Forebearance to free up cash flow: Virus Opportunity Real Estate |
- Forebearance to free up cash flow: Virus Opportunity
- New listings suddenly hitting the market at higher than usual prices
- Loaner asking to have 6 months of mortgage payments on reserve in bank at closing
- Would you buy a house right now? (Details of our offer situation inside too)
- As a buyer, is the Seller allowed to know why buyer was denied financing to purchase home?
- Do you actually need two years of tax returns in order to get a mortgage?
- How can I get back in /landlord group?
- What happens if a gift for part of a home down payment isn’t seasoned?
- Torn between buying a house and uncertainty due to coronaVirus
- Stagflation and real estate
- I'm moving to NYC. Are there any nearby markets with high rent yields outside of the local area?
- Thinking of creating new home inspection software if you are a home buyer or inspector, I'd love if you could fill out this quick survey!
- Living next to a storm water pond...
- Are you guys buying during SARS COV2?
- Can I get out of my contract
- for landlords, do you use SAAS like avail.co ? (WA)
- Northern Virginia real estate. No inspection when buying?
- Appraisal scheduled for 2 days from now
- (US) What's the General Consensus on Video Only Tours?
- House is currently for sale. What happens if I apply for forebearance, and then it sells?
- Land with a fixer: how do I determine value?
- Landlocked property
- Are we being unreasonable sellers?
| Forebearance to free up cash flow: Virus Opportunity Posted: 28 Mar 2020 03:57 PM PDT Many are suggesting calling/emailing banks to ask about forebearance so I did exactly that. I was offered 90 days of interest free forebearance so I took it to stockpile more cash for an upcoming transition of mine back to school. Sure it extends the life of my loan, but it ultimately doesn't cost me anything since it's no interest. I was suggested by my bank to continue to pay Escrow for taxes/insurance/etc. so I did just that. I actually paid 90 days of escrow upfront so I can forget about making payments for a little while. This move makes sense for me because I want to save up an emergency fund as I go back to school and forego a salary. What do you think? Will you try it? Am I missing a major downside here? Edit: Make sure to read the comments. Remember, if it sounds too good to be true, it probably is. The worker I spoke with from my bank sounded a little confused herself, so I am following up in writing to make sure I've got these details correct. Furthermore, as someone commented, I meant deferment not forebearance. [link] [comments]  |
| New listings suddenly hitting the market at higher than usual prices Posted: 28 Mar 2020 12:30 PM PDT Been keeping an eye on houses in the city we're moving to and tons of new listings have been added in the past week. They're all priced higher than comps and have horrible pictures like they were rushed to be listed. Anyone notice something similar in their city? [link] [comments]  |
| Loaner asking to have 6 months of mortgage payments on reserve in bank at closing Posted: 28 Mar 2020 09:05 PM PDT Our loan was approved on a some conditions a few weeks ago. We were only asked to provide more bank statements and other doable things. Today our mortgage broker let us know that due to COVID19 the bank is now asking we have 6 months worth of mortgage payments in our bank at closing. That is an additional $15k and they are only giving us until April 15... Feeling defeated. Not even sure I have a question here but if anyone has some thoughts please... EDIT: FHA LOAN, 2 family home investment (we would live in 1 of the units), $16k of what is in our accounts can't be used since they were made as large cash deposits in January [link] [comments]  |
| Would you buy a house right now? (Details of our offer situation inside too) Posted: 28 Mar 2020 07:41 PM PDT Hi all, I know this market is a gamble right now, and there's really no blanket sentiment to help in these uncertain times. I'm just hesitant to go on any readily available information from my agent, finance guy, and articles published right now. Given the current state of the US market, and how rampant coronavirus is, I'm wondering: would YOU buy a house right now? Here's our specific situation: Found a house for 350k (we were approved for 370k), in a rural area. The agent and Zillow both show it's worth the money (even more by 20k). We walked it and we loved it. We have great credit, but little capital. So, we are going FHA (we don't have down), 2k in earnest money. The owner is covering our closing (~9k). Neither of us are at risk of losing jobs, so in that respect we are very fortunate. Here's what's worrisome to me, though:
Crazy times, guys. We think we should sign pretty quick, in particular considering some of the other shit I've read on here. Just trying to gather as much data as we can. 😬 Thank you! [link] [comments]  |
| As a buyer, is the Seller allowed to know why buyer was denied financing to purchase home? Posted: 28 Mar 2020 09:11 PM PDT |
| Do you actually need two years of tax returns in order to get a mortgage? Posted: 28 Mar 2020 02:41 PM PDT I just graduated from college in December and started my career that I really love this January. I will have saved enough money by September for a down payment in an area that I'm eyeing. Problem is I haven't worked these past two years since I was in college. I'm worried I wont be able to even apply. Am I screwed for two years? [link] [comments]  |
| How can I get back in /landlord group? Posted: 28 Mar 2020 12:32 PM PDT I know this probly doesn't go In this thread. But the /landlord group recently kicked a bunch a people because they were getting invaded with trolls. I dont really blame them for kicking me, I had no pic and no real profile info. But I am a landlord and I did contribute and learn from that community. And would love to get back in. Now I dont even see a way to apply to get back in. Can any1 help with this? [link] [comments]  |
| What happens if a gift for part of a home down payment isn’t seasoned? Posted: 29 Mar 2020 01:51 AM PDT In a situation that basically goes like: Buying a home, can afford the down payment on my own but was advised by the loan officer that I have more in reserves. Parent is giving me a one time $5000 gift, but the deposit will not be seasoned—only in my account for a few days prior to going into underwriting. Is the $5000 not considered legitimate due to how recently it was placed into my account? [link] [comments]  |
| Torn between buying a house and uncertainty due to coronaVirus Posted: 28 Mar 2020 05:40 PM PDT Hi all, I work as engineer in high cost geo. I have been saving since I started working. I have enough funds in account to afford 20% percent on 500,000$ house. I have been seriously thinking to move to a low cost geo within few years. I started looking for good houses in low cost geo. A posting just came up on realtor, that has my heart set on it. Its 0.63 acre lot with a 1905 built house. Its a kooky house, but its lot size and the location in a #1 school district. The price is 650K, which is way above my price range. However, I think I can still pull it off, with some negotiation. What I am torn between, is the market situation and the uncertainty in this CoVid times. Reading all the news and information, I expect the covid time is gonna last of another 6 months. So, I unable to decide. What if things take a ugly turn and I m stuck with house I cant pay monthly on. The market crashes. Earlier this year, I have let go a similar opportunity. I read somewhere, one should buy a house only when they are comfortable, not because the market tells you or people told you. I am financially stable, but I don't want to take financially risky decision. HELP! [link] [comments]  |
| Posted: 29 Mar 2020 04:11 AM PDT We seem to be marching into a stagflation, a stagnation of the economy coupled with double digit unemployment, over supply of money, 0% interest rate and inflation of goods. Anyone have an insight into what this means for the real estate market? One side of me thinks house prices will correct down due to high unemployment and low demand. But not so fast...it might actually head up due to cheap money and inflation [link] [comments]  |
| I'm moving to NYC. Are there any nearby markets with high rent yields outside of the local area? Posted: 29 Mar 2020 02:04 AM PDT I know upstate NY is one. Still seems like a plane ride away though, right? If that is the case, I don't see much benefit to choosing a very low priced midwestern market with more favorable LL/Tenant laws and more stable demography. Curious what other NYC based investors are doing. [link] [comments]  |
| Posted: 29 Mar 2020 12:07 AM PDT Hello r/RealEstate (If this post is against subreddit rules, please let me know and I will remove it). I am current taking a startup course in college and wanted to create new home inspection software. There are questions that also apply to home owners in the survey - just skip the first section if you aren't a home inspector. Link: https://forms.gle/KrAwebMpFXvonG7U6 (Google forms) Thanks [link] [comments]  |
| Living next to a storm water pond... Posted: 28 Mar 2020 08:00 PM PDT Good? Bad? Ugly? Tons of mosquitos and critters? Better or worse property value? [link] [comments]  |
| Are you guys buying during SARS COV2? Posted: 28 Mar 2020 04:06 PM PDT Any of you got some good deals. I saw ibuyers are marking down [link] [comments]  |
| Posted: 28 Mar 2020 10:25 PM PDT Just signed a purchasing agreement today. Seriously scared at this point. Can I call the realtor tomorrow and get out without getting sued? [link] [comments]  |
| for landlords, do you use SAAS like avail.co ? (WA) Posted: 28 Mar 2020 12:27 PM PDT i'm becoming a landlord and wondering how people manage their rentals. do you use avail.co? is this service any good? other options? [link] [comments]  |
