Real Estate: PMI doubled, is that normal? |
- PMI doubled, is that normal?
- Loan question
- Has anyone been happy with their flipped house?
- Closing happened today but now seller refuses to hand over keys until monday because he wants funds to clear
- Underwriting: Any Average Length of Time to Complete?
- Sovereign citizens attempting to claim listed homes
- California - neighbor
- Appraisal Process From Hell: Who is liable--Lender?
- Seems like I'm always behind the buying trend
- UK - Non standard build property - Trusteel MK2. 1960's.
- Prepaid taxes not accepted by tax collector
- do i need new home insurance if i refinance
- Is LGI Homes a scam?
- Can I do real estate part time in the UK at age 17 or 18 while studying?
- Buying vs Renting 2020 and forward
- Building a new home. Lender forcing us to put house up for sale now (house will be done in July) if we are contingent on the sale. Any other options here?
- Confused about my offer
- Investors of class C multi-family RE. What pieces of advice would you give for aspiring investors?
- Backing out of an accepted offer.
- Noise in a Multi Family
- Cost - Custom vs Blueprint Home
- Using AI to find Rental Properties?
- Is my co-op required to send me their financials every month? NYC
| Posted: 28 Nov 2020 08:12 AM PST Hello everyone, first time home buyer here. I have to admit that I am one of those people who doesn't know much about finance related matters and that includes PMI. My lender (Freedom Mortgage) told be that my PMI was gonna be $17.xx when I refinanced with them, that was at the beginning of this year. Last couple of months I have been finding weird things on my statements. Sometimes I see that they charged me the actual PMI amount and then refunded me. Then they didn't charge me PMI for 2-3 months and since October 2020 they started charging me $37.68. I called and asked and no one can say what is going on, they did tell me that they were going to get back to me soon. Is this normal? I understand that sometimes due to tax changes the escrow needs to get readjusted, but not PMI right? I would really appreciate some input. [link] [comments] |
| Posted: 28 Nov 2020 08:04 AM PST I am a second home buyer. Currently selling my first. I am using a va loan to purchase a manufactured home and 1 acre of land for around 210k total is what I'm financing. The home is a 2000 model and already on the property. Its been there since it was built.The company I'm going through is giving me an interest rate of 3.15% for 30 yr. My credit score is around 777. Is this a good rate ? What kind of things should I look out for in the paperwork as far as fees or things to know ? Just looking for opinions and advice. [link] [comments] |
| Has anyone been happy with their flipped house? Posted: 28 Nov 2020 01:47 AM PST As a buyer, I had an offer accepted today for a flipped house that had major remodeling work done: knocked out walls, added a bathroom and bedroom. It was all permitted work. We didn't waive any contingencies and will do our due diligence, but from posts on Reddit it seems like people are rarely happy with a flipped home. It does make me nervous that no one has inhabited the place for 18 months. From the listing history the work took 6 months, then they overpriced the home for a stubbornly long time. [link] [comments] |
| Posted: 27 Nov 2020 03:37 PM PST My sister just closed on her first home with her husband and the seller has been nothing but an annoying party just delaying everything. Finally closing was scheduled to this coming monday and then he insisted in moving it to today, which sounded great because then we had all weekend to help her move in. Closing was done today at 5pm after delaying it from 12pm. After that the seller refuses to hand over the keys stating that he wants the funds to clear and because of timeframe it couldnt be done so late during the day. This messes up all our plans for the weekend too. I'm still waiting to hear from her with more details but this is what I understood so far. Does my sister have any options here? Is she forced to wait? Edit 1: Sister is saying that the seller is quoting his lawyer that until funds don't clear signing the contract means nothing. Thoughts? Edit 2: (Sat morning now) I appreciate everybody's input. I should've mentioned from the beginning that we are in Florida. Seller had already vacated the property. I agree that buyer's agent should've been proactive about anticipating all of this and let my sister know this could happen. Seller ended up giving the keys to his agent last night to give to my sister but he put it on a container that's locked by a combination lock and said he will give them the code on Monday 🤨 I will talk to my sister about making sure her agent talks to the title company about the 2 extra days of taxes and insurance where they had no access to the property [link] [comments] |
