- I know three buyers getting out of their contracts right now due to fears of housing prices declining significantly over the next couple of months. Does anyone anticipate the housing prices to reduce? With so many people out of work, it seems inevitable.
- Title company “received wire but can’t identify it?”
- Earnest money dispute [Seattle WA]
- What options might I have to back out at the 11th hour if I get cold feet?
- Property Tax Assessment Appeal - HELP
- Mortgage lender is saying there are issues because of a discrepancy in salary. Has this happened to anyone? First time homebuyer.
- Do additional rooms bring more value to a home?
- Should I get a HELOC during a market downturn?
- Toronto - should I look now for a tenant to rent my condo out July 1st?
- Rent out condo unit now or wait? (Portland OR)
- Looking to put in an offer
- In-laws want to help with down payment
- Is it a good time to purchase land?
- Sell now or wait (NYC market)
- I found a house I love after a year long search. Should I still make an offer?
- 2nd floor Tenant is freaking out 3rd floor tenant
- Buying a US Marshal Owned Home
- Broker trying to show my NYC apartment during health crisis. What can I do?
- Nooby looking for advice
- A mexican friend needs advice
- Sell and hold cash, buy later?
- I'm about to close but need to get out of all this.. how should I get out?
- Can you bundle a home repair in a mortgage if you don’t have the cash to fix it
- Buying a house in IL. Post-inspection negotiations. Long read.
| Posted: 21 Mar 2020 08:36 AM PDT |
| Title company “received wire but can’t identify it?” Posted: 21 Mar 2020 10:20 PM PDT Those with more knowledge and experience please forgive my ignorance/frustration (first time buyer here), but how is it possible for a title company to be able to verify that they received a wire transfer, but not be able to identify your money? And in general, why do wire transfers seem to be so fragile? Are they risky just because they're high reward for bad actors, or because there's something innately insecure about the transfer system? In my work I've seen sketchy tech systems exist by sheer force of proprietary entrenchment, so wondering if something similar is the case with underlying wiring tech. Thanks Reddit! [link] [comments]  |
| Earnest money dispute [Seattle WA] Posted: 22 Mar 2020 12:01 AM PDT Look for advice. I appreciate any opinions and suggestions! I originally entered a contract for a house on March 2nd to close on March 24th. Our real estate agent convinced us that that would be enough time. Obviously, with the Coronavirus situation, things have slowed down a bit. We still haven't had the house appraised despite the fact the bank claims they put the order in on March 4th and an additional rush order in on March 5th. The appraisal still hasn't happened. So there is no chance we close in time because of the appraisal. We tried to get an extension but the seller's realtor is saying they will only extend to March 26 if we give up a 10-2 warranty and to March 27 if we forfeit our earnest money. Our realtor thinks we would likely lose the earnest money in this situation but I am not sure. Do you agree with the realtor that we are at risk of losing the earnest money in this situation or should we fight back against the escalating terms? [link] [comments]  |
| What options might I have to back out at the 11th hour if I get cold feet? Posted: 22 Mar 2020 05:59 AM PDT I know you've seen the hundreds of posts here talking about folks with cold feet, so I hate to bore you with another one, but unfortunately that's what I'm going to do. After searching for a couple of years I finally went under contract on an investment property near a local beach. I live fairly close to this area, and have wanted to buy for some time. Unfortunately we happened to go under contract just before things started ramping up in craziness. We've received everything we would need for our clear to close, so I'm out of built in stop gaps that would allow me to back out. Obviously my biggest concern is that this property only makes sense with a rental market that's interested in heading to the beach. In the off-season it happens to double as an academic rental which also looks like it could be in jeopardy. Anyway, given that background, if I come to the conclusion that I ultimately think this is a bad idea for obvious financial reasons is there anything I can do in this time of uncertainty short of walking away from my deposit and risking getting sued? I'm not saying I will ultimately make that decision since we have negotiated a fair price (pre pandemic), locked in a sold rate (sub 3.8), and secured >$15k back for repairs after closing which lessens my cash outlay, but of course the uncertainty is driving me mad. Thoughts on best path forward if I decide I need to back out? [link] [comments]  |
