Real Estate: First time selling, how long until we get paid after closing? |
- First time selling, how long until we get paid after closing?
- Holiday fun for recent buyers
- California housing market is unbelievable- outbid on 1.8 mil house with 20 other offers
- Christmas gifts for tenants?
- Loan officer still hounding my employer for documents 3 weeks after closing...
- Am I paying income taxes on the full $1,500/month minus hoa/property taxes?
- Is It Mortgage Fraud After the Fact?
- to sell or not to sell
- Mortgage lender waived my appraisal?
- Never mind the Bollards!
- Seller left random shit in the garage. Worth bringing up at closing?
- Inferring issues from length of time in contingent status
- What is a 5’ easement worth
- Should I waive inspection contingency for a condo? Seller already did one that’s very comprehensive and proactively fixing the issues their inspector found. Seller market.
- NJ First time home buyer
- Getting worried. Buyer Agent ignoring my messages now. Closing in days! Help!
- I shopped around for lenders. After choosing Company Y, Company X just served me an "adverse action" notice. What does this mean? Should I dispute it?
- Home under-appraised! ��
- Getting a mortgage under your name for a parent.
- Found an Off Market Deal by writing to homeowners. Got a call back but it was from an agent representing them, and asked if we were serious and if we were willing to pay their closing costs. I’d love some opinions...
- Which insurance companies will write new policies for a home with a 15 year old roof?
- USDA and other loans
- How much did you have in savings (accesible savings, not retirement) after your downpayment?
| First time selling, how long until we get paid after closing? Posted: 24 Dec 2020 06:03 AM PST Online info is conflicting. Some sites say the day of and some say weeks to months. It's an FHA loan in upstate NY if that matters. Thanks! [link] [comments] |
| Posted: 24 Dec 2020 09:10 AM PST So this year after about 6 months of searching and 8 offers we finally closed our house and moved in last September. Having fun with being new homeowners, we decided to go all out on some Christmas lights. It then occurred to me that the new owners of the homes we lost out on may feel similar. As we do every year, we drove around neighborhoods looking at Christmas lights but this year we did a route that took us by all our previous prospects and sure enough, a majority of them had great light displays. Anyways, it may not have been such a fun game if we were still looking for a home but as it was, it was a pretty fun night! [link] [comments] |
| California housing market is unbelievable- outbid on 1.8 mil house with 20 other offers Posted: 23 Dec 2020 01:55 PM PST Who are the people buying these homes? We gave an offer slightly over asking on a home valuing 1.8 mil. We were told there were 20 other offers and counter offers were only offered to 2 top offers. I dont understand, if we are in a recession who is buying these houses and will millenials ever be able to own homes if theres insane competition even at the almost 2 mil price range? [link] [comments] |
| Posted: 24 Dec 2020 07:31 AM PST Do any of you landlords out there give your tenants Christmas gifts? Nothing crazy, just a $25 gift card to a local restaurant or something like that. [link] [comments] |
| Loan officer still hounding my employer for documents 3 weeks after closing... Posted: 23 Dec 2020 11:15 AM PST My employer informed me that they've been receiving requests for additional documentation regarding my employment from the mortgage loan company that we used as early as this week. They are asking for proof of employment, proof of what they've paid me this year and proof of my continued employment, as well as many other items. They claim this is needed to fund the loan... but it's very strange as we closed on our house 3 weeks ago at the start of December. We've already received the post-consummation closing disclosure, and my understanding was that our loan was funded on closing date and has already been transferred to the mortgage company that we will actually be paying monthly moving forward. Is this normal?? [link] [comments] |
| Am I paying income taxes on the full $1,500/month minus hoa/property taxes? Posted: 24 Dec 2020 08:35 AM PST I'm renting out a condo for $1,500/month in Southern California. It seems like the state/fed want me to not be able to deduct the $1,000/month mortgage so it looks like I'm making $18,000/year profit and not the actual profit which is about $4,000. This doesn't seem correct? [link] [comments] |
| Is It Mortgage Fraud After the Fact? Posted: 24 Dec 2020 07:11 AM PST Good day, all. Synopsis: Did some research within various county based dot gov sites regarding Subject One's property/deed/mortgage history. I discovered Subject One has been giving false information to obtain many of the mortgage loans in his name. Subject One (husband) works with Subject Two (wife) wherein they both have falsified information. Though I have discovered fraudulent information which is active, as the mortgage loans found have yet to be satisfied, the question still remains: Would the past mortgage loans containing false information be considered fraud since some of them are already satisfied? Any/all feedback is greatly appreciated. Thank you. [link] [comments] |
| Posted: 24 Dec 2020 10:09 AM PST Merry Christmas Eve. Here are some numbers I'm working with. Wanted to make sure I don't have blindspots. Reason considering this is we have to move.
