Locked 2.5% on 30-Year Today.. Zero Points Real Estate |
- Locked 2.5% on 30-Year Today.. Zero Points
- 21 Year old with $100k, please help
- Ideas for a 2,000 sq ft commercial unit
- Buyer just terminated 8 days before closing!!! Anyone ever experience this?
- Advice for my parents outrageous mortgage
- Weird to keep track of viewed homes after purchasing?
- Prime Townhouse in Staten Island, NY
- Finally was able to buy a house, but unsure about financial future moving forward
- What's the deal with HUD homes being listed on Zillow?
- Found a rental deal that seems too good to be true - what should I be looking for?
- Maybe renting wasn't a good idea after all...
- Fellow DINKS, are there any qualities my wife and I should consider in a home considering we are not going to have kids? Example: can a home be too big for two people? More in description.
- Investment Rental Options?
- Is this the worst time to buy my first property?
- Buyer wants to include his flat rent in the price of my flat. Is it legal?
- Getting cash back at closing on a purchase
- 15% YOY price increase in US
- House sold at much lower price than I offered
- Losing chances to sell house because tenants are not cooperating during visits. What can I do
- Remodeling question
- Lender wants us to sign appraisal waiver - says the appraisal won't go through in time for closing date. Should we sign it?
- Under Contract!
- Need help in choosing refi options
- Negotiating with a seller on a condo in Chicago .. What’s my next move?
- Buyer Agent necessary for new construction?
| Locked 2.5% on 30-Year Today.. Zero Points Posted: 19 Oct 2020 12:54 PM PDT More of an FYI for you daily lurkers like myself. Local credit union. We are top bucket FICO borrowers, borrowing 400k in a blazing hot real estate market. Zero points purchased. Lender also waived the need for their own appraisal, even though our offer was significantly over ask. So big win on our end not having to go even more "out of pocket" in addition to 20% down payment. [link] [comments]  |
| 21 Year old with $100k, please help Posted: 19 Oct 2020 07:55 AM PDT So the title is kinda click baity, but its true. I came about $100k and right now I am about to graduate college and I am really considering buying a duplex and living in it whiling renting out the other half. I have zero knowledge about real estate or anything in that realm. If anyone could please recommend some tips, or some books that I could read, or even some useful knowledge, that would be much appreciated. Im trying to make the best out of my 20's by making smart financial decisions for my future. [link] [comments]  |
| Ideas for a 2,000 sq ft commercial unit Posted: 20 Oct 2020 03:14 AM PDT Hi guys, I have a ~2,000 sq ft unit in a commercial building that has been empty for 5 years. I want to put it to work and don't mind getting involved actively, as it's a tough market for passive rental income in my city. Anyhow, I'm looking for creative ideas/suggestions on what I can do with the space instead of simply trying to rent it out. [link] [comments]  |
| Buyer just terminated 8 days before closing!!! Anyone ever experience this? Posted: 19 Oct 2020 04:34 PM PDT Buyer for our current home terminated and didn't give a reason 8 days before closing. I am livid. They have been nothing but a pain in my ass the entire process and now this. We now can't not close on the new house we were looking to purchase. Looking for any advice on this. [link] [comments]  |
| Advice for my parents outrageous mortgage Posted: 20 Oct 2020 01:20 AM PDT My parents and aunt bought a house together in 2005, pretty much peak market. They're currently paying 6%+ in interest on the original mortgage (I believe it was over $600K, house cost $736K as a new build). My aunt has lived in it the past 15 years. The house is in a beautiful, highly desired neighborhood with a view of the city from the backyard. However, it only has builder grade finishes that have not been updated in 15 years. No pool, no upgrades, just basic design features that the house came with. They definitely went house poor buying it, hoping for a big payoff after a few years (which obviously, the opposite happened). Their income was never reduced during the Great Recession, and their mortgage is not owned by FNMA so they didn't have much options back then for refinancing an underwater house. The value plummeted to around $400K. (From a finance perspective, they should've done a short sale, but what does their son with a finance degree know? They were too emotionally invested to let it go back then). They tried to refinance earlier this year. They currently owe about $450K on the mortgage (monthly payment is $4200), but due to some medical debt, my aunt's credit score was only at about 620. They have all since retired, so their combined income isn't near what it was when they bought the house. They were denied for the refi. They have been trying to sell it since March. It's been on the market starting at $690K, going down to $620K. They haven't had much luck. There was one legitimate offer, which they accepted, but the seller couldn't get financed at the end of the day (lied about income, didn't have cash to close) so the deal fell through). They refuse to go any lower on price, and honestly, I sort of agree with them on this. The neighbors' house 3 lots down the street, built at the exact same time, just sold for $1.13M - however, it is just about double the size, just went through a major renovation (not a flip), and has a much larger yard with an infinity pool looking over the city. New builds are going up fast in the area, closing at over ~$700K for similar sized homes without view lots. I keep telling them to invest some into having a heavily updated look, but they are not interested. They also have medical issues that they're prioritizing for financing, so I'm not pushing the subject too hard. They just want to be rid of it, but they are getting nervous since it's not selling. Their next step is to rent it out. However, they would need to get the mortgage down to at least just cover the monthly payment with the rental income. What, if any, are their options? [link] [comments]  |
| Weird to keep track of viewed homes after purchasing? Posted: 19 Oct 2020 04:57 PM PDT Maybe weird of me but I viewed like 6 houses before landing on one that had everything we wanted... and those 5 or so houses, I was weirdly keeping tabs on it. What is sold for, is it on the market, did it not sell and off the market now? It started when I saw one home and the seller agent and home seller (pre-COVID) was rushing us through the home and at the end made comments of "well we have good strong offers already so if you plan on making one, do it soon." Also made an offer on a home when the daughter and father went to court on if she is allowed to sell. Just wondering if this is common? I love and have been enjoying my new home but for some reason I check Zillow or Redfin every couple weeks just out of curiosity. Located in Long Island NY. [link] [comments]  |
| Prime Townhouse in Staten Island, NY Posted: 20 Oct 2020 03:13 AM PDT Check out this home at Realtor.com $419,000 2beds · 2 baths 19 Fuller Ct, Staten Island [link] [comments]  |
| Finally was able to buy a house, but unsure about financial future moving forward Posted: 19 Oct 2020 06:06 PM PDT I made a post in this subreddit a while ago about our family trying to buy a house. We have debt - mainly $100,000 in student loans on my husbands side. I have a little bit of students loans. Credit cards are paid off and we have monthly expenses from our 11 month old. Husband is in forbearance for his student loans so he's not paying them and we're trying to save more. Things are a little tight, but we make it work. We ended up buying a home for about $240k. We think we got a great deal - we used a USDA loan, closing costs were covered, got a 2.99% interest rate, and we put $0 down. We actually got a $100 credit. A bunch of our other friends bought houses and it seems like they all put money down. We kinda felt like we almost got away with something because we get to own a house and didn't put a cent down. Our real estate agent never mentioned anything about it when we explained we didn't really have money to put down. We could really only afford the house using the USDA loan because we didn't have anything close to 20%, we had about $20k saved between the 2 of us. We knew we'd have to deal with PMI. But the more our friends are talking about interest and down payments and what goes towards principal vs interest, were wondering if putting nothing down with our debt will affect us in the long run. Like I said, the agent and the mortgage company said nothing and had no issues with us putting nothing down. Is it typical to not have a down payment? How does this affect us with owning our house and paying it off? [link] [comments]  |
| What's the deal with HUD homes being listed on Zillow? Posted: 20 Oct 2020 02:49 AM PDT How do you get a better deal if what you find on hudhomestore is also on zillow [link] [comments]  |
| Found a rental deal that seems too good to be true - what should I be looking for? Posted: 20 Oct 2020 02:43 AM PDT My girlfriend and I are looking at a two bed, two bathroom flat that's available for rent at £750 a month, and given the average rent in my area for a flat like that is somewhere around £1100, it just seems a little too good to be true. Fully furnished, modern throughout, security door to the building, a car parking space as well. For reference, I'm currently paying £675 a month on a studio flat in the same city, and I'm just blown away that this two bedroom flat is only £75 a month more. Is there anything I should be wary of? Any hidden costs or clauses I need to be investigating/asking about? Or have I just found an incredibly good deal? [link] [comments]  |
| Maybe renting wasn't a good idea after all... Posted: 19 Oct 2020 08:45 PM PDT Long story short, after selling our home this market started taking a toll on us. We decided to rent for 7 mths, and we were (are?) very happy with our decision. We figured that rates should still be low come May when our lease expires. We hoped that the market would level off a little, BUT at the very least not get any worse. About a mth later, I am starting to wonder how wrong we may have been. House prices seem to be increasing....overall but also individual properties. A house we lost a BRUTAL bidding war to was relisted after the the financing fell through and they actually increased the listing price by almost 20k. This house has some updates, but nothing too extensive. They advertised new windows. There were only two sets of new windows and the home is about 40 yrs old.. The rest were original. Updates looked nice, but equated to a cheap flip. The neighborhood is not very nice, tbh. We wanted to live closer to family which is why we were once attached to it, but aside from that this house is priced way outside of the neighborhood from what I saw in the area. To my surprise, the house is pending again at the higher price! We sold in a market with less demand than the one we moved to and now I am afraid that we will be completely priced out of the area come May. We are looking at new construction so we could at least lock in a price, but there's only a couple of possibilities at our price point. It's so scary! [link] [comments]  |
