Married but I'm the only one on mortgage - Wife is concerned - Pros/Cons Real Estate |
- Married but I'm the only one on mortgage - Wife is concerned - Pros/Cons
- what do you guys think about a part time real estate agent while being a full time firefighter. full time in my city is only 2 days a week (2-24hour shifts) so i would have 4 free days.
- How Lowball of an Offer can we make?
- Purchasing my $150k house for $250k [OR]
- Created a rental property evaluation spreadsheet - feedback appreciated!!
- House we want is "Pending sale", should we go for it?
- Taking over a deceased parent's mortgage [Oregon]
- Having cameras recording during showings.. Legal? Ethical? Brilliant?
- Should we replace our realtor or are we in the wrong?
- Should I be concern after reading this article?
- How does Opendoor make money on a sale like this?
- Pros and cons of condos and townhomes
- Purchased a house a year ago planing to renovate, hit with a bunch of unexpected issues, home currently inhabitable and we are cash broke with no equity, what are our options?
- Has my loan gone off the rails at the underwriting stage or will I be OK?
- Option to purchase owner financed land - What to check
- Landlord Says "NO" - Emotional Support Animal
- Trying to buy new home while converting current home to investment property
- Walking away from purchase and seller is now threatening to sue.
- HELOC
- Financing land and mobile home
- Pre approval?
- Beginner
- Should I pay offa 0% loan or pay down a 13% loan?
| Married but I'm the only one on mortgage - Wife is concerned - Pros/Cons Posted: 03 Oct 2019 03:50 AM PDT My wife and I just purchased a house and I'm the only one on the mortgage, due to the fact that we were able to get a lower rate. My wife is slightly concerned that she's not on it. What are the benefits she could be missing out on? Anything tax related? And as long as she's on the title and/or deed, she would assume ownership if something happens to me, correct? She's just worried she's not on it and I'm trying to assuage any fears. Any extra info or advice is greatly appreciated! [link] [comments]  |
| Posted: 02 Oct 2019 05:15 PM PDT I'm still super young 19 years old and always have been a hard worker willing to work the hours i need to so that i can live a comfortable life and my future family can aswell. please be mature with your responses i'm just curious if it's a decent idea. real estate isn't a easy career which is why i think being a full time firefighter would make that less stressful money wise, bc my city pays very well. Thanks so much [link] [comments]  |
| How Lowball of an Offer can we make? Posted: 03 Oct 2019 03:46 AM PDT My spouse and I are casually house hunting. We would prefer to move within the next few months, and definitely within the next year. However, there's no firm deadline that we need to move by. There are two properties that we really like, both of which have been on the market for about 6 months with multiple price cuts. The residents have long vacated both properties. They are also large, expensive houses, so the sellers are probably losing a fair amount of money every month they sit on the market. How low can we go when it comes to making offers? 10% below asking? 20%? More? We haven't even started looking at houses with an agent yet; these two properties were open houses, and we're going to another promising open house tonight. [link] [comments]  |
| Purchasing my $150k house for $250k [OR] Posted: 02 Oct 2019 08:20 PM PDT The home I live in and am purchasing is being sold to me for $150,000. It has been appraised at $250,000. I am purchasing it via a FHA loan. The lending company I am going through has told me the best route is to purchase the home at the $250,000 valuation instead of the price I am being sold the home at $150,000. I am unsure the reasoning behind this and do not fully understand the benefit of this. I am keeping the home long-term and will eventually use it as a rental. Located in Oregon, home is being sold to me by family member. [link] [comments]  |
| Created a rental property evaluation spreadsheet - feedback appreciated!! Posted: 02 Oct 2019 02:25 PM PDT You basically enter all the information highlighted in green on the first tab and then it returns the values on the right side of the spreadsheet (subsequent tabs have the detailed calculations) - anything I left out or didn't consider? https://imgur.com/a/4Cyj2UJ?third_party=1#_=_ edit: I have the commission as a negative number in the "investment" breakdown because I have my RE license - so I would take a commission on anything I bought. [link] [comments]  |
| House we want is "Pending sale", should we go for it? Posted: 03 Oct 2019 03:09 AM PDT We were looking at houses on Zillow and went to tour a couple of houses and the one we liked the most says that it is "pending sale"on Zillow. Should we try for an offer or lean towards our second favorite house (which hasnt had any offers yet). [link] [comments]  |
| Taking over a deceased parent's mortgage [Oregon] Posted: 02 Oct 2019 06:48 PM PDT I'm trying to determine my rights as the successor in interest to my mom's mortgaged home under the Garn-St. Germain Act. I'm disabled and unable to hire an attorney, so I've been relying on my own online research. The info I've found online vs the info I'm receiving from the loan hold is confusing and contradictory, and her being in bankruptcy has confused the matter more. She died while in an active chapter 13 bankruptcy, and was significantly behind on her mortgage payments. Shortly before her death, she applied and was approved for a mortgage relief option which allowed her to modify the loan and put the arrears on the back end pending completion of 3 trial payments. Her bankruptcy attorney advised me to continue paying the mortgage payments if I wanted to keep the house and "hope they don't need anything signed before they find out she died". I made the trial payments as indicated, and when the modified loan agreement arrived, I signed it as her representative. In my state, intestate succession applies so I don't need to inherit the home under a will. After several months of conflicting communications, the loan servicer withdrew the modification offer because of incomplete documentation (received faxed agreements vs originals, which I faxed per their directive) within their time period. I resubmitted the signed agreement with her info in August at their instruction, and after weeks without word the bankruptcy dept informed me that I would need to reapply for the modification with MY financial info, even though she was the one in bankruptcy and I am her heir. The bankruptcy itself is set to be discharged under a hardship motion any day now if it hasn't been already. Knowing this, I contacted the servicer's deceased borrower department directly, and they instructed me to refinance the home myself to cover the arrears. Despite having made 7 monthly payments since my mother's death, they said the home is still in danger of foreclosure post-bankruptcy because they're showing the account as 762 days past due. What I need to do know is, what are my rights as her successor in interest? My understanding was that I could assume the loan without having to qualify financially under the Garn act. But if I do, what is my obligation for the past due amount incurred before her death? My concern is that (1) they will reject my modification or refinance application because I already have my own mortgaged home and a fixed disability income, and the home will go into foreclosure despite me making the payments since her death. (My daughter will be living in the home and paying the mortgage herself, but doesn't have the credit to buy on her own); and: (2) they've accepted thousands of $ in payments from us after her death, even after acknowledging her passing - doesn't that give us some kind of protection since they've accepted the money? We do not want to sell the house, and want to keep it in the family. Thanks in advance for your help! [link] [comments]  |
| Having cameras recording during showings.. Legal? Ethical? Brilliant? Posted: 02 Oct 2019 02:55 PM PDT A friend of mine currently has her house on the market and she has cameras set up in her home (that she had setup prior to listing her house) that have audio as well as video and the ability to record. Her realtor recommended leaving them on and reviewing after showings. She's gotten some pretty good information from the recorded video - has anyone ever done this / heard of doing this? [link] [comments]  |
| Should we replace our realtor or are we in the wrong? Posted: 03 Oct 2019 12:38 AM PDT I apologize in advance for a very long post. We are first time home buyers in a very competitive market (Seattle). Neither me nor my wife work in the IT industry so we knew our limitations and went in with realistic expectations. We chose Flyhomes as our realtor since their "All Cash" offer seemed helpful in a multiple offer situation (where Flyhomes purchases the house for all cash and then sells it to us). We discussed our expectations and financial situation with our client advisor (just a fancy name for realtor). We told him that we are primarily interested in a single family home and are comfortable with a budget of high 600s and are willing to go up to low-mid 700s if we really loved a home. We were willing to get old beaten up home since that is what is available at our price range. We made it clear that we are willing to buy an old home and slowly make upgrades over a time. We also made it clear that if we go with something in our higher end (700s) we don't want to get a home that requires significant immediate repairs (like immediate replacement of roof or structural reinforcements etc). We started with a clear idea and we looked at homes that fit our bill, except 3 or 4 homes that were above our price range. We looked at those homes because we really loved the location and the listing photos. I don't think it's terrible of us to ask Flyhomes to show us homes that are beyond our means. We found a home that we really liked that was listed for 630K. It was move-in ready but very old/original (late 80's). We told our agent that we like the location and its layout, and we want to put an offer. Our agent told us to start with an All-Cash offer at 670K and then revise it based on other competing offers. We immediately agreed and did an inspection (first few inspections are free with Flyhomes). Depending on other offers, we were willing to escalate another 10-20K. Unfortunately, someone put an offer at 760K and we lost the home. Everyone including the seller was shocked because no one expected an offer that high. Flyhomes agent agreed that this home was in no way worth 760K and we should not even think about matching it. We felt sad but moved on. Last week another 1950s home came on the market for 670K. This home came on the market on late Thursday evening and had an had an offer review date of following Tuesday. The pictures looked good and the location was ideal for us. We toured the home on Thursday night and told our agent that we really like it. He suggested that we move quickly (we also wanted to move quickly) and put an all cash 725K offer by Friday (to beat open house crowd). We told him that we are good with that price if there are no structural issues and if there is no need for any immediate high budget improvements. We proceeded to inspect the house on Friday morning. Unfortunately, there were couple of major issues (in addition to many other minor issues which is the case with any house in our price range). A beam in the crawl space was structurally compromised. The owners cut into one of the load bearing beams and left it unsupported. There were couple of big settlement cracks that extended from exterior of the house to the interior under crawl space. In addition, the crawl space was flooded, and the inspector said that it needs immediate installation of French Drain around the house. He estimated the cost of approx. 20K to resolve flooding issues (which needs immediate attention). After the inspection, me and our agent agreed that 725K offer might be a little high knowing what we know. So, he suggested we wait until offer review date to see the response and put an offer if it made sense. We agreed with his assessment and waited until offer review date. Our agent said that since we already did the inspection, there is no harm in putting an offer at our comfortable price. So, we put an All-Cash offer of 705K, which our agent seemed to have no problem doing at this stage. Being first time home buyers, we were not very comfortable with the project we must take on immediately and that 725K will not be financially manageable to us. After submitting the offer, the seller got back to us asking if we want to revise our offer since they really liked "All-Cash". We refused to increase our offer and said that we stretched as much as we could for this particular home. We again explained to him that 725K (or higher) is not an issue for us if we don't have to chalk up addition 15-20K immediately. His immediate response (in his exact words) was "If you can't escalate to 725K for this home then you should stop wasting time and stop looking for single family homes. This is a competitive market and you won't find any homes you want at this price point." We were shocked to hear these words. We did everything he asked for. We trusted his assessments and went by his recommended price. It was not like we put offers on 10 homes. This was only our second offer. Even if he is right, we were appalled by the way it was conveyed to us. He could have waited for a day or two and told us in a nicer way. I still don't think he is right. After hearing his words, we panicked and felt pressured. We called our agent back and escalated our offer to 720K. We escalated because of the pressure (which was wrong of us to do) and because our realtor said that once we go under contract, he can ask the seller to pay for closing costs (approx. 10K) and increase our offer amount. That way we will have cash in hand to make those repairs. He seemed very confident that he will be able to get that deal. We agreed to everything he said and asked him to amend our offer. He calls us back and tells us that he couldn't get the seller agent to agree getting 10K credit. Instead he promised he got us a 6k credit but with a penalty of 1K. Our offer will be increased by another 6K (making it 726K) and we will get only 5K credit. He did this without our approval and not fret over these "minor" details. I am not sure how these details are considered minor. We felt very pressured and refused to make any additional changes to the offer. Even after that he tried to convince us by telling that he will figure out a way to save us couple of thousand towards the end somehow and that we should not lose this home over a few thousand dollars. We made it clear that we don't want to do 725K on this particular home knowing the structural and water damage. He sounded angry and once again told us "You should from now on stop looking at all single family homes. Even if something comes in at 650K you should not consider it since in a hot market it will escalate higher. Look for something else in your budget range." We were shocked at how rude he was to us and telling it on our face right when we lost a home we liked. I am not sure if we have unrealistic expectations or if we should change our agent. Is he right? Should we stop looking at single family homes? Even if he is right, we are appalled by the way it was conveyed to us. [link] [comments]  |
| Should I be concern after reading this article? Posted: 02 Oct 2019 07:17 PM PDT My wife and I are in the market for a new to be built home in Virginia. I have been currently looking at the market and reading up on whatever I can. After reading over this article. Should I be even more concern or is this problem described in the article purely a problem that exists only NYC? I'm not trying to time the market, but I also do not want to be in a situation where I'm buying at the peak and the market crash again like in 2006. Thanks. https://www.foxbusiness.com/real-estate/nyc-housing-prices-near-free-fall-recession-era-tax-hikes [link] [comments]  |
| How does Opendoor make money on a sale like this? Posted: 02 Oct 2019 11:40 AM PDT I'm looking at a home that was sold for $319k, put back on the market a month later for $315k, and has been on the market since. It's now down to $280k. Does that initial sale price not include a bunch of credits or something else I'm missing, or are they really going to take a bath on this home? [link] [comments]  |
| Pros and cons of condos and townhomes Posted: 02 Oct 2019 10:40 PM PDT I was wondering what the pros and cons of condos and townhomes are? [link] [comments]  |
| Posted: 02 Oct 2019 02:48 PM PDT Let me preface by saying, my wife and I were overambitious and under informed and we own our mistake. I'm just looking for some practical advice at this point. About a year ago we purchased a home in a hot market in need of work. We made an offer that was according to the agent 1 of 6 first day it hit the market. We were advised by our agent to sweeten the deal as much as possible so we waived inspections, etc. as we had a budget to renovate and figured it'd be enough to remediate any issues (mid-high six figures). Our biggest concern was an in-ground oil tank which could cause major issues if leaking. That said we figured a major fix on that was a worst and unlikely possible scenario as the tank was filled on a regular schedule (which would not indicate leaking). lo and behold our first order of business was to remove the in ground tank which revealed MAJOR issues that needed to be remediates which essentially busted our budget to the tune of 10s of thousands of dollars. To make matters worse we discovered our water feed is all galvanized piping and none of our electrical outlets are grounded so to make the house's water safe to drink we need to replace all that piping and who knows how dangerous the electric situation is. We're currently staying with relatives and have no cash reserves to address these issues anytime soon. Quite frankly we're exhausted and looking for a way out. We owe more than we could probably get for it right now we've lost several thousand as it was and are seriously considering just letting the bank take the property to move on. Between the water, electric and the fact the kitchen appliances are all at least 30 years old, we'll never be able to get it to a livable shape anytime soon. What would our options be, short sale? Foreclosure? Sell the house and owe the balance (according to a RE agents assessment of the area and home we'd owe about 35-40k as the market here cooled a bit)? I'm shocked the house initially appraised as it was when applying for our mortgage to begin with given all these issues we discovered but here we are. Any advice would be a big help. [link] [comments]  |
| Has my loan gone off the rails at the underwriting stage or will I be OK? Posted: 02 Oct 2019 06:27 PM PDT I'm looking to buy a new home and sell my current home in a few months. I've got a contract on a 400k home and was going to do 10 or 20% down. I started a business in 2016 and at the end of 2018 I switched to that business fulltime, leaving my W-2 job. 2017 tax returns have $35,000 of business income 2018 tax returns have $55,000 business wages and $98,000 business distribution 2019 Q1-3 wages are $95,000 and I submitted a profit and loss statement signed by myself and my CPA that shows the wages and an additional $115,000 in distributions with expense ratios essentially the same as the 2018 tax returns Current home PITI is $1450/mo New home PITI will be $2640/mo if 10% down or $2395/mo if 20% down No other debts except a few credit cards that are always paid off each month (minimum payments show as $200/mo max) Credit score is >760 The underwriter issues a commitment letter that requires an "audited profit and loss statement". Of course, an audit would take months to line up and cost thousands in professional fees. It's been 2.5 days since I asked for clarification on this requirement and all I get from the mortgage officer is "I've asked underwriting to get back to me but they are very busy." This requirement is on the 10% down scenario, I'm not sure about the 20% yet as no one is getting back to me. Is this normal? Am I about to get screwed? Should I switch to a bank statement loan and hope I will close in time? Thanks in advance. [link] [comments]  |
| Option to purchase owner financed land - What to check Posted: 02 Oct 2019 06:23 PM PDT I have the option to purchase a 1 ac lot located in Levy County, FL. The current owner will be self financing the land. The agreement will be made through a simple contract so no lawyer or brokers. I wanted to know what due diligence I should perform on my own before entering a contract to purchase. As far as I know the current owner purchased the land through tax deed and it will be sold to me under a special warranty deed. The land is currently vacant. I do not plan to build on it at the moment but only plan on using is for storage. I need to get a portion of it cleared because it current has tree growth. What things should I do or check in order to ensure that I will be able to own it properly and to make sure I don't have any issue with land clearing or storage. I'd assume I'd need to pay for a land survey but do I need to get a lawyer ? Should I get a title check done on the property now or can that wait until later on ? [link] [comments]  |
| Landlord Says "NO" - Emotional Support Animal Posted: 02 Oct 2019 09:25 PM PDT My wife got a letter from her psychologist saying she can have an ESA. She told her landlord but the landlord says "no" and to let her no if she is moving out or if she wants to stay. I'm pretty sure that is illegal but I'd like more facts. For reference the state is Nebraska. If she is wrong, how do we go about telling her that she is wrong without burning a bridge? [link] [comments]  |
| Trying to buy new home while converting current home to investment property Posted: 02 Oct 2019 09:18 PM PDT Long Island, NY Owned 1st house nearly a decade. Finally ready to buy a new home and convert my existing home to an income property. I just had a deal fall through due to a clause in the contract I found unreasonable. Essentially my contract had a fairly standard mortgage contingency clause but then a seperate clause that said if my mortgage was denied due to me owning two homes it wouldn't be grounds for cancelling the contract, therefore severely weakening the mortgage contingency clause. Now I feel pretty confident my loan won't get rejected but I don't want to lose a down payment due to some back office underwriter finding some issue. I feel pretty confident that any reason my mortgage would get denied, the solution would be to sell my to-be investment property. I realize there is no standard contract but is this something I am going to continue to run in to or was this just a lawyer being extra cautious with his seller? Any ideas on ways to proceed? I was thinking of just not disclosing that I currently own and plan to convert into rental in the future... [link] [comments]  |
| Walking away from purchase and seller is now threatening to sue. Posted: 02 Oct 2019 08:34 PM PDT My wife and I signed a purchase agreement for a home. The agreement was not contingent on us selling our home. We also agreed to pay the difference in cash if the appraisal was cut (it was dumb, I know!). Here are some more details: -the house was listed for 215k but we ended up at around 218k because of a small bidding war -the appraisal was cut 18k. While we initially agreed to pay the different at closing, we couldn't swing that much so they reluctantly met us at the middle at 9k -we signed an agreement that changed the purchase price to reflect the appraisal value + 9k -we gave them $3k as earnest money -this is for sale by owner and we don't have a real estate agent working with us During all of this, we're trying to sell our house and we got a buyer within two weeks so timing was working perfectly. Unfortunately, the inspection came back that we need a new furnace, roof, and there's a mold issue (close to 25-30k on our end). The buyer ends up pulling out and left us at square one with a ton of things to fix. My wife and I decide that because of this, we think it's best to just pull out of the purchase of the new house and repair our current one. We just can't swing paying for the repairs of our current home, paying extra out of pocket to cover the difference in the new home, and a down payment. We thought that breaking the contract would be as simple as telling the seller we're out and releasing the earnest money to them. Well, it's not that simple. At first they wanted to help us out and lower the price of the home so we lowballed them and never got a response. A day or two later we got a letter saying that if we don't buy the house, they will release us from the contract for $25k as that will account for the losses of trying to find a new buyer. If we choose neither, they will sue us for special performance or for the funds they will be losing. I guess my question is: can they do this? If sued, would a judge side with them because of all the agreements we have signed? throwaway account [link] [comments]  |
| Posted: 02 Oct 2019 08:25 PM PDT Hi guys, quick question about line of credit. On the line of credit, assuming interest is accrued daily, will the interest populate in the balance next day, or only at the end of a billing cycle? [link] [comments]  |
| Financing land and mobile home Posted: 02 Oct 2019 07:51 PM PDT Big question here. I'm planning to move clean across the country in 3 years' time. I'm most likely going to end up buying a mobile home. Since my target is so far away, I'd like to at least already own a lot by the time I move out there, as I know it will probably take time to pick out a mobile home and go through the process of buying it and having it setup. My big question as far as how I need to proceed with this huge and far away a move is if I go ahead and buy a lot and begin paying on it, can I later take out a loan on a mobile home, even if I'm still paying on the lot? I know ideally you're expected to buy the land and the home simultaneously and finance them on one loan together, but how often do the stars really align that way? And if not, then would I be able to loophole it by putting the land loan in my name, and the mobile home loan in my partner's name? [link] [comments]  |
| Posted: 02 Oct 2019 07:10 PM PDT Soon to be separating military member. Already have started new job but still getting paid through military as well for about another month. Went through a pre approval process and selected $150,000 - $200,000 estimated loan. (Shoulda chose a higher amount) Went through the process and was pre approved for $200k. Home I was interested in is ~$220k. Can't seem to find a way to try and update pre approval to a higher amount. If I put down $20k would I still be good to go for this home? Or do I need to be pre approved for higher than the 200k I was approved for. [link] [comments]  |
| Posted: 02 Oct 2019 06:03 PM PDT I truly want to learn and i would like if you guys can help me on which books i should buy on real estate and which course i should take.please help out all info is welcomed [link] [comments]  |
| Should I pay offa 0% loan or pay down a 13% loan? Posted: 02 Oct 2019 07:38 PM PDT Hi all! So I have been planning on taking a loan off my 401k (please let me know if this is a bad idea to begin with) and was going to use it to pay off some of my debts. As my options are now, I can either pay off my 0% interest car loan with the money or I can use it to pay down a 13% interest personal loan I took out about a year ago. It would come at a cost of about $35 a paycheck for 5 years. I'm conflicted because the pay off of my car would free up $243 a month but the pay down of the personal loan would decrease my debt to income ratio. I just don't know what would look better when going for a mortgage. [link] [comments]  |
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