Jumbo Loans being cancelled Real Estate |
- Jumbo Loans being cancelled
- Any word on if Illinois shelter in place order considers real estate closings an essential service?
- If shelter in place comes to my state would I still close on my house during it? My rental lease is up shortly after that. Would I still be required to vacate my rental and then possibly not close on my house basically leaving me with no where to live?
- State ordered "Stay at home". Will this effect my closing?
- Ex-tenant causing issues, aka TIFU by being nice
- After covid recession
- Real estate agents. Do you ever have to fire or... Break up? What is the correct term, with buyers, and how do you to it.
- It's not closed until it's closed
- Help on offering plans on a condo in NY
- Highest interest rates since January. When will they start coming down again?
- Looking for any advice
- Looking to purchase my first home at the end of this year. Any tips and tricks?
- Is job loss due to a pandemic enough cause to break the lease in Colorado? I want to move out BADLY, and without having to pay the $3,300 break up fee.
- Parents closed on house Thursday and don’t have the keys yet
- We were supposed to close on our house in 2 days and the buyer wants to pull out claiming they’ve lost too much money in the stock market (who hasn’t?!)and are claiming “force majeure” due to Corona Virus and want to keep their earnest money deposit. Is it worth it to go into arbitration?
- Under Contract on a New Construction with delivery in June worried about Mortgage rate volatility.
- I feel bad for my landlord; our lease is up on 4/1
- Do most customers for motel 6 drive to motel 6 or fly ?
- An interesting development.
- 20 year old in process of getting my license.
- Buyer Backing Out of VA Home Sale Just Before Closing
- New Construction / Texas / Closing with a Builder in May
- Refinancing my house - can someone comment if these numbers look ok?
| Posted: 20 Mar 2020 04:58 PM PDT Signed my refi this evening. ( Mobile notary at kitchen table). The guy with the title company said the only way I got an appointment on such short notice (bank was silly late with paperwork) is that they had three purchase cancellations today as the banks stopped funding Jumbo loans outright. These were people literally at the closing table being told their mortgage was cancelled. I am in Florida (Tampa area) has anyone else heard of this happening recently? [link] [comments]  |
| Any word on if Illinois shelter in place order considers real estate closings an essential service? Posted: 20 Mar 2020 01:39 PM PDT We are supposed to close on a house on Monday, and IL is issuing a shelter in place order. Will we be able to close? [link] [comments]  |
| Posted: 20 Mar 2020 01:07 PM PDT |
| State ordered "Stay at home". Will this effect my closing? Posted: 20 Mar 2020 04:51 PM PDT |
| Ex-tenant causing issues, aka TIFU by being nice Posted: 20 Mar 2020 09:17 PM PDT So obligatory TIFU wasn't today. If you don't want the backstory, scroll to the bottom. I inherited a renter when I bought my property. According to the seller, she'd been there for years and been a good tenant. Well, it started off bad from the beginning: 1) She had an arrangement to pay on the 10th and 25th. Even though I sent information on where to send the payments before the 25th of the month I bought it, she conveniently 'forgot' to pay her rent due from the first of the new month till the 10th. I didn't catch it right away as she paid 1/2 of the $1400/mo on the 10th, but it took her almost 6 months to finally pay it in full 2) She didn't know how to use a computer she claims, wanted to pay me through CashApp (big NOPE!) even though I had her set up on cozy.co and she could also pay by certified check through the mail. Big go around with that as 'the old landlord would just come pick it up' 3) Horrible at communicating with me, she'd be late on rent, short on rent, etc, but not quite late enough that I'd start eviction. And though she'd be short a few hundred $ she'd make it up within one or two payments (barring the $300 she was supposed to pay off $50 per payment). Yes, I put up with too much from her, but she took really good care of the property ,so that's my excuse for tolerating it. 4) Then she lost her job. Still wasn't communicating what was going on, then when I finally got a hold of her it's a huge sob story. I gave her a break and let her break her lease and move out w/o a penalty. With how much stress she was causing me I would have given her cash for keys at that point. *************** So here comes the fuck up *************** She'd crammed a TON of stuff in the house, and as she was going to be couch surfing she had nowhere to put it, and no money for a storage unit. So I allowed her to use the garage free of charge for a month. I usually charge $100/mo for it. Month goes by, I stop by the property, her crap is out of the garage and garage key is under the mat as agreed. This was in October. Fast forward to today, I'm showing the property and they were interested in also renting the garage, they wanted to see it. So I open it. Lo and behold, it's PACKED with her crap. What in holy hell is this? The bitch had made a copy of the key, and had been storing her stuff in there! There was a carton full of paperwork, her name all over the papers! So I text her, basically "Get your shit, ALL of it no trash or crap left anywhere, by 5 pm tomorrow". She writes back "Can't I just pay you to rent it?" Da fuq?? NO! "No, you took advantage of my generosity. Get your shit out, else I will have it removed and bill you for the cost. I may even call the cops for illegal breaking and entering, and illegal dumping" Her: "Can I have it out by Sunday at 5? I have to work tomorrow?" me: "No" Her: "I can show you proof that I have to work" Me: "No. Out by 5pm tomorrow, you're lucky I'm even giving you this warning and didn't just have it all hauled away" I'm sure there will be more drama tomorrow, I'll update if so. TL;DR: Helped a renter, they took advantage of me kindness by copying a key and secretly storing their crap in my rental garage. I don't want to stop being nice, but shit like this is making it tempting. [link] [comments]  |
| Posted: 20 Mar 2020 04:31 PM PDT With covid stressing our economy, there's supposed to be a recession following. With that in mind, how much do recessions make house values fall? Once the recession really starts to hit, would we expect houses to fall by 5% or 15%? Would a house currently 300k end up being 250k? I know it's speculation but maybe someone has seen the past recessions and how that affects the housing market. Considering buying but trying to decide if I should wait [link] [comments]  |
| Posted: 20 Mar 2020 08:47 PM PDT So the thing that got me thinking about this Three days ago I listed my home for sale. Its a beautiful, 2018 home in a great area with lots of jobs around and great schools listed at a competitive slightly lower than other homes in the area. ( It should be noted, I'm not upside down on the place or anything. We were just moving to be closer to family.) The housingmarket hasn't taken much of a hit in our area, and with it being the first weekend, we have three viewings scheduled even with the shelter in place thing going on. The first people viewed the house, and their realtor got back to us saying " I am very impressed with the house, they will probably loose out on it because they are being inddsisive." Later that day my realtor received an offer from them. 10k under asking Covering their 7.5k closing costs They want the fridge. It's listed at 215k. 20 k if you include the fridge is pretty significant. My realtor said, you know there are more showings tomorrow right? She knew. We said we were too far apart and to please come back if they decide they could offer more I got the impression that their agent was just generally annoyed for putting in as much effort as she had. Again. Maybe putting it on the market the week the world ended made them think we needed out now. I'm not offended. It just got me curious. What kind of situations have made you break up with clients in the past, I'd imagine something much worse than this. [link] [comments]  |
| It's not closed until it's closed Posted: 20 Mar 2020 08:50 AM PDT We always warn our buyers and sellers that "it's not closed until it's closed" meaning that until you have the keys in your hands don't think this transaction is a done deal. People get laid off, people mess up their debt to income ratio e.t.c... [link] [comments]  |
| Help on offering plans on a condo in NY Posted: 21 Mar 2020 02:06 AM PDT Hey all need a little assistance. I have a client very interested in putting an offer in on a condo in NY. They want to know the rules and regulations of this condo prior to making an offer. What is the best way to obtain this information for them? Any advice would be greatly appreciated! [link] [comments]  |
| Highest interest rates since January. When will they start coming down again? Posted: 20 Mar 2020 02:03 PM PDT From my understanding interest rates are up because they were so low that everyone started refinancing (supply and demand). Anyone have any predictions when interest rates will start to decline again? The average 30 yr fixed was over 4% today. I have until 4/01 to lock in. [link] [comments]  |
| Posted: 21 Mar 2020 01:08 AM PDT Live in the Midwest and am suppose to be signing on a new house this week. I'm putting my house on the market Monday. I own a small business in the service industry and jobs are slowing down due to the coronavirus. I'm at a loss. I've found the house of my dreams but am concerned about selling my current house. Realtor says deals aren't slowing down but I don't know what to believe. I have savings but am worried about how long this will last. I know this is all anyone's guess right now but any advice would be appreciated. [link] [comments]  |
| Looking to purchase my first home at the end of this year. Any tips and tricks? Posted: 20 Mar 2020 05:34 PM PDT |
| Posted: 20 Mar 2020 09:16 PM PDT " In Colorado, landlords cannot hold you to the terms of the lease while the unit is vacant, even though you may have breached the lease. The landlord must try to find a new tenant." [link] [comments]  |
| Parents closed on house Thursday and don’t have the keys yet Posted: 20 Mar 2020 05:46 PM PDT My parents paid cash for a home and closed this past Thursday. They were advised after closing that they couldn't get the keys. Something about the seller's bank not processing the payoff of the mortgage. Their realtor said she hasn't ever seen this before, but assured them they would get the keys today, Friday. They didn't. Banks will be closed all weekend. The seller's bank is ( i think a little bank) called Freedom bank. The mortgage hasn't been paid off, neither realtor has gotten their fees, and my parents are out their cash and can't move in. Has anyone experienced this? Is this possibly an issue just because of COVID-19? [link] [comments]  |
| Posted: 20 Mar 2020 11:36 AM PDT We are in Ca. This is an investor that made a cash offer with a 10k earnest money deposit, 45 day escrow, they released all contingency weeks ago. Any advice is appreciated! [link] [comments]  |
| Under Contract on a New Construction with delivery in June worried about Mortgage rate volatility. Posted: 20 Mar 2020 07:14 PM PDT Hi, as you can see from the title I have been given a loan estimate of 3.5% back in mid February when I got under contract. The lender is affiliated with the new construction. Currently mortgages rates are at the 4%+. Worried by the time of closing, rates will be much higher. I will be able to Rate lock starting April. My thoughts are currently in a crossroad between bailing on my New Construction and go back to searching and secure a home now with current volatility avoiding future mortgage rate increases. OR roll the dice and hold my guns that come June mortgage rates will stabilize and will be able to at least lock at that 3.5% mortgage rate... Additional info: *Already committed with new construction community by giving them 2.5% deposit going towards downpayment. Awaiting confirmation of how big the penalty is, expecting no penalty due to current situation..but you never know *Have additional funds to secure another downpayment/earnest money while waiting for deposit release from new construction community. *Have two lenders on standby.( one I am using for the new construction, other as back up) new construction lender offered me $10k closing credit. No closing cost incentives with other lender. Thoughts...? [link] [comments]  |
| I feel bad for my landlord; our lease is up on 4/1 Posted: 20 Mar 2020 10:55 PM PDT I marked this as Homebuyer because thats what we are. We closed on our house a weekish ago (maybe 2 now?!) but i feel really bad for our landlord. Tldr at the bottom. Backstory: our landlord is recently divorced. As of December we started making our checks to her instead of her husband and honestly the change of hands is what provoked our search. We wanted to start looking anyways and she was up in the air about selling. That was totally fine and we understood. She couldnt really maintain the house herself (we have so many plumbing issues.....) and kind of wanted to be rid of it. When we sat down and talked about it she admitted that while this was an extra source of income, it definitely helps support daycare costs and such and make the final ends meet (personally giving up 1100 in income vs 1 lump sum didn't make sense to me, but hey, it doesn't have to). So we closed 2 weeks ago and kept her updated through the whole process. I had some not so great run ins with her realtor and co. but besides that nothing huge. We told her a few days ago that wed be def out by the end of the month, which is when she asked when we were paying for April. Hubs was totally caught off guard. He paid 1st and last along with a deposit WHEN HE MOVED IN. He moved in here around 2013. We definitely paid March's rent, so its not like we used that up. Granted, the money wasn't in HER hands, but it was definitely in her husband's. No he didnt squander away the money, lie about it, etc. Im sure by now that that EXACT money has been spent whether is be property taxes, repairs, etc. Our last months rent is technically April, as long as we are out by the 1st (and even if itsit's not, oh well). When hubs explained all of this to her, she offered to allow us to "stay and move out leisurely" for half the original rent cost since we wont have much stuff here anyways and the realtor isnt listing it immediately. This was when my heart broke for her. I feel bad for her. I know that based on job closings here in MI that she currently isnt working and im not sure if shes being paid. I know for a fact that this house needs some major repairs (plumbing, new carpet, new paint, etc. None of this has been done since hubs moved in) and at this point, im not even sure if she can get people out here and into the house to do any of the repairs. This is not my problem. I know this. But i feel terrible for her. I was up at midnight the other night trying to clean our bathroom floor because i want to leave this house in the best condition i can. Its not like i dont have the time. This house probably isnt selling anytime soon, or even being listed. And that sucks. Tldr; we're moving out because we bought a house and costing our landlord a small portion of her income and im a softy and feel kinda bad. [link] [comments]  |
| Do most customers for motel 6 drive to motel 6 or fly ? Posted: 20 Mar 2020 10:34 PM PDT Just doing some research on motel 6 and I was wondering if most of their guests drive to motel 6 or fly or if it's equal or reverse. And I always thought every motel 6 always had their own parking lot - is that pretty much every motel 6 or are there exceptions ? [link] [comments]  |
| Posted: 20 Mar 2020 09:28 AM PDT Maricopa County in AZ, home to most of the metropolitan Phoenix area, has today announced the acceptance of electronic notary for recording in the county. It will be interesting if this is adopted in other counties and states as things progress, and if this will become more prevalent after as life emerges from the current environment. [link] [comments]  |
| 20 year old in process of getting my license. Posted: 20 Mar 2020 09:39 PM PDT Hey everyone! I am currently in the process of getting my license and I couldn't be more excited. I have been doing a time of research on how to get started and where to go after I pass my test. I would like to hear some of your ideas. So far from what I've read a lot of people go into this thinking it will be easy. That is not my intention, I know if I'd make $0 being an agent I would still have a passion for it. I've heard a lot of people say that most people only last 6-8 months then throw in the towel. So I have some questions. I'm not sure if there are people who own their own brokerage but what are some key aspects you look for in a new agent. I consider myself to be someone who has a huge work ethic and ability to think big. I of course know a lot of people say that and very few mean it. What separates a new agent from another new agent in your eyes? I also have the idea of possibly being an assistant to an agent that needs one but I don't like that idea as much as going out and doing it. I do also understand that there are a lot of benefits of being an assistant at my age. I have currently been going to brokers and introducing myself and leaving my business cards there in case something opens up. I am looking to working in the higher priced homes so I also ways go nicely dressed and act very professional. I've been doing this thing where I will call and ask if I could set a time to meet with boss and introduce myself. The places I've gone have seem really impressed by it. In your guy's opinion what else can I do? Thank you to everyone who answers! [link] [comments]  |
| Buyer Backing Out of VA Home Sale Just Before Closing Posted: 20 Mar 2020 10:52 AM PDT Buyer is refusing to sign closing documents even though appraisal was good, all inspection problems fixed and loan approved. What can I do? [link] [comments]  |
| New Construction / Texas / Closing with a Builder in May Posted: 20 Mar 2020 09:17 PM PDT Greetings, I am building new construction in the Dallas/Fort Worth area. Supposed to close mid-May. I do not have a contingency on my current home, I could afford to carry two homes. I do want to know if I have any ability to negotiate at this point with my new home purchase. With what has occurred economically since I signed the sale agreement, I'd like to renegotiate the sales price or terms. My earnest money is only $20k and at this point to lose this amount may be worth it to then buy a property at a much lower price. [link] [comments]  |
| Refinancing my house - can someone comment if these numbers look ok? Posted: 20 Mar 2020 08:53 PM PDT Started the process before most of the craziness started. From checking rates online - they were hovering in the low 3's when I decided to go ahead and refinance (my mortgage is currently at ~4.9%). Got this person as a referral from a co-worker, and he was able to lock my rate at 2.85%. I was sent the "rate lock disclosures to be signed" the other day, and the fees seem kinda high. I purchased my house for about 155k about a year and a half ago (only put down 3.5%). Its now worth at least 200k, so I would be dropping PMI in the process of refinancing. Anyways, here is what Im being charged (roughly):
services I cant shop for:
can shop for:
other costs:
The rest is insurance, escrow, taxes, etc. Do those numbers seem high? Again - I did not request to get points. I just wanted to refi to get my rate down and remove PMI - so I was expecting it to cost anywhere from $3000-$6000, but it looks like with these points its going to cost me almost $8000. This is on a mortgage that I currently owe about $145,000. Let me know what you think. Thank you in advance. [link] [comments]  |
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