| Underwriting: Any Average Length of Time to Complete? Posted: 28 Nov 2020 07:53 AM PST Buying a condo. Loan is currently in the Underwriting phase. According to my lenders website, it went to Underwriting on November 17th. My credit score is 760. I put 20% down. Make a very good salary. I made sure to get anything they requested to them super ASAP. Closing was originally scheduled for November 30th but lender stated that they could not make that date. Seller agreed to an extension. Lender stated that they "will shoot for" December 11th to close. Anyone have any opinions on what the average length of time a loan is with an underwriter? I was hoping to be settled in well before Christmas. My Real Estate lawyer also suggested that I kinda nudge my lenders and he will do the same. What are some ways to do that without being annoying? Thanks for any advice. [link] [comments] |
| Sovereign citizens attempting to claim listed homes Posted: 28 Nov 2020 09:16 AM PST I guess another good reason to make sure potential buyers are pre-approved, and, not let anyone unaccompanied into a listed house. It would make me nervous to even list a vacant house (or even leave a house vacant at all). [link] [comments] |
| Posted: 28 Nov 2020 08:29 AM PST Howdy, The backstory is that I own 2 acres in rural California. A new neighbor moved in and where our properties connect, they put a small trailer that is on both property lines. I let her know about this, and she subsequently pulled the court papers showing that is in fact my property. She has offered to buy this piece of land. I do not want want to sell. I also told her I don't mind if she keeps the trailer on this portion of land (while I own it). My fear is that through some common law she may be able to take my portion of land?? Am I forced to either a. Evict or b. Sell? Thanks. [link] [comments] |
| Appraisal Process From Hell: Who is liable--Lender? Posted: 28 Nov 2020 08:21 AM PST I'm investing in a property. The appraisal management company has dropped the ball several times. First scheduling an appraisal after closing date, then cancelling another appraisal and LYING to say that they never cancelled it and that the appraiser "was not responding to calls or texts." The seller may walk or require a substantial concession to stay in the deal. Although the appraisal management company was the shitty company, who is responsible? The lender? [link] [comments] |
| Seems like I'm always behind the buying trend Posted: 28 Nov 2020 09:31 AM PST This is a bit of a rant, but I feel like I'm always behind the trend when it comes to buying a house in an area. The 3 to 4 times I've considered buying in a certain town it seems like there's a huge demand to do this and I have no idea until I start researching the market. I realize housing prices have increased, I get let down, and then get excited about another option only to have this cycle repeat itself. Covid is especially frustrating because the smaller towns I'm looking at are now becoming an option for people in urban areas that want more space, so generally it's getting more competitive. Overall I get discouraged about the situation. I'm 36 and have never owned a home, so I'm new to this entire pursuit which is also my issue, but hey, that's where I'm at. Are there ways to predict desirability before housing prices shoot up? I have 50k saved for a down payment and probably looking for something around 400k and in a smaller town. [link] [comments] |
| UK - Non standard build property - Trusteel MK2. 1960's. Posted: 28 Nov 2020 09:53 AM PST Hi all, Wife and I have found a 3 bedroomed dorma-bungalow which ticks a lot of boxes for us in terms of location and extra space needed. We went to view it yesterday - the left half of the building is extended (modern) and appears to be brick to modern building regulations, however the right side adjoining the neighbouring house is the original steel framed structure. The Estate Agent mentioned this to us during the viewing, and we've since come back home and done a lot of Googling and have requested more info from the vendor. It came back that the vendor has had an invasive survey done of the structure by Nationwide Surveying (not the bank)and there were no structural issues found. The property does not have asbestos (in case of steel + concrete that was used back in the 60s) and the frame type is Trusteel MK2, which apparently can have a lot of issues. We're looking for a bit of advice regarding: - Further checks that we are able to carry out before purchasing - Where to turn to for advice regarding non-standard builds - What to do regarding mortgages - would we need an AIP for a non-standard build house, even though 1 half of the house is technically standard build? and the big one: - Is it worth buying or should we avoid it? - Common reading that Trusteel has a lifespan of 60 years, and given the build age, we are buying this house at the end of it's theoretical lifespan. Thanks [link] [comments] |
