Pending home sales up a record 44% in May Real Estate |
- Pending home sales up a record 44% in May
- I got preapproved for 800k loan with 5% down at 3.375 with no closing cost. Is this a good deal?
- Can the listing realtor lie about there being another offer on a house in order to try to get a more favorable offer from am only offer?
- Los Angeles first-time home buyers: how did you do it?
- Seller disclosing easement after appraisal.. what are my options ?
- Is it a big negative to put in an offer with contingency of selling own home 1st?
- How to determine value when buying co-owner out of home?
- Forbearance: FICO Trolls Congress?
- Home Address not in 1940 Census?
- Evictions in Commercial?
- Rental property totaled - fire damage due to burning car - options?
- Home priced too high?
- I’m sure you guys are sick of hearing this, but has the market crashed anywhere yet?
- Where does CashCall make money?
- When a spouse contributes to down payment, is it a gift?
- Need some advice.
- Should I become a real estate agent even if I have little to no connections to other agents?
- House rental seems incredible - is it too incredible? What could I possibly be getting myself into?
- When is it time to 1031 Exchange?
- Exclusive: Sen. Elizabeth Warren introduces nationwide eviction moratorium bill - Vox
- Caught trespassing in home I’m about to purchase
- When appraisers pull comps, which variables are more important than others?
- First time home buyers are asking me (seller) questions about issues occurring 1 year after closing
- Can a HELOC be used as a down payment on the next house? (Upstate NY)
- Pest moved into the attic between last inspection and final walk-through, seller refuses to take any action, do I continue with the sale or walk away?
| Pending home sales up a record 44% in May Posted: 29 Jun 2020 05:53 PM PDT Buyers seem to be scrambling amongst the chaos. Like musical chairs. [link] [comments]  |
| I got preapproved for 800k loan with 5% down at 3.375 with no closing cost. Is this a good deal? Posted: 29 Jun 2020 04:03 PM PDT First time buyer here and I have no idea what I'm doing. I have excellent credit score so im assuming that brought the the rate down. Should I take the closing cost and possibly have a lower interest rate? Edit: yes I know using all the loan will be too much for me to afford. Realistically I'm looking for a place that's 650k max with 3k - 3.5k monthly. I'm just trying to see if the rate is good for the amount of down payment I'm putting in. [link] [comments]  |
| Posted: 29 Jun 2020 05:39 AM PDT |
| Los Angeles first-time home buyers: how did you do it? Posted: 29 Jun 2020 08:14 PM PDT I'm feeling so defeated. Need advice and stories of hope of trying to become a homeowner in Los Angeles. How did you do it? Our story: We've been renting in LA (Burbank and Pasadena) and hoping to buy for years. Praying prices go down for years yet they just keep going up. Now we're getting booted out of our rental house because the landlord wants to sell it. We have two kids and thought we'd be in this house a long time. Everyone's devastated. We pay $2550/month for our rental home now. Rents are now $3600/mo for an equivalent house. We're so frustrated. We really want to buy and have security. I make $135,000/year and we have $50,000 cash for a down payment. My husband was in the midst of job hunting when the pandemic hit so that's on hold for now. We're preapproved for $775k at 3.375% interest. We'd aim for a house under $700k, but I can't find anything decent for that price. It's depressing. [link] [comments]  |
| Seller disclosing easement after appraisal.. what are my options ? Posted: 30 Jun 2020 04:19 AM PDT First time home buyer here. In the seller's disclosure which was provided initially, there is a clear question about asking if there are any encroachments, easements, zoning violations or non conforming uses for which the seller has marked no. Inspection went through and the property got appraised on Friday, still awaiting for the report. Yesterday the closing coordinator sent an email with an attachment( email from seller) talking about easement due to wetlands on the property. Around 20 % of the lot is marked of as easement for "Permanent private ease. for surface drainage and wetland protection" and "Private public ease. for public utilities and storm sewer". We have already paid the earnest money and for the inspections and appraisal. They have also marked some trees which should be maintained as is. I find this highly confusing. I don't have any experience in buying a home but shouldn't this have been mentioned earlier ? This is in Michigan. What are my options ? [link] [comments]  |
| Is it a big negative to put in an offer with contingency of selling own home 1st? Posted: 29 Jun 2020 02:08 PM PDT Trying to understand if its worth the hassle to move the family to an apartment before we buy new house? Will be buying a 250-300k house. Have a house valued around 150k in a desirable neighborhood. No experience with this so just looking to understand more. [link] [comments]  |
| How to determine value when buying co-owner out of home? Posted: 30 Jun 2020 03:22 AM PDT My husband and I currently jointly own our home. I am planning to buy him out because I have a lot of liquidity that I don't need while he has no liquidity and needs cash. Though the house and mortgage will be in my name alone, he will continue to live here, paying "rent" in the form of half the mortgage and utilities, just as we have been doing. We know that the right way to do this is for me to pay him half of the difference between the value of our home and the principal owed on the mortgage. The problem is in figuring out the "value" of the home. If we were to get it appraised right now, it would probably appraise for about $40K more than the price at which we bought it. We also have some renovations planned (new landscaping, redo two bathrooms) which will increase the value further. Any suggestions for how we determine the current value of the house? And, when we eventually sell the house down the road, should there be any additional money flowing one way or the other? Any other questions or issues with this that I may have missed? Thank you all! [link] [comments]  |
| Forbearance: FICO Trolls Congress? Posted: 29 Jun 2020 09:37 AM PDT Congress: forbearance can't impact your credit score. FICO: ok np we will follow the letter of the law. We will show forbearance on the credit reports, but not include it in our credit scoring models. Context: https://www.wsj.com/articles/flying-blind-into-a-credit-storm-widespread-deferrals-mean-banks-cant-tell-whos-creditworthy-11593423001 - average FICO scores have actually gone UP since covid hit. FICO again: hey, we have a new scoring model. It's not a "credit" score. It's a "resilience" score, totes different. And we're also going to use a different number scale, just so it doesn't "feel" like a credit score. To make it even moar differenter, a lower score is better, not a higher score. Oh, and we're going to start including these new not-a-credit-scores whenever a creditor / insurer / landlord pulls a credit report, for free, so they (inclusive of the credit or insurance policy underwriters as well as the decision makers on all pricing/rate decisions, landlords and property managers too) will see this even if they do not ask for it. To wit --> https://www.cnbc.com/2020/06/29/fico-launches-new-score-that-calculates-financial-resiliency.html There are of course some unknowns, my commentary above is "filling in the blanks" while being a little cynical. Read just the article if you don't want my "reading in between the lines" commentary. :) I do not know if they will have forbearance directly impact the resiliency score (overt trolling), or if they will use co-correlates (pretending to follow the spirit of the law): non-forbearance things that are statistically significantly correlated with "did" or "did not" click on the forbearance button. FICO would have the data on those co-correlates, we could only speculate about what those might be. Historically, FICO has treated the exact algorithms in it's models as a trade secret, leading to a cottage industry of reverse engineers selling me "what if?" credit scenario software and stuff like that (they are usually pretty ok at accuracy, smart people did the reverse engineering). [link] [comments]  |
| Home Address not in 1940 Census? Posted: 29 Jun 2020 04:13 PM PDT If this isn't the best place for this, please direct me somewhere else! I'm doing some history tracing on my home. I've tracked down all the info I can up until 1980 but would like to go back further. As far as I know, it was built prior to 1880. I found the enumeration district for my address and tried to locate it in the 1940 census but didn't see it listed. Is it possible that my street address was different then? Tried Googling this but had no luck. TIA! [link] [comments]  |
| Posted: 29 Jun 2020 06:11 PM PDT Hey All- Anyone know if you can evict commercial tenants yet? I know you cannot on the residential side in most states. [link] [comments]  |
