Real Estate: What happens to the real estate industry once the eviction moratorium is lifted? (NYC) |
- What happens to the real estate industry once the eviction moratorium is lifted? (NYC)
- I overpaid for my house, am trapped in a mortgage I can't afford, and am struggling; what should I do?
- (International Property-W.Africa) Hi! Does anybody know international realtors who caters to Expats, MNC's or NGO's?
- Low Interest Rates environment
- How screwed are we in getting a mortgage since my husband's wreck?
- Gift for Realtor
- HELOC / Irrevocable trust - New York
- Who enforces covenants and restrictions in rural real estate?
- (NC->VA) Building before selling current home. How to get a construction loan when down payment is the 1st home's principle?
- [NC] Are giant bathrooms with both a shower and a bathtub in new SFHs worth it from a future house value PoV?
- Was told loan might not close, looked into other options, now told loan is good to go
- My mum needs advice after breakup up with her partner - owning a house togerther, mortgage on her name (eu)
- Home insurance quote every year?
- Question on “Inheriting Land”
- How to best fix our home to sell?
- What am I supposed to do if HOA is nowhere to be found??
- Frustrated with the credit process
- (OH) How Can I Determine the best course for getting my real estate license? What are some things I should know before enrolling in a course?
- Closing in 4 days, no full approval yet...is there any chance we might actually close on time?
- What would you do with $300k in cash!
- Appraisal less than construction price - what's next?
- Responsibility of Water bill in Landlords name
- Is HomeLight Simple Sale a legitimate option?
- Were expecting an offer and now buyers want to come back again before they write?
- QUESTION
| What happens to the real estate industry once the eviction moratorium is lifted? (NYC) Posted: 04 Jan 2021 09:03 AM PST Eventually the moratorium has to end and it did nothing to help people actually pay their rent. What happens when it ends and tons of people are evicted because they have no way of paying the back rent? (I'm in NYC, but I don't think this is a unique issue here) [link] [comments] |
| Posted: 03 Jan 2021 11:05 AM PST Just a quick preface, I know I made some mistakes, no need to be brutal here: Here's my situation. I fell into the societal pressures trap. Four of my colleagues my age and a few of my friends bought houses within a six month period in 2019. I came from a poor immigrant family and fell into that American Dream/keeping up with the Joneses thing. What I didn't take into account is most of those people who bought places had family support in doing so. I bought a house with zero down payment, which meant that I had to get a silent second mortgage. I owe that mortgage company 14k on top of what I paid for my house. I pay $2,100 a month on a 760 sq foot house (on a 7,000 sq ft lot) in a location that isn't walkable in a big city. I bought my house for 325k. It's now worth that exact same amount of money. I can't refinance without paying off the 14k of my silent second, so getting a lower mortgage isn't possible. I also have about 70k in student debt from undergrad and grad school. Since moving into my home I stopped paying my student loans because I couldn't afford it. I bring home just under $4,000 a month after taxes. Aside from my mortgage and student loans I have no other debt. I'm paying about 53% of my take-home pay on just my mortgage. I'm considering selling my house and moving into a 1 bedroom apartment for $1600/month (which is the going rate for an apartment where I live). With that, I should be able to make my student loan payments and put away another $200/month or so into savings or stocks. My issue is that my house is old--the AC unit and water heater need replacing, the back deck is seriously cracked and it can't be fixed for less than 10k. I'm almost positive I'm going to have to sell this house for less than I bought it for. I would appreciate any advice from those of you who are smarter at this stuff than me, which I'm now realizing is probably most people. **EDIT** There are two bedrooms in the house, one is the size of a closet and the most I'd be able to rent it for is $300-$400. However, my father currently lives in that room until I either sell the house, he goes back to his country after being vaccinated, or he moves into public housing. [link] [comments] |
| Posted: 04 Jan 2021 07:46 AM PST My parents have a beachside property in Senegal (west afrika) 20min from the airport and an hour from the capital. 3 stories, comprised of 3 apartments with designated kitchens and bathrooms that amount to 5000square feet. Property has a botanical garden, swimmingpool, barbacue and a small house for the guard (and a cook in retainer). in close proximity is a national park and one of the biggest bird sanctuaries (where the birds from europe go on holiday) and 20km of sandy beach. Senegal is a stable democracy (tho as per usual in developing countries an inefficient corrupt governance) with a rich cultural heritage. [link] [comments] |
| Low Interest Rates environment Posted: 04 Jan 2021 07:24 AM PST As people want to get out of big cities and interest rates are so low they give access to more cheap credit to more people, some real estate markets are just on fire. It's the case for south shore of Montreal, Montreal being the 3rd largest city in Canada. So, I was wondering when this pandemic is over, say in 2 years, that if interest rates starts to rise again, will we see a big slowdown or a crash or something in between idk in 5 years (when people refinance their 5yr fixed term) like we saw in 2008? I'm well aware that there is much less destructive financial weapon now, but rn in Mtl I see 1.7% mortgage rates. The monthly difference on this and a "normal" rate of 3.2% is kind of big. [link] [comments] |
| How screwed are we in getting a mortgage since my husband's wreck? Posted: 04 Jan 2021 05:49 AM PST Long story short, my husband had a wreck and he has been recovering well. Before the wreck he was working out a two weeks notice and getting ready to start a higher paying job. But since the wreck, he is not able to work during his recovery. We were in the works of looking for a house to buy, but now that he's basically jobless we're afraid that no one will give us a mortgage. We have enough money saved up for the down payment as well as had plans of using our tax return to add to the down payment and to cover any incidentals. Are we screwed since he's out of work? [link] [comments] |
| Posted: 04 Jan 2021 09:18 AM PST What is a reasonable gift for a realtor if they helped us purchase a home? The city's household income is $153K and the home sale price is $652K. [link] [comments] |
| HELOC / Irrevocable trust - New York Posted: 04 Jan 2021 09:09 AM PST My mother has sole control over an irrevocable trust left to her by my step dad who's passed. We are interested in taking out a HELOC to do some much needed work. Unfortunately due to the nature of trust you can't take out a HELOC on a home in a trust. My mother worried that if she cancels the trust and puts the house in her name she'd be trouble because even tho they were legally married they filed taxes separately. Are there any options to take equity out of property in a trust ? Thanks for any advice [link] [comments] |
| Who enforces covenants and restrictions in rural real estate? Posted: 04 Jan 2021 07:46 AM PST So we are in the process of buying some property. The parcel is over 65 acres of rural land -- mostly woods. Upon putting in our offer, the seller's agent provided us with several documents, including the "covenants and restrictions" document. One of the restrictions says: "No building shall be erected or permitted to remain on the premises in which the main floor area of the dwelling, exclusive of one story porches and garages, shall be less than 1200 square feet." I have several questions about this:
So far, the owners and their agent have not been able to find out any information for us, but they have told us, anecdotally, that some people in the area have built homes that are smaller. Does that mean that we can just go ahead and do it? [link] [comments] |
| Posted: 04 Jan 2021 07:41 AM PST Hello! We're currently in the process of finding builders/communities to build a "custom" home in Virginia. And by custom, mainly choosing a floorplan from one of the builders in a community we want to live and customizing the build. What I'm trying to find out is the best way of doing this. I'm under the impression in order to get a construction loan, lenders usually need 20% down, but our future home down payment would be the principle we currently have in our existing home. Would we need to come up with the down payment separately, or sell our home and find temporary living while the new home is built? Any suggestions would be very helpful, and I'm happy to provide additional details as neccessary [link] [comments] |
| Posted: 03 Jan 2021 10:31 PM PST Hi everyone, So the question is basically in my post title - we toured a LOT of new construction model homes in Raleigh NC suburbs last week and I've seen 3 distinct approaches of new construction builders towards master bathrooms: 1) Absolutely giant bathrooms with a separate vanity, 2 huge sinks at a distance from each other, a jacuzzi-style bathtub and a walk-in shower, with no options to remove anything and turn into more closet space. Sometimes those bathrooms were almost the size of other bedrooms. 2) Moderately big bathrooms with optionality in offered designs - usually an option to sacrifice a bathtub and increase a walk-in closet (or vice-versa) 3) Smaller bathrooms with only a shower offered in all designs with no bathtubs offered at all I am personally a strong proponent of #2 and #3 as I am a "shower guy" and I have never used a bathtub in my current rental for the last 5+ years, so for me it's just a huge waste of precious space and I would rather prefer a bigger closet. Actually, one of the builders we spoke to, which offered only #3, mentioned that they had a survey among their potential buyers and decided after that survey that there was no point in offering huge bathtubs at all as the vast majority of their respondents were not planning to use them anyway. However I keep wondering - how this may be affecting a house value (if it affects it at all) in a long run? Will I be making a huge mistake by opting for a shower only in a master bathroom in a new construction SFH now? Any additional thoughts / considerations? Thanks a lot! [link] [comments] |
| Was told loan might not close, looked into other options, now told loan is good to go Posted: 04 Jan 2021 06:23 AM PST On Saturday I was told my loan might fall through even though I had already received final approval due to problems with obtaining PMI. I looked into other options and now have another inquiry on my credit report. Today I received a letter saying I'm good to close, but it mentions other inquiries into my credit could aversely affect the decision. Should I email the closer from the loan I am going with to explain the situation and submit a new document showing the inquiry, what it was, and that I didn't go with it? Feel free to look at my other posts for the whole situation. [link] [comments] |
| Posted: 04 Jan 2021 10:00 AM PST Hello, as title said he wants to leave her so she asked me for financial advice.
any helpful advice what would be the best way to dealing with this crap please? [link] [comments] |
| Home insurance quote every year? Posted: 04 Jan 2021 09:55 AM PST Is it worth spending time quoting out home insurance every year? I do this every few years for car insurance, I'm not sure if I should do the same for home insurance. [link] [comments] |
| Posted: 04 Jan 2021 05:59 AM PST I have " inherited land"- meaning my grandfather and grandmother owned a small lot in Texas. They've since passed years ago but my father was handling the land and he's since passed a few years ago. I've taken over my fathers affairs which means the property as well. The issue is there was never a will drawn out by my grandparents nor father. My family is ignorant/old school and just left everything up in the air. Im not sure how but maybe it's because we all share the same name( myself, father grandfather) but when my father took over the property the tax comes to our residence as well as appraisal however when I spoke with the realtor and tried to close the sale I needed a inheritance affidavit , sounds easy but my family is very uncooperative and does t get along. Does anyone know a way around this ? I'm considering building on in at this point because I'm sick of paying taxes on it and not being able to sell it. Nobody in my family wants to sign anything or help with the taxes. I bet if it's sold they're expecting a cut smh. Can anyone provide me with some guidance ? [link] [comments] |
| How to best fix our home to sell? Posted: 04 Jan 2021 09:38 AM PST Husband and I bought our first home 3 years ago. It as "As-is" condition, needed work but was livable. We've done some work to it mostly painting, removing old fixtures, cleaned up the outdoors. Were now at a point where we want to sell in 2-3 years. We want to fix up some more things to get the most money we can but are unsure what to focus on. We keep having arguments over what will sell out house best (ex. New driveway or build a better outdoor space, remodel the bathroom or finish the basement, refinish the floors or new hot water tank?). We went to a local open house and the agent there offered to come see our house and give us an estimate of what it could sell at currently. Thing is, we want to wait the 2-3 years before moving. If we called an agent (this one or another) could they recommend what work we should focus on to better market our house? We are in New England, outside of Boston if that helps. [link] [comments] |
| What am I supposed to do if HOA is nowhere to be found?? Posted: 04 Jan 2021 09:37 AM PST I closed on my house at the start of December and moved in that following week. Shortly after move in, I contacted someone at my HOA via email to get details and login info for the HOA system. She told me she's just an accountant that handles closings, gave me an account number and a PDF on how to sign up, and told me to contact some other lady who manages our community. This lady is nowhere to be found. The problem is that the account number is still tied to the previous homeowner and I cannot proceed past this step. She does not respond to email and phone calls go straight to voicemail. Even calling the general number for the property management group goes to voicemail for all of the options. I've tried emailing the group, and got contacted by a receptionist who told me to contact the HOA program they use (Townsq) who then told me that they can't do anything and to contact my property management company to fix the issue. I understand it's been a holiday month but seriously it's like no one works at this property management place or they have some rule against answering the phone [link] [comments] |
| Frustrated with the credit process Posted: 04 Jan 2021 09:26 AM PST My girlfriend and I have been looking at a buying a home since August of 2020. She doesn't have very good credit so we were going to just have our mortgage broker run my credit score since I don't have any student debt. The only issue is that my credit is fairly new. I opened my first credit card in June of 2020. A big issue we're running into is that my credit is too new to pull any kind of information so we can't even start the pre-approval process. I've talked to several different mortgage brokers who have told me to open a second credit card which I did back in November. We are going to have them pull my credit again next week and the mortgage broker said if it doesn't show anything again we're going to have to wait another two months. This is incredibly frustrating to me seeing as how my lease ends on March 31st and that doesn't give us nearly enough time to get everything squared away. Everything else for the pre-approval process is fine. My income is good and I have more than enough money for a down deposit. The credit is the only thing that's killing me right now. If this credit check next week doesn't pull anything is there any advice anyone would be willing to give if they've been in a similar circumstance? [link] [comments] |
| Posted: 04 Jan 2021 09:22 AM PST I am looking at getting my real estate license, and figured that this would be the best place to ask! What are some things that I should know before I enroll? What is the average time that I will be in this course from start to finish? Was it hard for you guys? I would love to hear your thoughts on this! [link] [comments] |
| Closing in 4 days, no full approval yet...is there any chance we might actually close on time? Posted: 04 Jan 2021 09:21 AM PST We have everything else done, except our full approval. Mortgage officer keeps telling us not to worry and they have our closing scheduled and everything. But we don't have a full approval from the underwriter. Has anyone been in this position before? The stress is killing us. [link] [comments] |
| What would you do with $300k in cash! Posted: 04 Jan 2021 09:02 AM PST What would you do if you were In your mid 20s and have access to 300k in cash from private investor? (And Can't qualify for financing due to lack of sufficient income and ok credit score) [link] [comments] |
| Appraisal less than construction price - what's next? Posted: 04 Jan 2021 08:43 AM PST Own two acres that a new/custom home is being built on end of summer/early fall 2021. Originally planned to last year, but tariffs/covid issues exploded the costs of materials & labor, as most of you are aware. 1300+ sq feet on main floor, finished basement approximately 600+ sq feet. when getting the bids in last year it came to $360K. This seems to be more than what it would be appraised for. I've heard that's problematic, but I don't really understand why/what next steps I'd have to take. Hoping by the time we build later this year those material & labor prices have come down, but if they didn't, not sure what to do. (FWIW, will have the 20% of that $360K saved by that point). [link] [comments] |
| Responsibility of Water bill in Landlords name Posted: 04 Jan 2021 04:50 AM PST I recently bought a house and am a first time landlord. My tenant told me that the water by law must be in my name and then billed to tenant. The tenant hardly pays rent ( shes backed up a few months since I got the place in October ) and she hasnt paid the water that Ive billed her AT ALL. Is this law that the water must be in my name or is this a case of the water company says whatever they think will get you to pay. Im really tired of paying for something Im not even using and not being reimbursed. This is for Allegheny County Pennsylvania [link] [comments] |
| Is HomeLight Simple Sale a legitimate option? Posted: 04 Jan 2021 08:26 AM PST I am getting ready to move forward in selling our home with Redfin which seems to be the best option for discounted buyer/seller fees since we will probably use Redfin to buy within the next 12 months as well. However, I just came across the HomeLight Simple Sale option which is essentially a cash advance on your home to make your new home purchase simpler by securing early funds. Obviously there is a fee involved that is nominal in comparison to traditional fees, and they also withhold a small overall % until the home actually sells. Has anyone here worked with or heard of this is a legitimate option to selling a home? [link] [comments] |
| Were expecting an offer and now buyers want to come back again before they write? Posted: 04 Jan 2021 07:58 AM PST We were expecting an offer last night. Everything looked good to go sent sellers disclosure etc.. and then they came back with lots of extra questions. (On disclosure only thing was needed garage door opener and that the roof was replaced 3 years ago due to hail very very common this area) We are even offering a $5k credit for new carpet on stairs garage door opener finishing basement and any touch ups etc.. They were asking stuff like who did the basement contractor or myself (it was like it when i bought it so i dont know) if the hot tub works (it does). They did not write an offer and are coming back tonight at 6pm. Little confused on why and just wanting to get this thing sold. [link] [comments] |
| Posted: 04 Jan 2021 06:49 AM PST Hello, I am currently 16 and I still have the option yo change my life choices. My english class had us think about future careers a few months ago. And now for some reason real estate speaks to me. I want to be a real estate agent then eventually a broker. My mom does not approve however, she did not give a good explanation though, she said all I do is sell houses. Should I rethink my life choices or should I pursue this career? [link] [comments] |
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