Real Estate: Quite Calling It A Bubble. Time To Start Calling It What It Really Is. |
- Quite Calling It A Bubble. Time To Start Calling It What It Really Is.
- Lender Pulls Loan from Buyer THE DAY BEFORE CLOSING
- How to get a seller to accept your offer in this market?
- What comparisons to the 2008 financial crisis are actually about
- pricing people out of their communities
- Isn't it like the same thing when mortgage rates are high and home prices are low vs. mortgage rates are low and home prices are high?
- Surprise Nextdoor Success Story
- Confirming my priors: buyers who purchased a home near a highway thinking the noise wouldn’t bother you, were you right?
- Selling question (California)
- Is it pointless to try offering below asking price?
- Just got a remote job, Where Should I Live in New England?
- Refinance Rate Quote Question
- Minnesota Landlords
- My in-laws have offered to sell us their home w/o a mortgage company getting involved - is this possible?
- 2 Valley Builders Northern Colorado
- Wells Fargo loan servicing
- Mom wants to travel full time - can I "rent to own" and it still be her primary residence?
- Tips for Taking Rental Pictures
- As I wait to find out who my refinanced loan will be sold to (and/or serviced by), I got to thinking... how does a lender choose who to sell mortgages to?
- Selling a home on Long Island, need advice.
- Minor inspection issues but fear it indicates poorly built home
- Anything to look out for when purchasing a house with a geothermal system?
- Bid or Bluff
- Sellers just accepted my offer!
| Quite Calling It A Bubble. Time To Start Calling It What It Really Is. Posted: 15 Apr 2021 07:25 PM PDT (Sorry for the Misspell up there in the Title.)YOU ARE WITNESSING ASSET INFLATION people. The reason we are seeing skyrocketing prices is because Builders are not going to risk putting inventory on the ground with such volatile material pricing. A year ago I could get a sheet of OSB for $17. Now it is over $40 and could go to $60 by summer. There are shortages in every product category. If you can't get the material to finish a house at a certain stage of construction and the house just sits their the cost of the money will eat the builder alive all while materials keep sky rocketing. Not enough new houses translates to not enough houses for some one to move to. So Resales are not hitting the market at the correct pace to satisfy demand. It is a vicious cycle. Builders are not magically going to through a bunch of inventory into the system with such high inflation on material pricing. Material prices are inflating. Hence the assets are inflating. It is NOT A BUBBLE. It is the value of your dollar not buying as much as it did last year. Time for people to wake up. We just injected 40% of our total money supply into the economy. To offset the largest deflationary level of unemployment we have ever seen. Now, as jobs start to come back. the Deflationary reduction is beginning to happen and the real inflation in assets is starting to show it's ugly head. If you want to get wealthy you better get on the Asset Inflation game early. If you can find it, you better buy it. Tomorrows dollar is not going to buy todays asset. [link] [comments] |
| Lender Pulls Loan from Buyer THE DAY BEFORE CLOSING Posted: 16 Apr 2021 07:35 AM PDT What do we do now? Our buyers are blindsided. USAA is saying they will have a Conference call today. They are supposed to close in 2 hours. How can a lender issue a loan commitment and then pull the loan? What recourse do we have? We have movers scheduled. Our purchase is closing today. We cant get the Bridge Loan in place the same day! Update: Waiting. No answers. No one knows why? Not even the buyers. Or at least that's what we are hearing. Waiting for a Conference call between Buyer and USAA. [link] [comments] |
| How to get a seller to accept your offer in this market? Posted: 16 Apr 2021 05:49 AM PDT This is becoming frustrating. I keep offering 10-20 percent above asking with an escalation clause up to 30 percent above asking with a conventional loan, 20% down, waiving inspection and making offers immediately sight unseen but still keep getting beat out. My current home is pending and I'm starting to worry I won't be able to get a new home in time. What else can we do to make our offer more appealing? [link] [comments] |
| What comparisons to the 2008 financial crisis are actually about Posted: 16 Apr 2021 08:27 AM PDT Folks on this sub get super technical about the term "bubble," which — fine, but what's wrong imho is the rejection of a likely 2008 financial collapse repeat scenario, simply on the grounds of the inherited wisdom that NINA loans caused the collapse. I was in law school during the collapse and watched as experts and pundits traced the causes of the 2008 crash and tried to legislate fixes. Quite frankly, the causal role of NiNA loans was a right wing trope that was injected into the conversation by bank lobbyists opposed to stronger legislation. It's now received wisdom of any corner of the web dominated by chuds, like this one, who watch YouTube videos about the crash or learn about it from center-right pundits. Without poor people qualifying for homes they couldn't afford, the argument goes, Wall Street speculation would not have caused the collapse. The logic of this trope suggests that simply because this peak in real estate prices is not caused by giving those poor folks too much credit, there's almost no way the next big market correction can have the same size and depth of impact as 08 on home prices. That trope misses the point every time it's repeated on here. To me, the reason this market seems like 2008 is a half decade of lax regulation of Wall Street. As in 2008, we won't know who has been swimming naked until the tide recedes, but when it does, the moderate earners bidding hundreds of thousands over list who were urged to "change their mindset" on this sub about how to value and price homes will be unable to pay these enormous sums back to their banks. (I'm not directly quoting anyone, I just used quotation marks as a way to signal an inflection change in the sentence) That's all to say it feels crazy to me that anytime someone says a market correction is coming, folks get defensive about borrower requirements while ignoring the partial repeal of Dodd Frank and defunding of the SEC. [link] [comments] |
| pricing people out of their communities Posted: 15 Apr 2021 03:40 PM PDT Like many, I've been in the thick of house-hunting for several months. Multiple offers made, a few accepted, walked away from some bad flips, some shady sellers. It's been an ordeal. We're finally under contract for a great house and we hope to close in a few weeks. And I'm starting to reflect on the roller coaster ride that this has been. We currently live and work in Manhattan. Like many, due to COVID, I've been working remotely for the past year. Since that's gone really well, I've gotten approval to work remotely forever. Here in NY and the surrounding areas, we'd never be able to afford a home. The prices exceed our income by so much that we'd be doomed to spending $3000-4000 in rent per month simply because home prices are so high and the market is so competitive. But suddenly, with the ability to work remotely, I can take my modest NYC salary and it goes a helluva lot farther outside the city. So we're buying a home in New England. The house we're buying has four bedrooms and the mortgage will be $1300 less than the rent on our one bedroom apartment. It's a no-brainer, and we're really excited about this next chapter. The median household income in the town we're moving to is $78,000 and the average income is $98,000. We make more than double that. By participating in bidding wars and offering tens of thousands of dollars over the asking price, we are effectively pricing people out of their own communities. But it's the only way we'll be able to afford a modest home of our own. I don't have a particular question, but I've been thinking about this a lot lately and wanted to see if others feel similarly guilty about this part of the current real estate market. I plan to be a good neighbor who shops locally, lends a helping hand when needed, and maintains the peace and beauty of our new home. But I know that doesn't offset what we're doing. [link] [comments] |
| Posted: 16 Apr 2021 07:35 AM PDT I'm new to all of this, but I've heard many times that when mortgage rates are low, like they are right now, home prices are high because so many people are buying homes because they want the low mortgage interest rates and demand is high so sellers have the power. But when mortgage rates are high then there are a lot less buyers because they don't want to pay high mortgage rates so demand is low and home sellers lower prices. So isn't like the same thing for a buyer if a home is more expensive but you are paying less on the mortgage interest rate, opposed to a house price is cheaper but you are paying a higher mortgage rate? Doesn't it work out to be like the same? Like let's say a house is $500k but the interest rate is 3% vs. that same house being $300k (or whatever lower price) and the mortgage rate is now 8%. Doesn't the buyer basically pay the same price in the end? [link] [comments] |
| Surprise Nextdoor Success Story Posted: 15 Apr 2021 07:45 PM PDT After seeing an amazing home hit the market "Accepting Backup Offers" (I did submit a backup offer but someone else submitted a better one) I tried to figure out: how the hell do you find homes before they hit the market???? I didn't really find any clear instructions because it always comes down to just knowing someone. So I decided to post to Nextdoor. I didn't post "hey sell me your house" I wrote about my first-time homebuyers woes in a hot af sellers market (without getting too whiny). More of a "please give the little guy a chance!" message. To my great surprise, in addition to 50+ replies wishing me well, commiserating the struggle, offering advice, (and also some real dumbass comments but what can you expect,) I received at least a half dozen leads, including one condo that was nearly PERFECT! I mean every home has at least one compromise, but given how incredible of an opportunity this was and how smoothly it's been going, I will take "having upstairs neighbors" over "offering $50k extra" or "doubling my commute." So after 3months, ~10 showings and 6 offers, I am officially under contract!!!! And at a totally reasonable price! Off market! No bidding war!!! The place is SO cute and not only am I in shock, but my lender, my realtor and everyone else is just gobsmacked and excited that good things like this can still happen even in markets like ours. Just some extra effort and CRAP TON of dumb luck :) [link] [comments] |
| Posted: 15 Apr 2021 07:11 PM PDT Y'all, how do I get 30+ comments and next to no upvotes? If I'm engaging you, spread the love [link] [comments] |
| Posted: 16 Apr 2021 06:29 AM PDT My ex wife and I own a home - only names on the titles. We had a mortgage together but when she refinanced, she removed my name off the loan and only kept herself. With the crazy prices going on in the Bay Area we are deciding to sell.... now here is my question. When the house sells and we split the profits. Am I required to pay off half her mortgage even though the mortgage is only in her name? (Legally is it a requirement). [link] [comments] |
| Is it pointless to try offering below asking price? Posted: 16 Apr 2021 06:51 AM PDT I see many homes priced $399k over and over again. I really want to stick to my guns and stay under that only reaching 380-390k. But is it pointless to offer less? I am in eastern MA. Really not much out there. But how can so much be $399k over and over? Most homes sell between 405k-415k upwards of 475k that are listed at 399k. Some have been priced lower and didnt sell for a lot less. What if those homes should have been listed for 375k? I have read people say their letter got them the home, but those people still offered above asking, but sometimes not by much and other offers were higher. Not sure if they're in MA though, as I've just read that in passing online. Is it pointless to try? [link] [comments] |
| Just got a remote job, Where Should I Live in New England? Posted: 16 Apr 2021 06:18 AM PDT As title says, just got a good paying STEM job in New England and it's 100% remote. Was wondering where exactly I should live apartment Rental-wise. (Reddit spacing) I have no pet peeves other than I fucking hate hearing my neighbors, or footsteps above me. Looking for a 1 bedroom type set up with my fiancé. So far I was thinking Providence as my number one, but if there's cheaper areas that are still cool let me know. Thanks for any sort of input. [link] [comments] |
| Posted: 16 Apr 2021 06:03 AM PDT Hi, I am considering refinancing from a 30-year to 15-year mortgage loan. My main goal is to get a lower rate than I currently have. I have been shopping around and consistently get rates of about 2.5%. However, out of curiosity, I used a website like Bank Rate/Quicken to see if I could get a lower rate, I received a quote of 2.125%, which is way below anything I had seen before. I was a little skeptical so I called my current lender to see if they would match it. They said they probably could (pending a credit pull, which is super annoying). Anyway, my question is how are lenders able to do this? It's such a drastic decrease than what I was consistently seeing. Are there hidden/inflated fees that I need to be aware of? Edit: These quotes do not have points. I requested 0 points. Thanks in advance. [link] [comments] |
| Posted: 16 Apr 2021 09:04 AM PDT I'm currently a college student living in Minnesota (in the Minnetonka area) who is looking to invest in the future. I want to learn from you. I'm willing to offer free labor. [link] [comments] |
| Posted: 16 Apr 2021 08:51 AM PDT So I have been freaking anxious about the housing market here in Dallas because well it's a sellers market not at all favorable to a buyer. Here is the situation - I currently live alone in an apartment and my lease is up early 2022. My partner is currently living with his parents and he has been able to save money for a down payment on a house. I paid off all my debt earlier this year and am slowly but surely growing my savings too. Coincidentally, his parents are building a much smaller home on their daughter's land and they are both close to retirement. It's scheduled to be ready at the end of this year. They will pay cash along the way and have saving and pensions to live off of when they do move to the smaller home. The idea has been thrown out there for us to buy their home at a fair price. His parents would be happy to do that for us. They have even mentioned avoiding a mortgage company i.e. we make direct interest free payments to them. THAT WOULD BE A HUGE MASSIVE HELP - I feel like we won the lottery of this pans out. But I not sure if there would be a way to avoid a mortgage if we only have a portion of what the house costs. Rough estimate we are guessing $280-$300k, decent area, great square footage (2700). Pricing are soaring here and we keep hearing stories of people offering over asking price. We don't want to be house poor later down the line. We both have amazing credit too. He has bought a house in his previous marriage, I have not. The house a bit outdated but nothing too terrible. Any advice on our predicament? [link] [comments] |
| 2 Valley Builders Northern Colorado Posted: 16 Apr 2021 08:50 AM PDT I would give them TWO STARS out of five. Two because of the willingness to work with us and get us upgrades we were interested in. Not five stars because there was a big lack of communication and it seems a lot of short cuts or very poor quality control in some things and it makes me a bit concerned about what's hiding behind the walls and what are we in for a few years down the road. The original review was certainly written in frustration. While everything is accurate, I laid it on a little thick and would like to come back and make some updates and give credit where due, because there certainly are some nice aspects to our home. I encourage you to read, do your own research and make your own decision. Pros: The texture on the walls is great, the drywall contractor that did this is absolutely amazing. I'm going to hire them to do my basement when I finish it. The hardwood flooring is really unique, it looks great. We did find one big chunk taken out of it tonight while dragging my foot on the floor. We'll probably be on the hook for it since we didn't find it in the blue tape. I might be able to fix it with a clear epoxy but there's also a long crack so I'll probably be calling a flooring expert for their advice. The pricing for upgrades was very fair and it allowed us to get some great upgrades at a price we can afford. At a first quick glance, everything really does look amazing. A quick look can be deceiving though. The garage and basement are both really great. The 9' ceilings are going to suck for me when I finish the basement in terms of cost for studs, but, this really helps to feel like the space is larger. The basement is drywalled and very bright. They put two sliding windows on the third car bay plus windows in the garage doors and a back door leading out of the garage with a window. These items really help give the garage and basement 5 star rating, we absolutely love them both. The owner of the company originally seemed to be very accommodating. We had to make a very quick decision because that day, the other home we were looking at with Saint Aubyn was going to go up if we didn't sign. We liked the Poudre but the kitchen was too small for us. John said he would have his architect draw up different plans and we can sign today with him and make it contingent on us approving the plans they drew up. I thought this was a great integrity move. He also sat down with us on another occasion and answered a lot of questions, including ones which I asked about some negative reviews I found online. The answers regarding the negative reviews were not straight forward but I felt that perhaps he was nervous because I put him under the gun. I still really want to like him as an individual and want to believe that he does have his buyers best intentions at heart. Not all the facts point to that though. Explanation of that to come in the cons as this is really meant to give what we really like about the home. Cons: The tile work in the master bathroom leaves some to be desired. There is a window and water pools up against it. I feel like standing water is a BAD thing but maybe the builder thinks it's good, I don't know. The tile is also all marked up with pencil markings. They drew all over it for cuts and marking corners and felt it was fine to just leave it. Junk. There is ductwork in the basement leading to the outside unfinished. Why? I think it's to help give air conditioning in the basement area during the winter. There is a draft blowing right through it. Good work there! Who's running this show?! The front bedroom is definitely going to come crashing into the basement. All the other rooms seem to be structurally okay while in the front bedroom, every step you take the walls, floor, ceiling, and ductwork creeks. I'm definitely going to die in this room. We have the steepest driveway in the whole subdivision. I wish they would have dug the basement deeper. I almost killed myself a couple times trying to shovel after the huge blizzard we just had. It's very steep and slippery. We paid for upgraded cabinets. The cabinets are nice but a few of the doors are already warped and they will not replace them. The superintendent rolled his eyes when we pointed it out. When you pay for a premium brand new cabinet, you should expect them to be in great condition. If I purchased these at a big box store, I would have returned them for something not defective. Doors are crooked so between the cabinet and drawer above, there is a 3/4" gap on one side and a 1/4" gap on the other. They couldn't take an extra 30 seconds to make sure the doors were level and hung properly? In one bathroom, the baseboard trim was too long. The cabinet installers decided it would be a good idea to just butt the cabinet up to the trim leaving a 3/4" gap between the cabinet and the wall. Drawer slides were not installed correctly. Several drawers will not stay open, my problem. Communication was horrible. Trying to get answers was like pulling teeth. We asked the same questions from the day that we signed in September all the way until December when we finally got some answers. I advised several times that communication is very important and answers even as simple as "no" or "I don't know, let me find out and follow up with you in 3-5 days" were perfectly acceptable. This still didn't happen. We were in the dark a lot and things were sprung on us such as, "oh yeah, tomorrow the electrician is coming so I need you to be at the property at 4pm." Apparently, they believe we do not have jobs and can just come and go with 18 hour notice. It seemed like contractors had to constantly come back to the home. The layout was done incorrectly, we caught it on a weekend. They had to come back and rip out walls and rebuild. Low voltage was only done half way, the electrician had to come back and add Cat5. The gas line was not put in the correct place for the range after we provided clear instructions where it needs to go, the plumber had to come back and drill another hole and make it work (although I'm not sure he did, I'm not sure what happened but there are two holes in the floor and they're still using the one which didn't work). There was supposed to be someone who came and cleaned the place before we moved in. Mostly things were clean but all of the cabinets were covered in saw dust inside. We had to wipe them all out, annoying. There is a brown splatter spot on our basement floor. I know the superintendent always had chewing tobacco and it does look like chew spit splatter. I'm not saying he did or did not do it, I'm just saying what it looks like. There are no pipes leaking from above. We had vandalism in our home. Someone came in and cut all the wires in the basement. They did not attempt to steal it, they just cut them so that they all had to be ran again. Except, they were not all ran again. They put in junction boxes in the basement instead because they were lazy. Now it's my problem and when finishing the basement I'll have to make sure those are showing. Junk work. Someone pissed someone off, who knows about that story. The incorrect bathroom cabinets were installed twice. Then, it seemed as if they acted like it was our fault after we explicitly stated what we wanted a few times. This caused additional delays in the process. We have some chunks of concrete missing on our back patio. I would have expected those to be noticed and repaired. Nope, our problem. They wanted to give us a boiler AND a furnace. Remember boilers? They were those things that pumped hot water and steam through pipes to heat a living space via a radiator in a room? Yes, they wanted to install a boiler without any radiators and a forced air furnace. We got into an quarrel about this while in the basement. It's certainly possible that the tankless water heater model they gave me was not the one they meant. In the end, they installed the model I expected and I was told, "if you have a problem with it, don't come back to me about it." I'm certain I don't need a combi-boiler to heat our living space. The tankless heater has been okay, the plumbing isn't done very well for the recirculation line. It really only works for the master bedroom. I would have done different so we could get instant hot water to any faucet. There are some structural concerns that I have such as not putting headers above interior doors that appear to be in a load bearing wall. I use the term appear because it makes sense it's a load bearing wall. I asked if it was and the superintendent said "I don't know this is just how we do it." I requested the engineers plans but wasn't given them. I can go to the county and review them though. If it is indeed not a load bearing wall, then it's fine. Perhaps they do use cross span trusses but the guys building the structure don't even know. Many of the contractors treated the soon to be ours property as their own dumping ground. When we visited on the weekends there was food and garbage on the floors, between studs, and on the lot outside. Maybe this is normal but there is a huge dumpster 50 feet away. Clean up after yourselves? Do these people not have mothers? Is it not a thing to clean up after yourself these days? I also have used my brother-in-laws rolling magnet four times on our property. He used to be a roofer and bought this magnet because screws get dropped and he had his workers run through the yard. After they did it, he would run through it himself and if he picked up one piece of metal, he'd make them go back and run the yard for cleanup again. Why don't these contractors our builder used care enough to do things like this? Nails and screws everywhere, exactly what I want to step on as things get tilled up and landscaping is done and I get a rusty screw in my foot. Death by tetanus. The builder strong armed us into signing an extension. He came to us 30 days before the home was supposed to be finished and asked for a 45day extension in addition to the initial 30 day extension built into our first contract. We asked for any sort of compensation as we have stuff in storage, our temporary living condition is poor, and they've been less than helpful. His response was that we will get zero compensation, not even $200 off an upgrade. He offered us three options: 1) Give us our earnest money back and we can walk away (Since we signed the contract, he's increased the base price of the home by $20k, obviously he wants us to walk away so he can make more money and now we're screwed because home prices have not decreased) 2) Don't sign the extension and he will complete our house WITHOUT any of the additions we've expressed interest in that were all in initial discussion and he verbally agreed to but had not given us prices nor had we signed a legal document, that was his out obviously 3) Sign the extension and he'll give us the additions that we've requested, we still didn't know pricing Our build was delayed about 60 days. There were no weather delays. There was one delay because the gas company was behind and another delay because they installed the wrong cabinets twice in the bathrooms. This is a standard policy of over promise under deliver. Lastly, the part I said I'd come back to, the owner of 2 Valley Builders. I really had a very good feel about him all three times we met. It changed a little when I asked when I could schedule a home inspector. He was very offended and told me he has his own home inspector and will not listen to anyone else. If I were a builder, I would welcome an inspector because I would be very proud of my work. I still want to like him but either he doesn't care about some of the work mentioned above or he doesn't know about it. He told us in our first meeting that he is on site all the time in his homes checking the quality so if that is true, it's that he doesn't care. The contractors he uses are a direct representation of 2 Valley Builders. So, shoddy cabinet install work where they leave almost an inch gap between the cabinet and the wall, that's a direct reflection of the quality of work that using 2 Valley Builders will provide. As the GC on a project, I would have come in and said, "no, that's not good enough, do it right." I understand that people are busy and need to move fast but quality is important to a buyer. I understand things will happen with a new build like a home settling and having drywall cracks, cracked concrete will happen. However, that is not necessarily a result of short cutting things or accepting subpar quality work. Using contractors that will do things quick with short cuts, that's not my cup of tea. Okay, all this said and now you have to make your own decision on whether you would like to use this builder. Would I use them again? I would say no. However, this is my first home purchase and perhaps ALL builders are like this. I would hope not and if they are, I think I should become a GC because I think I would have many clients. Search the web and see what you find. The only positive reviews were on their website. I found a few other reviews that I'm sure you can find as well with a little Googlefu action. Best of luck to you in your home buying! [link] [comments] |
| Posted: 16 Apr 2021 08:39 AM PDT After closing, my lender sold the mortgage to Wells Fargo. I know the terms don't change or anything, but still not thrilled since ive heard wells is a beast to work with. Any of you have tips for working with wells? Anything to watch out for? I plan to make additional payments to principal, and definitely need to ensure they don't put the $$ towards future interest instead. Any other things to look for? Thanks [link] [comments] |
| Mom wants to travel full time - can I "rent to own" and it still be her primary residence? Posted: 16 Apr 2021 08:26 AM PDT While I work in mortgages, this is one that I am sort of clueless too. I hope I am in the right sub. Backstory: My mom wants to retire into an RV and live in it full-time. She is leaning towards borrowing the money for an RV. I suggested her get a second on the house she owns (she has over 80% equity). So she roughly owes $23K on her Conventional First. Rough estimating a $100K second. (there's also a cash-out refi option too.) The idea: Me and my partner would agree to rent the home for 5 years. In a 5 year time, we would then have to buy the house. This would give us time to get other debts paid, money saved, etc. The benefit to her is we would be paying rent to cover the debt she would owe on the house. In 5 years time, we would buy the home. (I don't intend to expect, require, include in an agreement that she would give us a discount for what we've paid toward it, but I think she would give us something). This idea would get her the RV she wants, and put us in line to buy a decent first home. The home is in Indiana, if that matters. Now for the questions:
This may sound like a crazy idea, but she has mentioned us buying her house before. (Less fighting with realtors and all that). I have to be careful about what I do, as I am employed for the bank she has her mortgage through. I wouldn't want to jeopardize my job. I just want some general advice on if this is a fair agreement, where we could protect each other, etc. I don't intend to screw over my mom. She has done ALOT for me. I would just rather pay rent to my mom, than to an apartment complex. (Even if I didn't get a discount on the purchase price of the home) Any tips, ideas, advice would be appreciated. [link] [comments] |
| Tips for Taking Rental Pictures Posted: 16 Apr 2021 08:18 AM PDT I am prepping my first condo to list on the market as a rental. With that, I am getting ready to take pictures to post with it. Does anyone have tips or lessons learned? Obviously I will clean up and try and stage it as much as possible but: - Any specific angles I should get [link] [comments] |
