Buyer Demand Drives Home Prices Up 8.5% In July Real Estate |
- Buyer Demand Drives Home Prices Up 8.5% In July
- I did it reddit! We closed today on time!
- Closed Home but Still No Funds
- How do loans work when someone wants to renovate?
- Asked to buy house from landlord. Thoughts?
- Homebuyer, Should we go ahead and walk or make 1 last counteroffer.
- Home has more sqft than listing/tax records
- Problem acquiring a mixed use loan in WI
- Should a Realtor be used when purchasing a New Construction property? What are the Perks?
- Appraisal at purchase price?
- Legal Thoughts on Seller Walking away from contract
- Need advice on undeveloped land purchase!
- Escrow check from Home Sale
- I'm supposed to close on the 21st. How late is too late to switch lenders?
- Seller won’t budge after low appraisal?
- Is there a way to see the home your purchased/are under contract for after it’s taken off the MLS?
- Finding a mortgage broker without referrals
- Considering buying a home in Houston or San Antonio [TX]. Where should I be looking?
- How can I start?
- Buying a home, bank said no appraisal is needed. Do I need one?
- First time homebuyer, looking for input on my pre-approved interest rate.
- Advice on potential purchase
- Screwed up and upset previous realtor
- How can you rent a basement apartment if it has a separate entrance, but also an exposed staircase from main floor?
- CA NMLS License with a misdemeanor - Willful discharge of firearm in a negligent manner. (shooting a pistol up in the air)
| Buyer Demand Drives Home Prices Up 8.5% In July Posted: 31 Jul 2020 10:18 AM PDT |
| I did it reddit! We closed today on time! Posted: 31 Jul 2020 12:26 PM PDT We finally closed on on time today at 12:30! We lucked out majorly! This was an FHA loan at 2.75%! Here's the timeline for those who are curious: 6/13 we did a tour of the house. It was not yet on the market. The previous buyer lost their job and had to back out. (They were the second buyer of this house, first backed out due to COVID). 6/18 12pm The seller got a quote to fix the garage floor (previous buyer's inspector failed the house due to the garage floor). 6/18 5pm we put in our offer. 6/19 Our offer was accepted, but seller asked to sell as is. We agreed. 6/20 Seller finished signing (he didn't hit complete on DocuSign) 6/25 we had our home inspection. A lot of cosmetic issues. Some repairs are needed. Also our realtor had to kick out another realtor and couple that was trying to see the house during our inspection. (Market is crazy here). 6/28 Seller offers to lower the price by 15k to be nice since there was some concerns regarding the house. (They also received other offers during this, they were all higher. One was 40k more than ours and we offered more than asking). 6/29 we signed the addendum to lower the price. 7/1 we received initial disclosures and loan estimate. 7/3-8 Signed and sent a bunch of stuff to mortgage broker and appraisal was ordered. 7/9 we got sent to underwriting. 7/10 appraisal was done. 7/15 we received the appraisal, appraised at offered price. 7/21 we got our conditional approval! 7/22 got home insurance. 7/24 we got our closing disclosures. 7/27 we got the clear to close! 7/30 11:15 am I got the disbursement statement 7/30 12 pm I went to the bank to wire the funds. (Had an appointment, couldn't walk in. If it didn't come in time would had to reschedule closing). 7/30 2pm we got the bank package! 7/31 11:45 am we did the final walk through. (Our realtor actually forgot and was 15 minutes late.) 7/31 12:30 we went to the lawyers office and signed our life away. At one point I had to think what my last name was lmfao. [link] [comments]  |
| Closed Home but Still No Funds Posted: 31 Jul 2020 07:51 AM PDT Hey everybody ! I closed my house last week but still have not got my funds yet. When I asked the escrow agent she said, buyers final loan has not approved yet ! That sounds kind of fishy to me, if his final loan is not approved, why did they make me close the house on closing day. I started to get worry if that is a fraudulent activity. Does that happen often ? Sorry that is my first time selling a house and I heard from most people that sellers get their funds on the day of closing. Can you guys please enlighten me about this ? [link] [comments]  |
| How do loans work when someone wants to renovate? Posted: 31 Jul 2020 07:26 PM PDT I have a question that for some reason won't leave my head. I'm 22 years old so I haven't bought my first home yet but say someone gets approved for a $300,000 loan. I've seen a lot of people buy something for $200,000 and then stick $50,000 into renovations. My question is, does the bank put that on the loan? I just can't imagine someone having $50,000 lying around for renovations when buying a house. I'm just curious if the loan would be made for say $250,000 even though they are paying 200 for the actual house. Can someone help explain how it works to me? [link] [comments]  |
| Asked to buy house from landlord. Thoughts? Posted: 31 Jul 2020 02:38 PM PDT Hello all, could use your opinion on a somewhat unique situation... Currently renting, and my owners property manager called to inform that the owner wanted to sell when the lease is up in September. I had plans to look the buy next summer in the same area, so truly was hoping to rent one more year. However, the property manager offered to sell to us first before putting on the market. Price they gave is $188,000, and my wife and I make about $100,000 before taxes. It's actually close to our price range that we wanted next year, although we can probably only put down 10% instead of the 20% we were wanting. Wife's credit score is good at close to 720 (mine is over 780), but I am not sure what rates to expect right now? We do like the house and area we're in, although it is a bit smaller than we'd prefer. Technically it's fine now, but if we have kids we'll run out of room quick lol. I doubt we'll stay more than 3-5 years before wanting to move up, so I don't know if it'd be wise to rent for just one more year or consider buying now? Our rent is $1,350, and I figure even a 10% down, 3.5% mortgage with insurance, taxes, and average repair costs would come up close to that amount. Is there something I'm missing math wise? If this is something I want to pursue, how should I go about that with my landlord/property manager? I've researched how to go about buying houses and negotiating, but never from the place I'm renting. What steps do I need to take to make sure I'm making a smart decision financially and legally? How can I use the fact that I'm already living here to my advantage when it comes to negotiating? Thanks! [link] [comments]  |
| Homebuyer, Should we go ahead and walk or make 1 last counteroffer. Posted: 31 Jul 2020 06:22 PM PDT We are really interested in a home with a list price of 320k. Problem is the comps in the last 6 months indicates a price of only slightly above 300k. We are actually willing to go higher in price from a budget standpoint. But we don't want to waste our time with this if the home is likely to appraise much lower than the contract price, especially if the seller is unwilling to lower most if not all of the list price to match. This could seriously screw up our financing. Based on the comps, we were only willing to take the risk of paying for an appraisal to the 305k-310k range. Their last counteroffer is 313k. They stated its their final list price offer. Our realtor talked to theirs about the comp prices. Her justification for their higher pricing is "house prices are on the rise". She did not really address the data. According to our data for this individual neighborhood, they have been stagnating. There is a lot of homes for sale in the neighborhood, all sitting on the market ranging from a month to over a year. Some have slashed prices. This listing is coming up on 3 weeks. No competing offers. So the way we see it is we have 2 options. Walk right now. Or do one more last ditch offer. Match their 313k price but with the stipulation that they have to lower the list price to a maximum of 10k if the appraisal comes in lower. If it comes lower than that, we reserve the right to walk away unless and agreed resolution can be made. I figure the worse they can say is no. And after that we walk like we were thinking of doing anyways. I say this respectfully. But the way I see it, if they are so confident that their house will appraise higher despite contrary hard data, then they should put their money where their mouth is. What do u guys think? [link] [comments]  |
| Home has more sqft than listing/tax records Posted: 01 Aug 2020 12:10 AM PDT So I suppose lucky me has found a house with ADU that has more sqft than it is listed for. Per the county records it has ~2032 sqft but in reality it has ~2800 sqft. It also is listed having 2 less bedrooms than it actually has. The listing has a clear layout of the house with measurements but one of the rooms is just simply not there. It can not be a new addition because it's in the center of the house. I think the listing agent was lazy and made a mistake. Even the 'appraisal' has the house listed as 2032 sqft with 2 less bedrooms than it should have. It was an 'exterior only' appraisal so I think that could be the reason but the appraiser (even with the less sqft and rooms) thinks the house is 5k MORE than I am asking. Why would this happen? Am I missing something? If the appraisal was corrected to show more sqft and rooms would that theoretically increase the value of the house? [link] [comments]  |
| Problem acquiring a mixed use loan in WI Posted: 01 Aug 2020 12:01 AM PDT My fiance are looking for a mixed use loan for a retail space below an apartment that would be 100% owner occupied. It needs a lot of renovation but it's basically the perfect building for what we want. I would be opening a shared studio and retail gallery on the first floor and the second floor would become our primary residence. We want an FHA 203(k) loan but almost no one is doing them right now and the one dude who said he would help has never seen someone get that kind of loan for mixed use even though it is possible. We aren't looking for a traditional commercial loan because the balloon loan on our primary residence would blow and ideally my fledgling business wouldn't own our primary residence so an SBA loan is mostly out. Any suggestions or resources for getting a mortgage for this building? We contacted every lender for WI listed on HUD for that kind of loan but we're tapped out now. We're not committed to an FHA loan, we just need something. Repayment is not a concern and we have the down payment for the building in hand. [link] [comments]  |
| Should a Realtor be used when purchasing a New Construction property? What are the Perks? Posted: 31 Jul 2020 04:29 PM PDT |
| Posted: 31 Jul 2020 11:58 PM PDT How often does the purchase price NOT equal the appraisal? I have heard it always appraises to purchase price because someone is willing to pay that when they make an offer? Is that true? [link] [comments]  |
| Legal Thoughts on Seller Walking away from contract Posted: 31 Jul 2020 02:59 PM PDT Anyone have an actual experience on litigating a seller who sends a notice they are not going to sell the home they signed a contract on? They do not have a good reason for backing out other than the house they wanted need a repair (that the other seller was going to fix) so they no longer want to purchase that home or sell the one they signed with us on. We're thinking about all we had to move around and how it messed with our school district and also how we will likely have to pay rent for an apartment in damages over this & storage unit. Anyone have a seller settle with them on that or did it go to court and they won $ back in damages? [link] [comments]  |
| Need advice on undeveloped land purchase! Posted: 31 Jul 2020 09:53 PM PDT I'm looking at a 3acre property in UT that is mostly undeveloped. It has gravel road access. There is currently NO: power, sewer, water, etc. There IS: gravel road access, permit for well drilling(or water access permit to about 300ft), a stream that runs through the property that is zoned for micro hydroelectric power. If bought and developed with a long timeline(5-10yrs) what should I think about? Drilling a well? Sewer or septic? Power? Offgrid an option? Permanent structures, prefab like zipkit or something else? What are bumps in the road a person should think about? [link] [comments]  |
| Posted: 31 Jul 2020 03:52 PM PDT We sold our house in early July and received an escrow check for $7k. I called the mortgage company and taxes were paid for one quarter. Do we use $2k of that to pay the second quarters taxes? We're just surprised the mortgage company didn't pay it. How would we have known unless we called? [link] [comments]  |
| I'm supposed to close on the 21st. How late is too late to switch lenders? Posted: 31 Jul 2020 01:07 PM PDT We've done the home inspection and just got the appraisal back. However, the loan consultant has since been avoiding calls or literally hanging up on me this week. [link] [comments]  |
| Seller won’t budge after low appraisal? Posted: 31 Jul 2020 08:41 AM PDT Currently under contract for my first home in Phoenix, AZ. The appraisal came in low, the seller says they have a backup offer for $13k over appraisal (about 4%). I can either match or bail. It's my first home, and AZ is definitely a strong sellers market. Homes are selling like crazy, getting multiple offers first day on the market, going $20k over ask with waived appraisals. I don't LOVE the house, but I do like it. Much better than anything else I've seen. So...am I crazy to consider matching price above appraisal, or is this a huge no-no? [link] [comments]  |
| Is there a way to see the home your purchased/are under contract for after it’s taken off the MLS? Posted: 31 Jul 2020 04:37 PM PDT |
| Finding a mortgage broker without referrals Posted: 31 Jul 2020 04:21 PM PDT Hello, I got a recommendation for a mortgage broker but I am not super happy and want to look for more options. What's the best way to find a mortgage broker without referrals? Doing a google search brings up a bunch. Some have an insane amount of positive reviews (all 5 stars) which makes me a bit suspicious. I get a similar feel from Zillow. How can I find trustworthy brokers that I know will get the deal done? Any tips? I also wonder if I am overthinking it... [link] [comments]  |
| Considering buying a home in Houston or San Antonio [TX]. Where should I be looking? Posted: 31 Jul 2020 01:47 PM PDT Hey Real Estate! I made a move to Texas ~3 months ago, now along the coast, about an hour south of Houston. In the next 3-6 months, I'll be searching for a home to purchase in the suburbs, and I'm torn between Houston and SA. I'm in my 20s, single, and work remotely, so location is very flexible. Searching for a new-ish home between $175-220k. This would be my first home. I plan on making a few trips out to Houston and SA, to better gauge my interest, but I've heard of a few great things about Houston (better job prospects if I change jobs, lively and active city, larger availability of houses to choose from, more accessibility/direct flights to and from the airport), and a handful of downsides (humidity, urban sprawl, traffic/time required to commute). And to some extent, the flip side for San Antonio, where I've heard it called, "a big city with a small town feel." Around the Houston suburbs, I'm looking into Spring, Humble, Katy, the Woodlands, and a few other areas north and west of the city. Around San Antonio, I'm looking around Lackland AFB and Leon Valley, but don't know enough about the city to pinpoint a location. Should I aim to target new construction or existing homes? Could anyone offer some insight on the Houston vs. San Antonio decision, and any pointers on areas to check out on my next trip to explore the areas? Thanks! [link] [comments]  |
| Posted: 31 Jul 2020 12:11 PM PDT Hello r/RealEstate, I need some help. I really want to increase my income through the RE route. I'll just put a few things on the table: • I have $8k that I'm willing to spend- will I need more? • My credit is great • I have no liabilities and have low monthly expenses. I understand that there are ways to go about getting the money to purchase, but what is the best? Lastly, I ideally wanted a duplex so that I could live in one unit and rent the other for now, but I'm just having trouble figuring out where to start. Thanks [link] [comments]  |
| Buying a home, bank said no appraisal is needed. Do I need one? Posted: 31 Jul 2020 01:34 PM PDT Buying a 2nd home off market with no realtors. I plan on moving into this and renting out my old house. Bank told me don't need an appraisal. I feel this is a fair to good deal on the house especially in these times and compared with other homes that sold in my subdivision. This house is just 1 street over. The house just needs appliance updates and I wanted to finish the basement myself. [link] [comments]  |
| First time homebuyer, looking for input on my pre-approved interest rate. Posted: 31 Jul 2020 08:52 AM PDT Hi all, I'm a first time homebuyer who has just been pre-approved for a conventional loan with 3% down at a 3.25% interest rate. My goal is to live in the home for a year and then rent it out after occupying it for 12 months. 3.25% feels good to me, seeing as how I'm only putting 3% down, but wanted to get your guys thoughts. Not sure if this will be pertinent, but for reference~ Credit score: 800 Cash: $35,000 Debt: $0 Salary: $105,000/yr I'm looking at a single family home that's listed for $140,00. I have interest in homes up to $250k, which is what I've been pre-approved for. Thanks! [link] [comments]  |
| Posted: 31 Jul 2020 07:00 PM PDT Sorry for the long post, I'm struggling with this decision so I added a bunch of details. Our current house payment is 11% of our monthly income but it's getting too small for us (3 bedroom, 1 bath for a family of 4 with hobbies that require a lot of indoor space). We have been looking at adding on (we have a double lot with a big back yard) but the estimate came in pretty high so we're considering moving. The local market is crazy here (houses pending within 24 hours). I'm in a growing town 30-45 minutes away from a rapidly growing city center. We've been keeping an eye on the local houses for a few years, just in case, and we've never seen anything we like (not a fan of new construction but don't want multiple story living areas, prefer certain areas). But... there's this house I absolutely love. It's only a 5 minute walk from my house so I've walked by it so many times, I've had the old realtor.com listing bookmarked on my phone for years. It's not on the market but the lady is willing to sell to us (old and in declining health). It's basically my dream house and shouldn't require any updating even though it's old. The problem is I have a hard time imagining having a house payment at 22% of our income and the owner is unwilling to budge on price, and while she's probably over valuing a bit, I'm sure the house will sell at her asking price even if it takes a few weeks. Both of our jobs are secure and we can 'afford' it... Is that a crazy amount? It's more than we've ever paid (it would be our fourth house). I'd definitely need to buy furniture as it's quite a bit bigger. We put roughly 15% of our income into various methods of savings and childcare and auto payments take another 22% combined (childcare costs will exist for at least a few more years). Insurance and food are our only other 'big' expenses as our student loans are almost paid off. Would you pay 22% of your income for your dream house? For your 'forever' house? Would you go over your intended budget (but still within what you can afford) for your dream house? Is it stupid and I should just keep the cost down and settle? We've never had to struggle with a budget - does anyone have experience going from an attitude of 'well, I've spent more on dumber stuff...' to a strict budget? [link] [comments]  |
| Screwed up and upset previous realtor Posted: 31 Jul 2020 02:50 PM PDT (On Mobile- sorry for typos). I need some advice on this situation I effed up. 3 years ago we had a realtor that was our buy and sell agent. She got us into a house before it hit market from one of her clients- and took a commission hit because the appraisal came in low and we didn't have the extra cash to make up for it and sellers (her RL friends), needed close to the asking price. [link] [comments]  |
| Posted: 31 Jul 2020 06:16 PM PDT I'm looking to buy a house, but want one with a basement and kitchen that can be rented separately. However, I'm seeing a lot of houses with basements with separate entrance from backyard (staircase built from backyard to the basement) but also inside the house, there's a staircase to the basement without any separation (eg. No door to the said staircase) and you can simply look down to the living room of the basement for example. Is there a scenario where you could somehow rent this?any ideas? [link] [comments]  |
| Posted: 31 Jul 2020 06:15 PM PDT Only 1 offense, it was back in 1992. I just asked for expungement a week ago. So if they do a bg check in the next 4 months, it'll show a disposition of convicted not dismissed. Will I get denied for a license? Thanks so much in advance. [link] [comments]  |
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