Feeling priced out of the housing market Real Estate |
- Feeling priced out of the housing market
- I think I can afford this but I'm not sure. I've never had a mortgage this high (above BAH)
- Probably a dumb question, but is 5.75% a terrible interest rate?
- Received Notice of Intent to Foreclose. Delay as long as possible?
- [MN] Ignored By Realtors Without a Buyer's Realtor
- Found my dream house after moving in to my new house.
- First time buying FSBO. The owners inherited the house, and don't know anything about the house to disclose to us . Advice appreciated.
- Anyone co-buy real estate with friends/relatives?
- Issues with selling
- Bf hasn't been paying rent?
- Contractor asking for the title of home
- Getting a house listed in MLS without a realtor?
- Put an offer on a house, and the seller asked for “a few days to get a hold of the other co-owners.” I gave him 36 hours to respond to my offer. Is this reasonable?
- Los Angeles - Certificate of Compliance required to close?
- Manufactured homes. Thoughts and opinions?
- Thinking about getting rent income and living abroad.
- Update: bank screw-up with "defaulted" credit card
- Thinking of moving around Phoenix,AZ with 150k cash. How would you suggest I spend it to get into the real estate investing biz?
- Dad is not the brightest and we need some help (Chicago, IL)
- Can a garage apartment be considered a single family home?
- [CO] Have a chance to buy my first investment property from a family member. I have a lot of questions!
- Inspection yields vegetation issues. How to fix?
- landlord payment and management software?
- San Francisco Bay Area
- Lakefront property: questions
| Feeling priced out of the housing market Posted: 29 Jul 2019 01:40 PM PDT My market is hot, has been for awhile and shows no signs of slowing down. I've put in two offers this year, and had to walk from both due to inspection results. I decided to go the highest I can go on a beautiful house in my ideal location. I signed the contract, offered $1100 over and offered to pay full closing. My realtor hits me up, saying the listing agent basically shit on my dreams...asking me to offer more. I said, "No...that's as high as I can go" and that was that. It's frustrating because I really am starting to feel like this homeownership dream is just not going to happen for me. I'm not broke by any means, I'm a younger professional and a veteran who planned to use my VA loan. I know I'm not the only one, just frustrating how stacked the market seems to be against first time buyers... [link] [comments]  |
| I think I can afford this but I'm not sure. I've never had a mortgage this high (above BAH) Posted: 29 Jul 2019 07:59 PM PDT We are locked in at 3.25 for a 400k home using the VA. I am putting down 45k to bring the mortgage to 1900 a month (including escrow) but bah is 1700. Combined net monthly of about 7500, no kids, no other debt, no car loans. We have a rental that makes 200 a month as well which I am thinking about selling (90k equity). Is this crazy? I'm usually super under budget on mortgages (15-20%) but in this new market it's hard to get something decent. We also are trying to retire in this area if the USAF let's me. [link] [comments]  |
| Probably a dumb question, but is 5.75% a terrible interest rate? Posted: 29 Jul 2019 01:28 PM PDT My mother is a simple woman with simple needs and was just approved for a $90,000 loan amount from Wells Fargo (to be own a share in a NJ co-op residence) with about $30,000 to be put down at a 5.75% interest rate (fixed rate 30 year mortgage). Her rate is probably high because she needed to do an underwrite mortgage due to her lack of credit history (homemaker all her life, newly widowed). This is not familiar territory for me, so I don't really know what sort of interest rate to expect. [link] [comments]  |
| Received Notice of Intent to Foreclose. Delay as long as possible? Posted: 29 Jul 2019 05:14 PM PDT Hi all, located in FL, USA. A month ago, I was behind 3 months of payment and received a "Notice of Intent to Foreclose" letter stating I need to pay by the beginning of August all 3 payments, or else they will start the foreclosure process. Two weeks ago I made one payment and today I receive a letter saying I am now 2 months behind and can pay by the end of August, giving me almost another month to pay. I understand from this that if you catch up on payments, the foreclosure process gets pushed back as well by each month you pay. So can I make late payments indefinitely pushing back on the acceleration to foreclose date? I know my credit will take a hit with the late payments but this is the only thing I can afford to do right now. [link] [comments]  |
| [MN] Ignored By Realtors Without a Buyer's Realtor Posted: 29 Jul 2019 09:32 PM PDT Does anyone has some simple advice for dealing with seller's realtors when I don't have a buyer's realtor? I usually get told to get a buyer's realtor before they will give me information on the house they are selling. One realtor has straight up ignored my info requests but then dropped the price of the home by $10K. Rochester, MN, if that makes a difference. [link] [comments]  |
| Found my dream house after moving in to my new house. Posted: 29 Jul 2019 11:31 AM PDT In my market you have to move fast when you find a house that you like. I didn't think I would find a house that checks all of my boxes without moving my price limit up and up. I found a house that was close enough without busting the budget and bought it. I just moved in to my new house about a month ago and I'm still getting listing update emails from realtor.com. A house was just listed over the weekend that checks every box on my wish list, for less than what I spent on my current house. It's hard to not feel like I missed out on my dream house. I know it's crazy to think about moving again after a month, we've barlely unpacked. I wonder if this is common, and people always feel like maybe they settled on the house that they're in. I should probably stop house shopping and just enjoy the one I bought right? [link] [comments]  |
| Posted: 29 Jul 2019 06:08 AM PDT My wife and I are wanting to buy a house from a guy and his sister who's mother just passed away and they inherited the house. They want to sell it by owner so they can get the most money out of it. The issue is they don't know anything about the house as far as disclosures go, and claim they can't find any of the paper work from the previous sale to look for previous disclosures (This is kind of believable, she owned an antique shop and there's a lot of stuff in there). I don't get the sense they are trying to pull a fast one on us, but I also want to be thorough. We live in Kansas, and can't really find any information on this. Of course we'd hire an inspector, but on the off chance we get a bad inspector, or something is missed, we may be stuck with something potentially bad. Any advice on anything related to buying FSBO would be really appreciated. [link] [comments]  |
| Anyone co-buy real estate with friends/relatives? Posted: 30 Jul 2019 04:10 AM PDT Alone, we don't have enough money or experience but 4 of us together....? A great multi family home, growing area, rents are increasing annually, and a motivated seller have us scrambling. I have some cash for DP, the others have experience with flipping (financial downturn is reason why The Flipper can't buy alone) LLC, attorney, realtor....? How would this be framed? Does anyone have experience with this? Stories, please! [link] [comments]  |
| Posted: 29 Jul 2019 06:04 PM PDT So, I'm looking to sell a house I've been living in for the last three years after finding a new home a trying to grow my family. Long story, short. I moved into a family home before my grandmother passed away for college and to keep my family expenses down. Got divorced and bought the house from my father and his brothers after my grandmother passed away. I'm still not sure how the house passed a VA Appraisal. The house was bought for 55k and appraised for 61k. While it has a new electrical box, it has old knob-and-tube wiring, that has hazards that run to the garage. My father put in a claim for roof damage before I moved in (kept the money) and said I should take out extra to replace the roof. There's water damage, but not specifically because the roof is bad, but because the roof was not put on correctly and the valley the runs above a front room overlaps incorrectly and water leaks in. I assume there's mold in parts of the attic. There is a broken support beam in the attic of the house that is causing the ceiling to slump, so that's a concern of mine. The foundation is sinking in the middle of the house pretty significantly. My father said he fixed a spot by a room, but look around the exterior of the house, you can see brickwork coming loose from the corners of the house's foundation. Also, there was termite damage that was allegedly fixed and treated yearly for 10 years, but there is a large tree that has a large dead section and obvious marks of a previous termite infestation. I don't have a large amount of money to fix the problems, and need another home as this one is a money pit and doesn't fit the size of my family anymore. I realize that I should've known, but I trusted that my family was being truthful when they said I was getting a good home. Now, I feel like I will be paying on this house for the next 20 years to sit empty and waste my money as it's not worth half of what I bought it for with the amount of work that needs done. I need options, and I'm worried I'll be forced to stay here at this point. Is there any legal repercussion on the VA Appraisal company because of all the issues with the house? Are there any real options I can take to get rid of the house, aside from the obvious fix it on my own (don't have good handyman skills, no nothing about fixing these large issues)? [link] [comments]  |
| Posted: 29 Jul 2019 03:38 PM PDT I'm in Texas. Basically boyfriend lied to me and said he's been taking my money to help pay for rent. Recieved notice today that rent hasnt been paid for months. I'm too scared to confront him as he can be abusive and aggressive. Should I speak to the landlord first or will that make it worse ? I don't want to get evicted . Or Should i seek legal help? [link] [comments]  |
| Contractor asking for the title of home Posted: 29 Jul 2019 09:58 PM PDT I am trying to add an addition to the back of our home and contractor is asking for the title bc he's getting the permits necessary to built on the property? Does he need to have a copy of the title? He got the deed already. I dont even know why you need both of them. Please advise. [link] [comments]  |
| Getting a house listed in MLS without a realtor? Posted: 30 Jul 2019 01:19 AM PDT I'm likely going to be selling my house soon but, if it happens, I'll be moved out first and in no rush to sell. I don't want to give 3% to a realtor. I will put up a for sale sign in the yard with brochures, link to website, a phone number, etc. for "by appointment only" viewings. The house is in a fairly isolated neighborhood though and traffic is not high so a for sale sign alone won't get much exposure. I want it in the Multiple Listing Service. Is MLS possible without using a realtor? [link] [comments]  |
