U.S. CDC issues temporary halt on residential evictions to combat virus through end of 2020 Real Estate |
- U.S. CDC issues temporary halt on residential evictions to combat virus through end of 2020
- Kitchens and the great why.
- 15 vs 30 - Payoff sooner or keep 30 and invest the difference
- Bought a Condo. No excitement, only dread.
- Advice on this plumbing inspection finding.
- Payment for locking a rate?
- To lock or not to lock, that's the question
- Back out on home purchase because it is too difficult to buy?
- Seller withholding earnest money, disagreement on what constitutes a business day (KS)
- Please help me determine if this apartment is real. I'm desperate
- Is your mortgage rate more influence by the home price or by the amount of the loan?
- HELOC/Cashout Refinance to cover Tuition (Question)
- Builder quoting 10k more because of lumber shortage.
- In escrow. Should we walk?
- Refinance $400k 15 year fixed at 2.125%
- First Time Buyter Jitters - Looking for a rough ballpark on Post Offer costs?
- A coop in NYC is asking for minimum credit score of 700, character inquiry and home visit. $500.00 application fee plus $50.00 for the credit investigation per adult.
- Should I replace flooring in my townhouse before selling?
- Landlord being dodgy about fixing a window that was supposed to be fixed when I moved in
- Cannot get sellers agent to provide copy of signed buyers agreement contract. Advice needed!
- Unbuildable Land VS Buildable Land
- Due diligence has uncovered a nightmare
- Closing Issues - Do I Have Any Recourse?
- Closing costs paid the day before closing?
- Very rural FSBO house, remote buyer, cant find a buyer's agent
| U.S. CDC issues temporary halt on residential evictions to combat virus through end of 2020 Posted: 01 Sep 2020 03:23 PM PDT |
| Posted: 01 Sep 2020 08:26 AM PDT So, my wife and I have been looking at houses, and I'm noticing a very annoying to me trend. The stoves and or just stove tops always seem to be crammed into an area with very little usable space next to it. My current kitchen is the same way and it is driving me nuts. All the room I have is these tiny little corners next to the stove that already have stuff taking up space, and even if that stuff was moved its not much real usable space. Anyways I digress, but why this particular design choice, and has anyone else noticed this? [link] [comments]  |
| 15 vs 30 - Payoff sooner or keep 30 and invest the difference Posted: 01 Sep 2020 05:15 PM PDT Looking to refinance my home. Currently in a 30 year FHA and 10 years in. Current payoff amount is 223k. Current rate is 4.75. If I refinance through my mortgage company my rates are: 30 year fixed apr 3.063% 15 year fixed apr 2.541% Would it make more sense to refinance back to the 30 year and take the difference of what I was paying in the original monthly payment and invest that money? or Would it make more sense to do the 15 year and raise my payment by 50$ a month and pay it off 5 years early and save 72k after 15 years? [link] [comments]  |
| Bought a Condo. No excitement, only dread. Posted: 01 Sep 2020 07:35 PM PDT Closed on a $200,000 Midwest condo. Put 20% down. The home is fine. No major issues to report, got a decent rate at 2.875% for 30-year fixed. Good location. And yet, everything feels terrible. My life savings are eviscerated, and now I'm $160,000 in debt for a mediocre 1,200 sq foot end-unit condo. I feel like garbage. I keep waking up hours before my alarm because my head is swimming. I've never been this stressed out in my life. I can't shake the feeling that it's all been a mistake. Is this what homeownership is like all the time? Frick Edit: I just wanted to give a massive thanks to the community commenting here. I've gotten a lot of wisdom, and the feedback has been really helpful. I'm feeling a lot better about my decision. [link] [comments]  |
| Advice on this plumbing inspection finding. Posted: 01 Sep 2020 06:30 PM PDT So I will be arranging the jetting and rerunning for tomorrow, obviously.My 10-day contingency for inspection runs out on Thurs, Sept 3rd. If it ends up being this massive line repair costing $10,000, any advice on how to approach sellers on this? Edit: House built in 1965. Plumber also said there were a lot of updates to the lines. [link] [comments]  |
| Posted: 01 Sep 2020 05:11 PM PDT I got quoted a 3.125% for a 192900 house today but the lender is telling me it'll be 13k in closing costs and there is a 3900$ charge to lock the rate. Is this normal? [link] [comments]  |
| To lock or not to lock, that's the question Posted: 01 Sep 2020 09:23 PM PDT Finally got our offer accepted, luckily no other offers this time.. But seller wants to close in the beginning of December, so naturally the question is should I pay extra to lock in a interest rate? My lender is offering me 60 days rate lock for free, but 90 days will cost me .2% points, which is less than $1k in my case. I tried to get the seller to chip in but it was turned down, so im debating if I should just pay up and get a comfortable rate, or chance it and see wheres the rate at at the end of September. What would you do? 2.875% for 30 year fixed is what I'm getting. [link] [comments]  |
