Real Estate: Regret not offering more. This market sucks. |
- Regret not offering more. This market sucks.
- Buying first house with plans of staying for only ~5 years...bad idea?
- Wanting to combine first home purchase & renovation loans. Help!
- Is it normal for the title company to use a 3rd party to electronically provide wiring instructions?
- Undisclosed Former brothel
- Duplex: why do they seem too good to be true?
- Family member moving. How to financially manage buying/selling?
- Most important questions when buying a house?
- ELI5: how does buying a new build work exactly? First time buyer here.
- Do you know of any lenders that will finance a mobile home?
- Active duty investors?
- Why is sales price history so unrealistic?
- What is the best way to save $ when buying primary home
- Why don’t people include approximate list prices and location when seeking help or talking about experiences in said market?
- Pay off $60k cash, loan or wait?
- Renting at cost
- Looking to get into real estate more of a hands off approach
- Acreage Discrepancy
- 203k Refinance Options & Other Questions
- How's the upstate NY real estate and rental market?
- Seller financing
- [CA] Co-Signer is bipolar. How do I get out of this?
- Homebuying process going well so far. I'm nervous for appraisal. Would love your commentary.
- Financing investment properties
| Regret not offering more. This market sucks. Posted: 01 Jan 2021 05:20 PM PST So I'm selling my house. As a seller everything is gravy. Multiple offers day one. Over asking, going well so far. But as buyer?! Oh my goodness. It's so difficult to win a bid. I've been at it about 2 months and I know there are others that have been dealing with this much longer. In my area there is a severe shortage of homes for sale and it seems realtors are pricing particularly low to entice bidding wars. It is what it is. My issue is today I lost a home I was in love with. Most are just ones I like because we need a home. No...this home was perfect for us. I even offered more than what my agent suggested and still lost. During the wait I was confident that I made the best offer I was comfortable with. But now that I lost I wonder if next time I should offer more? I'm on the conservative side but I've been bidding 10k + over asking consistently. How are others dealing with these unknown situations? I hate to just go sky high and it be unnecessary. I'm so heart broken over this one house I can't stop thinking about it. There is literally nothing I can do. The worst part is I was told I'm second. Soooo close were the exact words. Sorry for the rant. [link] [comments] |
| Buying first house with plans of staying for only ~5 years...bad idea? Posted: 02 Jan 2021 05:38 AM PST We plan to be in the area longer but will likely move once our son starts school. Typically speaking does one lose out (vs renting) on buying and selling in a 5-year span? [link] [comments] |
| Wanting to combine first home purchase & renovation loans. Help! Posted: 02 Jan 2021 08:32 AM PST Hello, I'm a first time homebuyer and I was looking at a home that needs work but I want to combine the renovation with the mortgage. I know about Fannie Mae and FHA 203(k) but Im still having a hard time understanding. I see both of them talk about down payments, is this a separate second down payment different than closing on the house itself? I also don't know which I should be leaning more towards. If it helps, the home is about 1800sqft and needs pretty much everything pulled out and replaced. New floors and paint, new appliances, redo both bathrooms and kitchen. I think I want a wall taken down. Exterior has some things I want changed but not my number one concern. I just dont know the first step in homebuying when considering this option. Is the first step still to just find a mortgage lender? Any help from people who have experience with this type of home purchase would be great. Thank you!! [link] [comments] |
| Is it normal for the title company to use a 3rd party to electronically provide wiring instructions? Posted: 02 Jan 2021 08:23 AM PST First time homebuyer. I close on a home Tuesday, Jan 5. Concerning avoiding wire fraud. Firstly I plan to call the title company Monday and verify the instructions I received prior to calling the bank to initiate the transfer. Also I will not act on any emails I receive attempting to make any changes to the instructions I have now. My loan officer called me with final closing figures Thursday and instructed me to visit the title company to pick up wiring instructions. I couldn't make it to the title company's location between the time I received final closing figures and when they closed early due to it being a holiday weekend. I called them (used a googled number and it matched the one given me by the loan officer) and the person I talked to said they normally use a 3rd party service, CertifID, to provide wiring instructions. I provided my email and phone number and received instructions to verify my identity and received the wiring instructions with the routing and account # etc. I relayed this to my loan officer, who wasn't concerned. I just wanted to get another perspective on this from others in the industry. Has the Covid-19 pandemic made it normal to not physically pick up wiring instructions from the brick and mortar location and instead rely on 3rd party services to give instructions? From my understanding most fraud happens through email. Again, I'll be calling the title company Monday to verify I received the correct information before initiating the wire transfer. [link] [comments] |
| Posted: 01 Jan 2021 12:47 PM PST Ok, so assume you buy a house for the first time, standard like, and nothing unusual disclosed at closing. And not too long after moving in, strange people start showing up, at all hours, quite sketchy sorts. Those strangers are a bit confused, playing around the topic that they are there for some kind of illegal business. At first you think the former residents might have sold drugs. But, your neighbors, upon inquiring, allege that your home used to be the local brothel. Drugs sales possible, but maybe not, too. Is this something you can take legal action with the seller, for? Since it definitely would have changed your position on pricing, if not the sale, entirely. Especially with the sketchy, sometimes intoxicated, strangers on your property at odd hours with less than legal interests. [link] [comments] |
| Duplex: why do they seem too good to be true? Posted: 01 Jan 2021 09:59 PM PST Current stats: 22 yr old 70k income 700 rent 25k savings (retirement accounts separate, but this does include my emergency fund) So I've been reading up on RE investing and it seems like duplexes are just too good to be true. I found a property in my area that costs $300k. Outdated appliances and design but good condition. One half would rent for about $1200-$1300. Zillow estimates the monthly payment at $1400. What am I missing here? I could buy this and nearly cover my mortgage with the rental income, maybe be left over with a $200ish monthly payment while building equity. All for a down payment of just 60k which I could have in a year. Hell, why not just buy this now with 5% down? Why even wait to get 20%? I think I'm missing something because it seems like duplexes really are a ridiculously easy way to save up tons of money while building equity in a rental property. [link] [comments] |
| Family member moving. How to financially manage buying/selling? Posted: 02 Jan 2021 06:19 AM PST My MIL will be relocating from NJ to OH to move closer to us. She is 78yo and semi-retired (she does part time consulting work). She still has a 200k mortgage on her home in NJ. It will likely sell for ~700-750k. She has decided she wants to buy the OH place before selling the NJ home. She believes this to be her best option so she can move then prep the other home for sale. She has the cash to buy in OH, but is adamant she wants a mortgage because "rates are low." My husband and I both believe at her age it's best to pay cash and be done with it. There are benefits to paying cash such as: no loan closing costs, no loan interest, negotiating power, and peace of mind. She has plenty of money to do this and the equity from the sale will recover the cost of the new home 3x over. There are benefits to getting a mortgage as well, but at 78yo, I think the benefits of paying cash outweigh the benefits of a mortgage. She has a financial advisor that she is planning to talk to next week. What do y'all think? Any advice? [link] [comments] |
| Most important questions when buying a house? Posted: 01 Jan 2021 11:26 AM PST Looking to buy a house now and I've got to admit I don't know a lot about the interworkings of houses--plumbing, electric, structure and all that stuff. I don't want to look stupid or have someone take advantage of me, but what are some things I should ask? I've been looking at when homes were built, if it's well water or not, septic or not, etc. What're some good questions to ask about a new home, important ones and little known ones, and possibly about the community too? There's a house I'm looking at next week that I really like the look of and I've started speaking to some people from the community and it seems really nice (quaint, somewhere between rural and suburban, good schools for future kids, etc.). I'm excited to explore the community when I visit next week too. But any input would really help! [link] [comments] |
| ELI5: how does buying a new build work exactly? First time buyer here. Posted: 02 Jan 2021 09:27 AM PST |
| Do you know of any lenders that will finance a mobile home? Posted: 02 Jan 2021 09:26 AM PST Location: Florida I know that some lenders choose not to finance mobile homes, or their terms are different for them (larger down payment for example). I'm asking this in regards to financing a specific mobile home which is already on land and in good condition. (Its a permanent fixture to the property, large porches attached etc). I'm trying to find a good lender to possibly give me a mortgage for this place and I'm trying to narrow down my search. Do you know of any? Specifically any that may not require a large down payment and are easy to work with? Thank you! [link] [comments] |
| Posted: 02 Jan 2021 09:09 AM PST I am active duty in the army currently stationed in the midwest and want to invest in real estate with the VA loan. Does anyone here have any experience doing this? Im currently in the process of buying my first house and debating if i could do this regularly to help build my future as a RE investor. How has your experiences been with Midwest investing? Seems like lack of appreciation but significant cashflow. What things should i be looking out for as a new investor? [link] [comments] |
| Why is sales price history so unrealistic? Posted: 02 Jan 2021 08:40 AM PST Everyone searching to buy homes may have noticed this, from public records available on Zillow, Realtor, etc: for instance, a house was sold in 2015 for $100k, then sold in 2017 for $25k, then sold in 2019 for $175k, and now available for sale at $125k. Are these records reliable? Why such changes? [link] [comments] |
| What is the best way to save $ when buying primary home Posted: 02 Jan 2021 06:42 AM PST I currently live in Philly and want to move to the suburbs before the fall (my daughter will start kindergarten then and philly schools are lacking.). It unfortunately seems that this is the worst possible time to buy because of the Corona bubble. I'm not afraid to get creative, I'd even be willing to get a real estates license or do a full rehab. Auctions seem difficult because I will need to take out a mortgage. I currently own my home in philly, I'm also debating if I should sell it or rent it out. I have enough aces for the down payment and rehab costs. Any advice or book recommendations would be appreciated! [link] [comments] |
| Posted: 02 Jan 2021 09:49 AM PST Without this info nobody has a clue of the context. I always see people talking about how much they're offering above list price, down payment amount or other things like it and questions revolving around these types of things. But at the same time market location and approximate list prices are completely left out, which makes it impossible for anyone to help or understand the entire picture. Can we please start including these things in posts, at least approximate numbers/locations? Otherwise the other info is meaningless to everyone else. [link] [comments] |
| Pay off $60k cash, loan or wait? Posted: 01 Jan 2021 07:38 PM PST Hey everyone 👋🏼 My mom currently owns a home valued at $500k with $60k left on the mortgage. I'll be taking over the home when she passes, but would it be an easier transition if I take over the home now? I can pay $60k cash + closing cost if needed, get a loan for the remaining amount or if there's an better way to transfer titles. I'm open to hearing all options 🙏🏼 I'm currently married, 1 kid (Not sure if this helps with tax purposes) I currently do not own a home, but planning on purchasing later this year 2021. Thank you [link] [comments] |
| Posted: 01 Jan 2021 03:58 PM PST Ok go easy on me I know it sounds stupid but would there be any circumstance where it make sense to acquire a rental property and rent it out for the cost of the mortgage and fixed expenses plus a percentage set aside for maintenance. Obviously you'd want to be making a profit but my thought is if you believe in the area enough to purchase a rental property there in the first place that your betting on the property value to increase. This would definitely be risky but could this be a way for a new investor to get their foot in the door. Build up their net worth and maybe make it possible to acquire better deals down the line? I think it would definitely help with attracting renters( then again it may attract the wrong type of renters) with lower prices but idk. Just looking for general thoughts. Thanks guys. [link] [comments] |
| Looking to get into real estate more of a hands off approach Posted: 01 Jan 2021 07:26 PM PST Hey I'm looking to get into real estate with more of a hands off approach, not being a landlord any tips or suggestions? [link] [comments] |
| Posted: 02 Jan 2021 02:22 AM PST Hey Guys, I was hoping for some advice. I'm currently in contract with a HUD home that I am set to close on the 31st. After looking at the GIS map for my future property and dwelling on the fact that my land is the only odd shaped one all around.. I noticed that the neighbor's property behind my uneven land is off by .20 of an acre. GIS shows .76 but after using inchcalculator.com, it measures .96, and it's noticable. My future property is .84 and measures to .84 just fine but the zigzag at the end of my yard Makes me wonder if there's a discrepancy on my future land. Besides that, I think it's total BS that this neighbor's tax is based on .76 when it's .96 My question is, should I bring this up to my realtor, and dispute with HUD? Or should I just wait to close to then look deeper? No matter what, my mind is set on buying this house. Worried this could cause problems if I mention it, and I don't get the house. Btw, FTHB [link] [comments] |
| 203k Refinance Options & Other Questions Posted: 02 Jan 2021 02:02 AM PST Hello, I'm 22 y.o. and looking to by my first house. I have $25k saved and am looking to buy around $200k - $250k all in (Purchase + Reno) so the 3.5% down on the 203k is appealing to me. It'll be my place of residence for the foreseeable future (at least 3+ years) but I'd still prefer to look at it as an investment. I've been reading / thinking a lot about the 203k loan lately. I think I'd like to buy with the 203k loan, renovate, live in the house with roommates (house hack) and refinance to avoid PMI & increase bps on 203k interest. Hopefully build in some free equity with the renovation. Essentially combining a BRRRR and a house hack. I had a couple questions, mostly about the refinance piece.
Thanks in advance for your help! [link] [comments] |
| How's the upstate NY real estate and rental market? Posted: 02 Jan 2021 01:24 AM PST |
| Posted: 02 Jan 2021 12:57 AM PST How does it work,i dont get it.Saw a youtube vedio about this topic and how the buyer's dont have to spend anything. [link] [comments] |
| [CA] Co-Signer is bipolar. How do I get out of this? Posted: 01 Jan 2021 06:43 PM PST I apologize in advance if this isn't the proper subbreddit. I bought a house 6 months ago, but due to me renting my existing home out to a family member earlier this year, that income didn't qualify (but this isn't the point of this thread) and I needed to bring my mother on as a co-signer. She was retiring and I haven't seen her in years and said it wouldn't be a problem. She was to move in for a "bit" until her pension kicks in and be on her way. Well her pension kicked in 2 months after closing. Then she started getting comfortable. She started hoarding and is just a messy all around. I recently asked her to move out and she didn't take it all too well. A few days later, I discovered she is diagnosed bipolar. She is off the deep end and is just making threats to me nearly every day through text messages. She is even messaging friends and my wife's family telling them we are putting her out on the streets after all she's done for us. I am completely side-blinded by all of this. She doesn't pay for anything. We have no lease, but she is on the title and loan. Here's the kicker. I applied to refinance last month, and she thinks it's all complete. In reality there is a few more documents I need to submit. The goal with the refinance was to have it under my name, while also ridding the PMI. She says I have to evict her, and she is going to squat, and financially ruin me. All I care about at this point is getting the mortgage/title/deed in my name. Is this possible without her presence? [edit] her pension is about $5,500/mo. She has no debt. Just want to make it clear that she makes more than enough money. [link] [comments] |
| Homebuying process going well so far. I'm nervous for appraisal. Would love your commentary. Posted: 01 Jan 2021 08:46 PM PST Looked at 8 houses over two days. Put an offer for asking price + $6k appraisal guarantee on house #8 that night. Seller accepted and signed the following morning. Southeast Michigan. House is $195k. Inspection scheduled super quickly and passed with flying colors. Provided credit union all documents promptly, and they ordered the appraisal next day. Appraisal takes place Monday. We were hoping for closing by the 17th, but the bank told us up front that the end of the month is more likely. The house is at the high-end of our budget - $5k under our pre-approval amount. It's also hard to find comps. It's a 95 year old house that has been completely renovated top to bottom before being listed. We can find comps that are nearby and similar size, but not completely renovated. We can find completely renovated houses that are different sizes or different neighborhoods. Would love to hear any thoughts, knowledge, or experiences you can share. Thank you! [link] [comments] |
| Financing investment properties Posted: 01 Jan 2021 11:42 PM PST What are some of the best lenders who offer unique investment property lending? I am hoping to find 100% financing of some kind, not sure if that exists in todays lending markets [link] [comments] |
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