Real Estate: Closed on our home. VA loan, locked in 2.25% interest rate, and happy wife |
- Closed on our home. VA loan, locked in 2.25% interest rate, and happy wife
- Mixed Feelings After Offer
- [GA] How to deal with homes selling at record speeds?
- Everything is difficult. Advice is appreciated, please.
- Help me see the Mexican real estate market with actual real estate agents
- Insurance company asked to see home inspection report and is now commenting on the report's findings...
- Loan officer or LO assistant in 2020?
- Question about negotiating interest rate
- Should I refinance if there is a possibility that I will need to sell in another 2 years?
- I refinanced my home twice in the last year. Was that a bad financial decision?
- realtor.com keyword search help
- We want to move husband's parents into our apartment in multi-family we own and buy a single family
- Question about "cost of sale" of house in a potential court foreclosure procedure
- Realtor thinks my offer is too high...
- What does a real estate license get you besides the ability to broker a home sale?
- Anyone have remorse over the house that got away and now no new houses will satisfy?
- Closing soon, freezing temps and heat
- Pier and Beam question
- California Property Tax Question
- Zillow Buyer Agent
- Buying a home out of state
- I’m 19 and thinking of buying a house
- I don't know what to do.
- Canadian here. Can someone explain WHY it’s so affordable to live in Florida?
| Closed on our home. VA loan, locked in 2.25% interest rate, and happy wife Posted: 03 Dec 2020 02:53 AM PST This is just a bit of a follow up/update on the last few posts I made on here. The inspection came back damn near perfect on this home. Nothing major but the little things did add up. We negotiated and the sellers gave us decent credit towards closing. It was a big help and we were honestly just happy (and shocked) that we got a credit in such a competitive and mentally exhausting market. The appraisal came back exactly on the money. No issues whatsoever. I have a feeling our lender slipped an extra $20 to the appraiser for this one though. After that, it was just a waiting game. We had our rate locked in. No points. With help on closing costs from the seller. It was just unbelievable how smooth it was after the offer was accepted. We owe it to our agent and our loan officer, as well as their team. We signed our closing documents. Got our keys. Agent left. And it was just us again. I've never seen my wife so happy. I guess what can be taken from this experience is that the VA loan can make this happen, it's not easy, but not imposible. It allows for a bit of a lower rate and it gives you a set of standards you should want for your home to begin with. The little to no downpayment gave us a chance to put money towards renovations and for that money to accumulate higher returns elsewhere. I encourage veterans and active duty folks to not feel discouraged and if it's time to buy a home, to remain patient and be willing to compromise. A few months back I was worried we would have to rent an apartment again and that we wouldn't have space for our kid. But we pushed forward. I couldn't have done this without my wife. We're finally homeowners. If anyone needs any help understanding this process,feel free to message me. I'll be happy to share my experience and what I've learned. That's the end of my trilogy. [link] [comments] |
| Posted: 03 Dec 2020 06:36 AM PST After perusing Zillow & attending Open Houses for over a year, we finally have 20% down and decided last week to move forward on officially, seriously looking for a house. We went up this week to look at a few properties. Three were flops (bad location, too-low ceilings, smoker), but we really liked one of the houses. It's a very practical house. Way low in our budget. Absolutely nothing needs to be done. Great layout. Good yard. Right size. Meets all of our needs and some expensive wants (3-car garage with workshop and attached / roofed pergola with electric). And yet... it didn't take our breath away. We were all very calm and analytical about it. It isn't quite where we wanted to be, but is only 5min away and the cost is easily $40-$50k less than officially being in "THE area". We only had an hour to decide whether or not to put in an offer; the deadline was that day. After an anxious lunch spent hemming and hawing, we did. Now we wait. Part of me kind of hopes they reject it. Does this mean we made a mistake? Should we be more excited, or is this just "cold feet" due to everything moving so quickly? [link] [comments] |
| [GA] How to deal with homes selling at record speeds? Posted: 03 Dec 2020 09:14 AM PST I'm a first time homebuyer and am on the market for a house. I'm working with a realtor and she sends me new MLS listings on a regular basis. There's been instances of me getting an MLS listing email from her 15 minutes after it gets listed, and by the time I get a chance to review the posting that night it's under contract. We've gone to showings the day they go on the market and find out someone in the time slot before us submitted an offer that was accepted. I understand that the market is extremely competitive, but this seems untenable. Does anyone have any advice on this? This is seriously stressing me out and I thought getting approved to buy a house was supposed to be somewhat fun. Instead it has been nothing but stress refreshing webpages every 5 minutes and having to drop everything at my job to go look at houses every 30 seconds because if I don't it's off the market. I have a full time job and responsibilities. This market doesn't even allow me time to consider whether I like a house or not. [link] [comments] |
