Real Estate: People keep saying the housing market will crash but let’s be realistic here, even if it did, I don’t think it will drop much in desirable areas like the Bay Area, would it? |
- People keep saying the housing market will crash but let’s be realistic here, even if it did, I don’t think it will drop much in desirable areas like the Bay Area, would it?
- What can I do to buy a house in Bay Area?
- (SC) Rocket Mortgage is f***ing me over. I don’t know what I can do.
- Closing is set for tomorrow, I'm a little nervous. Keep catastrophizing.
- Offered 730k for a list price of 659k in socal and got beat out...
- First time buyer in a hot market and I’m getting discouraged. What am I doing wrong?
- Real Estate Prices and the Very Short Term Memory of Americans
- Can I help my disabled tenant kick out a roommate who is not on the lease
- Does the senior citizen property tax deferral program of Cook county doom them?
- Are we attractive enough buyers for the current market? (Orlando area)
- Pros and Cons of refinancing a HELOC?
- Has anyone's loan officer felt like more of a hindrance than a help?
- Building a Duplex
- How to make buyers comfortable?
- House inspector
- Would they send us the Closing Disclosure while still in underwriting?
- Offer: better to put more down or cover appraisal gap?
- HELP really need some advice! Conflicted with buying the house I live in now for a good deal or move into a much nicer, more expensive home in this market. Am I going to regret choosing the latter? [Southeast MI, USA]
- Our beautiful home that is 20 minutes from Austin goes live on MLS tomorrow, are we making the right choice?
- Need help with real estate
- Real Estate Contract (Extension)
- Best option to finance improvements on primary residence in Washington, DC
- New construction - how much wiggle room is there in negotiated upgrades?
- Chances of appraisal coming under purchase price in bay area?
| Posted: 19 Jan 2021 11:08 PM PST |
| What can I do to buy a house in Bay Area? Posted: 19 Jan 2021 08:30 PM PST Loved a place..put an offer 100k above asking price with no contingencies and didn't get it..After a month, loved another house..put in an offer of 200k more than the asking price with no contingencies and still got rejected..What in the actual fuck is happening? This is making me so so sad [link] [comments] |
| (SC) Rocket Mortgage is f***ing me over. I don’t know what I can do. Posted: 20 Jan 2021 06:22 AM PST My wife and I are buying a house and we decided to go with rocket mortgage as a lender because they offered us an insane deal. We've been dealing with them for about two months now and it has been nothing short of agonizing. I currently own a townhome that I didn't want to sell before moving forward on buying a new house. I wanted to get to a point in the process of buying the new home where I felt comfortable that the loan wouldn't fall through, leaving my wife, newborn and I homeless. Rocket Mortgage offered me an FHA loan with a rate of 2.25 percent. We locked that rate in on November 30. We sent them all the documents they asked for. Everyone I spoke with said the paperwork looked great and there would be no problems with the loan. After about three weeks, I felt confident in the loan and I put my townhouse on the market. It sold in like three days. We were very happy. We are going to make a nice profit on the sale. Fast forward to New Years Eve. I get a call from Rocket Mortgage "executive resolutions specialist". Turns out they forgot to add in the HOA fee when calculating our debt to income ratio, and we missed the DTI by like $70. They tell me I can either come up with 12k more for closing or pay off my wife's car, which would cost about the same. WTF. I look at the paperwork again and it turns out they miscalculated my wife's income. By a lot. We get that straightened out and we're back on track. Closing was scheduled for January 9. Two days before closing, they call me and ask me if I can verify the start date at my current job. I was hired June 1 but didn't start until June 8. On the application for the mortgage, I put June 1. I have a gap in my work history during the last two years, so FHA regulations say I have to be in my current job for six months to qualify. When they applied for the FHA case number they waited until literally six months to the day from June 1. Well, the underwriter denied the loan because I hadn't technically been working at my current job for six months when they filed the FHA application. I asked them if they can just re-apply for FHA because it has been six months now. They say they can't because that would be "manipulating the system." Now we've had to ask the sellers to move back closing twice. It's too late to switch to a different lender. They've offered us a conventional loan, but we have to have my wife's parents co-sign with us, which has been another total nightmare collecting more documents. But the conventional loan they've offered us has a full point higher interest rate and is going to cost us something like $80k more over the course of the loan. I understand 3.25 is a good rate, but it is not what I was promised. My monthly payment is going to be $200 higher, even though I am putting more money down. It is too late to switch lenders. Our new closing date is next Friday and I am not going to ask the sellers to push it back again. I want to just say fuck rocket mortgage and walk away all together, but my wife loves the house and we have to be out of our current house by