Am I getting ripped off - $12,000 in closing costs on a $120,000 home? Real Estate |
- Am I getting ripped off - $12,000 in closing costs on a $120,000 home?
- Home inspector missed non working items during inspection and new homeowner is pissed.
- Damage was done to my property during the buyer's inspection 4 days ago and they didn't tell me I didn't discover it until today
- I noticed sites like Zillow show the number of homes a realtor has sold over the past 12 months. When courting a realtor is there a number too low or too high I should avoid? I’ll explain more inside.
- Taking My Ex Off of My Mortgage. Need advice
- We are about to drop out of our third escrow, is it unheard of?
- Mortgage broker wants Protected Health Info?
- [Australia] Putting in a 2nd bid on a popular property (x-post)
- Financing 2nd Home
- We’re under contract in the 14 day period (but having issues) and found another house we really like. Would it be reasonable to pull out and go for that one instead?
- Repair gone bad
- Dallas marketplace
- Easements
- The New Normal - 15% YoY Appreciation Due To Californians and New Yorkers. Anyone Else Giving Up?
- Is this normal?
- Cashout Refinance - Any risk involved?
- Selling my house, water heater is 22 years old. Should I replace it before putting the place up for sale?
- Agent said that if I meet with the broker alone for a showing without explicitly stating I have an agent, then the broker is immediately my agent for that deal. True?
- Van Metre Homes
- What should I expect as a buyer from my upcoming VA appraisal?
- 1st Home Advice - Los Angeles
- Is there a way to save/download a 3D model of a house?
- Need Help with Virginia Realestate
| Am I getting ripped off - $12,000 in closing costs on a $120,000 home? Posted: 17 Oct 2020 04:41 PM PDT Hi, I was told my closing costs would be around $12k for a 120k home, which is 10% of the price. Looking online I see closing costs are generally 2-5%. My down payment is 27k. [link] [comments]  |
| Home inspector missed non working items during inspection and new homeowner is pissed. Posted: 18 Oct 2020 01:58 AM PDT Long story short I had some clients who purchased a condo in Nevada and they live in California. I set up and attended the home inspection and they chose not to. The report came in we went over everything and submitted our notice of required repairs to the seller. Seller completed repairs and I asked if they would like to do a final walk through or have the same inspector in to confirm all items were completed. They weren't able to drive up and do this and didn't want to pay the inspector again to come out. So, we closed on Friday and they drive up on Saturday only to discover the switch for the fireplace doesn't work and no hot water to the shower (both not in the report). I call the inspector and he swears both were working during time of inspection. Since I didn't follow him around I can't say whether they were or not. I offered to buy my clients a home warranty and get those items repaired for them but I feel like they blame me even through I suggested a walk through or at least had the inspector back in ( not that he would of found these new non working items). How can I make this right ? [link] [comments]  |
| Posted: 17 Oct 2020 09:35 AM PDT Actually 2 things were damaged. The small damage: When we got back home after leaving for them to do their 90 minute inspection I found a couple small shards of glass by the front door. I look up to see the glass front of my porch flood light broke off. I look in my garbage can and see they swept most of the broken glass and disposed of it in my can. No big deal but still, they should have told me. I called their agent and asked what happened. She said, "Oh god, I'm so sorry, I forgot to tell you... I guess when they were on the roof the pressure must have made the glass front of the bulb get loose. Cost of damage - a new flood light bulb for maybe $10. The big damage: I am a musician and I have a Yamaha keyboard in the middle of my living room (photo) located behind the couch under the ceiling fan. Today I sit down at the keyboard and find 2 of my black keys in the center are broken. 1 broken in half but was carefully placed back together so it wouldn't be noticed and the other snapped at it's base. The keyboard is useless. The broken key could be Crazy glued but the other one is damaged beyond repair. It's a $400 keyboard that they don't even sell anymore and the only thing comparable is $549+ tax. Only explanation I can think of is ~ the inspector may have dropped a tool on it? Was tugging on the fan chain and probably dropped a tool or a measuring tape on it? Something got dropped on it to cause that kind of damage. I 100% know, beyond any doubt, there was no damage to my keyboard before the inspection. If they didn't tell be about the broken flood light it makes sense they wouldn't tell me about this. I'M SO FUCKING MAD!!! But... I have no absolute proof and the closing is about to be in 2 weeks and it doesn't feel guaranteed. What would you do? [link] [comments]  |
| Posted: 17 Oct 2020 03:04 PM PDT For example would too few homes sold in a year indicate that they are not full time realtors or not popular? And would a realtor who closes on a high number of homes per year indicate that they may be too busy to give me their full attention or not prioritize me over a more important client? Is there a sweet spot of homes sold per year I should be aware of? [link] [comments]  |
| Taking My Ex Off of My Mortgage. Need advice Posted: 17 Oct 2020 03:47 PM PDT Hey everyone I need some advice. Please help me!! Ok so I bought a house in Georgia (back in 2017 I believe) with a FHA loan. Currently me, my ex, and my mom are all equally on the Mortgage. So yeah now my & I are splitting ways and we're trying to figure out what to do with the house. She wants to sell it and split the profit evenly amongst the 3 of us. My mom & I would like to buy her share of ownership so I'll just continue to live in the house by myself. So my question is would I be forced to sell the house if she doesn't agree to the option of me buying her out? If it adds any context the only money she put into the house was to help out with the down payment but I've been paying 100% of the mortgage and bills. Feel free to ask any questions. I need major help with this [link] [comments]  |
| We are about to drop out of our third escrow, is it unheard of? Posted: 17 Oct 2020 06:33 PM PDT 1st house was a bank owned escrow. Found water leak/mold during inspection. Bank doesn't budge which was expected. We drop. 2nd house I asked my agent in front of the home if the solar would be owned and is not leased right before putting in my offer. Agent says it is owned. Either bad info or lied to us. It was zero down leased system without ever being able to own and costs 2-3x than if you purchased to own. We drop. 3rd home we are in escrow our agent told us we will get a large credit for or owner will pay for a solar lien on the property. Says they dont want the transfer to get held up. Weeks into escrow they now state they will not pay for the lien. Im thinking my agent lied to me, Ive heard the sellers agent on the phone with my agent and she does seem to be a crazy person and extremely difficult but I feel like my agent made a few mistakes. We are prepared to drop. Am I a crazy person for wanting to drop out of my 3rd escrow?! If we do drop whats the ethics of firing your agent? [link] [comments]  |
| Mortgage broker wants Protected Health Info? Posted: 17 Oct 2020 09:49 PM PDT Ok it's been a while since I last got a refi or mortgage, but this broker wants me to sign a form that says they will have access to our PHI Protected Health Info even though they cannot guarantee safe handling of that info. And why the hell would they need that anyway? Plus they want last 4 years of IRS tax returns even though permanent W2 employee with 40 years in field (computer programming - hospital system). Thoughts? I am not very happy about being asked to provide personal health info to a mortgage broker - is this legal? [link] [comments]  |
| [Australia] Putting in a 2nd bid on a popular property (x-post) Posted: 18 Oct 2020 03:35 AM PDT So, I'm a first time home buyer, whereas my husband bought a house 20 years ago without thinking it through too much. He just bid the top end of the range in cash and got it easily. Neither of us really wanted to do that now, generally, for obvious reasons. But that did wind up being exactly what we did here, because we found an extremely appealing house that was quite underpriced. 4bd/2ba, swimming pool, garden, large shed for a workshop or whatever, really nice house. $260-280,000, when you can't find a rathole for less than $350,000. The reasons it's so underpriced, we think, are that
Obviously it's attracting heaps of attention. The realtor, who seems to be on the level, told us he's gotten 12 offers and three are already over the top end. (We've gotten a bit friendly with him.) When we put in our bid at $280,000 I fully expected to be outbid, but I also sort of thought they might come back to us with how much they were looking for or questions about issues. They haven't done that, instead we're just hanging out there with basically zero information. We also know people with much more money than we have are making offers, including people planning to use it as rental property. Because we were motivated, we put in an unconditional bid (risky I know, but we figure we can get a house inspection sorted before the cooling off period ends, or just live with it and sell it on.) Our financial situation is this: we are subdividing and selling a plot of land and it's sold, contracts signed, deposits down, and nearly finished, but not quite. Bureaucracy gonna bureaucrat. Once it's finished, which our agent estimates is at most six weeks, we'll have about $320,000 in our hot little hands. However, we do have a number of things we need to do with that money. If we got this house, for instance, we would want to beef up security somewhat, and new fencing would cost some thousands of dollars, plus other gewgaws & bits. Anyway, our bid is unconditional with cash, but currently with a settlement date of 60 days (because we have no finalised date) which is a bit shit. Our own real-estate agent is not being helpful in this matter as he feels very strongly we need to get a $150,000 mortgage and buy a much bigger house. In that case, as he sees it, he'd win, we'd win, his mortgage guy would win. He did point out that many more houses will be coming onto the market, which is reassuring if we lose our feral Tara. Should we bother to bid again? If we do, how dumb is it to go directly to $300,000, given how popular this property is? Should we stick with $290K or $295K? Is it smart to be concerned about why they priced it so low? How quickly would you let go in a situation like this? Edit: my very sensible husband is pointing out the median house price for the area is just over $200,000 and he thinks that's why it is priced so low. ¯_(ツ)_/¯ I'm not an expert. [link] [comments]  |
| Posted: 17 Oct 2020 11:25 PM PDT I currently own a home which is worth over $800,000 that is completely paid off. I am interested in purchasing a second home and intend to rent three suites in my current home and live in the second home. I would primarily use the the rental income of the three suites to help pay the mortgage which will give me around $3,000 a month. but I do have some savings to help pay for the mortgage if I do not have rental income for periods of time. I would like to purchase a $1,500,000 home. I only have enough money for a down payment for the 10% at the moment and I have no other debt. What would be the best way to finance this? I looked into home equity loans and home equity lines of credit which could get me $670,000 if I am correct. Would the remaining amount have to be financed through a separate mortgage and would a bank give me that large of an amount? Would a private lender with higher rates be my best shot? Or is the second home way out of my price range. I could also rent out the basement of the new home for $1,000 and it's in an in-demand area for rent. So I could get $4,000/month through rental income. I have heard of people securing mortgages through getting rental appraisals and securing tenants prior to purchase, is this true? Or is the second home way out of my price range? My income is only around $70,000, but I hardly have any expenses and I save around $30,000/year. Any input would be greatly appreciated. [link] [comments]  |
| Posted: 17 Oct 2020 04:37 PM PDT My husband and I went under contract for a home last night that was as close to what we thought we were going to get to our ideal. After signing papers the sellers started going back on some things that they said wouldn't be an issue. Mainly these include the possibility of putting up a fence (which is now up in the air) and whether the porch is wired for a hot-tub (they said it was, now they 're unsure and want us to hire an electrician to find out). They're also now taking a fridge with them that was included before. As you can imagine, this is very frustrating and we'll also have to repaint most of the house. Today we saw another house that just hit the market that's nearly perfect and we're starting to regret our decision on going under contract with the other home. If we wind up finding out in the next two weeks that we can't put up a fence and that the electrical isn't as promised, would it be unreasonable to pull out entirely? [link] [comments]  |
| Posted: 17 Oct 2020 11:32 AM PDT Not looking for legal advice. Just opinions. Sold my own house about a year ago. There was a repair to the sewer line that the buyer requested I make prior to the sale. I had a plumber friend help me, and we were able to fix it relatively easily. (A lot of hand digging though to save $$$) As requested, I had the line scoped and gave the buyer an invoice stating the line had been fixed. A year later the issue has apparently returned. Because I did the work myself (a bad decision in retrospect) I don't have a contractor to fall back on as far as a warranty. I want to do the right thing, but I also feel confident the repair was completed the first time. And it was inspected. Just looking for thoughts on this, and how to proceed. My lawyer advised me to go dark on them, but I don't want this to be contentious. If I made a mistake, this is on me. I also want it to be fair though. [link] [comments]  |
| Posted: 17 Oct 2020 08:47 PM PDT My finance and I have been trying to buy a house in the flower mound/Lewisville area which is a great suburb but we have put ridiculous offers at least 4 times. All of those times we have put over 10,000 asking price on houses around 260,000. We haven't gotten a single one. We keep getting beat by cash. This is most frustrating thing I have ever done. We just want a house without completely overpaying for it. What are we supposed to do? [link] [comments]  |
| Posted: 18 Oct 2020 02:33 AM PDT I am working with someone interested in a land locked vacant property. I believe I found the single heir to the neighboring lot that a dirt road cuts through to access this one. Has anyone had a real estate attorney go ahead and write to a letter requesting a formal easement before going under contract? So we at least know they are willing. This lot isn't going anywhere so no urgency to be under contract. Just curious, thanks all. [link] [comments]  |
| The New Normal - 15% YoY Appreciation Due To Californians and New Yorkers. Anyone Else Giving Up? Posted: 17 Oct 2020 07:57 PM PDT Anyone else in a market that's jumped literally 15% since covid began, and homes are still being sold 10%+ over the new post-covid list (and comp) pricing? What exactly are we to do in this situation, besides FOMO buy? I just don't see a situation where all these tech workers who can now perma WFH decide to stop moving out of California or East Coast ultra HCOL cities.. I feel like I have no choice other than drain my literal entire life savings just to be competitive, and hope my future salary increases eventually catch up. That, or move to BFE which doesn't have any real job or career prospect.. Just today - we pull up to an open house for a home that we weren't even particularly fond of, and on a main st literally next to railroad tracks. As we try to park, we see multiple cars pull up with New York license plates. At which point I tell my wife fuck these let's just leave. This 1k sf home listed at 600k with shared driveway on a A/B unit will definitely get multiple offers before weekend is over.. likely closing at 650k+. [link] [comments]  |
| Posted: 18 Oct 2020 01:33 AM PDT So we've been under contract for a primary residence for almost a month and a half now and I feel like the process is taking way longer than expected. To give you all a rough breakdown: 9/6: Started Loan Application 9/14: Appraisal Ordered 9/16: Appraisal Completed *With Errors 9/18: Lender turned file over to processing. 9/28: Lender needed Mello-Roos clarification and research of liens / tax bill. 9/29: I provide Mello-Roos clarification (IANAL) 10/6: Lien question answered (doesn't apply... no surprise). File sent to processing/UW. 10/7: File on hold. UW requests conditions. 10/8: Provided documents 10/9, 10/13, 10/15, 10/16: Requested status on application. 10/30: Notice of Closing (COE?) My question for everyone is, does this timeline look normal? It took the lender close to 3 weeks to research and determine that certain property taxes + liens did not apply to a deed restricted unit. I am assuming they know how to handle these, unless it's their first time. Lender also blew another week "sending the file back to processing". We have already extended the closing date from 10/9->10/30 (we needed to switch lenders). I feel like many of these issues could have been done in tandem and I am very unclear why it would take a lender three weeks to research applicability on property taxes (unless this is their first time doing our type of property [Below Market Rate]). They essentially blew 4 weeks to close a loan and I feel like we're no closer to getting our loan approved than we were in the beginning of September. I even sent them a long letter, but this is so frustrating. [link] [comments]  |
| Cashout Refinance - Any risk involved? Posted: 17 Oct 2020 04:56 PM PDT I'm new to all this so please bear with me. I have a home I've purchased for about 3 years now and it's appreciated $150k as you may know for the last few months. I have never done this cash out refinance before. It looks like because 30 year rate is now even lower than when I bought it, my mortgage will still be the same as before, however I'll be able to pocket $150k-fees. Is this what people mean by profiting from real estate? I can now use this money for example to buy more real estate to build wealth? Or am I missing something entirely? Thank you! [link] [comments]  |
| Posted: 17 Oct 2020 01:49 PM PDT 99212 market. Really hot. I'm guessing "no", but I want to get the most I can out of the place. Thanks [link] [comments]  |
| Posted: 18 Oct 2020 12:10 AM PDT Title says it all. Seems a little crazy. So if I go to this showing tomorrow without telling the broker that I have my omw agent then the broker immediately becomes my agent for that deal? [link] [comments]  |
| Posted: 17 Oct 2020 08:13 PM PDT Considering buying a Van Metre new construction home. Does anyone have experience with this builder? Are they a good quality builder? Anything I should be aware of before signing? Also, this would be my first new construction home purchase. Currently live in a 30+ year old house and I bought it almost 6 years ago in the Northern Virginia area. Tips are greatly appreciated! [link] [comments]  |
| What should I expect as a buyer from my upcoming VA appraisal? Posted: 17 Oct 2020 06:27 PM PDT Seller accepted my offer ($255k) which is really exciting as i found the perfect home for my daughter and i. From what im reading the va appraisal is usually pretty accurate. Im not inspector but i have worked in residential construction for years and the property seems to be in amazing shape. No leaks, good roof, updated everything, all working internal components. The surrounding properties on zillow (probably bot too accurate) are priced higher for similar square footage in not as good condition. What should i expect? I know with this minimal amount of information no spot on answer exists until the actual appraisal im just trying not to worry too much as this part could make or break the deal. Any help or advice would be highly appreciated. [link] [comments]  |
| Posted: 17 Oct 2020 01:07 PM PDT My girlfriend and I have begun discussing how we want to approach buying our first home. Some context, we have been dating for a long time, have been renting an apartment together since the end of 2018. Our lease is up in November and we will likely be renewing for (ideally) one more year before buying our first home. We have been discussing three options: 1. Buy a "starter home" that isn't necessarily in a good school district with the plan to live in it for roughly 5 years before moving into an upgraded home in a good school district, 2. Buy a "starter home" that we would live in for roughly 5 years with the plan to rent it out once we upgrade, or 3. Plan on starting with a nicer first home in a good school district, may have to delay another year to save up enough. The concern with planning on the 5 year option that's not in a great school district is it gives us a hard out if we don't want out future children to go to school there... not a lot of flexibility. Looking for some general thoughts and opinions to help guide our discussions and planning, thank you!! [link] [comments]  |
| Is there a way to save/download a 3D model of a house? Posted: 17 Oct 2020 01:20 PM PDT I'm buying a new house, that includes a 3d tour of the home and I'm wondering if there's a way to save this somehow? It's a great tool, allows you to measure things, visualize things, gives you a dollhouse version of it, and a floor plan? Any ideas? It's a listing on realtor.com [link] [comments]  |
| Need Help with Virginia Realestate Posted: 17 Oct 2020 08:24 PM PDT Me and my mom were looking for a condo. And we ended up looking at one and it was okay. And we had our agent call a inspector for inspection and on the day of inspection we saw a lot needed to be fixed. Inspection showed only $600 needed to be fixed because it doesn't include costmetic damages. So we didn't wanna buy it anymore. My agent had taken $2000 from us telling us that was some kind of deposit or sth that we will get back later. But now i called him and he says it is too late to get that money back. Is it a lie or is it true in Virginia? Thank you [link] [comments]  |
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