| Posted: 29 Jul 2019 07:03 PM PDT Really like this house, it's in a hot market, but was WAY over priced. I made a significantly lower offer, and the selling agent scoffed. Didn't even counter. The selling agent is ALSO co-owner of the property with some of his family members. 5 days later, he re-lists the house with a 10% drop in price! So I resubmit a significantly higher offer, he counters (barely) and then holds an open house. So tonight I finally submit a best and final offer and he asked for "a few days to get a hold of the co-owners." It's 2019. A real estate agent can't get a hold of his real-estate agent family members to sell a house? I'm being played right? Is he looking for better offers? Am I being reasonable saying I want an answer within a day and a half? [link] [comments]  |
| Los Angeles - Certificate of Compliance required to close? Posted: 29 Jul 2019 08:46 PM PDT Continuing my nightmare story of my idiot realtor and the assigned purchase contract... We're supposed to close FRIDAY on the sale of my house and my realtor JUST sent me an estimate he got last week for retrofit repairs needed to get a Certificate of Compliance -- about $1,000 worth of work. My question: can we close before the repairs are done? At this point I'm too exhausted to fight over paying it -- it's an as-is sale, it's clearly spelled out that seller is to make no repairs and we will provide no credits, etc. Whatever. Fine, you win, I'll pay it, I just want to get this done and get this guy out of my life. But do the repairs have to be completed before we can close the sale? Or can we credit the buyers the amount of the estimate so we can close and I can make the closing date on the house I'm buying elsewhere? [link] [comments]  |
| Manufactured homes. Thoughts and opinions? Posted: 29 Jul 2019 01:42 PM PDT So i live in California and desperately want to own a home. The problem is i don't make enough. I'm barley approved for $120,000 and most homes are starting at $300,000. But I keep seeing these manufactured homes in my price range but unfortunately most of them are not on there own land but on a space in a trailer park type place. So really you never own the land the home sits on. It doesn't make scene why anyone would want to do that. So I'm wondering how hard to would be to buy some land and putting a little manufactured home on it. Or does that sound like to much hassle and not realistic? edit: location southern california/ I.E [link] [comments]  |
| Thinking about getting rent income and living abroad. Posted: 29 Jul 2019 08:17 PM PDT I have my life 100% here in japan. My family is here, my son is here, my job I love is here. I own a house in America that I'm considering handing over to a rental-maintenance company and letting them handle it while I collect passive income. From what I've read this is 8-10% My family used to own a business in Kentucky, and I've got some money from there that I could use to buy a few small properties and do the same with if my personal house did well. My house is in a university town, and I'd buy them all in that town. I'm sure I'm missing something. There must be a downside to doing this but I can't see it. If I could add $2500 a month or more to my salary life would be so much easier. What am I not seeing? [link] [comments]  |
| Update: bank screw-up with "defaulted" credit card Posted: 29 Jul 2019 08:02 PM PDT After applying with a new company, my husband and I decided he should walk into our bank and ask to speak with a loan specialist. This all happens with my presence represented by a cell phone on the table, as I couldn't physically attend. Short story is, as soon as we asked them to show us where we defaulted on our credit card, they said they'd "allow" us to appeal the situation. Now, at this point, I'm pretty pissed. So I told them that while we will be appealing the situation, I still wanted to know where exactly we have even had an officially late payment. At this point, the lady just begins profusely apologizing; still no explanation. We ask her to print our entire payment history. It aligns with my memory of the subject; there's one payment, the first, that is four days late. All other payments were made on the 1st of the month, with the due date falling on the 9th. The only place this all broke with my expectations is that when we negotiated for a lower interest rate and closed the card they did not, as we thought, transfer it to a personal loan. They cancelled the card, and gave us a 7% interest rate rather than the 10.2% we had when the card was active. I don't really care, as it's all the same in the long run, as far as I know. But here's where it gets a little weird. The next day, the card had been bloody reinstated. Which again, in the long run, doesn't matter too much. I'm going to keep pretending it doesn't exist, except for paying it off. We're 6 months away. But it's weird, and we never asked for them to reinstate it, nor did we want it. They did, however, leave us the reduced interest rate. [link] [comments]  |
| Posted: 29 Jul 2019 07:51 PM PDT |
| Dad is not the brightest and we need some help (Chicago, IL) Posted: 29 Jul 2019 11:46 AM PDT My dad found a real estate agent in an open house. He owns a multi-family home in a very hot market. Similar comps sold in 600k range. He signed a contact with the agent to sell his home (through november unfortunately) but my dad said 'as long as i get 500k after fees I agree (and agent added this exact text in pen "seller to receive 500k after all fees and commissions"). He said this without even knowing what his house was worth and against my advice. The listing price in the contract says 550k but the agent listed it for 600k (red flag?). The house got an offer for 600k within 3 days. Can my mom still re-negotiate and perhaps offer the realtor 6-8% commission instead of him keeping 100k for commission/fees? Should we just reject any offers? We dont understand how much a seller should be paying in fees. My dad seems to think this is normal and now hes saying since the agents contract says 550 but buyers contract offers 600 he wants to split the extra 50k with the agent smh. sorry if it's a bit confusing but i can answer any questions to help clarify [link] [comments]  |
| Can a garage apartment be considered a single family home? Posted: 29 Jul 2019 10:37 PM PDT I've put in an offer on a unique home. The home has a 4 car, air conditioned garage with a full bath and a 2 bed 1 bath apartment upstairs which includes a giant living room, giant kitchen and a screened in porch. The home sits on a 4 acre lot, is connected to the city electric grid, has it's own well and septic tank and does not share any services with any other dwelling. Today my loan officer emailed me saying they would require a 50% down payment because the property is not a "single family home". The best explanation the loan officer would give me as to why it's not a "single family home" is "our research determined that it is not a single family home". When I asked him to provide his research he said "if you can provide documentation that it is a single family home we might be able to make it work." Does this seem legitimate? I have a feeling that this guy just doesn't want to do the work for my loan and is trying to come up with excuses to avoid processing the loan. This is the third time he's drastically changed the requirements. Initially required 5% down, then 10% now 50% and I've yet to receive the legal loan disclosures that should have arrived last week. [link] [comments]  |
| Posted: 29 Jul 2019 06:45 PM PDT My cousin is moving to Germany. She and her family are going to sell their townhouse in Colorado within the next three months. I have been playing with the idea of getting a rental property for over a year now and she says she would be happy to sell it to me. I started looking into it and oh my gosh are there a lot of questions to ask. Here are the ones I have so far: Can I buy a rental property without 20% down? Everything I am reading says that is necessary and that PMI isn't offered on rentals, but I have a much older friend who owns properties and he says it isn't required until you have more mortgage debt. Do investment properties add ~1% to the APR of the loan? If a mortgage APR right now for a home-buyer would be 4.125%, would mine be 5.125%? Since this is a sale within a family, how cheaply can the house be sold to me? I have extremely high trust with my cousin and would be happy to do whatever is the most cost-effective sale process. What other questions should I be asking? [link] [comments]  |
| Inspection yields vegetation issues. How to fix? Posted: 29 Jul 2019 09:55 PM PDT Just closed on a home. One thing I knowingly went ahead and ignored was the inspector noting his concern for rodents living under the house. He mentioned evidence of droppings, etc. He believes the reason for this was the vegetation under neath. It appears the previous owners grew plants too close to the house, causing issues. I plan to hire a landscaper to remove all vegetation from the side of the house, but are they also able to get under the house as well? If not, how does one go about doing this, or who should I hire to get help. Lastly, how much money should I expect to pay for all of this? [link] [comments]  |
| landlord payment and management software? Posted: 29 Jul 2019 09:51 PM PDT Hello Redditors, I have a quick question for anyone who is an owner of a rental property. I'm curious how many people still use checks or if you're using an online payment system. If you use some software what is the name, what do you like about it and what would you like to change? [link] [comments]  |
| Posted: 29 Jul 2019 09:50 PM PDT Wondering on what y'all thoughts are on the sf Bay Area housing market. Is it a good time to buy ? Where do you see the market in 5 years? [link] [comments]  |
| Posted: 29 Jul 2019 09:44 PM PDT I'm looking to buy my first home and I'm looking at a property tomorrow. It's about 1500sq ft, bit dated inside, but roof and siding is new. I'm about a half hour from work and the big city area, which worries me a bit (wonder if I'll get bored). The house itself is one of the cheapest in the that's lakefront at $250,000. Catch is I only get 15 feet of lakefront (land lot is cut kinda funny). This would be my first home, and probably not my forever home. I work a job where I'll get pay increases over 4-5 years, and I'm wondering if, despite a small frontage, if this could still be a good investment. I know it's a seller's market right now, but I thought lakefront would help for resale. House has been on the market for about 30 days. Oh, and always, advice and things to keep an eye out for a appreciated. Thank you. [link] [comments]  |
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