Real Estate: USA - Biden proposes no foreclosures until 2022, 40 year mortgages, and more. |
- USA - Biden proposes no foreclosures until 2022, 40 year mortgages, and more.
- Giving up hope
- Update: Sellers have vacated property
- Previous owner's tenant says seller knew about issue, how do I pursue this?
- Where did all the inventory go?
- (CA) Looked at a home for $650,000 it sold a week later for $850,000
- Making a mistake selling?
- Is this an elaborate scam or am I getting the deal of a lifetime?
- Modern homes <500K? Where are the builders?!
- Real Estate vs Stock Market
- Is this a strong offer, and how can I strengthen it?
- Have you seen buyers agent commissions drop due to all of the demand?
- Finance manufactured home and construction costs
- ADU or Home Addition- Resale Value?
- [US NYC] Need help understanding property deed description
- Our offer was accepted, the seller keeps pushing back the inspection date and is now sending us a revised disclosure stating that they have problems in the basement when it rains ( it rained heavy 2 days before the inspection). He said he is willing to fixing it "if necessary".
- Cash offer advise
- Issues reselling quasi-1BR condo?
- Buying an individual apartment unit. Pros/cons?
- Financing Renovations: Bundle with Mortgage vs. Separate Loan?
- What realtor benefit is better? (Rebate vs commission discount)
- How is the market in Wisconsin
- Two appraisals completed and the difference between them is $32,000
| USA - Biden proposes no foreclosures until 2022, 40 year mortgages, and more. Posted: 05 Apr 2021 09:34 PM PDT https://www.cnbc.com/2021/04/05/homeowners-in-covid-forbearance-could-get-foreclosure-reprieve.html Not sure if this is ok to post, but very relevant to everyone. In case you thought there would be a flood of inventory, the Biden administration does not want that to happen. [link] [comments] |
| Posted: 06 Apr 2021 06:29 AM PDT I'm so tired of looking at houses... putting in super competitive offers, and then getting excited over nothing. Im tired of open houses when they are not needed- every single house has to have an open house now. They used to be for houses that couldn't sell. It almost seems like a waste of time anymore to even look. I hate renting and not having my own space. Sorry for the vent... but never in my life would I have imagined a market this bad where I couldn't get ANYTHING. In my area, even the beaters are going for crazy high... these are houses that would sit for over 150 days in a regular market. When will this change? [link] [comments] |
| Update: Sellers have vacated property Posted: 05 Apr 2021 10:26 PM PDT Hi All, In follow-up to my post last Wednesday about my sellers not moving out on the agreed upon date- they got their act together and moved out, with rent back! Despite some fears I don't think these people were trying to exploit the CA moratorium. But I don't know what made them believe I wouldn't care about taking possession of my property, and that they could take their sweet time moving out. They griped about having to spend Easter moving, which does suck a little bit, but I was unphased. For all the crazy stories going around we can cross this one off the list :) [link] [comments] |
| Previous owner's tenant says seller knew about issue, how do I pursue this? Posted: 06 Apr 2021 09:42 AM PDT I've been having balcony issues with my condo that I've been battling the HOA on since Dec. I bought the property in Sept. Since I've purchased the place, I get mail for the previous tenants and have been able to contact them through FB message to periodically pick up their mail. It just occurred to me after months of dealing with this that it would be a good idea to reach out to ask if they had any info regarding the history of the issue. It turns out they found the balcony to be unstable in parts when they moved in two years ago, which is also roughly how long the seller has owned the place. It was a rental property only. They said the sellers had somebody come out but nothing was ever done. My inspector didn't catch anything on the inspection, but apparently this was an issue that the seller was already aware of and didn't disclose. I'm fighting the HOA on this, but is there anyway I could pursue this with the seller and how would I do that? [link] [comments] |
| Where did all the inventory go? Posted: 06 Apr 2021 08:55 AM PDT What do people think caused the massive decline in inventory across the country? Was it people deciding not to put their houses on the market because of the pandemic? I'm curious if anyone reading this falls into that category-- you were thinking about selling but decided not to in the pandemic. Or, were there a regular number of houses for sale but increased demand caused them to be snapped up more quickly? [link] [comments] |
| (CA) Looked at a home for $650,000 it sold a week later for $850,000 Posted: 06 Apr 2021 09:48 AM PDT Absolutely insane the house was definitely a fixxer upper but it wasnt even in the best neighborhood or even a house that i could ever imagine being worth $850k let alone closer to a million because the house HAS to be a flip. I can only assume that the house was bought to be fixed and then resold for closer to $1Mil just insane though my wife an i have only been looking for about a month or so now but every offer we put it HAS to be at least $30-$40k over asking or else we can say goodbye to even being countered quite frankly after the $10 Billion thing from Biden passes i really doubt this bubble is going to pop i thought there would be more homes in CA listed after everything started to re open but nope everything still costs the same and there is no more inventory than there was a month ago i dont see anything changing this year tbh, 100% houses are either going to stay the same price or keep going up i dont see the prices of homes dropping at all unless the housing market gets an insane influx of new homes this isnt really a rant i guess, moreso just a shock of whats going on literally the worst time in history to buy a home and i really doubt that its going to stop anytime soon [link] [comments] |
| Posted: 06 Apr 2021 09:31 AM PDT So my wife and I bought our first house in florida 4 years ago - a year into that we moved to Denver because of a job opportunity and we been renting our florida house out while renting here in Denver. This past year the house gave us a lot of headaches with a leak that didn't quit and supporting a renter from Denver became more than I could handle. With the market being what it is we listed it for sale. We bought the house for 326, owe 279 and will be selling it for 450. The thought was the house isn't really worth 450 and why not bank upwards of 140 after closing costs in addition to what we currently have saved and put us in a strong position to buy our dream house. The house we are selling is reflective of where we were 5 years ago and our intent was never to go back when we go back to Florida. However, I'm starting to worry the market isn't going to stabilize for another 3+ years and while I wouldn't mind renting for a few years I hope this isn't a mistake. Thoughts? Alternative would be to keep renting it. [link] [comments] |
| Is this an elaborate scam or am I getting the deal of a lifetime? Posted: 06 Apr 2021 08:18 AM PDT I'll try to keep this as concise as I can. My girlfriend and I found an GORGEOUS apartment (originally on Zillow) for an EXTREMELY appealing price. I contacted the owner to move forward, he explains that he has been trying to rent the apartment before he had to move out of the U.S. for business, with no luck. He explains that he is renting the unit remotely through AirBnB. He goes on to explain that Airbnb is offering a new long term rental service that will handle everything, from delivery of paperwork to shipment of keys. He says that "Airbnb works the same as an escrow account on which you place the deposit when you rent an apartment, except that instead of a bank, we use Airbnb. Of course, nobody can take that money until you inspect the condo and sign the lease agreement." He also explained that its not a public listing that I can view, but rather something he has to initiate with AirBnB. I was just wondering if anyone was familiar with this process, and could give me some information on this service and perhaps some peace of mind. Thank you in advanced. [link] [comments] |
| Modern homes <500K? Where are the builders?! Posted: 06 Apr 2021 07:58 AM PDT I'm shopping for housing in a large metro in Texas, and I absolutely cannot find modern homes at this price point. New builders all insist on traditional or traditional/farmhouse homes unless you get into the $MIL+ price range. Why do builders insist on tiny lots, small garages, and outdated design? The closest I've found are renovated mid century homes, however these neighborhoods are not places for long term investment anymore. Just curious if it's my locality, or if there is another reason for a lack of smaller form (2,000 sq ft), modern homes. I'm thinking I need to buy a lot and hire a custom builder but that is just so damn expensive. [link] [comments] |
