Real Estate: For this of you who tried to warn us about Veterans United, we're sorry we didn't listen to you! |
- For this of you who tried to warn us about Veterans United, we're sorry we didn't listen to you!
- After getting a home loan and closing, are there any restrictions on whether you need to stay employed, assuming you have enough cash to cover any mortgage payments for the lifetime of the loan?
- Navy Federal Credit Union’s assigned loan officer ghosted our first meeting and after reading reviews about non-communication with this lender, I’m freaking out. How do we get the ball rolling?
- Any particular homebuyer’s remorse due to pandemic?
- What's the most reliable/legit real estate site in you're country?
- I’d like to buy a vacant lot new to my house but there are some complications.
- Leaseback timeline - any way to rent back primary residence to current owners for more than 60 days?
- Waiting too long for the seller to move
- How does forbearance affect my ability to borrow?
- Dual Agency?
- [UT], [NV] I Just Sold Through A Relator a Vacant Lot Near Brianhead, UT Re: Now What?
- Are there any areas in the US that are buyer's markets?
- USDA and DTI ratio
- Officially in underwriting after our offer was accepted so...tell me your mortgage denial horror stories?
- Which roles in the buying process are most important to source and vet independently?
- First time landlord advice
- Buying and Renovating Childhood Home?
- Thinking of buying vs renting in the next 2 years
- Property ~350ft from an interstate and ~150ft from railroad tracks a bad idea?
- Buying a presale condo from a potentially sketch developer...
- NC Holly Springs: Is 2.875 30 years fixed, no points a good deal?
- Best approach to breaking a lease...but this one has a twist!
- Hi, I am a new investor trying to do my due diligence.(Long term and looking to own to rent)
- House near sewage treatment plant ( 2 mins drive )
| For this of you who tried to warn us about Veterans United, we're sorry we didn't listen to you! Posted: 07 Jan 2021 08:48 PM PST We just got screwed by VU about 6 hours ago. We are set to close on our home in 11 days. We've done everything asked of us the whole way, submitted paperwork, got the inspection done and the VA appraisal just came back Monday with no issues and $16k over asking price... VU just told us they didn't realize THIS ENTIRE TIME that the home was manufactured and they can't do a loan for it. All after we told them since day 1 of pre-approval (October 5th) that this would be for a manufactured home. We clarified this again the day our offer got accepted (November 30th) and again when we got a referral from them on homeowners insurance (December 16th). At no point in this process did it click. We are now left scrambling to find another lender and will need to delay our closing IF the sellers decide to still go through with our offer. If we lose the house, I don't know what, if any, recourse we would have with VU in getting money back considering this is no fault of ours. Super frustrating. Anyone considering VU should avoid them at all costs, if for no other reason than their sheer incompetence. [link] [comments] |
| Posted: 07 Jan 2021 01:55 PM PST |
| Posted: 07 Jan 2021 08:29 PM PST Title says it all. We're trying to close in 40-ish days and NFCU has given us the best deal for our situation (it's a long story, we've been shopping a while, we'd lose a chunk of good money if we went with someone else). The deal is too good to pass up. However, our loan officer never called us for our first scheduled meeting to talk about our application. Wouldn't answer phone or email. I asked the customer service rep if we could talk to someone else because we had never spoken to this officer before anyway, and she kind of avoided the question and just said she'd email our officer. I would normally be okay with that (shit happens, maybe she's sick or something, not a big deal to us) but I decided to do more digging into reviews and they are... interesting. Loan officers ghosting clients for days or weeks via email AND phone is commonplace. It's not good. However, it seems that there are some speedy officers out there who have been praised, and mentioned by name. If our loan officer continues being non communicative, can we request someone else? Maybe one of the loan officers with glowing reviews among the cesspool of customer feedback? I really, really don't want to give up this deal that we got. Anyone else go through something similar? [link] [comments] |
| Any particular homebuyer’s remorse due to pandemic? Posted: 08 Jan 2021 10:16 AM PST 30 single here on track to close on a studio in Brooklyn Heights, NY within the next month or two. This has been in the works for past few years just saving and materializing what I want There were many curveballs thrown at me like needing to go with unconventional portfolio mortgages, two commitment letters/appraisals from two lenders, breaking a rental lease etc etc Last few months have been very stressful and pandemic just made me second guess myself every step of the way, whether I am buying at the worst time and if real estate for NYC is going to look very differently moving forward... Just curious, wherever you are. Are you happy you made the choice? [link] [comments] |
