Seller lost job three weeks before closing and can't close on the house they're buying. Real Estate |
- Seller lost job three weeks before closing and can't close on the house they're buying.
- Tenant wants to put a satellite dish on the roof
- Selling, buying, downsizing... how to time it all?
- Advice !
- Can i get a mortgage AFTER paying cash?
- Pros/Cons of an Installment Sale?
- HELP! Question about audited & denied homeowner's loan
- Question: Laws/Regulations for real estate
- Looking for advice on pre-approval amounts
- Gut Check: Sellers refuse to make any repairs on house that was not listed “as-is”
- Renting as Self Employed - Quick Question!
- Switching Lenders in the Middle of Our Contract?
- Is surplus recovery legitimate and is it legal?
- I'm [27F] considering buying my first home, no idea how to start the process.
- Can leasing agents date tenants?
- Which app gives the most accurate PMI and Property Tax estimates?
- Modular vs Single Family
- Offer Accepted for Home in Pre-Foreclosure with Auction Date Set
- Rent increases (Oregon)
- Repercussions for early terminating a rental lease? [TX]
- Altisource (Hubzu & Owners.com) lockboxes
- Buyer's Agent Questions (NY State/Long Island)
- Many Zillow Sold Prices Incorrect, 40-50k Higher
- Cashback Mortgage Financing Question
| Seller lost job three weeks before closing and can't close on the house they're buying. Posted: 02 Mar 2019 05:10 AM PST I am supposed to close on a house in three weeks. Yesterday the seller lost their job and they won't be able to get a loan on the house they were moving to. They want to cancel the contract and just forget the whole thing. We're out over 1000 for home inspection and appraisal. Also, we have been planning and preparing to move for two months. We do not have a back up house that we would make an offer on so we are stuck starting the process from skratch. Would we be in the right to force the sellers to follow through on the contract? Maybe they could move to a rental? Do I have any real options? [link] [comments]  |
| Tenant wants to put a satellite dish on the roof Posted: 02 Mar 2019 11:26 AM PST Tenant doesn't want to give money to Comcast or CenturyLink and they want to put up a satellite to receive local satellite service. We are obviously not keen on blowing more holes in the roof and siding for an ugly dish that will get taken down when they leave. What are our options? I am reading that there is an FCC reg saying we can't stop them. [link] [comments]  |
| Selling, buying, downsizing... how to time it all? Posted: 02 Mar 2019 07:57 PM PST Hi all! My husband and I bought a great house in a desirable neighborhood about two years ago. It was a great price, in major need of updating (built in the 70's and lots of bad wallpaper) and we've done quite a bit of work to it. But it's a large house (2800 sf) with an enormous yard and we have discovered we're really not "House people" and don't want to be spending our weekends fixing our house and manicuring our yard. SO we have decided to sell and buy a less expensive, smaller, lower-maintenance house. With the updates we have done our realtor thinks we should list for 269k, which is almost 35k more than we purchased it for. On top of the updates, the housing market is really good here currently. We are looking at houses in the 130k-150k range. We're estimating we will have 70k-80k for the down payment with the equity we have in our current home. My question is this: how do we time the buying process? Any offer we make on a new home will be contingent, but does that mean we have to close on our current home before we close on our new home? I would prefer to close on our new home first so that we might have a week or two to clean/paint and move. That seems logical but is that possible? I don't want to get stuck paying 2 mortgages in case something horrible happens and the buyers back out at the last minute. But I also don't know where we would stay if we had to close on our current home days or weeks before our new home. [link] [comments]  |
| Posted: 02 Mar 2019 11:19 PM PST Hi everyone, I live around Boston and been wanting to purchase my first rental property around Boston or a little outside Boston. However I can't seem to find and places that would fit the "1%" rule. Also does anyone recommend buying a property outside of your state. Thanks ! Any advice would be appreciated as I am a rookie at all of this ! [link] [comments]  |
| Can i get a mortgage AFTER paying cash? Posted: 02 Mar 2019 04:29 PM PST We are looking to buy a house (Northern NJ), and found one where a cash offer will greatly help us to have our offer accepted. My Father in law is willing to lend us the cash, but would want the money back in a couple of months. Could I pay for the house in the borrowed cash, and then turn around and get a mortgage to pay back my father in law? Will a bank give me a mortgage if the house is already paid for? Let me know if i am explaining this incorrectly or need any other information. [link] [comments]  |
| Pros/Cons of an Installment Sale? Posted: 02 Mar 2019 06:50 PM PST We are strongly considering buying my in-laws house but would like to give them 3/4 of the money now and the remaining balance after Jan. 1, 2020 to have time to save the rest and avoid any additional capital gains taxes in 2019. Is this type of arrangement possible and/or legal? Are their any potential pitfalls that we don't understand. Considering this is not a typical point-of-sale, mortgage arrangement I am having trouble finding the correct terms to research our situation. Any help and advice is appreciated. [link] [comments]  |
| HELP! Question about audited & denied homeowner's loan Posted: 02 Mar 2019 12:38 PM PST First time (attempted) homeowner here... Just spent over a month getting FHA loan set up, the loan agency approved, then 2 days before closing it was pulled for a "random" QC audit and denied. The reason was my work history from 2015-2017 - I was freelancing a lot of that time under the table (although previous to that I had 15+ years of uninterrupted salaried employment and have been working full time again since May 2018. Also have good credit and zero debt). My question is: If this is the reason my loan was denied, would adding a qualified co-signer to the loan at this point more or less guarantee me the loan? Or wouldn't it make much of a difference? My mother agreed to co-sign and just did all the paperwork involved today...so I am basically in limbo till next week when QC looks it all over again. Should I be getting my hopes up? Devastated here. Really wish I'd been told an 11th hour audit was a possibility... [link] [comments]  |
| Question: Laws/Regulations for real estate Posted: 02 Mar 2019 05:41 PM PST How challenging is it to find the laws in your area with regards to real estate? And how different are the laws between different areas? If you had access to a list of laws for your city that were broken down into plain English, would you find that useful? [link] [comments]  |
| Looking for advice on pre-approval amounts Posted: 02 Mar 2019 05:39 PM PST Please be kind. I received pre-approval this week for what I believe is a rediculously high amount and asked my lender if they could drop the amount to the maximum my husband and I would like to spend on a home. We were told that might look bad when it goes back to underwriting. We're now trying to decide if we should just keep the amount approved for or to request the lower amount. We are first time home buyers and make good money, we are just budgeters and want to keep our monthly payment at a specific percentage or lower. [link] [comments]  |
| Gut Check: Sellers refuse to make any repairs on house that was not listed “as-is” Posted: 02 Mar 2019 06:30 AM PST I'm trying not to let emotion get in the way here. We have a contract on a house for $375K, in Illinois. Contract included clauses that compel the seller to pay for a $600 home warranty, and agree to fix anything found in the village inspector's report. This is a local thing, where the village sends out an inspector separate from our paid inspector, and the seller has to fix things within six months whether they sell or not. Village inspector flagged some electrical issues and smoke detector issues that were not up to code. Our paid inspector found much more including hazardous wiring, some plumbing deficiencies including issues with the ejector pit, and most alarmingly some suspected vermiculite. The "whirlpool tub," a significant feature, has non-working jets and is just a regular tub with bonus mildew holes. We asked the seller on attorney review to fix some of the hazardous findings that affect health and safety, and give us a credit to cover the rest. We heard back from their attorney, who said that they decline the home warranty (which they already signed for!) and to make any repairs (some of which they already signed for!) and offer us $1,000 at closing. It feels like a bad joke. Like, there's a contract there that you signed that had those clauses in it. We consulted our insurance company, and they're not even willing to insure without the asbestos stuff inspected and mitigated if necessary, or the sewer lines not scoped. (The seller checked the "I'm not aware of anything that would make this house uninsurable" box.) We haven't checked with our conventional lender yet on whether these issues make us unable to get a loan for this property. They did not list this house as-is. Had we known that they were going to make zero repairs, we would have offered much less for the house. Complicating matters, their seller's agent really sucks, and the seller is elderly and her best language is not one we have in common. We have to wonder if something is getting lost in translation or if she is getting bad advisement from her agent. We wonder if she has no liquid assets to fix anything or give us any further credits. That's not something we can control but it is some background. The house is incredibly unique and we do really love it, but we agreed to $375K, a home warranty, fixes on the village's inspection, and the reasonable/normal inspection-related negotiation for our market; the seller doesn't seem to be negotiating with us in good faith. We have already paid for the inspection and lawyer, and have assumed other costs including storage to get our house ready to sell. I'm getting the sinking feeling we should just walk away, but what are other courses of action am I not seeing? Anything? It just seems completely irrational to me that they could choose to end the contract for things that they will have to fix before any other seller offers to buy this property - they will have to disclose the vermiculite, the plumbing, and the electrical, won't they? And they can't sell without fixing the stuff from the Village inspector, and after 6 months regardless if they sell or not those things must be fixed or they get fined. Sorry for the wall of text. [link] [comments]  |
| Renting as Self Employed - Quick Question! Posted: 02 Mar 2019 12:25 PM PST Sorry if this isn't a correct place to post this but i feel like this sub would have the best answer! So for this example lets say i'm looking to rent somewhere for £1000 a month, where landlords/estate agents want you to earn a minimum of £30k a year to be able to rent it. So let's say on my tax return for 2018/2019 my income is £32000 and my outgoings/business expenses are £9000, and probably paying around £4k in tax and NI. Do landlords/estate agents just look at that £32000 'income' and say "Yup that's fine, they meet the earnings requirement for the flat!" or do they minus the outgoings and/or tax etc and work it out from that? Any information would help! I just don't want to start applying for apartments and paying holding deposits before knowing exactly what they are going to be looking for from me! Thanks :) [link] [comments]  |
| Switching Lenders in the Middle of Our Contract? Posted: 02 Mar 2019 02:48 PM PST Wells Fargo has been an absolute nightmare to work with. We are already a week late on our commitment deadline and I don't think they care about the urgency of our situation in the slightest. I have just generally lost faith in them with this transaction. Has anyone switched lenders in the middle of their contract before? Does the seller have to sign off on it? What does this do to our deadlines? Thanks all. edit: I live in, and the property I am purchasing is located in New York State. [link] [comments]  |
| Is surplus recovery legitimate and is it legal? Posted: 02 Mar 2019 01:44 PM PST Saw a webinar about something called surplus recovery which is where you help people get money the county or state is holding after a tax or mortgage sale and get 30-50% commission...Is this allowed in Ohio? [link] [comments]  |
| I'm [27F] considering buying my first home, no idea how to start the process. Posted: 02 Mar 2019 03:50 AM PST This is my first post, please be understanding (: I'm 27 years old. I work full time and have 3 children (6, 3 and 9 months) and am engaged to their father [34 M] who stays home with our children. For the past 5 years we have lived in the same 2 bedroom apartment in NW Oregon, paying about $805 a month. There is a standing $30 sewer surcharge and today they notified us that rent will be increasing by $60 after 90 days. We also pay for our natural gas heat. Our apartment is shabby, everything painted white, no dishwasher, washer/dryer pay to use and shared with 3 other units. The buildings are 1930's Navy housing that was repurposed into quadraplexes. We are constantly fighting mold on walls and lack of hot water. The landlord acts like a heavy drug user always figiting around and going 100 mph. They are always rude and dealing with them is a hassle every single time. What I'm trying to say is there are many reasons why my family would like to part ways with this apartment and landlord. So my question is, is buying a house realistic for us? With the current state of the economy/housing market? I have decent credit and my parents would be able to cosign with me if need be. I know I will need a down payment as well, which should be doable. Generally aren't mortgage payments right around or possibly less than we are paying to live at our current apartment? Could I expect to have something nicer (ie. Not 80 years old) than what we have with my $12.00/hr (plus bonuses) full time job? Thank you for reading my post, I really appreciate any feedback! I'm a total novice in this department and welcome any advise! 😃 [link] [comments]  |
| Can leasing agents date tenants? Posted: 02 Mar 2019 09:30 PM PST Are leasing agents allowed to date tenants at a place they work? It appears at my place of work a leasing specialist has begun to date (maybe they're are just friends, but another tenant mentioned she spent the night in his apartment0 I'm curious if any other landlords, or renters or anyone would have a problem with this? Is there a general rule of thumb for employees dating their customers? Anybody can respond to this and weigh in. I know this isn't the typical "real estate" question but it's kind of relevant. [link] [comments]  |
| Which app gives the most accurate PMI and Property Tax estimates? Posted: 02 Mar 2019 11:19 AM PST Zillow requires at least 4 additional screens to manually enter property tax. Redfin no longer calculates PMI for me. Truly doesn't let me enter pmi info at all I'm wondering if there's a newer and up and coming app to help make monthly payment calculations easier? [link] [comments]  |
| Posted: 02 Mar 2019 10:36 AM PST Talk to me about modular homes. Pros, cons? Hubby and I are wanting to buy a house. He wants a fixer, but I want a move in ready manufactured. The only fixers available around here are in the ghetto, druggie part of town and we have a toddler and a baby on the way. I refuse to raise them in that kind of environment. Plus, he's not the type to get invested into fixing up homes. I mean, I have to nag him just to finish painting a wall or something. He doesn't want manufactured because he says they're a poor long term investment. I'm thinking the best compromise would be a modular home. Thoughts? [link] [comments]  |
| Offer Accepted for Home in Pre-Foreclosure with Auction Date Set Posted: 02 Mar 2019 10:12 AM PST Hello everyone, any advice is appreciated! I am a real estate investor in South Carolina flipping homes. This morning I got a call from someone saying that their house was in pre-foreclosure and they wanted to sell fast. Typically if that's the case we just submit our offer in attempt for the bank accepting a short sale and then can close upon the bank's approval. In this scenario, the house was being foreclosed on with an existing mortgage that I could easily afford to pay more than in hopes that the bank would approve and then I was going to pay some extra cash to the seller after approval. Typically my offer is below the existing mortgage but in this case it was at a price point in which I had room to pay the existing debt fully owed to the bank without a shortsale. After getting home I realized that the bank has a scheduled auction for March 5th. Does the owner of the home who signed my offer even have authority to make a decision at this point or is the bank too far along that our offer won't hold any ground? My first concern is if my offer is worth anything at this point, and secondly if the timeline is way too short to make the deal happen. Is there a way I could delay the auction or get approval from the bank before the 5th? Thank you everyone! [link] [comments]  |
| Posted: 02 Mar 2019 09:38 AM PST How do you all handle rent increases on your properties? Do you raise it a certain percentage every year, raise it in one lump sum every few years or so, or when it turns over, etc? I own a 3/1 home (in Oregon) with long term (6+ year) tenants. The property manager didn't raise the rent for six years, and then raised it $150 a month when I asked why rent hasn't increased despite house values skyrocketing the last few years. With this new Oregon rent control law I'm concerned about how to go forward, making sure that rent increases are fair to both the LT tenant, but also for my investment as well. [link] [comments]  |
| Repercussions for early terminating a rental lease? [TX] Posted: 02 Mar 2019 09:23 AM PST My family is currently renting a home that due to some familial issues we cannot continue to rent. The landlord has expressed that he will report us to the credit companies for breaking the contract if we leave. I just want to know what that means for us in the long run? I don't think we will end up needing any sorts of credit lines in the future. But we cannot stay in the home regardless. [link] [comments]  |
| Altisource (Hubzu & Owners.com) lockboxes Posted: 02 Mar 2019 09:07 AM PST Altisource assigns lockbox codes by agent rather than by property, right? Anyone know if they (or the listing agent) are able to track who accesses a given property and on what time(s)/date(s) by getting data from the lockboxes? And if so, whether any of that info gets to the seller? Just wondering if repeatedly accessing the same property might tip off the seller that I'm more interested in it than my lack of bidding on it would seem to indicate, in case that might affect their selection or relist-reserve decisions. [link] [comments]  |
| Buyer's Agent Questions (NY State/Long Island) Posted: 02 Mar 2019 08:53 AM PST I need some advice/reality check on my first experience of a non-major urban area real estate purchase. I'm looking for a house on the North Fork of Long Island. I'm not sure if the market is totally different from the ones I'm used to or if something fishy is going on. For example, my buyer's agent doesn't share comps, just sort of a range where they'd start an offer on a particular property and the (unsuccessful) offers they've put in for us, at least the parts of them I've seen, have seemed pretty unofficial, just basically an email or non-letterhead paper saying Hey, listing agent, my client X would like to offer Y on such and such property, with the following contingencies. In the places I've lived before, an offer package includes lots of information, like comp sales to show your offering price is legit, more specifics about exclusions or escrow flexibility, and, of course, the dreaded (and, imo, inappropriate) stuff like a personal letter. Could it be that this is just a slower, sleepier market where all the agents know each other and so that's how they do things or, could it be, as I fear, that we're being somehow steered to one of our agent's own listings or another listing from someone they work with etc.? [link] [comments]  |
| Many Zillow Sold Prices Incorrect, 40-50k Higher Posted: 02 Mar 2019 08:38 AM PST Though I'm not a fan of Zillow, I was browsing recently sold homes in a particular zip code that we are interested in moving to. I noticed that for just about every other home I viewed in Zillow, the recently sold price (NOT talking estimates) was 40-50k higher than what I found on Realtor.com or county public records. These homes were within a mile of each other in a fairly desirable neighborhood. What was a dead giveaway was that the sold price was MUCH higher than the listing and pending price. I reported several of the errors and received a reply from their customer service that they had verified the price and made the correction in their database for one of the homes. What bothers me is that I couldn't find any source for the erroneous prices. They don't match anything in public record. It makes me wonder if this could be intentional? Another tip-off that something was wrong was that all the Zestimates in this zip code had gone up almost 5% in the past 30 days. It irritates me that this is happening because it is potentially influencing buyers and sellers to overvalue these homes (more than they already do from Zestimates). I own a home a few miles away and found no price errors near me. Our Zestimates have actually remained stable or slightly decreased in the past couple months. Is it possible someone would or could do this intentionally or is this just a bug in Zillow's algorithms? Link to example (this one has not been corrected as of this morning). Zillow sold price $378,105, Realtor.com price $327,500.: [link] [comments]  |
| Cashback Mortgage Financing Question Posted: 02 Mar 2019 08:36 AM PST We are currently looking at building or buying and I also have some outstanding school debt so this is to help my decision. If I were to buy the land with cash and build much of the house myself I'd believe I could have quite a bit of equity saved up. Could I then finance 80% of the homes value and use the surplus (whatever is extra after paying construction loan) to pay of student debt. [link] [comments]  |
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