Real Estate: It's closing day! Wish me luck. |
- It's closing day! Wish me luck.
- Setting yourself up for failure as a first time buyer in a competitive market, an exercise to avoid this
- How to tactfully switch realtors?
- Home sales have best year since 2006 with record-low mortgage rates
- Should I Disclose to Lender Someone Else Will Live There With Me?
- How do lenders view family loans?
- First time condo buyer questions
- Anyone ever included the cost of building an ADU into a home purchase loan?
- Mortgage refinancing from FHA to Conventional through QL
- Management software?
- Owners contact info
- Realtor Proposing Son As Mortgage Broker - Common or Unprofessional?
- Building apartment complexes - Rate of return?
- Is it now common for sellers to be home during showings?
- Would you say Buy To Let is more of a very long term game and should be done alongside other sources of income
- Starting a Title Company/Agency
- Could we ask for rent to be reduced?
- Offer got accepted but now I feeling anxious and might have cold feet (CA)
- Investing in property with no money in UK
- Will the exodus from CA continue?
- Buying a house where flippers didn't pull permits
- Appealing Property Assessment to Lower Taxes: How are poperties assessed less than half of what they were paid for and what's on the real estate market?
- Should I go to college or get a real estate license
- Are any of you actually getting low 2% interest rates?
| It's closing day! Wish me luck. Posted: 22 Jan 2021 05:14 AM PST It's been a short , excruciating journey. Nerves are just as bad as they've been at any point in the process, but half of our belongings are packed in the cars so we can start moving immediately after signing. Wish me luck! [link] [comments] |
| Posted: 21 Jan 2021 03:02 PM PST I am a San Francisco realtor and I ever since I implemented this exercise with my first time clients, I have seen a dramatic increase in success rate with buyers. My team calls it the "reality check" and I wanted to share it will all buyers. We have our first time buyer clients identify what they are looking for using four criteria.
Next we perform an MLS search using this criteria for the last 3 month's closings. If the client cannot find at least 3 homes they would have purchased in that collection of results, then they must decide which of the four criteria they are willing to adjust or wait until their savings and or income increase. Surprisingly the most commonly adjusted criteria is home features, not price range. We repeat the exercise using the adjusted criteria until we have identified 3 homes they would have been willing to purchase. Doing this exercise has shown a dramatic reduction in my clients home search time and greater confidence in writing offers. This is something anyone can do on their own on Zillow. I am happy to walk anyone in any market through this exercise. [link] [comments] |
| How to tactfully switch realtors? Posted: 22 Jan 2021 09:25 AM PST My husband and I have been house hunting since August 2019. We've had 4 offers declined and it's been tough. Our realtor (while incredibly sweet) has been subpar. She usually takes over a week to schedule a single viewing and has been late to multiple viewings. She's not very communicative and will go a week without responding to our emails. It's been frustrating and she isn't making the hot market any easier on us. I sent her listings we wanted to see 2 weeks ago and she has yet to schedule a single viewing from our list. That was our last straw. Houses have been going off our market with multiple offers in days. However, one weekend her colleague (at the same agency) showed us homes because our realtor was unavailable and was INCREDIBLE. She printed us an info sheet on each house. She was on time. She communicated in the days leading up to the showings and was just everything I hoped our current realtor would be. How can I tactfully change realtors? Is this appropriate? I don't want to step on toes but her colleague was more my style and on it. [link] [comments] |
| Home sales have best year since 2006 with record-low mortgage rates Posted: 22 Jan 2021 08:33 AM PST Link to article pasted below. Housing inventory hits historic lows The housing market had its hottest year in over a decade fueled by record-low mortgage rates and historically thin inventory, even as the economy was hit by the coronavirus pandemic. Sales of existing homes were 5.64 million in 2020, the best in 14 years, rising 5.6% from the prior year and the most since "before the Great Recession," according to the National Association of Realtors. Last month, sales saw an uptick of 0.7% to 6.76 million, while total sales jumped 22.2% from a year ago. "Home sales rose in December, and for 2020 as a whole, we saw sales perform at their highest levels since 2006, despite the pandemic," said Lawrence Yun, NAR's chief economist. "What's even better is that this momentum is likely to carry into the new year, with more buyers expected to enter the market." Mortgage rates continue to hover at record lows, helped by the Federal Reserve's ongoing pledge to keep interest rates near zero. A 30-year fixed-rate mortgage sits at 2.77%, as tracked by Freddie Mac. The combination pushed prices up 12.9% with the average home sale being $309,800. [link] [comments] |
| Should I Disclose to Lender Someone Else Will Live There With Me? Posted: 22 Jan 2021 05:42 AM PST I'm buying a house myself (ownership, financing, etc). My boyfriend will live there but not contributing significantly towards the mortgage because he will be in school for the next few years. I can afford everything on my own in the event that we break up, and do not intend to make him sign a lease agreement. My question is whether the lender needs to know about my intention to let him live with me, or if it will cause any problems if I don't mention it. We co-rent an apartment together currently if that matters, but the rent gets paid by me and he PayPals his contributions to me. [link] [comments] |
| How do lenders view family loans? Posted: 22 Jan 2021 09:42 AM PST I give about 18% of my pre-tax monthly income to family who loaned me $$$ to pay school tuition/fees with 0 interest. This is based on good-will, there's no contract. When mortgage lenders view my bank statements and see monthly outbound transfers, will they view this negatively? If so, what are some strategies to offset this? I guess one option is to stop paying for a few months so it doesn't appear on bank statements. Thanks! [link] [comments] |
| First time condo buyer questions Posted: 22 Jan 2021 09:21 AM PST Hello, I'm a first-time home buyer (of any kind), and as I've started to wade into the property market, I'm unsurprisingly running into a lot of questions about the ins and outs of the process, in particular for condos I'm looking at. So, here goes:
Thanks! [link] [comments] |
| Anyone ever included the cost of building an ADU into a home purchase loan? Posted: 22 Jan 2021 09:08 AM PST Hi there! Im looking for some advice and guidance as a first time home buyer/investor/business owner. I'm hoping someone else out there has been through this and knows a good option! My fiance and I just got approved for a loan, were looking to purchase a house. I own a small business. Id really like to have an outbuilding/garage that I could run my business out of. Ideally, since I'm feeling very unsure about the market, I really need this garage to have an in-law suite that I can rent out for additional income. If I can't find a place that already has this on site does anyone know if it's possible to finance the cost of building something like that into a mortgage? Am I way off base here? My lender seems to act like I'm crazy! I also realize that building a new structure is subject to zoning and perks for well and septic and that jazz. But assuming I can jump those hurdles... Anyone familiar with something like this?! Thanks in advance! [link] [comments] |
| Mortgage refinancing from FHA to Conventional through QL Posted: 22 Jan 2021 08:47 AM PST Hello. My parents are refinancing their FHA mortgage which they got 1.5 year ado, to a Conventional since the rates are so low and their initial loan was an FHA with 4.75% and they still had $182000 left. They checked at few different companies and decided to go with Quicken Loans. They signed some papers already and are unsure if they made the right decision. I would really appreciate if you could take a look at the Closing Disclosure and some highlights from the contract to see if it is a good deal and there is nothing hidden, I attached pictures in the link below. They also offered to raise the interest to 2.875% and remove escrow which would save $4000 in closing costs. I would really appreciate your help, thank you! [link] [comments] |
| Posted: 22 Jan 2021 07:28 AM PST Any landlords use management software to better run their business more efficiently? What do you recommend using? Mainly for commercial properties (shopping centers/ office buildings). Pros and cons? [link] [comments] |
| Posted: 22 Jan 2021 07:24 AM PST How do you find the owners contact info for a vacant home? [link] [comments] |
| Realtor Proposing Son As Mortgage Broker - Common or Unprofessional? Posted: 22 Jan 2021 07:15 AM PST Hi All, My wife and I have been working with a realtor for a few months now looking for a home. Inventory is so low, so really shes just sending us MLS listings as they come up and we've had 1 meeting about listing our house in the near future. We have a mortgage broker that we are happy with, but she has been suggesting that we reach out to her contact, who was later disclosed to be her son. She says that he has some "flexibility on rates" and due to her relationship with him he would be able to be very competitive. Am I weird to think this is unprofessional? She did disclose that it was her son, but it set off some alarm bells for me. My wife is less concerned. I definitely don't want to go with her son as our broker, but I'm considering dropping the realtor. Is this a common practice? I get that she's trying to support her son's business, but it seems a little off to me. Does anyone have any thoughts or experience with something like this? Thanks! [link] [comments] |
| Building apartment complexes - Rate of return? Posted: 22 Jan 2021 06:49 AM PST I am interested in building an apartment complex (24-32 units). Put $1m down and borrow the other $3m. Then, sell half to recoup my investment (and paying back the mortgage), and keep the other 12-16 apartments for "free", to rent out for a steady cash flow that will last me for life. Am I overestimating the numbers? Is this too easy? [link] [comments] |
| Is it now common for sellers to be home during showings? Posted: 21 Jan 2021 04:01 PM PST Hi, So 3 out of 5 houses I've looked in the past week have had the sellers home during the showing. Are others experiencing this? I get that some people have nowhere to go during a pandemic but it definitely makes for an awkward showing. Every time it has happened I go through the house much faster than usual. For context, when I sold my house in April, I had probably 35 showings and made sure I was not home for a single one. I will say the one advantage is it gives you the chance to make some polite small talk to the owner that could help get an offer accepted down the line. [link] [comments] |
| Posted: 22 Jan 2021 05:48 AM PST My goal is to become wealthy and buy to let mostly brings a cash flow of around £100-£200 as far as I know for smaller places and a lot of profit would be from the appreciation of the building itself right? So does this mean that I would need a lot of other sources of income alongside buy to lets to build wealth? Wouldn't this mean it would bring a small proportion of wealth only? Btw I'm 17 and still learning so please correct any mistakes. Thanks [link] [comments] |
| Starting a Title Company/Agency Posted: 22 Jan 2021 05:44 AM PST Greetings everyone! Does anyone here have experience starting their own small title agency? A business partner and I have been laying the groundwork for getting our own operation going, so I'd love to hear about anyone's experience. Thanks! [link] [comments] |
| Could we ask for rent to be reduced? Posted: 22 Jan 2021 05:39 AM PST Hello. Myself and my two roommates are currently leasing a house in San Diego. We moved in last September. We have had various issues since moving in. First of all, the unit did not come with a washer/dryer, but did have a closet that had supposedly the appropriate hookups. We purchased a washer and dryer 2 months ago and they were unable to be installed because the closet was not compatible with having a washer and dryer actually installed. Just this week the landlord had the maintenance team come to make an access area so that they both could be installed. So even though we had a washer and dryer, we still had to pay at the laundromat to do our clothes the past 2 months. Next, the upstairs bedroom shower was leaking water and the maintenance crew said they will have to tear out and redo the wall to fix it, and in the mean time that bathroom cannot be used. Also the upstairs room is infested with rats and we had to have pest control come out this week. Our garage door is broken and although they sent out a repairman for that, he said he has to order parts to fix the door and until they come in we should not use the garage. The last main thing is our dishwasher stopped working and it's been a week and the landlord hasn't addressed it. Also, the first 2 month we lived there, the back unit was under construction so during the day there was constant noise/workers that we were not informed would be going on before we moved in. All this to say, would it be appropriate for us to ask for rent to be reduced for a month or two to compensate for all of this? If so, how do we go about it? [link] [comments] |
| Offer got accepted but now I feeling anxious and might have cold feet (CA) Posted: 22 Jan 2021 01:46 AM PST I put in an offer on a home and my offer was accepted. I felt like I did over pay a bit and that I'm settling. I'm feeling some anxiety and possibly cold feet. I'm afraid what if another property pops up and I like that one better. Can I put an offer on that one and walk away from this one if it gets accepted? I'm suppose to open escrow tomorrow and I haven't sent my deposit yet. Can I still back out of the purchase agreement without any repercussion? [link] [comments] |
| Investing in property with no money in UK Posted: 22 Jan 2021 09:03 AM PST Hey people, can you provide me with ideas on how to invest in property in the UK with no money. There are lots of so called "property gurus" on YouTube saying you can invest in property with NONE OF YOUR OWN MONEY DOWN. Using the following method.
Can anyone tell me how you would do this and provide me any ideas. Thank you. [link] [comments] |
| Will the exodus from CA continue? Posted: 21 Jan 2021 07:11 PM PST Several companies have left, for example Tesla (well at least Elon has), Palantir, Oracle. And plenty of smaller companies (like Joe Rogan's podcast). The population has dropped a bit. Taxes are high. And there seems to be an overall decline in the allure due to an increase in homelessness and wildfires. (note, for the record I live in CA and like it here; moved from the midwest). Do you see this continuing? CA is obv a huge state and absorb some minor setbacks, but I'm wondering what the extent of this will be in the coming years. I know that many people have moved to places in Idaho, Nevada, Arizona, TX. [link] [comments] |
| Buying a house where flippers didn't pull permits Posted: 21 Jan 2021 04:18 PM PST We put an offer in on a house that had been flipped and we have now found out during the inspection process that the flippers didn't pull permits. We're trying to find out what kind of work was done but what is the risk of buying the house given that permits weren't pulled... Just that when we go to sell the buyers might ask us to get those permits retroactively? [link] [comments] |
| Posted: 21 Jan 2021 11:48 PM PST When I purchased my home a year ago, I received an assessment appeal and debated whether I should or should not appeal. I read that appealing an assessment may increase the assessed value and may result in you paying more taxes. Seeing that the houses next to me sold for significantly more, I decided not to appeal. Today, I discovered that neighboring homes that were sold for much more than my home were paying much less in property taxes. When I did a county databse search, I was shocked to find that their property assessments were less than half of my assessment and they were also paying less than half amount of taxes I paid this past year.
[link] [comments] |
| Should I go to college or get a real estate license Posted: 22 Jan 2021 03:10 AM PST Hi everyone, I have a bit of a problem whether to choose to go to college and get a degree for accounting, or getting a real estate agent, I have been researching the careers and I have an interest in real estate just a little bit better, although I'm not sure if once acquiring a license guarantees a stable job, but that goes the same for the accounting degree that I would get for going to college, I have an interest in entrepreneurship which is why I like the real estate career, I am 17 and turn 18 in a few months and I'm willing to take the chances, what are your guys' opinion? [link] [comments] |
| Are any of you actually getting low 2% interest rates? Posted: 21 Jan 2021 01:05 PM PST I'm seeing a bunch of ads for rates in the low 2s, and when I do the math, it's nearly a free place to stay that I gotta tie some money up into. But are companies actually giving out advertised 2.26% fixed rate interest rates on 30 year mortgages? I'll have a jumbo loan, but even at a few points higher, I'm still getting ahead. If you're actually getting low 2s, what's your profile? [link] [comments] |
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