Real Estate: Well I decided to refi last night. 3.5%>2.3% |
- Well I decided to refi last night. 3.5%>2.3%
- Is this a new real estate scam?
- Appraisal issues
- Under contract, current home about to list, and suddenly I'm a glass case of emotions? (PA)
- help with refinancing offers
- WWYD: Closing in 2.5 weeks - pay deposit to roofers?
- Everyone selling above listing
- Purchasing my first properties.
- Seller delaying inspection, do I have any recourse?
- Any Way Can I Get My Appraisal Fee Returned
- Will I only hurt our Application? (buying a home)
- Not sure if this is a thing
- switching home insurance
- Question on Property Taxes at closing Illinois
- Don't trust my agent to negotiate well on my behalf. Can I handle negotiations while under contract?
- Worth it? Home Inspection Review
- Final walkthrough timing
- Difference in profit on house sale FSBO v REA
- Purchasing FSBO without a realtor (Indiana)
- House with 9+ acres of land
- Buying a house through the seller's agent?
- Best Way to Finance A Fixer-Upper?
- What to expect in high COL, rapid-sell market?
| Well I decided to refi last night. 3.5%>2.3% Posted: 02 Dec 2020 10:24 AM PST So we just moved in to our current house in MAR 2020 before everything went crazy. Our first payment was May 1st, loan was 403k 30yr fixed VA 3.5%. My lender contacted me last week and we started talking about doing a refi. We locked in our new rate of 2.3% last night ! Saving us around 77k over the course of 30 years. But I also plan rolling the extra money into our principal to save another 29k on instrest and paying it off 5 years early. Get out and refi !! [link] [comments] |
| Is this a new real estate scam? Posted: 02 Dec 2020 01:14 AM PST My grandfather passed away a year ago, and my 83 y/o grandmother recently decided to put her house on the market after 15 years of owning it. My entire family has been involved in the process of getting it staged, sold, and closed. Luckily we're in a seller's market, so when she listed the house she got a ton of offers, and the one she accepted was about $25k over asking. They went through inspections and signed a contract, in which there was a clause stating the buyers couldn't back out because of the house's initial appraisal price being lower than what they offered. Well two days before closing, they demanded that we drop the price $20k or they'd walk. Our agent says legally they have no leg to stand on, but the expense of taking them to court would be huge and it would be very stressful on my grandmother. So we offered to come down $5k, and the buyers' agent needed to figure out how to cover the rest with them. The agent ended up sacrificing almost all of their commission just so the buyer wouldn't back out. I guess I'm just wondering if this is a thing people are doing these days to scam sellers out of getting higher than asking price. It's a really terrible thing to do and I'm honestly pissed and brainstorming ways to get back at them that aren't illegal, even though I know I should just move on. Have other people experienced this? Edit: I really appreciate everyone's insight! I'm very new to all of this and can't answer some questions about stuff like the EMD or current market value of other homes in the area, but I can say that we have a very experienced agent who didn't recognize and red flags until this happened right before closing. The house officially closes today (thank God) and my grandmother will finally be able to breathe for the first time in a couple months. She was the main reason we didn't back out of the sale; this has been very hard on her, but now that the sale is just about done, things are looking up. [link] [comments] |
| Posted: 02 Dec 2020 08:36 AM PST My wife and I are in the processing part of buying a house. We received a call from our realtor saying that the appraiser has an issue with the garage door motor being hooked up via extension cord. The appraiser at this point wants that fixed before he gives his appraisal. He also would have to come out and reinspect it meaning more money from us presumably. Is this normal practice? Should we have the home owners pay the second appraisal fees? [link] [comments] |
