Appraisal $430,000 More Than Purchase Price Real Estate |
- Appraisal $430,000 More Than Purchase Price
- (serious) Any real estate discussion sites that don't allow participation by real estate agents?
- What's this sub's stance on absentee/non-local landlords?
- Low balling in this market.
- Interested in a property, seller would like a rent-back...but would you, under these circumstances, in this current climate?
- 2 small bathrooms vs 1 large?
- Giving notice to current landlord before close
- (Michigan) Trying to buy a house, but wife's credit history is practically non-existent.
- Wondering about buying a new townhome to live in. Anyone have experience with this?
- Does appealing an appraisal report ever really work?
- Buying a property without a realtor
- no down payment mortgage for relatively high earner?
- Advice about selling low value property.
- (US-CO) Is an HOA allowed to refuse to file an insurance claim for damage they are responsible for?
- Usda home loan
- Closing Friday in Maryland - what to expect
- Need help to choose rate options?
- Final closing stages. Need help with review.
- Typical escrow costs
- United Wholesale Mortgage- any reviews? Complaints?
- Loan Contingency Removal
- What Are My Chances of Getting Approved for a Mortgage
- 21 year old trying to get started
- Dump site or Demolition
- Multiple properties in one month
| Appraisal $430,000 More Than Purchase Price Posted: 29 Jul 2020 10:01 AM PDT We are about a week away from closing on a house that is admittedly in a great area. It's builders grade and nothing fancy. It was built in the 1960's and needs a full renovation IMHO... but it is move-in ready. Houses in the neighborhood, all much nicer, sell for 2-4x as much as we are buying ours for and I believe that the appraisal is probably accurate. My question is: What does this really mean? To us, it means we can get the mortgage we wanted. Does it have any other meaning? Are we effectively walking into $430k more equity? [link] [comments]  |
| (serious) Any real estate discussion sites that don't allow participation by real estate agents? Posted: 29 Jul 2020 08:40 PM PDT Just wondering if there are any real estate discussion sites that don't allow participation by real estate agents. Reason being that any question asked is immediately swamped by a storm of bubbly "Get a REALTOR(TMTMTMTMTM) and they will take care of everything! If you dare to do any aspect of the process yourself without a REALTOR(TMTMTMTMTM) your house will be eaten by termites and then explode!" Yes, I get it, you are a REALTOR(TMTMTMTMTM). I really don't have an interest in talking to you. [link] [comments]  |
| What's this sub's stance on absentee/non-local landlords? Posted: 29 Jul 2020 09:55 PM PDT Some dude is on here looking for buying advice in my city, the local sub clearly told him to leave our housing market alone but he's stated our community is not his priority. New here, just curious if r/RealEstate has a formal stance on this? [link] [comments]  |
| Posted: 29 Jul 2020 08:36 PM PDT I low balled on a house (I don't have agent) a few weeks ago and today the sellers agent calls trying to get my best and final, I tell them the same price I initially offered and it seems they want to meet in person to discuss. I now feel like my initial offer was too high, now that the sellers agent is crawling back to me. Do you think I can offer lower than my initial offer when I meet with them? Any advice on how to do this? The listing is over priced in my opinion. I initially offered 27% less than the asking price. (1.5M-2M) I am prepared to lose it if anything.. [link] [comments]  |
| Posted: 29 Jul 2020 11:57 PM PDT I am a buyer, and have been house browsing for quite a while, but as a resident (physician) I just was not able to financially gather the competitive 20% down that is needed right now in most markets. I'd really like to get my family away from the city and into a small home that I could isolate in, while with them, rather than living away from them completely. So, while I would typically just continue to wait to buy a home because of market fluctuations and my downpayment, I'd really just like to get in now. I found a unique house that I love and know that offers are all going to be looked over at once, on Friday. I understand that cash/20%/limited "asks" on my part will make my offer most appealing, but I don't have that. My real estate agent mentioned that the seller was waiting to purchase a specific home in a retirement community, and that purchase depends on the seller of that unit to shift to a medical/retirement care facility. I'm unclear if it is a "waiting for space" in general issue as in — I hate to say this — waiting for someone to die to free up a unit situation, or if it is a specific unit he has in mind and a specific resident who will be moving. Either way, the seller's timeframe of when he will have a new home seems up in the air. Typically, we would offer the standard 30-45 day to close in our offer, but both my agent and the seller's agent have made it clear that a bit extra time would make the offer more appealing. Especially given the fact that I have a bit less to come to the table with as far as deal-sweeteners. At first, we discussed a 60 day closing, but then my agent suggested a rent-back offer, and now he seems to be stuck on that suggestion. I don't know this agent well and I don't particularly feel that he has my best interest at heart. There's been no discussion about weighing offer prices or negotiating, or how the market is doing, or "I want to get you a fair deal," — he clearly just wants to make a sale. Same, with the seller's agent, who is definitely fighting for his client's best interest. I don't want to close on a home with a tenant. I'm not a landlord. And, I would have no idea how to structure rent or how that works (nor has my agent explained). I don't want to be indefinitely locked out of the house with the inability to remove my tenant if another pandemic regulation comes along, as it is a personal home. But I would love to increase my chances of getting this home. I asked about a "standing offer" to the seller that expired after 60-90 days with us both having the right to cancel the contract at any time. He said he had never heard of that. Is there any other sort of long-term offer I can make? A sliding timeframe that I can remove myself from? It seems like everyone wants the house sold today because the market is great for sellers and the seller is sure to get a hefty sum for his property, but refuses to wait until closer to when he actually needs to move out because who knows what his local market will be in a few months. Otherwise, why sell immediately in this market, but insist that a closing date in October would be ideal? Do I have options? It's too late for this particular home to interview another agent to represent me, and I'm struggling with work stress, the desire to keep my family healthy and together, and not wanting to get trapped in a real estate mess I don't understand. [link] [comments]  |
| Posted: 29 Jul 2020 08:06 PM PDT I'm currently renovating my house and have the option of expanding my small bathroom into a much more comfortable bathroom or using the space for another bathroom. Is it better for home value/buyer demand to have 2 small bathrooms or 1 really large bathroom? [link] [comments]  |
| Giving notice to current landlord before close Posted: 29 Jul 2020 05:39 AM PDT I'm renting in Ohio, and am scheduled to close on a house Though I have not signed a lease renewal in 3 years, a lawyer advised me that the best way to ensure I stay out of court with my landlord is to adhere to the terms of my original lease, which requires 60 days notice. So that would put me at giving notice in 2 days, before we close. My realtor checked with the seller yesterday, and it sounds like there are a couple loose ends What would you do in this situation? My landlord is generally laid back so he may work with me if there is a significant delay, but I'm worried about giving notice before closing. Obviously my landlord isn't legally obligated to be nice to me, so I always like to have my butt covered on this stuff, but I don't want to pay for an entire extra month of rent. [link] [comments]  |
| (Michigan) Trying to buy a house, but wife's credit history is practically non-existent. Posted: 29 Jul 2020 03:07 PM PDT We are trying to buy a house and have money saved up for a down payment. I have a 700+ credit rating, but my wife doesn't have a history. Neither of us makes enough money on our own to qualify. Together, if we both had good credit, we could easily get a loan, but that's not the case. My wife did qualify for a credit card with a pretty good credit limit a few months ago, and I am on it as an authorized user. We are using it sparingly to help establish credit. I also have had a department store credit card for over three years, which did not have my wife as an authorized user. I wish I had added her then, because it would have helped a lot. Instead, I just added her this week. Not sure how long that will take to affect her credit. I talked to a lender who specializes in loans for those with problems, and we were told we could qualify for a 7.5% for a 15 year loan with a significant down payment. Down payment is not a problem, but paying that much interest is obviously not ideal. This lender also told us we could refinance with another institution after two years probably, since my wife would then have established credit. That sounds good, except I have no experience with this, and I am not ultra-confidant this could work out. I have two questions: How can we get my wife's score up and how quickly is that possible? Is a 7.5% rate predatory? This is from a local bank, so it seems legitimate, but I am trying to be cautious here. [link] [comments]  |
| Wondering about buying a new townhome to live in. Anyone have experience with this? Posted: 30 Jul 2020 02:35 AM PDT The Seattle area housing prices are crazy right now so we found some nice townhomes (it's actually a duplex) not far from Seattle. We would live in and own one unit. It is new construction, below our budget which is nice! The inside is really nice and we like the layout. And we love the location. Kind of a weird detail.. The master bedroom and stairs of each unit share a wall 😬 How bad is the noise typically in townhomes? I live in a very cramped apartment right now and typically don't mind the occasional noise I hear from my neighbors. We also plan to live here for at least 5 years. (Husband and I, plan to have kids in the next couple years). [link] [comments]  |
| Does appealing an appraisal report ever really work? Posted: 29 Jul 2020 06:55 AM PDT We're selling our house tomorrow and are currently under contract to close on our next home on August 31. Today is the appraisal contingency deadline - and the appraisal just came back at $30k under the asking price (and our offer). I spoke with our realtor this morning and she's flabbergasted by the appraisal. She said the appraiser was a trainee, showed up late and disheveled, didn't bring a phone or camera for pictures, couldn't pronounce any of the street names/wasn't familiar with the area. The house is in a pretty neighborhood and meticulously kept. I know we have pretty limited options. We don't have the cash to make up the price difference (we have a newborn baby due in a month and a half!), so it's basically (1) get the seller to come down $30k, (2) walk away, or (3) appeal the appraisal/order a second appraisal. I could be wrong, but I can't see the seller coming down that much. The house was only on the market a few days and got multiple offers at asking price (we were one of them - our cover letter swayed them). I'm heartbroken because I love this house, the commute, and the neighborhood. And it's a small thing in the grand scheme of everything, but we're currently staying with my mother-in-law - and if we don't have a house by mid-September, the newborn will be born here. Which sucks. Just wondering if appealing an appraisal report or doing a second appraisal every actually works, or if that's a huge stretch. We're going through a local credit union we really like (the folks we used for our first mortgage) so I'm surprised the appraiser wouldn't be familiar with the area, and I'm truly wondering if she screwed it up. [link] [comments]  |
| Buying a property without a realtor Posted: 29 Jul 2020 10:19 PM PDT I was chatting with my landlord (currently rent a condo unit) the other day and asked if there was any interest in selling the unit, as I would be interested in buying. He said he'd actually been thinking about selling, and would be open to it. He wanted to contact the realtor he'd used in the past to get an idea of market value. Shortly thereafter I received an email from the realtor saying they were going to list the unit for X and would I be interested in buying. Part of the motivation for me was that we could have a relatively simple deal and both save on the cost of not needing a realtor. Is it bad form to go back to the landlord and ask if we can negotiate something without involving the realtor? Any tips in how to approach this? [link] [comments]  |
| no down payment mortgage for relatively high earner? Posted: 30 Jul 2020 02:03 AM PDT Prospective first time home owner here and wanted to get your help. Long story short I am thinking about buying a house in the next 6 months, but don't have as much cash on hand as I'd like because I cleared a huge student debt in one go, owe quite a bit in 2019 taxes (I received a windfall but wasn't expecting the tax burden), and took some capital gains losses. However, despite being fairly cash poor I think I am in good standing financially. Late 20s, 800+ credit score, earning well over 2x my state's median income (CA). No debts other than my car, which is worth $7-8k more than I owe so it's not "under water". In any case, I can sell it if necessary. I did research on the USDA and FHA loans and it seems like I earn too much to qualify. Which puts me in kind of a weird spot.. Too poor to get a mortgage, earning too much to qualify for assistance loans. I would really appreciate any advice. My dream has always been to live in a house. I grew up quite poor and feel that the current economic situation presents a good opportunity for me to enter the market. [link] [comments]  |
| Advice about selling low value property. Posted: 30 Jul 2020 12:16 AM PDT Hello all, so I have about an acre of land, it has a 50 year old mobile home in terrible condition, a stand alone garage that's also falling apart, and it has a very large concrete storage building that was built in the last 15 years. They were wanting to eventually build that into a home, as it stands now it's just a giant concrete shell. There was an empty lot next door that sold for 10k(but was zoned only for a mobile home) This lot is zoned for housing though, no idea if that will effect value or not. Speaking of, Zillow says this lot is worth 27k. Which from my understanding those aren't usually accurate. My guess is it's somewhere in the middle, but probably on the lower end. Does anyone have any advice on how I should go about selling? Would a realtor even be bothered in it, or should I just go with the we buy ugly houses people? [link] [comments]  |
| (US-CO) Is an HOA allowed to refuse to file an insurance claim for damage they are responsible for? Posted: 29 Jul 2020 08:31 AM PDT I had some water damage at my Condo due to a faulty valve inside the wall. My personal insurance has "loss assessment" coverage which, as my adjuster explained to me, covers up to the HOA's commercial policy deductible. All repairs and restoration work comes to ~$8k and I have $5k of loss assessment. This means my insurance will pay $5k and the HOA's policy should pay the rest. The issue is that the HOA is not willing to file a claim for this small an amount, even though their commercial policy deductible is $5k. Is this legal? Can I go around them and file a claim directly with the insurance carrier? What is my recourse here? [link] [comments]  |
| Posted: 29 Jul 2020 07:53 PM PDT Does anyone have experience with a rural development usda home loan? Can anyone tell me how things change if you have a life change/get married after purchasing a home alone? They have strict income guidelines so if you're married and then over the income limit, does your payment go up? [link] [comments]  |
| Closing Friday in Maryland - what to expect Posted: 29 Jul 2020 06:53 PM PDT Hi all, after an arduous, roller coaster filled journey, my husband and I are set to close Friday morning. What docs can we expect to sign and how have your closings worked in the time of COVID? We are meeting at realtors office. Buyer's agent wasn't sure if we'd be in room with seller or they'd do us each separately. Masks of course and social distancing. We have an FHA loan and we are purchasing a condo. In general - what else will we be signing? Feel like we've spent last month already signing paperwork. Thank you! [link] [comments]  |
| Need help to choose rate options? Posted: 29 Jul 2020 10:11 PM PDT Need suggestions on which one is better option as I have to lock in a rate for 30 year fixed mortgage. Loan Amount: 332k Down: 20% Period: 30 year fixed. Credit: excellent Option 1: 2.5% with $3200 closing cost offered by credit union. Need to open a checking account with them to get this rate which is fine with me. Option 2: 2.875% with no closing cost. Mortgage broker is saying he is giving credits (of $3300) as I am coming through realtor. The above cost does not include prepaid and escrow charges. I did a quick math, Option 1 : with 2.5% I am paying a total interests 112k over 30 years without any principal prepayment. Monthly payment of $1050. With option 2 I will be paying a total interest of 131k over loan period. Monthly payment of $1102. The difference of monthly payment is $52 which over 62 months will even out the closing cost of $3200. Any thoughts? English is not my first language sorry for any grammar issues. [link] [comments]  |
| Final closing stages. Need help with review. Posted: 29 Jul 2020 09:41 PM PDT In final stages of closing. No escrow. Going from $426500 loan at 2.875% 15 yr to 2.25% 15 yr. new loan balance at $401400. Sign the dotted lines? See link of closing costs. [link] [comments]  |
| Posted: 29 Jul 2020 05:52 PM PDT Apologize if this has been answered before but I searched and found different answers We are about to submit an offer and for escrow our real estate agent placed in contract an initial 10,000 for escrow then 16 days later an additional 60,000. Anywhere I looked I saw maybe 1-2% for escrow. This would be closer to 4%. Is this outrageous ? Should we not submit offer ? I have read too many horror stories of escrow funds not being returned [link] [comments]  |
| United Wholesale Mortgage- any reviews? Complaints? Posted: 29 Jul 2020 09:23 PM PDT Just found out they'll be servicing or loan. Looking for feedback. Interest Rates, etc. [link] [comments]  |
| Posted: 29 Jul 2020 11:36 AM PDT First time buyers here looking for insight. Hubby and I had an offer accepted in a hot market (SF Bay Area) after months of searching. For our offer we put in 20 days for loan contingency removal (which was a number of days that our lender/bank provided us). In our housing market, 20 days is already considered to be pretty long (usually people have 10 days), but the underwriter is backed up with loans to review and could not review any faster. We are supposed to lift the loan contingency on August 3rd, with COE set for August 13th. As we have heard nothing since submitting all our documents (on July 7th just to get in the queue), I called today to ask about the progress. Hubby and I were expecting a response this week (we were already pre-approved with them as well). However, our loan officer mentioned our loan was not even on the schedule THIS week to be looked at...and they would let us know if they need an extension. They mentioned it would probably be reviewed next week. I'm panicking because we can't have it reviewed next week as August 3rd is a Monday. We are already supposed to be lifting the loan contingency that day. I'm just really frustrated and scared what will happen if we don't lift on August 3rd? Will we lose our earnest money? The earnest money we will lose is ALOT considering our offer was for over $1m. And it's frustrating because the dates/timelines we put was from the bank themselves. It's not like we pulled these numbers out of thin air to be competitive and are now rushing them. I'm just at a loss of what we should do. [link] [comments]  |
| What Are My Chances of Getting Approved for a Mortgage Posted: 29 Jul 2020 05:32 PM PDT What are my chances of getting approved for a mortgage for a triplex? It is a 3 unit, and I would rent 2 of the units for $1.5K each. House Price: $550K Down Payment: $85K Property Taxes: $10K Debt: $0 Income: $91K Estimated Monthly Payments: $3,600 [link] [comments]  |
| 21 year old trying to get started Posted: 29 Jul 2020 05:20 PM PDT My parents bought a pretty decent home worth 210k but we bought it for 160k. The problem is they got it with such bad credit the interest rate in the loan is out of this roof. My wife has a credit score of 800 and we're wondering what's the best thing to do? Can they gift it to us? At this point their credit Is even worse. We've had it for only 4 years btw. [link] [comments]  |
| Posted: 29 Jul 2020 05:15 PM PDT Purchased our house last year and have slowly been landscaping. There's a densely overgrown part of our yard that we've had plans to clean up and use since before purchase - the land is what sold us on the place. We started clearing out some of the brush and have realized that this whole area is a trash/rubble pile. There's even an old set of stairs and what looks like old crushed appliances and a brick chimney? We can't even walk over top of the area for fear of what's underneath and how uneven the ground is. Any ideas for what our next step should be? There was nothing disclosed to us about this - be it dumping site/old house/etc... Don't you have to pull permits for this kind of thing? Nothing is on record. At a loss, it's a very large area that's unusable without a BIG cleanup. [link] [comments]  |
| Multiple properties in one month Posted: 29 Jul 2020 08:43 PM PDT If I had $6,000,000, could I wire 3 trusted partners $2,000,000 and have each of them put that money down on 3 different properties in 1-2 months. I kno the process of closing on one property myself could take over a month. But with multiple people closing on different properties using my money and signing the deeds over to me, couldn't I be closing on 2-3 properties in one month(maybe with shorter due diligence periods) [link] [comments]  |
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