Real Estate: Here is a handy resource to track interest rates day by day |
- Here is a handy resource to track interest rates day by day
- Rental Property Entry for Showings Without Masks - It’s a pandemic, y’all
- Bedrooms are in the basement. Not bad? Or stay away?
- wsj: foreign investment spiked during covid + sounds like it’s going to continue (govt/insurance)
- New Jersey - First Time Buyer Struggles
- Thank you gift for agent?
- NY State - Closing Cost Clarification Needed
- Best strategy to sell a tenant-occupied property
- [FL] - I went with a VA buyer - how's this appraisal thing work?
- Landed a new job a few weeks before closing—what do I do?
- Seller requesting appraisal - are there any negatives to providing this?
- Landlord has not been available for almost a month and a half to receive notice of intent to vacate. What can I do now?
- Comparing your rejected offers to the winning offer.
- Florida Home insurance coverage (HO-3) on a rise.
- What happens if home prices crash before closing?
- How early should we find a realtor when selling?
- Getting higher appraisal with 2 mortgage applications?
- How often does a chosen offer fall through?
- Thinking of purchasing a foreclosure for the first time and have some questions (NJ)
- Vacant Storefronts Proliferate in NYC, And It’s No Easier To Identify Owners
- Sell home or build new duplex on site
- [California] Is seller required to disclose mold/water damage before accepting offers?
- Just locked in 3.18% for a cash-out refi
- Legal question regarding MLS access
| Here is a handy resource to track interest rates day by day Posted: 14 Apr 2021 07:24 AM PDT I thought linking to outside sources was not allowed on this sub, but I've seen like 10 posts doing it the last week. This website tracks the daily change in interest rates. May be helpful for those wanting to compare their rate to the average. [link] [comments] |
| Rental Property Entry for Showings Without Masks - It’s a pandemic, y’all Posted: 14 Apr 2021 08:55 AM PDT We are currently renting a SFH from a rental company. We are not renewing our lease, have two months left on the lease, and the homeowner has decided to list the house for sale. All completely reasonable. We requested from our landlord that we have 24hr notice prior to entry for showings. They declined, and offered us 1 hour notice as "reasonable." We reviewed our lease, which stipulates "reasonable notice" within "reasonable business hours" for "reasonable causes", of which showing the house for sale is listed as one. We checked our state regulations for landlord-tenant notice of entry laws, which states specifically that there is no timeframe for notice of entry in this state. So we didn't throw a fit about it. Accepted the one hour policy without a fuss since we signed the lease and have no ground to stand on if we wanted to fight it. We requested via email from our landlord that agents, clients, contractors, photographers, or any other people not currently on the lease be required to wear masks for entry into the property with our right to refuse them entry if they refuse to wear a mask. The landlord responded via email, "Agents and clients will be required to wear mask while in the home and we do ask if anyone is sick to reschedule the showing. You an limit touch by having all doors open and lights on when agents do come to show." Great. They listed the house for sale this morning. We had 4 showings instantly scheduled between 8:00-11:00am, some with as little as 45 minutes notice. We didn't push back because we were able to accommodate, even though that's technically less than the hour they gave us. We're trying not to put up too much resistance to the process, and it wasn't a hill we were willing to die on. We want this house under contract as soon as possible so the showings stop. However, a hill we're a little more willing to die on, 3 of the 4 agent-client groups showed up today without masks. My husband works from home, and is always there during business hours. Despite that, the landlord installed a lock box, and agents have been letting themselves in at their scheduled times without knocking and without masks. He comes out of his home office and finds people, unmasked, in the house we still currently live and work in. I called the landlord company. Explained that we requested masks be required, and they authorized it in writing. Front desk woman on the phone responded, "Well, we don't really have control over the buyers agents and clients. About the most we can do is ask the listing agent to update the listing requesting that all showers have masks." They said they didn't have the power to control anything else, and there wasn't much we could do about it either. I told my husband to hang a sign that says no entrance permitted without masks. I'm going to request the listing agent supply a box of masks and hand sanitizer to keep on the porch with the lock box. We are trying to be as reasonable as possible, because like I said, we want this house off the market as soon as possible to limit the inconvenience. I really do NOT want 12+ people without masks in my house every day for the next however long. There are people in my family with high risk medical conditions. This is absolutely not "reasonable" entry in 2021 in a pandemic. Do I have any legal recourse here? Is there anything I can do? Or do we just tolerate this? To be clear, I don't care about anyone's personal opinions about masks and the pandemic. Whether or not it's real or masks work is not the issue here. Please don't turn this into a medicopolitical discourse. I just want to know if I can legally keep people out of my rental property under these conditions. Thanks. Edit: Our lease was drafted pre-pandemic, so there is no mention of COVID anywhere within the documentation. [link] [comments] |
| Bedrooms are in the basement. Not bad? Or stay away? Posted: 14 Apr 2021 06:42 AM PDT Hey so I'm in halifax nova scotia. The housing market here is insane. 2019 to 2020 saw a 24% increase in cost and its not slowing down. I'm a first time home buyer, in my mid twenties. So really I can't afford something really nice. I can afford semi detached houses though but almost all of them have the bedrooms in the basement with the kitchen and living room on the main floor. I plan on holding for 5 years then selling to upgrade. Whats the data suggesting for appreciation on basement bedroom homes? [link] [comments] |
| wsj: foreign investment spiked during covid + sounds like it’s going to continue (govt/insurance) Posted: 14 Apr 2021 08:25 AM PDT my apologies if there's a paywall but one thing that struck me is lennar homes — the builder — is taking foreign investment to buy and build single family residences in the usa yes, it's asians but it's also canadians, germans, middle easterners, mexicans — it's governments and pension funds from all over the world [link] [comments] |
| New Jersey - First Time Buyer Struggles Posted: 14 Apr 2021 09:01 AM PDT Does anybody else track what % over asking houses are actually selling for? I have out in multiple offers (all over asking) and don't even know if I'm close. My most recent offer was 25k over asking on a house listed for $500k and I was told I was the fifth highest offer out of 16 offers received. What % over asking is it going to take to finally be able to buy a freaking house! [link] [comments] |
| Posted: 14 Apr 2021 06:52 AM PDT In this insane market, a good agent seems to be the key. Our agent went above what we expected, after two failed offers he really took things to the next level, and offered a lot more advice and planning on how to maximize our unique financing situation. At first we were very set on 5-10% down payment, our loan is unique as under $750 we don't have to put a downpayment, $750-1.5 we only have to put down 5%, all with no PMI. Still we really felt like we had to put a downpayment. Under his advice we reconsidered the downpayment levels and realized we could better leverage our cash on hand towards an appraisal gap. Then our agent worked hard to get us an opportunity to buy a new construction from the same semi custom builder of our first lost offer, before it went to the bidding wars. He spent a lot of time greasing wheels and making sure we were in the right position to swoop in and secure the home we really want, and we did! Now... what are appropriate gifts? We have several major milestone celebrations this early summer, as such we're planning on buying a case of Dom Perignon. Would a bottle be appropriate? It's not that expensive, but we feel it's a nice token of appreciation. [link] [comments] |
| NY State - Closing Cost Clarification Needed Posted: 14 Apr 2021 07:28 AM PDT I found the perfect home that is 25k under my limit and would qualify easily for my loan type. I'm running into the issue of closing costs. I'm a first time home buyer and will be most likely rolling in closing costs into my loan. My realtor is convinced this will absolutely ruin any chance of my offer getting picked but won't explain why. In my mind if we offer 130k, the owner will get 130k but my loan will be for 130k + 6k (closing costs). Can anyone clarify this for me? Thanks for the help! [link] [comments] |
| Best strategy to sell a tenant-occupied property Posted: 14 Apr 2021 09:37 AM PDT Tenants are moving out and I've decided to sell our 1BR condo. They've provided an estimated move-out date as they're waiting for a newly built house to finish, but they have to give me 60 days minimum notice. With a couple months to prepare, what things do I need to consider when I list this property? Should I list it before they move out? Assuming I'll have the property staged (virtual or actual), how does an agent market the property that's still occupied? Is it easier to wait until it's vacated? Should I have the agent assess how much renovation is needed? I was going to have it painted and replace the bedroom carpet. For added context, the property is an hour drive away so it makes it inconvenient to travel back and forth all the time. I'm a bit clueless on the best strategy as I'm completely new to this. [link] [comments] |
