How to "shop around" for a mortgage? Real Estate |
- How to "shop around" for a mortgage?
- Many Unrealistic Sellers in LCOL Area or am I Crazy?
- UK property - Stamp Duty on second home.
- Expenses, is my tax guru correct?
- Agent issues?
- Should I sign off on all contingencies at this stage?
- Am I not understanding what "100% of the insurable value of the improvements, as established by the property insurer" means in terms of minimum insurance coverage from lender?
- What is a good service for landlords to generate forms and distribute them to tenants?
- New to home buying!
- Hiring an inspector
- Ductless mini splits or high velocity air conditioning?
- Foreclosure properties 101
- Is a 15-day settlement possible?
- How can I better find units in triplexes (or similar) in DC?
- House appraised for $259k in drive by appraisal. How accurate is this?
- Just bought a multi family existing tenants I want to vacate. They haven’t paid rent and are on assistance, should I refrain collecting until the eviction?
- Need some advice on the question of a roof for a house tldr included
- Annual Lease Renewal Question
- Will I qualify?
- Kickbacks between real estate agents and LOs are illegal, but what about...
- 21M, 40k in equity, looking to make first purchase for a rental property
- I live in NY. Will a bank pay a buyer’s closing costs on a foreclosure?
- What is NOT a necessary quality for a Real Estate Agent to have?
| How to "shop around" for a mortgage? Posted: 05 Feb 2019 01:46 PM PST I am looking to get pre-approved for a mortgage. I have an excellent credit rating across all three credit reporting agencies. I decided to go through my credit union, and I am not impressed with the rate they are offering. That being said, I don't really know how to "shop around" to get a better rate. Can anyone recommend any tips for finding a lender who will get me the best rate? [link] [comments]  |
| Many Unrealistic Sellers in LCOL Area or am I Crazy? Posted: 05 Feb 2019 01:13 PM PST Background - Currently a homeowner in DC - strong housing market, things go very quickly, and usually when things get listed, they get sold not far off listing. Occasionally a 'for sale by owner' will pop up at an absurd price, but it's few and far between. Looking to buy in a more rural LCOL area (Lehigh Valley, PA) and holy shit does the market seem inconsistent - obviously the market there is not quite as hot and I would expect things to sit longer - but it seems like a lot of people are massively overvaluing their property. Just this weekend we went to tour a few open houses, which were not cheap, one listed ~700k, and I could see it maybe going for ~600/650, so not an egregious discrepancy - but found out that its been on the market since 2017 and originally listed for 1.2 million, before slowly dropping every few months. Another house we went to see, although a nice location - was listing for ~550k, again, a price that I felt was a bit high, but then again, maybe not that far off. Upon inspection though the house would need significant work (noticed some water damage, clearly a new roof soon, very outdated, basement was unfinished and would need an inspection), easily 100k of work to get it to a point where the 550k would be justifiable. Obviously this isn't across the board or I would be saying 'my expectations are off and need to be adjusted' - and it seems like the houses which are priced appropriately seem to move somewhat quickly (couple of months) and this issue certainly seems to be concentrated in the higher price range. But where in the world is the breakdown between list prices and reasonable price. Is it stubborn owners? Bad listing agents? Tough to appraise due to lack of comps? My expectations? It makes the home buying process frustrating, I can only imagine what its like to put an offer in. [link] [comments]  |
| UK property - Stamp Duty on second home. Posted: 06 Feb 2019 03:54 AM PST Hi If anyone on here is from the UK and knows their stuff around property, I could do with some help. As you'll be aware the Chancellor, in all his wisdom, last year imposed a 3% surcharge on second properties, whilst also abolishing stamp duty for first time buyers. I purchased my first home around 15 months ago with my partner and have been fortunate in gaining a sizeable pay-rise since then which means we're now looking to upsize. I want to try to hang on to my first property and rent it out, but what that means is that I pay second home stamp duty. On a £300k house that's £14k. Is there a way/loophole I can utilise to avoid it? I was thinking about signing my current property over to my partner in its entirety. That would essentially make me a first time buyer again. That would mean that I then dont own a property and don't pay stamp duty at all (first time buyers don't pay stamp duty). Would this work? TIA. [link] [comments]  |
| Expenses, is my tax guru correct? Posted: 06 Feb 2019 02:15 AM PST Property needed a new septic system during the year, these expenses were pretty gross. He comes back after compiling everything I have and says some of my expenses have to be deducted over time. What??? Only thing I'm aware of that gets deducted over time is depreciation. Confused there. [link] [comments]  |
| Posted: 05 Feb 2019 05:39 PM PST I've looked at two houses with an agent that I got into contact with using Zillow. She was nice enough and I was looking at bank owned homes so she didn't know a ton about them. I found a home I loved and just got approved for a loan today which was hard because it was a foreclosure and I needed to go conventional and I show a low income at the moment. Anyway, I contacted my agent to put my offer in and she contacts me back and says an offer on the house has been accepted, it was not showing on her website so she called the listing agent and he said he didn't know anything about it because they have to send their offers through an acquisition company. My dad called to talk to the real estate agent to see if they could put in a cash offer to see if the bank would back out an accept their offer but she said they couldn't do that so he asked if they could talk to the listing agent and she said we could not call him. They called him anyway and he said he's positive no offers are in on this house. What the hell? [link] [comments]  |
| Should I sign off on all contingencies at this stage? Posted: 05 Feb 2019 09:22 PM PST Loan has been approved and undergoing final "audit" check. Agent wants me to sign off on all contingencies in the standard California contract. Haven't done final walk-thru yet. Seller supposed to fix a number of items identified by my inspector. If I signed off on all contingencies, and during the final walk through find something amiss, do I have recourse? [link] [comments]  |
| Posted: 05 Feb 2019 09:20 AM PST For Fannie Mae loan, contract says: Coverage must equal the lesser of the following: • 100% of the insurable value of the improvements, as established by the property insurer, or • the unpaid principal balance of the mortgage, as long as it equals the minimum amount—80% of the insurable value of the improvements—required to compensate for damage or loss on a replacement cost basis. If it does not, then coverage that does provide the minimum required amount must be obtained The minimum coverage has to just cover the improvements, not the entire value or rebuild/replacement cost? Is this right? edit: Okay, after wrangling with google search terms to find one that doesn't return dozens "x ways to improve your home" blogspam BS I found what I was looking for. "Improvements" refers to anything added to a property so the entire house is an "improvement" not just things added to improve its value. [link] [comments]  |
| What is a good service for landlords to generate forms and distribute them to tenants? Posted: 05 Feb 2019 11:36 AM PST The question may be awkwardly worded but I have just acquired a few investment properties, I am planning on having the tenants vacated because the rent is significantly under market value and I want to send a few forms such as a Tenant to landlord notice to vacate by April 1st and some other things. Is there a good database or website that I can find templates of these standard forms to base it off of? [link] [comments]  |
| Posted: 05 Feb 2019 12:16 PM PST Hi I'm finally saving enough to buy a house but i would like to know the different ways and options to buying a home. Also tips and advice would be great too! [link] [comments]  |
| Posted: 05 Feb 2019 10:32 PM PST What should I know about hiring an inspector for a house I hope to buy? [link] [comments]  |
| Ductless mini splits or high velocity air conditioning? Posted: 05 Feb 2019 01:24 PM PST Hi All - I recently purchased my first home - a 1930s Colonial in MA. I wanted to install ductwork and conventional AC, but due to the ceiling height and limited closet space, this option isn't possible. That leaves us with 2 options - the ductless mini split system or the small duct high velocity system. The mini splits qualify for a program called MA Save which offers rebates for high efficiency systems and also qualifies for a 25k Heat Loan (0% interest for 7y). This system can also be zone controlled. The downside is that the systems themselves are large and wall mounted. The other option (high velocity) doesn't qualify for the Heat Loan or rebate, is about 5-7k more, but the option takes up a small portion of the attic and feeds through smaller vents throughout the home. The major benefit is the vents are much less visible than the mini splits. Is there a preference in the real estate or home buyer community? Any ideas or advice is welcome. Thank you. [link] [comments]  |
| Posted: 05 Feb 2019 09:54 PM PST Can anyone offer a book, reference material or website about how to purchase a foreclosure property? [link] [comments]  |
| Is a 15-day settlement possible? Posted: 05 Feb 2019 09:53 PM PST Asking for [fiction] writing research, with thanks in advance. Suppose a developer is desperate to get their hands on a property - is it feasible they might offer a 15-day settlement (assuming the seller agrees to it)? I don't need to know if it's normal or a bad idea or anything - just whether it's legal and feasible (in the state of Washington, if that matters). [link] [comments]  |
| How can I better find units in triplexes (or similar) in DC? Posted: 05 Feb 2019 05:38 PM PST In the next 3-5 years, I'd like to buy a unit in a small multi-unit structure in DC. When I look online (Redfin, Zillow, googling, whatever) if I find any units at all, it's almost always the ground floor. I do not want a ground level unit. I value being in a walkable neighborhood, close to transit, nice amenities (for example, large separated bathtub) over extra space. I have no interest in a yard but a back patio or deck would be nice. I'm not tied to any one neighborhood, ward, or quadrant. Would a realtor work with me even if I am multiple years from when I would be looking to buy? Should I contact a developer instead? How can I better identify these properties before I see they're already sold? I see them having been sold when I walk around but looking online yields little to no results. Thank you in advance for any help. [link] [comments]  |
| House appraised for $259k in drive by appraisal. How accurate is this? Posted: 05 Feb 2019 02:04 PM PST So I posted here earlier. We did a drive by appraisal and our home appraised for $259k. That's almost $100k more than we paid 2 years ago. Is this number accurate? There aren't a lot of homes in our area. And there are even less that are similar to ours. If we could get around that much I'd want to sell and move closer to work... [link] [comments]  |
| Posted: 05 Feb 2019 06:21 PM PST I'll be calling an attorney for advice tomorrow but I want some perspective prior. I purchased a multi family with a family member who owns some already. I asked a question on here earlier and I figure it will get to a point of eviction since the tenants are on section 8, the rents are well below market value, and the tenants have been there wrecking the place for awhile. The tenant needs something sent to section 8 by the end of the week to pay rent and hasn't paid yet for that reason. They are aware I want them out by April 1st. I haven't collected the rent because I've been told that will complicate the eviction process. Should I also refrain from sending the forms for section 8 and would It be illegal if I were to not send them the form? I am willing to take a month or two loss on rent and plan to fix it up when they're vacated but I really don't want to get dragged into an extremely long eviction process and my gut says that if I provide them with the lease (month-month) that will basically guarantee a longer process. [link] [comments]  |
| Need some advice on the question of a roof for a house tldr included Posted: 05 Feb 2019 05:54 PM PST So my wife and I are finally able to buy a house. We found one we liked and asked about the roof and when it was replaced. The listing agent told us and our realtor that the roof was replaced in 2007. It didnt seem like it was that new to us. We made an offer contingent on getting a roof disclosure that stated what the agent told us about the roof getting replaced in 2007. We had to wait a full day for the disclosure and it said "homeowner doesnt know when the roof was replaced." This was not only a surprise to my wife, me, and the realtor, but to the listing agent as well. Now here we sit trying to work a deal out about the roof as the seller has owned the house since 2005 so we know that the roof is at least 15 years old(although it looks much older). We are proposing that the seller either pays for a new roof OR all of the closing costs and then we will replace the roof. Our original offer was asking price plus seller pays 2500 in closing costs which they declined. I dont think we are being unreasonable as the price of the home is at the upper end of homes in the area with roof replacements as recent as 2013. We have a roofing company going to the house tomorrow to perform an inspection and estimate for repair or replace. Normally, I would look for water damage but of course it has all new flooring along with new paint and light fixtures so finding water damaged spots is difficult. Are we being unreasonable and what would everyone else do in this situation? We are in the panhandle in Florida. We are trying to be fair with the seller. In comparison my friend bought a house a few houses down in 2017 with a 5 year old roof and all brand new windows for 11k less, everything else including home layout was the same. TL:DR made offer based upon roof was replaced in 2007. It wasnt. Seller declined asking price offer with 2500 in closing costs found out about roof after. We want either new roof or seller to pay all closing costs ($5250) so we can get a new roof. Could use some advice. Edit: Love how this is being downvoted in the real estate subreddit, at least give some advice instead of being a troll. [link] [comments]  |
| Posted: 05 Feb 2019 05:12 PM PST So I'm currently renting an apartment, or more accurately I'm renting a floor of a multi family home owned by one person. I signed an annual Lease last year that recently expired. I asked the landlord if he wanted me to sign a new lease, and his response was basically "I don't care about paperwork but I'll sign something if you've got it." Can I just take the lease from last year and change the dates? Should I remove / change the sections about brokerage fees and security deposits, since those payments are not being repeated? Any advice would be greatly appreciated. [link] [comments]  |
| Posted: 05 Feb 2019 05:03 PM PST I'm interested in real estate and will want to buy an investment property in the future. Just to give context, I'm an entrepreneur and am still in high school. I plan on buying some real estate after high school. I don't know if this is true or not, but I believe one of the qualifications of buying an investment property is that I own a home. My question is can I buy real estate if I live in a apartment? If so how long do i have to have been living there to qualify for real estate? [link] [comments]  |
| Kickbacks between real estate agents and LOs are illegal, but what about... Posted: 05 Feb 2019 04:29 PM PST What if there were a real estate marketing company that hires individuals, some of whom may be real estate agents, to find people interested in applying for a mortgage or refinance so that the lead can be sold to a mortgage broker or loan officer? The marketing company, working off of a contingency clause, would only charge the broker for the lead at the funding of the deal. And from the fees that the marketing company collects from the LO/mortgage broker, they would then and turn around and give a portion of the revenue to the lead generator based off a pre-determined commission scale? [link] [comments]  |
| 21M, 40k in equity, looking to make first purchase for a rental property Posted: 05 Feb 2019 07:20 PM PST Currently working in finance, and my gross income is around 60k. I have little to no expenses, as I'm working full time and attending school full time while still living at home. Most of my education is paid for through scholarships and tuition reimbursement. I have no liabilities or loans, and I'm looking to make my first purchase on a rental property. My idea is to start in a market where property values are relatively cheap, for a number of reasons: 1.) Affordability is very important. Although my income is moderately high in general for my age, I live in an area where the standard of living is very high, so by living at home I want to be able to take advantage of this by purchasing a home most likely out of state. 2.) I firmly believe that with the student loan debt effecting first time home buyers and steadily increasing home values, demand for home purchases will decrease. NAR did a report on this recently that goes into the statistics of first time home buyers, and how tuition expenses are placing a burden on them. Once the market corrects (assuming it will), I plan on making a larger rental purchase. 3.) I want to get a grip on what I'm doing. I need enough of a cash flow margin to pay a property management company, and at least enough to cover the mortgage expenses and hopefully include a small amount of take home (maybe $100-$200/mo). My budget is between 80k-150k. As someone who is new to the rental market, I'm not sure whether to start with a condo, SFH, duplex, etc. Are my expectations realistic? How difficult is it to work with property management companies that are out of state? Does anyone have any recommendations on where to look for a first time rental and what the target demographic should be? My thought would be to start with retired individuals, since their income typically comes from social security, pensions, and retirements, so the risk of renting to an employed individual that could potentially lose their job is eliminated. Also, renting to these demographics would hopefully lower the odds of drug use, poor treatment of property, and violating terms of the rental. Any advice or feedback would be greatly appreciated! [link] [comments]  |
| I live in NY. Will a bank pay a buyer’s closing costs on a foreclosure? Posted: 05 Feb 2019 03:33 PM PST On the listing it states the buyer is responsible for abstract and survey. However, as the buyer can I ask for them to pay closing? Edit: I should add I'm using FHA and I didn't mean all of closing, but at least some. I understand I would ask for a percentage. [link] [comments]  |
| What is NOT a necessary quality for a Real Estate Agent to have? Posted: 05 Feb 2019 07:03 PM PST Took my real estate exam yesterday, for National and State. Passed both. Was so troubled by a specific question, and would like to know the answer regardless of how well I did. I believe I selected the wrong answer. What is NOT a necessary quality for a Real Estate Agent to have? A) Sincerity B) Competence C) Honesty D) Trustworthiness I selected competence... believe I got it wrong but idk [link] [comments]  |
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