold for half price 2'years earlier with minimal upgrades after. Agreed on sale price of 3% off but furnished. House appraised today: $200k BELOW ASK! WTF is going on with the market in Phoenix and these sellers? Lender won't approve a sale on a house above appraisal, but 200k off ask? Mind blown. I hate this entire process. It feels like one big grift game. - Disgruntled. [link] [comments] |
| Posted: 21 Nov 2020 09:19 AM PST I found a property I like and I feel has potential at a low cost. I really want to try and do my first wholesale deal and I've already spoken with the seller. I feel good about my ability to find a cash buyer, but making the deal with the seller is a struggle for me. Can someone please help me [link] [comments] |
| Posted: 21 Nov 2020 09:08 AM PST So, I am incredibly fortunate and have landed an incredibly competitive job that will use my mostly-useless master's degree. I start in a few weeks and I currently live 12 hours from where I'll be living. Due to some circumstances, it's not easy for me to get down there before it's time for me to begin, so I'm trying to apartment hunt from the computer. I stumbled onto a condo listing almost right across the street from my job and the condo is downright gorgeous. Everything is new: new granite countertops, stainless steel appliances, skylights, pretty-good sized, etc. It is also about $400 cheaper than competing apartment complexes in the area, and it is way nicer. I've been talking with the guy who owns the condo for a while and there is a swath of information that tells me it is shady, but an equal amount of info that tells me that it's legit. I'm just gonna bullet point it for convenience. Also, let's just call the owner "Tom." The Shady
The Not as Shady
I really want this to be real, but I'm also feeling spooked. [link] [comments] |
| Posted: 21 Nov 2020 08:47 AM PST We recently paid for an inspection on a house where we had an agent double ending the deal. We had no issue sharing the inspection report with him as he was acting in the capacity of our agent. Is it all fine and well that he started to share it with other people without our consent or is there some recourse we can take to rectify the situation? This wasn't the only shady thing he did, so if I did end up having some just cause to report him to the DRE, it would be due to several things he did throughout the process that ultimately led to our pulling out of the purchase. If it were actionable, I'd want him to just reimburse us for the inspection or, if that sounds ridiculous, at the very least be investigated for his shady behavior. Am I wrong here? I thought there were rules for confidentiality in these matters. BTW, we found out he was doing this when a friend of ours who was interested in buying the house after us asked us about the report. [link] [comments] |
| Sewage Inspector - Possible Scam? Posted: 20 Nov 2020 09:12 PM PST Like the title says I'm a little concerned. Our buyer had a plumber from what appears to be a reputable company perform a sewer inspection. After claiming to find issues in the line, we were hit with a $2,500 replacement request for a portion of the system under the concrete basement floor that is broken beyond repair. They also gave us less than 48 hours to respond to the repair request. The buyers agent saying in an email "I really hope we can hold this deal together". Strange thing is for the 6 years I've been here I've never smelled sewage, nor had a single backup. Stranger thing - I requested the video footage from the camera inspection and it took over 24 hours for the buyers agent to tell us that the plumber did not have a recording... Now I have been called a dumbass a time or two, but this... it just feels so weird. What do ya'll think? Weird right? Why the quick turnaround request yet lack of any evidence? Obviously, I denied the request saying I would not accept ANY repair request without evidence and that a second opinion was in the works. I mean if it IS broken I have no problem having it fixed. However, if they actually find nothing wrong, part of me wants to terminate the sale with this dingus just on principle. Extreme? Maybe. Petty? Oh for sure. [link] [comments] |
| Posted: 21 Nov 2020 06:26 AM PST Hey guys- soon to be home buyer here. We received our closing disclosure last Sunday- but still have not received our CTC yet. They asked for our financial info again (the mortgage broker told us it was simply because files expire quickly during covid times)- my question here- legally shouldn't we have received our cleared to close by now? Everything I've read on the closing disclosure states it should be three days for the buyer per federal law? Am I missing something? Just need some guidance here! Our closing date was initially Projected for 11/30 but on the CD it said 11/19-11/20ish! We are located in NY. [link] [comments] |