| Prepaid taxes not accepted by tax collector Posted: 28 Nov 2020 09:36 AM PST I closed on my refinance on 10/26 which required that I prepay 6 months in taxes. On the initial disclosure, the prepaid taxes were equal to the first installment payment which is delinquent after 12/10. I did not notice, but the amount of prepaid taxes went down by about $300 on my final disclosure. Sounds great, right? The problem is that the tax collector will not accept partial tax payments and the lower amount is less than the installment that is due. As of now, the title company is showing that they disbursed the money to the tax collector on 10/26, but the tax collector records do not reflect a payment. Thoughts on what I should do at this point? It took almost 2 weeks of me asking and complaining through the official channels at the mortgage company for them to get the final disbursement statement from the title company. They got it to me literally right before close of business the day before Thanksgiving and they are off through Monday. I can float the tax payment so that my taxes don't go delinquent, but I'm concerned that there seems to be several thousand dollars of my money floating around which nobody seems to show on their books. [link] [comments] |
| do i need new home insurance if i refinance Posted: 28 Nov 2020 05:45 AM PST do i need new home insurance if i refinance? my current policy expires in 2021 will i need to do anything if i am in the process of refinancing? my LO is not horrible and does not respond to me.. [link] [comments] |
| Posted: 28 Nov 2020 09:30 AM PST Has anyone used them? I've been having alot of trouble with them and been seeing a lot of negative reviews too. [link] [comments] |
| Can I do real estate part time in the UK at age 17 or 18 while studying? Posted: 28 Nov 2020 09:24 AM PST I'm not sure if this is place to get an answer to this question but I am currently 17 years old, studying A levels. I have applied to five unis, and already received offers back from four. My real interest in life is investing and I think real estate investing is the best for me. But, at the age of 17, that is a long way off. Which is why I am wondering whether I could be a part time real estate agent starting this year or next year. [link] [comments] |
| Buying vs Renting 2020 and forward Posted: 28 Nov 2020 07:29 AM PST Hi everyone! I would like to know what your thoughts are on Buying vs Renting from a financial standpoint according to the following:
How much extra do you think buying can be to still makes sense, assuming you consistently put whatever the spread between the 2 into the market every month? These numbers are real in my current situation. I know that there are other angles on buying beyond the financial aspect, but I hear the stories all the time from people who bought because it is "cheaper than renting". I have not been able to find anything below that amount to buy and in those 2500 I am not counting anything unforeseen that can come with owning/maintaining a home. So I wonder how much more is still considered "cheaper" or at least "worth it". Maybe I'm missing something. I have lost dozens of offers this year, all over asking, but that's another topic, just more fuel to my doubts. Please, let me know your thoughts. Thanks in advance! [link] [comments] |
| Posted: 27 Nov 2020 06:47 PM PST Long story short, my wife and I have decided to build our second home! There's only one issue we're having. Naturally, they asked if the purchase of this house is contingent on the sale of our townhome. Well, it's not, and we have our down payment in savings and ready. HOWEVER, to prove that it's not contingent on the sale of our townhome, we would have to get approved for a second mortgage to prove that we could stomach two mortgage payments if our current place does not sell. This is where the issue lies; I doubt we will be approved as our debt to income ratio adding a second mortgage would be pretty high (north of 65%). Assuming we have to move forward with the "contingent" tag, the lender will then require us to list our current property on the market within 3-4 weeks. We live is a hot market/area here in Colorado, and I doubt our place will last more than month, if that. This will leave us with no place to live between Feb and July. Two questions for you all. Have any of you come across something like this? Any other options that I'm not thinking about? Odds of getting approved for the second mortgage? [link] [comments] |
