Coronavirus mortgage bailouts suddenly swell as homeowners face new struggles Real Estate |
- Coronavirus mortgage bailouts suddenly swell as homeowners face new struggles
- If you are a seller, please do not string your buyers along
- For Real Estate Agents, how does a real estate agent start selling multi-million dollar homes? Is it just experience and then the brokerage trusts you with more expensive houses or is there more to it?
- Uninhabitable home selling for $839k in NYC borough (Queens)
- If you can't make it to a sheduled showing, let the owners know.
- What are some of the college towns that would be the most likely to see the biggest decreases in effective rent prices? (US)
- $30K incentive for structure and interior design options on new build. What’s most important/best way to use this money?
- 1st Time Home Buyer Questions
- How many of you have started house hunting with a set max budget in mind, but then had to up it?
- Agent doesn’t want to list over Fourth of July weekend
- Buying new construction, First-time home buyer, what should I know and what can I negotiate?
- Confused First Time Buyer
- Getting out.
- Loan approval commitment months before closing
- Looking to rent a home but realtor not responsive? We have never even met!
- Getting a real estate license in CA
- IL - Accepted seller's counter offer & signed updated contracts...are we at risk of losing the house to other offers?
- Thinking of splitting a summer home/rental property with my in laws what do I need to know?
- Mineral rights and unpermitted work? (Colorado)
- Seller Wants Rent Back Agreement. I don't. Is there Another Arrangement?
- Duplex/Triplex at 18
- Should I sell one property to pay off another?
- [IL] First time home buyers looking for advise on FHA 203k loan.
- First-Time Homebuyer, Possible *Required* Dual Agency Situation?
| Coronavirus mortgage bailouts suddenly swell as homeowners face new struggles Posted: 27 Jun 2020 08:38 AM PDT The number of active mortgage forbearance plans rose by 79,000 in the past week, erasing roughly half of the improvement seen since the peak of May 22. Increases happened every day for the past five business days. As of Tuesday, 4.68 million homeowners were in forbearance plans, allowing them to delay their mortgage payments for at least three months. This represents 8.8% of all active mortgages, up from 8.7% last week. [link] [comments]  |
| If you are a seller, please do not string your buyers along Posted: 27 Jun 2020 09:22 PM PDT I'm in a semi-competitive market, 4 offers in, no luck yet - two deals fell through due to inspection issues, but what happened to me yesterday was my worst experience. We submit an offer - seller responds saying price is accepted, but have to work out settlement date. We were in the middle of negotiating the settlement date among other things and things were going well. After stringing us along for about about a week claiming that they are physicians (and busy), seller responds saying they accepted a higher offer..... but it was really the settlement date that was the issue (even though I pretty much agreed to let them stay in the home for an extra two weeks after close at no cost so that they can get to their preferred settlement date). All in all, for a first time home buyer - this type of shit makes me cringe. My agent was furious. It's sad that people give up the ethics of conducting business for a few thousand $$.... [link] [comments]  |
| Posted: 28 Jun 2020 12:19 AM PDT I've always wondered why some people get to sell very expensive houses, while others sell normal ones. I just graduated college but have been thinking about becoming a real estate agent, it seems a lot more fun and something I'm interested in compared to sitting at a desk working on IT stuff. [link] [comments]  |
| Uninhabitable home selling for $839k in NYC borough (Queens) Posted: 28 Jun 2020 04:38 AM PDT NY Post Article that gives background about the area I used to live around this area in a vacant family home that we rented, about 11 years ago. The house we lived in was a very similar style (brick Tudor, slate shingle roof) and was similarly outdated (though not nearly as dirty). When we moved out, we were the last family members to live there before they decided to sell. The day the realtor was going to put the for sale sign in the ground, there was someone camped out in front of the house waiting for the realtor and offered cash on the spot, sight unseen. The house was never shown and sold at asking (which I believe at the time was $675k). Crazy market. [link] [comments]  |
| If you can't make it to a sheduled showing, let the owners know. Posted: 27 Jun 2020 10:28 AM PDT When you've got kids and pets it takes a lot to get your house show ready, and when you drive around for an hour and they don't show up it's really frustrating. Please don't waste peoples time. [link] [comments]  |
| Posted: 28 Jun 2020 01:38 AM PDT |
| Posted: 27 Jun 2020 08:29 PM PDT Structural ranges from covers patio, expanded showers, stand alone tub, window frame questions and a few others. Interior design includes countertops, door handles, tile/wooden floors and a TON of other changes. [link] [comments]  |
| Posted: 27 Jun 2020 09:28 PM PDT Hi all, Background: I put an offer on a House #1, got an inspection, they found a crack in the foundation, and the seller killed the deal when I asked him to fix it first. Moved on... House #2 - Put in an offer and was told to come back with my best offer because of other offers coming in on the same day. My new offer was about the same as the other top offer, but was chosen due to "preferred financing." I get the inspection and the foundation is sloped 5". Now, based on what I know, I think I can make some assumptions, but let me know if I am wrong.
Is this just part of the game of selling a house? I feel a bit had. Also, does anyone want to give me advice on a 5" slope on an 80 year-old house? [link] [comments]  |
| How many of you have started house hunting with a set max budget in mind, but then had to up it? Posted: 27 Jun 2020 03:09 PM PDT |
| Agent doesn’t want to list over Fourth of July weekend Posted: 27 Jun 2020 05:57 PM PDT We are selling our house in a warm market in a price range that has really low inventory and lots of potential buyers. We are getting photos taken in the next few days so will be ready to list very soon. Our agent has advised us not to list/do showings over Fourth of July weekend as people may be out of town. My thought is that with COVID, fewer people will be going on vacations that would prevent them from coming back to town if they were really serious about house hunting. Plus we are anticipating multiple offers so I'm just not that worried about it being a holiday weekend. But we are first time sellers so we don't really have a clue. Anyone have any thoughts? [link] [comments]  |
| Buying new construction, First-time home buyer, what should I know and what can I negotiate? Posted: 27 Jun 2020 08:13 PM PDT Hi all, Decided to take the plunge and buy a condo. New construction to be exact. I have already received the purchase agreement and am pre-qualified through the lender's builder that offered me the following:
While the incentives are great; I'm unsure if this is considered a great deal since my monthly payment would be about $350 more than I would like. I've asked to run the numbers with a conventional loan option(I can put down as much as 5%) and am shopping other lenders as well (lowest rate I found was 2.99, 3.46APR with points), but was wondering if any experienced home buyers can help educate me on things that may be in my control to help me bring down the costs, can be negotiated, or have any tips overall for the process. I want to make sure I make the most well informed decision and want to be confident when I sign that I will not be paying more than I need to. Thanks in advance. [link] [comments]  |
| Posted: 28 Jun 2020 05:05 AM PDT Hi everyone, I'm hoping you can help me out here as I'm a bit confused. So I'll be moving out of my folk's place around the turn of the year - once Covid is (hopefully) more-or-less behind us - and I've been thinking it probably would make more sense to buy rather than rent. I can afford to put a deposit down of £25-30K, and since I'm still young I figured I could take out a 25-30 year mortgage to cover the rest (which I can remortgage as my income increases). Now, the amount I can borrow is what's causing the confusion. I tried out the calculator on moneyadviceservice.org which takes account of your salary, bills etc, and it concluded I could take out a mortgage of around 90K in value - meaning I'd be looking at houses in the 115-120K range. Other sites say first time buyers can pay as little as 5% as a deposit and take out a mortgage for the remaining 95%. So which is it? [link] [comments]  |
| Posted: 27 Jun 2020 03:13 PM PDT I'm in central Florida (Orlando suburbs) watching the market go nuts and houses sell in hours. I'm considering selling and renting hoping things cool off. Potentially even considering packing up and living in a camper and traveling cross country with young kids. If there's anytime to do this we feel like now is the time. Is anyone else considering this? Anyone else doing something crazy? [link] [comments]  |
| Loan approval commitment months before closing Posted: 27 Jun 2020 05:48 PM PDT We recently signed a purchase agreement for a new construction that is due to be finished around end of September/beginning of October. Today we were asked to send over a loan approval commitment from a lender. While we do have a pre-approval from a lender, given that we are still months out, we have not yet signed with any lender and we were not planning to. The rate can only be locked 30-45 days before closing date and we're very far from it still. Is a loan approval commitment letter common that early in the process? If we ask our pre-approval lender to get us this letter, do we commit to chose them as our lender in the end? That being said - we don't even know the full house price yet. The contract we signed shows the initial price but we haven't been through the full upgrade process yet, so it could end up being $10-30k more expensive. Do I need to start loan hunting right now or can I ask my pre-approval lender for this letter? (copied from https://www.reddit.com/r/FirstTimeHomeBuyer/comments/hh52ql/loan_approval_commitment_months_before_closing/) [link] [comments]  |
| Looking to rent a home but realtor not responsive? We have never even met! Posted: 27 Jun 2020 05:37 PM PDT This home is in the perfect area for my family's commute and within budget. However, the realtor assigned to the property hasn't responded to me and I'm beginning to wonder if I should just give up. First time I wanted to call and introduce myself, he responded via text that he would call me back, so I responded thank you. An hour later, no call so I texted back asking if we could schedule a call. No response. 2 weeks later I decide to call his broker company and they told me to call them back if he doesn't reply to another text within an hour. This time I text him with the property's address and expressing my interest. It's been almost 5 hours now and still no response. I still have the option of calling his broker company, but I'm not sure if I should bother? I looked at this guy's profile and it seems like he's fairly active in selling and renting properties.. Another property I inquired before informed me that it was leased out that day, and they even offered to help me find more rentals in the area + sent a follow up text?! Advice please!! [link] [comments]  |
| Getting a real estate license in CA Posted: 27 Jun 2020 11:08 PM PDT Hopefully, this is the right place/sub for this question (sorry if it isn't Mods): Basically, I was wondering what the process is like to get a real estate license in CA (California). I've tried googling this and I found so much information from various different sites. It seems that I have to take some sort of class and then an exam before getting some practical experience? There seems to be a lot of different products and services. I was wondering what my first step should be and what website/institution is "good" to get a license from. For some background information, I'm 19(M) and I want to get a license to explore a career in real estate. Any and all information is greatly appreciated. Thanks in advance! [link] [comments]  |
| Posted: 27 Jun 2020 10:58 PM PDT We saw the house yesterday, and I really want this house & I'm hoping someone can help me understand where we stand.
All of this to say... We immediately sent them an updated signed offer. They haven't signed it yet. I'm afraid they had more showings today (and some scheduled for tomorrow?) and could get another offer. Can the seller back out now since we've delivered the signed offer they agreed to via email? Any info is GREATLY appreciated!! [link] [comments]  |
| Thinking of splitting a summer home/rental property with my in laws what do I need to know? Posted: 27 Jun 2020 06:41 PM PDT As the title states both myself and my in laws are looking into rental properties and a summer home to visit. We both own homes already (with mortgages still being paid to the respective banks) and they're looking for a summer home for 3-6 months out of the year to rent the rest of the time. We found a nice place that is affordable and we both like. It is in Michigan and we both live in Texas so an escape from the heat would be welcome in the summer. Now the difficult parts, my wife and I are younger, don't have the liquid buying power they do. they're willing to put 90k cash down to split the cost of the 180k house or use that as the down payment and leave the remaining 90k to us to handle. We would love to do the straight cash to make sure we get the offer but do not have that buying power. So, all that being said how on earth does a contract get penned up like this? We don't want to just "trust" that something will work, we want everything in writing and contracts before we do anything. We have not looked into closing costs, and other fees but at this point the assumption is everything would be 50/50 split. Any insight is appreciated as both of us are in medicine and neither of us has business or real estate backgrounds! Thanks! [link] [comments]  |
| Mineral rights and unpermitted work? (Colorado) Posted: 27 Jun 2020 03:30 PM PDT Hi all, I am under contract for a beautiful house in a suburb outside Boulder, Colorado (not the mountains). It's in a development where all of the homes were built at the same time, walking distance to town. Everything has been very smooth except for two things which I'm guessing are pretty usual but I thought I'd check here: (1) On the disclosure the sellers disclosed that two projects -- opening up the kitchen to the living room, and joining two bedrooms to make one master -- are unpermitted. No changes in square footage. My agent does not think it's a big deal since she believes the walls were not load-bearing, and the seller is an engineer who's lived there a long time and is otherwise quite meticulous. Friends say they've always bought places with some unpermitted work. But I'm a rule follower so it makes me nervous! Thoughts? (2) The preliminary title search brought up mineral rights belonging to others from way back. I'm guessing this is totally normal, but since I'm not so far from fracking (2-3 miles, but hopefully deep enough within 'town' to avoid it) I'm a bit nervous. Anyone from the mountain west have any thoughts about any of this? I'm a first time homebuyer and want to be sure all goes well. Thanks! [link] [comments]  |
| Seller Wants Rent Back Agreement. I don't. Is there Another Arrangement? Posted: 27 Jun 2020 03:14 PM PDT Original closing of 8/19. Seller offering new closing date of 7/31 and a rent back agreement for any day he remains over this date (this is because he is uncertain of how long certain work will take on his new home. I want no part of landlord/tenant complications. Is there a way I can legally do something where we close on 7/31 and all money is held in escrow until either he moves out and I release the hold or until 8/19 when the funds are released automatically but then he also owes me back payment??? I want to give him the earlier closing date but have no desire to under what he proposes. [link] [comments]  |
