Real Estate: Crazy. Listed our house house 3 hours ago. 20 showings already confirmed. I think 3 already happened. |
- Crazy. Listed our house house 3 hours ago. 20 showings already confirmed. I think 3 already happened.
- Whats the risk of 3 or 5% down?
- Buying a house with long term SO - I’ve read all the reasons not to do this, now help me understand what the ‘fair’ alternative is
- Misunderstanding with buyer terms.
- Why doesn’t anyone bring up adjustable rate mortgages when discussing 2008/the bubble?
- Bay Area Condo vs renting
- Were There Bidding Wars/Waived Inspections/Etc During the Run-up to 2008?
- So Stressed- my high offers are still no competition...
- Anyone with experience at Mattamy Homes Design Center?
- Florida Real Estate
- Tips and Tricks to Secure an Offer!
- If you had a smart condominium, instead of a smart home, what features/apps would you create to solve specific inconveniences of living in a condo?
- Refi with loan depot
- Should I [buyer in escrow] sign the Seller's Disclosure even though I know it's wrong?
- What can we do to make our offer as competitive as possible if we don't waive appraisal?
- Bought home from Zillow (in TX) - Someone didn't pay property taxes I owed
- Any watchouts for modern townhomes like this?
- Pre-approval after selling
- Question on Lot location
- Certificate of Occupancy (or lack thereof in rural area) Question - DFW area in TX
- Dumb question about appraisals - first time homebuyer here
- Sell now or later
- Problematic tenant question
- First time home buyer - should we wait until the market calms down to buy?
| Posted: 28 Apr 2021 05:29 PM PDT |
| Whats the risk of 3 or 5% down? Posted: 29 Apr 2021 06:51 AM PDT I've seen a few postings here where buyers mention avoiding PMI and only putting 3-5% down (conventional). Beyond having more equity and lower payments with a higher downpayment, is there any other reason this is frowned upon? Sorry for the newb question but as someone looking at a 5% down loan, I don't want to miss anything. [link] [comments] |
| Posted: 29 Apr 2021 06:17 AM PDT My SO and I have been together for 4 years, living together for about 2. He is also 4 years older than me and is suddenly in a much better position than me to finally buy a house. I've read the posts about why buying with an unmarried SO is bad, but can someone help me understand the benefit to being the non-purchasing SO? I feel unsettled with the idea of paying for half of the mortgage but not getting any of the equity appreciation if he were to sell. I'm worried about this bringing resentment into the relationship, and I'm just not sure how to feel like it's a win-win. To get a little more specific, my SO is looking at a property that has a main 3bed/2bath house plus a separate entrance to a 1/1 and an additional stand alone 1/1 in the back. The price is steep $750kish but he can easily afford the down payment on his own, and he's under the impression renting out the other units would cover the mortgage every month. So I can see one benefit obviously is that I'd be living rent free - if this were to play out. But I'm not sure if I'd be excited about being responsible for paying $1700 or whatever a month as my half of the mortgage if for whatever reason the units are empty. But I also would feel weird if he was paying that himself? Maybe we need some kind of base rent for me to pay if the units are empty and he'd have to cover the rest? Idk. Any and all help welcome. [link] [comments] |
| Misunderstanding with buyer terms. Posted: 29 Apr 2021 06:12 AM PDT My wife and I listed our house for 699,000, we got an offer within a couple of days for 715k and we accepted. We had our attorney write up the contract stating the buyers will pay the 715k regardless of appraisal. The buyers won't sign because they do not like the terms of the contract and said they can only afford to pay the 715k if it appraises enough. These terms were not presented to us thoroughly enough and there was some miscommunication on both parties. The good news is neither party has signed a purchase contract, the bad news is the buyers are devastated and actually sold there current house already and are counting on this deal to go through. the buyers sent their lender appraiser before contract signing to see if the numbers will even be close, and we are currently waiting on the report. I feel really bad about this whole mix up, but had the terms been explained to us accurately we would have kept their offer in consideration and kept showing the house for another week at least to see what other offers we receive. Just looking for some advice/ thoughts. [link] [comments] |
| Why doesn’t anyone bring up adjustable rate mortgages when discussing 2008/the bubble? Posted: 28 Apr 2021 11:08 PM PDT Just wondering but I don't see it discussed much. It's my understanding they don't do them anymore but that was a big part of the bubble wasn't it? We keep saying "unqualified buyers" but people were getting loans, maybe barely scraping by, and then the payment would jump up and they'd lose the house. Can someone compare that aspect to today? To me it seems less like a bubble now without adjustable rate mortgages Edit: Thank you all for the information, I learn a lot here! For some reason I remembered them as only shooting up/ paying only interest [link] [comments] |
| Posted: 29 Apr 2021 05:51 AM PDT Looking to either buy a condo in the east bay (Emeryville) or rent a nicer apartment. 1 bedroom Condos I've been looking at is listing between $450k to $500k but I've been outbid by buying a paying at least $20,000 over listing. HOA is in the mid to high $450-$500. Income = $150k-$190k depending on overtime Down payment = 20-30% No debts All the offers I put in are being beat by offers way over asking. Wondering if it's even worth to buy now considering I'm finding comparable apartments for $2,000/month [link] [comments] |
| Were There Bidding Wars/Waived Inspections/Etc During the Run-up to 2008? Posted: 28 Apr 2021 11:39 AM PDT Hi all, Curious to get some insight from people who were active in real estate (agent, bank, buying, selling, whatever) in the early/mid aughts. I was in college at the time and it wasn't really on my radar, so it's interesting to hear from people who experienced it. My question - back when the market was extra hot leading up to 2008, were the things we're seeing now like intense bidding wars and waiving of inspections commonplace? Did homes typically go for tens or hundreds of thousands of dollars over list? Are there any new phenomenons you're seeing this time around (covering appraisal gap?) Thanks! [link] [comments] |
| So Stressed- my high offers are still no competition... Posted: 29 Apr 2021 09:43 AM PDT We have even started to look at 2 bedroom 1 bathroom houses because we really want to get out of the apartment living situation and have a house for our baby. Even with offering asking and higher on THOSE houses people are still going insanely high on them. I know, I know... in the long run, they really are screwing themselves and we def cant and wont compete with that insanity. It is just so discouraging. Its all of these out of state people. Sorry, just venting. [link] [comments] |
| Anyone with experience at Mattamy Homes Design Center? Posted: 29 Apr 2021 09:22 AM PDT Significant other and myself are going to Mattamy design center on Monday. Our plan is to spend money on floors, cabinets, seamless shower, and oversize kitchen sink. Do ceiling fans, lighting, and faucets, later. I would love to hear about your experiences [link] [comments] |
| Posted: 29 Apr 2021 09:04 AM PDT Hi, I am in one of the several states that shares reciprocity with Florida. Does anyone have a source for a preferably free, state portion exam study guide? Thanks [link] [comments] |
| Tips and Tricks to Secure an Offer! Posted: 28 Apr 2021 05:35 PM PDT Don't have an extra 100k under your mattress for a bidding war? No problem! First time home buyer here, finally had an offer accepted and is going smooth so far. Here are my tips and tricks to increase your chances in today's market.
[link] [comments] |
| Posted: 29 Apr 2021 08:46 AM PDT |
| Posted: 29 Apr 2021 08:46 AM PDT Been in the process of refi for over 4 months now. The company offered a lower price per month right off the bat, that has changed and gone back up to almost exactly what I'm currently paying...they offered to wave the appraisal, they now are requiring one and can't offer a reason why but there is apparently no wiggle room here...they told me all fees involved could be rolled into the loan at closing and will come with credits as well to help offset some of the fees as well...I'm not seeing anything here either...I have the closing statements written up with them but I now don't feel comfortable following through because there are so many promises along the way that weren't met even close to my expectations...the agent working with me has dodged my calls, called me back while I'm at work when I told him my schedule in voicemail and management is coming at this saying it has to be finished may 4th the latest...I want out of this and I am not looking to pay a dime due to these guys dicking me around for 4 months! What are my options here guys? [link] [comments] |
| Should I [buyer in escrow] sign the Seller's Disclosure even though I know it's wrong? Posted: 29 Apr 2021 08:46 AM PDT The seller's disclosure showed the house as having essentially no issues. The seller is a developer who flips homes. But our inspection report showed roof issues, foundation issues and a backed up/corroded sewer line. We're working out what the repairs would be to have them fix or credit it, but in the meanwhile I'm being asked by my buyer's agent and our escrow agent to sign the seller's disclosure. What should I do? [link] [comments] |
| What can we do to make our offer as competitive as possible if we don't waive appraisal? Posted: 29 Apr 2021 08:23 AM PDT Is there any chance of getting a house in this market without waiving appraisal? What can we do to be as competitive as possible otherwise? [link] [comments] |
| Bought home from Zillow (in TX) - Someone didn't pay property taxes I owed Posted: 29 Apr 2021 07:51 AM PDT I bought a home early November of last year. I'm not living in the home. I bought it intending to move, but had some personal situations come up where moving became a low priority for me, so I decided to rent it out for a year or so and then move into it once the current lease ends. I put 20% down but still opted for escrow so that I don't have to worry about it. Here's where it gets interesting. I got a letter in the mail from my county that I'm being penalized because my property taxes haven't been paid for 2020. I'm VERY confused by this. I opted for an escrow account, and my mortgage statements reflect this. I closed, and my first payment wasn't due until January first, so my prepaids included tax, principal and interest for most of November and December. I see that it was very close to the amount the county is claiming I owe ($2500) before penalties (which are adding up over time as this fails to resolve). When I called the mortgage company I went through and my loan officer he told me the title company was suppose to pay that first year of property taxes, which sounds right to me given how late in the year I bought, and the loan's first payment not being until January of 2021. When I call the title company (which Zillow picked), they basically give me the run around and I'm having no luck figuring out what happened. I feel like they know someone dropped the ball, and are just hoping I'll pay the $2650 and leave them alone. My questions are: Has anyone experienced anything like this? I've bought 5 houses in my life and never had this issue. Seeing as how this penalty is building up in MY NAME should I just pay it, and try to resolve this with the title company by threatening them with legal action? Hiring a lawyer is almost as expensive as the fees I owe. In this situation would it be likely that they also have to pay my legal fees? I don't like the idea that they just took my $2500 and didn't do what they were suppose to do with it. I have the cash to pay the county, but my concern is that I'm at a disadvantage here. I'm the one on the hook, not the title company. They did me wrong and my money that I paid them (cleared via wire) which is well documented (giant ass closing document) is lost in accounting somewhere. Nobody can give me answers and I'm about a month into dealing with this now with fees accruing. What would you all recommend I do here? [link] [comments] |
| Any watchouts for modern townhomes like this? Posted: 29 Apr 2021 07:25 AM PDT Been looking at townhouses in Jamaica plain and this one is brand new, beautiful, and spacious compared to other condos at this price in the area. I've seen these kinds of developments pop up, has anyone owned anything like that? [link] [comments] |
| Posted: 29 Apr 2021 07:19 AM PDT Sold my house, closing is actually today. We are wanting to start looking for a new house to buy but my question is, do I need to wait a month for the mortgage to come off my credit report? If we try to get pre-approved this week, will it show that I still have that mortgage and be denied? Is there a way to let lenders know this house has been sold and will not be part of my debt by the time we buy a new one? [link] [comments] |
| Posted: 29 Apr 2021 07:08 AM PDT Hey y'all, I'm in the process of building my first home and I have to choose a Lot. I am wondering, when looking into the future to sell, would I be better off buying a more expensive corner lot now or saving some of my money and getting a cheaper lot. Thanks in advance! [link] [comments] |
