Real Estate: Given the 3 rules of RE, wouldn't it be nice if more users weren't so scared to post their location? |
- Given the 3 rules of RE, wouldn't it be nice if more users weren't so scared to post their location?
- The Ultimate Guide To Getting Your Offer Accepted
- How do I learn more about real estate development? More specifically, how can I find details about local laws and code regulations?
- My SECOND property! Why is it harder to come by than my first?
- High closing costs?
- No showings until after an offer is submitted?
- can I use a different name on my offer? or use a proxy?
- With house prices at all time highs, are foreclosures logically impossible now?
- Has it become easier or harder to get a mortgage with rates at 3% ?
- A Possible Conflict of interest?
- Real Estate U Exam(s)
- Question about seemingly stagnant property adjacent to house I’m interested in buying.
- More houses?
- Universal Residential Loan Application (Form 1003) information
- New build and appraisal uncertainty
- Limit to Number of financed homes? Want to refinance rentals.
- I hate the house I just bought
- Type of Foundation & Resale
- Mortgage process is exhausting and nerve racking....
- Lot Size Meaning and Value
- We’re closing! Now what?
- Help! Insurance company says I need new roof.
| Given the 3 rules of RE, wouldn't it be nice if more users weren't so scared to post their location? Posted: 29 Jan 2021 03:10 PM PST Location, location, location. It really matters in RE discussions. So often I find myself reading comments in this sub that seem to have good information, but are in fact 100% useless because the Redditor is too shy to post their location. Think of all the comments that begin: "In my market something something something" (then doesn't specify which market). Great, that's meaningless information. I get being privacy-conscious, but nobody will glean anything about you by posting the state or city you live in. Mildly annoyed in Philly. [link] [comments] |
| The Ultimate Guide To Getting Your Offer Accepted Posted: 29 Jan 2021 08:14 PM PST Every other post here is people struggling to get offers accepted. I absolutely hate reading these posts because everyone should have an opportunity to own a home they love and not just settle on. No fluff, getting straight into it. Prepping For The Market
Choosing A LoanFHA / VA - Even though these are different, for the sake of reading a lot of what I'm going to say is going to apply here. FHA is the default for a lot of first-time buyers VA for veteran first-time buyers. The issue with these types of loans, arent the loans themselves and the repairs. It's if they are being presented in a market, to an agent that does no FHA/VA they will have issues explaining it to the seller. The more uncertainty you introduce into a deal the harder it is to get accepted. For VA Do this - Put money DOWN and get it back as a credit if the amount satisfies the closing costs. Yes, people use VA as a 0% down loan, you can still do that - but you can still put a lump sum into escrow, and it will be used toward closing costs. Any excess will be credited back to you at closing. FHA + VA Repairs - Address this on the offer to eliminate issues. Include paying up to $15,000 toward repairs on the home (if any). This will quell any issues with the agent telling the seller about repairs. Conventional - This is the #1 loan type we see in Boston. A lot of people putting 5% into escrow and 20% down (you don't have to do this, but this is how you make it desirable). This is your default starting point to writing a good offer without the humps of FHA/VA. Rehab - If everything on the market is selling instantly, consider talking to your Loan Officer about rehab loan options. I've done so many of these in the past and they are always so awesome to see come together. If your budget is 700k, you're getting outbid, consider looking at 500k houses of similar size. Then use 200k as renovation repairs. Pro Tip - Don't make the mistake of looking at 'contractor specials' and think you will get these. They are underpriced and a good opportunity for an investor, you will get outbid. Think of homes that need work but are somewhat livable condition. This will option up more options for you. The Offer
Tips for The Realtor
Tips for the Loan Officer
—- Remember guys, real estate is a relationship based business. People want to do deals with people they like and deals with people that make it easy and the MOST accommodating. Offer things the seller might not see on the other offer. As for getting outbid, I know it sucks, but don't focus on what has happened, focus on what you get to do. A lot of people out there don't even have the opportunity to own their own home. Think of each offer as a privilege you have the opportunity to do. In closing, I know this will not apply in every market and some suggestions may seem downright crazy. I work in two markets, Boston, MA and Scranton, PA — two totally separate markets but a lot of these we apply daily. But if this post helps 1 person find their dream home that will make my day so let me know in the comments. I wish you the very best! [link] [comments] |
| Posted: 30 Jan 2021 07:31 AM PST I have some amount of money saved, and I would like to get into development. However, I find it difficult to find what good places are, and when I DO find a good area to invest in, I find it very complicated to pinpoint what the 'lot' allows for, is it's residential or commercial, what kind of restrictions exist. Can someone please help me. [link] [comments] |
| My SECOND property! Why is it harder to come by than my first? Posted: 30 Jan 2021 05:20 AM PST Under 30. Currently own a 2 family in which my tenant covers 85% of my total mortgage.I have 30k liquid, and another 150k invested in the market and have a 45k HELOC. Im looking for under valued multi units that typically need to be updated, but are in rather decent condition. My question is do i use another FHA LOAN @2.5 down and (BRRRR) or Do i utilize my 45k HELOC to accomplice the same goal. Any insight would be great Thanks. [link] [comments] |
| Posted: 30 Jan 2021 05:12 AM PST Hello I am a first time home buyer and not very used to deciphering loan estimates. I'm under contract for a house at $130,000 in CT with 5% down. The part of my estimate that's most surprising is the prepaids. I think I understand the concept of escrow but in addition to that there's $1,813 for 6 months of tax, $848 for 12 months of insurance, and a couple weeks of prepaid interest that I'm fine with. The escrow is around $1,700. Am I stuck with these prepaids or is there anything I can do? [link] [comments] |
| No showings until after an offer is submitted? Posted: 30 Jan 2021 10:32 AM PST My husband and I are in the early stages of looking for our first home after several years of renting. We've been casually browsing the websites (Zillow, Redfin, and Realtor) while we get our ducks in a row and this one house has been on the market for over a month (rare in our area). The exterior is a beautiful Craftsman style that isn't all that common in our radius, and priced relatively high (300K) but there are no pictures beyond the one exterior shot. The listing says that it might need work and that they won't even allow you to look at the home before submitting an offer. Just wondering how common that is in today's market. Seems like a pretty insane investment to buy a home that may need work sight unseen. [link] [comments] |
| can I use a different name on my offer? or use a proxy? Posted: 30 Jan 2021 10:22 AM PST I have a very unique name that can easily be googled. I do not want homeowners to google me nor know what I do. can I use a different name or have a relative on the offer sheet? [link] [comments] |
| With house prices at all time highs, are foreclosures logically impossible now? Posted: 30 Jan 2021 09:59 AM PST Everyone on a profit. If you stop paying mortgage, bank just sells and you keep the difference? No house is underwater, so more foreclosure possible ? [link] [comments] |
| Has it become easier or harder to get a mortgage with rates at 3% ? Posted: 30 Jan 2021 09:54 AM PST I personally would not lend my money for 3%. I wonder if this logic applies on the institutional level. Has it become easier or harder to get a mortgage with rates at 3% ? Or does that make no difference. Has ease of getting a mortgage changed at all since 2013 ? [link] [comments] |
| A Possible Conflict of interest? Posted: 30 Jan 2021 09:46 AM PST My real estate agent called me with a beautiful home that her sister (also an agent working for the same agency) just put on the market. I'm not 100% clear at this point in the game whether her sister is representing the seller or, in fact, bought the home, renovated it, and is both the agent and the seller. On the positive side, I think there's a real chance we get this home. Our agent has been representing us for a long time (about 9 months), knows how desperate we are to find a forever home, and actually sent pictures of this home before it went on market. We're seeing it just one day after it went up on the MLS. I'm also thinking, "Wow, well if she's related to the seller, seems like the chances we get this home increase significantly." But I'm obviously concerned about the conflict of interest, and I'd appreciate any tips and pointers you might have for negotiating with my real estate agent's family. [link] [comments] |
| Posted: 30 Jan 2021 09:14 AM PST Has anyone completed their course online through Real Estate U? If so, did the chapter quizzes prepare you enough for the exam, or did you purchase additional exam prep? Is the language on the exam similar to the language in the course? I have purchased additional exam prep, just to be on the safe side. I'm just curious about everyone's experience. Thanks 🙂 [link] [comments] |
| Question about seemingly stagnant property adjacent to house I’m interested in buying. Posted: 30 Jan 2021 09:08 AM PST My husband and I are interested in buying a house, but located immediately next door are three very old and decrepit barns being used for storage of hay, old cars, and whatever else. There is overgrowth and junk on the property, and we're not sure who owns it, and the realtor couldn't give us any information. The views from one side of the house overlook the property and they're quite close to the property line as well. It's not a huge deal breaker but they're kind of in a bad spot and to be honest they do deter us a bit from an otherwise amazing property. They honestly don't look like they've been used for a while and they're in a state of disrepair. I don't want to act unprofessionally or be rude in any way towards anyone, but I would like to know what my options are in terms of finding out who owns them, maybe how long they plan to keep them, maybe we could buy that property too, or maybe the owners have plans to renovate or knock them down. Honestly if we want to resell the house in the future, I could see them being a deterrent to other buyers as well, so it gives me pause. This is our first time buying a house so I'm sorry if this is stupid question but I don't know who else to ask other than the realtor and he hasn't offered any suggestions. He just said we can't do anything and the current house owners don't know anything about the barn owners. Any advice would be appreciated. Thanks! [link] [comments] |
| Posted: 30 Jan 2021 07:59 AM PST I'm noticing more inventory, not a ton, but some in LA. Which made me think, what if we all pulled a GameStop situation in the real estate world...but opposite. Instead of buying and holding...don't buy. What would happen if we ALL just stopped putting in offers for a while? Make the prices go down instead of going through this absurd rat race together. [link] [comments] |
| Universal Residential Loan Application (Form 1003) information Posted: 30 Jan 2021 07:50 AM PST I'm working with a well-known mortgage company. They filled Universal Residential Loan Application (Form 1003) for preapproval for me, based on the docs I sent, phone call, credit and other info pulls they did. They sent me the doc to sign ASAP. Details are not absolutely correct. An account with $98k and they put $90k. I worked on a job from Aug 2008-May 2012, they put Jan 2009-Dec 2012. Business phones are generic 555-555-5555. Credit accounts are missing. Dependents duplicated (when it says "not listed for (Co-)Borrower"). Job descriptions are not completely right. Our incomes off by 1% up/down, but total less than actual. Nothing fraudulent IMHO, just not correct. Questions I have:
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| New build and appraisal uncertainty Posted: 30 Jan 2021 07:14 AM PST We're considering a new build, to be finished next fall. This company requires several payments between initializing and the build finishing, but it amounts to 20% payment before the appraisal happens. It's also in probably the nicest subdivision in the area, and their prices have gone up in the last 6-8 months to reflect the market. So they're toward the high end of the area, requiring 20%, and all they've said about the appraisal process is "they usually appraise, and if it falls short, it's usually not by much (<$10k) and the buyers just pay it typically." The house is beautiful, the area and subdivision are fantastic, it checks all of our boxes. I'm extremely worried about a low appraisal after already paying so much upfront. Does anyone have any advice for this scenario? What are their lawyers most likely going to accept and what aren't they, in terms of an appraisal clause? It would be catastrophic if the appraisal came back and we owed something like an extra $40k. We're hoping to start the process and send it to lawyer review soon, but if people have advice, it might help at least reduce my anxiety. Thank you! [link] [comments] |
| Limit to Number of financed homes? Want to refinance rentals. Posted: 30 Jan 2021 06:37 AM PST I have about $1m in cash tied up in 6 properties that have no debt. One is a vacation rental, and the other 5 are long term rentals (townhouses). I'd like to pull some of this cash back out but I'm concerned about 1) what kind of rates are people getting on investment properties, and 2) is there a point at which I will be told that I have too many loans? One option is that my vacation rental is worth about $800k, I could pull the cash out of that one and leave the cash in the others. For what it's worth, I have no other debt except a 2.25% mortgage on about $950k in my primary residence and about $750k in annual income (separate and apart from real estate). Real estate income is less than 6 months old, so doubtful it would be considered in DTI ratios. [link] [comments] |
| I hate the house I just bought Posted: 29 Jan 2021 06:06 PM PST Well I've made a HUGE mistake. I found out I was pregnant with baby #2 and we rushed to find a new home to accommodate our growing family. Due to the limited market this fall we settled on a home that was actually 50k under what we were going to pay but it needs a little work, which we knew. Well, we put in an offer and I immediately began regretting the decision. I hate the super steep driveway, the neighborhood and now everything seems to be replaced...we already replaced the stove, dishwasher and now we have new windows coming for downstairs. I hate the outside of the house, the lay out, the small bedrooms, etc. I told my husband what I was thinking during the buying process when we were in due diligence and I even wanted to back out a week before and he told me a was being crazy or hormonal. This house was not the house I wanted or envisioned being our 2nd home but we were going to have a slightly lower mortgage and we took out money to pay off all our credit card debt. Financially is was a great move however I should known myself better and we should have spent more to get what I really wanted in a home that would have lasted 10+ years. Now I am stuck. Being pregnant, working from home and covid having me stuck at home more... I can't help but manifest on it every freaking day for the last 4 months of being here. It's weighing on my marriage as well because I can't help but mention to my husband how much this house sucks. I wish he would have listened to me or I would have listened to myself more but now I am literally counting down to when we can move again which I am hoping is the end of the year but my husband is telling me we need to wait 2-3 years. Has anyone else experienced this? What is the fastest you can sell without a huge loss? How can I make it better without pouring more money into? I am almost on the verge of tears because of this house which could also be because I am 7 months preggo...any advice is welcome. [link] [comments] |
| Posted: 30 Jan 2021 03:28 AM PST First time homebuyer buying a house in Rhode Island. A small part of the house sort of has like a mechanical room type basement (maybe 12x10 room) and the rest of the house has a 3ish foot high dirt floor crawl space. Upon researching a little I found it is more expensive than a slab? In your experience does that make the home a harder resale in a less robust market than this? Is it detrimental to the value? Seems dry but not currently encapsulated, I will address upon closing Realtors of RI - is this a relatively common thing around here? Where I'm from (upstate CT) everyone has full basements. Sellers agent had mistakenly told us half the house is on a slab rather than a crawl space. [link] [comments] |
| Mortgage process is exhausting and nerve racking.... Posted: 29 Jan 2021 06:03 PM PST Hi all, after getting outbid 4 times, I finally got an offer accepted. Getting pre-approved was easy, took maybe 2 hrs. However, this whole mortgage process has been nerve wracking and I constantly think about things that could go wrong. I've already paid for an inspection and waiting for the mortgage company to order an appraisal. The company requested typical W2s and account statements...etc. I got an email saying that I was approved with condition today and now they want a things like letter of explanation for my income, my credit card statement and something that says my balance is $0, and funds source and other things. All these requirements are making me very nervous and uneasy. My closing date is scheduled March 13 because the seller needed time to find a place to stay. I truly think I'll drive myself crazy. I think of so many things that could go wrong..... Let's say if they approve me for an mortgage. Can they change their mind right before the closing date? What if they don't approve me at all? Am I going to lose my earnest money and almost $1000 that I spent on inspection and appraisal? I am so sorry that the post is so long. Just wanted to talk to somebody. Is this supposed to be this hard? 😢 [link] [comments] |
| Posted: 30 Jan 2021 12:45 AM PST Hey Folks, Been doing tons of research into real estate and have many many questions but one that I'm pretty stumped about is lot sizes. There's a community with lot sizes of 40' and 50' (which I found out means the front width of the lot I believe) and the 50' lots are priced probably 20K above the 40' lots even though there are smaller house sizes/less square footage. So the tiniest house on the 50' lot is still 10-20K more expensive than a bigger one on the 40' lot. I saw the same huge price hike between 50 and 60' lots. It seems like not much of a benefit to me, especially with the smaller house size to be charging more. Is there some massive advantage of bigger lot size or something? [link] [comments] |
| Posted: 29 Jan 2021 08:50 PM PST I've moved in and out of plenty apartments but never a house. Closing on Monday and will have our apartment through March so we have time to move in. What are the things I must do before moving in? I feel slightly overwhelmed! [link] [comments] |
| Help! Insurance company says I need new roof. Posted: 30 Jan 2021 12:13 AM PST I bought a house and have been living in it for a month now. My insurance company (Progressive) called and said something about underwriting / inspection determined that my roof needs to be replaced or my policy might be cancelled. Inspection report determined that the roof is 15-20 years old. Does anyone have experience with this? [link] [comments] |
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