I lean towards option 2 because I've been raised with the idea that holding onto property is better, but my concern is if I'll be over leveraged and it's wise since most of my equity would then be in real estate. I also wonder if having liquidity, the absence of landlord responsibilities, and potentially higher return by investing in the market outweighs holding on. I do think trying to keep the property first is better if I can make it work, since it's probably easier to sell and get out than to buy back in. Thoughts? [link] [comments] |
| Mortgage lender waived my appraisal? Posted: 24 Dec 2020 09:59 AM PST Hi everyone! On Tuesday, I won an offer on a single family home in a HCOL coastal city for $690k ($15k over asking). This will be my first home so I am a little confused by the process. The mortgage lender told me yesterday they waived my appraisal and I wasn't sure why—is it because they think the home is actually worth $690k or more? I did see the Redfin estimate at about $730k but always took those estimates with a block of salt. Or is it because of my good (70%) LTV/credit? Or something else? Thank you for helping out a newbie! :) [link] [comments] |
| Posted: 24 Dec 2020 09:06 AM PST If you look here, you will see a number of dug up concrete post holders between the fence and the road. The reason for this is this section of Chanate road seems to attract crashes that destroy this part of the fence. It has been re-built several times since I've lived here and I can imagine the homeowners are sick of it. If you go down the street and around the corner, the city has K-rail installed , but not up at this point My question: Is it safe or even legal to place your own protection in front (or even behind) to protect your property? Would I be incurring some kind of liability if someone hit them and got hurt? [link] [comments] |
| Seller left random shit in the garage. Worth bringing up at closing? Posted: 24 Dec 2020 08:25 AM PST From junk like broken plastic shelving and a couple old chairs to more useful stuff like leftover paint and scrap wood. We're first time homebuyers and I've always heard the premises should be "broom clean" which it certainly isn't. The sellers have been great and we actually formed a relationship with them but I also don't want to be the one who has to worry about hauling it to the curb or the dump. Also, sellers now live across the country. Thoughts? [link] [comments] |
| Inferring issues from length of time in contingent status Posted: 24 Dec 2020 08:14 AM PST I am looking at a house and it has been in contingent twice and came back into the market less than 14 days each time. Can we assume this is inspection related due to length of time in contingency? Stay the F away in this scenario? [link] [comments] |
| Posted: 23 Dec 2020 07:22 PM PST I'm considering buying a double lot property that currently has two units, front and back. Both units are single story. Some people call this a flag lot. Theres a driveway down the right side. I just found out through seller disclosure and title there's a 5' easement all the way down the right side. The reason for this easement is a developer built a pair of zero lot houses to the right and the easement gives the owners access to repair their house if necessary. The neighboring houses are three stories with the garage at bottom and two stories on top. We call these stackups. The problem is the value of this property is in the double lot feature. Most builders will tear these houses down and build two stackups. I wouldn't do anything like this for 10 years or so. Or even sell the property. But I still want the value. Due to the width of each lot (25') every foot counts. Most stackups nearby are built cantilevered. They usually connect the garages so theres a side walkway to each door (double garage in front). But the top floors they offset so theres less shared walls. I could still build a duplex where its connected all the way up. But maybe the value is reduced. I'm thinking of asking for a price concession even though we're under contract already. Opinions? [link] [comments] |
| Posted: 23 Dec 2020 07:13 PM PST |
| Posted: 24 Dec 2020 05:12 AM PST Hi there Looking to purchase around the Oakland / Franklin lakes area. A US green card holder so despite owning property elsewhere this is a first time for me in the states and I'm finding it a bit confusing. Looking at properties between 0.8-1mm. A few questions: 1) how much can be deducted from taxes. Property tax and interest paid on principle loan amount? Does it matter what my income level is? 2) can someone help me understand the obscene commissions in the states. Selling agents typically receive 5-7% with buying agents getting their cut of 2% of that? 3) what are the key differences between all the different heating systems. HVAC, forced air, baseboard etc. 4) how widely used was asbestos in older properties? 5) Should flips be trusted? What are the best ways to tell if a job has been rushed or problems are being hidden (the place I am looking at I've noticed cracked stucco exterior, part finished basement makes me think they have covered up problems) 6) how difficult is it to obtain planning and building permits? Say I want to extend the building into the yard? [link] [comments] |
| Getting worried. Buyer Agent ignoring my messages now. Closing in days! Help! Posted: 23 Dec 2020 05:16 PM PST Hey everyone. I appreciate anyone who takes the time to read this and gives their suggestions/recommendations. I'll give you a rundown of my situation and what I am thinking. Okay, here goes nothing. We're living in Knoxville and selling our house. It is scheduled to close on December 31. Inspection done. Appraisal done. Closing on December 31. Pretty much just need to sign paperwork. We're buying a piece of property in Parkersburg, West Virginia. Signed and contingent on our home closing on December 31. Haven't had any problems with the buyer real estate agent yet although I notice sometimes she flips/flops on her answers. She has said several times she likes the property and would buy it if she was younger. We drove out and looked at the property. Looks like everything checks out. No problems there. A few days ago, we decided to call the electric company and try to get the transfer of utilities scheduled to go in our name. Can't do that without a meter number. Buyer agent claims seller doesn't want to give the meter number. Not sure why? I might be naive but I wouldn't think one would be able to do anything with this. Anyway, we've decided to ignore it and just move forward and hope for the best. Today, we got word that our house would indeed be closing on the 31st. So, we called our buyer agent in WV/OH and she is not answering and not responding to any of our messages. We left her a message letting her know it is likely going to go through. This has never happened before. I know she has commented several times about how nice the property is and how she and her husband would like to have it. I am wondering if she thought everything would fall through and she would be able to buy this property out from under us. So far, it doesn't look like this is going to happen. Either way, still no meter number, still no contact for the past 10 hours or longer. Thinking about contacting her broker tomorrow and seeing what is us. What should I do? We're expected to close on the Parkersburg property on January 5th. That gives us plenty of time to get our money and pay the seller. Don't want to delay anything because we're going to have nowhere else to do. Might be overreacting since it is the holidays? I don't know. Any reassurance would be nice. Would think our buyer agent would be there to provide some comfort but nope. Nowhere to be found despite leaving messages, emails, and texts. What do you guys think? What is the best way to move forward? [link] [comments] |
| Posted: 23 Dec 2020 11:02 PM PST Hi all, I'm buying my first home and spoke with 4 lenders in the process to find the best rate. I talked to "Company X" first, but when they couldn't match the best Loan Estimate I told them I would be going with Company Y. A few days later, a Mortgage Consultant from Company X e-mailed me asking to sign contracts. Their Sales Assistant replied saying that I told him we weren't moving forward, and to close out the account. That was about a week ago. Tonight I received an e-mail letting me know that "Adverse Action" had been taken on my file. Is this something that will hurt my credit or future prospects in any way? When I google it, it looks like "Adverse Action" implies that I was denied a loan. They were happy to move forward but I turned them down for a better rate. Is this something that I should contest, or does it have no effect on me whatsoever? For reference, this is a large national lender in the US. [link] [comments] |
