California RE market cooling off? Real Estate |
- California RE market cooling off?
- Depressed community husband wants to buy
- Is this normal? Listing agent didn't submit our offer, "called the bank" instead.
- When is a house a tear down?
- "There's already an offer, but you could submit a backup" is this a tactic?
- Best loan for buying a house in college?
- What looks better? Having a bit of debt or less in the bank with little to no debt for buying a Coop in NYC?
- To ask listing agent for feedback?
- Real estate agent only divulged he was the owner after an offer had been submitted. Is that legal or just unethical?
- First time home buyer, and my offer on a Condo got accepted today! Need to shop interest rates!
- Potential dual agency scenario
- How to add a journal entry for seller concessions?
- Landlord Selling Apartment Building
- Is it normal to not have final loan approval 7 days before closing?
- How to help my Father legally "back out" of a questionable home purchase?
- Does professional staging make a difference?
- Is this a good or bad business deal?
- STR Investment village
- Appraisal lower than offer (Oregon)
- Credit hit every time I check a different lender?
- Operating at $2k loss for 2 years. First-time landlord
- Mortgage calculator vs what I know I can afford?
- Interesting buy+sell scenario and I'm hoping someone can provide insight on our options
- Pool Inspection
- 26m looking to purchase first home
| California RE market cooling off? Posted: 31 Mar 2019 07:52 PM PDT Looking at Bay area (San Mateo Foster City Hayward). I see steep Zestimate cuts since November '18, long Days on market (55+ days) and price cuts here and there. If I ask the realtors I always get "picking up after a short pause". I'm thinking new tax law (cap on SALT deductions) and China slowdown may start to bite, Anyone else confirm or is it just me extrapolating from a few observations? [link] [comments]  |
| Depressed community husband wants to buy Posted: 31 Mar 2019 04:37 PM PDT My husband wants to buy a home in a community that lost A corporation that was the main source of business for everyone. As a result the town is pretty much quiet and depressed. Homes don't sell. It's about 40 minutes to a local hospital. The house is looking up for us is a good compromise because it has what he needs and some of what I need. Its a nice house. My only objection and I'm afraid to buy and a community that's going through such a tough transition. I'm afraid if we have to so we won't be able to and that local services won't be there if we need them. Can anyone advise. [link] [comments]  |
| Is this normal? Listing agent didn't submit our offer, "called the bank" instead. Posted: 31 Mar 2019 09:14 AM PDT We submitted an offer on a short sale, and expected it to take some time before we heard back. We heard just one hour after we submitted it. The listing agent said he "called the bank" and they rejected the offer. I found this odd. Can he just call them up like that? He told our agent that he didn't want to go through the pain of submitting the paperwork when the bank would just reject it all anyway, so he called them and got a no right away. Is this typical? Or could he be lying to us just so he can get us to increase the price? Background: this is a short sale; stale listing because it's a hoarder house in very bad shape that is listed at above-market value for the condition it's in. [link] [comments]  |
| Posted: 31 Mar 2019 03:34 PM PDT Have a house which was built in the mid-1950s, and last renovated probably in the mid eighties. About half the appliances are >20 years old. The heat is a baseboeard oil boiler from the 70s (AC is normal/newish). Windows might only be 20 years old, they seem like probably the nicest feature. Oh and it has a big basement black mold problem. The house is definitely on the small side for this area. It is on over two acres, which in this area has definite value itself, easily the land is worth more (probably at least double) what the house is worth. I go back and forth between the house being a distraction for land buyers, and then thinking maybe it is worth something to someone and it would be crazy to tear it down. So is this a tear down? [link] [comments]  |
| "There's already an offer, but you could submit a backup" is this a tactic? Posted: 31 Mar 2019 07:11 PM PDT So, we're casually looking for a house, no rush because we're in a house already that we like, but just would like a bit more space. The last two houses we've looked at we've had the same weird story. We arrange with our agent to go see it, set a day, then hours before going we're told it's under contract and that we can still submit an offer if we want but it would likely be a backup offer. Then when we express interest, our agent says (later on by text or phone call) that the potential buyers are nitpicking the inspection and we should submit an offer. Both times we've put offers in that are very decent but not asking price (we're in a LCOL but high tax area, market is medium to hot right now). We're not contingent on selling our current house. Both times we've been told they won't accept an offer under x amount. We say ok, thanks and call it over. Then the house in question is suddenly back to active status rather than pending or under contract. The difference in price is $5000 in one case and $9000 in the recent one, so not huge amounts and not in highly desired areas. I'm just starting to not really trust that I'm being told the truth. Like maybe our agent is pushing us toward a bidding war. She's very young and I feel like she's not doing a great job for us. She doesn't have much useful advice and doesn't guide us through the process the way our last agent (different town) did. Should we change agents, or does this seem normal? [link] [comments]  |
| Best loan for buying a house in college? Posted: 31 Mar 2019 10:37 PM PDT Hello, I'm planning on buying a house before my junior year of college. I've penciled it out and I'm ready to get pre-approved. I have a good credit score but low income and my mom, who will cosign and partially pay for the next 2 years, has excellent credit and very high income. I will be having one roommate who will sign a lease and pay a flat rate plus utilities. I'm trying to choose between a conventional loan at 5% down or an FHA loan at 3.5% down. I would also like a 10/1 arm if possible. I've been investing with decent assets for my age for almost 2 years and working a job for 3 months. I want to keep a decent amount in the stock market so I'm going for the lower down payment at a higher monthly cost. What would be the easiest mortgage to get pre-approved for? How long does pre-approval take? Thanks! [link] [comments]  |
| Posted: 31 Mar 2019 05:17 AM PDT Hi everyone, I'm looking to make my financial statement look as good as possible to the Co-op board for approval. I'm sitting on about 10k worth of Auto loan and Student loan debt. I could pay it off in one swipe but then I'll have less in the bank to show as assets. Doing this will increase my debt to income ratio but I don't know that this is the smart thing to do. A mortgage broker told me that if I have less than a years payment on a debt it won't count against my DTI. Is this true? If so would it make more sense to pay most of my debt but not all due to it not being held against my DTI? What do you think of my situation? Thanks for any advice you can give. [link] [comments]  |
| To ask listing agent for feedback? Posted: 31 Mar 2019 01:40 PM PDT My house went on the market 7 days ago. I had 7 showings the day after listing, full price offer, in contract until the buyer couldn't get financing, back on the market. So, it's only been 4 days active but 12 showings including a surprise showing while I was home (awkward). Is it reasonable to ask my agent for feedback or is it typical that they reach out if they hear anything? I don't want to be the pesky seller but no news about anything just makes me worry. [link] [comments]  |
| Posted: 01 Apr 2019 01:17 AM PDT I live in Queensland Australia. We had several meetings with the agent, we asked for paperwork. He sent the paperwork with an offer he said the owner would accept. We changed the offer to what we actually wanted to offer and he finally divulged that he is the owner and he will only take the price he had written on the paperwork. Is this illegal to do or just unethical as fuck? [link] [comments]  |
| First time home buyer, and my offer on a Condo got accepted today! Need to shop interest rates! Posted: 31 Mar 2019 08:33 PM PDT I'm a first time home buyer, and I'm also trying to get into Real Estate Investing with rental income being my ultimate goal. I've been looking at various property types for a little while now, and I put an offer on a Condo today that was accepted!! I've been working with a lender throughout the process to see what certain scenarios would look like in regard to down payments and mortgage payments (i.e. 5%, 10%, and 20% down, etc.). I've been looking at single family homes with a rental possibility, but recently pivoted to (rentable) Condo's. When I got pre-qualified from the lender this morning, I was given an interest rate of 4.75%. When I spoke with him about a month ago for a single family home, he said he could get me about a 4.3% interest rate. I figured since interest rates in the US have dropped a little since then I could probably get something less than 4.3%. When I called and asked why it was higher when I thought it'd be lower, he said that interest rates are always going to be higher for Condo's than for single family homes because it's a multi-unit building, and therefore multiple different parties live in the building, and therefore it's susceptible to renters, so inherently there's more risk to the lender. Compared to a single family home, there's no renters, and only one party (the home owner) that lives in the building, so inherently less risk to the lender I'm a CPA, so this makes sense to me from a risk standpoint, but I wanted to confirm. I probably would have experienced this if I HAD been looking at Condo's originally, but I found a great place, in great shape, in a great location, with limited offers on it in a hot market, so I felt like I needed to move on it. That being said, is this actually the case, or am I simply getting screwed over by a bank? Also, regardless of whether or not this is true I have yet to shop rates and NEED to. Therefore, what's the best way to shop rates from multiple sources with limited hits to my credit score, in order to get the best rate possible from an independent party (i.e. not my agent, or this lender)? [link] [comments]  |
| Potential dual agency scenario Posted: 31 Mar 2019 11:36 AM PDT We found a place on Zillow that fit our search criteria and were a bit surprised to find that the listing agent was our buyer's agent. We let them know we were going to view the place and that we'd like to discuss how making an offer would work. Our agent suggested dual agency and the benefits of that, or having another agent from the same bokerage write the offer and how that wouldn't be much different. We haven't signed a contract with our agent. They did not suggest finding a new buyer's agent from an unrelated brokerage or that they could negotiate their dual agency fee. If we are considering putting in an offer in the next 24 hours (hot market), how should we proceed? Is this a situation we should walk away from? Thanks in advance for your help. [link] [comments]  |
| How to add a journal entry for seller concessions? Posted: 31 Mar 2019 02:51 PM PDT Recently acquired a couple rental properties and received $10k in seller concessions toward each property. I'm curious how these concessions will be handled in a journal entry. Are they considered income? Any advice is appreciated. [link] [comments]  |
| Landlord Selling Apartment Building Posted: 31 Mar 2019 08:51 AM PDT Hello! I was wondering if anyone can help me in understanding what happens when the place is sold. Our lease is up in June so I would assume we can stay until then, but I was wondering what happens with our last month rent, and our security deposit. Additionally I was wondering what happens about verbal agreements. For example my landlord agreed to allow us to get cats, but never added to our lease. Is this something our new landlord could evict us for? [link] [comments]  |
| Is it normal to not have final loan approval 7 days before closing? Posted: 31 Mar 2019 05:15 PM PDT My husband and I have been trying to buy in Riverside County, CA. Back in January, we called a Realtor friend, and asked her if she'd help us get a house. She set us up with a lender she works with often, and we got preapproved. We ended up finding a house in February, put an offer, and it was accepted. We've been in escrow for 5 weeks, and we still haven't been approved for the loan. Our closing date is supposed to be April 8th. We aren't first time home buyers, but the last time we bought was in 2011. Last time, we had final approval relatively early in the process and the rest of the time was spent waiting on repairs and inspections. We have no information about our payment or interest rate, other than an estimate we received when we submitted our offer. Is all of this normal? We have no idea if we should be preparing to move, and our loan officer just keeps telling us everything is "fine," without answering any of our specific concerns. [link] [comments]  |
| How to help my Father legally "back out" of a questionable home purchase? Posted: 31 Mar 2019 04:51 PM PDT My financially illiterate Father (who is mentally capable and quite competent in his professional field, but very prone to being taken advantage of, as he has Aspergers) was finaggled by a high-pressure Realtor into buying a property that he couldn't afford, at what we believe to be way above market value. I'm not sure as to the exact facts of what happened, as he seems very confused about the process, but he has told me that he somehow has signed closing Papers without even seeing the Bank's Appraisal. While I know that Tax values aren't always an accurate reflection of market value, the Price he agreed to pay for the home is almost double the most recent Tax assessment. He has used almost all of his current savings and retirement funds (He's 58) as the down payment on the home and in many ways has put himself into a financial predicament. This is not like him at all and I'm not sure how to move forward. I'm hoping that there may be a way out of this, or at least a way to extend the process so we can be sure that he isn't digging himself into too much of a hole. My thoughts were to perhaps contact his "Realtor" in hopes of figuring out his perspective on what happened, and maybe an Attorney in the area who is familiar with Real Estate Laws. We are in California if that makes any difference. Edit: Checked recent comps in the area that have come back far below what he paid by almost six figures. tldr; Aspie Dad may of gotten hustled. What can we do? [link] [comments]  |
| Does professional staging make a difference? Posted: 31 Mar 2019 08:28 PM PDT Does it make a difference when house was already declutteted (but not decorated)? [link] [comments]  |
| Is this a good or bad business deal? Posted: 31 Mar 2019 07:54 PM PDT Little bit lost, trying to figure out why this business went under and is up for sale. The business name is The Village Workshop, located in Plymouth Michigan, and was founded about 4 years ago. https://www.loopnet.com/Listing/455-E-Cady-St-Northville-MI/15507103/ [link] [comments]  |
| Posted: 31 Mar 2019 07:50 PM PDT My wife and I run one airbnb currently and have an opportunity to buy land that has multiple cottages. Some need minor interior touch ups and could be ready to go in weeks time. Some have some major repairs (roof, foundation, etc) and would take some time to get them online. They are in a tourist town with the high season being May-Sept and another smaller seasonal bump in Winter but Spring and Fall will be fairly quiet. The dwellings currently have one long term renter and the other houses have been left empty. We most likely won't be able to get bank financing which we see as our biggest hurdle right now. Any advice on financing or the project in general? [link] [comments]  |
| Appraisal lower than offer (Oregon) Posted: 31 Mar 2019 08:24 AM PDT What happens if the appraisal comes in lower than the accepted offer? [link] [comments]  |
| Credit hit every time I check a different lender? Posted: 31 Mar 2019 03:55 PM PDT Hey guys! My fiancé and I will be buying a home in 2 years. I have decent credit and I want to reach out to a few different lenders (my bank, my realtors lenders, possibly the builders lenders). Would I get hit on each one of their inquiry or could I use a universal letter to prove my credit score and DTI ratio to show each one of them? [link] [comments]  |
| Operating at $2k loss for 2 years. First-time landlord Posted: 31 Mar 2019 01:33 PM PDT Hey guys, can I get your help in thinking some things through with you about renting out my house to my friend and his family while I'm away in grad school for 2 years. I leave last week of May. Context: I'm 28 and a first time homeowner and soon-to-be landlord. Bought house in 2015 and still owe about $90k on the property, pay $4k in interest every year, $4k in property taxes, and my mortgage is $1000 sans interest, $1415 with interest. I won't have any income while I'm in grad school for three years (didactic is 2 so I'll be able to return the third year and do clinicals here). I'll be taking out loans for at least $40k while in grad school to cover what savings and such won't cover for tuition, rent, expenses, etc. Here's my situation that I need objective eyes to help me decide whether I should look for another renter in the month and a half I have before grad school starts. 1) friend moved up the move-in date by 1 month to end of April which will make life a frantic for me and my gf. I work full time and go to school, and I'll need to add clearing, cleaning, and prepping the house faster than expected. I'll also need to get a storage unit ($100) and stay at a hotel/Airbnb $1500 due to the earlier move in. 2) He can't do the original $1300 estimate for rent and he's hoping for $1250. He pays $1400 for his rented home now cause he got a deal for a NICE house but the landlord now wants $2500 hence the move-out. My mortgage sans interest is $1000, $1415 with. 3) he thinks his landlord will keep his deposit so he says he won't be able to give me one. 4) renting to him at $1250 puts me $2000 in the red every year...but that's about as much as I'd lose if there was a 10% vacancy in my property anyway. 5) part of the original (unsigned) negotiations was that I'd tear out the carpet and install vinyl planks..that's $2000.. I was gonna use his deposit to cover the upfront costs...no deposit..I feel all the costs. So that's $2000 floor, $2000/year rental loss, $1600 for early move-out inconvenience, and any random repairs that need to happen during the year. 6) rental properties in El Paso likely will want 1st, last, security up front..that's ~$3,600 PLUS the expense of moving, school, being unemployed for 3 years. I'm thinking of suggesting that he and his family live with his folks for the month of May so he can save up for a deposit and I'll give him the remaining week in May free so he can move in then. I think he'll be a good tenant. I've known him for 3 years. He used to live next door, is a clean freak, and is handy. I trust him. He agrees we should have a business first relationship. What should I do? Should I go through with this as-is? Should I ask for $1300? What if he says no? Should I take on his lease sans damage deposit and only first months rent? EDIT: bought house in 2015. House was built in 2011. [link] [comments]  |
| Mortgage calculator vs what I know I can afford? Posted: 31 Mar 2019 09:47 AM PDT We are in the beginning stages of looking to buy a house. We plan on talking to a mortgage broker in the next week or so. Question is when just looking around online and playing with mortgage calculators on websites trying to see what we can afford is showing a very low amount , nothing decent in our area for that price. It tells me what I can afford is x amount when I know we can afford more monthly since we are paying that currently in rent and doing fine. Any idea how accurate those online tools are? And do banks take in to consideration what you can afford based off what you are already paying in rent? [link] [comments]  |
| Interesting buy+sell scenario and I'm hoping someone can provide insight on our options Posted: 31 Mar 2019 07:07 PM PDT We were recently given notice from the state highway that a project would be affecting a portion of our property and the state will be buying a portion (2200 sq feet or 0.050 ac) fee simple. It's a small home on a small city lot. They've appraised the current value and were waiting for them to develop their compensation offer (the current full property value minus the anticipated value post road construction). We had been wanting to move for about a year but this throws a wrench in things as we had been waiting on family that had indicated they wanted to sell their home and land to us for the past year or more. They've just now decided they are ready but we have to deal with the state highway department. The family's sale price is a great deal and something my wife and I could easily afford while improving our situation. However, we would need to deal with our home first and this timing is all unfortunate. I'm less concerned with the numbers but can share anything. What I am concerned about is how to relieve ourselves of our current home while the state has already been talking to us (no agreements to date) and how difficult it will be to find a buyer. I'm not interested in being a landlord (even we could even get approved for two mortgages) but I do t want to miss out on the home we've been waiting for... How do we facilitate this? [link] [comments]  |
| Posted: 31 Mar 2019 06:56 PM PDT Thanks to all you great folks in this sub, I've been reading thoroughly and am now ratified for my first home purchase. I have a question in regards to my situation and a pool inspection that I can't find an answer to. I'm in Virginia and have standard contingencies including inspection, and we tied the pool and hot tub inspections to it. The seller originally objected to us having him open the pool in April for us to have it inspected due to him relocating to Arizona and also the cost, adding he's taken very good care of it while he owned the house. We agreed we would pay to open it and the pool company agreed to a system of chemicals that would allow it to be fine for 2 months. Now he's objecting as he won't be around to maintain it once open and before we take over after closing on April 30th. Is he just being meticulous with his pool or difficult? We're asking if he's ok with us opening it at the end of the month and extending the pool inspection part of the contingency until then as well. Just seeking some outside opinions. Thanks! [link] [comments]  |
| 26m looking to purchase first home Posted: 31 Mar 2019 05:38 PM PDT So I have 10k in savings. Another 10k is accessible. I make 50k per year. Looking to purchase home for 165k. Do you think I am in a reasonable position to purchase a home? No kids, vehicle loans, student loans, or credit card debt. [link] [comments]  |
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