| Buyers listing and showing property while still in escrow. Posted: 20 Nov 2020 09:29 PM PST Tldr at bottom. My wife and I are currently in escrow on our first home that we currently still occupy. We recently discovered the buyers and their agent have listed the property for rent on various marketing sites. We allowed the buyers and their agent access to our property for what they said was a scheduled 2 hour home inspection but in reality was scheduled showings for 6 potential renters. They ended up disconnecting our security cameras so I don't know for sure how many people they showed the house to, but I counted at least 6 prior to it being disconnected. At this point, my wife and I would like to move onto a different set of buyers if possibly, but understand that this may not be the case for us. Is there any type of repercussions or legal action we can pursue? Our agent has already filed a grievance and reported the buyer agent as well as removed the lock box from our door. Tl;dr. We are in escrow and still occupy the unit. Buyers and their agent said they needed access to the property for inspections, instead they were hosting property showings to potential renters without our knowledge(on 2 different occasions). Can we back out or pursue legal action? [link] [comments] |
| Good spots for relocating to in the U.S. suburban/rural Posted: 21 Nov 2020 09:01 AM PST I work from home and have been researching various areas the last 5 years or so. Ideally would like to buy something with a bit of space in suburban rural in zone 8. A 3+2 with 1 acre or so of land for gardening and elbow room. We're home schooling so schools aren't a must but lower crime and semi drug free is ideal. Currently living in Seattle and am tired of the inflated market here and lack of police funding. Towards the top of the list is Texas and Florida. Oregon is possible. Considering Utah and Wyoming but the colder winters may be tougher for gardening. Would love to hear of cities/states you guys might recommend and any feedback on the areas I mentioned. [link] [comments] |
| Our Loan officer lied to us? Are they being disingenuous? Posted: 21 Nov 2020 05:13 AM PST Super long story short: found house we loved. Put bid. Bid accepted. Yay! Did inspections, became friends with the seller because he works same place as husband (its a small world after all)-- this is important. So, we knew when everything was going down from the sellers end because again, friends now. We knew the appraisal happened this past Tuesday. WHY did our Loan officer tell my real estate agent there were NO issues with anything but then proceeded to tell my husband an hour later (same day) that her manager wants to delay our close by minimum of a week? This has nothing to do with our paperwork -- underwriter has cleared it. When I called the mortgage company I was told they were waiting on appraisal, that it wasn't done -- !!!!!! -- I blurted out that I knew the seller and KNEW it had been done Tuesday! The man on the phone told me he'd call me back but unfortunately I missed that call. About an hour after that phone call they magically find the appraisal and that all checks out too at the listing price which we're ALL good with but they STILL want to delay our close at least a week? This honestly doesn't work for my husband due to the nature of his job he will be totally unavailable the first week of Dec....it absolutely does NOT work for us which we explained thoroughly throughout this process as we discussed closing date early on and such. WHY are they (MY lender) trying to push out our closing date??? We were supposed to close the 30th of this month. If there's nothing wrong paperwork wise (btw I had my retired underwriter aunt go over everything and she can't for the life of her see what the hold up would be as our DTI is LOW AF and we have GREAT credit and again their underwriter cleared us too), are they just...being lazy? Is there something I am missing here? Did they bite off more than they can chew because we seem to not be a priority here -- Title company already called to schedule on current close date (so they weren't notified of any delays either) and all paperwork is already filled out for the 30th -- Why would the lender opt for a latter closing date if it's not for some underwriting purpose? [link] [comments] |
| Closing on cash purchase in US while living abroad Posted: 21 Nov 2020 12:30 AM PST Hi, been living abroad and bought our first US home this past week. Our cash offer was accepted. One small problem, our agent was recommended and is a family friend and she totally sucks. I could list the reasons but ill spare you. We don't trust she will actually know what to do... Our money is all back in the US. How will closing work with us stuck over here. How will we pay? How might we facilitate payment if were 16 hrs away? Pls help! [link] [comments] |
| Posted: 20 Nov 2020 08:15 PM PST If my name is on the deed from a quit claim but not on the mortgage itself what happens if I were to abandon making payments on the loan? Also what about if the original mortgage holder is deceased? [link] [comments] |
| how to source cash rental payments to qualify for another mortgage Posted: 21 Nov 2020 03:26 AM PST i am currently applying for another mortgage and receive cash as rent from my rentals. what is sufficient proof of rent? in my bank statements you just see the cash deposits. [link] [comments] |
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