Real Estate: When should we get pre-approved for a mortgage? |
- When should we get pre-approved for a mortgage?
- Giving up hope/exhausted in SoCal
- Builders affiliate lender is offering a 365 day rate lock. What’s the catch?
- Mortgage broker told me to stop shopping for rates?
- Acre lots with no trees. Why?
- Rental price averages by zip code
- Southern California - appliances on craigslist
- Quick question as am about to become a landlady for the first time - would people expect a vacuum cleaner in a furnished apartment? Thanks!
- Should you ever buy a home for more than the appraised value?
- Keep losing out because of our choice of lender... Any advice?
- Belligerent Seller/Owner
- C.A.R form - RPA - California - Default / Custom Day Precedence
- Are small hairline cracks normal in houses?
- Wells Fargo's mortgage deferral program -- a no brainer?
- Question on buying a home w/ Florida Room. Bedroom permit?
- Closing in 9 Days and we just found out there is an outstanding balance on the property with the HOA
- Serious
- House Overhangs Another House
- Question about appraisal and contingencies
- Looking to buy, wondering about having next door neighbors
- Home appraisal meant to justify the offer price?
- What would you do at 21 with the knowledge you have now about real estate
- Effects of the pandemic on the market in the nexts 6 months- year?
- Home inspection disagreement
- [US CA] Easiest way to become owner of empty land
| When should we get pre-approved for a mortgage? Posted: 11 Nov 2020 07:31 AM PST I have poor credit right now (592), due to my credit/debit ratio being high. My wife has good credit: (650). I am getting an inheritance in February, and will be able to pay off 100% of my commercial debt at that time. We should have about $30,000 left over after zeroing out our debt. Projections show my credit score rising to 698, (I would assume a few months after paying off the commerical debt). My wife and I also just graduated with our master's degrees last year, and our income has pretty much doubled in the past 4 months with new jobs. We want to get a modest house, at about 30% to 50% of what we could be approved for. The plan is to pay it off within 5-7 years and possibly use it as rental income. The $30K would be used as a down payment/moving costs. The interest rates are really good now, and the housing market where we are looking is really hot. Does it make any sense to try to get pre-approved now for a mortgage NOW while the rates are really low, as opposed to in 6 months? Can we get pre-approved twice? EDIT: My bad. My wife's credit score is 711. [link] [comments] |
| Giving up hope/exhausted in SoCal Posted: 10 Nov 2020 08:30 PM PST I've been trying to buy a place since early June, offered well over asking on 6 places - lost them all.. found a DREAM house - made it through 2 rounds of counter offers only to lose to a cash buyer.. then after weeks of being depressed about it, I get teased that it might fall out of escrow - only to lose it AGAIN. It's just such an emotional roller coaster, not to mention time consuming. And I'm obsessed with refreshing Redfin - not many new listings and I can barely focus on work. Long rant, sorry [link] [comments] |
| Builders affiliate lender is offering a 365 day rate lock. What’s the catch? Posted: 11 Nov 2020 06:30 AM PST Building a new construction home with Richmond. Affiliate lender is HomeAmerican (and they have really terrible reviews). Fee is $1500. Mortgage is $425,000 (16% down). Construction takes 8-10 months (starting late January/early February). So what's the catch? Will they offer an absurdly high interest rate to start? Do I even need to worry about interest rates? My realtor said they aren't expected to rise past 3.75 in the next year. [link] [comments] |
| Mortgage broker told me to stop shopping for rates? Posted: 11 Nov 2020 08:36 AM PST I'm in the beginning stages of buying a home and have been rate shopping for mortgages. I was told (and read this multiple times) that I have 14 days to get quotes / pre-qualified from different banks or brokers. Here's the issue - I talked with a broker yesterday and he saw that I also applied for pre-qualification from my local credit union. He told me that it won't look good to mortgage companies if I keep shopping for rates. Now, I've only applied two places (the credit union and this broker). I feel like he's trying to manipulate me into using his services rather than continuing to compare providers. This really concerns me, as I'd like to keep shopping for rates. I'm really just seeking advice on how to proceed. I don't want to mess up the underwriting process, but I thought that the mortgage inquires made within 14 days were bundled into one inquiry on my credit report. When I mentioned this to the broker, he acted kind of weird. This is my first home purchase and I'm feeling really out of my league here. Is this normal? Should I keep rate shopping? If anyone has any feedback, I'd really appreciate your insight. Edit: Thank you all for your insight. I have a lot of notes to take and am totally grateful. [link] [comments] |
| Posted: 11 Nov 2020 05:27 AM PST There are a few developments outside of the city that are 3/4 or 1 acre, and on well and septic. The lots have trees, but once they prep for the foundation, the trees are completely removed. I understand the need for room around the septic tank, but why clear cut everything? We're looking for a large lot with trees because we want the privacy they offer, but it's so frustrating when you go to development and it's clearcut. Every home is totally exposed. There's almost no difference between that and a lot in the city. Am I missing something here? Wouldn't the developer want to keep the trees? Who wants a 1-acre lot that's all sod? [link] [comments] |
| Rental price averages by zip code Posted: 11 Nov 2020 10:32 AM PST What website do you use to research market rent by zip code? I want to make sure I'm not over estimating prices when analyzing deals on multifamily properties. [link] [comments] |
| Southern California - appliances on craigslist Posted: 11 Nov 2020 10:01 AM PST i am wondering has anybody ever seen or purchased appliances off these non-residential craigslist ads? they appear to be warehouses, perhaps they refurb them and sell? often times they have pics with many many appliances lined up in rolls. they often come with a 90-day warranty that is just my speculation, i am curious where their inventory comes from. has anybody had experience to speak from? [link] [comments] |
| Posted: 11 Nov 2020 03:39 AM PST |
| Should you ever buy a home for more than the appraised value? Posted: 11 Nov 2020 11:26 AM PST To me the obvious answer is no but I'm hoping to get a little more info. My fiance and I found a home that we loved in an area that we loved but the appraisal came in $22k less than what our original offer was. The owner refused to come down to appraisal value and stated that he felt the home was worth more. To me, that was the end of it but my fiance is still trying to figure out if its doable. So I guess I just need some help with regards to the pros and cons of buying a home over appraised value so I can make an educated decision. Edit: We originally offered $250k and the appraisal value was $228k which was still a significantly higher price per square foot than comparable homes in the area. [link] [comments] |
| Keep losing out because of our choice of lender... Any advice? Posted: 11 Nov 2020 11:25 AM PST Looking for some advice... We are trying to work with a lender through Bank of America. She is connected to my husband's stocks (through Merrill Lynch), which we are going to be using for a large part of the house purchase. Our lending agent, financial advisor, ect, are all a very small team and have been really responsive with us. They are also involved with other family members of ours, and with a big family trust. The lender has been great through the pre-approval process. She responds on weekends, evenings, everything. Long story short, we'd like to go with the Bank of America lender if we can... The issue is that we've lost out on two housing bids now, and the feedback has been that the other agents were seriously upset about us using Bank of America. (We also weren't the highest bid, so it wasn't the only reason, but both times we bid with no contingencies, 45,000 above listing, with over 50% cash). We've asked our agent to explain that this is a different kind of lending situation than normal BOA, but it still seems to be really off putting to the buyers. Any advice on how to better explain the situation, or are people so biased against big banks that we are completely SOL? [link] [comments] |
| Posted: 11 Nov 2020 11:10 AM PST Hey all, We are in the process of buying our first home and we are having some issues with the seller. The seller is an investor/real estate agent who bought the home on pre-foreclosure and then flipped it. This is his first home that he has flipped and sold on his own (he had a mentor for the other houses he's done). With COVID-19 and our inexperience with home buying, we are behind schedule for the dates he requested for the loan/appraisal. The date for the loan is tomorrow, and we have already secured that. The main issue is the appraisal is also due. The appraisers are backed up, and our request was not picked up until days after the initial request. Our realtor and lender, who are our family members, spoke to the seller about extending the date. He was rude, belligerent, and basically harassed them about the extension. He calls our realtor non-stop and verbally attacks her about the situation. I am pissed about this, obviously. My question is, is it worth losing the house over his behavior? Or should we just stick it out? He might not even agree to extend our dates so we could lose it either way, but it burns me to think that this obnoxious man will be getting my money. Does anyone else have any experience with this type of situation? Thank you for any advice in advance! [link] [comments] |
| C.A.R form - RPA - California - Default / Custom Day Precedence Posted: 11 Nov 2020 11:03 AM PST Hi everyone, I have what is a simple question, but cannot find a concrete answer other than conjecture On the Residential Purchase Agreement C.A.R form, there are many sections with defined default days, and then a parenthetical next to it to write in a custom day For example, Inspection period defaults to 17 days, and has a parenthesis next to it for a written value. "Buyer has 17 (or __) days" If i was to to put 10 in that field so it read as "Buyer has 17 (or 10) days" Which has precedence. It can be argued that i have either 17 or 10 days, whichever i choose, which clearly is ambiguos Is there a clearly defined explanation (legal) that can answer that question? [link] [comments] |
| Are small hairline cracks normal in houses? Posted: 11 Nov 2020 10:57 AM PST Just wondering if it's normal to see some hairline cracks throughout a house or if I'm just being paranoid. Home was inspected and no red flags. Examples - small hairline crack from bottom center of window in vertical line down - top point in house where roof meets together has a small crack about 6-10 inches long - some other random areas with what appears as hairline cracks and potential areas that look like they were patched/painted but done professionally so not really noticeable I took a level to windows/floors and didn't notice anything, basement is only 50% finished and I didn't notice anything in the foundation that I could see. I'm just paranoid af lol [link] [comments] |
| Wells Fargo's mortgage deferral program -- a no brainer? Posted: 11 Nov 2020 10:39 AM PST Hi all, Looking for feedback: I've deferred six months of mortgage payments ($7,500 total) with WF's deferral program. At the end of the month, I have to decide whether to defer again (for 3 months; up to 12 months maximum) -- or exit the program, which will tack the unpaid balance to the end of my mortgage term 23 years from now (with no interest or fees) and I resume my monthly payments like normal. The unpaid balance won't necessarily be due as a balloon payment. WF says they're open to a payment plan (with no interest). And after I resume mortgage payments for three months, there will be no record of having been in the program. The only downsides I can think of is I can't apply for a home equity loan, refinance or car loan, etc. while I'm in the program (I don't need any of those things at this time). Also, if I sell the home, the unpaid balance is due (I've no plans to sell). Fortunately, I've been able to save a nice cushion ($15K) during the deferral. I'm single with no kids, so I don't have major expenses. However, I'm self-employed (property manager) and don't have a huge income. Should I keep saving the cash or resume regular payments? I can resume paying my mortgage now -- but I wouldn't mind another three months of savings. That would leave me with an unpaid balance of 11K to pay back ... 23 years from now. [link] [comments] |
| Question on buying a home w/ Florida Room. Bedroom permit? Posted: 11 Nov 2020 10:22 AM PST Hello! Question-We are under contract for a 3/2 in Fort Lauderdale, FL. House was renovated recently. It's being sold as a 3 bed, 2 bath. The 3rd bedroom (Master plus bathroom), was added where the carport was at some point (before renovating company purchases.) SQF is listed at 988, but it seems bigger than that. The bedroom is off the living room and has a small step into it. After looking into it, I think the County has it listed as a Florida Room, not a bedroom. Should I be trying to get the appraiser to permit/register it as a bedroom? In a few years, if we decide to sell, will this come back on us that it's a FL Room? It has 1 window in it (Florida says a bedroom needs 1 window and a door, ceilings above 7'.) If anyone has any experience with this, please help us out. We have our inspection this Friday and like the house, but want to ensure that we're buying a legit 3 bedroom, and not something that will come back at us in the future. [link] [comments] |
| Closing in 9 Days and we just found out there is an outstanding balance on the property with the HOA Posted: 11 Nov 2020 09:50 AM PST I live in Georgia, USA for context. So as the title suggests my husband and I are closing on our first home in 9 days and it is in a gated community that has a HOA. We are selling rural property I inherited at the same time but that doesn't have much to do with this problem. So today I called the HOA to see what I needed to go to get a permit to build a backyard fence on our property or just get info since we haven't closed. The lady I spoke with was incredibly nice and didn't even ask me much before telling me to stop by the week before closing and she would give me the permit. However, she asked me if we were buying the house as a foreclosure and when I said no she said "Okay, I wanted to be sure because this property has an outstanding balance on it with the association." I could tell she wasn't supposed to tell me but she told me it has two years of HOA fees plus an unpaid citation totaling about $2,230.00. She said that our closing attorney would have found out the information and that the current owners would be responsible for it. The weird thing is that the owners bought it in February to flip essentially and they live in the house next door and will be our new neighbors. I contacted our realtor and he said this was news to him and that he would contact our closing attorney to make sure they're aware and that we make sure their alpha statement shows they have to pay it. But I'm asking if any of you have been in a similar situation, what ramifications could come from this or if it's a simple fix. I'm not sure if they were trying to hide it or if they're taking care of it on their end. [link] [comments] |
| Posted: 11 Nov 2020 09:24 AM PST Hi everyone what is a job in the Real Estate industry I can look into as someone with zero experience? All answers are appreciated thank you! [link] [comments] |
| Posted: 11 Nov 2020 08:40 AM PST I'm looking at a house right now that was built before 1900, and there is a very strange situation that I'm unsure how to deal with. This house was built right along the property line, such that its foundation is built exactly along the property line, and so its overhang hangs into the neighboring property line. This might not be a huge deal, but the house next door was built in 2004, and it built its overhang so that it rests directly under house I'm looking at's overhang. So technically speaking, the house I'm looking at is violating the lot line, but it has been for the last 130 years. The lot next door then built underneath this encroachment. What type of issues am I looking at getting myself into if I buy this property? [link] [comments] |
| Question about appraisal and contingencies Posted: 10 Nov 2020 10:45 PM PST Hey everyone! Potential first-time buyer here in a tough spot and looking forward some advice. Thanks in advance for any thoughts. My situation is I'm trying to negotiate an offer with a seller. I actually caught the house going up for sale before it got listed, so I have an edge right now, and I'd really like to get the house. I put in a very generous offer (right at the amount the seller said he was "hoping for"). But the seller is stubborn and is now demanding that I either: a) get rid of the appraisal contingency, so we don't pay less than my offer (maybe minus some inspection results haggling) Or b) leave the seller an out that if they get a zero-contingency offer (I.e cash) higher than mine they can take it. My agent seems to think these are both pretty unreasonable demands but the seller seems pretty stubborn. Like I said, I'm new to this so I'm a little worried about getting screwed, and the seller making these demands sets off alarm bells for me. I have plenty of cash on hand, so I'm not worried about the appraisal causing me to not be able to finance the house. I guess I was hoping for some advice. Do either or both of these demands seem reasonable? What are the risks associated with them? Would you take either of them? Thanks! [link] [comments] |
| Looking to buy, wondering about having next door neighbors Posted: 11 Nov 2020 08:24 AM PST TL;DR: if I want a quiet house out in the country, how much should I worry about neighbors being close by? Hello from New Jersey. I've been on the hunt for a new house since about March. I live in Central NJ now, about 25 minutes from my office, and I would visit our Manhattan office once a week. Obviously that's all before the plague, and I plan on asking for more work from home time whenever office life resumes. I've been looking in Bucks County, PA, with the knowledge it would at least double my commute. Property taxes there are a fraction of what I pay now for my townhouse. I've been telling my realtor that I want something out in the middle of nowhere and away from