Feb 3. I am incredibly salty about this because they fucked up the paperwork and now they want to charge me an extra $200 a month. They've asked me for every piece of information I have short of a stool sample. But they couldn't verify my start date before applying for the loan, even though they were explicitly aware that the loan hinged on whether that date was accurate. And I understand I should have verified it before I put it on my application, but I had no idea the difference between June 1 and June 8 would be the make or break on the loan. Is there anything I can do to get them to lower the new rate? These rates aren't handed down from on high, are they? The company has the power to give any rate they want, right? Sorry this is so long. It's kind of complicated. I tried my best to make is succinct. Thank you if you read this far. [link] [comments] |
| Closing is set for tomorrow, I'm a little nervous. Keep catastrophizing. Posted: 20 Jan 2021 08:22 AM PST I'm selling my house and the buyers are closing tomorrow at 4PM. But I've read closing horror stories on reddit. I've basically realized that the deal is never set in stone and in fact that the deal is likely to fall out while under contract as I've read about many such cases. Well I've also read about countless cases where the deal dies at the closing table. Well, we're 31 hours from closing and I'm told everything is normal but I'm a little nervous because there are some (micro) signs that maybe they're stalling. First, my agent told me last week that the buyers wanted to close early. Possibly that week. I said great. Rushed the paperwork. Once the paperwork gets in, the Title Agent tells me their scheduled closing date: One day before the original closing date. Which is fine. Well on the day before that I asked if we're all set the close. Title agent tells me "They're closing on the 21st at 3PM" Which is the original intended closing date. Okay fine. This morning I get an email "The buyers are scheduled to close at 4PM" Okay, first they wanted to close early. Then they wanted to close a day before the original closing day. Now they want to close on the contractually obligated closing day at 3PM. The next day, the time is changed to 4PM. If this pattern continues, they'll be asking for an extension to the end of the month. This is concerning me--And admittedly maybe for no reason. Maybe I need a drink. IDK!!! So far, no one has told me anything about them not wanting it or anything. I sold the house as is, they're investors, IDK. I just dont know. Did I mention I don't know and that I'm stressed? What do you guys make of this? [link] [comments] |
| Offered 730k for a list price of 659k in socal and got beat out... Posted: 19 Jan 2021 09:37 PM PST First, wtf. I'm genuinely concerned now that I'm going to buy and then in a year find out this was a bubble and be upside down on my loan. What are your opinions on this? I'm buying as primary residence so my other option is to rent. I felt like my offer was well above what anyone else would do but was fine with that because the home was perfect for us. This isn't the first time I've been beat out like this either. Now I feel like just dumping my entire pre-approval amount on the next place I find because that is apparently what everyone else is doing. Also, apparently the wining offer was a similar amount but higher down payment? I didn't realize down payment was such a big deal. Enough that the seller didn't even bother to counter. Sorry for the rant just incredibly frustrated right now. [link] [comments] |
| First time buyer in a hot market and I’m getting discouraged. What am I doing wrong? Posted: 19 Jan 2021 02:32 PM PST On mobile, formatting etc... My partner and I have been saving and planning for the last two years in preparation for buying a house. We finally got our credit and savings to a point that we feel ready to buy a home.... Enter in what seems like the hottest sellers market in the history of my small town and I'm getting discouraged after only a couple weeks. We got preapproved through a local mortgage lender for an FHA loan and we've been working with a local agent on finding our first home. We have made multiple full asking price offers on homes in our preferred price range (less than $270k, which up until the last few months got you a nice 3X2 in a good area) Only to lose out to cash buyers who are offering either exactly the asking price, or in this last case, much more. Houses are literally selling within hours of being listed! Its extremely disheartening for us to feel that no matter what we do we're always going to be behind the 8 ball when it comes to competing with cash buyers. What can we do to make ourselves more attractive to sellers who in general are looking to make the quickest, easiest sell? Save up more and go conventional loan? Go door to door? I'm ready to do the work, just not sure where to start and our agent is already probably overworked with all the sales. Any input is greatly appreciated! [link] [comments] |
| Real Estate Prices and the Very Short Term Memory of Americans Posted: 20 Jan 2021 09:01 AM PST I have read a lot about people getting out of the city and buying houses in the country and thereby driving up prices to unreasonable levels. But what is going to happen when things settle down and people can't work from home anymore? Any thoughts? Personally I am looking for sectors of the stock market that will rebound and investing part of my down payment. [link] [comments] |
| Can I help my disabled tenant kick out a roommate who is not on the lease Posted: 19 Jan 2021 08:17 PM PST I have a really weird situation. I'm renting a condo to two guys, C and D, who have been living there since May '20. C is mentally disabled and was in the care of D. They both lost their jobs due to covid. On top of this, D had multiple strokes last year and has been in the hospital for the past three months. They haven't paid rent since November but I haven't been pressuring them for rent for obvious reasons. Sometime last summer, they allowed D's sister, S, to start crashing there. Now, C and S live there. C told me that he wants S out because she has been abusing him and also not helping with the house in any way whatsoever. She's basically taking advantage of a disabled person and living in his house. He wants me to help kick her out. I told him to call the cops, but without proof of abuse, they said they can't arrest her. My question is: If I help C change the locks and basically kick S out, would I be breaking the law? Sorry for the long post. Thanks for your help [link] [comments] |
| Does the senior citizen property tax deferral program of Cook county doom them? Posted: 20 Jan 2021 05:44 AM PST Looking into it for my parents. Let me see if I understand what's below correctly. They allow you to use this program for several years up to 80% of your equity in the home but building up 6% simple interest every year you do it for up to $5,000 a year. But then they say when your interest pushes you over the 80% threshold at the end of it then you'll have to pay all the interest yearly. Isn't this inevitable if one lives long enough and they are a regular user thus forcing them out of their home because 10, 15, 20 years of interest would be insurmountable, no? Or am I misunderstanding something? Is this program just to be used sparingly? https://www.cookcountytreasurer.com/theseniorcitizenrealestatetaxdeferralprogram.aspx "If the total deferred property taxes, including special assessments, plus interest, equals 80 percent of my equity interest in the property, I shall thereafter pay the annual interest due on such deferred property taxes, including special assessments, plus interest, so that total deferred property taxes, including special assessments, plus interest, will not exceed such 80 percent of my equity interest in the property." [link] [comments] |
| Are we attractive enough buyers for the current market? (Orlando area) Posted: 20 Jan 2021 03:38 AM PST My partner and I are 28/33. Both have stable careers. Both of our credit scores are in the 815-820 range. Neither of us has any debt of any kind. Combined we have a little more than $150,000 in savings. We are in the market to purchase our first home, and it seems timing is rather unfortunate with the current sellers market. Our budget is around $300,000, and we're planning a 15 year conventional mortgage and 20% down. I feel like in normal times, we'd be very attractive buyers, but in today's world I'm not so sure. We are both ultra budget/price sensitive, and would probably rather skip buying a house right now if it meant offering above asking on the already inflated prices. We aren't looking for the most desirable and happening neighborhoods, just a nice suburb. We're even keen on areas that are usually scoffed at (Kissimmee area). With that being said, are we attractive enough buyers in this market? Is there anything we can do to improve our chances on winning a bid? We could put more down if that will help. We haven't yet actually put in bids, as this is a move for my job, and they haven't given a definitive move date yet. It's probably going to be in June-July of this year, but we would rather have a definitive date prior to getting pre approved and starting to put in offers. And if anyone knows the Orlando market well, how is it there? Are houses consistently going above asking in all neighborhoods? Thanks for any advice. We're preparing for the worst and hoping for the best. [link] [comments] |
| Pros and Cons of refinancing a HELOC? Posted: 20 Jan 2021 07:11 AM PST I'm trying to convince my parents to refinance their HELOC. They bought their home for cash 20 years ago for $300k and now it's worth around $550k. Through a series of unfortunate decisions, they took out a HELOC on the property for $200k. It's been in the interest only repayment period since then, with it set to end in 3 years. I suggested that they refinance it into a 30 year mortgage. My thinking was as follows: 1) Interest rates are at historic lows, so they would be locking in a really low rate now. Their current HELOC rate is variable and is around 3.5% 2) Their main concern is keeping the monthly payment low. Right now it's around $1100/month in interest only payments. I calculated that a 30 year mortgage would be around that same monthly cost but would actually have some money going towards principle on the loan rather than all just be interest. They dislike the idea as according to them, taking on a mortgage means the bank owns the house. I tried explaining that if they stop paying the HELOC then the bank will take their house as well, but it seems to be a pride issue. Is there any other way I could convince them that this is a good choice? [link] [comments] |
