Could this virus outbreak be the bane of commercial real estate? Real Estate |
- Could this virus outbreak be the bane of commercial real estate?
- In ESCROW and being temporarily laid off.
- Im an owner occupied landlord in Uostate NY. My tenants have people over regularly. Should I be concerned cause of Covid - 19?
- Advice: first time buyer, good or bad time to buy? (Los Angeles)
- Did any foreclosure investing books/blog come out specific buying during&after the 2008 crisis?
- 3 Brothers 1 House return on investment percentage question
- First time home buyer in no rush should i wait
- As a foreigner, can i buy and rent a property in the USA?
- Looking for some good books about Real Estate
- Closing next week
- Offered accepted, which lender should I choose?
- [Long Island] Appraised lower than expected, advice welcome.
- [WA] Modifications for Real Estate during "Stay Home" order: NWMLS update 3/28
- I can no longer lock in a rate?
- (US, California) Is it worth getting another hard credit check to get a lower mortgage interest rate?
- Nervous about closing tomorrow.
- 1 mos tenant extension - Best to take down and repost apartment ads?
- Was set to close soon but open permits found ...
- Can I ask Charles Schwab about a payment plan for a mortgage?
- Landowners here with rent issues
- Those buying or selling in Pennsylvania
- [California] How Can I Convince Dad to Let Me Control the Property without Owning It?
- Credits/Concessions vs. Down Payment % (USA)
- Will this affect me in a few months when I want to apply for a mortgage loan?
| Could this virus outbreak be the bane of commercial real estate? Posted: 30 Mar 2020 06:43 AM PDT At first, it was online shopping when people realize they don't need to leave their homes to get what they wanted. Now, companies and employees are realizing they don't need the thousands and millions of square footage to conduct business. Could this be the bane of commercial real estate? *Don't get me wrong, commercial real estate will always exist...at least in our lifetimes. But, more and more people are realizing that it's not as necessary as once thought. Therefore, the demand will not be as great. [link] [comments]  |
| In ESCROW and being temporarily laid off. Posted: 30 Mar 2020 07:41 PM PDT IN OREGON Currently two weeks away from closing on a house (first time home buyers) and our loan officer just received a Verification of Employment from my employer on Friday stating that I was hired on as a full time employee. Today, he temporarily laid me off due to COVID-19. Here's my question - Can I still be listed as an employee (Basically being on an unpaid vacation for two weeks) just so it doesn't get reported to the mortgage company? Is that legal? Him and I discussed it and his main concern are the legalities and so am I. I have had the choice to collect unemployment but chose not to due to the fact that we're still in escrow and I didn't want to throw up any red flags to our Loan Processor. I just don't know what route to take, Thank you so, so, so much in advance for any feedback. [link] [comments]  |
| Posted: 30 Mar 2020 04:03 PM PDT Title says it all. We share the same doorknobs and stuff coming in the house. In NY we are supposed to eliminate all unnecessary social gatherings. Do I have a right to be concerned. There's over 100 cases in my county. I'm just sort of annoyed that they don't seem to be taking things serious. What should I do. [link] [comments]  |
| Advice: first time buyer, good or bad time to buy? (Los Angeles) Posted: 30 Mar 2020 06:48 PM PDT I'm a first time homebuyer and have been looking for about a month or so. I made one offer ( with 30% down) about two/three weeks ago and was outbid by multiple offers and some with cash. However, things have changed a lot in those few weeks. Three weeks ago, there were a few hot properties with as many as 22 offers as it is/was indeed a very competitive market. My sense is that it has (obviously) cooled off a bit since then. I have also seen properties go back on the market although I'm not sure how much of that is normal. Is this a good time to buy? Since there may be a lull in the competition. Or should I just wait it out a few months? Everything I read ranges from depression /recession/ deflation to everything bouncing back to normal end-of-year. [link] [comments]  |
| Did any foreclosure investing books/blog come out specific buying during&after the 2008 crisis? Posted: 30 Mar 2020 05:05 PM PDT |
| 3 Brothers 1 House return on investment percentage question Posted: 30 Mar 2020 10:11 PM PDT My 2 brothers and myself are going to be investing in a house for 2 out of the 3 of us to live in. We will all be contributing 1/3 of the initial down payment. Since only 2 of us are going to be living in the house and paying for the mortgage and increasing the equity in the house. How would we split up the return on investment for the 1 silent partner and 2 active contributors? Would it just be the overall equity contribution percentage at the time of the sale, including appreciation? Thanks in advance for any guidance. [link] [comments]  |
| First time home buyer in no rush should i wait Posted: 30 Mar 2020 08:27 PM PDT As the title states i have been looking for a house for almost a year and am in no rush to buy whatsoever, me and my so were approved for more than we plan on spending but nothing is jumping out at us. Dumb question but can i expect the market in southeastern PA to drop due to economy taking a shit right now? Tia [link] [comments]  |
| As a foreigner, can i buy and rent a property in the USA? Posted: 31 Mar 2020 03:52 AM PDT I am a foreigner, i consider buying a property in the USA and rent it to a tenant to generate passive income (or at least let the tenant cover the mortgage). As someone who is not living in the USA and cannot take care of the maintainance - is there any services in the USA that i can use to let them take care of that for me? [link] [comments]  |
| Looking for some good books about Real Estate Posted: 31 Mar 2020 03:01 AM PDT I'm 19 and started reading recently. I want to be financially independent eventually. I'm reading and have read books about personal finance, money management and investing so far, I'm looking for some real estate books now:) I'm based in Ireland if that matters [link] [comments]  |
| Posted: 30 Mar 2020 06:09 PM PDT We are all set to close on April 6th on our new home. We have a 3.25 interest rate on a 15 year loan. I would like to keep our current locked in rate because my husband has bad credit and I don't believe we will get a better rate if we re-do the financing once our rate lock expires, therefore, I won't be able to push back our closing any further. I was in a rush to buy because I was going to leave my steady job (haven't put in my notice) to go full time into private practice (which I doubt will happen now due to COVID-19). We both are still employed and should keep our jobs. We wanted to upgrade from our tiny home so we can start a family and have a backyard, etc. Our current house was listed 9 days ago. We thought we were going to be into a better position selling this house for a large profit and quickly. We live 3 blocks away from a major hospital (UTMB) and in a beautiful location in the historical district of Galveston. We have only had 2 showings so far which really worries me! We have a couple of options: -continue with closing. rent our current house, hopefully to medical professional who needs a place to live such as a resident, nursing student, etc. -back out of our new home. There is a COVID-19 addendum that came out and we can pretty much back out for any reason and get our earnest money back Thoughts? This is such an unnerving time!! [link] [comments]  |
| Offered accepted, which lender should I choose? Posted: 30 Mar 2020 05:29 PM PDT First time home buying, applied with 2 lenders back in February, offered accepted this weekend in a not very expensive but competitive market west side of the saltwater from Seattle, closing date is projected to be May 1st. Both lenders quoted me 3.75% interest rate before buy down Lender 1(BofA) need 35 days so that would require me to extend closing date for 3 days, officer fairly responsive, the highlight is that they have a program that offers to pay 7500 of closing cost. Lender 2(a local lending company) responds very swiftly, great customer service, could close on time. Which one should I choose?? I'm torn because 7500 would be extremely helpful to have but I'm not sure if it's worth asking to extend closing with all these uncertainties. My agent highly endorses Lender 2 since they have a close working relationship and I can see the benefits of being able to close quickly. I can also potentially negotiate half of the closing with the seller after inspection. Let me know if there's a clear answer! Thanks [link] [comments]  |
| [Long Island] Appraised lower than expected, advice welcome. Posted: 31 Mar 2020 01:50 AM PDT Disclaimer: mobile, apologies for any formatting issues. My husband and I are under contract to purchase our first home. We both thankfully remain essential employees working from home. We live in an extremely high CoL area. When we put in our offer, we deliberately offered more than asking price, because we wanted to lock in the house asap and we really liked it. Homes in our region and budget have come on the market and accepted offers in literally 2 days (I wish I was making that up). House was listed for 370k, we basically agreed to pay 390k. We are putting down 75k, no PMI with our lender. Today, we learned that the house appraised at 33k under our offer because of some of the features of the house are outdated (old bathroom, kitchen could use updating, and some of the hardwood flooring had scrapes and dents, etc.). We intend to live in the house for at least 5-7 years, and we intend to make plenty of upgrades to the house. We were under the impression that the long island real estate market will generally remain a sellers market and when we go to sell, we will be able to get a return on our investment. While we expected a lower appraisal than our offer, we did look at comparisons for the house when we put in our offer, with the help of our agent. How concerned should I be at this point? [link] [comments]  |
| [WA] Modifications for Real Estate during "Stay Home" order: NWMLS update 3/28 Posted: 30 Mar 2020 03:13 PM PDT These updated FAQs were sent out by the Northwest Multiple Listing Service (NWMLS) after Governor Inslee agreed to certain modifications to the Stay Home, Stay Healthy Order for the real estate industry. They were first sent out on Saturday 3/28 but I delayed posting because we anticipated there might be further changes over the weekend. Please note that the Governor's order applies to the entire state, but the NWMLS area includes only 23 counties in Washington state. It is the most up-to-date information real estate agents have at this time. Some questions were omitted as they are not relevant to the public. Quick note from Washington REALTORS:
[NWMLS] COVID-19 Frequently Asked Questions: Stay Home, Stay Healthy Order On Saturday, March 28th, in cooperation with Washington Realtors, Governor Inslee agreed to certain modifications to the Stay Home, Stay Healthy Order for the real estate industry. Due to the fact that the vast majority of real estate brokers are abiding by the order, several of the original restrictions on in - person activities have been revised – provided that strict protocols for social distancing are implemented. What are the required protocols for any permitted in-person activity? The protocols that must be followed for permitted in-person activities include:
NWMLS's Rules provide that a broker may not leave a third party unattended in a property. Accordingly, brokers must only bring one person at a time into the property. What in-person real estate brokerage services are now permissible? Provided the above protocols are followed for any permitted in-person activity, real estate brokers may:
Real estate brokers may not:
Note that any broker who violates the Governor's order not only puts himself/herself and his/her family at great personal risk, but also puts the broker's real estate firm and his/her clients at risk. Any violation of the order is a gross misdemeanor and a violation of the real estate license law (RCW 18.85). Can lenders, title, and escrow continue to operate during the Stay Home, Stay Healthy Order? Yes. The "Financial Services Sector" has been deemed essential. This includes workers who are needed to process and maintain systems for processing financing transactions and services and insurance companies including mortgage lenders, escrow and title insurers. Because the Financial Services Sector is considered essential, real estate transactions that are under contract may be able to proceed to closing. Of course, there could be delays, which is why the parties should use the new Force Majeure and Closing Addendum (Form 22FM). Can brokers physically preview or show properties? Yes. In-person previews or showings of properties are permitted if the required protocols are followed. Previews or showings must be by appointment, a total of no more than two people, including the broker, are permitted at the property at any one time, and those two people adhere to strict social distancing guidelines established by the CDC. Any previews or showings should be conducted as expeditiously as possible. Real estate brokers may not leave a third party unattended in a property. Accordingly, brokers must only bring one person at a time into the property. Sellers should vacate the property prior to any preview or showing appointment. In addition, listing brokers should stagger any preview or showing appointments to avoid any overlap. In lieu of physically showing the property, brokers and buyers can utilize virtual tours and videos that are included with the listing. Brokers should also consider virtual showings to further practice social distancing. Can inspectors conduct home inspections during the Stay Home, Stay Healthy Order? Yes. If an inspection is required in a pending transaction, an inspection may be conducted, provided that it is by appointment, a total of no more than two people, including the broker, are at the property at any one time, and those two people adhere to strict social distancing guidelines established by the CDC. The inspection should be conducted as expeditiously as possible. A pre-inspection of a property prior to mutual acceptance of a purchase and sale agreement is permitted, provided that it is by appointment, a total of no more than two people, including the broker, are at the property at any one time, and those two people adhere to strict social distancing guidelines established by the CDC. The pre-inspection should be conducted as expeditiously as possible. Because a broker may not leave a third party unattended in a property, the two people at the property for the inspection should be the broker and the inspector. Sellers should vacate the property prior to the inspection. Can appraisers conduct in-person appraisals during the Stay Home, Stay Healthy Order? Yes. If an appraisal is required in a pending transaction, an appraisal may be conducted, provided that it is by appointment, a total of no more than two people, including the broker, are at the property at any one time, and those two people adhere to strict social distancing guidelines established by the CDC. The appraisal should be conducted as expeditiously as possible. Sellers should vacate the property prior to the appraisal. Can buyer's brokers conduct "buyer walk-throughs" prior to closing during the Stay Home, Stay Healthy Order? Yes. If a walk-through is required in a pending transaction, a walk-through may be conducted, provided that it is by appointment, a total of no more than two people, including the broker, are at the property at any one time, and those two people adhere to strict social distancing guidelines established by the CDC. The walk-though should be conducted as expeditiously as possible. Sellers should vacate the property prior to the walk-through. Can brokers retrieve house keys and provide to a buyer after a closed sale? Yes. If keys to the property are not otherwise available to a buyer at closing, a broker in the transaction may make arrangements to retrieve and deliver the keys to the buyer, provided that it is done so by appointment, a total of no more than two people, including the broker, are at the property or at the location of the key delivery, and those two people adhere to strict social distancing guidelines established by the CDC. Can real estate brokers input new listings in the MLS system during the Stay Home, Stay Healthy Order? What about property photos? Yes. Real estate brokers are permitted to input new listings into the MLS system – from their home. Real estate brokers may conduct listing presentations, take photos of the property, and create virtual tours for new listings, provided that those activities are done so by appointment, a total of no more than two people, including the broker, are at the property at any one time, and those two people adhere to strict social distancing guidelines established by the CDC. In addition, a seller may take pictures of his or her own property and send those photos to the listing broker. Please note that professional photographers are not considered "essential," thus all photos must be taken by the broker or seller. Can Sellers take their listing temporarily off the market during the Stay Home, Stay Healthy Order? Yes. A seller can choose to change the status of their listing temporarily off the market. Listings in the "TOMK" (Temporarily Off Market) status will not be displayed on member's public websites. Can stagers stage homes and remove furniture from a listing during the Stay Home, Stay Healthy Order? No. Stagers may not stage homes or remove staged furnishings from a listing for the duration of the order. Can moving companies move buyers into a property and move sellers out of a property? [UPDATED 3/30 at 4:54pm] The Washington Mover's Conference (the statewide trade association for moving and storage companies) has received information from the Governor's office that moving companies are permitted to operate when needed to ensure that people remain in housing, that contracts are fulfilled, or that vulnerable individuals are removed from danger. All moving work must be conducted with the fewest employees possible and follow social distancing and sanitation measures. For additional information, please consult your moving company or the Washington Mover's Conference. Can brokers install for-sale signs at a property during the Stay Home, Stay Healthy Order? Yes. Brokers are permitted to install for-sale signs, provided that the sign is installed by appointment, a total of no more than two people, including the broker, are at the property at any one time, and those two people adhere to strict social distancing guidelines established by the CDC. As a practical matter, brokers should install a temporary sign until the order is lifted, as third party sign installers and "call before you dig" services are not considered essential. Can contractors make repairs associated with an inspection response during the Stay Home, Stay Healthy Order? Generally, no. The only repairs that are allowed are emergency repairs and repairs necessary to the structural integrity of the property. Other repairs or improvements (e.g. for cosmetic purposes) are not allowed. For anything other than emergency or structural repairs, buyers should consider negotiating a price reduction so that a buyer could complete the work after closing and after the order is lifted. Is NWMLS going to stop days on market and cumulative days on market from accumulating? No. NWMLS conducted significant research and analysis, considered the MLS system's technical limitations and possibilities, discussed several policy concerns, and analyzed a variety of options and proposals. There are many technical and philosophical challenges with temporarily changing code, database structures, and statistical information. In the end, the Board of Directors determined that the best solution was to leave the system as it exists today. All sellers who leave their listing Active during the stay will be in the same position as one another and days on market will continue to accrue. Buyers are obviously aware of the Stay Home, Stay Healthy Order and the government mandate to stay at home. Sellers have the option to take their listing temporarily off the market during the stay, and if they do so, days on market will not accrue, until the listing is re-activated. [link] [comments]  |
| I can no longer lock in a rate? Posted: 30 Mar 2020 01:36 PM PDT I asked my loan consultant if I could lock in a rate today and he told me that due to the uncertainty in the economy and rates right now they unfortunately lost their ability to lock into a rate without an accepted offer. This is a loan consultant from loan depot. Is this true industry wide? [link] [comments]  |
| Posted: 30 Mar 2020 11:14 PM PDT Here's the situation: In Escrow for a house. We close on April 10. Wife's Current Credit Score 810+ My Current Credit Score 805+ We went into escrow right when the mortgage rates went crazy after the recent low. When we were shopping around and looking to lock, the best we could find was 3.625% for 30 year fixed. Our lender (BoA) is floating our rate, and said that if we see a lower rate somewhere else, if we show them the Loan Estimate, they can match it or do better. At this point, we'd like to get a lower rate if we can. We have had about 7 inquiries over the past 3 years; 5 of them being from lenders in past 4 months, and more recently 4 of them in the past month since we made the offer. With our scores being high, is there any reservation about doing one more credit check to potentially get a lower rate before we close? What would we need our credit for, in the near term, after we buy our house? We aren't expecting to open any other lines of credit. We don't have any debt (except a credit card we pay off monthly) and our soon to be mortgage. So in my mind, even if our scores drop to 770, it will be worth it for the lower interest rate and our score will probably bounce back within the next few months. Thoughts? [link] [comments]  |
| Nervous about closing tomorrow. Posted: 30 Mar 2020 08:33 AM PDT I qualified for a second mortgage and the plan was to rent my first home but now with everything going on this is just nerve wrecking. My job is fine but my wife has already been put on furlough. [link] [comments]  |
| 1 mos tenant extension - Best to take down and repost apartment ads? Posted: 30 Mar 2020 09:54 PM PDT Dear community, Wondering if there are any people on this forum that know a thing or two about effectively posting apartment ads online and how to maximize exposure. I have been running ads for about 3 weeks online to secure a new tenant through the free platforms like Zillow Apartments.com, Rentberry, Zumper etc My current tenant has now extended his lease by a month until mid May (6 weeks out). Is it typically better in a constellation as such to take all ads down and repost as to not make them look stale and get some potential freshness boost when reposting in 2-3 weeks? TIA. [link] [comments]  |
| Was set to close soon but open permits found ... Posted: 30 Mar 2020 02:49 PM PDT Some background .. back in february we put an offer (asking) on a home we absolutely loved and were accepted with a closing date set for march 20th. Our lawyer let us know a few days before the pandemic was officially declared that some open permits (2 are from 1950's-1960's and 1 from 2012) were discovered and that the seller would have them closed before we proceeded. We also found out during the inspection (before the open permits were mentioned) that they found signs of termites & mice (minor, we were assured it shouldn't deter us from the home and that we just need to get terminex out there after we close) as well as some other repairs that need to be made. Because of the perfect location and everything we've gone through so far we decided to push through. The seller just reached out today to say they really want to sell and are willing to negotiate asking price leaving the burden of closing the permits to us.. I'm still waiting for our lawyer to get back to us to see what his advice is and what our options are but I just thought I'd see if anyone had any advice or insight? No matter how much I try to read up on the home buying process I just feel lost right now, thanks for reading if you got this far [link] [comments]  |
| Can I ask Charles Schwab about a payment plan for a mortgage? Posted: 30 Mar 2020 08:44 PM PDT Given the current coronavirus situation, would Charles Schwab be willing to work with me on a payment plan if I call and inquire about it? Trying to decide if it'd be a waste of my time. Thanks [link] [comments]  |
| Landowners here with rent issues Posted: 30 Mar 2020 07:52 PM PDT Landowners, are you guys expecting to reduce payments to tenants or give them some sort of break? [link] [comments]  |
| Those buying or selling in Pennsylvania Posted: 30 Mar 2020 04:02 PM PDT How's the process going with the shutdown of nonessential services? We were ready to place an offer right before the covid outbreak. [link] [comments]  |
| [California] How Can I Convince Dad to Let Me Control the Property without Owning It? Posted: 30 Mar 2020 03:58 PM PDT Hi all: hoping someone can give me some guidance here: tl;dr: For purposes of hiring and working with a property management company on my parents' behalf, what legal mechanism or instruments could/should I use to do so for a rental house that my parents own but are being belligerent about? Backstory:
Their Challenge:
My Challenge:
Problem Statement:
My Ask for Reddit's Guidance:
I'm not making any money off of this - I'm doing this to protect their lifetime investment and, truth be told, protect my retirement nest egg as I stand to inherit the estate when they pass away. My dad, out of frustration, threatens to "sell everything and be done with it" more often recently. I can't blame him. While, in principle, it would relieve him of the headache it would be a financially horrific decision to make. The 40% capital gains tax ALONE..I needn't go on. Any thoughts, Reddit? [link] [comments]  |
| Credits/Concessions vs. Down Payment % (USA) Posted: 30 Mar 2020 06:35 PM PDT (Assume conventional USA loan) The lender tells you that you aren't able to take full advantage of the seller concessions because it would result in your not coming to the table with 5% of your own $. Which of the following line items on the closing disclosure count toward that 5% requirement?
--- The lender is telling me that 1, 3, and 4 need to total >=5%. Having a hard time seeing how credit from seller for partial year property taxes is considered part of the down payment amount, but #2 is not. Anyone help? [link] [comments]  |
| Will this affect me in a few months when I want to apply for a mortgage loan? Posted: 30 Mar 2020 02:20 PM PDT Will be laid off for a month or two and will return back to work in either May or June. Meanwhile I'll collect unemployment and keep saving as I have been. I'm wondering if collecting unemployment will have a negative impact when I try and get qualified for a mortgage? Or if it's better to apply somewhere like at Costco or amazon instead of collecting unemployment? Thank you in advance! [link] [comments]  |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment