Resources for homeowners affected by COVID19. Real Estate |
- Resources for homeowners affected by COVID19.
- Redfin lays off 7% of staff, furloughs hundreds of agents due to COVID-19 impact on housing demand (Geekwire)
- For everyone asking SHOULD I BUY NOW OR WAIT?... here you go:
- CNBC: Mortgage forbearance requests jump nearly 2,000% as borrowers seek relief during coronavirus outbreak
- Winterized house and Home Inspections
- Colorado Real Estate Market Shut Down!
- Licensed Agents: Tell me about your hustle.. I’m thinking of taking the plunge.
- 11 Charts That Show How the Coronavirus Is Impacting the Housing Market
- (NC) Holes in the exterior wall discovered after purchase
- Question about qualifying for a mortgage
- New part time REALTOR - how realistic is it?
- WV, Items Left After Close
- Nj: what’s your local market like right now?
- [FL] any advice for a new landlord on how to avoid squatters?
- California Realtors: I took all three course requirements while I was at community college (finished in 2011) but never took the salesperson exam. Is there a time limit from when I finished my classes or am I good to study for the exam and take it? Just need to send transcripts from what I see.
- First time home buyer (joint buyer) - Inquiry about Down Payment Assistance program to help our status in California
- first rental PROPERTY questions?
- Counter Offer
- Will converting an attached 2 car garage increase my homes value?
- Do you have to be on the deed if mortgage is solely in spouse's name>?
- Reduced hours for my wife affect closing on our Condo purchase?
- What is the benefit of overpricing a home and letting it sit?
- Question for Mortgage brokers....
- Advice on how best to handle swapping houses with my parents.
- Getting blocked by credit underwriter due to name/credit bureau issue
| Resources for homeowners affected by COVID19. Posted: 07 Apr 2020 03:42 PM PDT Here's a list of some high level resources where homeowners can find additional information and possibly help, regarding mortgage forbearance or other questions. If you want to suggest other links that are not blogs or promotional, message me and I'll add them here at the top. List of lenders who may offer relief: https://www.aba.com/about-us/press-room/industry-response-coronavirus https://www.hud.gov/ National relief information and resources https://apps.hud.gov/offices/hsg/sfh/hcc/hcs.cfm if you want to talk to a housing counselor about avoiding foreclosure If you have a Fannie Mae loan: https://www.knowyouroptions.com/covid19assistance If you have a Freddie Mac loan: https://myhome.freddiemac.com/own/getting-help-disaster.html General info on CFPB site: https://www.consumerfinance.gov/about-us/blog/guide-coronavirus-mortgage-relief-options/ https://www.sba.gov/ Small Business Loans 800-827-5722. https://www.nar.realtor/coronavirus-resources-for-property-owners [link] [comments]  |
| Posted: 07 Apr 2020 05:01 PM PDT |
| For everyone asking SHOULD I BUY NOW OR WAIT?... here you go: Posted: 07 Apr 2020 12:17 PM PDT A list of all the other posts who have asked this in the last 2-3 weeks: [link] [comments]  |
| Posted: 07 Apr 2020 07:16 AM PDT |
| Winterized house and Home Inspections Posted: 08 Apr 2020 05:15 AM PDT I was have major issue i believe and i am sure there is a simple solution. I am a 1st time home buyer and got my offer accepted 10k below asking. The comps around the area are 170 plus i got the property with a 203k loan for 110k. The issue i am facing is that the house is winterized i can get the electric on at anytime.The water department is closed and only taking voicemails and email(i also sent a registration form for services). I dont know when they will begin to get back to me the issue i am facing is that the gas company soonest appointment is May 4th i am suppose to close on may 11th. I know it is unlikely that closing will happen then because of the process of a 203k loan. My question is can i have a home inspection with just the electric and water on and have them come out when the gas is on?I am willing to pay them a trip fee or whatever is required. Or is there a solution that anyone of you guys have encountered that can assist me?Should i move forward? I am located in the midwest where winter gets crazy and the property only needs 20k of work. The bulk of the money will be in the kitchen and refinishing floors,paint, and other minor cosmetics. HELPPPPPPPPP [link] [comments]  |
| Colorado Real Estate Market Shut Down! Posted: 07 Apr 2020 03:58 PM PDT Just got off the phone with my realtor. She said the attorney general just shut down all showings, walk throughs, inspections, appraisals - anything that you need to physically be at a property for, until the state-wide stay at home order is lifted. She said it was a $1000 fine and up to a year in jail for not abiding. Closings and offers can still be made. Sounds confusing. Just an FYI [link] [comments]  |
| Licensed Agents: Tell me about your hustle.. I’m thinking of taking the plunge. Posted: 08 Apr 2020 05:24 AM PDT I've always enjoyed browsing real estate (who hasn't) and fantasize about becoming an agent, but I've never taken the plunge. I'm a very hard worker with a self starter mentality. I'm not scared of the hustle and commitment to make myself succeed. I am worried the market is diluted with self starter agents so compensation will lag behind the effort. My current employer compensates me very well but the job satisfaction just isn't there. I'm 31 and am hesitant about the career change; I already make a lot of money and don't want that to change. So let's be real, tell me about your hustle! Give me a day in the life, are you satisfied with your annual salary based on your effort? Any advice for a potential newbie? If I take the plunge, I'll work my tail off but want to be compensated accordingly. [link] [comments]  |
| 11 Charts That Show How the Coronavirus Is Impacting the Housing Market Posted: 07 Apr 2020 09:30 PM PDT The impacts of the coronavirus pandemic are rippling through to nearly every segment of the economy and the housing market is no exception. The outbreak has driven sudden changes in behavior among homebuyers and sellers in the United States, which now has more reported cases of COVID-19 than any other country in the world. Here are 11 charts that show how the coronavirus pandemic is changing the housing market. https://www.redfin.com/blog/coronavirus-housing-market-impact/ [link] [comments]  |
| (NC) Holes in the exterior wall discovered after purchase Posted: 08 Apr 2020 06:12 AM PDT After purchasing and looking into a tight area in the attic, I can see two holes in the exterior wall: https://ibb.co/3k88bLZ https://ibb.co/MGWmSGt That's light shining through the siding and and water barrier. The siding appears to be new so I'm both concerned about other areas that are not visible and what to make of it. [link] [comments]  |
| Question about qualifying for a mortgage Posted: 08 Apr 2020 04:41 AM PDT So a few days ago, I spoke with a loan officer for the first time. I have almost no debt, and recently landed a job with the postal service. Previously, I owned a janitorial business for one year (which I am dissolving), I drove for uber, and worked at a restaurant for 3 years. I was also in the Army for 8 months (I got medically discharged), so I am going to use the VA home loan. My mortgage broker assured me that I will be fine, but I read somewhere that I would have to be in the same job industry for 2 years in order to qualify for a mortgage. Since I just started at the postal service, that is obviously not the same industry as I was previously. I am just nervous that I will be denied, and will be forced to wait until I am at the post office for 2 years. Does anyone have any insight as to whether a lender will still accept me? Do they look as civil service jobs differently? Thanks [link] [comments]  |
| New part time REALTOR - how realistic is it? Posted: 08 Apr 2020 04:07 AM PDT In March I got my real estate license (great timing I know) and I moved a couple years ago so I don't know too many people in the state where I have license. I work a full time job that I like but want to make additional income and am good with people and interested in real estate business. My broker is telling me to contact my SOI and prospect a lot but my SOI is tiny where I live and I can't go out to businesses or public places to get my name out there right now. I was told it would be hard doing this only part time and making $ but my goal is 4-5 transactions in my 1st year. During weekends and free time I am devoted to real estate and putting the work / hours in after working 50+ hours at FT job is no issue. Is this realistic or not? What would be some good ways to prospect now and after things go back to normal? Any suggestions / feedback is appreciated. [link] [comments]  |
| Posted: 07 Apr 2020 11:51 PM PDT Fiancé and I closed on a house on March 6th. In our contract, we allowed the previous owner use of a detached garage for storage 30 days post closing. This was for "fuel oil left in the tank" which she had estimated to be about $450 worth. We moved in to a 60 degree house with a furnace that wouldn't stay lit because there was no oil. We didn't pursue having her remove her stuff earlier, planning to allow the full 30 days. About two weeks after closing, the seller came back and told us the soonest she could get movers was April 7th. This being two days over the thirty day mark. It wasn't worth the fight as she was incredibly difficult to deal with throughout the whole process. The garage is packed from wall to wall and we're completely unable to use it because of how much stuff she has. April 7th comes and there are movers in my driveway all day. My dog goes nuts it's generally not a great time for us. I go out in the evening to find a note on a napkin tucked under a lawn ornament on my porch. She stated the movers weren't able to get anything. Did the items in my garage become my property at the 30 day mark? She got a lot of stuff but of what's left behind I do have something use for. If like to reprogram the garage door openers and change the lock. There is an outdoor portion of the garage I'd like to put the rest of her stuff in that I don't want (as well as the 6 bags of trash she left in the garage) and keep what I'd like to have locked up. [link] [comments]  |
| Nj: what’s your local market like right now? Posted: 07 Apr 2020 06:47 PM PDT |
| [FL] any advice for a new landlord on how to avoid squatters? Posted: 08 Apr 2020 01:42 AM PDT Can a formulate a lease that would make squatting impossible? I don't live in these crazy places you see on the news, but I am paranoid. How would I make an airtight lease? If a random person was to come in, how long do I have to get then removed for trespassing? I live in more upscale neighborhoods, and I have never seen this be a problem. [link] [comments]  |
| Posted: 07 Apr 2020 07:24 PM PDT California Realtors: I took all three course requirements while I was at community college (finished in 2011) but never took the salesperson exam. Is there a time limit from when I finished my classes or am I good to study for the exam and take it? Just need to send transcripts from what I see. Thank you! [link] [comments]  |
| Posted: 08 Apr 2020 12:44 AM PDT Hey everyone, Me and my sister are both buying a home together. We've been saving since 2015. We've been preapproved for a mortgage loan on a 660k home in california, for a 22% down payment with an interest locked in at 3.25%. Our assets for the down payment barely matches the cost to closing estimate. We are getting a gift from our parents for 10k. Left over, we will have about 3k left between us. We both have a stable job, So we are not worried about missing future payments. Yearly Income combined for us, is around 100k. Our Bills are very much linked together for our family. We are both listed as buyer-borrower for the family. We're currently past the home inspection and closing is about 1.5months out. I'm very worried that although we're preapproved, everything is going smoothly, that we could be denied last minute for our loan. Due to our assets barely matching the estimated cost to close. The home we are interested in buying, is very much our dream home. Since 2018 when we started checking the market, this home would be the best one out of 100s we have seen. The plan is for our parents to live out the rest of their lives here. It was just recently, that we've heard of the down payment assistance programs. Were wondering if would we still be able to apply for one at this stage of our process? And if so, how do we go about this? And would this compromise our home? We're both thinking that perhaps a DPA program would allow us to comfortably complete the transaction of our home. And allow for a comfortable cushion, since we will be able to re-pay it back at a later time Also, both our lenders representatives and realtor, have been very supportive throughout this process. We haven't mentioned our interest in the DPA program to them. As we are unsure how it would play out with them, if we did. [link] [comments]  |
| first rental PROPERTY questions? Posted: 08 Apr 2020 12:30 AM PDT so im trying to get a home from a family member. Its a 1970 2 story its a 6 bedroom 3.5 bath house, and its in houston tx . i grew up in the house and it was fixed up alot and im trying to see if i can assume the mortgage but its payed off. Is there any advice you can give too a young landlord. Also there is alreadya tenant there and i got a person to maintain the property since i dont live there. and i make enough to where i know i can support some losses without harming my lifestyle. [link] [comments]  |
| Posted: 07 Apr 2020 08:41 PM PDT Starting to feel discouraged with the counter offer process. Any one else in SoCal (or wherever else) going through this? —-See a house and place an offer that's already 5-10k over listing price to stand out from others. —-Then you get a seller counters everyone with a counter offer..But how can one counter the initial offer when I have no clue what I'm going against?? And I'm already at my limit??! So stressful. [link] [comments]  |
| Will converting an attached 2 car garage increase my homes value? Posted: 07 Apr 2020 03:11 PM PDT I'm not sure where else to post this so please point me in the right direction if this isn't the place. I live out in the country with 11 acres and have a ranch style home that has 1800 sq ft. I have an attached 2 car garage that would add about 500 more square feet (it's approximately 25x20). Would converting this to living space increase my homes value? We also have a detached 25x60 pole barn (insulated/heated) that is 6 ft away from the home (can literally touch the walls of both the home and pole barn at same time). If we converted the attached garage we would also build a breeseway between the home and pole barn. [link] [comments]  |
| Do you have to be on the deed if mortgage is solely in spouse's name>? Posted: 07 Apr 2020 07:54 PM PDT Hi, My wife is purchasing a house in her name. She is a first time home buyer . I do not want to be on the deed if I don't have to but we will be living together there. When I buy my own house in about a year or two in my own name , will I qualify as first time home buyer as well even though my wife own property already at that point? Will this complicate anything in the case of divorce and separation of belongings which normally tend to be 50/50. I am not worry nor both our family cares about our wealth if divorce occur. We probably just divide it equally but I doubt it will ever come to that. We are asians so we tend to stick together until death generally. Any answers is greatly appreciated. Thanks [link] [comments]  |
| Reduced hours for my wife affect closing on our Condo purchase? Posted: 07 Apr 2020 04:07 PM PDT April 17th is the closing date on our purchase of a condo for about $175k. Everything has been smooth sailing so far but my wife had her hours reduced 2 weeks ago and now has been placed on an inactive but still employed list at her work. I take home about 2600 monthly while she is closer to 1600. We are not worried about our finances right now and have enough saved up to last for awhile but am worried the lender won't see it that way. Does going on unemployment/partial unemployment immediately disqualify you? Just before closing, do they verify again your income from the last few weeks or just that you are still employed? Should I tell the lender her current situation or just see what happens? [link] [comments]  |
| What is the benefit of overpricing a home and letting it sit? Posted: 07 Apr 2020 10:27 AM PDT The house across the street is listed $70,000 above market value The subdivision I live in has similar homes and we have the same model, there nothing spectacular about this home that makes it $430k vs other homes in the area. The owners sold it to their company (he got a big job transfer) and the company in charge of selling the home has had it sitting overpriced for months now. We happened to put our home up for sale too and our realtor couldn't understand it either, she said she has no idea what the reasoning is behind that. We sold our home for 360k and our home has more upgrades. No homes in the area have sold even close to this price. Our home is the biggest model. So far they have been lowering the price, but barely.. only $500 at a time, it's been for sale since November of 2019. They have open houses for it every weekend, no one shows up. TLDR: Company bought a house because owners had job transfer, why did the company overprice it by 70k? It has been on the market since early November. [link] [comments]  |
| Question for Mortgage brokers.... Posted: 07 Apr 2020 02:14 PM PDT Have you got any information coming down the pipe recently about COVID and the whole mortgage forbearance fiasco that recently occurred? Apparently there was some sort of liquidity crisis that occurred. Anything changing as a result? lending standards increasing? Temporary delay on new applications? etc. [link] [comments]  |
| Advice on how best to handle swapping houses with my parents. Posted: 07 Apr 2020 10:56 PM PDT My parents are planning on moving away from California to Utah. They own a house in California, but still have a mortgage. I plan on staying in California and moving into their house. What's the best way to handle this with as little cost/taxes as possible? Let's assume we completely trust each other and neither will act with ill intent, and there won't be any arguing about who owes who more money. Is there a downside to me buying the house in Utah and and cutting them a check for the difference between mortgage monthly payments? Are there strange tax implications from this? Should my parents buy both houses and I cut them a check each month for the cost of one of the mortgages? Should I buy the California house from my parents and they buy the Utah house (and how would we do this without triggering any taxes and still keeping the low(ish) property tax)? This would be the first house I've ever purchased if that makes a difference. I'm open to any recommendations, warnings, possible issues and/or links to resources to read. [link] [comments]  |
| Getting blocked by credit underwriter due to name/credit bureau issue Posted: 07 Apr 2020 10:51 PM PDT Hi, I'm closing on a mortgage on May 5. If my name change doesn't get in the way. Everything has worked out beautifully. Offer accepted, loan approved with conditions, and all but ONE condition met. The sad part is this condition has nothing to do with money (kind of). I changed my last name when I got married and didn't update my bank/credit cards. The SSN and my Drivers License reflect the new name, and I have records of everything (marriage certificate, old ID, passport, SSN, etc.) that would prove that I am who I am. But at this moment, all of the bureaus - Equifax, Experian, TransUnion still have me under my old name. I was lazy and I'm paying for it now. The fix? I need to notify the credit bureaus and my banks to update this. The changes could be quick, or they could take up to 3-4 months. It's impossible to say really. There are some hacks like paying your balance down to 0, and "forcing" banks like Chase to report. Unknown if it really works. Speaking with my underwriter, it feels like we both understand that this is a weird technicality but they just can't budge. If we go past my May 5 deadline I'll have to start paying a per diem, and then after 45 days (May 20) the deal won't close. I'm submitting all of my paperwork to the bureaus and banks tomorrow, rushed FedEx. I've faxed, emailed, called all of them so I'm taking all the steps possible to get past this. I'm going to keep hounding them however with COVID I'm stuck in some terribly long wait-times. Has anyone else been blocked like this, and what did you do to remedy it? [link] [comments]  |
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