Home closing keeps getting pushed back. We were "shooting for" Friday but were told late today that it won't happen. Still no official date. [NY] Real Estate |
- Home closing keeps getting pushed back. We were "shooting for" Friday but were told late today that it won't happen. Still no official date. [NY]
- In the Philippines, Buying property. Easier to lease out to Expats or Local workers?
- Best questions to ask during an interview with a brokerage?
- Will it appraise: concrete shop turned modern loft
- Home buying frustrations
- What does Shared Interest Mean in This Context?
- (US) Question about appraisal.
- Refinance APR ... ELI5
- Difference Between Referral Fee and KickBack
- Selling photos of past listing to new agent?
- FHA Loan Downside
- ROI on rewiring
- ARM 10/1 or Conventional?
- How do I properly analyze an unstaged house?
- I want to buy my mom's house from her landlord (and neighbor). How do I do it?
- Question regarding taxes
- Appraisal Came in 10K under contract price
- Moving out
- Considering selling rental, after bad experience with renters
- Incorrect info on loan application
- Refinance Mortgage / Homestead Exemption
- First Time Home Buyer. Looking on ways to find estimated cost for building on a plot of land
- Analysis Question-Multi Unit Properties
- BOOKS
- First time buyer and being naive. [KS]
| Posted: 29 Jan 2020 05:54 PM PST This has been dragging on since November/December so I'm fuzzy on the pieces. We were selling a house, I started a new job, we had to move into a shitty Airbnb, etc. so I'll try to recall what I can. I have it in my email that we signed our Purchase Offer on 11/22/19. The bank sent us a list of items they needed from us on 12/27 which we completed by the 29th. The loan was started on the 2nd. We had to have the house reappraised for some paint touchups, which happened on Monday, but the report didn't make its way to the bank until today. We won't be clear to begin closing, I guess, until tomorrow so Friday basically isn't happening. It'll likely be a week later. Initially, we'd been told early in the process that 1/15 would be possible which impacted when we set our own house to sell. I feel like our realtor back home was much more knowledgeable than the one we located in our new "home" because every call she made, from the amount we'd make to the timeline was 100% accurate; everything on this end has been a fuck up and I don't even know why. Anyways, that got pushed back to around 1/31 which meant we had to leave our house sooner than our new house would close. Now it's pushed back to around 2/7. So far, we've burned through the moving credit we were provided by the company my husband was hired by and we now estimate the move will total $10k+, $5k+ out of pocket as the date keeps getting pushed back. Everything I'd read prior indicated that 8 weeks post-offer acceptance was about the high end. We're approaching 11 weeks and we're just completely flabbergasted. We don't feel like we have any idea what keeps pushing each step back and we're wondering if anyone has any insight. We didn't even get told about this next pushback, we had to email...and email...and call...and call the lawyer all day until he finally responded to say we probably wouldn't make it in time to close Friday. We're trying to be patient but we went from a nearly free move to yanking out credit cards and living in a basement with a drunk so we wish we could even just at least understand what is going on and how normal this is. Our own house sold really fast and the check was received on Saturday so we're just out here in no man's land wondering wtf is happening. It's not like our buyer had a better financial situation either, I don't think he put down a ton; he was a Vet with a disabled adult son and a grandson and only put down $1000 in earnest money. We really thought we had this licked... [link] [comments]  |
| In the Philippines, Buying property. Easier to lease out to Expats or Local workers? Posted: 29 Jan 2020 09:09 PM PST Hi does anyone have experience buying property in the Philippines? In one location, BGC, there's a large BPO INDUSTRY. Other location would be Makati, there's more Expats, Chinese POGO industry. [link] [comments]  |
| Best questions to ask during an interview with a brokerage? Posted: 29 Jan 2020 11:54 AM PST Im in the process of getting my real estate license and in order to prepare, I've decided to apply for administration assistant positions. During my interview process I have been completely upfront about wanting this position to gain some behind the scenes knowledge and eventually become a salesman. I recently interviewed for one position (it would be for a small brokerage that focuses on commercial real estate) and both myself and the owner are completely on the same page about preparing me to transition after I receive my license. My first interview with him lasted almost 3 hours! He explained a little more about the details of the position, the company, etc, and I asked a lot of questions (probably about 15). However, my second interview is coming up with the him and his partner and he very instant that I have more than 15 additional questions prepared. Im all for asking questions, but that seems excessive. Here are some examples of questions I have asked, or will ask in my next interview:
What other quality questions would be good to ask? Again, the owner said about three or four times that I needed more questions for my second interview. Thanks! [link] [comments]  |
| Will it appraise: concrete shop turned modern loft Posted: 29 Jan 2020 11:35 PM PST I'd like to purchase an old, concrete repair shop and convert it into my home. I have enough cash to fund the project, but I would like to be able to take out a mortgage on the finished product to recapture the equity. I'm concerned that despite succeeding in creating a comfortable, quality, code-conforming residence on the inside, the project may not appraise well as a home if the building keeps it's commercial silhouette on the outside. How might such a building be evaluated? The property is zoned residential. The existing building is sound structurally, it has all the necessary utilities, but it looks like a simple concrete box with industrial windows. The surrounding neighborhood it full of mid-century bungalows. I'm sure I could add paint and some residential flourishes, but I don't want to add a pitched roof or any significant architectural language. Excusing all the other feasibility questions (budget, soils, permits, etc.), what can I expect? Is an appraiser going to care mostly about the square footage and amenities or will the exterior have to look like a house for the building to appraise as a house? [link] [comments]  |
| Posted: 29 Jan 2020 05:25 PM PST Now having to pull out of a house because the appraisal came in too low to negotiate on and the seller won't move. We have spent months looking for houses with every decent house being snatched up (in the dead of winter) before we can even put in an offer. (We have also had several people let us see houses only to find out that they were under contract so they just wasted our time). For the area, all houses are priced similarly, especially for the size we are looking for. We finally found a house that is updated with all mechanical and cosmetic, the inspections are near perfect but then the VA appraisal killed it. Having seen the prices and condition of many comparable properties (all built around the same time), I am seriously just wanting to give up on finding/buying a house, especially if all the houses in this typical price range are going to be swatted down by VA appraisal. Like if this one did not appraise well then how are the others we have looked at ever going to appraise any better? I get that they do not want you to over-pay for a property but I can guarantee that the comps they pulled (from several months ago) were not updated houses. [link] [comments]  |
| What does Shared Interest Mean in This Context? Posted: 30 Jan 2020 03:28 AM PST Reading from a California Real Estate book, it first talks about how a real estate agent can make suggestions as to a preferred escrow company for both the buyer and seller. Then it says: "It is imperative that you, as the salesperson, disclose in writing any shared interest that you or your broker have with the selected escrow company." What is meant by "shared interest?" At first I thought it meant something along the lines of getting some kind of compensation if a particular escrow company was selected. Until I read further on down where it says: "A real estate licensee is prohibited by law from receiving any "kickback" for solicitation of escrow business. (This also applies to claiming a fee or compensation for referrals to title insurance, home protection companies, and pest control firms.)" What then is it referring to when talking about shared interest if the interest is not a fee, kickback, or any type of compensation? [link] [comments]  |
| (US) Question about appraisal. Posted: 29 Jan 2020 03:20 PM PST Hello everyone. I have the option of buying a building at an appraised price from 2 years ago at 490k. However, in the appraisal (Paid by the seller), there was an "extraordinary assumption" that the building will be made handicap accessible. The building is currently not handicap accessible and would cost roughly 100k to build a handicap ramp and restroom. I can also have the building reappraised and buy the building at the new appraisal price. My question to you is how likely is the appraisal price to go lower without the "extraordinary assumption" and with a neutral payer. Edit - Commercial building [link] [comments]  |
| Posted: 29 Jan 2020 07:11 AM PST Refinancing my house and received the following, in response to my question to loan officer about why my interest rate is higher than APR.. "3.281% is the APR (Annual Percentage Rate). This is your costs over the loan term expressed as a rate. This is not your interest rate. To get an APR of 3.281% you would have to "buy" the interest rate of 3%. When I say "buy", you will pay .5% of the loan amount at closing OR roll it into the new loan and pay interest on it over the life of the loan (30 years). .5% of your loan is $27,500 if your loan amount stays at $550,000. If you don't want to "buy" a lower rate, you can lock in your interest rate at 3.375% interest with 0 discount points and 0 origination fees which would make your APR 3.537%" I thought APY was the expressed rate and APR was actual interest rate. Does LO's reply sound right? [link] [comments]  |
| Difference Between Referral Fee and KickBack Posted: 30 Jan 2020 01:36 AM PST I've been comparing definitions side by side, looked at examples but it is still not clear to me what the differences are besides one being good and the other bad for the most part. What I've found is that a referral fee is a commission paid to a person responsible for bringing a customer to your business often tied directly to a sale. A kickback is a payment made to someone who has facilitated a transaction or appointment. They sound similar to me. How to know when it's one or the other or when it's good or bad? [link] [comments]  |
| Selling photos of past listing to new agent? Posted: 29 Jan 2020 10:04 AM PST I had a listing that expired back in October. Sellers did not relist with me and wanted to try another friend who was an agent. Fast forward to today, the agent reaches out asking permission to use the photos I took and aerial photos I contracted out on the new listing. I responded that I would be willing to give the agent full rights on all the photos for a price of $300. Does anyone have experience doing or trying this? And how did it turn out? [link] [comments]  |
| Posted: 29 Jan 2020 02:57 PM PST Wanted to hear your opinions on the negative side of applying for/using a FHA loan at 3.5% on a property. I'd live there for a year or two and then use it as a rental property to pay off the mortgage and hopefully receive a small passive income. If you could use numerical examples so I can picture your argument I'd really appreciate it [link] [comments]  |
| Posted: 29 Jan 2020 08:58 AM PST Hello, My wife and I recently bought a house built in the 1930s. As far as I can see, it was originally wired with ungrounded, armored cable and cloth-wrapped wires. Some of the work appears to have been upgraded in the kitchen, basement and near the upstairs windows, but a lot of it seems to have been done unpermitted and off-the-books, so I am not certain of the quality. Before we get too far into this, Does anyone know what the return on investment would be on rewiring the house with a modern electric system? Thanks for any help. [link] [comments]  |
| Posted: 29 Jan 2020 07:25 PM PST I'm not buying my forever house, but I'm selling the one I'm in to get to a better neighborhood and a better home. So, I was approved for a mortgage. I have two options. One is the 10/1 ARM at 2.15% but I would have to pay it off or refi before ten years is up. On the other hand, I have the 30 year conventional at 3.24% my credit union said I'd save about 13k on the 10/1 ARM and then could just refinance if I'm staying and didn't sell. Thoughts on this? I feel like it is a bold move, and from what I understand helped create the housing crash in the earlier 2000s. But on the flip side savings of 150 a month adds up. [link] [comments]  |
| How do I properly analyze an unstaged house? Posted: 29 Jan 2020 04:01 PM PST I consider myself a very visual person and find it difficult to properly picture how I might place my furniture and things in an unstaged house, which makes it really difficult for me to analyze one during a viewing vs a property that's already been professionally staged. What kinds of things can I do to better make decisions on unstaged houses? [link] [comments]  |
| I want to buy my mom's house from her landlord (and neighbor). How do I do it? Posted: 29 Jan 2020 09:56 PM PST I live in the Bay Area and work in the software industry. My mother lives in my hometown, in upstate NY, in a duplex apartment where she's been for over 20 years. Her landlord, a nice woman about my mother's age, lives in the adjoining apartment. She's owned it the whole time, and she and my mother are friendly. The landlord has had some health issues over the past few years, and generally seems to dislike being a landlord; I suspect she might be interested in a sale. My mother would like to stay in the apartment for good, and she agrees that the landlord might be interested in selling. So, I want to buy the house. I've never bought real estate before. I have plenty of cash (I could buy the house outright, if I wanted), and excellent credit. In addition, I worry about the possibility of disruption in my mother's life should the landlord decide to sell. I'd like to be able to make the landlord a reasonable (even generous) private sale offer, and have the landlord become my tenant. My mother would be my property manager (in exchange for free rent). I have no interest in taking advantage of this woman's poor health, or trying to pressure her into a deal, but I do hope she will agree to sell, and I do want to get a fair deal for myself. What's the best way to go about this? Should I just approach the landlord, and go from there? Or does it make sense to try to get an offer together first, and then approach her? I really have no clue. Moreover, does this even sound like a good idea? [link] [comments]  |
| Posted: 29 Jan 2020 03:56 PM PST We've been in our current house for 2.5 years and we are selling, closing set for 10 February. It has been our primary residence the entire time, and the first home we've ever owned. What taxes can we expect to pay next year from the proceeds of the sale? ETA: USA, Oklahoma, Tulsa County [link] [comments]  |
| Appraisal Came in 10K under contract price Posted: 29 Jan 2020 06:03 PM PST I am under contract for a new construction in a multiple-unit building, and the appraisal came in under the contract. I thought I had a good deal, even with the contract price. Some details:
It appears to me that the comps used in the appraisal are off, so we can potentially appeal the appraisal, and my agent agrees, but others have said that's not going change much. The developer said they will not reduce their price, but I was told that's a very bold statement to make, and that they may actually do so if threatened to leave the contract. It's my understanding that they don't want to sell too low, because it will impact every unit in their development moving forward. i do not, however, want to pay $10K out of pocket. How likely is a reappraisal going to change things? Will the developer really not budge, especially since buying season is about to hit? [link] [comments]  |
| Posted: 29 Jan 2020 09:42 PM PST So basically im almost 18 and i plan to move out with my brother and one of my friends to get an apartment but my friend is still 16 turning 17. And im tryna figure out if hes able to pay rent legally or anything or if im able to just let him pay a third of rent under the table or something. Does he need to get emancipated and go through a crap ton of bullshit or can he just crash at my apartment and pay me so i can pay the landlord? Idk if this is the right place to ask about this but someone lemme know if they have any info about this [link] [comments]  |
| Considering selling rental, after bad experience with renters Posted: 29 Jan 2020 02:44 PM PST So discovered that renters badly damaged SFH. * Under $10,000 to fix up. Was being managed. Options: #1 Considering selling, instead of dealing with next renters ruining things. #2 OR could just repair and re-rent out. Problem with selling is the tax hit. BUT don't know anything about commercial real estate. And was hoping managing commercial might be easier than residential, since helping property in good shape benefits both sides. Any advice? Especially on if commercial is a good idea. [link] [comments]  |
| Incorrect info on loan application Posted: 29 Jan 2020 08:51 AM PST My lender fat fingered the address for the home that my partner and I are purchasing, and have an incorrect last name for her for the names to put on the title. I have expressed these concerns with our lender on several occasions and they continually express that this is not a big deal, and that the final loan application that is signed at closing will have the correct information on it. Am I being ridiculous, or is this really something that should be disregarded? I'm just seeing red flags when being asked to sign something (especially since the signature is for acknowledging that the information in the document is accurate), yet some of the most critical pieces of information are explicitly inaccurate. Thoughts? UPDATE: I appreciate all the feedback, thank you! Overall, it sounds like this isn't anything to be concerned with and to just verify the information on the contract signed at closing. [link] [comments]  |
| Refinance Mortgage / Homestead Exemption Posted: 29 Jan 2020 03:55 PM PST I refinanced my mortgage in 2019 with a new Lender. Do I need to file a new homestead exemption? [link] [comments]  |
| First Time Home Buyer. Looking on ways to find estimated cost for building on a plot of land Posted: 29 Jan 2020 01:38 PM PST Hi Redditors, I am in the market for a new home. Living in Chicago area. Looking to buy in North Suburbs. I didn't find anything that would be fitting my need. Most sellers are listing and relisting to list again during spring. So I wondered what if I buy a land and build on it. I found a plot of land for 200k. The developer has built a home next to the plot and is for sale for about 750k. My budget is 450k together. So is it OK to buy this 200 k land and build a house on it for 250k. My concern is, this will look very out of place in that neighborhood. So I should I even think about this? Or constructing with a builder might be cheaper than buying a built house. So I can build a similar house for lesser money. I tried my best to explain. Hope you understood. If there are any estimating tools that would tell me what it would cost to build a 2 story, 4 br , 2800 sq ft house. [link] [comments]  |
| Analysis Question-Multi Unit Properties Posted: 29 Jan 2020 08:46 AM PST Hello Reddit, I have began the hunt to acquire my first rental property. Analysis 1.) Would you recommend I add anything to my spreadsheets? 2.) Could anybody give me suggestions on forecasting rehab costs? 3.) Whats the best way to find a local mentor? Any suggestions would be appreciated! [link] [comments]  |
| Posted: 29 Jan 2020 03:32 PM PST Can anyone recommend the best book for REIT investing. I'm looking to get into a career in this field and was hoping to get a full insight [link] [comments]  |
| First time buyer and being naive. [KS] Posted: 29 Jan 2020 06:19 PM PST Need some advice on this stuff I'm dealing with. I got with a realtor and found a home I liked. Told her I'm a newbie, but I've been trying to get educated on the basics. We did a walk through, did the inspection(housemaster) and I took a trusted friend who has been working on homes forever. He let me know that it's modular and they cut corners big time. He said if I buy it, the resell will likely be bad news. I went ahead and signed off saying I'm taking it as is. Two days later, my lender called me and said the county is calling it manufactured/mobile and that my loan will be denied. I knew that it's modular and took this as a sign to get out, because I was hesitating but signed off. Rookie mistake. The lender is also new to lending, which I did not know and found out today. And then I get called again and I'm told I can get a conventional loan for modular but I told her I just want out. My realtor is telling me we might have to get an attorney involved because i signed off on taking it as is, but my closing isn't until March and I haven't been approved for a loan(yet). I put down 1k earnest and did my 450 inspection. Can I back out and only lose this money? The lender even mentioned she would have to word her denial a certain way and I immediately got worried about this. I'm not trying to get sued. I learned my lesson with offering too high and too quick and now I just want out, even though I'm fully prepared to pay for the home. A google search is telling me I can back out before closing but I wanted to ask you all anyway. [link] [comments]  |
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