Real Estate: U.S. Housing Market Is Nearly 4 Million Homes Short of Buyer Demand |
- U.S. Housing Market Is Nearly 4 Million Homes Short of Buyer Demand
- Google reports that search for “when is housing market going to crash” is up 2500% this month ��
- Eight Lessons In Homebuying: The SoCal Saga
- Being asked to not apply to rentals because our group isn’t a family.
- Selling our home this weekend - my agent wants to defer all showings until open house on Sunday at 1 - I think we should open it up to showings Saturday - thoughts?
- Landlord has not been available to receive my notice of intent to vacate for almost a month and a half now. Can I still be held responsible? [AL] more advice needed
- Mortgage forbearance - What happens when it ends?
- Buried oil tank?
- Wow. Fresno CA still hasn't recovered back to the 2006-2007 bubble price top
- Help Deciding Between Two Houses [Southern California]
- Bidding on a pre-list property - Tell me the downsides.
- Quicken Loans? Positive or Negative Experiences?
- Two home inspections instead of one based on disclosures: waste of $ or worth it?
- Sort of a rant, but with some pointers from a non-realtor regarding homebuying / selling
- Is it worth getting a second mortgage lender locked in just in case my appraisal doesn't come in at purchase price? (Utah, New Build)
- Escrow account question
- Should I pay off mortgage?
- Where can I find lot size data for the US? Preferably Texas at minimum?
- Should I buy without an agent?
- What can I do to improve my strategy? [CAN]
- 10% with PMI or 20% for primary sfh?
- Changes in the US Home Value During the Pandemic
- Illinois Sale Contract Question
- Roughly, how much can I expect to walk away with?
| U.S. Housing Market Is Nearly 4 Million Homes Short of Buyer Demand Posted: 15 Apr 2021 09:10 AM PDT |
| Google reports that search for “when is housing market going to crash” is up 2500% this month �� Posted: 14 Apr 2021 02:34 PM PDT To be clear, I don't even expect a crash, at least not until 2023 (maybe). I just think it's funny. [link] [comments] |
| Eight Lessons In Homebuying: The SoCal Saga Posted: 15 Apr 2021 02:11 AM PDT Didn't imagine our home buying story would have so many twists along the way, but here commences the SoCal Saga. Lesson 1: Get Thick Skin, And Fast So, turns out it's kind of a competitive market out there. Within our first two offers on our quest for homeownership, it's become clear the market is lava-hot and we have to get serious. Remove unnecessary contingencies. Shorten escrow. More earnest money. Escalation clauses. Offer free rent-back. More offers go by unanswered — and then when we found the most perfect house we'd ever laid eyes on, we started to think seriously about what could set us apart from other buyers on a more personal level. A love letter? Cookies? Flowers — didn't a friend tell us their aunt got a house because they gave the seller a bouquet? What could we do in a sea of offers to catch their attention? We needed to appeal to the heart. Then early one Saturday morning, it hit me. Write them a song. Yes, I actually wrote those words and you read them. We saw the sellers had a piano in their house, so we knew they loved music, so we wrote them a song called "Please Sell Us Your Home," we recorded it, and they listened to it. You can listen to it here. And did it work? HELL NO, IT DIDN'T! Lesson 2: Cash Is King, Homie Well, that's not entirely fair. The sellers informed us through their agent that we had officially won the likeability contest. But just like we wrote in the tune: it's insanity to think a silly song's worth twenty grand. That's fair. Sellers have to make the right decision for their family and we don't begrudge them for taking a much higher offer just because those other buyers are uncultured swine with no songwriting ability. (I think there's something in the latest real estate laws about discrimination against such pig-men.) Rats! You win this round, Oinky. We later found out they sold to someone at $5K higher than we offered — if likeability and songwriting isn't worth five thousand dollars to you, I don't even want to own your home! That's the exact phrase I would yell repeatedly into my tear-stained pillow for a week straight. Weeks go by and we feel utterly defeated. The market feels as if it's rapidly pricing us out. Viewing after viewing with a mixture of unattractive properties and no responses, AND THEN, a fateful day that offers a ray of hope: a fully renovated property at 650K! Within our price range — only just — and the seller says they'll honor the first offer they receive (for some incomprehensible