Real Estate: Huge lot of land including about a dozen run down houses all bought in one day |
- Huge lot of land including about a dozen run down houses all bought in one day
- Super jumbo refi rates?
- What drives a higher loan rate on a second home?
- Cashier’s Check Screwup
- Shopping With Cash Before Closing?
- Sellers asking for £8,000 more than 4 other larger houses sold in past two months, £10,000 over home report.
- Moving a house to a different area of the lot?
- Remortgaging house to buy multiple houses to rent
- Financing for home Renos
- Getting into real estate
- Do you think I need to pay for an inspection?
- How to know when a subdivision is being constructed?
- Needing some advice, possible miss by inspector.
- New construction purchase- solar system
- [Boston, MA] Someone is requesting a background check on me through TransUnion and may have been utilizing my name and address for the past 6 years?
- I’d like to get a definitive answer on this. Is housing in a bubble?
- Moral Conundrum
- I just got hired as an escrow assistant... outside resources?
- Living requirement for investment property
- Self Employed but feeling quite worried about house approval.
- Agents. How do you weed out people who are not serious?
| Huge lot of land including about a dozen run down houses all bought in one day Posted: 19 Dec 2020 09:09 AM PST I noticed that massive lot of land next to our townhouse community was all bought on the same day earlier this year for $5m. This includes huge empty lots, forestry areas and at least a dozen run down houses. Basically the rest of the street all the way down to the main busy road was bought up. I live on a street connected to a very popular main road with lots of new developments, restaurants and grocery. Could this be a sign of someone or some company coming in and planning to build new construction on the street? [link] [comments] |
| Posted: 19 Dec 2020 07:30 AM PST Just seeing if anyone has experience/info on refi rates for a super jumbo loan? I keep seeing insane conforming loan rates for 2.25-2.375, but am still being quoted 3.25, even with credit 800+. [link] [comments] |
| What drives a higher loan rate on a second home? Posted: 19 Dec 2020 08:55 AM PST Scenario: planning to buy a second home that will become our eventual primary/retirement location. Will not be used as an investment property. Currently have a mortgage on our home now with a few years left. If we pay off this mortgage first so that the second home becomes our ONLY mortgage, do lenders still consider it a second home and charge a higher rate, or can we treat it as our primary residence now for mortgage purposes? [link] [comments] |
| Posted: 19 Dec 2020 04:32 AM PST We're set to close on Monday, and we've screwed up the closing funds. Basically our bank (Bank of America) closed at 4 yesterday and we needed to get our closing funds but the title company hadn't given us the final closing cash amount so I used the last Closing Disclosure I had from the mortgage broker and got a cashier's check for that amount — approx $48k. Turns out there was an error on the CD and we actually need $54k to close — we found out at about 4:55 pm. The real issue at this point is that the Title company requires wire transfers over $50k so I can't just get a second cashiers check for the additional amount. I'm set to go to the bank first thing when they open this morning but have spent the night worried that this isn't going to be fixable. Does anyone know if BofA will be able to cancel the cashier's check and set up the wire? Or will there be some sort of mandatory waiting period before the check can be canceled and funds released? I still have the physical check of course. Edit: State of Illinois [link] [comments] |
| Shopping With Cash Before Closing? Posted: 19 Dec 2020 04:30 AM PST We close in a few weeks and going into this month, we had all of the reserves needed for closing, plus a few months worth of mortgage payments in savings. I just received a holiday bonus that was equal to what we already had aside in savings. So we split the bonus and put half in savings and used the other half for Christmas shopping and buying things that we had been putting off for the new house. Will this be an issue prior to closing? Some of the purchases were on the large side, but all with cash we have and we have increased our savings by 50% since we last submitted our statements to the LO. [link] [comments] |