| [FL] - I went with a VA buyer - how's this appraisal thing work? Posted: 14 Apr 2021 05:36 AM PDT My house is listed 8% more than I got it for in November. Before you all cringe and tell me to rent it out, the margin is razor thin after flood insurance and I have a healthy portfolio. I want out of this one. It's been on the market 6 total days. I get offers almost every single person that comes for a showing. First offer took on the first day. Cash, 10k over asking. They didn't inspect until the 10th day and then pulled the offer. Second offer, cash at list, but wanted a lot of weird concessions. I had a lot of contingent on selling offers and one that offered 25k over with a contingency again ignored these. I finally accepted a 5k over VA-buyer. They want it to live in, pre approved by VA and they are local. No speculative investor offers. Their inspection period is now over. Inspection went well. House appraised for 327k in November but is listed at 350k and they offered 355k. What happens if the VA-Appraisal doesn't hit 355k - will they just not get their financing and I'm fucked have to start over? My main concern is that the house may not sell for list once it doesn't have all of our beautiful furniture and decoration. It was incredibly charming the way we had it. Plus I want it gone before the summer hurricane season here. [link] [comments] |
| Landed a new job a few weeks before closing—what do I do? Posted: 14 Apr 2021 05:24 AM PDT I landed a new job just before my husband and I close on our first home. It's in the same industry and a nice pay increase. Now I'm waffling about how to handle the transition. People I've talked to have advised me to continue employment through closing, and then quit without notice. They've advised this bc if I tell my company, there's a chance they won't let me have my two weeks and end my employment immediately. Week 1 - current job Week 2 - current job Week 3 - close on house on a Monday and then quit / week off to facilitate repairs (sewer replacement, mold fogging) Week 4 - begin new role I feel terrible about the idea of not giving notice, especially being a small company. On their end, the company hasn't treated me very well. I want to leave with integrity, but I also don't want to risk my mortgage. What do I do?? [link] [comments] |
| Seller requesting appraisal - are there any negatives to providing this? Posted: 14 Apr 2021 09:01 AM PDT I bought my first home, we closed last week. My agent just reached out and said the seller is now requesting a copy of my appraisal. I know I legally do not have to provide this, but was just wondering why he would want this after the sale is done. I know he is has flipped a few houses in the neighborhood, so could he just be wondering if he priced it right for future homes? Are there any reasons I should or should not provide this? If it matters, the appraisal was exactly what I ended up getting the home for. [link] [comments] |
| Posted: 14 Apr 2021 08:54 AM PDT I started closing on my house that I am buying. As soon as I got word that i will be getting approved for the mortgage, I started reaching out to my landlord to ask for their process of notice of intent to vacate. I haven't been able to get a hold of them at all. When I call them, it goes straight to a voicemail box and my 5 prior calls have not been returned. Their office hours are 0930-1730. When I get off at 1600, I try to bolt straight to them to catch them before they leave, but the door is closed and locked and no one answers when I knock. I'm running out of steam of trying to work with them but my lease says I'm required to give 60 day notice or they could have me pay the remainder of my rent that i owe. But if i give them 60 days notice then i only have to pay the buy out fee. I've been trying for so long but I'm afraid if I finally do get a hold of them when I'm about to leave, they will require the full leases rent. Help??? Also i will add that i did also try to reach out to the parent company with no avail. They also have a garbage phone system that doesn't allow you to talk to anyone. Just leave a voice mail [link] [comments] |
| Comparing your rejected offers to the winning offer. Posted: 14 Apr 2021 12:41 AM PDT Like many of you I have been crushed by losing to other offers for a while now. Although my realtor keeps telling me my offers are competitive I would really like more details to see where my offers are lacking. I see others here are getting great feedback on their offers but I am not seeing this. Is this just something my realtor is simply not good at? Any advice on how to get more feedback on how my offers are stacking up? Im looking to buy in the Central Valley California. [link] [comments] |
| Florida Home insurance coverage (HO-3) on a rise. Posted: 14 Apr 2021 07:48 AM PDT I live in Tampabay area and never seen such a huge spike in my home insurance on my primary residence in one year. I am not with Citizens and have no desire to got to them but options are pretty low now even if you had no history of any claims in the past. Have anyone received an increase on their HO-3 coverage ? If so, what percentage? [link] [comments] |
| What happens if home prices crash before closing? Posted: 14 Apr 2021 07:31 AM PDT I am on a waiting list to have a house built in Indiana. I haven't signed anything yet, but they suspect they will have us sign a contract in the next month or two, and estimate that closing will be in either December or January. If the market crashes before closing (And the house is worth like 50k less than the loan.), is there a good chance the lender will refuse to loan the money and I'll be out of the contract? I'm a bit worried that I'm going to sign the contract for a 300k house and then it drop significantly in value before I even move in. [link] [comments] |
| How early should we find a realtor when selling? Posted: 14 Apr 2021 07:09 AM PDT We're expecting to move soon-ish. No firm dates as it depends on when and where I find a job since I just graduated. It could be as soon as a few months from now but maybe it could be a year, depending on the situation. How early should we start looking for a realtor to sell our current house? I'd like to get ideas of what we should do to make our house more appealing and what things we shouldn't bother with. I'd like to work on those updates while I have the free time right now. That way we're ready to put it in the market ASAP. But I also don't want to waste people's time if it's just too soon. [link] [comments] |
| Getting higher appraisal with 2 mortgage applications? Posted: 14 Apr 2021 06:58 AM PDT Is it ok to have 2 banks simultaneously work on your mortgage application? I want to go with the one that appraises higher since their rates and fees are the same. Appraisals are only $500 so it is easy worth it. I waived appraisal contingency for a new home purchase and I am pretty sure the home will underappraise so I want as high of an appraisal as possible to minimize out of pocket cash. I think this is ok because you have until final closing to commit to one bank where you will have to sign something? [link] [comments] |
| How often does a chosen offer fall through? Posted: 14 Apr 2021 06:42 AM PDT Market: Chicago TL;DR A SFH was listed on MLA for only 2 hours before it went under contract. We still put in a contract as the "back up" offer and are being allowed to view the property the day after it was listed. This situation might be "normal" in the current market but I'm not sure and looking for other's experience with this type of thing. My partner and I have been like hawks looking at properties coming on the market using a tool our agent gave us access to which seems to be just reposting stuff from the MLA including private listings. The minute something comes up, we email them and they almost immediately try to get us in the view. Yesterday a SFH popped up that hit every single one of our checkboxes and we jumped on it. Within 15 minutes of its listing, our agent was already trying to get us scheduled for viewing that day. After 2 hours, she emailed us back and said, "You're not going to believe this but it's under contract already". After TWO HOURS listed?? So we put in an offer anyway site-unseen which we never thought we would do but we have not seen anything remotely close to hitting everything we wanted for the last 5 weeks. Our agent said that we would be the "backup offer" and she was still going to get us in to view the property the next day (we have a confirmed appointment now). My question is how often do the first offers fall through? Are we wasting our time at this point? And if anyone has any insight on how a property goes under contract like that so fast, that would be good to know too. Like isn't the seller kind of screwing themselves by not seeing multiple offers? They could be losing out on a better offer if they just let it stay on the market for a couple of days. [link] [comments] |
| Thinking of purchasing a foreclosure for the first time and have some questions (NJ) Posted: 14 Apr 2021 06:41 AM PDT Hello, My Fiance and I have sold our home this year and have been looking to purchase in the PA/NJ area. We happened to find a home in a desirable area (NJ) that has been foreclosed on and are looking to potentially purchase it. Having some experience in construction I don't mind a full renovation if necessary assuming we get it for the right price. However, I have never done anything like this and I had some questions that I was hoping someone with experience could help. Background Details: The property is REO/Bank/lender and is being sold as-is. The home was foreclosed on in 2019 and is currently listed in the 250-300k range (260K left on the mortgage). The comps in the area have gone for 400-500K so the price is pretty tempting as it is. The occupant (former owner since 1995) is ill/potentially housebound and 73 and has not been cooperative with letting people see the house (understandable as there has been a pandemic) so we would have to make an offer sight unseen. I believe this is why it is still on the market. We have been told by the real estate agent that an inspection is possible assuming we can set it up when the homeowner can be taken out of the house for the duration. It doesn't seem like a case of neglect as they have recently replaced the windows and put in a new heating system just two years ago. I was told that the lender believes the tenant is most likely willing to cooperate with the buyer or lender to vacate once the home is purchased but has not yet as they have not been pushing to get him out of there. Obviously, this cannot be guaranteed as the moratorium is not up until the end of June from my understanding. Obviously, this could be extended. We do have flexibility in terms of housing, money, and time. We were told we could make an offer that is contingent on the lender having the tenant vacate the property but I don't know how undesirable this looks to the seller and if they could accept a better offer in the meantime. We also know there was only one other offer but it seems to be off the table and probably a pretty huge low-ball offer based on the context of our conversation with the listing agent. Questions: What is my level of actual risk here? I feel like the worst-case scenario is the moratorium extends through the end of the year and they are not cooperative with leaving and we are stuck until then with a mortgage and no place to move in or way to ensure they aren't ruining the house. Is there anything I can do in that case? Considering the overall level of risk, what would be a fair offer for this home? I don't know if bank-owned properties are generally negotiable or not. Is an offer with closing contingent on the lender ensuring the home is vacant viable or reasonable? What are some questions I should be asking or information I should have before making an offer? Is there anything I should know about purchasing a tenant-occupied property, either legally or logistically? Is it typically difficult to push them out, or is it case by case purely? Do squatters' rights play any part in this? Is it common to have a "cash for keys" type deal with the tenant? If I have left anything out please let me know, I can try to answer any questions. I appreciate any help or suggestions here. We are coming off a good investment return on our last house and I don't want to make the wrong decision when investing. [link] [comments] |
| Vacant Storefronts Proliferate in NYC, And It’s No Easier To Identify Owners Posted: 14 Apr 2021 06:36 AM PDT New York to finally somewhat end anonymity with sketchy landlords: [link] [comments] |
| Sell home or build new duplex on site Posted: 14 Apr 2021 10:06 AM PDT Found myself in a unique situation gifted a home in central CA that is extremely old and not so desirable location. I would not like to live here but am considering long term investments. 1.) Sell home as is( probably easiest solution) 2.) Demo home and build duplex 3.) Considered buying premade duplex House has two extremely small bedroom no a/c furnace for heater , basement , old pipes huge trees on property. Have 130k disposable to help start process Has anyone here ever bought a pre-made duplex for the specific purpose to rent out? I'm thinking 1k min rent for renting a home on each side. [link] [comments] |
| [California] Is seller required to disclose mold/water damage before accepting offers? Posted: 14 Apr 2021 09:55 AM PDT I made an offer on a condo. Seller accepted my offer, which was way over asking price due to location and competition, but I retained all contingencies. Purchase agreement is signed. A day later, Seller then delivers SPQ and TDS, disclosing that a few months ago, there was a bathtub back-up causing damage to the property and that it was treated for mold damage. Seller states an insurance claim was filed but claims no documents exist regarding the condition of / repairs to the property. We begin our inspections while also pushing for more information, especially documents - how in the hell can you file an insurance claim but not have any documents, especially from just a few months ago? We conduct general inspection, termite inspection, chimney inspection, and mold inspection - 7 air samples taken, costing $1400 and comes back positive. Seller refuses to perform/cover invasive testing / proper remediation, but finally produces one invoice showing what work her contractor performed. She also reveals that water sat in vacant units for months before being extracted. We decide to walk since seller is being shady and did not properly disclose or remediate, and is now refusing to do so. I spent over $2k on inspections for a property that I would have spent $0 on had I known about the mold before making an offer. Was the seller required to disclose the water damage (or mold potential - let's assume she didn't perform any inspections to avoid having to disclose) before accepting offers? All I can find online is that disclosures are required before change of title, but that seems to invite uninformed offers and fraud in the inducement. The purchase agreement states disclosures are due 4 days after accepting our offer, but is there an exception for disclosing water damage / mold prior to accepting offer? Seller is an attorney and a bigwig at a major entertainment company. Considering all my options besides a stern letter or small claims. [link] [comments] |
| Just locked in 3.18% for a cash-out refi Posted: 14 Apr 2021 08:47 AM PDT Took out 52k, credit score are upper 700s across the board. Is that a good rate? Ive read multiple reports about rates increasing over the past 2 weeks.. [link] [comments] |
| Legal question regarding MLS access Posted: 14 Apr 2021 08:17 AM PDT Hello, my mother is a real estate agent therefor she has access to MLS, I am a software engineer and I was wondering if I am able to use some sort of MLS API. If I am being honest it is partially for me to analyze markets looking for sales, but I would certainly make it accessible to her. Not sure of the legal implications of this? I have been looking for a decent real estate data API but can't find anything that doesn't require me to be working for an RE company or broker or something...any thoughts? [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