Real Estate: Responsible for a mortgage for a house you don’t own... |
- Responsible for a mortgage for a house you don’t own...
- Just bought a house - how can I stay after this traumatic event?
- Should I buy a house with pet smells?
- Buying an inherited apartment complex, seller has no deposits or lease copies
- $23,000 in closing costs on $800,000 loan?
- How can I make sure my MIL doesn’t get taken advantage of?
- Knob and Tube
- Landlord selling apartment complex of 3 renters, myself included. Month to month lease, should I look for another place?
- How Should I Negotiate With My Realtor?
- How often do mortgages fall apart during underwriting?
- [US-TX] Paid for premium lot with understanding to have a pool in a backyard. Now builder says the house has to be pushed back due to the lot being too narrow.
- Did I make a mistake as a buyer?
- Maine real estate values increased 10.5% in 2020 and are only expected to increase in 2021
- Square footage of my house was misrepresented in sale
- Should we wait to begin the lender process?
- How scary is this crack in the foundation of a home I'm under contract for?
- Looking to Buy a House and had a few questions
- Can you refi to a lower rate if you pay down part of the loan as part of refi?
- Should I take my landlord to small claims court? (NYC)
- Physician Loan vs Conventional Loan?
- How to comp houses that are unique.
- Already moved in and signed final closing statement, however there's an incorrect number.
- Has anyone here sold a home to an immediate family member, like a sibling?
- What sort of interest rates are folks seeing?
| Responsible for a mortgage for a house you don’t own... Posted: 09 Jan 2021 07:38 AM PST Loan officer in Texas here... I received an application from a client, who has an FHA financed mortgage on credit. When I was going thru the app with him, he said the house for the mortgage was now under an owner financing contract. He sent me the following: 1. Warranty deed transferring title from his name (will refer to as C for client) to other party (will refer to as O). 2. Owner financing lien, with a clause from the attorney that states that as per the original deed of trust, C understands he is required to get the lender's permission to do all of this. The attorney further said, in effect, that he is not responsible for what C & O do from here. 3. Mortgage statement from company on C's credit report, and by the way, the mortgage shows it's two months behind. Upon further discussion, C tells me he's been told all of the above is an issue by a few lenders, but his real estate agent, (who set all of this up in the first place) says the lenders are wrong. To make it worse, O is paying the mortgage (but is behind) directly to the lender, not paying C. To summarize, it appears as though C has given away ownership to a house that he's on the hook to pay for, am I right? Plus C is screwed further with O having no effect to his credit for missed payments. I told him I am not a lawyer but he needs to find a real estate attorney, ASAP. I may be missing something obvious here, but how does this guy ever climb out of this? I won't be referring any advice back to him, but I'm now hugely curious. [link] [comments] |
| Just bought a house - how can I stay after this traumatic event? Posted: 09 Jan 2021 08:02 AM PST This sub has been so helpful for the past year as we looked at, bid on, lost, and finally won the perfect house for our situation. We bid a LOT over list to win it because it was by far the perfect layout for our family. My mother was moving in with us and this house had a wonderful walkout basement with a MIl suite and enough space upstairs for our own privacy. We closed on Dec 1 and three days after she moved in she had a massive stroke. For those 3 days, she loved it and it felt like things finally were looking up after losing my other very closed loved one earlier in 2020. She is 7 days out of the stroke and it doesn't look good - she will probably survive, but it doesn't seem very likely she will come back home. She is paralyzed, unable to eat or talk, and a shell of who she was. She is going to rehab soon but I don't have a lot of faith she can come home to me. Being in this house is extremely painful for me. Unpacking is not a possibility and seeing her stuff and what we had planned surrounding me is really difficult to handle. We overpaid for this house so selling it already would mean taking a ~$40k loss. But my mental health seems more important than losing money right now. Should I consider selling it already? I don't know how to learn to love this house when it just reminds me of the loss we've suffered. [link] [comments] |
| Should I buy a house with pet smells? Posted: 08 Jan 2021 06:27 PM PST We found the perfect house in the perfect neighborhood, at the higher end of our price range, but worth it. We got everything on our wish list with this house after casually looking for years. The problem is their pets. During the initial tour of the home we smelled it but weren't there long enough to realize just how bad. After inspection and spending more time in the house, we realized the smell was horrible and though we'd be willing to rip out carpets and professionally treat before moving, we are really scared the smell might not completely go away and even cause our pets to piss on the floors. I should mention no one knows we have 3 pets, they are just well behaved and we are clean people. The current owners have 4 pets and I think they pee in the house too. We are at the point where we are considering walking due to the fear of this smell never going away, it's in the basement tile and hardwood as well, 3 floors of who knows what, cat and dog odor? General uncleanliness? Anyone have any long term success stories with stinky homes? I know all the horror stories, really hope there are some successes out there. [link] [comments] |
| Buying an inherited apartment complex, seller has no deposits or lease copies Posted: 09 Jan 2021 07:09 AM PST Hi reddit, Today is the "best and final" deadline for our offer on a 12 unit apartment complex in the Midwest. The seller inherited all 3 buildings. We wrote in the contract all deposits must transfer to us upon closing, to which the selling agent said they don't have any. Leases seemingly too. We were going to ask for a credit for deposits, but without leases how can anybody say what, if any, their deposit was? And without prior knowledge of the condition, even if they trashed the place how could we know it wasn't already like that? The building's age is starting to show. Anyone seen something like this before? Recommendations? Thanks! [link] [comments] |
| $23,000 in closing costs on $800,000 loan? Posted: 08 Jan 2021 03:36 PM PST We are nearing close on a purchase of a $910,000 condo in the LA area. When the lender sent over the closing disclosure, the estimated closing costs seemed a bit on the high end to us. We took out a large loan with 10% down. Our interest rate is 2.75% and our PMI is $191 monthly. The breakdown of the closing costs are below... is there anything crazy or off based on a sniff test? EDIT I just spoke to the Lender on the phone and they stated that several items are actually supposed to be paid by the seller, but they have not moved to the seller's section yet. This is supposed to remove:
From my closing costs which should bring it down to roughly $16,000 in closing costs. Origination Charges $1,845.00 01 % of Loan Amount (Points) 02 Document Preparation Fee $115.00 03 Processing Fees $845.00 04 Underwriting Fees $885.00 Services Borrower Did Not Shop For $1,180.25 01 Appraisal Admin Fee to Frisco Lender Services, LLC $120.00 02 Appraisal Fee to ABC Appraising $450.00 03 Condo Cert Fee $450.00 04 Flood Certification $10.25 05 Rush Fee $150.00 C. Services Borrower Did Shop For $4,514.50 01 Title - Courier Fee to Fidelity National Title $50.00 02 Title - Lender's Title Insurance to Fidelity National Title $1,818.00 03 Title - Loan Tie-In Fee to Fidelity National Title $250.00 04 Title - Mobile Notary Fee to Fidelity National Title $250.00 05 Title - Recording Service Fee to Fidelity National Title $13.00 06 Title - Settlement Fee to Fidelity National Title $1,921.00 07 Title - Sub Escrow Fee to Fidelity National Title $62.50 08 Title - Title Endorsement Fee to Fidelity National Title $100.00 09 Title - Wire Transfer Fee to Fidelity National Title $50.00 E. Taxes and Other Government Fees $5,471.00 01 Recording Fees Deed: $50.00 Mortgage: $100.00 $375.00 02 City/County Tax/Stamps to Deed $5096.00; $5,096.00 F. Prepaids $2,255.49 01 Homeowner's Insurance Premium (12 mo.) to Comma $1,083.00 02 Mortgage Insurance Premium ( mo.) 03 Prepaid Interest ( $61.71 per day from 1/13/21 to 2/1/21 ) $1,172.49 04 Property Taxes ( mo.) G. Initial Escrow Payment at Closing $6,545.51 01 Homeowner's Insurance $90.25 per month for 3 mo. $270.75 02 Mortgage Insurance per month for mo. 03 Property Taxes $922.18 per month for 7 mo. $6,455.26 08 Aggregate Adjustment -$180.50 [link] [comments] |
| How can I make sure my MIL doesn’t get taken advantage of? Posted: 08 Jan 2021 08:33 PM PST My mother in law had to move in with me and my husband (a few states away because she wasn't able to afford her house and all the auxiliary expenses anymore. She had a renter set up, but that fell through within two weeks of her getting here. She had tried to sell her house for a couple months, and I'm not sure if her agent sucked, it wasn't priced right, or Covid just screwed the market for a bit in her area. Her house is worth about 120k. Her neighbor wants to buy the house but is insisting that she not use real estate agents - it sounds super fishy. He also wants to maybe do a lease option - How can I help her? What questions should I ask? I'm insisting that she get a legal contract and finalize ANY agreement with a professional of some sort. I own a house but leaned on my agent and loan officer to guide me through the process. I just don't want her to get screwed. She doesn't even want to make any money, just not lose the money she put in. Help!!!! [link] [comments] |
| Posted: 09 Jan 2021 06:25 AM PST Hi again. First time buyer with another question. The house I bought has a bit of knob and tube. Most of it has been modernized, but the home inspector still says there's a bit remaining. From what I've read, that's not a big deal, except when it comes to insurance. And that you really need to update it, or you'll never get insured. But I just called about insurance yesterday and they never even asked about the electrical at all. So my question is: Do I need to bother updating it? I'd rather spend that reno money elsewhere. [link] [comments] |
| Posted: 09 Jan 2021 06:11 AM PST I am in Rhode Island. Just received notice of the selling. Realtor is coming today to take pictures. I'm on a month to month lease. The landlord said I shouldn't worry because of my lease but I still do. Rent is affordable but I'm worried they might evict me to update the apartment and receive more money. This place is highly convenient for me because of the location. Once this place is bought I'd like to discuss with the new landlord of their plans and my thoughts on it but I'd like some advice on people who have experienced this themselves. Is it highly likely they evict and rent higher? In what scenarios do the tenants stay and just keep paying rent? [link] [comments] |
| How Should I Negotiate With My Realtor? Posted: 08 Jan 2021 10:42 AM PST As the title suggests, my wife and I own a rental property (her old condo from before we met) and our townhouse. We recently had a child and have decided that running up and down the stairs all of the time, while great for our cardio and exercise, has made child raising an incredibly tedious task. Anyway, we have tenants moving out of the condo next month so we have decided now is a great time to move forward on our long-term plan of selling both the condo and our townhouse and finding our long-term home. My question: is there a negotiation that can take place? Since our realtor will be there for all three deals, can I try to bring their % down? [link] [comments] |
| How often do mortgages fall apart during underwriting? Posted: 08 Jan 2021 08:05 PM PST |
| Posted: 09 Jan 2021 07:56 AM PST Hey guys, I'm building a new home and the construction hasn't started yet. I chose a lot with the recommendation of the sales rep with understanding that we will be building a pool in the backyard of this lot. Of course this was a premium lot, since it's larger then other lots around it. Also it has lots of privacy, its a corner lot with only 1 neighbor, and open space on the other side. Now the builder went out with the drawing team and said that the lot is too narrow in the front, so the house would have to be pushed ALL the way back of the lot, leaving no room for any backyard at all. They gave me an option to transfer to another lot. The other lot may be less or more depending on which lot we choose, they would adjust the price. First, none of the lots have the same privacy as the original lot, they all have neighbors all around. Any way to have them compensate any % of the lot price? We specifically signed for this lot because of the privacy as well as it would allow us to do all we wanted. Honestly I don't want to start any construction unless I'm fully satisfied with the lot and situation. [link] [comments] |
| Did I make a mistake as a buyer? Posted: 08 Jan 2021 12:24 PM PST I just got an inspection done earlier this week and there are some electrical repairs that are required by the seller to fix before closing. Their attorney offered a free home warranty instead of taking care of the repairs but I'm concerned that the repairs won't be covered (I looked at the fine print of their policy) and run the risk of paying for the repair out of pocket. When I rejected the warranty and asked for the repairs to be fixed, they offered a credit instead. Did I make the right decision or should i have just accepted the warranty? If I reject the credit, I might end up losing the offer on the place. Edit: I forgot to add that the service panel needs to be evaluated and repaired. I'm not sure if $500 will cover the outlets and this. [link] [comments] |
| Maine real estate values increased 10.5% in 2020 and are only expected to increase in 2021 Posted: 09 Jan 2021 07:20 AM PST This is a very significant swell in real estate values for Maine. I don't believe any other state in the nation grew this much. Apparently the rise is as a result of out of staters trying to move to Maine to get away from the pandemic. I think it's worth having a conversation about if this trend will actually continue (as Zillow predicts it will) and what other consequences there will be as a result of this rise. Disclaimer to the mods: I believe the above links to be newsworthy and relevant to the post/sub. If you disagree I am happy to edit the post and remove either of them. Thanks! [link] [comments] |
| Square footage of my house was misrepresented in sale Posted: 09 Jan 2021 06:43 AM PST Hi everyone. I'm seeking some advice from my current situation. I closed on a house about 3 months ago and now I'm finding out that the square footage is less than what I believe was represented. The actual square footage is around 2500 by my calculations, and a state website has it at 2715. In the realtor's original add he said there is 3,300 square feet of livable space. This is also the square footage that was listed on Zillow. I now think he was including the basement (which is finished but it is below grade). I brought this up to my realtor but she seemed to think that the number was reasonable and she assured me that they did not include the basement because you cannot include the basement. I'm now looking back to documents and I see that my appraisal has written in that the house is 3,300 square feet. I bought the house during the covid-19 pandemic and at the time appraisers were not coming into houses. I hired a lawyer to help me through this transaction as is common in New Jersey and this never came up from them either. I'm now wondering what documents I need to look through to see if there are potential legal repercussions. Any help or advice is appreciated. [link] [comments] |
| Should we wait to begin the lender process? Posted: 09 Jan 2021 06:43 AM PST My partner and I just had our first meeting with an agent in NJ last week, so this is really early in the process. Both of us are not experienced, and relying somewhat heavily on our agent. Our next step, we were told, is to begin speaking with a few different lenders she recommended. (Please advise if I've submitted this in the wrong sub, thank you!) This is the dilemma: I'm at about a 740 credit score. My partner was at 620. He did the credit karma thing, saw if he paid off small amounts on 2 credit cards, his credit was estimated to increase to 720. Assuming two credit scores in the 700s would look better than one, he paid off a large portion of the balance on his credit cards in December. We waited for the cycle to turn over, and the estimate was a little short; his credit raised to 687, not quite over the 700 mark. The next credit pull isn't until February. Although he paid some more off, and will presumably be over 700 next month, our agent estimates our closing process to begin middle-end of March. While we understand there are so many other factors involved in financing, I'm looking for surface level understanding of the impact credit scores have on this part of our process. My ultimate questions :
Thank you for any advice you can offer! This is our first home buying process, and never imagined so many micro decisions are involved. This sub has taught us so much already. [link] [comments] |
| How scary is this crack in the foundation of a home I'm under contract for? Posted: 08 Jan 2021 02:00 PM PST Pic: https://imgur.com/0MumuA5 I'm under contract for a house in Chicago and the sellers let me know that they discovered a leak/crack that had been covered up by the previous owners of the house. I had a home inspector look at it, he told me as long as Permaseal sealed it that it would be fine. I took his word for it, but I've been doing some research and I keep coming across the idea that a horizontal crack points to a major foundation issue. It's a fully horizontal crack, has already been sealed, and I'm going to come back and look at the work that was done. In general, I'm just curious if anyone has experience here. [link] [comments] |
| Looking to Buy a House and had a few questions Posted: 09 Jan 2021 01:46 AM PST Hi, my parents are looking to buy a second home, that they will own, in the San Diego area for me and my girlfriend to live in. We will be taking 12 months or so to find a house. My friend is a realtor, but since I'm currently unemployed I was trying to save on as many costs as possible. Currently there aren't very many houses on the market that meet our criteria as we are looking for a newer home 15-20 years or younger. My dad is a retired military vet that has VA disability. I had a few questions and was curious if anyone could help me out:
As of right now all of the houses we would want are 1.5x of what we are looking to spend (nice looking house, neighborhood, people, community, etc). We are hoping, with enough looking with can just find a smaller version of these houses so that it will fit into our price range. Thanks! [link] [comments] |
| Can you refi to a lower rate if you pay down part of the loan as part of refi? Posted: 08 Jan 2021 08:43 PM PST So I was thinking I want to throw a chunk of money at our mortgage. Say I had $400k loan currently. Could I refi the rate down if I paid off $30k and new loan was $370? Does paying it down some affect my rate? Looking at moving from 3% down closer to 2.5% [link] [comments] |
| Should I take my landlord to small claims court? (NYC) Posted: 09 Jan 2021 05:20 AM PST NYC here. I signed a two year lease for an apartment that I moved out of after two weeks. I broke my lease early, but the landlord's broker found a new tenant to move in. The new tenant moved in during the same month I moved out (rent was already paid in full). Not only did the landlord collect prorated rent from the new tenant to move in halfway through the month (the month I already paid), he deducted a $200 lease break fee, a $550 fee for the difference in rent paid by the tenant vs what I paid for the duration of the lease, and a broker fee of $1,500. In addition to this, I told them my dog is an emotional support animal. They charged me a $400 pet fee to move in and are refusing to refund me that. The landlord is saying that our emails are sufficient communication as proof of the lease break and that a surrender agreement is not needed (I requested one). The landlord is saying that he is doing me a favor by only charging me the difference in rent for the one year portion of the lease and not the full two years. The broker reached out to me because she didn't get the full amount of the broker fee for him. I had to send an additional $180 to her because she didn't want to be bothered with him. The whole thing is a mess. I did my part in paying the rent, giving written notice, being cooperative, etc. I reached out to an attorney who said I definitely have a small claims case. I just don't know if it's worth pursuing at this point. 1) Can he refuse to refund me for my pet deposit even though I initially communicated that my dog is a service dog? 2) Am I legally entitled to pay the broker fee for his broker renting out the apartment? 3) What can I do about him not giving me a surrender agreement? [link] [comments] |
| Physician Loan vs Conventional Loan? Posted: 08 Jan 2021 09:35 PM PST My husband and I are buying are first home. My husband is a surgery resident and we are going back and forth on whether we should do a physician loan vs a conventional loan? We have done research on both, but so far have only been pre approved for a physician loan. I haven't shopped around for a conventional loan yet. Need advice! We are looking in the range of 600-650,000. We can afford to put down about 12-14%. Should we still pursue a physician loan since we can put money down? Or should we do a conventional loan with PMI? If you are familiar with physician loans, please give any insight. Thank you! [link] [comments] |
| How to comp houses that are unique. Posted: 09 Jan 2021 04:27 AM PST I'm looking at buying a home in South Carolina. The style of the homes my fiancé and I like are unique. Older (think 1840-1900's) and have out buildings and acreage. We want to homestead, we're not afraid of the hard work to bring an older home back to life, but I still need to be close enough to medical complexes for my career. We've found a few homes that check all the boxes, but fear they will not appraise for asking. Our buyer broker agrees. We've considered buying land and building new, but find it's harder to get a construction loan than a conventional mortgage. Any suggestions? [link] [comments] |
| Already moved in and signed final closing statement, however there's an incorrect number. Posted: 08 Jan 2021 02:09 PM PST We closed last week (12/29/20), and have moved into our amazing house! I just noticed that $1k in fees should have been debited to the Seller instead of the Buyer (me). I already signed the final statement; am I SOL or is this an easy fix? [link] [comments] |
| Has anyone here sold a home to an immediate family member, like a sibling? Posted: 08 Jan 2021 09:56 PM PST I just want to know what your experience was like on selling your home was to a sibling. How did you price the home, slightly cheaper than the general public? [link] [comments] |
| What sort of interest rates are folks seeing? Posted: 08 Jan 2021 09:06 PM PST I know this is an extremely subjective question, dependent upon a buyers financial background, and context of purchase. Still - I am curious as to what lenders are offering nationwide, how the fees look, etc. I have personally been offered: - 2.85 for a 30 year with 29% down - 2.606 for a 30 year with 29% down - 2.716 for a 30 year with 29% down - 2.5 for a 30 year with 29% down, but 4100 in points - 2.375 for a 30 year with 29% down, but 8700 on points This is for a Denver based property. Two different lenders. How do things stack up elsewhere? I have friends purchasing property out east, and things seem substantially more favorable there. [link] [comments] |
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