| Rental property totaled - fire damage due to burning car - options? Posted: 29 Jun 2020 07:33 PM PDT So I own a multi-family property with 3 leases in a landlord-friendly city/state, though I am out-of-state. And I got a call from the property management company saying that a car caught on fire next to the house and damaged the house. One of the tenants had just moved out weeks ago, prior to the incident. I got a text today from the tenant renting out the garage for storage that he had to move out. Nobody was hurt. It was actually on the local news, and the owner of the car was in the video, along with the fire department. Sounds like he was having car problems and temporarily parked by the house and then it ended up catching on fire. The homeowner's insurance company is reviewing the claim and thinks that it is a total loss and is waiting for approval from his supervisor. I don't yet have details of the claim amount. My homeowner's insurance is actual cash value (ACV), and the home has appreciated a little bit over the amount of fire damage coverage (policy fire coverage is 155,000, property appraised at 171,000 last year). It seems like I should get the ACV amount and lost rent, but I'm thinking maybe it won't cover everything due to the home replacement cost being worth more, and factoring depreciation. Is there room for negotiation? Is there a way I can go after the owner's car insurance liability/umbrella coverage? Considering we know his name and he was interviewed for the news clip. Where would I start and what would be the process? Would it involve the homeowner's insurance company? Any advice or insight would be appreciated, as I've never been in this situation. [link] [comments]  |
| Posted: 30 Jun 2020 01:24 AM PDT Home has been on the market for over a month now—zero offers. Not a single one. We're starting to get really anxious considering two other homes literally on our block were both put up and sold within that time frame. They were both sold for almost exactly what online (Redfin) estimates give. Back to our house, it's currently priced also near (slightly above) online estimates and our agent agrees that it's a fair price. Yet the lack of offers speaks for itself... I think at this point we might have to lower the price. We are really looking to close a deal and move on before a possible worse downturn in the economy. Would love some advice in this matter. Thanks! [link] [comments]  |
| I’m sure you guys are sick of hearing this, but has the market crashed anywhere yet? Posted: 30 Jun 2020 01:23 AM PDT I work on the road and can relocate anywhere. I prefer a city. Just want something cheap and that might've been on the decline since the pandemic . [link] [comments]  |
| Where does CashCall make money? Posted: 30 Jun 2020 01:09 AM PDT This will be our second refinance since purchasing a year ago. The original, local mortgage broker gave us a 4.25% rate with 20% down. We refinanced with CashCall 3 months later for $500 and got a 3.5% rate (also paid off a large chunk of the principle). Now we're refinancing again with them, they're paying for everything, and we're getting 2.875%. Looking at the numbers, I don't see any fees rolled into the loan. Where are they making money? [link] [comments]  |
| When a spouse contributes to down payment, is it a gift? Posted: 30 Jun 2020 12:45 AM PDT My husband and I are looking to buy a house. Im self employed and have been negatively impacted by COVID so we were going to have my husband be the sole borrower on the loan. And leave my name and current income status out of the picture. I have money that needs to be applied to the down payment as well as future equity when my property sales. Do I need to "gift" this money? Am I tax liable? [link] [comments]  |
| Posted: 30 Jun 2020 12:16 AM PDT I (27F) bought a house last year in May. Now I've gotten a better job opportunity a town over. I want to get out from under my house. Would it be smart for me to rent out the house because I have family that can look out for it or would it be better to just try and sell it. It's a nice house with some land. I just need some pointers on where I should go and what I should do. [link] [comments]  |
| Should I become a real estate agent even if I have little to no connections to other agents? Posted: 29 Jun 2020 11:59 PM PDT I just finished my degree in Information Systems but I've been thinking about getting my real estate license and becoming an agent, then using my skills from my degree to start a brokerage. The problem is that I've asked questions in this subreddit and I constantly read people talking about needing connections in real estate. The only person I know who is a real estate agent is my step-sisters grandmother. Is becoming a real estate agent still feasible if I don't have connections? [link] [comments]  |
| House rental seems incredible - is it too incredible? What could I possibly be getting myself into? Posted: 29 Jun 2020 06:00 PM PDT I'm looking at renting a house in the Twin Cities. It's a 3 bedroom/2 bath/finished basement house in a nice area. According to realtor.com, it's valued at $450,000. The tenant is looking to rent it out "to the right person" as he is currently in New York for work but isn't interested in selling the house yet and prefers to not work with an agent. He is asking for $1,140 in monthly rent for the house. It looks beautiful and really well kept. My question is: could this be a scam and if so, what kind of scam could it be? What might I be missing here? I won't lie - I'm not knowledgeable about real estate. (Also, I'm sorry if I should post this somewhere else. Happy to do so if need be!) Edit: Thanks everyone! I think you've all confirmed my suspicions that this is likely a scam or at minimum, simply too risky for my taste. I appreciate all of your speedy responses and not making me feel like a total idiot for wondering about it! [link] [comments]  |
| When is it time to 1031 Exchange? Posted: 29 Jun 2020 11:45 PM PDT I've been a landlord for roughly 3 years and I'm wondering when people tend to start thinking about 1031 exchanges? I bought 2 of my rentals at a 15% discount when I first started and have since stabilized the units and made some modest upgrades like laminate flooring and stainless steel appliances. However the properties don't really rent for more even with the upgrades and I mostly accept that they will have steady occupancy despite low appreciation and not much wiggle room in rent. I have however found a nice 9 unit in a much better neighborhood with potential to value add in half the units and also potential to add either a studio or laundry room in the basement. I would however need to sell my 2 units and come up with an extra $100k to afford the 9 unit. I don't doubt that the 9 unit is a far better investment over the long term but it feels too soon? I wonder how most people approach the 1031 exchange [link] [comments]  |
| Exclusive: Sen. Elizabeth Warren introduces nationwide eviction moratorium bill - Vox Posted: 29 Jun 2020 09:25 AM PDT |
| Caught trespassing in home I’m about to purchase Posted: 29 Jun 2020 05:03 PM PDT So technically this is a friend who did this, and is freaking out so I'm trying to help. The future owner went into the house they are closing on in a few weeks after the visit with the realtor. Turns out they could see the realtor punch in the code and wanted to take measurements. Stupid move but they thought they'd be quick. Current owner catches them, they claim the realtor gave permission (the realtor did not). They have since recanted, explained the realtor did not give permission, but not sure if the current owner was updated. 1- can the closing be stopped/cancelled? 2- can the realtor really lose their license and/or be fined (state- Massachusetts)? 3- other than apologizing, can anything else be done? Thanks for your help! [link] [comments]  |
| When appraisers pull comps, which variables are more important than others? Posted: 29 Jun 2020 01:48 PM PDT Just out of curiosity, I'm not intending to sell nor buy at the moment, but I've been following my local market and wondering where my house would stand and how an appraiser would determine that. So as an example, I live in a suburban town, population 2,000, 80% of it lives within about a mile of town centre. We're part of that 80%. I have a 3 bed 2 bath house, 2200 Sq ft. No major renovations. Build 1969. In the last six months or so, two 3br2ba 1,200 Sq ft houses sold near me. Nearly half the size, but same living setup. One house that was 3br2ba 2,100 Sq ft sold, but it was completely gutted and remodeled. Flip by a local realtor. A brand new development behind me has similar setup houses, but they were just built. Several others sold farther away from me, not extensively remodeled, similar bed/bath/footage, but in the clearly fancier side of the town because they were significantly more expensive than the above. How exactly do comps work? I assume the smaller houses are out even though they're very geographically close. The fully remodeled house is out. The super expensive other houses are out, their street is expensive and their houses are probably on the historic register. Brand new construction is out. Houses farther out are out because they're even more expensive due to multi-acre lots. So some of those comps have to come back in. Is it the square footage, distance, number of bedrooms and bathrooms? Or would the appraiser look within 10 miles to find a nearly identical house that doesn't benefit from my proximity to the downtown centre? [link] [comments]  |
| First time home buyers are asking me (seller) questions about issues occurring 1 year after closing Posted: 29 Jun 2020 07:45 AM PDT I sold my house early last year. I disclosed everything and sold the inground pool as-is since there was a main drain leak that was plugged (which they knew about). I also provided paperwork showing that the pool was tested for leaks and nothing was found. The buyers are now contacting me via email and phone asking questions about issues they've had since moving in. They think their sewer lateral is clogged or broken since sewage is backing up into the house. They think the pool has a leak in it since the water was low when they opened the pool but it's been fine after they filled it in May. There's also other issues and questions that they have had as well. They seem very overwhelmed right now. What is my liability here? I've talked to them on the phone instead of putting anything in email back to them. I'm trying to do the right thing by helping them out and answering their questions but I feel like I'm getting set up for a lawsuit or something. I'm in a two-party consent state for recordings so recording our phone conversation would be illegal. They are first time home buyers so I want to help out with questions if they have them or recommendations on service providers if needed but I don't want to be taken advantage of. I was friendly with all of my previous neighbors and they are contacting me saying the same thing, that the new buyers seem very overwhelmed with home ownership. Has anyone else dealt with this before? Should I continue to respond to them if they have questions? I'm thinking about not responding to them anymore. [link] [comments]  |
| Can a HELOC be used as a down payment on the next house? (Upstate NY) Posted: 29 Jun 2020 10:23 PM PDT Our family was planning on looking for our second house this March and then the world turned upside down. We are currently in a holding pattern and most likely will be waiting until next March at this point. The previous plan was to make an offer contingent on selling our current house in order to use the equity for a down payment. While waiting we have kept saving and I was actually hoping that when we do buy we could buy the second house and have a month or two with both houses as we move and list the house we live in now. We have a 1 year old and this whole process would be so much easier with that kind of freedom to take things a bit slower. Also removing the contingency of selling our current house should make any offer we make more attractive. I was considering taking the savings we now have and using it to pay off the remainder of our mortgage ($24K remaining on house valued at ~85K). This way we wouldn't have to qualify for another mortgage while still paying the first one. This would leave us with about 10k in savings and we would be able to save another 20k between now and next March. Our price range for then next house is 250-300k. When we do go to buy I would then like to sign up for HELOC and use that money as the down payment on the next house. We would then wait until we closed before listing the current house so we would have some time to move in more slowly. This is all new territory for us so I figured I would come on here and get some opinions and let people shoot holes in my plans and/or bring up issues that I might not have thought about. I do think our current house will sell quickly when it does come time to sell. Similar houses have been selling very quickly in our area even during the whole pandemic. If it doesn't sell right away though we could afford to pay the new mortgage, the HELOC and the taxes/insurance (~$275/month) pretty much indefinitely. [link] [comments]  |
| Posted: 29 Jun 2020 10:04 PM PDT Hi everyone, I'm currently in the process of buying my first home. The home buying process has been a nightmare. We've hit lots of roadblocks with things needing to be repaired on our new home, but finally I thought we were in the home stretch. NOPE. I went to the final walk-through tonight so we could close on Wednesday and get the keys Thursday. We found a critter had crawled in the attic space and made a home out of it. Some type of nest fell through a bathroom vent and the hatch to the attic was opened. The wall under the hatch was covered in animal urine and feces. We were going to enter the attic from another direction but we heard the animal rustling around and decided to retreat. We were able to see that it most likely entered from a busted vent on the side of the house up near the roof. Our realtor talked with the listing agent. The seller is refusing to do anything. Apparently, the sellers have not paid for ANY of the repairs. The listing agent has paid for it all out of pocket and given up his commission just to get the house to sell. We're trying to get an exterminator in to come in and check out the damage and remove the animal (or animals) but with it being the holiday weekend coming up combined with COVID, no one has any availability until next week. We almost definitely won't be closing Wednesday anymore. My apartment lease ends July 31st and they won't do month to month with us. Our realtor is not confident we will be able to find another home until the market settles down. We're doing a VA loan and not many sellers in our area are willing to work with the VA. So it's either hang onto this house and possibly pay for pest damage and extermination or find a new apartment in the next month. To make it even more complicated, my partner will be away for three weeks during July due to work (unavoidable) and won't be able to sign for the house or a new apartment during this time. So my question is, do I even bother having this issue checked out? Should I just walk away? [link] [comments]  |
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