CNBC: Only Half of Americans Confident They Can Pay Full Rent in May Real Estate |
- CNBC: Only Half of Americans Confident They Can Pay Full Rent in May
- Do we keep addressing the inspection issues, or do we walk?
- CNBC: Weekly mortgage applications to buy a home make a strong recovery, as rates hit a new record low
- Furlough Home Buying Advice
- Lender gave me an approval letter saying I was approved for 5% down, then called me an hour later and said they are only accepting 20% down because of the unemployment rate.
- First time house buyers, which programs to take advantage of?
- How do I find information about a property when I only know the address?
- Am I tied to a realtor that showed me a few properties?
- What are your concerns atm?
- Is it pointless to try to time the real estate market? Why or why not?
- Should I move to another city as a Real state agent?
- Buyer just broke the microwave on final walk through
- I need a property
- Industrial Live/Work Loans
- With this pandemic going on is it better to wait to buy a home?
- Home Inspection Results - Fix or Flee?
- Lender is requiring Retirement Liquidation, HELP
- Need help dissecting my closing disclosure
- Should I refinance now or save to buy investment rental w/ fiance before or after marriage?
- Negotiating with Desperate Relocation Company
- How much to offer
- Refinancing and "home value"
- Acceptable time on job after layoff
- Looking for some beginner real estate advice
- First potential deal (Sub to)
| CNBC: Only Half of Americans Confident They Can Pay Full Rent in May Posted: 28 Apr 2020 02:53 PM PDT FTA:
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| Do we keep addressing the inspection issues, or do we walk? Posted: 29 Apr 2020 05:15 AM PDT First time home buyers here. We put in an offer on a house in MD. If anyone knows the fun market here, you know our pain, and subsequent joy of finally having an offer accepted. We just had a home inspection conducted, and had a number of issues come up. We figured there would be a few, but did not expect things like water intrusion and foundation cracks to be part of those issues. We are currently compiling a list of issues for the seller with prices/estimates to fix/repair/replace. The seller is not local anymore so they want a price for repairs, which could benefit us since they will not be able to conduct crappy repairs. However, with all the issues, should we even take the time and additional costs for estimates? Or just walk away?
Another issue with all of this is that the seller claimed no latent defects, but should have known about at least some of this because the house just went back on the market from finances falling through with a previous buyer. Their inspection would have uncovered some of this. Plus, our real estate agent claims to know the seller, so they are trying to "help us out" with everything, like getting the basement and roof inspected. Is this normal? I'm started to get that feeling that something is off. [link] [comments]  |
| Posted: 29 Apr 2020 06:35 AM PDT Link: https://www.cnbc.com/2020/04/29/mortgage-applications-to-buy-a-home-make-a-strong-recovery.html The average contract interest rate for 30-year fixed-rate mortgages decreased to 3.43% from 3.45% last week.
Boost in demand, or a function of supply coming back online after bottoming out? Here in Boston, I've seen more supply come online. [link] [comments]  |
| Posted: 29 Apr 2020 06:24 AM PDT I have pre approval with full underwriting to purchase my first house. My company is taking advantage of an executive order and furloughing everyone on rotating schedules (ex 2 weeks on 2 weeks off) and are paying 90% of salaries on working weeks and due to the executive order having employees claim unemployment/cares act assistance the other 2 weeks and are topping those payments up to the 90% of salaries. This is for the month of May, and potentially June/July depending on how long the state is in a state of emergency. My question is, with the current global situation and lenders most likely wanting proof of income again before closing will this look bad? Should I just wait for this situation to pass? Discuss further with my real estate agent? I know these are unprecedented times and I think going to the lender directly to ask would not be a good idea. Hoping someone here would be able to chime in with expertise/experiences. Thanks in advance! [link] [comments]  |
| Posted: 28 Apr 2020 04:23 AM PDT Am entitled to my 5% or are they allowed to just change it like that. [link] [comments]  |
| First time house buyers, which programs to take advantage of? Posted: 29 Apr 2020 01:14 AM PDT My girlfriend and I are looking to purchase our first home rather soon, we are planning to put 10% down on a $572,900 house. A 30 year fixed conventional loan is what we plan to do, but since we want to put a bigger down payment , thus not qualifying for the FHA 3.5%, is there anything else we can take advantage of? [link] [comments]  |
| How do I find information about a property when I only know the address? Posted: 29 Apr 2020 02:29 AM PDT Some time ago I was able to use my counties website to see maps of property lines as well as the owner's name, lien holders (and sometimes amount), yearly tax amount, price last sold for, and a bunch of other things. I can no longer find any of this information on my counties website and I don't know where to start and was wondering if anyone here knows what country departments I should talk to to get this information. FYI, all the info was free before. The one strange thing is that I could only search ranges of houses, like houses 100-130 on a certain street address and then it would list all the houses within that range. I found this odd b/c I figured searching for a single house would be easier. Price, size of plot, zoning, tax assessment & yearly tax burden, Owners name, owners phone number (ideally). If there isn't a public/gov site /app that does this, are there any private ones that allow for getting this info? I remember using a realtors MLS and I think it had all this data, or much of it, but IDK how to get access to this as I don't work in that field anymore. Thank you for any help you can provide! [link] [comments]  |
| Am I tied to a realtor that showed me a few properties? Posted: 28 Apr 2020 05:44 PM PDT I reached out to an agent on Zillow because of a property I liked. He got me a few virtual tours and an in person one. He has talked me out of a few properties that I really liked and pushed for me to make a bid on a home that I was not super psyched about and seemed annoyed when I declined to do so. Anyway, I never really chose him I just wanted a tour initially and now I feel like I'm his indefinite client. I was mostly just browsing homes leisurely but he's talking to be about a closing timeline already and things like that wen I've only really seen 3 homes. I am asking this because I was interested in a condo and he said it wouldn't be beneficial to get a condo based on what kind of mortgage I could get. He brushed off my request for more information on said condo and continued to send me MLS of other places. I eventually just messaged the listing agent for the condo myself and they never responded- my realtor did however, saying that the message was forwarded to him by the listing agent from a completely different agency? He kind of scolded me for reaching out to another agent and said I should only be asking him these things. This is my first time buying a home so I feel like I'm being taken advantage of - he wants me to spend more money and bid on something right away. This whole process has only been 2 1/2 weeks! I am already overwhelmed, I don't understand how this is supposed to work and I don't want to offend anyone I just want to get the home that I want. I didn't realize that by reaching out to someone for a tour would mean that I can now only talk to them. Is this normal? I hope I don't sound dumb or naive. [link] [comments]  |
| Posted: 29 Apr 2020 07:01 AM PDT As a realtor, I am wondering what questions do you have a seller or buyer? What are your concerns? What is the information you are looking for and would want to get it from a real estate agent? [link] [comments]  |
| Is it pointless to try to time the real estate market? Why or why not? Posted: 28 Apr 2020 08:55 PM PDT I'm a self admitted noob when it comes to real estate, so forgive me if this is a stupid question, but I've seen this "it's pointless to try to time the market" line of thinking come up on some threads and I'm curious to hear more discussion around it. Is it really pointless? Thanks. [link] [comments]  |
| Should I move to another city as a Real state agent? Posted: 29 Apr 2020 06:22 AM PDT Hello, I've recently got my real estate license and have been training and for the past 5-6 months been working as an assistant for another agent in Seattle to get some experience. But I want to know if I should move to another city like LA or NYC or somewhere else for better opportunities but I don't know how competition is in those cities. What I'm thinking is the population in those cities is 5-9 times that of Seattle and there is a housing crisis in those cities so obviously there is huge demand and so people are buying and selling left and right and the average house prices also are a bit higher which means you need to sell less to make the same amount of money (I know taxes makes this way more complicated but). I could be wrong but I think there might be more growth opportunity in a bigger city (not that seattle is small!) and it might be worth it. I would appreciate any advice or opinion and maybe some insights if someone actually works as a realtor in those areas. [link] [comments]  |
| Buyer just broke the microwave on final walk through Posted: 28 Apr 2020 11:19 AM PDT Mostly just posting to vent. Closing on selling a house tomorrow and final walk-through was today. Both fiance and I had to work, so we allowed the walk-through to happen without us there. Apparently a big mistake! The seller 'tested' the microwave and said it caught fire. We're assuming they 'tested' it by running it without anything in there because it was working perfectly yesterday, isn't very old, and that's exactly what happens when a microwave runs empty. Now they're insisting the microwave didn't work and we need to provide a new one. Were they that clueless or is this just a scam to get a newer microwave? Do we have any recourse? I think we're hosed, so I have another old not so nice one that I'm planning on just dropping in there. This buyer's offer came from our first showing on the first day the house was on the market. I'm pretty tempted to just let the deal fall through and put the house back on the market. [link] [comments]  |
| Posted: 29 Apr 2020 04:36 AM PDT How do I find more informations about property in California available for purchase? Range $500,000 to $1M [link] [comments]  |
| Posted: 29 Apr 2020 04:33 AM PDT Hello! Do you know of any Live/Work Loan programs for Industrial facilities? I am looking at a Warehouse in Florida that is zoned to accommodate commercial and/or residential uses simultaneously (zoned Industrial Traditional). I would like to use the Warehouse as my primary residence. I would monetize it partially in the future but I would not have a concrete plan upon acquisition of a loan of approx $300K. Do you know of the best route? I am an engineer, solid income and credit, but do not qualify for SBA. I believe I could do a commercial loan but I am wondering if there is an option with a lower interest rate and money down as I am planning on the building being my primary residence. Thank you. [link] [comments]  |
| With this pandemic going on is it better to wait to buy a home? Posted: 28 Apr 2020 11:06 PM PDT Hi Reddit, With this pandemic going on is it better to wait to buy a home? What about a rental property? Would love to hear from someone that knows something! Thanks, [link] [comments]  |
| Home Inspection Results - Fix or Flee? Posted: 28 Apr 2020 02:16 PM PDT Hi All, Found a house we really love in MA for a pretty great price, but the inspection revealed some pretty major issues including the following:
Should I ask the sellers to remediate all of the above or walk away from the sale? It's my first time buying a single family home so I'm not sure what is fixable and what constitutes major red flags worth blowing up the deal over. [link] [comments]  |
| Lender is requiring Retirement Liquidation, HELP Posted: 28 Apr 2020 12:05 PM PDT I am closing on 5/15. I have sufficient cash to close. My lender sent me the following message today. "Per new Covid 19 requirements, any 401k,IRA, or Mutual Funds must be liquidated prior to closing. " Has anyone seen this or run into this at all? I am putting down 25% on the property, it is an investment property. [link] [comments]  |
| Need help dissecting my closing disclosure Posted: 28 Apr 2020 05:16 PM PDT Hello and thank you in-advance. Brace yourself for details: I'm scheduled to close on a mortgage refinance this Thursday in NJ and upon comparing the closing disclosure to the loan estimate I noticed a $3,918 increase in the "Prepaids" section. Upon further inspection $600 was due to a change in the pre-paid interest, which makes sense. The remaining $3,318 shows up on a new line item ("Property Taxes" (3 mo.)), which was not on the Loan Estimate. This is particularly confusing because in the subsequent section ("Initial Escrow Payment at Closing") there is a "Property Tax" line item for $4,311. This was also on my loan estimate and makes sense to me. My questions are the following: 1. Are these property tax line items duplicates? 2. If not, why would this not have been included in the loan estimate? 3. Has anyone else had similar experiences? I sent these same questions to my lender today and am waiting to hear back. [link] [comments]  |
| Should I refinance now or save to buy investment rental w/ fiance before or after marriage? Posted: 28 Apr 2020 11:02 PM PDT Hi reddit, After 2 years of planning (mostly by her) our wedding got cancelled (thanks for nothing covid-19). Now we're planning on having a scaled back simple wedding much later or just have kids with a civil court and get on with our lives. Anyway, I have a real estate question on what would be the best approach to buy an investment rental like an apartment or condo or small house. Our biggest hurdle is the down payment. With our wedding savings we can save for another 2 years to complete it. Or should I refinance my home to get cash out now for the down payment? Does it change anything to buy a rental before or after marriage? Note I'm planning to refinance my condo anyway to drop the interest rate about 1% (not APR) and to shorten the loan to a 15 yr-fix (i have 24 yrs left on current mortgage). It will raise my monthly payment a little but it's negligible (with no cash-out option). Or instead of a refinance cash out is it better to use equity (loan or HELOC) to complete the rental down payment or use the cash-out refinance (I'll still be under 80% LTV)? Anyone have any reasonable prediction on the housing if it's better to just wait to buy a rental with this pandemic going on? - I should post that separately. Background We live together in California, same salary, great credit, less than 8K left in school loans, no other bad debt, savings (wedding fund). She's never owned a home before and I own my condo and my parents home. One income is enough for what we currently have. I also need/want to pay off my parents home with an variable rate mortgage (fix rate period just ended - long story). I was thinking to roll this into a cash-out refinance to pay it off since the balance is low (cheaper than most cars) and the payments are too. Or use my savings to pay it off but then I would have to save longer (less than a year) for the rental down payment. I think for my parents home it's best just to hurry up and pay it off since it won't generate additional income. Thanks all! [link] [comments]  |
| Negotiating with Desperate Relocation Company Posted: 28 Apr 2020 07:10 PM PDT I realize this is a bit of a longshot, but I figured with everything crazy in the world going on right now, it's worth a try. Currently in the process of relocating halfway across the country for a new job. Already accepted the position and put my current house on the market. It's been on the market about 2 weeks. It's a nice hosue at a very competitive price in a fairly warm market. Has lots of views/favorites on Zillow and Redfin, especially considering the size of locale and amount of time it's been listed. I checked, but unfortunately Zillow home offers or any of the more reputable homebuying companies aren't in the area yet. New state is a cooler market and I'm looking at a much higher price point, which is much cooler on top of that. Really a buyer's market and lots of good choices. One such house is being sold by a relo company that is desperate. The price has been cut several times, and it's been on the market nearly a year. I've toured and talked to the agent. The owners do not have a GBO so they are getting desperate too and are willing to play ball. It's a fantastic house, and I'd love to buy it, the newly reduced list price is very reasonable even without additional negotiation (which they are open to). The only thing stopping me is selling the stupid house I own now. The house in state B is more than twice as expensive and has much higher taxes, and has been on the market nearly a year. I'm wondering if the relo company/owners are getting to the point where they'd be open to something a little more creative. Would it be possible for the relo company to buy my current house to allow me to buy the new house? I can put a big deposit or something if it would help and make more than a 20% downpayment (at list price) provided I can get rid of my current house. Taxes/mortgage are about 1/3 of what they're currently paying for house B, and it's in a much hotter market at a more accessible price point. I figure they are probably getting tired of carrying those. The area is also not nearly as effected by coronavirus. It'll probably sell as soon as the pandemic tapers off, and I'm sure would have sold by now without the pandemic. Is this even remotely possible? Should I ask my agent? [link] [comments]  |
| Posted: 28 Apr 2020 10:42 PM PDT How much should I offer if the seller is asking 230k on a home mostly move in ready just need the kitchen cabinets to be redone but has granite counter tops and nice back splash [link] [comments]  |
| Posted: 28 Apr 2020 04:20 PM PDT We are in the process of taking advantage of the current interest rates and refinancing our home (purchased 1 year ago), and the lender has inflated our home value (presumably in order to get us a lower rate) and has also waived the appraisal entirely. Is this a "normal" lender practice or a huge red flag? Additionally, will this in any way affect our property taxes? We live in Maryland, and our assessment for 2020 has already occurred. Thank you for your assistance! Edit: IMO, it is not an insignificant inflation (~8%), although 8% of my home value may seem like a lot to me and not a lot to a bank. [link] [comments]  |
| Acceptable time on job after layoff Posted: 28 Apr 2020 06:32 PM PDT How long do you need to be on a job for a lender to accept it for a mortgage? My husband and I are looking to use a usda loan to our buy a home. (Fha if we have to). I was laid off last month because of the covid crisis and our state is still shut down so nothing in my field is currently hiring in our area. There are several job perspectives available as soon as we reopen and honestly if I need I will get a local warehouse job which pays well and is always hiring (even now) so we can move. I don't believe my husband will qualify solo. (40k before over time salary, 730 monthly debt (student loan/truck/credit card). Looking for a home under 180k prob closer to 160. [link] [comments]  |
| Looking for some beginner real estate advice Posted: 28 Apr 2020 10:15 PM PDT I recently an offer from UBC Vancouver, so naturally, housing prices are INSANE and my family isn't loaded and I was wondering what is a genuinely good price in Vancouver, my Dad wants to buy a place because he feels that he's otherwise wasting money that could've gone towards a mortgage. I was hoping to get some advice on where to look or who to talk to. [link] [comments]  |
| Posted: 28 Apr 2020 10:12 PM PDT Hello everyone, first and foremost would like to say I'm a newbie so bare with me! I have a possible sub to deal and would greatly appreciate any input or advice! Property details
Seller is in dilemma and cant pay next months payment due to COVID-19 and is in the process of moving into senior housing. I have an appointment with her tomorrow evening and ultimately want to be prepared as this is my first ever appointment. I haven't presented her my sub to pitch yet but i will make sure she understands and fully agrees if thats the exit strategy i end up going with. Ultimately would like to wholesale this if seller agrees and understands the process of sub-to and essentially having the end buyer taking over. What would y'all do? [link] [comments]  |
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