| Posted: 27 Nov 2020 03:59 PM PST So I put in an offer on a house at asking and my realtor came back and told me they didn't accept my offer. However, the house is still on the market as if they didn't accept any offer and it's listed with a new description, but no change in the asking price. Is this normal?? [link] [comments] |
| Investors of class C multi-family RE. What pieces of advice would you give for aspiring investors? Posted: 27 Nov 2020 01:03 PM PST |
| Backing out of an accepted offer. Posted: 27 Nov 2020 10:54 PM PST Is it possible to back out of an accepted offer if escrow has not opened and the earnest money hasn't been sent? [link] [comments] |
| Posted: 27 Nov 2020 04:11 PM PST I recently (Aug 2020) purchased a first floor condo in a 2 unit multifamily building in Massachussets. Rather than being side by side, the 2 condo's are stacked one on top of the other in the building. Each condo is two floors with roughly identical layouts. It was a new construction. Being on the bottom floor, I purchased my unit first. As it was my first purchase, I was extremely nervous, didn't waive any contingencies and did the full inspection. It took a couple months before the upstairs unit closed, and now that people live in there, it's obnoxiously loud. To be clear, I don't think they are doing anything strange and the neighbors are super nice. It's just that normal activities are REALLY loud. I feel like it was an obvious strategy for the seller's agent to hide how noisy the upstairs unit was. The layout is such that my master bedroom is adjacent to the stairs (the upstairs unit is on floors 3/4, my condo is on 1/2) that get them to their living room, and their living room is directly above my bedroom. If they are in the stairwell, I can hear conversations clearly; and when they walk up the stairs, it sounds like someone stomping or jump squatting or something. I can even hear what TV shows they are watching in their living room (it's not blaring loud), their dinner conversations, etc. Is there anything I can do about this? I'm pretty sure MA has a builders warranty for a year, and the developer thus far has been very responsive for small things (he sent guys over to fix an incorrectly installed dishwasher, someone to touch up some paint, fix a blown fuse, etc). The only thing is, this seems like a much bigger fix. Any thoughts/suggestions would be greatly appreciated? [link] [comments] |
| Cost - Custom vs Blueprint Home Posted: 28 Nov 2020 12:26 AM PST Hey Reddit, My wife and I recently purchased a 1/3 acre lot in the San Jose, CA mountain and are planning to build a home in the next 5-7 years. I had spent the last week trying to research what the estimated cost of building a home in this area would be and have found a tremendous range of things to expect. I am thinking I should expect anywhere from $200-$800 per sqft! The one thing that people generally do not mention in their experience posts are some of the general demographics of the home. Is the home on a slope, requiring more foundation? Did they elect to go with the custom designed home route? Where did the biggest spending go to? Did you 'all out' furnishings? Where did they build their home? Anyways, I was hoping someone could share with me their experiences and provide some insight of what to expect. I will appreciate hearing all of your stories. Questions that come to mind:
Thank you in advance! Appreciate your time reading this post. [link] [comments] |
| Using AI to find Rental Properties? Posted: 28 Nov 2020 12:20 AM PST I'm considering purchasing a subscription to an AI software that helps you find good real estate deals: https://www.lofty.ai/ It takes into account things like yoga studios, avocado toast on menus, and other signs of gentrification. I'm wondering if a tool like this will be a good way for me to find rental properties to invest in. I want to house hack. Or, is it better to build a relationship with some real estate agents and try to get access to listings before they hit the MLS? [link] [comments] |
| Is my co-op required to send me their financials every month? NYC Posted: 27 Nov 2020 11:51 AM PST I live in NYC and my maintenance just went up by $50 and want to know why. The management company tells me to contact the owners of the complex, but the owner is unresponsive. Are they required by law to let me see their financials? They also won't give me their co-op board meeting minutes so I feel out of the loop as a shareholder. [link] [comments] |
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