FYI to homeowners struggling with payments Real Estate |
- FYI to homeowners struggling with payments
- In a given city there can be "good" and "bad" areas. What are some indicators of an improving neighborhood? Meaning going from an okay neighborhood towards a good one. Is it as simple as reviewing crime rates, schools, proximity to work and entertainment, and sale prices in the area? [CA]
- Don't celebrate until everything is signed
- Put in my first offer yesterday. Didn’t get it. We’re bummed. Why is everything so overpriced?
- Does replacing a fully operational AC unit make sense?
- Capital gains tax on vacant land sale?
- Delayed closing penetration?
- 72h to closing!
- Buy the foreclosed home next door?
- Seeking advice from “millennials” in here with $2500+ mortgages
- I specialize in AI Language (ie. generation of nonsense text or the query of a text span in an article)
- Is the added termite inspection worth it?
- Where to start with buying a house? (Explain it to me like I'm 5 years old.) Minnesota
- Can home's property tax basis be transferred when buying from an aunt/uncle?
- Do banks honor their mortgage rate listings?
- Buying a condo in Bay area
- Becoming a Real Estate Agent
- Real estate license with a violent felony?
- I am trying to determine how the IRS would determine FMV of an unfinished house if selling to a family member.
- Podcast Recommendations?
- Certain Key Words to use?
- Do any of you live off rental properties? Whats your story? Need help
- After paying off all debt, how long to wait to get a preapproval for a mortgage?
- (Us) Looking to move to new state and buy First house with Fiance, not sure order to proceed.
- If I like the way a house looks, and I want someone to build me the exact same house, what information do I have to get from the owner of the house so that I can have a contractor build me the exact same house.
| FYI to homeowners struggling with payments Posted: 25 May 2020 09:36 AM PDT It's not at all in my interest to suggest this as a loan officer, but I know a lot of homeowners are struggling to make payments right now and I wanted to pass some info along that may help. While processing refinances over the last month or so, a lot of loan officers have been noticing that within days of requesting a payoff statement for their client's current loan, a lot of homeowners are getting mailed or Fedexed modification agreements directly from their servicer to lower their rate (sometimes significantly) at no cost. This seems to occur if your loan is currently owned/serviced by one of the big banks...Chase, Wells Fargo, etc. If this is the case for you, it honestly wouldn't hurt to call your servicer and just request a loan payoff statement, as this seems to trigger a retention campaign for some folks where they are given this offer. I obviously can't guarantee that this will work for everyone, but it's worth a shot if your loan is currently with one of the big banks. [link] [comments]  |
| Posted: 25 May 2020 07:39 PM PDT I know good, bad, and okay are all subjective, but I think you understand what I mean. [link] [comments]  |
| Don't celebrate until everything is signed Posted: 25 May 2020 04:25 AM PDT After months of searching and multiple losing offers, yesterday we had an offer accepted... kind of. The listing agent said they were going to accept our offer but before they could sign another offer came in and they took that one instead. We had been celebrating for two hours before we got the news. It was devastating. Lesson learned, don't celebrate until everything is signed. [link] [comments]  |
| Put in my first offer yesterday. Didn’t get it. We’re bummed. Why is everything so overpriced? Posted: 25 May 2020 05:07 PM PDT |
| Does replacing a fully operational AC unit make sense? Posted: 25 May 2020 05:58 PM PDT Edit: thank you all for the GREAT advice and opinions! It basically confirmed my gut feelings and helped me figure out how I need to move forward. I think putting our foot down and saying hell no is our best option. We are currently under contract with our home (we are the sellers) and an inspection was recently done with barely any issues found. Just a cosmetic issue with our fascia. The buyers are requesting a roofer come out and inspect the entire roof as well as a HVAC tech to inspect the unit better than the original inspector. Which we are totally fine with. It was brought to our attention by their realtor that their buyers weren't satisfied with the original inspector saying the unit worked just fine its just older and to expect it to need replacing within the next 5 years or so. We also have been told by our personal HVAC tech the unit probably has about 5 to 8 years left in it with proper upkeep. Which sounds about right and matches what the inspector said. The buyers however, have not formally requested it yet, but are speaking about how they're fishing for someone to magically find some issues so they're able to get a brand new unit. Okay... understandable. Theyre getting a completely upgraded home. Everything is brand new and only a month old. Why not try to get a brand new AC too. Our realtor is telling us, "eh why not just replace it for them to shut them up and we can move on." We are already helping them out with several thousand dollars of their closing costs so we were somewhat turned off by the idea of spending several thousand more for a brand new AC unit when the one they have now is fully functional with no issues. We are conflicted because our realtor with 30+ years of experience is telling us to replace something if they ask but we are having a hard time wrapping our heads around it because this is our first home we are selling and are still learning how everything works. I would love any feedback from people who have encountered a similar situation or people who have sold their homes before and had requests like this. I just need some type of guidance I guess! [link] [comments]  |
| Capital gains tax on vacant land sale? Posted: 25 May 2020 05:30 PM PDT My wife and I have lived in an apartment for the last 5 years. About a year and a half ago we bought some vacant land hoping to build a new home. Long story short we abandoned that idea and sold the land. We bought at 130k and sold at 175k which was surprising to us but great at the same time. Now we have just entered into a contact to purchase another house. Will we owe capital gains on the vacant land sale if we are using all proceeds to purchase a new home? [link] [comments]  |
| Posted: 26 May 2020 04:32 AM PDT My mother is selling her home (Tennessee). The buyer was supposed to close on May 15th, and it has been delayed twice due to buyer issues. I have researched and it's possible she could be compensated per day. I told her to ask her realtor about this and they literally laughed at her. Saying LOL Good luck with that! Any insight? She is paying a lot of money to store her stuff, utilities and insurance on an empty house. I think they should compensate her something. [link] [comments]  |
| Posted: 26 May 2020 04:27 AM PDT Welp. It's finally happening. Due to COVID-19 the lender and my agent will not be at closing... just us (buyers) and title company peeps. Has anyone else experienced this? I don't care about missing the social aspects (no champagne toast etc) but I do care about other ways this arrangement may leave me short changed. What should I look out for/expect? [link] [comments]  |
| Buy the foreclosed home next door? Posted: 25 May 2020 01:32 PM PDT My husband and I bought our first home a little over a year ago. It's a lovely old craftsman. The only downside is that it doesn't offer much of a yard and our garage is a century old and built into a hill. The house next door is decent (needs a little work) but outwardly just needs some landscaping and a new roof. It has even less yard and even less parking than our home. The city recently replaced our on street parking with bike lanes too. I imagine this is not a selling point. When we moved in it appeared to be some sort of flop house with about 15 youngish people living there. They left and the house was in foreclosure. It's been empty for a year. Current asking price is only 30k. We would like to purchase the home and demolish it to create more yard and expand the space we have to rebuild our garage in the future. We would need a loan to do this. We are not sure if it is even possible to add on to our existing mortgage or combine the two properties. We really do t even know where to start. Does anybody have any good suggestions? [link] [comments]  |
| Seeking advice from “millennials” in here with $2500+ mortgages Posted: 26 May 2020 03:58 AM PDT On paper, most calculators say we can "comfortably" afford this house. I would love an opinion from younger/first time home buyers on the subreddit with $2000 - $2500+ mortgages (PITI) about how much they make, how comfortable they feel month to month and if they are happy with their decision. House $340,000 Mortgage, PMI, 2.7% taxes, HOA, ins: $2650 High house price is due to importance for my husband to have a sub 45 min commute. Income: $140k Monthly take home: $8300 Debt: Car Payment $300 School loans $550 No credit card debt No kids [link] [comments]  |
| Posted: 26 May 2020 02:00 AM PDT Do you know of any applications in Real Estate that you guys might need? [link] [comments]  |
| Is the added termite inspection worth it? Posted: 25 May 2020 05:09 PM PDT I live in Texas, first time home buyer looking around for the best inspector. What exactly goes on in a termite inspection? Is it only a visual inspection? Just doesn't seem worth the extra 100 bucks, would rather spend it on a thermal scan of the house. [link] [comments]  |
| Where to start with buying a house? (Explain it to me like I'm 5 years old.) Minnesota Posted: 25 May 2020 09:43 PM PDT I'm in my 20s and don't have any close family to explain what I should do. My parents bought a house in the 90s and lost it in 2008. Anyway, I want to know what I should consider and what I should watch out for. I'm aware that the realtor works for the seller, not the buyer. [link] [comments]  |
| Can home's property tax basis be transferred when buying from an aunt/uncle? Posted: 25 May 2020 07:20 PM PDT I've seen where people can buy/inherit from parents and transfer the property tax basis but can this be done when buying from an aunt/uncle? State is California [link] [comments]  |
| Do banks honor their mortgage rate listings? Posted: 25 May 2020 08:47 PM PDT A regional back has 3 different mortgage rates, points, & APR listed on their website that changes daily. Should they be honoring these? [link] [comments]  |
| Posted: 26 May 2020 12:09 AM PDT Our total household monthly income is 9000$pm We live in a cheap apt for 1900$pm for last 3 years. We plan to live in Bay area for 4 more years. Then we plan to move to a new city and start a family. By the end of 4 years we would have thrown away around 91k$ as rent. So we are thinking to buy a condo that fits our budget. We are targeting a 1bedroom condo <650k$. The idea is throw away less money by time we checkout of Bay area. So instead of losing 91k$, we would like to lose let's say 50$. I understand I am assuming a lot of things here. I am assuming and hoping market will stay good( cuz is Bay area). I have around 200k liquid amount so I would be financially comfortable after 20% down payment. I did the rent vs buy calculation, after 6 years we are even. So what do u guys think? Am I being realistic? Is 1 bedroom a good buy or should I buy 2 bedroom, maybe 2bedroom will have better chance? Am I wrong? Thanks in advance. [link] [comments]  |
| Posted: 25 May 2020 11:56 PM PDT I used to work for a real estate agent who's license was held with Keller Williams. I was an assistant, with the duties of reviewing contracts, managing social media presence, developing graphics for distribution, and hosting open house events alongside my agent. It was all very intriguing! I got to see a lot of the ins-and-outs of the job and learned a lot. That being said, this was probably about four years ago. Times have changed, and I'm now in my third year of college, living in a different state than I was when I had all that experience. I'm wondering what it would take to attain my real estate license in Oklahoma. I know that I have to pass a national and a state test, but thats about all I know. Are there any free/cheap resources out there for learning the material? If not, what's my best option? [link] [comments]  |
| Real estate license with a violent felony? Posted: 25 May 2020 01:00 PM PDT When i was 18 I got into a car accident while intoxicated and was charged with a misdemeanor dui, however, while in prison I got into a fight with another inmate and ended up shattering his cheekbone. It was there in jail where I went to court again and was charged with the violent felony "in- house great bodily injury on another inmate", which sent me to prison for another 2 years. Since my release in 2016, i re-enrolled in community college, transfered to UCI for a bs in computer science, dsicharged parole, and am set to graduate in 2021. I like data science but I've been interested in pursuing real estate as well, maybe combining both of them. My question being that, is it possible to get my real estate license in California as a violent felon.? I'm seeing a lot of different things online but havent found anything relating to violent felonies. thx. so far interships havent been a problem if that matters. ps. every time I get pulled over, I get two squad cars behind me with guns semi-drawn telling me to exit the vehicle with my hands up. That's normal for me but it shows you how severe the charge is looked out when my name is ran. pps. dont drink and drive [link] [comments]  |
| Posted: 25 May 2020 11:14 PM PDT Basically, as in header. I know there are things to avoid in non-arms length transactions, but I can't seem to find any information on how this would be applied if the property were a partially finished house? Also, if there would be anything to look out for in then applying for a construction loan to finish it? TIA. [link] [comments]  |
| Posted: 25 May 2020 10:56 PM PDT Hey! Was hoping to get feedback from the subreddit on any Podcast shows related to real estate. Thanks in advance! [link] [comments]  |
| Posted: 25 May 2020 07:01 PM PDT I'm looking for a house, and I'd like the house to have an extra building with garage doors I can use as a shop. When I search "shop" or "workshop" under keywords, it nets many results, most of which aren't even remotely what I'm looking for. Is there a key word I can use that is commonly used among realtors to find what I'm looking for? [link] [comments]  |
| Do any of you live off rental properties? Whats your story? Need help Posted: 25 May 2020 10:33 PM PDT Hey guys, so long story short. I am currently 29 years old and I invested in the crypto market before the bull run in 2015 and have about 300k after tax. I plan on holding my crypto currency for the next few years as I do believe there is going to be another boom (if not I can cash out). The plan is too put my profits into real estate and generate a passive income stream and keep building up a portfolio based on that. I don't want to just go on a spending spree and blow it all. I understand people have been able to retire on these rental incomes which is what I plan to do. My goal is to get about 10k/month rental income. Would you suggest that I immediately buy these properties or slowly build the portfolio up over time? I was wondering what were your stories and how you ended up getting into real estate? and how long did it take you for you to get the desired income. [link] [comments]  |
| After paying off all debt, how long to wait to get a preapproval for a mortgage? Posted: 25 May 2020 06:32 PM PDT I just finished paying off a debt last month and my credit score is now 780 from 680 from last month. I am interested in buying a home next year but want to see how much i can afford. Going back to my question, will the fact that i JUST paid off my debt impact how much i'll be able to afford and the interest rate i'll get from the lender? [link] [comments]  |
| (Us) Looking to move to new state and buy First house with Fiance, not sure order to proceed. Posted: 25 May 2020 06:30 PM PDT Me and my Fiance want to move closer to her mom and sister soonish. We are both sick of renting and want to buy a house before we start a family. If we move, it would mean new jobs for the both of us. Not sure what the best way to go forward is. Do we rent short term while we work for awhile and house hunt, or do we just both get job offers and house hunt based off the job offer letters? [link] [comments]  |
| Posted: 25 May 2020 12:32 PM PDT |
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