What I thought the most impossible thing that could happen, actually happened. I closed today! Real Estate |
- What I thought the most impossible thing that could happen, actually happened. I closed today!
- How is this not a bubble? Real talk.
- Why describe houses as "starter homes" - this turns me off a lot
- Question about how my Agent is handling an offer (CA)
- Location, location, location.. What defines a good location?
- Casually Looking at Properties Online - Can I call listing agent to ask a few questions about a property?
- Ice Maker Broke Before Closing
- House showing, mandatory use of booties, gloves, mask
- Is the 28% rule actually legit?
- Is it ever cost effective to tear down a single family home and rebuild at the same location?
- Can a lender provide a denial letter for no reason if I ask?
- ELI5: Southern California Housing Market Outlook
- 20 year old Inheriting property, need advice!
- QUIT CLAIM DEED
- Redditors, my studio(430 sqft) in high-rise building Houston is fully paid off. Now, I just pay HOA (includes ALL utilities) and tax. The total is $7200 a year. How much is your yearly total pay for your studio (excluding mortgage)? And which city?
- Does buying a home in a cul de sac add value to the home? Pros and cons?
- Advice for Moving into a Rent-to-Own
- Texas - closing next week and lenders closing disclosure requiring 11 months of property taxes up front. Isnt that what my escrow is for?
- Real estate agent pressuring us urgently to make backup offer
- My broker is saying I can remove PMI within a few months of buying my house without an appraisal. I’m having doubts. Can someone tell me what they know?
- [FTHB] Are these closing costs & interest rate too high?
- Terminated a contract for a new construction recently upon mutual agreement
- Moving soon. Should I sell or rent my home?
- Question on making an offer.
| What I thought the most impossible thing that could happen, actually happened. I closed today! Posted: 28 Aug 2020 07:18 PM PDT I closed today. After going through 3 realtors, 2 states, 60+ homes, 15 offers, and one AWFUL time under contract with a bad agent/extremely unreasonable seller over the past 8 months, the unthinkable happened. It still feels surreal. The seller though. The seller really has me emotional. I used a VA loan. Everyone and I mean everyone was rejecting my offers because I wasn't putting anything down, thinking's VA lending is so much more strict (it's not if the home doesn't have major safety issues). The seller accepted my offer because of that. This lady not only accepted my offer, but she had the most amazing home welcoming gift in the kitchen. Left behind literally everything I'd need for touch up, the pool, and anything I could think of. In summary, I don't know if I got lucky or the patience truly paid off. I want to believe it was patience. I was screwed out of 3 offers that were "accepted" that were either never signed, withdraw in attorney review, or seller didn't want to work with me on the low appraisal. If I had any advice though, surround yourself with people that are easy to ask for advice and know what they are doing from the lender, realtor, and attorney (if in attorney state or just want to use one). As much as this sub as solid information, these are the people that should be answering your advice questions with your specific issues. I truly hope the best for everyone buying or selling though. Especially buyers, be patient. If I can do it, you can do it better [link] [comments]  |
| How is this not a bubble? Real talk. Posted: 28 Aug 2020 07:31 AM PDT This isn't meant to be inflammatory genuinely needing a reasonable reply. How is this not a bubble? I'm seeing financing available at 2.0% (2.212%) APR with 5% down and no PMI. I bought my first home in 2005. People are frequently complaining about bidding wars and multiple offers etc... that was my 2005. Put 11 bids out there, went contingent 4 times (had serious finding on inspection) before finally landing a decent place by offering about 7K more than asking without an inspection clause. A year later sold that house for 50K over what I paid. Bought another house in 2008 preburst and have only just now recovered to purchase price 12 years later and going up rapidly each month. How is this not a bubble? Continuous growth is impossible we all know this, what reasons lead you to believe that this isn't a bubble? [link] [comments]  |
| Why describe houses as "starter homes" - this turns me off a lot Posted: 28 Aug 2020 01:49 PM PDT We are looking to buy our next house, which will be our 4th time buying a home. I am surprised by the number of houses that are described in the listing as "perfect starter home!" To me, who this wouldn't be a "starter home" for, I feel like this is a turn off and sort of offensive as well. I also don't know why they consider these starter homes as they're not in need of renovation, are 4 bedrooms, and are all above average or median cost for our area. "Starter home" to me sounds like it's cheap, small, and temporary. I guess this is mostly a vent but also like... what is the deal with this? Why do agents do this? [link] [comments]  |
| Question about how my Agent is handling an offer (CA) Posted: 28 Aug 2020 10:22 PM PDT I'm a buyer and put in an offer on a small industrial property in Sacramento, CA. I didn't have an agent, so the selling agent offered to represent both parties as a dual agent. The seller countered $50k higher than what our offer was and I informed the agent we'll meet halfway to counter at $25k. The agent responded back saying "Guess you're not serious. Looks like you lost out on this deal. I can help you find a new place instead." So he didn't write up our counter. Question: Can the agent just refuse to write up/present my counteroffer to the seller? Seems like he's just making the decision on their behalf that "lost out" rather the seller seeing our counter and deciding if they want to accept or not. Do I have any recourse or any recommendations on what to do? [link] [comments]  |
| Location, location, location.. What defines a good location? Posted: 29 Aug 2020 03:57 AM PDT For future buyers... what's considered a good location? The home I'm looking at is in a cul de sac and within a mile of great schools, Within 3 miles of shopping areas, 5 min from freeway/highways, This town has very low crime rate, lots of forest around but also very suburban. Seem like a location that would hold its value? [link] [comments]  |
| Posted: 29 Aug 2020 03:55 AM PDT I'm not sure what the proper etiquette is here: I'm not a serious buyer yet, but if I found the right property I could be. I just want to ask a few questions about a property to see if I want to view it. I know an agent who sends me listings every now and again and I have toured a house with her in the past but I haven't signed any documentation with her yet. [link] [comments]  |
| Ice Maker Broke Before Closing Posted: 29 Aug 2020 03:16 AM PDT Hello! Our ice maker broke 3 days before closing and on the weekend of course. I emailed the realtor to let him know late last night, but I'm curious if anyone knows what some of our options are. We definitely won't be able to get it fixed before our closing first thing Monday morning. Are we required to fix it? Is there something else we can do? Do we have to buy a whole new fridge and if so, does that new fridge also have to have an ice maker lol? [link] [comments]  |
| House showing, mandatory use of booties, gloves, mask Posted: 28 Aug 2020 11:28 AM PDT So my house is on the market and I've told my realtor that when people come to see it they need to wear a mask, gloves, and booties. I am providing hand sanitizer, booties and gloves and I have put a small sign in my foyer stating our requirements. So far 5 or so people have come to see it and, via the security camera, every realtor has told visitors that they don't really have to. Is there any recourse for me as a homeowner to insist on the use of PPE? I mean, I still live here with my three kids -and- I'm responsible for immuno-compromised elderly (my parents, and at work). There's gotta be something I can do, other than insisting on virtual tours only. Also, is it normal for realtors to allow their client's kids (in this case two teenagers) -- or anyone really -- to walk around the house unattended? On my security cam, these two teenagers rifled through my computer desk and opened toy boxes, shelves, etc. They didn't take anything but my concern is covid-19. Any advice would be appreciated. Thanks. [link] [comments]  |
| Is the 28% rule actually legit? Posted: 28 Aug 2020 08:53 PM PDT I know this question sounds dumb. But I can't wrap my head around the fact that the 28% rule is based off of calculating a monthly payment from gross income and not net income. Could someone shed light on that? [link] [comments]  |
| Is it ever cost effective to tear down a single family home and rebuild at the same location? Posted: 28 Aug 2020 08:15 AM PDT Hypothetical scenario: A young couple buys a older single family home in a great neighborhood for $185K. Most homes in the neighborhood/surrounding area of similar size sell for $300K+. This couple feels fortunate and enjoys living in this older home for 5-7 years. They then get the "idea" of to tear down their older home rand rebuild on the same exact lot. They would prefer to stay in the same location and really love their neighborhood. Is this scenario ever cost effective? Or is it almost always a better decision to simply sell the outdated, older home and use the proceeds to buy a new home? [link] [comments]  |
| Can a lender provide a denial letter for no reason if I ask? Posted: 28 Aug 2020 10:56 PM PDT Pretty much frustrated and done with the home buying process. The lender treats me like shit and I feel like im begging him. Can I just ask him for a denial letter to get my earnest money back? [link] [comments]  |
| ELI5: Southern California Housing Market Outlook Posted: 28 Aug 2020 03:59 PM PDT Hello all: We were about to purchase our first house. Southern California: Crescenta Valley / San Fernando Valley. We're getting a rude awakening as to the type of market that exists out here. Totally a seller's market, with buyers offering 10's of thousands over asking (or in our most recent loss, the buyer offered up $105K over asking) . Paying in cash. Little to no contingencies. Advice has been: "Wait until it's fall or winter, houses tend to be less expensive." OK, I get that, I've seen that before. "Wait until after the election, the economy may take a hit, and houses will be cheaper." OK, I get the gamble. "The economy, regardless of the election, is not going to instantly recover, it will be doing a 'W' on it's way to recovery, and you can buy during the 'W' at lower interest." OK, I get the gamble. However, there are some other points I'm not following. "Mortgage forbearance will run out shortly. This will yield an influx of foreclosures." OK, makes sense. Buy a foreclosed property. But won't evictions take a while to kick in? Foreclosures are normally a crapshoot in terms of property quality issues. Also, given the amount of $$ in SoCal, what's to stop the same folks who were bidding $100K over asking from buying the foreclosed properties in the same way? Or at least at cost and in cash? We'd like to buy, and we're not sure if the market is going to get better for buyers. TL;DR: California Real Estate, trying to determine when to buy, as the market is heavily tilted towards sellers. Thanks! [link] [comments]  |
| 20 year old Inheriting property, need advice! Posted: 28 Aug 2020 03:14 PM PDT Hey everyone, first post in this sub. I have always been interested in real estate and financial freedom. I am 20 years old, have a decent retirement account rolling, along with some personal investments on the side. I work full time at a bar, and in a year expect my annual income to double. I go to college for free through scholarships and grants. I am studying to receive my bachelors in business admin in accounting, and possibly looking at minoring in risk management, finance, or economics. I am going to inherit property 45 mins out of the state in which I live in. It is 5 acres and has a 1400 square foot, manufactured house on it. There is a well, power hook up, and gas that we fill ourselves. The property is estimated to be worth 115k. I am wondering what is the best thing I can do with this property? Should I get it converted from a manufactured home to real property? Should I sell it and use that to invest in more property? Take out a HELOC to start my investing journey? Or sit on it and take in the rent and pocket the net after the expenses (which can be a lot monthly due to the property being rather remote)? I am young, dumb, and stupid. Trying to educate myself but feel lost. Thank you for any advice, tips, or tricks. If you can steer me towards good literature that would also be helpful. [link] [comments]  |
| Posted: 29 Aug 2020 12:45 AM PDT MY best friend went thru a divorce in dec the ex wife signed a quit claim deed singing the property over to him he never filed it at the court house due to covid 19 well in july she sold the house to a guy whi is now trying to force him out saying he owns it and he does have a case what should he due can anyone tell me please he has 4 days to be out. [link] [comments]  |
| Posted: 29 Aug 2020 12:42 AM PDT |
| Does buying a home in a cul de sac add value to the home? Pros and cons? Posted: 29 Aug 2020 12:26 AM PDT What about also having open green space (backyard faces field of protected grass/land between houses)? [link] [comments]  |
| Advice for Moving into a Rent-to-Own Posted: 28 Aug 2020 11:27 PM PDT Hey guys, So I'm looking to move into a place of my own in the next year or so. I'm tired of dealing with roommates, the drama that comes with it, and I'm even more tired of paying rent for somewhere I get nothing to show for. I was wondering what tips, advice, and/or suggestions you would have for someone who has a credit score barely under 600, and makes about 2000-2500 a month. Some specific questions I have are below: -When paying for a rent-to-own, I know there are a few different kinds of contracts you can pursue. Is it possible to rent a home at a decent price per month like with an apartment, but with a longer lease that results in it being paid off? -If the above isn't possible, what are your experiences? -is it possible to do this through an agent, and if so are agents usually stingy or rude about people looking for this kind of stuff? *I know that some people may say that I just need to wait and be patient, but I'm getting way too stressed out by other people's BS, and I just want a nice space for my dog and I, along with a place to live in for a long time. [link] [comments]  |
| Posted: 28 Aug 2020 06:19 PM PDT 30 year conventional, 20% down. They want 5k in property taxes up front at closing? Is that normal? [link] [comments]  |
| Real estate agent pressuring us urgently to make backup offer Posted: 28 Aug 2020 05:51 PM PDT We're FTB and we saw a house that we really liked but found out that they accepted an offer on the house right after we left. We were told that we could submit a backup offer and the agent has been pressuring us a lot to do so. We really like the house and wanted to make an offer but we don't understand the urgency. I know that sometimes sellers use a backup offer to get leverage in the home inspection but apparently the home inspection happened yesterday and went well so I don't know if that's what's going on here. Is there another reason to be rushing us to submit a backup offer? [link] [comments]  |
| Posted: 28 Aug 2020 09:09 PM PDT I'm buying a house for 500000 with 25k down. Then going to turn around and sell my current place. I will have more than enough to meet the 20% LTV with the proceeds from my current house. I'm in Washington state. I'm not sure who my servicer is and I assume it would get sold but who knows. The broker stated confidently that I can recast my mortgage as soon as my current house sells and have the PMI removed without another appraisal. But I'm reading so many conflicting reddit threads about this and not getting a straight answer with my research. Does anyone know how this work? I went with a convention in lieu of a bridge loan because I figured recast would be more financially reasonable. She wrote to me this in an email "I have verified that the recast is something that is allowed by AGENCY – IE: Freddie Mac/Fannie Mae and so you would have option to recast even in the unlikely event that the loan was sold again prior to your home selling. The MI would fall off at that time and there would not be an appraisal required if requesting recast based on the original purchase price/loan amount" [link] [comments]  |
| [FTHB] Are these closing costs & interest rate too high? Posted: 28 Aug 2020 05:20 PM PDT Loan officer says the best he can do for me right now is 2.99% with .668 points. Purchase price is $300k, 16% down, borrowing $252k, 30 year fixed mortgage. So $1,683 in points. I'm a first time home buyer in Putnam County, NY. Credit score is 755. We're not locking in that rate, and we're going to continue to check every day until closer to the closing date (~Oct. 15), but I keep reading about people getting ridiculously low interest rates these days, even as low as 2.5%. As he was on the phone with me, he claimed he was running the numbers in some system and ensured me that was the best rate we could do today, and that you almost never get such low rates without paying some points (??). Do loan officers have an incentive for getting borrowers to pay points? I'm hesitant to send in the loan application and sign the closing disclosure forms because I'm seeing others getting these beyond excellent rates with no points. Any thoughts? Closing costs are estimated to be $14,473 in the closing disclosure (link to the break down). WTF. I did not expect to see such a high number. Although, I already know the homeowners insurance is listed as $300 higher than what I was quoted for and the $1,683 in points doesn't necessarily have to be there. Without the points & adjustment to insurance, it would bring closing costs to $12,490. Does that seem normal? This is literally the most stressful thing I've ever went through. Thanks for any help in advance. [link] [comments]  |
| Terminated a contract for a new construction recently upon mutual agreement Posted: 28 Aug 2020 06:37 AM PDT The reason for termination being that the sellers are nowhere close to completion of the house (no drywall yet). One of the clauses in our contract read that we could terminate on October 30th if the house was not ready. The only reason why the sellers have agreed to terminate the contract right now (before the termination date) is that they know that they wouldn't make the deadline. Hand money- the sellers have decided to give the hand money back provided we pay for the upgrades we chose (google security system and cameras). Our argument is that we will pay for those upgrades provided they give us the security system (given that it's not installed or anything). Are we being unfair here? It's very strange that they are asking money for something they haven't ordered, and are expecting us to not even expect the product in return. Thanks so much! [link] [comments]  |
| Moving soon. Should I sell or rent my home? Posted: 28 Aug 2020 04:45 PM PDT I am moving to another state in the spring and I am considering whether to keep my home and rent it or go ahead and sell. If I chose to rent, I will hire a management company. It is a 4 bed 2.5 bath single family home in a highly sought after area with great schools and low rental inventory. Here are some stats: 4 years into a 30 year mortgage. Value is ~265k and I owe ~215k. My current mortgage with escrow is 1185 per month (3.375 rate) I could charge around $1850 per month rent (-10% management fee) = 1665 So my monthly net would be in the ballpark of $485 per month. With my current financial situation, I could handle a month or two between leases and comfortably make the payment. But I'm wondering if it's advisable to take this risk for only $485 per month? Of course I could go ahead and sell and get a quick check from my equity and roll it into my next home. I am in my late 20s and want to retire comfortably one day. What is the recommended play here? [link] [comments]  |
| Posted: 28 Aug 2020 08:22 PM PDT House has been on a market for almost two years. House is really nice built we started with really low ball offer and the seller only dropped 20k our realtor made us go high as we really liked the house. Now we are close to what Zillow estimates may be 15k less am I doing something wrong. As my realtor keep saying she will do whatever we say. Again house has everything what we have been looking for [link] [comments]  |
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