Seller charging $100/page if I do not use their Preferred Lender — advice? Real Estate |
- Seller charging $100/page if I do not use their Preferred Lender — advice?
- HELP! Does anyone have experience with probate sales?
- Low Ball Cash Offers
- Freaking out over FHA appraisal
- Attention Realestate Agents & Buyers
- 48 Kickout Enacted (Buyer, PA)
- Making an offer on a property that’s not for sale...
- First time home buyer programs for Investment home???
- Zestimate
- Oregon real estate broker licensing with a misdemeanor question PlZ HELP
- Sellers market - inflating offer with unneeded closing cost assistance?
- Has anyone ever taken the BOLD class? SC
- Finding new agents?
- First Time Landlord with Multiple Rent Offers
- Active Duty Real Estate Investing (Long)
- Understanding Specials Unpd and Specials Inst
- First time home buyer on leased property
- Any agents in North East Virginia?
- Trying to navigate the mortgage minefield
- Switching agents, how can I legally do so after signing buyer representation form?
- Earnest money question (IA)
- What are some good signs that your lender is getting close to scheduling a closing date?
- HOA By-Laws (Flooring Issue)
- Do you recommend beach front condo as first real estate investment. Why or why not?
| Seller charging $100/page if I do not use their Preferred Lender — advice? Posted: 21 Mar 2019 06:00 PM PDT First time homebuyer here. Please excuse the basic questions. I'm about to sign a contract for a new construction condo, but it states that if I do not use their preferred lender, I must pay $100 per page to "complete and deliver all paperwork required by the Buyer's lender." Is this normal? In the contract, I also must specify whether I will use the preferred lender or an outside lender. The contract is due tomorrow so it looks like I need to decide ASAP. For context, the preferred lender quoted me around 4-4.125% interest with 25% down. I'm an early-20's college student graduating in a few months with limited job history but pretty good credit. I was only able to secure the loan via presenting the offer letter for a job I'll be starting in September. I'm not sure if I can do any better than what I was quoted when considering (a) I'm not starting my job for a few more months, and (b) the $100/page charge, which will probably add up. (Parents are offering to co-sign the loan if it significantly reduces interest rate, but I know they would prefer not to.) Any advice would be appreciated! Thank you. EDIT: I appreciate all the replies! They've given me a lot of things to consider and take into account before proceeding any further. [link] [comments]  |
| HELP! Does anyone have experience with probate sales? Posted: 21 Mar 2019 09:51 PM PDT Hi all, I am a Realtor in the state of California and I am in the midst of my first probate sale... I was just told by escrow that the documents that were originally sent to court (in which we went to court for the approval of the sale) were completed incorrectly. There was some miscommunication and the paperwork was filled out as the sale being an all cash offer. When this entire time my clients have had a loan, them using a loan is also reflected in the Probate Purchase Agreement. I was told that because of this mistake we have to go back to court to get the sale re-approved. Is this correct? And is there any way around this? So far this has been a 6 month process and all parties had planned to close next week. Any and all help is appreciated! [link] [comments]  |
| Posted: 21 Mar 2019 10:40 AM PDT I have a house in Tampa, FL and have been getting inundated with phone calls, text messages, and mail from people wanting to buy my house with cash. The first couple messages I got, I entertained the offers just out of curiosity. They were 30-40% below Zillow estimated value. I just replied no thanks. [link] [comments]  |
| Freaking out over FHA appraisal Posted: 21 Mar 2019 06:24 PM PDT State: North Dakota We accepted an offer on our home. The buyer is financing through FHA. Our home is a 40 year old bi-level that is in good shape. The thing is, we have no idea how strict or relaxed the FHA appraisal will be and do not want this to stand in the way of closing. What can we expect from the appraisal? Are common items that we need to focus on? Thank you! [link] [comments]  |
| Attention Realestate Agents & Buyers Posted: 21 Mar 2019 01:34 PM PDT Buyers - treat your damn agents with respect. They work their asses off. I have been shopping for a home for a year now and watching what agents do and how hard they work blows my mind. Respect their time, remember they have families, don't call them 24 times a damn day, thank them- A LOT. [link] [comments]  |
| 48 Kickout Enacted (Buyer, PA) Posted: 21 Mar 2019 11:15 AM PDT So as noted, submitted an offer on a property in PA, it was contingent on us selling our home in DC which we are currently under contract for (close on 04/16 was planned for both DC and PA). Today we got notified that the PA sellers has enacted a 48 hour kick out because they have received another offer (albeit only verbal at this time) that was higher than ours. The seller agent said they would entertain other offers from us (clearly trying to drive the price higher), but my understanding is that a kickout is intended as a shit or get off the pot clause - and, although not ideal we could remove the sale contingency and can make the purchase of the PA property prior to selling our DC home, and we can certainly have our lender show that. So my question becomes - are they allowed to void our contract based on sale price if we are able to remove the closing contingency for our DC property. Does the kickout clause afford us, the buyer any protection in this scenario at all? Mainly annoyed because we've invested time money and planning towards inspections and selling of our home only for it to be potentially yanked out from under us. Thanks in advance. [link] [comments]  |
| Making an offer on a property that’s not for sale... Posted: 21 Mar 2019 05:32 PM PDT We found a place for rent in a 3 unit building that we like, but we're looking to buy not rent. Our buyers agent reached out to the rental agent but never heard back. I decided to text the rental agent not expecting a call back but he called and the owner is actually open to selling all of the building or a unit in the building. Now it's a little tricky because when he called me he asked me if I was a broker and I get the sense he doesn't want to work with one (especially since he never called our buyers agent back). What do we do here? Just show up at the building showing with our realtor? Should I tell him ahead of time we have an agent? Is this going to affect the deal? [link] [comments]  |
| First time home buyer programs for Investment home??? Posted: 21 Mar 2019 10:31 PM PDT Story in a nutshell. My mother owns a home that she rents out that's worth roughly 45k. She wants to sell it to me whilst keeping the renter in the home. So essentially this would be the first house I'd buy, but it is purely for investment since the renter will remain and I will take the payments. Are there any programs out there (Arizona) that can help me with a down payment? I know 45k isn't much but I would like to take advantage of any programs I can if they exist for my situation. Thank you in advance! [link] [comments]  |
| Posted: 21 Mar 2019 09:46 PM PDT How accurate is Zestimate and the Redfin estimate? Is there one that has a better estimate? I see a property I like that is listed at 400k. The Zestimate is ~470k and the Redfin estimate is ~435k. I am wondering how does this impact you as a buyer? And how do you know you are getting a "deal". Thanks! [link] [comments]  |
| Oregon real estate broker licensing with a misdemeanor question PlZ HELP Posted: 21 Mar 2019 03:46 PM PDT Hello all and thank you in advance. I'm trying to take classes for a real estate broker license and have to submit a non refundable 300$ background application as part of Oregons elicensing. They give you no ideas on what would be grounds for denial. Is it any misdemeanor? Recent? Old? Ten years ago, 7 years ago? Reason I ask is I have a disorderly conduct charge that drops off my record in May. Has anybody got an idea or any experience knowing here? Or does anyone have a broker license with anything on their background? [link] [comments]  |
| Sellers market - inflating offer with unneeded closing cost assistance? Posted: 21 Mar 2019 07:57 PM PDT I've been floating around the idea of taking closing cost assistance in exchange for a higher offer price, since it's a crazy market right now here in Maryland, based on our last couple of failed offers a bit over asking price. I've heard of the reverse in a buyer's market, when a buyer needs assistance, but the seller wants a higher offer price to compensate. I'm aware of the implications if the house doesn't appraise for that higher amount. But what are the other implications? We know it will affect the down payment, some of the closing cost: any fees based on the loan amount, transfer tax, and possibly property tax (if anyone can clarify how recent sale prices influence tax assessed value, let me know). What are we missing? For example, ~$550k purchase, 4.25% mortgage rate, I've calculated that a $10k closing cost assistance and $10k increase in offer price has a break-even rate of 16.5 years, not even calculating investments of that money. That is, the $10K higher price yields $38.95 extra per month at same rate, and eats up that $7.8k (subtracting increased downpayment, lender fee, and transfer tax) in 16.5 years. With even a 2% return on that $7.8k, you'd always come out ahead with the upfront money. And we would invest as we don't need help. We could even go $15k or $20k higher offer with the $10k closing cost assistance as we definitely would invest, which may finally put us i line with some of the other offers. For comparison, buying up or down points on navyfed typically appears to have a 2.8 year break even point when getting a credit (for higher interest rate), lower being worse. When going in the opposite direction, 8.5 year break even point when paying to buy down the rate, higher being better in this case. I've only ever seen this discussed in terms of the seller asking for a higher offer price to offset closing cost help, never in this way. So what am I missing here? I threw in some formulas here which you can throw in python ( here's a web interpreter ) [link] [comments]  |
| Has anyone ever taken the BOLD class? SC Posted: 21 Mar 2019 07:51 PM PDT |
| Posted: 21 Mar 2019 01:37 PM PDT My friend is getting ready to move and wants to find a newer/younger agent to use, but neither of us know of one. Any ideas how to find one? (He's in California so they need to be licensed there, idk if that makes a difference) [link] [comments]  |
| First Time Landlord with Multiple Rent Offers Posted: 21 Mar 2019 06:48 PM PDT I recently purchased a 3 bed 2 bath condo and I live in the master. I wanted to rent out the spare 2 rooms so I posted on a Facebook group to attract renters. So far 4 great potential roommates have visited and they all want to put down 1st month and deposit so they can guarantee themselves the room by April 1st. Does any one have any advice on how to handle this so that I do not leave any money on the table? Am I being greedy for even thinking of increasing the rent? Did I price my rooms too low for rent? Any advice is appreciated!! [link] [comments]  |
| Active Duty Real Estate Investing (Long) Posted: 21 Mar 2019 05:29 PM PDT I am on active duty and have an opportunity to attend grad school for a 2 year program while still on AD, which means free tuition, full military/health benefits, and housing allowance based on the zip code. I want to maximize this opportunity by buying and then when I leave turn that property into an investment property for passive rental income. CURRENT REAL ESTATE HOLDINGCurrently, I own my current own, purchased in 2015 ($195k total, $100k remaining on the loan), and do not own any other properties. BAY AREA PURCHASE IN SUMMER 2020I was accepted to a 2-year MBA program in San Francisco, so as of summer 2020, I will move out there with my family. I am currently on the East Coast. The BAH (Basic Allowance for Housing) for the zip code of my program based on my rank (and "with dependents" status) is a tax-free $5,134 a month (in addition to my taxable base pay of approximately $6,241), which I would receive regardless of if I rent or buy. If I was single, I'd consider an RV or a shoebox to pocket the vast majority, but I think the divorce costs would ultimately outweigh that profit lmao I do not plan to buy *IN* the city as even as high as that is, it's still not enough to really get anything comfortable. Does anyone have any experience with SF real estate? I was thinking in/around the San Bruno area (which I recognize is still not cheap). Realistically, $850k (with 5-10% down via a Jumbo VA loan) is my limit (and that's an *UPPER* limit). Any thoughts on specific locations, especially with great rental potential? I feel that south SF is a prime location because of being between SF and San Jose as well as proximity to the SFO airport. I was originally looking north of SF (Marin area just north of the bridge), however I feel it would just be too far? Also, same with the east side of the bay. Again, I would be there for two years before moving back to the East Coast (most likely the DC area) upon completion of the program. INVESTMENT PROPERTY AT CURRENT LOCATIONI would like to procure a property in the next few months (duplex/triplex/quadplex) to rent out to start with passive income. The plan is then to rent out my current house with an expectation of 10-20% over the monthly PITI cost when rented out. I am confident a du/tri/quadplex would do the same at a minimum, but with an expectation of even better. Can anyone direct me to some resources on how to properly look for these kinds of properties (and what to look for)? I am struggling to search via zillow, etc. and I'm not sure if there aren't that many in the area (doubtful) or if I'm not looking in the right place. The intent would be to 1) add a property to my portfolio and then 2) use the next 12-14 months to gain experience as a property manager/landlord before doing so remotely. I am looking in the $150k (max) price range, and can secure a 5% down VA-"like" loan (which negates the occupancy requirement associated with typical VA loans). FURTHERMORE - TAXESOne thing that I have always hesitated to dive fully in when it comes to real estate investing is the tax. Not only would I love to know thoughts on the new tax bill and property ownership, but just the profitability in general when it comes to PITI and then tax returns (I pay no state taxes on income thanks to FL residence). Would love any insight on how to make either a reality (or to be dissuaded and brought back to reality lol) As always, I really appreciate the attention to detail and deliberate effort this forum goes to in order to provide guidance. It's much appreciated :) [link] [comments]  |
| Understanding Specials Unpd and Specials Inst Posted: 21 Mar 2019 05:23 PM PDT Hello, We are looking to buy our first home but have some confusion regarding specials and their affect on budget/mortgage For example a house we are looking at is $250,000 with $18,000 Specials unpd and $2000 Specials inst. Does this mean that this house is effectively $268,000? With $2000 due yearly? The realtor that we briefly talked to said that when calculating specials and affordability they just contact the lender before making an offer because the taxes get a little messy. Is there a better "rule of thumb" way to look at specials? [link] [comments]  |
| First time home buyer on leased property Posted: 21 Mar 2019 04:56 PM PDT I'm a first time home buyer located in southern California. The property I'm interested (condo) is currently located on a land lease. I was wondering if anyone has any experience with it and could give me the pros/cons of a property lease. [link] [comments]  |
| Any agents in North East Virginia? Posted: 21 Mar 2019 04:33 PM PDT Hi, Are there any agents here from North East Virginia? I'm specifically looking for an agent that services the Lorton area all the way up to Mclean. Including Annandale, Springfield, Falls Church, etc.. [link] [comments]  |
| Trying to navigate the mortgage minefield Posted: 21 Mar 2019 12:36 PM PDT I just need help understanding what happened and my questions to my mortgage broker aren't helping. We originally signed a work up for a $361,000 loan at 4.5% interest. It showed a $7536 lender credit and estimated our closing costs at $7400 (not including down payment). During inspections we found some stuff and the sellers agreed to an $8800 credit for closing costs and prepaids. Since our closing costs were less than the credit our mortgage broker said he'd use the leftovers to buy down our interest rate. We got our second set of paper work at 4.375% interest and I saw our lender credit had gone down $5736. I asked how much of the sellers credit was going towards lowering our rate and he said $1833 - so basically the exact same amount that our lender credit was reduced by. I feel like we lost money and the lender credit was just swapped for the sellers credit instead of being added. When I asked why he explained the lender credit went down because the seller is now paying the buydown to "eat up" the difference so we don't lose money. I guess it still doesn't make sense to me. Is this normal? Is this a good use of the extra $1900 or so we had leftover from the seller after paying closing costs? Even if we got reimbursed for our home inspection, etc we'd still have money leftover. Thanks!! [link] [comments]  |
| Switching agents, how can I legally do so after signing buyer representation form? Posted: 21 Mar 2019 10:23 AM PDT Hi everyone, We've been looking for a house for a couple months now by just going to open houses on our own. Since the Spring Market has come up we have been wanting to go into some homes without an open house so we signed with an agent. We didn't really weed through anyone, just picked the first agent we met with through Zillow. Unfortunately she has become less and less appealing to work with. We were going to put in an offer on a short sale but had to jump through hoops with the bank and unfortunately weren't able to at the end. During this process she's become frustrated and and her schedule is not really open to us anymore to see new homes. She's available only randomly for a half an hour or so or basically just to show us one house at a time. We both work so it would be nice to pick a day during the week to see a few homes at once. She's also unresponsive through texts and has gone silent for days at a time. During this time we've seen houses come up on the MLS that we wanted to see but because of her schedule we weren't able to and they were put under contract 24-48 hours later. In our area and price range houses that are worthwhile get scooped up very quickly so you have to act fast. I ended up getting pretty upset by this so I reached out to another agent and he's been showing us a couple houses. I know you're not suppose to do this and I feel super bad. We haven't signed with him. But he's going above and beyond to match our schedule and has answered every message and question in lighting speed. CMAs that have taken our other agent a week to do have been done by him within a day for us. I feel like we're cheating, and I feel guilty. But I do not want to work with our other agent any more. I want to sign with our new one that has put in the extra effort for us. How can we do this legally? [link] [comments]  |
| Posted: 21 Mar 2019 10:10 AM PDT Selling our first home, and have a question about the earnest money that the buyers put up. They are looking to walk away because of recommendations by the inspector. We are addressing all safety issues, and providing a home warranty for the rest for a year as nothing they recommend is a problem. In this instance, will they get their earnest money back? [link] [comments]  |
| What are some good signs that your lender is getting close to scheduling a closing date? Posted: 21 Mar 2019 01:52 PM PDT Our closing date was estimated at 45 days but we are hoping that we can close sooner. We just signed the initial disclosure through our lender. Our mortgage rate was locked in 2 days ago. Are these signs that we are getting close? [link] [comments]  |
| Posted: 21 Mar 2019 01:50 PM PDT Hello, I've recently purchased a condo on the top floor of a complex. The place has hardwood floors in the dining room, living room and hallway area (to get to guest bath and bedrooms). There is carpet in the bedrooms. We did not receive the by-laws until closing day. At no point did anyone mention the floors being an issue. This is my first time buying a place and living within an HOA. We kept asking for the by-laws, but were told it would be at closing. After reviewing the by-laws, I see there is a rule that if you are top floor unit that you must have padded carpet in every room with the exception of the kitchen, foyer and bathrooms. One of the selling points of this place was the hardwood floors. I have also invested in an area rug at this point. We do not have the budget (as this was unexpected) to carpet multiple areas. Not to mention, I liked the place due to the floors. This is my first time dealing with an HOA and I am worried. The property management company and HOA board are unaware of the floors. I see the previous owners (who only rented it for close to 2 years) were also not in compliance with some other items which I am correcting. Important to note that no one else told me we were not in compliance with the other items. This is me trying to correct everything as I am a rule follower! The floors though...I do not know what to do. Any advice? Anyone ever been in a situation like this? Thank you. [link] [comments]  |
| Do you recommend beach front condo as first real estate investment. Why or why not? Posted: 21 Mar 2019 07:44 PM PDT Thinking south of Myrtle beach. Maybe near the surf side area. [link] [comments]  |
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