Patience Pays Off - Locked in Sub 3% (2.875) rate today Real Estate |
- Patience Pays Off - Locked in Sub 3% (2.875) rate today
- Locked 2.625% on a 30 year Jumbo today. Woot!
- Getting Bad News
- Got the keys yesterday...
- [CNBC] Supply of existing homes plummeted 21.1% annually, with just 1.5 million homes for sale at the end of July. Median price of a home sold in July rose 8.5% annually to $304,100.
- Advice to sellers: always ask if the buyer wants something before you just leave it
- Funny amounts on my final home sale commissions?
- Can I build a $200k home on a $120k piece of land?
- Are cheap jumbo refis happening?
- Switching jobs while potentially being in contract?
- Buying a house that backs up to a Marina
- Partial Owner Financing?
- Tips for dealing with underwriter demands
- Listing agent wants my realtor to hold my offer
- Want to sell my home and move to a different state...with no savings!
- Likely loss of property (fire) one week till close in Bay Area
- What do you expect from your RE agent?
- Best Outcome?
- Why would a $16m property rent for $13k a month?
- Finally under contract
- Seller's agent misrepresenting previously accepted offer falling through? [CA]
- Choosing an inspector for an industrial property
- Question in starting an LLC with multiple investors and buying real estate
- Any loan disclosure feedback appreciated
| Patience Pays Off - Locked in Sub 3% (2.875) rate today Posted: 21 Aug 2020 04:31 PM PDT I reached out to a lender right before the announcement regarding the additional fees for refinancing that caused the rates to shoot ups. When I completed the application the next day, the rate had already gone up above 3%. I declined to move forward and the lender reached out to me today to offer a pricing exception back down to the original rate, about 10 days from our initial conversation. Excited to save some $$ [link] [comments]  |
| Locked 2.625% on a 30 year Jumbo today. Woot! Posted: 21 Aug 2020 08:47 PM PDT |
| Posted: 21 Aug 2020 02:25 PM PDT So my wife and I began searching for a home at the end of June. From that time to about now we saw ~52 houses, made 4 offers only to be beat by cash or not accepted, and eventually just feeling beaten and downtrodden. Until we saw it. A house we fell in love with. We looked at the comps, made an offer that was below asking and it was accepted! Then our realtor told us even better news that apparently they house was completely furnished because the seller was out of state and didn't want to deal with the furniture! We were elated and overjoyed. We put down our deposit, and did our inspection that passed with flying colors showing a 2 year old roof, 1 year AC, and brand new plumbing and water heater. Everything was just looking up. Forward to yesterday, when we get a call from our realtor letting us know there was a snag. He had gotten a call from the title office letting him know there was a problem. The house was formerly owned by the tenants father who passed away four months ago. Turns out that in a rush to make sure the house could pass tot he seller without any issues, there were some mistakes made. We were told by our realtor today that the house will have to go under formal probate. We live in an apartment and they were very gracious to extend our lease by two months until the end of September, but I don't think that will be enough time for all this to be sorted, meaning that we are back to square one. This news just crushed us. I feel legitimately down and heartbroken because we had fallen in love with this home. What upsets us the most is why the selling agent would allow them to list this house without doing a title search, and making sure that everything was good. Now we are out inspection money and emotional attachment. I just wanted to vent because I feel angry, hurt, frustrated, and just sad. Thank you for taking the time to read this. [link] [comments]  |
| Posted: 21 Aug 2020 06:30 AM PDT Buying a home isn't always as scary as this subreddit makes it sound. Believe it or not, things can actually go smoothly. Quick timeline... July 1st: Decided I was ready to sell my current starter home July 3rd: Met with a real estate agent who would assist in the sale and purchase of a new home July 18th: Toured a home I wanted to make an offer on July 18th: Got pre-approval for financing July 18th: Listed my current home for sale July 19th: Had my offer accepted contingent on the sale of my home July 22nd: Accepted an offer on my home July 27th: Inspection completed on current home (no major issues found) July 28th: Inspection completed on new home (no major issues found) August 10th: Received contingent approval for financing August 11th: Appraisals for both homes came back at asking price August 14th: Received final approval for financing August 20th: Closed on both homes This market is scary. The loan process is scary. There's potential for problems all through the process, but it can and does actually work without issue sometimes. This sub was incredibly helpful in preparing me for potential issues that I ultimately never had to face so I thank you all for that. To those just starting their home buying journey, don't fall victim to all the negativity. There are plenty of success stories out there that too often go unnoticed! [link] [comments]  |
