Just Closed at 2.375% w/ a VA Loan, Details in comments for those interested. Real Estate |
- Just Closed at 2.375% w/ a VA Loan, Details in comments for those interested.
- I don’t need to occupy for another month. Seller is requesting that I move closing up, because funding is ready to go.
- We finally won a bid!
- Deciding What to Fix for Inspection
- 1915 house may have live knob and tube wiring, how much would that cost to replace?
- Anyone here who had their house foreclosed?
- 10/1 Arm or 30 year fixed?
- Why is the Seller Always “traveling” and “may not be able to respond in time” when an offer is submitted???
- I think I really screwed up
- a buying nightmare!
- Where can I find real estate course info
- Clause about flood zone
- First Time Home-Buyer - Home Under Contract, But Seller Stalling
- Anyone with experience working for a firm called NetWorth realty? Looking for real feedback
- Buyer's lender says HOA has insufficient reserve funds. What happens next?
- Mortgage Broker or Lenders in ATX area
- [CA] Get out of contract with appraisal contingency but no appraisal?
- What are all the important things that a buyer should look for in a home?
- Inspection Report Came Back with 38 red marked issues
- Quitclaim deed process
- [California] Buy now or wait two years? In search of opinions.
- How much does a job change affect your chances of getting approved?
- Did your realtor attend closing in person?
- Appraised 20% higher than purchase price.
| Just Closed at 2.375% w/ a VA Loan, Details in comments for those interested. Posted: 28 Sep 2020 05:47 PM PDT - We are in the N. OKC area (Edmond), this was a new construction home from the ground up. 4 bed, 2 Bath, 1900 SF in a great part of town with all 10/10 schools. - 30 Year fixed VA loan - Purchase Price was 269K, we put $2K in earnest and $2.1K in out of pocket upgrades - We did NOT buy down points. - Locked in the rate exactly 30 days ago. - The lender charged $1,095 for the loan/origination fee and gave us slightly over $2K in lender credits - We put $0 down and financed the VA funding fee. The funding fee goes directly to the VA - The builder gave us $2K in closing cost credit. - We paid nothing at closing and paid the VA appraisal fee of $500 out of pocket about 2 weeks ago. I cant think of any of the other big points or key take-aways but i have all the info and can answer any questions from the buyers perspective if anyone wants. We are a regular family of 5 with average income and great credit. We are super stoked and couldn't be more excited. *EDIT - closing was today at 3. [link] [comments]  |
| Posted: 28 Sep 2020 02:15 PM PDT Is there any benefit to me in closing earlier if I don't need to live in the place ASAP? The way I see it, the earlier I close, the more I'm on the hook for in terms of pre-paids and taxes. [link] [comments]  |
| Posted: 28 Sep 2020 05:12 PM PDT I can't contain my excitement after 6 houses that my fiancé and I have bid and lost, the 7th was the lucky charm. We are intended to close on October 30th and are hoping everything works out well. We were able to secure a 2.7% fixed conventional loan and we only went 15k over asking price. I am so excited and hope everything works out! [link] [comments]  |
| Deciding What to Fix for Inspection Posted: 28 Sep 2020 07:00 PM PDT We were given 16 items on our inspection and the homeowners asked us to fix all of them, except 1, which we would have fixed also. No major damage to the house so these issues aren't big at all. We have no problem fixing any of them. BUT they also asked us to throw in a home warranty (original HVAC). In this market, I don't see any reason to spend more than we have to and want to decline that portion. Will talk to realtor tomorrow. They are paying for what the house appraises at, and we are already providing some of their closing costs. What are most sellers doing in these situations? Or AITA for not wanting to pay for a home warranty? [link] [comments]  |
| 1915 house may have live knob and tube wiring, how much would that cost to replace? Posted: 28 Sep 2020 07:21 PM PDT Looking at a potential home, I saw knob and tube wiring but the wires may not be live. In case it is, what cost are we looking at? It's a 3k square foot home total and it's a 2 family in NJ. 2nd question, when they replace it do they just cut small holes in the wall and feed new electric line through or do they rip the whole wall open and would p Potentially lead to more issues like the studs are not up to today's code so now I need new studs etc? It's a 1915 home. [link] [comments]  |
| Anyone here who had their house foreclosed? Posted: 28 Sep 2020 08:48 PM PDT |
| Posted: 28 Sep 2020 09:34 PM PDT Hi! I just deposited 3% today in escrow. I am looking for jumbo loan of ~960k. The rate that I got in bay area are as follows: 3% for 30 year fix with $2380 credit 2.875% for 30 year with no credit 2.375% for 10/1 arm with 2500 credit. I am trying to decide between them since the closing is in 27 days. They both are from reputed banks. Is there anything in this quote that I should ask the baks about? Also how do I make a trade off here? I was considering 30 years only till I got 10/1 quote for jumbo. Ps - the banker who gave 10/1 quote said it is smarter to get 10/1 and pay extra money regularly to bring down your loan amount.. but here i do not know if that is wiser than getting cheaper 30 year rate Thanks in advance [link] [comments]  |
| Posted: 28 Sep 2020 12:31 PM PDT I am so sick of hearing this excuse almost every time I submit an offer for my client. It's just another way to stall and try to get multiple offers by leveraging the fact that they have an offer. I don't care where you are in the world unless another planet, everyone has internet! [link] [comments]  |
| Posted: 29 Sep 2020 02:50 AM PDT My partner and I went to visit a property today and we really really loved it. We were already sure we were going to offer on it based on the photos but seeing it in person we were 100% sure. We are in Melbourne, Australia if that makes a difference. Because of COVID we were only allowed to go through the property one at a time. When my partner went through the real estate agent was asking if I was working full time and this I where I fucked up. I responded honestly not really even thinking about it, that I wasn't currently working because I'm in the beauty industry. He then asked how many cases we had today in our state today and went to get his phone to check. He then asked what we were looking for in a property and said he would get my partners email so he could contact us about other properties that could fit our needs. When we got home my partner messaged him and said that we were really interested in the property and what format he would like the offer in. He came back and said that he would call tomorrow to discuss which we thought was odd. My partner messaged back and said that the property would only be in his name and he was pre approved. But the realtor hasn't responded. The thing is though, the house will only be in my partners name, he is working full time and has been pre approved for a loan that could easily cover the max price the owners are asking for. I'm really worried that even though I'm not going to be on the loan the realtor might think my partner can't afford it and won't think the offer is serious. I'm sure it varies for different countries and states and stuff but can anyone reassure me? [link] [comments]  |
| Posted: 28 Sep 2020 07:01 PM PDT So...this is my first post on Reddit and one I write with sadness and looking for advice.... Like many we have sized out of our home and had embarked this summer on finding a home with more space and a better school district. We found a beautiful home that both my husband I loved (this is hard to come by!). Things start to get sad here: The sellers were relocating to a different town and our contract was with the relocation company who we signed with and exited attorney review on 7/30. We had an inspection a few days later which was riddled with issues but we negotiated $$ at closing to fix all the issues. This agreement was agreed to in an email with their attorney on 8/15. Our attorney sent a rider following that which they never signed (and honestly we overlooked). We were waiting for receipts on some termite treatment that they sent through on 9/2. Unfortunately before we could send our signatures back, the relocation agency sent us a letter on 9/4 saying the sellers are "no longer moving forward with their relocation and thus the they (relo company) can not provide us with title" ergo the sale is null and void. It was in our contract that the relocation company has to receive documents for title transfer in order to go through with the sale. During all this we entered into attorney review on our home and removed the inspection contingency as well. We also enrolled our son in the new school district by providing the sale contract. Which they will honor for 2 months and then we have to be out of the school. We have retained services of a lawyer who thinks we have a decent case but he is not overly positive. I would love to hear thoughts on what we can pursue - damages/compel a sale? Located in NJ! [link] [comments]  |
| Where can I find real estate course info Posted: 29 Sep 2020 02:32 AM PDT Want to look into becoming an agent in the future. But just to have more knowledge Is there a way I can find the course info they would take and study it for free [link] [comments]  |
| Posted: 29 Sep 2020 02:27 AM PDT We are working towards a P&S on a new home. Our lawyer put a statement in the agreement stating that the house is not in a flood zone, but the sellers attorney took it out. The FEMA map shows the property near a flood zone area.. (2-3 blocks away it ends). Is this a red flag that will come back later if the bank says we need flood insurance? What should we take away from this? [link] [comments]  |
| First Time Home-Buyer - Home Under Contract, But Seller Stalling Posted: 28 Sep 2020 08:14 PM PDT Strap yourselves in for what has absolutely got to be the worst luck a FTHB can have. My wife and I have been under contract since late August on a house - and all contingencies from our perspective (inspection, appraisal, financing) have been met. We've been getting whipped around by the seller from the get-go. When we were negotiating the deal, they pushed us to commit to a super fast close because they had a house ready to go and pushed us to fund ASAP - of course we agreed and whipped everyone into a frenzy to accommodate them. Then, after we signed the contract from our side, the seller goes silent for a week and we cannot get a proper response on why they have not signed the contract. We find out later that it's because they were negotiating the purchase of their house and were stalling us with no communication. We finally get this all signed up, scheduled for an October close. My wife and I are discussing wall painting colors, furniture, where we're going to put the dog-pen. Rookie mistake. We get a mysterious call from our agent two weeks ago, that seller now says he can't close on the original date - his house fell through! We tell them that respectfully, that's not really our issue. MY AGENT tries to convince US why we would be horrible people to "put them out on the street". I reluctantly oblige, and asked my attorney to offer seller two options - push closing, but they would need to vacate at the time of closing. They now have come back and have demanded the following - a 3-4 week delay on closing, 1 month of rent-back, and will only pay an amount that is below my carrying cost. Agent advises "they absolutely will not budge" from that ask. Let me tell you - I have never, ever been so upset in my life at the way we are being treated. We of course don't want to cause undue hardship on anyone - but now we feel like we are being taken advantage of. Can someone (realtors, lawyers, experienced buyers) advise on what we should do here? Do we call their bluff and demand that we close on time? Would anyone actually advise going down the path of potential litigation (this is a cut and clear case - but at the same time, it would be a heavy emotional, financial, and time investment before we see the resolution we want)? What are my next steps here? (we really want the house...) [link] [comments]  |
| Anyone with experience working for a firm called NetWorth realty? Looking for real feedback Posted: 28 Sep 2020 10:21 PM PDT I came across this firm while looking for wholesaling job opportunities and they referred me to their Glassdoor reviews, which to me honestly don't look 100% genuine with how positive they are. Does anyone have experience working for or with them? [link] [comments]  |
| Buyer's lender says HOA has insufficient reserve funds. What happens next? Posted: 28 Sep 2020 08:07 PM PDT Hi again! We were supposed to close on our current home in two days and close on our new home in a little over a week. Our buyers' lender was waiting on getting some info from our HOA who was taking awhile to respond to them. We were notified that our closed date would get delayed a bit due to this (which was fine because we were doing a rentback until our new house closed). I got an email from our realtor stating our current home's HOA reserve funds were insufficient for the loan the buyer was trying to get, but the lender was going to see if they could bypass the amount. Another issue is, we were able to get a bridge loan for our new home ONLY because we had a buyer for our current one. So:
[link] [comments]  |
| Mortgage Broker or Lenders in ATX area Posted: 28 Sep 2020 06:29 PM PDT Looking for some mortgage brokers and lenders in Austin TX that are good for rental investments. I do plan on living in the property for a year at least before renting . Any info would be greatly appreciated thank you [link] [comments]  |
| [CA] Get out of contract with appraisal contingency but no appraisal? Posted: 29 Sep 2020 01:46 AM PDT We have an accepted offer on a condo in SoCal but a similar unit next to ours closed at a much lower $/sq ft literally a week later. Am I able to exit out of the contract using the appraisal contingency without actually getting the appraisal? The verbiage is: "This Agreement is contingent upon a written appraisal of the Property by a licensed or certified appraiser at no less than the purchase price. Buyer shall, as specified in paragraph 14B(3), in writing, remove the appraisal contingency or cancel this Agreement within 17 Days After Acceptance." We'd rather just exit this deal and look at a better condo unit since the $/sq ft has been established and we'd still be within budget. (I asked my realtor and he said he wasn't sure if we could get out... compounding this on mispricing our offer, I'm tempted to find someone new once out of this deal!) [link] [comments]  |
| What are all the important things that a buyer should look for in a home? Posted: 29 Sep 2020 01:45 AM PDT |
| Inspection Report Came Back with 38 red marked issues Posted: 29 Sep 2020 01:17 AM PDT I'm thinking strongly of walking away from a property I won in a bidding war. Let me know if I'm crazy here and should reconsider. The inspection report came back with 38 areas of fixes all over the house for a property with a 735,000 purchase price. I had a feeling there would be issues, but the house has galvanized pipes, asbestos, needs new duct work across the house, needs 5k worth of termite extermination, needs updated wiring, needs a new garage door, has water intrusion through the roof, needs a new fire door because they put a pet entrance in the fire door, needs air/heat replacement, the exhaust doesn't work in the bathrooms, and there is air leakage from the attic. There is also areas that appear to be visibly compromised by termites. Also, the fire place has no rain cover, requires maintenance before use, has damaged grout, and a dish was bolted to the side of the fire place on the roof. The owners are offering a 5k credit with zero fixes. Also, all the bathrooms and kitchen need complete renovation. Even though we won, it really feels like we need to walk away. Not feeling this thing anymore. [link] [comments]  |
| Posted: 29 Sep 2020 12:24 AM PDT I'm buying property from a family member with a "subject to" contract (leaving their mortgage in place). Title company said they don't handle these and I'd need to file it on my own. The seller lives out of state, so once they sign and notarize the quitclaim deed, can they mail it to me to file at the (nevada) County office? Or do they have to be physically be there to file it? [link] [comments]  |
| [California] Buy now or wait two years? In search of opinions. Posted: 28 Sep 2020 06:23 PM PDT I'm starting a new job and moving from the east coast to California. I'm going to be in the market for a house, but not sure if I should wait or buy now. How are the months after the fires predicted to affect the housing market? I have also heard predictions that when forebearance ends, some homes may go into foreclosure and that could make for great buys. Obviously no one can tell the future, but I would like to hear everyones opinions on what the market and home values will look like in the coming year. [link] [comments]  |
| How much does a job change affect your chances of getting approved? Posted: 28 Sep 2020 08:27 PM PDT Hi, anxious FTHB here, currently in underwriting. Inspection, appraisal & title report were great. My finances are also great, with zero debt and putting down a decent chunk for the down payment. My only red flag is that I recently switched jobs right before starting the process. It's a different company, but same industry with higher pay and better title than I had before. My lender is already aware as I had to upload my offer letter at the time since I didn't have paystubs yet. My question is how much this will negatively affect my application and is there anything I can do to prepare? I've heard so many stories of buyers getting denied simply because they recently got a new job. I appreciate any advice/guidance. Thank you! [link] [comments]  |
| Did your realtor attend closing in person? Posted: 28 Sep 2020 01:37 PM PDT I'm in New York and we're closing on Wednesday. My realtor just messaged and said he may not be allowed to attend closing, curious if folks who have closed recently have had their realtors there? Is it any kind of an issue if he's not? [link] [comments]  |
| Appraised 20% higher than purchase price. Posted: 28 Sep 2020 08:01 PM PDT Hi All! Looking for some suggestions... I'm under contract for my first home and close in a couple days. I received a copy of the appraisal on the home and found out that it appraised for 20% higher than my purchase price. Which is great. Purchase price: $299k Appraisal: $360k So what do I do now? We clearly won't tell the seller but what can I do with this extra "equity" from day 1? Here are some thoughts I have but feel free to add your own or tell my why my ideas are bad/good/impossible/etc. 1) Use equity toward an investment property 2) Use equity to upgrade home 3) Refinance to ditch PMI (isn't this based on the lower of the purchase price or appraisal)? Paying $200/mo for PMI. 4) Invest into stocks 5) nothing? Anything else? Any ideas would be great!!! [link] [comments]  |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment