Closed Today! Real Estate |
- Closed Today!
- Home price gains were strong in January, says S&P Case-Shiller, before coronavirus hit US economy
- REALTORS-Property Disclosure Form
- Anxious and nervous about closing
- Thinking of buying first house in NC, not sure where to begin
- Lots of correspondents and lenders closing this week.
- Am I going to loss 2500?
- Current FHA reserve guidance?
- Should we walk?
- Proper to give a gift to buyers realtor after closing the deal?
- First Time Home Buyer. Inspection Questions
- Getting license in PA
- Days on Market - how long is too long?
- Is there anything I can do as a new homebuyer to take advantage of the pandemic?
- Economic Injury disaster loan ( SBA )
- Have been under contract for a new home since last June, to be completed in late May. Are we screwed for getting a mortgage?
- Mom trying to sell her Mother’s Trailer home, fastest way to do so?
- Neighbors are Exaggerating Noise Complaints. Can we get evicted for this?
- I signed paper to withdraw from purchase 1 week before closing. Will builder allow to resume closing?
- Title Insurance Reissue/Refinance Rate - Is Discount Rate Only Available from Same Title Company?
- Mortgage rates going down?
- Buyers, were any of you able to renegotiate the house price after inspection? What’s your story.
- Goldman Sachs Sees a 15% Unemployment Rate - How will it affect Housing Prices in the next 12 Months?
- Should I sign with brokerage yet?
- How much do you pay management companies? Single family homes and single condos.
| Posted: 31 Mar 2020 08:39 PM PDT Done deal. It went off fairly smoothly with a few typical closing day things such as the gutter being in the front lawn instead of attached to the roof for the walk through. I didn't experience much difficulty towards the end. I had a few late proof of employment requests from the lender, but this was my first purchase so I'm not sure how unusual that is. Overall, it went well. Just wanted to share that it's still working fine despite current conditions. [link] [comments]  |
| Home price gains were strong in January, says S&P Case-Shiller, before coronavirus hit US economy Posted: 31 Mar 2020 06:06 AM PDT "We expect a peak-to-trough fall in prices of around 4% by early 2021, with values then flattening out for the rest of the year," wrote Matthew Pointon, an economist with Capital Economics. "Housing demand will see a sharp decline as unemployment hits record highs, and households are prevented from buying a home due to the shut down of large parts of the economy." Pointon says the risk to housing will rise, so buyers' willingness to pay for a home will fall, and house price expectations will take a hit. [link] [comments]  |
| REALTORS-Property Disclosure Form Posted: 01 Apr 2020 04:28 AM PDT In Ohio a property disclosure is required to be filled out, even if an estate. The sellers are in a nursing home with dementia. The son lives out of state and has no knowledge of the property. Have any other REALTORS run into this situation? How did you handle? Thank you!! [link] [comments]  |
| Anxious and nervous about closing Posted: 31 Mar 2020 12:33 PM PDT I got into contract for a home in Austin in feb 1st week and closing is on this Friday . I'm so stressed to decide whether to go forward or pull the plug . I'm going to lose earnest money of $10k . The home price is $550k . I'm so scared to see the news like 100k people die , 30 million people lose jobs .. etc. home prices will drop .. I'm grateful for having a job now and working from home . Deciding on the home is the toughest decision. [link] [comments]  |
| Thinking of buying first house in NC, not sure where to begin Posted: 01 Apr 2020 05:51 AM PDT I found a house I like, and I have some recommendations for a few local banks to speak to. Should I just call them and see about pre-approval? What steps should I take to prepare before calling? What sort of documents might I need to bring with me? There's a deluge of information on the internet, and it can be a little overwhelming. I'm just looking for pointers here. Thanks. [link] [comments]  |
| Lots of correspondents and lenders closing this week. Posted: 31 Mar 2020 02:26 PM PDT Lots of gov correspondents and lenders closing/pausing this week. Non-qm went out the window last week. They will re-evaluate with the market on 4/13 or 15. At least two with aggregate 1,500+ loan officers. If your puchase money deal wasn't submitted with docs signed and loan locked, you're gonna be jammed up. [link] [comments]  |
| Posted: 01 Apr 2020 01:52 AM PDT Dear All, Am in a process of buying a house apreasal is done by the bank today. Can I get out as am concerned about my job stabilty and current situation? Am currently residing outside the country and can't travel. The company am working for strongly suggested not to travel until further notice. I pay deposit of $ 2500. Am I going to loss that money? What is my loss here? Thank you. [link] [comments]  |
| Posted: 01 Apr 2020 05:23 AM PDT I saw buried in a post (I think for multifamily homes?) that FHA is now only approving those w/ 640+ credit and 6 months of payments in reserves. Can anyone weigh in on the guidance in these risky times? I'd like to swoop up a multifamily if/when these discounts materialize, but need to make sure I have enough DP to keep the monthly payment reasonable and have enough in reserves. [link] [comments]  |
| Posted: 31 Mar 2020 10:51 PM PDT My wife and I made an offer of $282k on a home listed for $289,500. Sellers came back agreeing to other terms of offer but sticking w/ $289,500. We came back w/ $285,750 (meeting exactly in the middle). It was accepted. It is our relative-dream home and there's currently nothing else listed in the area we're looking at this price point that we like this much/checks as many of our boxes. For some specific reasons we'd be looking to sell in about 5 years. The sellers are getting divorced. Our agent told us per listing agent it's a "nasty divorce" where the listing agent has to communicate everything to each of them separately. They're an older couple, late 50s. I mention this because it might play into negotiating w/ them. The inspection occurred today. Infamous polybutylene (pb) pipes (home built in 1990) were found. In the disclosures the sellers had only listed "plastic" for plumbing system. Currently no known leaking per inspector but he recommended a plumber inspect it further as pb pipes can be a nightmare. The consensus online regarding pb is a bleak one. One consideration is that this house has its own septic and well. Chlorination, among a few other things, seems the main culprit in the pb failures. That the house has been w/ these pipes for 30 years w/o any noticeable issues thus far is perhaps a result of the sellers not putting chlorine in said well. Maybe just dumb luck. This is a big red flag for me but unfortunately not the only one. The house is fitted w/ 1990-era hardboard siding. The inspector identified at least 15 places between the home and the detached garage (also the hardboard siding) that were rotting and in need of replacement (they don't use it anymore for siding - w/ good reason). The sellers had a section on one side of the house that they recently replaced the hardboard siding w/ vinyl citing rot as to why. It seems the best course of action is to replace all of the home and garage siding w/ vinyl. We've yet to get quotes on the pb -> pex plumbing job or the hardboard siding -> vinyl one. From what I've seen online for our area we'd be looking at between $6-10k for the plumbing and about $7-10k for the siding. We've yet to have the septic/well inspected as it was scheduled for 4/2 but we rescheduled for a 4/9 to give us time to try and work something out w/ the sellers here. That inspection is about $700. We're in right now $1,500 for due diligence (non-refundable) and $750 for the home inspection. This $2,250 to me is a sunk cost. Sure, it would suck to have lost it but should the sellers not be too keen on providing any or enough of a repair credit we don't want to walk into a house w/ potentially $20k in repair costs between the plumbing and siding. And, we don't see the full inspection report until tomorrow. The inspector told me there were numerous other smaller issues as well. We know the well and septic are 30 years old. If they were in need of some repair, even something minor, that would only add to what right now seems like a daunting list. The estimated sales range on the house, per zillow (median error is about 4%), is $272k. Redfin's estimate is $285,500 (claims an error of only 1.77%). It is a seller's market right now and my realtor told me this house is priced right. We have yet to have the appraisal done but time will tell I suppose. The sellers seem a bit desperate to sell. They attempted for sale by owner back in December where they listed it for $309k. Jan they dropped to $295k. March they got a listing agent and priced it at $289,500. They accepted $285,750. We have until 4/23 to back out of the contract (due diligence period). What might be a reasonable expectation for me to have about how much of a repair credit the sellers might be willing to give? Is it common to accept their first offer or would I be fine negotiating it up? What percent of the total repair costs we end up quoted by a general contractor and a plumber might we expect the sellers to provide? Sorry if this was too long. It's my first post here and my first time buying a house. I'm also using the VA home loan so I'm wondering if these particular siding/plumbing issues might end up resulting in a lower appraisal from the VA. Appreciate all insight here! Thank you! [link] [comments]  |
| Proper to give a gift to buyers realtor after closing the deal? Posted: 31 Mar 2020 05:08 PM PDT Just curious, my wife and I wanted to celebrate closing by giving our realtor a bottle of champagne or wine or something after we close as a small token of thanks for all work she's done getting us in the house. Is that appropriate? [link] [comments]  |
| First Time Home Buyer. Inspection Questions Posted: 31 Mar 2020 02:41 PM PDT Got my inspection done yesterday and received the report today. New construction. First time home buyer. Got few questions. Notes from the inspector below Roof Types of Roof Covering: Composition Asphalt Shingles Viewed From: Accessible Areas Walked Roof Comments: There are notable bulges and lifted shingles on the northwest side of the roof. A qualified roofing contractor should be consulted regarding the repair of this condition. Should I be worried about the condition of shingles, especially since it's a new house? Do I need to consult with a roofing specialist? Walls (exterior) Walls (Interior and Exterior) Comments: There were small cracks in the exterior brick above the center of the overhead garage door opening. Cracks in the exterior bricks are usually indications that there is some degree of movement occurring in the structure. The severity of the cracks can be an indication of the amount of movement in a structure. These cracks should be filled and monitored for further activity. The inspector said foundation looks good and since it will have 10 year warranty, I hope i don't have to worry much about it Doors (Interior and Exterior) Note: It is recommended that you replace/rekey exterior locks upon taking possession of the home. Comments: The door margin is inconsistent at most of the doors throughout the home. This condition is causing these doors to be hinge bound. These doors should be adjusted so that the margins are 1/8 to 3/16 of an inch consistently. Is this normal? These are the significant things I noticed on the inspection report. Any advice appreciated. [link] [comments]  |
| Posted: 01 Apr 2020 03:43 AM PDT Anyone have any info? Are there online classes I can do? There's a local place near me where I think they do classes but they're closed right now obviously so I can't call and ask questions. Thought you guys here may know! Thanks!!! [link] [comments]  |
| Days on Market - how long is too long? Posted: 31 Mar 2020 11:29 PM PDT Wanted to get opinions from the community on days on market. For selling agents, how long until you would consider a lower offer or reduced price change? For buyers/buying agents, how long until it raises a red flag that something might be wrong with the place or enough to cast some doubt? How about houses that go Pending and come back into the market? Is there a way to find out why the fallout? [link] [comments]  |
| Is there anything I can do as a new homebuyer to take advantage of the pandemic? Posted: 01 Apr 2020 02:27 AM PDT I'm in my mid 30's and never owned a home. I got some cash saved up and was looking to move somewhere I can get a house for a good price. If it makes it better, I can pay cash for the home too. Where do I start? [link] [comments]  |
| Economic Injury disaster loan ( SBA ) Posted: 31 Mar 2020 08:12 PM PDT Does any know if a rental property under an LLC qualifies for an EIDL loan and grant though the SBA in a designated coronavirus disaster area ? [link] [comments]  |
| Posted: 31 Mar 2020 10:23 PM PDT Here's our stats: Married, both employed as essential employees. Our combo credit of 745. DTI is about 40% we are putting down $120k on the house which we are under contract for $298k. I can't use the $120k to bring down the DTI due to the money having come from the sale of another home. I do worry that because of COVID and tighter mortgage restrictions we won't qualify with our high DTI. We were previously underwritten, but I'm uncertain if this is even valid anymore. Let me know if we are S.O.L or have a fighting chance. Thanks! [link] [comments]  |
| Mom trying to sell her Mother’s Trailer home, fastest way to do so? Posted: 31 Mar 2020 08:34 PM PDT My mother recently had to move her mother into a assisted living home. Her mother's trailer home\manufactured home which is pretty nice around 45k-50k in value needs to be sold so she can continue to live in this facility before she gets kicked over to Long-term care. She has put the home on craigs-list and trying to put it on Zillow but there have been some difficulties selling it since she does not own the property. Are there any tips or tricks for selling a trailer home/manufactured home quickly? We need to sell it within 2 months otherwise her mother will have to move to Longterm care which we are trying to avoid in the short-term. It is located in Florida but also know that this economy is not setting us up for success. Thank you! [link] [comments]  |
| Neighbors are Exaggerating Noise Complaints. Can we get evicted for this? Posted: 31 Mar 2020 06:17 PM PDT We are in Oregon. We live in an apartment complex on the top floor, and our downstairs neighbors have been complaining about us ever since we moved in. It started with them taking a broom and banging on their ceiling when they thought we were too loud throughout the daytime. Then, we got a call from our land lord saying we have been getting noise complaints, for loud music or banging at night. My fiancee and I work early so were in bed by 10:30. We typically are pretty courteous already but when we got that call we adjusted to see if it would help. We didnt recieve any calls for about 6 months. Just today, we got a call from our landlord saying they have gotten multiple complaints from the same neighbors dating back the last 6 months and that they are finally getting around to contacting us. They said there have been numerous times where they again complained about loud music and banging noises. They also described dragging noises and what sounds like bowling balls thumping. It's hard for us to imagine what would cause that since we are pretty quiet people anyways. We never play music out loud and when its past 10pm we lower our TV volume if we are even up. Okay, I get it, they're sensitive. So we're adjusting things again to just turn off our TV past 10 and are gonna walk even lighter. We're afraid if we get enough complaints, well get evicted even though we've been extremely polite and cooperative. Our landlord told us that it is nice we are being cooperative and that they understand some noise should be expected in an apartment. My fiancee and I have thought maybe they are also hearing noise from other neighbors, since the neighbors that share a walk with us on our floor will have arguments late into the night and slam things. Maybe they hear a mix of sounds and are blaming us? What are our rights. Can we get evicted if they complain enough? Should we set up security cameras for proof we are not violating any noise rules? It just feels like they're trying everything they can to get us kicked out because they dont like us or something. [link] [comments]  |
| Posted: 01 Apr 2020 12:05 AM PDT Newly constructed condo. Appraisal was done. Orientation was done. Cancelation was signed 5 days ago. Would lender allow me to keep the rate the same? [link] [comments]  |
| Title Insurance Reissue/Refinance Rate - Is Discount Rate Only Available from Same Title Company? Posted: 31 Mar 2020 11:48 PM PDT Hey there. I purchased my home 12/2018 (from original owner, owned 25 years in Oregon) and and am now in the middle of a refinance. Shopping for title services, I called the company I used to for the initial purchase (Old Republic Title) and they're offering me a 25% discount on a new lender's title policy for a cost of $1,065. The seller also purchased an "Owner's Title Insurance" policy in addition to the lender's policy at close - not sure if this makes a difference. Admittedly, I'm quite naive about these RE title products in general. A quick search online indicates a 40% - 60% discount is typically offered by other title companies. That said:
Happy to provide more info if needed. [link] [comments]  |
| Posted: 31 Mar 2020 01:45 PM PDT On our first pre-approval letter 2 weeks ago, I had 4.22. We weren't happy with that but didn't care at that point. On the new preapproval letter for a higher purchase price we just got today, 3.61(!) from the same lender. And this is for a condo so I expected it to be higher. Just waiting for a phone call now to see if our offer got accepted and then we plan to lock it in. [link] [comments]  |
| Buyers, were any of you able to renegotiate the house price after inspection? What’s your story. Posted: 31 Mar 2020 11:15 AM PDT I'm a first time home buyer trying to learn about the process. [link] [comments]  |
| Posted: 31 Mar 2020 07:39 AM PDT
[link] [comments]  |
| Should I sign with brokerage yet? Posted: 31 Mar 2020 10:15 PM PDT Last month I passed all of the tests in Virginia to become a realtor. I found a brokerage 3 weeks ago and have yet to sign with them due to the current pandemic. VA gives me a year to find a brokerage after passing the tests, should I hold off on joining a brokerage until we're at least off quarantine? I'm employed at a bank so I have income, but it would save me a couple hundred dollars a month (MLS dues, insurances, etc.) if I waited. Any guidance? [link] [comments]  |
| How much do you pay management companies? Single family homes and single condos. Posted: 31 Mar 2020 11:35 AM PDT After looking at home prices around 2012 in my city dropping to the 70K range and now being 270K range, we are considering investing in a home when the market drops again. How much do you pay property management companies? Suggestions are welcome. [link] [comments]  |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment