Putting in 1st ever offer tomorrow. Holy sh*t. Real Estate |
- Putting in 1st ever offer tomorrow. Holy sh*t.
- Selling Agent Places Offer On House
- Would you buy a house knowing that you will likely only live in it for 4 years?
- ‘A Bargain With the Devil’—Bill Comes Due for Overextended Airbnb Hosts
- Where to learn more about loan options? And how early to start the ball rolling for buying a house?
- Banks that don’t require two years income history?
- First Time rental property owner (need tips)
- Rental property in another state?
- Wipe off your camera phones lens BEFORE you snap a pic for the love of god please!
- (US) Whats the best way to find a Real Estate Agent?
- Nothing illegal happened but a cautionary tale:
- First time home buyer — did we get screwed?
- Can I get a VA loan (currently at 2.75%) and then after 1-5 years of being prudent then refinance into a regular loan then use my VA loan again for a 2nd property? Are VA rates really better than non-VA rates now if I have 18-30% to put down?
- Can Real Estate Agents help find cheap houses for rent?
- I need help coming up with options for creating a family property contract with unreasonable family.
- The assessed tax value of my home increased by 30k, does this affect the market value at all?
- Hopeful homebuyers question. SOS
- Investor Getting My License. Where to Hang My License.
- Flag Lots
- House that got away (Renting)
- Young First Time Homebuyers
- Are real estate agents worth it?
- Does it make sense for me to buy? - Downtown Chicago
- [CA] Any Refinancing Lender you would recommend?
| Putting in 1st ever offer tomorrow. Holy sh*t. Posted: 03 May 2020 10:02 PM PDT Early 30s (f) long time partner (m) buying first house in SoCal. Found dream house about 11 homes in. Checks all boxes. Initial price 9k over budget but could raise our family with best schools, Mountain View's and close to job. A penny for your good thoughts team. Side note: pre sticker shock already. (SoCal 400k+) oof. [link] [comments]  |
| Selling Agent Places Offer On House Posted: 03 May 2020 06:58 PM PDT Hello fellow redditors, I have a question for you. My boyfriend and I just put in an offer on a house and we were told earlier today that a second offer was also made. Come to find out, it was the selling agent that placed the second offer. Granted, he advised the homeowners that our offer was better and to take it, but I'm curious - is this common practice or even legal? I live in Ohio if that makes a difference. It just seems so sketchy! TIA! [link] [comments]  |
| Would you buy a house knowing that you will likely only live in it for 4 years? Posted: 03 May 2020 03:11 PM PDT If a house came on the market that was in your price range, and had all of the attributes that you wanted, and was in the right area, would you consider proceeding with buying it if there was a small chance you would be moving within a year and a great chance that you'd be moving within 4 years? [link] [comments]  |
| ‘A Bargain With the Devil’—Bill Comes Due for Overextended Airbnb Hosts Posted: 04 May 2020 12:48 AM PDT Entrepreneurs built mini-empires of short-term rental properties, borrowing against revenue that's now vanishing under coronavirus lockdowns [link] [comments]  |
| Where to learn more about loan options? And how early to start the ball rolling for buying a house? Posted: 03 May 2020 09:48 AM PDT I'm looking to soak up knowledge before buying our first house next year, particularly with the loan/financing side of things. What loan programs would you recommend we research? Is there anything similar to an FHA with more favorable terms for those with a higher credit score/more down payment? We plan to buy as soon as April/May of 2021. When would you recommend we start getting serious/getting the ball rolling with that date in mind? And what would be out first step? (Getting loan approval? Finding an agent?) Edit: Thanks for the replies all. Some financial details about us if it helps: I have 777 credit score she has 760. I make 50k she makes 40k. I have 5k remaining student loan @ 3.5%, and 9k remaining car loan @ 3.9%, she has 10k and rising student loan debt as she's finishing her bachelor's online. Currently have $10k saved, plan to have $25k total by next year for down and closing costs, not including each having a 3 months emergency fund. Also curious how much y'all would recommend we set our budget for with those constraints. [link] [comments]  |
| Banks that don’t require two years income history? Posted: 03 May 2020 10:41 PM PDT I'm in the process of applying for a mortgage. The only problem is that I don't have two years of traditional income history to show a bank. One of the mortgage lenders I've been in touch with has cleared this issue with their underwriting team and got me an exception, but I want to know whether I am getting the best rate possible. Does anyone know of any banks that are willing to work with you despite not hitting the minimum income history? Income is at $160K. Monthly debt is $1,200 going towards federal student loans under PAYE. Received a preapproval for $575K at 3.25% interest, and conditionally approved for a Fannie Mae loan for $650K at the same rate (but waiting to see if the underwriting team is willing to forego the 2 year employment history). The conventional loan requires 6 months reserves, which I cannot show at the moment. I am in the process of transferring ownership of a life insurance policy to my name (which shows a cash value in excess of the reserves requirement), but it'll take some time. The Fannie Mae loan doesn't require any reserves. I'm trying to see whether this is the best that I can do. Credit score ranges is between 800-820 for the three credit bureaus. I can put as high as $300K (35%) on a down payment (through a family member's HELC, which I would be paying down personally), but would prefer to keep it at 20% if possible. [link] [comments]  |
| First Time rental property owner (need tips) Posted: 03 May 2020 05:33 PM PDT Hello, I am 23(M) and me and my Fiancée 23(F) have been saving since we were 19 for our first rental property. We took advantage with the current situation of the market and bought out first rental property in SoCal for 577,000 with a 3.5% rate. We are brand new to this and have studied all we can about rental property investing and we just got home insurance and currently me and my dad are cleaning up the 3 unit property. I was wondering if there is any tips for how to proceed with the next steps or what to consider now that we have the house. Literally anything that comes to mind will do as I just want info about anything and everything. Thanks in advance, [link] [comments]  |
| Rental property in another state? Posted: 04 May 2020 04:25 AM PDT Hi, I'm 20 and currently stationed in japan (usmc) and I received orders to Richardson texas ( small recruiting station) , I am stuck in a dilemma, whether to buy a condo (around 90k-150k) or to pay rent for a small apartment and save around 50% of my allowance, I will be receiving an allowance for paying my housing (1,400dlls a month) I got orders for 2 years and then they'll send me somewhere else, ( probably California since that's where I'm from) this is obviously my first property which is why I'm seeking advice, so what I'm thinking is livin in that property for the 2 years and maybe rent 1 room at the same time, after I change duty station, rent the whole place with a unit manager in charge, does this sound like a good plan? Or should I wait more and save up more (by october when I move to richardson I'll have around 30k saved) and If i rent a room after 2 years I'll have about 90k saved up, i guess my biggest concern is having a property in another state, however real state is expensive in California (LA) and this might be a good foundation. Please let me know on what you would in my situation, and sorry for the grammar errors. [link] [comments]  |
| Wipe off your camera phones lens BEFORE you snap a pic for the love of god please! Posted: 03 May 2020 10:35 AM PDT I see it multiple times a day and it drives me up a wall. Foggy looking pics due to not wiping off the camera lens of your crappy outdated iPhone 6. [link] [comments]  |
| (US) Whats the best way to find a Real Estate Agent? Posted: 03 May 2020 05:25 PM PDT I'm looking to but a house on August and want to get started on the groundwork - I've looked up Yelp, Realtor.com and Redfin and they have different lists of agents with reviews but I'm not entirely sure how rigged that is. Which is the most trustworthy website to use or should I be doing something else? [link] [comments]  |
| Nothing illegal happened but a cautionary tale: Posted: 03 May 2020 07:43 AM PDT My husband and I are purchasing a home in poor condition with a conventional + Reno loan. We agreed to add an addendum stating we would take the property with remaining contents. The seller agent described to our agent that the buyer only wanted a few sentimental items/Hope chest etc. Fast forward, the day after our contract was finalized (we had inspections done etc.) the seller/seller rep/their friend whatever... cut a latch on the shed/shop and removed a tractor and leaf vacuum attachment. They had a key to an adjacent shed/shop and removed a riding mower and we think anything else of value (snow blower, generator, but our visibility was limited...) Anyway, our contract never itemized what conveyed from the shed. Only the home itself (a bunch of shitty appliances we're replacing anyway...) We are first time homebuyers (edit: first time-ish) and didn't really think to ask. Our agent is angry with us for feeling disappointed in his/her failure to advise us to itemize the tractor, mower etc. Our agent argues that we never communicated our desires to him/her regarding these items so he/she did not alter the original contract (we learned about the shed contents during the inspection process) and does not feel he/she was obligated to bring it up to us. We still get a beautiful home/property. We're just looking at having to buy a lot (more) than we had anticipated in order to maintain the grounds. We're not sure exactly how much was taken from the shop but we had also hoped to use some items to barter with friends who happen to be skilled tradesmen. I am posting/hoping someone reads this and I can prevent this from happening to someone else. EDIT: another added benefit of posting this = realizing that my agent cannot read minds/that it is in fact not her job to make me aware of RE contract law norms. EDIT: Thank you to everyone for your comments... all of this perspective has been helpful for me... seeing the forest through the trees! Which brings me to another question: can the seller timber the property before settlement if it was not otherwise stipulated in the contract? [link] [comments]  |
| First time home buyer — did we get screwed? Posted: 03 May 2020 01:58 PM PDT Hello All In our inspection resolution, we asked the seller for the sewer line to be replaced and they agreed. They showed us a quote that included putting cement back down on the driveway since most of the sewer line ran under the driveway. Now we are closing in a few days and the sellers decided not to use the quote provided to us and go with a different company. This company didn't fix the driveway and left most of it as dirt. We were under the impression that this fix would be part of the job since the quote they provided included it. Classic bait and switch.... but can we ask them to go back and fix the driveway before closing? [link] [comments]  |
| Posted: 03 May 2020 03:14 PM PDT Can I get a VA loan (currently at 2.75%) and then after 1-5 years of being prudent then refinance into a regular loan then use my VA loan again for a 2nd property? Are VA rates really better than non-VA rates now if I have 18-30% to put down? [link] [comments]  |
| Can Real Estate Agents help find cheap houses for rent? Posted: 03 May 2020 01:14 PM PDT Sorry if this is a stupid question, I just want to know so I have more options for rent. [link] [comments]  |
| I need help coming up with options for creating a family property contract with unreasonable family. Posted: 04 May 2020 12:15 AM PDT Forewarning this is a long post and a lot of its just context for the overall situation and the goal isn't too create any animosity between family despite the circumstances. A lot of this post could probably be removed, but I think it gives some background into what I think is a complex situation, but I imagine other people may have had somewhat similar circumstances. My mother owns a two story 3 bedroom 2 bath rental property that me and my older brother moved into after a tenant caused a ton of property damage. The situation was so bad that we needed to move in pretty quickly so she could manage the payments. From what my mom has told me she charged me rent and paid the older brothers rent and utilities for 6 months in her words in exchange for sweat equity. My brother worked for a general contracting company and was able to get a new roof and other things through the insurance company. His work on the property was some light painting, some laminate floors, cleaning and some other various projects to which my mom says the free rent was fair compensation. The housing situation has been going fine for the past couple years, but I think its largely been due to me being extremely low impact and patient. I live upstairs, work nights and 80% of my meals are provided for at work. I even have my own mini fridge,trash, dishes so you wouldn't even know I live there. Downstairs my older brother basically has full domain of the kitchen,backyard,living room,dining room, garage and the master bedroom which includes a master bath and bigger room. I pay $500 + water and he pays $700 + electric because thats what my mom agreed on. There was never an issue in this arrangement until my little brother moved in. Now the little brother lives upstairs with me in the guestroom and we share the bathroom and he pays the electric bill thats pretty high. I have no issue and my little brother has no issue with me, but the older brother and little brother have had housekeeping issues so its strained the living arrangement. Im sure they could have come to a resolution and got a maid or something but now the situation is beyond saving. About a year ago my older brother met a girl at school and moved her in without asking me, or my little brother if it was ok. The older brother is a hothead so me and my little brother didn't really say anything but knew the whole situation was BS and we weren't going to go tell on him either. She ended up making things way more complicated because she brought all her stuff which ended up cluttering the house and the garage that had my pool table in it that couldnt even be accessed anymore. Brought two cars with her so I couldnt even park in the driveway anymore and had to park 200 feet away, and I didn't even tell my older brother she needs to park there. Then she added more dishes and trash to the kitchen, and just made it weird living there like living with a couple would do. So now this brings me to the whole point of that backstory and this post regarding what should be done now. The girlfriend just gave birth to twins and that was the straw that broke the camels back. My mom came over and saw the house was not in better condition than when it was all repaired and wants us out of the house in 60 days and I agree. My mom made a proposition which she did not have to do which was that she found someone who will buy the house for $90k and thats enough to cover what she owes on the house and she will give us each $5k to find somewhere to live. This meant that she would give us $5k each and walk away with what she has spent on it over the years which is BS and she shouldn't have to deal with that. The other option was that we all get the house fixed up and ready to sell and she keeps the money she put up and the difference if its sold for more is split equally between all three of us brothers. Again this is completely unreasonable for her, and the older brother said he is not doing any more work on the house because me and the little brother wont grow up and fix it. So it sounds like the older brother just wants the money to go away. This brings me to the last option. My mom told me and the older brother a year ago that we need to buy the house from her for $90k because our rent has stayed the same but property tax was rising and when the house is sold, the full amount minus the 90k has to be split between all three of us. The little brother was not even given the option of buying the home. I didn't move on the deal either because I didn't want to tie up the cash and be stuck with my older brother until the mortgage was paid off. The older brother is now asking if he can buy the house for $90k and me and the little brother get cash to go away. Heres the deal though, the market asking price for that home and neighboring homes is nearly $190k and the house is not in a condition that cannot easily be fixed. It sounds to me like he thinks thats the new deal and that its fair. My family is convinced he cant even qualify anyways. Me and the little brother feel like he is just trying to push us out and get an extremely good deal and its not fair given the whole situation. Im looking for ideas for a contract that make the most sense financially and are fair for my mom and all of us. My mom appears to just want her money back and the house to be split between all of us. My older brother appears to want full control of the house and everyone to go away. My little brother just wants to treat the house like a place to live and then sell for some cash instead of wasting money on rent. Then theres me who sees the house as his moms property and if she wants us all out and wants to sell it she should get as much as possible for it and we are not entitled to any part of it. If she wants to gift us any portion she should get the max amount possible so she has more options. Me and my little brother can qualify for the loan individually or jointly and we would like to live in the house for a little bit and fix it and sell it for as much as possible. We would probably be able to pay the house off completely in 3-5 years if we didn't sell it before then. If the older brother bought the house there is no telling if the house would ever get sold or if it would go into foreclosure or if he would even improve it. Im thinking the best option would be for the older brother to find somewhere else to live. The older brother could be given an interest free loan that would come out of his percentage of the final sale of the house. Me and the little brother could buy the house right now, and he can pay rent up to a certain date while he finds somewhere else to live with his decent cash advance. For the work me and my little brother put into the house we will get something like a 33/33/33 split that adjusts to x/y/z up to a cap or down to a minimum based on material costs / labor hours that incentivizes us to sell it for as much as possible and if the older brother wants a higher split he can do the labor,pay for the labor, pay for the materials. Or the older brother can buy the house and me and the little brother can start paying off the mortgage up to the point we become majority owners and he moves out and the house is split equally from that point and maybe this would prevent him from basically sitting on the house forever and never improving it? I think overall the house just needs to be broken up and sold for as much as possible as soon as possible and we all go our separate ways with living situations while still being civil and being a family. Thanks for reading or any replies in advance. [link] [comments]  |
| The assessed tax value of my home increased by 30k, does this affect the market value at all? Posted: 03 May 2020 08:16 PM PDT Like the title says, I'm looking at a substantially bigger tax bill, but I want to know how it affects market value and possible refinancing options down the line. [link] [comments]  |
| Hopeful homebuyers question. SOS Posted: 03 May 2020 05:54 PM PDT I apologize if this is the wrong place to post this, but my wife and I have a question that we are hoping to get answered by the pros. We have been house hunting for a month now with pre approval. We ended up deciding that she would be the only one on the actual mortgage since her credit is far above mine and will work with fha despite my income being 3X higher. She just got temporarily laid off due to Covid and she just received first unemployment payment. We just made an offer on a home, and our question is will we get knocked off if the offer goes through once the bank finds out that she is technically unemployed right now.. Please help! Thank you [link] [comments]  |
| Investor Getting My License. Where to Hang My License. Posted: 03 May 2020 08:03 PM PDT I am a rental real estate investor and property manager, and I am working on getting my license as I start moving into rental flips. I am trying to figure out where the best place is to hang my license. I have zero interest in selling, so I would think that a super low cost brokerage would be the best option. I'm really just getting my license for MLS access, the educational value, and to allow me to legally show rental properties that aren't mine to prospective residents. [link] [comments]  |
| Posted: 03 May 2020 07:28 PM PDT If everything else is similar are flags lots better or worse? Looking to buy a empty lot and build a house. [link] [comments]  |
| Posted: 03 May 2020 10:50 PM PDT A bit of a long post, so please bear with me. My friend and I recently moved into what I believed was our dream apartment this past February. On the bus line for my job, 5 minutes to his job, 2 bedroom, 2 bath, 1000 sqft for around $300 less than the going rate than it would normally go for since we moved in winter. Fast forward to now, we've both been furloughed, and the apartment is feeling smaller and smaller. The gym, a big factor why I decided on the apartment is closed due to Covid. We need more space. We find a lower level duplex in the city we used to live in, in walking distance to my parents house, 2 bedroom, 2 bath, and a full basement (which I would've used as my bedroom, my essential dream space) I had so many plans for the basement space, decorating the fireplace for Christmas, making a mini living room, etc. it was perfect. And it was actually bigger and less expensive than our current apartment. We talked to our management company about breaking our lease to move out, since this duplex would give us the opportunity to have a third person move in, where our current place wouldn't due to space restrictions. We were told by one person that the only fee would be 60 days worth of rent. Then we receive the paperwork, saying we'd have to pay $2800 to break the lease, on top of 60 days of rent. With everything going on now, we couldn't justify spending almost $3000 just to cut our losses, and we had to pass on the duplex, another pair has since signed the lease. I even asked after we'd initially passed for another chance, but we missed out officially. I haven't been able to stop thinking about it since. The amount of space, the decoration potential, the proximity to my old home, it's been eating me up inside, and I'm really going crazy in this space as is feels smaller by the day being quarantined in here. I'm grateful for what we have, beyond grateful. But I can't help feeling trapped in our space with no way out. Has anyone else experienced this? [link] [comments]  |
| Posted: 03 May 2020 06:25 PM PDT Any tips or Advice is appreciated. My wife and I are early 20s and tired of renting and considering buying a house. We make $72k a year and are looking at houses between 150-170k.. our credit isn't great but it's improving a lot (620/700 according to credit karma...I know our actual scores are lower) We would have a down payment of around 3.5% ready. Our lease is up in September so our goal would be to have at least 3.5% (around 6000-8000) saved and our scores up as much as possible. Our monthly debt payments right now are $600 but we would likely be able to decrease them to 350 by September. Here's some details: our credit is around 620/700. It hasn't been great and we've had a few missed payments in the past but nothing has gone into collections. We've gotten a lot better financially since my wife started working full time after graduating college. She's only been paid since September but has a contract already through August of 2021 and we have no doubts she will keep her contract (she's a teacher). I've been at my job for a year and half. Before this we worked part-time jobs. We could wait another year but we are wondering if it would be possible to be prepared to buy in September? We want outside perspectives because advice from our family has been so biased in one way or another! [link] [comments]  |
| Are real estate agents worth it? Posted: 03 May 2020 10:04 PM PDT First time buyer here. I'm looking to buy a 300k house. I have 100k cash. I don't know anything about buying a house. The numbers I was looking at say real estate agents will cost 6% of the house price? As in 18,000 dollars? Will the mistakes I'm likely to make without one really end up more than $18k? ELI5 please and let me understand an agents worth (and please point out where I'm wrong) [link] [comments]  |
| Does it make sense for me to buy? - Downtown Chicago Posted: 03 May 2020 09:26 PM PDT I've been renting a studio in downtown for 2 years now. It's $1,200 a month. My lease expires this month. I have plans on being in Chicago permanently. I need to be in the city however. A 1br/1ba opened up to purchase in my building for $279k. I like the unit enough to buy it. Im sure I can get them to accept $245k but I would need 30 day terms so I would not have to renew. Here's the issue: I'm paying $1,200 currently. If I buy this place, I would be responsible for about $500/mo in HOA and $300 to $400/month in property taxes. So currently I'm dishing out 1200 or so for my studio and I consider that money wasted. If I buy this unit, I am essentially responsible for $800-$900 a month for HOA/Taxes on top of whatever my principal and interest is, and I consider that money largely wasted because. There isn't any immediate need for me to move into a 1BR but my standard of living will improve. Should I renew or just buy? With that HOA/Taxes, is it even worth it? Any reason to wait? Any covid concerns? Also, there is a rental cap that has been met, renting it out could take a few years. Here is the listing: https://www.redfin.com/IL/Chicago/480-N-McClurg-Ct-60611/unit-905/home/52637918 [link] [comments]  |
| [CA] Any Refinancing Lender you would recommend? Posted: 03 May 2020 11:36 AM PDT Parents owning a house in Southern California. Remaining loan amount is $260k on a $700k house w/ 30 yr fixed mortgage at 3.625% originated in 2013. They have been paying $1k extra a month since July 2019. Looking to refinance for a 15yr fixed below 3%. Do you have any recommendation? [link] [comments]  |
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