| What's the most reliable/legit real estate site in you're country? Posted: 08 Jan 2021 10:10 AM PST |
| I’d like to buy a vacant lot new to my house but there are some complications. Posted: 08 Jan 2021 09:54 AM PST I have been looking to purchase the property the is next to mine for a couple of years, as it is a vacant lot used to store old trucks and is a bit of an eyesore. I would also like to keep the neighborhood bar from purchasing the property and turning it into a parking lot for their patrons (the property in question is between my home and the alleyway that is behind the bar). I have been in infrequent contact with the owner of the property who is open to selling the property, and we even went as far as contacting a title company to start the paperwork. This is where we ran into problems. Turns out the property has a $38k lien that is held by a different title company who is representing the estate of a family who sued the current owner decades ago. The Title company who holds the lien has no interest in tracking down the heir to the lienholder's estate, and the property owner will not acknowledge the lien (he is an eccentric old man with a super sketchy backstory and a history of strange legal issues, including disputes regarding real estate). My question is, would it be worth trying to track down the heir to the lienholder's estate myself, or just paying off the lien, plus the purchase price of the property? Are there any other options that I may be missing? The title company told me to just wait until the property owner dies and then I should be able to buy it from the bank because 'after looking into his finances, the bank will likely own most of his assets when he dies'. When I originally inquired as to who the owner was to the County Assessor's office, the clerk pulled me aside and indicated that they are very familiar with the owner, and that I should be very careful when dealing with him. I'm a patient person, but I'd like to do my best to acquire this property before the bar turns it into a parking lot. I should note that I have yet to contact the bar owner, but I know from a nuber of friends who frequent the bar that she has long wanted the property for extra parking. I plan on having a conversation with her as soon as this virus business settles down. tldr: want to buy a vacant lot but owner is shady. [link] [comments] |
| Leaseback timeline - any way to rent back primary residence to current owners for more than 60 days? Posted: 08 Jan 2021 09:54 AM PST We are considering buying a house that is not yet listed on the market. The current owners are in the process of expanding a property they bought. We are considering buying their current house, then renting it back to them until their new home is ready. This will help them finance the new house plus they have 4 young kids, so staying in their current house would be hugely helpful. We also hope this will make our offer be more appealing. We are in no rush to leave our current rental. Is there any way to lease it to the current owners for more than 60 days? We are thinking 6 months max. I know interest rates differ for investment properties. Not sure if there is any way around that considering this will be our primary (and only) residence once the leaseback period is over. [link] [comments] |
| Waiting too long for the seller to move Posted: 08 Jan 2021 09:50 AM PST First time homebuyer here. Gf and I just got our first home and part of the agreement was that we'd give the sellers time to find a house and move out. Our signing is in feb 5th and they had signed an agreement to pay us rent if they're still there. I wanna get out of our apartment asap but don't want to immediately kick a family out if they possibly have nowhere to go. I'm not willing to wait forever though. I'd say no later than March since I know buying is extremely competitive right now. Do We have any legal approach to get the sellers out of the house after a certain amount of time? Eviction, charging them for staying after a certain date, etc. I'd like to get in there by mid to late March. [link] [comments] |
| How does forbearance affect my ability to borrow? Posted: 08 Jan 2021 09:23 AM PST I've been out of forbearance now for 3 months and have completed my probationary period. However I am waiting on the final loan mod paperwork. My option was to create a balloon payment at the end of the loan, I've been told this will not even appear as a loan mod on my credit report, but I'm not sure. If it helps, I did volunteer to leave forbearance early aswell. How will this affect me? We are trying to upsize into a bigger home with our recent 3rd kid. Right now I have about 60k of equity in my home that I will be using as a down-payment. I make 130k/yr and we are trying to get a home for 350k. We would prefer to do FHA for 3.5% down as I'd rather bank the remaining equity. My job is unchanged since 2011, and I have a 660 credit score. [link] [comments] |
| Posted: 08 Jan 2021 09:05 AM PST Hello all, My fiancée and I are first time home buyers in Southern California and have been working with a realtor. Our realtor recently informed us of an upcoming house for sale. After seeing the house (not officially in the market yet, but able to view before releasing to the public), we are interested. Has any of you experienced this? How would it work? Will our realtor be loyal to us or the seller? Representation? Any advice will be greatly appreciated! Thank you. [link] [comments] |
| [UT], [NV] I Just Sold Through A Relator a Vacant Lot Near Brianhead, UT Re: Now What? Posted: 08 Jan 2021 08:37 AM PST I just got word from a relator that a vacant lot I own in Utah that does not have access to power or water that has been listed for 10 years with that relator at an inflated price has sold for asking. I live in Nevada. I knew that the housing market was bat shit crazy but I never imagined it extended to something like this. My question is where do I go from here and what is the process going to be like going forward with the realtor? What kind of paperwork should I expect to receive. I'm really naïve about this. Will my tax burden be the entire selling price? Is there any way to mitigate my tax burden? I do not want to invest the money in other property. Links appreciated. Retired. Age 70. I own no other property. Thank you. [link] [comments] |
| Are there any areas in the US that are buyer's markets? Posted: 07 Jan 2021 01:26 PM PST I'm tired of the bidding wars and waiving contingencies. Buyers have been biting the bullet for years now. [link] [comments] |
| Posted: 08 Jan 2021 07:12 AM PST I was wondering for anyone who has gone through the USDA loan process what they checked for your debt to income ratio? We just started with a lender who said our DTI was too high, yet never even asked what our debts were. I know they run a credit check but they never gave us a copy of that either. Aren't they required to go over the paperwork with us, even if we applied online? This lender is telling us to apply for FHA instead, but we live in a rural area and know the benefits of USDA outweigh FHA, especially with no money down and closing costs rolled into the loan. My question is, shouldn't the lender be providing us official documentation and go over our DTI with us? Ik going to contact USDA directly because we basically have no debts except a car payment so I guess I'm just confused on how we dont qualify. Any help on this would be so appreciated, I did so much research before we applied and was so confident in us being approved. I dont want to be disheartened by this and will be looking for another lender, but any and all advice is appreciated thank you! [link] [comments] |
| Posted: 08 Jan 2021 06:55 AM PST |
| Which roles in the buying process are most important to source and vet independently? Posted: 08 Jan 2021 06:48 AM PST My partner and I are first-time buyers looking to buy a single-family home in Chicago, and we only have word-of-mouth to rely on. We are already working with a realtor and a loan broker that we feel happy and comfortable with, but we technically arrived at working with them through the recommendations of our investment banker, rather than a friend or family member. We are still trying to source our real estate attorney and inspector, we'll probably need general contractors, etc. Our realtor has offered recommendations for those during our last viewings and had already done email intros for us as of this morning. I am wary of these chains of relationships being professional rather than personal. I don't have any reason to think the folks we're already working with are unscrupulous, but I do worry about the perverse incentives of being referred around by people who have a professional and financial stake in our choice, rather than by someone having been a "customer" previously. Is that a reasonable fear, or am I overthinking it? If we were going to go out of our way to independently source other roles like the real estate attorney and inspector, which would you consider the most important (or the most ripe for abuse, kickbacks, conflicts of interest, or other weirdness)? I'm worried we'll offend our existing people who we have only known for a short time, and there's a lot of potential for us to make a mistake since we're new at this and real experience beats research almost every time. It's not like we're equipped to evaluate these folks professionally, just basically on communication/professionalism, and a vibe check from a short interview call. I think I'm ultimately just feeling weird that everything seems to be going smoothly and that's not what I expect from 2020/2021, heh. I expected this process to be harder. We are 34/29yo, great financial health, good income due to industry, shopping well within our means and lucky enough to be buying at a time when mortgage rates are great. Been window shopping and researching areas for months but I am still way outside my comfort zone. It's very humbling. [link] [comments] |