reason). Our offer is first at 655K! Why does he even care that it's the first offer? He must be insane! And at this stage, insane is our kind of seller. From this point in the story, this house will be called Turnkey. We wait to hear back. We see several more houses, because at this point we've had our heart broken and you just have to have thick skin and move on, rather than waiting on every single seller to respond. We see the potential in a house we'll call Fixer. We get serious, make an offer with an escalation clause, and win at 605K! INCREDIBLE! WE HAD AN OFFER ACCEPTED! Lesson 3: "Don't Bother Testing, There's Always Asbestos" A contractor estimate for Fixer was $25K just to get started, remove the asbestos popcorn ceilings, put up a wall and paint the place — the bathrooms and kitchen were still to come! There's at least 50-60K total of work needing done in the house to update it, but we're up to the task. It'll be ours in the end, and we can pay for it at our own pace. We hear through the grapevine that Turnkey's got a buyer ahead of us, but that Buyer #1 has even less cash on hand than we do. At any price over ours, they are in danger of not being able to close if the appraisal falls short, which it will — Turnkey seller's asking is at least 30-40K more than the house is worth, even fully renovated. Turnkey seller comes back to us time and again asking us to come up in price. Seems he likes us and wants to honor us having made the first offer, and is probably somewhat aware Buyer #1 may not be able to close. The house is overpriced in our opinion, though, so we tell him four separate times we won't come up at all — we're planning to move forward with Fixer. Turnkey relents and goes to escrow with Buyer #1, who immediately falls out when they realize they can't close. We're not even sure if it got to appraisal. Turnkey seller now tells us we're first in line, and our agent mentions that like many buyers, we were concerned about appraisal shortfall. She suggests: we come up to 660K max, but pay a cap of 10K over the appraised amount. Amazingly, the seller agreed. Let me repeat that — in a market hotter than the surface of the sun, the seller agreed to a cap on the appraisal shortfall. This was almost certainly a worse deal than we had already given him, that he could still have accepted. We now have two accepted offers, and will soon have to pick. An amazing place to be in this market. Lesson 4: Even In A Seller's Market, A Seller Can Go Too Far Ultimately, the cap of 10K over appraisal was too good to pass up. I was scratching my head when he agreed verbally, but we weren't going to look a gift horse in the mouth. We had our agent write it up and word it explicitly and clearly. We signed, he signed, and we said goodbye to Fixer and renovation purgatory, and entered escrow with Turnkey. Turnkey seller was so convinced his property would appraise at the $660K mark that he forsook an offer at $655K from us, no strings attached, for an offer of $660K that was contingent on appraisal, and stipulated a price reduction if the appraisal came in low. He risked upwards of $70-80K to win $5K. Regardless of the outcome, the pot odds were absurdly in our favor — an experienced gambler would be glued to their seat at any such table. Lesson 5: You Cannot Possibly Predict Every Curveball, So Don't Try So we get the house inspected and appraised. Inspections are pretty glowing. There's always something wrong with houses over half a century old, but in fairness it was a pretty clean report. No termites, thank God. We pay a $200 rush fee for the appraisal to get things moving quickly — we've got 10 days to waive contingencies. Somewhere in between seeing the property and finishing the report, the appraiser winds up in the hospital. We never got the story, but we find this out four days after we were supposed to have the report in hand. It finally comes back a week late, completed by someone else who apparently never visited the property... Lesson 6: Appraisers Are Magicians Who Can Make Money Disappear Our worst nightmare has come to life — it's come in right at sale price, 660K. We're flabbergasted. As we pick through, it becomes apparent the comps haven't been well selected. All three of them are larger in terms of square footage - the biggest one by nearly 700 square feet. Two of them are on substantially larger lots, one by a whopping 5500 square feet. Two of them have three car garages, our property has a two car garage. Two of them have pools and all three have finely manicured landscaping, our property has a backyard full of dirt, clover and weeds. One of them has paid off solar, our house has a 20-year old roof staring down a full replacement in the next 5-10 years. The list goes on. Our house was the most recently updated, but mostly the thing these four houses have in common is that they have the same number of bedrooms and bathrooms — we later found out the seller had provided these puffed-up comps to the follow-up appraiser, who apparently had not visited the property and just used the comps without bothering to look at their features or square footage. I am not selectively omitting details to paint a bad picture here; closer and more suitable comps were overlooked in favor of houses that were all bigger and more feature-rich, and would naturally have cost more money. The compounded oversights on the first report were so blatant it was borderline fraudulent. It's possible the appraiser believed he was doing us a "favor" by marking the appraisal At Value to avoid any potential shortfall. And now, the seller knows the appraisal landed exactly where he wanted it. Wait...did you just read that right? Lesson 7: The Appraisal Is The Buyer's Property Alone Oh yes, you read that right — the seller now knows the appraisal came in at 660K because one of the lender agents accidentally CCd the seller to inform the whole group that the appraisal had come in At Value. On any other contract, this might have been a minor gaffe that would have made no practical difference, since most buyers are happy the appraisal came in at the offer level — hooray, no extra cash at closing, pop the champagne! Not so with us! Apparently, that agent was not aware of our 10K over appraisal clause — and the cat isn't just out of the bag, it's fully strung out on feline hallucinogenics, meowing loudly at a lit-up Christmas tree, and every twinkle light has tracers. Our (main dude) lender has a field day. Runs the appraisal through their internal lender QC and it fails every check. Lender requests a new appraisal. By now we are WELL past appraisal contingency removal and the Cold Appraisal War is thawing fast — the seller now knows the appraisal landed exactly where he wanted it: at 660K, our max offer, and to his great consternation, it's being thrown out and redone. Seller and his broker are officially in arms, implying they could move forward with the first appraisal by saying it was The Chosen One in terms of removing contingency, implying they might issue a Request To Perform, etc. Our agent tactfully explains this would make no difference to the contract; the lender won't lend on the first appraisal, and trying to enforce that first appraisal by-hook-or-by-crook would be pointless; the buyers can't get move forward with that appraisal. Seller having none of it. His broker has suddenly become a HUGE stickler for dates. What's worse, the seller now has mad confirmation bias: the entire time, he's believed this house is worth 660K, he believed those houses were comparable when he shared them with the appraiser, and one way or another, a professional has confirmed it. Now those sneaky buyers are trying to undermine it, and their lender buddy is being all shady trying to overturn a valid appraisal. Honestly, we kinda get it from his perspective...but bottom line, those houses weren't fair comps and a 2nd appraisal was entirely appropriate from our view. In the contract SoCal Saga Cold War, the 2nd appraisal was its Bay of Pigs. Monuments should be erected in its memory. So the new appraisal is ordered, no shortage of phone calls and emails are sent to ensure its expedience because we are already WELL past our appraisal contingency removal. The seller's patience is running out. At one point the 2nd appraiser claims he was not made aware of any rush and "it's not [his] problem". MORE time passes in an already tectonically-slow appraisal process. BOOM, 2nd APPRAISAL COMES IN AT 590K. Fully 70K below the first. 600K sale price. Seller is helpless and we are already seeing ourselves ride a technicolor rainbow all the way to closing. He tries in futility to reason with the appraiser and raise the price — and he was very patient with us, so we let him have his day in the sun. He's completely stonewalled, no price adjustment whatsoever. ...you didn't really think this was over, did you? Lesson 8: Not All Escrow Is Created Equal We're at the end, so I'll keep it brief (edit - I failed): the escrow agent was a complete nightmare. Opening escrow docs arrived at least 11-12 days into escrow (should have been three). She was so bad she had our agent, her boss, and our lender, and everyone else on the deal all hopping mad (except, perhaps, for the