Real Estate: Worst time to buy. |
- Worst time to buy.
- Sold my house and got paid in paper cash. What now?
- 2021 conventional loan limits?
- [Homebuyer] 1st time homebuyer question about underwriting
- Switching Mortgage lenders 53 days before closing date (new construction, seller wants to close early)
- What is the best and most trusted source for testing for lead based paint?
- Title Insurance $1k in MA, Closing attorney says cannot shop around
- Wesbanco Home Renovation Loan?
- Overpriced FSBO property
- Purchase House Before or After Marriage?
- What kind of loan can I get with a cash out refi on my primary residence to buy a second home?
- Seller only wants to pay half of the new roof cost- does that seem fair?
- Anything to consider when buying a new development?
- Buyers backing out of purchase agreement question
- Started working in this position a month ago but haven’t really received much activity.. I need help.
- Is this a viable option
- Seller is attempting to cancel purchase contract for vacant land
- Sellers keep kicking the can down the road and I am exhausted
- Name listed under property tax records
- Landlord Threatened Eviction Due to Noise Complaint-- pls advise
- Foreclosed homes
- What’s the process to getting a real estate sales license in California?
- Need Advice for Rent to own Situation with my landlord
| Posted: 23 Nov 2020 05:18 AM PST Will one real estate agent on this sub tell it like it really is? Let's see. I know this sub is full of agents and like-minded people who are going to say "the best time to buy is when you need a house", or "interest rates are low" or "you can't time the market", or "prices are going to keep rising with inflation so feed your inner FOMO", etc, etc. But in my state, real estate sales are up nearly 30% year over year, despite inventory being down nearly 50% year over year. Think about that for a second. Half the houses to choose from, and yet overall sales are 30% over last year when there was much more inventory. Best of all, prices are also up 20% year over year. And that's a conservative number. In the area I'm looking it's up a lot more. Houses are selling for nearly double what they sold for last year. And in my state, which is very rural, this is not being fueled by natives to my state. It's being fueled by folks from the big cities a state over, trying to escape COVID hell and thinking they can work remotely forever. In other words, this is an temporary artificial spike. I'm no economics expert, but I understand supply and demand. Now is an absolutely terrible time to be buying real estate. Pay well over an already-inflated asking price for a house you probably don't even really want because there are so few houses to choose from, oh and don't forget to show up with cash and waive your contingencies like inspections etc since there are 10 other out of state buyers making offers, too! Just go with it..don't inspect...it's just the biggest purchase you'll ever make in your life. No biggie. I wish one real estate agent would just be honest and say this is a horrible time to be buying a house. Because it is. My suggestion - wait until the vaccine shows up and some semblance of normalcy returns and then go house shopping. If you can wait until then, rent. Don't buy into this madness and exacerbate the problem. [link] [comments] |
| Sold my house and got paid in paper cash. What now? Posted: 22 Nov 2020 07:48 PM PST I sold a rental property to a good friend of mine as a cash deal. The paperwork is currently making its way through the attorney's office with an expected closing in a few weeks. Last night, he came up to my home and paid me for the house, in a cardboard box of $100 bills. Only $48k but still a lot of cash to keep in a cardboard box haha. It's all legitimate, he just sold one of his own rentals and a classic car so I know where the money came from, it's just not what I was expecting. What are my next steps? I need to pay of the mortgage on the property. Do I just deposit all the cash and then transfer it to my mortgage account? At my last closing, the seller got paid at the closing, not before and the attorney took care of paying off the lender so I'm a little confused. I'm going to call my attorney in the morning and see what he says I should do. Update: Cash has been deposited. Bank was not concerned and treated it as normal. Now to get a payoff from my lender. I can't wait to be debt free! [link] [comments] |
| 2021 conventional loan limits? Posted: 23 Nov 2020 06:29 AM PST Feel free to delete if this has already been asked. When do they release new limits for conventional loans for 2021? Does anyone know the new limits? I read on one thread that the formula for new limits is known and can be calculated. When can you apply for loan with new limit? Can you apply before 1st January? Can you lock in a rate before January? Thanks for any help. I have a jumbo at the moment and would like to refi to a better rate. [link] [comments] |
| [Homebuyer] 1st time homebuyer question about underwriting Posted: 23 Nov 2020 09:48 AM PST I'm buying my first home at this point, everything has been agreed upon. On 11/9/20 my lender sent me over disclosures to sign. These are the last documents I have signed so far. My lender asked my agent if they had a preference for the closing attorney, which she provided. On 11/11/20, that title office/closing attorney called me to verify some of my personal information. At this point my lender informed me 7-10 days for underwriting. On 11/18/2020 my lender followed up with me to say that he is just waiting on loan approval and hopes it have it soon. Is this underwriting? Is it the final step before I receive my close date? How long can this take? To be frank, my finances are not complicated. I don't have many bank accounts. Just one bank account, 2 credit cards, 401k, been at my job for 10 years. I'm just so excited to get a close date that I'm chomping at the proverbial bit! [link] [comments] |
| Posted: 23 Nov 2020 09:11 AM PST Hi all, First, I think I've verified this but want to confirm. my P&S says to close by or before Jan 15, 2021. The seller says the house will be ready to close by December 11th. Am I obligated to close then, or do I contractually have until January 15th. 2) I have a current loan agreement with NewAmerican financing for 2.875% conv. I found today an offer that is 2.5% conv with lower closing costs. The rate lock is 34 days and the loan agent is saying they can close in 30 days. This would put us until the week of Christmas. Am I obligated to move forward with the initial 2.875% and close sooner? If I switch lenders, can this allow the seller to back out? There is also this clause "BUYER provides written evidence of inability to obtain financing to SELLER by 12/11/2020 ("Financing Deadline"), then: This Agreement shall be null and void; and(b) All deposits will be returned to BUYER in accordance with the procedures required by the New Hampshire Real Estate Practice Act (N.H. RSA 331-A:13) ("the Deposit Procedures"); and(c) The premises may be returned to the market. I don't mean to complicate this system, but I would be leaving a decent chunk of money on the table by not switching. I don't want to jeopardize the sale though! [link] [comments] |
| What is the best and most trusted source for testing for lead based paint? Posted: 23 Nov 2020 08:45 AM PST |
| Title Insurance $1k in MA, Closing attorney says cannot shop around Posted: 23 Nov 2020 08:39 AM PST Buying a house in Norfolk county. "There is really no way to competitively "shop around" for title insurance. There are only about half a dozen companies that offer it and all the rates are the same. I will say that you are better purchasing this now – at the time of buying the home- because the premium is based upon and calculated using the current market value of the home….. if you were to waive it now and decide to purchase it down the road, likely the home will appreciate in value and the premium would cost more. $1,075 is a lot of money, I understand that, but it really is piece of mind if you plan on owning this home for multiple years. A title defect can be way more costly and can be very time consuming to clear up." Any ideas if this is accurate? [link] [comments] |
| Wesbanco Home Renovation Loan? Posted: 23 Nov 2020 08:28 AM PST Hello - My partner and I have been looking at move-in ready places with no luck. We've now found a great property in our desired neighborhood that would need a full renovation (partially gutted at the moment). We've spoken with Webanco Bank about their in-house home renovation loan program. Does anyone have experience with this type of loan/Wesbanco? The terms sound pretty favorable but we want to make sure we're avoiding any unforeseen potential problems. TIA! [link] [comments] |
| Posted: 23 Nov 2020 07:40 AM PST I live in a crazy hot market where houses do not last past the weekend. My SO and I saw a house this past weekend that is really great but definitely overpriced. About 44k over. The house has been on the market for 18 days, price was dropped only 5k about a week ago. Aside from the price, another deterrent for buyers may be the shared drive with one neighbor and it's directly across the street from a historic cemetery, which we actually do not mind. Owner already has a new house. We do not want to overpay like everyone else is doing in the area, but if the seller does not have anyone advising him on the market, offering what we think the house is worth would probably be considered a lowball offer in his eyes. He did message our agent after we left to tell her how much he liked us, so part of me feels like we should just submit the offer (and maybe a letter) and see what happens and if it is meant to be it will be. Edit: typo above, should be 24k overpriced. [link] [comments] |
| Purchase House Before or After Marriage? Posted: 23 Nov 2020 07:27 AM PST My girlfriend owns a house that we do not live in. She owes 40000 on mortgage and I'm planning to purchase at 60000 with mortgage and flip it. Should we do this before we get married or does it matter? [link] [comments] |
