Real Estate: With the frenzy of hone buyers, I feel like I have no choice, but to buy land and get my own house built. Any advice is appreciated. |
- With the frenzy of hone buyers, I feel like I have no choice, but to buy land and get my own house built. Any advice is appreciated.
- Houses in flood zones in the US are currently overvalued by a total of $43.8 billion based on information in publicly available flood hazard maps, raising concerns about the stability of real estate markets as climate risks become more severe
- What’s going on? Confused and frustrated with lender.
- can you get a mortgage with zero credit and zero credit history if you put 20-30 percent down and have a qualified co signer?
- Where can you find data on housing/apartment vacancy rates?
- A friendly reminder to clean up your social media!
- [US-AZ] For those in the southern/central Arizona market, how often do you see appraisals fall short of asking price?
- Real Estate UK
- Is it normal to feel a little regret when selling our old house and moving to a new one?
- What's a reasonable cash for keys amount in the bay area?
- Can a Texas real estate broker own or own interest in a title company in Texas?
- How do we do this correctly?
- Hard money lenders worth it or not?
- Repair vs Remodel vs Selling ‘as is’
- Sell my rental or keep?
- Do you need a commercial loan for a duplex if you don't plan on living in it?
- Downpayment strategy
- Frustrated with lender
- Designated Representation - consent or not?
- Crazy for buying a house that needs the roof replaced?
- Under contract on new build and paying cash instead of mortgage
- Should I buy a house with previously repaired brickwork and leaky basement
- [NYC] Was planning on putting 1BR Co-op unit on market soon but noticed on Streeteasy my neighbor as just put their unit on sale
| Posted: 02 May 2021 07:34 AM PDT Typically millennial here. Living at the parents. Wanted to buy home for years, but of course it just gets worse. If I can't buy a house, why shouldn't I buy land zoned for residential. Look through some home plans, do the research on what needs to be done. Permits, process of getting a home built. Hiring contractors, etc. At the rate of home prices increasing, I should be saving a ton of money this way by getting my own home built. Or I'm thinking I will. Or are materials and contractors charging up as well and I will actually be overpaying just as much? [link] [comments] |
| Posted: 01 May 2021 12:57 PM PDT This is currently a top post being discussed on r/science https://www.pnas.org/content/118/17/e2003374118 What risk factors are average homeowners looking into when buying a home? We checked flood maps, fire hazard severity zones, air quality maps, etc What environmental factors are investors looking into when buying a property? Are investors (who I'd guess, but could certainly by wrong, are more knowledgeable about financial risk factors than average homebuyers) factoring in climate risks? [link] [comments] |
| What’s going on? Confused and frustrated with lender. Posted: 02 May 2021 05:05 AM PDT Hi everyone! I have a few questions about my mortgage process at the moment. A little background: we are self employed(s Corp.) We are trying to buy a vacation property. We have very little debt to income (5 percent). We are going with a conventional loan and credit is decent (700). Our primary home is paid off and all vehicles are paid for. The only loan we have is a work truck in the company name and we just keep that open for credit reasons. We do have company credit cards but they get paid off several times a month (employees carry cards). My confusion comes from our loan officer. We are going through a small bank in our home town. It's the bank all of our business accounts and loans have ever been through. We usually do our dealings with a higher up in the bank and he personally sent our info over to the loan officer. And since then- crickets. We can not get in touch with her and she never returns our calls. We did receive an "initial loan disclosure" (which I think is the official application??) seven days ago. On that disclosure, there were several amounts wrong. We emailed her back and told her it was incorrect and her response was "we can change the values when it gets closer to time". I'm very confused by this bc I've read that an underwriter will deny a loan if the application doesn't match. We sent in the original paperwork they need (profit loss, w2 etc) and they have asked for nothing since. We do have the money to purchase the house cash if it came down to it, but we don't want to do that. My question is- is the loan officer just giving us the run around bc she knows we won't qualify, or is she so sure we will that she doesn't even need the correct documentation? Also the do have access to all of our accounts so maybe this is why they haven't asked for anything? How will I know if the loan has been sent to underwriting? It's been a week since we signed the disclosure. The inspection has been done and we were told the appraisal was scheduled. We have a closing date of 5/21. At what point should we start looking for another lender? Thanks in advance for your time! [link] [comments] |
| Posted: 02 May 2021 02:12 AM PDT can you get a mortgage with zero credit and zero credit history if you put 20-30 percent down and have a qualified co signer? I know there's a lot more to it than that but assuming I was otherwise qualified could I get a mortgage? I have 34k in the bank and I want to buy a 68k home. [link] [comments] |
| Where can you find data on housing/apartment vacancy rates? Posted: 02 May 2021 10:05 AM PDT It would be interesting to compare cities and the rate where properties have no one living in them. [link] [comments] |
| A friendly reminder to clean up your social media! Posted: 01 May 2021 01:06 PM PDT We recently got an offer accepted after losing out on three others. The week before I decided to clean up my Facebook after hearing about sellers looking buyers up... I changed my cover photo from a Pokemon picture (lol I'm really into pokemon) to a picture of my two corgis and made certain posts private/public. We met the sellers during the inspection and the first thing they mentioned was my corgis and how they looked me up on Facebook and how their son also had a corgi. It was a very sweet conversation. I'm not sure if it was THE deciding factor on getting our offer accepted (we did go 12% over list, waived appraisal and had 15% down payment, but kept the inspection contingency).. not sure if we were the highest offer but they did mention they had other very strong offers... but I think it made the sellers feel comfortable that they were selling to people they "liked". [link] [comments] |
| Posted: 02 May 2021 07:34 AM PDT I'm looking to buy here and I'm a bit concerned about a bubble forming due to CovID. I'm quite nervous whether this is the right time to buy or not. So this is just one of many questions I'll probably have. Thank you for weighing in on this. [link] [comments] |
| Posted: 02 May 2021 08:59 AM PDT Hello, so I'm a 19yr old university student looking to get started with real estate. I currently have £15k saved and I would like to do something with it that's to deal with real estate. Can someone leave me some tips of what I should do Thanks [link] [comments] |
| Is it normal to feel a little regret when selling our old house and moving to a new one? Posted: 01 May 2021 07:09 PM PDT We really love our current house and have lived here for five happy years. We viewed (and are offering on) a house today that is much more expensive and bigger yard, but needs some work inside to be as pleasing to us as our current house. If our offer is accepted, we will be getting a pretty good deal on a much bigger house in a high demand area, so I'm not worried about losing money, but I do feel very sad to think about moving. I would love to just take our current house and move it to a bigger lot if I could... Is it normal to question whether you are making the right decision when moving? Is it normal to feel kind of scared and sad about making that decision? [link] [comments] |
| What's a reasonable cash for keys amount in the bay area? Posted: 02 May 2021 07:36 AM PDT I want to sell a house and it's tenant occupied. What is a reasonable amount of money to offer for them to find another house? [link] [comments] |
| Can a Texas real estate broker own or own interest in a title company in Texas? Posted: 02 May 2021 09:46 AM PDT |
| Posted: 02 May 2021 05:57 AM PDT Good morning! Here is my situation which I'm sure isn't a rare one right now. We are in Georgia in a suburb of Atlanta that is white hot. This will be the third house I've bought but never in this type of market...gone are the days of putting in an offer on a house when your current one is under contract and you can close on both on same day it seems. I put in an offer on my dream home last week using Homeward, a company that will buy it in cash and sell back to you once your current one sells but the seller is having second thoughts about selling period and has ghosted her own agent so who knows what is going on with that! My concerns are this: how are people doing this these days? Are you going under contract on your current home but asking for a long closing of like 45-60 days to give you time to find one to buy? There's such a lack of inventory that I'm afraid our picky tastes won't find one we like in that timeframe. We want this one to be our forever home and don't want to settle like we did with our current one. We also can't move into a short term rental until we find the right one, we want to go from this home to the new one. Moving has already been quoted at $3000 for this 5 bedroom house so if we move into short term rental and put stuff in storage we will have to pay them $3000 again to move from rental/storage to new home and we don't want to do that. My husband is saying maybe we should just wait until this market calms down but I'm afraid with that coolness the price we can get for current home will cool as well. Am I wrong? I need the smart folks here to talk me through this! [link] [comments] |
| Hard money lenders worth it or not? Posted: 02 May 2021 09:27 AM PDT I was wondering if anyone can educate me on the topic of using a hard money lender I am a designer and have two family friends who are skilled contractors. We'd like to flip homes in the area since the market is HOT. I experienced it first hand by attempting to buy a home putting down several offers all cash, waived all contingencies and got absolutely smoked each time. I was able to offer all cash because I was going in with a friend but now I'd like to take advantage of this hot market on my own. Where do I go about finding a hard money lender? Are there ever instances where instead of paying the interest on holding time I could agree to pay the lender a percentage of profit? Anyone have any experience they could share? Thanks! [link] [comments] |
| Repair vs Remodel vs Selling ‘as is’ Posted: 02 May 2021 09:11 AM PDT My house outside of Boston was built in 1948 but is generally very solid. The exception to that is the old screened porch which is rotting at an accelerating pace, I think due to bad gutters. It needs to be completely remodeled, in my opinion. I received $5k back from the seller after inspection to deal with this porch but it's been almost 2 years and I have not conclusively dealt with it yet, instead doing some DIY repairs. Similar approach as the prior owners. I am renting the place to friends for the coming year while I do a 1 year stint out of state, and I'll probably end up not coming back and selling it. If I do come back I'll be making more money and I'd remodel this space into either a 4 season 'finished' area/breakfast nook, or something like that. So here's the question: If I'm going to sell it, does it make sense to just bake this issue into the price like the prior owners did and let the new buyers fulfill their own vision? Or is it financially smarter to do a cheap basic repair/remodel and turn this into a 'looks new' selling point instead of a liability? The way prices have gone I almost wonder if a humble 'no garage' house like this should avoid massive improvements that would theoretically put it into competition with the next caliber of homes. Like lots of city properties, the land this place is on is more valuable than the home itself. [link] [comments] |
| Posted: 02 May 2021 09:04 AM PDT Sorry if this topic has been beat to death. I have a SFH rental in central coast California. Lived in for 5 years, and this is the 3rd year of renting it out. My wife and I, late 30s, currently rent a home owned by our family, so it's pretty secure. We have no intention of ever moving back into the rental. So it's purely an investment at this point. It's $300/month positive over the mortgage and prop tax. BUT, if I'm going to have a rental, i'd prefer to have it in an area that I may potentially want to move back into. The rental is too far from work. So my thinking is, sell this year, take advantage of the tax break, and put that money back into another rental in an area that i may one day want to move into. Problem is, house prices are rising so got dam quickly, by the time i sell it, get my cash, i want to take my time to find the place i need. I need a place with a 3 car garage, and they are few and far between. Reason why i need that, is the plan is to rent it out, but also have as a back up if i ever need to move into it. i expect 6-12 months of looking to find what i need. in that time, home prices probably go up another 10% or more! plus, i hear this market is just insane, homes going well over asking price. However, holding the rental, i estimate it will take 5 more years of steady appreciation, to walk with the $300k after tax, that i could walk with this year. So 5 years to get what i would right now. any advise would be appreciated. to sell or not? [link] [comments] |
| Do you need a commercial loan for a duplex if you don't plan on living in it? Posted: 02 May 2021 08:36 AM PDT So I'm very new to real estate investing and I'm thinking about buying a rental property such as a duplex, triplex etc. However, I've seen conflicting information online regarding what type of loan I'll need; can anyone clear this up? So what I've heard is that you can get a residential loan for up to four units, but some are saying this is only if you are going to live in one of the units. Right now I live in a SFH that I wasn't planning on moving out of. So if I bought a duplex would I need to get a commercial loan? [link] [comments] |
| Posted: 01 May 2021 06:05 PM PDT Hi RealEstate people ! So I've been hearing from seller agents that I should absolutely go with 20% down because it gives more confidence to the seller that any appraisal gap can be handled by someone who puts forward more cash rather than less. However I think that money being cheap, why would I want to spend my cash instead of borrowing it ? I can have some reserves to fix a few things here and there and put the leftovers on an index fund (say a Vanguard VTI). Also wouldn't it leave me more cash on hand to bridge a possible appraisal gap if I DON'T put 20% ? For instance, say I have 250k cash and I bid on a 900k house and Appraisal comes back afterwards at 850. If I had put 15% , + 3 % CC, 162k, I am good because i can find this 50k easily. If I put 20% + 3% CC, 207k, now I'm short 3k for the appraisal gap. Can someone help me see what I am not seeing ? Is it just a question of perception? Should I have my broker write a letter saying that even though I put 15% I have more cash on hands for appraisal bridge ? What's your experience as sellers,buyers ? Thanks ! [link] [comments] |
| Posted: 02 May 2021 03:41 AM PDT We are in the process of closing on our second house. It's been fast.....we looked at the house on the 5th, our offer accepted on the 7th, we were meeting with a home inspector on the 8th, and signed the buyers agreement by the 10th. Then things slowed down, which was fine at first. Apprasial ordered by the bank on the 16th, and we were approved with conditions on the 21st. I got everything the bank asked for back to them the same day, asked if everything I supplied was good, and have heard nothing since. No idea where the appraisal is at, or how long until we are clear to close. I had to send them my newest paystubs this week, I asked if they need anything more from us and if the apprasial is the only thing holding us up. My loan officer responded with "As far as I know, we'll let you know if we need more". That's seems like total BS after 10 days of nothing. I'm getting worried because or mortgage commitment deadline is the 6th, and I feel like the bank isn't telling us anything. Is "approved with conditions" enough to meet the mortgage commitment deadline, or should I start hounding the bank to find out what the hold up is. [link] [comments] |
| Designated Representation - consent or not? Posted: 02 May 2021 06:32 AM PDT Hi, Selling a home now and contract originally reflected designated representation and dual representation both defaulted to the CONSENT. Agent bowed out gracefully when expressing I didn't want Dual, but is making the case for Designated. Thoughts? Thanks... [link] [comments] |
| Crazy for buying a house that needs the roof replaced? Posted: 01 May 2021 01:59 PM PDT So as everyone knows, the housing market is a melee battle ground. My partner and I are first time home buyers and have been looking in Oregon for the past 2 months. We've seen 30+ houses, put in 12 bids, and got 2 accepted that both fell through (first because their listing agent is a major fuckhead, second because it needed like 100k worth of work on both the roof and the foundation). That is to say, my partner and I are TIRED, like everyone is. We recently got a bid accepted on a very cute house in a quiet neighborhood with good schools on a .5 acre plot that is next to a small lake. We're very excited about it. We ended up having to offer 50k above asking with a 15k appraisal gap, and agree to only ask for repairs called out by the appraiser. We weren't even the highest bid, but we got along well with the owners who are about our age so they chose us. They're moving to Texas. We just got our inspection back and the whole roof has to be reframed/replaced (water damage, lack of ventilation, mold, etc). There isn't anything else really wrong with it and even our inspector said barring the roof, the rest was in good condition. I asked if our inspector thought it would be called out in the appraisals and he said that because the damage was mostly interior, it probably won't be called out which means we'd be footing the bill. My partner and I have accepted this and we have the money to do it, but as soon as I sent the report of my mom she freaked out. She's a licensed architect (has been for 30+ years) and she said: "Sounds like a hard pass unless you really like the property. Much leakage and water damage has happened and a lot of repairs." I respect her opinion, but literally every house in Oregon has water damage. It's the nature of living someplace where it rains for 9mo out of the year. And my parents have been in their current house for 10 years - they have no idea how hard it is to even get an offer accepted. She is suggesting we cancel and move on, but my partner and I still really want the house. We're having two roofing companies come out and give us a bid on how much the work will cost. With the current price of lumber we know it'll be high. It's really hard to separate smart decisions from home-buying fatigue at this point. Are we crazy for still going with this house despite the fact it may need 20k-30k in roof repairs? Is that just the way it is in this horrific market? Everything else about the house is so nice and we love the layout, location, land, and privacy. [link] [comments] |
| Under contract on new build and paying cash instead of mortgage Posted: 02 May 2021 05:51 AM PDT We're under contract on new construction, deposit paid etc. We are about 90 days from closing, roof is on, windows installed, etc. BIG builder so no delays thus far and price is locked. Initially we were going to get a mortgage and the builder required us to get approved within 30 days of signing contract, pretty standard, so we are in underwriting with the builder's mortgage company. But now we want to pay cash. We don't have to commit to the mortgage until we are 60 days out from closing. Sure our mortgage lender will be annoyed, but we're not putting our contract at risk by now paying cash, right? [link] [comments] |
| Should I buy a house with previously repaired brickwork and leaky basement Posted: 01 May 2021 05:55 PM PDT Hello, My wife and I are considering putting an offer on a house but we are worried some previous repairs may be a sign of a larger issue that we should avoid. The house has had some brick work repaired at the back and below the back in the basement there has been previous leaking that has been repaired internally with a membrane / sump pump solution. Are these repairs likely to last or is it likely there is a bigger problem or that this will become a maintenance nightmare? [link] [comments] |
| Posted: 01 May 2021 08:25 PM PDT I have a subletter in my 1-BR co-op apt but the lease is up soon and I am pretty sure I want to sell my unit. I just noticed my neighbor just put his/her unit (a larger 1BR than mine) on sale. I believe the possibility of buying and combining 2 adjacent units could make the existing sale unit more attractive as well as my unit. This is in a decent neighborhood in Brooklyn. For obvious reasons, if I could sell my unit without engaging a broker to help sell it, I would prefer it (and allow me to price the unit a little lower). How should I proceed - reach out to the neighbor? The neighbor's broker? If the latter, I would presume that broker would put pressure on me to engage him/her to sign to represent my unit. I'd be reluctant since I presume their allegiance would be with the neighbor. [link] [comments] |
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