Simon Property Group sues Gap for $66M in unpaid rent The apparel company is the mall operator's biggest in-line tenant Real Estate |
- Simon Property Group sues Gap for $66M in unpaid rent The apparel company is the mall operator's biggest in-line tenant
- Don't do business with Wells Fargo
- Mortgage demand from homebuyers jumps 18%, as interest rates set another record low
- Another Fireplace rant... (WTF)
- Closed my first home
- Subjects Removed on First Home!
- Recast or Refinance? 2 of 15 years in.
- [SC] Annoying Buyer - Funny Story My Parents Are Dealing With
- None of our windows open and it's hot, plus the AC sticks out of our wall into the hallway
- Real estate tech founders - this podcast is for you
- Any low down jumbo lenders you know about ? Looking for owner occupied 10% down. My go to guys are wanting 20% for loans over $765k. Looking at million dollar price range in UT Thanks!!
- Purchasing home in California restricted for low income buyer if trustor of inherited house?
- Three sellers and unrealistic value
- backing out of purchase agreement
- Trying to sell home and failed two inspections.
- Signed forms with one realtor, can I start working with another realtor
- Negotiating a large repair with the seller?
- Any better tools than Zillow's terrible saved search?
- Two Investment Property Purchase
- Short Sale - how long should I expect to hear back from seller?
- Well, I passed the National portion of my exam today
- Unsolicited Offer - Am I Creepy?
- Buy a new construction, are there specific things I need to look out for or be aware of on my contract before signing?
- Expenses for renting out (theoretical)
| Posted: 03 Jun 2020 06:18 PM PDT |
| Don't do business with Wells Fargo Posted: 03 Jun 2020 11:34 AM PDT We made a big mistake choosing Wells Fargo to mortgage our new home. We're first time home buyers, and it's been an absolutely nightmare of bait and switches. Our loan officer is TERRIBLE. First of all, at the start, our loan officer said we could pay to lock in a lower rate later. Wow, would be great if we could... if only we could get ahold of him. No responses to emails/calls for weeks. Our builder keeps trying to get in contact with him as well, asking if they've ordered the appraisal yet. Nahh. He doesn't respond. Poof, he gone. The bait and SWITCH. We told him we didn't want escrow. He said that's fine, I'll take care of it and get it removed. We find out later (week before close, they waited to tell us) that it's a required policy by Wells Fargo to force new home buyers to have escrow. Great. Another perfect bonus? We're putting 20% down and they are STILL REQUIRING PMI??? Of course we don't get all these docs until a week before close, that way we can't back out (even though we've been working on this for 2 months now). I wish we could switch. Super tempted to say frick all of you and back out. The construction company (Gehan Homes) has been terrible during the closing process as well. Trying to to close on the house WEEKS before it was even finished (set closing dates before it had flooring, grass, paint, etc in ?? Then threatened to charge us $500/day if we delayed, sending multiple emails. The stress is killing me). It's been a nightmare, I want it over. Feels like no one gives a crap but us, they just want the money. [link] [comments]  |
| Mortgage demand from homebuyers jumps 18%, as interest rates set another record low Posted: 03 Jun 2020 06:58 AM PDT https://www.cnbc.com/2020/06/03/mortgage-demand-from-homebuyers-spikes-18percent.html
Looks like the sellers market has survived Covid. At least for now. [link] [comments]  |
| Another Fireplace rant... (WTF) Posted: 03 Jun 2020 09:04 PM PDT What in The Fireplace is going on here. I posted previously about my hatred towards fireplaces but it seems to have followed me into my next home search. Why the fuck do we have fireplaces taking up the main living rooms of Sacramento homes when it only gets down to a frigid 54' degrees in the winter. Were the builders from Bozeman montana? We dont have winters! We dont have seasons. What the fuck are the builders thinking. Half the people in california buy their wood from Vons for $11.99 a box. They definitely dont own an ax or know what kindling is. 1500 sq foot homes with perfect floor plans F'd by a shitty fireplace that never gets used. Fuck fire places. Put on a sweater bitch. Otherwise you can enjoy your 37" plasma above your warm ass fire place. Here are some sexy examples I found during my home searches: WTFireplace!!!! [link] [comments]  |
| Posted: 03 Jun 2020 08:58 PM PDT Now that it is done, what a relief. Bought new built apartment in a row house type construction, entire progress financed with mortgate took 3 months, really exhausting. It has been built the entire time, have been checking it every other day, can't wait. Have been drawing and planning interior, ordered bunch of furniture, light fixtures etc .. Curtains were a headache, couldn't find anything off the shelf so i had made it custom order. Now there's few finishing touches they are performing and i can hopefully move in anyday now . Wondering what's the brand new place feels like :) coming from place that really old and needs a lot of work. [link] [comments]  |
| Subjects Removed on First Home! Posted: 04 Jun 2020 12:01 AM PDT My husband (23) and I (22) closed on our first home on Vancouver Island, Canada yesterday! We're so excited! I know many timelines here are more relevant to the American market, so here is a timeline from a pretty hot Canadian market. Our house had a long-winded conditional offer (think months) before it eventually fell through. Seller was eager to get rid of it when it was relisted and we saw it. We'd been looking for two months with very little luck when this house fell into our lap. May 11- Saw the house posted online and contacted our realtor. Set up an appointment for as soon as possible on the advice of our realtor. May 12- Viewed the house in the afternoon. Really liked it. Put in an offer conditional upon inspection/financing, etc. around 9PM, offered 13k under asking price expecting to negotiate, and prepared to offer up to 15k over asking price. May 13- Seller accepted first offer by 8:30 AM. We had negotiated a subject removal of June 2 as many services had slowed down due to Covid (long subject period.) May 21- Inspection came through. A few things wrong but we felt comfortable being able to do much of the work ourselves/with our family. June 2-Subjects Removed and deposit put down. Our official close/transfer is July 28, so we have two months before we move, but we're so proud of how everything has worked out. Having a good realtor was seriously key. Our realtor would answer the phone first ring and had extensive connections to other realtors. Takes his business and clients extremely seriously and cares a great deal about integrity. He was amazing. [link] [comments]  |
| Recast or Refinance? 2 of 15 years in. Posted: 03 Jun 2020 11:51 PM PDT Note: There is a TL;DR at the bottom. Some fun change for the regulars here (don't get me wrong, I am always happy to see "we closed!" stories). I am about to land on a $50k windfall from life insurance proceeds. She was my closest family member and I would like to use the money towards something meaningful. My other finances are squared-- no credit card or other high interest debt, etc. I am considering putting the money towards my mortgage. My mortgage just hit 2 years and so Recast is an option. What would be the "best use" of this money? Scenario: Original $350,000 principal @ 4.1% APR. 180 month term (15 years). Monthly PMT is $2600. This is the max I am willing to put towards mortgage. Loan is now exactly 24 months old. Remaining principal is about $330,000 for ease of conversation. I haven't confirmed but I think the Recast fee is negligible ($500 if not free, my mortgage just changed to US Bank). I haven't checked Refinance but you guys know the market better anyway... I'd like to assume best rate possible (800+ credit score, good salary history). Ok so back to the question now with better context... with 2 of 15 years knocked down, what is my best use of the $50k? I'm not sure if this is critical but I actually do not have any experience with Recasting a loan, and don't know the process in detail. In fact, I don't even know anyone personally who has recasted their loan. TL;DR Options for spending $50k towards mortgage: 1) Recast. New principal $280k and 13 yrs remaining. 2) Refinance 10 years. $280k principal. Aka keep my PMT the same but cut down the loan period by 3 years. 3) Refinance 30 years. $280k principal.. this would extremely lower my PMT. I also may feel like I "wasted" the last 2 years. I am very open to other advices too. It feels like Option#2 is best for paying off the house as quickly as possible, but it also seems so unusual to cut down a 13 year loan to 10. Perhaps I am missing something big? Thank you in advance, and I will follow up this post with my decision! Stay safe everyone!! [link] [comments]  |
| [SC] Annoying Buyer - Funny Story My Parents Are Dealing With Posted: 03 Jun 2020 07:17 PM PDT Last year my parents listed their condo. It was 5k under everything else in the condo unit that had sold in the last year. Needed updating but was a decent enough spot. Goes under contract after a few weeks. Guy orders home inspection, we fix almost all of it. Get to a few days before closing - Turns out he is getting a divorce and has not provided any paperwork for it, and provided no explanation to his lender. After much back and forth and resentment, the deal falls through. Parents relist, but now we're out of beach season so it gets little attention. He requested his earnest money back. He didn't get it. Fast forward this year, we upgraded and updated the whole place. Relist, add 10k to the price. Nonstop showings and a bit of a lowball offer comes in. Parents entertain it and meet a few thousand under ask, they're happy. Guess what? Same dude buying it again. Parents furious, they tell their agent, agent calls buyers agent, all agents furious. Buyer never informed agent. Parents basically say "we will move forward but we're not fixing a single thing in the new inspection report, if he buys another one", parents agent communicates this to buyers agent. Today, inspection #2, finds a few nitpicky things, and this guy puts in a repair request for it. One of them is a new AC unit. LOL. Parents politely told him to fuck off and he's still moving forward on the purchase. Some people... [link] [comments]  |
| None of our windows open and it's hot, plus the AC sticks out of our wall into the hallway Posted: 04 Jun 2020 03:21 AM PDT So my previous house recently burnt down and we were forced to move out and find another place to live. We settled on this apartment that's above a pizza place that recently went out of business and at first it was pretty ok but we realized that all of the windows are just panes of glass in the wall. Bottom line is the landlord says he doesn't have to do shit about it and we say he should have to because we're paying 600 dollars a month plus elec. to live in a damn sauna. I'm just wondering if there something that can be done cause even with the 2 a/C's in the wall it gets hot as hell. These acs are blowing air in from this dilapidated hallway that is literally like 120 degrees from the acs [link] [comments]  |
| Real estate tech founders - this podcast is for you Posted: 04 Jun 2020 03:20 AM PDT If you're looking for some fresh interview series with tech startup launchers, here is the one - a podcast with Olivier Grinda, a founder of Home61, based in Miami. https://www.byteant.com/blog/techfounderstalk-1-interview-with-olivier-grinda-co-founder-and-ceo-at-home-61/. Olivier shares his founder's story, as well as some advice and opinion on the future of real estate tech, SaaS etc. Hope you enjoy! [link] [comments]  |
| Posted: 03 Jun 2020 08:47 PM PDT |
| Purchasing home in California restricted for low income buyer if trustor of inherited house? Posted: 03 Jun 2020 10:22 PM PDT So I inherited a house, deed is in my name, and in trust for my kids. I seem to fit income criteria for potential purchase of other house, except may require buyer to be "first time home owner". I may rent out inherited house and transfer most income to children. I wonder if I would quality for other house? [link] [comments]  |
| Three sellers and unrealistic value Posted: 03 Jun 2020 06:18 PM PDT Put an offer in on a home that was accepted, yay, however post inspection things came up as always( already knew before we put in the offer but nice to have the report in hand) ~20k in work needs to be done to make the townhome same and to code. Illegal electrical panel, sub panel jumped off the main , 6 different breakers in the panel plus the sub panel. More fun is indoor wiring outside and no box or no gfci. Deck has 3 of 9 pillars rotted to the footers leading to structural hazards. Subfloor damage from prior roof leaks, where a second layer of shingle was placed but no remediation of damage. Plus sky lights in the loft which are always such a joy (of course the worst damage is under said sky lights , bonus trampoline floor!) sellers only interested in 3k in concessions and completely out of touch with reality yet they still accepted our offer... [link] [comments]  |
| backing out of purchase agreement Posted: 03 Jun 2020 11:56 PM PDT This is my first purchase and I am starting to get cold feet. Realtor is getting kinda snappy with me and is dodging my questions. This is making me even more nervous about this huge investment. They are asking for my escrow deposit so I haven't spent any money as of yet. Home inspection is scheduled for a few days from now and appraisal is yet to be scheduled. If I want to can I still back out of this without losing a ton of money? [link] [comments]  |
| Trying to sell home and failed two inspections. Posted: 03 Jun 2020 11:48 AM PDT My home was built in the 1920s and has a lot of old house issues, but I did not realize it was this bad. Both offers were cancelled. The last one stopped the inspection 45 minutes in because there were to many things to fix. I have nothing in writing. So, I am considering selling to a builder. Maybe, have my own inspection? I am in suburban Chicago. Thoughts? EDIT : Thank you all. I really appreciate your thoughts and time.My head is spinning. I probably will go ahead and get an inspection of my own. I don't have any reports, unfortunately. [link] [comments]  |
| Signed forms with one realtor, can I start working with another realtor Posted: 03 Jun 2020 05:20 PM PDT Location: ontario I started looking for a house with one realtor and he made me sign some papers I can't remember which, this was in March. How do i, if needed, cancel my relationship with him and start looking with another ? Can I just tell him I don't want to buy now and move along with the other? [link] [comments]  |
| Negotiating a large repair with the seller? Posted: 03 Jun 2020 08:41 AM PDT So we got our offer accepted at listing price back in mid-May. We had our inspection shortly after, and we were pleased with the inspection report. The deck was noted as "repair or replace" but there was no severe signs of damage. So we submitted 2 minor things to be repaired. A few days after the inspection, we were up there and noticed water leaking into the basement. We discovered the flat roof under the deck was in immediate need for repair. As this was a large issue for us, we talked to the listing agent. She said the seller stated he is willing to work with us but wanted us to get quotes for repair. We got quotes from 2 different companies. One stated $10,500 for entire replacement of deck and roof. The other was $8,500 for half of the deck that is in the worst shape, and $10,500 if we wanted to do the entire deck. The seller came back this morning and said he got a quote from a contractor for $6,500 and was willing to pay for half of that to be fixed (a check for $3250). We asked for that quote document, but haven't received it as of yet. I'm finding it hard to believe that someone quoted that much less than the 2 contractors we got quotes from (that we know and trust) - for the same job. We countered back asking for $6,500 as a check to our contractor and that we would pay the remainder. Haven't heard anything yet. Any tips going forward with this? I'm a first time homebuyer. [link] [comments]  |
| Any better tools than Zillow's terrible saved search? Posted: 03 Jun 2020 08:29 AM PDT We're looking for a home & I've got a search saved on Zillow that send me alerts whenever a house that matches them is listed. That's how it's supposed to work. Instead, it emails me multiple times a day saying "New listing: xyz street. Your x house search". I follow the link & it literally has not matched my criteria once. Whenever I run the search, only one house pops up in the boundaries & it's been that way for over a week. But I keep getting emails for these houses that don't fit the search. It's incredibly annoying. Are there any publicly available tools that would do what Zillow's saved search is actually supposed to do? [link] [comments]  |
| Two Investment Property Purchase Posted: 03 Jun 2020 06:59 PM PDT Hi All! I got an opportunity to purchase two investment properties and wanted to share my analysis. In no way am I an expert in real estate. I have bought and sold several properties over the last few years and they have all worked out extremely well. I am trying to build a strategy and principals for my investments based on return and other factors but have generally just taken it one day at a time and have been learning as I go. Overall, this is a huge investment for me. Would enjoy any thoughts people have. Here are the specs: Property #1: 3 bed/1.5 bath - located in Winston-Salem, NC - 2 miles south of downtown - Rented for $900/month - HVAC/Furnace 2017 - Roof in last 10 years - Purchase price $88,000 Property #2: 4 bed/2 bath - 0.87 lot - more rural area north of Winston-Salem - Rented for $1,100/month - HVAC/Furnance 2008 - Roof in last 10 years - Purchase price $121,000 Some of the estimates I make on expenses: 10% management, 5% vacancy, 1% capital reserve based on tax value. I put actual insurance & tax expenses in my analysis, plus actual mortgage interest expense and debt payments. The tenants of property #1 have a lease that is up in September. So I built in a reserve of $3,500 for vacancy, carpets, & paint just in case they do not renew. Generally I would not reserve this much from the start, but I figured it should be calculated in my return since there is a possibility it occurs a few months after closing. Property #2 needs a $1,000 repair after closing to replace some out door steps. Also, setting up a $1,000 additional reserve from the start. Tenant lease is through 2023. Total cash needed $54,535 to put 20% down, fund a $4,500 reserve account, $1,000 repairs, and $4,000 closing costs. Mortgage is 4.00% for 30 years on each at 80% LTV...I am paying 1.875 in points upfront for this rate, it was the best return based on all the other rates/points offered After management expense, taxes, insurance, vacancy & repair reserve, and P&I payments I expect to clear right at $500/month in free cash flow for an 11% cash on cash return. Another $245/month in amortization for a total return on capital of 16% annually. I am not a fan of factoring in any appreciation in the return numbers and more rely on the cash on cash return as a bench mark. My goal, was to have a minimum of 10% cash on cash return and that was the main metric I used in pricing these. I also think the market value is probably 10-20% higher if sold to an owner occupant but the seller is in a pinch and has to sell to an investor since they properties have leases and tenants. So what do you think? Are there any metrics you look for when analyzing these investment properties? Also, if you reach out I am happy to share my spreadsheet. It would not let me add it to the post. Cheers! [link] [comments]  |
| Short Sale - how long should I expect to hear back from seller? Posted: 03 Jun 2020 06:59 PM PDT Need an advise from someone who's been through a short sale process before. I put in my offer two nights ago. How long does it normally take for seller to get back to me whether or not my offer is rejected or countered? Will I ever know if my offer got rejected? [link] [comments]  |
| Well, I passed the National portion of my exam today Posted: 03 Jun 2020 10:37 PM PDT Definitely happy as this is the harder portion of the exam imo, however, I missed passing the Arkansas State portion by 2 questions... I retest the state this Friday. Any recommendations on studying the state portion of the exam? I had probably studied the national portion 80% to the state portion 20%.. There were just some real peculiar state situational questions that threw me off. [link] [comments]  |
| Unsolicited Offer - Am I Creepy? Posted: 03 Jun 2020 03:04 PM PDT Long story short, I got a tip that a home in the style and area I am looking for was going to be listed as a FSBO in the next month. I have seen many houses and been outbid on every offer I've put in so far. My realtor suggested sending this unlisted property's owner an offer without seeing it before it is put on the market - is this creepy? I have seen photos from a previous listing of this address on Redfin so it's not completely sight unseen. [link] [comments]  |
| Posted: 03 Jun 2020 06:40 PM PDT Hey all, my wife and I have a new construction home built and this is all very new to me. We've gone through the builders design process and everything, and I've just now gotten the actual contract. It's massive and I don't understand a lot of what is in there. I've verified my upgrades, colors, and other general design things I've picked out to be correct. But I want to have a better idea of what I'm signing. Are there specific things I should look out for or be aware of that builders typically throw in there?Things that might have the potential to screw me over in the future and that I should be careful of? I don't know if anything in mind, but maybe if someone has more experience with this, letting me know of particular things to look out for would be really helpful. I have an agent, but he's really not helping me out much and hasn't been through this whole process. I asked him this same question and he kind of just shrugged it off and said that it's a pretty standard sales contract (this is all being done remotely btw, I currently live in a different state than the house is being built in). [link] [comments]  |
| Expenses for renting out (theoretical) Posted: 03 Jun 2020 09:45 PM PDT I've been trying to make a theoretical plan (for fun mostly) for house hacking for when I go off to college (still 17). I've figured down and my income (renting to other tenants), but I need to figure out expenses. Other than mortgage/bank loan, what are some other expenses I would have to take into account to subtract from total income? (I'm a newbie so this is just me theorizing and learning for fun) Thanks for playing along! [link] [comments]  |
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