Real Estate: What is the legality of buying a home on an international border? |
- What is the legality of buying a home on an international border?
- [MI] How do I exclude a person from purchasing a house?
- Acquaintance wants to buy my recently inherited family home, but her realtor is set on a 5% commission
- Seeking advice for renting out recently purchased house
- I feel like everyone forgets the psychological benefits of buying a home. Am I off on this one?
- Difference between signing appointment and closing?
- Will inventory climb?
- Just signed a 2.75% Conventional Refi from 3.625% FHA 8 Months After Purchase
- First-Time Home Buyer - Buy, Rent or Relocate?
- Just closed on my first home; 10% down, 2.625% 30-year fixed high-balance
- First time home buyer - Can someone review my estimated closing costs for any concerns?
- Main reason for buyer not disclosing appraisal value to seller
- real estate listing agent is insisting on 6% fee. we have not signed yet. is this reasonable or should we find someone else?
- My roommate/tenant's girlfriend is basically living here, but we don't have a lease. What is the best way to address this? (Virginia)
- My family is selling my dad's estate. Having a hard time with the mls term differences.
- HUD Home with $100 down payment?
- Backing out before closing day
- Selling property in 2020. Poor communication the new norm?
- Help me buy in the Bay Area
- First time buyer in SF South Bay Area
- First time buyer in SF South Bay Area
- Emptying 401k for real estate property
- Small things to look at when buying a house
- Got married, buying a new home in Austin, TX: Should I sell existing home or rent it out for a bit?
| What is the legality of buying a home on an international border? Posted: 30 Dec 2020 05:12 PM PST This is a hypothetical question as I'm nowhere near buying a home, but I check out Zillow from time to time to see if there's anything interesting. Last night I found a house located directly on the border of the US and Canada. The house is technically on US soil and the street is in the US (so you can't drive across the border without going through the little station down the road), but the parcel is halfway into Canada and the back door of the house opens into Canada. It's such an interesting listing, I was wondering what the legality of such a house would be. Would one need a passport or dual citizenship to live there? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| [MI] How do I exclude a person from purchasing a house? Posted: 31 Dec 2020 09:07 AM PST My father in law passed away and we need to sell his house. A quick back-story: Neighbor has bought many of the houses in the neighborhood so we think he may try to buy this house. Neighbor is also a complete tool. He has attempted to sue my FIL on several occasions. One, for example, was because he claimed my FIL was "spying" on him, and sued him for the cost of a privacy fence. Obviously that was thrown out of court. We are VERY concerned that he will buy the house and then sue the estate for every little thing "wrong" with it. He may even create problems to sue for. Yes, we're disclosing everything we are aware of, but we live in TN and have only visited the house. We also realize he can sue for anything, even if it's disclosed and not a valid lawsuit, which will cost us $250/hour for the attorney to handle. And yes, the neighbor will likely attempt something like this. He's petty, and will enjoy wasting the estates money, even if he gets none. Our realtor tells us that if the neighbor makes a full-price offer and we reject it, his realtor could go after us for their part of the sales commission. Right now, our thought is we will reject any offer from him that is not full-price, with no contingencies. But we'd really just rather not accept ANY offer. We are consulting with the attorney to check options (we will likely trespass him from the property so he can't even do a viewing). Is there anything else we can do? EDIT: in case it matters, the neighbor is not in any protected group or class. so there's no way that he could claim discrimination, at least not legally claim it, if we were to reject his offer. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 30 Dec 2020 11:57 AM PST My parents passed away this year, and I inherited my childhood home as a result. An acquaintance from the neighborhood said she was interested in buying it, and asked me to contact her realtor. The realtor sounds nice, but also like she's unfamiliar with these kinds of direct sales. When I inquired about whether she was open to negotiating on the commission, she went into a long spiel about why she doesn't do discounted work. Finally, after following up via email, she said she'd come down to 5%. With my rough estimate of what the house would sell for ($185K), that is over $9K. I should note that I've never purchased or sold a home. I just turned 30 and so most of my research prior to this year was about what purchasing a home would involve, including a homebuyer education course. That being said, I've done some Googling this year, and most articles recommended finding a realtor who would do a sale like this for less than the usual commission, since so much less is involved with this kind of sale. I'm not sure what my best next step is. The sentimental part of me likes the idea of selling the home to someone I know - this acquaintance is good people. But the shrewd side of me wonders if it makes sense to both (a) sell the house directly to someone when it's a seller's market in the area the home is and (b) pay such a large commission on top of that. tl;dr: Articles about selling a home to a friend suggest using a realtor at a greatly reduced rate, to reflect the significant difference in work when compared to a normal sale on the market. An acquaintance wants to purchase the home, but her realtor won't reduce her commission lower than 5%. UPDATE - Thanks so much, everyone. As I suspected, it seems like this realtor isnt on the up and up - at least when it comes to my interests. I'm going to reach out to my acquaintance again to ensure she's still interested and then explore the attorney and seller agent suggestions below. There's a lot on my plate right now with their estates, so I agree that having an expert on my side would be helpful. Her interest sped up the timeline I had in my mind for selling the home as well, so this was a good reminder that I should get an appraisal soon. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Seeking advice for renting out recently purchased house Posted: 31 Dec 2020 09:40 AM PST So I purchased my home last May and have been living it in since, however like many people this year, I've ran into some financial troubles and can no longer afford my mortgage/bills with my current salary. I think I have 6 options. Option 1: I try and rent out my house and rent another apartment nearby and become a temporary landlord Option 2: I try and find a roommate to help pay the bills. Option 3: I rent/airbnb my entire house. Option 4: I sell my house Options 5: I take out a small loan, finish off certain aspects of the house that would increase the value, and then sell it at a potentially higher profit. Option 6: I try and find a higher paying job. So my situation has been keeping me up at night and any advice would be greatly appreciated. Options 4 would be my last choice since I've really fallen in love with the property and would be sad to see it go, although I could probably make a profit. Option 2 would be tricky since I don't like the idea of living with a stranger during Covid times, especially in that I have a newborn, but this would be the easiest option. Options 1 could also be a less complicated choice. Any thoughts? Have any of you ever had a situation like this? Also, would I have to check with my mortgage company to see if option 1 and 3 are even possible? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| I feel like everyone forgets the psychological benefits of buying a home. Am I off on this one? Posted: 31 Dec 2020 03:08 AM PST My mom is willing to sell her home to me a little under value, and I'm willing to buy it with a roommate paying me rent for 2-3 years. Everyone says not to do this, because I don't have enough money saved up for maintenance. Which, may be a fair point. However, after doing the math, it turns out I'll have a total of $1000/month extra after I buy the home, which I can stock up in a savings account. I'll also get the benefit of not living in an apartment complex near people that make me uncomfortable. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Difference between signing appointment and closing? Posted: 31 Dec 2020 07:00 AM PST I have bought and sold 4 houses over the years and always just signed everything at closing and got the keys there. I just got a request from my mortgage company to pick my "signing appointment" and it says it must be at least one business day before close of escrow on 1/15 (my planned closing date). I'm waiting to hear back from them what this is, but they're in a different time zone so it'll be a few hours so wanted to check if any of you are familiar. Would I get the keys at this appointment or is this something else? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 31 Dec 2020 09:34 AM PST Will inventory increase eventually? Hi, I'm a real estate idiot. Will more inventory become available in the coming years? I remember looking at houses on Zillow last year and there were tons of homes for sale in my price range, now, even going 100k more, there's just nothing... what's the natural eb and flow of times like this? What events normally happen for housing sales and prices to dip and availability to increase? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Just signed a 2.75% Conventional Refi from 3.625% FHA 8 Months After Purchase Posted: 30 Dec 2020 08:19 PM PST Took hard pulls and pitted 3 lenders against each other with competing loan estimates. My existing servicer won the war tonight and I signed the application: 60 day 2.75% rate lock with $700 in credits. New loan balance is estimated to be around $189k after closing up from $184k No cash to close - only out of pocket expense is the $445 appraisal fee. Middle mortgage score of 747 in FL. I'm 24 years old. This was my first house I bought for $190k in April of this year with an FHA loan at 3.625% and 3.5% down. Original loan balance was about $186,500. I put a bunch of money into it and renovated the house completely after purchase so it should appraise well above what I paid. Only way I'd run into problems is if it comes in at under $200,000. My real estate agent buddy ran comps and thinks it's worth about $225k based on similar sales in my area from the last 3 months or so. Feeling very elated right now! My monthly payments are slated to drop from $1277/month to $1107/month BEFORE my 2021 homestead exemption kicks in. There's $44/month in PMI still, but it sure as heck beats the $128/month in PMI I was paying with the FHA loan. And that'll drop off in a few years anyways depending on what the appraisal comes out to. Real estate experts of Reddit, how'd I do? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| First-Time Home Buyer - Buy, Rent or Relocate? Posted: 31 Dec 2020 08:16 AM PST Hi everyone! Sorry for the long essay, but I was hoping to get some honest advice on whether my family should be considering to rent, buy, or move in today's crazy housing market. 3bed/2bath townhomes and single family homes here in the San Jose, CA area are in the $900k to $1m range (insane, I know). If we buy, our focus would be to live in a decent area with good schools for our 19-month old daughter. My wife does not currently work, but will get back into the job market once COVID-19 settles down and we can get our daughter to day care. Before our daughter was born, she was making about $70k before taxes. Because of the uncertainty in today's landscape, however, we'd feel better if we solely relied on my salary for future planning. I spoke with a lender for pre-qualification and they said that I should qualify for a $822k mortgage @ 2.5%. Not entirely sure if that includes points, however. I didn't know what those were at the time. We are also contemplating on moving to different areas (e.g. San Diego, Houston) where there is a heavy pharmaceutical industry precence (I work in Regulatory Affairs), but all of our family and friends are here in San Jose. The abiility for our daughter to grow up around her cousins and our family/friends help raising her is a seemingly unquantifiable opportunity cost. First time home-buyers, so we are still learning. Should we Buy, Rent, or Relocate? Cash - $104k 401k - $127.4k Roth IRA - $38.4k Taxable Brokerage - $75.8k Crypto - $14.9k Custodial - $1.4k 529 - $1.4k Debt - $0 Incoming Lump Sum March 2021 (Bonus, RSU/ESPP) - $79k (estimated pre-tax) Income - $225-260k/year (depending on stock value; $155k base + $28k annual bonus) [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Just closed on my first home; 10% down, 2.625% 30-year fixed high-balance Posted: 30 Dec 2020 01:51 PM PST | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| First time home buyer - Can someone review my estimated closing costs for any concerns? Posted: 31 Dec 2020 07:42 AM PST I'm sorry, I know this is a lot to ask. Location is NY (not a major city, not near NYC). I haven't gone to look for houses yet. I am working on pre-approval. This is what I have been offered before a hard pull on my credit. I am happy with the interest rate and I am okay with having discussions with my lender, I just want to make sure I'm not going to be taken for a ride due to my inexperience. The school and property taxes are rough estimates and that is fine. The main concerns I have: "Application Fee" seems high based on some research; I don't quite understand Aggregate Adjustment; I'm not quite clear on how $9,720.04 is the final cash from the borrower (items on that list plus two months of payments maybe? but it still doesn't seem to add up cleanly). Can anyone ELI5? Anything raise a red flag for anyone? Loan Amount: $145,500.00, Interest Rate: 2.375%, Loan Term: 360 MONTHS, Loan Purpose: PURCHASE, Amortization Type: FIXED RATE Loan Type: CONVENTIONAL Sorry about wonky tables
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| Main reason for buyer not disclosing appraisal value to seller Posted: 31 Dec 2020 06:42 AM PST We are in the process of selling our house for a price not really thought conceivable prior without the environment resulting from the virus and consequential housing demand in our location. The buyer got an appraisal done, but did not disclose the appraisal report/value to the us, the sellers. What would be the main reason for this? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 31 Dec 2020 05:46 AM PST i am in southern wisconsin in a town of about 10k people. and am helping my mother sell her home. a family friend in real estate highly recommended someone they used to sell their own parent's home (the friend lived in another city). this real estate agent (with century 21) is insisting on 6%. we have not signed yet. a family member who is a broker in our state, and also out of town says we should not have to pay 6% and that he could have saved us a 25% referral fee. do we as a seller have to pay the buyer's real estate commission? is that customary? the easiest thing is to just have my mother sign and let him do his thing, but i don't want my mother to be taken advantage of. the tax assessed value of the house is 145k and two independent real estate agents set that same number as the target selling value of the house. the c21 agent is very pleasant to work with. i hesitate to get my mother in between two people she cares about who are both in real estate, but here we are. what are your thoughts? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 30 Dec 2020 07:53 PM PST My roommate/tenant is an old friend of mine but his girlfriend (also an old friend) is spending way too much time at the house I own and live in. We have one bathroom, I like my privacy, and I signed up for only one roommate, not 1.8 roommates. My roommate and I have never signed a lease, despite him living here for 4 years. I understand that our arrangement defaults to a monthly lease, in Virginia at least. So I plan to ask him to sign a lease that clarifies the roommate/tenant agreement. Two related questions for y'all -
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| My family is selling my dad's estate. Having a hard time with the mls term differences. Posted: 31 Dec 2020 02:59 AM PST What's the difference in mls listing of "contract signed" and "under contract"? Thanks in advance. Massachussetts business estate sale if that helps. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| HUD Home with $100 down payment? Posted: 30 Dec 2020 07:23 PM PST Has anyone purchased a HUD home with this little of a down payment? The program is called Denver Home Ownership. The only stipulation that I know of is that it has to be owner occupied for you to use this. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Backing out before closing day Posted: 30 Dec 2020 07:19 PM PST My parents are in the process of getting a home but there have been some issues coming up with the company who builds the homes and also does the lending. The major one is that the down payment has changed. Mt parents signed for a down payment of 26k and now its 30k. Due to some other issues, is there any way of for them to back out without losing anything or how would it work? Thank you for your help! [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selling property in 2020. Poor communication the new norm? Posted: 30 Dec 2020 02:59 PM PST We have decided to sell one of our residential investment properties but have been dealing with an agent that has poor communication at best it seems. FYI I'm not one of the types that call or message my agent every 10 minutes. In fact I have probably only called him twice in one month and one of those was a return call. We had an above list offer on the property within days of it being listed, buyer changed their mind. No big deal, it happens. Communication I thought could have been better but who knows. We are selling slightly below market value for a quick sale. Again I think communication could be better. He has been automatically rejecting offers on our behalf, only found out because he mentioned it in a casual conversation once. Sure the offers may have been a little low but am surprised we weren't involved in the counter on at least some. Also lately he has been pressing the forward button on the buyers agent email to me with offers. No greeting, info, etc... So I have to sift through the email thread and/or attachments to see what the offer/amendment actually is. We received one offer over list, and I told our agent we'll take the deal. It's been 48 hours and no response from our agent. Not even an "acknowledged " So is this the new norm for agents in the COVID world today or do I just have a crappy one!!! [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 31 Dec 2020 12:38 AM PST I am looking to buy a home in the SF South Bay Area (San Jose, Sunnyvale, Santa Clara etc.). Work location is downtown San Jose, and I would like to limit my commute to a minimum. Currently renting an upscale apartment with a 15 minute drive to downtown San Jose during commute hours. I have long delayed buying a house as it did not make financial sense, having lived in regions all my life where rents were more affordable than the mortgages. At this time, while my reasons for buying a home are emotional (house v/s home), I would like to make a purchase that is financially, at least, reasonable. The historically low 30 year mortgage rates are also enticing. My primary requirements in about equal weights are:
Planning to stay at least 10 years before considering an upgrade. I don't have, nor plan to have, kids. Given the crazy market, I see this puts me in the $2M - $2.5M range. I am just not sure if I should get a SFH or TH or Condo. What should I consider? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| First time buyer in SF South Bay Area Posted: 31 Dec 2020 12:06 AM PST I have long delayed buying a house as it did not make financial sense, having lived in regions all my life where rents were more affordable than the mortgages. At this time, while my reasons for buying a home are emotional (house v/s home), I would like to make a purchase that is financially, at least, reasonable. The historically low 30 year mortgage rates are also enticing. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| First time buyer in SF South Bay Area Posted: 31 Dec 2020 12:00 AM PST I am looking to buy a home in the SF South Bay Area (San Jose, Sunnyvale, Santa Clara etc.). Work location is downtown San Jose, and I would like to limit my commute to a minimum. Currently renting an upscale apartment with a 15 minute drive to downtown San Jose during commute hours. I have long delayed buying a house as it did not make financial sense, having lived in regions all my life where rents were more affordable than the mortgages. At this time, while my reasons for buying a home are emotional (house v/s home), I would like to make a purchase that is financially, at least, reasonable. The historically low 30 year mortgage rates are also enticing. My primary requirements in about equal weights are:
Planning to stay at least 10 years before considering an upgrade. I don't have, nor plan to have, kids. Given the crazy market, I see this puts me in the $2M - $2.5M range. I am just not sure if I should get a SFH or TH or Condo. What should I consider? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Emptying 401k for real estate property Posted: 30 Dec 2020 05:55 PM PST What are your thoughts on going into your 401k to buy investment properties? I'm 27 just bought my first duplex recently via FHA with money I've saved up for the last few years. And it just dawned on me that I have like 40k sitting in a 401k account. Would it make sense to dip in there to use to buy my second property? [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Small things to look at when buying a house Posted: 30 Dec 2020 12:24 PM PST So I've searched this subreddit to avoid a possible common question but can not find anything. What are some small things to look for when looking for a house? Obviously theres the big things like foundation, mold, leakage, wall damage etc. But I've seen few things about the small things that people regret not looking for and I want to make sure that I'm looking for those things. Examples that I've included in my list were things like storage space, natural lighting, walking space (wide hallways, bigger staircase), bad carpets, floor dips, opening all drawers, flushing toilet. Obviously I'm not going to find a place that has no small issues but what are some other things to check for. Even if they're personal preferences in a house that not everyone cares about. Sometimes I dont realize I care about something until I run into it so anything helps. This is our first home but we are planning on it being our forever so I want to make sure I'm hitting all our marks as there isnt going to be a "next time" (hopfully). Thanks for anything you can provide. [link] [comments] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Got married, buying a new home in Austin, TX: Should I sell existing home or rent it out for a bit? Posted: 30 Dec 2020 11:34 AM PST Hi, I bought a home in October of 2019 in the Highland/Crestview area of Austin, TX for $440,000. I put 10% down, so my mortgage and everything is about $2500ish a month. I wasn't expecting to get married this year, but it happened (otherwise I may not have bought a home in 2019). My wife is a medical worker making about $350k a year, and I'm a tech worker making about $270k a year. My home is only 1400 sqft, no garage or anything, and my wife wants more room for when family visits, a garage to store our cars, etc. I'm just looking for some general advice. My loan isn't bad; I managed to get 3.15% interest. I realize that if I rent my home out I will lose the homestead exemption, and the tax rate will go up quite a bit. My reluctance around selling is that seeing as I bought about a year and 3 months ago the 6% eats a lot of my profit. The area I'm in is booming pretty rapidly, and the house could probably rent for around $2400 a month (it was before I bought it, according to my realtor at the time). Does it make sense to attempt to rent my house for just enough to cover the mortgage for the next year or so and let another couple of years of appreciation kick in before selling? I ask because a lot of my neighborhood is seeing appreciation rates of 20% per year, and there aren't even any houses on the market in my actual neighborhood right now (except a new construction that's not even ready until Spring, and it's close to $750k in price). I'm kinda in a dilemma because I really love this piece of property. I have a nice corner-lot, and the house was really well built. I think I could probably sell it for $500k right now, but I'm feeling like I'd be kicking myself in the ass if I could have just rented it out for a year or two until the property tax increase didn't justify it anymore, then sell for $650k+. Thoughts from people with experience in this area? [link] [comments] |
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