Real Estate: Just closed on 2.625% 30 yr refi! |
- Just closed on 2.625% 30 yr refi!
- Financial Advisor is telling me I shouldn't buy a house. Is this bad advice? (CA)
- Would you walk away after a 55 page home inspection and lose 3k?
- Shady or just odd?
- Currently renting a house through management service, but want to approach owner to purchase; how?
- Going to be looking for houses soon. How much should I expect to be approved for?
- Can someone help me compare these 2 loan estimates? First time home buyer.
- Tried to refinance and appraisal came back low and no luck with appeal. What can I do?
- Thoughts of selling after moving in for two months
- What is the best method to compare house values if there are not many comps or unique setup? (house with ADU/converted garage)
- [NC] What can I expect from a Realtor?
- Seller not responding
- Inheriting a 1/2 house? Brooklyn, NY historic house
- My options for buying a house
- FHA or Conventional?
- Splitting a Property
- NYC Coop Purchase Issue
- Making mortgage/starting a farm business work questions
- Post Home Inspection Help. When to cut your losses? (MN New Construction Build)
- Admin Fee on Buyer Loyalty [NoVa]
- Should I replace basement windows
- Massachusetts prohibits home inspectors to give estimate costs to fix. How do I know the estimates then???
- Did my real estate agent drop the ball or is this an anomaly? (Vermont)
- Real Estate attorney will not stop pushing for local banks
| Just closed on 2.625% 30 yr refi! Posted: 21 Dec 2020 07:33 PM PST Feels good to drop the payment. No points and other than title work only cost me about $500 including appraisal. Edit: since so many people asked, I used Costco refi and shopped that against other lenders + checked back in with the originator a few times with competitive quotes. I ultimately ended up with the lender from the Costco search ConsumerDirect. [link] [comments] |
| Financial Advisor is telling me I shouldn't buy a house. Is this bad advice? (CA) Posted: 22 Dec 2020 10:27 AM PST I live in Los Angeles and make $112,000 before overtime, and I get a cost of living raise of 3%/year. My bf works for the state government and makes around $50,000 and I wouldn't be buying a house until we got engaged or married, so let's just assume we have a combined income of around $170k. My FA says I shouldn't buy a house or even a cheaper short term rental house in Lake Arrowhead area because it's a bad investment compared to IRAs, ETFs, Mutual Funds, etc. My problem is that house prices just keep rising and rising here, and the appreciation of $500,000+ houses is going up faster than my income is going up. I'd rather get in sooner than later or eventually I'll be priced out from ever owning. For example, a friend of mine bought a 900 sq ft house in the city just last year for $800,000, it's now worth $896,000. What do you think? I doubt I'd be able to find a rental with at least 2 bedrooms for under $2500/month. Leaving Los Angeles isn't an option as I work in the film business and my bf works for the state. [link] [comments] |
| Would you walk away after a 55 page home inspection and lose 3k? Posted: 21 Dec 2020 06:03 PM PST I'm in NC where we have a "due diligence" on top of earnest money. It's a seller's market and people will offer 1-2% of the home price that they are willing to walk away from if the inspection report is bad or they fall out of love with the house (I think it's total BS). We've already paid 3k total in due diligence and inspection. So after looking for 8 months, we finally had an offer accepted on a flipped home built in 1980. Seller had overpriced it so it sat on the market for a while until it fell under 400k and popped up on my feed. Put in an offer 25k under asking and was accepted if home could be sold "as is"... which was strange because the finishes were very nice-- on the surface. After inspection, we found a slew of issues with electrical, plumbing, mold in the crawl space, HVAC ducting incomplete, 20 year old HVAC unit, and a roof that was listed as "new" but actually done by "a buddy who watched youtube videos" (according to the roofer we got a quote from). I got a >55 page inspection report and quotes for everything that adds up to over 25k. We asked the seller for 15k in credit and adjustment to price, and they flat out said NO. What would r/realestate do? The only brightside is the house appraised for 400k but they didn't account for all the work that needs to be done but the fear of something going wrong from shoddy flip work after fixing the 25k of upfront work will always haunt me. [link] [comments] |
| Posted: 21 Dec 2020 01:14 PM PST Hey guys let me try to condense this. We are in Washington looking in Virginia (tele-remotely) using a VA loan. We found a property we liked, asked our realter (found through old USAA referral program) to confirm with the listing agent if it would qualify for VA loan and if so to go get us some pictures. 3 times she said she'd go look and bumped us each time. Even said she was in the area a couple of times, but that she couldn't make it while bragging about how many contracts she wrote that year. Told her if she couldn't see it this weekend we would find someone who could. Half hour later receive a reply to our email that the listing agent says it wont pass VA due to insulation (no VA MRP in regards to insulation) and that it is being pulled off market over the weekend anyway. We fired this realtor (for failing to make it out to see the property for two weeks and for failing to reach out to the listing agent at the beginning as we instructed) and reached out to a new one and the listing agent. Listing agent did not respond to us or new agent over the weekend. Wife gets ahold of listing agent and he says it's off market and wont relay our interest to the owner. Says owners friend is moving in to do some repairs and it will be listed again in a few months. Wife really wants a shot at this property so I google the property, pull tax info and get her contact info for the owner. She calls owner, he has no idea that the property is no longer listed, had no idea of our interest in the property. Tells my wife his realtor will be in touch with her shortly and that the person that is supposed to be moving in is not his friend. Realtor calls back and again says wont pass VA due to insulation. She informs him the MRPs have nothing in regards to insulation (this is a brick home as well mind you). She informs him however that the flaking paint in one of the pictures will pose a concern as the property is older and peeling paint is auto-assumed by the VA to be lead and asks him to correct that. Listing agent was kind of chuckly and huffy but conceded to speak with the owner and see what they could do. -------------- So all this sits very poorly with me, I feel like this listing agent is going to be actively working against us on this property and that it's not worth the effort. Am I being paranoid or does this seem sketchy to you all as well? Thanks and sorry for long post [link] [comments] |
| Currently renting a house through management service, but want to approach owner to purchase; how? Posted: 22 Dec 2020 07:17 AM PST I really like the little house that I'm renting now (Colorado Front Range) and have been considering seeing if the owner would be interested in selling to me. The problem is that I actually rent through a property management company so have no way to contact the owner. I'm going to assume the property management company would be unwilling to help me contact the owner for privacy reasons and because they'd lose a property. So my questions are:
I appreciate any advice. [link] [comments] |
| Going to be looking for houses soon. How much should I expect to be approved for? Posted: 22 Dec 2020 11:02 AM PST I know this is vague and no one can give me an exact answer, but I am going to be purchasing in early to mid 2021. (Current lease ends around that time). I don't want to do preapproval yet because it will expire before purchasing. I'm just looking for a rough estimate of what you think a bank may loan me? Income: 110k Bank account balance >75k Credit score 740 I also am a first time home buyer. Any thoughts would be greatly appreciated! [link] [comments] |
| Can someone help me compare these 2 loan estimates? First time home buyer. Posted: 22 Dec 2020 10:46 AM PST My husband and I are under contract for a house and received 2 loan estimates. Loan 1 is 2.75% interest, but it appears to have higher closing costs. The 'estimated cash to close' is $64,931, which includes the $3,000 deposit back. Loan 2 is 3% interest, but it appears to have lower closing costs. The 'estimated cash to close' is $65,560, which does not list the $3,000 deposit back, making it really $62,560. We plan on staying in this house for many years and are lost. Thank you! [link] [comments] |
| Tried to refinance and appraisal came back low and no luck with appeal. What can I do? Posted: 22 Dec 2020 10:39 AM PST I bought a duplex in very nice and popular area May 2019 for $470,000 (which was the appraised value) at a rate of 4.22%. I just tried to refinance for a new rate of 2.375% and the appraisal came back really low at $425,000 which has surprised all of us involved since home values have been appreciating like crazy in this area. We tried to appeal but the appraiser wouldn't budge on the price - his reasoning is that the home should have never been valued at $470,000 which I disagree with since there are comps to support that value. I am basically venting and also wondering what my next steps are. Do I still have a chance to apply for refinancing or will other lenders see that I tried and the appraisal came back low? [link] [comments] |
| Thoughts of selling after moving in for two months Posted: 22 Dec 2020 10:05 AM PST Hey all, just wanted to see if anyones ever had this happened. I love the house first of all, however my partner has complained of every thing and yes the house needs work but we knew that. I'm at the end of arguing where I'm thinking of straight up selling in the next year or two. I know theres some capital gains tax I will be hit with if i seller earlier and i wouldnt do that right this second but wanted to see what you all would suggest on what kind of course of action I should do here. [link] [comments] |
| Posted: 22 Dec 2020 09:48 AM PST Been looking for a house in Austin with an ADU/converted garage/mother in law suite. However, square footage (what should/shouldn't count) is weird with setups like that and finding comps. Is it just really hard to account for condition/finishes? Also this market moves so fast it makes it even tougher. Example (recently under contract/sold houses): House A: Saw a home like this 3/1 w large enclosed patio, right near park, and converted garage (that needs updating but has a private back alley entrance) for 750Khttps://www.redfin.com/TX/Austin/905-E-38th-St-78705/home/31406862 House B: The only close I saw one is less than half mile away in basically same neighborhood, sold for 910k a couple months ago with 1 extra bathroom (3/2 + garage apt), sunroom, nicer finished garage (but no private entrance) and nicer finishes/paint.https://www.trulia.com/p/tx/austin/1016-e-43rd-st-austin-tx-78751--1012026615looks like they purchased in 2017 for 615K and the garage was in rough shape then (pic) and remodeled TL;DR Is the 160K difference here mainly due to the nicer finishes/garage and extra bathroom ? What other differences should I be looking for when comparing house values? [link] [comments] |
| [NC] What can I expect from a Realtor? Posted: 22 Dec 2020 09:33 AM PST I am planning to buy my second home for investment purposes and most likely will do an all cash offer. I have two choices of RE agents to hire
If I go with Option 1 and no mortgage lender, what can I expect my RE agent to do for me. I am not expecting them to bear the cost of doing inspections/survey/appraisals etc, but is it fair to have them call and coordinate things like that? Facts & Comp's about the property are accessible for free from Zillow or county website. For used homes, I read it on this sub the realtors went an extra mile and pulled all repair permits recorded on the property. Is it something only a realtor can do? What are some additional things I can request my realtor to look into when buying a used property? If I choose option 2, what am I missing out? I can call/schedule some of the work listed above. Thanks [link] [comments] |
| Posted: 22 Dec 2020 09:15 AM PST We put an offer in last week. House was listed at 190k, we offered 165k, asking for 1500 in closing costs, home warranty, contingent on an inspection and mold/radon/home inspection. They verbally countered at 180k, and we verbally countered at 172k. That was Friday evening. Our realtor has been in touch twice, saying she cannot get a response, at all. The sellers aren't responding to email, calls, texts, etc. The realtor is the listing agent, not just a random realtor representing us. She did mention that the wife wants to sell, the husband is the one playing hardball. This house isn't their primary residence- its been a rental property for them, and they now live several states away. She said no other offers or interest is a factor, as the house has sat on the market (overpriced, hence our low-ish initial offer), with decent showing rates, but we have been the first offer (3 months listed in a desirable area) Should we cut our losses? We are legally out of the window of our offer, right? (Since no written counter was presented?) Thinking maybe its a sign that the house isn't meant for us, but there is just nothing else out there we are interested in, ugh. [link] [comments] |
| Inheriting a 1/2 house? Brooklyn, NY historic house Posted: 21 Dec 2020 06:23 PM PST I live in Ditmas Park /Flatbush, in an old Victorian home converted into 3 apartments with a separate carriage house (? I think thats what it's called, it looks sort of like a detached garage) in the back, where me and my wife (34F & 36F) and 2 kids (6m & 4F) live. My mother and father (81 & 83) live in one apartment, a young couple lives on the top with their baby, and my grandmother (101) has the center apartment all fixed up and easily accessible for her walker. It's been an ideal situation as I've been able to check on both my elderly parents and my very elderly grandmother every day and help with medications, shots, empty the ostomy bag, appointments, setting up zoom, etc. I've also started acting as the de facto super for the apartments, fixing appliances, doing the garbage, etc. Everyone pays rent to my grandmother so she gets a nice profit as the house was fully paid off back in the 60's. My grandmother is rewriting her will as she has gotten back in touch with her son in prison and they are not longer estranged. She wants to leave the main house to my parents and her son and wants to leave the carriage house to me & my family. Is that possible? It is of the same address but with a 1/2 at the end. It is on the same property line which is very small, with about 4 feet of 'yard' in the back. Another issue: the house is worth significantly more than anyone expected. In 2008 they said it was worth 500,000 at the most, which must have been a mistake because now it is valued more than 4 times that price for the entire property. I didn't believe it until I looked up other listings in the area. We are not wealthy people at all so this is a big shock and we are not sure how to proceed. My grandma really wants the house to stay in the family and made me promise to stay in it and run the other apartments, which I told her I agreed with and that I'd try my best. I would certainly stay in the carriage house, but can it be considered separate from the main house, which is to be inherited by her children? My parents are also writing their wills with the inherited house in mind but are treating it like a separate house and not including it, can they do that? Sorry so long! Thanks in advance. I also posted on legal advice. [link] [comments] |
| Posted: 22 Dec 2020 08:05 AM PST Keeping this as short as possible- my grandpa passed and left his home equally to myself, my mom, and my aunt. (His two children and me his granddaughter). We can either sell the house and split the profit, or one of us can buy the others out. We decided either I will buy it or we will sell it. I currently live there( I lived there most of my life taking care of him) and am getting it inspected in the next few weeks before I make the decision on if I even WANT to buy it (I'm concerned it may have big issues based off what I've seen). My problem lies in if I do decide to buy it, I'm not sure that I can. I am 22, I have a one year old, I am getting divorced soon, I'm in college, I have a 510 credit score (I'm working on but slow process) I make $2,400 a month and have no debt, but I've only had this job for a month (was out of work due to having my son). So with all of that considered, I also have an issue when it comes to loan amount. I would need a loan for $40,000 ish. Most places will not give a home loan for that small an amount. Can anyone think of some options I might have? I know I'm not really in the best place rn to buy a home, but I would rather pay on a mortgage for a few years and buy a home for $40,000 than pay rent and pay almost that amount in a few years and have nothing to show for it. **and if it matters, my credit score is only low because the credit card I had went to collections a few years ago when my husband left the military. I've paid it off since [link] [comments] |
| Posted: 22 Dec 2020 07:54 AM PST I'm in the market to buying a house. I've heard from people that FHA buyers are first in line to buy a house , is that true? I wanted to go with conventional because after you reach 20% equity the PMI drops off the loan and you save some money on the monthly payment vs FHA the PMI stays for the life of the loan. Thanks for reading my post, I appreciate you in advance. [link] [comments] |
| Posted: 22 Dec 2020 07:35 AM PST We currently own a home sitting on a long rectangle plot of land that is 1.2 acres. It's a mostly wooded empty lot in sitting out back unused. I could easily split the property and come up with two equally sized plots at .6 acres each and try to sell the unused portion for someone else to build a home on. My question is, would splitting the land drop my own homes resale value significantly enough to mean it is not worth the hassle. There are probably a lot of factors that would play into this. But I guess generally speaking do people see 1.2 vs .6 acres as a huge sales factor when buying a home? [link] [comments] |
| Posted: 22 Dec 2020 07:27 AM PST So, long story short upon finding a coop that I had liked and outbidding other people I signed a contract to purchase a 2BR. I have been excellent with the paperwork and response times and there were no delays or waiting on my end. My lawyer told me the building had good financials and fast forward to 6 months later, my loan isn't approved because the building did not have the 10% reserves most lenders look for. They finally had the reserves up this month but the previous lender declined the loan because they are afraid of the building mismanaging money. I have been working with my mortgage broker on finding another lender but everyone either outright declined or want the buildings financials updated to reflect the reserves being met. Now the seller is threatening to relist the apartment due to all the delays. I have excellent financials, am putting 50%down, have enough savings for at least 2 years if I end up being unemployed. Even though all the delays were due to their building management and even though another buyer would have the same issues they threatened me to use their lender who has worked with the building. When I told them about the situation, they were also uncertain whether I would be able to obtain a loan through them as well. When I spoke to my lawyer, he wasn't able to offer any help when I asked what grounds can the contract be canceled considering I have done my due diligence. It sucks to be out of both the apartment and all the fees(around $3k) not to mention the emotional toll this has all taken on me. Even if the seller was to relist, this would end up having to be an all cash deal due to the buildings financials. The lawyer basically told me tough luck and I would only be able to get back the down payment. It doesn't seem that my lawyer has my best interest in mind. Shouldn't these financial issues arise prior to signing the contract? Was it negligence on my lawyers part? What grounds do I have for recovering some of the fees that I paid for considering the loan wasn't rejected due to my fault? [link] [comments] |