| Posted: 23 Dec 2020 05:08 PM PST So we've been looking since March. Sold our home and moved into in laws. Since March. Okay, the point-the market has been crazy. We bid over asking on three separate houses. We were over bid by 10k, 25k, and 30k, respectively. Fast forward another month with no listings that interested us or were in our range and we expanded our search to another area. This area has slightly more listings, but not much. So we found a home and offered 10k above asking because we wanted to show good faith that we were serious buyers, etc. the house is under 20 years old, is pretty much move in ready if we didn't even want to paint. Inspections all went very well and sellers repaired or replaced most of what was on the inspection report. There were no major issues, other than a bulging pipe in septic. They remediated it. We did our inspection, and report was very positive. Now the appraisal came back and it's 45k under our offer!! We do not think sellers are going to concede to that because it's crazy. So way off. We think the comps were not great because 2 of the 3 houses were 1000sq ft bigger. There was another house that was two miles away (not the required 1 mile radius) that sold for 75k over ours and it was a similar house but had a pool and extra garage. We aren't sure what's up here. Something isn't adding up. Anyone have experience with a similar situation? What are our options? Our realtor is basically saying the other realtor wants the holiday weekend to take a look at everything. Ugh. I bought sweaters with the town name on it to gift my kids for Christmas and now I don't even want to give it to them. [link] [comments] |
| Getting a mortgage under your name for a parent. Posted: 23 Dec 2020 05:33 PM PST 8 years ago my father did a short sale on his home because a realtor convinced him that it wasn't worth still owning the home. (it was a setup and the realtor's son in law ended up buying the home). I was in high school during that time and didn't know much. Now that I have a well paying job my father wants me to get a mortgage with my credit and income. He wants to get it for himself but is requesting I do him the favor by getting the loan and he'll pay the monthly mortgage. I plan on getting my own home within the next two years so I'm unsure If I should do this. I want to help but at the same time I'm unsure how this will affect me when I apply for my own home. Any thoughts on this? [link] [comments] |
| Posted: 23 Dec 2020 04:01 PM PST I know seller usually pays the agent commissions, but if I'm writing a letter to someone who isn't actively looking to sell, I should be prepared to make the deal sweet. But we already made a sweet offer to make selling attractive, and we don't really want to add the huge cost of agent commission on top of an already sweet price. Do you kick in extra money for closing costs but not their agent's full commission? Or do you try to negotiate their commission down since you're now potentially paying it? Or do you hold firm to the traditional buyer/seller split of closing costs? For extra context, we offered a price 75k more than they bought it for only a year and a half ago and it was already freshly renovated at that time. [link] [comments] |
| Which insurance companies will write new policies for a home with a 15 year old roof? Posted: 23 Dec 2020 07:34 PM PST First time homebuyer here. Our offer got accepted (yay!) on a home with a 15 - going on 16 - year old roof. The inspection came back and said that the roof is in good condition and has another 5-10 years left in it. Still, I think I'm going to have a heck of a time finding an insurance to insure my home with the roof. I already tried Progressive and Kin, and they won't cover it. Can anyone please recommend an insurance company that is known to cover homes with older roofs? We want bare bones insurance. Thank you! [link] [comments] |
| Posted: 23 Dec 2020 11:09 PM PST I was going to use the FHA Loan to purchase a quadplex. I am going to live in a unit. I was thinking a 3.5 percent down payment on the property would be 11,000 dollars. I wanted to know if anyone has found another way to be able to put 0 down. I was thinking of the USDA Loan. Any suggestions or tips would be great. I am 18 and am building credit, I work at Bank of America at home so I do have income. I will also be joining the airforce RESERVES shortly so I will have a couple incomes. [link] [comments] |
| How much did you have in savings (accesible savings, not retirement) after your downpayment? Posted: 23 Dec 2020 11:16 AM PST I'm just curious. Did you zero out your savings to put a solid down payment on a house? Or did you choose to hold some savings for repairs and emergencies? [link] [comments] |
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