Real Estate: Offer accepted! |
- Offer accepted!
- Realtors, STOP listing your houses as townhomes when they are condos!
- Agent Messed Up Everything - Advice?
- PLEASE CALL A LENDER
- The builder estimates that construction will finish 2+ months after the contracted closing date. The contract has already been executed and they will need to amend it. Does this give me leverage to request any concessions around closing costs or something else?
- Realtor or FSBO?
- Can someone explain mortgage points like I'm 5 (US - IL)
- Trying to buy a home in a hot area with very inventory. Considering just building one instead. What would the price difference be?
- Seller in the hospital
- Online vs. Brick and Mortar Mortgage Lenders?
- Sellers accepted our offer, shopped it and backed out
- Can you split a down payment on 2 checks? (Ny)
- Hot Market. Excess cash. Heavy international RE exposure - What would you do ?? need advise
- UWM's New Addendum Barring Brokers From Working with Rocket & Fairway
- Changing Real Estate Agent?
- Realtor fees for 3 investment properties
- Mortgage rate going up, have option to lower with points. Any help is appreciated.
- Dad's house we want to sell will never pass inspection. Thinking of replacing it then selling, advice?
- Real Estate License?
- NM, FHA/Conventional ?
- Purchased Derelict Property to Flip (Hoarders House) do I make a separate VAT company for it?
- Qualifying for a mortgage with an employment gap
- Sell vs Rent
- Zillow Not Responding to Tour request?
- If you chose a small home in a great location over big house in the burbs for your family, are you happy?
| Posted: 16 Mar 2021 05:36 AM PDT After a few months of searching and making a few offers and getting outbid, we changed our search criteria from "move in ready" to willing to put some work in. We found a home that was listed for $370,000, 4bd/3bath 2000sq ft home, same owner for 45 years who recently passed away on a good size lot in a good neighborhood. Good structure and layout, well cared for but just super dated. Our offer at $389,000 was accepted! We have a pass/fail inspection contingency, 45 day close, appraisal contingency, pretty much everything we would want as a buyer and only 15% down. We plan to update the kitchen, paint a few rooms, and do the floors for 50k in the next few months but nearby homes are selling for 450k+. We chose a home that needs some work which will be more stressful in the short term but ultimately gives us almost exactly what we want in the long term. We never thought we would buy a home that requires so much updating but we realized we're project people who love making a space our own. Excited to make it through inspection!! [link] [comments] |
| Realtors, STOP listing your houses as townhomes when they are condos! Posted: 15 Mar 2021 02:19 PM PDT What's up with these townhome style condos being classified as townhomes? In my mind, a townhouse usually has a yard and doesn't have tenants above or below. Stop listing your condos as townhomes on realtor.com! Edit: Got the clarification, thanks to all who responded! I did not realize this was a legal thing. [link] [comments] |
| Agent Messed Up Everything - Advice? Posted: 16 Mar 2021 07:00 AM PDT It's the hottest sellers market in years and my agent managed to mess up my listing. I think I may be screwed. Any advice? I moved to Southern California from the Cleveland, OH area and listed my home for sale after I left town. My real estate agent is a family friend. Silly me thinking it would be easy in this market. The house needs work. Nothing crazy, everything is functioning and most rooms are updated. I made it clear to my agent that I'm selling as is, I don't have funds for upgrades or repairs so outside of actual livability issues, the condition is what it is. Told her to price accordingly. Well, she priced it as if it were fully upgraded. Posted flattering photos. Buyers came in, took a look and said it's too much work for the price point. Which I already knew 🤦🏼♀️ One offer came in low, but around where I was actually expecting to sell for. It was a FHA loan. My agent did not tell me anything about what to expect, so I figured everything was good to go. The inspection came back claiming rotting and mold in my basement walls. Yes, the basement isn't in great condition. No, there isn't mold. No, the walls aren't rotting. They were full of shit. But now I'm stuck with this offer, since I'd have to disclose if I re-list. Asked for $ towards closing costs. Fine. Then comes the appraisal. My agent told me the appraisal was just to confirm the value added up. Makes sense. NO warning whatsoever about the appraisal being more like an inspection. No warning that repairs would HAVE to be made to complete the sale. No acknowledgement of my clearly telling her I am NOT making any further upgrades. Now I'm basically stuck sinking more $ into this house since I can't re-list it. I really wish she would have brought in the right buyers, told me what was involved with FHA, basically done any part of her actual job. What would you do if you were in my shoes? [link] [comments] |
| Posted: 15 Mar 2021 06:29 PM PDT Loan Officer here, I see post after post about "can I afford this?" or "how much can I be approved for?" Please please PLEASE, just call a lender. It will save you so much time instead of analyzing what you THINK you can afford typing novels and novels on here asking for advice and explaining scenarios and "qualifications" that you think you have that mean absolutely nothing to me as someone who can pre-approve you. Every lender should be able to give you the same pre-approval since we all have the same guidelines to play by, but I would still recommend calling a few just to be safe and also give you confidence. I know homebuying is scary and daunting and if I didn't do what I do, I'd be scared as hell too or hesitant with how to take the first step to home ownership, but I promise you that talking to a Loan Officer instead of humans on the internet that may not be who they say they are will help you tremendously and much quicker. I understand I can be fake too and be a 12 year old kid in my parents basement, but just think about my advice before posting please, so there is room for others that need more specific help. The best way to sum this up is to think how you will answer your agent when they ask what you are approved for and you tell them "someone on Reddit told me $250k." That is not going to fly. EDIT: Regarding agents: Please do not take lending advice from them. They may have been around the block, but they have their job and we have ours. Especially in times like this where guidelines are changing rapidly over the last year. I lost a loan approval on MY OWN PURCHASE because a guideline pulled the rug out from under me from FHA for example. The good agents will ask for a pre-approval immediately. The bad ones are the ones who start giving you advice on what you can spend. BEST OF LUCK IN YOUR HOMEBUYING EXPERIENCE! Just breathe, slow down, and enjoy the ride... Because I promise it will be. (Don't tell my real life borrowers that please. It's all lollipops and sunflower fields if they ask lol) [link] [comments] |
| Posted: 16 Mar 2021 08:00 AM PDT |
| Posted: 16 Mar 2021 08:19 AM PDT We've been thinking about selling our house in Chicago recently and know of someone that is looking for a house like ours. They prefer not to use realtors and just use lawyers for the paperwork. We bought it about two years ago so we're probably going to lose some money on it, although houses in our neighborhood have been selling fast and sometimes above the asking price. How can we make a decision about using a realtor vs selling on our own? Is there a calculator that will show the comparison? So far I haven't been able to find one but maybe I'm not searching for the right thing. We already know that realtors give access to the MLS and set up showings etc, but we just want to make a comparison of the financial aspects. Any suggestions would be appreciated. [link] [comments] |
| Can someone explain mortgage points like I'm 5 (US - IL) Posted: 16 Mar 2021 07:20 AM PDT We talked to our loan officer last night but he is really terrible at explaining things in people friendly terms. We are rate locked at 2.99%. We close 3/29. Why would we want to buy down our rate further? Relevant info, we plan on staying in the house for at least the next 20 years, we are buying this place at $435k with 5% down, and own our current townhome, once we sell the townhouse (did not need a sales contingency to qualify, even with 20% down) we plan on recasting our loan and rolling the equity from the townhome into the new place's loan to pay down the loan and get rid of PMI. [link] [comments] |
| Posted: 16 Mar 2021 07:53 AM PDT Are there any simple rules of thumb in terms of buying a home vs buying a plot of land and building one? We are looking for a home in a pretty low populated area, so the inventory is super low. Homes are going for 50k over the asking price. Should I start talking to builders? A home in the area is around 650k and sits on 2 acres of land. I can buy 2 acres for 200k. Could I build a home for 450k? I know I am leaving out a lot of details, but I just want to know if it's ever worth considering. [link] [comments] |
| Posted: 16 Mar 2021 08:44 AM PDT I was supposed to close yesterday after being under contract for 60 days. Last Friday as I was awaiting my closing disclosure I got a call from my attorney saying she'd just heard from the seller's attorney that the seller was in the hospital. Since then, nobody has been able to get any more information from the other side other than that someone does have power of attorney. Has anyone been in a similar situation? This especially sucks because my boss (I'm the only employee) took a vacation this week to give me time to get my house ready [link] [comments] |
| Online vs. Brick and Mortar Mortgage Lenders? Posted: 16 Mar 2021 08:24 AM PDT My husband and I are closing on a house in May in Pennsylvania (finally, after what feels like so many rejected offers). We're comparing quotes we've received from a few lenders. Two of them are online-only institutions - Homefinity and First Internet Bank. We also have a quote from our current lender, and our realtor's preferred lender. Homefinity and First Internet Bank are the lowest rates with no points and the lowest fees. I've never worked with online-only institutions like this before, and our realtor said they aren't as legit as brick and mortar lenders. Does anyone have positive experiences with online lenders like this, or is it better to take a slightly higher rate (.125-.25% higher) for brick and mortar? [link] [comments] |
| Sellers accepted our offer, shopped it and backed out Posted: 15 Mar 2021 08:16 PM PDT Title sums it up for the most part. We found the house of our dreams and went aggressively after it the best we could afford to do. Offered up to $580k on a house listed for $475k and waived inspection. We got it for $565k haggled over the appraisal gap coverage and said we could cover up to $65k in a gap, showed comps that led us to believe it would never go anywhere close to that low and showed we had the financial resources and motivation to cover a gap that big, with negotiation for our protection. We also told them we could order three or four appraisals because we were pre-approved by several lenders. They accepted our offer, the best one out of 33 offers. Like everyone else trying to buy, it's been a very difficult process for us. We've missed out on five houses and have been heartbroken before. It felt like a weight was lifted off us when our agent called us with the good news. We transferred our money out of an investment account for a sizable earnest money down deposit. We signed our contract, and they stalled and stalled and stalled. About 12 hours later, they finally answered us and told us they just signed with another offer that came in last minute and beat us. Sounds like they got an offer using our accepted offer as a benchmark. These agents work for the same broker. I'm not sure it's illegal since they didn't sign anything. Still, is there anything we can do? Does this happen often, for an agent to accept an offer, draft the contract and then back out with the contract sitting in the sellers' inbox ready to be signed? This market sucks. This is all. [link] [comments] |
| Can you split a down payment on 2 checks? (Ny) Posted: 16 Mar 2021 10:26 AM PDT Going to sign contracts on our first house and we're just wondering if me and my fiancée can split the down payment on 2 checks or if it matters which account the down payment comes from? Thanks! [link] [comments] |
| Hot Market. Excess cash. Heavy international RE exposure - What would you do ?? need advise Posted: 16 Mar 2021 06:28 AM PDT So I bough a house right before the COVID market went hot.. I'm 51 years old and make around 250K. Put down 30% on a 750K house. Still owe ~500K mortgage on a 2.75 APR 30 year. I have additional 300K cash sitting in bank accounts with probably .5% interest.. My job is OK but single income and always worry about uncertainty so try to keep enough cash on hand.. Would love to get out of rate race in 5 years. Around 700K in 401K with 70% in stock indexes. So lets say ~1M non RE position. (I also hold 1.5 - 2M worth of properties in India which is a pain in the neck to sell and realize $$. My plan is to unwind it in the next 5 years) I'm not into buying another property right now but would like some passive RE investment. What do I do with the 300K cash ??. I'm not willing to put more into the stock market. Do I just sit tight and see what the market does or just save enough to payoff my mortgage ??. What other options are there to hedge the RE market ?? [link] [comments] |
| UWM's New Addendum Barring Brokers From Working with Rocket & Fairway Posted: 16 Mar 2021 10:08 AM PDT https://nationalmortgageprofessional.com/news/76521/more-10000-broker-shops-agree-uwms-addendum I've been watching this unfold the last few weeks and according to UWM, the overwhelming majority of brokers will sign the addendum barring them from also working with Rocket & Fairway. What are the thoughts here in the broker community? Legality aside, this seems like it sets the precedence now for all the big wholesalers to force exclusivity agreements and reduce options for the consumer. One of the major pro's of using a mortgage broker. [link] [comments] |
| Posted: 16 Mar 2021 07:31 AM PDT So my wife and I have been looking for a house in a certain city for about 3 weeks now because we both are there a lot for our work. Only to realize that we can't afford a house in that area. The ones we can afford are in bad/rundown parts of the town. We recently started looking in a different city thats about 45 minutes from away. We found that the houses are much nicer for a cheaper price and decided we want to live there instead. Now my question is, do I switch real estate agents? My original agent is from the first city and is an expert in that area but not so much the city thats 45 minutes away. I want someone who can find off market listings easier and be able to visit the homes right when they go on market with me without having to drive 45 minutes. Would it he smarter to get a new agent? I haven't signed any agreements with my first agent. How should I tell her that I want to work with someone else who is knows the area better? [link] [comments] |
| Realtor fees for 3 investment properties Posted: 16 Mar 2021 07:20 AM PDT Hi all. I have rental properties in two Midwest cities and want to consolidate in one of them. I want to sell three duplexes as one package in the city I'm leaving and I want to find out what the hive mind thinks is a fair commission. I'm not a nickel-and-dimer and my wife is a realtor so I like and respect the profession. For individual properties I'm happy to pay 6% for good service and advice. However, for 3 duplexes, is it normal and necessary to offer the same 6%? For context: these are in an upper middle class neighborhood, fully rented, fully renovated, yielding 12% gross per year. Honestly these are the best things I've ever accomplished but I don't want be so geographically spread out. Normie rental properties in this town get bought before they hit the MLS. If our asking price is correct, they'll be gone in a few days. If it's not correct, we'll figure it out quickly and adjust or just hold them. So I don't expect this to be much effort. What kind of commission would be fair in this situation - 3 properties at once? This is an agent we've used for a long time for 4 transactions over 5 years so we have a good history together. [link] [comments] |
| Mortgage rate going up, have option to lower with points. Any help is appreciated. Posted: 16 Mar 2021 09:00 AM PDT Have a closing date set for 4/15/21, with an appraisal being scheduled. Putting 5% down with a 30-year conventional mortgage and a 780 credit score. Rates have been rising, which I am certainly aware of. My lender advised I can lock in a rate of 3.375% or 3.25% with closing cost of .25% (which would be $980). Do these rates seem high? Everything has been signed, so I do feel it is late in the process, but I am certainly curious if lenders would be willing to offer me a lower rate. If not, if I plan on staying in the house for 7-10 years, should I pay the points? Thank you for the help! [link] [comments] |
| Posted: 16 Mar 2021 08:53 AM PDT Edit: Thank you all for the quick advice! I'm definitely leaning towards as-is and talking with a local realtor for more market specific information. My dad is getting older and needs to move closer to town. He currently lives in a 70s manufactured home on a half acre. The property has a very nice 2000 sq/ft prefab shop and an older wood 1000 sq/ft shop. They both have power and are in demand in the area. The house is a mess and will not pass inspection for sure. I doubt anybody interested in the property will be able to get a mortgage on the home. That would limit the possible buyers. He is doing fairly well financially and he can afford to buy a new home with cash and keep this property. We are thinking of replacing his manufactured home with a new one after he moves to a new house and then selling his old property. Does this sound like a good idea or a headache? One other detail, he is on a well and his water isn't good. He may need to have a new well put in. I'm certain anybody buying the property would need to replace the home and I am guessing they will ask for a deep discount to do this. He bought the property in 2006 for $225k. The house wasn't in great shape then but he wanted the shop. Redfin has it at $333 now but that seems quite low in the area if the house was in good shape. Any advice would be appreciated, thank you. [link] [comments] |
| Posted: 16 Mar 2021 08:36 AM PDT Best way to go about getting your real estate license in Florida? [link] [comments] |
| Posted: 16 Mar 2021 05:20 AM PDT Hi all, thanks for your support over the last year or so. This question comes from a discussion a friend (says credit is >800) and I (credit: 770-800 at the time) had the other night about FHA vs Conventional loans. What he said was that for owner occupied conventional loans, you don't have to put 25% down like with an investment conventional loan. In his case, he says he got a conventional on a single family home owner occupied for like 5% down @ 2.75%. I think they closed back in May2020. In my case, it's a fourplex,closed Jan2021, with anFHA loan. I live in one unit and the other three are rented. I put down 10% so after 11 years, the PMI (0.85% principle/year) goes away. So he said they screwed me cause I could've just got a conventional and not pay the MIP and now PMI. Did I get swindled? Thanks [link] [comments] |
| Purchased Derelict Property to Flip (Hoarders House) do I make a separate VAT company for it? Posted: 16 Mar 2021 05:08 AM PDT I purchased a really jam packed house full of hoarders rubbish a year back, I have gutted it completely and cleared it all out its a bare bones shell ready to be fully refurbished it; every room is empty (no kitchen, no bathroom) I am looking to rent it out and start building work this summer time, my question is would it be beneficial for me to make a new VAT company and put the property under that company; as I will be renting it out every month. Will I be able to claim VAT back on building work done it, and anything purchased for the property (Doors, Materials ect). I am also going to lease it to the council for 5 years where they will manage it and pay my rent in, is anyone familiar with this scheme and done it before (empty property council scheme); how does the taxation work on that? Regards [link] [comments] |
| Qualifying for a mortgage with an employment gap Posted: 16 Mar 2021 10:53 AM PDT Hey everyone, I have been employed full time for the past 4 years with no employment gaps. I am considering quitting my job and taking 3-4 months to myself over the summer to travel the country. My goal is to purchase a house some time in the next 18 months. I understand mortgage companies typically require 2 years of work history with no employment gaps. Would a 3-4 month employment gap disqualify me from getting a mortgage completely? Would I have to go with a "high risk" lender that may charge a higher interest rate or points? Is my plan to quit my job to travel insane if I am looking to purchase a house? Any insight is greatly appreciated. Thanks! [link] [comments] |
| Posted: 16 Mar 2021 10:51 AM PDT Looking for crowdsourced advice and commentary on my house plans. I have a house outside Boston that I love and I love the immediate area even more, but I have a one year job to do out of state. After that I'll be entertaining long term jobs all over the place, including back in greater Boston. Worst case scenario I'd be looking for a while and returning home when the 1 year is up would allow me to determine my own timelines. (As opposed to dealing with short term lease agreements.) I just bought the place in 2019 but it's already appreciated enough that selling isn't a disaster and I'd profit a bit. But that also seems like a huge hassle if I end up just coming back home. I'd rather store some stuff in the basement and not haul it all over the country. Renting my place out seems like the right answer but some of these nightmare stories make it sound awful. Plus there are also market changes that could happen, maybe I'm missing a chance to unload and it's worth it to haul everything around with me like a snail. Comments? [link] [comments] |
| Zillow Not Responding to Tour request? Posted: 16 Mar 2021 10:49 AM PDT Is anyone else having this issue? Obviously it's better to have an agent, but I'm in between real estate agents right now. Had one that I wasn't happy with so she was fired yesterday. There's a property I'm interested in and I've tried multiple times to get a response and I'm not getting anything. This is not the first time this has happened to me on Zillow so I'm just curious if it's just me or if it's happening to others? [link] [comments] |
| Posted: 16 Mar 2021 10:46 AM PDT If you decided to buy a home in a great location but smaller than something you could have gotten in the suburbs are you happy with your choice? Any regrets? We're about to take the plunge on a townhome that is in a gorgeous spot (Colorado foothills), but are getting a lot of pushback from the family because of the size/cost that think we'd be happier in a bigger house further away. [link] [comments] |
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