| Everything is difficult. Advice is appreciated, please. Posted: 03 Dec 2020 08:33 AM PST Hey Reddit I'm 22 and living with my parents but oh god...this house is driving them crazy. The story might be a bit long, and I'm not too clear on all of the details but I'll do my best. So my parents want to move to a bigger house. They found a house, loved it, and sold our current one in three days. No big deal right? Well getting a loan for the new house, and trying to close on a selling date is the problem. We should've moved out a month ago but the closing date kept getting pushed back. The underwriters didn't approve on my parents loan. Mind you, this isn't the first time they purchased a house! They had to switch underwriters/ loan officers because the first one kept forgetting about details and leaving out information from my mom. She got appointed a new one. My parents were told that things would be easier with this new woman. Well it hasn't. She's getting told to pay off all of these loans, multiple loans to get to the right percentage point to be good enough to close on. (not too clear on what that's referring to, I'm sorry.) So, they pay off loans, work their asses off and have to take out other loans to pay off other loans. I'm sorry if it's confusing, I'm kind of lost myself since I'm not fully in the loop. So, anyway my parents do what the loan officers says, and a new problem pops up the next day. My mom has to show proof of her assets and she had to show proof that she doesn't own a house that we were getting evicted from like...10 years ago. She has to show proof that we lived in our current house for over 6 years because they won't loan to her if she recently bought a house. My grandma lives in a house they own, she has to show proof that my grandma's a tenant there (we don't charge her rent, she pays the bills of that house) and everything's a mess. Just last night the loan officer called my mom to say that they can lock in on the rate. Thirty seconds later (no, not an exaggeration! She literally called 30 seconds later) she said that the rate for the house went up! She left to call the underwriter and would "call right back". She never did for the rest of the night. I'm feeling like this whole thing is very suspicious and shady. I keep raising concerns to my parents that it feels like a huge scam and that they're bleeding money (my mom has to dip into her retirement funds to pay off another loan from a phone call today!) and my mom is like "this is so insane! Nobody will believe us!" So my question is, is my gut instinct right? Is this a scam or unethical? We should be in the new house already, and even the buyers are being told to scrape up money from wherever they can too to pay off who knows what! We're trying to leave a sucky neighborhood to go to a nicer one but as each day passes I'm wondering if we're going to be stuck here in this house. If it helps we're a family of color and live on the east coast, close to PA. (I'm sorry I'm very very weary of sharing my location with people). Is there any advice to help this process speed up? Any advice to stay sane and just not fall apart in tears? I'm super worried about my parents, especially my mom's health because she's stressed enough and I'm worried this will just make her sick. [link] [comments] |
| Help me see the Mexican real estate market with actual real estate agents Posted: 03 Dec 2020 10:11 AM PST In Mexico being a Real Estate agent just means being a salesperson, no qualifications, no license, no anything, and the interest rates are pretty much dependant on how much you earn and the length of the mortgage (20-30 years). The interest rates go from 9% to 13% with an average down payment of about 20-30% For example, the apartment where I live is listed for USD 190,000, and the rent is $700 Even though real estate usually goes up in value, I just don't see the value in buying a property, my math doesn't add up. I'm not sure if I'm in a "buyer" or "seller" market, but they are building apartment buildings like crazy and you can see properties that are for rent or sale for months/years, and landlords don't care to reduce the price or live in them. Any thoughts? Hope it makes sense If you need any more info let me know and I'll try to give it to you. [link] [comments] |
| Posted: 03 Dec 2020 09:55 AM PST is this typical? according to my inspector this is highly unusual - though he's obviously not the expert. the insurance company requested the inspection report when they found out the house (in NY) was 100 years old and now they're asking me if/when i plan to make any repairs that were noted in said report (i.e. the roof is 15-20 years old - is a repair in my near-future plans, etc.). [link] [comments] |
| Loan officer or LO assistant in 2020? Posted: 03 Dec 2020 09:33 AM PST Hi Reddit family, I just got two job offers yesterday:
I've been mulling over it for a day now and I'm getting cold feet. I was 100% confident I'd take the LO job but after reaching out to contacts, I learned EVERYONE had already refinanced and there's a housing supply shortage. Is this a terrible time for a new LO to enter the business? Any feedback would help! There are so few friends I know in the industry, I depend on your expertise. Thank you! [link] [comments] |
