Real Estate: Clear to Close! |
- Clear to Close!
- Just Bought My First Condo. Any Advice?
- Stupid Question... How do you sell a house and buy a new house in a hot market?
- LO didn't lock the rate...
- Question on a small leak
- Question about agent
- Lock rate?
- Cash purchase and mortgage right after.
- Do urban homes (in places like NYC) which are 4th floor in a walk-up building have trouble selling?
- Commit to pay over appraisal
- PA buyers/agents, do these closing costs sound excessive?
- Is refinance appraisal really the same as a buy/sell appraisal
- Need recommendations finding banks who do portfolio loans for a first time home buyer
- Looking for builder and location recommendations in Orlando.
- Mortgage Loan Estimate Question
- First time investor
- House with no parking...how do you install a driveway
- Buying Amish Built and Lived in Home Constructed without Permits
- seeing a house with a Redfin agent because my realtor was not available
- no-ratio investment load, what's the catch?
- Buying Land just to have it?
- Interest only mortgage?
- Lender is asking for letter from my Work, Work is being difficult
| Posted: 06 Mar 2021 01:25 AM PST A quick victory post: My title company called yesterday to tell me those three magic words! I close on the 11th. With the market as crazy as it is I feel incredibly lucky to have found a home that was under budget and had all the necessities I needed. I was starting to think it would be impossible. My realtor has been amazing every step of the way and literally everyone (including you guys!) has made this process a thousand times easier than I ever imagined it could be. I seriously have so much to thank you guys for. I hate being new at anything and the thought of going into such a huge undertaking with zero knowledge or experience was totally terrifying. But there's almost nothing I experienced during my home buying process that I didn't hear or learn about from you guys first. (And my realtor noticed!) So I wish you guys all the luck in the world on your own home buying experiences, and hope you can find the answers you need here too. [link] [comments] |
| Just Bought My First Condo. Any Advice? Posted: 06 Mar 2021 09:24 AM PST Hello, everyone. I just bought my first ever condo in the Washington D.C./Arlington area in the USA. I'm pretty pumped. I've never owned a condo before. I'm just wondering if anyone has any great advice or suggestions to share? Thank you in advance. [link] [comments] |
| Stupid Question... How do you sell a house and buy a new house in a hot market? Posted: 05 Mar 2021 10:30 PM PST Context: Homeowner for 10+ years, rehabbed a 1920s Craftsman in an increasingly hot neighborhood of Los Angeles, and the house is becoming too small for our family. We love the house but want to move. We have at least 350k of equity in the house according to the last assessment for a refi we did 2 years ago (actually we had over 500k of equity, but pulled some out to do some major stuff on the house like replace the roof, bathroom, plumbing, and landscaping). However, any of the neighborhoods we'd want to move to are also hot and things move very quickly. How the heck do you buy a new house and sell your current house at the same time? Agents want us out so they can stage it (I don't blame them, we're a "comfortable mess" kind of family with offbeat taste in decor, and lots of art supplies and books everywhere), but we wouldn't have anywhere to go unless we'd already bought a new place. But buying a new place would be difficult until we sold the original place, because while we could make a substantial downpayment, we'd be attempting to finance a LOT unless we'd sold our current home first. How does that work? Do you finance far more than you want to and then immediately upon sale of your old house pay off almost half the loan? Would that require a refi? And what do families do when agents want to stage their house but there's no new house to move into yet? I understand the concept of "contingency" but in a market like Los Angeles, in the neighborhoods we're looking at, that doesn't seem to be an option. [link] [comments] |
| Posted: 05 Mar 2021 10:17 AM PST UPDATE: Just got off the phone with the manager who apologized and said they will honor the original rate lock request. Still need to close by the 10th! Thanks everyone! Spoke on the phone with our LO about locking the rate at 2.75%. Emailed back in an hour to ask to lock the rate and LO responded immediately that rate was being locked. I responded back to thank her. A week passes so I ask for the rate lock IN WRITING. LO responds that our rate is not locked, but can call me to discuss locking it. ???? I tell the LO about our email exchange and the LO looks it up and confirms. LO says that they see they went in to their system to lock our rate minutes after responding to our email, but there was a tech issue and she'll look into it. We wait another week (I send another two emails asking for updates) and after we send an email to our LO and her manager we get a phone call yesterday. LO explains our credit report had expired so she could not lock the rate, but the site would not tell her the reason and tech support would not tell her why she couldn't lock. Still doesn't explain why she didn't contact us for a week that our rate had not locked. So we had to lock it today at 3%. I know it's low historically, but who wants to pay more? Is there anything we can do to get BofA to honor the 2.75% lock? Is an email thread enough to show that we requested the rate lock and that our LO agreed to it? [link] [comments] |
