Closing tomorrow, had fixed rate, rates have lowered, can I get lender to honor "float down" guarantee to match lower rates? Real Estate |
- Closing tomorrow, had fixed rate, rates have lowered, can I get lender to honor "float down" guarantee to match lower rates?
- Have you bought the property next door? What to consider?
- I don’t see the value($$) in a house
- What to consider when buying rural land
- I just found out the sellers aren’t going to be at the closing. I didn’t know that was an option. How does this work?
- Putting up a fence...
- Planning to buy a land and build a home. Any advice please...
- European immigrant to NYC, no credit score, ~$250K downpayment.
- Better.com for refinance. Concerned about loan servicing
- Nervous to buy a house, tired of renting. Moving soon. Help / Advice?
- Potential buyer including Second Mortgage as funds for payment
- Multiple errors on loan papers not corrected at signing
- Seller, realtors, and title company failed to disclose CCR's. 9 months later I get a violation notice in the mail.
- Update and thank you!
- A family member wants me to go look at a property they inherited in the state I'm in where they used to live. There's a house there that hasn't been inhabited for ~10 years. I've never owned property who should I contact to assess value, damage, and tell about fixing.
- Do I need spouse on purchase agreement?
- Just Bought My First Home - Now Having Buyer's Remorse
- Living in a rental, but creating a real estate portfolio
- Buying a home without proper permits for additions
- When do you typically see the seller disclosure form?
- Start to Real estate, how to invest?
- Can't get anyone to do an FHA Streamline
- How exactly does the “float” down on interest rates usually work?
- Is getting/signing a deal with an agent necessary?
| Posted: 18 Oct 2020 04:44 PM PDT Locked in at 2.5%, their website now advertises 2.375%, our agreement was they'd honor a lower future rate before closing, a "float down" if I understand the term correctly. Tomorrow is closing day, too late to get them to honor that? EDIT: I emailed him, will update if anyone here wants to know. Still curious if you all have any experience with buyers throwing a wrench in things last minute, re Float Downs ;) [link] [comments]  |
| Have you bought the property next door? What to consider? Posted: 18 Oct 2020 08:21 PM PDT I bought a house several years ago that I like a lot, with the exception of an extremely problematic next door neighbor (on drugs, paranoid, aggressive, rented a room to sketchy people for a while, too many other problems to enumerate). The rest of the street is quiet as a mouse and well kept. After realizing the neighbor was never going to not be a problem, I began to contemplate the idea of offering to buy it from them to get rid of the problem. The house was bought low during the housing crash and does not appear to have had any serious work done since. I'd expect the interior to be in bad cosmetic shape and would expect some systems to need upgrades. The problematic neighbor's house just went on the market this weekend, but for a grossly inflated price (I'd say at least $200k over what a reasonable person would pay, based on comps and the condition of the house). The listing shows no interior photos, which confirms my suspicion that the interior is in bad shape. I wouldn't pay what they are asking, but I'd consider buying it for something in line with comps. Have you ever bought the next door neighbor's house to get rid of a problem? I'm interested in any thoughts or experiences on this subject. [link] [comments]  |
| I don’t see the value($$) in a house Posted: 18 Oct 2020 02:00 PM PDT I've always wanted a house. I finally was able to purchase one. I no longer see a house as a good investment. I'm not saying it can't be, but I'm not seeing it. People like to think your no longer throwing money away renting. But I'm paying property tax, insurance, interest on loan, higher utility bills, maintaince and up-keep all that is not adding value to the house. Which adds up to about what i pay for my apartment before i bought the house. Also when you purchase and sell the house you are hit with a ton of fees. To add to this, Time= Money. I spend a lot of my time doing house stuff and i spend A LOT less time doing things i enjoy. Where I do see value. The fact that I have more space and a place where the rent never goes up and I can do pretty much whatever you want on your property. your also no longer in danger of getting kicked out, if that is a threat. maybe far down the road over time the house will gain value and ill be able to come out on top. But I'm sure if kept the receipts for every house expense I've had. The profit wouldn't be enough to get me excited. for instance, I'm doing a kitchen remodel. Doing everything myself Ive prob spent 8k. That is about 8 months worth of rent at my previous apartment. Just to fix my heater. 1k, a whole month of rent. And like i said, time=money. I'm spending all my time to accomplish this instead of enjoying my life And incurring stress and more life problems. I know there are situations where you can come out on top. But in my situation I'm not seeing it. I really hope I can eat my words in 5-10 years or whatever. But as a new home owner i just feel overwhelmed and like ive made a bad financial choice. Maybe the house I bought has more problems than usual which is putting me in this mindset. but from what ive read, everyone has some sort of problems going on at their homestead. Just to be clear, I'm not talking about buying a house as an investment property, but as a homestead. please convince me otherwise. I've been so depressed ever since i have purchased my house almost 3 months ago. It's in an amazing area. Close to all my favorite trails In a hot market as well. But I'm just not happy with the move financially. Being able to afford it Isn't a factor in this situation. [link] [comments]  |
| What to consider when buying rural land Posted: 18 Oct 2020 07:05 AM PDT I live near the ozarks and I sometimes see decent sizes parcels of land for sale that are inexpensive per acre. (Mostly on sites like landwatch.com And cheaplands, etc.) I am wondering what I need to be on the lookout for when researching the lot before I buy in a rural setting. I mostly just want to use the land for recreation such as a hunting, hiking or camping retreat, but may wish to put a cabin or small single family home on it eventually. Any advice from someone that has done this on things to consider before you buy would be most appreciated. [link] [comments]  |
| Posted: 18 Oct 2020 05:10 PM PDT I'm asking because my husband has a super hard time getting work off. If this is an option I'd be interested for his sake. [link] [comments]  |
| Posted: 18 Oct 2020 06:50 PM PDT Just bought a house and after going out to clean up the yard a bit we realized the neighbors are the type that stay on the porch and watch us. Unfortunately it's a deep lot and the neighboring property has three rentals and they are all outside. First meeting one yelled "hey girl! " to my wife Wife is on me right away about a fence for privacy. I just don't want to come off like a snobby neighbor. Anyone run into this. Thinking about fencing the back yard then putting in bamboo or tall shrubs from the house forward so it isn't so instant that I don't want them peering into my yard. [link] [comments]  |
| Planning to buy a land and build a home. Any advice please... Posted: 18 Oct 2020 09:32 PM PDT Ive been renting apartment ever since i started working 5 years ago. I felt it is right time to buy a home now. I was looking for homes that are built in last 5 years and they are pretty expensive for the things I'm looking for in a home. A new wooded land came for sale in the area I'm looking and I'm thinking about buying that land and build a home through a builder. I never owned a home so I have no experience in this area and i was told its a bad idea to buy a land and build it but I really want explore more before giving up. Can anyone give me any advice on where to start, what kind of hassles I'll be running if i go through this, how to pick a builder, since it is a wooded land how much more i have to put in to clear the land and get all the required permissions. Any advice is really appreciated. [link] [comments]  |
| European immigrant to NYC, no credit score, ~$250K downpayment. Posted: 18 Oct 2020 05:35 PM PDT Hi all, Any general thoughts or words of wisdom appreciated. For many years I have been diligently saving for a downpayment and it has been a long slog. Finally I am ready to pull the trigger and buy a place of my own in manhattan. However, as an immigrant I will have no american credit score. Is it sane for me to go around asking for a mortgage moments after I land at JFK? Do I need to wait, if so how long? I have been with my employer for less than a year, does my age and previous employment also matter? My employment record is a little spotty as I used to work for a university and my salary wasn't too great there [Edit for clarity: but tax free which contributed greatly to my savings]. My current salary is ~130K, with bonus taking me to 140k, and equity ~10k per year which vests over four years. I'm torn between getting a 1 BR (~700K) or paying a little more for a 2 BR (~990K) so I can rent a room out. This will have to be in midtown near grand central, or near 125th Harlem, as I need to commute to westchester (!) for work. Would I qualify to borrow enough for a 2 BR in midtown? I really hate the idea of co-op and I am wedded to condos, if any of you have words of wisdom to change my mind on this please do! Thanks a lot for your help, much appreciated! Stay safe. [link] [comments]  |
| Better.com for refinance. Concerned about loan servicing Posted: 18 Oct 2020 04:37 PM PDT Hello, We've got a great quote for refinance from Better.com and we are about to close soon. Our experience has been great so far but we've just realized they do not service their own loans. Anyone who has closed with better.com? Who was your loan sold to after closing? Appreciate if you could share your post closing experience. [link] [comments]  |
| Nervous to buy a house, tired of renting. Moving soon. Help / Advice? Posted: 18 Oct 2020 04:09 PM PDT I'll be moving to Lawton OK for work next year, and have rented homes for the past 3 years. I'm tired of renting as I know it leaves nothing long term for me, but at the same time I have no intentions or guarantees that I can stay in OK for a long time. Add onto this that I don't have much set aside for a down payment and I'm nervous about the housing economy right now. Thoughts or suggestions? I make roughly 80K a year and have myself and a wife. [link] [comments]  |
| Potential buyer including Second Mortgage as funds for payment Posted: 18 Oct 2020 10:06 PM PDT My home has been listed for sale and upon receiving an offer on it, I noticed the down payment from the potential buyer is just over 9%. Their pre-approval for a conventional loan covers for 70% of the offer price. The remaining 21% is listed in the purchase contract as stemming from a Second Mortgage. Until today, I had no idea a buyer could take out a second mortgage on a home while being purchased- is this a normal occurrence? Is it risky for me to move forward with the sale of this home under these conditions? Furthermore, would that second mortgage include a pre-approval letter much like the conventional loan would? [link] [comments]  |
| Multiple errors on loan papers not corrected at signing Posted: 18 Oct 2020 05:27 PM PDT My mortgage broker has sent me several different papers for signatures over the course of our escrow, all of which had mistakes of one kind or another. On one end of the spectrum, he had the wrong amount for the purchase price and our down. No real biggie. But errors like this continued. One set of papers had the wrong number for our deposit, leaving out $17k of of $24k deposit. Still no big deal. But they kept coming. I was told that it would get all settled in underwriting and would be good by the close of escrow. Ok. I'm not too worried. We finally lock our rate and get the papers to sign regarding all that (about a week ago). These papers have my closing costs at... $72k!!! WTF? Again, don't worry about it, I'm told. It will get sorted out. I go over the papers and figure the closing costs minus the error. I send the number to my broker and he confirms that is what I should owe at closing. So on Friday the notary comes and sets the papers out and begins. Do these numbers look correct, she asks. They are not. They're about $3500 off from what we figured less than a week ago. Still no biggie, I get that there are some additional charges and it's better to be over than under, but the notary notices that one set of papers from my broker have a completely different set of numbers than the escrow numbers. Like $15k in differences. She advises that we sign but to figure out what the issue is before we wire funds. My wife and I go through the two sets of papers line by line and are able to account for every dollar. The $3500 was all accounted for, and most of it came from a $2k credit that was erroneously given to us. A $2k credit that was on every single paper we signed of the course of the loan process. We discover it two days before closing. Broker says he doesn't know why it was there. So, sorry for the wall of text, but is this normal? Are errors like this common, from bad credits to saying closing costs will be $72k? TLDR: tons of errors, big and small, on all of my loan paperwork from start to end. Wondering if it's normal. [link] [comments]  |
| Posted: 18 Oct 2020 06:40 AM PDT 9 months ago when I purchased our property, it was under the understanding that there was no HOA or CCR's on the property. Not living in a community with an HOA or CCR's was a big deal for us while searching for a new home. None were disclosed by any party including our realtor who lives in the same neighborhood as the home we purchased. During the purchase we and closing we were never made aware of them, signed them at closing, or provided a copy at any point. I've been happily living with no knowledge of them until yesterday. Of course. Yesterday was when i got a copy of the CCR's in the mail from a neighbor upset that I use a trailer to transport my side by side. I keep it parked barely visible from the road when I'm using it frequently and parked on the other side of town when not. After reading through the CCR's I'm in violation of several others, the property we bought wasnt compliant with them when we bought it. There are multiple neighbors with violations of the provisions, so I feel like because I'm getting the mail here, I'm being singled out and targeted. My question is, is this a legally binding contract when it was never disclosed prior to closing, or agreed to by us at any point? Can you really retroactively enforce a deed restriction when it was not properly disclosed and would have prevented you from buying the property to begin with? TIA [link] [comments]  |
| Posted: 18 Oct 2020 07:52 PM PDT I posted a few days ago asking to analyze my pictures in our listing and got some great advice. I just wanted to update to say that my stress was for nothing and not only did we receive multiple offers, we're in contract with a great buying price and we have a backup offer for the same price. I'm even more amazed that the people we're selling to is buying off the pictures and a video walkthrough alone as they're out of state. This sub has been super helpful as the seller and I'm sure I'll have a million more questions as we move forward as a (new build) buyer. [link] [comments]  |
| Posted: 18 Oct 2020 07:12 PM PDT Family member said that a family friend had been repairing the roof, but that it's been taking water damage. (I've seen pictures, it doesn't look like a lot) Family member wants me to have someone look at it, tell me current value, cost to fix, value after fixing. (roof and damage incurred) Who should I have see the place for that? The family member suggested a real estate agent. [link] [comments]  |
| Do I need spouse on purchase agreement? Posted: 18 Oct 2020 11:38 AM PDT We'll both be on the title, however I'll be the only one on the mortgage. We can get approved with just my finances and the paperwork required to vet her self-employment income are not worth the time and energy. Does it matter if she's on the purchase agreement or not? I'm wondering if that has any impact on requiring her finances to be vetted, for example. If nothing else, it's one less person to have to sign every contract. We've fully joined all our finances - no part of this is trying to keep her off any ownership, just trying to see what makes sense and not have any surprises. Thanks! [link] [comments]  |
| Just Bought My First Home - Now Having Buyer's Remorse Posted: 18 Oct 2020 07:00 PM PDT I'm in my mid 30s, single, and as someone who was raised in apartments, I've always wanted a house. Particularly, I always wanted a big yard and an in-ground pool. I had looked at houses the last few years on and off, but was never ready. Part of me felt weird for buying a house while single, and I eventually realized how dumb that was, and I got over it and bought a house and closed a few weeks ago. Now that I'm here, things are starting to come up, and I have buyer's remorse. I already knew going in I would have to tear up carpets, re-do the hardwood floors and paint. I also knew I'd put in central AC and a highly efficient gas furnace right away. That's all fine and dandy. I also knew one room would need porcelain tiles put in. What bugs now is that, as the weather is changing, I realized that the walls were poorly insulated and I will need to take care of that. I also need to put in a new staircase (taking up the carpets revealed that one). I'm single, so 3 beds/2 baths/2000 sq. ft. is more than enough space, but for what I paid, I'm also kind bummed I'd have to add on a bedroom if I stay here. Not to mention the siding of the house (which will look fine after a good power wash) isn't even made anymore lol and it's like $20,000 to reside a house. And then I have to put in a new fence in the yard this spring (but luckily I only have to fence 1/3 of the yard, as my neighbors either already have the white fence or are going to fence their portion). I guess I fell in love with the idea of buying a house and a yard/pool. And now I just look at other houses near mine and I feel so inadequate. Granted, I just moved in, and it's my first house. I know this will take time. I'm just a bit overwhelmed. I recognize I'm also probably getting ahead of myself with all the things I want to do to the house. Financially I'm fine, but I'm a bit scared now with all the extra things that are coming up. My monthly payment mortgage/property taxes/insurance is 44% of my take home pay, but I also have zero debt so that sorta saves me. I have around $225K in my bank account, which doesn't include my 401K retirement savings, so more than enough for emergency fund and taking care of these projects (and I already paid for central AC/gas/electric upgrades). I guess I'm worried, with mortgage payment pretty high and with all these projects, how am I going to keep/increase my savings. I'm definitely working on getting a better job (though I do pretty well and my job is stable), but that's another story... [link] [comments]  |
| Living in a rental, but creating a real estate portfolio Posted: 18 Oct 2020 11:59 AM PDT I wanted to gauge how crazy this is. I currently do not want to purchase my own real estate to live in because I really enjoy the flexibility of being able to move around locations, I am not spending much on living expenses, and I need to be close to my work. But what is polarizing is that I want to start purchasing rental properties. Is it a good idea to buy property while still renting? Is my line of thinking wrong? Where am I falling short with my logic? [link] [comments]  |
| Buying a home without proper permits for additions Posted: 18 Oct 2020 07:45 AM PDT I'm currently looking at a home listed for 290K. My realtor said it is extremely overvalued and would not pay more than 243K. This house is very updated and with the exception of the roof is in very good condition. The seller advertised the house as 1100 sqft but in reality it is only 9 and some change according to the property appraiser. This is due to the fact that a florida room was converted to a dining room but the work was not permitted. Should I worry about this? Especially if they are willing to take the vastly lower offer on the house than it is listed at? And would obtaining a permit after the fact end up being a nightmare? I'm assuming since it was a florida room there was no additional electrical work done to it, just drywall I imagine. Also no duct work. This is for a house in Florida if that helps. [link] [comments]  |
| When do you typically see the seller disclosure form? Posted: 18 Oct 2020 07:10 AM PDT In Oregon, first time buyer. Submitted an offer and surprisingly got a decent counter offer, but still haven't been provided a seller disclosure. I know in Oregon the seller is required to supply a seller disclosure to anyone who submits a written offer, but when I looked at the law it says nothing about timing. Does anyone know what typical practice is? Reason I ask is that we enticed the seller with a little bit of cash from the earnest money to be released upon acceptance of the offer. I'd like to see the disclosure before committing to this ideally to save everyone time and money. I'll still get an inspection which will protect the larger amount of the earnest money. [link] [comments]  |
| Start to Real estate, how to invest? Posted: 18 Oct 2020 08:11 PM PDT I've been interested in having a career in real estate. I'm currently 17 years old and just trying to figure out my "plan". What would be a good start for me? How would I start off and have a successful career in real estate? Also, how or should I invest in real estate further down the line? Any tips about starting out will be greatly appreciated :) To also add, I'm not a hundred percent sure what career in real estate would interest me the most? any recommendations? [link] [comments]  |
| Can't get anyone to do an FHA Streamline Posted: 18 Oct 2020 10:47 PM PDT I've been trying to use the FHA streamline to refi my FHA loan on a property that I am now using as a rental so that I can take advantage of interest rates that are several points lower than the current rate. I read all of the rules and regulations, and they all indicate that it's possible to use the FHA streamline for a property that's not owner occupied. I've reached out to a number of lenders that say they do an FHA streamline, including the bank that currently holds the mortgage, and they all try to sell my an investor loan with a high rate and high points. Am I misreading the rules and regs regarding FHA streamline? Or do lenders not want to do it because they'd rather sell a more expensive product? [link] [comments]  |
| How exactly does the “float” down on interest rates usually work? Posted: 18 Oct 2020 04:01 PM PDT I'm entering the last 10 days before closing (currently locked in at 2.875%) and our lender has said they will do a float down if a better rate comes up during this period. They said they will try to keep an eye on the rates, but to call them if we see a better one to make sure they catch it too. It's not a guaranteed rate match, but a renegotiation on it that can usually meet somewhere between. So! My question(s) are: do I get to do this just once? Like if day 10 before close the rate is lower and they adjust...if it goes down even further on day 5 before close, can I "float" again? Do I wait until a day or two before close and they look back at the last several days? These could be questions for my lender but I thought I would check here first. Thanks all! [link] [comments]  |
| Is getting/signing a deal with an agent necessary? Posted: 18 Oct 2020 02:06 PM PDT We rent in an area with low inventory and we only really want a house in this area. What is the benefit of actually getting an agent to help us out versus just checking zillow and redfin? I was planning on just reaching out to the necessary Redfin agent when I wanted to move on an offer. But I have been told agents get early access which would help in times of low inventory. [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