Real Estate: The so-called "impending foreclosure wave" |
- The so-called "impending foreclosure wave"
- I have had buyers regret and I’d like some advice on if I should move to an apartment or tough it out.
- Waiting this market out: How long, if we are dealing with a housing supply shortage
- Appraisal clause - can seller walk away?
- People in this sub are overconfident about their ability to tell whether there is a housing bubble
- A nightmare closing day.
- Why is the average home value posted on this sub so different from national averages?
- Interest in buying an abandoned house
- What books do you recommend
- Market seems so shitty currently and no good houses now; when is best time to buy a house
- Is PMI worth the cost?
- One bedroom condo versus two
- Homeowners insurance recommendations
- Is it creepy/annoying if I or my agent ask owner if they'll sell their house?
- California Structural Modification disclosure question....
- Question from a college student for future planning
- Another buy vs build post!
- Builder's Risk vs Homeowner's Insurance
- The Hustle of 2020-21
- Closing Delay due to high lumber cost bid for Homestyle Loan
- Mortgage broker, high origination fee
- New Construction Appraised $50k low based on listing change?
- Need some advise on property.
- If i rented April 2nd of last year, am I able to move out on the day the contract started?
| The so-called "impending foreclosure wave" Posted: Someone help me understand this: I've seen lots of people talk about the forbearance period ending, which will generate a ton of inventory because of a huge backlog in foreclosures. But in this hot market, and with demand so great, I'm assuming most of these properties "in danger of foreclosure" are not actually underwater, right? Prices have gone up such that the homes are probably worth more now than the owners bought them for. So my question is: will these homes even foreclose? Or will the distressed owners just sell them at current market rates (i.e. for a profit)? Don't get me wrong, this will be great for buyers by opening up more inventory, but it doesn't seem likely to result in many great bargains, much less a market crash. [link] [comments] |
| Posted: My husband and I rushed into buying a home. We did absolutely no research. We put 5% down on an overpriced unremodeled house, had bad credit, and didn't know what PMI was. We were stupid to go through with the sale but were hellbent on being home owners. Our mortgage for the first 2 years was almost $2,000. We refinanced recently and now it is $1,600, which is much more manageable. I'm so sick of owning this house. We have sank $30k+ into trying to make it presentable (appliances, new floors, paint, furniture, etc.) and functional. There is still so much more work to do, and always something new to fix. After recently refinancing and putting so much work into it, would it be silly to sell? We would definitely lose money on it, but would come out with about $15k in hand if it sells on the low end. I'm sick of the property taxes and flood insurance increasing every year. I'm sick of the area's issue with foundation. I'm sick of the fact that an apartment complex has their dumpster nailed to my fence. I could rent an apartment for $1000 a month until I save to buy again, but I know it'd be hard after owning a home. I have two dogs and I'd hate to do it to them. What is your advice to people who have been in my situation? EDIT: YALL HAVE BEEN HELPFUL. We are going to get our bathroom remodel done (needs it... we cannot even currently use the shower) and then list. EDIT2: NOW IM JUST MORE CONFUSED. I should probably just stay here for a while. Don't like my house but I can live in it. [link] [comments] |
| Waiting this market out: How long, if we are dealing with a housing supply shortage Posted: Check out this date on Freddie Mac's study of the housing supply shortage: 2018. I know we love to blame COVID for the current state of the housing market, but this problem has been brewing for a long time. Freddie Mac estimates the US needs 1.62 million new housing units per year to meet demand, and in 2018 they estimated we were 2.5 million units short. That number has gotten worse when you exclude the states with adequate/excess housing supply, since we can't move those extra houses to places where people need them, so now we are up to3.3 million additional units needed. All that is to say, sitting to wait this out is probably not an effective strategy. Rough numbers, if we increase new housing units by 20% from last year's number of new residential units and keep that number up (I'm not a builder, but I guess that's a lofty goal, given the labor and material shortages, and if we can manage, it will just drive prices up even higher) then we will have adequate housing supply in... 12 years. This is just one data point in a really complex scenario- inflation over those 12 years, interest rates, what you would otherwise be spending on rent, all of that should come into play. Buying a home may or may not be the right decision for you, but if you believe that it is, don't let the emotional aspect of this market be what keeps you from doing it. Deep breaths, keep going. [link] [comments] |