| Posted: 19 Dec 2020 06:21 AM PST Hi, I was wondering if anyone could offer some advice on what our next steps could be on putting an offer on a house. We found a house we liked and researched the area, we put in an offer for a house which was about £2000 more than the sold prices of much larger houses with additional rooms in the same estate sold within the past two months. The sellers have asked for £6000 more, because they have heard from a neighbor that a recently sold house (which was still an extra bedroom to theirs) sold for that much. That house's sold information isn't public record yet and i have no way to confirm if it is correct or not. I have based my offer on 4 larger houses sold within one or two months ago and exceeded them. When i went to view the house, the sellers told me they had one offer of the home report value. I've went £4000 over it. As far as i am aware, there are only two offers made including ours and the house has been up for two weeks. I don't know where to go from here. The estate agent has asked if i want to up my offer and maybe she can 'persuade' them. I only have about £1000, left in my budget that i could go to. I'm not sure how to leverage it. For the moment i believe i am the highest offer, but the seller could be telling any new viewer's that they'd had our offer. So then other people might come in to beat it. If that's the case they might push to closing and with only £1000 in my reserve and everyone else knowing my value, i don't think i'd win. Do I just offer the extra £1000 just now while i know there is no closing date and while i know i'm the only other person interested, even though I've offered more than anyone else in the estate? or should i just walk away? How should i play this? [link] [comments] |
| Moving a house to a different area of the lot? Posted: 19 Dec 2020 09:17 AM PST Hi all, We are considering buying a small cottage (~600 sq ft) that's on a big lot. The cottage is in the middle of the lot, so to clear the way for a new bigger home, we are thinking about relocating it to somewhere else, rather than knocking it down. The cottage is cute and in good shape. It's on a slightly raised foundation with a small basement area. We'll be having a mortgage, which further complicates knocking it down. Eager to get some different perspectives on this. Thanks! [link] [comments] |
| Remortgaging house to buy multiple houses to rent Posted: 19 Dec 2020 08:41 AM PST Bare with me please, i'm relatively new to this whole area of finance and I just wanted to run by what I am trying to do. Based in the UK We have a property worth about £250k. We want to remortgage this property to get £160k which would both pay off the current balance of the mortgage (~£10k) and leave some equity. Using this £160k, we want to buy 4 new properties via buy to let, dropping only the deposit and paying back interest only on the mortgage. This is assuming a house if ~£150k, we deposit 25%, leaving us with a mortgage of £112k over 15 years. The interest only would be £300pcm and if we can get £700pcm rental, thats £400pcm per property which is ~£1200pcm. This would all be profit which we can save to build the property portfolio further or pocket. The actual mortgage would not be paid, and at the end of the 15 years we would either sell giving us profit provided the value of the property increases or remortgage again if we decide to keep. Does this make sense? Is this normal? Is what I have said incorrect in any aspect or unwise financially? Thank you for any advice! [link] [comments] |
| Posted: 19 Dec 2020 08:21 AM PST Quick question. I recently bought two cottages for 330k. I had to split them into two mortgages because they are on two different properties but share the same well and septic. So since the first one is going to be our primary residence we only had to pay 5 percent down. Then on the second one we needed to pay 20. So I had my realtor list the price of the primary at 230k and the other at 100k so we didn't have to pay as much for a down payment. The bank didn't even assess the properties and everything went through. Now my question is if I want to do some renos in the spring can I get the bank to assess my second cottage (100k) and have them appraise it for what it's worth then have access to my HELOC right away? Originally the realtor was going to list them roughly 60/40 so I feel like it would obviously be assessed higher than 100k. Is this something I can do? Thanks in advance! [link] [comments] |
| Posted: 19 Dec 2020 08:11 AM PST So I've been really interested in real estate for a while now. I'm 24 and really want to do this, but don't know where to start. I'm really into the process of making a house look better and just construction overall. I've worked as a granite fabricator since high school and always enjoyed listening to the conversations with the contractor and property owner about the house and their ideas with it. My biggest problem is knowing where to start education wise. How does the real estate license process work in California. Who are the people I should be talking to. Books I should read. There's a lot of information out there, but I really want to hear from people who are currently in the business, who know what information is most important to learn and what to avoid. Feel free to ask any questions [link] [comments] |
| Do you think I need to pay for an inspection? Posted: 19 Dec 2020 08:01 AM PST I'm looking to purchase a new build that was built as a spec/model/show home (didn't sell) that has been used as a sales office for the past year (low foot traffic). I'm not involved in the trades but have done two to-the-studs renos in the past 8 years. And since then, I've probably watched ~1h of YT videos per day on renos, home building, etc. in addition to following along with relevant sub-reddits (it's a fun hobby). I have a Flir camera, moisture meter, and a solid inspection checklist. My feeling is, why pay $700 for an inspection for something I could just do myself. The only thing I can't do is scope the main sewer line, but I would pay for someone to do that. Anyone else in a similar position to me? What did you do? [link] [comments] |
| How to know when a subdivision is being constructed? Posted: 19 Dec 2020 07:28 AM PST I'd like to buy a parcel and construct a new home. The problem is that I live in Southern California where affordable parcels for single income are few and far between. I do often see large areas that I assume a developer could buy, construct a bunch of homes and sell them when finished. I'm wondering how that process works and if there is room to intercept the property before the developer builds? Or work with the developer to modify the plans of one home? I'm in a wheelchair and would really prefer a custom home constructed specifically for my needs (bigger bathroom, bigger laundry room, no steps in garage, accessible kitchen, etc). Do developers advertise homes/parcels before they start construction? [link] [comments] |
| Needing some advice, possible miss by inspector. Posted: 19 Dec 2020 06:54 AM PST Recently purchased a home for an investment and had the house inspected prior to signing any paperwork. The house is approximately 1200sq ft ranch built on a slab located directly on lakefront property.The biggest issues we had on the report were in fact very minor. Gas valve from a fireplace that needed to be replaced as well as a leaky toilet. Fast forward a month later and we pulled back the carpet to find asbestos tile throughout the entire house. Also in the master bath/bedroom there is about 1.5-2" of settlement of the slab approx 2' from the exterior wall. As you walk on it there is an obvious slope. Now the inspector did note that there was a slope in the bathroom but not in the bedroom. Knowing it was built on a slab, shouldn't this have been investigated more by the inspector? As you pull the carpet away there is stress cracks and obvious settling of that area. My question to you guys is, is the home owner liable for not disclosing the tile and the settling of the floor? Is the inspector liable for not being thorough enough and investigating this "sloped floor"? Thanks to all responses! [link] [comments] |
| New construction purchase- solar system Posted: 19 Dec 2020 05:36 AM PST Hello all, A relative is looking to purchase a quick move in home which is newly built. It comes with a solar system pre installed (In CA). In such a case is the default option only to purchase the solar system and fold it into the mortgage? Or is leasing still an option? Who does the buyer enter in contract with? In case of purchase? The solar company or the builder? I ask this last question because it seems to me if it's part of the home purchase price, then I'm paying the builder. And the builder has already paid the solar company? Am I understanding the mechanics correctly? TIA! [link] [comments] |
| Posted: 18 Dec 2020 05:16 PM PST Hey guys. I used to live at an address in Newton, MA and just realized that a background check has been requested for me at a property right across the st from where I used to rent from. Looking through my inbox, this same person had requested a background check on me a month before I moved out of my apartment in 2014 and I found a new background check request this evening, created today. I'm assuming someone had stolen my mail and has been using my information for the past 6 years now to run background checks and potentially lease out this apartment or at minimum, falsify leasing records for their apartment. I had already freezed my credit lines at all three credit bureaus after the Equifax hack but I'm wondering if there are other downstream impacts I haven't seen yet that are out there. Has anyone else dealt with this and is there a much more serious consequence that I'm not considering in that someone has been using my name to falsify their leases? Is this criminal and should I be pursuing any other recourse for these actions to protect myself? [link] [comments] |
| I’d like to get a definitive answer on this. Is housing in a bubble? Posted: 19 Dec 2020 08:08 AM PST I keep hearing people say "yes housing is hot but it's not 2008" but at the same time I'm a very concerned buyer at this point cause I can't for the life of me see this housing price growth as sustainable. Am I wrong? [link] [comments] |
| Posted: 18 Dec 2020 11:00 PM PST Hi all! First post in this sub and am curious as to what others would do. I have been "working" w/ a realtor for about 2 months. They have shown me and the SO probably 10-12 houses. They haven't really provided me much in the way of insight as to houses we may be interested in within our parameters (live in flip/brrrr). Everything we've seen ive found on MLS portals and have asked to set up showings... Now comes the fun. I got on FB the other day andade a post looking for houses that fit our criteria and had another realtor hit me up with what seems could be a legit opportunity at a flip if not a brrrrr. They have since shared some great info about the property as well as some cost estimates about the property (as this is a new market, and they have experience flipping in the market). Im torn as to whether it woukd be a bad way to step into the market by flopping on a realtor like this, but want to here from some more practiced hands as to what they would do. For a frame of reference I have only done one deal to date, but hope to do between 2-5 in 2021. I appreciate any and all advice. [link] [comments] |
| I just got hired as an escrow assistant... outside resources? Posted: 18 Dec 2020 10:59 PM PST I live in Washington state and just got a job as escrow assistant at a title company. I'd love recommendations for outside resources (YouTube channels, books, podcasts, etc) that focus on what escrow means for someone WORKING in escrow. Most resources I've found are focused on the buyer & seller and do not go into great detail about the escrow process. Thanks! [link] [comments] |
| Living requirement for investment property Posted: 18 Dec 2020 10:43 PM PST I can't seem to find the answer to this anywhere on google, so I figured i'd come here. Typically it is required that you live in the property(a duplex or triplex) if you want to put a down payment of 5% or less, and you normally have to live there for at least a year. So let's say I do this, and every year I put a new down payment on a new property, and make that my primary residency, while renting out both sides of the old property. This way, I could avoid ever having to pay 20% for a dp, and upgrade my living space, and income, every year. Is this something that is allowed by lenders? [link] [comments] |
| Self Employed but feeling quite worried about house approval. Posted: 18 Dec 2020 06:38 PM PST Looking for some help for my brother in law. My brother in law has been in business about 10 years currently self employed, doing about 450-500k annually gross income, with net about 150-200k but chooses to write off large upgrades which is great for future business (equipment). He has a current loan of 270k with house value of 500k. He's looking at relocating into a much nicer home that will cost about 500k. He has the 20% down for the payment as well. He's worried as he said, "Negative" returns will hurt his chances of approval. Typically has operated at very little profit and recently last year reported a "negative" year due to huge upgrades in his business. Doesn't pay himself salary and lives extremely well within his means. 800+ credit. 55+ years old. Has 250k in equity in his current home. On his tax return, he looks basically homeless as one other post I've seen said but everything is perfectly calculatable as an optional cost as he chooses to upgrade often to keep the level of quality going up and up (similar to how truck drivers upgrade trucks even though older trucks are perfectly fine). Has about 250k in personal cash capital plus 250k in the house equity. He hasn't ACTUALLY gone through approval yet, just got preapproved but he's worried about approval.Is there anything he can do to approach this a bit better? [link] [comments] |
| Agents. How do you weed out people who are not serious? Posted: 18 Dec 2020 01:19 PM PST My wife just started working under a fairly prestigious agency and broker on LI NY. She's getting a ton of leads due to the demand but some people just like to window shop. Which is a burden. She has been asking for pre-approvals before showing homes especially due to COVID. Which seems to help. [link] [comments] |
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