• Breaking News

    Friday, February 2, 2018

    Home Unlabelled Buyers Don’t Grasp Mortgage Basics Real Estate

    Buyers Don’t Grasp Mortgage Basics Real Estate

    February 02, 2018

    Buyers Don’t Grasp Mortgage Basics Real Estate

    Buyers Don’t Grasp Mortgage Basics

    Posted: 01 Feb 2018 09:45 PM PST

    (NY) Realtor says purchasing a foreclosure is "a waste of time"

    Posted: 01 Feb 2018 12:46 PM PST

    I live in Suffolk County, NY and I am looking for a home that is in my budget. Currently, I am a grad student and my husband is the only income. We want to remain in Suffolk County, but the homes prices are a bit higher than what we can currently afford. So, due to this we were looking at foreclosures. (We are currently renting -- yes, we did the math, and would be cheaper to buy.) Anyway, I mentioned this to the realtor, and she said:

    • It is a waste of time.

    • You pay more than what was agreed on.

    • The bank may agree to XXX,XXX but then change their mind and want more.

    • The process can take up to a whole year.

    • So your down payment is just sitting there for a long time.

    • We don't know if there is someone living there, so you need to evict them.

    • Evicting people can take up to a year.

    • There may be problems that you don't want to deal with.

    • Then she mentioned some kind of problem with paperwork -- I can't quite remember what.

    I'm just getting the vibe that she doesn't want to deal with foreclosures at all.

    My husband and I are currently renting a basement of a home, and it is a nightmare. At one point, we had no heat for almost two weeks. We need to have the de-humidifier on all day because it's just so wet down there. There's cold air coming in from windows, and the door because it isn't sealed properly. Lately there have been lots of ants, and the traps are not even doing anything. The guy who lives next door is a drug-addict, and works for the landlord. So he's on the property a lot, and our packages go missing (so we get it delivered elsewhere now), AND we have two kids so we're trying to leave as soon as we can. It is just a complete nightmare, and we need to get out.

    Any advice? Should we just continue to rent until I get a job as well? Thanks in advance.

    submitted by /u/khans8
    [link] [comments]

    NY (Westchester) - Market expectations with the new tax law and SALT deduction limits

    Posted: 02 Feb 2018 03:54 AM PST

    I recently toured a few ~$1mln homes/townhomes for sale in Hastings, Bronxville, and Pelham, NY. In a conversation with a realtor, he mentioned that he expected continued strength in the local market this year. He specifically cited low interest rates and pressure on $1-2mln homes, since people who would have been buying $2+mln homes, will be looking to spend less given the limits placed on deducting the $30+k annual, local taxes. He also said he was confident either the state or localities would find a workaround to the tax situation.

    My guess was there would be some weakness in the market given the tax bill's implications for high-tax areas, but he indicated they've already seen sale prices spiking.

    Anyone familiar with real estate in this area, and have any thoughts on the impact of the new tax law on Westchester housing market? Thanks

    submitted by /u/hanshound
    [link] [comments]

    Need help! Purchasing a house, is the well hinky?

    Posted: 02 Feb 2018 02:58 AM PST

    We have an accepted offer on a 400k home in Central Massachusetts. We do love the house, but well issues came up during the home inspection. The inspector ran the water outside when we go there. After about 2.5 to 3 hrs, we filled a tub and the water was brown. The results of water testing show that Iron is .910 (EPA limit is .3) Manganese is .043 (EPA limit it .043) Turbidity is 17 NTU (Limit is 1NTU or 5NTU) Did we just run the well down and pull all this stuff? I went back the next day and filled the tub twice and it looked much clearer, but that's only 40 gal vs the 1000 or so that were run the day on the inspection. My head is telling me to walk. The owners have a previous test and all the numbers are good. What should I do? The well is a year old.

    submitted by /u/Trevman39
    [link] [comments]

    [Serious] Realtors: How do you deal with Clients when they can't get past "THE HOUSE" Buyer's POV [AL]

    Posted: 02 Feb 2018 12:35 AM PST

    Realtors: How do you deal with Clients when they can't get past "THE HOUSE" Buyer's POV

    Warning. Southern Backstory. Long. Leave now if you don't feel like reading a Book

    Yes, I'm THE (problem) CLIENT. January 2016 my DH (Dear Hubby) decided he wanted to move back to his hometown Alabama from where we live presently. Both retired, own our home plus (at the time) two rental properties, one his, one mine.

    I wasn't thrilled at the idea of moving North but I understood his reason Marriage is "whither thou goest" and all that. All his Family lives in Alabama and it's large and extended and I don't have much of mine left here.

    So I started looking. Since he was the one that picked THIS HOUSE and it was not my choice, well, I kept saying it was "too small" and he just kept saying "I'm buying it" so I shut up. Eventually he said this house was "too small" like I said. Go figure.

    This time he said I can pick out THE HOUSE. January 2016

    February 2017 I finally found THE HOUSE. Now you're probably thinking I didn't look much but I did. Every damned day. Zillow. Realtor. Craigslist. Hired a Realtor. We drove 500 miles just to look at houses and rejected them. He wanted to move and I'm all about searching.

    I saw THE HOUSE online and within 2 minutes I knew it was THE ONE after a YEAR of searching. DH had already been making remarks that "I didn't want to move up there since I couldn't find a house" but where we live and where he wants to move the housing prices TRIPLE so I want him (and me) to get VALUE for the Money. A $150,000 house here is a $300,000 there. Crazy. But sometimes you can find a good deal or something like it. So I'm just not willing for him to throw his money away on the first house that comes on the Market since we don't HAVE to move.

    So I found THE HOUSE and it was a little more than what he was expecting to pay. He freaked. But then when we went and looked at the house, we were both blown away. It was everything and more than in the pictures. That's when the deal went sideways. He always wants a BARGAIN. He wanted a lower price. Furniture thrown in. Our house sold first. The seller balked of course and countered.

    And then my Blessed DH just sat and sat on the counter and didn't counter offer because his Brother had told him "It was TOO MUCH". Even though his Brother had never seen the listing or property or pictures etc etc. It just shut the deal down because my DH believed his Brother over anything I said or anything we had looked at there over a year's time.

    THE HOUSE finally got another offer on it (of course it did!) and our Realtor (OMG don't even talk to me about that Realtor) called and said "Do you want to submit a Best Offer? So he did but it wasn't any better than his other offer so the Seller went with the Original Offer even though it was higher because DH had made so many conditions on his offer.

    So here we are. TWO YEARS LATER after starting the search. One Year Later after later losing THE HOUSE

    And I can't get past THAT HOUSE. I don't know how to deal with it. I'm not working with the same Realtor anymore. It was a friend of one of his Relatives. I finally figured out it was more of a Hobby thing for them than a full time Job so the last straw was when they emailed me the last time and asked ME what they could do to get DH the final counteroffer. That was when I woke up and said "Geez, You're the Realtor and you want me to close the deal for you?" Because you don't know how to?" In my mind I fired them that day. And of course the deal died because they weren't working for us. Or at least, that's how I saw it.

    So for the PAST YEAR I've continued to search for houses, hired another Realtor, watched my DH increase his Price Point and every time he or the Realtor finds a possible house (not even close IMHO) I can't help but compare it to what DH passed up and they're not even close. A LOT less land and they're not even waterfront like that one was. And you can't even begin to compare the finish quality of that house to the others we've looked at.

    So HOW DO I GET PAST THAT? I keep trying to convince myself that there are other houses out there but actually the housing market there is very small. Smaller than small. Most of the houses are Ranch and 25 to 35 years old and SO NOT what I'm looking for. I want Low Country or Southern with acreage waterfront. And I don't have to tell you, that's a tiny market in our price point. OH, I left out the best part, I know the section of town I want to live in. That just makes it worse. Build? He's thrown that out the window. Too old, too much time.

    I found ONE HOUSE first in that location before THE HOUSE but it was already under contract by the time we drove up there and looked at it. But by the time I saw the Neighborhood, gated, close to town yet with acreage on waterfront, I was in l o v e and said this is where I want to move to. THE HOUSE in the same location was just over the top. 5X the waterfront acreage and triple the house for a little more $$. There's only about 20 houses there so it's an exclusive neighborhood.

    I'm really not a Negative Nelly. I can go to the Grocery Store, Walmart etc and envision before I get there that people are always coming and going, leaving the store and there are lots of parking spaces and 99 times out of 10 I will find that front door parking space. So why can't I do that for where he wants to move??

    I just can't quit comparing every house to THE HOUSE and I'm sure I'm driving my (new) Realtor crazy. None of the new ones measure up though. I'm driving myself crazy. I keep thinking maybe we're not supposed to move. We don't have to move. It's not like one of those HGTV shows where they pick out a house in 30 minutes and move in.

    submitted by /u/L_B_L
    [link] [comments]

    Newbie question: HELOC loan for investment property downpayment?

    Posted: 01 Feb 2018 05:00 PM PST

    [New Jersey]

    A bit a context: I just bought a home almost exactly a year ago. Using simply estimates from Redfin and Zillow my home appreciated about 22% this past year. I see my whole neighborhood growing further and I want to invest in a rental property. Multi-family home most likely.

    My problem: I do not have enough downpayment for any homes where I can make a profit. I do have about $300k equity paid off in my current home (the rest is still mortgaged). I also have about $75k in liquid cash. My agent recommended that I look into a HELOC loan to get enough downpayment for an adequate investment property. I'd need about $150-200k additionally for the downpayment to avoid PMI.

    Is this something that you guys recommend in a growing market? Any advice?

    submitted by /u/-developer-
    [link] [comments]

    [Seattle] Home buying program by builder

    Posted: 01 Feb 2018 08:31 PM PST

    Hi,

    I have been contacted by many builders who want to buy my home. I usually ignore them mostly because I am not planning on moving but also I haven't seen any interesting offer. Recently, I got a letter that they could offer up to 20% above market price. I have contacted them and they have offered pretty compelling price with quite flexible closing date.

    Has anyone gone through something similar? I am wondering if there is any catch. And anything I should be aware of? They even suggested me to get a lawyer to take a look at the contract, so they sound quite legit to me.

    Thanks.

    submitted by /u/msgfromside3
    [link] [comments]

    How many times can I use a 1031 exchange for the "same" property?

    Posted: 01 Feb 2018 08:16 PM PST

    For example: I just use 1031 exchange to sell House A to buy House B. Can I now do it again to sell House B to buy House C?

    submitted by /u/Dont-Complain
    [link] [comments]

    Schools Being Built Nearby. How Will This Affect Me?

    Posted: 01 Feb 2018 08:07 PM PST

    I moved to my semi-rural town to get away from the city.I was hoping to die in my quiet house in my quiet town. I just learned that an elementary and middle school will built a little less than a mile away in a 100+ acre land deal.

    Now I'm imagining traffic, and the large fields I live near turning into more sub-developments.

    I'm trying to understand how a large complex like this will affect my lifestyle and property values. Most info I found on Google talks about living near a pre-existing schools, where home values are pretty much already set.

    Any info would be greatly appreciated.

    submitted by /u/sectorsight
    [link] [comments]

    When to get prequalified/preapproved?

    Posted: 01 Feb 2018 10:53 PM PST

    Hi all,

    I'm looking to buy a house by the end of 2019 and I've been doing a lot of research online about the process. I know getting preapproved for a mortgage is going to be a hard inquiry and according to some websites, getting prequalified may or may not require a hard inquiry (usually not). I also know that preapproval letters are only good for a certain period of time, otherwise the lender has to do another hard inquiry. Is it okay to get prequalified this early in the game and then wait until the time gets closer to when I start seriously start looking to buy to then get preapproved? Thank you!

    submitted by /u/Tkb721
    [link] [comments]

    Buyer's post-inspection repair request would involve an extra expense they don't know about

    Posted: 01 Feb 2018 10:51 PM PST

    (Oklahoma City, OK)

    My house got multiple offers within two days of being listed. I took an offer that was slightly above my asking price (75k). The inspector identified an electrical issue that the buyer is requesting I repair.

    After a quote from an electrician, I found out the repair would involve getting a city permit and most likely the city would request to see the breaker panel inside the house. Upon seeing it, the electrician let us know that the breaker panel is not up to code because it's above the dryer. To complete the repair the buyer requests, we would likely also have to move the panel which would result in a total cost of $2,000+.

    Recommendations on how to move forward here? Our initial counter was to offer several hundred in cash to cover repairs (because I'm out of town), but they only came back with a narrowed list of repair requests.

    submitted by /u/jarwinian
    [link] [comments]

    Seller doesn't disclose anything about home?

    Posted: 01 Feb 2018 10:20 PM PST

    Right now buying a flipped home. I received a seller's disclosure from the owner (who is an investor and did not live on the property) and they didn't disclose anything about the home. Just left everything blank, even the sections about construction and work that would require permits. Not sure what to think about it. Inspection for the house is soon.

    submitted by /u/kd404
    [link] [comments]

    Buying an Owner-Listed House with a Buyer's Agent (ME)

    Posted: 01 Feb 2018 12:43 PM PST

    I'm searching for a two-family property (for owner occupancy) in southern Maine. I came across an owner-listed property that looked good and reached out. The owner responded she priced the property for sale WITHOUT any brokers' fees and that she's unwilling to adjust the price. The problem is that I've already secured and contracted with a buyer's agent.

    Am I correct to assume that the only way to buy the house under these conditions is to increase the purchase price by the anticipated broker fees, and to have the seller then directly compensate my buyer's agent? Also, how is the buyer's agent typically compensated when purchasing a owner-listed property?

    submitted by /u/DavenportBlues
    [link] [comments]

    Best tips for writing a home rental ad? (FL/US)

    Posted: 01 Feb 2018 07:25 PM PST

    I've only needed to post an ad for one of my rental properties once. Any keywords or phrases to get a good response from desirable prospects.

    submitted by /u/tbscotty68
    [link] [comments]

    How to start a real estate investment fund? (would this be considered private equity)

    Posted: 01 Feb 2018 03:38 PM PST

    So I've been giving much thought about future goals in my life and something that peaks my interest is starting a real estate investment fund (100 million sized fund particularly).

    I know this is EXTREMLEY hard so no need to destroy my dreams. A mentor of mine is the founder and CEO of a private equity company (pretty large one) and I admire him a lot. So I'm assuming to start one I'd first need to have a solid plan in what type of real estate my group would invest in (retail, office, multi-family etc) then I'd need to amass a large amount of investments from wealthy individuals or institutions.

    I would only need around 4 people to manage a fund of this size (100 mill) correct or maybe just 3?

    What kind of licenses if any would I need for this? Also would this technically be a REPE?

    Thanks [AL]

    submitted by /u/Strivebetter
    [link] [comments]

    Prospective house listing changed to short sale.

    Posted: 01 Feb 2018 03:28 PM PST

    Earlier this month I decided to start looking into buying my first home. I've taken a first time home buyers course and got a pre-approval by my credit union for up to 200k (a limit I place, not them). This morning I called a realtor a friend recommended and by noon I had an appointment to see the property this Saturday. By the time I got home the price had gone down 30k and is now listed as an approved short sale. The property is in a city in western Masschusetts.

    The property is a old farm house on an acre of land, detached garage/barn, in a far off corner of town surrounded by farms. It sold for 265k back in 2004 and after being listed for 260k last March it has steadily dropped to 180k, with one failed sale during that time.

    I'm just wondering how this would affect buying it if I decide I want it, having to rush through it in less than a month to be honest doesn't sound appealing. It also makes me question what is wrong with the property or if its age and location isn't appealing to many people. On our drive by it looked well maintained and all the interior pictures look fine, if a bit outdated. It appears since the last sale the owners went through the expense of adding central air, dish washer and a new living room addition.

    Should I be concerned something is seriously wrong with the property? Or is this possibly luck and an opportunity to save some money?

    submitted by /u/Tithis
    [link] [comments]

    Selling -- When to list for summer move? [San Antonio, TX]

    Posted: 01 Feb 2018 12:50 PM PST

    Input needed -- Question 1: When should I list my home if I plan to move this summer?
    Comment requested -- Question 2: Why would a realtor want to know my mortgage balance when my wife asked this question? Her question led into a "free market analysis"... My skeptical thought; if the realtor knows market value is well above the loan balance then they can undervalue the listing for a quicker commission. Loan balance should not be necessary info, right?

    submitted by /u/wysdash
    [link] [comments]

    [NYC] Is it legal to offer an agents a higher commission rate than average for landing an important contract

    Posted: 01 Feb 2018 11:00 AM PST

    Can agents be granted higher commissions as incentive or for appreciation when landing a contract?

    Or How flexible are commission rates

    submitted by /u/redditculture
    [link] [comments]

    3 bedroom homes

    Posted: 01 Feb 2018 06:27 PM PST

    Browsing Zillow in my local area and it seems that the "average" home is a 3 bed, 2 bath. To get a 4 bedroom with 2 or 2.5 baths you need to get a 2,500-3,000 square foot house and usually pay 100-150K more. Am I the only one that finds this odd, or am I just in a weird area? If you're a young couple, 3 bedroom is more than enough. But the average family is gonna have 2 or 3 kids. Wouldnt most people have one bedroom for the parents, one for each kid, then one more to either use as an office or a guest room? I don't know how this is possible with only 3 bedrooms.

    Same with bathroom, one in the master suite, one for the rest of the bedrooms, and then a half one on the main floor so guests don't have to use the same bathroom you shower in and have all your supplies in.

    Or am I just way off and most people do live the 3 bed 2 bath life.

    submitted by /u/Dog1983
    [link] [comments]

    Odds of being approved for this mortgage?

    Posted: 01 Feb 2018 05:10 PM PST

    So I was prequalified for up to $2500 a month in payment, but I'm starting to get a little bit nervous since my offer has been accepted. I will have my fiancé living with me in the house (salary of $55k, but she is not on the mortgage due to lower credit score of 706.

    Purchase Price: $320,000 Down Payment: $32,000 (can go higher) and also can receive a "gift" from my parents if need be) Purchase price: $288,000 Estimated Monthly Payment: $2,182 (with taxes and insurance) Costs to close: $10,500 (estimated) Liquid Assets (Cash, Investments, etc): $59,000 401k + Roth: $81,000 Monthly payments: $206 student loans Credit Score: 791 Yearly income: $73,000 (will be going up to $78,000+ in 6 weeks).

    Let me know if I'm missing anything. Thanks for the help.

    submitted by /u/BleedBlue__
    [link] [comments]

    Is title insurance worth it in my particular case?

    Posted: 01 Feb 2018 12:56 PM PST

    I don't need an explanation of what title insurance covers, but I would like some input on this language included in my title commitment.

    I am buying a parcel of land, which has been around for awhile, and was originally part of another subdivision. It has easements, which I am aware of, but they are beneficial in my case, and there is a septic tank and pump tank installed. Otherwise, there are no other utilities. No zoning, no covenants, and the lot has not been used for any purpose previously.

    I did all the due diligence on this, and then matched it up to what the title company came up with from public records. So I have all the public documents registered at the clerk. I actually caught a few mess ups by the title company, which have since been fixed by their underwriter.

    In their list of exceptions, they seem to absolve coverage of any encumbrances on the title, not in public record. Then they list all the public documents which I have found in the title, and absolve themselves of that.

    So what would title insurance cover in this case?

    Here is a list of items which will not be covered that are not in public record:

    *Any defect, lien, encumbrance, adverse claim, or other matter that appears for the first time in public record.

    *Taxes or assessments which are not shown in the public record, by any taxing authority that levies taxes or assessments.

    *No liability for errors and omissions, or valuation changes by state, city, county, or federal sources.

    *Any facts, rights, interest or claims which are not shown by public records.

    *Easements, liens or encumbrances, or claims thereof not shown in public record.

    *Any encroachment, encumbrance, violation, variation, or adverse circumstances affecting the title not shown in public record.

    *The company makes no representation of ownership of any unpatented mining claims, water rights, title to water, or minerals.

    *Any lien or right to lien, for service, labor, or material heretofore or hereafter furnished, imposed by law and not shown in public records.

    *Any service, installation or connection charge for any and all utilities, including, but not limited to sewer, gas, water, electricity.

    *County road right-of-way, not recorded or indexed as conveyance of record in the office of the Clerk and Recorder.

    And then it goes on to list as all exceptions found in public records.

    Sounds like they won't cover anything. What would you do in this situation?

    submitted by /u/humaniteer
    [link] [comments]

    [GA] Looking to rent out my home later this year, looking for first-timer advice.

    Posted: 01 Feb 2018 08:54 AM PST

    I'm military, moving at the end of the year and looking to rent out my house in Richmond Hill, Ga. If anyone has any tips, or can point me to good articles for first-timers as far as, what to look for in a property manager, what to expect, how to prepare, etc., I'd appreciate it. Thank you.

    submitted by /u/bknavratil
    [link] [comments]

    [TX] How popular/wanted are houses with 2+ bedrooms (not including master) vs 1 extra bedroom?

    Posted: 01 Feb 2018 01:07 PM PST

    I've been doing some floor plan looking and noticed most houses in my area are being built for 2+ extra bedrooms. I understand why the older houses were like that since it was more family oriented but newer houses are changing to reflect current perspectives, I think.

    Are there any houses that only come with a master and one extra bedroom? Why or why not?

    Do builders offer/allow customization to lower amount of bedrooms?

    Is that worth it? Would overall buying price go down? Would others ever want to buy it at a later time?

    Thanks for any perspective on this!

    submitted by /u/TodayIsJustNotMyDay
    [link] [comments]

    First Time Homebuyer VA Appraisal Issues in Arkansas

    Posted: 01 Feb 2018 12:57 PM PST

    I am buying my first house and, as if that isn't enough of an anxiety-riddled time, I need to get out of my current home. Yesterday, my cat killed a bird. We still don't know where the bird entered the house. The weather is warming up down here. How long before a snake enters and kills the cat? Or one of my kids? I digress...

    I was able to secure a VA loan prequalification (all by myself. I kick ass!), find a house (we're batting 1000), negotiate the terms I wanted with the seller (oooo... this is getting real), dot all the "i"s and cross all the "t"s (look, ma, I really am a grown-up!) and now... we wait. And that is the worst! On to the meat of my question--how screwed am I on this VA appraisal?

    It was ordered on January 15. We had some weather (read: we got 1.5" of snow... once. But this is Arkansas) and issues with the seller dewinterizing the house (it's a foreclosure) so that the appraiser could get in there and do his thing. He didn't actually go do his thing until 1/26. My realtor said I should hear something about it by the middle of the week... here it is Thursday and the week is nearly done, so I bugged my loan officer (I'm limiting my bugging him to 1x per day now.... I was getting excessive in the beginning) and it still hasn't been uploaded to the VA portal. Now the loan officer is going to contact the RLC or something, which he said appraisers hate.

    First, is this an excessive amount of time to wait for an appraisal?

    Second, is it possible to upset an appraiser in such a way that they tank my deal?

    Third, I'm supposed to close on 2/15. The seller is waiting for the appraisal before they order the termite inspection (required) and they supposedly do that 2 weeks before closing. Is there a possibility that this is going to culminate in my having to ask for an extension?

    submitted by /u/Bats_mistress
    [link] [comments]
    Read more
    at

    No comments:

    Post a Comment