Must read before buying or selling: Redfin Real Estate |
- Must read before buying or selling: Redfin
- If my LLC owned a property, could it take all the profits from one year to buy another and pay no taxes because of the “loss”?
- Zillow suspending iBuyer Program Nationwide
- Buyer backing out due to virus shutdown
- Navy Federal offering me a 30yr conventional loan at 4.75%. Seems high right now?
- Is buying acreage worth it?
- What's worth replacing while you're trying to sell a house?
- Just went into contract, job closed because non-essential
- What is a good real-time source for mortgage interest rates?
- Closing is within a 2 weeks, buyer is asking to delay due to current COVID situation
- Which app or site provides the best coverage for real estate in Puerto Rico?
- Buy House now? or wait? Covid-19 Crisis (Business Partner and I are doing Rental Income)
- What are the reasons I shouldn’t go through with closing on a condo next week?
- Landlords with tenants now unemployed..
- Appraisal Flexibilities
- Effect of Gov Stimulus on Mortgage Rates
- iBuyer Experience Update
- Present impact of Dallas shelter in place order
- I now own a house, but the mortgage and homeowner's insurance are under my deceased mother's name. How do I get a homeowners policy under my name, and continue paying the mortgage in hers?
- FL question about selling a co-op property by way of quitclaim
- New Construction Closing - Tips and Suggestions
- Is a 15% ROI in real estate, a reasonable return to aim at?
- Should I lock in?
- Plans for building a garage apartment?
- Inspection period ended on Friday. Haven’t heard from Buyers. Would you be concerned?
| Must read before buying or selling: Redfin Posted: 23 Mar 2020 06:41 PM PDT I was a big fan of disrupting the real estate industry. I think it's archaic to spend 6% if a home price on real estate fees, especially with the internet. Most people find the home before the agent. I was a huge fan of Redfin and used them to buy my house a few years ago. However, I recently sold a house with Redfin and it was a total nightmare. I can't believe I'm saying that it wasn't worth the savings to use them. A good agent will be much better than Redfin and likely get you more money. Agents should have a good understanding of the local area, be comfortable going to bat for you and have your interest in mind. Don't just use your friend's buddy. With Redfin, it was like representing myself. They told me to take a worse offer, they didn't represent me when dealing with the buyers agent and they didn't show up at the appraisal. I went from a huge fan to someone who will never use them again. They put all of the oneness on you to keep track of everything. Redfin agents are just agents that failed on their own and are fine with a salary. Beware!!! [link] [comments]  |
| Posted: 23 Mar 2020 11:24 PM PDT |
| Zillow suspending iBuyer Program Nationwide Posted: 23 Mar 2020 06:44 AM PDT |
| Buyer backing out due to virus shutdown Posted: 23 Mar 2020 04:16 PM PDT Already in escrow and supposed to close early next week but buyer (healthcare professional) wants to back out and refund earnest money due to the shutdown. There is only the loan and appraisal contingency. What are my options here? I have incurred a lot of expense staging/moving and selling. [link] [comments]  |
| Navy Federal offering me a 30yr conventional loan at 4.75%. Seems high right now? Posted: 23 Mar 2020 09:10 PM PDT So, I was preapproved a couple weeks ago for a 3.75% mortgage, however, I was not locked in. I tried to be, but the next day our loan officer went on vacation and finally came back yesterday. No one did anything in between and her backup never responded to me. Now I am being given this higher rate for a $445,000 loan balance mortgage. My wife and I both have credit scores over 800, have nearly 100k in liquid assets, and are putting over 10% down. I just don't understand why they are offering this seemingly higher rate. Full disclosure, this is our first home, and the first time I've been through this process, so I am a bit green to everything. Please excuse any ignorance. [link] [comments]  |
| Posted: 23 Mar 2020 10:57 PM PDT I am trying to understand what people do with acreage. Is it worth it? What kind of situation would be good to own large acres? What can one do with it? Any advice is helpful. [link] [comments]  |
| What's worth replacing while you're trying to sell a house? Posted: 23 Mar 2020 05:49 PM PDT So, I just had my full-price buyer about a 1/2 hour ago send a note after the inspection last week, the BINSR simply said the buyers are balking over my roof and A/C units (it's a duplex, the house is old, I just had the flat roof re-sealed, and the A/C units are covered under a home warranty and replaces anything that happens to them). I was ready to negotiate based on anything that came up but I wasn't even given the chance to do that. I'm crushed as I had a new place picked out and just went under contract last night. I'm at the point where I just want to replace the units and replace the roof. Should I, is it worth it at this point to help actually get what I want for this property, or is my disappointment clouding my judgment? [link] [comments]  |
| Just went into contract, job closed because non-essential Posted: 23 Mar 2020 08:13 PM PDT So my husband and I literally just went into contract for our first home. We're using a VA loan. My job has closed due to the COVID-19, I work in the service industry. Thankfully my company is still paying us but it is not going to be the same amount as normal because I also receive, tips, commission, and bonuses that are not being awarded because I'm obviously not working. We are in Indiana and on shelter at home orders until April 7th. My husband is a trauma nurse so he will still be working and also working overtime. My question is how is this is going to affect our closing process? Our lender reached out and asked if we are still employed and getting paid, which we are but my pay will be less. My parents own their own company and have offered to hire me on to offset the loss in wages until I can return to my normal job. Would that be a good idea during this time in the loan process? I am freaking out and could use some advice from people who are familiar with these kinds of issues. [link] [comments]  |
| What is a good real-time source for mortgage interest rates? Posted: 23 Mar 2020 09:56 AM PDT Obviously dependent on different lenders, loan amounts, credit scores, etc. But it feels inefficient to keep pinging my lender to check. FTHB here, just looking to stay on top of things. [link] [comments]  |
| Closing is within a 2 weeks, buyer is asking to delay due to current COVID situation Posted: 23 Mar 2020 02:19 PM PDT I guess - i'm just writing to vent and figure out, what is the recourse?. attorney review is done.
I'm just frustrated. any thoughts will be appreciated. thanks. [link] [comments]  |
| Which app or site provides the best coverage for real estate in Puerto Rico? Posted: 24 Mar 2020 12:58 AM PDT |
| Buy House now? or wait? Covid-19 Crisis (Business Partner and I are doing Rental Income) Posted: 23 Mar 2020 08:59 PM PDT Hey All, Business Partner and I have one House C+ B- area, after all taxes and fees getting a 1% income from rent. We are looking to buy another one, prepared all the necessary documents and finances and have cash on hand to purchase our next house in the same area. I am hesitant in this current Global crisis, My Business partner thinks regardless of if the markets drop or put on hold, it would not effect the fact that people need housing, and people need a place to rent. We know if we buy a house now, the current crisis could make the house lower in value. He wants to rush into getting something ASAP, however when looking in the area, there are not many options for our price range / C+, B- area right now. Should we wait until spring time? Summer? I am afraid of 1) rushing into a house that will not be fully looked at. (we need to do virtual tours) I have other worries too, but what are everyones thoughts? Push through, buy a house and try to rent it? or wait a bit and see were this market might head? Thanks in advance. Side notes: Yes Having 50/50 ownership can be difficult with situations like this, but in the end, we both agree on something or it doesnt happen and we find something else. [link] [comments]  |
| What are the reasons I shouldn’t go through with closing on a condo next week? Posted: 23 Mar 2020 06:00 PM PDT I'm closing on my first home next week and seeing a bunch of posts about people backing out. A little bit of background: I put down 10% and got a really low interest rate for a 30 year mortgage. I make good money and should be coming into a large amount of money (~200k) soon. I plan on living here for 5-7 years then keeping and renting out as I build a real estate portfolio. What are the legit reasons why I should consider backing out? [link] [comments]  |
| Landlords with tenants now unemployed.. Posted: 23 Mar 2020 03:03 PM PDT What's the plan of action for you guys knowing eviction may not be a possibility depending on your state [link] [comments]  |
| Posted: 23 Mar 2020 08:05 AM PDT |
| Effect of Gov Stimulus on Mortgage Rates Posted: 23 Mar 2020 02:40 PM PDT I was in touch with my lender this morning and got quoted some updated rates ~3.6% for a 30yr fixed (no points). We both agreed that I have some time to lock in (closing in ~2mo) a rate and offered a float down option as well. I'm trying to understand how a possible government stimulus/relief package will affect rates. Are there fundamental rules that can help me predict how mortgage rates will move from where they are today if the senate approves this package? [link] [comments]  |
| Posted: 23 Mar 2020 01:38 PM PDT So I posted this about three months ago. I was going to do the final follow up on that thread but I knew no one would probably go back that far. I was doing a new build and there was construction issues so my timeline kept getting pushed back. It was easy to change my close date with Opendoor each time. Finally closed and got paid today. Open door's estimate close after fees was $206,889 but my final payout did come in $640 less then that. That was because of HOA disclosure fee of $400 and $125 transfer fee. They make that clear during the quote that HOA fees are not included in that. So really it only came in $115 less then what they said. I will take that. It looks like Opendoor has suspended buying properties due to safety of their staff with this virus going around. Not sure if that is the true reason or if they are worried about the housing market taking a dip. Either way glad I was able to get mine closed. Original Post https://www.reddit.com/r/RealEstate/comments/ee8irk/ibuyer_experience/ ____________________________________________________________________________________________________________ I am having a new house built and have been debating about how I wanted to sell my current house. I checked out all the iBuyers and also asked the realtor who sold me the new house what I could expect for my current one. I was shocked on how easy it was to get offers from Offerpad and Opendoor. I got a response within a few hours of their initial offer. Zillow Offers takes a little bit more work. They want to call you before they actually submit an offer. The agent calls you within 24 hours and then you get their offer usually about 24 hours after. In all of their initial offer they give you what their purchase price would be and then their net price after all fees. My old realtor said he would list at $225,000 and probably will get $220,000 - $225,000 after replacing my carpets. Zillow Offers came back at $220,400 and wanted 6.1% in a Zillow Charge and then $1,528 in estimated closing costs. Net was $205,427. The "Zestimate" for public view is $218,052 so it was higher then that. The lady said that almost never happens but not sure if that is just a line. I did not tell them during their initial offer that I need all my carpets replaced. Opendoor initial offer was $219,700, 5% fees, $1,826 closing so the net was $206,889. I did tell them about the carpet needing to be replaced and that was included in the initial offer. When I was looking to replace the carpet with a low quality style it was $1,300. So I took that into account also. Offerpad was a major low ball. $210,000 purchase price, 7.5% fees. Net was only $194,250. I decided to have Opendoor come out and do their inspection. The thing with them is you have to esign documents before they came. It is the actual sales contract but there is a clause in there that the buyer can cancel at anytime for any reason. After detailing the contract I was happy to see that. I expected the worse from the inspection. My outside needed to be painted. I have a plumbing job under my stink that is kind of jerry ringed. The inside paint has a couple of rooms where you can see the age. Of course the carpets needed to be replaced but they already knew about that and was included. The inspector shows up and it's just him. Zillow said they were going to send an inspector plus someone else from their team. It would be a full inspection and probably would take a little over 3 hours. The Opendoor inspector was here for less then an hour. He walked around taking some pictures. Did not open any cabinets. Turned on both showers. Measured the rooms and that was it. He did not even bring a ladder with him. I was shocked to see that. That means he did not inspect the roof, HVAC units, or anything like that. Later that day I got a call from my Opendoor adviser letting me know they wanted no repairs. Just to sign the additional page on the contract he uploaded saying that and it's a done deal. On the day of checkout we would use the app to take pictures of the areas it says and they would wire the money the next morning. When I added up the fees for selling with a realtor and what he thought it would sell for it was a no brainier to go with Opendoor. I didn't have to worry about the holding cost for possible two months. On avg it takes a month to sell in my area and then a possibility month to close depending on the buyer. I could move into my new house and not even have to do any touchup or cleaning of my old one. Of course your offers may come in different but it doesn't hurt to try these iBuyers. I really thought I was going to be going the traditional way with my realtor. [link] [comments]  |
| Present impact of Dallas shelter in place order Posted: 23 Mar 2020 09:35 AM PDT I don't know how helpful this will be to anyone - and of course situations are fluid and what's true at this moment can be different tomorrow. I can only share my observations in the moment for DFW. NBC DFW: Shelter-in-Place Order Issued for Dallas County I've spoken to a few contractors about scheduled repairs during the order - as an essential service, they report no effect on their work. The lenders I've spoken with acknowledge that things are different, but so far not anticipated delays on our current contracts. The title companies are still open for business. They can coordinate mobile notaries for those concerned about making a trip to their office. In some cases, electronic signatures on closing docs may be an option - if offered by the title company and allowed by the lender. That's my 2 cents. Business is continuing, and I'm not currently putting out any [covid-19 specific] fires. [link] [comments]  |
| Posted: 23 Mar 2020 09:06 PM PDT So I'm posting under a throwaway here because there are some personal details. My mother recently passed in November. 4.5 years ago she quit-claimed her house to me and so I am on the deed, and considered the owner, but am not on the mortgage / loan. There were no other assets, and so there is no estate. I will be keeping the house, and renting it out, which I've already done. I would like to keep paying the mortgage, and just continue as things are right now. The estate lawyer that was "helping me" (but really did not help me much and I've done everything on my own) strongly suggested that I do it this way, to prevent having to refinance. (This is not a sketchy lawyer btw, it's just in Rhode island, where everything is a little sketchy). The reason I would prefer not to refinance, aside from costs, is because I just bought my own house and I'm not sure how a refi would work with my current debt to income ratio. I have had other people tell me, brokers and real estate agents, to do it this way too to save the headache of going thorough this process. I do realize I could refinance this as a rental property at a slightly higher interest rate with proof of current tenants, and my debt to income ratio wouldn't be an issue. I'm saving that as a last resort. I'm now realizing that if anything ever happens and there is a claim on the homeowners insurance, likely they will be able to not pay out because I am not on the policy. So essentially I'm paying a policy right now that covers nothing. Currently the policy is rolled into the monthly mortgage payment. So, I believe the solution to this, outside of notifying the bank and the refinancing, would be to somehow get a homeowners policy in my own name on the house. I spoke to my own insurance agent on my (not my mom's) house, and pretty much gave him the rundown, and he said that likely the insurance company will notify the bank if I tell them the circumstances of why I'm opening a new policy under my own name. I guess what I'm asking is, what do people do in this situation? Everyone keeps telling me that this is a thing that people do, but I cannot find anything at all on the internet on this particular type of of situation. Is my only option to refinance, and if so, can they deny me based on income / debt ratio? Or would they just hose me on an interest rate? [link] [comments]  |
| FL question about selling a co-op property by way of quitclaim Posted: 23 Mar 2020 08:37 PM PDT In 2015 I bought piece of property* from the county at a tax deed sale. The prior owner had not paid the taxes and the county sold it to cover the unpaid taxes. The property* is a 2/1 mobile home 950 sq ft in a fenced yard in a housing co-operative, the taxes are about $400 per year and the co-op fee is a ridiculously low for the area $110 which covers roads, sidewalks, lawn and water. I took a big risk buying it, not knowing the condition of the home (it was built in 70's like about a quarter of the homes in the community, the rest are more modern,) but ended up being lucky. It was vacant when I purchased it, and according to the neighbors had been vacant for five years. It had been owned by a mother and her adult daughter from up north that used it as a vacation home. After the mother passed away the daughter started coming less and less frequently and then stopped altogether, stopped paying the taxes and the co-op fee. After I purchased it, I got approved by the board and because I purchased through the tax deed sale I wasn't liable for the past due co-op fees. For its' age and the time it sat unoccupied it was in pretty good shape. I moved in and started working to update it and lived in it for four years. In 2018 I got married and my spouse and I lived there one year together. In 2019 we bought a nicer place but I wasn't ready to sell it and because it was so cheap to maintain my spouse didn't care. The co-op is an all owner community so renting it out hasn't been a possibility. I thought I might use it as a get-away pad where I could go to garden after work, or paint at on Sundays when my spouse works a double-shift. But that never ended up happening, and my garden there died soon after we moved. We also considered having family stay there when they come in from out of town but it's always been easier for them to stay with us. So for the past year the property* has sat vacant, albeit in an area where the property values have been rising quite quickly. The home is about an 8 minute drive to the beach, A+ school district, the property to the south of the community was sold three years ago and the homes sold for $400k, on the north side of the property, the homes sell for between $250-300k. Of course these are site built homes so can't be used for comps. The only two mobile homes that sold in the community in the past two months that were similar to mine (both 70's models) were a 2/1 672 sq ft that sold for $74k and a 2/2 704 sq ft that sold for $78k. The 2/2 was much more updated than mine but the 2/1 was not as nice and had a couple odd DIY jobs. They both sold within $2k of their Zillow guestimate. The Zillow guestimate for my place is $122k which is wildly off the mark, which any buyer would automatically see. My guess is that my place is worth probably around the low $70k based on the other 2/1. Pluses that mine has over that one is that I have an enclosed airconditioned porch that is 350 sq ft, a nice size shed, and a fenced in yard. However, there are a number of things which could affect a sale. It is a co-op which a lot of people don't like to hassle with because they need to get board approval. It is a mobile home when most people prefer site built homes. It was built in the seventies so no bank is going to give a loan for it which means it would have to be a cash sale. And the big one, I never quieted the title after I purchased it, which means to my knowledge, I could only sell it as a quit-claim. My spouse is not keen on the idea of spending $1500-$2500 to quiet the title because frankly she doesn't think I will ever actually sell the property*. I was thinking about listing it for $58k but wanted to hear some input, am I being wildly unrealistic. Will listing it as a quit-claim just lower the value, or significantly lower the value. In the small city we live in, there are not currently any livable properties selling for less than $58k, just land and massive reno-jobs. I am open to any suggestions, including "wake up calls." *Because it's a co-op I technically bought a share in the community and the mobile home [link] [comments]  |
| New Construction Closing - Tips and Suggestions Posted: 23 Mar 2020 04:51 PM PDT About to close on a new construction home in a couple of weeks. Although it might be delayed with what is happening. Let's just assume everything is going to happen on schedule. What are some tips and suggestions for when we do the final walk through before closing? Things to ask the builder, things to look for, documents to get from them, etc. They already informed us we are going to get a binder with all documents for the appliances, utilities systems, names of the contractors they used, etc. [link] [comments]  |
| Is a 15% ROI in real estate, a reasonable return to aim at? Posted: 23 Mar 2020 08:17 PM PDT Cash flow + appreciation: I know that appreciation isn't exactly considered as an ROI, but if we add them up both, is it possible to get to such returns? [link] [comments]  |
| Posted: 23 Mar 2020 03:21 PM PDT I'll keep it short: first time homebuyer, under contract on a home being built. It should be finished in June or July. Should I lock in at 3.75% mortgage rate (180 day lock) with a free float down within 30 days of closing? It is a 30 year conventional loan. I have to pay a fee of $500. I know there isn't a clear answer. But I'm lost in this and don't really have anyone to ask for advice. Thank you. [link] [comments]  |
| Plans for building a garage apartment? Posted: 23 Mar 2020 02:53 PM PDT I want to demolish my old run down detached garage and replace it with a new garage with an apartment on top to rent out. I know this is allowed in my area, many houses in my neighborhood have them. This is in Houston, TX. I talked to a builder in my area and he said they needed plans and referred me to an architect, then mentioned getting an engineer to stamp the plans for the city permits. Is this really the case? Or do I just need to find a builder who has in-house staff who can handle this? If I have to do it then I will, but I kind of assumed that a structure this basic could be built using off the shelf plans that are known to be structurally sound. Do I really need custom drawings, etc? Or would the architect just be selling me an off the shelf design (which is fine with me, if the cost isn't unreasonable)? [link] [comments]  |
| Inspection period ended on Friday. Haven’t heard from Buyers. Would you be concerned? Posted: 23 Mar 2020 06:38 PM PDT In the contract we had a 12-day inspection period which ended on Friday. Prior to that they had an inspection about a week before the inspection period ended. We have not heard from the buyers and we are currently under contract to buy another home, except we have a conditional approval which depends on selling this house first. Would you all be concerned that you haven't heard from buyers since?? They've also finished their appraisal which was done a day or so before the inspection period ended. Texted our agent today to ask her if she had any updates as to whether or not they are in underwriting, or what is going on exactly. She has not gotten back to us. [link] [comments]  |
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