Real Estate: House Hunters |
- House Hunters
- Locked in 1.86% APR on a 15 year fixed refinance
- Appraised 85k below accepted offer
- My buyer agent asked me to pay the difference in his commission
- How much have home prices increased in your area in the past 3-4 months?
- How know reverses of condo association healthy?
- X-Post: Should I go cheaper?
- New Construction Pre-Sale Process
- (WA) Can someone explain to me a bit more about APR vs interest rate? I am pre-approved for 2.99% rate but with 3.24% APR. What's the difference? 270k house, putting 10% down.
- Question about the profession
- Can I back out from contract if I haven't paid earnest deposit
- Texas housing market after the freeze
- What are my options if I have to walk away from the property but still want to buy a home? Now that we are in the middle of the process do I have to keep working with the same realtor/lawyer/loan officer and also buy in the area that my realtor covers?
- Looking for a NYS Real Estate Agent Exam Study Buddy
- Interest Rate Help?
- Is it Worth buying a townhouse in IL from an investment perspective?
- Do you normally pay higher interest for a duplex than a sfh?
- Second Master Bedroom and home resale value?
- Insurance vs Mortgage: Where To Work?
- Will joint bank accounts with parents affect my home buying?
- Minimizing agent commission on sale
- Contact paper on counters
- Husband missed payments on credit cards after preapproval
- Large Elevation Difference During Inspection
- Why don’t home builders include prices when they announce a new phase of houses coming soon?
| Posted: 20 Feb 2021 05:40 AM PST Does anyone else watch House Hunters on HGTV and feel the intense nostalgia I do? I mean it was never a realistic show, but these buyers get to...
Watching this show is like living in a dystopian nightmare, watching a show about what the world used to be like. Update: Wow, I knew it was staged to a point, but had no idea it was staged to THAT degree!! [link] [comments] |
| Locked in 1.86% APR on a 15 year fixed refinance Posted: 19 Feb 2021 09:59 PM PST Pretty stoked about it! This sub has been a great resource to turn to when we became first time homeowners last year so I thought I'd share the exciting news here. Single family house located in Orange County, CA, bought in June 2020 for $755k (~$30k over asking as with everything else here) with $200k down. Our original loan was a fixed 3.25% with a good chunk of lender credits towards closing (3.16% APR) for 30 years. Since buying the house, we've been putting an extra $700 per month towards principal because we'd like to pay down the house sooner. We had $543k left on the mortgage at the time we shopped around for refi rates. The best offer that we ended up locking was 1.75% (1.86% APR) with 0.65 points which costs $3550 at closing with appraisal waived. Being first time homeowners, it often feels like we're just figuring things out as we go. We're in the underwriting stage so we're hoping that this refinancing process goes through without hiccups! [link] [comments] |
| Appraised 85k below accepted offer Posted: 19 Feb 2021 01:09 PM PST FTHB. Basically it was in a pocket in SoCal that had much better homes than the neighbors. No homes sold in that area for the last 2-3 years. Home had >15 bids. On top of it, due to low inventory there were no comps in that size. Appraiser took comps in a completely different location, different schools altogether. Had to walk as we aren't that rich to cover 85k. Seller did not want to budge, understandably. Advice to others, please make sure comps exist and Don't be carried away by this market. Might take a breather. [link] [comments] |
| My buyer agent asked me to pay the difference in his commission Posted: 20 Feb 2021 07:09 AM PST Is it normal? He said his commission is 2.5%. Seller pays 2%. Therefore I need to pay him 0.5%. Edit: it is good to hear what you guys think. Thank you all for contribution! I decided to not use him. [link] [comments] |
| How much have home prices increased in your area in the past 3-4 months? Posted: 20 Feb 2021 07:45 AM PST I'm looking to purchase a bigger home for my family and our market is insane! I know its been really competitive since the beginning of the pandemic, but I feel like its really heated up in the past 3-4 months? I may be crazy but I swear prices have increased by close to 5-10% in just 4 months. Theres no inventory and when anything remotely nice is listed there are 30 offers. Historically in my market a 5-10% appreciation would have taken 2-3 years. Here are some stats from our local MLS: Feb 2020 - Avg. Days on Market = 30 Feb 2021 - Avg. Days on Market = 10 Feb 2020 - Months of Supply = 2.1 Feb 2021 - Months of Supply = 1.3 Feb 2020 - Avg. Price = $147K Feb 2021 - Avg. Price = $175k [link] [comments] |
| How know reverses of condo association healthy? Posted: 20 Feb 2021 08:24 AM PST I'm in the process of putting in an offer for a condo and have been advised by some people to have a look at the financial statements of the condo association to see if they're in a healthy state. Don't want to pay special assessments all the time. But I'm not sure how to make sense of the numbers. Is there a particular item on the financials that I should be looking at that would tell me generally whether the condo building is in a good financial state? Should I be seeing whether maintenance fees have been stable over the last few years? Thank you! Edit: Reserves, not reverses! [link] [comments] |
| Posted: 20 Feb 2021 08:04 AM PST I have been looking for a house around 400k, and expected that I could go up in budget. My family says I am too pessimistic about what I can afford, and therefore have a budget of 400k right now. To be honest, I am terrified about house payments and running out of money. We make a lot, so mathematically we can do it. Having begun writing an offer in for a 405k house last night, the closing costs really threw my stomach back through a loop. Even though the amount with closing might bump it up 420 and we could float it, I am now looking at older houses of the same size, near to the first, that are listed for 315k. Sure it's not as near as nice, the parking is worse, and it's 15 years older, but it's 1/4 cheaper. I have been told the new ones will appreciate more, and I know it will obviously be more luxurious. The difference worked out to like $500ish difference a month. What should I do? What would you do? Do you regret going cheaper? Regret going more expensive? Will the equity of a new home go up proportionally to an older comp? [link] [comments] |
| New Construction Pre-Sale Process Posted: 20 Feb 2021 11:02 AM PST Hello! My partner and I are in the process of considering buying a new construction home. We have been corresponding directly with the listing agent for the last 4 months and she just sent us a note saying that the developers were ready to put a single house up for pre-sale. We are in a very hot market/neighborhood, so there are quite a few other interested parties but we are first in line. We haven't discussed much about the terms and actual buying process and we definitely will get these things cleared up in the next few weeks, but there are a few things I wanted to know to set my expectations before going into detailed discussions.
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| Posted: 20 Feb 2021 07:13 AM PST My lender explained this to me somewhat and I thought I understood, but I am lost now. Does this mean my actual interest rate is not 2.99, but 3.24? Is this a good rate/APR right now? 2.99 seems low but I am unsure about the APR. I have 760 credit score. Thanks! [link] [comments] |
| Posted: 20 Feb 2021 10:56 AM PST Hey so I'm doing a class to get my real estate license. I live in and I'm getting my license for Arizona. It's a 90 hour course, all online. I'm doing the class and it's all very simple concepts and then there's the vocabulary for the very specific terms that are used. I understand the concepts and all of the questions and progress checks thus far are based around concepts and don't use much of the niche vocabulary, however I am taking it on myself to learn all the vocabulary in its entirety and completeness, even perhaps above what is expected. Im spending like 3 times the amount of time as the lessons on learning all the exact terms, I'm retreading all the chapters at least twice. I'm just wondering if I'm overthinking it, I mean obviously I will keep putting in a lot of effort as there's a lot on the line with real estate and I want to serve people the best I can, but as real estate people what do you guys think? What knowledge do you use most on the course and state tests and what do you use most in the practice of real estate management? Or just maybe some tips for a future agent? Thank you all in advance <3 [link] [comments] |
| Can I back out from contract if I haven't paid earnest deposit Posted: 20 Feb 2021 10:49 AM PST Earnest deposit is due this Wednesday. After further insight, I want to back out of the contract for a home in California. I don't have any contingencies (it was a killer deal, but just found a better place instead I want to look into. If I haven't paid the earnest deposit, can I still walk away? [link] [comments] |
| Texas housing market after the freeze Posted: 20 Feb 2021 10:33 AM PST I'm just curious: does anyone think the current deep freeze and its after effects will have an impact on the Texas housing market, specifically people moving to Texas from out of state? Has anyone seen this yet? I imagine showings and offers must have slowed down while sellers deal with burst pipes and water damage and spotty power. [link] [comments] |
| Posted: 20 Feb 2021 06:46 AM PST New Jersey. I am currently about to walk away from the house we were about to buy. It is an "As Is" house and we needed further testing of the ground around the house because while scanning for oil tanks there were some pipes found that looked suspicious but when my lawyer reached out to the seller's lawyer to discuss the need to dig the ground he said the seller does not want to approve any digging or further testing of the property. So, my realtor has been sending me some of his listings as well as listings of the agency he works for and in all honesty we are not liking any of them. My question is, do I have to buy only in the areas he cover or if I want to buy in a different area do I have to ditch everyone and start the whole process again from zero? [link] [comments] |
| Looking for a NYS Real Estate Agent Exam Study Buddy Posted: 20 Feb 2021 10:07 AM PST Hi all- I'm planning to take the NYS Real Estate Agent exam in about a month and I am DESPERATTELY looking for a study buddy. We can zoom, facetime etc. It would be beneficial for both us to talk and review the material together. [link] [comments] |
| Posted: 20 Feb 2021 10:03 AM PST We can't decide if we should lock in our interest rate or not. We signed a contract on a new build that is slated to be built in July/August (5/6 months away) but have the option to lock in the rate for 6 months (.125% increase on rate) or 8 months (.25% increase on rate). Our current rate is 2.75%. The problem is we can't decide if we should lock in for 8 months (which would be for sure locked in until closing) or lock in for 6 months and just chance that the home will be done on time. An 8 month lock would bring us to a 3.00% interest rate. I know rates are slowly ticking up...any help? EDIT: It is a 30 year FRM. [link] [comments] |
| Is it Worth buying a townhouse in IL from an investment perspective? Posted: 20 Feb 2021 06:17 AM PST My first post here so please ignore the immaturity in the question. I'm very confused about whether i should or should not buy a house (townhouse from the savings that I have in the last 2 years) for an investment perspective if I'm only going to stay in IL (in the house that I buy) for about a year or so. I am staying on rent currently since past 2 years in IL and plan to relocate to either Austin or Dallas after a year. The concern is I'm just wasting money on rent every month so thinking of buying a house to stay temporarily for a year and then give it on rent in the future once i move anywhere else. Any advice would be great, thanks! [link] [comments] |
| Do you normally pay higher interest for a duplex than a sfh? Posted: 20 Feb 2021 09:54 AM PST My broker said that duplexes get charged more for a duplex than a sfh which is why our rate is 3.1% Is that right? [link] [comments] |
| Second Master Bedroom and home resale value? Posted: 20 Feb 2021 09:52 AM PST My husband and I are building a new home where the master bedroom is on the first level. We are debating on whether we want to turn one of the upstairs bedrooms into a second master in case our in-laws from out of state ever decide to come visit for a long period of time. This will be our forever home however if anything comes up where we need to move in the future, would the second master boost the resale value or will it turn buyers away? Thanks! [link] [comments] |
| Insurance vs Mortgage: Where To Work? Posted: 20 Feb 2021 09:24 AM PST Recent uni graduate here. I got my bachelor's in economics recently and now see that there are a plethora of paths I can take: from accounting to investment banking and so on. And I've zeroed-in on mortgage and insurance for reasons I cannot fully explain, but there it is. The two are superficially rather similar. Both essentially involve a process that starts with an agent/broker/officer and is finalized by an "underwriter" - which is my ideal position in both cases. Both types of companies are involved in a secondary market and are themselves insured (as in reinsurance). The work culture in both is also seemingly less intense than what it is in investment banking, which is nice - I'm not interested in a 60 hour work week. But there must be some real differences, right? Like culture (e.g. where do people care most about "human" things beyond the profit-motive), number of hours worked on average, future growth, and stability (where am I most likely to get fired in an operations job). [link] [comments] |
| Will joint bank accounts with parents affect my home buying? Posted: 20 Feb 2021 09:21 AM PST Hello, i'm sorry if this isn't the right place to ask this but I don't know where else to go. I am ready to start the process of buying a house. I have my own bank account where I have my earnings deposited and also have an account for my savings. I also have 2 other bank accounts from 2 other banks that I opened jointly with my parents when I was attending college. They still use those accounts but i no longer use them. I'm self employed, when i started making my own money I got a separate account which is what I use everyday. So should I remove myself from these accounts? will it affect me an any way when i start the home buying process? [link] [comments] |
| Minimizing agent commission on sale Posted: 20 Feb 2021 09:18 AM PST I may be selling my home soon and I would appreciate any advice. My home is in a highly desirable neighborhood where homes sell quickly, usually by word of mouth. My house is very updated with high end appliances, etc. I feel confident it will sell quickly and I may even be able to find a buyer on my own. I do not want to pay 6% in commissions. I also do not want to deal with the headache of negotiating with the buyer. What should I do? Can I limit the commission to the agents? Can I do a flat amount instead of a %? Any feedback on doing it myself and just paying an attorney for the paperwork etc? Thank you in advance. [link] [comments] |
| Posted: 20 Feb 2021 09:14 AM PST I have a friend selling a house and has put contact paper on her counter tops. Can you get in trouble for this later on? I'd be upset if I bought a house thinking there are new marble counter tops and realize it's contact paper lol [link] [comments] |
| Husband missed payments on credit cards after preapproval Posted: 20 Feb 2021 09:11 AM PST First time home buyer here. My husband and I just got pre approved for a VA loan in his name. He's not the best with finances so I've been on top of him to take care of the cards in his name. He missed the payments on both because the auto payments went out of the wrong bank account. Are we completely screwed? I'm so irritated and it doesn't help to fight with him because it's all said and done. We've paid the fees but it's definitely showing at least one late payment on his credit report. Is there anything we can do to rectify this and save the situation? [link] [comments] |
| Large Elevation Difference During Inspection Posted: 20 Feb 2021 08:19 AM PST An inspection found that there was a substantial elevation difference on all of the floors of a house we're in contract with. >3" on all three floors, all sloping to the same corner (40f-50ft length from corner to corner). However, an independent engineering firm inspected the building and found no signs of cracking, shifting, etc. They believe the home was designed to have this elevation difference, rather than settlement causing this difference. Has anyone experienced something similar to this? Should we run? Edit - built in 2003, slab on builders pier foundation, stucco/cement board exterior. [link] [comments] |
| Why don’t home builders include prices when they announce a new phase of houses coming soon? Posted: 19 Feb 2021 03:27 PM PST It's infuriating. I don't want to sign up for your stupid email list just to sit for months in anticipation of the next release, only to find out I can't afford that "starting in the low $800s!" townhouse. Fuck off. [link] [comments] |
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