The effect of the government shutdown on a lender.... Real Estate |
- The effect of the government shutdown on a lender....
- Hard money loans
- I’m 17 years old and have completed my 90 hours of training. Should I seek an internship?
- 13 Things Real Estate Agents Don't Want You to Know -- a relatively well balanced item from the Motley Fool
- Divorce looming, how soon can you sell an FHA home?
- [CA] Security deposit missing pet deposit and has repaint fees.
- Is mortgage life insurance protection program a good idea or a scam?
- Deal Analysis!!!!!!!! Am I a genius or an idiot?
- Tips on living in the house you’re flipping?
- What is a CALL-SA on terms considered?
- Real estate index vs Housing market prices?
- Best CA Online School
- First time buying apartment with significant other need some advice!
- First time buyer confused with counteroffer
- Stuck in a mortgage with parent
- How far does a cash offer really go in a still-hot but cooling market?
- Not a homeowner, interested in ADU units, possible to own one?
- Timing the market
| The effect of the government shutdown on a lender.... Posted: 24 Dec 2018 06:14 PM PST Hey All, I'm a MLO based out of MD. Here are detailed ramifications of the government shutdown on lenders and the effects on certain third part verifications through the loan process. Loan types Fannie & Freddie (Conventional loans) - No Impact, all portals and services UCDP, UCD etc. will be fully operational VA loan origination/delivery - No Impact, all portals and services will be fully operational. USDA loans - USDA will not issue new commitments. FHA Loans No Impact. FHA connection – case number assignment, UFMIP fee payment, ACIVRS review etc. will be fully operational – HUD will endorse loans and continue to insure loans Verifications 4506-T - (W2 or full 1040 tax transcripts) During the shutdown, execution of the 4506T to obtain tax transcripts will not be available. You can obtain these directly from the IRS website. Speak with your lender to ensure you order the correct ones. SSN verification - During the shutdown, SSA will not be fully operational. Execution of SSA-89 form for the validation of the borrower's SSN will not be available Employment (VOE) If the borrower is employed by the US Government and is on furlough, and FDM is unable to obtain a Verbal VOE, closing cannot take place until borrower is back at work and borrower's employment can be verified Good luck on your closing! [link] [comments]  |
| Posted: 24 Dec 2018 02:02 PM PST Looking at getting into investment property's either selling or renting have been looking into loans for hard money as it seems to have least amount to put down but lender charges 4 points origination and 12% interest and also 685 for underwriting and 400 for appraisal I have a 800 credit score but not a lot of cash just wondering if this seems right or if there are better options or lower interest rates for someone just getting started [link] [comments]  |
| I’m 17 years old and have completed my 90 hours of training. Should I seek an internship? Posted: 24 Dec 2018 04:54 AM PST Thanks to Running Start, I have been able to jump ahead and complete the 90 hours of training needed for Washington State realtors. Unfortunately, I have to wait until my 18th birthday (June) in order to take the broker's exam. Before I turn 18, I would like to intern for a well-experienced realtor. Is this a good idea? If so, how would I find an internship? Should I simply email some of Seattle's top brokers and politely ask for one? Lastly, if you somehow happen to live in Seattle, I would love to meet up and discuss internship options :) Thanks everyone! [link] [comments]  |
| Posted: 24 Dec 2018 02:53 PM PST |
| Divorce looming, how soon can you sell an FHA home? Posted: 24 Dec 2018 06:24 PM PST My wife and I are getting divorced. It's amicable, we won't be getting lawyers, and there are no liens or anything against the house. However, it was obtained through an FHA loan about 5 months ago. Is it possible to sell before the initial one year occupancy? [link] [comments]  |
| [CA] Security deposit missing pet deposit and has repaint fees. Posted: 24 Dec 2018 01:17 PM PST Hello, I recently moved out of my apartment and received my security deposit check. It is missing the $300 pet deposit and there is a $215 "paint touch up throughout" charge and a $30 cleaning fee. There's also something called "Scavenger reimbursement" that was something I didn't know about , but looking online seems legit. Of course I'll ask back for the $300 pet deposit, but I have some questions: 1) Is the "Paint touch up" charge legit? I didn't repaint, or even stuck any nail into the wall. Can they charge that? 2) The cleaning fee is small, but I left the apartment in good cleaning condition (didn't mop, but I swept it clean and cleaned the bathroom), I wonder if this is also legit. 3) If I cash the current check they sent me, is that some kind of "legal acknowledgement" of the charges they applied ? Should I wait to cash this check? Thanks for any answer [link] [comments]  |
| Is mortgage life insurance protection program a good idea or a scam? Posted: 24 Dec 2018 04:51 PM PST I receive these notices in the mail pretty regularly. This insurance is supposed to pay mortgage loans in case of disability or unemployment. There's a money back option that returns your premiums if benefits aren't used by end of mortgage term? Does anyone have experience with this? Is it a scam? It looks like the the company providing the insurance is Mortgage protection insurance services Ca lic #0C28287. Based out of California. [link] [comments]  |
| Deal Analysis!!!!!!!! Am I a genius or an idiot? Posted: 24 Dec 2018 09:53 PM PST Hello, I am desperately trying to understand how to spot a good real estate investment... In terms of buying a house and renting it out for a positive cash flow (for all I know I said something bad there). I analyze around 10 houses a day just by using zillow, realtor, trulia, and finding average rates for such things as management fees and rent via web searches. On average I can find a few that seem like a good investment every time. This seems to good to be true, so what am I doing wrong? I started off using a custom excel spread sheet but quickly realized I should be using one of the many free online calculators that are out there. The main tool I have been using is rentzend.com, it is on the simple side so I typical throw in some fluff costs at the end to account for costs I do not see. Here is a link to one of the analysis I did on the website: https://www.rentzend.com/tools/rental-analysis/ca4ffcde-f949-4490-b57e-84d44851760d Just in case you do not want to click on the link here is the house address and some basic numbers. Address: 462 N Arnolda AveIndianapolis, IN 46222 Property Value: $75k Down Payment: 20% Rent: $1.1k Costs: $422 Loan: $322 Cash Flow: $356 Cap Rate: 10.8% Cash-on-cash return: 26.4% I did not want to write out all the specifics, you can click on the link to see them if you would like. Please tell me what I am doing wrong, in fact please destroy me and tell me I am an idiot so that I can fix what I am doing wrong. Disclaimer: I currently have no money to invest, so what you say will not make me buy it or not buy it. If you got this far I greatly appreciate the time you took to read my post, and I appreciate any feedback you can give me good or bad! Merry Christmas! Thank you! [link] [comments]  |
| Tips on living in the house you’re flipping? Posted: 24 Dec 2018 05:35 PM PST Moving out of my current house so it can be a rental and looking for a dump to fix up. Any advice is appreciated. [link] [comments]  |
| What is a CALL-SA on terms considered? Posted: 24 Dec 2018 04:05 PM PST Hi everyone, We are looking at a home that lists cash, conventional and CALL-SA under terms considered. Any thoughts? It is a new one for me and my Google-Fu has failed me. I am assuming it is Call Sellers Agent. Thx, Merry Christmas everyone. Mb [link] [comments]  |
| Real estate index vs Housing market prices? Posted: 24 Dec 2018 10:11 AM PST Dow Jones US Real Estate Index has up and downs and has been mostly side ways over the past 4 years. Yet if you look at zillow housing price charts (or case shiller index) housing prices have gone up nonstop. What is the difference? both charts https://imgur.com/a/17QAudH [link] [comments]  |
| Posted: 24 Dec 2018 12:42 PM PST Hi, Looking for some advice in choosing an online school., currently live in Los Angeles. The top 3 things I'm looking for is the student success rate, whether online instructional videos are included, and the format and ease of understanding of the classes. I've looked at online programs from Kaplan by Brightwood, the Realty Academy in Woodland Hills, and CA Realty Training, not sure which one I should go with! I also saw careerwebschool, but I definitely want video lectures to be included so I have more of a classroom feel. Price isn't an issue, but any help is appreciated! [link] [comments]  |
| First time buying apartment with significant other need some advice! Posted: 24 Dec 2018 03:20 PM PST Hey there! So my significant other (20M) and I (21F) are still in college but are looking for apartments TO RENT** together after the semester is over. We live in Ontario, Canada. I have rented out rooms on my own ($475-$550) before but I am wondering how to do this with my significant other. Can you guys help me understand what kind of keywords I am looking for in an ad? I am usually looking on kijiji. I am preferrably looking for a one room basement apartment. Most ads I see they are only looking for 1 female or 1 male. Is there anything that I should know that will help me begin this process? Also do you guys have any better websites to search for apartments other than kijiji? Any advice is welcomed and appreciated. [link] [comments]  |
| First time buyer confused with counteroffer Posted: 24 Dec 2018 06:35 AM PST Long story short I offered a little under 100,000 with an inspection. They agreed, and I had an inspection done. There was some poorly graded electricity, so I countered with 2,000 off. They countered with 4,500 off. That's right...they offered more off. This seems like a giant red flag to me. My agent said the seller wants me to get a fair deal, they didn't like dealing with other rude agents, maybe didn't see my 2,000 counter line, etc. Other things of note are the daughter is selling to get mother on Medicaid, and she does not want to put any money in to have things fixed. It is also Ohio if it matters. Is this just to make sure I buy it, or is there something I should be concerned about? Is there something in the contract back I should look for? Any advice and input would be greatly appreciated. Thanks! tl;dr Countered 2,000 off after inspection and seller countered 4,500...red flag? edit I got the post inspection agreement. It includes a reference to an addendum to contract. This addendum includes a handwritten part that states instead of a 2,000 credit, we will just change the final sale price to 4,500 lower...does not mention anything about removal of legal warranty and/or anything about appliances. [link] [comments]  |
| Stuck in a mortgage with parent Posted: 24 Dec 2018 09:45 AM PST Hi. I'm seeking advice on how I can get my name off the mortgage of my family home. About 12 years ago I helped by mother buy out my stepfather from their jointly owned property. It was actually our family home for three generations and he paid noting into it, however, through the sanctity of marriage, he was entitled to half when they divorced. The property could not be sold because of a legal clause drawn up to ensure my grandfather (who still lived in the house) wouldn't be homeless. To get this name off of the mortgage, my mother and I borrowed £60k to pay him off, plus the additional remaining on the house, plus more additional to pay off my personal debts. Fast forward 5 years and I paid off the money *I* borrowed. As I wasn't living in the house and my mum could afford the payments herself, I stopped paying. However, my name remained on the mortgage because my mum was unable to afford a mortgage in her own name. Since then I have found it very difficult to get a mortgage of my own because my name is still on the other mortgage. Does anyone have any suggestions how I might be able to get my name off of this mortgage? The reasons my mum is unable to get a mortgage for the remaining amount is because of her age (61) and her relatively low annual earnings (£19k). The remaining amount is about £80,000. The house is worth about £320,000. She will not sell the house as it has been her home since she was born, more or less. I don't think her partner wishes to or can afford to either. I'm out of ideas but perhaps someone in the UK with more knowledge in this area could help. Thanks [link] [comments]  |
| How far does a cash offer really go in a still-hot but cooling market? Posted: 24 Dec 2018 09:08 AM PST Through a combination lots of good fortune and a little hard work, my husband and I are in the position to pay for a home in cash up to $600K. We found a great house for $515K in Portland, OR that has been on the market for a month. It's already been through one price reduction. It's a fantastic-seeming house that hits all our needs and wants. We're really excited about it, though it will need some landscaping and we are a little concerned about possible drainage issues on the lot. Overall though, we both agree that it is fairly priced (comps confirmed) and we would be upset if another offer came in that beat us. However, my husband and I are at a little bit of an impasse on what to offer. He thinks we have negotiating power because we're cash buyers and we should offer around 3% under list. I think that most financing does ultimately go through, so if we really love the home we should offer somewhere between 1-2% under to list, which is actually my personal preference but my husband thinks I'm being too cautious. Our agent definitely agrees that we have some bargaining power (she says that cash is "very attractive" but hesitated to quantify it because there are so many factors.) We know there was at least one other showing within the past week that went "well," but the listing agent said there was no concrete moves of an offer forthcoming. Our agent said the LA sounded "excited" that we were interested and that the buyers are "flexible" with close date, so wouldn't need lease-back. So without asking you to predict the future: What would Reddit do? [link] [comments]  |
| Not a homeowner, interested in ADU units, possible to own one? Posted: 24 Dec 2018 09:01 AM PST Hi there, I know this can vary greatly city to city, but is it possible to own an ADU unit? All the research I've done is targeted at the homeowners building one to rent out. My guess is it's not possible to own based on that, but I figured I'd ask. [link] [comments]  |
| Posted: 24 Dec 2018 07:49 AM PST Hi- I am looking for some insight on how much prices could go up in Colorado or in general in the next year or two. Right now I can afford a fair amount of homes that I like, but I'm wondering if I wait and save more towards a down payment if prices will just go up more than it would be worth by then. How about in six months? I'm ready to buy now and I don't anticipate much in the way of raised in the next year or two. Is it better to buy while prices are where they are, or to save up a little more? Edit: sp [link] [comments]  |
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