| Posted: 21 Aug 2020 07:49 AM PDT
Actual source: https://www.nar.realtor/newsroom/existing-home-sales-continue-record-pace-soar-24-7-in-july [link] [comments]  |
| Advice to sellers: always ask if the buyer wants something before you just leave it Posted: 21 Aug 2020 01:14 PM PDT We are finally closing on a house after a long search process and having put 13 offers on other houses. We just did a preliminary walkthrough 72 hours before settlement (we will also do one right before settlement) and the sellers left all sorts of shit: old TVs, computers, carpet, a dead mouse in plain sight, a used bong, a 1980's dehumidifier, over 30 cans (gallons) of latex paint, 5 gallon jugs of wood floor primer, used motor oil, numerous 5 gallon jugs of random metal bolts, and other crap everywhere in the house. They seemed surprised when we asked them to remove it before settlement and they are now scrambling and flustered to get it done. The house itself was completely filthy as well but we are looking past that. It's pathetic that someone wouldn't even sweep or wipe the refrigerator down after they move out. When selling our previous home, we cleaned our house top to bottom after we moved out to not only make a good impression on the buyers, but to have a sense of pride in how well the house was maintained previously. Advice: Always ask a buyer if they want certain things left instead of just assuming they do. This will save you headaches in the long run and save you from scrambling at the last minute to remove and dispose of trash, including hazardous materials. [link] [comments]  |
| Funny amounts on my final home sale commissions? Posted: 21 Aug 2020 09:10 PM PDT I'm selling my house and have my closing in about a week and this was in the list of the entire deal from the title company: "Commission (Note: Commission amount $5445.00. POC Held By RE/MAX 100Realty $1,500.00) 3,945.00 Real Estate Commission to RE/MAX 100 Realty 5,250.00 Real Estate Commission to RE/MAX 100 Realty" The Final sale price is $175,000 and the commission I thought was 3% to selling agent and 3% to buying agent. So the 5,250 makes sense, but I can't make heads or tails of what the "Note" is supposed to mean. What "POC" stands for, and how they arrived at either the 3,945 or 5,445 amounts. Any realtors or real estate savvy people able to comment on what is going on here? [link] [comments]  |
| Can I build a $200k home on a $120k piece of land? Posted: 21 Aug 2020 11:52 AM PDT Basic facts: two income, five person family in South Central Wisconsin with $6200/mo take home pay and zero current debt. $80k set aside for down payment and incidental costs of buying/building. That's separate from emergency fund. Our dream is a 2500sqft 4 bedroom home on 2-5 acres of RR2 rural land, NOT in a god damn suburban development. I've got my eye on a $120k 3.5 acre property that's zoned correctly for my needs but has no well, septic, etc. It's currently a corn field bordered on two sides by trees. My question is basically, can I afford to hire a GC and build on that land? Our sweet spot for purchasing an existing home right now would be about $340k, but I don't know enough about the building process to know if it's as simple as 340-120 = I can build $220k worth of house on that property. I'm almost certain the answer is no? [link] [comments]  |
| Are cheap jumbo refis happening? Posted: 21 Aug 2020 09:58 PM PDT Purchase rates are low and moving, but refi rates (if you can find them) seem to be at 4% or just below. Anyone found a place that will do 3% on a jumbo refi? I'd even do a 15 year at this point to get a great rate, but jumbo refis seem in a penalty box. [link] [comments]  |
| Switching jobs while potentially being in contract? Posted: 21 Aug 2020 05:30 PM PDT Hi, I was fortunate enough to recently receive a job offer in a field I'm a bit more excited about than my current work. I'm also currently pre-approved for a mortgage and we are actively looking at homes. The pay is about the same so i've spoken to the lender and they are okay with it. I'm also in a hot market so having a loan contingency is a non-starter, and 30 day closing windows are the norm. What I'm trying to understand is how underwriters verify employment for a new job during close beyond the offer letter and phone calls. What if the following were to occur:
How likely would it be for things to move smoothly in this scenario with that break in between, without the first paycheck from the new job at closing? Should I just put off putting in offers until after I get my first paycheck, basically taking a break from the house hunt for a month? I'm in contact with my lender and speaking with them, but I know that speaking to the lender isn't necessarily the same as the underwriter giving their approval, so thought to check-in. [link] [comments]  |
| Buying a house that backs up to a Marina Posted: 21 Aug 2020 03:08 PM PDT I'm under contract to buy a home in a money area that is mostly waterfront (lagoon homes). I can't really afford to be on the lagoon, so the house I chose is on the outskirts of the development, with a water view of a small marina in the backyard. I initially loved the water view in the back. Boats and boat slips. Yes. You see people Coming through here and there in summer. Not perfect, but I know what I'm paying for. My parents are local (I am somewhat as well) to the area and it is summer and every time I drive by it is insanely quiet. I was excited to get this house and have a nice water view without a lagoon price and then this loudmouth relative gave a whole speech about how living adjacent to a commercial property they can build a wall mart and I'll never be able to resell it and blah blah blah. Yes. Technically they can. But on sand? Anything can happen here. Am I buying a total dud? This is N.J. [link] [comments]  |
| Posted: 21 Aug 2020 06:49 PM PDT Looking for some advice on how to close a deal. We're currently under contract selling our home. Buyer is using a VA loan. The appraiser came out and basically told me there's no way that the appraisal is going to come in at the contract price. I don't believe the buyers have cash to make up difference. We have wiggle room in our budget, which we're happy to work with in order to close the deal but we also think the home is worth what these buyers are willing to pay, so don't want to go too low. My question is, is partial owner financing a thing? Say we lower the purchase price to the appraisal value and then create a promissory note between us and the buyers to finance the additional value that they see in the home. Some problems I see with this idea is that the bank will not like to have that other loan out there. We're selling by-owner like we have for other homes, but this admittedly in new territory. I've never seen a house not appraise during a sale. Any advice would be appreciated and I get that I'm running the risk of sounding like an idiot. This is not my area of expertise. [link] [comments]  |
| Tips for dealing with underwriter demands Posted: 21 Aug 2020 08:51 PM PDT Hi, My hubby and I locked in a great rate on a USDA loan, but we are hitting a major hiccup as we try to move to closing. He is working an hourly job. Underwriters are demanding a letter from his employer stating how many hours a week he is guaranteed to work. Company policy will not allow his HR person to write such a letter. Underwriters have been told this. Neither the company or underwriter seems willing to help us with this issue. Do you have any ideas on how to fix this issue? Due to the right market we have very few options if this falls through. ETA: We are in Montana. [link] [comments]  |
| Listing agent wants my realtor to hold my offer Posted: 21 Aug 2020 08:09 PM PDT I'm looking at a home that's currently a short sale. There is the listing agent I'll call Jill and my realtor I'll call Sam. The listing agent claimed she had 1 offer. I decided on an offer of $150,000 & called my realtor to let her know. She calls Jill to make her aware that she would be preparing an offer and asks her if she has any current offers. Jill tells her that her client is putting an offer (clearly it's not submitted yet) and the bank that has the house wants the best and highest offer. And my realtor said she asked Jill "well if they need best and highest, how high? $150,000?" Jill: higher. My Realtor: $160,000? Jill: higher. My realtor: $165,000? Jill: higher. So I decided on $175,000 (which I found out was the highest offer) and told my realtor, who told me to give her an hour and she would have my offer emailed to me to review. An hour passed and she calls to tell me the listing agent called & told her that she spoke to HER client and told them there is an offer that is higher than theirs and asked if they wanted to revise their offer or decline before it's submitted. She told my realtor that in order to prevent going back and forth with offers & paperwork between them, she recommended that only 1—-the best and highest offer be submitted to the bank. She's giving her clients 24 hours to improve their offer or decline. My realtor just went along with her suggestion. Is this normal? Honestly it feels like she wants her client to revise their offer to avoid splitting the commission with my realtor if my offer was the current highest. It appears that she could easily use info about our offer to influence her client's offer. I don't understand why both offers can't be submitted or why my realtor just agreed to do this too. [link] [comments]  |
| Want to sell my home and move to a different state...with no savings! Posted: 21 Aug 2020 12:33 PM PDT Alright, this is going to sound risky, idiotic, and just probably get downvoted to Hell, but worth a try seeking advice! I currently own a home and have 130k left on the mortgage to pay and have a combined debt of 70,000 (home refinance for repairs mostly). Ideally, the house will sell around 275, maybe more. Neighbor's similar house sold last year for 300. I want to sell, pay off my debts and move one state over. How in the Hell do I pull this off? My wife started her own business this year and I'm not sure how that will play into the new loan, or if I'd be better off on my own loan without her (she also has student debts that she's been deferring) I'm hoping I don't sound dumb for thinking it'll be this easy, but my plan is to sell the house, move most of our stuff into storage and rent an apartment for a few months while I look for a home to buy. My line of work pretty much hires anybody with a pulse, so I'm not terribly worried about my employment, and it's decent money so I'm hoping if I wait a few months, get a job, get my debts paid off; I'll have a much higher credit score and can secure a better loan. Think I'm around the high 600s at the moment. I don't have much for savings, and honestly I'm slowly climbing out of the debt hole, but it's going to take longer than I'd like to make the debt go away and have a decent amount saved. Thanks for taking the time, and I hope this doesn't turn into a r/RoastMe ;) [link] [comments]  |
| Likely loss of property (fire) one week till close in Bay Area Posted: 21 Aug 2020 09:16 AM PDT Hello all-- unfortunately I am asking for some insight from the Santa Cruz Mountains that is currently burning. We were suppose to close on the house of our dreams next week, however the fires from the lightning storm a few days ago appears to have burned through and wiped out the community. We don't know if the house is still standing, however we do know the water plant burned down, power is gone, and potentially the sewer plant as well. We no longer have any contingencies as we were on track to close and everything was good to do (loan, appraisal, insertions, etc). My question is if we will get our earnest money deposit back (~$25,000) or if this is in danger for us canceling the contract. I did read in the contract (CAR from SCO revised 11/14) under paragraph #11 (condition of property) that "Unless otherwise agreed in writing (I) the property is sold "as-is" in its PRESENT physical condition as the date of Acceptance and (b) subject to the buyer's Investigation rights; (II) the Property, including pool, spa, landscaping and grounds, is to be maintained in substantially the same condition as the date of Acceptance" Can anybody chime in and let us know if we are off the hook for losing our earnest deposit in this situation? We have not conducted the "final walkthrough", and it will be weeks until people are even let back into this region to check homes and valuables. [link] [comments]  |
| What do you expect from your RE agent? Posted: 21 Aug 2020 02:46 PM PDT Fairly underwhelmed by our buying agent, but maybe my expectations are off. Curious the opinions of this board. [link] [comments]  |
| Posted: 21 Aug 2020 03:57 PM PDT Hi, I got married in 2018 and moved in with my husband who owned a house. It was too small and admittly a fixer upper. We sold it and filled the disclosure out to the best of our knowledge. Come to find out the people we sold our house to are flipping it. No big deal. However they keep reaching out to us to pay for different things. Most recently it's the duct work that wasn't properly attached to a new furnace. We had no idea. Rewind to 2015. The furnace was replaced by my husbands brother's friend. We don't know if he pulled a permit and are working on figuring that out. Do we have any legs to stand on or will we end up replacing this ductwork? [link] [comments]  |
| Why would a $16m property rent for $13k a month? Posted: 21 Aug 2020 10:56 AM PDT At $13,000/month, you could rent such a property for 1,230 months -- or 102 years -- before you'd have paid the cost of the property. Yet, here's one such listing. Does this seem off? Or is the property overvalued compared to what it actually rents for? Rental price ($13k/month): https://sandiego.craigslist.org/nsd/apa/d/solana-beach-oceanfront-del-mar-house/7178177797.html I've read that rental properties (to be profitable) should rent for about 1% of a home's value per month. That would imply $160,000 per month. This is about 8% of 1%. [link] [comments]  |
| Posted: 21 Aug 2020 07:06 PM PDT Around two months ago we decided to sell our house and move. Our current home was pretty run down when we bought it 7 years ago and isn't much better now, was the economics of the time. Our home has gotten to the point it needs the roof replaced, windows and siding. We weren't putting that money into a house we really didnt want to start with. So we put our on the market and started looking. Little did we know the market was a shit show. We live in a county with some of the highest taxes in the state with super high unemployment so it was quite a shock. Most of the homes are from the 70' and not updated. I want something more modern. We lost two back up offers that the original went through however one I want to throat punch as it was handled very unprofessional. Another interested in sold in 1.5hrs, nuts. It's a city of 20k population. Well Wednesday my realtor called asking if we can look at a home in an hour and a half. We knew the home as it had went under contract when we first started looking but was more than we really wanted to spend. Fast forward two months and we found we needed to up our budget for what we want. The contract had fallen through when the buyer couldn't get her USDA funded. We and another buyer both put in full price offers but we offered more earnest money and my job helped a touch to sway them according to my lender. Yesterday we were wrecks all day waiting and finally got the call they accepted. Tonight they invited us over to show us all the intricacies of the home, hidden gun storage and the like, welcome to the south. We are over joyed and hope to the process is quick. Our broker claims a 30 days close. We shall see how it goes. It's a much nicer home than we thought we'd ever have and will keep us happy until my wife is able to retire. One of the best parts is it is a half mile away from our current home so an easy move. [link] [comments]  |
| Seller's agent misrepresenting previously accepted offer falling through? [CA] Posted: 21 Aug 2020 06:56 PM PDT I recently had my offer on a single family home in Southern California accepted by the seller. The day after my offer was accepted and the deposit was wired, all the online real estate listing websites switched to "Sale Pending" or "Pending." Our purchase agreement has every standard contingency still to be lifted (e.g. financing, inspection, etc.)
Our offer on this home was guided by the listing agent claiming that the sellers had accepted an offer in a certain range, but that it had fell through due to their inability to secure financing. But I've been tracking this home for the past few months, and have never seen the home switch to "Sale Pending" or "Pending" on Zillow, etc. This is making me skeptical that the listing agent may have misrepresented the situation.
So three questions related to this: If a home is listed as "pending" or "sale pending," will that show up in the history of changes on Zillow or other websites? Can the selling agent lie about having accepted an offer, and that falling through specifically for not securing financing? Is "pending" or "sale pending" typically changed on a listing immediately after an offer is accepted, or at a later stage? [link] [comments]  |
| Choosing an inspector for an industrial property Posted: 21 Aug 2020 06:37 PM PDT Hey guys - This is my first time looking into an industrial warehouse. I am not sure how to go about looking for a good inspector to do the job. This area was hit pretty badly by a tornado last year and the warehouse was recently repaired. I want find a good inspector to do the job. How would you guys recommend me in doing so? Thank you. [link] [comments]  |
| Question in starting an LLC with multiple investors and buying real estate Posted: 21 Aug 2020 06:25 PM PDT Does anyone know or have experience in starting an LLC for real estate with multiple investors in the LLC? Been searching through online but seems like its really geared towards individuals who buy multiple properties and then start an LLC. What I'm trying to do is start with an LLC with a group of people and start pooling funds to buy our first rental property. Understand most lenders dont give to LLCs without any equity but looking at initial options on how to first start this. Any advice would be appreciated thanks! [link] [comments]  |
| Any loan disclosure feedback appreciated Posted: 21 Aug 2020 02:20 PM PDT Got my loan disclosures but since I am the only one going through the process, I would be grateful if any one can offer some feedback on the loan: [link] [comments]  |
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