| Question about negotiating interest rate Posted: 03 Dec 2020 08:59 AM PST So my wife (26) and I (28) recently went under contract and we are scheduled to close on December 29th. We are going through the lenders documents and noticed that our rate is the same as what we discussed a month ago when receiving our pre-approval (2.875% 30 year fixed). We are using a VA loan with 0% down and our credit scores are 804 and 806. Fairway is the lender. My question is this: Should we try to negotiate a lower rate at this point or just refinance at a later date and eat the closing costs? We really want to close on December 29th, would negotiating this rate potentially push closing? TIA! Edit: The rate is NOT locked in. [link] [comments] |
| Should I refinance if there is a possibility that I will need to sell in another 2 years? Posted: 03 Dec 2020 08:47 AM PST Bought a detached home in 2018 with a 20-year mortgage and an interest rate of 4.4%. The purchase price was about $160k and we only put 5% down. There is a chance that we will need to sell and move in 2022 (will know for sure in a few months). Is it a good idea to do a refi now for those sweet new interest rates? If so, any lenders you would recommend? Thanks in advance! [link] [comments] |
| I refinanced my home twice in the last year. Was that a bad financial decision? Posted: 03 Dec 2020 08:38 AM PST Bought my first home about a year ago. Rates at that time were fairly high and my rate was 4.75%. I knew I would want to refinance the rate down and after 6 months I refinanced down to 3.5%. Another 6 months goes by and rates are at a record low so I refinanced again to 2.65%. I bought the house for $275 and due to closing costs of refinancing twice I now owe $280 on it after about 15 months of ownership. For the first refinance I was given a $1K reimbursement check, and on the second refinance I got $5K reimbursement, both of which I added to my emergency savings. I plan on owning the house for a long time so I felt like the added costs now would still save me money in interest in the longterm. I also live in a quickly appreciating area, so similar houses are now selling for $305 (this started before Covid, so not a result of the recent inflation in housing prices), so at least I'm not underwater on the mortgage. Just wondering if my thinking makes sense and this was a sound financial decision, or whether I overlooked something and have added unnecessary costs to my ownership. [link] [comments] |
| realtor.com keyword search help Posted: 03 Dec 2020 08:36 AM PST I'm a first time buyer and am trying to use realtor.com to search for condos or townhomes with yards. The problem I am having is that realtor.com's keyword search doesn't seem to work the way I would expect. I have "Yard" listed as a keyword in my search, yet I have been able to find properties that have the word "Yard" in their "Property Details" section that aren't picked up by my saved search. I have run several other experiments in which I do a keyword search for a specific word in a property's description but the property is not returned in the search results. Additionally the daily emails I receive from realtor.com's automated search always include lots of results that don't contain the word "yard" anywhere in the listing. Is there some trick to using realtor.com's keyword search or does it just not work correctly? I already emailed their support but never received a reply. [link] [comments] |
| We want to move husband's parents into our apartment in multi-family we own and buy a single family Posted: 03 Dec 2020 08:25 AM PST I know literally nothing about how any of this works and I think my husband is rushing into things because of a recent health scare and his parents living hours away in rural New Hampshire/his dad driving himself an hour to a hospital. Anyway... We own a 2 family home, mortgage with DCU, he is always current on his payments, overpays it some months, has a job at Oracle as a hardware engineer where he's been 10 years now and makes over $100k a year. We want to buy a new single family home in the range of $450-500k. Credit score is over 800. He contacted a different lender for a quote on a preapproval for the second home and she told him he should also refinance this one. They offered to shave $30k off the overall debt still owed on this homem so he agreed but when we emailed her after seeing a listing for a home we might be interested in making an offer on to ask the timeframe for a second loan's pre approval her response was: "You can make an offer on it but if we don't close on your refinance I'll have to cancel the refinance and you'll just do the purchase. The reason being is that your refinancing your home right now as a primary residence." (They still need to come here and do an appraisal on this house for the refinance). Neither one of us really know what we're doing. He bought this house from his grandmother in 2013 so the first loan process and purchase of our home wasn't exactly normal to give us any incite on how this works. Help me reddit! Also if the answer is to hire a real estate attorney or someone to answer these questions for us since we are this clueless, please let me know, and who we need to hire for this. Because we're willing to. [link] [comments] |