| Property Tax Assessment Appeal - HELP Posted: 22 Mar 2020 05:39 AM PDT Hi there, I purchased a property in Washington DC at the end of 2019 for 1,050,000 with 20K in seller credits. An identical property on the same row of row-houses sold a month after mine for the same price. I recently received the property tax bill for 2020 and a notice of proposed real property assessment for 2021. It has my 2020 assessment at $1,110,000 and my 2021 at ~$960k This was a bit confusing to me and I have a number of questions: 1) Why would my 2021 assessment be lower than my 2020 assessment? I'm not complaining but trying to understand the logic. 2) Can I appeal the 2020 assessment or can I only appeal the 2021 one? Is it too late for 2020? 3) If I appeal the 2020 assessment, do I risk increasing my 2021 one? 4) Should I request an appeal to the amount I paid for it? or Do I appeal to the 2021 assessment which is lower? Appreciate the feedback! [link] [comments]  |
| Posted: 22 Mar 2020 12:24 AM PDT My lender had told me everything was approved and good to go, so we had waived financial contingencies and things seemed set for closing (aside from delays with title/etc. due to reduced gov hours, COVID stuff). Yesterday they called me up and basically said they needed additional information on salary as there was a discrepancy. Essentially they told me they don't use the salaries stated and base it off the documentation provided like pay stubs, W-2s, etc... the amount the verification came back with was lower than what they had, but the verified amount is exactly what I said I was making, so I'm not understanding how this discrepancy even came to place. The loan officer said not to worry and that they'll "figure something out" but I'm still very concerned... has this happened to anyone? I don't want to be losing my escrow money over this as I didn't do anything wrong. [link] [comments]  |
| Do additional rooms bring more value to a home? Posted: 21 Mar 2020 11:35 PM PDT I live in a multi story, split level, single family home which has 2 living rooms on 2 levels. The previous homeowners split one of the living rooms and added 2 bedrooms. I would like to take the walls back down and have a larger game room, but I dont want to hurt the value of the home. A little about the home: it has 5 bedrooms right now at ~1800 sq ft. It's the most expensive property in the neighborhood at $315000. Most of the other places are newer apartment complexes and ~$250k-$300k properties. The room was roughly 23'x20'. Now it has a roughly 13'x20' living room with 2 10'x10' bedrooms. It has an oversized 2 car garage with a large deck on top of it. It has a 14,000 sq ft yard. If getting rid of the bedrooms would hurt the value of the property, do you have any idea how badly? I'm very handy, so I would do all the work myself. Thank you so much for your help! I really don't want to regret this in the future, but I really hate those walls. [link] [comments]  |
| Should I get a HELOC during a market downturn? Posted: 22 Mar 2020 06:10 AM PDT I've been thinking about opening a HELOC to help fund my second investment property. But I'm concerned that during a market downturn, especially during a recession, the lender has the ability to call the HELOC balance. I thought about doing a cash out refinance on my current/first property but I don't want to pay interest on it before I find and close on the second property. Any thoughts and advice would be appreciated! [link] [comments]  |
| Toronto - should I look now for a tenant to rent my condo out July 1st? Posted: 21 Mar 2020 09:17 PM PDT So I bought a small townhome in Etobicoke which outside of Toronto and need tenants to rent out my condo. With the wave of coronavirus and possibly getting worse, can it have an Impact on me finding tenants? I imagine people don't want to leave their homes to view places or want to move. What should I do? I'm very stressed [link] [comments]  |