seller). She was so mean she made the notary burst into tears. At one point she called me to try and help get hold of the lender, or answer her question about a refund on a document I'd never seen. She insisted on hand-delivered wet signatures at certain points despite no legal or procedural basis, only her preference. She insisted we, the buyers, fill out the Documentary Transfer Tax Affidavit and Preliminary Change of Ownership Report ourselves — our agent said she'd never seen it done in her fifteen years, neither had the lender. Neither had the Notary (who was working at a pace of about 400 jobs over eighteen months), nor her notary partners, nor her notary friends. Office managers, other lenders, everyone agreed. The notary drove to West LA twice, likely at least a three-hour round trip, to satisfy this woman's persnicketyness. Apparently during a phone call with her, our agent's boss was so livid his ears turned red. She vacillated from controlling, to narcissistic, to incompetent, to petty, to angry, to clueless and back again. She was called words I won't repeat. So yeah, she wasn't great. We were mostly shielded from it (actually, she was pretty nice to us), but the stories we got back gave us the picture. Due in large part to her efforts, we closed a week late, but we DID close. In fact, we closed today. The feeling of backyard weeds and clover under my bare feet never felt so good. Hang in there guys and gals. It's a wild market and not for the feint of heart. But I'm confident if we could pull it off through all this, you absolutely can too. Stay patient, stay soft. The right house at the right price can still come. Writing the sellers a song probably can't hurt, either. It didn't get us a house, but maybe it will for you. :) [link] [comments] |
| Being asked to not apply to rentals because our group isn’t a family. Posted: 15 Apr 2021 06:22 AM PDT My group of 4 is looking for a new rental home and our agent has been asked by multiple property managers to sway us not to apply because we're not a family. Is this a fair housing violation? I've read that landlords can't discriminate based on tenants being a family, but our applications aren't being reviewed at all because we're not one. We even have an email that states our application will be treated differently because of such, from a property manager. We're all in our 20s and maybe that leads property managers to treat us differently because they think we don't know anything. It's been very frustrating, but I just wanted to get any advice or thoughts on our situation. Thanks! [link] [comments] |
| Posted: 15 Apr 2021 08:38 AM PDT He says deferring showings will help build more demand and cause a bidding war - I don't see what difference 1 day makes and I think that we are artificially limiting our supply of potential buyers by not allowing showings on Saturday. Are there benefits to waiting until Sunday? Listing is going active tonight. UPDATE: just talked to my agent, and we're going to open it up starting tomorrow morning. Thanks everyone. [link] [comments] |
| Posted: 15 Apr 2021 08:15 AM PDT So I was finally able to get a hold of my landlord due to my neighbor having the updated info. I emailed her expeditiously telling her plans to vacate and she informed me that i still needed to pay through a 30 day notice (which will require me to pay another months rent). I informed her that I have once again been trying to contact her every day since i found out i was closing on my house and no one has been available. She claims that since she saw me at the beginning of March (when I paid march's rent) that negates the fact that i haven't seen nor heard from her since march the 15th when I initially started trying to contact her about this. Are there any ways I can work through this since i did my due diligence? [link] [comments] |
| Mortgage forbearance - What happens when it ends? Posted: 15 Apr 2021 09:07 AM PDT I don't see this being discussed often, so I'm curious of everyone's opinion. As you know, MILLIONS of Americans haven't had to make a mortgage payment since May 2020 due to the forbearance program as part of the CARES act (also applies to student loans). I have a family member who lost their job last March. He hasn't made a single payment and collects unemployment. Once the forbearance program expires, as will the additional unemployment benefits, his monthly income won't cover his payment. Now what? Certainly he's not alone. Will the fed be forced to continue stimulus? It's hard to imagine a doomsday scenario, but I also don't see a sustainable resolution. [link] [comments] |
| Posted: 15 Apr 2021 09:11 AM PDT We are buying a house that we think has an oil tank buried under the paver stones in backyard. Can we just walk away and still get our earnest money back? Possible tank was found in sweep, inspector marked its location with chalk and flags. Help! Located in NJ. House built in 1965. Have pic, trying to add... [link] [comments] |
| Wow. Fresno CA still hasn't recovered back to the 2006-2007 bubble price top Posted: 15 Apr 2021 12:19 AM PDT I've been looking up a few MSAs on the federal reserve's FRED system. [link] [comments] |
| Help Deciding Between Two Houses [Southern California] Posted: 15 Apr 2021 08:18 AM PDT I placed an offer on two houses; both were accepted. I am having difficulty choosing between the two, because I like both, but they are completely different. They have different pros and cons. Some info about me: mid-30s single female, currently living in a condo in downtown LA. Working from home full time right now, but during non-pandemic times, I only work in my downtown office twice a week. I also have a giant dog, which is why I'd like to move into a house with some outdoor space. I like the walkability of my current neighborhood, and its central location to everything in Los Angeles. Also, all of my friends live in LA and we often go out to eat or drink and do things around the city. I intend to live in my next house for at least 8-10 years. House 1: In the city, but in a rougher, gentrifying neighborhood. The house itself is absolutely gorgeous--newly constructed on a relatively quiet street. However, about 100' from the backyard is a freeway onramp. I am not concerned about the noise, but I don't like the ugly view of the freeway, possibly getting dirt on patio furniture, and risk of inhaling toxins from in the air. But again, I currently live in downtown LA where the air quality is pretty abysmal and I haven't had any problems. The house is built on a hillside so the dog will have to use more stairs. House 2: This house is in Orange County and over 30 miles away from my office. The house is nice, built in the 1960s and updated recently by a flipper. The ceilings aren't as high as house 1, and it's about 600 sqft smaller for the same price. The house is located in a quiet, safe neighborhood and in a cul de sac. It has a larger yard for my dog and he would not have to use stairs. I would have to drive everywhere since there's nothing really to do in the area. It's very suburban, which I'm not used to. It also has no tub or walk-in closets. TLDR: Beautiful new spacious house in a gentrifying, ok neighborhood right next to a freeway, or older and smaller flipped house in a suburban neighborhood farther away from work? Also, which would have better resale potential later down the road? [link] [comments] |
| Bidding on a pre-list property - Tell me the downsides. Posted: 15 Apr 2021 08:17 AM PDT My realtor found an unlisted house in a nice neighborhood for a good price (based on comps and neighboring home values). The house is being listed by our realtor's friend (also a realtor). Our realtor says the owners of the house are willing to accept a bid for a few grand over asking to avoid the hassle and paperwork of listing the house. Other houses in the neighborhood are priced about 30% higher than what they are wanting. I took a virtual tour of the house today with our realtor and liked what we saw (I'm currently out of state - moving). Seems like a good opportunity seeing as we avoid the price hike of a bidding war and the house does appear to be a good value based on comps and the surrounding area. I would bid the price owner's are looking to get and will include a warranty. Does this sound like a good opportunity? What might I be missing? [link] [comments] |
| Quicken Loans? Positive or Negative Experiences? Posted: 14 Apr 2021 11:15 PM PDT Hello, I have client buying an investment property that a condo in Orange County as an investor with 25% down and a strong file in regards to credit, assets, and income. On this deal, we have a 7 day escrow timeline to remove contingencies and 20 day closing.I am not confident in the mortgage broker the client selected, she decided to hire a family member who has sourced the loan through Quicken. Can anyone comment on this by chance? Thank you in advance [link] [comments] |
| Two home inspections instead of one based on disclosures: waste of $ or worth it? Posted: 15 Apr 2021 05:29 AM PDT We recently purchased an older home that needs a lot of work. The sellers lied on the disclosures for one major and one minor item that we haven't decided if that's going to make or break if we pull out. Because we love the location, we are moving forward for now. With that said, we are considering getting two home inspections, back to back, to make sure the one inspector doesn't miss something. Is this common? Is this worth it or a waste of $? Thanks. [link] [comments] |
| Sort of a rant, but with some pointers from a non-realtor regarding homebuying / selling Posted: 14 Apr 2021 02:08 PM PDT Apologies ahead of time as this is going to be long-winded. I'll probably get downvoted to shit for this, or not many people will see it and all my efforts will be ignored, but anyways.. I'm more of a browser on this forum than an active contributor, but I swear I'm seeing so many posts complaining about this market, FOMO, and being priced out of ever owning a home. Even if I were to stop following this reddit this market leaks into my life daily with people associated with me that are also in the market for a new home. I hear coworkers talk about the market, and I always hear about how lucky I am to of bought a house before the pandemic (from people who have no context, and fail to realize that it took me about 20 offers in the NON pandemic Austin, TX market to buy a home). Where I live in Austin it's become a new favorite pass-time (well, it's always been one, but moreso now) to bitch about Californians and "Northeasterners". While I don't think I can curve the bitching about the market, I can offer some advice that may help ease some minds. Advice for STBFTHO (soon-to-be-first-time-homeowners). My hat is off to you and I wish you the best of luck with whatever market you are in. I'm not here offering advice as a realtor, but instead advice from an actual person who has bought and sold a few homes in both hot and cold markets (DFW, Austin, SLC, Knoxville) and experienced the very human side to this. My pointers are the following, and based on experience.
Advice for homeowners looking to sell and move. I respect your bravery. Good luck out there.
For the most part I just wanted to put together a few tips out of frustration and seeing the same post on this SR over, and over, and over again, from different users. TLDR:
EDIT: One tool I wanted to let people willing to tough the market out know about: https://www.investopedia.com/terms/m/mortgagerecast.asp - be aware of the ability to recast your loan and lower your monthly payment. This can help offset the tax increases if you can manage to make payments of $10k or more every few years or so. [link] [comments] |
| Posted: 15 Apr 2021 08:17 AM PDT I am currently three weeks from close. My first appraisal has been ordered, by loan is locked in and pretty much through underwriting, and I'm happy with my rate. I am buying new construction, and my builder is currently selling the same house/land amount for $200k more the next street over (I know this sounds made up, but seriously here in Utah my house type has gone up from $700k to $900k in 10 months in this market). All of these facts make me think that my new build will probably appraise. However, I'm terrified of this last hurdle because it relies on appraisers, who could mess everything up just by pulling the wrong comps or making a mistake that they don't want to fix. So, am I panicking for no reason? Are new builds likely to appraise? Would it help to bring in a different lender so I have a backup appraisal option? Is this worth a second hit on my credit just in case the first appraiser messes up? [link] [comments] |
| Posted: 15 Apr 2021 07:33 AM PDT I had some questions I wanted to ask about escrow costs. On my loan disclosures they list my escrow cost would be 688.88 a month. What does escrow include and does it cost extra money? Do you have to have an escrow account or if it costs money can you decline this? I don't want to pay extra for any reoccurring services if I don't have to. [link] [comments] |
| Posted: 15 Apr 2021 10:31 AM PDT We have 70k left on our mortgage. Interest rate is 3.6%. We can pay it off. We have small 401ks no investments other than that. Does it make more sense to pay house off? Or buy a rental property with the 70k+ we have available? [link] [comments] |
| Where can I find lot size data for the US? Preferably Texas at minimum? Posted: 15 Apr 2021 10:13 AM PDT Hello, where can I find information on the lot size for properties? Meaning the size of the entire property in sqft Let's say I enter a certain house, I want to know what the size of the lot is. For all residential properties. [link] [comments] |
| Should I buy without an agent? Posted: 15 Apr 2021 10:00 AM PDT Quick summary: market is whack here like everywhere. I have an agent but the home I am interested in is for sale by owner and owner will not work with an agent. I'm a property attorney but ironically don't know a ton about real estate; though I do know a lot about property and contracts. I've also never bought a home before. Is it a bad idea for me to proceed solo? What am I missing but not having an agent? I'm a covered if I have an amazing loan officer and a great inspector? [link] [comments] |
| What can I do to improve my strategy? [CAN] Posted: 15 Apr 2021 09:41 AM PDT Hi! Canada here. I am looking in a market where on average, houses are going for 10% over. As a first time home buyer, I've been having trouble finding houses I want to bid on but here's my current situation: House #1 | $360,000 - Almost put a bid way over my budget and realized I was being irresponsible so I stepped back. Comps in area were going for 10% over but my realtor advised me that the house was underpriced so I'd have to go higher if I did bid. In my head, the MAX I would have bid before stepping back was $430k, so 19.44% over list price. In the end, I didn't bid but the house went for $441k, 22.5% over asking. No contingencies. House #2 | $350,000 - This was the one we bid on. Realtor thought house was priced close to correctly here. She pulled data and comps from the past 3 months and we saw an average of 8% over asking. We really fell in love and bid 401k, 14.5% over asking. The house went for $422k, 20.5% over asking. No contingencies. House #3 | $340,000 - Another house we were VERY close to bidding on but in the end my partner didn't love it. Realtor again thought this house was priced fairly. Comps showed most houses from the last 3 months were going for 0%-2% over, with one outlier at 7.5% over. I was pretty bummed my partner didn't like this house because I thought here's our chance to get a bid in without going crazy over the comps. Well no, today the house sold at $405k, 19% over. No conditions. I am extremely worried because it's not possible for us to waive the appraisal/financing condition. We don't have extra cash 'just in case'. We have enough for our downpayment and closing costs. We were pre-approved for a mortgage up to 600k, but obviously that doesn't matter with appraisals. So my question is...are we just getting unlucky with selecting houses that are selling for way more than comps? The data doesn't lie when it comes to comps and averages, so I'm having a hard time understanding this. Or, is the market changing that quickly that in a month the average will now be 20% over asking? [link] [comments] |
| 10% with PMI or 20% for primary sfh? Posted: 15 Apr 2021 09:09 AM PDT Thoughts on 10% down with PMI vs 20% down? Guessing the 10% numbers are looking much better if I invest in the market vs dropping everything in the home. Thoughts? What am I missing? Budget sales price- 1.1mn Net Income - 13k per month [link] [comments] |
| Changes in the US Home Value During the Pandemic Posted: 14 Apr 2021 12:54 PM PDT Created by /u/chartsnacks in /r/dataisbeautiful The graph shows the price change between Feb. 2020 and Feb 2021 across the United States. Thought it was an interesting graph that would make sense to post here. [link] [comments] |
| Illinois Sale Contract Question Posted: 15 Apr 2021 09:02 AM PDT Back in 2015, a neighbor approached me about a rehab project for a nearby house. He sold me on having it rehabbed and sold in a year. Now six years (and $25K) later, we're jointly stuck with a vacant house thats around 50% done. He's offered to buyout my share of the house and said he can do $800/month payments directly to a bank account of my choice (do i trust him with an account and routing number. Possibly contact a title company to handle?), but wants me to produce a contract for this. I'm weighing my options on how to handle this and appreciate any ideas. I know DIY contracts are not real and don't want to draft anything. Thank You [link] [comments] |
| Roughly, how much can I expect to walk away with? Posted: 15 Apr 2021 08:58 AM PDT Our current mortgage is ~$390,000 and I'm thinking we can sell for $500k-$550k. When our house sells, what gets taken out? I'm in California and moving out of state and would like to have an idea of what we will walk away with to put towards getting out of debt and down payment on a new bigger house. Are there any "hidden" costs/fees that most people aren't aware of? My wife thinks we will have 90% of the difference but I know there are closing costs, taxes and other things that eat into the final number. -Thank you! [link] [comments] |
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