busy roads, but that kind of thing is really rare. I've seen some neat fixer-uppers (I lived through a major renovation in a previous house with my then-husband, so I'm not afraid of that), but they were on really noisy roads. So I started looking a little closer to home, and I've seen a nice house in Somerset County, 2.4 acres of land and property taxes are way less than mine now. My realtor can't get us in to see it till Sunday, but I did a drive past today. Location is very much like what I want. And there's a house right next door on one side. The other side, where the deck is, overlooks a wooded area. I've lived in condos and townhouses ever since I moved out of my parents' home. How big a deal is it to have someone close by? I knew I wasn't going to be really out far and still stay in the Northeast without changing jobs and really upending my life. But I want this to be the last house I buy, and I don't want to settle too much. There's no pressing need to move right now, which makes me lucky. And I don't have any kids so no worries about school districts (apart from potential resale value one day when the time comes). (I'm 48.) Thanks! [link] [comments] |
| Home appraisal meant to justify the offer price? Posted: 11 Nov 2020 07:55 AM PST Hi, we're trying to understand the legal responsibility of the appraiser in the process. Our real estate agent says that appraisals consistently come in at the agreed upon price, unless the appraiser simply cannot justify that number. Is the appraiser's job meant to just justify the offer price? Thanks very much. [link] [comments] |
| What would you do at 21 with the knowledge you have now about real estate Posted: 10 Nov 2020 06:41 PM PST My end goal for real estate is to live off passive income, I'm currently staying with parents at the moment. I have a decent amount of money saved up from working+ good credit. I plan on investing next year and deciding if I should buy a SFR fixer upper or take advantage of FHA loan and buy a multi family and house house it. Question is if you were 21 with knowledge you have now + 20k, what would your plan be in real estate? BRRRR? House hack? No wrong answers just curious to see what others plans would be. Thanks! [link] [comments] |
| Effects of the pandemic on the market in the nexts 6 months- year? Posted: 10 Nov 2020 06:21 PM PST I understand timing the market is difficult/impossible. But both personally and from what others have seen published, does it seem like the pandemic and the loss of jobs/income will cause a drop in the market in the coming months? This seems logical to me, but with some protections being put in place by states i'm not sure. Our local market here in southern california is very high, we are interested in buying and just got outbid on a property by 20k over asking. Im tempted to sit back for awhile and see what happens. To me it seems very unlikely the market will continue upward on the same trajectory it has for the past few years and is likely to level out or go down a bit. But i 'm curious what others thoughts are? [link] [comments] |
| Posted: 11 Nov 2020 04:39 AM PST Hello all, We are in the process of buying our first home and are unsure whether our realtor is doing all she can to advocate for us. Following the home inspection, we learned that the furnace is 28 years old and the inspector thought we should have someone come to further evaluate its functionality. We plan to do that, and we also asked our realtor her opinion on if we will be able to receive a credit since the furnace may not last much longer. She said that if it is still functional (Which it appears to be), then we cannot really expect compensation for it but might ask them for a home warranty. This seems reasonable to me but my husband thinks it is a sign that she won't advocate for us strongly enough in renegotiations. If anyone could shed light on the situation, it would be a huge help Thanks for reading [link] [comments] |
| [US CA] Easiest way to become owner of empty land Posted: 10 Nov 2020 04:45 PM PST I bought a cabin this month. Last month, my neighbor bought his cabin. Between our cabins are two parcels of land. The owner of those parcels had reached out to my neighbor to see if he wanted to buy them. The neighbor wanted the one closest to him, because he wanted to build additional parking, but not the one closest to me. Land owner said tough titties, buy them both or not at all. Neighbor bought both. Now that I had bought this cabin, neighbor has reached out to me and offered me the parcel closest to me for half of what he paid for it. What is the easiest and cheapest way for me to buy it? Do I need a title and escrow company? [link] [comments] |
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