PSA on Wire Fraud Real Estate |
- PSA on Wire Fraud
- To all the buyers who think their market is insane
- [MT] First time homeowner thinking about selling.
- Is it possible to build a lighthouse on your property?
- Do I need to do inspection for a new construction?
- As a seller I think my home will appraise lower than sale price. Buyer won’t be able to cover, but I’ll be willing to drop it to accommodate him. Could I then ask him to push out closing date if we do this for him? This would prevent us from moving in with the in laws as we’ve secured a home.
- July 2020 - Why Is Inventory So Low Nationally?
- If you plan on putting 20% down, what percentage would be inclusive all other closing expenses?
- Signed closing documents Tuesday and still don't have keys
- Idea - a social real estate website where others can comment on houses or property. Can share findings, inspection results, etc.
- Townhomes next-door?
- Loan questions
- How to Qualify Buyers?
- Should I purchase a house that has an income restriction?
- What would the down payment of a house be if I'm not going to live there but wife will?
- Does anyone have a Layman’s guide for completely clueless people who are intimidated by even the FAQ?
- Loan origination fee increased while under contract
- First Time Home Buyer - Closing Costs more than what was on my initial disclosure?
- Wells Fargo Fee Farming?
- Reducing property size to expand road
- Condo VS Single Family Home
- Will Manhattan real estate retain pre-covid value after the outbreak is over?
- Buying a flipped house without permit?
- Is it realistic to find a small house to rent or buy for around 400-600$ without utilities.
| Posted: 08 Jul 2020 09:47 AM PDT PSA for all buyers, but particularly first time home buyers. ALWAYS confirm wire instructions by an outgoing call if you are wiring your deposit. I came within minutes of wiring $150K into the oblivion yesterday. Got an email from my attorney with wire instructions for closing - the wire instructions had me and my wife's name, the correct amount of our deposit, our home address, everything. I actually went through the process of setting up the wire with my bank up until the point they asked me to confirm if I had verbally confirmed the instructions. I thought better of it and figured I would give my attorney a call. I text him the wire instructions and two seconds later he is frantically calling me. Turns out the scammer had changed one letter in the attorney's email. No idea where the breach was, but he was clearly in the system somewhere and knew we had gotten the C.O. delivered yesterday morning. Frankly, I knew better and was just running around yesterday and missed some of the signs that should have raised alarms (such as email from my attorney saying he was in jury duty, when courts are closed). But it happened so quickly, and even as someone who deals with wire fraud concerns a lot, it was hard to catch. But wanted to send a PSA as my bank told me they are seeing this more with COVID going on (as a lot of people are wiring at closing rather than checks). [link] [comments]  |
| To all the buyers who think their market is insane Posted: 09 Jul 2020 06:00 AM PDT Dilapidated house. 54 offers. Sold for $250,000 over asking. Been like this for decades. We don't even blink an eye anymore. https://abc7news.com/realestate/bay-area-fixer-upper-fetches-$250000-over-asking-price/6307626/ [link] [comments]  |
| [MT] First time homeowner thinking about selling. Posted: 09 Jul 2020 03:41 AM PDT Hey folks. Super rookie here. Six years ago I bought a piece of property in Northwest Montana for $136k. I've lived in it since, and currently owe $110k. It hasn't been particularly well taken care of and there are a number of repairs needed (garage door, sprinkler system, carpets). As the primary caregiver for an elderly parent in ailing health, I left my job two weeks ago due to COVID-19 concerns. I have a great deal of financial uncertainty on the horizon, as well as very little capital to make the repairs the house needs. That said, I had two separate CMAs done in the last week by real estate friends, both of whom returned a value of around $195k / under 45 days. Houses are selling stupidly fast in the area, and it seems like this might be my only chance to get a big head start. With very little in the bank and not a lot of prospects on the horizon, would cashing out now be a good option? Should I squat a little longer? Given the condition of the house, would a "We Buy Houses" option be worth considering? Thanks! [link] [comments]  |
| Is it possible to build a lighthouse on your property? Posted: 09 Jul 2020 05:39 AM PDT |
| Do I need to do inspection for a new construction? Posted: 08 Jul 2020 09:21 PM PDT Hi, I'm a first time home buyer and buying a new construction home. Still learning the process. Do i need to do inspection although it is new home that comes with a warranty ? [link] [comments]  |
| Posted: 08 Jul 2020 06:48 PM PDT |
| July 2020 - Why Is Inventory So Low Nationally? Posted: 08 Jul 2020 04:10 PM PDT I'm in AZ. Many of metro areas are seeing huge building booms, despite COVID. Snowbirds are still buying their winter getaways. Realtors are still claiming "low inventory" despite hundreds of homes being built on a monthly basis. Ask around the USA, and it's a common theme - low inventory is driving prices up, despite doom and gloom economic data. Why? I've heard a few interesting ideas: - Builders and developers no longer building houses in advance of buyers - all builds after the model homes are purchased prior to build. - Small land subdivisions are slowing - larger lots are owned by big investors who sell to big developers. - Cities limiting infill development and height restrictions to "maintain character". - Fewer Owner/Operator Tradesmen due to insurance costs, most work for builders or GCs who tack on 40% to any build cost, making building non-spec homes more expensive and less common. Also makes expanding or home renos more expensive and less common. Any idea on how to solve this? Other thoughts on why inventory is so low? [link] [comments]  |
| If you plan on putting 20% down, what percentage would be inclusive all other closing expenses? Posted: 08 Jul 2020 10:21 PM PDT In addition to your down payment, you need to pay for an inspection, have one year of property taxes/insurance earmarked, a couple months of mortgage payments in a checking account, etc. As a percentage of the sales price-- what would that usually work out to be? Do you really need closer to 30% cash on hand? [link] [comments]  |
| Signed closing documents Tuesday and still don't have keys Posted: 08 Jul 2020 06:21 PM PDT First time home buyer and this entire process has been so crazy- I thought that when I signed the closing documents it was finally all over but NOPE. So first of all, this is a bank-owned property (former owner was an old lady who lived in the house for 25 years and did a reverse mortgage and then passed away). Seller originally took over 3 weeks to sign purchase contract. We only had 25 days to close. Mortgage broker really needed atleast a 1 or 2 day extension but Seller refused to respond to requests. Broker pulled off a miracle and got closing scheduled on time. I went on Tuesday at noon and signed all closing documents. Notary said Seller would sign shortly and all completed documents would be emailed to me that day. End of the day comes along and they can't release keys because Seller still hasn't signed. Title company keeps saying they expect signature from Seller at any moment. Never comes. This morning I contact the title company and they say the same thing- they expect to have signature from Seller any minute. Day goes by again. Nothing. End of the day I call title company again and they say they just got off the phone with the Seller who confirmed they definitely would be signing and sending back documents today. 8pm EST comes around and NOTHING. What the hell is going on? Does any one have any idea? What should I do? I tried googling this kind of situation but couldn't really find anything. Just looking for some opinions while I stress myself out for another night. [link] [comments]  |
| Posted: 08 Jul 2020 09:56 PM PDT There doesn't seem to be any good way of sharing information about a house. This mostly only benefits buyers. Is it something you would want to use? [link] [comments]  |
| Posted: 08 Jul 2020 09:32 PM PDT We're looking about buying a SFH near a major transit line. We just learned that the neighbors are building two townhouses in their backyard. Is this something I should be concerned about when it comes to property value? [link] [comments]  |
| Posted: 08 Jul 2020 09:15 PM PDT I have a question regarding your home loan. Let's say you pre-qualifies for a 600k home. You go shopping, and you find a home at 500k, what happens to the remainder of the money? Is there a possibility for you to keep that money to make home changes? [link] [comments]  |
| Posted: 08 Jul 2020 09:09 PM PDT Hey everyone, Not sure how many realtors are in this group, but I'd be happy to hear what buyers are comfortable answering when speaking with an agent in the early stages ... anyways: I've been thinking about some early conversations I've had with buyers and what kinds of questions I could be asking to better qualify them without trying to get too personal/offending anyone especially in the current market. For instance, when speaking with buyers at open houses or moreso over the phone these days, I've found it helpful to ask them how long they've been looking/how soon they are looking to close (people who are looking to close soon are typically more serious) and also whether or not they've been prequalified by a lender (especially with more expensive homes, I've found this to be important to understand who may actually be able to afford the property). What other types of questions have you found helpful in qualifying a buyer/whats the most important information for you to know? Looking forward to hearing your thoughts! [link] [comments]  |
| Should I purchase a house that has an income restriction? Posted: 08 Jul 2020 08:56 PM PDT So there's a unique program in my city where there's a low income housing group that owns a bunch of land & basically you buy the house but it's on leased land from the low income group. They set the restriction that only people who meet their income restrictions can purchase the house. But you do own the house, and can change anything you want about it, you can build a shed on their land, treat it in every other way the exact same as any other homeownership. The only reason it works for me is because I got my first adult job in 2020, and the restriction is based on your last tax return. My only concern is if it will be too hard to sell in the future? Has anyone done anything similar? [link] [comments]  |
| What would the down payment of a house be if I'm not going to live there but wife will? Posted: 09 Jul 2020 02:47 AM PDT |
| Posted: 08 Jul 2020 08:09 PM PDT I really really feel lost on the concept of home buying. I've been in apartments my whole life, no one I know personally has a house and I want to learn from scratch what I need to be able to buy a house and how to determine affordability. I can't afford it now but I want to learn for the future and all the things I google are so intimidating. I want to start from the very basics. Does anyone have any tips or resources that don't involve just telling me to hire someone because I'm not there yet [link] [comments]  |
| Loan origination fee increased while under contract Posted: 08 Jul 2020 06:24 PM PDT I've been under contract for about a month, and I locked in a rate weeks ago prior to home inspection with a defined loan origination fee. Just received a notice from my lender today that my loan origination fee is changing from $1700 to $2900. The only thing that has changed since I signed my loan application is that the closing date has changed from 7/15 to 7/31 and the sellers have agreed to pay me $12000 in seller's assist. This seems like a shady and arbitrary raise in my closing costs, that no one called me about. They just sent the paperwork to my inbox to e-sign. Anybody ever hear of something like this? Is it typical for loan origination fees to change because the closing date has shifted? In the grand scheme of things, I know $1200 isn't all that crazy compared to the total cost of my loan... but still. Out of principle, if they decide to just arbitrarily raise my fee right now, what will stop that from happening again before closing? [Edit 1] My loan officer said it is because my lock in rate is expiring tonight at midnight... and basically "Thems the breaks kid... you should have made sure your original closing date was stuck to, or you eat a hefty fee". I'm tempted to kill my whole deal right now out of pure spite. [Edit 2] Spoke to my loan officer and explained how I am very disinclined to continue with a mortgage company that is charging me more today for the same loan from 30 day ago, when interest rates have done nothing but go down. He knew I still have enough time to explore other lenders, so he said he will go to bat with his management team, and if need be, take the $1200 difference out of his own commission. [link] [comments]  |
| First Time Home Buyer - Closing Costs more than what was on my initial disclosure? Posted: 08 Jul 2020 06:07 PM PDT I'm a first time home buyer and this subreddit has been so helpful through this entire process, thank you all so much! I had one hopefully last question. I just received clear to close today (yay) and I'm set to close Friday! I didn't receive my final disclosure yet, but my lender told me the cash to close amount over the phone and I'm a little confused. He said it would be $12,415, which is more than the initial disclosure I received around 2 weeks ago. The initial disclosure didn't even include additional seller assist credits of $1,400, so I was thinking my cash to close would be closer to $11,000.... He said it was included, but I don't understand how with the additional credits the price managed to increase so much?? Is this common that the amount could be that different? Any info would be amazing., [link] [comments]  |
| Posted: 08 Jul 2020 08:12 PM PDT I just got declined for a refi from wells fargo after paying some fees and for an appraisal. About 1k spentso far. I was not getting any money out just the loan value. 92k all together.The home appraised at 300k. Just now, a month after getting the appraisal, I get a text saying " Your loan is sent to path of assistance. The appraisal did not meet the required support it needed.". Anyone know what that means? The whole time i have been dealing with these people the were super attentive until I prepaid a bunch of stuff. then I would get a text once ever other week for the last 3 months. This leads me to believe this has been a way for Wells Fargo to farm fees from me and other customers over the last few months. I will be closing all my accounts with them and refinancing thru my unions credit union now. Anyone else having these issues with Wells Fargo? [link] [comments]  |
| Reducing property size to expand road Posted: 08 Jul 2020 08:12 PM PDT The road behind our house is being widened into a four lane road with sidewalks, bike path, landscaping. The works. The city will be taking 10' of our backyard. My questions: When they appraise the land will this take into consideration our trees? We have 4 mature pines that are against the fence line. These block out the current traffic. Does the city have to put up a new fence? Can we ask for a wall? Now that there is more traffic and we lose the trees? Will we lose more value now that our house backs up to a busier 4 lane road than we will gain with the compensation? Anything else I should be considering? [link] [comments]  |
| Posted: 08 Jul 2020 10:55 PM PDT Good day investors. I just started earning decent amount of money and want to invest. I am working overseas and I want to invest in Philippines, which I am from. I have been watching educational videos about rental income but they are all about townhouse/SFH. Owning these properties are my main goal but I found out that condos are easier to purchase but they have alot of differences. But since I want to start ASAP, I think I am better of with condos for now. Is this a good idea? Also, some people on youtube advice against condos. I understand about the association fees but is it really not worth it? Any advice would be appreciated. Also, is it easy to have a positive cashflow with condos once they start being rent out? Sorry for the messy post. Appreciate any advice. Thankyou! [link] [comments]  |
| Will Manhattan real estate retain pre-covid value after the outbreak is over? Posted: 08 Jul 2020 07:06 PM PDT I have an apartment on the upper west side of Manhattan. Will its value rebound in the long term from the fall its taken due to people leaving the city due to covid? [link] [comments]  |
| Buying a flipped house without permit? Posted: 08 Jul 2020 04:14 PM PDT I have recently started looking for houses and came by this house that was flipped in the past few months. However the seller/company disclosed that non of the remodels have permits (they cited COVID situation which caused city to delay inspections/permits). After looking at the local building code it's obvious that many of their remodels need permit (re-roof, kitchen and 2 baths remodeled completely but likely no structural change). I am in a high price market on the west coast so most of the transactions are non-contingent, and the seller will not provide any receipts/warranties for the work done and will not give us their contractor information (whether licensed or not). The remodel looked nice at first glance but when I looked closer the work are rushed and they seemed to cut corners (uneven painting, tiles, squeaky flooring, etc.), the upside is that the house is in a good neighborhood and layout is good. However without knowing the details of the work done and/or the previous condition of the house before the flip (likely not good according to Google street view) I am hesitant to pull the trigger. Should I try to negotiate some terms with the seller or walk away? How big is the risk of the city having me pull the permits retrospectively, or worse, have me redo the jobs that are not up to city code? [link] [comments]  |
| Is it realistic to find a small house to rent or buy for around 400-600$ without utilities. Posted: 08 Jul 2020 09:59 PM PDT I have no one for advice like this, I'm 27 working multiple jobs income is not great but living with other people has become unbearable. I'm in the Raleigh NC area. I've been searching Craigslist but I feel like there has to be a better way to find housing. Any advice would be much appreciated. Parking is extremely important, I have multiple cars and work on them all the time. Thank you. [link] [comments]  |
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