| Making mortgage/starting a farm business work questions Posted: 22 Dec 2020 07:18 AM PST I (37) live in New England, have been farming for 12 years for other people and want to buy my own house/property to start my own farm on. I have a property in mind (not sure if it will happen or not but it is sort of where I revolve my thinking) that is $400,000, and is already a farm, it has greenhouses, outbuildings, other infrastructure and is near major cities and my family. So it is quite ideal in a lot of ways. I am starting to talk to a bank now about what I could potentially get for a mortgage but I am stuck because A. I am single B. My current job is an hour away from this property so I will have to leave my current job and my income will disappear as I start the business which I think banks will not like at all. My job thru 2021 Gross $49000 Net 35000 (I am committed through this year and should save another $15,000 cash by the time a purchase would happen) My assets - Cash/Cashlike things - $65,000 Retirement (mostly Roth IRA) - $83,700 My parents want to give me up to $100,000 towards a purchase. In my first conversation with the banker I just told the truth about what I wanted to do and that I would have to leave my job, was that dumb? Or would they have wanted confirmation of my job going forward before making the mortgage any way? If I have ~$70,000 cash by the end of 2021 to get the business going/cover the mortgage in the first year would a bank ever think that would be acceptable vs. the weekly paycheck? Or am I nuts and need to rethink this? I could possibly get a part time job but there is no way I could start a farm and work full time and do this. I am pretty confident I could break even year one and then do quite well after that but I don't know if a bank cares about that. Ideally I wouldn't touch my retirement money but would a bank look at that and think well worst case scenario he can cover the payments? If I am turned down there are government programs that will guarantee the loan but they are kind of slow and cumbersome. [link] [comments] |
| Post Home Inspection Help. When to cut your losses? (MN New Construction Build) Posted: 22 Dec 2020 07:00 AM PST What are the considerations we are missing here? We were ecstatic last week for finally getting an offer accepted on a premium new construction build. Post inspection, we are wondering if we should cut our losses and exit the deal. Home Background After months of searching in the Minneapolis, MN market we finally had an offer accepted on a brand new construction, in-fill home. The previous dwelling was completely removed, and a brand new foundation was laid for this build. The builder is small/medium sized, producing a few homes per year. There are very few comparable homes for this new construction build in this older neighborhood (average $350k), but it is clear our accepted offer (high $600s) is a premium even over his previous builds in the area. Most of this builders homes are in better areas for $800k+. Since we found this build, we have only communicated to the builder through our realtor. It has been on the market for 20 days (we were the first accepted offer). It was not built 'for' us. From what our agent has gathered from his communications thus far, the builder is extremely dense and difficult to work with. We get the impression he plans to wait on this home until he finds a buyer that overlooks any errors and is willing to pay the high price. This leads us to believe he will decline any large repair requests that he is not required to do under Minnesota 1-2-10 warranty laws. Other than the two big items we have identified, below, we love the home and would like to execute the purchase agreement. Home Inspection Results Having just completed our home inspection today, we are stuck at a crossroads. The home has quite a number of 'acceptable' deficiencies with improperly installed hardware, scuffs, chips, etc. that would be fairly easy to fix or accept. We suspect these are the types of repairs the builder would remedy without contest. The main problem is the siding instillation and sewer drain. Siding The siding of the home is listed online as "cement board", but all signs point to it being engineered wood (e.g., LP siding). This seems like a material misstatement of fact. Our agent has an inquiry to the builder to confirm what was used. We really just cannot afford to accept the siding needing major repairs or causing damage from improper instillation within the first few years. That does not seem like a reasonable thing to accept on a new construction, relative premium build. The problem in our cold environment (with this having been installed as it was constructed over summer 2020) is many areas of improper attachment: Here is an album of examples with home inspector captions. I have yet to consult a real estate attorney about if this would be covered in the 1-2-10 warranty, but it shouldn't matter. We want an agreed upon resolution prior to closing. What should we do? Sewer Drain The sewer pipe is all new except the final foot between the build and the city. The final foot is 100 year old ceramic tile drain with a 360° crack. This final foot is apparently the home-owner's responsibility. This portion is likely under the street. While MN has new construction warranty laws, this is likely not covered by that; if it failed would be on us. We believe it may be resolvable with an insert repair (non-invasive), but TBD. Are we overblowing these issues? Your input is greatly appreciated by this firs time home buyer! [link] [comments] |
| Admin Fee on Buyer Loyalty [NoVa] Posted: 22 Dec 2020 06:13 AM PST Hello, We're talking to realtors in the area, and one asked us to sign a loyalty agreement. It lasts for four months but mentions it can be cancelled at any time. Essentially creates a fiduciary responsibility, sole representation, etc... Two things that stuck out to me. 1) The $400 admin fee. I haven't seen that with other realtors. 2) The clause that says if the sellers don't pay the commission, we have to. That one I've seen on a few agreements already. He says it's never happened, but it still seems weird to me. Thoughts? Thank you! [link] [comments] |
| Should I replace basement windows Posted: 22 Dec 2020 04:52 AM PST My basement ceiling height does not need requirements for being able to become finished livable space. Does it still make sense to replace the old rotting windows? In terms of adding home value and any other benefits [link] [comments] |
| Posted: 21 Dec 2020 06:00 PM PST I'm buying a townhome in MA and are scheduling a home inspection tomorrow, but the inspector told me MA law doesn't allow them to give a written estimated cost of repair. The weird thing is on the Greater Boston Real Estate Board's inspection contingency section it does say "If it is the opinion of such inspector that the property contains serious structural, mechanical or other defects and if the repair of such defects would cost the BUYER in the aggregate more than $$$$$$$$$$$$$$$$$$, then the BUYER shall have the option of revoking the agreement by written notice to the SELLER and/or Broker representing the SELLER on or before. Such notice shall be accompanied by a copy of the inspector's opinion and cost estimates. " How am I supposed to get a copy of the cost estimates if the law prohibits that?? Any buyer in MA having the same confusion?? [link] [comments] |
| Did my real estate agent drop the ball or is this an anomaly? (Vermont) Posted: 21 Dec 2020 05:26 PM PST I am in the process of purchasing a house - I'm under contract and had the inspection last week. The house was listed as a multifamily - a 3 bedroom house with a 2 bedroom apartment. After the inspection the real estate agent checked some online documents and discovered it is not zoned as a multifamily, it is zoned as a single family with a 1 bedroom accessory apartment. Because of this, the owner is technically not allowed to rent both units out and live off the premises like one can do with a typical multifamily. Purchasing this house will only work for me if I have the option to rent out both units if I need to move out of state in a few years. My real estate agent has known this is a requirement from the beginning. If I had known about this zoning upfront I never would have wasted $650 and a day of work on an inspection, and it seems like something an agent should check out before their client invests anything. The question is did the agent drop the ball and ignore some best practices or is this a big anomaly? [link] [comments] |
| Real Estate attorney will not stop pushing for local banks Posted: 22 Dec 2020 03:54 AM PST Upstate New York for reference. I have on contract stage and am working with one of the local attorneys in the area. I ended up going with chase for financing, (2.75%!!!) and everything I have seen from them is professional, quick and handled efficiently so far. My attorney will not stop griping about working with chase, what should I be so worried about from big banks that I can work to try to address early? I have seen some of the horror stories about chase in particular but everything I have seen so far had been solid. Best local banks would give is 3.5%. Tldr: what can I start hassling chase about early? [link] [comments] |
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