Just Closed! Thanks for the advice! Real Estate |
- Just Closed! Thanks for the advice!
- Locked a rate today for new construction
- Buyer suddenly in hospital before closing (CO)
- How do I get into real estate investing?
- Just completed our first 1031
- Consumer Letter of Explanation
- We are torturing ourselves. First time home buyers.
- Closing today at 2pm but no receipts of repairs
- Pros and cons of section 184 “Native American” loan at 2.8%? Tulsa, OK market views?
- How to be a great landlord? What’s your best rental experience and how long did it last?
- Buying first home. Father in law is realtor. How does commissions work?
- Is my friend overreacting over her realtor?
- Title Company
- Seemingly amazing deal that I would love to jump on
- 2.5 percent for 30 year refi
- Uncooperative seller bumps us on technicality, puts us out on the street
- Bought new build, still being taxed on only land value
- Refinancing - will rates stay low?
- Landing Apartments. Any opinions, reviews?
- Seeking Advice: Two offers, any input greatly appreciated!
- Ready to list our place and move to home town. How do we sale one house and also get approved for the new place ?
- Closing is set for tomorrow, lender now says earlier at the very least is middle next week
- Buying a house in Compton, Los Angeles?
- Removing deceased person from deed.
| Just Closed! Thanks for the advice! Posted: 30 Jul 2020 08:57 AM PDT Didn't want to post until I had the key! Just closed! 3% no points! Moving out of my parents house into a 4bd2bath with a pool! 270k price negotiated price down from asking. Inspections went great! (previous property I considered had mold and termites) Appraisal came low and the seller reduced by 11k. Pretty excited right now! [link] [comments]  |
| Locked a rate today for new construction Posted: 30 Jul 2020 05:17 PM PDT Just a data point to share. I just locked in 2.625% rate with builder's lender at 0 points today with 110 days lock and float down option for my new construction townhome with closing date between 20th oct and 25th oct. credit score greater than 780 and down payment 25%. [link] [comments]  |
| Buyer suddenly in hospital before closing (CO) Posted: 30 Jul 2020 05:38 PM PDT Hi folks. I'm in a messy situation here and looking for any advice you may have. My house in Denver went under contract last month and was supposed to close this Monday, 8/3. The buyer has been a little weird, including requesting additional items be inspected after they signed the inspection resolution, but I tried to just be cooperative. My wife and I moved out of state a couple of days ago and signed our closing docs remotely, at which point we're just waiting for 8/3 and our proceeds to be wired. Well, today I get a call from our agent back in Denver and evidently, the buyer's agent and lender had been unable to reach him with documents he needed to sign today. After trying to track him down all day, they contact his sister and it turns out he's in a hospital in Iowa and is non-communicative. We have no idea if he has COVID, got in a car accident, is on his deathbed suddenly, or just came down with a terrible illness. He's a younger guy, so it's very strange and unexpected. Both his agent and my agent are trying to find out more info. Obviously, my agent has never dealt with this situation and seems shocked, so I'm not sure where to go from here. I hate to sound callous, but will we be able to get the earnest money? We're now renting a place here in CA and may have to carry the mortgage in CO if this doesn't go through, so not a great situation. I sent emails to a couple of real estate attorneys in the meantime, but any advice is welcome. [link] [comments]  |
| How do I get into real estate investing? Posted: 31 Jul 2020 04:09 AM PDT So, I haven't even started college yet (I'll be starting this Fall), but I am very interested in real estate investing. Renovating/managing houses and renting houses just sounds fun to me, and the passive income is obviously a huge plus. Now, the problem is I will be most likely finishing college with around 40k$ in debt. Can people that had a similar background give me some tips as to how, and when, I will be able to invest into real estate? I am well aware this is not a get rich quick industry, and it might very well be much more than a decade before I can even start. Any advice is welcome, thank you! [link] [comments]  |
| Posted: 30 Jul 2020 06:48 PM PDT Just wanted to share that we completed our first 1031. We sold back on March 30th and the ticker started for the 45-day ID period right around when COVID was at it's worst initially and we were so lucky to get that extension...we would have owed about 30K in taxes if we hadn't been able to ID a place and close on it. Anyway, it was a bit stressful because there was so little on the market but then we expanded our search a bit and found a cash-flowing property in our price range. Only out of pocket expenses were the earnest money ($10K) and $384.56 at closing. Everything else was covered by the sale proceeds and we went from a SFH making ~$120/mo after expenses to a multi-family making ~$1100 a month after expenses. Will probably do this again next year with another one we own. [link] [comments]  |
| Consumer Letter of Explanation Posted: 30 Jul 2020 10:01 PM PDT My wife and I are currently in the mortgage process. We pre-qualified for 140k (FHA).. we fell in love with a home and our offer of 115k was accepted.. Had our appraisal/inspection come back Monday with good news, appraising more than what we offered and are officially in the underwriting process! However, our credit scores are average.. between the two of us we have a few things in collections and a few late payment deragatory marks. Our lender sent us a consumer explanation letter to fill out, they have been super nice and left the impression that we are still good to go with the process but we are starting to worry that we may be denied by the underwriters. Being our first time being in the mortgage process we are wondering if having to fill out this letter means that there's risk of being denied? Thank you in advance [link] [comments]  |
| We are torturing ourselves. First time home buyers. Posted: 30 Jul 2020 11:45 PM PDT We are in Kern County, California. Definitely a very affordable county by California standards. Combined income of 220k; 26k saved; 160k in retirement; Student loans that are 1600 per month and will be forgiven in 3-4 years; No other debt (cars paid off). We have never owned a home. Rent was stable so we just plugged away at paying down a ton of debt, saving. Flirted with the idea a few times and our super patient realtor gently told us there were a number of good buys but we were scared to do it. We both come from very low income families and home ownership is just so foreign and scary. Our lease is up and we want to buy. We're ready. We'll likely relocate in 5 years out of state, which I know conventional wisdom says maybe don't buy. But we are so sick of renting. It would be nice to buy a house well in our price range so we can keep saving for our forever house and roll any modest profit into down payment for the forever house (mostly, we just want a couple acres and a cozy house, doesn't have to be fancy). Housing stock is basically non-existent in our area. I think investors and out of town people are buying things up. Our current rental is homey and fits our needs. We have asked LL if he still wants to sell (he put it up a few years ago). We have lived here for 3 years and know that this house needs about 20k in structural repairs, probably another 15-25k in updating / cosmetic and maybe 2k in landscaping. Clearing cosmetic / landscaping is lower priority. I'm so stuck. Half the people in my life say this is the worst time to buy. The other half say just buy and it will eventually rebound even if there is a crash. I know that nobody has a crystal ball. We have 3 small kids and buying the current rental that needs the work seems like a gamble, since it might be hard to accommodate all the work on the house. We have strong credit (800s) and both are industries that are unlikely to suffer from Covid. Any words of wisdom about any of this? I don't want to profit wildly off someone's misfortune, but should we wait 6 months and at least see if prices come back down a little or if there are at least more options? Thank you in advance for any insights. [link] [comments]  |
| Closing today at 2pm but no receipts of repairs Posted: 31 Jul 2020 03:25 AM PDT Hi all. Pretty annoyed over here and mostly venting because chances are we'll still go through with the closing BUT ...Did our walk through yesterday and items that were on the "credit addendum agreement list" were not repaired or I have no proof. One is a lower door glass panel that was shattered. When we first looked at the house it had a hand written note saying it would be repaired prior to closing, granted they still have a few hours but I doubt it'll be fixed. The other is recharging the HVAC mini split units with refrigerant, our walk through wasn't long enough to really know if it had been done. Should I stand my ground and threatened not to close until I get receipts for the HVAC service or an additional credit for both the door and HVAC? For context, we have to move out ASAP because we have tenant coming into our current living space one Monday. We also have two young children and with COVID babysitters are a no-go for us due to medical conditions and so packing and moving have been challenging, this is to say not closing would only extend the nightmare. Can I be an even bigger jerk and use my leverage right up until 2pm? ... Just wish people would follow through on what they promise. Advice and a beer would be greatly appreciated. [link] [comments]  |
| Pros and cons of section 184 “Native American” loan at 2.8%? Tulsa, OK market views? Posted: 30 Jul 2020 09:12 PM PDT Building a home in Oklahoma, $300k, looking into section 184 loan. Seems like a no brainer, very low down payment requirement and great interest rate. Is there anything I may not be considering? I know we need to sell our current home before we close on the new home, but I don't think that will be an issue. Anyone have thoughts in the Tulsa surrounding area market? I've heard "no PMI" with a 184 loan, but is that true? Current home built in 2015, 1,900 sq feet, 4 bd, 2bath, single story, 2.5 car garage, premium lot in HOA on 1/3 acre, backs up to semi-busy road but most of the time it's not bad, Immaculate, neutral, and lots of custom features, added tornado shelter. New home is 3,200 sq feet, 4 bd, 3 bath, game room up, two story, 4 car garage, 3/4 an acre backs up to farm land, can do whatever the hell we want (aka no HOA). [link] [comments]  |