| Posted: 19 Oct 2020 05:46 PM PDT We are not looking for a starting home. We are looking for a "stylish" home for hosting dinner parties, hiding out from the city, working from home, etc. We are not interested in ever having kids. So are there things DINKS look for in a house that we may not be thinking of? We don't need a specific number of rooms, or to be close to a good school district, or have a big backyard for kids to play in, etc. [link] [comments]  |
| Posted: 19 Oct 2020 10:27 PM PDT Looking for some feedback on a place that I have. 6 months ago we move out of a condo and into a SFH but turned the condo into a rental. Knowing that in 3 years we will need to make a decision around the capital gain exemption (2 years out of the last 5). I'm thinking about if we plan to sell before year 3 or do plan to hold for the longer term. We are sitting on about 180K in capital gains. The unit is basically CF neutral at this point. My gut tells me to sell in 2023 but wondering it anyone else had thoughts. [link] [comments]  |
| Is this the worst time to buy my first property? Posted: 19 Oct 2020 07:59 PM PDT Is this the worst time to buy my first property? I believe I missed my final opportunity before June. Looking in San Diego/OC. I am 25, rent free, debt free, secure job, & have 20%. I am looking at a condo/townhome for around $550k and will have a roommate to offset costs. Why is or isn't this the best time to buy? Waiting 6-12 months for a small correction while maintaining interest rates seems ideal. [link] [comments]  |
| Buyer wants to include his flat rent in the price of my flat. Is it legal? Posted: 20 Oct 2020 01:56 AM PDT First of all, sorry for my English, I may do some mistakes. The thing is, I'm looking for a house, found one for a decent price, contacted them and we agreed, I even paid for the deposit. They also helped me selling the flat, but the buyer wants to include some things in the "final offer". Let's say he offer 500k$ for the flat, okay, and then we take out the % of the agent's commission, everything written in this last offer where I have to sign. BUT, in that offer they also included some "works" (replacing the floor, remodelling some walls) that instead of being something to be done by the real-estate, I have to pay for it. And not just that, but there's also written that I have to pay for his rent (a high one btw) for "x" months since the house will be done for that time, and I can't leave my flat until then (I've been considering renting another one but that's another story, let's say I agree paying for his rent but cheaper). Now here comes my question, is it legal to put all that stuff? Does he ask for the works on the flat and paying his rent in this final offer for my flat to avoid some taxes? What I can not understand is that instead of offering less money for the flat and using the rest for what he asks for he puts it all in the contract, like hey I offer you "x" dollars for the flat, but I am also taking "x" for me. I have 0 knowledge about this but it feels weird to me, that's why I would like to know your opinion to see if he's doing something else to take profit from it, avoiding some taxes, or is it something completely legal and I'm overthinking it. Thank you so much! PD: Sorry if I didn't pick the correct flair! [link] [comments]  |
| Getting cash back at closing on a purchase Posted: 19 Oct 2020 05:04 PM PDT So after my earnest money deposit, down payment, seller concessions. and a lender credit for the rate I chose, I'm getting about 2500 back at closing. I qualified for the HomeReady program which lets me put 3% down. My lender is saying I can't get cash back at closing and have to either reduce the seller concession or reduce the loan amount. What else can I do here? Can I ask my realtor to reduce my earnest money deposit since it is more than my down payment (I didn't know I could qualify for the 3% down)? Is it legal to do so? Or is my only option to just increase my down payment by what ever the overage is? I'm in Michigan by the way. [link] [comments]  |
| Posted: 19 Oct 2020 09:51 PM PDT https://www.redfin.com/news/housing-market-news-september-2020/ WTF.. This is crazy. Did I just dodge the ball buying in june? Too bad for FTHB.. This isn't good.. [link] [comments]  |
| House sold at much lower price than I offered Posted: 19 Oct 2020 12:35 PM PDT A few months ago, I saw a house for sale for $205K that we really liked. We viewed the house the second day it was on the market and put an offer in. The seller agent said they have a lot of interest, so they are listening to offers for another 5 days, then they will choose an offer from there. When we talked to them, they said they already had 2 cash offers. In the end, we put in $220k with a conventional loan. The offer included the approval letter from the bank. We were told a few days later that the offer wasn't accepted. They had 6 offeres, including one from the seller agent?! Anyways, we moved on. Out of curiosity, I looked up the house and it was sold for $205k. I assume they took a cash offer. But it seems to be that why would someone take an offer that is $15k lower?? I know cash is king, but I'd rather have the extra 15k if you ask me. I can see maybe the contingencies is a big reason if they think there's something wrong with the house. Location is UP Michigan. [link] [comments]  |
| Losing chances to sell house because tenants are not cooperating during visits. What can I do Posted: 19 Oct 2020 05:12 PM PDT Hey guys, My single mother and I have been trying to sell our home in Chicago , Illinois but we have been having trouble selling it due to the tenants being home during the visits or showering ( people unable to see bathroom then ), not wearing masks as well, every single time we have people coming to see the home. This is causing people to be disinterested or leaving bad reviews on the visits . My mother and I are getting tired trying to work around tenants schedules while they don't try to cooperate with us. What can we do? We're worried about making these tenants upset or mad and maybe they won't even pay our rent ( covid laws I believe are still in effect but kinda unfamiliar with them ) Any advice would be greatly appreciated 🙏 [link] [comments]  |
| Posted: 19 Oct 2020 06:42 PM PDT Hey guys I'm looking to get my first rental property (Dixie Hills, Atlanta fyi)🙏🏿 It's an old house that will certainly need a lot of TLC. In its current state, I wouldn't even invite my family or friends over. I'm really trying to stick in the $30k budget for making the place rental ready. Would you guys recommend hiring a demolition service to remove the old kitchen, carpets, bathrooms, break the living wall to create the open concept first before calling any general contractor to come out? Also would you get a GC or just manage it yourself and hire the necessary folks (plumbing, electrical, etc..) [link] [comments]  |
| Posted: 19 Oct 2020 05:41 PM PDT We made out offer a few weeks ago, did the inspection, got bids from contractors, and have gone back and forth with negotiations. Now the lender is saying we have run out of time to get an appraisal before our closing date of November 3 and wants us to sign a waiver. Is this advisable? It seems like the house will probably appraise, but I really have no idea. What are the benefits to signing the waiver? What do we gain by delaying the closing date a week, and getting the appraisal? Thanks [link] [comments]  |
| Posted: 19 Oct 2020 08:34 AM PDT Wife and I bought a new home 2 weeks ago. We finally listed our current home last Thursday. Just went under contract for $3k more than our list price. Feels really good. On to inspections/appraisal! [link] [comments]  |
| Need help in choosing refi options Posted: 19 Oct 2020 10:25 PM PDT I have 2 very similar refi offers that I'm currently debating over...both are 30y fixed loans on a $325k loan.. -offer 1(costco) is 2.875% with zero points, and only $350 origination fees, $141 PMI, requires $695 appraisal -offer 2(quicken) is 2.875% with .875 points, $1200 origination fees, $52 PMI, but was approved for an appraisal waiver It would seem like offer 1 is way better, but there is a risk with the appraisal since my LTV is so high, around 86-90% since I just bought my house last year. So if for some reason the appraisal comes back too low it would significantly change the #'s and probably a much higher payment. However, I'm fairly certain it will appraise high enough in my market(PNW), but I guess you never know. I should have some equity though as I have done a few renovations. Would it be worth it not to go through the appraisal and take the higher cost offer 2? Edit: I forgot a few important things...credit score 701, and offer 1 APR is 3.086%, offer 2 APR is 3.039%. Very close... [link] [comments]  |
| Negotiating with a seller on a condo in Chicago .. What’s my next move? Posted: 19 Oct 2020 10:20 PM PDT 2br 2bth 1,700 sq ft penthouse loft in Wicker Park Chicago IL Listing price $599,000 1st Bid: $540,000 Sellers 1st rebuttle: $585,000 2nd Bid: $550,000 Sellers 2nd rebuttle: pending... My real estate agent is a good friend of mine...only has had his license for about 8 months so he's not the greatest resource. I'm really trying to stay at $550k, but I also don't want to lose this place, comparables in the area are about 575k, but with the buyers market and the unforeseen near future for real estate I feel I have the upper hand . What do I do? Thanks for any advice. [link] [comments]  |
| Buyer Agent necessary for new construction? Posted: 19 Oct 2020 04:01 PM PDT My parents are interested in new construction here on LA/OC and I'm trying to convince them to work with a buyer's agent based on blogs I've read. In a hot market is a buyer's agent really able to negotiate any extras for the buyer. If we don't go with agent, the builder saves 2%, but could that be passed on to the buyer in the form of the incentives/upgrades? Like "hey we saved you 2% so give us more please" If not, then might as well have an agent in your corner, right? [link] [comments]  |
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