| What kind of loan can I get with a cash out refi on my primary residence to buy a second home? Posted: 22 Nov 2020 09:22 PM PST Hello all, Before I make a call into Rocket Mortgage (or similar), I'd like to get some background info. Hoping some of you guys can share some insight into my "brilliant" plan. Here's the situation: -Own primary residence (SFR in VHCOL area in California): Approximate value $600K. -No mortgage. I paid it off a few years ago from a windfall. -Move out of my current home (we'll call it Home A) and rent it out for approx $2700/mo. (Yes I know it sounds low, but that's just what the rental market is out here. Lots of wealthy people buy homes to essentially park their money.) -Get $250K loan from Home A, for downpayment on second home (Home B). -Instead of using the $250K cash I have for the downpayment on Home B, I will invest it into the market and over the time, it will probably net me \~8% on average (some years up, some years down, 8% avg). If I were to use this money to pay for the new $250K loan on Home A, I will be taxed at 15% Long Term Capital Gains (15% in my bracket). -I plan on selling 5% of the portfolio value every year which will almost wash the Home A loan, and provide some buffer for some years where the market tanks. -Home B purchase price will be approx $1M. I will use the $250K loan from Home A to fund the down payment on Home B. What kind of loan can I get on Home A, to use as a down payment on a second home? Would it be a "regular" cash out refi? Will I have favorable tax treatment on the interest payments on the Home A loan? The math is working out as follows..... However, I'm not sure if I can itemize all of this on a Schedule A. I'm thinking my max SALT deduction (Cali) is $10K for the property and income taxes? Thank you to anyone who would like to chime into this discussion and tell me my plan is great, or my plan sucks. Home A - Monthly expenses as a rental Property taxes -$600 HOA -$150 Insurance -$110 Repairs -$150 Vacancy @ 10% -$270 $250K loan @ 3% -$1054 Rent +$2700 Net cash flow per month +$366 Home B Month Expenses @ $1M Purch Price Property taxes -$992 HOA $0 Insurance -$185 Repairs -$200 Vacancy @ 10% $0 $750K loan @ 3% -$3162 Cashflow from Home A +$366 Selling 5% of $250K portfolio per year +$1042 Long Term Cap gains tax on stock sales -$156 Cost per month for Home A -$3287 Tax refund (\~$11K year from \~$48K write off) +$916 Effective cost per month to maintain Home A & B -$2371 Schedule A Decuctions (year) Home A loan @ $250K interest $7392 Home A property tax $6600 Homa B loan @ $750K interest $22188 Home B property tax $11904 Total taxes & interest write off $48084 Approx additional tax refund at 24% federal bracket $11000 (lower this by $3K if we are to compare to what the standard deduction is worth). Assumptions: -I continue to earn approx $120K per year -The stock market continues to return ~8% over the next 10 years -Home prices & interest rates don't change DRASTICALLY over the next 5 years. (Even with this pandemic, home prices in my area are up ~5%. Low inventory, low interest, lots of people who earn good money = prices continued to rise here. We won't see a 2008 type crash in my area). -I cannot move from my VHCOL area to a MCOL area. My work is tied to this geographic region. [link] [comments] |
| Seller only wants to pay half of the new roof cost- does that seem fair? Posted: 22 Nov 2020 08:28 PM PST I'm purchasing a house for $425k, offer was based on comps in the area. We just finished with inspections and appraisal. After inspections, the house needs a new roof and miscellaneous repairs. We were quoted $9100 for the roof and $3000 for the other repairs. Appraisal came in at $425k. I want to ask for a $12k repair credit or check written to fix the house. My Real estate agent says he'll present the offer to the sellers agent, but heard that sellers might only be willing to offer half the cost of roof repair, unsure about the other $3k in repairs. Does that seem fair/ normal? What would you expect a reasonable counter would be given they don't want to accept our offer? We're still waiting to see what they counter with. [link] [comments] |
| Anything to consider when buying a new development? Posted: 23 Nov 2020 06:39 AM PST There are houses being built in a developing suburb right at the top of my budget (250k) that are supposed to be available early 2021. Right now all they have posted is a floor plan and a little contact info box. I'm still waiting until a credit report can be pulled (mid january I believe as I just got a credit card after contacting a mortgage broker) before I can be preapproved and getting a real estate agent. Are there any questions I should be asking the developer now? Is there any point in contacting them before I have a real estate agent? Is there anything I need to worry about with a new home that I shouldn't have to worry about with one that's been lived in? What is the process with homes still being developed, it sounds like I have to put my name down before it's ready, do I need to commit the down payment or something? [link] [comments] |
| Buyers backing out of purchase agreement question Posted: 23 Nov 2020 06:25 AM PST Is it still possible for the buyers to back out before submitting earnest money and not be held accountable for that deposit amount? We are in contract with buyers who waived all contingencies. I ask because we are about to sign a purchase agreement for our new home and would like the security of that earnest money on our existing property before we do. [link] [comments] |
| Posted: 23 Nov 2020 12:07 AM PST I started to work as a realtor about a month ago in LA. My brokerage gives me a 40% commission, it's a smaller brokerage. Nothing big like C21 or FiRst Team.I don't know how good of a commission that is, compared to people who work for First Team etc. But I haven't been receiving much activity either. I get some very engaging potential "clients". But Some of them when I call back to follow up and see if they are still interested in selling after initial engagement and conversation with pricing, they don't answer the phone when I follow up. Or some are going to put it on hold. Some put off on buying till next year. Sometimes it's discouraging, and I don't have any other career path to take on. I really do but real estate, but I don't know what I'm doing wrong where these clients do engage and then all of a sudden they ghost me. It makes me want to get into real estate wholesaling but I have no idea how that works. And I just don't know what to do and I want to ask you guys what can I do? In terms of what can I do to be a better realtor? [link] [comments] |
| Posted: 22 Nov 2020 09:38 PM PST Hi everyone. New to this sub Reddit and I had a question about buying rental properties that could pay for itself over time. My plan is to save up about 30k for a down payment within 5 years on a duplex that costs around 300-350 thousand. After that I plan to rent both vacancies out for around 1k each a month. With my calculations on about 2k coming in every month (if they are both rented out) that could cover my mortgage but my question is is it worth it to wait 5 years to do this? Kinda new to real estate so I could be getting something wrong here. Any advice would be appreciated Edit- mortgage term is 25 years as I plan on holding the property to possibly move in at a later time or to sell it hopefully if it appreciates in value [link] [comments] |
| Seller is attempting to cancel purchase contract for vacant land Posted: 22 Nov 2020 05:38 PM PST We are buying a lot of vacant land and in the purchase contract our contigency was to get our mortgage commitment letter from the bank by 11-20-20. Because of how hot the market is the bank took until the very last day 11-20 to approve us and send our commitment letter. At 3:22pm the sellers attorney notified us that seller is cancelling the contract. We submitted our commitment letter around 4:45pm. My realtor, his realtor, and my attorney say he cannot do this because our contingency was released on the last day. Contract states "buyer has until 11-20-20 to obtain and accept a commitment". Does that mean I had until 11:59 pm on that day? I don't believe the seller can cancel the transaction. He has a better backup offer and trying to kill our deal. [link] [comments] |
| Sellers keep kicking the can down the road and I am exhausted Posted: 22 Nov 2020 02:25 PM PST I offered on a house last week. The seller's agent keeps telling us our offer is the top offer, but that they need more time. Like it has happened literally three times now that they have asked to have us reissue our same offer with a "noon tomorrow deadline" to give them a little more time. Now noon on the most recent offer has come and gone and we haven't heard a peep - not a counter nor another request for an extension. Does this mean it's over? I know I should probably walk but my kids' school district is very small so there are like 1 to 3 houses on the market at any given time. It took 6 months of looking for this one to come up and I don't know when another will be available. [link] [comments] |
| Name listed under property tax records Posted: 22 Nov 2020 03:21 PM PST I am buying a house in Texas and I looked it up on the property tax records and the name listed is different than the name of the seller on the contract. Apparently it's a husband and wife and she died and he is selling the house. I'm wondering if there's some question as to whether he owns it yet. Either way would his name always be on the property tax records if he did own it or could it be that just her name is listed? Thanks. [link] [comments] |
| Landlord Threatened Eviction Due to Noise Complaint-- pls advise Posted: 22 Nov 2020 08:40 PM PST So I have an issue and I am not sure how quite to start-- I am a F. student who had to leave dorms/ student housing due to the COVID pandemic. I am currently in an studio apartment in a nice area of town--I moved in like 6 months ago. My mom found a realtor who is in laws or something with the realtor, (Lets call her Mary) so when moving in we did not communicate with the landlord per se. I had concerns about smoke and she said "Not a problem, most people don't smoke in this building." I had a very bad experience with my neighbor in the dorms smoking so badly you could see the smoke through the walls. Anyway, Not only is Mary very standoffish but she has a superficial attitude about her..it is also really weird that when I moved in, she was the only one there and not the landlordbecause apparently the building I am in is an older building that Mary mostly handles. Sometimes, I see the landlord behind the building doing work with men who do work on the place but have only spoke with him a little--like 'small talk.' Everything was fine when I moved in-- Mary meet to call her if I needed anything A few months after everything was fine, but like four months in I got a call from Mary saying the girl below me had complained that I was making excessive noise--shouting and pacing at night-- there are only like two instances I can recall when I would have said I was 'shouting' but I was on the phone with a friend. It was not ridiculous and 99% of the time I am quiet and just doing homework. Other than that, I think it is just me walking around and being up late that is bothering her. Sometimes, I get out a yoga mat and A few times I have been cooking late at night, but its' not like I play loud music blasting or anything like that. I try to wear headphones whenever possible,. I tried to reason with Mary about this, and say 'Please stop yelling, let's talk about this like adults,' but she has been verbally very rude saying "You are a child, I am calling your mother:" (I am 21. And was taken aback by this) Mary refused to communicate with me about the issues the other tenant was having and hung up the phone. I literally had a panic attack because I didn't want to get evicted- I I caught COVID a while back, so my mother talked her out of eviction. My mother somehow convinced to let me stay "if I was quiet," but I feel like I am in a prison cell, and unable to walk around and like doing so will set off a landline or upset the other tenants. The tenant below me wrote an email and complained again two months later and Mary called me and did the same thing, same conversation. "The tenant below you was complaining about your noise levels. I am going to evict you. You're done." I said, "Mary, I have been very quiet, I don't understand but lets talk about this maybe it's the wooden floors-- " She interrupts me and goes,"No, I am done you have been complaining too much, and you are too much,I am calling the lawyers" (The only times I asked for a workman was when there was a smoke detector missing and when my dishwashers knob fell clean off when I tried to start it) I asked her to stop yelling at me, and be civil, and she proceed to call me a child, and say "Admit you are making noise or I will evict you." I said, 'No, I am not going to admit this, how dare you call me a child, I am 21 and you won't even let me talk." Mary responds to this by saying "Yes you are, I am calling your mother," and hung up. I caught COVID a while back, so my mother talked her out of eviction because I am still sick and having extreme shortness of breath. Literally writing this is taking energy from me, but I am in a panic because I don't know what to do. I am looking for another place ASAP but am so worried that dropping a fork or a spoon will set this person off. Please help?! Any comments are useful... [link] [comments] |
| Posted: 22 Nov 2020 06:22 PM PST I've been looking at foreclosed homes which is a real hard thing to do. Most sites want you on a subscription just to view these homes. Of course the greatest difficult is gauging how much work is needed on the house and what its needing. Outside of work involved my biggest question is if these houses have debt that I will take on? How do i find this information? [link] [comments] |
| What’s the process to getting a real estate sales license in California? Posted: 23 Nov 2020 04:30 AM PST |
| Need Advice for Rent to own Situation with my landlord Posted: 22 Nov 2020 08:11 PM PST I spoke with my landlord and we agree that he will sell me the house in a year, but I'm trying to lock- into a purchase price right now before a market gain. I plan to give him 2x my rent, so I can rent the whole house now, move my parents in, pay half of that ( since they already pay more now ), and start fixing up the house. I would be responsible for all the property utilities and taxes. Basically im thinking about a rent to own agreement. Now my question is this, am I making the right move (reaching out to real estate lawyers & agents )? Is it worth renting to own or am I better off just purchasing the house in a year. Ps. I reside in NYC and I was approve for a 350k mortgage but I know he is not going to sell me the house at that price. [link] [comments] |
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