Real Estate: Just purchased a home on ten acres in Arkansas. There were five offers on the property. Wow. The market is hot right now. |
- Just purchased a home on ten acres in Arkansas. There were five offers on the property. Wow. The market is hot right now.
- Cash offer sight unseen
- Thanks to Reddit I discovered that the vacant home I want to buy is owned by a mortgage lender. Where do I go from here?
- Picking a Realtor
- Anyone here trying to purchase in the Chicago area?
- When you get apply for pre-approval/mortgage, does the home value matter or is it just the loan size?
- First Time Buyer - Counter from Seller Question
- Property insurance claim forgiveness and extra coverage not worth it?
- Pros & Cons of Delaying closing vs. rent-back please
- Vacant New Home
- How much "credit history" needed for mortage?
- California DRE licensing exams opened back up!!
- How to Brrrr with little income on paper? Avg. interest rate?
- Buying a home as a 1099 Dentist
- 1st Time Buyer for a Primary Residence (Condo) that could be a Rental
- Need advice on what to do in this market.
- �� Termites ��
- When you refinance your house do they call to verify employment or just use your pay stubs?
- We bought a pre construction townhouse and im having second thoughts about putting more down payment beyond the 10% required from the builder
- Michigan - I have some questions about a mortgage brokerage.
- Death (suicide) in potential home and what to offer
- Buying an older house that was relocated/moved to a new location
- Mortgage Appraisals
- Inspector missed something big?!
| Posted: 11 Feb 2021 04:25 AM PST |
| Posted: 11 Feb 2021 07:44 AM PST I listed my house yesterday and within a few hours I received a cash offer of asking price sight unseen as-is. The offer is from an investing firm and they want to close in 21 days with inspection and appraisal in 10 days. I'm in a semi desirable area and my house is appropriately priced. Is this like a scam? Are they trying to pull a fast one. I had 8 showings yesterday and got decent feedback from 3 of them other then the sight un-seen. 1 made an offer of 300k cash and the other 2 said offers would be submitted today. Any recommendations on how to proceed? I feel like the sight unseen is a scam. My realtor said he recommends telling the sight unseen I'm not willing to sell to a sight unseen but I don't wanna miss out on a good deal. [link] [comments] |
| Posted: 10 Feb 2021 04:04 PM PST Thanks to the advice from this forum I was able to discover that the owner of the property next to the home I am renting is owned by a mortgage lender called TruHome Solutions. The last owners defaulted on their mortgage I guess (rumor has it her dad bought her the house and she didn't like living there and just let it go into default..) So, I suppose it's in the process of foreclosure or something? It's been vacant for about a year. Here's what I know: the house was last sold in 2015 for about $150,000 - Zillow's "zestimate" estimates it's worth $200,000-$250,000. I don't know how accurate "zestimates" are. The house is okay, built in 1981, but could definitely use some TLC because it looks like no one has loved it for a long time. It has a basement though and this house is situated next to a rather large body of water so this concerns us a bit. Especially since we know from experience that we've had a little bit of flooding on our own property about 15-20 years ago. Here's what we have: We are in our late 20's but we both have excellent credit and between the two of us we have roughly 20-25 thousand in cash and no debt. So, I want to reach out to this mortgage lender to express my interested but I don't feel knowledgeable enough at all to talk to them yet. Excuse my ignorance but does a potential home buyer need a loan before even talking to the owner of a property or do they apply for a loan afterwards? Or is it entirely something different since this house is already owned by a mortgage lender? Please help a clueless Redditor out. Edit: wow, I wasn't expecting this much help. I've read every response and I appreciate all of you. I have a whole day of work in front of me so I may not have time to reply to everyone but I am certainly reading and learning from what you all are sharing. Thank you. [link] [comments] |
| Posted: 11 Feb 2021 08:56 AM PST (4 BR spanish style near Hawthorne/Imperial in Hawthorne, CA) I'm 4 months out from listing and I've had four realtors walk through and provide their input. The interior is almost completely rehab'd and it's down to the kitchen and exterior cleanup. 2 of the realtors are locals I found by google/yelp rating who seem to know the block and surrounds well to include Spanish familiarity with Spanish (my entire street speaks mainly Spanish). One of them quoted 10k for the landscaping and the kitchen (new cabinets, quartz counter, and sink). He also wanted to do a whole bunch of extra work like tearing up the entire ground floor (cream colored tile) because it is dated and replace it with the trendy wood look laminate for another 5k. These two provided large packets with comps and projected numbers. The other 2 are referrals from my mortgage broker (Navy Federal) who are from nearby towns but are part of the big realty groups (Coldwell and Century 21). One of their contractors said new cabinets would run the kitchen up to 12k at least, and recommended a refinish job (the oak doors at least are in good condition) for about 7k including the quartz and the sink. While I like the idea of locals with local intuition, I preferred the approach of the last one from Century 21 who explicitly stated his goal is to minimize my costs to bring it to marketable condition. I'm in a place where I don't want to just go with the "low bidder" but I also want to be confident I'm not being pressured to spend over-the-top just to make it sellable. Any thoughts? [link] [comments] |