| Posted: 07 Jan 2021 12:08 PM PST Hello all, I am renting out the rooms in my home to tenants. I need some helpful advice on this experience from experienced landlords who have done this. Tell me everything good and bad that I should know. Thanks! [link] [comments] |
| Buying and Renovating Childhood Home? Posted: 08 Jan 2021 02:05 AM PST Hello! Recently, I have come into a somewhat substantial amount of money (car accident). I have always had my eye on investing in real estate, but never had the confidence to start due to finances. Now that I have the ability to do so, I want to make smart and careful choices, seeing as I completely lucked into this by being in the wrong place at the wrong time. However, I would like to buy my childhood home from my parents. They made a choice about 10 years back to drain their 401k's for major home additions and renovations. Unfortunately, they were never completely finished or done in a sufficient manner. Thus, began a long journey of financial burdens that they struggle with today. The house is located in Northeast Ohio, in an upper-middle class suburban neighborhood outside of Cleveland. They bought the house in 1999 for $105,000, but owe around $180,000. Yes, I know how bad that sounds. It currently has 4 bedrooms, and 3 bathrooms, sitting at 1,862 sq ft. The house is estimated on Zillow to sell for around $197,000. I am unsure how reliable zillow is, but it claims that estimated value is 21.8% LOWER than the average home in that specific zip-code. Other homes in the neighborhood are valued from $210k-$270k. I wanted to renovate the house (labor costs are irrelevant, my grandfather owns a construction company and many trusted friends in different trades have offered up their services free of charge). Seeing as it was never finished, or just completed in a poor manner, the rough estimate would be around $20,000-$30,000. This includes updating the bathrooms, replacing all flooring throughout the house, VERY minimal kitchen updates (The kitchen was slightly renovated more recently with new countertops and appliances), and splitting an unreasonably MASSIVE bedroom to create an additional room, leaving the house at 5 bedrooms, 3 bathrooms. Because of the additions years ago, they attached a 2 car finished garage, with a smaller garage door leading to the back yard (used to easily transport lawnmowers and heavier machinery from front to back, vice versa). While they attached this new and well-maintained garage, they left the old one-car garage in the back yard, which has since been used as a "man-cave". However, don't be fooled, it was not finished and could use some cleaning up and work. It has a pretty jinky bathroom and sink with running water, as well as an old bar table and refrigerator. They have a heated furnace attached to the wall, but it is extremely old and most likely a fire hazard at this point if not replaced. The reasoning for my explanation of this very old and beaten stand-alone garage, is because I would like to hear opinions on whether or not this would be a good investment to fix up and consider as a "work-space" in order to bump up the value for selling. The backyard is plenty big, and does not look cramped in the slightest. There is also an above-ground pool that I am unsure on whether or not should be kept or taken down. There is also a large back deck, as well as a 10x10 stone patio with a fireplace. Lastly, the back yard is completely fenced in and has a beautiful garden wrapping around a large tree and leading to a pond, thanks to my mother who heavily enjoys landscaping. The only downside, is the backyard has an ugly view of the back-end of a building (When the house was bought, the building was not visible due to tall trees which were later ripped down by the company and replaced with a tall wooden fence, so there is still privacy, but the building is there). I lived there my entire life, and there was never a noise. However, I know this can depreciate the value of the home. Other than that, the yard is beautiful and there is still PLENTY of open space. Would it be worth it, if I have no labor costs and only need to purchase materials? Will renovating the second, backyard garage have a decent increase for the value of the home? What suggestions might you have with regards to the house renovations already mentioned? Do you think I will make a profit if all of the above is completed? The market value for real estate increases every year in this city, and is projected to increase by another 12% in the next 12 months. My parents no longer need a 4 bedroom house for just the two of them, and they will never have the chance to retire as long as they have this housing mortgage to pay off. They made foolish choices in the past regarding their financial decisions, but my one goal in life has been to make enough money, so they do not have to worry anymore. I feel buying their house off them and leaving them with just enough for a down payment on another home will set them on a path in the right direction and leave them with more money to put towards retirement. However, I am scared of putting myself in jeopardy. I will either hardly, if at all, break even, or profit amazingly. I just do not know how to determine which scenario is more likely. I apologize for the essay long thread, and if it is somewhat unorganized. Any advice at all would be helpful. I have family members and extremely close family friends that flip houses for a living, who I am positive will help me along through the process, so there is no need to worry about my lack of confidence effecting the job that needs to get done. If you have read through this entire thread, thank you. I look forward to hearing any thoughts. Go Browns!!!!! [link] [comments] |
