New Coronavirus megathread, place for linking good discussions. Real Estate |
- New Coronavirus megathread, place for linking good discussions.
- Closed on selling my home today!
- Bought a terribly remodeled house from flipper. Can I sue?
- House price predictions - Zillow says we are going back to 2017 price by Dec ....
- NPR article makes it seem like mortgage lenders have no clue what's going on right now...
- Thanks, Covid: Buyer Walked Days Before Close After Fannie Cut my appraisal and Buyer got Cold Feet
- 170k cash on hand. What do I do?
- COVID Mortgage Forbearance repayment QUALIFICATION?????? Are they nuts??? Bank of America
- [GA] Quitclaim deed
- Renting from Relative: Section8
- Appraiser wants my client’s information
- Denver Real Estate
- How do you ask your landlord if they’re interested in selling the house?
- (WA) Is it against NWMLS rules for buyer to share inspection report with seller?
- FHA and 20%
- Is it overkill to tent a house for termites I'm buying even though there isnt a large amount of activity?
- Bank owned property with high asking price.
- High Demandk Markets
- Two lenders ready to close. Mortgage Refinance ( FHA to Conventional )
- Weird restriction
- Upstate NY: Thinking of becoming my own broker
- HOA transfer fees?
- Any retail Tenants who would prefer higher floors ?!
- Refinancing variables
- Interest rate buy down
| New Coronavirus megathread, place for linking good discussions. Posted: 27 Apr 2020 11:12 AM PDT Pretty much daily there is a new post about how CV is impacting the market, and there have been some really great discussions. I thought we could try linking the best of them here, so they are easy to find. Feel free to ad others as anyone sees fit. [link] [comments]  |
| Closed on selling my home today! Posted: 27 Apr 2020 05:56 PM PDT Nerve wrecking and exhausting! Now onto my purchase in a month! [link] [comments]  |
| Bought a terribly remodeled house from flipper. Can I sue? Posted: 27 Apr 2020 05:31 PM PDT So I bought a house in Indiana from a flipper in February this year who's not such a nice guy overall and has his own company and brokerage. I moved into the house in February and problems started appearing soon after. I'll start off with the biggest one. Water backup. As soon as we started using the water more we realized it was not going down and the toilets are leaking onto the new floors. So we called in the plumber that "re-did" the place. He said that he only did the plumbing up until the clean-out. So he calls in a rodder. Rodder tells me I have a huge problem and very expensive problem. He can't tell where my line goes to because he should be pulling things out and there's only some dirt and sand. We're a family of four so we use up a lot of water. Since then we take short showers and not soon after another one and try not to use anything else that uses water at the same time. How can we live like this! New Finished Basement Window wells. My house has new window wells that go underground to keep the water away from the new basement windows. Turns out whenever it rains, the water seeps into the basement. It took me a couple of days of rain to realize that they never installed them correctly. Below a properly done window well there should be a drain under the rocks/gravel. So I dug up the rocks/gravel and there's nothing but dirt. So whenever it rains the water comes up and into the basement. My new basement floors are probably ruined now and so is the new drywall where the window is. There's that much water coming in. Roof part 1. In the inspection my inspector said that part of the roof fascia board wasn't completely aligned and that I should get that fixed and that it's no biggie. About a month after moving in it falls off completely and now my inside roof is exposed from the side. There were birds nest and even a dead bird. Big problem. That's when my neighbor came by and chimed in and he said that before they "remodeled" the house the piece was missing already. So it seems that they just slapped it back on. Call in Roofer. He mentions that it's going to cost a lot more because I need to call in a mason because the fascia board needs to be installed onto both top and bottom and there's no brick to attach it to. Then that's when he took the time to mention that I have two layers of shingles..... Roof part 2. Seller says they re-did the roof in 2019 and disclosure says so too and that there's only one layer. So there are two and the bottom layer has moss peeking out. I found this out on a rainy day when I had my bathroom exhaust fan leaking into the bathroom ceiling from the roof. I guess all they did was cover up whatever was underneath. New Shower and other small things. Nothing was completely done. The shower in a second floor wasn't installed properly and I didn't notice until about a week after I noticed that the ceiling was leaking downstairs. Plumber came to fix it but now the brand new ceiling has to be redone. This was the same with the other fixtures as well. No caulk. No teflon tape. Everything that could leak was leaking. We had to finish everything ourselves. New Wood floors. During inspection and viewing I had worn dress shoes and didn't notice the sound of squeaky floors too much. Now living here and walking without shoes and the floors are extremely squeaky too the point that it makes you realize that they just installed them directly over some really old floor boards. This isn't really such a big deal but it makes me realize what a sloppy job they did with pretty much everything they touched. So I told my realtor about the sewage line and water backup and he pretty much said that I have bad luck and that I don't have a case unless I can prove that the seller knew of the problems. Make an insurance claim he suggested. The listing said welcome home to this fully remodeled home. Never could Imagine that there would be so many problems and so soon. I'm currently low on money after moving and closing cost and now I have this long list of repairs and things to do that I can't afford to do. At the rate things are going, I'm going to lose the place in the next few months by not being able to afford the repairs or just watch my newly remodeled home just deteriorate and become unlivable. Would I be able to sue the seller for any of this? I gave up with my realtor and I actually tried calling the seller's realtor(who doesn't respond). [link] [comments]  |
| House price predictions - Zillow says we are going back to 2017 price by Dec .... Posted: 27 Apr 2020 12:37 PM PDT www.zillow.com/va/home-values/ Most values is being shown as going down by Dec 2020.. So what does zillow base these numbers on ??? [link] [comments]  |
| NPR article makes it seem like mortgage lenders have no clue what's going on right now... Posted: 27 Apr 2020 11:51 AM PDT |
| Thanks, Covid: Buyer Walked Days Before Close After Fannie Cut my appraisal and Buyer got Cold Feet Posted: 27 Apr 2020 05:35 AM PDT I'm posting this as mainly a form of catharsis. I'm not looking for sympathy but if anyone wants to call me an idiot for my actions or has any advice/constructive criticism for moving forward I will take it. I just had my sale fall through over $1,900.00. We were originally supposed to close April 15th and I had to extend until the 30th due to delays on the buyer's end. Offer was signed in early March. Inspection went fine as did the bank appraisal initially. I was supposed to move today. 4 days ago, I found out Fannie Mae cut my appraisal by 15k a week before close (buyer was doing a state first time buyer program). The initial bank appraisal that matched their offer (15k over list) was now reduced back to original list price. Some of the properties in the appraisal had houses in a much worse school district which I am particular upset about. Original deal had me paying the full 7.5k closing costs. I was verbally told I would now have to accept $15,000 under their original offer with me still paying full closing to match the appraisal (so net $15,000 less to me to match the appraisal). Because I was losing 15k with the appraisal adjustment, I verbally countered new terms to match the appraisal amount (so 7.5k hit there) along with 5.6k in closing help (I would pay 3.6k and the buying agent and my agent would each take a 1k cut in commission). The buyer walked claiming 1.9k in cash was too much. I'm sure they had cold feet in this market (both were still employed) but I can't believe they had the audacity to claim $1,900 was more than they could afford. You shouldn't be moving if that is the case. Part of me wonders how much they must have been freaking out the last few weeks because if Fannie hadn't cut the appraisal they would have been moving in to a house they were initially going to pay 15k over list for. I can't believe the amount of BS I now have to do deal with because of this. I am livid. My agent is livid. The lender is livid. My entire house was packed and I was supposed to move today. My girlfriend is particularly upset as we were really looking forward to living in an apartment for a year before buying our dream house. I just lost $750 in deposits from the move I was going to do today and don't even get to keep their earnest deposit because of a failure to come to terms. So now on the day I was supposed to move I need to unpack my house and return a Uhaul I wasted money on and lose a deposit on movers and my apartment deposit (luckily wasn't signing the lease until this morning). Part of me wonders if I had paid their full closing costs if they would have agreed but they didn't even counter my new proposal of them paying 1.9k, they just said it was too much. I just can't believe their sentiment changed so much in 45 days that they went from paying 15k over list price to refusing to take a deal where they would essentially be paying 12.5k under their original offer. Thanks, Covid. I am told my market is still doing well despite Covid. Inventory is low and a house on my street sold after 5 days 2 weeks weeks ago. Putting my house back on the market sounds awful during the pandemic. I'm going to re-list for 2 weeks and see what the activity is like. I had a ton of interest before and had something like 25 showings in 3 days. I am working from home full-time during the pandemic. I plan on limiting showings to 2-3 days a week and will just work from my girlfriend's on those days so I am not home. I'm also a bit mad at my agent. She did not tell me the appraisal was cut until I called her on Friday to ask if there was anything I needed to know before I sign a lease. I'm assuming she was trying to fix the issue before bringing it to my attention but I am telling her going forward I need to be made aware of any updates as they happen. So anyway, I hope I'm in the minority and the people reading this have their deals go through. Just don't count your chickens before they hatch. [link] [comments]  |
| 170k cash on hand. What do I do? Posted: 27 Apr 2020 11:09 PM PDT Hey all, My wife and I have 170k, live in Long Island NY and are looking to buy a house in western Nassau or eastern Suffolk counties. We currently pay 1000$ rent in a friends apartment with no commitment. In looking for a house we are having a extremely difficult time finding houses other than shitty overpriced flips and large houses that need tons of work. My loan officer suggested we look into putting a lower down payment on the house in order to have more cash available for renovations while paying PMI. After renovating, I am to then get my home appraised to remove the PMI. Credit score is 790 so PMI is low according to the loan officer. Is this sound advice? Is it risky due to the Coronavirus that my home value may tank in 6-12 months thus making me pay for PMI longer? NY sucks TYIA [link] [comments]  |
| COVID Mortgage Forbearance repayment QUALIFICATION?????? Are they nuts??? Bank of America Posted: 27 Apr 2020 02:25 PM PDT I just got my bank of america mortgage FHA covid forbearance directions. Now they want me to supply documentation to qualify for the forbearance repayment? I thought we all automatically qualified if in good standing??? Is this completely nuts? Im not showing sufficient income right now to qualify again right now. However all my payments are on time for the last 15 years. I was in good standing up until the pandemic. Who needs this stuff now? What do others think about this? [link] [comments]  |
| Posted: 28 Apr 2020 03:28 AM PDT Hi, Just curious if my future attorney's quote for $1,500.00 is high or normal for a quitclaim deed in Georgia. [link] [comments]  |
| Renting from Relative: Section8 Posted: 27 Apr 2020 06:58 PM PDT Has anyone had any success in renting a property to a family member who receives section 8? I know that in general this is not allowed, but has anyone had any success in doing so? For context, a friends mom receives section 8 and her daughter is interested in purchasing a home and renting it to her. Mother has arthritis and can't handle the stairs anymore at her current residence. [link] [comments]  |
| Appraiser wants my client’s information Posted: 27 Apr 2020 11:41 AM PDT So I'm the listing agent for a home in Georgia, and the buyers agent asks me to give their appraiser a call. I respond and tell them to have him go through ShowingTime to make his appointment. After that the buying agent tells me the appraiser wants the homeowner's number. At this I pick up the phone to see what this appraiser's problem is. The appraiser tells me he has never not received a homeowners number and that I'm completely noncompliant. I tell him that I earn my commission by maintaining my client's privacy and I don't know what agents he's been working with who give out their client's information like he asked. He tells me these are uncertain times and he wants to know if anyone in the house has been sick. I tell him no one has, he then says "While you sit in your ivory tower it's my goddamn ass who has to go out their and put my health on the line." Long story short, I never budged and he finally just accepted what I was saying and made his appointment through me. How did I do and where should I go to report this jerk's company? Edit: This is my first listing too [link] [comments]  |
| Posted: 27 Apr 2020 10:04 PM PDT Put an offer in for a property in Denver right before the shutdowns on 3/29 set for a 45 day close putting it at May 12th. Worked with a few lenders and locked in a rate 5% Down Conventional at 3.125%. Inspection was resolved etc. but the appraisal came in low. Offer price was listing at 265k and appraiser set it at 251k. The seller will now only come down to 262k if we close earlier (first of all what?lol) Honestly I thought it was a little low as well as the bank too but the appraiser won't budge. I see mistakes from both parties. The appraiser used comps older than 6months (doesn't look like they adjusted for age), all the properties he used as comps are outdated, and the sqft were mainly low (850sqft) then adjusted for being less by a bed/bath/sqft. The 1-3 comps are typically the ones that are weighted towards the appraisal. The appraiser used all the lower end properties for comps 1-3. The seller/agent provided non-comparable comps because they either had a basement or a garage (mine have neither). For that area all properties at 265k+ all have one or both of those features. Pretty sure this is a unit a someone tried to flip and fixed a lot of cosmetic things. However the appraiser also mentioned cosmetic upgrades don't equate = higher appraisal value. I believe based on comps I see and found that this place is probably worth around 255k. Still 10gs in difference and the seller doesn't wanna come down at all unless we close earlier (idk why they thought that would work). At this point I can walk away, try to go thru another lender (potentially losing my great rate/negotiated closing costs/pay for a shit appraisal), pay the difference (which I can't afford), or find something else which I rather not due because I need to relocate to Denver for work ASAP. What are my chances with another Lender? How has other appraisals in Denver been going? Is this common? How old of properties can an appraiser use for comps? [link] [comments]  |
| How do you ask your landlord if they’re interested in selling the house? Posted: 27 Apr 2020 08:06 PM PDT We have been renting the house we currently live in for about a year now. We have made so many improvements to the house because we want the place we live in to be nice. We have a great relationship with our landlord and we would like to ask her if she would be willing to sell us the house but we don't know how to approach her with this. Is this something she could get offended about? How can we ask and not hurt the relationship? Any tips will help. TIA! [link] [comments]  |
| (WA) Is it against NWMLS rules for buyer to share inspection report with seller? Posted: 27 Apr 2020 07:45 PM PDT Some listing agent told me it was. I find it hard to believe and can't find anything to this effect. [link] [comments]  |
| Posted: 27 Apr 2020 11:18 PM PDT If I have an FHA loan and pay 20% down, do I have to pay escrow fees at closing? [link] [comments]  |
| Posted: 27 Apr 2020 10:23 PM PDT I'm buying a very wooden house made in 1949 in Florida. The consensus here is You either have termites or you're gonna get them. I had an inspector come out and we saw a bit of termite dust in one room and evidence of termite trails going on a pipe into the crawl space. We found plenty of minor damage here and there but no proof of a live colony or even a live bug. I want to tent it before I'm moved in just to be on the safe side, but is that too much? Or should I get a second/third opinion? [link] [comments]  |
| Bank owned property with high asking price. Posted: 27 Apr 2020 06:25 PM PDT My fiancé and I are extremely interested in a bank owned property. Here's the issue: the house has been abandoned, some walls ripped apart in what looks like an effort to steal copper. It needs work inside and out, in every room and I wouldn't consider it move in ready without a bare minimum of $15-20,000 worth of renovations. And even at that point, it still wouldn't be a desirable place, but you'd be able to live there. To get it really up to where we'd want it, I'd estimate the costs to be easily $80-100,000. There is even an old in ground pool in the yard that at minimum needs a restoration (with possible costs rising exponentially from there.) Anyway, between my agent and some other agent/mortgage broker friends of mine, we estimate the market value of the property in its current condition to be around ~$280k. The bank's list price is $357k. It's been on the market for 61 days now. Comps in the area for similar homes range from about $350k to $400k depending on the details. $100k of work into this house would probably put it somewhere just over $400k. A few weeks back, I sent over an offer for $272k, conventional, waived inspections. That offer was rejected. So to test my luck, over the weekend I had an offer sent for $275k cash, waived all contingencies except title search, and was hoping maybe I could get the bank to at least respond with a counter. Instead they just rejected the offer. I kind of expected that but I thought that maybe I could get somebody's attention wherever they are looking over this stuff. No dice. What would be your next move? I think my honest highest offer would be $305k but that would be with conventional mortgage, inspections etc. I'm fairly certain if I sent that offer now, the bank would just reject it. I know there is no sure fire answer here, as the bank will do whatever they please. I'm just wondering what I can do to make sure I'm there the day the bank decides to get realistic. Should I send the $305k conventional offer now, or should I let the house sit a little longer until they come to their senses and reduce the price (knowing full well that may not happen or someone else may buy the house)? My gut is telling me to give it another 10-14 days to see if there's any movement with the list price. [link] [comments]  |
| Posted: 27 Apr 2020 03:45 PM PDT Just trying to get a sense of where the market is now. I can't help but feel like we're picking up where we left off in SoCal as far as pricing and time on market. Any data across the country in high demand markets where the unemployment isn't a factor? Would be interesting to anecdotal and empirical evidence. [link] [comments]  |
| Two lenders ready to close. Mortgage Refinance ( FHA to Conventional ) Posted: 27 Apr 2020 09:25 PM PDT Hello guys! So i was shopping for refinancing my home & boiled down to two lenders which basically offered the same loan estimate. One is my current lender & the other one is Owning.com. I have appraisal waiver for both lenders. All I want is to close asap. Question, will i get in trouble having two lenders ready to close? Will i pay either to both of them if i decided to choose one of the other? Fyi: i don't have any closing cost, no lender points & no appraisal & no out of pocket cost. My current lender matched what Owning quoted me so I continued to talk them & go through the process. I didn't actually hear anything from Owning till today that's why I was talking to my current lender. I'm just worried that I'm in a situation where i could get in trouble for having two lenders ready to close. Current Loan Rate: 4% FHA Remaining Loan Term: 25 Years ​ Refinance Loan rate: 3.125% Conventional New Loan Term: 20 Years [link] [comments]  |
| Posted: 27 Apr 2020 09:05 PM PDT Hello, Just wanted to ask if anyone has seen or encountered this scenario. Found a house in an decent neighborhood, which will eventually go up do to close by university. It was listed for a certain price, when our agent spoke to their agent/owner they explained the restriction. That the price was only for the built home and not the property. Seems kinda weird as this home is not in the country but in los angeles. Also they did not want our agent or our lender, they wanted to do everything on their end. Obviously we passed, but if some poor soul buys it. Is it obvious that the seller could potentially kick them of property? [link] [comments]  |
| Upstate NY: Thinking of becoming my own broker Posted: 27 Apr 2020 03:00 PM PDT At present, I pay 17k a year into my broker for fees. The absolutely only thing I rely on them for is to submit paperwork (state filing) and to pay me. I do not use their websites, apps, etc. and do all my own marketing on the side for leads. They hold my license and charge me 17k basically. My question is, what are the startup costs of becoming a broker, and could I maintain that for 17k a year? Other than errors and omission insurance and maybe the cost of a physical location, what are my other costs? Been an agent 2 and a half years so I'm eligible to get my brokers license. [link] [comments]  |
| Posted: 27 Apr 2020 04:40 PM PDT My wife and I are going over the contract for our new home and an HOA Transfer fee is listed in the breakdown of the closing costs. It equates to the same amount of money as what our dues for the year would be so I guess my question is, are we essentially just paying our dues in the closing costs or will we owe an additional amount after the fact? [link] [comments]  |
| Any retail Tenants who would prefer higher floors ?! Posted: 27 Apr 2020 04:02 PM PDT I'm a student and was wondering if there are any specific kind of retail tenants who would specifically ask for or prefer being on the higher floors of a shopping mall ?! If not, what are some innovative ways that landlords use to attract tenants to occupy their higher floors other than cheap rents ? [link] [comments]  |
| Posted: 27 Apr 2020 07:43 PM PDT I'm a recent first time homeowner and had a question about refinancing. I'm caught in a spot where there's a tricky decision. Two years into a 20 year mortgage at 4.325%. Basically can refinance to a new 20 year and save $200+ish a month or to a new 15 year and have to pay $85 extra a month all told. I just want to know what you think is the best financial decision here (what if we don't have plans to move but job situations or upgrades might (?) have us move before 15-20 years is up?). And lastly now would be the time to do this, correct? Thanks all for helping out a novice! [link] [comments]  |
| Posted: 27 Apr 2020 07:28 PM PDT Can anyone give me an idea on what you've seen interest rate buy downs cost? Client is being told it's only $1600 to drop the rate .5% lower than the best rate they could offer. My client is concerned there's something shady going on because his research indicated that it should cost at least 1% of the cost of the house ($450,000k). Just curious what others are paying to buy the rate down. [link] [comments]  |
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