| Posted: 27 Jun 2020 09:19 PM PDT Hello everyone , new to the group. So basically I have my own business and have money that I want to invest and get into real estate. Plan is to buy a duplex and rent both units out. And still live at my family's home = more cash flow. But so that's the plan now what should I have I guess set in places or getting ready to be able to go into a deal and buy my first property ? ( currently 17 wont be 18 till nov so I will be starting next year to buy) My older brother is a real estate agent so I know he can help me with some stuff but he sells new homes so I haven't talked to him about this. What would be the best plan and any tips , thank you (: ( and of course I know since I don't have credit I'll have to use something of my parents ) [link] [comments]  |
| Should I sell one property to pay off another? Posted: 28 Jun 2020 01:04 AM PDT I got into REI a few years ago, and bought a class C duplex cash for about $40k, generating $1000/mo in gross rents (good ROI, but the area is kind of sketchy). My realtor thinks now it's worth around $70k, and that's because our market is currently experiencing a pretty substantial inventory shortage. The tenants in both units are great people and we get along well. They generally pay on time, and take reasonable care of the property. But, being a class C, there are definitely some issues with property maintenance and on time payments, but none that are extreme at all. We moved about a year ago and kept our (previous) primary residence and turned it into a rental as well. We owe about $85k on that property. It currently generates gross rents of $1500, with a mortgage of about $850. The thought is, should we sell the class C duplex to pay off the other property? It will net a little less cash at the end of every month, but we would own it outright (we would either add some savings, or simply own it outright in a year or two). The upsides to this as I see it are:
The downsides I see are:
What are your thoughts on the matter? [link] [comments]  |
| [IL] First time home buyers looking for advise on FHA 203k loan. Posted: 28 Jun 2020 12:59 AM PDT Low income couple looking to purchase a home to begin building equity. We are more than willing to put in sweat equity, and minimize costs as much as possible. FHA 203k seems like the perfect fit, and we seemed to have found a listing that is an interesting option. Several questions:
[link] [comments]  |
| First-Time Homebuyer, Possible *Required* Dual Agency Situation? Posted: 27 Jun 2020 04:53 PM PDT As indicated in the subject, I'm a first-time homebuyer in a competitive Southern California market. I've been pre-approved and have been actively searching for about four months now. I have an agent (no exclusivity agreement signed), though I have not been completely satisfied with him. I've put in seven offers and have come up empty handed each time. Recently, a home came up on Zilllow. I asked my realtor about it. First, he said it's not on the MLS. I sent him the link, and he said it's FSBO and he'd look into it. When I asked the next day if he'd found anything, he said it's an exclusive listing for the next two months, that he can't help me with it until after then, and that I could contact the listing agent if I want to see it now. He also said he ran some numbers and thinks it's overpriced. I talked to the listing agent, and I'm going to try to see it with her in the next week. The listing agent was very explicit on the phone that the only way to see the home or make an offer at this point would be to use her as a dual agent. I'm very interested in the house. It's a unique home that meets a lot of my needs. It's on a great street and in a really desirable area that also works well for my commute. I've read a lot about dual agency on this subreddit (thanks to all of you for sharing your expertise!), and I'm nervous about this situation. On the one hand, the fact that there might be fewer buyers to compete with is refreshing after losing out on all of those other homes. On the other, my agent warned me that the home might be overpriced by $100-150k. (I'm skeptical about this claim only because I lost out on a somewhat similar (unique, historic, same size) house a mile away, in a "less desirable" part of town, on a smaller lot, that was priced close to this one just a few weeks ago.) I tried to look at comps, but nothing on the block has sold within the last three years; move off the block in either direction, and the homes and lots are much smaller. Also, I can only find one review online of the listing agent, and it's not great, but I know this agent has been in business in the area (and is an established community member) for decades, so I'm not sure what any of that means. I'd greatly appreciate any advice. Should I avoid this situation, even if the house and the lack of competition is appealing? Would I be able to hire a RE attorney to look over contracts/represent me, or is that like having a buyer's agent, which seems to be off the table for the listing agent? If I went forward with the dual agency, other than having contingencies in place (financing, appraisal, inspection), what should I know/look out for? Thanks in advance! [link] [comments]  |
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