| Thinking of buying vs renting in the next 2 years Posted: 07 Jan 2021 11:22 PM PST We bought a starter condo(2b2b) in Redmond, WA for about $430k. We're now thinking of moving to a bigger house in the next few years (4bd SFH). However, the costs of a SFH of that size is significantly higher (upwards of $1.1mn). Does it actually make sense for us to rent a SFH and pay like $3600 in rent instead? Our starter condo on rent will give us a tiny profit. Should we keep it or sell it? [link] [comments] |
| Property ~350ft from an interstate and ~150ft from railroad tracks a bad idea? Posted: 08 Jan 2021 07:53 AM PST Sorry if this is the wrong place or flair for this, just needed some advice. I found a really nice apartment that is about 350 feet from an interstate and 150 feet from the railroad tracks. Is this a bad location? I don't really mind noise too much, but I've heard living too close to an interstate can cause cancer from the vehicle pollution. Is this a property you would buy/rent? [link] [comments] |
| Buying a presale condo from a potentially sketch developer... Posted: 08 Jan 2021 03:56 AM PST What would you do if you are in my shoes? I am first-time homebuyer (of a completed presale condo) and just had my Purchaser Offer accepted. Thankfully, I still have a few days left to rescind my Offer if I choose to, so I am doing as much research that I can now on the developer, builder, etc. to assess whether or not I am actually buying a condo that looks nice but is of poor-quality. After some googling, I found out that the developer is actually in receivership because of their failure to repay their construction loans on the exact condo project I am buying in. Apparently, the developer was brought to court by their lenders in 2019 for defaulting on their loan payments. The majority of the presale purchasers (who accepted in 2016) were allowed a chance to cancel their purchase agreement after 2-3 years into the project's completion because the court ordered the developer to stop construction. Construction was about 85% complete at that time. Eventually in 2020, it was ruled that the developer was allowed to resume construction so that the sale proceeds of the condos/project can be used to pay back the developer's lenders. My question to you is: If you were in my shoes, would you think this is a huge red flag and rescind the accepted Purchase Offer? Any thoughts or inputs from anyone would be really appreciated because I am sorta having a stress attack over this new finding.. ðŸ˜ðŸ˜ [link] [comments] |
| NC Holly Springs: Is 2.875 30 years fixed, no points a good deal? Posted: 07 Jan 2021 07:08 PM PST I have been quoted 2.875% for a loan amount of $280k ($15k/6% down payment) with no points and around 2.6k credit towards closing cost. My credit score is 760+. Its a 30 year fixed rate loan for a primary residence townhome. This is my first ever home purchase and I hopefully close on Feb 25th. Any suggestion about the mortgage rate is appreciated! Thanks! [link] [comments] |
| Best approach to breaking a lease...but this one has a twist! Posted: 08 Jan 2021 06:28 AM PST So some things have come up with family, financially, and as a result me and my brother both are moving back home. My current situation is I took over another girls lease (6/1/2020 - 5/29/2021) back in november as a sublet. So I'm subleasing from that tenant but I went through the original lease and signed off/initialled everything. I'm going to do my best to try and find a replacement in addition to reasoning with my landlord and I'm A. no longer able to cover dues back home in addition to rent and B. I don't want to be on the hook for the remainder of my lease if I were to just leave. I'm in Chicago if any nuanced laws apply. Any help is much appreciated! [link] [comments] |
| Hi, I am a new investor trying to do my due diligence.(Long term and looking to own to rent) Posted: 07 Jan 2021 07:42 PM PST I understand when purchasing a property you can buy an "occupied property". What are the risks and rewards when purchasing these types of property? [link] [comments] |
| House near sewage treatment plant ( 2 mins drive ) Posted: 07 Jan 2021 09:49 PM PST Found the house in Northern NJ which otherwise checks all boxes except needing some cosmetic upgrades but is next to sewage treatment plant. Should I consider it or is it a big NO NO? Here is the listing: https://www.redfin.com/NJ/Morris-Plains/5-Jardine-Ct-07950/home/37240951 [link] [comments] |
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