How the heck do rates actually work? Real Estate |
- How the heck do rates actually work?
- Less than 36 hours to closing: seller refusing to live up to contract repair addendum
- abandoned fire hydrant discovered in back yard
- Re-inspection Fee
- Co-ownership of home with Girlfriend
- Have Single-Family Rentals Chipped Away at Inventory? Altered the Housing Stock?
- [FL] How can I look up and contact an owner of a empty lot?
- Cash settling in an account for 3 months prior to talking to lender?
- how do I go about renting a 5 bedroom house with 5-6 roomates? Cant figure out how to google this.
- Loan suddenly denied due to HOA issues, selling agent/HOA denies the issues exist.
- Send me your Deconversion horror stories!
- Our Seller Didn't Follow Through W/ Contractually Agreed Upon Items
- Adding up bathrooms
- (NY) Any tips on comparing lenders for rates?
- 260k home on 90k salary, 30k down payment. Can I afford? (Houston, TX)
- Real Estate - Buyers pulling offer, threatening to wait until close to pressure seller
- Authorization to Manage a Property
- Duplex underwriter issue [US-MA]
- Buyer acting in bad faith? (Maryland)
- Recently married - should I add husband to my house title and / or mortgage?
- There is a foreclosure in the house I am renting. How much time do I have to move out? [NJ]
- W2 income...from myself.
- (US) Looking to buy a home, parents want to chip in to add to my down payment for a percentage of ownership. Lender says it must be a gift, how does this work?
- Advice for selling condo(co-op)
| How the heck do rates actually work? Posted: 02 May 2018 05:42 PM PDT Me again. I am so confused by rates and lenders and "shopping around", I'm hoping you guys could give me some advice. We got pre approved through two lenders, because I read that you should shop around to start. However, I asked my realtor about this, and she said just this year things changed...it used to be that you got pre approved, then put in an offer on a house, and once it was accepted you tried to find the best rate between your pre approvals. She told me that now, you pretty much need to know who you're going to go with before you offer, because the seller needs the info of your lender immediately. We got an accepted offer, we used a lender who I really like that she recommended (among others), but now he's giving me a rate of 5%....that seems so high to me right now. To be fair, he gave us the option of buying a lower rate, but also broke down the numbers and explained that since this is our first home, and were planning on paying it down quickly and then refinancing to get rid of the mortgage insurance, that this option (what he calls the "low cost" option because our cash to close is less) makes more sense. Of course, he says it's all up to us. I really like this lender, and he's very thorough, helpful, on top of everything, and he even called up our sellers agent to tell them how wonderful we are and how well qualified we were. I'm just curious if this is how it works now...can we really not get lower than 5% without buying it? Does each lender just choose what rate they want to give us and that's that, Or is there a guideline they have to follow? How are you supposed to negotiate rates, when you can't even know what they will be until you have had an accepted offer? I'm clearly confused... I will add that he did tell us that his company does a "float down" thing where after we lock in our rate, if the rates are lower by the time we close, we can choose to go with the lower rate at no cost. Edit: We are in Oregon, USA. Also we are going with a 30 year conventional loan, putting 5.5% down...i realize that's relevant :p [link] [comments]  |
| Less than 36 hours to closing: seller refusing to live up to contract repair addendum Posted: 02 May 2018 05:59 PM PDT Buying a house, it's an obvious flip in a very flourishing part of town. The house has great plumbing and electrical, but when it comes to a few of the finishing touches ... there's was definitely a lack of attention to detail. Anyway, we were shown the house by our agent .. loved it, and put in an offer. It was competitive, but we ended up beating out all other offers. When we went for the home inspection, we noticed two very deep gouges in the flooring of the dining room that was NOT there when we saw the house initially. A few things were still being worked on in the home, so my guess is one of the guys dropped something and created the gouges. Fixing the gouges, along with a few other items discovered during the inspection, were agreed to by the seller. An addendum was drafted for the repairs, and all parties agreed to it. A few weeks ago, the seller's agent reached out to my agent to let him know everything was fixed ... great! We did the final walkthrough today. Everything was fixed except the gouges. My agent reached out to their agent and we were told at first that the seller will not and does not intend to fix it. We close Friday morning. The seller then backpedals and says he will offer us a $200 credit. My agent recommended I let my attorney know what's going on and let the attorneys hash it out. I personally think $200 is kind of insulting. The materials for the actual flooring is probably at maximum of $5 ... but the entire floor will have to be undone and redone in order to replace the two gouges planks (it's bamboo flooring). Delaying the closing is not an option, as the mortgage approval term ends on 5/11. Should I ask for more money off? Ask them again to fix it? Let my attorney handle it? Edited to add: I'm in Buffalo NY [link] [comments]  |
| abandoned fire hydrant discovered in back yard Posted: 02 May 2018 07:45 AM PDT Gaston Co., North Carolina. I bought a foreclosed house on half an acre, the back third was extremely overgrown with brush and vines and dead and dying trees. My terriers couldn't even navigate through it. I cleared a perimeter and hired someone to fence in the yard. After the fence was installed, upon clearing more brush I found an abandoned fire hydrant. My neighbor was outside when I discovered it and she said it's been forgotten about for decades. But now it's fenced in my back yard and more visible since I've cleared brush. Would like to gauge this forum before I call the fire dept. out here. Anyone have any insight? [link] [comments]  |
| Posted: 02 May 2018 07:09 PM PDT My wife and I are buying a house in Maine with conventional financing and the appraisal came back great, except for the fact that the stairs to the basement need a hand railing (obviously needed to meet code). However, on top of the $675 appraisal fee, we are apparently going to be paying an additional $200 at closing for a "re-inspection fee" for the appraiser to go back to the property to verify that the railing has been installed. Is this normal? Would it be acceptable to ask my realtor (who was there for the appraisal) to contact the appraiser and ask if a picture would be sufficient for our credit union? It seems ridiculous for us to pay $200 to make sure a handrail is installed. Thanks. [link] [comments]  |
| Co-ownership of home with Girlfriend Posted: 02 May 2018 09:37 AM PDT Looking for some advice: My girlfriend and I have been together for 5 years. We've been renting a house for the last 3. We want to purchase the home. The finances are in order, the price negotiated, the contract in motion. So here's the deal... She's a student graduating this summer with her masters. As such it is entirely my finances which are securing the loan. The money for the down payment and the closing is all coming from my savings. She will be contributing to the mortgage when she lands a job. I want those payments to go towards some level of ownership. My question is this: Should she be included on the mortgage, contract, and title and then we draft a separate agreement dictating my percent ownership of the home, or should I put everything exclusively in my name and then add her down the line once some actual financial contribution has been made? How are these types of arrangements typically handled? Any insight is appreciated. [link] [comments]  |
| Have Single-Family Rentals Chipped Away at Inventory? Altered the Housing Stock? Posted: 02 May 2018 10:25 AM PDT To what extent has the conversion of formerly owner-occupied houses to single-family rentals and, to a lesser extent, the push to build rentals instead of houses contributed to the current, record low inventory of single family homes? The way I see, there's currently an obsession with becoming a landlord, both on institutional (thinking of Blackstone and Invitation Homes) and individual levels. In my circles I keep hearing stories about people who opt to rent out their house over selling when they move or size up. And those who don't have "investment" properties are chomping at the bit to get into the game and think that its the key to wealth creation. Also, if millennials were as interested in renting over buying as some say, shouldn't there actually be a shortage of rentals, rather than a shortage of single family homes? Anyway, I'm not in the real estate industry, so I'm curious what the experts think... [link] [comments]  |
| [FL] How can I look up and contact an owner of a empty lot? Posted: 02 May 2018 03:37 PM PDT My Grandmother has a small empty lot next to her house in Palm Bay, it's not really ideal for building (or so people have said) but she wants to buy it to expand her yard. Is was sold in the 90's for about $1,500. And it hasn't been listed for sale since. Is there a way I can look up and contact the owner to offer to buy it? [link] [comments]  |
| Cash settling in an account for 3 months prior to talking to lender? Posted: 02 May 2018 10:24 PM PDT I've read if you were to be gifted money, that amount should be settled in your bank account for at least 3 months. My question is: If I have half of my money in my bank account and the other half invested through TD Ameritrade and Robinhood, does that money have to also be in the same bank account? If I sold my stock holdings but kept he cash in TDA/Robinhood would that suffice, or do I need to sell and actually move the cash over to my bank? Thanks in advance! edit: Los Angeles, CA [link] [comments]  |
| how do I go about renting a 5 bedroom house with 5-6 roomates? Cant figure out how to google this. Posted: 02 May 2018 05:49 PM PDT So how does it work out? Am I suppose to get all five people part ownership of the rental through the landlord? Or does one person rent it out as the sole renter, and the other room mates pay the sole renter? I know by colleges they have a lease where multiple bedrooms will be rented out, and reguardless if someone misses rent, the landlord deals with that and you continue paying for your room only. What kind of lease is that? I'm not sure that will be an option for me, although it would be nice considering we are all 21-22. I just don't know what the process is going to be, no one has told me how it works [link] [comments]  |
| Loan suddenly denied due to HOA issues, selling agent/HOA denies the issues exist. Posted: 02 May 2018 08:44 PM PDT So my husband and I found a condo we love (Oregon). Offered asking, buyers accepted. Inspection uncovered some issues, buyers agreed to do all repairs (one major) and give us half of what we asked towards a new furnace (will be needed soon). All in all we were ready to agree and get going, and now suddenly today the credit union informed us they are not going to fund the loan on that particular property. They claimed the HOA did not have a budget for 2018, and that there were multiple pending assessments on the building for major repairs, and that the HOA did not have the finances to fund them. Our realtor contacts listing agent. Listing agent/HOA deny all issues. They claim they have a budget but neglected to update their website but now will. They claimed only one active assessment which is already settled and the sellers intend to pay. The amount they quoted as intending to pay was relatively small. Realtor suggests we ask the credit union where they got their info and that perhaps it's a mistake. My husband is ready to pull out entirely and move on. How sketchy does this sound on the part of the HOA? Is it possible they're tacking things together hastily to not lose the sale? What are the odds that the underwriters did make a mistake? Do we continue to pursue the matter or just cut and run? [link] [comments]  |
| Send me your Deconversion horror stories! Posted: 02 May 2018 10:09 AM PDT A few years ago I purchased a nice condo in Chicago. I am now in a deconversion situation, spurred by the other owners in my building not updating their units. I stand to lose a considerable amount of money on the deal, while those who didn't take care of their units stand to make a killing. I don't believe the deconversion process is as good as it's made to be, and I'm hoping to hear your horror stories and/or pitfalls/last minute changes that occurred so I can share with my neighbors. Your help is greatly appreciated! [link] [comments]  |
| Our Seller Didn't Follow Through W/ Contractually Agreed Upon Items Posted: 02 May 2018 12:45 PM PDT Hello /r/RealEstate I'm a first time home buyer that just closed on a home. While in the due diligence period we had our agent include in the closing agreement that the seller would have the home professionally cleaned, have her stuff moved out (pretty standard imo), and have her previous tenet moved out by the time we moved in. We keep finding more and more things she left behind after moving out weeks before closing (personal belongings, photos, cleaning supplies, beach chairs, patio furniture, cups, dirty dishes, etc.), and she did not have it professionally cleaned, or cleaned for all for that matter. Additionally she didn't have her tenet fully out of the home until AFTER we moved in. What are my rights here? Can I request her pay for these "inconveniences". Can I serve her for not completing the contract? Any advice would be very helpful. Thanks! [link] [comments]  |
| Posted: 02 May 2018 05:46 PM PDT Hi All, I wanted to update the public facts for our house on zillow and redfin but wasn't sure how to count the bathrooms. I understand the difference between quarter, half, three quarter, and full baths but not how to add them up for the "total number of baths". We have 2 full baths, a 3/4, and a quarter bath. I thought this was 3.25 but I'm not sure. Should I just make it 4 to keep it simple? [link] [comments]  |
| (NY) Any tips on comparing lenders for rates? Posted: 02 May 2018 05:20 PM PDT Hi all, I have signed the contract to the house I'm buying in NY. I'm now looking for a lender and I have read in the FAQ section to look into credit unions as they tend to give better rates. Aside from the actual interest rate are there other factors I should be looking at in terms of bank fees? (E.g. appraisal fee, lawyer fee, origination fee, processing fee, application fee.) Thank you! [link] [comments]  |
| 260k home on 90k salary, 30k down payment. Can I afford? (Houston, TX) Posted: 02 May 2018 04:45 PM PDT Monthly debts total to 650/mo. I intend to put 30k on the down payment. My mother is my agent and told me she will gift her commission costs towards the closing costs, so that will be a tremendous help. Interest rate is currently 4.6%. Just want to know if I will be "house poor" or not. Some of these mortgage calculators can be quite generous on what it tells you that you can afford, and lenders are all too willing to hand out more money than one should spend. I'd like a realistic assessment please! Edit: Forgot to add the home is brand new. Comes with automated sprinkler system, refrigerator. [link] [comments]  |
| Real Estate - Buyers pulling offer, threatening to wait until close to pressure seller Posted: 02 May 2018 12:58 PM PDT |
| Authorization to Manage a Property Posted: 02 May 2018 03:53 PM PDT [Landlord US-CA] Long story short, My mom owns a rental property in Los Angeles California the city where I am currently living in. She is now retired and choose to move to live in New York City with her older siblings. I have been unofficial property manager ever since, even the rental contracts are under my name. Last month the tenant stopped paying rent. So my questions are 1. What steps does my mother needs to take to officially grant me the authorization to manage her property so I can deal with her non paying tenant? 2. Am I in trouble for issuing and signing the lease agreement under my name since the property is not mine. Thanks for your time. [link] [comments]  |
| Duplex underwriter issue [US-MA] Posted: 02 May 2018 03:47 PM PDT Hello all, So a bit of backstory. I bought my first two-family house about three years ago. I bought my second just over twelve months ago and just began the process of searching for the next two family house. My mortgage broker is telling me that he is having trouble convincing underwriters that I will be living in the property and the underwriters he is talking to are trying to claim it will be investment property where a 25% down payment will be required, whereas if it was owner occupied it would only be 15% down. I was just wondering if anyone else has had a similar issue and what they did. Or really just advice in general. I'm in Massachusetts. [link] [comments]  |
| Buyer acting in bad faith? (Maryland) Posted: 02 May 2018 11:46 AM PDT I'm selling my house and have recently been in negotiations with a buyer. After home inspection, they provided a list of repairs they wanted made. I countered with what what I was willing to do on April 29. Per the contract, they had until 11:59PM on May 1 to accept or walk away with their deposit money. They responded on May 1, saying that three of their requested repairs that I wasn't willing to make were "dealbreakers," and that if I didn't repair them they would walk. We re-submitted our counter offer a few hours later on May 1 stating that we were willing to make said repairs. They responded today (May 2) that they were not interested in buying anymore. Does this sound like negotiating in bad faith on the part of the buyer? Can we retain the deposit money? [link] [comments]  |
| Recently married - should I add husband to my house title and / or mortgage? Posted: 02 May 2018 11:45 AM PDT Not worried about protecting my assets or anything (he makes significantly more money than I do - I just happened to finish school and buy a house before him) just wondering what the correct course of action is? [link] [comments]  |
| There is a foreclosure in the house I am renting. How much time do I have to move out? [NJ] Posted: 02 May 2018 10:54 AM PDT I got a letter in the mail that the house I am renting is going up for foreclosure. The letter says it will be put out on the newspaper for sale on May 20th and go up for sale on June 20th. So my question is how long do I have to move out WITHOUT asking for an extension since I am a tenant. I already have a place to stay so I wont need to stay longer just need a time frame of when I have to get my stuff out. Thanks! [link] [comments]  |
| Posted: 02 May 2018 10:32 AM PDT Hey everyone, thought I'd ask here. I am a current homeowner, selling my house and applying for a new loan. I've stumbled across a snafu. A mortgage broker (and a bank) I spoke with got a little hung up on the fact that I am self employed and have been so for only 1 year. They want two years. I am, however, the proud owner of an s-corp. It just so happens that I am also an employee (the only employee) of that s-corp, and as such I receive a w-2 from that corporation at the end of the year. My question is this: when I talk to the Bank should I just tell them I'm a w-2 employee (and submit to them just my W-2 and personal tax returns?) Will this help me? Any pitfalls in this plan? I should also point out I am a physician, and recently went from working for a university to private practice, so even though I have a new business, I have a pretty high stable income still. Thanks for any advice! Location: Colorado [link] [comments]  |
| Posted: 02 May 2018 01:21 PM PDT I am looking to buy a home, and my parents want to chip in to add to my down payment for a percentage of ownership in order to allow me to afford a more expensive home. The lender said this is okay, but requires them to sign a gift letter stating that they don't expect repayment because they want to know that the extra money appearing isn't from some loan I took out. As an example, say the house is $1.2M and I can currently afford an $800K loan. I can contribute $200k now for down payment, which is 16%, my parents can contribute $200k as well, another 16%, so the down payment would be $400k (33% down) and the rest comes from an $800k loan. The goal would be for me to take out the loan and pay the mortgage, with my parents staying off the mortgage. Is it possible for the lender to consider this a gift, but still have my parents obtain a 16% stake in the home, as well as not triggering any taxable gifts, since it's not really a gift if they'er getting equity for their money? Is there anything else I should know? Thanks! [link] [comments]  |
| Advice for selling condo(co-op) Posted: 02 May 2018 01:11 PM PDT Hi all, had a questioning about selling a co-op in the NYC burbs. I listed my place about 4 months ago - I had a decent offer, but unfortunately my co-op board rejected the person. This buyer took forever to start the application process(8 weeks before going before the board), so I'm kind of in a bind now(I'd like to move soon). My realtor is a nice person but unfortunately I don't think she really understands the nuances of selling a co-op(she kept reassuring me that the rejected buyer was a slam dunk, did not push her along to submit her application quickly, etc). Is there anything I can do to generate more interest? I have another purchase offer but unfortunately it's 25K less than what I paid for it in 2009. I figure I'll just have to take a bath on the place because I'm fresh out of ideas. Appreciate any input. [link] [comments]  |
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