| Under contract, current home about to list, and suddenly I'm a glass case of emotions? (PA) Posted: 02 Dec 2020 08:55 AM PST Hoping to garner some advice from those who have been here before. My wife and I made the decision to move upwards from our current house, and first home together. We've lived there just under 2 years -- it's a 2bd, 1.5 bath with a small yard. It's a beautiful home that we've put a lot of time and love into. But we plan to start a family and begin the next phase of our lives together, and there is nowhere for a family to grow here. We're in position to make good money on our sale, and the home we're under contract on was a pocket listing in the area's best school district in the style of home we want on an acre. The new home is more expensive but within our comfort range. By all means, this is going just about perfectly and I recognize how fortunate and privileged I sound compared to the struggles buyers are facing in this market. But I'll be honest -- I have not stopped crying as we took all of our pictures down, cleaned the house, staged it, took pictures, etc. It felt like a funeral. It feels like I'm leaving a home for an unknown and maybe I'll never feel this happy/comfortable again. I know that isn't logical at all. Have any buyers here experienced this during their moves? Is this just my anxiety ruining things, or a sign that I'm making a mistake? [link] [comments] |
| Posted: 02 Dec 2020 10:26 AM PST Original loan amount: $567,000 Current balance on original loan: $542,000 Original interest rate: 3.875% Original payment: $3397 ------------------------------ refinance offer #1 loan amount at $548,250, 30 year fixed at 2.500% / 2.538%RATE/APR, new payment of $2986.80 (includes PMI of 91 dollars and taxes etc), LTV: 80.98% (because original home value was 600k, now received appraisal waiver at 677k. 548,250/677,000=80.98%) 0 points correct me if I'm wrong, but have a lower loan to value ratio is worth more than receiving $1500 cash back and better than 83% LTV from other loan offer. amount of money until PMI is removed/falls off. (548,250-541,550=$6,700). -------------------------------- refinance offer #2 loan amount at $548,250, 30 year fixed at 2.500% / 2.566%RATE/APR, new payment of $2977.80 (includes PMI of 82 dollars and taxes etc), LTV: 83% (appraisal waiver at 660k. therefore, $548,250/666,000=83%) per LO, she gave me -0.555 points (read as negative 0.555) this loan officer says she will give back $1500. amount of money until PMI is removed/falls off. (548,250-527,500=$20,750). ------------------------- I'd also like to know, can one's appraisal waiver be too good to be true? and its a bait and switch? thank you [link] [comments] |
| WWYD: Closing in 2.5 weeks - pay deposit to roofers? Posted: 02 Dec 2020 09:43 AM PST We are closing in 2.5 weeks. Loan commitment is in. All looks good for an easy close. We need to get a new roof put on ASAP for insurability, so looking at that happening the next day. The roofing company we selected wants the contract signed and half down. I'm assuming this is industry standard since they have to get materials. The half down makes me panic a little since it's close to 5K and we don't officially have the house yet. Also don't want a large withdrawal like that to effect closing. Yet it needs to be put on. So WWYD? [link] [comments] |
| Everyone selling above listing Posted: 02 Dec 2020 07:15 AM PST Why are listing not increasing to actual market value? [link] [comments] |
| Purchasing my first properties. Posted: 02 Dec 2020 08:44 AM PST My partner and I are in the process of buying two cottages approx 5 lots down from where we originally want to build. (my parents own an empty lot but the cost to build is too high at the moment).. Two cottages sharing the same well and septic for 350. We saw the listing the day after it was posted and put an offer in at 330 after taking a look at them and the seller accepted. House inspections showed very minimal issues. Financing was a whole different story and we needed to ask for an extension because the realtor wasn't allowed to list both cottages together so we needed to get two mortgages. But everything eventually worked out and now it's just up to the lawyers to do their thing. First cottage is a 3 bed 1 bath and the second is 2 bed one bath. There is a community park across the road that is empty, leaving us with a water view of a bay and the ocean in the distance. The cottages are not winterized as of now but we are looking to move in the bigger one come spring and winterize it next fall while we do some short term renting in the other. Very excitied to be in the area where we originally wanted to build. In the future we would still build and then rent out both cottages for some extra income. Then we'd only be a 30 second walk down the road to keep an eye on things! I know it seemed like a quick purchase, but the cost of housing in pei is getting ridiculous so to come out with two properties for 165 each, in our desired location, we needed to move fast. Like most people have said around here is that everything is selling at asking if not higher, so I feel like we did good! Both cottages are fully furnished as well which is a huge plus as me and my partner do not own a lot and are currently renting. Each cottage has its own roomy shed with garden tools and power/construction tools and lawn furniture. But yes, just very excited and ready to be a home owner! Thanks for reading! Also I know the process for winterizing a cottage can be costly but we figure we can winterize it and still be in a year round cottage for less than 200. [link] [comments] |
| Seller delaying inspection, do I have any recourse? Posted: 02 Dec 2020 07:42 AM PST The seller is giving me a tough time scheduling the inspections during my contingency period and my inspector gets booked fast. If the seller is the reason why my inspection wasn't completed, will I have any recourse? [link] [comments] |
| Any Way Can I Get My Appraisal Fee Returned Posted: 02 Dec 2020 07:37 AM PST I was in the process of refinancing my home with Auto Club Trust, the bank I currently have a mortgage with, and ran into some issues. I started this process in August and was refinancing $96000 into a 30 year loan. The home is worth about $220,000. I provided all of the documents requested and was assured that I wouldn't need an appraisal since I had such a low loan to value on the property. I was set to close on September 25 and the bank didn't complete the process on their end. They then told me that desktop underwriting concluded I do need an appraisal. Before putting any money into the process if my rate lock would be extended and they told me that wouldn't be a problem. I pay the $500 appraisal fee, the house comes in at $220,000 and they continue processing the loan. On my final loan estimate documents, the bank tacked on an additional $1200 in fees. When I asked about this they informed me that was to extend the rate lock which was information not provided before I paid for the appraisal. I left them and proceeded with another bank who immediately guaranteed I wouldn't need an appraisal since I only owe about 40% of what the house is worth. Is there anyway to recoup the appraisal fee? Possibly filing a complaint with the BBB or FTC or lending authority in their home state? Throughout the process the mortgage specialist was unresponsive, provided inaccurate information, and didn't seem to act in good faith even though I had throughout the process. [link] [comments] |
| Will I only hurt our Application? (buying a home) Posted: 02 Dec 2020 11:06 AM PST Me and My soon to be wife are looking to buy a home in Austin in the next few months. The total loan amount is going to be about 560,000 after 5+% down on the home. I make about 80-100 Thousand a year and have a DTI of about 14%-16% with about 25k in total debt. Together me and My partner make about 240k+ a year.....But here is the kicker, due to some stupid choice on my part about 5 years ago my credit is about 660-680. My Fiancé's credit is in the mid to high 700's and she had been talking to a lender who feels she can maybe get approved on her own but MAY need some help on income to get sub 2.9% Interest. While I do make good money and have relatively low debt and DTI I'm scared my lower credit will only mess with her chances of getting that lower interest rate. Should I be as worried as I am? Should we wait on getting an offer by about a month or two so I can try and get my credit up closer to 700? Thank you all so much for the help.... [link] [comments] |
| Posted: 02 Dec 2020 10:53 AM PST So I toured a house. Liked it and made an offer. Seller reply with a counter offer and said they can give me an old fridge, but not the one I saw at the house. [link] [comments] |
| Posted: 02 Dec 2020 09:28 AM PST hello how does switching switching home insurance work? I currently pay it with my mortgage but got a cheaper quote from another company and want to switch to them. [link] [comments] |
| Question on Property Taxes at closing Illinois Posted: 02 Dec 2020 09:23 AM PST Sorry if this is a dumb question, but this is the first house I have ever sold. I am trying to get an idea of what my net proceeds will be. We are set to close on Jan 15th and I can't figure out the property taxes I will owe the buyers. I know that they are paid in arrears and that we are basing it off 105% last years taxes. But everything says you do it based on the number of days since jan 1st, since I am crossing over a new year will I actually owe 380 days of taxes? It seems strange that I could owe more than a years worth of property taxes but I will have lived in the house over a year without having paid those taxes so I guess that is right. [link] [comments] |
| Don't trust my agent to negotiate well on my behalf. Can I handle negotiations while under contract? Posted: 02 Dec 2020 09:11 AM PST The agent is a friend I am doing a favor for. They don't work as an agent full time. I am currently under contract and don't want to rely on their negotiation skills when the time comes. Can I handle negotiations on my own without crossing any lines? I don't care if they get the commission if they do none of the work. Rather make sure my t's and i's are dotted. [link] [comments] |
| Worth it? Home Inspection Review Posted: 02 Dec 2020 09:03 AM PST Hello /r/realestate I am a first-time homebuyer that is currently under contract on a single-family home property built in 1999. I had the home inspection conducted yesterday, which I had some concerns around the callouts on the report. I want to gather some opinions to see if it's worth proceeding despite the callouts since I am not experienced with home improvement/ownership. Preferably, I'm looking for a "turn-key" type home with minimal repairs required. Definitions: NOTE: All definitions listed below refer to the property or item listed as inspected on this report at the time of inspection A Acceptable Functional with no obvious signs of defect. NP Not Present Item not present or not found. NI Not Inspected Item was unable to be inspected for safety reasons or due to lack of power, inaccessible, or disconnected at time of inspection. M Marginal Item is not fully functional and requires repair or servicing. D Defective Item needs immediate repair or replacement. It is unable to perform its intended function. https://drive.google.com/file/d/14Q7kB-RC8kLlW_eiAe4XGzKwyOng2_27/view?usp=sharing Any feedback is welcomed. [link] [comments] |
| Posted: 02 Dec 2020 05:07 AM PST How long before closing do you do the final walkthrough? Friends just sold their house and the buyers did it hours before closing. Contract says within 48hrs we have to be allowed. They're moved out, so no problems there. I was just wondering what's the average. Been reading horror stories of people doing a walk thru 2 days before closing, then showing up after closing finding someone broke in and busted upthe house taking copper pipes. House is in a good area though, so shouldn't have to worry about that [link] [comments] |
| Difference in profit on house sale FSBO v REA Posted: 02 Dec 2020 08:32 AM PST I'm selling my home in colorado, based on comps it should go for about $250k. I owe $165k. I have an offer from a friend as-is for $230k. Would it be worth it to list it with a real estate agent or would all the commissions etc essentially negate the difference in a higher selling price? I understand I'd need a real estate attorney if I go with the private sale. Just asking for opinions. The only real update that is needed on the house is landscaping in the back yard. Should I go with the private sale and save myself some stress? I'm going to rent temporarily while I sell this one and look for my next. [link] [comments] |
| Purchasing FSBO without a realtor (Indiana) Posted: 02 Dec 2020 07:34 AM PST Good morning everyone, I am purchasing my mother in laws home for the current value of the existing mortgage. This is my first home purchase, and I already have my pre-approval completed. I've been trying to find resources on where to proceed from here. I've tried searching on google already but everything I've been able to find is just about the pros and cons of buying/selling without a realtor. If anyone has some resources on how to proceed once pre-approval is complete I would greatly appreciate the info! [link] [comments] |
| Posted: 01 Dec 2020 09:07 PM PST I see a house listed in a booming area close to my parents' that comes with 9+ acres of land. It is right next to a new elementary school that was just built last year. My niece actually goes there. The house itself is not all that interesting. Just a normal country style ranch that was recently renovated. There is a very long narrow private road that leads to the house since it sits in the middle with about equal land on all sides. What I'm interested in is if I buy the house and the land that comes with it, can I divide up the land and sell them as lots for people to build? For example, the houses can be built to face that private road that is already there. What type of permits would be required to do that? Is it worth the time and effort as an investment? If that is possible, essentially I would get the house for free. Tried to post a picture but can't for some reason. [link] [comments] |
| Buying a house through the seller's agent? Posted: 01 Dec 2020 07:16 PM PST My SO and I are FTHBs looking for a SFH in an area that is not quite as hot compared to the rest of the country. We have a realtor who we love -she's been really supportive and patient. We've been looking for a few months and inventory in our target area is really low. Our realtor is the selling agent for a house that was listed in June 2020. It was listed for ~ 2 weeks privately, another 2 weeks publicly, then taken down. The owners are planning to re-list this spring and our agent brought this house up as a possibility. We really like the house and it hits 90% of our must-haves, but based on comps we feel that it was overpriced by about 10-12% when it was listed in June. Similar homes in that neighborhood sold within days, so the fact that it didn't sell in almost a month supports that it was overpriced. The tough part is figuring out to bring up negotiations with our realtor. She knows our budget/finances, so I'm worried she'll use this to the sellers' advantage. The current price is at the very top of our budget and I'm just not comfortable over-paying for a house when comps are going for much less. We were considering possibly bringing up a leaseback option since the current owners are building a new home that won't be ready for a while, and they have small children so renting would be a headache. Is it reasonable to ask for a lower purchase price in exchange for leasing the house to them at a discounted rent? Normally these are all things we'd ask our realtor, but it's a little awkward that she's representing both parties. I also feel weird about finding another realtor to navigate this house in particular because she's spent a lot of time working with us. Advice appreciated. TIA! [link] [comments] |
| Best Way to Finance A Fixer-Upper? Posted: 02 Dec 2020 12:30 AM PST We've been looking at cheap houses that need work with land attached, as we want to have some chickens and large gardens. Some of these houses need quite a bit of work, and I'm wondering what is the best way to finance a house like that? I know there is a special loan you can get, but would it be easier to just apply at a bank? Or should we have cash, if possible? Has anyone fixed up a fixer before? Was it worth it? The house we live in now needed some work when we bought it and it worked out quite well. We would not have been able to afford a house that looks the way it does now. [link] [comments] |
| What to expect in high COL, rapid-sell market? Posted: 01 Dec 2020 03:02 PM PST My spouse and I live in the Seattle area and plan to for the next 10+ years. The market here is always rapidly increasing and it feels like there is never a good time to make the commitment. We've been watching houses in the greater Seattle area (within 1 hour commute) and consistently the range appears to be $550-$800k for the 2 bed+, 1500sqft+ houses with a small yard for our pets, which we've established as our minimum. We see these houses as they are listed, favorite them, and within a week get notified of a pending sale or sold. Perhaps I'm being a Debbie Downer, but we feel like we're nowhere near being competitive enough so looking for a reality check or confirmation. We make just over $200k a year now. Through bonus, stock grants, and ESPP, together we make an additional ~$40k per year, variable based on stock market price and business performance. Our raises combined are consistently ~$10k, growing each year with our salary. We have $70k in savings from this year, and about another $50k in long-term index funds or vested stocks. This year we have paid off all other debt (student loans, car). Currently pay $2300 rent for a 1300sqft townhouse just outside the city. Credit scores both hover around 800. We were hoping to save up 20-30% down plus at least an extra $30k savings before trying to enter the market, targeting ~$700k (which is a constantly raising target). 1) Does it make sense to continue to wait in an aggressive market? Does our original strategy of continuing to save make sense? 2) Are these houses being snatched up by people with much higher down payments or cash sales? Or does that even matter to the seller? We're trying to figure out if we're small fry that don't yet stand a chance, or actually in a better position than we think we are. Appreciate any insight. We're first time buyers in crazy market. We both come from rural, poor families so big numbers are intimidating us. Edit: Since I'm getting a lot of comments and PMs regarding not timing the market: I'm unsure where I may have misled anyone into thinking I think the market is going to get better and that I am making any choices based on that. 100% of the reason we have not pursued purchasing was we had a lot of student loan debt and almost no savings - both of which we completely turned around this year. "Timing" was purely that of not taking on more debt as we were working existing off. If anything, I think the market in this area will only get worse in the time we plan on living here. [link] [comments] |
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