| Posted: 06 Mar 2021 04:56 AM PST We are getting our house ready to put on the market. About 4 years ago, we had our roof replaced. Since that time, on 4 occasions, we have had a small leak in the top part of the front door frame (we have a covered porch that extends about 3 feet at the entry ). The leak (dripping)seems to only happen when rain is coming from the east. It does not get in the house. We have had the roofing company come out each time but they cannot replicate the leak and don't think it Is the roof. My question - do we just disclose this to buyers? We are considering replacing the front door and frame but not sure if that expense is worth it, or if it would even fix the leak. I'm leaning to just disclose. Would this impact the sale at all? [link] [comments] |
| Posted: 06 Mar 2021 03:01 AM PST My parents are looking to sell their house and an agent came and told them I can sell this house and buy your next house for a fee of 25,000. He says 12,500 to sell and 12,500 to buy. Also says it would include all legal and closing fees. This is incorrect right? Agents shouldn't charge for the purchase of your home you pay them to sell. And how would he know all the particulars of the closing costs? Think my parents are getting screwed but can't explain to them correctly. [link] [comments] |
| Posted: 06 Mar 2021 06:21 AM PST I know this has been asked before but it's a moving target so I figure it's worth asking again - should people be locking in rates now or would rates potentially go down in the next couple months? A month ago I was offered 2.625 but there were zero houses to buy. Now there are starting to be houses to buy, but the same loan is now 3.25. I assume this will continue to climb? [link] [comments] |
| Cash purchase and mortgage right after. Posted: 05 Mar 2021 03:58 PM PST Hey folks. First of all and on behalf of others as well, I'd like to thank you for the insight you have been providing. If I'm in a position to cash purchase a 200-250K condo for my mom to live in, can I shortly after use that condo as equity and get a mortgage for 500K same city family home for wife and I? I will be able to put 5-10% down payment on that 500K. How favorable/unfavorable this will be for the lender? Thanks in advance. [link] [comments] |
| Do urban homes (in places like NYC) which are 4th floor in a walk-up building have trouble selling? Posted: 05 Mar 2021 11:16 PM PST I like one such unit but fearful if I won't be able to exit. I will need to move some time in the next 5 years, when I start a family etc [link] [comments] |
| Posted: 06 Mar 2021 06:30 AM PST I'm so ready to just CLOSE on a house! Such a crazy market. But in my past two offers, both sellers are asking me to commit to paying above appraisal. I've submitted high offers with escalation clauses but I mostly want to stand out. I'm maybe willing to put max out of pocket $20k above appraisal but I don't even WANT to do that... but I'm so desperate at this point. Has anyone countered appropriately for this type of pressure to commit to above appraisal? What do you say? I'll commit to pay $20k above appraisal? Or is there a better structure? Would you even do it? Are people seeing these kinds of offers in the market? [link] [comments] |
| PA buyers/agents, do these closing costs sound excessive? Posted: 06 Mar 2021 09:56 AM PST Looking to buy in bucks county. Lender just ran through a scenario with us for a $675,000 property using an 80-10-10 conventional/HELOC loan, and he says closing costs would be about $40k. I understand PA & Bucks charge 1% title transfer tax each, but I'm still only getting like $28k closing costs in my estimation. The lender is supposed to send us the actual breakdown, but he hasn't done so yet. [link] [comments] |
| Is refinance appraisal really the same as a buy/sell appraisal Posted: 06 Mar 2021 09:51 AM PST Hello all! We are looking to refinance to get some cash out for further upgrades (replace windows mostly). According to the values of recent sold houses in the area (Central Indiana), we should come in right around $200,000 and only owe $115,000. We only want to take out about $20,000 or $25,000. Our credit is absolutely golden so this would lower our APR, as well. Theoretically, win-win. All of my research says that an appraisal for a refi is pretty much the same as for selling. But I'll be honest and say I'm having a hard time convincing myself to treat the prep-work we need to do for an appraisal as if I were selling. We live here. "Staging" doesn't seem like it should be necessary for a refi. Don't get me wrong, we are taking care of obvious things: painting a hallway that never had a good paint job in the first place. Patching a wall flaw and repainting the bathroom, and making a couple upgrades we want there anyway. Our lawn is crap due to moles but so is most of the neighborhood, and we won't be able to do anything about it anyway before a refi. Do I really need to do things like clean the oven and organize all the closets? Should I try to really polish up the floors? I'm having a lot of trouble prioritizing what I should do, and what I can leave be, since it is "only" a refi. Our eaves need painted badly, but that could take a month or so to arrange, and we'd like to get the refi done before rates really start going back up. Would the hit on appraisal be that large on a refi? If we were actually going to sell, I fully appreciate how much really investing to get these things done and adding "curb appeal" would make sense. Some of it is I am lazy! Some of it is just so overwhelming! And I would hate to waste time working on things that won't have much impact anyway. Thanks for any feedback! I really like the posts in this sub. [link] [comments] |
| Need recommendations finding banks who do portfolio loans for a first time home buyer Posted: 05 Mar 2021 06:00 PM PST I am in my 50s, retired, have no active income and want to buy my first home here in Houston, Texas. I have a lot of assets and make money that way, mostly through capital gains. Because I don't work nor have an active income I don't believe I can get a regular home loan. I can, however, get a portfolio loan as I got approved for one and almost pulled the trigger two years ago. I know the interest rates are higher but afaik it is the only option other than paying cash for the home. I have done some searching and finding banks who do portfolio loans is difficult. I know of one or two, but would like more options. Does anyone have a list or recommendations of any lenders who will do portfolio loans for someone like me? Any resources to help me find one? Oh my credit score is over 800 and I have very little debt. I'm in good shape, but the home I want will be just under 20% of my total assets. Also if you have any alternatives or advice for me that puts me in a better situation please don't hesitate. Thank you! [link] [comments] |
| Looking for builder and location recommendations in Orlando. Posted: 06 Mar 2021 08:59 AM PST I'm looking to purchase a new home in the Orlando area within a half hour from Disney and would greatly appreciate any recommendations of builders to use or avoid. Same question for which area I should be looking for or avoid. Thank you [link] [comments] |
| Mortgage Loan Estimate Question Posted: 06 Mar 2021 08:53 AM PST FHB here. I had a question when it comes to loan estimates/disclosures. Found a house, offer accepted, appraisal came back good, everything good so far. Mortgage lender sent me a loan estimate but I noticed 2 things that I don't think are correct and I was wondering if they are things that need to be changed before sent to underwriting or if it can change during/after underwriting. The lender agreed to cover the cost of the appraisal up to $545. That amount was not credited to me on the estimate. Also my contract stated that the tax transfer fees would be split 50/50 between me and the seller but it is listed as me paying the full amount on the estimate. Are these things able to be changed since I already signed the estimate? Or is it too late to change? I emailed my lender about it but they haven't gotten back to me (they're kind of a shitty lender, but I don't want to switch since I am a little over a week from closing). Just concerned as this would knock a little over $1k in closing costs off. [link] [comments] |
| Posted: 06 Mar 2021 08:23 AM PST Newbie here. My partner and I have decided we want to start residential real estate rental business, buying properties and renting out tjj on tenants. We have our LLC created and some properties selected, and now need a loan. Looking for advice on where to start
Thanks! [link] [comments] |
| House with no parking...how do you install a driveway Posted: 06 Mar 2021 08:10 AM PST Houses in my area go for $900k+ but since there are many old houses 100+ yrs old once in a while I'll see a house that's more affordable....bc it has no parking. What are the steps to convert the front lawn into a driveway and how much would that cost? Is it even possible? I'm assuming you need a permit/lots of paperwork. [link] [comments] |
| Buying Amish Built and Lived in Home Constructed without Permits Posted: 06 Mar 2021 07:54 AM PST Found a property with a good amount of acreage about an hour north of Lexington, KY that we would like to put an offer on. It would be financed with a farm/land loan. The property has an amish built home, along with a barn that was previously on the property, but has since been updated by the Amish owners with a living quarter in the front section. The barn is also on a foundation. We love the home and barn, and would like to renovate to our needs, however the realtor says that all of this construction was done without permits. Otherwise, it seems like solid construction. The main home was built in 2016. Its a metal building on a block foundation with a crawl space. The home appears to be insulated and the interior is finished with OSB everywhere. No plumbing or wiring. City water and electric are on property. No septic or sewer. The barn living quarters were also likely built in 2016. Not sure how old the barn is. Construction is similar to house. However, the foundation appears to be poured, rather than blocks. Our main concern is we buy the property, and then the county building inspector does not allow us to renovate the amish built home (and instead insists that it needs to be torn down because it doesn't meet code). Questions:
Thank you! [link] [comments] |
| seeing a house with a Redfin agent because my realtor was not available Posted: 05 Mar 2021 10:50 PM PST There was a house I wanted to see but my realtor said he wasn't available until next week. However, the market is so crazy right now and I'm not even so sure if this place will stay until next week. So I scheduled to see the place through redfin and got a tour. After the tour, I'm pretty sold and want to put in an offer. Now... I have been working with my realtor for about 2 weeks and would like to go through with him. However, I feel bad about seeing the place with the redfin agent. Is there anything I can do? Help. I'm a first time home buyer and this market is driving me nuts. Every single house I have seen so far has multiple offers (well over the asking) and usually sells within 3-5 days. [link] [comments] |
| no-ratio investment load, what's the catch? Posted: 06 Mar 2021 07:16 AM PST tl:dr: I have two fully paid condos in NYC estimated at 800K and 2M each, but my annual income is relatively low at 180K. Recently looking into home mortgages I realized having these two properties under my name is not an advantage at all, instead their combined monthly tax+common charge increases my debt-to-income ratio and limited the cash amount I can get from the lenders. I spoke with Better.come and only got 750K (after closing cost, etc.), with Chase even lower... while I need about 1.1M, is it possible? what are my options? Via Googling I learnt there's something called no-ratio investment load, is it a bad idea to consider it? Details:
Happy to answer any additional questions. Ultimately I just can't wrap my head around why having so much assets doesn't give me a higher credit line, it is counterintuitive...I know there are other options such as getting a cosigner, but I'd rather not get others involved, even if that means I might need to pay a little more on interest, etc. Please help!!! [link] [comments] |
| Posted: 05 Mar 2021 07:02 PM PST Hey everyone. I just got a large bump in passive income and just kind of...decided to save up to buy a piece of land so I can camp, hike, backpack, explore, be by myself or take some friends etc. It would only be used as a retreat from work and normal life. No building on it. No hunting on it. Just me walkin' around. If that's all I'm using it for is there any real worry in just buying a big piece of land if it fits my wants? Maybe a river for fishing, hills, trees, car accessible, etc? I wouldn't be taking a loan out on it. For example, I've seen listings for plots about 40 acres for about $3500 in Arizona and Utah. That seems a little suspicious and maybe too good to be true. But if I just want it for what I've described is that just how cheap it can be or am I missing something?? [link] [comments] |
| Posted: 06 Mar 2021 06:34 AM PST I'm 24 years old and looking to buy my first apartment in NYC. Everybody I have spoken to has defaulted to recommending a 30 year fixed mortgage with 20% down, but a super financially savvy friend of my recommended a 10 year interest only mortgage (with maybe 25% down) yesterday. I only plan on owning the apartment for 5-7 years (probably before I need something larger). I'm such a real estate novice that I'd love some additional insight on what's best for me. Thank you! [link] [comments] |
| Lender is asking for letter from my Work, Work is being difficult Posted: 05 Mar 2021 09:52 AM PST My wife and I are in the process of moving to Boise and closing on our first home. Together we make about 250k/year and have about 60% of the home price in cash savings. The lender has asked for "A letter from your work that you can work remote and keep same position, pay, etc. " Last year I received a verbal confirmation from my boss saying that I could transfer to our Boise office. Since I work for a Fortune 100 company, they like to change their policy about once every 3 months. The latest is they are no longer sure that they want me to officially transfer to the Boise office. I asked my boss for this letter, and was told that my company hasn't finalized their official "post-covid" office strategy, and in the meantime they don't want to do anything until that is finished. We close in 20 days. I had to put up 15k in earnest (3%) because the market is crazy right now and that is what it took to get the house. Do you have any recommendations on how I should approach this with my lender? My uncle is the CEO of a fairly well known company in Boise and has been trying to poach my wife and I to join his new company. Do you think a letter from him stating we have a fallback job in case something ever happens with the current job would suffice for the lender? Or do i need to find a new lender that will not ask for a letter? [link] [comments] |
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