Real Estate: why is it a bad idea to buy a townhouse/condo ? |
- why is it a bad idea to buy a townhouse/condo ?
- Observations in this crazy market
- Does new construction make sense in CA?
- Mortgage lender needs proof of liquidation from trading brokerage.
- This market sucks for realtors too
- Help
- Just here to let you know this isn’t a bubble and here’s why.
- How much do solar panels add to the price of a home?
- How much are you stretching your budget?
- Where is the small print?
- New house tips?
- Budgeting for a Second Unit
- Another frustrating experience in this crazy market
- Can someone ELI5 the refinancing process?
- Keep an eye on that 10-year Treasury Bond
- Tell me how to handle appraisal limits
- Commercial Mortgage every 5 year renewal?
- Trying sell house while shopping for the next one, can’t buy the new one until the first one sells, how do I do this?
- Question to appraisers about generators
- Can we afford/buy this house? First time homeowner
- Downsizing using HELOC?
- How to avoid making home ownership a drag?
- A minor selling a home
- How do you help clients with low earnest money/due diligence?
| why is it a bad idea to buy a townhouse/condo ? Posted: 17 Feb 2021 07:34 AM PST I've noticed that all the townhomes and condos in the city have stay the same price (actually a lot have decreased in price since 2020). Hoas aren't that expensive, around $300/month. Anytime I mention I want to buy one, everyone tells me it's a bad idea and to buy a single family home over appraisal value in the suburbs. why are condos such risky moves? [link] [comments] |
| Observations in this crazy market Posted: 16 Feb 2021 04:10 PM PST For all of those who are getting frustrated with this market and places going for well over asking price. Be patient...even if it's hard and frustrating. My fiance and I fell in love with a specific neighborhood and put offers on 3 homes in the past 2 weeks. This is a sought after neighborhood. We lost all 3 homes to people offering way over asking. Of those 3, 2 came back on the market this week. What I am assuming is happening, is that people are offering way over asking and then the appraisal comes in lower. The comps do not support what these people are offering. Or people are nitpicking items because of how much they are bidding over asking and deciding these homes aren't worth the price. We are now in escrow with one of the homes that came back on the market. I know how frustrating it is to get rejected because of higher offers but just be patient. If you find a home you really want and it's in your budget, just wait a few weeks and see if it comes back on the market. Don't settle for something else just yet. [link] [comments] |
| Does new construction make sense in CA? Posted: 17 Feb 2021 06:47 AM PST My wife, and I, have been looking to move the last six months. Obviously, the market is insane here (Northern CA), with limited inventory. Prices seem to be rising by the day, with a lot of competition on almost on every listing. Is there any potential opportunity to just buy a lot, and build a house? Does it make sense? I know in CA you pay quite a bit of fees/taxes before you even break ground. Does anyone have any suggestions or a general run down of what is going to cost? Does anyone have any experience with modular home building, or another alternative method (to limit costs)? It seems like you can find a nice semi-custom house that is built in a factory, that looks like a standard stick-build. They ship the pieces and put it together in a day or two. Is there a real opportunity in trying this? EDIT: Thanks for the great replies. [link] [comments] |
| Mortgage lender needs proof of liquidation from trading brokerage. Posted: 17 Feb 2021 04:50 AM PST Closing on a home on March 1st and made the mistake of liquidating my Robinhood account during my closing process and now been asked for a paper trail to prove the funds transferred is not another loan. Robinhood's customer service is horrible. They have no customer service phone number, and I've emailed them and requested documentation and no responses (going on a week). Due note, my latest statement from them does not have the recent liquidation. I've already shown my loan officer my bank statement with the asset transfer from Robinhood, gave them a copy of the latest Robinhood monthly statement ending on January 31st. I just submitted today a printed pdf copy of my transaction history on the Robinhood website with a URL stamp on all the pages. Is this enough for underwriting? Thanks. Edit: I appreciate everyone help. Purchasing a home is a stressful task (for me) especially when there are deadline to meet that might jeopardize closing the home. [link] [comments] |
| This market sucks for realtors too Posted: 16 Feb 2021 06:49 PM PST I keep reading posts about how much this market sucks etc. So I wanted to make a quick post that it sucks for many agents out there too. It is definitely harder to secure listings and secure homes for our buyers. Every day I seem to being bad news to one of my clients in one way or another. It definitely beats me up having to bring bad news daily- but thats part of my job unfortunately. Sucks to have to be hated ever week but its really troubling not being able to assist those buyers who are desperately looking and making GREAT offers. I'm also posting this to help motivate people out there to keep on pushing through these hard times. Its tough for a LOT of people. Just remember to tey to keep your heads up, we will get though it. [link] [comments] |
| Posted: 17 Feb 2021 08:47 AM PST Hi, i'm a highschooler and for homework i have to ask someone who has finished their career 3 questions. I want to be a real estate agent so i had to ask real estate agents but i know none so i decided to come ask here.The questions are as following: 1.-Reasons why you chose your career. 2.-What subjects were the hardest and why? 3.-What do you consider to be a professional accomplishment in your life and why? Please and thank you. [link] [comments] |
| Just here to let you know this isn’t a bubble and here’s why. Posted: 16 Feb 2021 06:51 PM PST You need inventory for a bubble to pop, like a serious glut of houses. We have 0 months of inventory in my Southern wisconsin market. ZERO. Not a single house on the market under 350k. Not a single one. [link] [comments] |
| How much do solar panels add to the price of a home? Posted: 17 Feb 2021 09:04 AM PST I had solar panels installed a couple of years ago and paid for them outright i.e. they are not on lease. They save about $2K per year in electricity costs and I get $2K in energy credits per year. My realtor came up with a suggested asking price for my home and when I asked how much the solar panels added to the price, and she said nothing i.e. the asking price would be the same with or without solar panels. This doesn't make sense. I thought with the $4K per year in costs saved + credits, that I can recoup some of the investment. In fact, when I was deciding to get them installed I think I saw that solar panels added an average of 4% to the value of a house. Thoughts? [link] [comments] |
| How much are you stretching your budget? Posted: 17 Feb 2021 07:51 AM PST The prices are increasing so fast and offers go so high that it feels like you need to either really adjust your expectations on what you can buy or stretch your budget to what felt uncomfortable before. But what is the max? I'm curious if, and by how much, people are diverting from the common 28/36 rule in this market? [link] [comments] |
| Posted: 17 Feb 2021 06:35 AM PST Bought a house in summer 2019 with a 3.5% mortgage through the USDA RD program. Purchase price of $168,500, $170,900 financed. This is a $0 down loan program. Refinance options are available and still require $0 down, as a new note is issued to the borrower. Lender determines closing costs and a new appraisal/inspection is not required by the USDA (optional to lender). Houses in my subdivision have increased value by 13% since purchased, but the loan program does not allow for cash-out on equity. Current mortgage is just shy of $1200 with PMI, taxes and homeowners insurance. Assuming my LTV decreases, in turn dropping PMI, and I can pull a rate 1% less, why wouldn't I do it? It seems too easy. Am I missing something? [link] [comments] |
| Posted: 17 Feb 2021 06:16 AM PST Just saw the tip on the front page around getting all locks changed when moving into new house, which is obvious but still good advice. What other tips do you consider useful? Any less obvious ones? Just got under contract on first house, so all input is welcome. Thanks [link] [comments] |
| Posted: 17 Feb 2021 07:21 AM PST I currently own a condo in downtown Chicago where I am paying ~$1,800 on my monthly mortgage, HOA, interest, etc. I have now owned this place for a year and am looking to rent it out and buy a second place. I make $102,000 base with ~$10-20K in additional pay and have an 800+ credit score. I've heard of lenders using a rule of 43% of your income to make decisions whether to give you a loan, which would mean that I have ~$3,650 to spend in any given month. Does this mean that my budget for a second place is a monthly expense of $1,850? I am seeing 2B2B units in the $2,000-2,2000 range that I am interested in - would I not qualify for these, even though my other place is rented? [link] [comments] |
| Another frustrating experience in this crazy market Posted: 16 Feb 2021 11:20 AM PST We are looking in the East Coast suburbs. There had been less than 5 houses in the area that fit our needs within the last 4 months. Two weeks ago, we saw a house marked coming on market Feb 17. Asked our realtor (family worked with her multiple times and she is competent) to contact the selling agent and she said she will let us know if the house can be shown earlier. Last week we checked again and the selling agent again said the sellers don't want to show during the snow. Understandable. A few days ago the house was suddenly marked active; our agent tried to book an appointment but the system showed it is not open for viewing until this Sat Feb 20. Today Feb 16 our agent was told that the house was under contract because "they got an offer they cannot refuse". Still no sure what exactly happened. Did the selling agent show it only to buyers she selected? Did the buyer buy it sight unseen? Of course, like many others, we have lost to all cash buyers multiple times who waived all contingencies and went way above the price - not just above the asking but the 3-month comp. We cannot compete with these buyers. My agent told me that she is getting offers on her clients' houses she has not yet put on market, sometimes sight unseen. Where are all these all cash buyers coming from? Did they sell their house? Are they investors? Just want to share that buyers like us are not monsters wanting a market crash so that people suffer. We just need this craziness to stop so that we have a chance. We are just common folks who budgeted, saved for down-payment, who want to finally own a home and are really hurting. We are not suddenly jumping in because the rates are low and it is "free money". We have planned to buy but got hit by this market. [link] [comments] |
| Can someone ELI5 the refinancing process? Posted: 17 Feb 2021 08:35 AM PST We bought our house in August and have seen about 50k worth of appreciation due to the crazy market and are thinking about refinancing. Our rate is 2.75% but it's FHA with PMI so I would love to get a conventional and get rid of PMI (or even just lower it). But I've taken a new job that has lower actual salary. So I'm nervous about it. Can someone walk me through the length/process of how their refinance went? [link] [comments] |
| Keep an eye on that 10-year Treasury Bond Posted: 16 Feb 2021 11:00 AM PST The ten year treasury bond yield has risen pretty sharply these last few months and reached the highest point in a year today. It's still really low in the grand scheme but if it continues to rise, it will put a crimp on housing demand due to rising interest rates. [link] [comments] |
| Tell me how to handle appraisal limits Posted: 17 Feb 2021 09:59 AM PST Im bidding on homes in a low inventory area (often a zero inventory city). I offer a few hundred over asking, 20 percent down, wave inspection, offer flexible dates, etc. But I also offer a fixed amount, saying I will cover up to this much out of pocket to make up for any shortage in appraisal. While the buffer is more than enough to cover any reasonable expectations, I am missing out on bids by having my mortgage be appraised at all. Sellers don't want bids that have mortgages that need to be appraised. How does this even work? Other then somehow getting a cash offer, is there any way around this? (Im generally completing with 9 to 12 other offers) [link] [comments] |
| Commercial Mortgage every 5 year renewal? Posted: 17 Feb 2021 09:57 AM PST A friend of mine is buying a commercial real estate with five different units. He is telling me that the mortgage is 3.4% on a $1.5 million At a property in New York City. What was strange to me is that he is telling me that the real estate mortgage Has to be refinanced every five years. Is this true? Is this a common trend? [link] [comments] |
| Posted: 17 Feb 2021 09:53 AM PST I assume those out there that have done this before can tell me how to sell my house and buy my next house at the same time. I'm moving out of state, several hours away from where I currently live. The tricky business is that I need the proceeds from the sale in hand in order to close on the next house. To further complicate matters, I worry I'll list my house and it will sell quickly and I won't be able to find the next house fast enough. How can I do this so that I don't end up without a house for a while or worse, getting roped into buying a house that is overpriced/not exactly what I wanted? There must be a way to do this, right? Tell me how you did it! [link] [comments] |
| Question to appraisers about generators Posted: 17 Feb 2021 09:48 AM PST Would adding a natural gas whole home generator be like adding a pool (basically get half the value) if other homes in my area did not have them, but the home is in a nature hot zone that causes extended loss of power for days at a time? [link] [comments] |
| Can we afford/buy this house? First time homeowner Posted: 17 Feb 2021 09:45 AM PST Hello! My SO and I, have a goal to purchase our first home (possibly forever home) within 2-3 years. We currently live in the central Florida area (Winter Park) and love the location, but are willing to relocate to the Apopka/Ocoee/Sanford area. We applied for a FHA mortgage loan once before, when our incomes and credit scores were lower and debt a little higher, and got approved for FHA $240k. We would prefer a new construction home or fairly new house that won't need a lot of fixing up, and the houses I've seen for $240k usually don't meet that criteria. I'm not sure if this is wishful thinking, but we are hoping to get approved for a new construction home within the $285k-$315k range. My credit: 720; SO credit: 660 My income: $41k/ year give or take a few thousand in bonuses. SO income: $48k/year give or take a few thousand in overtime/bonuses. Savings we can afford to spend on a home: we have about $6,500 combined (today) and hoping to have $16k (combined) in a couple years, I have about $3,000 in Roth IRA account, and growing. Debt wise-SO only has his car payment ~$352/month (will be paid off in 4.5 years) and $120/month in credit cards. Debt for me, ~$426/month car payment (will be paid off in 3.5 years), ~$175/month in credit cards. Student loans is $4,000. Basic expenses since as phone bill, car insurance etc. We are hopeful that our family will be able to "gift" us with about $3,000 total. Based on your opinion/experience/etc, do you think the next time we apply for a FHA, we will be approved for a loan amount of $285-$315k? Thank you!! [link] [comments] |
| Posted: 17 Feb 2021 09:43 AM PST I own a hobby farm with enough equity to downsize to a smaller house in town, which is my goal. I am planning to increase my HELOC credit line on my current hobby farm so I can purchase first, move, then sell my hobby farm and pay off the small mortgage and HELOC balance. I can afford to pay both mortgage and expanded HELOC for at least a year, but my agents are very very eager to get my hobby farm on the local hot seller's market as there are only about five comparable properties within 60 miles. Should be a fast sale. So, are there any holes in my plan? AND how do I know if I'm paying way too much for my new "small (like 1000sf) house in town" in this inflated seller's market? It makes obvious sense to harvest the equity in my hobby farm by selling it right now, but if I use that equity to buy a smaller house at a wildly inflated cost, am I really gaining anything? And no I can't rent. I have an old dog and three cats and they stay with me no matter what. Thanks! [link] [comments] |
| How to avoid making home ownership a drag? Posted: 17 Feb 2021 09:35 AM PST So I've been interesting in getting a single family home for just myself. I don't want to be a part of any HOA. I've been hearing from multiple people in my life that home ownership is actually kind of a drag. Fortunately, there stories of all the maintenance that can go on has been eye opening. I travel a lot personally and professionally. I'm wondering if there's things I can look for in the home itself that would make managing a home easier for me. Does size matter? How new everything is? Things like that. Thanks. [link] [comments] |
| Posted: 17 Feb 2021 09:33 AM PST While studying for my real estate exam, they cover voidable contracts and the issue of minors was listed as an example. Just out of curiosity, if you purchased a home sold by a minor, what are the possible consequences for the buyer? I could only find out information covering whether a minor bought a house. [link] [comments] |
| How do you help clients with low earnest money/due diligence? Posted: 17 Feb 2021 09:31 AM PST I'm in North Carolina where earnest money and due diligence is commonly used in offers. Earnest money is around 1% of the home value and due diligence can be anywhere from $2,000-$5,000 (this was much lower pre-covid). Have any of you had clients without appropriate savings to cover this? I'm working with a buyer with only $1500 to put towards this. They just moved to the area and are living in a hotel while they shop for homes. Inspections cannot be waived due to if being a VA loan. Any recommendations on how I can help my buyers without just telling them to save more then we'll move forward? We've already had one offer fall through and they want to keep looking at homes. I don't want to waste my time or theirs. [link] [comments] |
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