| Northern Virginia real estate. No inspection when buying? Posted: 28 Mar 2020 01:58 PM PDT My wife and I will be relocating from Philadelphia to Northern Virginia later this year. I'm trying to get an understanding of what I know is a hot real estate market. The move won't be until the summer, and we won't buy until ideally the end of the year, so we have some time. Obviously, certain things are COVID dependent. I'mexpect that by then some things will have improved. (Maybe not!) With that in mind...I saw a video on Alexandra, VA real estate that said homes are selling so fast that buyers can't even do a home inspection. Is this correct? How does that even work? What if there are serious problems with the house? Around here no one would even consider buying a home without an inspection. If this is true what other aberrations are there from the norm? Thanks in advance. [link] [comments]  |
| Appraisal scheduled for 2 days from now Posted: 28 Mar 2020 04:56 PM PDT Hey guys, we're getting our home refinanced, and just got a call from our lender that the appraisal will be on Monday at 11am. This is a little sooner than expected since we just locked in our rate yesterday..super happy to move forward quickly though! My main concern is our outdoor space...it's been raining a lot here, and we haven't mowed our lawn in....a long time. It's supposed to rain all weekend as well...is this a big deal? To be honest our whole outdoor area is pretty rough at the moment...nothing crazy, but overgrown bushes, uneven backyard etc. I know most people say there's nothing you can do in a few days that will affect the appraisal, but I would hate to have our yard counted against us. Do I need to worry about this at all? [link] [comments]  |
| (US) What's the General Consensus on Video Only Tours? Posted: 28 Mar 2020 02:42 PM PDT The largest investment of most persons' lives is a home. Are video only tours working for most people? I mean, for the largest purchase of their life, not being able to walk around the home. Is this really happening? I am passively back in the real estate market for a new home and noticed that some homes are 'video-only' tours. Is this impacting the number of purchasing bids for mid-range homes? [link] [comments]  |
| House is currently for sale. What happens if I apply for forebearance, and then it sells? Posted: 28 Mar 2020 08:32 PM PDT Could this pose problems or delays in closing? Would the bank even approve it, or would they find out the house is for sale? Thank you [link] [comments]  |
| Land with a fixer: how do I determine value? Posted: 28 Mar 2020 12:43 PM PDT We're currently looking at making an offer on a property, but are struggling to determine a fair price. Specifically, we're looking at a small parcel (4/5 of an acre) in a very scenic agricultural area zoned for 20 and 40 acre ranches here in California. Small parcels in the area are rare. There is a 2k sf house on the property — sort of. One part was built in 1950, then multiple additions were built over the years. It's a wreck. Only 700 sf even has a real foundation; there are sections of siding missing all over it, the roof is shot, the electric panel is a horror show, there's a confirmed $60k in dry rot just in one section (other wasn't inspected yet), etc. It would not pass inspection and is not habitable. Oh, and the entire septic system needs replacement. The property is priced at $380k. This seems like a "property that needs work" price, not a "you have to tear it down and start again" price. It's hard to get a comp for just the land, because small parcels are rare. Some current comps are: — $625k for 3 acres with new well and septic — $195k for .65 acres with city services — $199k for .5 acre lot in subdivision — $147k for .68 acre lot same subdivision — $315k for 3.8 acres raw land with city water and approved septic —$199k for 11 acres raw land — $450k for 20 acres raw land with electric So, any ideas on how to put a bid together? We don't want to pay for a house we have to tear down, but how do we value the land, the well, the existence of 700 sf of foundation and a current (though failed) septic system? What adds value and what doesn't? [link] [comments]  |
| Posted: 28 Mar 2020 07:26 PM PDT Hello all, I am interested in approaching a parent of friend who has a piece of landlocked property with no easements deeded on the property. The property is 12 acres and valued at $7500 from the tax assessor, it is currently not for sale but I know the owners are a bit down on their luck and have had no use for the property. What do you all think is a reasonable offer? [link] [comments]  |
| Are we being unreasonable sellers? Posted: 28 Mar 2020 07:10 PM PDT So we're having some issues with our seller's agent recently and I'm feeling frustrated but wondering if some of it might be me being unreasonable. Based in the Phoenix area. So we started working with our agent in February when we knew for sure we'd be leaving the area and selling. Our plan was to do premarketing asap, go live April 1 and she'd do open houses the first two days. In the last few weeks I've been feeling anxious about getting on the market before things get any worse and our state goes on lockdown. We've been decluttering and getting all the projects done prepping the house. On Wednesday, the realtor came to do the staging. She was six hours late but ok, something came up. When discussing our timeline, I mentioned my concern about getting on the market sooner and she agreed, like she had been thinking that already. So she scheduled the cleaners for Thursday and the photographer for Friday at 3. She said as soon as she got the pictures from the photographer we'd go live, probably 2 or 3 days so Monday at the latest. She'd still do open houses the first two days, just with gloves and booties for everyone, one or two people at a time. We busted our butts finishing the staging and getting it photo ready. Cleaners came on Thursday. Realtor said she'd text me to confirm the photographer. By Friday morning I hadn't heard from her so I texted her to ask if the photographer was still coming at 3. At 2:00 she responded that he wasn't. The photographer can't come until Monday. That would put our listing back a few days, no big deal normally but I'm feeling pretty concerned our state will go on lockdown soon. Actually I think she didn't make a reservation with the photographer on Wednesday because we got a confirmation email from the photographer Friday night about our Monday appointment, didn't get earlier in the week. Here's where I'm thinking I might be the asshole. I asked if we could put it up without professional pictures so at least we could get some of the weekend traffic, and asked if she was available to do an open house before everything locks down. I said I'd understand if her schedule didn't allow it. I also mentioned I could take a couple of pictures if we need emergency pictures for a few days. She said she was available for open houses 3-5 Saturday and Sunday, yes take pictures and texted me some examples of what she wanted. Ok, we're making it work in tough circumstances. She'd put up the listing as soon as I got her the pics. So I go around and take pictures with my iPad, which takes ok pictures. I've seen thousands of listings so I know it needs to look bright. House is already photo ready. They look ok, not professional but I've seen way worse. Got about 30-35 pictures to her at 4. She said she got them, they look good and she would send me a proof and pop up the listing. Then nothing happened. It still wasn't up this morning. I texted her asking if we were still having an open house today. No response. Eventually the listing popped up on Zillow. She didn't write a description, just a note about Covid and don't touch anything in the house. She put up a picture of the living room and that's it. Nothing about open houses. After about an hour I got a text request for a showing through some app, not directed by my realtor. As we're leaving we realize that she didn't give us a lockbox or anything so we put a key in a contractor box we already had and I texted our realtor the code. While we were leaving the neighborhood we realized she might not get the message so we turned back and let the other realtor in. He mentioned that he called our realtor and she said she was "too busy." While we're out our realtor texted asking me about the contractor box. I think the other realtor had asked her about it to try to get in before we turned back. Later I texted asking if the other realtor gave any feedback and I haven't heard from her since. 3:00 came and went with no open house, obviously. I'm frustrated that our listing looks bad and that our realtor is no longer communicating with us. In my personal current experience of trying to buy a house in a different area that I may never see in person (true of many people given the current situation) I really rely on detailed listing info and pictures. If there's a listing with only one picture and no info, I will pass over that and probably not return. So to me, I feel like having a regular number of ok, not great, pictures and a short description for the next maybe 5 days until we have professional photography is important. I also feel like she should have had a least a little something written. I could write a short description in a few minutes and send it to her but I don't want to seem controlling and also, I had to do the photography and about half of the staging myself anyway so if I'm writing the listing too we may as well FSBO. But it's possible that I'm the issue here because I initiated moving the listing date up and posting it without professional photography. It could be that she's trying to protect her reputation by not putting up a subpar listing and with only one picture and no description it might be signalling that more will be coming soon (though the listing doesn't say that). She's the one with experience so I should trust her. My husband thinks maybe she has a hard time saying no, so when I ask her if we can do stuff or if she's available and she says yes, that might not really be true and she just can't say no. Or maybe something is going on in her personal life. I haven't said anything to her about how frustrated I am with the way things are going, but I'm really feeling like dropping her because at this point she just helped us with staging and is making it harder to sell than FSBO since I feel like I'm doing everything and throwing it against a brick wall. But it could be my fault. So realtors of Reddit, do I have a crappy realtor or am I a crappy seller? Both? Edit 1: I also learned that she didn't do any premarketing after all [link] [comments]  |
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