Real Estate: Coliform (fecal matter) in well water after being treated |
- Coliform (fecal matter) in well water after being treated
- Closed Today!
- Loan was sold and they say we didn’t pay PMI and are increasing our monthly payment?
- How often are houses purchased over the Chirstmas/new year holiday?
- Considering buying 1-2 acres of brother-in-law's property so we can start farming and have access to his 40 acres. What will this mean for his USDA loan?
- Northeast Area Market Concerns and Advice
- FNMA home renovation loan question
- As-Is checked on a contract with a warranty?
- Is real estate investing really as simple as...
- REO home process
- NYC apartments: Is there an official rule or law on apartment carpeting over wood floors?
- Need advice on bank account balance for mortgage down payment
- House hack
- Selling houses with renters _ no lease _ sub market rent
- (California) - Anyone head of VirtualLending refinance company? Rates are super low, I'm a bit suspicious
- Home Owner Insurance Help
- Private sale of property - tips?
- First time buyer, when do I lock in lender and rate?
- Should I approve a prospective tenant with these quals?
- Bridge loan vs sell rent buy
- Be a decent, honest, respectful, fair landlord and you will get good tenants.
- Closed.. still no home
- Am able to break a lease whenit was renewed over the phone?
- What are your thoughts on Oakland, CA real estate?
| Coliform (fecal matter) in well water after being treated Posted: 30 Dec 2020 06:31 AM PST So a little over a month ago when getting well sample from faucets, Arsenic and Coliform was discovered. They said no E. Coli. The well was shocked and tested for coliform, and it tested negative. A filtration system was added a few days ago and it tested positive for coliform again. The seller is installing another filtration system that is supposed to filter out coliform, but now I'm starting to get wet feet here. I've recently discovered that the owner never pumped their septic tank and would let it overflow. She it's natural for the environment. On top of it, when the septic tank was inspected, neither myself or realtor were let known the day it was happening. We just received the paper work saying it was good. I'm a first time home buyer. I was supposed to close today but I'm not signing anything until I get another sample back. I'm considering having a sample taken straight from the well. Any recommendations? I'm really not sure if I should just walk away. I really like the house/property but I don't want issues with my water. [link] [comments] |
| Posted: 29 Dec 2020 06:15 PM PST This is long, so buckle up for the ride! This was my second home but it is my husbands' first home. The first one I bought right before the crash of 08 and was underwater until I sold it in 2018 with 1k in my pocket for my trouble after putting 20K in it (it was a bad flip) just to get it to sell. After that, I rented for a couple of years as I was relocating from Philly to NC and had to spend the time to save up a down payment. To make a long story short the 08 crash left some serious trauma in me, not to mention a lost 10 years where I could have had equity-gone. I grew up only in rentals my whole life and I am the first woman in my family to have ever bought a house on my own. I had no real advice or wisdom that might have made me choose differently. I only saw it as checking off the thing you do to get into the middle class. Boy that was a real tough lesson and my trauma definitely was a factor this time, too. I started looking in Jan. of 2020 with my husband. From Jan. to March most of it was just getting a sense of the area and what we would be able to afford. Our first realtor was a bust, she was very inexperienced and worked for her mom whom we thought we were hiring but she gave us her daughter instead. In March when things started turning south we used that as a reason to get out of this contract. We also thought that perhaps we would get a better deal and prices would ease up. How wrong we were as it all just got even crazier. We got a second realtor for two months via a recommendation. She did not know our area and we lost out on bidding on great homes because both she and we were location ignorant. We parted ways. In early summer we got our 3rd realtor who was great. Very knowledgeable, well connected to the area, and also had a good sense of what we were looking for. Part of our bad timing was that we were looking for a more rural property at the same time everyone else was, apparently. It took us a long time to find good properties because we were very particular. I have a neurological condition that makes for excessive noise and artificial lights hard to handle so we were looking for dark and quiet places. I absolutely cannot tolerate LEDs which is everything now. It is a burden. No streetlights, no bright neighbors, it was an odd (and hard to find) requirement to be met. We were looking for 1400 sq. ft max with as much land as we could afford – the opposite of most new developments these days. We also wanted the capability to go off grid in the future so well and septic were also part of the search. All within 40 minutes of Durham, NC. In NC there is a due diligence fee which is absolutely ridiculous and as far as I am concerned extortion. Maybe in the past it was reasonable, maybe $500 to take a home off the market. But now you have to offer 4-6k in due diligence in our area to even be looked at. Knowing that I could lose that if I walk and I give it before inspection and appraisal meant we stopped looking for about a month as I just did not feel at all ok with this, every fiber of my being telling me this is a horrible risk. Here my trauma was losing its mind and I had to really work through this psychological hurdle. On top of that, in Durham where we were looking any nice-ish house was going for 20-50k over asking. So in these bidding wars we had to lower our budget to asking prices that we could offer a strong bid for rather than a house high priced that we have some negotiating power. All of this, felt so deeply risky to me and I was having literal panic attacks over this. But I also feared getting priced out of the market and also inflation on my little nest egg that I had worked so very hard to save up over the years. Despite all of this, we decided to take this insane risk. We bid on 3 houses altogether (after looking at easily 50-60). The first two we were outbid and since we were not willing to waive appraisal contingency we lost one of them. The final house, the one we closed on today, we saw on a Friday, submitted an offer Friday night. The offer was 220k, we bid 233.5K with 5.5k due diligence and 4.5 earnest fee- my realtor also said that they had to accept the offer by noon the next day or it was off the table. The seller agent asked if we would be able to cover any price post appraisal. We said we could over but we did not say by how much. I think that was a subtle negotiation that landed us the offer acceptance and we would not have been able to navigate without our realtor. I knew the house would not appraise at 233.5, but I thought it would appraise about 225-227K and I was willing to cover up to 7K in the difference. It was a gamble. After that came the flurry of inspections, septic, land survey, the works. We had to fine comb the whole house because we knew that the only negotiating power we had would be in potential repair credits if it had to come to that. I was a mess, I should have been on a IV line of Xanax because if something was really bad – what motivation did the seller have to work with me when they already had 5.5K of my money regardless of what happened? Luckily for us, inspections and what not all passed within reason and the place was in good shape except for some nit picky details. Next the appraisal which was ordered over Thanksgiving and the appraisal came in one day before due diligence was up. I was a wreck. It came in at 220K at offer price ( I am not going to get into the full throated howling that happened, nor the tears or gnashing of teeth or shaking my fist at the Fates). But this was going to be a real problem – to cover that 13.5 in cash over. I could do it, but it would have been at the edge of what we were comfortable with. I did not want to touch my emergency fund if I had to. Here is where having a good realtor really gives buyers an edge. She talked to the selling agent about how relisting it would be an issue- they would also have to gamble that another appraisal would go higher. She was also able to (somehow I don't exactly know) able to secure 4.5K in repair credits, plus the sellers came down 1.5 k. Finally, she (and we did not even ask her to nor even considered it) offered 2K of her own commission in order to land the price at 227K. I was legit crying on the phone, I was so blown away by her generosity and kindness. She didn't have to do that. We locked in a loan at 2.8%. I was able to and over 7K cash as well as 13% down. Our mortgage even with PMI is an astonishing $975 a month, about $300 less than our rent right now. The house is a 3/2 1430 sqft. On 1.3 acres – it is quiet and dark. It checks many of those boxes but we had to move 30 minutes away from Durham to get this. We live in the Chapel Hill area now but would not have been able to afford as much land/house as we got further west. That was a major concession. We are confident, however, that the up and coming area we moved to will work in our favor. Also, people in this area didn't have the kind of cash on hand we had which made us much more competitive than in Durham where it seems every other cash buyer is from the west coast. So we closed today, and my God, I never want to go through this ever again. I feel like I need a therapist to process everything. Here are some words of advice for people looking or who might be new to all of this like we were:
There is even more than this, but tis is long enough. Thank you for coming to my Ted Talk! [link] [comments] |
| Loan was sold and they say we didn’t pay PMI and are increasing our monthly payment? Posted: 29 Dec 2020 08:02 PM PST TLDR; loan was sold, said we didn't pay enough upfront pmi at closing, wants to change our monthly rate We closed on our new home in October, we paid our credit union for the month of December and then they sold our loan. We put down 10% but requested to pay PMI upfront (so our monthly payment was less) and at closing paid the full amount they told us PMI cost. We received our paperwork and the new financial institutions said that we have to pay PMI and that it was not included in the monthly payment information on our loan paperwork so they added it, a whopping extra 300 dollars a month. We informed them that we paid PMI upfront and they told us that it wasn't the full amount of PMI. We said this was the agreed upon amount with the credit union, if they gave us a discount, that's not our fault. It shows in our paperwork we paid upfront PMI. Can they decide that PMI is different than what the credit union gave us? Can they change our monthly rate even though we did not sign paperwork at that rate? My husband thinks "we signed paperwork at this rate, they can't change it, we will go to court if we have to, don't worry about it" They are "escalating" the situation and will research and contact us within 3-5 business days. BUT I'm stressed. I don't really know the rules. Any ideas or opinions are welcome. [link] [comments] |
| How often are houses purchased over the Chirstmas/new year holiday? Posted: 30 Dec 2020 09:19 AM PST We put an offer on a new house contingent upon selling our current house. Our house went on the market the 4 days before Christmas. We had 4 people do a walkthrough Christmas week and so far nothing this week now. We are in Colorado and houses have been going in a matter of a few days at this price point. Is it normal for all activity to stop around Christmas/ new years or should I be looking at dropping the price this weekend? [link] [comments] |
| Posted: 30 Dec 2020 08:56 AM PST My husband and I are planning to move out to the country and buy a used modular home. We want this to be our last move where we will live permanently. My brother in law owns 41 or 42 acres. We've spoken to him about buying 1-2 acres and moving out there so we can begin farming together. He has a USDA loan. Would this mess up his loan if he sells just enough that he keeps 40 acres? [link] [comments] |
| Northeast Area Market Concerns and Advice Posted: 30 Dec 2020 08:14 AM PST We've been looking what seems like forever at this point for our hopefully "forever home". We're in the suburbs outside of Philadelphia. Lost on a few offers that just went WAY over Bid. Our budget is up to 375 (single income right now) which seems high to me but low to this market. We've tried lowering so we could overbid but that doesn't seem feasible In this market. I then looked into new builds but the closest in my price range would be around Middletown DE. We even drove there to see but the commute back to this area would be tough for my job. The market was bad before then covid hit and seemed to almost come to a halt. Prices have risen and inventory is just blah. Is there hope here? We currently live in a small home with no yard in a changing neighborhood. Wed like to sell and capitalize on the prices but wouldn't have anywhere to live and don't want to sign a year apartment lease. We'd like to get into a new school district by the start of September for my oldest to start fresh in kindergarten. Primarily we focused on 2 areas - west Chester pa and upper Delco. We're now open to expanding our search to montgo, bucks even northern state of Delaware.
Just looking to see if anyone else out there in these areas are having a hard time. Or am I doing something completely wrong. [link] [comments] |
| FNMA home renovation loan question Posted: 30 Dec 2020 06:16 AM PST I got pre qualified for a home reno loan, property is listed for $224k, 10% down and the rate will be around 3%. So the property is currently a multi family and the reno will be to convert it to a single family. Our plan is to go in and do our own work to rehab the space into an airbnb once the contractor is done converting to a single family. I asked the lender of any restrictions on airbnbing the property since this will be a secondary home (currently renting and will continue to rent an apartment) and he said don't mention renting it out and once you close its your home to what you please with it. So my question is, is this legitimate? I don't want to just take this guys word for it and end up stuck with a property that can't generate any income. [link] [comments] |
| As-Is checked on a contract with a warranty? Posted: 30 Dec 2020 09:52 AM PST I'm curious if the experienced community has dealt with this.. I'm looking to buy my first house. The contract has "buyer accepts property as is" selected. It also has a reimbursement amount that the seller will give at closing for a residential service contract. Since it's not an investment/project property, I'm having issues with the As Is portion, but I also don't want to miss the opportunity for my own lack of experience... Any thoughts? [link] [comments] |
| Is real estate investing really as simple as... Posted: 30 Dec 2020 09:46 AM PST Buy a property, rent a property, show income on personal financial statement, buy another property, repeat. Can someone share a story of how they began investing? [link] [comments] |
| Posted: 30 Dec 2020 09:40 AM PST Hi Everyone, I am interested in buying a home that is a real-estate owned (REO) post-foreclosure. I have been researching but am hoping y'all walk me through the steps of the process and give me all your tips/important considerations? Thank you so much!!!! [link] [comments] |
| NYC apartments: Is there an official rule or law on apartment carpeting over wood floors? Posted: 30 Dec 2020 09:08 AM PST |
| Need advice on bank account balance for mortgage down payment Posted: 29 Dec 2020 09:27 PM PST Hello everyone! I'm getting started with looking into buying my first home sometime early next year. I needed some advice on what to do with regards to the down payment for a mortgage. I live in SF bay area, but I'm considering houses in Sacramento, CA. Price range around 600-700K. I'm 26, software engineer, good steady income, excellent credit score (>800), no debt. However, a significant amount of my money is in stocks. I know that's usually pretty risky, but I invested at a pretty good time, and also a lot of my compensation has been from RSUs. If I sell some of my stock, I can cover a 10-15% down payment for a house. I have read that lenders usually require bank account statements to show funds for 90 days or more for pre-approvals and mortgage applications. So should I sell some of my stocks now, so I can have cash in my account for at least 90 days by the time I want to get pre-approved/get a loan? Or will banks be ok with me selling the stock for cash soon before I am ready to get a mortgage? I will technically be able to prove the source of this new influx of cash. Appreciate any help/insights! Tried googling this but couldn't find a definitive answer. Long time lurker on this subreddit, finally making a post! [link] [comments] |
| Posted: 30 Dec 2020 08:21 AM PST Buying my 1st house hack in 2021. If I have 20% down ready to put down, should I still use the FHA loan with 3.5% down on a house hack? Any opinions? [link] [comments] |
| Selling houses with renters _ no lease _ sub market rent Posted: 30 Dec 2020 07:41 AM PST I have a couple of houses (sfh) that we are planning on selling, and am looking for recommendations on what to do with the tenants. we have mismanaged the tenants by letting leases expire and also having below market rent. I don't think this is a situation that a new home buyer would want to deal with so we need to get it straightened out. The rents would need to increase by about 40% to be market rate, but it's a low priced area so that is just $400/mo. We have been giving the tenants a good deal, because they have stayed but we are ready to move on from having rentals in this area. Should we give them a month to month lease to sign at market rates, or try to sign a new lease each month increasing every month, or possibly just tell them they need to move out because we need to remodel to sell (which we would do). This is in California, but not in a rent control area, and they don't have an active lease. [link] [comments] |
| Posted: 30 Dec 2020 07:28 AM PST I saw their ads everywhere and went through a call with a loan officer. I've been through two sales before, so the process so far seems normal. The only redflag is the rates are almost 50bps better than what I've been quoted by 6+ lenders for my situation. (30 yr fixed $1.2m loan, 800+ fico, no debt etc). VirtualLending is providing 2.65% where everyone else is around 3%. I checked the NMLS of the company and it seems legit, same with the loan officer, but I since it's not a national name or a local contact, I'm wary of sending all my personal info just yet. Has anyone here worked with them? [link] [comments] |
| Posted: 30 Dec 2020 07:23 AM PST So first time doing this, but it seems i literally can modify the options of the insurance in terms of the house quality to drop the price of the insurance? I know i can pick some options etc. but im talking about. Roof type, floor type, finished basement, etc. I can essentially put this all at low quality and drop the price of my insurance or is this fraud? [link] [comments] |
| Private sale of property - tips? Posted: 30 Dec 2020 06:12 AM PST Somebody I know wants to buy my house and we want to avoid agent fees but I don't even know where to start. Do I absolutely need a lawyer/agent to get the correct paperwork filled out? [link] [comments] |
| First time buyer, when do I lock in lender and rate? Posted: 29 Dec 2020 11:57 PM PST I got preapproved with one company online, then during the offer stage switched to a different one the realtors liked better. I was told I should shop around. They quoted me a rate today with the option to lock it in, I said yes but haven't signed the update yet to change from float to locked-in.. Supposed to pass papers and do deposit this week, and close in a month. When I went back to the online lender they quote a slightly lower rate. It's a 30 year mortgage so the difference is going to add up a lot. And it's also been dropping slightly, so maybe I shouldn't lock it in yet with either one. The question I have is when do I actually commit to a mortgage? I know the amount of time needed will vary, and I don't want to delay the closing and risk losing the house. But can I still switch between the 2 that preapproved me pretty easily? Do I have time to try a different lender? Will they match or beat each other's rates if I ask them/say I'm switching? Will it jeopardize the purchase if the seller or realtor don't like the lender? I'm highly qualified/buying a house way under my budget, so I am not worried about being denied a loan, but I wanted to get input on what is customary and expected because this whole process is foreign to me and it feels like these people (realtor, loan officer, seller) have certain expectations and requests but ultimately I think it makes sense for me to go with the lowest rate I can get, right? [link] [comments] |
| Should I approve a prospective tenant with these quals? Posted: 30 Dec 2020 05:54 AM PST Hey all, I have a 3 bed 2 bath SFR that's been vacant for about 75 days and my best applicant has a 595 credit score and income to rent ratio of 3.1 (minimum level for approval is 2.5x). Has medical debt in collections of $2500. Clear background. Not the ideal quals but given the cost of vacancy should I accept? Tenant is willing to put extra security deposit and I think will have a co-signer. [link] [comments] |
| Posted: 29 Dec 2020 11:26 PM PST Living in San Jose California. Looking to move to contra costa. Homes are in low supply and I am not seeing much new inventory and I am going to be selling for ~1.5m and buying ~2.5m. I am considering a bridge loan and then a refinance to a better rate 6 months after getting into contract on a new property. My lender says I can refi after 6 months... ideally I would want to do it sooner. I am also considering selling first. Getting my cash and moving into my dads house who is currently living with his gf so his house could be wide open to my family. I could then use my old homes equity as a down payment to the new home. Don't need to carry two loans. Curious on your thoughts on this. I see downsides to both scenarios. For the bridge loan I feel it's expensive and I don't know if the rates would be good. For the live in my dads house... well who knows when I get in contract in a home I love in this market. I also would have all of our family stuff in storage and I would minimize the impact of moving twice. I'm feeling anxious and stressed and could use some thoughts or food for thought. What do you all think? [link] [comments] |
| Be a decent, honest, respectful, fair landlord and you will get good tenants. Posted: 29 Dec 2020 02:32 PM PST You will save thousands of dollars, ad years to your life due to lack of stress, and enjoy being a landlord if you don't[' over price and be a prick. Be greedy, judgmental, arrogant, dishonest, and scummy and you will always get bad tenants or good people getting out of there. Your place will be vacant many months, you will be endlessly fixing "wear and tear" or worse. Lots of people rent houses and have many rooms or units and are respected by their tenants. Others no so much. It is like a construction company. If you have an asshole idiot as a boss the workers are always bad and unreliable. The team you find where the leader is good and fair, the workers all do their best and try to be part of something. There is exceptions but the decent landlord shurgs them off. This doesn't say you shouldn't look for decent people and chose wisely But it isn't always that higher income or sweet talking persons. Sometimes the best tenants are the people you would't usually gloss over. [link] [comments] |
| Posted: 30 Dec 2020 02:51 AM PST We knew it was going to be tough to buy our first home in 2020. We started looking in rural AZ after we moved here from NH. We fell in love with one property in particular and after our first realtor did not show up we asked the sellers realtor to represent us. The realtor turned out to be the best thing about this experience, she was fun, knowledgeable, and would be our neighbor. The seller was rude and uncooperative. We signed about 7 extensions to stay under contract. When all the repairs were done ans financing went through, the realtor seemed to have dissapeared. We got a call from our loan officer to set an appointment with the title company to close. When we called the title company, they informed us our realtor had passed away. Because she had been the only realtor at her office they needed to wait for guidance from the state on how to proceed. The state told them to continue with the closing. On Dec. 23, they sent out a notary and we wired the money to the title co. When we called to go get the keys on Dec. 24, they informed us that they could not let us in the house yet because they needed to complete a follow up inspection that they had forgotten to schedule and the inspector is on vacation. They do not want to go with a different inspector because he could find other things that need to be fixed. We know whats wrong with the house and we just want to move in and start working on it. Are we entitled to any compensation from them? We thought we were moving, now they are costing us more money on hotels and storage. [link] [comments] |
| Am able to break a lease whenit was renewed over the phone? Posted: 30 Dec 2020 01:56 AM PST so when it came to renewing my lease for another 6 months, my property manager did it right there and then over the phone. now my question is, even though we haven't officially signed the renewal does the lease still bind us legally? if we were to break it now, would we still have to pay up until a new tennant moves in or when the lease ends? this is my first time renting :) [link] [comments] |
| What are your thoughts on Oakland, CA real estate? Posted: 29 Dec 2020 01:25 PM PST Is it a market that looks to be climbing in value or decreasing? It's interesting to see it's neighbor, San Francisco, have asking prices being slashed by hundreds of thousands of dollars when so recently it was looked at as a "bulletproof" investment opportunity if you had the means. [link] [comments] |
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