Bank of America's mortgage deferrals called misleading—what to know Real Estate |
- Bank of America's mortgage deferrals called misleading—what to know
- How to monitor the market during uncertain times?
- Bad time to buy?
- Sellers lied on disclosure and hid issues. Is this worth hiring a lawyer? [UT]
- First time home buyer wondering if buying a 2 bedroom would be a mistake
- Thoughts? How (if at all) will rising unemployment affect the housing market?
- I put down a deposit on a new apartment a week before quarantine.. can I get that back?
- Can you build a small house for 100k?
- Would a mortgage forbearance right now negatively affect my chances of getting a new mortgage in a year or so?
- Is it ever wise to use 401k money for a downpay on house?
- (California) Can business owners sleep in their office?
- Keeping you informed and updated on how to property managers, homeowners and renters should handle this health scare — as we adapt to life during COVID-19.
- Is it true you can't get a loan to purchase land to build on?
- [MO] Need some advice about having signed a lease but property wont be ready for a while.
- What can my wife and I reasonably afford
- NYC - how can 421a be pending?
- For sale, tenant occupied
- Negotiating SF purchase price during covid
- Purchasing During COVID. Can I Switch Jobs and Still Get Approved For Financing?
- Do you think luxury builders are ready to negotiate, or will they stubbornly wait this out?
- Low Income Disabled Vet -- Is it possible to buy a cheap townhouse if..
- (California) Do property taxes go up?
- Question regarding mortgage payment
- Real estate: OC + LA?
| Bank of America's mortgage deferrals called misleading—what to know Posted: 29 Mar 2020 02:56 PM PDT |
| How to monitor the market during uncertain times? Posted: 29 Mar 2020 06:16 PM PDT For those of us sitting out while we wait to see how things play out, what tools or metrics (and where to view them?), for both national and regional, can we look at to monitor the potential impact the virus as well as the recent lending changes will have? [link] [comments]  |
| Posted: 29 Mar 2020 06:22 AM PDT My girlfriend and I have been looking at houses for about a month now and our realtor has recently told us he believes that the interest rates for mortgages are about to see a 6-9% increase. To secure the very low interest rate we were told by our lender, he thinks we should try to be under contract within the next week. With everything going on there haven't been any new houses to come on the market in our price range. We are in Ohio if that helps at all. Has anyone else heard anything about rates skyrocketing? We just feel a lot of pressure to find a house quickly, obviously we won't settle for something we don't like. If we don't find anything we will just have to continue renting. [link] [comments]  |
| Sellers lied on disclosure and hid issues. Is this worth hiring a lawyer? [UT] Posted: 29 Mar 2020 10:15 PM PDT We recently bought a home. After moving in we've discovered 2 major issues that were not disclosed and appear to have been covered up. The roof leaks. Literally the first time it rained the week we moved in the roof was leaking through the ceiling. On the disclosure it says the seller "sealed the leaking roof according to a contractors advice and haven't had any problems since". After getting up on the roof there's no visible repairs up there. However where it leaks its appears he sealed the sealing with this water proof stuff I found under the sink. This resulted in the water just coming out of the light fixture instead. In the basement there was a bedroom that was very poorly finished. Its just a mosaic of cheap squares of carpet that dont match. We pulled it up and underneath the carpet was a plastic tarp glued to the cemet floor. I thought it was weird and we pulled up the tarp. Under the tarp water is leaking through the cement floor. On the disclosure it says, "Consulted a contractor about drain in third bedroom. Sealed with cement per their advice to finish it." To me that doesn't seem like something a contractor would recommend and it honestly seems like he "finished" the room as cheaply as he could to hide the issue. Our agent has reached out to the sellers to get their contractors name several times now and they're not returning calls. Is this worth calling a lawyer? I don't even know if the home warranty would cover issues like this. The roofing contractor we called out said we could try to patch it but it just needs a new roof. Our home inspector was not able to get up onto the roof because it snowed that day but he did say the roof looked okay and the sellers told him they had a roofing contractor fix a leak. The inspector obviously didn't see the water hidden by the tarp and the carpet. [link] [comments]  |
| First time home buyer wondering if buying a 2 bedroom would be a mistake Posted: 29 Mar 2020 07:01 PM PDT I'm a 27 year old single guy looking to purchase my first home. The only things I can find in my price range are 3BRs in crappy neighborhoods or 1 and 2 bedroom condos/townhouses in nice neighborhoods which is where I want to be. I found a really nice modern 2BR 1.5 bathroom townhouse in a great neighborhood with a great school district in my price range. I want to make an offer on it but I'm wondering if its a bad move since its not a 3 bedroom. I am not planning on this home being my long term residence to raise a family in. My hope is that I eventually meet a girl who I'll marry then have a family and move out of this place into a bigger home in like 7-9 years. It's plenty of room for me right now and has extra space if I get a gf who moves in and even an extra bedroom if I wanted to live here with one child. Ideal location for work and seeing family and friends. I'm hoping since it's in a highly sought after area in a really nice school district that I'll still be able to re-sell it in 7-9 years. I also think getting 7-9 years worth of equity in a 2BR is better than renting or buying a crappy 3 bedroom in a bad neighborhood where I dont want to live. I should also add that I'm taking out a 15 year mortgage so I should build some decent equity in 7-9 years. [link] [comments]  |
| Thoughts? How (if at all) will rising unemployment affect the housing market? Posted: 29 Mar 2020 06:39 PM PDT Goldman Sachs issued their unemployment numbers this past week and I believe they said they estimated 2.25 million applying for unemployment. If this number continues to grow, how will this affect real estate? [link] [comments]  |
| I put down a deposit on a new apartment a week before quarantine.. can I get that back? Posted: 29 Mar 2020 10:05 PM PDT Currently, I'm living in the same apartment I've been in for 3 years. I recently signed a new lease to move into a new apartment on May 15th. I paid the $1250 deposit, but due to the coronavirus, I was laid off and have not gotten a paycheck since March 12th. I don't have enough money to make my current rent next month, so can I ask my new landlord for my deposit back? I know they will say that it means I don't have the unit reserved anymore but I don't care if I lose the new place or not. Legally with the coronavirus pandemic changes in the world, can I get out of the new lease that I haven't moved into yet? [link] [comments]  |
| Can you build a small house for 100k? Posted: 29 Mar 2020 06:59 PM PDT Hi! My husband and I are looking to move back to our hometown (rural midwest town) however there is absolutely nothing for sale. We own some land with an ex-acreage on it (i.e. the house has recently been demolished but there is a good well, electricity, driveway, barns, yard, level ground, etc.). It's just us two and our dogs, and we try not to have more "stuff" than we need, so we don't need a big house at all. We're thinking 2 bedroom 1.5 bathroom house; maybe around 1200 square feet? We're thinking just a modest ranch style house. Would probably do an unfinished cement floor basement underneath it as well. We are not super handy people so we would hire professionals to do the vast majority of it, however we are planning on DIYing the fairly easy stuff like walls, sheetrock, flooring, paint, trim, etc. with the help of some handy family members. Does this sound doable in a ~100k price range? Thanks in advance, -Naive, prospective first-time home owners. [link] [comments]  |
| Posted: 29 Mar 2020 03:54 PM PDT I've had my pay temporarily cut due to my company being significantly impacted by what's going on. I've looked into a mortgage forbearance, but we were also planning to buy a new house sometime in the next year. Would future lenders look negatively on this? I understand it doesn't directly affect your credit score, but didn't know about that specific situation. [link] [comments]  |
| Is it ever wise to use 401k money for a downpay on house? Posted: 29 Mar 2020 06:47 PM PDT There's a lot of articles saying that you shouldn't take out 401k money early for downpay on a house. Was wondering if there's any benefits of doing so? Assuming that I'll be able to make money on selling this house in the future wouldn't it be worth it or use it as rental and generate passive income. I see a house as something tangible vs 401k money just sitting there. Right now i believe they are waiving early withdrawal penalties for 401k due to coronavirus so might be an opportune time to cash out. [link] [comments]  |
| (California) Can business owners sleep in their office? Posted: 29 Mar 2020 07:45 PM PDT Let's say you're renting a business office in a business center. You're paying rent and it's coming straight out of your business's bank account, not your personal bank account, so it's all tax deductible. You want to maximize this benefit by nixing your house (you never liked your kids anyway) and setting up shop at your office. Would it be legal for someone to live in their office, provided it was possible (building security allowed it, front door was still accessible, etc.) ? [link] [comments]  |
| Posted: 30 Mar 2020 02:49 AM PDT |
| Is it true you can't get a loan to purchase land to build on? Posted: 29 Mar 2020 12:41 PM PDT Neighbor was saying you have to have cash in hand to buy land outright to build on. Is a land loan impossible or does good credit count? Thanks for your time [link] [comments]  |
| [MO] Need some advice about having signed a lease but property wont be ready for a while. Posted: 30 Mar 2020 01:20 AM PDT So some context: My boyfriend and I had been wanting to move and talking to landlords before all this covid stuff started. Cool guy who isnt from the area and is renovating houses to rent out. He only had one place ready but it was out of our price range. But we were cool with waiting for the other place to be fixed up. Then we mentioned possibly needing to move sooner. He told us that he had a tenant moving out of another one of his properties and to a different spot hes fixing up soon. Said by April. We went to check out the place and really liked it but the person had not boxed up anything. He talked to me not long after and said that its very possible that she wont be out until halfway through april and he was unsure of when we could move in. We said that should still work. He then wanted us to sign a lease and pay deposit. We asked if we were able to sign and pay deposit closer to when we actually move in since we dont actually have a date or know when. This made him think we couldnt pay and put it back on market. Which made my boyfriend panic and pay the whole $1400 deposit that night after signing. Then the virus started and my boyfriend is out a job. (Hes looking into unemployment and other stuff he can do) We asked the landlord if he could help paint the place the current tenant is moving to for pay. He agreed and when we went to check it out, it was no where near livable. Id say over a month of work. My friend needs me out of her basement and my boyfriend needs to move out of his apartment asap. Our friend has a duplex and the other half is open. Willing to work with us on stuff due to the virus. We can move in immediately if needed. Ive read the lease and theres nothing specifically about our case. Just the 30 day notify about the lease break. So I'm not sure what to do. Cause we have no clue when the place will be available for us to move in (the lease does talk about the uncertainty but says that to rememdy that we wont owe rent for April) but I dont think it'll be ready in April. And we need to move asap. Are we able to get our deposit back? Will we get in trouble for breaking the lease? [link] [comments]  |
| What can my wife and I reasonably afford Posted: 29 Mar 2020 07:20 AM PDT I live in Seattle where houses are extremely expensive, although they may be decreasing soon. We rent a cramped 2 bedroom in a great area but it is expensive as you can imagine. Our household income is around 150k a year. I make the vast majority so there is risk if I become unemployed. We have about 40k (took a hit) in stocks. 12k liquid cash. No car payment, no kids currently. Another 45k left of student loans at 6.6% interest. My wife and I are way off in what we think is reasonable due to our backgrounds. She thinks we should look at 600k homes, but I cant wrap my head around that. Are people using more percentage of their income for mortgage these days? We are not planning to buy for a year or two but I just want to start a bit of planning. Always been a renter so have no idea about this stuff. Any advice is helpful and thank you in advance. [link] [comments]  |
| NYC - how can 421a be pending? Posted: 29 Mar 2020 08:27 PM PDT I've seen "pending 421a" or "expected with 421a" in a number of listings this year. Isn't the program dead like circa 2016? Wouldn't someone know if the papers went through or not four years later, or does it really take longer? Tell me what I don't see here and thank you :) [link] [comments]  |
| Posted: 29 Mar 2020 06:50 AM PDT So this morning I noticed a bunch of new listings that state the property is tenant occupied. One of my clients called me about a few listing that popped up today priced a little below market value. They all say the property is tenant occupied and some say that they tenant has been give "notice". With the current situation I'm thinking to advise my client that he is likely not going to be able to collect rent or evict them for a long time. He has been looking for an investment property to live in and rent partially. Do you think this is good advice? I think if he can't afford to pay the mortgage without iving there, and collecting rent, then it is a bad idea. [link] [comments]  |
| Negotiating SF purchase price during covid Posted: 29 Mar 2020 05:39 PM PDT So, I've been looking for a SF for a while, and one that was under contract came back on the market thanks to the covid collapse. This is a rural market with declining population for the last few decades. The biggest employer in town (tourism) just announced their layoffs. I anticipate being fine myself, thankfully. I went to look at this place today. It's a nice fit, but I don't need a new place to live. The asking price on this house is the same as it was pre-collapse. I 100% do not want to be buying a place like its 2007, but any value adjustment for this house based on covid issues is speculation at the moment, so I'm not sure what kind of agreeable terms there could be between me and the seller. I guess I'm wondering what would make people jump on buying a house at the moment. I've seen a lot of posts about deals falling thru or people opting to wait. I'm wondering if I can float some ideas about price reduction to the seller that could be agreeable. [link] [comments]  |
| Purchasing During COVID. Can I Switch Jobs and Still Get Approved For Financing? Posted: 29 Mar 2020 03:42 PM PDT So a little back story. My husband and I are in the underwriting process for our first home. My husband is a trauma nurse so his job is essential and he's getting way more hours than usual. My job however is non-essential so I've not been working but my employer is still paying us at least until April 10th. With Trump extending the COVID protocols until April 30th it is very likely that I will be "laid off" so to speak. I will still be employed but I might not be getting paid through that time. My parents own an essential business and have offered to hire me indefinitely at the same salary as my current job so we don't lose this house. So my question is, will that make any difference? Can my parents write a letter stating what my salary will be and that I will be employed indefinitely? Some background: husband makes $60k, I make $42k. Our loan is a VA Loan. Our lender is Veterans United. We are set to close on May 5th. Any advice helps!!! Clarification: I will not be laid off. I will still be employed. But I might not be getting paid through April 30th. [link] [comments]  |
| Do you think luxury builders are ready to negotiate, or will they stubbornly wait this out? Posted: 29 Mar 2020 03:33 PM PDT Difficult question to answer, I know. Looking at a million dollar home next week from NV Homes. I'm a cash buyer and ready to pull the trigger at the height of uncertainty. I just want to make sure this is advantageous to me. I don't want a deal that I could've had in September 2019, I want some extra considerations on upgrades because I'm pretty sure I'll be the only home this neighborhood sells in April. Are builders in general looking to make deals to keep selling, or are they sticking to their guns? [link] [comments]  |
| Low Income Disabled Vet -- Is it possible to buy a cheap townhouse if.. Posted: 29 Mar 2020 10:42 PM PDT TL;DR I make $1,131/month from VA disability. Would it be possible to purchase a $50,000 to $60,000 townhome with that being my only income? I have been psyching myself out as multiple, albeit automated, tools are suggesting that my mortgage would be too small or that I don't make enough. I have no debt and a 730 credit score. There are no stipulations to my disability income and will be receiving it for life. Hey everyone, I recently received a letter from my current landlord (apartment I rent) that I have ten days to vacate due to a complaint of drug related activity in my apartment. Not sure where the complaint stems from other than a neighbor who smokes marijuana. I know this because it makes our hallway reek of the stuff. I have not imbibed any controlled substances since we moved to the state we are living in and have never had marijuana or any other drug, prescription or otherwise on the premises. The notice we received via certified mail stated that there was a complaint and we had 10 days to rectify the situation or we would be evicted. As I am unsure how to rectify an issue that does not exist, it got me considering the alternatives. I am currently a disabled veteran making $1,132 a month from VA disability from getting injured by an explosion. Would it be possible to purchase a cheap townhome? Would banks approve a mortgage that small? Having a low income seems to be a very daunting hurdle to overcome, even though I am currently renting a place that is approximately 4 times what a mortgage would be and have been for over 4 years. Thoughts? Truly appreciate your time! Edit: Grammar Edit: Additionally, if this is not the proper place for this question please let me know and I will remove it promptly. [link] [comments]  |
| (California) Do property taxes go up? Posted: 29 Mar 2020 08:37 PM PDT Let's say you bought this 6,500 acre of land for a cool $28 million. I have some questions: 1) You bought the land, but are you required to still pay property taxes on it, even if there are absolutely no buildings on it at all and not a single soul roams the soil? If so, how much do you reckon that would be (if it were still just plain land)? 2) Now let's say you start building - schools, stores, hospitals, fire and police departments, all that stuff. Would the property tax go up? If so, what sort of metric is the increase based on? [link] [comments]  |
| Question regarding mortgage payment Posted: 29 Mar 2020 04:16 PM PDT If I settle on a house on the 1st of June, when do I start paying mortgage? [link] [comments]  |
| Posted: 29 Mar 2020 07:26 PM PDT Hey all, so this might be a really stupid question, but I'm a senior in high school looking to do real estate in southern california after college, and was wondering if I wanted to do real estate in places like laguna beach/laguna niguel area AND somewhere like the Hollywood hills at the same time eventually, could you do that, or do you have to stick to a smaller area like only laguna beach/niguel area. If so, how? thanks! [link] [comments]  |
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