Buy or wait??? Real Estate |
- Buy or wait???
- A three-part guide for first-time homebuyers and renovators (AU)
- Basement concerns (WA)
- (WA) Bump notice/failure to close
- Lets get real here....what really constitutes a large purchase during escrow? [san diego]
- Forgot to move money from my savings to my checking and check bounced for 10% deposit
- [PT] Buying land and fit a modular home in it!
- What should I know before deciding to rent out my house?
- considering offering 15% less on overpriced house- too hopeful?
- Can anyone recommend an alternative to a sewer inspection?
- Home mortgage asking for more % down or to remove one spouse income from the loan, does this put either of us on shaky ground in the future?
- Looking for up to date Cash Out Refinance providers
- [VA] A parcel adjacent to mine is owned by an 88-year-old guy who is unwilling to sell but said it's being auctioned off as part of his will. What's the best way of knowing when this happens so I can bid?
- Buying a home in another state.
- Home inspection + sewer inspection
- Do I have grounds to challenge an assessment and if so, how should I approach this? (MN)
- [FTHB] Closing tomorrow and I'm a bundle of nerves!
- Made an offer, seller rejected..sort of?
- [CA] Lender Requesting Notice to Landlord?
- Home buying with inconsistent income history (TN,USA)
- WTB Rental property first time
- Market analysis
- Have you ever lived in a patio/cluster home? Need input!
- [NJ] What do you recommend doing if you're running out of time as a renter?
- Put in an offer to buy a property, but...
| Posted: 01 May 2018 01:48 AM PDT Should I buy a condo now or wait.. I graduated two years ago and moved to LA area for my job. I have been renting for two years and do not want to waste anymore money renting. I paid off my student loans and still drive my old paid off car so the only debt I have is my monthly credit card which I fully pay off each month. I only have 30,000 in my savings since I paid my student loans off. I have been looking at cheaper condos in the SFV area. So around 300,000 to 350,000. I was pre-approved for 500,000 from my credit union. My pretax salary is 92,000 and I should be getting a raise soon. My credit score is 742 and I am looking to only live in the place I buy for about a minimum of five years. Should I buy now or keep renting and save more. Will prices drop... they seem to just be getting higher.. is it really better to have 20% down? I really want to buy something now but my gut feeling is telling me to wait. However everyone else is saying I need to buy a place and stop wasting my money on rent.. Also where else should I look for a mortgage lender besides my credit union? What's the best company to use? And what's the best loan to get? My CU person is telling me to do the 7/1 arm or 5/1 arm. It's my first time buying and I honestly have no idea about so many things. What's the best mortgage loan.. conventional? FHA? 5/1? 7/1? TIA [link] [comments]  |
| A three-part guide for first-time homebuyers and renovators (AU) Posted: 01 May 2018 02:07 AM PDT |
| Posted: 30 Apr 2018 06:47 PM PDT Hey first time home buyer here. My SO and I found a house we really love. There is a basement with a chimney and a pump in the floor next to that chimney. No obvious water damage but it caused concerns so we asked about it. We were told the basement doesn't flood but when there's a lot of rain water does leak from the chimney. They've looked at the problem before I guess and found that a trench would have to be dug and a membrane placed(or something like that) and just to dig the trench they were quoted $3k. House is being sold "as is". Does anyone know about these things to where you know if the trench would only have to be dug up in that area or the whole house? Is this something we should just walk away from? I'm confident we could put the money together for it but not sure if that's advisable. [link] [comments]  |
| (WA) Bump notice/failure to close Posted: 30 Apr 2018 06:57 PM PDT This is my second post here, thanks to those who gave insight on my previous post. Where I'm at now: Buyer of my home contingent on selling theirs. Received non-contingent offer and served the Bump notice to original buyers On day two the origins buyers accepted a cash offer on their house from an "I buy houses guy", who didn't have the cash but was going to find an investor. My realtor's corporate attorneys said we had to honor it as a real sale, and proceed towards closing. Today, their birddog "I buy houses guy" rescinded his offer and lost his ten dollar earnest deposit. Agents attorneys said we have to give then bump period again before we terminate and go with our non-contingent buyers. Here's where I'm stuck: In my mind, they already received a bump notice, they went under contract to sell their house, and dropped the contingency. Through no (legal) fault of their own, they failed to close; form 22B states that in this case their contingency survives, but they were in a bump when they went under contract. In this case, why do we have to give them another bump period to find more ways to string us along, why can't we just end the contract? Can anyone point we towards legal guidance on how to proceed from here? I've checked the RCWs, lawyers are closed right now (calling in the morning), but there's just nothing I can find online about how to legally proceed? [link] [comments]  |
| Lets get real here....what really constitutes a large purchase during escrow? [san diego] Posted: 30 Apr 2018 03:14 PM PDT Im sure every home buyer has gotten the "no large purchases before closing" speech but what exactly is a large purchase? If I book a hotel for a weekend ($430) to go meet with my real eastate agent to go over paperwork does that set off red flags? If I go to Costco and spend $500 which is easy to do am I going to lose my financing? Is it worse to pay cash for things or charge it on my credit cards? If I pay the balance before it reports is it ok? I really want to hear what your experiences have been. The paranoia is killing me. [link] [comments]  |
| Forgot to move money from my savings to my checking and check bounced for 10% deposit Posted: 30 Apr 2018 08:05 AM PDT I forgot to move my deposit money from my savings to my checking and the check I gave for the 10% deposit bounced. Am I screwed? [link] [comments]  |
| [PT] Buying land and fit a modular home in it! Posted: 01 May 2018 03:33 AM PDT Hello everyone, I am from Portugal (perhaps things vary here). Just wanted to know your opinions about modular homes. I was thinking (Due to the cheaper acquisition costs) about buying land and fit in a modular home. In terms of appreciation / depreciation what do you reckon it may happen in comparison to a normal property? Is there anything I should consider that I would not consider if it was to build a normal property? (The modular house is made of concrete as far as it is advertised) (i.e. https://imgur.com/a/Tfx9UDO https://imgur.com/a/ckO1dxp Thank you all! [link] [comments]  |
| What should I know before deciding to rent out my house? Posted: 30 Apr 2018 03:35 PM PDT So we bought our home last October. My husband has a job that requires him to travel a lot. He wanted to get out of that line of work and settle down, but now he's realizing that its such a great job and he wants to stay in for at least 2 more years. I want to sell the house and go with him, but I realize that we'll almost definitely be selling it at a loss since we've had it for less than a year. So now we're thinking about renting it. Our mortgage is about $960 a month and comparable homes in my area are renting for about $1200-$1300 a month. So here are my questions!
Also any advice about renting or even just the situation I'm in would be greatly appreciated. Thanks! Edit: Sorry! Forgot to add that I'm in Louisiana. [link] [comments]  |
| considering offering 15% less on overpriced house- too hopeful? Posted: 01 May 2018 02:29 AM PDT Uk based question but anyone can answer So I've seen a house I really like in Coalville Leicester, it's been on the market since December 2017 originally at 175k then dropped to 170k in Feb and now to 165k 3 days ago. Its the only detached house in a street full of terrace houses and it has a 150ft garden. It is small though (largest room is 16ft by 11 ft and the kitchen is 8ft by 6.5ft) and we feel at 165k it is still overpriced especially as the street has no parking or driveways except for this house so it's quite busy with everyone parked on curbs and the terraced houses look quite run down compared to the house we are looking at. The house is also positioned directly between two rows of terraced which looks odd sort of like they refused to knock their house down when the land was bought to build terraces. Personally I don't mind all of those things but I feel the house is only worth 140-145k (0rwvious sales of the terraces in the area with identical garden sizes are between 97 and 110k). Do you think that's too low to offer? I've never offered below the asking price on a house before so I'm worried they'll be insulted as they probably think it's correctly priced [link] [comments]  |
| Can anyone recommend an alternative to a sewer inspection? Posted: 30 Apr 2018 06:10 PM PDT I'm looking to purchase a house at a foreclosure auction. Normally, I'd get a sewer inspection before purchasing a house. Since that's not possible in this case, is there another way I can gauge sewer-related risk of a specific property? I know I can't eliminate risk in this regard. I'm just looking for ways to minimize it. Thanks. [link] [comments]  |
| Posted: 30 Apr 2018 01:50 PM PDT Sorry, I didn't know how to ask a concise question in the title, but here's the deal. My wife and I are about to purchase our first home. Our loan guy called me today and said we're not capable of taking advantage of some program because together we make too much money for the area. He says our options are to put a higher down payment (He says 15% minimum, we're currently putting down 5%) and move to a 'traditional loan' or continue on our course with our 5% down and remove one of us from the loan so our combined income doesn't exclude us from this program. The home title would still be in both my wife and my name together, but the loan would only be in one of our names. My wife and I have a great relationship and I'm not insinuating things will go wrong, but if 10 years from now things go south is this just going to cause a huge mess of splitting the house 50/50 but only one person is responsible for the mortgage? We live in Cleveland Ohio. [link] [comments]  |
| Looking for up to date Cash Out Refinance providers Posted: 30 Apr 2018 07:17 PM PDT Hi sub, I just bought my first rental property last summer. I renovated it and have had it rented out and cash flowing since. I 'm looking to do a cash out refi in order to repay the HELOC that I took out on my own home as the down payment for the investment. What are your recent suggestions for cash out refi lenders? Edit: forgot to include FL in the title. [link] [comments]  |
| Posted: 30 Apr 2018 10:39 PM PDT I know this is kind of a morbid question, but is there a simple way to be notified automatically of local real estate auctions, or even just the guy's obituary? I think I'm in a good position to purchase the land at auction, just don't want to spend five hours every week pouring over local newspapers. [link] [comments]  |
| Buying a home in another state. Posted: 30 Apr 2018 10:13 PM PDT Tips and suggestions for buying a home in another state. Currently living in California wanting to move to Kentucky. [link] [comments]  |
| Home inspection + sewer inspection Posted: 30 Apr 2018 05:29 AM PDT First time homebuyer here, buying in Northern VA/DC area. I've seen a lot of recommendations in this sub to pay additional for a sewer scope/inspection to make sure there are no major issues with defective lines or tree roots, etc. The home inspector we want to use has a section on "what's covered" under plumbing that lists out several items. Is this the sewer stuff everyone talks about? Or are there separate/additional things to check for beyond what the inspector lists as included? Thanks in advance for any help—as you know, this process can be intimidating for someone who's never done it before. Edit: I posted a link to the screenshot of what's covered in the comments—if you click the link in my post you can scroll all the way to the bottom and expand the "Plumbing" section. [link] [comments]  |
| Do I have grounds to challenge an assessment and if so, how should I approach this? (MN) Posted: 30 Apr 2018 09:16 PM PDT We have a very small house (one bed, one bath, about the size of a two stall garage), as well as a garage (same square footage as the house) and our tax assessment for 2018 is over $130,000. We are located in a small suburb outside of Minneapolis. The house and the detatched garage are fixer-uppers. A three bedroom, one bath house with double the square footage and a similar garage sold in 2016 for $20,000 more than our assessment one street over. A two bedroom, two bathroom with almost double the square footage and an attached one stall garage sold for $25,000 more two streets over. A three bed, two bath sold for $30,000 more this year, just two blocks down (that is, however, on a busier street). I know housing prices have gone up, but it seems to me that the one bedroom/one bathroom status of our home should make the value much less. Does this make sense? If so, how should we challenge this assessment? There's a number to call, but what information should I present, and how should I approach the discussion? [link] [comments]  |
| [FTHB] Closing tomorrow and I'm a bundle of nerves! Posted: 30 Apr 2018 08:56 PM PDT Can't wait to be finished! Got everything ready to wire over. Do people read all the forms they have to sign? I figure it's formalities and no unreasonable terms of whatever. What else happens at closing? I was told it takes about an hour. Screw you, bot! I'm in AZ [link] [comments]  |
| Made an offer, seller rejected..sort of? Posted: 30 Apr 2018 08:37 PM PDT First time posting, been lurking for a while, trying to learn as much as possible about purchasing our first home. OR, USA. We saw a house yesterday at 3:30 pm (came on the market 3 days ago, very hot market) and liked it, so we contacted our agent about putting in an offer. She called sellers agent and found that they had one other offer, made yesterday at 1pm with a deadline of 5pm same day. She encouraged us to still put in our offer, and it seems the seller ignored the other deadline and kept them waiting until they got our offer...asking price is 369,900 and we offered 365k. We heard nothing until 5:30 tonight (technically also past our deadline, which was at 5pm) when the sellers agent tells us that the seller is not responding to our offer, and they will not take anything less than asking because they already feel they priced the home a little low. Comps show that it's pretty accurately priced for the area. We talked, and think it's worth full price, so we submitted a new offer tonight for asking. Now we wait. I guess I'm just curious why the seller didn't counter offer? Wouldn't that be faster? Or are they hoping they will get more offers, maybe for higher than asking? I know that the seller is an elderly woman moving into assisted living, and her son is helping her with the process. It sounded like her agent wasn't even present when she was going over offers... I'm also curious about your opinions on the situation...we offered asking price, but now I'm not convinced they will accept because they think the house is worth more than asking. 370k is also the top amount we were willing to spend, so if we need to renegotiate after the inspection (if accepted), I'm worried they won't budge on repairs/credits, while we can't either..its a nice house in good shape, built 2001 so im not expecting anything crazy...but regardless..are we wasting our time? I realize this is all speculation, I just have nervous energy since it's our first time and would like opinions. Our agent is great and says we definitely have a shot, but to remember that "sellers change their minds just by breathing air" and to not get our hopes too high even with a full price offer. The market is pretty competitive... Thanks so much in advance! [link] [comments]  |
| [CA] Lender Requesting Notice to Landlord? Posted: 30 Apr 2018 07:39 PM PDT Hi Folks! A little context—I'm a first time homebuyer, currently renting in the Bay Area. I'm in escrow now. I received a VM from my lender rep today indicating that I was approved for my home loan—great! To continue the process, the lender rep is asking for my "landlord to confirm receipt of notice and move out date" from my rental apartment. At this point in escrow, I'm amidst negotiations to reduce purchase cost per an appraisal coming in under and some inspection items that I want addressed. There is a very real possibility that I will walk away from the purchase if negotiations aren't fruitful. So, with that said, is the landlord confirmation a common request from lenders? Is it a common requirement? Thoughts and feedback are appreciated. Thanks in advance. [link] [comments]  |
| Home buying with inconsistent income history (TN,USA) Posted: 30 Apr 2018 03:44 PM PDT Recently I've been thinking about purchasing a home now that I have a good, secure source of income. Credit score is around 750+, and I'll have a good amount saved up for a down payment by the time I look to buy. However, in my research I've seen that mortgage lenders like to see 2 years of income history. In my case, I graduated college a little over 2 years ago, worked retail part time while working freelance in my field (audio engineering) till the end of 2017, and since January 2018 I've been working a fulltime job in my field while doubling my income from my free lance business.In effect, I've gone from making 15-20k a year in 2016/17, to on track to make 50-60k this year (32-35k fulltime depending on OT hours, 20-25k from free lance). Median income for my area is 38k. I plan to start the oficial process in June (having saved up a down payment), with a goal of purchasing a house in July-August. Will lenders consider my income history too limited and risky? Should I keep renting for another year or two to build up a better income history? I keep track of my freelance income on a month to month basis, but is there anything else I can do to make it look 'safe?' I know it doesn't look as stable as a salaried position, but the income from my freelance is very steady with no expected slow periods. [link] [comments]  |
| WTB Rental property first time Posted: 30 Apr 2018 11:38 AM PDT Looking to buy first rental property. Rental market through research and news is hot, and looking to cash in on it getting even better. Also live near major university (several actually). Which goes to first question, is it better to do property to college kids or regular folks? Suggestions for types of realtors to look for? Loan suggestions? (I was looking at conventional, should I be?) Any other gotchas, advice, tips, stories, cake, and ideas welcome! For everyone, instead of downvoting me, why is this a bad post? The FAQ doesnt have much on buying rental properties. Just recommends you to a bunch of books. [link] [comments]  |
| Posted: 30 Apr 2018 06:50 PM PDT I've done my best to linger here and read up as much as I can but was hoping you guys could lend some expertise to my situation: Moving to Pierce County, WA and will be receiving 1900/month for housing. I will live here for three years then move away and would like to turn it into a rental at that point. I'm looking in Puyallup and Spanaway area. Would I be setting myself up for failure if my PITI was close to 1900? How much should I be able to rent for above PITI to cover myself as a landlord? Thanks in advance! [link] [comments]  |
| Have you ever lived in a patio/cluster home? Need input! Posted: 30 Apr 2018 03:02 PM PDT In the market to buy a home and there are actually a few I like that are patio homes/cluster homes with shared driveways. Very small backyard - wouldn't even consider it a yard but an enclosed patio. Has anyone ever lived in one of these homes? Did you have dogs? Could you hear your neighbors compared to homes farther apart? Less privacy? Would love your input. ETA: Phoenix market Here is an example of what I mean: https://www.redfin.com/AZ/Phoenix/5348-W-Molly-Ln-85083/home/27437114 Thanks! [link] [comments]  |
| [NJ] What do you recommend doing if you're running out of time as a renter? Posted: 30 Apr 2018 10:27 AM PDT Hi! We're first time buyers in apparently one of the hottest markets out there (Jersey City heights). We've put in about 6 offers, and it looks like this last offer we put in might not shake out because of bidding wars (just like the first offers). We have two months until our lease ends, and we're not sure where to go from here. Even if we get a place in the next month or so, we would need time to close. Does anyone have experience with this? Would it make sense to find a place with a lease that we would be able to break? I'm having trouble finding places month to month that allow dogs, but I'm worried about options. We'd like to continue the house search even through renting if we can. I'd hoped this wouldn't take months, but this market is just way too hot right now for regular homebuyers, and it's taking months longer. [link] [comments]  |
| Put in an offer to buy a property, but... Posted: 30 Apr 2018 05:35 PM PDT Im in QLD Australia. Put in an offer to buy a property, but according to some investigation, two previous owners have sold the home after living in it for 4 years. The property is only 9 years old. I'm scared that there's actually something bad about the property that I've missed... The property was subdivided so it is very close to the next door neighbour (the two homes were built by a same person at the same time). Looks like the next door neighbour has recently bought land and might be moving on to another property too... I don't know whether I'm taking a risk by buying this property.. what do you guys think? [link] [comments]  |
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