Landlord selling home. Wants us to buy?! (WI) Real Estate |
- Landlord selling home. Wants us to buy?! (WI)
- This is how I react now when a tenant pays with cash.
- Possibly could get dream home due to uncertainty?
- Get this
- Quicken Loans set to halt lending on all Jumbo Loans. (allegedly)
- Loan ended up getting denied, loan contingency still in place, seller refusing to release deposit
- looking at today's current events and how another recession is likely coming, should i buy a home now or wait?
- Willing to lose earnest money, should I?
- Due to a rough divorce in the family. I’ve been offered to pay just the amount to pay off my uncle’s house. Which happens to be nearly 50% less than what it’s worth. I’m already in the market for a house. Thoughts?
- Elaborate Math: Cash or Mortgage
- VA inspection and VA loan.
- Can we ask the Seller to help with HOA’s fence approval for us?
- Closure of newly constructed home got delayed due to COVID - builder wants me to sign addendum that is unfavorable for me. What to do?
- In the middle of refinance, do I tell my lender I'm not making any income now?
- 1st time buyer: Buy now, or renew lease and wait 12 months?
- Landlord still holding apartment showings while I live there
- How to use buyer credits
- Uneasy about Current Closing Process...??
- Paid for appraisal but lender now MIA
- Selling a House - Should I get appliances?
- Seeking insights from individuals who have sold their homes without a realtor
- Time to refinance? Yea or Nay
- Metal siding causing leakage, needing sealing?
| Landlord selling home. Wants us to buy?! (WI) Posted: 02 Apr 2020 04:58 PM PDT Our landlord just informed us she wants to sell the house we've been renting for 7 years. We don't have a current lease, as we've gotten pretty friendly with her being renters for so long. We live in WI. House was built in 1940. 3 bed, 1 bath. Detached 1 car garage. 1,300 sq ft. Fast forward to today, she informs me she has been contacted by a realtor and someone wants to buy the house ASAP. Sight unseen. Our landlord hasn't even been in the house for over 5 years. We have taken care of all the small maintenance ourselves. She said she wants to give us first dibs on buying it, but she wants an answer ASAP. Like by Monday at the latest. I MEAN.. talk about worst timing ever given current circumstances!! I'm a hair stylist, so obviously not working right now. My husbands job is also in limbo, he could be laid off any day as well. We have never owned a home, so I have no clue if this is the right time to jump into this given the uncertain times ahead. And how do I know the list price she is throwing out is fair? According to the Zillow estimate, her price is high. But she also said the housing market is still booming, so she feels it's a fair price right now/ and that's what this other person is willing to pay apparently. We have decent credit and I don't think financing would be an issue, but I am feeling super backed into a corner. I'm going to kick myself if we do buy right now, then in 3 or 6 months, house prices are down and we could have a better house for a lower price. Does this all sound legit and reasonable? Any advice would be greatly appreciated! [link] [comments]  |
| This is how I react now when a tenant pays with cash. Posted: 02 Apr 2020 08:12 AM PDT Little one bedroom (no kitchen) in the back of a property and the guy always pays in cash. [link] [comments]  |
| Possibly could get dream home due to uncertainty? Posted: 02 Apr 2020 09:33 PM PDT I've been looking for a house for a while in proper Denver. My max is 525, a house popped up that is a 3bd/2ba, well laid out and rehabbed in a very desirable location that was appraised in February at 575 (listed at 560) and the buyers said they would accept 520 because they just moved and don't want two mortgages...looking for a quick close. I do think the market is over valued, but this would be a forever home for me and worst case scenario I could get 2 roommates to help with the mortgage? Meh, I keep reading that markets will drop 25% etc, but I feel like an automatic 50k in equity could be worth it? Help, geniuses of reddit. [link] [comments]  |
| Posted: 02 Apr 2020 05:37 PM PDT So I've never bought a house before I wanted to get some opinions on this. So I find a steal and the realtor puts some bids on this auction website thought nothing of it. all cash offer by the way if this matters. I win the auction we literally are in the realtors office watching the time go down on the auction boom we win the auction we talk to the listing agent he says we can get inspectors we go to the house get inspections sewage gas termites it all checks out we do the inspections costs us like 550 also we drove a 12 hour drive to get here and saw the house Before putting a bid I'm not stupid I think at least. Then The listing agent calls and says there's another bid and he can't tell us how much it is and but his hint is I gotta go a little higher so I'm like na this is bullshit I get the website I look for some type of terms and agreements nothing to be found in fact the website is very rudimentary I go to the bottom of the website there's a llc I copy that put it in google and not much pops up but some investing website or some shit and it says the company has one employee guess who it is... The listing agent What would you guys do? Are there any legal implications or am I fucked because he owns the website? [link] [comments]  |
| Quicken Loans set to halt lending on all Jumbo Loans. (allegedly) Posted: 02 Apr 2020 10:19 AM PDT Some of you might have seen this already from u/aardy who is a well known mortgage broker on our subreddit. He claims that by 6pm today we will see Quicken sending out letters dropping all jumbo loans and returning their appraisal deposits. This will be the first of many. Non-QM has already gone away, servicing purchases disappearing. Shops halting lending. Just FYI. [link] [comments]  |
| Loan ended up getting denied, loan contingency still in place, seller refusing to release deposit Posted: 02 Apr 2020 10:43 PM PDT I'm in California, I'm still within my loan contingency period and I issued a cancelation of contract because my loan did not get approved. What can I do if they are refusing to release my funds? [link] [comments]  |
| Posted: 02 Apr 2020 09:59 PM PDT i'm new to buying houses and if the real estate bubble bursts like it did in the great recession how does this affect buying a home? should i buy a home now? or should i wait to see if prices drop? [link] [comments]  |
| Willing to lose earnest money, should I? Posted: 02 Apr 2020 07:54 AM PDT Honestly just want opinions of others from an outside point of view (I feel like I'm clouded and may not be thinking logically). First time buyer here. I put an offer for a home in Orlando back in early March and it got accepted for 375K (with most of the closing costs covered, leaving me to pay about 3k at closing). I put earnest money (about 3k plus appraisal and inspection payments) in. Everything went smoothly and closing date is on the 9th. I plan on living at this home at least 5 years, if not longer. I locked in a rate of 2.75 (2.825 Apr) with no down payment (VA loan). But I'm now really starting to worry about the housing market and losing so much value (been reading some people throwing 25% or more out there). I have a very stable job that isn't at any risk due to the virus and will have no issues paying the mortgage if I go through with it, plus its only about $150 more than rent I'm paying now and I just got a promotion that more than covers the difference anyways. My lease ends May 4th for the apartment, so if I back out, I'll have to be out of my apartment by the 4th. So I'll have to find a place to put my stuff or move into another apartment. I have no issue with losing my earnest money, moving into another apartment or putting my stuff in storage and staying with family until things mellow out if it comes down to it. I really like the house. I saw plenty of houses and this one felt right, and if it wasn't for the virus and all the uncertainty with the market, I would have no hesitation. But I'm incredibly worried about the purchase now because I don't want to buy this home for 375k and end up having it be valued at 300k in a few months. So with that, I keep thinking maybe I should just back out and lose the money because ultimately I'll make it back by just waiting for houses to drop and buying a few months down the line. Sorry about being all over the place. Just how my brain is working right now which is why I want some outside opinion. What are your thoughts? Edit: I was going to respond to each person and say thank you, but didn't expect this many responses. Thank you for everyone who took the time to give their opinion and advice. I appreciate it greatly and will take everything into consideration. As of now, especially after reading what most of the advice has been, I'm feeling pretty good and excited for next week's closing. Thanks again for your time! Be safe everyone! [link] [comments]  |
| Posted: 02 Apr 2020 11:57 AM PDT |
| Elaborate Math: Cash or Mortgage Posted: 03 Apr 2020 12:34 AM PDT Can anyone help me with this...Say for example you have $1m. Over the long run would it be better to buy a rental/rentals with cash or finance/mortgage? Let's give a 30 year example. Let's also talk duplex's to apartment complex's so no single family for this example. If you buy 1m all in cash you start making money day 1 with this one large. Then say in a couple years you could buy another rental maybe a duplex this time with cash and so on. Say you do this for many years. Every day is pure profit (other than expenses). On the flip side say you had 1m to spend you could finance and have mortgages. Say day 1 you can put 20% down. So you would actually be buying 5m worth of properties. But problem is you would have very little profit. And it would be years and years till you could have saved up enough to buy any more since you have massive mortgages. I know both have some other advantages if like tax. Write offs. Etc. what option would come out in say 30 years with more $? Say all properties have the exact same cap rate. [link] [comments]  |
| Posted: 03 Apr 2020 12:04 AM PDT Hey all! For background I'm on the housing search using a VA loan. My question is, can a VA inspection be rolled into the the VA loan itself? From reading online articles it sounds like it cannot. My friend who recently purchased a home via a VA loan said he did, although his answers are generally unreliable. Thanks! [link] [comments]  |
| Can we ask the Seller to help with HOA’s fence approval for us? Posted: 02 Apr 2020 04:56 PM PDT First time homebuyer under contract (supposed to close in early May) with an HOA contingency. Just read through all their rules. One thing we will need to add to the property is a fence for our dog. The HOA requires written submissions for fence requests, including plans and acknowledgement from all adjacent neighbors. Given that our state has a Stay at Home order in place through June, I'm assuming we won't be able to go door to door and introduce ourselves to the new neighbors when we move. Even then, it would take more time for the HOA to review the request, and we'd love to have our dog enjoy the yard as soon as possible. Would it be reasonable to ask the Seller to submit the request on our behalf? Assuming they already know each other and/or have a directory of all residents. Will ask our agent too, but since we're new to home buying and dealing with HOAs, just wanted to hear others' thoughts on this. Thanks! [link] [comments]  |
| Posted: 02 Apr 2020 04:42 PM PDT Last year I decided to buy a house and signed all the paperwork last fall. Close date was set yo be early May. However due to "shelter in place" the date close date got pushed by a couple of weeks - which puts me in a tricky position since I rent but ultimately I understand it's beyond anybody's control. The thing that rubs me the wrong way is the addendum the builder/seller wants to add to our agreement. It basically says that the seller has the option to extend the close date due to covid-related matter but is not obliged to. It also says that if the deal would fall through because the seller opts not to pro long the close date the contract is terminated and the buyer loses the earnest money. This seems very unfair to me. I understand this is an extraordinary situation but I see this as my hands get weakened tremendously. I see a scenario where they cannot continue on house due to financing issues or whatever and I would be left hanging there. Thoughts? Also - what are my options if I don't sign an agreement like this? Let's say the agreed close date was 5/1. They want to make it open-ended by adding the addendum above. If I don't agree to it - would I generally be able to get my earnest money back since they can't hold up their part of the deal? [link] [comments]  |
| In the middle of refinance, do I tell my lender I'm not making any income now? Posted: 02 Apr 2020 12:19 PM PDT I apologize of this is a dumb question. I am self-employed (as of Nov 2019) and my business is currently closed due to Covid-19. I closed voluntarily, and whether or not my business can be open right now is a grey area in my state (basically, depending on who answers the phone at the authority offices, I get a different answer). Husband and I are in the middle of a refinance with Better.com, appraisal is done and we are conditionally approved through underwriting. Do I need to tell them that my income has stopped temporarily? Or, going the other direction, should I take advantage of they grey area and work a few days to show an income stream for April? My husband is still able to work and brings in more money than me, but I dont know that his income alone is enough. I thought about calling them and asking if it will cause problems, but I don't want to raise any red flags. I was a W2 employee in the same industry in 2018 and 2019, so I think they are basing my employment/stability off of those rather than my own business, as they haven't asked me many questions about my business at all so far (they know I am fully self employed now). Edit: I should say I'm not worried about not being able to make payments. We have money saved up, as well as money in investment accounts that we have shown statements for. This will actually lower our payment, and we are rolling our closing costs into the loan. I'm just worried about them pulling out of the refinance if I'm not actively making money this month. [link] [comments]  |
| 1st time buyer: Buy now, or renew lease and wait 12 months? Posted: 02 Apr 2020 08:22 AM PDT My husband and I are potential first time home buyers in suburban Chicago. We've been renting for several years and have a healthy downpayment saved + rainy day fund. We both feel about as secure in our jobs as one can in this climate. If we buy, we'll most like be cost-neutral or save a small amount of money each month vs. leasing. Our lease ends at the end of May. But we need to tell our landlord in 2 weeks whether we plan to move out or renew for another 12 months. I've been monitoring the market, and prices are softly declining, but homes seem to be going into contract quickly (within a week). Given the current economic situation, is now a good time to buy? Or am I better off renewing another 12 months and waiting? What metrics should I be monitoring to determine if my local market is a good value? I'm concerned now is too soon.... but if I wait another 12 months we'll miss a buying opportunity. [link] [comments]  |
| Landlord still holding apartment showings while I live there Posted: 02 Apr 2020 06:02 PM PDT Hi all, So my lease is expiring in a month and the option to renew was never given as the property owner is attempting to sell. All that's fine, except the property owners have directed a real estate agent to show our property even during everything that's happening. Usually I try not to make a fuss about things like these but in this case I feel uneasy about strangers coming into the house. Doubly so now that I work at home and have to be present for the showings. I've tried expressing this to the agent but there's been a lot of pushbacks as he's said that they're taking "every precaution they can" such as wearing gloves and sanitizing their hands. More recently he also added that the government hasn't close real estate and so I have no legal ground to stand on. I'm not sure if there's anything I even can do at this point. I'm not even sure if this reasonable to ask them to delay showings until after I move out in a month. I thought maybe someone where would have better insight. This is in Washington DC [link] [comments]  |
| Posted: 02 Apr 2020 09:37 AM PDT We have an offer on a house that through inspection was found to have a leaky roof at the end of its life. After negotiations we've gotten 20k from the seller to be used towards a new roof and other small items that came up - a new electrical panel and mold remediation. Our lender can only let us use 15k in credits. Our attorney has recommended: "I think the best way to maximize the credit would be a purchase price of $431,000.00 and a closing credit of $12,930.00 which is a total of $19,430.00 in credits/price reduction. I realize this does not get the fully $20K in liquid fund for the repairs, but it is the best we can do given the restriction on total credits." Is there anything we're missing? Should we take it? [link] [comments]  |
| Uneasy about Current Closing Process...?? Posted: 02 Apr 2020 08:02 PM PDT Long story short I'm buying my first home (one I really like) and set to close in 10 days. I received a call from my realtor that the closing process has changed bc of the pandemic. I will have to bring my own pen and sign documents in my car. There is no face to face with the lawyer or seller. Now, maybe I'm being a little old school... but I don't like the impersonal level of the new closing process and it almost makes me feel like I being taken advantage of. I'm not buying a happy meal, I'm buying a 500K home which is a big deal to me. My realtor said this is new state law (NC) but I sorta call bullshit.. can I still request a face to face (albeit 6 feet apart) for closing...the whole process just feels uneasy and everyone is just trying to get the close bc of the pandemic. Has anyone in the real estate business experienced this? Is this the new standard? Am I being paranoid? Just wondering thoughts.. TY [link] [comments]  |
| Paid for appraisal but lender now MIA Posted: 02 Apr 2020 01:53 PM PDT Went through a prequal and credit check with a lender for a refi. They came back with some terms and a rate lock which I signed. They were looking for the appraisal to come through at a certain amount, but it came back just a little short. So they gave me the option to cover the difference myself, which I said I would. The last thing that was told to me was that they needed to create the change documentation and needed to wait for title info to come in before they could do it. That was two weeks ago. Since then, I have emailed and called and I have not heard a peep from them. Nothing. I also found out that I can't just take that appraisal I paid for and use it with another lender because each lender needs their own appraisal? So assuming this lender is leaving me high and dry, what are my options? Am I basically screwed out of the $500 I paid for the appraisal? Are they under any legal obligation to fulfill the refi loan to me at the numbers I was quoted (and signed for)? There was the difference in the appraisal affected the LTV, but I can cover the difference to get it to the 75% they were asking for. But, if they simply never call me back, what can I do? [link] [comments]  |
| Selling a House - Should I get appliances? Posted: 02 Apr 2020 07:35 PM PDT I've been rennovating a house in upstate New York for the past year and I'm getting around to the kitchen right now. I've got the layout for the cabinets and countertops, but the question becomes: Should I get appliances (Dishwasher, Stove, Fridge) and increase the home value, or should I leave the kitchen empty and let the homebuyers get their own? Even if I buy the appliances SS used, is it worth it? [link] [comments]  |
| Seeking insights from individuals who have sold their homes without a realtor Posted: 02 Apr 2020 07:34 PM PDT Hi everyone, I am seeking individuals to help me gain some insights into the FSBO (for sale by owner) market. I am enrolled in a course at my university where we are developing software to help those trying to sell their home FSBO. If you could take 5 minutes to fill out this completely anonymous survey I would really appreciate it and would be more than happy to chat with anyone who is interested in this software. Thanks! [link] [comments]  |
| Posted: 02 Apr 2020 06:57 PM PDT I already have a low monthly mortgage, but does not include taxes or insurance. I would love to pay the mortgage bi-weekly, splitting that mortgage into two and possibly adding the tax and insurance. [link] [comments]  |
| Metal siding causing leakage, needing sealing? Posted: 02 Apr 2020 06:39 PM PDT Hello, the listing agent for a condo building let us know that the last contract fell through just this week due to inspection finding water leakage near the windows. However, it has been contingent since December! That indicated to me this has been an issue for months without it getting fixed. The agent said the metal siding for the entire building needs to be sealed and they are trying to get a contractor to fix it. Anyone have any experience with this type of siding? It also worries me that it's a an HOA issue at that point too. We definitely won't be moving forward on it without proof that it's been sealed. [link] [comments]  |
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