| How to be a great landlord? What’s your best rental experience and how long did it last? Posted: 30 Jul 2020 03:41 PM PDT Hello everyone, I (25M) recently bought a rental property and just finished renovations. Now I will be looking for tenants and I want to know your experiences. My rent is well under market, each unit in the apartment is practically brand new (gutted to the studs) and it's in one of the safest neighborhoods in the city (only apartment in a street full of large single family houses). I'm not in it for the money, I make roughly over 90k with my current job and side hustles. My girlfriend wants to be a stay at home mom soon so I wanted to build equity now and possibly let her manage if she get bored. Thanks! [link] [comments]  |
| Buying first home. Father in law is realtor. How does commissions work? Posted: 30 Jul 2020 05:33 PM PDT My wife and I are wanting to buy our first home and our father in law is going to be our realtor. He said he is going to give us his money from commissions. What is the best way to do this? Is there a way to avoid paying taxes on this? [link] [comments]  |
| Is my friend overreacting over her realtor? Posted: 30 Jul 2020 01:22 PM PDT TLDR: friend is buying a home where the realtor doesn't respond for days and is telling my friend she is impatient when she asks for updates. Also keeps talking about my friend to a different person. I just went through the home buying process as a first time buyer. My friend is also a first time buyer and went with a realtor that her friend recommended. First, the realtor has no notification system for new listings. Told my friend to look on Zillow or realtor.com and let her know when to see a house. Mine had a search engine that sent me emails and had listings before they would be on those sites. Second, there were numerous times she wanted to see a house that the realtor said she couldn't because of errands. I understand here and there but this was everyday and my friends schedule was wide open. Idk how you're running errands all day? Anyway, the red flag for me was she went on vacation for the weekend and told my friend to contact the listing agent to set up viewings. This isn't an independent realtor, she works for a company with multiple realtors and no back up plan. We are in a hot market and houses in our price point go under contract within HOURS. After losing multiple houses due to offers that were too low or late, my friend texted the friend who recommended this realtor. This person starts to mention specific things that my friend didn't tell her. Turns out the realtor is talking about my friends house hunting process with the other girl. This was a huge red flag to me!! I told her multiple times to just drop her but they are in a time crunch and signed a contract with the realtor already. So they finally went under contract and the realtor did an inspection before the appraisal. My realtor was very adamant about doing appraisals first so we didn't spend money on inspections just to find out the financing won't go through, so this was weird. And the inspector found a plumbing issue and my friend asked the realtor 2 weeks ago to ask the sellers to fix it. She still has not asked the sellers anything and just flat out ignores my friend for days and then tells her she is being impatient. This is so wild to me as I never had to ask for updates from my realtor. The other friend who recommended the realtor keep telling her she is overreacting and this is part of buying a house - but this was not my experience. Am I crazy in agreeing with my friend that this is unacceptable? [link] [comments]  |
| Posted: 30 Jul 2020 05:50 PM PDT Hey, all. First time posting here. It seems like it fits. The title company for my new house purchase has sent over some documentation. In the documentation, it states that I must rectify an old, outstanding account with a cell phone company for $2600+. The thing is, it's not my account. I've never had an account with that company. I called and verified with the company that social security number is not attached to any accounts with them and that I do not owe them any money. I explained this but the title company wants written proof with my social security number. Is this going to be easy to get? Will the cell phone company give me documentation like this? Thanks. [link] [comments]  |
| Seemingly amazing deal that I would love to jump on Posted: 30 Jul 2020 11:39 PM PDT I'm looking at a 4 bed 2 bath 1600 sqft foreclosure for 233k. The best part is it's in a neighborhood where virtually every single home sells for over 400k some upwards of 700k. It just went on the market today and I would love to jump on it with an FHA loan because based on the pictures the Reno would be ~50k but even if it turns out to be triple that It would still make profit. Unfortunately it's in a city 4 hours away and I can't move there to satisfy the FHA rule for another year or so. Since I can't act on the deal either way, does this seem like a "to good to be true" situation or is this fairly normal for foreclosures? [link] [comments]  |
| Posted: 30 Jul 2020 11:23 PM PDT Got an offer for 2.5 percent for 30 year mortgage refi with 5500 closing cost. Could I do better? [link] [comments]  |
| Uncooperative seller bumps us on technicality, puts us out on the street Posted: 30 Jul 2020 08:15 AM PDT We're in a really hot market, houses sell within a day or two. Our house wasn't for sale. We weren't planning on selling. But... this one great house became available. It's one we drive by a lot, that we've always liked. We made an offer, contingent on the sale of our home. As soon as the seller accepted it, we listed our home with an agent. Within 24 hours, we had multiple offers and went under contract with the best one. A few days later, the seller invokes his bump clause, saying he's got a better offer and tells us to lift our contingency or scram. We sign the paper lifting the contingency -- the offer on our home is strong, so this isn't too scary. Figure we're good at this point. Two days later, seller contacts agent and says the deal's off. He wants a letter from the bank saying we can close without our house selling. Agent says, no problem, we'll get that to you. Seller won't have it. Keeps pointing to the "2 business days" line in the bump clause. Agent tries to negotiate, offers more money, etc. Seller is obstinate and refuses everything. We get the letter to the seller, 4 hours past the end of the business day. Seller still says nope. Meanwhile, we're still under contract to sell our house, but with no new home to buy, and don't have an easy way out of that. And there's precious few other houses to choose from, none like the one we wanted. Everyone's going to say "talk to a lawyer". I get that. I've been calling around. But my question is, has anybody here ever "talked to a lawyer" in a situation like this? Did it do any good? [link] [comments]  |
| Bought new build, still being taxed on only land value Posted: 30 Jul 2020 05:06 PM PDT Hey there, first time poster. I have a couple questions about what I should do with my current tax situation. My house was finished 2019, we moved in in July. My 2019 tax bill was only for the land value (really low), and I haven't seen any update from an assessor or their website. They stopped by my house once a few weeks after we moved in, but I wasn't home. They haven't tried to contact me since. Will I likely be hit with back taxes this year? What if I'm only assessed again for the land value? I love paying the low tax rate, but I don't want to do that for a couple years then get hit with a big tax bill. Can/should I just let it go until they assess my home properly? [link] [comments]  |
| Refinancing - will rates stay low? Posted: 30 Jul 2020 02:56 PM PDT I want to take advantage of these low rates and refinance but we've been in the house less than a year and haven't built up enough equity yet. I know no one can say for sure, but how long do you think rates will stay this way? We already pay extra on the principal, but should we pay more to try to get closer to 20% before rates shoot up again? How firm are companies on the 20% equity requirement? I see a lot of hate on rocket mortgage on this sub. We used them to buy our house and had no issues, and their website makes it easy to pay down the principal. Has anyone refinanced with them during covid or is it better to use a credit union? Which would be more lenient on equity? [link] [comments]  |
| Landing Apartments. Any opinions, reviews? Posted: 30 Jul 2020 10:18 PM PDT Any experience with landing apartments? So we are moving to Dayton in October. I'd love to hear your opinion about thiese landing apartments. thank you [link] [comments]  |
| Seeking Advice: Two offers, any input greatly appreciated! Posted: 30 Jul 2020 09:53 PM PDT Thank you in advance for any advice or shared experiences, my agent understandably has shared his thoughts but I'm still torn. Some background: I can carry my mortgage if an offer were to fall through, but I'm moving out if the area so it's not ideal. Listing Price: a little higher than expected to close for but I don't need to tell y'all how hot the market is in some places right now! Offer 1: Higher Contingent Offer -$15k over ask -VA loan, 0% down -contingent on the sale of their home Offer 2: Lower Offer, No Contingencies -full asking price -No contingencies My home will likely appraise for less than Offer 1 meaning they would have to make up the difference in cash due to the VA loan. Offer 2 is solid but obviously lower and who doesn't want an extra $15k? They both seem like nice families and both wrote me nice letters with their offers. What would you do? [link] [comments]  |
| Posted: 30 Jul 2020 08:49 AM PDT Also should add, income hasn't changed, in fact its gone up since we bought last place. 250k in equity. So, how do we get the 250k to the new mortgage ? [link] [comments]  |
| Closing is set for tomorrow, lender now says earlier at the very least is middle next week Posted: 30 Jul 2020 11:54 AM PDT Unfortunately have had a bad experience with a lender, we have had to jump through some hoops for them. We were set to close tomorrow, but they called this morning and said we're now looking at next week, at a minimum -- still haven't given us a straight answer about whether or not this is going through. Are we too late to go with somebody else? We've got great credit, no debt .. the current lender was a little wary because of a business loan, but that was satisfied back in September .. and for some reason now they say that is holding this up. [link] [comments]  |
| Buying a house in Compton, Los Angeles? Posted: 30 Jul 2020 02:03 PM PDT Is it worth it? Is it a booming area? I can only afford a 345K house and Compton seems to be the area where that price point is at that doesn't need a ton of renovations. -I am not willing to move away from Los Angeles, as my schooling and work is here. [link] [comments]  |
| Removing deceased person from deed. Posted: 30 Jul 2020 09:32 PM PDT I need information on how to remove a deceased stepfather from a deed that I'm on as well. He had no other family that I can find. Location is Texas. I do not need a realtor. [link] [comments]  |
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