| Posted: 06 Apr 2021 06:22 AM PDT Using my anonymous account for this. Sorry if this is the wrong subreddit. Short story: 23 years old with 120K saved currently invested in the stock market with another 60K in retirement funds. Expecting to make six figures next year and (hopefully) continue in that trajectory. I'm a big fan of passive investments like the stock market but I was told the stock market pales in comparison to buying real estate and renting it out. I understand how each works but I feel as though real estate investing is for those looking to leverage money to grow. Meanwhile, I feel like I am at a great starting point to the point that I could just safely play the long game (stock investing) and be fine at the end. The main draw to real estate for me is the additional income coming in each month but it seems to be far from a "passive investment." I ran some numbers assuming a $100K initial value and, over the course of 40 years, the real estate category barely beat the stock category in terms of returns. Although I should note that I only considered the initial properties and didn't make adjustments for any added along the way. I just feel like real estate is incredibly risky and almost a "get rich quick" scenario. Could someone shed some light on whether or not they recommend stocks over real estate? Thanks in advance Edit: thank you for all the helpful replies [link] [comments] |
| Is this a strong offer, and how can I strengthen it? Posted: 06 Apr 2021 03:51 AM PDT Applies to homes listing between 350k to 425k. Offering 30k above listing and waiving appraisal contingency as long as it apprasies at least its listing price and waiving any costs from inspection up to $7500, but if related to a structural defect greater than that amount, can renegotiate or cancel. Closing also as quick as 30 days or as long as 3 months depending on seller's preference. This is with pre-approved lending. Context is we've only been very very serious in our hunt the last 8 weeks. We've seen about 16 homes. 3 we liked enough to offer: 1 our stuff wasn't together so we'll never know if we had a chance though it went 30k over listing is all we know) and the other 2 have been more recent. One we think the winning bid waived everything. The other ended up being an estate sale (which we only found out after our offer) and think cash or again waiving everything won. Any thoughts on how we're structuring this? Most frustrating bit has been housing volume so low, few that we want to offer on in the areas we like. So when we lose in the offering battle, hits that harder. If we we were offering on more, feel like something would eventually stick... And I am aware we are early on what could be a long journey. How long does it take to buy land and build a modular home? (Joking / maybe not joking). [link] [comments] |
| Have you seen buyers agent commissions drop due to all of the demand? Posted: 05 Apr 2021 04:06 PM PDT My market is usually 2.5% to the buyers agent with maybe about 20% of the listings offering 2% . In theory the higher "standard" buyers agent commission with entice more agents to bring their clients but this shouldn't be necessary at the moment. Wondering what you are seeing? [link] [comments] |
| Finance manufactured home and construction costs Posted: 06 Apr 2021 05:16 AM PDT I am having trouble figuring out what kind of loan I should be asking for if I want to purchase a manufactured home, but also need to finance the construction elements such as the foundation, a driveway, septic system, etc. Would I just have to get two loans? Looking for some guidance on what my best option might be for this. [link] [comments] |
| ADU or Home Addition- Resale Value? Posted: 06 Apr 2021 08:53 AM PDT I bought the worst house on the block in a very nice neighborhood 5 years ago with the idea that it would become our homestead, eventually. I've done a lot of upkeep and slow improvements while renting it out, but it is just too small as it is and will require remodel and addition. We really like ADUs since we have family come and stay with us a lot and like the separation. But, we're afraid at resale that people may be turned off by an ADU when it costs the same per sqft to add on to the original structure (if not less). It is a posh neighborhood so I don't think many people are interested in the lure of "you can rent it out for extra income!" and everything would be permitted (very strict historical neighborhood). So is a sq ft in an ADU as valuable as a sq ft on the main dwelling? Thoughts? [link] [comments] |
| [US NYC] Need help understanding property deed description Posted: 06 Apr 2021 08:31 AM PDT Hello Everyone, Thanks for viewing the post. Currently my fathers house has raw sewage backing up in basement and plumbers believe the problem is under the neighbors foundation. Neighbors built their building about 10 years ago replacing 2 old houses. There used to be a community line that connected the houses. Insurance company says they will fix the issue if neighbors give permission onto the property but if this easement is correct, then they must allow us onto the property right? I need a second opinion if this is correct. Thank you!!
(Link to pictures is what I think ^ is stating) https://imgur.com/a/KBFVhT2 [link] [comments] |
| Posted: 05 Apr 2021 07:26 PM PDT Is it common to receive a " revised disclosure" the day after your offer was accepted? It seems very shady to me. [link] [comments] |
| Posted: 06 Apr 2021 08:09 AM PDT So me and my family live in a smaller ranch, and we have been planning on moving into something bigger but weren't exactly in a rush. ....My neighbor (who owns multiple properties) called and told me he's interested in buying my home if I ever decided to sell. I wasn't sure if he was serious and he called again and asked to check out the house and he would give me a cash offer. Fast forward , today he looked at the house , and told me he's interested and could lock in a price for a year to allow time to find a new house . What steps should I be taking from here. Do a need a lawyer/ attorney? I obviously need a real estate agent for purchasing a new home . Any help would appreciated ,Thanks [link] [comments] |
| Issues reselling quasi-1BR condo? Posted: 06 Apr 2021 07:47 AM PDT I'm thinking about buying a condo in a very hot market. It's around 930 sq feet for 550,000, and a 500 dollar HOA, which is quite cheap for the area of the city it is in. The main reason the price seems so low is that it has a somewhat odd setup, where the bedroom is lofted halfway-up a half-flight of stairs with no door, and a 3/4 wall to let light in. So, you can't see into the bedroom from elsewhere in the apartment, but it isn't actually a distinct room from a noise perspective. I think this looks somewhat stylish, and it doesn't bother me, but I worry that I would run into issues reselling/renting it out in 5-10 years, because, even though it formally is a 1BR, in some ways it's more like a gigantic studio. Would this be a major issue for you? Edit: Here is the floor plan. https://imgur.com/a/UTvito3 [link] [comments] |
| Buying an individual apartment unit. Pros/cons? Posted: 06 Apr 2021 01:46 AM PDT I'm looking into investment opportunities. I already live in a house and have no plans moving. I'm situated where I'm at, but I have extra money sitting in the bank that I'd like to utilize. I am looking around Zillow and I see a ton of multi-family houses for sale, but I also see individual units in an apartment complex for sale too. This makes me wonder... what's the point in buying an individual unit? What are pro's and con's to it? All the other articles that I read up on only talk about people asking about buying entire complexes, but what if it's just 1 unit? [link] [comments] |
| Financing Renovations: Bundle with Mortgage vs. Separate Loan? Posted: 05 Apr 2021 06:07 PM PDT Hello everyone, For these bigger renovations, our loan officer mentioned we can bundle the cost of the renovation with our conventional mortgage. Just cannot exceed 75% of subject to appraised value. The only differences seem to be our rate will most likely be higher, work has to be done in budget & timeline (10-15% of the budget set aside for unknowns), and additional draw fees & title updates. So between this bundling vs. focusing on closing first then financing the renovation another way - what would you do? We like the idea of bundling because it locks everything into one payment and we aren't touching our savings beyond the 20% down. There will always be "other" costs associated with the home we are not predicting right now. If we go another route, we probably will have to take these projects on as budgeting allows. [link] [comments] |
| What realtor benefit is better? (Rebate vs commission discount) Posted: 06 Apr 2021 07:13 AM PDT Good morning everyone, my lender, quicken loans offers a 0.5% rebate if partnered with their realtor program. However before I chose them as a realtor I found an agent that I like. She offered me a 20% discount on her commission as a military discount. 2 questions: 1. How does a discount on commission work? 2. For a purchase price of ~500k, which incentive would be better for me? Also I'm doing a VA loan. [link] [comments] |
| How is the market in Wisconsin Posted: 06 Apr 2021 06:38 AM PDT I was just wondering how the real estate market is in Wisconsin (cities like Eau Claire, Appleton, Wausau). Are people offering way above asking price because of such a hot market or are most homes selling for their appraised value? [link] [comments] |
| Two appraisals completed and the difference between them is $32,000 Posted: 05 Apr 2021 08:20 PM PDT In February, I put an offer in on a house and it was accepted. The house was listed at 305k. It needed some repairs (new roof, new hot water heater, etc) and we negotiated that I would not offer less than the listed amount and seller would complete the repairs. Both sides were happy. I was in the process of using one lender who had my first appraisal completed for a conventional loan. It came in at $305k. Perfect. However, the lender and I weren't the best match as he wanted me to pull my federal loans out of their COVID deferment first. I declined to do that and I immediately switched to another lender. New lender was great. Changed the closing date to two weeks from now. Conditional approval based on the new appraisal (unable to transfer the original)... Except the new appraised value came in at $273k. All parties are completely shocked. I'm now being asked to come up with an additional $32,000 with two weeks notice. It's literally not possible for me to do that, so of course the seller wants to put the house back up. I don't blame him. I'm sure he can find a cash offer in this market. I just don't understand how this could have happened or what we could have done differently from the buyers side. I compared the comps between the first appraisal and the second. The first looked a few extra miles out and compared to homes that sold $300-325k recently. The second only looked within a half mile of the home and most of the previous sales were done more than 90 days ago. He looked at homes that were in the $230k-$275k range. I realize I could go out and order a THIRD appraisal but that doesn't seem like a sensible thing to do. I guess I'm just extremely shocked how I could get two drastically different numbers. Is this something that normally happens? I had a feeling since house prices are up that I would likely appraise a bit low and need to come up with it in cash... but to have one appraisal be so much higher just isn't something I'm comprehending. My realtor said she is going to try and see if there's anything she can do but didn't seem hopeful. [link] [comments] |
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