- I purchased my first home in March using a VA loan. Now I am getting constant letters regarding both equity disbursement and accessing my equity reserve. Seems scammy and the letters do little to actually say what this means. Please help a clueless first time home owner!
- What was one/some mistake(s) with your first rental property that you wish you knew?
- If I dont have access to the MLS what is the best way to scout the market for rental property opportunities?
- Can I do this?
- negative interest prices/rate on mortgages
- Home inspection company.
- Foreclosure Questions: Warning, Long Post
- Buy 2 condos for 200k each and rent one or buy 1 condo for 400k as my primary residence?
- What is the difference
- Homeowner is short and offer accepted
- Will my father be able to sell his house?
- First closing on new construction
- Buying compucram to study for my real estate test, should I buy my state or national?
- Real estate agent(buyer) says you can go have a look at the house and tell him(sellers realtor) that you have a realtor who will send you an offer....but doesn’t come to see the home?
- Anyone ever have buying remorse?
- How to find a home inspector for new construction - suggestions
- Construction loan mortgage question
- How much is the negotiation room(percentage wise) for a condo in BUYER’s market?
- He’s Motivated and Ready to sell, BUT...
- Wondering if I have to disclose HOA dues increase
- Selling to family member below market value
- HELP! Friends judging me over a decision to buy a condo instead of a house! Has anyone else experienced something like this?
- Suggested readings for a first-time home buyer
| Posted: 30 Nov 2019 09:55 AM PST |
| What was one/some mistake(s) with your first rental property that you wish you knew? Posted: 01 Dec 2019 12:35 AM PST I'm a newbie just sending some feelers. That said, I don't know what I don't know, so I want to see if I can learn from other people's mistakes. [link] [comments]  |
| Posted: 30 Nov 2019 11:17 PM PST How do I filter out co-ops for my rental property search? [link] [comments]  |
| Posted: 01 Dec 2019 03:44 AM PST As a buyer, if I go to the showing alone without a realtor ...and the sellers realtor is showing the condo....(of course this is illegal and not moral)...,but can I offer to pay him under the table the commission he's "losing" out on...by convincing him to sell it to me at a lower price (eg. negotiate a $4k drop in price and pay him $1k under the table).....so he doesn't lose out on money but at the same time get the sale.
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| negative interest prices/rate on mortgages Posted: 01 Dec 2019 01:27 AM PST
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| Posted: 01 Dec 2019 12:34 AM PST Virginia. My wife and I are in the market for a new construction home. Our house is currently being built. We signed the contract for a $1 mil home. In a month or two, we'll have our first inspection. It's the pre-drywall inspection. I was wondering where is a good source to finding a top of the line home inspection contractor/company? We will need this company to do both pre-drywall inspection and final walk through inspection. Since this is our first new home inspection experience, any other tips and advice would be greatly appreciated. Thank you. [link] [comments]  |
| Foreclosure Questions: Warning, Long Post Posted: 30 Nov 2019 06:30 PM PST Long Back Story Bear with me: Presently we live in the state of Ohio. We acquired our mortgage in 2016. We began our search looking for low cost homes that we could easily afford, but our realtor at the time assure us that with a USDA loan we could get a nice home and an affordable payment. We found a home that was on the market for 124k, which was just at the high end of our price range. However, after speaking with our credit union who had issues our pre-approval letter she came to us and said they wanted over $8k for closing and that she had never had a client asked to pay so much. She assured us that a man she had worked with previously was great at getting homes financed and paying less at closing. This man had us write letters about our finances and previous credit issues, paying off even the smallest of debts, and even securing a letter from our landlord at the time. We asked him if he was certain this was going to be ok because it seemed like a lot of work just to get anyone to look at our application. Everything went so fast and in a swirl at the time, and he said our mortgage would be less than our rent at the time... not including insurance and taxes. Great we were excited. At closing we asked why the payment on the paperwork seemed higher than he mentioned and he filled us in literally last minute that they managed to get all our closing costs covered under USDA but that we could not sell the home for 7 years or be expected to pay the prorated difference of closing back. Our payment was close to double what we had been told the entire time. We could afford it but we would certainly have to budget very tight with no room for error. About a month after we moved into our home we received a letter from our mortgage company saying that our loan was being sent to a new mortgage company, and that we would send our payment to them. Almost immediately we got a letter reflecting our first payment and again this payment amount was higher than what we were shown. Not by a lot but still higher. When we questioned it we were told that it was adjusted due to changes in taxes in our area. Our home is in a nicer part of our hometown so we thought this seemed likely. We make our first payment no issues. 1 week after we made our first payment my husband and I are awaken at 3 am by his supervisor telling him their shop had literally exploded and there was nothing left. As he is a Maintenance Technician this means he lost his own personal tools as well, and also his car that was at his work that evening. Of course we were in a panic. New home, new mortgage, out the cost of thousands of dollars of specific work required tools, loss of a car plus having our family to take care of. We contacted our mortgage company who told us we had not lived in the home long enough to qualify for any assistance through them but we lived in it too long to get out of the loan. They told us their underwriters could not give us a repayment plan because our credit was damaged from the new home purchase. My husband was told by his boss that they would paid a percentage until they could rebuild. So he did what he thought was best at the time and got a personal loan. We made the mortgage payments and got him a little crappy car so he could go to meetings with his bosses. After 3 months rebuilding wasn't in sight so he took their package to walk away from the job. The very next day he was hired somewhere else. We were at this point 45 days late on a mortgage payment. At this time the payments were $872 a month. When we called the agent on the "financial crisis" department tolds us since the underwriters would deny us that we could do an "unofficial" repayment plan. We started paying $700 every two weeks this caught up our mortgage in 2 months and we were current. My husband had a new job, but was making just a few dollars less during this time because he was in a probation period. I was also working from home so we had two incomes. We received a letter from our "new"ish mortgage company stating that because we were a greater risk our mortgage would be going up that August. Now to be $913 a month. At this time I lost my employment. So now we were 12 income, and I could not go back to work because childcare was too expensive at least for the time being. We stayed current until that fall, when a medical injury set us back. Again same scenario. They told us we would not qualify for any sort of repayment plan and we struggled just to make it up because their system was unusual. If the payment plus late fee's was $1100 and I would call mid month to pay $750 they would tell us they couldn't accept less than the $1100. So we mailed in a payment and they placed it all in unapplied funds. when it reached a months payment it would come off the balance. We started noticing that from a payment of $1100 only $200 was principle. (Our insurance was about $120 a month, and taxes were about $100 a month) When asked why we had more fees on the account even though we were paying the would tell us that unless we specifically requested part of the money we sent in to go to cover fines or fees that it went to interest. So the fines/fees had been racking up for months and they would consider the month as not paid in full and then again fine that amount. We were current until Mid-September, even after they raised our payment yet again now to be $1,072. We made a partial payment of $500 due to a personal health crisis with me ( yet again:( sadly) and we sent in a loss mitigation packet complete with all the asked for paperwork. We did not hear back until the first week of November and they stated they needed all the statements and pay stubs to resubmitted because it had passed 30 days since the ones we mailed in. Now we are entering December and we have tried to discuss options with them but they keep saying we don't qualify, without even checking any financials etc. Again we have almost $600 in unapplied funds, we are late for partial September, october,November, and we have december coming up. Their most recent letter ( they send about 10 letters every week seriously) states we owe $4200 by December 3rd in order to stop further action. We have called them and every time they just tell us their underwriters will not approve us for any of the repayment programs. You would think these programs are established for people struggling at that it would be obvious credit may not be great during that struggle. My husband has received a new job offer out of state to begin next summer, so we have discussed taking that and just moving. However, it would be hard if we just let the house go. We were told by a local HUD counseling agency that if we let it go to just live here still and save our money until they officially need us to leave. We would rather list the home for sale and then move, but with what they are demanding on payment it doesn't seem likely. We're not sure what to do. We don't want to start off in a new area screwed but at the same time we know we can repair our credit quickly with everything except that mortgage which we feel is predatory. We have a lot of land that is owner financing , and we would just need to get a mobile home for that lot for the time being. Our goal would be to build a home once our credit is repaired. Anyone have any idea what we could do or maybe just some advice? [link] [comments]  |
| Buy 2 condos for 200k each and rent one or buy 1 condo for 400k as my primary residence? Posted: 30 Nov 2019 09:30 AM PST Currently renting but I am living in the Seattle area. The market here is very high compared to the Us relatively. I am looking to purchase my first condo and stop letting my rent go out of the door. I want to also get into rentals but I'm having trouble deciding between the two options I see below given I can afford around a 400-450k home. Option 1 Buy two condos in an Renton, WA (not the best area) for 200k each. Live in one of the condos and rent the other and try to pay them down as fast as possible. Option 2 Buy one condo in a really good area Bellevue/Redmond,WA for 400k and live in it as my primary residence, then try to pay it down as fast as possible to purchase a rental later. Would be great to get feedback on which option I should take from you all. Thanks [link] [comments]  |
| Posted: 30 Nov 2019 11:13 PM PST What is the difference between Original Price and List Price? I generated a Sold Price Analysis which shows the relationship between the Original Price, List Price, and Sale Price. My understanding is that Original Price is the price for the property when it first became listed on the MLS. Is List Price the final list price after the last price adjustment has been made? Agh, please help this noob agent! Example: 10/17/2019 Orig Price $1,768,888 10/17/2019 List Price $1,868,800 11/30/2019 Sale Price $1,860,000 I interpreted this as... The home was first listed at $1,768,888. After X amount of price adjustments, the home was finally listed at $1,878,800. The home actually sold for $1,860,000 after further negotiations? [link] [comments]  |
| Homeowner is short and offer accepted Posted: 30 Nov 2019 01:14 PM PST If it matters, this is in the Bay Area of California. The seller is short about 2-3 percent and it wasn't known until an offer was accepted and escrow started. Seller does not want to go short sale. What are the options for the home seller outside of asking everyone to pick up 0.5 percent or asking buyer to rewrite the offer? Can the buyer make the seller sale despite it being short? [link] [comments]  |
| Will my father be able to sell his house? Posted: 30 Nov 2019 08:16 PM PST There's a couple more questions I have regarding my current situation but I'll start with this one. My dad has owned our house since 1992 I believe or 90, I forget and as of now owes a bit under $6.5k to finish paying it off. Me and my sister have been helping him pay it off for the past year since he's fallen into hard times financially, now we have often discussed the prospects of selling the house and he personally told me he'd much rather put the house to my name, and do as I want with it, if sold, we'd split off the money between me, my dad, sister(though she's said she's not interested in, but I fail to believe will end up being true) and I imagine my mom as well (they're separated, but in okay terms). Now when my dad financed the house he had my aunts husband (not 100% sure if ever married but I'm assuming) co sign with him. Fast forward 25+ years, my uncle fled back to Mexico after he got caught up in some stuff, no one knows where he went, but safe to say he's long gone from our lives now. Now the question arises from the fact that if we try to sell the house my uncle would be unable to sign off on anything, now I imagine that would prevent us from being able to sell the house, no? But I'm sure there must be some loopholes around this, right? If so what are my best options, and I'm hoping I can avoid getting a lawyer and what not because money is tight. But in the end, whatever can help us sell the house is what I want to do. I'm hoping with the money I get from the sale of the house I get into investing in real estate, now of course this is all with the assumption that my father will give me a cut. Now I've thought of maybe getting my father to sign lawful documents promising he will, but my gut trust he will come through. Thanks for reading and thanks for the advice! [link] [comments]  |
| First closing on new construction Posted: 30 Nov 2019 07:35 PM PST My clients after being showed a few older homes decided on a new construction in a builders new community . Being i was a buyers agent in this transaction , they didn't need much help in getting under contract with this home. My question for you is what do I need to do until it closes.. Ive spoken to my mentor and he says stop by weekly and talk with the salesperson.. Anything else I should be doing?? [link] [comments]  |
| Buying compucram to study for my real estate test, should I buy my state or national? Posted: 30 Nov 2019 07:12 PM PST |
| Posted: 30 Nov 2019 06:35 PM PST Is that a bad sign...or is it more common than I think? Should I get some other agent or...? He said inspection etc will be done of course and that will be on the offer itself... [link] [comments]  |
| Anyone ever have buying remorse? Posted: 30 Nov 2019 12:04 PM PST We have been our house two months now moving from Houston to the Austin area, paid all cash. I feel like we overpaid seeing what other houses are popping up and price reductions, wife thinks it was a good price. I am now thinking we should have borrowed a little to get what I really wanted. We have done some renovations, but have a long way to go. Wife likes the house, but I can't stop thinking about what could have been. Location is great, fits our needs with small kids, right across from a great community center with a park, pools, and our kids preschool. Wife has a 5 minute drive to work. Its just after living there the house lacks character I was used to in our old smaller house. Inspector didn't find any major issues but I just found a small 12 inch piece of drywall (tiny straight vertical crack along the two seams) splitting above a door to the office and it has me worried. I know its probably nothing, but still isnt fun 2 months after moving in. Closer inspection makes it look like the ceiling has also been repaired in the same general area at some point. We've spent quite a bit on renovations and have lots more to come to get it to a standard I feel will make me comfortable, then I dread knowing we might not get a majority of it back, or if the house has major structural issues. Probably should have ponied up for a structural engineer, but the inspector was adamant their were no issues. House is 7 years old. I am having major anxiety, not sleeping, and just thinking about it all the time and continue to look at houses in our area like we haven't bought yet. Am I going crazy? Anyone else experience this? Hoping to keep this positive, just looking for advice on how to move on and accept the house we bought. [link] [comments]  |
| How to find a home inspector for new construction - suggestions Posted: 30 Nov 2019 05:31 PM PST We are closing a new construction with pulte in chicago and looking for a home inspector. - advice on when to get the home inspected- before closing or at the 11 month mark before 1 year builder warranty expires? - Anyone here has any suggestions for a good/reliable home inspector? [link] [comments]  |
| Construction loan mortgage question Posted: 30 Nov 2019 05:10 PM PST Hi. There is a house I'm interested in buying. The seller started construction then stopped, closed up what they were doing and put the house on the market. But the loan recorded they currently have is about 125k more than the list price. Are the sellers going to have to come to closing with 125k, can it be an undisclosed short sale, etc? Again, very new to the understanding of a construction loan. [link] [comments]  |
| How much is the negotiation room(percentage wise) for a condo in BUYER’s market? Posted: 30 Nov 2019 08:46 PM PST How much is it? For the price of $87,000 what should be my offer? [link] [comments]  |
| He’s Motivated and Ready to sell, BUT... Posted: 30 Nov 2019 04:23 PM PST I just had a huge life realignment, and it's flipped my plans! I have been blessed with a great career and will be moving to a more Northern city in Ca. So here's my dilemma: I have been studying the market I'll be moving into for several months now, and it's been extremely high. It has slowed down recently and I'm finally seeing some potential homes I can house hack into. One particular property that I have been keeping an eye on has been on the market for 3 months and it has two properties on one lot. The front home (2 bed/ 1 bath 1000 sq. Ft), and the back home (3 bed/ 2 bath 1000 sq. Ft). The front was built in 1940, while the back home was built in 2005. I'm going to talk to the agent soon and want a good series of questions to ask him about the home. It's also listed as a single family, but has two homes on one lot. What should I look out for? Besides calling the building department to make sure the home was built legally, is there any any other questions I should ask? All help would be appreciated! [link] [comments]  |
| Wondering if I have to disclose HOA dues increase Posted: 30 Nov 2019 04:22 PM PST I am hoping this is the right community to ask this. I Am closing on the sale of my townhome in a few weeks. The accepted offer was at the end of October, so they have already signed off on the CIC documents. My association has recently (today) notified residents of a dues increase beginning Jan 1. Does this information count as material facts? Do i need to disclose this to the buyer? My realtor is also unsure as this seems like a grey area, i am hoping some one here has experience with this. [link] [comments]  |
| Selling to family member below market value Posted: 30 Nov 2019 04:13 PM PST I'm hoping someone on here might be able to help me. A relative wants to sell his home (mortgaged) to his daughter for about $100k below market value. (But still satisfying the mortgage balance on the house.) His daughter will have to take out a new mortgage on the house, and she has about a 25% down payment, if that matters. My question is, is there any issue (legally, with her bank or otherwise) with purchasing a home significantly below market value? [link] [comments]  |
| Posted: 30 Nov 2019 07:20 PM PST I need to vent and I think this is where it's most appropriate. I also posted to personal finance. My husband and I love to travel and adventure. We strive to be debt free ASAP. We currently rent, and we decided renting is basically just paying someone else's mortgage. We work a lot, and the idea of home maintenance/homeowner responsibility was intimidating and stressful, so we decided on buying an affordable condo in a small city about 10 minutes away from where we are now. It's cheap, and we can travel and adventure while working on paying something off QUICKLY. The property is also rentable. I assume we should pay it off within about 10 years. I've told a few friends and family members. Some are excited, but I'm appalled at how many bad responses we're getting. I've heard everything from "I just can't imagine you being happy in a condo" to "I can't believe you're moving to a CITY." It's very discouraging to know people I thought respected me are judging me for wanting something affordable that won't be a burden that we can pay off quickly and live life the way we want to. I'm not really looking for advice here, I just want to know if anyone else has experienced this and how they reacted. [link] [comments]  |
| Suggested readings for a first-time home buyer Posted: 30 Nov 2019 03:11 PM PST Hi r/realestate, I am looking for recommended readings (preferably books) that will help me learn all processes and terms that buying a home entails. I realize that there is a link on this page titled "Recommended Reading", but it appears that that is more geared towards folks looking into real estate investment, whereas I am eager to learn about what the home buying process is like. Thanks in advance! [link] [comments]  |
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