Real Estate: Friendly reminder to not wire money just because you receive an email asking for it! |
- Friendly reminder to not wire money just because you receive an email asking for it!
- (CA) Is Buying Vs Renting Really Better?
- House hunting advice?
- Buying a home with Va loan
- In areas with unchanging demand to purchase but limited inventory due to a decrease in sellers, is there a good chance that inventories will stabilize after COVID? (looking at Austin specifically)
- Appraisal and mortgage approval timing
- Newbie. What can I do to optimize my chance of buying a home at the end of the year?
- Buying a fixer upper in a HCOL area
- What would we qualify for with student loans?
- Front set back requirement on three sides of my property?!
- Found a new place to move to, how to tell landlord I want to move early from current rental(UK)
- Real Estate Test Question
- Question How Mortgage Underwriting Would Treat Cash
- First time home buyer from CA moving to MI, what should I look for?
- HOA Certificate of Insurance Required To Have My House Number
- Should i buy an office?
- How to officially rescind a purchase agreement within rescission period?
- Help me pick a buying agent from my shortlist
- Question about renting to parents
- Properties under $10,000?
- How do make tell your potential clients not to set stuff up with redfin or other agents,
- Only offering pre-qualification letter with hard pull credit check and supporting documents?
- Recent college graduate getting an fha loan
| Friendly reminder to not wire money just because you receive an email asking for it! Posted: 09 Jan 2021 07:09 PM PST Scammers are getting smarter everyday, don't send them money to fund their endeavors! [link] [comments] |
| (CA) Is Buying Vs Renting Really Better? Posted: 10 Jan 2021 09:30 AM PST Hi! Me and my partner are considering buying our first home. I'm torn however if the expense of owning a home is really worth the money. We're renting an upstairs three bedroom apartment for $1450 per month (heat and light included). In our area to buy a house (that we could afford) we'd be paying about that with heat, light, and insurance included. However mortgages are really low right now. It may go back up within the next five years. What worries me is that there are always expenses that come up with homes. Is it really better to buy one, and hope the equity goes up over time? Another consideration is that we live in province with an unstable economy (even before Covid). So I also worry that if we wanted to sell the house in the future it could be diffcult. Thanks for any insights! [link] [comments] |
| Posted: 10 Jan 2021 08:59 AM PST Does anyone have tips for finding available homes? I'm in the north of Boston area and sites like Zillow never seem to have decent homes for sale in my price range (not too exceed 800k). I've noticed a lot of homes are only on local realtor sites, is that normal? [link] [comments] |
| Posted: 10 Jan 2021 07:28 AM PST Good morning! My wife and I are at the point in our lives to buy our first home. We have been renting for the past 10 years. We are here in Texas and our land lords have told us they want to sell the house we are currently staying in this year. They then said they wanted to send someone to our house for an appraisal on Monday. Now I am worried because if they come back with a good number to our landlords then they will put the house on the market by Feb or March. In our area houses get bought very quickly. Unfortunately they can do this because we have already stayed over our contract and had a verbal contract and agreement of staying month to month. This kind of messed our plans up because we were planning on buying a house next year. Here is our current situation; My wife has started a successful company and even though Covid-19 has affected a lot of small businesses, however she was able to bring in take home $36,000 this year working only 5 months. We were wanting to reach over $50,000 this year. We also wanted 2 years worth of pay to show for her income. For me, I work in 3 days a week and my annual income is $47,500. My VA disability at 90% is $26858.16 for a total income of $74,358.16 a year. Now I am currently in the appeals process of getting 100% which would put me at $89,949.88 a year if it is accepted. So that's where we are financially. Now a few questions I have is: Should I wait until I get the 100% to file for the VA loan? is there a difference between certain qualifications or programs for a disabled vet that has 90% compared to 100%? We were really hoping to file for the va loan once i get the 100% and once she had proof of income of 2 years but this kinda messed up our plans. Has it really affected the loan outcome or am I just overthinking it? I know this might be a lot but thanks in advance! [link] [comments] |
| Posted: 10 Jan 2021 10:12 AM PST I've been wanting to invest in Austin for quite some time, and have until now been able to free up time for house shopping. I'm seeing that demand to purchase houses in Austin has not changed. The inventory, however, is very limited - I suspect due to many sellers not wanting to move around due to the ongoing COVID pandemic. This has produced astronomically high prices over the course of the past two months. Asking an opinion for those knowledgeable in the Austin housing market: Is there a good chance that real estate prices will go down once all the enclosed sellers start listing their properties after the pandemic subsides? Or will there already be a new "price bar" effect that would carry over even after then, sustained and justified by the unstopping influx of buyers? [link] [comments] |
