Refi now charged an extra 0.5% fee Real Estate |
- Refi now charged an extra 0.5% fee
- Buying a House Next to a Coworker (WA)
- SF Bay Area first time home buyer
- How to get over continuing to lose offers
- Has anyone ever sued or been sued over not disclosing an issue with a home?
- "They" lowered the rates.
- New construction-lot unavailable?
- Anyone want to use the discount link I got after registering for a course?
- Seller has people staying in new construction home(NY)
- The Great NYC Flee
- [UK] Almost at contract exchange when the estate agent calls saying that the downstairs neighbour came into their office about flood damage dispute that happened 4 years ago...I need advice please!
- 3X Salary Home Purchase Price
- Fannie/Freddie are increasing rates on refinances
- I have a real estate and i want to sell it via facebook
- Selling current home after building new home question
- Landlord Issues! Moving out Middle of month, Do I have to pay full month rent?
- Interesting predicament - considering making a lower counteroffer (as the buyer!)
- Listing agent said she could show buyers our home tomorrow
- Selling in a hot market
- Radon test interrupted by seller (first 24 hours undisturbed read at 4.3) , now the test they ordered to compensate is lower (3.0). Should we be suspicious?
- First time buyer - not sure how to interpret inspection findings
- Anyone else ever deal with Assurance Financial?
- When should an agent disclose that they are repping two buyers?
- Renting out my second home
| Refi now charged an extra 0.5% fee Posted: 12 Aug 2020 07:21 PM PDT Article: http://www.mortgagenewsdaily.com/consumer_rates/951943.aspx Any thoughts from the experts on this sub? Why is this cost being passed to homeowners? Edit: edited question and new link from Freddie Mac https://guide.freddiemac.com/app/guide/bulletin/2020-32 [link] [comments]  |
| Buying a House Next to a Coworker (WA) Posted: 12 Aug 2020 12:50 PM PDT My wife and I just had our offer accepted on a house in a neighborhood we love. We are over the moon excited to have landed a beautiful home, especially in a competitive market like Seattle. When I told my colleague what house we were buying, they informed me that another coworker owns the house next door. As in, we share a fence. We can see into eachother's yards from our back porches. I like this coworker/new neighbor and I don't foresee any issues, but we work for a small company and we work together frequently in the office. It's such a funny coincidence and I want to be sure I handle it tactfully. Does anyone here have any advice for how to approach this unusual situation in a way that makes it easier for all parties? EDIT: Thanks for the thoughtful responses and for having fun with this question. Appreciate you, Reddit [link] [comments]  |
| SF Bay Area first time home buyer Posted: 12 Aug 2020 07:38 PM PDT I feel like we need some sort of support group for those looking to buy their first home in the Bay Area. Bidding over is a necessity and a guessing game. You're competing with the wealthiest of tech people and with these low interest rates, even more challenges. All this to buy what is an average home in the Midwest... [link] [comments]  |
| How to get over continuing to lose offers Posted: 13 Aug 2020 04:17 AM PDT Title. Currently 0-5 in NJ. Have bid 21k, 40k, 50k, 76k, and 97.5k over list. Have limited inspection. Have waived appraisal up to another 25k. Have put 25 percent down. Have written letters. Zero luck, and now it's reached the point where it feels hopeless. [link] [comments]  |
| Has anyone ever sued or been sued over not disclosing an issue with a home? Posted: 12 Aug 2020 02:34 PM PDT If so, what's your story? How did things work out? [link] [comments]  |
| Posted: 13 Aug 2020 04:19 AM PDT I've gotten an increased number of calls recently from people saying "I heard they lowered the rates again," or, "I heard they're lowering the rate again soon." This happens every time the Fed talks about lowering the fed rate or talks about having no intention of raising rates in the near term. There is no magical person out there controlling mortgage rates. When the Fed talks about lowering rates they are talking about lowering the short term rate at which banks borrow/lend to each other. This impacts things like your credit cards but NOT mortgage rates. Mortgage rates have actually ticked up a bit over the past week. "But, but CNBC said rates are lower!" Sure, rates are still low, but nothing CNBC tells you is going to change what rates actually are. My advice? Lock in a good rate now. Economic recovery means higher mortgage rates are potentially on the horizon. TLDR: lowering the short term fed rate does not lower the long term mortgage rate, the price of the mortgage backed security influences long term mortgage rates. [link] [comments]  |
| New construction-lot unavailable? Posted: 12 Aug 2020 09:11 PM PDT My husband and I met with a planner regarding a new construction home in a community we are interested in. We picked out a lot and home style but wanted to take a day to sleep on it before committing. Unfortunately the lot we had picked out sold that same day and when we went in to sign, it was gone. We selected this lot because it was larger than their average lot but not so large that it was unaffordable as well as it backed up to a small wooded area. While looking at the lots, we couldn't find anything that really fit what we wanted that was listed as "available". My husband asked about a comparable lot a few lots down that was listed as "not available". The planner called her supervisor who approved for us to purchase this lot provided his supervisor says it is ok to start a build on (due to time of day, we couldn't leave with a certain answer). If they say no, we get a refund if our earnest money. Has anyone come across this before or know why some lots are listed as "unavailable" but still on their map. I can't really relax or be happy about something huge we just did because there's a cloud of uncertainty over it. I don't want to say anything because I'm worried they will call back and say they can't move forward on that lot. I don't quite understand the available vs unavailable open lots and why it may not be approved if we are ready to sign and pay that day. Anyone know anything about this? [link] [comments]  |
| Anyone want to use the discount link I got after registering for a course? Posted: 12 Aug 2020 10:41 PM PDT I'm not advertising for the company, just want to give anyone who's interested in getting their license a discount that I wish I could have gotten. 35% off $189, so 122.85 for the full online course and test. Here's the link, good luck! [link] [comments]  |
| Seller has people staying in new construction home(NY) Posted: 12 Aug 2020 06:06 PM PDT I am buying a new construction home in new york state. I have been in contract since early June and supposed to close late this month. The seller of the home has people staying in the property that was originally vacant when the contract was executed. Is this legal? Thank you for any replies. [link] [comments]  |
| Posted: 13 Aug 2020 05:16 AM PDT |
| Posted: 13 Aug 2020 04:48 AM PDT Hi everyone! I'd really appreciate some advice/opinions on this situation... I'm a first time buyer about 2 days away from exchange on a flat that's in a majority council block. (Edit: I'm buying in West London, UK) The estate agent just called me to tell me that the downstairs neighbour just came into the office telling them about a dispute he's had with the current owner about damage to his personal property from a leak that happened 4 years ago. Apparently he "wasn't that aggressive" and wanted to make sure that the agent wasn't interfering?? And when asked if it would be a problem for the new owner he said "absolutely not". The owner says she has no idea why it's been brought up as an issue and it hasn't been a problem before. I'm taking everything the agent is saying with a massive grain of salt, so I'm worried that the neighbour is going to be a problem.... The dispute with the leak 4 years ago was noted in the purchase documents but it said nothing about an on going dispute. Ive already got some reservations about the purchase since only 2 of 12 flats are privately owned and although the inside of the flat is amazing the building itself hasn't been well maintained by the council. What do you all think? Any advice would be much appreciated! [link] [comments]  |
| Posted: 12 Aug 2020 08:00 PM PDT I've posted about wanting to buy a house before and keep reading about the 3X salary maximum house cost. I'm just curious if this factors in other debts and obligations. I'm currently debt free and have over 1 year of living expenses saved. My hope is to save more and eventually use some of it for a down payment and keep 6 months left over. My salary is $80k/year and using the 3X rule I come to a $240,000 home price which simply does not exist anywhere near me since California sucks. I currently pay $2150/month rent which is the cheapest I can find while staying out of the ghetto. This is roughly half of my take-home pay but I still live quite comfortably while being able to save a decent amount each month. Using online calculators this rent payment is comparable to a mortgage payment including taxes and insurance on a $450k house assuming 20% down. Now I understand homes have maintenance which most say to assume 1%/year or $375/month. This drops potential purchase price down to $400k but it is still way above the 3X figure. Am I neglecting other expenses? My math tells me that 4-5X my salary is affordable for me given my life style. After reading the 3X rule I gave up on ever owning a house because I don't think I'll ever make 1/3 the cost of a home in California unless I move 2+ hours away. [link] [comments]  |
| Fannie/Freddie are increasing rates on refinances Posted: 12 Aug 2020 07:55 PM PDT https://guide.freddiemac.com/app/guide/bulletin/2020-32 Doesn't seem like a decision made in the public interest at a time like this.... thoughts? [link] [comments]  |
| I have a real estate and i want to sell it via facebook Posted: 13 Aug 2020 04:33 AM PDT Hi,i have a peace of land on the coast of Croatia that i wanna sell.I want to advertise it via fb but unfortunately i don't have many friends (i am pretty introverted) who would like and share it so it wouldn't reach many people.I saw that you can pay ads on fb to reach more people.Does anyone have experiences with that?Is it possible to do it under another name to reach more people?How would you do it if you hadn't many friends (online and in rl)?Thank you for your answer. [link] [comments]  |
| Selling current home after building new home question Posted: 13 Aug 2020 04:32 AM PDT Hello r/realestate! My wife and I will be selling our current home after we build our new one. My question is, what is the best method for getting the equity from house A(current) and using it as a down payment on house B(new construction) so that we have a smaller loan? The down payment on the construction will be covered by our land we already own, so selling after the construction won't be an issue. Would we need to just refinance and use the cash from the sale for a new down payment? Would be HELOC house A ? 2nd mortgage house A? Thanks for any help! [link] [comments]  |
| Landlord Issues! Moving out Middle of month, Do I have to pay full month rent? Posted: 13 Aug 2020 04:30 AM PDT Not sure if this is for this sub - We live in Florida. We moved in the middle of the month last August when we paid only partial month rent. Our 1-year lease expires today. I'm planning to move out in the middle of Sept as that's when we close on our house. I had figured that I would pay for the partial month in Sept as well. But Landlord says - I will have to pay for the full month since technically we are now month-to-month but no papers are signed. What is the statue in Fl? Another issue, we have $3500 in the security deposit, we are concerned that he's going to be petty and keep all of it. Do I have a leg to stand on if I don't pay my sept rent risking just the $3500 rather than paying full rent AND risking the security deposit. My goal here is not to hose the landlord but to pay for what's legit rather than right now I feel I'm being gouged. I dont know what legal grounds he or I are on as he's telling me 'this is how it usually goes'. Just need some clarity on how to proceed. thanks! Background: Landlord is a realtor/landlord whose realtor services we had considered but ended up seeing the property that we are buying with another realtor. [link] [comments]  |
| Interesting predicament - considering making a lower counteroffer (as the buyer!) Posted: 12 Aug 2020 07:22 PM PDT Seems like we've found ourselves in a unique situation in these times! An older home (ie. original 80's condition) we like was listed at $330k. We checked it out and had our realtor run the comps - comes up closer to $290k. We offer $300k (because the market is crazy and we want to offer high enough to beat out investors, but not overpay). They countered us at $320k AND they want rentback. We say we'll stick to our original offer, but will allow rentback. Weekend goes by and they drop the listing to $325k, but they come back to us and say they need $310k net. We still say no, we'll stick to our original offer (house will need a lot of work). It's now Wednesday (7 days on market) and they send us the same message about $310k net again (which seems strange?) This gives me the impression they don't have any other offers above ours. Seller is "motivated" and it has been revealed to us they have a timeline they are trying to stick to keep ("needs" to close in about a month, but dont forget the rentback situation). It got me thinking - should we just counter at $290k which is closer to what I'm starting to think it's actually worth? Maybe that would get the ball rolling? It's been on the market for 7 days in a typically very hot area. We're not in a rush and can wait to see what next week's listings bring, fwiw, BUT if they are willing to accept our original offer, then that would be great. Thanks for any insight :) [link] [comments]  |
| Listing agent said she could show buyers our home tomorrow Posted: 12 Aug 2020 05:18 PM PDT I live in Florida and am looking to list my home soon. My agent called and said she was showing buyers homes around the area and could show them our house tomorrow. The thought of already looking at an offer before listing seemed great. However, since she's representing these people as well (presumably, from what I was told) this would be dual agency, right? I'm reading online that this isn't legal in my state nor is it a good idea because of conflicting interests. Unless I'm misunderstanding something. I'm very unfamiliar with the world of selling homes so I wanted some input on this. [link] [comments]  |
| Posted: 12 Aug 2020 07:59 PM PDT Phoenix/Scottsdale is a sellers market right now, as I've been told by multiple agents. We could sell our house quickly it would seem and carry with us a significant amount of equity to put towards a new place. The problem is the inventory of houses that meet our needs is very low and I worry we would not have anywhere to go for some time. Is this a common issue and What might be the best solution? Realtors say to list and "something will come along". [link] [comments]  |
| Posted: 12 Aug 2020 09:49 AM PDT We are in the process of buying our first home. 24 hours into the radon test we ordered, someone entered the home and opened a window / turned on the swamp cooler (despite a clearly-displayed warning not to do so). This rendered the second half of the test unusable. The first 24 hours read at 4.3, so we asked for the sellers to install a mitigation system. They opted to retest (understandable, I would do the same) and their inspector sent through a report with a 3.0 reading. Do we have any reason to be suspicious about the discrepancies, especially considering our test was compromised by them? [link] [comments]  |
| First time buyer - not sure how to interpret inspection findings Posted: 12 Aug 2020 08:06 PM PDT Would anyone mind taking a brief glance at these and give an opinion on if these items suggest minimal or major concerns? I'm mostly concerned with the foundation cracks and the termite damage. It seems to me to be fairly minor signs of both but as I'm new to this I'm wondering if I should be more concerned. Do these look like costly repairs or minimal wear and tear? [link] [comments]  |
| Anyone else ever deal with Assurance Financial? Posted: 13 Aug 2020 01:39 AM PDT Long story, TLDR at bottom. I bought a house with this company in early 2018. Everything was fine at the local office but once I actually closed on and owned the property and had to deal with the customer service people on the other end of a 1-800 number it all went downhill... especially this year. I can't tell if they're incompetent or just full of shit. The house is in Louisiana but I'm currently working and living in Colorado. Bought the house with my ex, things didn't go as planned what so ever, he went out of the picture shortly after closing, I was offered an opportunity to move out of state and took it. My sister and a friend rent the house from me for cheap just to keep it occupied until I can sell. So here's what's going on with the mortgage company: Back in January, I was owed money from my escrow account. Never received the check. I called them in March to request a new one, instead they sent me a copy of my 2019 escrow analysis...not even close to what I asked for. I called them again and spoke to a supervisor. I asked if they could just put the money back into the account, they said no. They said they were going to send out another check. It did not arrive until June 26th, 3 months later. When Covid hit, my sister was laid off so I applied for Covid assistance. She ended up not needing help so I called to have it cancelled. I had to speak to, I don't know, 7 different people? To finally get that request cancelled. They kept sending me letters saying they may have to do an appraisal that I would have to pay for as part of the assistance and I was like oh hell no. The first few people I spoke to all said, "Oh yes, I see that you're still making your payments. I'll put in a request to have this closed." By the third call I was like, "yeah ok, that's what the other person said last week." Then the last few people I spoke to said, "Oh yeah, I see here in the notes that this was resolved, sorry for calling." I didn't get anything officially on paper saying it was closed and done until June. Since nothing seems to get through their heads via phone I decided to make some inquiries using the secure messaging system in my account regarding the two thing above and the next thing I'm about to mention. No one ever got back to me. Ever. I tried to get my mailing address changed also back in February or March so I wouldn't have to make my sister forward the mail to me constantly. First request was rejected bc my ex's signature wasn't on the form. Got him to sign one, sent that in, and they supposedly never got it. Now I'm getting letters from the company at my current address saying "Records indicate that you are no longer at [house address]. Please update your records, blah blah blah. Now I'm about to send them another change of address form but I don't have my hopes very high that anything will be done. They almost didn't pay my homeowner's insurance in March. Got an intent to cancel from the insurance company, they paid it with only a couple days to spare. I switched to a new, cheaper insurance company in May. They submitted documents to Assurance. After about 2 weeks my agent calls me telling me that Assurance hasn't sent payment or even acknowledged their existence and the company is planning to send out an intent to cancel letter and that the payment needs to be sent overnight. I call them to find out what's going on and they say, "Yeah we got the paperwork." Okay and?? "Well we didn't know you wanted to switch so we didn't do anything with it." Wow, thanks. Then she asks if they need to send payment, I tell them yes and it needs to be overnighted and that I'll put the money back into the escrow once my previous insurance company refunds me. She asks for me to email the address to them and they'll get right on it and send it out that afternoon. Cool. A few days go by and nothing changes, no payment has been received. I call again and this new representative puts me on hold and comes back and says, "None of us here have access to that email address, can you send it to this other one instead?" I do what she asks and finally a few days after that the payment makes it to the insurance company and that's finally settled. I also get the check from the previous insurance company that same day. Had I known that, I would have just waited a few days and sent the money to the insurance co myself. I put the money back into my escrow as soon as the money is cleared in the bank and think I'm finally all done with the mess but nope. Literally the day before I put the money back into my escrow account, they ran a new escrow analysis on my account and determined I was $1723 short and upped my mortgage $160. Completely unexpected and I was not prepared. My sister and her roomie do not pay me that much and so for my August payment I had to cover that extra cost. I called and told them I couldn't afford that and that I didn't understand how I was so short when I paid that money back not realizing the date of the analysis. The woman on the phone kept saying that I was actually only ~$500 short but that my mortgage would remain at the new amount for the next year unless I paid that money upfront. I was defeated, just got off from my 5th night shift in a row, and just broke down crying telling her I can't afford any of that. She proceeds to get pissy with me and wouldn't speak to me for a solid minute and then says, "I guess I can request a new analysis to be done, it'll take 4 days." I asked them to do that. Still cannot figure out where she was getting that $500 shortage from btw. A week went by, no new analysis. I call and the rep of the day tells me it was done on the 29th and I should see it in 24 hours in my account and that my payments would be back down to about right where they were starting September 1st. It's been a week and a half since I spoke to that guy and low and behold, no new fucking analysis still and my September statement is the same amount as August's. I finally gave up and contacted the woman from my local Assurance office asking for help bc I'm at my wit's end with this company. I usually cry when I'm mad but I think I'm to the point of yelling and cursing someone out if I call again myself. She said she would contact them to figure out what's going on. FINALLY tonight, shortly before midnight, I got a new escrow analysis notification. I'm only short $104 and my mortgage is back down to a reasonable amount starting October 1st. This homeownership experience has been an absolute nightmare from the start. I regret buying this house with every fiber of my soul. I've tried asking my ex if he wants it (he landlords) but he doesn't. I've also tried refinancing it into a proper rental property to get away from this company and get my ex's name off but I can only get 80% of the value and I still owe a lot more than that. I can't refinance it as my own place bc I have a residence and job in another state. I couldn't refinance when I lived there bc I didn't make enough. I've tried turning it over to a real estate agent and that didn't go as planned either. I was told bc I've only had it a short time, selling now might look sketchy. I'm also probably not even going to break even and that I need to make improvements to up the value first. I was also told that my sister and her friend need to move out bc it'll be hard to sale with people living in it but I told them they could stay until next June. I'm getting to a point where I don't care what I get for the house, it's going up for sale next summer and if I end up in the hole, oh fucking well. I don't think I'll ever buy another home again. Anyone else have any difficulties with this company? Some days I think, "Maybe I'm the idiot and I just don't know what the fuck I'm doing with this house." (Actually that's most days). But I also think that this company just doesn't have it's shit together and it's frustrating. I literally fantasize about abandoning it and letting it foreclose but it's not just my credit that gets fucked. TLDR: Mortgage company doesn't do what they say they will or takes months/weeks to do it. Absolutely fed up with situation. Trying to find out if others have had similar experiences. Edit: On mobile so there's probably lots of typos. Tried to catch what I could. [link] [comments]  |
| When should an agent disclose that they are repping two buyers? Posted: 12 Aug 2020 09:37 PM PDT By coincidence, we found out that our agent was showing a property that we had seen an hour earlier to another client. Now, we don't know if the other clients are interested enough in the property to submit an offer as well. However, we made it very clear that we are interested. I personally don't know how to feel about disclosure in this case. Obviously, I would feel that at least disclosure would be required in the case an agent represents two buyers once they get to the point of actually submitting an offer. Ideally, they would never represent multiple buyers individually. How do you feel about disclosure of the fact that they are showing the same property to multiple clients? [link] [comments]  |
| Posted: 12 Aug 2020 09:18 PM PDT I had taken mortgage exactly 2.5 years back as a second home. That mortgage got sold to one of the big banks. I have home owners insurance. I have decided to rent it out full year. Once the renting starts, what should I do with insurance.I understand that I need to convert to Landlord's insurance and make renter purchase a renters insurance. I am trying to figure out how this plays out with mortgage company. Currently my home owners insurance is being paid by my mortgage company via escrow. Q1 : Would there be any problem if I start renting out an unit for which mortgage was taken as second home?Q2 : Should I change to Landlord's insurance and how do I inform mortgage company about this change? PS : Throw away account [link] [comments]  |
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