Positive Thing to Point Out Real Estate |
- Positive Thing to Point Out
- Mortgage applications to buy a home plummet 24% annually as coronavirus slams spring housing
- Landlords trying to sell all their properties
- I'm closing on a house this Monday
- Who agrees with me?
- Curious if my plan around purchasing my first home is sound.
- From the closing agent perspective
- Issue with credit towards home purchase
- Selling my house
- Job change happening after closing.
- Closing May 1, bank pushing me to close early.
- Home builder can’t talk to me because I’m in CA?
- Refinancing a mortgage am I too late to the game?
- If you are currently looking for a home, how concerned are you about the virus?
- First time buyer with post-inspection questions
- Should we move forward with our home purchase?
- House Pending - Need Advice
- Salary Reduction question (closing tomorrow)
- Mortgage Loan Question
- Closing soon and nervous as a cat on a hot tin roof.
- Rent hike, with no contract
- Can I back out of a contract if my realtor needs to add extensions to the contract?
- I screwed up! Closing next week
- late appraisal;
| Posted: 01 Apr 2020 05:01 PM PDT I really love this downturn for the following reasons : 1) sellers have gotten extremely cocky in negotiations and especially builders. Asking too much and won't negotiate much. I literally had a seller last year walk out of the closing table. He wanted to relist and ask for a higher price. Don't get me started with builders and their tactics to inflate prices. 2) Zillow and open door stopped flipping homes. 3) best real estate markets are when Buyers and sellers are on level playing field. When balance is tiled to one side, it creates a bubble 4) Foreign national loans stopped doing business. These add to the bubble selling mortgages at outrageous rates and fees. These owners are eventually gonna walk out as income from rental airBNB drop. Builders will stop taking advantage of these people. Lennar has built and sold thousands of these at outrageous prices. Now let's play fair game :) things will get better for all parties :) [link] [comments]  |
| Mortgage applications to buy a home plummet 24% annually as coronavirus slams spring housing Posted: 01 Apr 2020 06:17 AM PDT So much for the theory that this isn't going to affect Real Estate: https://www.cnbc.com/2020/04/01/coronavirus-mortgage-applications-to-buy-a-home-plummet-24percent-annually.html [link] [comments]  |
| Landlords trying to sell all their properties Posted: 01 Apr 2020 07:45 PM PDT In Maryland I just seen a landlord list 7 properties on (Hawthorne St, and Kent village Dr, Landover, MD 20785) As a landlord do you feel like you will have to sell your properties if your tenants don't pay you for a few months? [link] [comments]  |
| I'm closing on a house this Monday Posted: 01 Apr 2020 01:58 PM PDT I'm scared and excited. I can't wait to move out of this neighborhood. This will be my first house. I'm gonna have so much space for all my crap. [link] [comments]  |
| Posted: 02 Apr 2020 02:17 AM PDT We got an offer on our house which we accepted. Two weeks later due to the pandemic the buyers mortgage offer got cancelled. I said to my wife let's give them 2 weeks to find another mortgage before remarketing the house. She thinks I'm being heartless and seems ready to wait indefinitely. All this time we will be losing money on paying the mortgage on the house... House is empty and there is no chain. What would you do? [link] [comments]  |
| Curious if my plan around purchasing my first home is sound. Posted: 01 Apr 2020 07:49 PM PDT I am a 27 year old single guy and I just purchased my first home for $257k. It is in a good location and a good school district. I have been lucky enough to be successful so far early in my career and have paid off my student loans and my car. I have a credit card but I pay off the full balance every month. I took out a 15 year mortgage on the home at 3% interest. With my current base salary I have calculated that I can pay the mortgage off in 10 years if I overpay while also still contributing 10% to my 401k (my company matches my contributions 100% up to 10%), maintaining my emergency fund, having money to spend on fun and still saving about $10k in additional funds per year. This isn't even considering any of my commissions which will generally be 12k a year minimum and as high as 40k a year maximum but I do my financial planning solely on my base because thats the only guarantee I don't plan on this house being the one I retire in so based on my plan even if it were to not appreciate at all in the 10 years that I paid if off in I'd come out with $260k in equity and be in a really good position to put a large down payment on whatever house I plan to retire and hope to raise a family in. I know a lot can change in 10 years but just curious if that plan makes sense or if I'm missing anything important that I may not have considered. [link] [comments]  |
| From the closing agent perspective Posted: 01 Apr 2020 09:26 AM PDT Hi guys, just wanted to pop into the sub from the perspective of a closing agent during the current pandemic. -We've gotten word we may soon be able to notarize via Skype/FaceTime per the Secretary of State's office (they manage notary certificates in my state) - this would be great news as we could minimize traffic into our office. We are e-signing as much as possible but the documents that need to be recorded still require a wet signature; this would help with those docs and loan packages that require wet signatures. -we've seen an increase in contract terminations and refi lender orders (no surprise) -people are desperately trying to push up closings while buyers are still employed which means we are moving up closings like crazy. This is obviously adding stress to an already tense atmosphere so be nice to us. -your lender or agent might not be invited to come to the closing table since title companies are working to limit traffic as much as possible, don't take this personally. -I've seen a couple lenders not able to get closing packages to me until the last minute because they are doing the voe right before closing - if we don't have docs then we can't close, it's nobody's fault so be nice. -settlement services have been deemed essential by the department of the treasury so unless some insane collapse happens, we are still going to be closing transactions -we have a covid specific affidavit for buyers and sellers to sign regarding if there is a delay in recording due to county offices being closed down. -have I mentioned yet for everyone to be nice? (On mobile, sorry for formatting/ in a rush, sorry for syntax) [link] [comments]  |
| Issue with credit towards home purchase Posted: 02 Apr 2020 01:27 AM PDT This is a new construction. Builder/Seller and I agreed there will offer credit towards each item I personally buy for the house. I have bought several items from faucets, vanity, bath trims, etc to match my style. But I have still not received what will be the amount of my credit and the house will be ready for final inspection in few days. I have asked seller several times and they keep saying they will provide today/tomorrow but nothing so far. Now couple days ago I started having issues with my mortgage broker (see my post history) and due to delay in construction (twice), I have asked the seller to cover lock extension cost to which the seller has rejected. I am now worried that seller will not give a good faith credit amount towards items I bought because I am asking them to pay for lock extension. I concerned about pushing to pay for extension ($2,000) and they fudge numbers in the credit amount to cover their cost. How can I get them provide a good faith estimate? [link] [comments]  |
| Posted: 01 Apr 2020 04:32 PM PDT Well, I'm shocked. Listed my house early march before COVID19 took off, was about to put it on hold as there was no activity then this past sunday we started getting offers. We even got a few for asking price, accepted the conventional loan offer with 20% down and here we go. Now my question is....should we find a cheap place to rent and watch the housing prices or buy our next house now? The area we are looking to buy in, we already see houses dropping prices by 5k-10k...not much. Pre-approved for a 2.99% mortgage and dont wanna lose that rate. [link] [comments]  |
| Job change happening after closing. Posted: 01 Apr 2020 07:47 PM PDT Finishing the mortgage application process. Inspection and appraisal all fine. Schdduled to close end of April. I am contracted at my current teaching job until July 31, then begin at my next school in September. Signing contract for new job in the next day or two and lender asked for copy of new contract once I have it. I will also have plenty of money in my accounts to cover the "lapse" that they might be, although I still get paid through the summer. Should I be OK? [link] [comments]  |
| Closing May 1, bank pushing me to close early. Posted: 01 Apr 2020 11:27 PM PDT I'm under contract for my first house, in TX, for 167k. Mortgage officer called me this morning to suggest that I move my closing date up to April 15. I've cleared underwriting with no conditions, the house has appraised, and I have the cash needed to close. I'm in healthcare and my income is 100% secure. I called the title company to make sure there wasn't a specific reason why an early closing would be warranted, such as a pending COVID-related issue. They assured me that they are prepared with videoconferencing, mobile notaries, and "curbside" closing so there's no issue there. Here's the thing: I'd really rather wait until May 1. I'm in a lease that doesn't end until July 31, and was already planning on floating rent and mortgage on July 1, which is when my first mortgage payment would be due if I close on May 1. If I close in April, my first payment would be due June 1, which means floating both payments for two months. The lender knows this and is OK with this, but I'm not. All this has me a little nervous and shaken, which I imagine is how the lender is feeling as well. Though I also get the sense that the my mortgage broker is itching for his commission. Which is the more likely scenario? Are they just trying to rush everyone? Should I go along with their wishes and close early, and cost myself an extra $1,200? Or wait, and risk losing the deal? [link] [comments]  |
| Home builder can’t talk to me because I’m in CA? Posted: 01 Apr 2020 02:06 PM PDT My husband and I are looking to buy our first home in another state. We're looking to build in a community, and have been reaching out to the big builders there. One of them today refused to give me information because there's "a law that prohibits builders from giving information to residents of CA,NY, and NJ without coming to sign a waiver". Google has failed me. Anyone have any idea of what law this sales person was referring to? She wouldn't specify. This builder is a national builder and has communities here in CA. [link] [comments]  |
| Refinancing a mortgage am I too late to the game? Posted: 01 Apr 2020 10:19 PM PDT I have read that feds buying MBS has caused quite an upheaval in this market. It is putting some mortgage lenders out of business. Is it too late to refinance my mortgage? [link] [comments]  |
| If you are currently looking for a home, how concerned are you about the virus? Posted: 01 Apr 2020 03:58 PM PDT |
| First time buyer with post-inspection questions Posted: 01 Apr 2020 09:13 PM PDT Inspector's main findings were: 40 gal water heater is from 1999 and is in good shape, but near the end of its life. Appx $800 to replace and install. Duct to HVAC unit has a hole in it from rain puddling on top of it, and leaking inside the unit. It's corroded on the bottom, and leaking from the condensate drain line. Loose duct work in attic resulting in lots of cold air being blown around the attic. Appx $700 for HVAC repairs. Appx $600 in other minor interior issues. Questions: Inspector recommended 2 HVAC companies to evaluate, but I'm concerned about getting caught in the "friend" network, and possibly not having a proper job done. I already used my realtor's recommended title/escrow company and inspector. Realtor recommends asking for $1,000 credit for the above issues, and said it's common to meet in the middle of whatever negotiated credit. $500 seems too low for this. Home is in a great area and listings don't last long. Although I believe my realtor is treating me fairly, is this all reasonable and sensible? What else should I consider? Am I missing anything? I'm new to the area and a first time buyer and would love some opinions please. Thanks for reading. [link] [comments]  |
| Should we move forward with our home purchase? Posted: 01 Apr 2020 01:32 PM PDT We entered into a purchasing contract for a newly built condo (which is our dream home) in mid-March, right before the coronavirus madness began. We are completely torn on whether we should continue with this purchase. Some factors making us want to pull out of the deal: - the builder is offering to have our earnest money deposit be a credit towards any future purchase with any of their homes in the Bay Area. so at least we won't completely lose our earnest money deposit. - I have a stable healthcare job, but my husband as a bioengineer in a start up company, so his company will go under by December if they don't receive more funding, which is more likely due to COVID situation. And we don't know how easy it will be for him to find a new job, although we do live in Bay Area, which is the tech/engineering hotspot. - We only have 6 months emergency reserve and we're not sure if that's enough, given the unprecedented situation with coronavirus. - we don't know if the housing market will crash in the next few months and we don't want to be stuck selling this house in 10 years for half of what we paid Some factors pushing us to continue with the purchase: - we got a great deal on our mortgage loan - we are fortunate enough to have family who would be willing to help us out if we ran out of emergency reserves - we are in love with the house and saw ourselves in it for the next decade raising our children (this is probably the strongest factor, even though it's not a logical one, it's an emotional one) [link] [comments]  |
| Posted: 01 Apr 2020 11:24 AM PDT My wife an I went pending on a home in a Seattle suburb (30 miles east) from downtown for $880K on Monday. Earnest money is due today, we are considering pulling out due to uncertainty of market. We locked in a 3.375 interest rate. Our thoughts are if we pullout, maybe the market crashes and homes that are in the 1 million dollar price range currently are suddenly in our budget. Or maybe this home is valued at $100K less 6 months from now. If we pullout and time everything perfectly, will interest rates be where there at now? If they're .75 higher, what did we gain in waiting? Any advice is appreciated, we literally change our minds every 30-minutes. I haven't been this stressed in my life. Both our jobs are in Tech, and jobs are secure. This is our long term home, we have 20% down, and an emergency fund in place to keep us in the home for a year if we both lost our jobs. No kids, but will likely have them in the next 3-5 years. [link] [comments]  |
| Salary Reduction question (closing tomorrow) Posted: 01 Apr 2020 04:20 PM PDT Hello - my wife's salary decreased by 20% temporarily (but indefinitely) due to COVID last Sunday. We are closing on a house tomorrow. We got some paperwork today that has questions like "has your employer given you verbal or written notice of a reduced compensation". Our lender told us to answer "no" to those questions because the reduction is only temporary. How legit is this? What is at stake if someone questioned our answer? We are putting a substantial amount down on the house. EDIT: Thanks in advance for any insight you can provide. We are not concerned for our finances, we gave ourselves wiggle room in our savings/monthly budget to prepare for situations like this. I don't think I overpaid and my wife would castrate me if I tried to back out. [link] [comments]  |
| Posted: 01 Apr 2020 04:12 PM PDT A couple of weeks ago we put in an offer on a house and it was accepted. We are in Tennessee. Our closing date is April 17. The house is priced well below what we were pre-approved to borrow. Today I found out that my hours are getting cut back 10% - temporarily. I let our mortgage office know and he is going to figure out if this will cause us to lose the house, basically. I suppose I am just coming here for a little advice/guidance/reassurance. Will this delay/cancel our loan? Thanks! [link] [comments]  |
| Closing soon and nervous as a cat on a hot tin roof. Posted: 01 Apr 2020 04:01 PM PDT Hi r/RealEstate, Newbie to the thread but I've gathered a lot of information from you fine folks over the last few weeks. I'll lay out the details in depth as we're in Northern California and under shelter-in-place and I have plenty of time: So my wife and I are buying our first house. We got pre-approved for more than the amount of the home we put an offer in for. We make roughly 130k/year combined (W2 work, with some bonuses and overtime for myself and my wife respectively) and put a 150k down-payment on a 585k home and according to our purchase agreement we will close on April 16th. To date, I have not had any movement (as far as I know) towards the underwriter with our loan and I'm starting to get worried. I finally got some correspondence with the loan officer at our big bank and she assured us we'd have conditional approval in a few days. My wife and I have great jobs that will weather this coronavirus situation well. We are not worried at all about job loss. I'm worried because a good chunk of our downpayment (95%) was a gift, though I sourced it with a gift letter and the lender said that would not be a problem. My worries also come from our general state of finances. I pulled the trigger on this house because with the downpayment it would be significantly less than our Bay Area rent that we currently pay. Our credit is fair ~680-700ish. I had also, prior to becoming pre-approved, opened up an Amazon Visa card but that card has a zero balance that I paid off after we were pre-approved. Additionally, another credit card that had a balance of ~11k I also paid down to roughly 3k after pre-approval. I'm just worried all my getting our shit together came a little too late and we are going to get flagged as a couple of dumbasses for trying to purchase right now. I understand I should have probably gotten all this straight before moving into the process but our lease is ending soon and the thought of renewing for another year made me sick. Additionally, the rent increase would have blown any chance of throwing any more money towards the home anyway. Should I be worried once we get into underwriting? Should I start shopping around for an alternate lender in case this falls through? [link] [comments]  |
| Posted: 01 Apr 2020 01:00 PM PDT Not sure if this is the correct sub, I have been a long time lurker and this a question that exceeds my understanding. Mother in law rents a house for around 900 in California . They do not have a lease as it was rented to them by a church member. Last month the owners told her the rent would be going up to 1500 for month of April, because apparently in that area they could rent it for 1900. Which I call bs on because it's Perris CA. Is there any protections that she can use to ease during this time of pandemic. She has been renting this please for about 5 years. Also the owner does not want any direct deposits only cash. This is fishy to me. Thanks ahead of time [link] [comments]  |
| Can I back out of a contract if my realtor needs to add extensions to the contract? Posted: 01 Apr 2020 02:36 PM PDT Today was the deadline for the seller to make any repairs needed. The closing date is 4/16. Because of the virus issue, the association office is closed and there's no way the people who need to make repairs can have access to the roof without someone from the office there. So my realtor added an addendum to extend another 5 days. She had previously extended the contract for another reason 2 weeks ago also because of the virus. Things don't seem to get any better so it wouldn't surprise me if something else can't get done at the moment because of the virus. Say I have a change of mind about this place. Could I get out of it because of this? Contract was accepted and inspection was done. The inspection period ended as well but they haven't been able to finish their repairs because of the current situation. [link] [comments]  |
| I screwed up! Closing next week Posted: 01 Apr 2020 10:02 PM PDT Lots of earnest money :( jobs seem stable but still feel like I'm overpaying now [link] [comments]  |
| Posted: 01 Apr 2020 06:12 PM PDT My appraiser hasnt answered any of the lender/AMC's with her report and my due diligence is up friday 4/3. I ordered the appraiser though the lender two weeks ago. What can I do about this, who is responsible, is the lender or the management company responsible if i go past the due dil? what if the seller wont extend the due diligence period and im stuck overpaying and I cant get out of the contract because i'd lose the earnest of 1600$. anyone have any advice? [link] [comments]  |
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