| Appraisal and mortgage approval timing Posted: 10 Jan 2021 05:18 AM PST I received an offer on my condo in December and went into contract Dec 23. I still don't know when the appraisal will happen on my home or if the buyers have been approved for their mortgage yet, what is the timeframe I should be expecting on these things? [link] [comments] |
| Newbie. What can I do to optimize my chance of buying a home at the end of the year? Posted: 10 Jan 2021 05:05 AM PST INCOME: $55k SAVINGS: $10,000 PRICE RANGE: 100-150 CREDIT: 650 FINANCING: VA Loan DEBT: Zero I realize I'm not in the best position to purchase a home now but I would like to get there with some advice. TIA! [link] [comments] |
| Buying a fixer upper in a HCOL area Posted: 10 Jan 2021 10:41 AM PST Hi Everyone, my fiance and I are on the market to buy a house. We live in an extremely high cost of living area and found a home in a beautiful suburb close to the city for $650,000. Comps are $600k-1m for surrounding homes. This home needs a ton of work and it's already near the top of our budget, it has been on the market for 3-4 months and pics on Zillow show some roofing work is needed and possible water damage. We're debating whether it's worth it to buy, pros: location, location, location, great bones with a large foyer and unfinished spaces we could make our own, it's close to everything, great parks, a nice neighborhood. Cons: neither of us knows the first thing about home improvement and are scared we're buying a money pit, also if that's what we can see in the pictures I wonder if there's more damage we just can't see. Has anyone been in a similar situation? Did you go through with it? Of note, most homes sell without an inspection contingency, which we absolutely would not be willing to do. [link] [comments] |
| What would we qualify for with student loans? Posted: 10 Jan 2021 10:27 AM PST Hey, all. In the next year, my husband and I are seeking to move to a different area with a higher cost of living. When we bought our current home, our incomes were lower, and we are living in a low cost of living area. Due to that, any limitations with the student loans I have for mortgage approval wasn't a huge deal. We make $86k combined. We have a car loan for $260/month, and I have approximately $80k in student loans. We have no other debt, and good credit scores (770 and 815, I believe.) We should have atleast $25k for a down payment. We are child-free by choice. Given this situation, what do you think we could realistically qualify for? Added, we think there's a strong chance we could increase our income due to me finishing clinical training in my field. (With this, I may qualify for national student loan repayment options.) If our joint income increase to 90k, how would approval amounts change? Thank you so much! [link] [comments] |
| Front set back requirement on three sides of my property?! Posted: 10 Jan 2021 09:58 AM PST Let me start by saying that my neighborhood has a strange layout. It is made up of large blocks that have 4 lots across their width instead of just two like you would find in a typical neighborhood. I am in the front lot closest to the city street, and my neighbors immediately behind me, their houses also face forward towards the street, and they access their properties by long driveways on either side of my property. The neighbors behind them have the same set up but face toward the next street over. I think it is built like this as everyone used to have large lots here 100 years ago, and the subdividing over the years gave us the current setup. Overall it is not a big deal as the lots tend to be decently sized (1/2 acre) for a suburb. Now on to my problem. I am looking to build a modest two car garage beside my house at the end of my gravel driveway. I spoke to a planner at city hall about starting the permit process and he informed me that the neighbors' driveways on either side of my property are considered frontage roads and any adjacent construction has to be set back 20 feet from the property line, instead of 5 feet like I was expecting as the normal side yard setback. I should say that the planner was not positive on that fact and was going to check and I am still waiting to hear back from him. In the meantime I am worried. If true that means I won't be able to site the garage where I want and won't be able to build the kind of garage I want. The land allotted for the driveway is already 20 feet wide to allow access to emergency vehicles, so it is truly puzzling why it would be necessary or desirable for a driveway to have 60 feet of clearance. Not sure what my question is beyond does this sound normal or reasonable to anyone? (Thanks for reading, sorry for the length.) [link] [comments] |
| Found a new place to move to, how to tell landlord I want to move early from current rental(UK) Posted: 10 Jan 2021 05:44 AM PST 12 month tenancy agreement till september 2021 Likely will start moving from march I want to explain that there were drug users, and thieves that ive caught on camera over 2020 outside my one room flat. And i dont feel comfortable here, the contract however is long lease 12 month till september so i dont want to pay rent for 2 places at once. UK [link] [comments] |
| Posted: 10 Jan 2021 09:29 AM PST I'm either over or under reading this test question. A contract has been drawn which obliges the sellers to convey title to their land to the buyers if the buyers come up with $22,000 on or before December 31st. This is called
I want to say a buy sell agreement. I've looked through my study material, but I'm not confident in this answer. Any opinions? [link] [comments] |
| Question How Mortgage Underwriting Would Treat Cash Posted: 10 Jan 2021 08:47 AM PST I have a significant amount of my cash in a 100% fixed income mutual fund to earn more monthly interest than a traditional bank account. When it's time to put a down payment on a home, I will be selling the mutual fund and using all of that cash. My question is from a mortgage underwriting perspective, will they view this as me not having enough liquid cash to cover a down payment and monthly payments? I tried to ask my mortgage person and couldn't get a straight answer. I would say of all of my cash, 80% or so is in this fund so I earn more monthly interest. I know I will have to sell it when it's time to close on a home, but until then would like to keep it invested to earn some yield. [link] [comments] |
| First time home buyer from CA moving to MI, what should I look for? Posted: 10 Jan 2021 08:43 AM PST *cross posted* Hey guys, I'm going to be a first time home buyer. I'm 24 y/o active duty and will be by myself on this venture, I'll be moving to the Michigan in a few months time. What are some things you recommend to look for? (All I've known is west coast living with good weather.. lol) What should I take account with the pandemic still ongoing? I've already had one crap experience with a realtor who said would help, then just left me in the dark. I've already been pre-approved for a VA loan, but don't know if I should still maybe to try to find another lender and try a for a different loan? I'm looking for a property that has rental potential while I'm living there to help offset some cost if that's possible with a VA loan and/or for the future when I eventually move again. Since I don't make a whole lot, what are some other cost I should take into account? What are some experiences that can help me in my search? [link] [comments] |
| HOA Certificate of Insurance Required To Have My House Number Posted: 10 Jan 2021 06:24 AM PST I'm working on refinancing my house through Aim Loan and they are stating that it is a Fannie Mae requirement that my condo address with unit number is listed on the certificate of insurance for the HOA. Currently the CoA lists the HOAs business address. They want to charge me $85 to do this. Seems ridiculous when I used them last time and they didn't require this. Anyone know if this is really enforced by Fannie Mae? [link] [comments] |
| Posted: 10 Jan 2021 02:21 AM PST I'm a year and a half into my business, already renting a 120metr square office for 1,500$ a month. Looking to buy a 192m square office space for 180,000$ The problem is, i haven't got enough money to buy so i'd probably have to lease, get a loan from the company or a bank and pay for it. However, i'm certain i can pay for the office within the next 3-5 years. Can anyone help me with this? Thanks! [link] [comments] |
| How to officially rescind a purchase agreement within rescission period? Posted: 10 Jan 2021 05:57 AM PST Does anyone in this sub know the details and process for buyers wanting to rescind/cancel their purchase offer when the rescinding is within the valid rescission period? I feel like my realtor doesn't know what he is doing because he is relying too much on the seller's agent to tell him what to do for my rescission, and I do not trust the seller's agent.... According to the seller's agent (who told my realtor) , I have to sign a "mutual release form" that the SELLER provides. However, everything that I googled simply says it is the BUYER who submits a notice in writing... Has anyone gone through the rescinding process or does anyone know if this "mutual release form" WHICH MUST BE PROVIDED BY THE SELLER is bullsh*t or actually legitimate? Thank you so much for your help!! 😭😭🙏🙏 [link] [comments] |
| Help me pick a buying agent from my shortlist Posted: 10 Jan 2021 01:12 AM PST tl;dr - I need to pick an agent from among 3 good ones I spoke to, where one is knowledgeable and appears to have a knack for closing, but isn't necessarily focusing much on my requirements, while the other 2 have understood my requirements but may not be good at winning in the competitive Bay Area market. I am a first time home buyer in the early stages of the process, and have been talking to multiple lenders and agents before I pick someone to work with. I have been transparent with all folks about this process and also provided a timeline by when I plan to share my decision. At this time I am down to 3 agents at 3 different companies, each in the top 5 on Zillow in terms of volumes and ratings in the Bay Area. Their ratings outside Zillow are also good. Each company has around 15 - 20 people. I need help deciding who I should go with: Agent A: Owns the company, and my few interactions have been directly with this person. Comes off as knowledgeable about the area and my (slightly stringent) requirements. Also connected me to a lender who I feel equally good about. They seem to hunt in pairs (I see this as a good thing, assuming it is?). Followed up a bit over email with suggestions but is waiting for my decision before helping further. Appears to have completed deals with loan offers (over cash buyers) as well as those where it wasn't the highest bid. Has also been able to negotiate new builds. I feel this person can close a deal quickly. This person is part of TAN (does it matter much?) and also has access to off market listings. Agent B: A realtor associate in the company, but the most patient of the three and by far the most willing to help and proactively provide useful information including listings that are close to my requirements, answering questions pretty much all through the week despite knowing I haven't made my decision yet. No access to off market listings or TAN, and this particular agent may not be able to negotiate much. Has suggested I remain open to adjusting my requirements slightly. Agent C: Understood my requirements well, has access to off market and TAN listings as a member of the company. Feels I need to wait a bit longer for inventory, and my requirements are reasonable at this point. No listings have been shared except those already sold in recent months, so I get an idea of the inventory coming to market. I really liked working with Agent B given my detailed discussions, while I am not fully sold on her (company)'s deal making prowess. I feel Agent A can possibly help me get the best deal through negotiation, but may not necessarily meet my list of requirements from the house. [link] [comments] |
| Question about renting to parents Posted: 10 Jan 2021 02:37 AM PST I'm looking to buy a house and rent to parents in a different state. I currently rent and this will be my first home purchase. I'll not be living in the new house with my parents. It will strictly be a rental. I already understand the rent has to be fair market value etc. to claim that its a rental property on my taxes. My question: They want to contribute to my down payment as a gift. Can this disqualify my property as a rental? Will I break any IRS laws by receiving 50% of my down payment as a gift from my parents and turning around and renting that same house to them? [link] [comments] |
| Posted: 10 Jan 2021 01:48 AM PST How can I find properties under $10,000 and what kind of websites can I use to find listings? Doesn't matter where just a matter of finding out where can I start looking at for homes not listed in zillow. [link] [comments] |
| How do make tell your potential clients not to set stuff up with redfin or other agents, Posted: 09 Jan 2021 07:48 PM PST I found myself in this situation where I got a lead that is interested in working with me but then proceeds to tell me that they have scheduled a tour with redfin to view the property. How do I make it clear that if they work with me they can't go through redfin or other agents for showings. Like i totally understand if somebody wants to shop around for agents and meet a few people. But i suspect that this person doesn't really understand what she is doing by booking a tour through another agent. I dont want to be rude or seem greedy though. [link] [comments] |
| Only offering pre-qualification letter with hard pull credit check and supporting documents? Posted: 09 Jan 2021 04:01 PM PST Hello. I'm currently actively looking to buy a home in North Texas. (In contract with a realtor). I reached out to a loan officer for a pre-approval letter. He collected all my info via an application and I submitted all my supporting docs i.e. (pay stubs/bank statements/W2's etc.) And received a pre qualification letter however on this letter it states all 'assets/credit Has been verified by the loan officer'. It also had a rate on the form. So I'm confused. I was under the assumption pre qualifications dont need all these supporting documents and typically don't hold any weight when submitting an offer on a house? He also let me know instead of a pre-approval letter if I get an accepted offer it will just go straight into underwriting if I go with them as my lender. Anyone else do this or only get a pre-qualification letter? Is this because the market is moving so fast? I also submitted for pre approval with another lender so I am just awaiting that to see if its the same situation. Thanks [link] [comments] |
| Recent college graduate getting an fha loan Posted: 09 Jan 2021 06:16 PM PST I'm going to be graduating this May from college with a finance degree and already have a job lined but with a decent salary (about 70k). I want to purchase a small multi family (either 2 or 3 units) with an fha loan and live in one unit and rent out the others. My question here is do I need to have 2 years of work history to get an fha loan, or does my college degree count towards that? Also does the rental income I will get from the unit I rent out count towards my income when determining how much of a house I can afford? Thanks [link] [comments] |
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