UPDATE: Does appealing an appraisal ever really work? Real Estate |
- UPDATE: Does appealing an appraisal ever really work?
- Offer Accepted
- What exactly is a co-living property?
- Immediate Buyer's Remorse after Offer?
- Can anyone help me out?
- Buyer letter with offer
- I'm worried my paranoid landlord will ruin my chances of finding a new rental home.
- (WA) How to get a notification when a home gets listed for sale?
- Buying a house - settlement fee
- Can I negotiate my rent?
- Received our first mortgage estimate, and I have questions...
- Made offer, have to wait 5 days until answer. Is this common?
- Apartment sending us to collections?
- Switching mortgage broker after submitting and getting offer accepted?
- Maine Real Estate Market
- Can someone please provide a list of QUALITY mortgage bank lenders for a "business bank statement mortgage loan"?
- Viewed home today and seller wants to close in 11 days
- One day turn around for Inspection Contingency - Need some advice
- Mold found, can’t get disclosure,which I need to walk,as my agent seems to have lost interest now that she knows sale is off and no commission
- Automated Appraisal
- Get car loan exempt from DTI if I’m self employed and I use my business to Pat for it?
- Should I “fire” my real estate agent?
- House Hacking?
- How do you keep your stress in check while getting ready to close?
| UPDATE: Does appealing an appraisal ever really work? Posted: 06 Aug 2020 08:39 AM PDT Figured I'd give an update to my original post, found here: https://old.reddit.com/r/RealEstate/comments/i01403/does_appealing_an_appraisal_report_ever_really/ Seems like it's been months since that happened, but everything has worked out. The sequence of events worked like this. We filed an appraisal appeal with our mortgage lender. For those of you not in the know (I wasn't), the same appraiser handles the appeal. The appraiser came up by $10k - which meant the price was still $20k below what the house had been put up for and what we offered. The selling agent expressed to us that the sellers weren't willing to come down the extra $20k because they had no faith in the appraisal, based on the comments of the supervising appraiser and the fact that a trainee performed the appraisal itself. We then asked the mortgage company for a second appraisal. The underwriter for the loan reviewed the appraisal with the appraiser to see if a second appraisal was warranted. In the end, the mortgage lender refused. They explained that post-2008, the standards for ordering a second appraisal are strict (basically gross negligence). Here, it was the supervising appraiser/owner of the appraisal company who made the comments to the selling agent about not ever doing an appraisal in the neighborhood. The trainee, however, attested in the report itself that she knew the area. Basically, there were no red flags in the report on which the underwriter could hang her hat when ordering a second appraisal. So to regulators, it would look like they just ordered a second appraisal to get up to the purchase price, which is a no-no. At this point, we were pretty despondent. I decided to ask one of my friend's husbands who works at a mortgage company if he could match the rate my credit union was giving me, if I applied for a mortgage through him. He said probably. But I had a lot of doubts - could we get the mortgage and the closing done in time? Could we get a similar rate? If the appraisal came back low again, would the sellers actually come down or find another excuse as to why they didn't trust the appraisal? Etc. Yesterday, I called my agent and asked her to put forward the following deal, framed the following way: The appraisal originally came in $30k under the asking price and our offer. We appealed, and it was raised $10k. We will kick in another $2.5k. So, in other words, we've effectively "come up" $12.5k, if you (the buyers) can come down the other $17.5k. I had zero faith this would work. I reinstalled Zillow on my phone and felt depressed. This morning, my agent called and said they accepted our offer! They will accept our $2.5k, and additionally they will not give us at closing a check for $750 that they said they would (to fix something in the house that was found during the inspection). Our agent, however, said she's going to cover that repair on our behalf. And apparently, the selling agent is giving up part of her commission so that the sellers won't have to pay as much to her. So in other words, the original price was $439,900. It originally appraised at $410,000. An appraisal appeal brought us to $420,000. We are effectively kicking in another $3,250 (an extra $2.5k, plus giving up a $750 check we were entitled to). The sellers are coming down the rest of the way - making the new purchase price $423,250. I feel such relief I can't even say. I'm so glad it's working out, and in a way that doesn't make me feel uncomfortable about paying way more for a house than it appraised for. I learned a hell of a lot about the appraisal process, that's for sure. And I know my realtor worked her ass off to make this work and I will recommend her to everyone and anyone who asks me in this area. Anyway, I get to have our newborn in a house, and not in my mother-in-law's spare bedroom! Hooray. [link] [comments]  |
| Posted: 06 Aug 2020 06:46 PM PDT Made an offer, sellers countered, I accepted, and now I am buying my first house?! Sellers wanted a short due diligence, so the inspection is scheduled for Saturday am. Probably going to get a surveyor out as well next week. Wish me luck, this is nerve racking. Closing on Sept 10 if no issues - wondering if there's anything I should consider to make this go more smoothly. Thanks in advance! [link] [comments]  |
| What exactly is a co-living property? Posted: 06 Aug 2020 10:05 PM PDT I've noticed a lot of apartments I'm seeing in the NYC area are co-living and I'm not sure what that means. They say something along the lines of "Utilities included, rent is anywhere from $______ to $______ per person in a 5-6 bedroom apartment". Are they typically for students or anyone? [link] [comments]  |
| Immediate Buyer's Remorse after Offer? Posted: 06 Aug 2020 10:15 PM PDT My wife and I are currently house hunting in Las Vegas (we live in Hawaii). We've had our realtor take us to several showings and we finally put in an offer last night. After placing the offer, we both had immediate buyer's remorse, even though our offer was below list price with several contingencies. Earlier today, we found out the offer was countered, and we immediately rejected the counter. YAY! We are shopping in the $500-650K range and this particular place was a fixer upper. I think we got cold feet because we actually want a move-in ready house, not something that is going to require a lot of projects. Have you ever had immediate buyer's remorse after submitting an offer? [link] [comments]  |
| Posted: 07 Aug 2020 03:20 AM PDT I am a teenager and I would like to get into real estate business when I grow up. I've watched some YouTube videos about buying rental properties getting some bank loan and stuff. What I don't understand is lets say I buy a house and give it for rent while paying for mortgage, my cash flow is 200 $, to make 10.000$ a month I would need to have 50 (using equity to get more loans for down payment) house mortgages. And one house mortgage takes 30 years to pay off so I would own 1 house in 30 years. I see people on YouTube they have no more than 150 houses when they are in their 20's make more than 100 k a month. It doesn't make sense, if the houses are still on mortgage they would need to own thousands of rental hoses on mortgage to get that amount of money, they have 100 houses so they probably own them but how do they own so many houses in such young age. It basically takes 30 years to pay for mortgage and if they buy a new house every month it would take 40 to 50 years to be able to make that amount of money. [link] [comments]  |
| Posted: 06 Aug 2020 07:34 PM PDT Okay so I've seen talk online and heard the anecdotes from people who "knew a guy" who submitted a sappy letter and a family photo with their offer that got them some amazing deal that beat out 16 higher offers. Admittedly I'm a cynical b**** , so I've always kind of felt that if it was me selling, I would just go for the best deal, and probably resent someone trying to pull my heartstrings. On this particular house my realtor suggested a letter couldn't hurt. So if you were the seller, what would turn you off in one of these letters, and what would you want to see? I technically could go ultra sappy (widowed mother with two young kids) but that's not something I'm inclined to do and like I said, b**** that I am I could see that backfiring too. I'd appreciate any thoughts, tips or advice! Thank you [link] [comments]  |
| I'm worried my paranoid landlord will ruin my chances of finding a new rental home. Posted: 06 Aug 2020 07:05 PM PDT My bf and I have lived in a rental house for just about a year now. Our lease is coming to an end in less than 2 months and I hadn't heard anything from the landlord, so I emailed him and found out that he's not going to be renting the house out after our lease is over... so I have to search for a new home in the middle of this pandemic. I'm worried, though. Every time we've had a maintenance call, the landlord has charged us and claimed things were our fault. The master toilet, which the lease noted has a weak flush, got clogged from toilet paper once; the plumber came and found a piece of metal in the pipes (I've never flushed anything like that), and once he removed that, the toilet's flush stopped being weak. When we were out of town, the guest toilet sprung a leak, but the landlord insisted we must have done something and charged us for the plumber and replacement. The last time I had any contact with him was in February, and there have been no issues since, and we've paid rent on time. But rental applications ask for his phone number, and I'm worried that he's going to claim we were bad tenants that damaged the house multiple times, which isn't true--we had one issue that was either our fault or bad caulking's fault (and it wasn't clear which), but that's it. I know I can't leave his phone number off of any rental applications, and I can't look like I'm badmouthing a landlord to a prospective landlord, but I don't know how to approach this. I can't put a note on the application saying "landlord was unreasonable and paranoid and claimed he was constantly distressed about damages to the house." What do I do? [link] [comments]  |
| (WA) How to get a notification when a home gets listed for sale? Posted: 07 Aug 2020 02:16 AM PDT My dad built a house (cabin) when I was born and I want to buy it back next time it's on the market [link] [comments]  |
| Buying a house - settlement fee Posted: 07 Aug 2020 02:16 AM PDT I'm a first home buyer buying a house (in west Aus) and looking at all the costs still to pay, but I'm stuck on the settlement side of things, I'm being told widely different values of what to expect, from $1400ish, to $16500 So I'm so confused at what kind of figure I'm actually going to be looking at Any thought would be appreciated! [link] [comments]  |
| Posted: 06 Aug 2020 04:26 PM PDT Hi, so I signed a lease for an apartment back in February for $749 a month and now the price has been lowered to $599 a month for the same type of room. How could I go about getting the lower price? I'm very new to this whole thing and the current situation does not help. This is in Champaign, IL Edit: I should note that I've paid for the first month, but they don't allow move in until the 20th. [link] [comments]  |
| Received our first mortgage estimate, and I have questions... Posted: 06 Aug 2020 09:32 PM PDT First-time homebuyers. We met with a lender for the first time tonight expecting to do a pre-approval. We ended up just receiving a Loan Summary/Estimate since the lender took our word on our credit score (810 and 760 respectively), so no hard pull. This is what we were offered:
It's much higher than we thought it would be for a $325,000 house. Does everything look standard? I can't figure out why property taxes are $338. Property tax rate for my county should be .84%. 325,000 x .84% = 2,730 /12 = $227.50 per month, no? [link] [comments]  |
| Made offer, have to wait 5 days until answer. Is this common? Posted: 06 Aug 2020 09:32 PM PDT It's 202k on a mobile home in the sticks in Texas. Yeah, a joke. He's really waiting to get a full offer. Guess I have no choice. Texas prices are out of control. Not even on land. Ugh. [link] [comments]  |
| Apartment sending us to collections? Posted: 06 Aug 2020 03:14 PM PDT Just moved out of our apartment early as we bought a house. We paid our rent and early termination amount on 7/31. Day we had to be out. We call the leasing office today, and they acted like they had no idea we moved. They called back twice. The first time they asked when we moved because they didn't know. Yet we have emails back and forth about it. The second time they said there was some damage to the carpet (which there was and we are willing to pay the difference) and some "other things". They said they were going to send us to collections. We asked why if we can just pay the difference from the deposit. We were told the leasing office would have to talk to maintenance. The form we had to sign at move out says the deposit will be applied to the damages, unpaid utilities etc and we will receive a bill within 45 days. So I'm kind of confused? What should I do? EDIT: they also never offered to do a walk-through inspection with us when we left. [link] [comments]  |
| Switching mortgage broker after submitting and getting offer accepted? Posted: 06 Aug 2020 08:56 PM PDT We are currently pre-approved with a broker (Broker A) and have gone through the underwriting process mostly with them. Just need a few things cleared but they said we can submit offers and should be able to close quickly after submitting our offer as they have all of our information. We saw a house we wanted and want to put in an offer this weekend. We plan to submit an offer with the pre-approval letter from broker A. However, we have not stoped shopping for rates and have another broker (broker B) that is currently pushing us through their underwriting process in order to make closing faster for us. If we submit our offer with the pre-approval letter from broker A, can we switch to broker B if their rates work better for us if the seller accepts our offer? Broker B is supposed to be getting back to us early next week so only a few days after submitting our offer and before the option period is over. We have been going through the underwriting pre-approval process for about two weeks now with broker B and originally wanted to wait until we received their rates to choose our final broker but we found a house that's great and with this hot market we can't wait until their done reviewing everything. [link] [comments]  |
| Posted: 06 Aug 2020 08:27 PM PDT I'm curious if anyone else here is in or near Maine, and has thoughts on Maine's current real estate market. We sold our condo in February and have been renting while looking for a house, but this market is crazy. The prices seem sky high to me, $500-$700K for relatively normal houses in coastal towns. We're about at the point where we want to just keep renting and wait for the bubble to pop...but we're not sure if or when it will. There's the mortgage forebearance of course which can't last forever, but I also think we're getting a lot of out of state people coming here now that there's remote work and where Maine doesn't have much COVID-19 currently. To them, $650K is a deal and I've heard a lot are cash buyers, so I wonder if the out of state influence is going to keep house prices out of reach for current Mainers. Just my 2 cents. Anyone else? [link] [comments]  |
| Posted: 06 Aug 2020 08:25 PM PDT I Googled around and came up with a few, Angel oak, American Financing, North American savings bank, First national Bank of America, However, they all have TERRIBLE reviews by people who dealt with them. I cannot find a reputable lender. Please note this is for a "BUSINESS BANK STATEMENT MORTGAGE LOAN", not a traditional loan where you show w2 and personal statements, which there are many reputable lenders for (rocket mortgage, better.com, chase, etc) [link] [comments]  |
| Viewed home today and seller wants to close in 11 days Posted: 06 Aug 2020 10:55 PM PDT We like the house and know one offer was put in already 20k over. Seller is buying another house and will lose it if he can't close this one by Aug 18. Is there any risk on my end if closing doesn't happen by specified date? (Aug 18). Putting in offer tomorrow if my lender comfortable with deadline. Edit: First-time homebuyer. Just trying to see if it was possible. [link] [comments]  |
| One day turn around for Inspection Contingency - Need some advice Posted: 06 Aug 2020 10:05 PM PDT I was competing with a cash offer and it had 7 days to get done and remove the inspection contingency. I won't be able to get an inspection in until the 6th day. My inspector will have the report ready directly after 10am the day before so it gives me about a day to play with. My question is if I do find something that's wrong should I have my agents contractor on standby to do a bit of an appraisal to contact the seller if I do find something wrong? Or what is the best approach I should use with such a tight turn around? I know its not ideal and ideally. In an ideal world I wouldnt be against a cash offer waiving all contingencies. If I wanted it sooner I would have to take my agents inspector not knowing how legitimate it will be in the end. I want to stick with my guy because I know hes very thorough. First time home buyer so I'm open to suggestions. [link] [comments]  |
| Posted: 06 Aug 2020 09:52 PM PDT After flooding in final walk through mold was found. My agent says if I walk out my earnest money is at risk. It seems clear from SRPD rules that any changes to property must be disclosed, and then legally the purchaser has 72 hours to decide. I think my agent doesn't care since now she won't get a commission. I don't want to pay for a lawyer. How do I end escrow with mold problem if I can't get SRDP or agent cooperation? [link] [comments]  |
| Posted: 06 Aug 2020 09:36 PM PDT I live in the Bay Area and recently got into escrow. My lender, Wells Fargo, did the appraisal via an automated A.I./ML type program. I was very surprised and hadn't heard of this before. They didn't look at pictures or even do a drive by, just typed the address in and the computer approved on like the 2nd day of escrow. Is this normal? Has anybody else experienced this? [link] [comments]  |
| Get car loan exempt from DTI if I’m self employed and I use my business to Pat for it? Posted: 06 Aug 2020 09:29 PM PDT I have a truck I use for my business. I've had it for over a year and I've always paid for my truck using my business checking account since it's my business vehicle. My wife and I have a separate vehicle we use for personal. I'm a sole proprietor business but my business checking is separate from my personal checking account. Could this allow me to have the loan exempt from my DTI? [link] [comments]  |
| Should I “fire” my real estate agent? Posted: 07 Aug 2020 01:10 AM PDT We are currently under contract with a home in an area that is a bit of a drive for the agent. He's taken me to lunch and to multiple showings. I feel guilty because he has put in a lot of work. However, we are not experienced in real estate deals.. and we feel very lost through the process. For context I am a cash buyer. I found a home I really like and he sent us a few comps saying that the closest one in comparison was one that has 1.5 more acres and 1400 more sq feet. Logically I knew this other house was worth more but I had no idea how to know how much more as he wouldn't give me an idea just said to look at the comps and decide a price. When we were at the house looking I saw power lines near the house and he nonchalantly mentioned some people don't want to live by them and I said that it didn't bother me. I didn't know it was a "thing" at the time. I told him i wanted an appraisal and he kept saying "if you want one then..." as if to say it's not that big of a deal. However, now that we are under contract I started researching the power lines and it appears that they can greatly reduce property value. Many online articles average that reduction at 10% which is over 80k in my case. I'm frankly furious that my agent didn't inform me of this as we were choosing an offering price. I'm deeply concerned that we are in contract for a home that is priced way too high, as I spent the last 3 hours finding comps and doing math. All appraisers in our area are booked out a month. I want to call my agent and ask him why he didn't inform me of the potential value loss with the power lines or suggest appraisal. The lines cover the entire 3.5 acres and I have to assume do impact value. If I hadn't started googling and running numbers I may have bought this house without an appraisal as they are so booked- and paid well over what it's worth. Should I fire him? What should I do? No- I did not sign any document with him. [link] [comments]  |
| Posted: 06 Aug 2020 08:46 PM PDT I hear house hacking is one the "easiest investing method." The thing is wouldn't I need to show I have at least 10k in the bank to even qualify for an FHA loan? Also, wouldn't I have to put a down payment which could range from 2-5k? I'm 19. [link] [comments]  |
| How do you keep your stress in check while getting ready to close? Posted: 06 Aug 2020 08:24 PM PDT This week we had our offer accepted, got all the paperwork straightened out, and are sprinting to our closing early September. I know I've got time, but I feel OVERWHELMED. Like, cry at the tiniest thing overwhelmed. (I've never been good with stress). I've gotta pack, gotta clean, gotta repair stuff in my current house for it to be sold. It all just seems massively overwhelming and I am going to lose all my hair if I have to spend the next month like this. My husband is not of any help unless I specifically delegate every single individual task I need him to do step by step throughout the whole process. It's exhausting and he takes no initiative but whatever. How did you find it best to keep yourself from going crazy while closing? What tips and tools did you use to make packing everything away and cleaning and repairing less of a mountain?Any and all advice is appreciated. [link] [comments]  |
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