| Question about "cost of sale" of house in a potential court foreclosure procedure Posted: 03 Dec 2020 08:01 AM PST Long story short - my mother may eventually be sued in court for unpaid credit cards. Since she only collects social security they cannot garnish her wages. However they can place liens on her home. I've learned from a lawyer that they can escalate these liens into foreclosure sales but I'm trying to figure out if it'd be worth it for them. The lawyer said it wouldn't be but she couldn't give me the math because she didn't feel it was her strong suit. Her largest debt is around $5,200 for one creditor. How do they figure out the value of the home? Zillow has it at $250,000 and most other sites have it at $300,000. However it is worth much less in its condition. I have been advised that cost of sale alone would deter the creditor for pursuing the foreclosure of the home and they would stop at placing a lien on the home. Is it a percentage calculation? Like if it's 5-10% and they go by $250,000 then it wouldn't be worth it because it would be $12,500 to $25,000 in cost of sale, right? And they'd only be getting $5,200. Not to mention litigation and lawyers fees (from what I'm told) Or am I way off base? I just wanted to see how the math works so I came here. And yes, I know she should sell the home and downsize but she's old a refuses and it puts me in a tough spot. We've already examined all bankruptcy and all other options. They'd lose the home and that's the only thing they want to save. Thanks. [link] [comments] |
| Realtor thinks my offer is too high... Posted: 03 Dec 2020 08:00 AM PST How much weight do you place on your realtor's suggested offer amount? I've seen 18 houses in 2 months, submitted 4 offers, lost 3, and withdrew 1. My budget is $150,000. Very few houses are being listed right now in this price range and any good ones are pending within 2/3 days. He took me to see a house yesterday and I liked it and decided to submit an offer. The asking price is $139,000. I'm thinking of offering $143,000 with an escalation clause up to $148,000. He thinks I should cap it at $146,000. The monthly payments wouldn't be much different either way and I'm tired of looking so I want to submit a strong offer but I also don't want to overpay. The house needs some updates but it's nothing that would prevent me from being able to move in right away. He suggested that I lower my offer on a different house before due to appraisal concerns and I lost that one. I don't want to lose this one. I'm trying to decide if I should push towards the top of my budget or trust his judgement. [link] [comments] |
| What does a real estate license get you besides the ability to broker a home sale? Posted: 03 Dec 2020 07:47 AM PST My goal is to start investing and I'm thinking about going for a real estate license. I can broker some of my friend's deals but I don't intend on going full time in sales for a while. Is it smart to sit on the license? Any other benefits? For example, an upper hand in investing (REI), greater access to data, great access to markets, etc. The state is Florida if that helps [link] [comments] |
| Anyone have remorse over the house that got away and now no new houses will satisfy? Posted: 03 Dec 2020 03:55 AM PST Almost bought a condo in Del Mar for $545,000, I had the 20% down, but the closing costs and reserves required an extra 20,000 I did not have. Tried to ask my dad for a loan but he was giving me all sorts of grief and demanding I sell my stocks at short term capital gains rate and was not willing to do it so I did not do the deal. I have not seen any place in the months since I am interested in, and now looks like I will be stuck buying a $600,000+ townhouse in a marginal area of San Diego like Mira Mesa or Mission Valley. I had a luxurious condo in luxurious Del Mar, west of the I-5, within my grasp and was not quite able to swing it. https://www.coldwellbankerhomes.com/ca/del-mar/13665-ruette-le-parc-e/pid_37653539/ This condo will now forever haunt my dreams. Now 3 months later the stock market has rallied and I have the extra cash no problem, but nothing at all looks good to me since. Just wondering if anyone else had the perfect house slip through their hands and now nothing else will do and you are filled with regret each passing day. [link] [comments] |
| Closing soon, freezing temps and heat Posted: 03 Dec 2020 07:32 AM PST We will be closing in about 2 weeks. Starting into next week the temps are going to be getting into the low 20s. The sellers arent in the house and live hours away. They did have a caretaker, not sure if they still do. I'm really worried about the heat being off and pipes freezing and bursting. I've brought this up to my realtor several times asking her if she knows if they have the furnace on now and I get "I'm not sure". Im going to call and tell tell her she needs to find out, because if pipes burst, I'm done. In contract it says "Property is to be maintained up until closing". I'd consider having the furnace on so pipes dont freeze maintaining the property, right? [link] [comments] |
| Posted: 03 Dec 2020 07:02 AM PST Looking Into buying a Pier and beam home/cabin, except the piers aren't on concrete pillars, they're just wood going straight into the ground (edit: 7-8 feet into the ground imbedded in concrete with 1-3 feet of peat/silt at the top). How common is this, what kind of problems may arise, and how do they do in earthquakes compared to slab foundations (we recently had a 7.2 and the house did fine, so I'm not super worried). [link] [comments] |
| California Property Tax Question Posted: 03 Dec 2020 12:34 AM PST First-time buyer here. I'm scheduled for closing on 12/16/2020. On my loan closing disclosure, it lists the amount for 6 months of property taxes under "prepaid" and it also lists the amount for 6 months of property taxes under "initial escrow payment at closing." Is paying a year's worth of property taxes into escrow at closing to be expected because of my closing date? Also, the first installment property taxes have not yet been paid according to the County website, and will be delinquent if not paid by 12/10/2020. Should this be a concern for me? [link] [comments] |
| Posted: 02 Dec 2020 05:11 PM PST I am new to home buying when I found a home on Zillow, and I thought my husband and I should see. I put in a time and date I wanted to see the house. I received an email from "Michael," and we set up a date and time. There was no further exchange of communication, and I mistakenly thought he was a listing agent. We showed up at the house, took a very brief tour when he asked how many other places we'd seen. I told them this was our first house and we were seeing four other houses the following day. He became furious and said, "This was a complete waste of my time. Why are you working with two agents?" I began to profusely apologize when he said, "I'm a buyer's agent, not a tour guide." We quickly left, and I felt embarrassed. He then texted me, saying I was working with multiple agents, and I said, "This is the first house we've seen." I googled how tours are setup on Zillow, and it's with a buyer's agent. I know I missed this portion, but what if you don't want to work with the particular buyer agent who shows you the home? And, why doesn't the buyer presents you with more information on who they are and what agency they work with? [link] [comments] |
| Posted: 03 Dec 2020 05:04 AM PST Getting ready to buy a house in another state I'm wondering how to pay the earnest money and eventually how to fund the closing. I don't know how to move money like that, in the past I have just gotten a cashier check for downpayment but that was in person at a title office. It will be an investment property that I'll move to in 8-10 years if we end up liking it (we actually haven't seen it or even visited the town it's in-I know it sounds dumb but that's a whole other thread) [link] [comments] |
| I’m 19 and thinking of buying a house Posted: 03 Dec 2020 05:02 AM PST Let me explain my situation real quick, I'm in community college right now and saved a lot of money while being here (10k), and I plan to transfer to a university for the remaining 2 years to finish my bachelors in software engineering. I don't have student loan debt yet, but I will soon and it'll eat up the 10k I saved like it's nothing in less than one year out of the two. I decided I'm not gonna give the university my money and take loans for the 10k regardless just so I can try to invest my money in something that could end up paying back and or pushing me forward in life, so I thought real estate. I don't plan to be a real estate person anytime soon(like getting a license and doing it as a job), I'm mainly focused on investing my 10k as a downpayment into a home and making my money back by flipping it, renting it and whatever. But I have no idea where to start or if it's even TRULY possible like the internet says, so I thought I'd start here on Reddit. I live in Texas btw, 30 minutes away from Dallas to be specific [link] [comments] |
| Posted: 03 Dec 2020 04:50 AM PST So, I've been looking since June to buy my first home. I've got an FHA loan for $185,000, with roughly $5,000 in seller credits. I fired my original mortgage broker and realtor for being sexist assholes. Prior to firing them I was working with $125,000, so I'm happy I made that change. Even with the newer amount, I'm still having trouble finding properties I like. There are 2 now within my range that I feel OK about and I could see myself living in. But I don't LOVE them. They are in nice cities, and the home size is right. But the lots are small, and one of the properties (the one in the better city) is next to an apartment building. The lots are both about 0.10 acres. The one next to the apartment building is laid out so that is has an actual backyard. The other one is laid out so that they have an impressive looking front yard, but nothing in the back. I like both cities, but I would prefer a house that has more yard. A small 3 bedroom ranch is fine with me, but I'd like to garden. I'm also now raising my granddaughter, and I'd like for her to have room to play. But in this market, I'm not sure if I should take what I've got in front of me, or if I should wait and miss out on what is here. What if this is as good as it gets for me? I do see some slow down in the market in my area, and prices are coming down, but if it swings up again in a couple of months then I might not find anything that I even like. I was thrilled when these 2 houses came on the market because it was finally something that would pass FHA and be in my budget. Any advice? [link] [comments] |
| Canadian here. Can someone explain WHY it’s so affordable to live in Florida? Posted: 03 Dec 2020 04:09 AM PST Since I'll never be able to afford a decent house that's not falling apart in Ontario, I've started to casually browse properties in the US, just for fun, to compare what you can get there vs. what I can get here. I'm seeing 5 acre properties in Florida for 3 grand, 20 mins from the airport, close to Orlando. I'm seeing beautiful mansions for under 400k with huge properties and waterfront, close to Disney. Now I'm seriously considering just buying a property there and using it as a summer home or perhaps renting it out to vacationers. This all just seems too good to be true. Can someone eli5 what I could be missing? [link] [comments] |
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