| Appraisal clause - can seller walk away? Posted: Finally got an accepted offer, went a bit above asking price. Seller demanded an appraisal clause of up to $10k if it appraises below agreed upon price. I'm wondering if Sellers can still walk away if it appraises for lets say $30k below? Or is that the risk the seller has to take? I'm fine with paying up to $10k out of my own pocket, but my only concern is that I don't want the seller to be able to back out just because they don't like the appraisal. If the seller can't walk away, my understanding is that this protects the seller by netting them at least $10k over appraisal value? Sorry if this is a dumb question, this is my first purchase! [link] [comments] |
| People in this sub are overconfident about their ability to tell whether there is a housing bubble Posted: Downvoting is welcome if you feel like it, as that is a useful data point for me about whether there is a housing bubble. Please make sure any trolling comments are at least funny. Thank you. [link] [comments] |
| Posted: Sooo.. today was my closing day and it went awful. I'm going to try to keep this as brief as possible. But it may be hard. I got a call from my agent (who's actually my ex step mom) and she says there's an issue with the appraisal. (Appraisal originally came in $100 over asking) Apparently the appraiser only submitted 2 comps and FHA wanted 3. The appraiser was non responsive and I had no clue until today. My closing was at noon, then got pushed to 3. Then didn't happen at all. So now we're awaiting to see if the comps they sent over are acceptable and if not we have to negotiate a lower price AND it may have to go through another appraisal which they want to charge me for. (Ffff that) The seller is a single mom going through a divorce and she was supposed to close on her house and she couldn't either. This is nuts. I can't believe this. So my agent says we're shooting for a close tomorrow but right now I'm in a hotel and I am steaming. How could this process get so far along without any communication and/or a "hey let's extend the closing date for a week?" Am I wrong for being absolutely warm about this? I realize that things happen during the closing process but this seems like absolute 11th hour horse shit. [link] [comments] |
| Why is the average home value posted on this sub so different from national averages? Posted: I browse this sub often and the vast majority of posts are about homes priced 500k and above. According to Zillow the "typical home value" is at 272k in the US. Even in expensive regions like California the median home value is 580k yet you'll only see posts of SoCal homes for 800k plus. I was arguing with someone in another thread who said "lots of people" are buying in the 600k+ range, but in reality only a fraction of properties in the US sell for over 600k. Do a lot of people just humble brag here or something?? [link] [comments] |
| Interest in buying an abandoned house Posted: Hello! There is a house near me that is abandoned. Through internet sleuthing I have found out that the house hasn't paid taxes in a couple years, and the mailbox is overflowing at this point. My wife and I love the house and would love to buy it but don't know how to proceed with figuring out anything we need to do. If there's something we can do, and what steps we could take. Does anybody have any advice on where to start? Thank you so much in advance for any advice or thoughts on the matter. [link] [comments] |
| Posted: I'm new to REI and want to know which books helped you guys out the most [link] [comments] |
| Market seems so shitty currently and no good houses now; when is best time to buy a house Posted: Looking now at houses there are shitty looking houses that are worth 200k selling for 300k but I believe it's because lack of inventory; is there a baseline "law" when houses inventory increase the most? Summertime? [link] [comments] |
| Posted: Essentially PMI for me is 84/month and over the course of 6 years this equates to around 6k, loan cost due to this is about 3800 total. This equates out to a total of 9800 but I'm getting around 5000 in credits so this is a total of 4800 which if I do the math comes out to 67 bucks a month to not pay 10% (70k) of the loan upfront. If I increase down payment by 70k, I can get rid of 9800 completely and get the 5k towards closing costs and save around 4800/ year in mortgage costs. Any thoughts on this ? [link] [comments] |
| Posted: As a single person, who doesn't need the space, but am generally concerned about resale value, is a one bedroom condo a bad purchase? Had many people say resale is a challenge, you can get stuck with it, etc., seeking some advice! Plan on living in it for a while, but want to be smart. Thank you!!! [link] [comments] |
| Homeowners insurance recommendations Posted: Hey everyone! We just got under contract on our first house in Florida. Anyone have any recommendations on who to use for homeowners insurance? Also any other coverages / warranties we may need for a first home purchase, please let me know. TIA! [link] [comments] |
| Is it creepy/annoying if I or my agent ask owner if they'll sell their house? Posted: When I first started my house hunting journey last November, there was this house that came on the market. I went to see it and I really liked it. It was listed higher than others in its area and at the time the market was just lukewarm. I almost made an offer, but my realtor said the seller is not accepting offers that are not close to the listing price, and will take the house off market soon so they can spend their holiday season in peace. They said they'll put the house after the new year. At the time I thought I'd find something I like at a price I like, so I passed, and the house was taken off market. Fast forward to now, I misjudged the market, missed out on a few houses I really liked. Everything's selling within a couple days. I looked up county record and it seems like the house has not changed hands yet. The seller herself is a realtor and has an instagram page where she posted her house for sale when it came on the market. It's still on her instagram page. Should I slide into her DM and ask her if I can buy her house? Or should I ask my realtor to reach out to her realtor (yes she had a listing agent even though she's a realtor herself)? Is this annoying and creepy? Maybe I should chill and wait for it to come on the market (I'm really worried that the market will explode once school year ends because it's in a really good school district)? I intend to put an offer above what the house was listed last year. [link] [comments] |
| California Structural Modification disclosure question.... Posted: I removed a 2' span of wall in my kitchen (actually just half way down) to open it up. It is not a load bearing wall, so I did not get a permit. Do I need to disclosure this an unpermitted structural modification when I go to sell? [link] [comments] |
| Question from a college student for future planning Posted: I couldn't find a better sub to ask this, so here goes nothing. I am an engineering student graduating in about two years, and I will be moving from a HCOL location to Texas for work. I expect to be making within the range of $95,000-$110,000 (or higher pending grad school). I am poking around on Zillow in the cities I could potentially end up in (Waco, Padre, Dallas, Austin) and the homes I am interested in are around $1MM-$1.5MM. I want to know how I can prepare to make this purchase, as soon as possible, post grad? Is my salary range reasonable for attaining a mortgage of this size? Can I get data points on down payments for this range of real-estate? I have about seven credit cards as of now, and one auto loan, and I prioritize my credit greatly (FICO of 755 currently). I do not want to come off as too dreamer-ish, I just would like to get a realistic opinion on the feasibility of my 5 year plan. I have my reasons for the kind and size of home + lot size, I wont waste your time there. This is where I am at and I would appreciate your wealth of knowledge. I am anxious and excited to buy my first home and I am in the early planning stages currently, so all info + data points are appreciated. [link] [comments] |
| Posted: So my wife and I are getting ready to purchase an estate home built in '55 and we're planning to pay $175,000-$180,000 and then put about another $120K to $150K in renovations. We're under the impression this home has not had much in the way of updates since it was built plus it's been vacant for close to 2 years, though one of the heirs lived next door to this house the entire time. Building, on the other hand, is looking like ~$50K for a lot worth buying, plus around $400K (so $450K all-in). This is based on the back of the napkin estimate my brother in law did, and he builds homes for a living. We still need to walk through this property- but is buying to renovate the way to go given the costs of materials? Or do we pay the extra $100-$150K to build? [link] [comments] |
| Builder's Risk vs Homeowner's Insurance Posted: Sorry if this is not the right forum for this... appreciate any suggestions. We're adding onto our house and building a detached garage. It's an expensive, but not altogether massive project. Adding a bedroom/bath and then a good sized detached garage. As most of the work is occurring outside the existing living area, we're living in the house during the work. The builder asks that we have Builder's Risk insurance. However I've now spoke with 4 different insurance agents and have gotten the same answer repeatedly, which is that if we're living in the home during renovation, our Homeowner's insurance policy will provide the needed coverage for construction. Of course, we'll have to increase the coverage on the homeowner's to include the increased value of the dwelling and the new separate structure / garage. The builder seems uneasy about this... what do others think? When I google it all I find is insurance companies spewing info about builder's risk insurance. [link] [comments] |
| Posted: Northern New Jersey - There was no rest for real-estate professionals in March of 2020. The national pandemic came in, while the real estate industry heated up. In fact if you claim to work in real estate and did not have to re-tool your entire life over the last year, you have been asleep at the wheel. Here we are a year later still a hot market for both refinance as well as purchases. The problem rising rates as well as low inventory. So what's next for the spring and summer of 2021, we will have to find out. I did read this article today, which sparked me to write my first reddit entry! https://www.housingwire.com/articles/the-ugly-side-of-housing-low-inventory/ [link] [comments] |
| Closing Delay due to high lumber cost bid for Homestyle Loan Posted: Going through a homestyle loan for the purchase + reno of a property. Unfortunately the closing had to be delayed 2 weeks originally due to a delay in the architect plans and now the closing may have to be delayed another 2 to 3 weeks since our contractor stated that he cannot sign off on a final bid without having an accurate lumber quote due to the extremely high cost of lumber right now. For closing the mortgage company needs the final bid to include with the loan amount. Anyone have any experience with a closing delay of multiple weeks due to the contractor bids for a Homestyle Loan? I don't think the delay would be enough for the sellers to kill the deal but I could be wrong. It would be difficult for them to find another buyer, sell and close (unless cash) within a shorter timeframe. [link] [comments] |
| Mortgage broker, high origination fee Posted: Greetings. Wanting to refinance 2nd home and after speaking with my current lender on their offer to refinance, thought I would check other options. It was suggested to seek out a broker., which I did. broker did not find anything better rate wise and had a 1.5 % higher loan origination at 2.5%. I was not expecting this, but guessing it maybe normal for a broker? Closing costs were over 7,000k as a result and other loan costs, both negotiable and non-negotiable were higher in all categories. Are these costs and fees in line with using a broker? [link] [comments] |
| New Construction Appraised $50k low based on listing change? Posted: We just got our appraisal back and the sq footage of the house dropped 10% from 2000 to 1800. Based on the appraisal report, this has a big impact on the appraised price. The MLS listing online actually is updated now with 1800. We saved the OG listing with the 2000 sq ft. Some of the comps they used were houses OUR builder sold in the last 6mo - the houses are nearly identical and in neighboring town only 5miles away. One sold in sept one sold in jan. The sept one sold for 375, and the Jan one sold for 405 (100 sqft larger, with larger lot). I understand lumber costs and the market is still hot, but here's my thoughts: 1) Sold price & OG listing sq ft -> $425k / 2030sqft = $209/sqft 2) Comp sold in Jan built by builder (slightly larger, larger lot) -> $405k / 1950sqft = $208/sqft As you can see, at the time, I thought our price was fair. 3) appraised price & updated correct sq ft -> $375k / 1800sqft = $208/sqft 4) sale price & updated correct sq ft -> $425k / 1800sqft = $237/sqft I know price per sq foot isn't everything, but when thinking about resell in 5-7 years, this 50k appraisal difference will surely bite me. Our builder used the 209/sqft as a selling point claiming this is fair for new builds in the area. I did my research and I was comfortable with that at the time. However if it was listed at 1800sq ft which would shoot up the price per to 237/sqft - maybe I would not have been ok with that. Yes I still am happy with the house, but the appraisal means something for future resell. This isn't my forever home and I do not want to shell out extra cash. They want a new appraisal but isn't the same issues going to arise? They used the builders recent sales as comps. Another note. The seller listed the home for 365 in sept, then upped it to 380 in oct. 405 in November. [link] [comments] |
| Posted: I've been doing research on property sales and was hoping to find some help here. Would much rather meet someone in person but this works too. I ended up on an appraiser's page and notice a listing that shows parcel ID, address,sale date, sale price, sale qual, reason, prop use, tax district, and tax district. Not sure what most of that means. What confused me was the sale price for a property shows $100 dollars and after checking the property it shows it on a real estate website listed for $261k. I'm assuming on the realtor page it shows off market in the corner so it must be sold already? Thank you for taking the time to read this. All of this is new to me and i really want to learn everything i can. [link] [comments] |
| If i rented April 2nd of last year, am I able to move out on the day the contract started? Posted: Hi everyone, I rented a place on April 2nd last year. The apartment complex told me I have today to move out and they will conduct a walkthrough. However, I am confused since it does not state on the contract this as my move out date. I was under the assumption that I have until April 2nd. Can someone explain this to me? I would have been fine to leave, but they will not call or even answer the new apartment complex so I was not able to move in when I wanted to. Can someone help? [link] [comments] |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment