Real Estate: Short Sales & Paying Someone Else’s Debts? (NJ) |
- Short Sales & Paying Someone Else’s Debts? (NJ)
- Would you rather have the ideal home in a less ideal neighborhood or the ideal neighborhood with a less ideal home?
- How could I introduce myself to potential buyers / developers without seeming desperate?
- Are title companies allowed to hold on to property taxes paid by seller & buyer until it’s due?
- What % down payment should I aim for if I am going to need a jumbo loan in order to buy a house?
- Help...cold feet after signing new construction contract
- Im 22 years old, should i buy my first rental property in Aruba while living in the US?
- Was pre-approved - would a different mortgage broker offer better terms?
- Interest Rates in 2021
- Own a mobile home and land, want to put a new modular home in place of the old mobile home.
- Any downsides to listing high and renting out my house if it doesn’t sell?
- Negotiating with a home builder
- salesperson exam
- Help! Defaulted student loans not on credit report showed up while underwriting mortgage. What's the fastest way to fix for a 1/21/21 closing?
- Question regarding loans
- Refinance Company Options? Giving up on Amerisave
- What is MLS ? A housing listing data base
- Thinking about building a garage with a MIL suite over it to rent out. Is this the great idea I think it is?
- Co-op condo share price vs market price
- Nice condo in bad city
- Appraisal 20k lower
- Leaseback Question
- Co owning a house?
- Condo - rent or sell
| Short Sales & Paying Someone Else’s Debts? (NJ) Posted: 28 Dec 2020 06:19 AM PST My fiance & I have been under contract for a short sale house since about February! It's been quite an adventure toward getting a clean title since then. I think there were initially 11 total liens on the property, ranging from unpaid taxes to a second mortgage. Somehow, all but one of those liens have been negotiated off the property. The remaining one isn't interested in negotiating. Either they get every penny they're owed, or the short sale is not getting approved. The amount of the remaining lien is $71,000. So I'm thinking, why don't we just pay it? Our realtor & lawyer are both saying no way, why pay off someone else's debts? But that isn't how we see it; the sale price of the house is just going up. Obviously getting it for the price originally agreed upon (pre-covid) would be cool, but we can afford the increased price without any major stress. This house needs some updating but it's in excellent shape. It has everything we could possibly ask for in a home, in the perfect location. We would potentially live there forever. $71,000 is a ton of money, but this house is still a bargain compared to anything else we've seen in the area in our budget, and nicer on top of that. We're trying to look at it logically and "you can't just pay someone else's debts" feels like an emotional reaction. Who cares if that's what we're essentially doing if the house is still a solid financial choice for us? But maybe the way I'm looking at it is completely wrong, and it IS crazy to pay off someone else's debts? I do like & trust our lawyer/realtor but this sale is not what either of them signed up for. Our lawyer especially is not happy we've paid a pretty small flat fee for what has turned out to be months and months of work. So it's hard to trust this advice when we know they both want us to just back out of the deal and find a different house to buy. The market here is also pretty crazy, very expensive with very few options. So ultimately when they say "pick another house" they really just mean pay more money for another house we like less. Why not just buy this one? I'd love some opinions from people totally removed from the situation, who have real estate knowledge (unlike us, this is our first time buying a home). Especially if there are factors we aren't considering. Thank you so much! edit - just wanted to thank everyone for all of their kind & helpful responses! It sounds like the real answer is we need to get the house appraised, and that will inform the decision of whether or not it makes any sense to pay more for it. Thanks again! :) [link] [comments] |
| Posted: 27 Dec 2020 06:22 PM PST |
| How could I introduce myself to potential buyers / developers without seeming desperate? Posted: 27 Dec 2020 11:15 PM PST I am a property owner in an area with a lot of development (at least pre covid). Properties around me have been getting purchased by a few developers. They all seem to know each other. How do I introduce myself to those developers without sounding desperate. In actuality, I am not putting the properties on the market yet but I would be open to selling at the right price. I thought about using brokers but what do they really do? I can reach out directly. What should I say to them? [link] [comments] |
| Are title companies allowed to hold on to property taxes paid by seller & buyer until it’s due? Posted: 28 Dec 2020 07:48 AM PST I closed on a property in November in Texas and prepaid the property taxes. I just checked and they haven't been paid yet (Dec. 28). I emailed them and they told me the check was sent on closing date but when I called, they admitted they hold on to funds until the end of the year in order to not be underfunded?? This makes no sense. We closed in November and everyone should've been funded. I actually think they hold on to the property taxes funds and earn interest out of it. Are they allowed to do this? [link] [comments] |
| What % down payment should I aim for if I am going to need a jumbo loan in order to buy a house? Posted: 28 Dec 2020 12:46 AM PST I'll be buying a house in a few years and it is going to require a jumbo loan. I know that as a general rule of thumb with today's low interest rates, it is generally good to aim for a 30 year mortgage with a small down payment and invest the rest. But I am not sure how this applies to jumbo loans in particular. From my research, it seems like it is more common for a jumbo loan to require 20% down but some lenders still allow as little as 5% down. How hard would it be to qualify for a jumbo loan with less than 20% down? Is there any good way to see what my interest rate might be? My credit score is 780. I'm planning to buy a house in 2-3 yrs and just trying to brainstorm if I should be saving up for a 20% down payment or if I should be investing now and aiming for a 5% down payment or so in the future. [link] [comments] |
| Help...cold feet after signing new construction contract Posted: 27 Dec 2020 09:11 PM PST I'm a Young mid-40's single gal working in the medical profession for the past 25 years. I've saved a substantial amount of money (planning for a down payment) and after renting for many years, finally came to the decision it was time to purchase a home for a number of reasons. [link] [comments] |
| Im 22 years old, should i buy my first rental property in Aruba while living in the US? Posted: 28 Dec 2020 08:41 AM PST Hello everyone, a little about me: I'm 22, i'm out of college with 0 student debt, and I'm currently working remotely (until April, when i'd be moving to Houston, TX) with a steady income. I recently just came back from Aruba, where home prices are actually extremely cheap and i'm thinking of purchasing my very first rental property there. I'd be paying it cash with the help of my parents (and obviously paying THEM back over time instead of a bank w/ interest), and so i'm wondering, for a location like Aruba and an age like mine, is it worth it to buy my first property or should i wait a couple more years before making a decision like this? Also, with the little research i've done, i feel like Aruba is an amazing place to invest, and especially now that covid hit them hard and prices are low, but does anyone else have a different opinion of this? Thank you all! [link] [comments] |
| Was pre-approved - would a different mortgage broker offer better terms? Posted: 28 Dec 2020 12:00 AM PST First time home buyer, buying in a market completely across the country. My real estate agent is kind of meh - but fine. However, she recommended a mortgage broker she is friends with that pre-approved me back in August with min 10% down up to a certain rate. My frustration is that I have 10-12% down for a higher housing price (and most of the houses I like are at the higher rate). I wanted to bid on a house in September but the agent told me the broker said that was only a go if I put 20% down - and asked me if I had any rich relatives who could give me money (which felt gross btw) - I didn't call the broker directly but wish I'd had. I'd be less frustrated except with the 10 percent down on a higher priced house, even with PMI, I will be paying LESS for the monthly than I have for the last three years in my current state. (I'm moving from one high tax to another high tax state so the cost of living is really equal if not less where I am going). I own my own business, that has gotten me through Covid thus far with an increase in net profit from last year, have very little debt, have a good credit rating and am so frustrated by hearing people with lower ratings and stats regularly being approved to put 3% or 5% down. Do I call this broker and be like 'I want to be prequalified for something higher with 10 percent down, and if that's not ok for you, I will find another broker to be pre-approved by?' Or are the numbers just the numbers and I am stuck with this mortgage broker until there is a miracle house or I save a full 20%? [link] [comments] |
| Posted: 28 Dec 2020 09:37 AM PST We just signed a house and it's scheduled to deliver in Oct'21. One of the driving factors for us to make this purchase was interest rates but I realize that we can't hold the rates for a long term and can only do so as I get closer to Oct. this purchase is ~$1M. How do I shield myself from rates potentially insanely going up? Thanks in advance! [link] [comments] |
| Own a mobile home and land, want to put a new modular home in place of the old mobile home. Posted: 28 Dec 2020 09:28 AM PST I'm looking for advice on buying a new modular home to put in place of my 1970 double wide, here is my issue there are 2 loans on the home, my loan is paid off, but the second loan is not will that affect me buying a new modular home? Happy to give more details but I have no idea what other info may be needed so ask away. [link] [comments] |
| Any downsides to listing high and renting out my house if it doesn’t sell? Posted: 28 Dec 2020 09:19 AM PST I currently have a home in Spokane, WA that I'm renting out to a friend. The friend has been a great tenant, but will be moving out in a couple of months. I was planning on renting it out to new tenants, though I don't love the idea of someone I don't know in my house (I only became a landlord because I relocated for work). The housing market here is really hot. The media is saying there are 10 buyers for every seller in my house's range, that people are bidding well over asking, and that there is currently a .02 month supply of houses on the market. This got me thinking. Maybe I should list the house for 15-20% more than what Zillow says it's worth, and see if I get any bites. If it doesn't sell by the end of February, I can always rent it out. The rental market is just as hot here. Are there any downsides to listing a house 15-20% above market price, and then taking the listing down if it doesn't sell by the time my current tenants move out? [link] [comments] |
| Negotiating with a home builder Posted: 28 Dec 2020 09:14 AM PST When I bought my home 5 years ago from DR Horton, we had a buyer agent. The only negotiating we did was on the appliances. They gave us a 10k upgrade package. We are now looking at building a new house with mattamy. We have no buyer agent so presumably they have some commission money. What sort of flexibility should we be expecting on price, if at all? [link] [comments] |
| Posted: 28 Dec 2020 09:08 AM PST hi guys! i'm really struggling to pass the state and national exam.. I study so much and put a lot of time into it but I always come up short.. any suggestions? [link] [comments] |
| Posted: 28 Dec 2020 08:56 AM PST So, just like the title says. I was preapproved for a mortgage, I find a house I like, put in an offer, it's accepted and we have the closing scheduled for 1/21/21. Then during the underwriting, some student loans that did not rehabilitate with the rest turned up. It's a Federal student loan. I have someone willing to gift me the money to pay them off, but only if I can guarantee that this will get me into the house. I don't trust the collections company that has the loan now to give me an accurate answer, because they'll say anything to get their cash. How fast after I pay this can it be fixed on my credit so I can make the closing? Anyone have any experience with this? [link] [comments] |
| Posted: 28 Dec 2020 08:49 AM PST Just to preface, I am not in this situation, I just wanted to know if something like this is even reasonable/legal. I want to build a commercial property and estimated costs are $5m. My assumption is that if I ask for a loan, banks would ask for a 20% down payment (would this be accurate?). Would it be advisable to go to another loaner and ask for a $1m loan to pay the downpayment of the 1st loan? Is this kind of loan "daisy-chaining" legal? All of this is under the assumption that I have a high income job and a paid-off home (a reasonable individual). [link] [comments] |
| Refinance Company Options? Giving up on Amerisave Posted: 28 Dec 2020 08:39 AM PST Currently over 70 days in to a refi with Amerisave and are no better off than day 1 with them. I can only assume they are overwhelmed but their delay in service is causing us to repeatedly supply updated docs that are seemingly never processed. We've threatened to terminate the process twice already as we have zero communication from them unless we initiate it, and we're told that our loan has been "expedited" but nothing progresses. Needless to say we've had it with this company...just looking for anyone else whos had recent timely success with a refi company? Thank you [link] [comments] |
| What is MLS ? A housing listing data base Posted: 28 Dec 2020 08:28 AM PST My real estate agent is telling me he has access to MLS. When I look up exactly what MLS as I find out it's pretty much a database of houses. I'm wondering if real estate agents with access to this are able to say the majority of properties for sale in that area? I was confused which agents have access to different properties but if there is just a database of these properties does that mean pretty much all real estate agents with access to the MLS are able to see the majority of properties for sale in specific areas? [link] [comments] |
| Posted: 27 Dec 2020 04:42 PM PST My husband and I have a 6 bedroom house about 30 min south of Seattle. We live in unincorporated King co and have about 4/5 of an acre. You could prob fit 3 more houses on our lot with the way it's situated. We desperately need more outdoor storage. Our lawnmowers take up most of our shed. Plus we have a lot of tools/ yard equipment/ etc. I'm thinking that given the size of our house/ yard, we should do a 3 car garage with a carport. We have 2 cars, a riding lawnmower, a utility trailer and plan to get some larger tools (like a log splitter). I'm wondering if it's worth it to just pay extra to have a one or two bedroom apartment built on top so we could rent it out and so the garage could more or less pay itself off. My plan is AirBnB or VRBO... I do not want long term tenants so that when our family visits us, we'd have more space (11 people in my husband's immediate family, it will definitely grow as his siblings get married and have kids of their own). I figured we could offer access to our chicken coop and garden for that urban homestead. We're also across the street from a lake and we'd be pet friendly. In my head this makes sense. We can swing it without the rent but in my head the rent part subsidizes our garage - which again we really need. [link] [comments] |
| Co-op condo share price vs market price Posted: 28 Dec 2020 06:51 AM PST We purchased a condo in a co-op back at the beginning of 2019. We didn't realize that the upgrades in the unit resulted in a market price which bumped up the per share price above average for this community. When we try and sell the place in a couple years from now, will this become an issue as comps within the community are all low range condos without updates and this unit being an odd one out? I feel like we were naive and fell for the new paint and appliances in the place without digging into the inherent value of the condo, plumbing/electrical issues or the share prices and so on. Reference numbers: Our unit was $315K with 650 shares: 1B1B with a finished and updated 450sqft basement with laundry in unit, 850sqft living area. So for an updated bath, kitchen, floor and laundry we paid 20k for a unit worth 295K based solely on the stock prices. With the possibility that this place will not appreciate at even 1% Others on average cost 240-250K with 550shares, based on the selling spree this summer. Most 1B1B units are not updated, some with and some without in unit laundry, no basements and 850sqft living area. [link] [comments] |
| Posted: 28 Dec 2020 06:50 AM PST Would you purchase a condo in a bad rep city ? The condo I am looking at is in a gated community that the hoa requires 675 credit score and a certain amount of income. It's surrounded by other communities that are gated as well. The city is in south Florida , gets a bad rap, called Lauderhill, in the inverrary area, which is close to sunrise and Tamarac for those familiar with south Florida. [link] [comments] |
| Posted: 28 Dec 2020 04:52 AM PST I'm selling a property 3/2/2 - 1400sqft living space - listing price: 265k - contracted price: 269k. We went under contract after 3 days listing, expect to close on 1/5/21. The appraisal report said it's only worth 250k, which we think it's ridiculously low because we got a cash offer of 249k from an investor. Imo none of the 3 comparable properties in the same neighborhood were truly fit our property condition. The appraiser did the report solely on laptop w/o inspection and she graded ours as a C4. She said in the report it didn't require any repairs and we had a major flooring update with laminate, recently painted, yet she graded it a C4. Our property - 3/2/2 - 1400 sqft- contracted price: 269k. New exterior and interior paint, Screened patio, new A/C. It has laminated flooring installed the entire house last year. Comp 1 - 3/2/2 - sold at 255k- 1240sqft- C3- same neighborhood, same exterior look - inside: new tile flooring. This has no screened patio, remoled kitchen, 1 bath has nicer cabinet, the other one is in the same condition. This $/sqft is 206 vs ours $189/sqft based on listing price. Comp 2 - 3/2/1 - 239k - 1200 sqft - C3 - same neighborhood, uglier exterior look, old exterior paint, smaller lot, tile flooring. This kitchen countertop is granite, mine is not. Everything else is in the same condition. Comp 3 - 3/2/1 - 250k - 1452 sqft - C4 - same neighborhood, same exterior design but 1 garage. Much smaller lot. New exterior paint, old interior paint. This one also has tile flooring in the living room and kitchen, but I think it looks uglier than the comp 2 tile flooring. The flooring for the 2 bedrooms is bare concrete, no tile. Bathroom conditions look similar except mine have bathtubs in both bathrooms and the 2 in this one don't. There is a pending sale in the same neighborhood, which I think this property would be the best comp for our property in terms of the property's appearance, design, size, condition, etc. Its listing price is 269k, 1392 sqft. I told them to get a second appraisal or get another lender. My realtor said the buyer requested an in-person appraisal, but it like won't happen. My realtor suggested lowering the price to 255k so the buyer may pay 5k out of pocket. I disagree because why should I lower the price when there's pending sale selling for the same price we ask. If I don't lower the price, it would be back on the market. My realtor said it would be hard for us to sell at the price we want because the other lenders could see the previous report appraisal report. Is this true? Also, I am thinking to contract the pending property's realtor to ask about their appraisal and the closing date. Do you think it is a good idea? What should I say to convince them to give me that info? Let me know what you guys think I should do. Thank you. The appraisal report: https://imgur.com/a/cXYHoFQ [link] [comments] |
| Posted: 27 Dec 2020 09:14 PM PST I am closing on a house 29 December. Sellers requested a leaseback to 11 Jan. They said they wanted the leaseback in order to not have to move over the holidays. That made sense to me, so I agreed as I would still have a couple weeks in Jan to move in. I had my agent write up a lease back and we both signed. Thing is that it seems that the leaseback agreement my agent wrote was very favorable to the sellers, and now I am concerned they may take their time moving out. There was no deposit that was agreed to, and the rate was pretty low (115 per day) with no increase mentioned after the termination date. Do I still have any options...or am I forced to sign at closing and simply see what happens. [link] [comments] |
| Posted: 28 Dec 2020 02:46 AM PST Hey everyone! Thinking of purchasing a home with a boyfriend! We want to be traditional and engaged and married first before owning a home however we want to secure a home before all that. With limited funds, we can't do all of that in one go ... So I'm wondering if logically I should own a home with him or only proceed when we are married? It might sound wrong but I'm just being protective of myself and not wanting to make irrational decisions bc we want to purchase a home. Any suggestions? I would appreciate any input :) [link] [comments] |
| Posted: 27 Dec 2020 08:39 PM PST Hello, Currently we own a condo in SoCal bought is 2013 and looking to buy a single family home and wondering if we should keep or sell the condo. If we sell it today we will be able to make ~200k after paying fees. We have two thoughts: 1. Sell now and save taxes. 2. Rent it out now and pay ~$200 out of pocket for the foreseeable future because of HOA and maintenance. Also, we recently refinanced for 15 years, with a thought of making it as an income during our retirement. Please let me know your thoughts. Thank you!! [link] [comments] |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment