Mortgage Refinance Surcharge Delayed until Dec 1 Real Estate |
- Mortgage Refinance Surcharge Delayed until Dec 1
- Is 6,000 sq feet a big lot?
- Selling a vacant house?
- First Time Homebuyer blues [MN]
- Question on a refi from Rocket mortgage - 185k
- Buyer's lender says my house is unsellable
- We bought a house with an old water heater, seller does not want us to change it.
- Can someone explain Mortgage REITs and their future outlook?
- Found a listing
- Advice on budgeting an outdoor living space
- Is this... a lot of water staining?
- First time homebuyer urgent question
- Ideas: Quick way to Estimate Principal & Interest Only (Without a mortgage statement)?
- What kind of loopholes can buyers take advantage of with inspection contingency
- Multiple primary residences converter to rentals
- Are people buying too much house?
- California to Florida
- How are Agents finding new clients during the pandemic?
- What updates to make before selling?
- What Kind of Information Does Zillow Use For It's "Zestimate"?
- How to protect myself when buying a second home with family
- TERMS OF SALE
| Mortgage Refinance Surcharge Delayed until Dec 1 Posted: 26 Aug 2020 11:58 AM PDT Here is the link . This was announced a couple weeks ago and I first learned about it on this sub. The fee was supposed to begin Sept 1 but has been pushed back three months. [link] [comments]  |
| Posted: 26 Aug 2020 10:36 PM PDT We're buying new construction in California. Average lot size in the development is 5,000 sq feet. We reserved a 6,000 sq foot lot with a 34L×60W backyard. The home is 2 stories and 2,700 sq feet with 5 feet of side yard on each side. Is this size lot big enough for a small pool and grass area? We have the option to wait 3 more months for a larger 7,000 to 10,000sq foot lot, but pricing is going up and interest rates can change. We locked in the home we wanted on Sunday and prices went up 6k Monday morning. The sales manager said she anticipates another price rise in 2 months. [link] [comments]  |
| Posted: 26 Aug 2020 06:16 PM PDT I did a search and found a couple posts on this already, but am asking again in case there are any new thoughts on this due to covid. My husband and I are going back and forth on whether we should stage our house or not. We're in a pretty hot seller's market, and I'm fairly sure our house shouldn't take more than a week or two to sell. We're both working from home though, and doing showings while we're working is going to be challenging. We'll be staying with my parents between houses, and would both really prefer storing our stuff and staying with my parents during the showings so we can work. They live an hour away, and I think it could be stressful having to come back and forth to make sure the house is clean or a realtor didn't accidentally leave a door open etc with all our stuff in the house. We also had to build a makeshift (and ugly) desk for my husband to work at and it won't look at all nice in the pictures. Both realtors I've spoken to (neither have been to my house) said we need to stage, but this is really stressing me out. We bought the house vacant, so I don't see why someone else can't? Can I just leave barebones furniture, and keep the drapes and shower curtains up? It's a 1600 sq ft house. My furniture isn't even that nice (anything new is IKEA, and everything else is secondhand and nothing matches) so I don't see how it would help me sell the house 😂 One realtor suggested paying someone to help me stage...I can barely afford to move, much less pay someone to stage my house. [link] [comments]  |
| First Time Homebuyer blues [MN] Posted: 26 Aug 2020 06:40 PM PDT Can we have a "resources for homebuyers affected by COVID19 out-of-season trends" megathread? Like many many others, we were patiently waiting to buy a house (saving and relocated back to family) and now are feeling almost priced out of a house. Very competitive market, our relocating was not at all related to the pandemic but a positive career jump. Fortunately we still have an income and a rental - Just feeling like a need to vent about the very weird market dynamics right now. The weekly blog I read (Redfin) just came out with another "unseasonably high prices with no end in sight" post. [link] [comments]  |
| Question on a refi from Rocket mortgage - 185k Posted: 27 Aug 2020 04:03 AM PDT I'm getting toward the end of a refinance. Initially the person i started with gave me some options and i ended up taking a 30 year conventional refinance on 185k left on my home loan. He stated that my rate would be 2.875, and $8500 closing costs, $500 up front. Couple weeks ago looking over the paperwork i noticed my closing costs close to 14k. Upon calling them to ask, he said they had to buy down the rate for 5k to get me down to 2.875 but that it would be well worth the 15k to get that low of an interest rate on the loan. Im just trying to figure out if I should shop around more because that seems like a lot of money to buy down the interest rate just a little bit. Does 14k sound about right for closing costs? I thought the going rate was around 3.2% but he said im borrowing less than 200k so my best rate is closer to 4% as a baseline. Maybe the market is better than i thought right now.. Not sure if i should do something or if i even have many options before i close on this deal. I know I'll still be saving in the long run - right now im at a 5.25% with 20 years left on my current FHA. I'm going to just see if i can afford a 15 year fixed loan and see if i can get a better rate like that and not have to buy down the interest so much. Im just grasping at whatever advice I can find cause im such a noob with refis that googling advice is sometimes over my head a bit. [link] [comments]  |
| Buyer's lender says my house is unsellable Posted: 26 Aug 2020 08:19 PM PDT Been waiting two months to sell. During this period, the lenders, and the Realtors were saying everything was just fine. Well the week that we were supposed to close, everything got shut down. The buyer's agent quoted the lender saying it's unsellable. Their underwriters, at the last minute, realized there were no comps close by and the buyers were denied lending. Is this common? Do lending companies rely that much on close comps? Why would they wait until the last week to acknowledge this? Btw, my property is unique. There are two homes, one built myself. The other is a duplex. Rural area with a septic. [link] [comments]  |
| We bought a house with an old water heater, seller does not want us to change it. Posted: 27 Aug 2020 03:45 AM PDT So we signed a purchase contract and the inspection saw that the water heater is 12 years old. We are closing on October 1 but the seller is leaving the property around November. I asked her to change the water heater before closing (we will pay if necessary), as our home insurance will not cover us if there is a leak and the water heater is over 10 years old. The seller is refusing because she is afraid the new heater might spring a leak and she is afraid that she will be responsible. This seems to be a bad excuse. What are the odds that the heater will leak if a plumber comes in and installs the thing? The house is 12 years old, the pipes are practically new. As a first home buyer, IDK what we should do? Any advice? [link] [comments]  |
| Can someone explain Mortgage REITs and their future outlook? Posted: 26 Aug 2020 04:02 PM PDT Explain like I'm 5. What is the general outlook and how do federal interest rates, mortgage applications, and real estate prices impact profitability? Will companies like MFA and IVR recover? [link] [comments]  |
| Posted: 27 Aug 2020 02:41 AM PDT Found a listing, found the listing agent. Why does it seem they don't want to sell? I know they get commissions and the property I'm looking at is really cheap I would much rather pay someone outright. One place I had made a 50k offer and it sold for 38. What in the, am I missing? [link] [comments]  |
| Advice on budgeting an outdoor living space Posted: 26 Aug 2020 08:38 PM PDT I posted this in r/HomeImprovement as well, but thought this might be the right place. Thanks for any input. My wife an I have decided to blow out our tiny covered porch and extend it to include more square footage, a fireplace, TV and kitchen. Is there any general rule of thumb for how much someone should invest in an outdoor space as a percentage of the homes total value? For example, something along the lines of "never spend more than 20% of a homes value on out door living spaces". I'm not sure if this is even a thing but it may help me from overly investing from an ROI perspective. I live in a Dallas suburb. Home is worth roughly $450K in a generally desirable area. Everything is bigger in Texas except for backyards!!! This project would really make my backyard a more fun and used area, but I don't want to be too stupid with my money . Thanks !!! [link] [comments]  |
| Is this... a lot of water staining? Posted: 26 Aug 2020 04:47 PM PDT Hi there, I'm super interested in making an offer on a home. But, before making an offer and getting a final inspection. Wondering if anyone has an idea what these stains are? Should I avoid? Help! [link] [comments]  |
| First time homebuyer urgent question Posted: 26 Aug 2020 02:58 PM PDT Our close is less than a week away and we are first time home buyers. The sellers future house got burned down so obviously they would want the close date to be pushed back. We already cancelled our rental agreement and packed everything and moving out same day as close. There are 3 options as per our realtor 1. Sue them 2. Ask them to pay us x amount and let them push the closing day back 3. Rent the property to them as a specified amount and find somewhere for us to stay. This is our first time buying a home and this experience could not have become more fucked. We are definitely freaking out . Thanks in advanced [link] [comments]  |
| Ideas: Quick way to Estimate Principal & Interest Only (Without a mortgage statement)? Posted: 26 Aug 2020 08:42 PM PDT NMLS, here. For calculating Refinance opportunities on the go. It still surprises me how little people know about their mortgage payment breakdown. I have tried looking up county taxes and average county homeowners insurance payments, but it's all pretty time consuming and you can only count on maybe 6 minutes of someone's attention when you're running numbers. Anybody out there have any methods to just get that estimate? [link] [comments]  |
| What kind of loopholes can buyers take advantage of with inspection contingency Posted: 26 Aug 2020 12:30 PM PDT Hey, friends. Always appreciate the advice here. So, we are in the last couple of days of a 10-day contingency period (part of what made the buyers' offer attractive to us since there were multiple on the table). And, there has been a non-stop parade of inspectors coming in each day ... and we don't learn about them coming until like the day before. So ... I am thinking the buyer's agent is either being sloppy or shady ... one or the other. Aside from the headache of inspectors coming in at all hours, disrupting our lives (not a big deal), I am starting to get paranoid that the buyer's changed their minds and are now desperately trying to find a loophole so they can exercise the inspection contingency and walk away with their EMD intact. So, they blew like $1K on inspections. They still loose less money (since their EMD was over $20K). Please tell me I am being paranoid and that the buyers have to have a really solid reason to walk away based on inspection contingency. Like there has to be something major ... they can't just say 'oh ... it would have been more expensive than we thought to put that new HVAC system in' or something like that. It has to be a safety thing ... or something not up to code. My listing agent says not to worry, but I can't help it! I need the deal to go through because my next purchase is contingent on this one. Thanks in advance! [link] [comments]  |
| Multiple primary residences converter to rentals Posted: 26 Aug 2020 11:21 PM PDT I can't seem to stay in one place. A few years ago I purchased my first primary that I owned for about a year before I realized I hated living in Maryland. I turned this into a rental property and moved down south to Florida. I was renting in Florida for about a year and really liked living here. I purchased a beach house in a very desirable area, and made this my new primary while renting out my condo in MD. At this point I have been living in the beach house for the past year and its been amazing, 2 minute walk to the beach and all around water views and right in the middle of the city. I'm still pretty young and I work completely remotely, I have been watching non stop Bus/Van life YouTube videos. Now I was to just drive around and explore with all this additional freedom. I don't want to get rid of any properties since the MD house has been rented for the last 2 years to a good tenant, and the FL house has a lot of potential. The Question: Is it a red flag if I rent out a second "primary " residence while I travel the US? [link] [comments]  |
| Are people buying too much house? Posted: 26 Aug 2020 09:00 AM PDT Not quantity but rather size, amenities, upgrades, due to lower interest rates looks very appealing. Does anyone see long term implications of families buying too much house than necessary? [link] [comments]  |
| Posted: 26 Aug 2020 11:14 PM PDT I'm currently working towards my license in the state of California where I currently live, but things are working out to where I'm going to be moving to Florida before I get the license. How should I go about switching states? Would it be better to entirely start over or somehow add in the classes required in Florida? [link] [comments]  |
| How are Agents finding new clients during the pandemic? Posted: 26 Aug 2020 05:01 PM PDT Hi All, I'm a relatively new agent of a top team here in Orange County (specifically Newport Beach), California, and was wondering how other agents have been finding new business (buyers & sellers) during these strange, unprecedented times. The best way to meet new people, especially genuine buyers, is through Open Houses which have been severely restricted and are no longer a feasible option for building my business in the near future. If anyone has anything in mind or something that has been working for them I'd love to hear your thoughts and ideas! Any and all input would be much appreciated, thanks! [link] [comments]  |
| What updates to make before selling? Posted: 26 Aug 2020 02:04 PM PDT My husband and I are going to be looking into selling our home. We are kind of lost on what updates are worth the time and money to make. We got a new roof and fixed a leak in the basement last summer now the changes needed seem to be cosmetic rather than necessity. For example, if we have a bathtub that is peeling would we be better off just getting a diy re-sealing kit rather than replacing the whole tub? What cosmetic changes should we look into making? We basically want to do the bare minimum to make sure we can sell, but aren't sure if there was anything other than painting/fixing drywall issues that we should be considering that will add value without costing a lot to do. If this isn't the right sub please lmk. Thank you! [link] [comments]  |
| What Kind of Information Does Zillow Use For It's "Zestimate"? Posted: 26 Aug 2020 10:47 PM PDT Zillow is a website that is used to look at property in general weather For Sale, or not. I've noticed my home is 80% more desirable in my neighborhood, with more square footage, and style. I did get an incredible deal on the home, and when run through the Zillow Comparable Tool it is $70k more than the "Zestimate". Does anyone know what Zillow uses for it's "Zestimate" calculations? [link] [comments]  |
| How to protect myself when buying a second home with family Posted: 26 Aug 2020 10:22 PM PDT I know it's generally a good idea not to mix investments with family if possible, but in this case it's hard to avoid. I'm looking for guidance on any legal structures and/or finance structures I should consider as well as the right types of professionals in those fields to engage. I would love the help of this group. To the details! My wife's grandparents passed away a few years ago and left behind a few properties including a beach house. We both love the house even though it's been neglected for a decade and likely needs $150k+ in rehab. It's currently owned by a trust, whose owners/managers are my wife's dad and two of his siblings. While the siblings have talked about selling the property as they liquidate and dissolve the trust in 2020/2021, there may be some challenges dealing with the siblings on any deal. Assuming they'll sell, my wife's dad wants to retain ownership of his share (and will invest more to help with remodel costs) and would partner with us to buy out the other siblings. Over a longer period, we could buy him out or just adjust any inheritance. We may consider occasional AirBnB use but would be unlikely to rent it out long term. Given the multiple parties in the purchase, and the current trust situation, is there a best way to go about this? Should we form our own LLC to determine ownership stakes, buy out steps, etc.? How would that affect financing? Any help would be greatly appreciated. If it helps in providing advice, both families are in decent financial positions today, but not to the level of purchasing with cash straight out. In advance, thanks for any help you can offer! [link] [comments]  |
| Posted: 26 Aug 2020 10:00 PM PDT Me and my partner are buying our first home and in the terms it states this, "It remains possible that house may not appraise for contract price. If not, is Buyer willing to come cash out of pocket above appraised value, and if yes, by how much?" We have a mortgage with the bank and 7% on a down payment. The home seems to be growing each year in value over 5%. I'm new to all this and just need help figuring out what that means. Please go easy on me. [link] [comments]  |
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