Landlords will be granted U.S. mortgage relief if they delay evictions Real Estate |
- Landlords will be granted U.S. mortgage relief if they delay evictions
- Is our Housing market about to crash? – Coronavirus UK 2020
- RealEstate Agents/Landlords... How are you?
- Landlord is double charging me
- To buy now or to wait?
- House near wetlands perc tested for 3 bedrooms and we are trying to build a 4 bedroom home... questions in comment. Thanks!
- Our DREAM HOME, revisited
- Government implements urgent support for landlords and renters
- Tenants cannot pay rent for foreseeable future
- Day after closing, many condo issues
- Refinance and paused mortgages HELP
- Independent CPA tries mortgages. Quits within 8 hours (after 6 months of licensing and 17 months on the job)
- Under contract (IL); closing in 1 month; wife laid off due to Covid19.
- [WA] Real Estate during "Stay Home" order: NWMLS update 3/26
- How are small landlords working things out with tenants for the coronavirus crisis?
- Home inspector asking us (buyers) not to attend home inspection
- Recommendations for investment property loans?
- Is seller required to pay for buyer’s mortgage points if seller agreed to pay closing costs but was not informed of point purchase?
- advice sought for prospect of lowball offer on reply to inspection
- One month since signing sales agreement for new home construction, estimated completion is at least a year away (maybe longer depending on impact of COVID-19). Should we back out?
- Military closing with COVID 19
- What are some good ways to invest in real estate under 18 in the United States?
- I just turned 18! Should I apply for a mortgage, buy property and start renting out to people?
- thinking of moving and turning home into rental
- Need help for first time home buyer
| Landlords will be granted U.S. mortgage relief if they delay evictions Posted: 26 Mar 2020 10:28 AM PDT https://www.latimes.com/business/story/2020-03-23/landlords-mortgage-relief How does this work? Do you contact your lender? What is going to happen with payments do they pick up where they left off or do you have to drop a lump sum. Also what happens with interest. Thank you. [link] [comments]  |
| Is our Housing market about to crash? – Coronavirus UK 2020 Posted: 27 Mar 2020 01:24 AM PDT Until very recently, the UK housing market was at its strongest before the EU referendum. It is good to be optimistic, however, that said we must not delude ourselves to the reality we face. Few commentators, nevertheless, are making upbeat predictions regarding our housing market performance for the next 12 months. Things are getting worse and not betterIf we look at the broader picture now, things are getting worse and not better. Many countries are already predicting a downturn in there housing market. I have placed links to articles for four significant economies as a point of reference, at the bottom of this page. If we study the previous UK housing market crashes, we may get an idea of how serious the current crisis could get. A 2020 housing market crash could be the worst market correction ever seen in the UK, according to Mr Richard Woolnough. The Mr Woolnough, a bond manager at M&G's, believes house prices went up significantly ahead of the downturn. There is a chance they could decline to record lows, worse than seen in previous housing market crashes. "History suggests that when the UK housing market crashes, it tends to fall about 25%-30% from peak to trough in real terms, but given that UK house prices rose about 270% from 1995 to end of 2007, there is a risk that this crash could be worse," he added. IMF says UK housing 30% above model"How far could UK house prices fall? The IMF said last autumn that UK house prices were 50% above where models suggested they should be, although this month, the IMF reduced that to 30%," he added. "Nobody knows how far prices could fall, as there is a considerable margin for error on long- term economic predictions. "I believe this projection is likely to worsen because the banks are becoming increasingly reluctant to lend, which means mortgage approvals, and therefore house prices, could fall much further," he said. Recent data reveals that properties in London remain the most expensive at an average of £477,000, compared to the average of £247,000 in England. Coronavirus looks to slam the breaks on growthMr Howard Archer, a chief economic adviser to the forecasting group EY Item Club, said: coronavirus looks likely to slam the breaks on growth. Mr Sajjad Ahmad, the CEO of the British Landlords Association, said: "The financial turmoil of the early '90s and Lehman Brothers are ones I remember well. The property crash of the early '90s, where we were kicked out of the ERM, is etched in my memory. My property portfolio lost close to an average of 50% in value". Covid-19, the clouds hovering over us "What I see now with the Covid-19, the clouds hovering over us, are worse than the crash of the 90S, or Leman Brothers". "The Chancellor urgently needs to do some clear quantitative easing, to be micro-targeted, for us to stand any chance of avoiding a major housing market crash". "It is apparent quantitative easing is taking place, the question is, is it feeding through, to where it is needed?" Small companies need a cash injection "Self-employed and directors of small companies need a cash injection, as quickly as possible". He added: "US politicians, have been debating giving up to $1000, to $2000 to every adult. This may sound radical, but it highlights the seriousness of our predicament. This Covid-19 disaster is global; the results may be are akin to the great depression of 1929 if our politician don't act quickly." he said. Author: Marc Attwater Date: 26th of March 2020 [link] [comments]  |
| RealEstate Agents/Landlords... How are you? Posted: 27 Mar 2020 05:01 AM PDT My buddy is dealing with a lot of issues, he is a landlord as well and his tenants are refusing to pay rent. Barely getting any clients as well. How are you fairing in this crisis? Are you new to real estate? Experienced this before? What did you do to prepare for the issues you are dealing with(if any)? hope you are well. [link] [comments]  |
| Landlord is double charging me Posted: 26 Mar 2020 03:49 PM PDT Signed year long lease Lease ENDS March 19th Payed rent on March 1st, FULL AMOUNT, 1st - 31st Renewing lease, landlord wants to charge me at the new rate, on the new lease a pro-rated amount, for the days -- 20th - 31st I already paid rent this month Why are they making me pay TWICE? Why can't my lease agreement start on April 1st (landlord/leasing agent claims they don't want leases all ending on the same day of the month) I get that. Why the double charging? Are they trying to rip me off? Is this legal? Thanks for all of your help Update: Credit has been given for amount already paid! Balance in the universe has been restored. [link] [comments]  |
| Posted: 26 Mar 2020 08:34 AM PDT Hey all, before this Covid stuff hit, I was in the midst of applying for a mortgage and looking to buy a house. Is it better for me to buy now, in the midst of the upcoming recession, or to wait until after in terms of mortgages and housing pricing? [link] [comments]  |
| Posted: 26 Mar 2020 09:41 PM PDT As title stated, we have picked out the plans for a 3k sqft home that has 4 bedrooms and bonus room, 3.5 bath. Due to the location near a small lake and some wetlands, the builder has stated they can only build a septic tank that qualifies for 3 bedroom but will still build our plan and list the extra room as another bonus. How does the effect us in the long run? Obviously listing the home as 3 bedroom when its clearly bigger could have some headache. There are only 2 of us, my wife and I, but hopefully 2 more on the way in the future. Does 3 bedrooms worth of septic work for us? Does a guest staying a week or so put us at risk? This is the first experience we have had with septic, we are coming from city sewer. Thanks very much! [link] [comments]  |
| Posted: 26 Mar 2020 07:24 PM PDT Hi All. Last week I posted about the seller trying to back out of a house we were buying two weeks prior to closing, our "dream house". We were pursuing enforcing the contract first, then damages second. There were a few things that we asked to have repaired/replaced, those were agreed to by the seller. We heard from the seller's lawyer today, finally. According to him, she felt like she was not represented well enough by her realtor and was given bad advice at the start. The lawyer has presented us with a revised seller's disclosure noting that everything is either "defective", or "not incluced", down to the garbage disposal. We realize this is a tactic to absolve her of any responsibility, should anything wind up being actually defective. The contractor hired to review and perform the repairs noted many of the same things we found out during the inspection, things we knew we were going to be handling on our own. He also inflated the importance of some of those things as a way to influence us to now terminate the purchase agreement with only the earnest money being handed over, no damages. I understand that this is fully lawful in Indiana. So now, we're faced with continuing the house purchase "as is", or get a fraction of the money we could have sued for. We want to continue the purchase. My question is, by marking so many things as "not included" on the disclosure, do we run the risk of doing the final walkthrough to discover that every single appliance, water heater, furnace, and heat pump has actually been removed? Can we put language somewhere with assurances that everything present in the house during our inspection, remain? [link] [comments]  |
| Government implements urgent support for landlords and renters Posted: 27 Mar 2020 01:15 AM PDT The Government has introduced a package of measures, to protect renters affected by a coronavirus, in the private and social sectors. These measures will afford renters some protection, from eviction in the short term. These measures apply to England and Wales. Eviction notice extended to 3 monthsFrom today, should landlords wish to evict a tenant, they are required to give renters three months' notice. Landlords under the new rules, will not be able to obtain possession, through the court process unless they have served a valid notice. This extended notice period will come into force from today and remain until 30 September 2020. At this stage, we assume section 21 and section 8 notice all have an expiry date of 3-months. What will happen to ground 14 under section 8, is unclear? This ground was added to the section 8 notice under housing Act 1996. In some instances, as an emergency measure, the ground 14 could be used to remove a rogue tenant. Ground 14 is the only ground, that has no waiting period; hence a notice could be served, and possession proceedings could be instigated, forthwith. No Grounds to evict a rogue tenantTo dispense with this ground, albeit it in the short term, may cause severe problems for private and social landlords. Ground 14 was added to the law books much later under the Housing Act 1996, this was done for good reasons. Mrs Helen Cartwright of The British Landlords Association said: "Social and private landlords need a tool in law when they have a rogue tenant. Understandably the police cannot help and will not step into the realm of civil law. In some rare instances as an urgent matter, Ground 14 was it, that was the answer for some landlords. We will study the fine details of the bill introduced, to see where we stand now". The Government has left the door open, should they need to change the endpoint, and the three month notice period, they will be able to do so. Lodgers, Licenses and Mortgage possession claim protected tooTenancies under the Rent Act 1977, the Housing Act 1985, the Housing Act 1996 and the Housing Act 1988 are all affected, by the extension of the notice period. After the three month notice period, provided the landlord has served a valid notice. An application to the county court will need to be made, for a possession claim. Existing possession claims to be cancelledFrom tomorrow, upon a decision by the Master of the Rolls, with the Lord Chancellors agreement, the court service will suspend all pending housing possession claims. All housing possession claims currently issued by a county court may be cancelled from tomorrow. Mr Sasha Charles the CEO of Landlord Advice UK one the leading tenant eviction companies in the UK said: "last week some courts declined to issue claims and also cancelled all bailiff appointments." He added: "clients who were waiting for bailiffs to convey vacant possession to them, had started the eviction process, some six months ago. They are already nursing six months rent arrears", he said. Possession claims waiting to be issued, will not be issued and are likely to be returned. Possession claims for commercial property will not be affected. Lodgers, licenses and mortgage possession claims, will be afforded protection under the "Protection from Eviction Act 1977" too. Support for renters and landlordsTenants still need to pay their rent and should pay this, as per there tenancy agreement. If renters face financial difficulty and struggle to pay rent, the Government has announced help. Specific measures in place are:
The Government is committed to supporting landlords by providing a 3-month mortgage payment holiday, where they have a Buy to Let mortgages. An agreement for non-urgent repairs, to be carried out later, should be agreed between tenants and landlords. Landlords should ensure all urgent, essential health and safety repairs, are carried out. Local authorities will be encouraged, by the Government to take a pragmatic, risk-based approach to enforcement action against landlords. Source: British Landlords Association Author: Marc Attwater Date: 26th of March 2020 [link] [comments]  |
| Tenants cannot pay rent for foreseeable future Posted: 26 Mar 2020 06:39 AM PDT Throwaway so my messages dont get spammed..... I own a small enough building in Wyoming with 56 apartments, which gives me around 55% of my total income. Due to obvious reasons, a large number of my tenants have lost work in the past few weeks and thus have been unable to pay rent. I was pretty relaxed because I know my tenants aren't exactly loaded but it is getting out of hand. Just this morning I receive a letter signed by 50 of my tenants saying they would not pay rent for the duration of this health crisis. At first I couldn't believe it. I provide homes to these people and they just exploit the situation to get free accommodation. If I do not find a way to replace the income by getting new tenants (almost impossible at this time) or getting my existing tenants to pay (I have already spoken to some of them and they day there is no way they can pay) then I will have to sell my summer home in order to pay the bills for my main house. What legal action can I take? How do I make sure my bills are payed? Any advice is much appreciated. EDIT : Sorry if the Summer home bit sounded obnoxious, it's just that I only recently made the purchase and it would be years of work gone if I had to give it up. [link] [comments]  |
| Day after closing, many condo issues Posted: 26 Mar 2020 08:58 PM PDT Day after closing, many condo issues I closed on this condo yesterday, and today was my first day spending time in it. The floor is incredibly sloped which is something I didn't notice the extent of and I could probably live with it. The brand new appliances have issues, pulled the oven open and one side came off... ok. I can probably fix this. There was no washer and dryer in the unit when I did my walkthrough and had adding them as part of the contract. They added them, not the brand that was in the contract, but they added them. Fast forward to tonight, first night in the place. The drain in the washer and dryer room overflowed pointing some water on the floor, but it was not a lot of standing water before we noticed this. The drain seems to be backed up and can only handle so much. The dishwasher also is not draining for some reason. I have not yet checked to see if they did not remove the plug in a new garbage disposal. This unit is a complete renovation, maybe I should have started with that. I got a knock on my door a few minutes ago and apparently the two units down from me got water from above. First day after closing... This was a VA loan and as such I had an inspection performed, and it also appraised above the purchase price (I'm sure they game this part). I understand I should have done more due diligence but I've been commuting an hour and a half or so each way for this new job, and I am just wondering what options I might have if any? Good luck wishes are better than nothing but can do without the "you should have combed every cm with a fine tooth comb" type comments. [link] [comments]  |
| Refinance and paused mortgages HELP Posted: 27 Mar 2020 12:38 AM PDT Hi Reddit, Really hope you can assist. My parents planned to refinance their home before the coronavirus and the 6 month pause on mortgages. They haven't called the bank yet to pause because they are afraid that if they do, they will not grant them a refinance. Can you please let me know if there's any truth to this?? Or if it's just their own speculations. PS they haven't filed for a refinance yet either [link] [comments]  |
| Posted: 27 Mar 2020 12:14 AM PDT Realtor partner of mine: "I'll find someone who already knows how to be self employed, make them be a loan originator, and partner with her or him!" So this Realtors finds a young 4 year independent CPA. Went to college for that. Good local private school, got some scholarships. 80% of new businesses fail within the first 2 years, he's at the 4 year mark so well past that, he's one of the Golden 20%. Realtor partner convinces him to get his mortgage licensed and all that jazz. Convinces him to move from LA up to the Bay Area to be his go-to in-house loan officer. He flounders and does very little for a year and a half. Realtor sends me most of his biz, sends new guy a non-trivial amount. He sorts them into a bucket of "can handle my new guy" and "needs someone seasoned," and doles them out appropriately. Whatever, that's fine with me, only an IQ=20 Realtor sends 100% of their referral business to one loan originator anyways, I'm not worried. But I want to help the Realtor out. If his income doubles, there's a good chance my income is going up too, so it's mutually beneficial without crossing any ethical bounds. So I offer to let the new guy shadow me for a day, sit 3 feet away. I'm a reasonable producer, buyer focused, bla bla bla. He hears my side of every conversation for one day, sees me run credit and work up files, sees me get heated with an underwriter once or twice, talk to my assistant and go over pipeline, all that jazz. For nearly all first time buyers, this is of course the largest financial transaction of their lives to-date, so they are spazzy and stressed and perpetually flipping out over this virus or that other thing like trying to predict the real estate market for the next 20 years with 100% accuracy, whatever. The correct response to that is of course "here is what we are going to do" and lay out a solid game plan that addresses what they are concerned/spazzing about, realistically and grounded in market realities. So, basically, a normal day. I am of course aiming to poach him from where his license is currently hung. So I tell him about why I love doing mortgages and all that, here's what we have to offer. Yup, my goal is to keep him doing mortgages (ideally a LOT more of them) while making a buck off of his production (see previous parenthetical), but be realistic about what it's like. He's seeing and listening and watching everything I do, no filter. Within 72 hours, he abandoned that last 6 months + 17 months investment of his time, had packed his bags, broken his lease, abandoned his security deposit, drove 12 hours back to SoCal, and moved back in with mommy and daddy to resume being a CPA after a 2 year hiatus (probably spread some coronavirus while he was at it). [link] [comments]  |
| Under contract (IL); closing in 1 month; wife laid off due to Covid19. Posted: 26 Mar 2020 09:05 AM PDT Just as the title says, we're set to close on a house end of April, but my wife just found out tomorrow is her last day. She works as a physical therapist and her company is only keeping the senior-most PT of each clinic employed for the time being. I'm using a throwaway since I'm giving numbers: My job is very stable. I work in health care, and we've actually seen an increase in workload since the pandemic. I do intend to tell my lender today, but I was just wondering what our chances are of getting the loan are now. Should I anticipate it being approved but with a worse rate? Currently locked at 3.25%. Thanks Edited for formatting Edit #2 - Got of the phone with the lender. PMI will go up $12/month. Not as drastic as I was fearing. [link] [comments]  |
| [WA] Real Estate during "Stay Home" order: NWMLS update 3/26 Posted: 26 Mar 2020 11:06 AM PDT These FAQs were sent out by the Northwest Multiple Listing Service (NWMLS) at about 10am today. Please note that this information ONLY applies to the NWMLS area, which serves 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. Governor Inslee's Executive Order - FAQs What is the Stay Home, Stay Healthy Order? To help prevent the spread of COVID-19 (Coronavirus), effective midnight on Wednesday, March 25th, Governor Inslee issued a statewide "Stay Home, Stay Healthy" order. The Order will initially last for two weeks and requires the closure of all "non-essential critical infrastructure businesses." Workers that are considered non-essential and who do not have in-person contact with others, can continue to work remotely from home only. The Order may be extended and may be modified. Are real estate brokerage services considered "essential"? No. Real estate brokerage services are not on the list of essential services.Real estate brokers may:
Real estate brokers may not:
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 appraisers conduct in-person appraisals during the Stay Home, Stay Healthy Order? Probably not. An appraiser can certainly conduct a remote appraisal, if acceptable to the lender. Appraisers are likely prohibited from conducting in-person appraisals. Washington Realtors and NWMLS are awaiting clarification from the Governor's office regarding certain activities for pending transactions. Can inspectors conduct home inspections during the Stay Home, Stay Healthy Order? Currently, no. Inspection services are not considered essential. Washington Realtors and NWMLS are awaiting clarification from the Governor's office regarding certain activities for pending transactions. Can buyer brokers conduct "buyer walk-throughs" prior to closing during the Stay Home, Stay Healthy Order? Currently, no. Real estate brokerage services are not considered essential. Washington Realtors and NWMLS are awaiting clarification from the Governor's office regarding certain activities for pending transactions. Note that the Force Majeure and Closing Addendum (Form 22FM) extends the buyer's time period to complete the walk-through, which would extend closing. Can brokers retrieve house keys and provide to a buyer after a closed sale? Currently, no. If keys to the property are not otherwise available to a buyer at closing, a broker in the transaction may make arrangements for a seller to leave a set of keys for the buyer at the property, observing social distancing guidelines. Washington Realtors and NWMLS are awaiting clarification from the Governor's office regarding certain activities for pending transactions. Can brokers continue to physically preview or show properties in any fashion – even alone? No. In-person previewing or showing properties is in direct violation of the Governor's order. NWMLS has instituted a no previews or showings instruction for the membership during the duration of the Stay Home, Stay Healthy order. If brokers do not abide by this instruction, disciplinary action and significant monetary sanctions for a violation of Rule 11(g) (Duty to Honor Showing Restrictions and Instructions) will result. Note – the NWMLS Keybox system tracks all entries into every Keybox. In addition to property photos, brokers and buyers should utilize virtual tours and videos that were created before the effective date of the order. 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. However, real estate brokers may not physically visit the property to take photos, create virtual tours or videos, stage the home, or meet with the seller. Likewise, professional photographers are not permitted to visit the property to take photos or create virtual tours or enter the property for any purpose. However, the order does not prohibit a seller from taking pictures of his or her own property and sending those photos to the listing broker. Do listing brokers need to remove Keyboxes from Active listings? No. Keyboxes may stay on Active listings – so brokers do not need to reinstall the Keybox after the order is lifted. As noted above, brokers may not access the Keybox to preview or show the property. 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" status will not be displayed on member's public websites. Under normal circumstances, the listing broker of a TOMK listing would be required to remove the Keybox, take the for-sale sign down, and only have the listing in the TOMK status for a maximum of 45 days. Those requirements have been suspended for the duration of the order. 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. 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. Washington Realtors and NWMLS are awaiting clarification from the Governor's office regarding certain activities for pending transactions. Can moving companies move buyers into a property and move sellers out of a property? Currently, no. These services are not considered essential. Washington Realtors and NWMLS are awaiting clarification from the Governor's office regarding certain activities for pending transactions. Can for-sale signs be installed at a property during the Stay Home, Stay Healthy Order? No. Brokers and sign companies are not permitted to leave their home to install for sale signs for the duration of the order. 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. [link] [comments]  |
| How are small landlords working things out with tenants for the coronavirus crisis? Posted: 26 Mar 2020 01:44 PM PDT Is there some sort of best practices for what's going on? A lot of tenants are under the impression that they dont have to pay rent for three months and it will all be forgiven. Is this really what's expected going forward? Apparently tenants have heard about mortgages not being charged for three months so they don't have to pay. [link] [comments]  |
| Home inspector asking us (buyers) not to attend home inspection Posted: 26 Mar 2020 12:55 PM PDT How important is it for the buyers to be present at the home inspection? We have a home inspection scheduled for tomorrow, but the home inspector has asked us to not attend as part of their new policy in response to coronavirus. We were originally supposed to meet him for the last hour of the inspection. [link] [comments]  |
| Recommendations for investment property loans? Posted: 26 Mar 2020 09:10 PM PDT I'm in need of guidance. I'm about to buy a second rental property worth around $193K, but this one is more expensive and will require a loan. I'm completely confused on which loan options provide the best interest rates without going to every possible lender and manually getting a quote. I'm just trying to find the lowest long term cost over the life of the loan since the rental property is something I plan to keep for 20+ years. I've been looking at a conventional investment loan, but the rate I was quoted today seemed high at 4.375% + $3400 for closing costs on a 15 yr with 20% down. The problem with putting 20% down also means I would have to sell off stocks to cover that 20% down payment. The market is in a valley right now, so I hate to lock in my losses. A home equity line of credit or a home equity loan (I'm still confused on the differences between the two) seem like other options since I own my current home outright, and it's valued at $220K. These seem to have lower closing costs, and it sounds like I could take all the equity out of my home to pay for the real estate investment outright. But it doesn't make sense how the interest rate on these loans can be 4% but have an APR of 12%. Please provide any advice that you think can help. [link] [comments]  |
| Posted: 26 Mar 2020 08:43 PM PDT Hello, We are negotiating a contract with a buyer and we, the seller, would agree to pay closing costs for the buyer. Upon receiving a good faith document from the lender, we see the buyer has purchased almost 3,000 dollars in mortgage points. Is this something we would be required to pay as this is an extra election on the buyer's behalf or can we, the seller, cancel the transaction? Thanks in advance. [link] [comments]  |
| advice sought for prospect of lowball offer on reply to inspection Posted: 26 Mar 2020 08:40 PM PDT Went to an open house three weeks ago, thought it was great, made an offer that day, sellers countered a bit higher, we accepted the counter. Inspected about two weeks ago, found ~$10k of fixable problems. Nothing awful. Also two weeks ago: the world began to circulate clockwise around a drain hole. Very awful. Tomorrow I have to reply to the inspection. I've been convinced through conversations with others that paying full price at this juncture is a bad idea because there are deals coming around the corner as the economy collapses. I could reject the house based on the inspection without further explanation and get my earnest money back, but it seems like I should make a lowball offer to at least entreat the seller (who's buying another house) to engage me in a negotiation at a significantly reduced price point. Questions: 1) Is it legal (in PA) to request a lower price at reply to inspection based on a changed market rather than purely inspection findings? 2) Will the seller be insulted if I do that? I don't want to be a jerk. I just don't want to overpay for something that's about to lose value. Any opinion/advice welcome. Thanks in advance. [link] [comments]  |
| Posted: 26 Mar 2020 08:31 PM PDT Our current home has a market value between $420-440k. We were looking to put a good chunk of this money towards the new construction home, but that depends on how much we can sell the home for in 10-11 months. We have ~30k earnest deposit in the new construction, but think there's a chance the builder will refund the money due to current situation and the fact that construction has not yet started. They are still waiting on the permit. I understand it's difficult to predict what the market will be, but any insights is appreciated. [link] [comments]  |
| Military closing with COVID 19 Posted: 26 Mar 2020 08:09 PM PDT All PCS orders have been put on hold. My question. What solutions are you coming up with for your clients in the situation? [link] [comments]  |
| What are some good ways to invest in real estate under 18 in the United States? Posted: 26 Mar 2020 08:09 PM PDT I know that contracts and stuff can be a pain. I like the idea of air bnb, house flipping, or just renting out apartments. Thanks for your time. [link] [comments]  |
| I just turned 18! Should I apply for a mortgage, buy property and start renting out to people? Posted: 26 Mar 2020 11:40 PM PDT Is it at all possible to become a landlord as a university student with a steady income of $56? If there is a chance please tell me thank you [link] [comments]  |
| thinking of moving and turning home into rental Posted: 26 Mar 2020 07:14 PM PDT I'd like to move the house into an LLC, how difficult would this be, and what would the steps look like? [link] [comments]  |
| Need help for first time home buyer Posted: 26 Mar 2020 03:21 PM PDT I am first time home buyer in CA. Recently I made offer for house with no contingencies (because of bidding ) and paid 3% in ESCROW and during appraisal it was observed that house(living area)is 20% less sqft that was listed in MLS and for this reason I don't want to proceed further and cancel the contract. Please help me what are my available options to get back my escrow amount. I am not getting help from my agent. My agent informs that If i don't proceed with this contract I will loose all my ESCROW. Any help is highly appreciated. [link] [comments]  |
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