| Rent out condo unit now or wait? (Portland OR) Posted: 21 Mar 2020 02:48 PM PDT I'm planning a move to Seattle WA for a new job in May. Was going to rent an apartment my first year in Seattle until I know the city better before I buy. I own a condo unit in Portland OR that with it's great location, could rent out easily. I wouldn't make money off the unit initially, but in the best case scenario break even after all costs (prop management, taxes, insurance, HOA fees, etc.) and depreciation for taxes are considered. The mortgage has 8 years left on before I pay it off completely, and then I could make some real money on it. It's a unit that has sentimental value and I could see myself moving back at some point. That was the thought before the covid-19 virus... Now I'm wondering if it's worth it putting the unit up for rent amidst all this madness. I'm thinking the vacancy period may be longer than what it would've been. My new job is thankfully pretty secure, and I don't really run the risk of losing it in these times (knock on wood). Renting in Seattle would cost me about 18-22K a year alone before I find a place to buy. A contingency plan I was contemplating is I still live in Portland OR, but use a cheap AirBNB room super close to my Seattle job between Monday - Friday (4 night stay) to work at my job. Living out of a suitcase and walking distance to my new job. In other words, I would do a long 3 hour commute to my job early in the morning Monday, stay at AirBNB Monday-Thursday nights, and after work Friday drive back to my home in Portland OR. Gas + AirBNB would amount to around 13-15K a year, but I wouldn't be renting out my condo unit and still technically live there and not have to move the majority of my stuff. Building a new social structure in Seattle would be a lot harder without many weekends spent there, but I could do this plan for at least a year and hopefully this virus will have calmed down by then. Also another addition to the contingency plan is I could try and AirBNB my Portland unit the days that I live in Seattle. Opinions on what I should do to come out better financially? Go ahead and complete a move to Seattle and finding an apartment to rent there to really live in, and risk having a longer vacancy for my unit in Portland when I put it up for rent? Or go with the contingency plan? EDIT: I'm not factoring in any tax complications with this... maybe that would make things way more difficult... [link] [comments]  |
| Posted: 22 Mar 2020 02:36 AM PDT I found a home in a neighborhood heavily occupied by healthcare workers as it's less than 5 minute walk to the hospital. Homes don't come up too much in this neighborhood. I found a turnkey house that is in the perfect location. Obviously, things are shaky right now. But is it foolish to let this opportunity slip? It's going for current fair market value. Now there are covid-19 clauses in place, I just need to make sure the housing market crashing is part of that contingency in the clause. I plan to occupy one room and rent the other 2 out to healthcare workers. [link] [comments]  |
| In-laws want to help with down payment Posted: 21 Mar 2020 06:20 PM PDT Second time buying a house, first time with a down payment. My in-laws are wanting to help us out with the down payment ($31k) for a $155k home. We have the money, but would be left with only a couple thousand in our savings account. This is why our in-laws want to help. They don't want to pay the whole thing, just gift us a couple thousand so it's not so tight. On the loan application it asked if any part of the down payment would be a gift. We said no when we filled it out because in-laws didn't say anything about helping. Would the lender check if we had a last-minute deposit to cover part of the down payment? Would it be better if the in-laws waited until after closing to "help us out"? Thanks for any advice you can give. [link] [comments]  |
| Is it a good time to purchase land? Posted: 21 Mar 2020 11:22 PM PDT |
| Posted: 21 Mar 2020 08:33 AM PDT So we've been making improvements on our house to get it ready for market. We were hoping to list it in April, when boom, COVID19 hit the city. We do not HAVE to sell now, but we have a new baby coming this summer (already have space issues) and half of our stuff is sitting in a storage pod, costing us money. We don't own outright but have a small mortgage (under 90k) Job situation is stable (for now.) Part of me is saying to just say screw it and list it and see what happens. Another part is saying to hold off for a bit. Obviously no one knows what is gonna happen with COVID19, it's such a rapidly changing situation. What would you do? Is there anything to lose by just listing in April? Total real estate newb here. [link] [comments]  |
| I found a house I love after a year long search. Should I still make an offer? Posted: 21 Mar 2020 10:07 PM PDT Hi all, I've been closely following this subreddit for years and I've learned so much during my house search so thank you all the contributors and posters. I'm sure this has been posted about before but I wanted to ask as my situation has 1 small piece that I didn't see in the others. I am buying a home in MA and I'm currently in PA. I'm buying a home in the town I grew up in, so I'm making an offer sight unseen but with family members going up and I'm very familiar with the area. I'm wondering though, is this even a good time to buy? My job is safe, and my realtor recommended I get a letter from my employer stating that we don't expect any lapse in business. I'm not sure what to expect. A longer than usual closing? That would be totally fine as I pay practically nothing to live in my current home. I know this is unprecedented so it might be difficult to say, but I just wonder, is it a good time? I would be making an offer in the next few days. Thanks very much! [link] [comments]  |
| 2nd floor Tenant is freaking out 3rd floor tenant Posted: 21 Mar 2020 03:55 PM PDT 2nd floor tenant called me to tell me new tenant (in totally separate unit) lost his phone, was drunk and hanging outside the house near her window. She wasn't creeped out enough to call police but enough to call me. I discussed with him briskly and will be sending him a warning as this is second time behaving like a dick- first time he was drunk and sleeping in a public area wtf. Any suggestions [link] [comments]  |
| Buying a US Marshal Owned Home Posted: 21 Mar 2020 03:15 PM PDT I'm looking at possibly purchasing a US Marshal owned home... It was a white collar crime that led to the government owning it and we'd be fixing up the home to live in (nice home in a nice neighborhood). We'd like instant equity and it needs a lot of work...We have bought a fixer upper before so are aware of general costs and this one needs about $175k to restore it. It's listed on the MLS for above the market value (in my opinion) so we'd have to seriously low-ball, but have cash on hand. Does anyone have experience with this process and can give some insight? I cannot imagine this house going for market value based on the condition (floors destroyed, ceiling leaks, landscaping burnt out), so anyone buying it for market value would be in a loss position instantly. I guess I'm curious what kind of discount is reasonable? We have a realtor friend who indicated that distressed homes tend to go for 60-65% of market value... Any truth to this? [link] [comments]  |
| Broker trying to show my NYC apartment during health crisis. What can I do? Posted: 21 Mar 2020 08:56 PM PDT Hi everyone, I rent in NYC, and my lease ends April 30. For the last week, a broker hired by my landlord has been pestering me about showing my apartment. I have made it very clear I understand the inconvenience, but also that I do not intend on allowing him, or anyone else into my apartment for the foreseeable future... but he keeps coming up with new propositions and really pestering me. He has also been rude and unprofessional, telling me that I do not understand the threats of the virus, and that he will just show people quickly 2 or 3 times a week and they won't touch anything. I have a congenital cardiovascular disease and am considered high risk, so it was in my best interest to get out of the city while possible. I briefly considered letting him come in to take a video, as I am no longer in NYC, and he pushed for it, but I quickly changed my mind because this all just seems so crazy that he's trying to force me into this during a state of emergency and non-essential business shut down. My landlord has been pretty understanding and apologetic, but all parties know I am not in the city, and I fear he will talk his way into my apartment. Do I have to cooperate at any point? Can I continue to not let him in through the end of my lease? I appreciate anyone's time and expertise on the matter. Take care. [link] [comments]  |
| Posted: 21 Mar 2020 06:11 PM PDT Hello, My family and I are currently in the process of starting a small business. We have come to the conclusion that we need a small plot of commercial land in Oklahoma, think Fotomat, old school drive through cigarette shop. The price of land is quite fair in Oklahoma City, but all listings are simply for much more land than we need. What do you think I should do? My current plan is to find the owners of a strip mall area and asking them if they would sell us a small plot on their parking lot. Seeing as this likely isn't a practical method, what do you guys suggest is my best course of action to purchase / rent a very small plot of commercial land? Thanks in advanced. [link] [comments]  |
| Posted: 21 Mar 2020 08:40 AM PDT Ok. First of all, I'm from Mexico. My money has been devaluated greatly. 1 month ago, one dollar was worth 19 pesos. Now, its 24 pesos. So I've been saving pretty much for the last 7 years. I have a pretty good pay, so I have enough to buy myself a nice house right now, which is my goal with all of these savings. I had this money on a somewhat moderate portfolio, so I've obviously lost money recently, though not in a catastrophic fashion. I had most of the pesos in debt. What a had in stocks was mostly in the USA so I've both lost stocks plumetting and won some due to the rate exchange. All in all you could say that a) my money is the same in pesos and b) my money is worth less because the pesos are now worth a LOT less. Im a little concerned that most of my money will be a lot less worthy in a year, so I'm planning in buying a house with what is 65% of my savings. I can keep living in my old small house after buying it, and since its a new house that im buying, there won't be many extra expenses. I think its a conservative approach because everything here in mexico is going to skyrocket in a couple of months in prices due to the value of the dollar. I could wait and maybe buy a house of people that go broke, but I think my approach is more conservative. THANKS IN ADVANCE. [link] [comments]  |
| Sell and hold cash, buy later? Posted: 21 Mar 2020 05:18 PM PDT My wife and I have been ready to upgrade our 2bd/1ba in San Diego to something bigger. We bought in 2013 and now have 2 young kids. It sounds like if we can get a decent price it would be best to sell and buy something or year or two from now. What are you guys think? We both feel confident we're not going to lose our jobs. House prices may or may not tank, but they're certainly not gonna go up, right? [link] [comments]  |
| I'm about to close but need to get out of all this.. how should I get out? Posted: 21 Mar 2020 05:17 PM PDT Hi all - long story I am clear to close and have signed an agreement to purchase. My closing date is next month on the 15th. I worked with my high school friends mother on the house (she was my buyers agent). I need to get out of this ASAP - with everything happening with this pandemic my company is making layoffs and downsizing. I am the new guy and I think my head is on the chopping block. Is it too late for me to get out? I know this is all contingent upon my loan being 100% funded, but should I tell my loan officer I think I'm going to get fired? I have already had the seller pay for some home repairs (broken sump pump etc). and got all my home inspections done. I figure I will be out my escrow money and maybe owe my buyers agent some cash? My friends dad is a lawyer and he told me that I should just tell my loan officer that I think Im about to get cut, and then everything should fall through. [link] [comments]  |
| Can you bundle a home repair in a mortgage if you don’t have the cash to fix it Posted: 21 Mar 2020 05:15 PM PDT Currently buying a home, love it. But the roof definitely needs to be replaced. Don't have the cash reserve on hand for a full roof replacement. I know I could negotiate the seller down but that still doesn't free up cash to handle the repair now. Am I able to bundle the cost of a new roof into the mortgage and get that cash as part of the loan so I can fix the roof? [link] [comments]  |
| Buying a house in IL. Post-inspection negotiations. Long read. Posted: 21 Mar 2020 01:24 PM PDT My wife and I are first time home buyers in the Chicago suburbs. We went under contract March 9th and are scheduled to close April 24th. We had our inspection last weekend and for the most part, it went pretty well. We sent over a list of items we'd like addressed on Tuesday, and they got back to us Friday afternoon. I was a little surprised with how little the seller is budging on our findings and wanted to see if our asks are unreasonable. Before I go into detail, I should mention that the house was initially listed mid-Jan for ~$420k, was temporarily contingent in mid-Feb but that fell through supposedly due to the buyers having financial issues, and we eventually agreed to a price of $400k after a day or so of negotiations. They are also providing a home warranty. Below are what we sent over and the seller's response:
Our realtor was quite surprised with the seller's response, probably more so than I was. Like I said, they are offering a home warranty but our agent did mention that there could be issues getting things (humidifier, AC compressor, water heater) covered if the warranty providers demand the inspection report and see that they were flagged. What are your thoughts? Thanks for making it to the end! [link] [comments]  |
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