| Has anyone's loan officer felt like more of a hindrance than a help? Posted: 20 Jan 2021 10:47 AM PST Our loan officer has not answered a single phone call we've placed, or returned one. She's called only when she has felt compelled. She doesn't give frequent updates, hasn't said the words "conditional approval" "final approval" or "clear to close". When I ask questions, she doesn't really answer them. For instance, I just asked her to confirm the certified check amount for closing and she told me that it's on our closing disclosure. I asked if my wife was safe to transfer funds from savings to checking and she basically said "It should be fine," I've had quicker, friendlier, and more helpful responses by contacting our processor and closer individually. Anyone else? [link] [comments] |
| Posted: 20 Jan 2021 06:58 AM PST Friends Anyone has any experience in building duplex share any best practices? I'm planning on building one mid this year and things you all did well and things which went bad will helps me a lot. Cheers [link] [comments] |
| How to make buyers comfortable? Posted: 20 Jan 2021 10:32 AM PST I own a SFH in a huge sellers market (Boston suburbs). I'm moving for work in a year, so I'm debating whether to rent the house out or sell it. If I do sell, I'm thinking about the steps to make it go more smoothly, because I remember house hunting here, how stressful it is, and how I almost backed out because of the stress. To make my selling go more smoothly, I'd like to make the buyers as comfy as possible by giving lots of information about the home and upgrades I've done. It's an old house (100 years, typical for all houses around here) so I understand the anxiety it may generate from people who aren't around here. So I'd like to give a document explaining lots of upgrades/info, here's what I'm thinking:
Would it be weird to include a link to a document explaining all this stuff in the listing? Or would it just confuse people? Anything else you'd add? I realize an inspection will tell people that everything looks fine, but this is information that an inspection wouldn't tell, more like history of certain upgrades and nice-to-know information. [link] [comments] |
| Posted: 20 Jan 2021 10:26 AM PST Was looking to change my career to be a housing inspector. Male 26, living in ohio, construction background. If there is any inspectors out there how did you all get started? Thanks [link] [comments] |
| Would they send us the Closing Disclosure while still in underwriting? Posted: 20 Jan 2021 10:26 AM PST We are stressed to the max and trying to figure out what is going on. We can't get a hold of our lender and our realtor doesn't know either. Last Wednesday we were asked for additional documents from our lender which we sent over straight away. It was crickets until Friday night when we were sent the CD to sign. We spoke with our realtor later that evening and scheduled the final walk though for the past Monday because closing was supposed to be today. Well, here we are and have no idea what is going on. I called my realtor because she said she was going to call title and the broker but I never heard back. She said the last she heard was last week from the broker that they were still waiting on documents from us, but that the paperwork was supposed to be rushed through and that she thought the broker was in contact with my wife. This entire process has been unorganized and mass confusion. I thought once you got the CD you were all but done other than signing the final paperwork. Could something still be hung up somewhere even though we got the CD? [link] [comments] |
| Offer: better to put more down or cover appraisal gap? Posted: 20 Jan 2021 09:50 AM PST We are making offers in a very competitive market. We know from experience that some sellers are worried about the properties not appraising and are not taking the highest offers if an offer that's more likely to close is on the table. We are putting 20% down and are pre-approved. Is it better to offer a higher percent down (say, 25%) or to say we will make up the difference between offer and appraisal? I've read here that some folks set a limit on how much of an appraisal gap they will cover, which sounds smart. How does one structure that part of the offer? Is that an appraisal waiver, or something else? Tyty [link] [comments] |
| Posted: 20 Jan 2021 09:15 AM PST Hi everyone! I [28F] and my partner [32M] currently live in a 1,000 sq ft home with 3 bedroom, 2 full bath, basement, detached garage, and fenced yard in Southeast MI, USA that my mom rents out to us. We've lived in it for 10 years and have not done any updating. We have a very good idea of all the issues with the house, but we're hung up on whether or not we want to stay in the area any longer. We are finally in a place where we can afford to purchase a much nicer home in the $250k-$375k range but given the state of the housing market right now, it's just been too hard to dive in. We don't have any major assets so it would be our first big purchase together which is also part of the problem given we don't have any equity, only funds from our savings for a downpayment. My mom has offered to sell the house we rent to us for around $80k (the house was appraised at $95k) which would put us in a place for first time home buyer assistance so the down payment would be covered, freeing up more of our pocket money. The house is in need of a new air conditioner unit, kitchen remodel, bathroom remodel, and some landscaping. The roof is in good condition. It's entirely possible that putting in the updates and repairs to the house would increase the value of the home upwards towards $130k. We could potentially resell later or use the property as a rental. Our hang-ups are
So my question: is it a regrettable decision not to invest in the home I already live in since I know all the issues and could potentially profit in the future from resale or rental while also setting up a better foundation for our future dream home? Or should we take a dive into the market and buy our dream home now? We really thought that we'd be living in a much larger home in a better area by now so we're really considering just giving up on this place and moving on. I really need some perspective/convincing here! [link] [comments] |
| Posted: 20 Jan 2021 08:32 AM PST We live on the Manor / Elgin border and will be listing our home for 238k, I feel like with current inventory and how nice our home is (upgraded) it will possible go for more than asking which is great but my fear is we won't be able to get an offer accepted if we want to move to central or NW Austin. Our plan is to live on site at one of the apartment complexes my wife manages once the house sells and then start looking, our 1st choice in to live in Austin but we also really love Bastrop although the commute would we long. What do y'all think? Good time to sell or bad time to sell? [link] [comments] |
| Posted: 20 Jan 2021 08:32 AM PST Hi everyone! I'm looking for some advice/help/thoughts/whatever you're willing to offer. Due to recent health issues I had to quit my job as the stress exacerbated the condition. I've always been interested in owning a duplex (living in and renting the second unit) and start on a real estate portfolio because I want to build generational wealth for my family who mean the world for me and hopefully in the long run create passive income. What do you think would be the smart next step if I want to go ahead with this? I currently have about 10K saved up and if I need to be holding a job to get started I believe if it's a part time job I can manage. Should I get that part time job or can I do this without a job? I'm looking to start my portfolio in the state of NY, NJ, CT, or PA (in that order) Any thoughts on game plan or anything would be greatly appreciated. TIA!!! [link] [comments] |
| Real Estate Contract (Extension) Posted: 20 Jan 2021 08:28 AM PST I provided a seller financed home to a buyer where the payoff amount is due next month, per our real estate contract. She is delayed in obtaining a loan to pay me off. I would like to extend the payoff date and increase the interest rate on the current real estate contract. Anyone know how to do this on the cheap? Don't want to get hammered by another real estate attorney. Can I just print out the existing contract, white out the dates and interest rates and fill in with new information and both sides sign with a notary? Thanks for any advice. [link] [comments] |
| Best option to finance improvements on primary residence in Washington, DC Posted: 20 Jan 2021 08:21 AM PST I bought my primary residence in 2018 at net 680k knowing it needs about $200k of improvement. The house is currently valued at $825k in its current condition, once the improvements are made I expect the house to be valued ~$1,100,000 based on similar comps, possibly more depending on 2021 market. I currently owe $598,000 on the house with a 2.625% rate. Ideally I would like to turn this into rental when I am done living here (or have the option to sale if the market continues on its trajectory) I do not own any other real estate and I have $60,000 cash specifically earmarked for this renovation. I have other assets available but prefer not to utilize them. Ideally I'd like to finance the whole improvement project. Do I go for a 90%-95% HELOC - make improvements and then refinance based on appraised value after/aggressively pay down HELOC? Second Mortgage/Home Equity Loan? Refinance Cash out? Refinance into a 203k? (I contacted ThirdFederal and they offered a HELOC of $60k (80% LTV), at a phenomenal rate but it still leaves me short. ) [link] [comments] |
| New construction - how much wiggle room is there in negotiated upgrades? Posted: 20 Jan 2021 07:46 AM PST We're considering a new construction between $500-600k. The sales person heavily suggested that there wasn't wiggle room in the price of any individual model, but that if we wanted to negotiate, we should be asking for upgrades. What kind of wiggle room for upgrades do we have? We have a number of things we're interested in- mostly structural changes that couldn't be or would be difficult to put in after the building is up. We want to make sure we ask for the amount near where they take us seriously but we don't under-ask. The asking price is close enough to our price ceiling that we probably won't be able to add anything on top of the included upgrades. Edit: by structural changes, I mean ceiling lights, deeper basement, tankless water heater, things like that. [link] [comments] |
| Chances of appraisal coming under purchase price in bay area? Posted: 20 Jan 2021 07:40 AM PST Hi all, I'm house searching in the bay area and am considering waiving appraisal for offers I put in. Most houses this month are selling significantly higher than what the comps say. I'm worried that if I do waive appraisal on an offer that's significantly higher than asking price, also somewhat higher than nearby comps, appraisal will come in short. With the market being as crazy at is right now, are appraisers appraising higher than normal (higher than the comps in the area) due to market conditions? Thank you! [link] [comments] |
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