I'm still seeing sales of 5% over the asking price while reading headlines of near 20% of Americans unemployed. What world am I living in? Real Estate |
- I'm still seeing sales of 5% over the asking price while reading headlines of near 20% of Americans unemployed. What world am I living in?
- Forbearance with Wells Fargo
- New Construction and Selling Current Home
- Question To Real Estate agents
- Getting MAJOR anxiety buying my own place at 33. Don’t know what the right decision is....
- I just applied for a loan...
- Interest Rate Lock/Floatdown Question
- New Construction Options Worth it?
- Is a deck included in total square footage for taxation or listing a home?
- Question about a situation I'm in.
- Unfinished basement price per square foot
- What are the benefits, other than legal, for forming an LLC for a duplex or rental?
- Apartment charging higher rent for the same unit?
- Is it a good time to purchase a new home or wait and see?
| Posted: 02 May 2020 12:41 AM PDT |
| Posted: 01 May 2020 07:53 PM PDT I was having a conversation with my lender about some of our mutual clients as well as some of his clients and noticed there were some shady practices coming out of Wells Fargo. It seems Wells Fargo is soliciting its customers regarding putting their mortgages in forbearance. We came up with 3 clients that have been reached out to directly from Wells Fargo and were asked if they would like to utilize the program. All three declined service but still were signed up without authorization (aka signatures or verbal confirmation). My client can no longer refinance since her home is now in forbearance. Has anyone else been experiencing this? I tried searching reddit and have failed to find any information or news articles stating this is the case. If you could link me to some articles or even personal stories, it would be much appreciated. Best regards! [link] [comments]  |
| New Construction and Selling Current Home Posted: 02 May 2020 06:51 AM PDT My wife and I (and one newborn) are looking into a new build home but we are concerned with trying to sell our current home once the new one is ready. What I'm worried about is that, our new home will be finishing completion early next spring but when we list our current home, the value of it will be way down because of the effects from the coronavirus. Then, we will not sell our current home or loss money in the sale. Our current home was a starter home that we bought 3 years ago for 110k. Our new home will be priced in the 250k range. What approach would you take? Below are some thoughts from me but I've never built a new home so take that for what it's worth. All have pros and cons obviously but any input would be awesome.
Any advice or input would be greatly appreciated. Thank you in advance! [link] [comments]  |
| Question To Real Estate agents Posted: 02 May 2020 06:48 AM PDT Would like to switch the game and sign up with asset management companies to list REO's. I have sent a few resumes and signed up on a few websites. Which companies do you guys recommend? Im located in Florida. Thanks again! [link] [comments]  |
| Getting MAJOR anxiety buying my own place at 33. Don’t know what the right decision is.... Posted: 01 May 2020 10:59 PM PDT Hi everyone, I'm 33 years old and I've been saving up to buy my own place for the last couple of years. I have enough saved for a down payment but I'm just getting really worried. I've worked at the same company for almost 8 years. It's a company with over 600 employees. I'm the head photographer at the company and I have no intention on leaving. I obviously can't control the future and knowing I could potentially move companies, if god forbid something happens to me, I know for almost certain I wouldn't make the same money anywhere else. The smart choice is to buy my own place as an investment and somewhere to live. Not having anyone else to potentially help me with a mortgage makes me wonder if the smarter choice would be to rent since it's low risk in comparison IF something were to happen to my job and I had to get a cheaper place. Are these common fears? Am I overthinking it? Do people just sack up and hope for the best when buying a place? I don't know if my anxiety has spiraled out of control at this point or if these are normal fears. What would you guys do? [link] [comments]  |
| Posted: 01 May 2020 09:22 PM PDT I just found a house I like, I'm doing an FHA loan, I got prequalified and the good stuff. I just got accepted on a house I made an offer on. I am doing the loan processing, submitted everything. Usually with FHA I know it can take a while. Here is the thing, I am 21 (dont worry, I know what I am doing and know how I can pay for the house in 8 years). I'm the only one in the family who makes the most money with the best credit and least amount of debt. I got prequalified for a 300k loan. I found a place for 225k. One thing to note I dont have stable income. I told my loan processor, I was at college at the time. And i gave her my transcript. I did not graduate, the way I got my job was by taking a few classes that was most related to that subject of the job description. Pretty solid gig for my age, I started at age of 20. I've been there since last year in June. I gave my LO (loan officer) my 2 years of W-2, bank statement, etc. I also dont have enough for the downpayment so my mom is going to be gifting the money and I showed proof of that. I also gave her my last 2 months of pay stub. Everything is submitted as of 1.5 weeks ago. This being said.. do you guys thing i may be getting approved? Because of the coronavirus stuff, my hours have decreased from 40 to 32 at my fulltime job (temporarily until June 1st) and I also have a part time job which brings in a lot of my income... about half of my fulltime gig doing 1/3 of the hours. If the process of the loan takes longer than usual, will they ask for my recent pay stub again? I also had a big bonus of $1600 before my hours decreased just a fyi if this will make a difference. If they do ask for my most recent pay stub for any updates, will they see the hours change and will they potentially decline my loan process? I am freaking out. We need to move into a house because it is my brother, my mom, and I. And we live in a 2 bed 1 bath duplex. We also own a condo, that we rent out and the plan is to rent our duplex out as well. That way it will pay for the loan. I will match it out of pocket to pay for the loan as fast as possible l while refinane every 3 to 4 years. I'm getting a 3.25% interest rate which is amazing. Please advise as to what I should do, I want to be prepared as much as possible. [link] [comments]  |
| Interest Rate Lock/Floatdown Question Posted: 01 May 2020 07:38 PM PDT I currently have an interest locked at a decent rate, but recent news/other posts has shown that interest rates are getting pushed down even harder. I am currently 18 days out from closing and have a provision for my interest rate to drop if it moves more than .25% by 15 days out. How do I get the lender to lower the rate, if applicable? Also, how do I know they're being honest? I wouldn't really have anyway to prove if they just said rates did not change, etc. Does anyone have experience communicating this to the lender? [link] [comments]  |
| New Construction Options Worth it? Posted: 01 May 2020 07:37 PM PDT Signing a PO on a new construction, wondering if adding irrigation and landscape package is worth it. Landscaping package is $1650, which is installing rocks around the edges of the house. (House is 1500 SQ FT Foundation) Irrigation system is (which includes plumping & electrical grass) is $3800, which includes plumbing and electrical grass area. [link] [comments]  |
| Is a deck included in total square footage for taxation or listing a home? Posted: 01 May 2020 10:46 PM PDT Title speaks for itself. Just wondering if adding a deck increases listing square footage and/or taxable square footage, or impacts any other significant measurements or value of the home. [link] [comments]  |
| Question about a situation I'm in. Posted: 01 May 2020 06:58 PM PDT I have a telecom cable, owned by CenturyLink, running right under my living room. I found this out because one day, after I called in the locators and they finished locating, I tore up the neighborhood's internet and telephone connection, with a Dingo diesel auger. Tore through it like butter... I didn't have to pay for that if you're wondering. Anyway, it's always puzzled me as to why it was put there, but I may have figured it out. My house used to sit on 2 city lots, but the previous owners, at some point, condoized the property, and built a multi-family on it, and consolidated the property into 1 lot, which is how I'm taxed. So the line is pretty close to that old lot line, but not even... It's about 10' away, which still may be in their easement from the original plat. The line in question must have been there before, and probably runs under the footer of my house, but I really have no way of knowing. Maybe they put some conduit in the forms before they poured, and it runs through there? Who knows... I think it is possible that they used a directional drill to install conduit under my house, which to me, is extremely stupid, but in that case, my home would be grandfathered in its location I assume... It is more likely though, that my house was built on top of this line somehow like I mentioned above. So my question to you folks, is if something happens to that line, on my property, and they need to fix it, how the hell are they going to do that? Who would pay for it? Does this main line affect wifi? (I have a terrible signal on my phone and router just in my living room, and nowhere else) If I decide to level my house and build an apartment building, who would be responsible for relocating all those lines? Lots of questions... I have an engineer who thinks I need to dig down 12' for a parking garage. In this case, the line would need to be moved 2000' around the property to another pedestal. I'm not sure running it under the parking garage is a good idea... Any thoughts? [link] [comments]  |
| Unfinished basement price per square foot Posted: 01 May 2020 09:40 PM PDT Are unfinished basements worth more per square foot than finished basements? My husband thinks this is true because it costs less to finish the basement than it would be to put an addition on the house; however, our realtor told us the opposite. That is, finished basements are valued higher than unfinished. For reference we are in Southeastern Wisconsin. Guidance appreciated. [link] [comments]  |
| What are the benefits, other than legal, for forming an LLC for a duplex or rental? Posted: 01 May 2020 09:32 PM PDT I own 2 investment properties and I just do everything under my name instead of a business. Now I understand how an LLC would protect me, but otherwise is there any tax benefit or anything? Would I serve to benefit any way from forming a property management company to put them under? [link] [comments]  |
| Apartment charging higher rent for the same unit? Posted: 01 May 2020 09:04 PM PDT Hi, hope it's okay to post this here. I just found out today I'm paying about $150 more for my current unit (1/1, 3rd floor). The apartment's website listed the exact same unit with the same appliances and the same 3rd floor for $150 less. I do not have any special view or anything. I just moved in last month and it's not fair that I'm paying $150 more per month for one year, which comes out to $1,800. Is there anything I can do? Should I even bother to call the leasing office and ask why? Thank you in advance. [link] [comments]  |
| Is it a good time to purchase a new home or wait and see? Posted: 02 May 2020 12:29 AM PDT So me and my wife have been saving and we finally at a point to afford our first house with 10% down and comfortably pay off a home priced at 200,000 to 260,000. I have been keeping tabs of some banks wanting minimal 20% down which our bank is okay with 10%. Also, I am aware the current market. My wife is more aggressive about getting home but currently homes are about 10,000 to 5,000$ cheaper. I'm leaning towards waiting a month or two to see how the markets manage. I'm hoping home prices continue to drop. We want a home but we don't wanna be shafted. Where we buy a home then market tanks and we ended up buying a home 80,000$ more than actual market. Any information is more than welcome, hints for first home buyers, opinions etc. Thanks! [link] [comments]  |
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