| Back out on home purchase because it is too difficult to buy? Posted: 01 Sep 2020 05:02 PM PDT TLDR: My husband and I are two months in on purchasing a home in a small coastal Florida town. It has been an awful experience and, at this time, we don't even want the house any more. Can we back out now without losing earnest money/being sued? Just how mad will everyone be? Long story: We put an offer on a single family residence with an attached in-law suite at the top of our budget. The house is beautiful, but has no garage or driveway and an enormous, unsplittable lot. It's in a flood zone. I expressed concern, but was urged by our realtor to "jump on this." Offer was accepted. Once we were into the inspection, I again expressed concern with some wood rot and termite damage and the flood zone. I was again pressed to move forward. When obtaining our flood and home insurance, the realtors knew nothing about either issue. It took 60 hours on the phone, contacting over 35 agents, and an insurance agent coming out and inspecting the property personally to get a reasonable rate- though still $2k higher than I budgeted. We had to contact FEMA to get any info on the flood zone because the current owners said they didn't even know it was in a flood zone. I told our realtors I was nervous that this house was "uninsurable" and that I didn't think anyone else would go through the trouble of finding a policy if we needed to sell. They told me I could just transfer our policies and to keep going. When we got into taxes, we found out the property had been reassessed since last year and that the extremely high taxes would be going up another $1k next year. When we FINALLY got to the appraisal, we waited and waited... to find out it was never performed. The appraiser said the house is a multi-family unit due to the guest suite only being accessible by an outdoor staircase. The house is in an area only zoned for single family residences. According to the sellers, all the work done was permitted by the city, but we've seen no proof. A new appraiser was finally found, but at this point, we don't want the house. It is way more expensive than we had imagined when offering and I really worry about getting the permits to build the garage when there's argument over whether it's even zoned for the neighborhood. The appraisal tomorrow is being performed as a multi-family property and our realtor is going to try and "convince" the appraiser that it's a single. I think any reasonable person who wasn't being pushed by their realtors would have walked by now, which makes me scared for resale. Can we walk this late in the game and cite these difficulties? At this point, I don't care about the earnest money. I do worry about pissing off two realtors and the sellers in a small town, but as my husband and I pack all our things to move into my parents' to wait on a hopeful appraisal, I worry more about our financial future in a home that has us at our limit. [link] [comments]  |
| Seller withholding earnest money, disagreement on what constitutes a business day (KS) Posted: 01 Sep 2020 03:58 PM PDT Recently got into a contract to purchase an investment property. In the contract we have an inspection contingency stating that we have 3 business days after inspection to submit our requests for repairs or to walk. We had the inspection done last Monday afternoon and received the report that night which found there was significant damage from a previous undisclosed fire. We didn't officially sign the cancellation documents until Thursday, but the sellers are saying that the 3rd business day would have been Wednesday and are withholding our earnest money. Does this sound right? How could the day of inspection count as a business day when we didn't even receive the report until Monday night, and we signed cancellation on Thursday LESS than 72 hours later? Are we SOL? [link] [comments]  |
| Please help me determine if this apartment is real. I'm desperate Posted: 01 Sep 2020 08:22 PM PDT Hello r/RealEstate! I apologize in advance as I don't know if this is the right place to put this In short, I'm blind and COVID has delayed my disability decision. My husband is getting as many hours as possible but has a bad back and can't get more yet, and switching jobs is a little too risky right now. Not many jobs anyway. We've been staying with family because I'm a loser and was not ready to go blind and not be able to pay bills at the time. We will be kicked out by 23 December if we don't find a place by then With LOTS of scammers out there, I'm terrified of getting screwed. I'll be living in my car by the end of the year and I pray not to get swindled out of our savings in an attempt to prevent that. I'm already getting harassing calls and emails after picking the wrong ads to respond to and I'm feeling really low about one guy who said he wanted to know my cup size before he'd consider letting us have the apartment [....I'm desperate enough that I considered it really]. I finally got a bite! I found a tiny little place that doesn't look like its roach infested and whatnot that I can afford. The man has only chatted with me via email but has sent me photos, a video tour of the apartment and it all matches the google street view. He responded with great spelling, grammar and told em a bit about his family and himself But here's the thing. He's out of state, which is an immediate red flag. BUT he's sent me what the rental agreement would be [and its several pages long] that looks just fine. Has asked for no cash at all yet, and has insisted he will have some way for us to see the place before we sign anything or pay anything This is my first place I'm looking at. I'm so afraid of getting screwed. The application for this place was through a site that seemed pretty legit that didn't ask for any SSN or bank info, only names and ages and current addresses. Oh, and a photo of one of us with our driver's licence to prove we're real Does this sound legit...? Is there a way I can really protect myself? I asked if I could maybe see a photo of his ID just to make sure he has a face to match his name but I don't know what else I can do. Again, so sorry if this isn't the right spot. Thank you EDIT: So I was able to look up the property owner's name and it doesn't match. And the ad I found has been flagged. Googling the email the guy gave me also sent me to ANOTHER flagged ad for a different property in PA. I'm crushed, but I'm grateful I didn't send the guy anything. :( Thank you so much <3 [link] [comments]  |
| Is your mortgage rate more influence by the home price or by the amount of the loan? Posted: 01 Sep 2020 09:45 PM PDT I'm a newbie. I hope someone can give me some info or their opinion on this. I'm looking to buy sometime next year in So California. I'm just wondering how mortgage rates will be affected in two different scenarios
So the loan amount is the same in both scenarios, but the home prices are significantly different. Would lenders give the same interest rate for both scenarios? [link] [comments]  |
| HELOC/Cashout Refinance to cover Tuition (Question) Posted: 02 Sep 2020 03:39 AM PDT Good Morning! I have a question that I'd like either an answer to or insight on. I'll be attending medical school this fall. However, FAFSA is only covering 3/4 of my tuition this year, and my university does not accept Sallie Mae/Wells Fargo/Discover, which means private loans are out of the question. I'm a student, currently unemployed so a personal loan is also out of the question. I will however be picking up a part-time job to assist with minor expenses throughout the year. I do however own a home that I inherited. It is a non-owner occupied home, as I have a tenant living there and not myself. The home is fully paid off (no mortgage). I'd like to take out a HELOC or do a Cash-out Refinance in order to pay the rest of my tuition and living costs. However a few banks and my credit union that I've spoken to have already stated that they are not willing to do HELOC's on non-owner occupied homes. A representative from my credit union did mention that I could take out a "First Mortgage" which I'm not exactly sure would be suitable or beneficial to me. Do you guys/gals have any insight or opinions on what I can do next? Thank you in advance. Btw this sub is awesome, I've learned quite a bit just from lurking. Edit for information: Home is worth approximately - $75,000-$85,000 Desired HELOC/Cash-out amount - $10,000-$20,000 [link] [comments]  |
| Builder quoting 10k more because of lumber shortage. Posted: 01 Sep 2020 09:13 AM PDT I am planing to build my home in spring, all the builders are charging at least 10-15k more quoting lumber shortages. Is this something which could go down in near future when this covid thing settles down ? [link] [comments]  |
| Posted: 01 Sep 2020 03:17 PM PDT Currently in escrow on a house built in 1940. Given the current market, we offered over list and offered to pay seller closing costs and bridge a 5k appraisal gap. The house was advertised as having "most plumbing updated" and "electrical updated". When we got our inspector out, he said that all the pipes were galvanized (the seller has since said that some of the old galvanized pipes were replaced with new galvanized pipes in certain areas where there were issues). There was a massive drop in water pressure when both the shower and bathroom sink were turned on and the bathroom faucet was almost just trickling out. The inspector said the pipes are clearly corroded and will need to be replaced. Regarding the electrical, our inspector said there's still active knob + tube wiring that's in bad condition, and that it was split off from to install new electrical in the kitchen and bathroom (although there were a number of code violations with that new electrical, such as a lack of GCFI outlets in the kitchen and no grounding in the whole house). On top of that, the kitchen exhaust fan improperly vents to the attic and there's low ventilation up there, so it seems like a fire waiting to happen. The sellers offered an 8k credit, but we're quite hesitant. It seems dishonest how the sellers' misrepresented the updates to the plumbing and electrical system. Plus, the 8k will only go so far and there were a number of more minor issues that the inspection turned up (some dry rot repairs, patching stucco, adding gutters, bringing the water heater up to code.) We're considering just walking, but this is our first home purchase so we're not sure if these things are typical. Any thoughts? [link] [comments]  |
| Refinance $400k 15 year fixed at 2.125% Posted: 01 Sep 2020 09:13 AM PDT Got my mortgage last year for $400K at 3% with Better. Owning was at 2.125% this weekend, so I called them and got the rate. I had Better Mortgage match it and cover most of closing costs, comes out to 2.15% APR. [link] [comments]  |
| First Time Buyter Jitters - Looking for a rough ballpark on Post Offer costs? Posted: 01 Sep 2020 07:55 PM PDT I understand the ACTUAL process of getting a house after undergoing an offer is pretty daunting. Looking at the some of the resources online I've pretty much gone into a sinkhole with estimating what my total cost will be for a home purchase and what do I use to shop around to reduce these gamut of fees. Am looking to see if someone here can guide me as to this property deal and what are the costs I can expect (and what I should bargain with ) to reduce the overall costs of processing my application:
Could someone help me understand what kind of ballpark costs (Lawyers, Mortgage, other feeS) I need to be aware of for the above property specs so I can get SOME experience in negotiating on some firm footing? I dont know If I've provided all the info - but please let me know and Ill update it as needed. [link] [comments]  |
| Posted: 01 Sep 2020 09:54 PM PDT $500.00 application fee, what? plus a home visit? Has anyone else seen this before? [link] [comments]  |
| Should I replace flooring in my townhouse before selling? Posted: 01 Sep 2020 06:04 PM PDT I am going to list my small townhouse as soon as next week. It is quite updated and looks nice except for the living room flooring which I think is ugly. See pics below. It's the brown flooring. https://m.imgur.com/gallery/GSB7jtg My kitchen flooring actually looks nice and is a trendy fake gray laminate, however that exact model of laminate is no longer sold. I was thinking of replacing the entire downstairs flooring with new, more natural wood looking laminate. This is 500SF total and would cost $2,000 installed. Do you think I should do this before selling? [link] [comments]  |
| Landlord being dodgy about fixing a window that was supposed to be fixed when I moved in Posted: 01 Sep 2020 09:32 PM PDT Canada. Started moving in today, but not sleeping there. Window has been broken since we first saw the place a week and a half ago. Like it's completely gone and she's had me put a trash bag over it. She won't give me an exact date on fixing it. It's a huge security risk obviously. Ground floor. Don't want to get off to a bad start by harassing her but she's off to a bad start here, this isn't the only difficulty I've had. Am I able to make her get this done faster? What should I say to her? Do I have any tenant rights surrounding this issue? [link] [comments]  |
| Cannot get sellers agent to provide copy of signed buyers agreement contract. Advice needed! Posted: 02 Sep 2020 01:05 AM PDT Background: The property we are trying to purchase is owned by the state (selling for the purpose of the original owner to be able to obtain Medicare in a facility). The first offer of asking price got the house, as the state can take no more or no less for the price. My husband and I made the first offer and it was accepted immediately. Due to the circumstances of this property and the owner, my husband and I signed the contract with the sellers agent. The sellers agent called us approximately an hour later to confirm that both parties had now officially docusigned the contract and we were officially under contract. Now for the problem.. I have requested a signed copy of the contract 3 different times in the last week. Each time, the sellers agent has promised to get it to me, but to no avail. I spoke with the sellers agent at 6pm on Tuesday (yesterday) and she said I would have the contract via email on Tuesday night. It is now Wednesday morning and I STILL do not have a copy of the contract!!! Some details: the sellers agent has already deposited the due diligence check that I wrote for the property, the home inspection was completed last week and the results were good. My bank is waiting for the copy of the contract before they can move forward with the loan process. Any advice on what we should do would be greatly appreciated! As my husband and I are at our wits end over this. We just don't understand why we haven't received a copy of the contract yet, even though it has been promised to us on multiple occasions.. [link] [comments]  |
| Unbuildable Land VS Buildable Land Posted: 01 Sep 2020 03:18 PM PDT Hello Everyone, I was looking on youtube for a detailed video, that was not awful, annoying, or off-topic on the difference between unbuildable land and buildable land but I was not able to find a video to satisfy me. I wanted to know what makes land unbuildable and why versus land for sale that is buildable. Any assistance would be greatly appreciated [link] [comments]  |
| Due diligence has uncovered a nightmare Posted: 01 Sep 2020 07:56 PM PDT I'm a first-time homebuyer. I'm also in way over my head and I need some suggestions. I'm a week into due diligence and I've uncovered a lot of problems. External pressure keeping me in the deal:
Pros:
Cons: There is 4 inches of standing water in a section of the crawl space after rain. To remedy this, I am trying to get the seller to pay for a sump pump to be installed. I have offered to redirect runoff on my own dime after purchase, so long as the seller installs the pump. After I discovered standing water, I immediately ordered a mold test. Surprise: there's abnormal amounts mold in the house. Just found out tonight. What do I do? This is a hot seller's market. Should I just give up on this, take the $1500 loss and walk away? Can a house with mold actuality be cleaned properly? [link] [comments]  |
| Closing Issues - Do I Have Any Recourse? Posted: 01 Sep 2020 08:35 AM PDT Yesterday, I was due to close on the purchase of a house at 10 AM. I'll provide a timeline of the events below: 8:00 AM - I initiated my wire transfer in the amount stipulated on the latest set of closing documents I had received from the lender. 10:00 AM - I begin signing the closing documents, noting that the mortgage documents at closing (as provided by the lender) differed from the ones I sent via wire transfer. At the time, we believed we would be short about $80. 10:30 AM - After reviewing the closing documents, it was revealed that the Lender did not include a $5K credit from the seller. We received new documents and I was told that I should expect a check for the overpayment. 11:30 AM - It's revealed that neither of the wire transfers (from myself or the lender) had been received. We're told to get lunch and see if there's any update afterwards. 1:30 PM - We return from lunch; no wires had been received. I called my bank and was told my wire transfer was under review. The Lender asserts that they have initiated their wire transfer. 4:00 PM - The wire funds leave my bank account. I received confirmation of receipt from the lawyers a half hour later. The Lender continues to assert that they've initiated the wire. 11:30 AM (Today) - I am told that the wire transfer still has not been received by the lawyers. So, I've left closing without a house, and it's not based on any non-performance on my part (to my knowledge). Do I have any recourse against the lender for their failure to produce funds on the closing date? EDIT: To update, about an hour after I submitted this post, I received confirmation from my realtor that the lenders' funds went through. I've picked up the keys, closing documents, and my overpayment check from the lawyers. Thanks for your help everyone. [link] [comments]  |
| Closing costs paid the day before closing? Posted: 01 Sep 2020 01:07 PM PDT Hi all. We are FTHB and we close on our house this Thursday at 1pm. I just spoke to my mortgage broker and we have the final closing cost amount. She said I can wire it tomorrow to the title company. I've always heard you wire the day of close. She said it's just easier since it'll most likely be cleared by the next day and we won't have to wait on it after signing everything. Sounds legit but I am a worrier! [link] [comments]  |
| Very rural FSBO house, remote buyer, cant find a buyer's agent Posted: 01 Sep 2020 10:37 PM PDT All - Id like to get some assistance remotely evaluating and likely putting in an offer for a home thats pretty far out of the way and am having difficulty finding representation in the area. (I understand the risks of doing it remotely, but there jsnt another way). Any advice on how to proceed? Can/should I work with the owner directly? If so, how formal does that need to be? "Hey, Id like to buy your home, probably for just under what youre askinf, but I need to get some stuff checked out first" seems a trifle inappropriate? Would they be expected to have some idea of who could do inspection, etc? Also, I have an online mortgage broker, but they cant find me local agents either. Given that, would they otherwise be able to assist in other ways? If any of these questions are making inaccurate or wold assumptions, happy to know that, too! [link] [comments]  |
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