| Certificate of Occupancy (or lack thereof in rural area) Question - DFW area in TX Posted: 29 Apr 2021 07:03 AM PDT Hello, I have a question I'm hoping someone on the lending side could help clear up. My wife and I are nearing the end of a new build and our lender is looking for a Certificate of Occupancy, TOC, or Municipal Inspection Report for underwriting. The problem is that the county where we are building does not do any of these. We are building out in the country and there is absolutely nobody that provides this. The builder has advised that they get a 2-10 Report that should suffice here and is what they use to validate our 10 year warranty. Is this acceptable to a lender? I have this question out to my lender already, but I'm inquiring to see if any of you have ran into this. The builder has 10 other houses they have already built and closed on on our same street so other lenders have had to use this to get around CO/TOC. We've been waiting a year for this to finish with more delays than I can even remember. It's the culmination of 20 years of work to build this house so this coming up as a problem close to the end is making me very nervous. Close date is currently scheduled for next week though will likely be pushed out a few days as things get wrapped up. Is there an inspector that I could hire to produce a report similar or resembling a CO? Literally anything that I can do I am willing to pay for to get over the finish line. Any insight any of you all can offer would be greatly appreciated. [link] [comments] |
| Dumb question about appraisals - first time homebuyer here Posted: 29 Apr 2021 06:54 AM PDT My wife and I have been looking at houses for a few months now, and are caught in a city (Ottawa, Canada) with crazy bidding wars. It's common that houses go for 100k+ over asking with no inspection. We are crossing the river and buying in Quebec though, where the prices are a LOT better although houses still go up 50k-70k over asking sometimes (if the house is nice). My question is: how to appraisals work in this bonkers market? For example, we are looking at a house this afternoon that's listed for 299k (an unheard of price where we are). If we decide to bid on it, and we bid something like 375k, what happens then? Would the appraisal ever come back AT 299k? We would then have to cover 75k in cash? Does the appraisal take into consideration the houses in the area? I may just be misunderstanding how appraisals work, so please educate me... Thank you! [link] [comments] |
| Posted: 29 Apr 2021 06:34 AM PDT I'm building a home and it won't be done until January. Should I sell this Summer to take advantage of everyone trying to get into a home before school starts and just rent? Or should I just sell once my new home is finished? My realtor says we'd likely get more offers during the summer but we could risk losing out on more money if home prices increase this winter. [link] [comments] |
| Posted: 29 Apr 2021 06:16 AM PDT I had a question, maybe there's something you can help me with handling (or point me to the right direction). I have a pregnant tenant with 2 small kids who moved in on Apr 1st, and she's been complaining about some ants and mice in the apartment. I've reacted to those claims immediately, called out exterminators twice, bought her mouse traps (that she didn't use), etc. She still complained about the condition of the apartment so I offered her to terminate the lease earlier, so she can move out by May 1st, but she agrees to waive the security deposit. I also mentioned that given she fails to vacate the premises, her lease will become a month-to-month lease with the rent amount of 140% of the original rent. She's been on my nerves for the past couple of weeks saying that I need to pay her security deposit back partially (e.g. "The apartment is unsafe/ unhabitable which is not safe for anyone to live at. As you may know mice infestation is a potential health issue for any human being especially small children.") Yesterday she emailed me the following: "This email is to notify you that I will not be able to move out by May 1. I got admitted to the hospital for emergency c section due to stress I've been having while living in the unit. I have proof Im in the hospital if you can give me extra time to vacant the unit i would appreciated that but if not you will have to wait upon my release and as of right now im not sure when that will be." She's clearly accusing me of her medical emergencies, and I want to make sure I am protected from any liabilities if she decides to sue me for anything. So my questions are: 1. How would you recommend handling this? Should I stick to the agreement of the early termination or should I offer her some new temporary agreement? I could offer her an early termination, but delayed by a couple of weeks, and she can stay on the old terms in the meantime. 2. I don't want to be a dick, but should I proceed with the eviction notice if she decides not to pay on the 1st (she was supposed to be out by Saturday, so I assume she already have a new place she paid for, I don't think she's in position to pay me 140% of the rent for a full month too) 3. Is there anything I can do preemptively to avoid any possible legal issues on my side? Thank you, gyus [link] [comments] |
| First time home buyer - should we wait until the market calms down to buy? Posted: 29 Apr 2021 06:13 AM PDT We are almost at our estimated 20% savings goal for a home. This might be a dumb comparison but does the housing market compare to stocks? As in I wouldn't buy a stock when it was at its most expensive so should I buy a house while the rate is very high? Or should I wait for the drop? If I buy while the prices are high and then they drop does that give me negative equity sort of like being upside down on a car loan? We live in Knoxville, TN. [link] [comments] |
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