| Anyone here trying to purchase in the Chicago area? Posted: 11 Feb 2021 07:36 AM PST I see a lot of posts on here about how LA, the Bay Area, Seattle, Texas are all smoking hot. Anyone trying to purchase in the Chicagoland area have any feedback on their experiences? Me personally, not seeing the crazy listings where you have to offer $50k over list to even get a response, but definitely am seeing several nice homes going into contract within 3 days of listing. [link] [comments] |
| Posted: 11 Feb 2021 12:04 AM PST Let's say I want to make a 600k down payment on a 1m property, thus requiring a 400k loan, vs a 100k down payment on a 500k property. Both are the same loan sizes, but does the value of the property matter at all when the loan application is considered? [link] [comments] |
| First Time Buyer - Counter from Seller Question Posted: 10 Feb 2021 09:06 PM PST First time home buyer with my fiance. We found a home we really liked and offered $10k over asking price. The amount we offered is the absolute top of our budget. Tonight the listing agent reached out saying they received over 10 offers and were countering the highest and best of the bunch for best and final. I am not exactly sure what that means. Does that mean our offer was one of the highest/best? Not sure how much extra to tack on to the offer since we were already at our top end. Any advice? Just walk away? [link] [comments] |
| Property insurance claim forgiveness and extra coverage not worth it? Posted: 11 Feb 2021 06:32 AM PST Here's my thinking
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| Pros & Cons of Delaying closing vs. rent-back please Posted: 11 Feb 2021 12:17 AM PST Looking for some pluses and minuses of rent-back and thoughts on delaying closing instead of doing a rent-back. Horror stories are welcomed! [link] [comments] |
| Posted: 11 Feb 2021 05:13 AM PST The builder has us closing earlier than we wanted leaving us with our home vacant for a month and a half. Closing in March and moving in May in San Antonio. Can I leave all the utilities off up until the month we get there - Meaning I don't start up the service at all. Or is there any reason to have all the electricity, water, trash, and other services set up prior to our arrival? [link] [comments] |
| How much "credit history" needed for mortage? Posted: 10 Feb 2021 08:53 PM PST Applied for preapproval through fnma. (Was trying for a specific grant from my state that requires a mortage through fnma.) I have never had a credit card because I just never had the need for one and I was trying to be responsible with my money and not go into credit card debt. I have about two years of school loan payments all on time and one year of car payments all on time. My credit score is 740. Was denied a mortage because of lack of credit history. How long of a credit history am I suppose to have to get a home mortage? [link] [comments] |
| California DRE licensing exams opened back up!! Posted: 11 Feb 2021 07:58 AM PST You're now able to schedule your exam a couple weeks out instead of trying to book your exam the night before and refreshing the page like you're buying concert tickets in 2010!! On a totally related note, I finished my classes nearly 6 months ago and am not prepared whatsoever for my exam. My classes were basically an open book copy paste through and through and I learned not nearly enough. Does anybody have any suggestions on test prep? I'd love to find a program I could use on the iPhone, or if you have any YouTube channels etc you could recommend! My test is scheduled for 2 weeks from now and boy am I unprepared! Good luck to my fellow licensees <3 [link] [comments] |
| How to Brrrr with little income on paper? Avg. interest rate? Posted: 11 Feb 2021 07:37 AM PST Long story short. I bought a single family property cash for 100k it's worth 180k as is with 10 year long term tenants paying $1310 a month. I want to cash out refinance but having a hard time since I write off so much on my taxes. This year I plan to pay more in taxes to show I make more on paper. How do I get a cash out refinance with little income? What is the avg. interest rate on a cash out refinance on investments properties that everyone is getting? [link] [comments] |
| Buying a home as a 1099 Dentist Posted: 11 Feb 2021 07:15 AM PST My girlfriend and I were planning to buy a home this fall (both first timers). We had a call with a lender Tuesday and found out that since she's going from salary/W2 to a 1099 (she's a dentist, apparently that's how most are paid at private practices), she needs 24 months (another lender only says 12) of pay history before they'll accept her on the loan. Talk about blindsided. Looking for anyone who a similar story who may have found a way around this. Guessing there isn't, but worth a shot. How do people switch jobs and move out of state and buy a home? Kind of crazy [link] [comments] |
| 1st Time Buyer for a Primary Residence (Condo) that could be a Rental Posted: 11 Feb 2021 06:59 AM PST It seems several folks are in a similar situation to me throughout the US. I'm currently in the suburbs of New York. I'm tired of renting, but I also don't want to buy a primary residence (single family home) at the height of the market. I'm thinking of buying a condo in the short term to fix up a little and live there for 1-3 years. I'd ultimately like to upsize to a house if/when the market ever cools off. Some thoughts below: 1) If I find my dream home for some reason this summer (seems unlikely with current market), banks typically don't like to see a primary residence purchased within 12 months of a closing (condo would be primary as of now) . 2) I wouldn't mine renting the unit down the road. Do I have to set up the initial purchase of the condo in such a way so that I feel comfortable renting in the future? Or is there an easy way transfer the unit down the road into a safer entity? I ultimately want to protect my assets and limit liability. As a first time buyer, I'm grateful if anyone has any tips or advice on the most efficient way to go about the process. Also, does anyone know the latest on the potential $15k tax credit for first time home buyers (likelihood of bill being passed, timing, etc.)? Thank you in advance and I look look forward to sharing my experiences for future members as it progresses. [link] [comments] |
| Need advice on what to do in this market. Posted: 11 Feb 2021 06:54 AM PST Me 23M and my 23F fiance will be married this June and are in the process of looking for places to live. We make a combined 145K and have 50K in savings, we currently are staying with each of our relatives (how we've been able to save) in the greater Kansas City, where we both work. We originally started looking to buy but realized just how crazy the market is. I had an issue with a small 1k student loan that was fraudulently applied in my name that went delinquent and put my credit score from 746->614. I filled out a forbearance form and paid off the loan and the school said I should regain my points when the February reporting goes to the bureau. (the score hasn't changed yet) This held us back from wanting to get pre-approved. We would be looking to buy in the 200-320k range and just want a decent place in a neighborhood where we can safely walk the dogs, we don't want anything too over the top or more than 25% of our net pay (~2100). We would plan to sell in the next 5-7 years once we have kids and move to a neighborhood with good schools. To rent we would want to rent a house for the dogs to have some room so the rent prices range from 1200 in a lower quality neighborhood to 1600 in a more decent neighborhood. Should we rent or buy in the current market I'm afraid to overpay but also afraid to miss out on super low rates and toss my money into a rent payment. [link] [comments] |
| Posted: 10 Feb 2021 06:20 PM PST We had termites last spring. We had our entire house as well as our front yard and backyard treated. It was reinspected 90 days later and there was no evidence of live termites anymore. The treatment comes with a five year transferable warranty and we have all of that paperwork. I would assume we need to disclose this upfront. There was no structural damage from the termites, and it was treated, so I don't imagine the buyers would ask for anything else related to that- would they? What happened (funny story): Last April, about three weeks into Covid lockdown, the strangest thing happened. I was in the living room playing with my six month old son, and I had the front door open so he could look outside, but the glass storm door was closed. All of a sudden, hundreds of bugs started coming up under the storm door. I thought, "What the absolute hell? Another plague?!" 😩 I walked out onto the front porch, and there were literally thousands of them crawling out from behind our siding. I didn't even know what to do, so I grabbed the shop vac and started sucking them up. I would get them all sucked up, and then two minutes later there would be dozens more. I had never seen anything like it! It was so cringy and I felt my skin crawling! If arson wasn't a crime, I would have just struck a match and walked away. It was the nastiest thing I had ever seen. 🤢 I grabbed a couple bugs and trapped them in a glass jar. Went to Lowe's and bought a commercial size container of termite spray and sprayed the hell out of the front of our house. We had a pest control company out the next day. They confirmed that it was winged termites and treated our house. They drilled holes down through our concrete front porch and all over our front yard and our backyard and treated for termites. They also treated for termites in our basement, really saturating the area under the front door, which is where we saw the most. They came back in July and did another inspection and didn't find any live ones. I hate bugs. 🤢🤢🤢 [link] [comments] |
| When you refinance your house do they call to verify employment or just use your pay stubs? Posted: 11 Feb 2021 06:47 AM PST I'm in the process of refinancing my house from an fha to conventional loan. I started the process awhile ago before i accepted a new job position. My lender told me yesterday he needed my last two pay stubs from my job. I just got paid yesterday from the job I left. However i have already transitioned to my new job and will not receive a paycheck from them until February 19th. Do i need to wait until i have pay subs from my current job or can i use the least two from my previous job that I just left? [link] [comments] |
| Posted: 11 Feb 2021 02:44 AM PST Is it better to put 20% down payment? Does it have any pros besides a lower monthly mortgage payment?? Or is it better to keep the cash for emergency fund? If we put 20% down, we would have no other savings. Any opinions are appreciated thank you very much! [link] [comments] |
| Michigan - I have some questions about a mortgage brokerage. Posted: 11 Feb 2021 06:23 AM PST I've worked in for a Mortgage Broker doing cold-calling for about 8 months, this is all the experience I really have with mortgages. I want to start my own brokerage and work for myself as a one-man operation and just originate and process new home purchases, I already have a handful of friends and family who are RE agents who said they would give me an honest chance. I feel like I am lacking in experience but at the same time I do not want to stay with my current employer for reasons I don't want to mention. My questions is, doesn't 8 months doing cold-calling seem very inexperienced for someone who wants to start a brokerage? My friends and family who are in the RE world say that I should be just fine as long as I follow protocols and procedures and willing to put in the hours. Any input would be appreciated, sorry if this is the wrong sub but I did not see a particular sub for discussing the mortgage side of real estate. [link] [comments] |
| Death (suicide) in potential home and what to offer Posted: 11 Feb 2021 06:13 AM PST So, the circumstances of the home don't bother us, but wondering what others here think! Home (in NJ) is overpriced and has been sitting on the market for over 6 months, (there was a suicide on the property within the last year.) How much lower can we offer because of the situation? I've read with it being a non-natural death you can go 10-25% below, but curious if there are any who have actually gone through a situation like this? [link] [comments] |
| Buying an older house that was relocated/moved to a new location Posted: 11 Feb 2021 05:59 AM PST Is there any downfall to this? Does it negatively affect the value of your home if it has been relocated? [link] [comments] |
| Posted: 11 Feb 2021 05:54 AM PST So, I have an executed contract, with a closing date of March 30th. I also have three different lenders who are willing to finance the purchase. But, none of them want to lock in a rate until within 30 days of closing. Since I don't yet know final rates, I don't yet know which lender I want to go with. One of them is asking for me to go ahead and provide my debit card so they can order the appraisal. The other two are willing to just have it as a closing cost. But I imagine if I don't close with them they'd probably still want me to pay, right? I have an appointment with my agent later today, so I also plan to ask him then, but if I pay for the appraisal with the first lender, will the other two be able to use it? Or will I likely need a separate appraisal for each? And if so, would I be best to just commit to one lender now so that I won't have to potentially pay for three separate appraisals? [link] [comments] |
| Inspector missed something big?! Posted: 11 Feb 2021 05:54 AM PST I recently purchased a home (built in '93) in Illinois, closing about a month ago. The whole process was fairly smooth, but the homeowners definitely were eager to sell and didn't mind blowing through red tape if they could have, just to get it sold. In my opinion they were dishonest about some things to make it sound better. For example, they claim to have painted, fixed up floors, etc, which was obviously not the case once I'd moved in and seen it closely everyday. The wife told me they only paid about $120/mo for power and gas bill and my first one came in at more than double that (gas was very high), and I'm pretty diligent about energy saving methods. The urgent matter however, is the electrical panel (disclaimer: please forgive any inaccuracies in my electrical lingo). A week ago the garage circuit breaker tripped and would not stay on. I had an electrician out who was shocked at my fuse box and how old it is, stating nobody would be able to fix individual fuses because it hasn't even been made in 30+ years. He quotes me $3,200 for a new one. He put a temporary fix in place but it's already started tripping again so it's definitely urgent. My question is, how was this missed in my inspection and do I have any recourse at all? I would have negotiated additional money for that type of expense had I known. TIA. [link] [comments] |
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