| Posted: 16 Apr 2021 07:56 AM PDT I assume it is all based on money and the best deal for the lender, but does anyone have any additional insight, examples, or information into what seems like a black box to me? For instance: I refinanced in 2019 with Guaranteed Rate, they sold to Sun Trust immediately (I think maybe a week went by?) and then it went to Freddy and Sun Trust continued to service the loan. My current refinance is through GR again. Is there any chance they just always sell to Sun Trust. Or do specific lenders have direct exclusive relationships with certain servicers? I imagine something like this: ST and GR have an agreement that for March 2021, all loans financed by GR meeting x criteria are bought by ST. I know I have zero control over who it is sold to and who services it, but I've had a couple really bad servicers (Sun Trust was great for the past 2 years though), so I've been thinking about it a lot and couldn't find much online. Side question: anyone recently finance with GR? Who did they sell your loan to? [link] [comments] |
| Selling a home on Long Island, need advice. Posted: 16 Apr 2021 07:51 AM PDT I am currently in a process of putting my house on the market on Long Island, Suffolk County. It is a 3 bed, 1 bath, mid century cape, with a full basement. There is a bathroom in the basement, however I am not sure if it a legal bathroom. When I bought the house in early '00 I didn't honestly have a lot of experience in real estate, inspections, or anything that has to do with buying or selling houses. I just wanted a house because it was the American dream and I wanted to be independent and invest in a house that would potentially bring me returns 20 years down the line. Here I am 20 years down the line and I am looking to sell. I am pretty much in the same place of not knowing much about real estate, however I do know that in my area the housing market is at a high. I redid the kitchen (fresh stainless steel appliance), changed the sink in the bathroom, redid the floors in the upstairs bedrooms with beautiful laminate flooring, sanded and stained the floor in the living, changed the gutters, and painted the interior. The house is turnkey ready for the first and second floor. I am a little concerned about the basement because it does not fully finished, and again it has the potentially illegal bathroom. What are my options with the potentially illegal bathroom, what are the other things I need to make sure are up to code, and what steps should I take to get there? Are there any other alternatives for the bathroom in the basement? [link] [comments] |
| Minor inspection issues but fear it indicates poorly built home Posted: 16 Apr 2021 07:38 AM PDT We recently had an offer on a house accepted and the inspection was completed. The report shows kick out flashing is missing from one spot on the home and the water heater has minor corrosion among other smaller problems. The house is only a few years old. I wasn't too concerned about this until I asked my parents and researched the issues myself. Apparently the missing flashing could cause major water damage, especially since we live in an area with lots of rain and very high humidity. And everything I have read says corrosion in a water heater is bad news. My main concern is since this home is newer and it's already having minor issues was it poorly built? We could cash out our 401k to try and find a more expensive home that is hopefully better built by offering a bigger downpayment, but I would rather not do that of course. Also the location isn't ideal for us and has caused me to have second thoughts as well. Is it crazy to ask the seller to repair the minor problems before we close in two weeks? It's a pretty competitive market here and it seems like prices are going up daily. The house is great other than these small issues and being a little far for the commute to work. I am worried we won't be able to find anything else if we back out, and we have to renew our lease or rent month to month if we can't find a place in 45 days [link] [comments] |
| Anything to look out for when purchasing a house with a geothermal system? Posted: 16 Apr 2021 07:35 AM PDT |
| Posted: 16 Apr 2021 03:22 AM PDT Hi all. Made an offer in Dec. 2020 on single fam home in NYC. Seller did not accept then came back in Apr. 2021. Got home inspected and needs structural repairs as well as renovations due to age and previous elderly owners. So now I requested to lower the selling price and was told there are other offers. Question should I jus go with my original offer or should I see if they would meet me half way. Yes the home is in perfect location but will need 80-100K in needed repairs to make it safe and perfect for my immediate family. Please note that I can walk away but pressure from our families to take it and deal with cost repairs in future is overwhelming. Thank u. [link] [comments] |
| Sellers just accepted my offer! Posted: 15 Apr 2021 04:15 PM PDT After 3 months of searching I finally have an accepted offer! Seller was asking 329k and I put in an offer for 335k. My agent suggested we pay a seller/buyer insurance that covers the seller's appliances until I move in, and then covers me for a year. It costs $600 total, but my agent said she will give me $300 if I do it. I will pay the $300 at closing... not sure if this is what helped me get it. We did a super close closing date. 5 day due diligence with no financing contingency. I put 5k earnest money down and still kept the appraisal contingency. I'm sure there's more details I've missed but feel free to ask questions if you have them. Super relieved to stop the house searching for now!! Anyone still doing it.. YOU GOT THIS! [link] [comments] |
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