New Construction: 2.75% rate lock for $1440 in fees on $288,000 loan? Real Estate |
- New Construction: 2.75% rate lock for $1440 in fees on $288,000 loan?
- Accidentally got pre-approved for iphone financing a few weeks from closing. Am I at all screwed?
- Anyone else starting to see more inventory in their local market?
- New Homeowner Depression, is this normal?
- Going with an agent you like vs an agent with more experience
- How much apartment can I afford in NYC given the current low rates?
- How to buy unimproved property in MI
- I found a house that is not for sale and the homeowner doesn’t have a realtor, but willing to sell. How will this work if I have a realtor?
- New Construction - The entire house is not sheathed with OSB - Is this expected?
- Buying a house [MI] from the 1870s, very nervous
- Is there a website for home styles in each region discussing what years they were built (or most common) and what materials were typically used (sorted by neighborhood or neighborhood affluence would be cool)?
- Sellers dragging feet for closing on time. Any leverage here?
- Seller won't provide names, documentation, or receipts of contractors who performed renovations
- Front yard sprinklers at vacant duplex unit next to me have been running nonstop for over two days. Call the city or try to get in touch with owner first? [CA]
- Unsure of when to start officially “looking” and with who
- Mortgage delinquency rate hits 21-year high (US)
- Buying a house but seller is in debt?
- Self employed but not getting approved by builder
- Part-time Agent?
- New company help
- Vent Sesh/Seeking Advice
- Appraisal for Charitable Transfer
- Home buyers victim of wire fraud but got their money back - https://www.cnbc.com/2020/10/15/how-one-familys-nightmare-illustrates-the-growing-threat-of-real-estate-wire-fraud.html
- Home Inspection Report, how bad is this?
| New Construction: 2.75% rate lock for $1440 in fees on $288,000 loan? Posted: 15 Oct 2020 07:42 PM PDT Would you take a 2.75% rate lock (2.839% APR) for $1440 in fees on a $288,000 loan? The fees are for a 6 month lock since we aren't expected to close until sometime between Feb - April. We'll also have the option to float down if the rate is lower up to 60 days before closing for no additional fee. Financing through Wells Fargo, if anyone is curious. [link] [comments]  |
| Accidentally got pre-approved for iphone financing a few weeks from closing. Am I at all screwed? Posted: 15 Oct 2020 01:29 PM PDT As the title states. I participate in the iPhone Upgrade program because I'm a gadget nerd and like to have the latest tech. After the iPhone 12 was announced I got a notification saying I was eligible to upgrade my phone. I went through the entire process to get upgraded and completely forgot they run a credit check cause its technically "financed". I get a Credit Karma notification about the credit check and my heart drops. My wife and I are 3 weeks from closing on a new construction house. The lender pulled our credit two weeks ago, and we submitted all the required documents. Will this credit inquiry be an issue? Should I let my loan officer know before hand that this happened to avoid any issues? For the record I have excellent credit and little to no credit card debt. Edit: Contacted Loan Officer and underwriter - I'm in the clear. [link] [comments]  |
| Anyone else starting to see more inventory in their local market? Posted: 15 Oct 2020 08:36 PM PDT October 1st had 9% more inventory than the previous month. In the last 15 days alone, seeing a 15% increase in inventory. This week also started seeing price cuts everyday for the first time in months. This is a suburb of a major metro area on the west coast that I recently moved to. Are you also seeing similar things? [link] [comments]  |
| New Homeowner Depression, is this normal? Posted: 15 Oct 2020 04:58 PM PDT My boyfriend and I just signed the contract on a new townhouse in Florida about a week ago and instead of being excited I have just been super depressed. We currently rent in Virginia and I've lived in this area my whole 30 years of life. Before coronavirus we had started looking at townhouses in Virginia but now I have to be in Florida for work. I always said I would never live in Florida and it's causing me to have extreme buyers remorse. Is this a normal feeling and will it pass? Also, if we end up hating it, how long until we can sell? [link] [comments]  |
| Going with an agent you like vs an agent with more experience Posted: 15 Oct 2020 03:00 PM PDT Agent A - local/lives in my neighborhood, very nice and we get along, 3 years experience, is with a small agency I've never heard of Agent B - plays the game very well with other agents etc, seems smarter than me (which I like), with a larger national company, more experience I think Agent B will make some things easier for me when it comes down to negotiations and working with appraisers, because she seems to always know what to do. Agent A is just more pleasant and easy to get along with, and I don't cringe when she calls me. It's not the agent B isn't "nice," it's just that she has one of those sales-y personalities where you always feel like you're being manipulated. [link] [comments]  |
| How much apartment can I afford in NYC given the current low rates? Posted: 15 Oct 2020 08:47 PM PDT I make approximately $122k, not including bonuses. I have 0 debt and a ~815 credit score. I also have somewhat over 100k in retirement and investments. I've spoken to a few mortgage brokers who quoted me 2.7% and 2.8%. Currently looking in NYC (LIC, Astoria, North Brooklyn area, but open to Manhattan too if the numbers work and the area is good). I'm looking for 1 bedroom apartments - condo or co-op. The prices I've seen are pretty high - around 600k for something decent and upwards from there. I am very good with my credit cards (no debt there other than regular shopping), am a strict budgeter, and am prepared to put down up to $140k on a downpayment. What kind of price ranges am I looking at? I am currently renting for around $2400/mo in LIC and I would say I live pretty comfortably - am able to pay the rent, spend on everything else, and also save on top of that. Thanks! [link] [comments]  |
| How to buy unimproved property in MI Posted: 16 Oct 2020 02:19 AM PDT I hope this isn't well covered ground here and that this is the right sub to ask. If not please point me if you know. Thanks!!! We found 5 acres in MI where we would like to build our retirement home. Our plan is to buy the property, build, then rent for VRBO until we retire. (5-10 years) The property is on 500' of river and already has a paved driveway but nothing else. Electric and cable are at the street and there are many neighbors around. The property is significantly larger than the neighbor's properties. We've bought many homes but never unimproved land so this is a new experience for us. Our understanding is that we need to:
What we don't know is how to do any of this, nor who to even ask. Can someone give us some clues how we can solve these? The realtor we're working with seems baffled by our asking these questions. We suspect that we are going to need a different realtor that's worked more with unimproved land. Thank you in advance for any help! [link] [comments]  |
| Posted: 15 Oct 2020 07:45 PM PDT I've been renting for several months now while also looking to buy. I spoke with my neighbor today who is willing to sell his house. I want to buy it. How will this work if the seller does not have a realtor? I'm assuming I will pay my realtor 2.5 percent of the purchase price (it's typically 5% total where I live). Or is this incorrect? And will my realtor just deal with his attorney? Or the homeowner? Thanks. [link] [comments]  |
| New Construction - The entire house is not sheathed with OSB - Is this expected? Posted: 15 Oct 2020 10:19 PM PDT Hi Guys, So today after a few weeks I went to go follow up on the progress of my tract home being built. Things are coming along well. One concern though I have that I found random was that there's about 60 or so feet of random non OSB sheathed walls around the house. They just put some plastic coroplast feeling type of plastic against the framing and nailed Dupont Tyvek to it. I find this weird. Wouldn't the whole house have the OSB? I have attached some pictures below. If this is a California code thing or something please let me now but its a little concerning. One of the areas they put the plastic was behind our heads in the master bedroom. Someone can just literally punch a whole through the house if they wanted to. I really hope they don't do this to save a couple hundred bucks on some wood. I would have paid the damn difference. so it goes: drywall | Studs/insulation | corrugated plastic about 1/4" thick | Tyvek | Foam | stucco Any advice or if I should be concerned please let me know. I found this in fourspots on the house listed below: -Master bedroom, directly behind my headrest of the bed 8 feet -Outside wall of entire garage - 20 or so feet -about 6 feet right behind the 3.0 ton AC connections near our rear sliding door. -about 8 feet in my spare bedroom external wall The rest of the house seems sturdy with strong plywood or OSB on the 2x6 studs but this seems like a security issue as well as a strength issue. Please check out the images: https://imgur.com/a/Plwt9a1 [link] [comments]  |
| Buying a house [MI] from the 1870s, very nervous Posted: 15 Oct 2020 05:27 PM PDT Hi guys! First time poster and homebuyer here. I just got approved for a mortage, the amount is a little low for what my area currently has to offer, but a couple months or so ago I noticed a house that was priced at around 60k, and had been lowered. So I jumped on it. Its a beautiful house from the late 1800s, 2 bedroom 2 bathroom, and 2 stories. It is in definite need of repair. The inspection came back with a few main problems. -The beams in the basement have been rotted due to a leak from the upstairs bathroom, which is presumably the cause for some floor tilting and wall warping. -The downstairs bathroom has a mold issue, which may be due to the fact that the previous owners put the backing of the shower behind a window instead of a wall. and the roof is in need of some repair, as well as a slew of other things that are minor but still worth mentioning. My parents are both extremely against me buying this home because they fear for my safety, they act like its either going to break me financially or come crashing down around me. But I feel like if I don't jump on this house I'll regret it, and it really doesn't seem that bad. Has anyone else dealt with an older house and similar repairs and have any advice? Should I be looking for a home that doesn't require so many repairs? Thanks in advance for any advice! [link] [comments]  |
| Posted: 15 Oct 2020 08:51 PM PDT I have an almost 100 year old house and I want it to look OG but fabulous and don't know where to start. [link] [comments]  |
| Sellers dragging feet for closing on time. Any leverage here? Posted: 15 Oct 2020 05:17 PM PDT Hey all, We were scheduled to close on October 26th. As of right now, that isn't going to happen. My realtor is frustrated and so am I. The home we chose appraised over value, but required peeling paint to be addressed(FHA), which the seller agreed to handle with no complaint. Then it turns out they didn't file the estate as a trust with the court. As far as I know, the cogs were turning on this in a timely manner. Fast forward to this week, I found out it took the sellers agent 4 days to respond to mine for status updates on these issues. Her response was "She didn't know" on the estate issue update When he asked about painting, she said "Oh. It was raining this past weekend."(the painting is inside) He got back with her today and as of now, the estate still hasn't been filed as a trust with the court, wherein afterward it must "stay in the newspaper a week". Seller had, apparently, tried to file twice recently and left due to long lines. Word is he is going to do it soon. The closing attorney was supposedly handling the estate issue, but her "I dont know" bugged my agent, who contacted the attorney, who claimed he wasn't aware he was doing it. When seller agent was copied in on this, she said "he was the guy we were gonna get" or something. Now he apparently is handling it. Painting hadn't happened, so my realtor said he was going to bring his painter in, get a quote and have them pay for it as agreed. They consented to that. They also agreed to pay to save our rate lock, which will now expire as it won't close on time. I'm almost tempted to ask them to cover closing costs, but my realtor says we don't really have the leverage to do that this late in the game. He still feels like we can close before Halloween, but I've my doubts. Do we have any leverage here? [link] [comments]  |
| Seller won't provide names, documentation, or receipts of contractors who performed renovations Posted: 15 Oct 2020 06:22 PM PDT About to close on a home in a week and the Seller refuses to provide us with any documentation or names of the contractors who performed the update/renovation. We also noticed that no permits were pulled for the work. We would typically walk away from a scenario like this but the house looks incredible and our inspector said it seemed like a professional job. The only major issues he found was the water heater which wasn't up to code and needs new valves, connection, expansion tank ,pan and proper venting. We've been looking for homes for over a year and this is the only one we've really liked. The first day on the market the home had multiple offers and we were able to get ours accepted by offering a little over asking in cash. Thoughts? [link] [comments]  |
| Posted: 15 Oct 2020 05:38 PM PDT Water is pooling everywhere around the front lawn and the sidewalk in front of the unit is completely soaked--I've seen many people walk/step around it. There's no flooding or any serious damage, yet. The sprinkler system seems to have been turned on and left on without any off/on intervals. Not sure if intentional or accidental. Is the etiquette here to try and contact the property owner, or do I just skip this and make a report to the city? The neighbors here are all taking COVID seriously, but I guess I can ask the other half of the duplex (where there's a tenant) if they have the owner's contact info. Sorry if this is the wrong subreddit--thanks. [link] [comments]  |
| Unsure of when to start officially “looking” and with who Posted: 15 Oct 2020 08:07 PM PDT So, my husband and I would be first time home buyers. We are still working on getting debt as low as possible but I feel like that is just a continuous thing. I am hoping to either have a house by the end of next year or have started building a home. How do you guys find real estate agents, brokers, etc etc.. all the things and people one needs and settling on one? I've searched through Google but that almost feels weird. Do you guys just go with the highest rated online search or take more input from people around you? Thank you for any help and input! Have a great day! OR [link] [comments]  |
| Mortgage delinquency rate hits 21-year high (US) Posted: 15 Oct 2020 06:49 AM PDT |
| Buying a house but seller is in debt? Posted: 16 Oct 2020 03:21 AM PDT So just got the abstract of title and sellers lawyer said he owed about 10k didn't say if it was on the place or if it was because he had a truck repossessed which he did. Originally he said we had to take care of before sale then he said we could take care of at closing. Is this common? I'm getting title insurance and want to have it completed at closing so there are no issues. Anything I need to be aware of or watch out for [link] [comments]  |
| Self employed but not getting approved by builder Posted: 15 Oct 2020 08:26 PM PDT My wife and I were looking to build a house for around 750k. Our current house can sell for 380k, with 140k owed. That'll leave us with about 200-210k after closing for the next down payment, making the loan at around 550k. I can add more down payment if need be. The builders financing department will not approve me for a loan. I am self employed, and I show a weekly paycheck which is not even $1000. But my business bank accounts are good. I can take a draw out, but I have managed to be okay without doing so for a while, so I just leave it in my business account. We don't live extravagant lifestyles, so my paycheck covers living expenses and mortgage. Anyways, the lender tells me there is not enough shown on my W2 and K1 for the past two years (the time period they look at). The lender has told me my debt to income ratio is very high (85%). They also told me I need to show a paycheck of at least $2300 plus my K1 to qualify. I am very far off that. As of right now, they will not lend to me. We have been pretty gutted today with the news. What avenues should I pursue if any? Credit unions, local banks, or am I shit out of luck? Thanks for any and all help! [link] [comments]  |
| Posted: 15 Oct 2020 01:47 PM PDT How lucrative and possible is it to be a part time agent in NYC? I work full time as a consultant but interested in getting my real estate license to do it on the side (to start and maybe transition to full time). Thoughts? [link] [comments]  |
| Posted: 16 Oct 2020 02:08 AM PDT Does anybody know of a way where a realtor can partner with two different companies? More specifically, I have started the process (no paperwork filed or signed yet) of launching a real estate company with a realtor I've become close friends with over the last year. It would be a 50/50 split and has the promise of being quite lucrative in the long run. However, I have just recently been offered a position, not as a team member of another group, but as a partner. Said team is very well known and quite successful in a sector I have been striving to branch out in. They are grandfathered in at a higher commission percentage and my addition would spell out a three way split across the board. If the roles were reversed, I am not certain which path my friend would choose, but I do know the second option is an opportunity most wouldn't turn down. Even if it almost guarantees the burning of the bridge they so diligently forged with their friend. Is there a way to have my cake and eat it too? [link] [comments]  |
| Posted: 15 Oct 2020 07:34 PM PDT Hi! I'm almost 30 years old and still living with my mom. I've been living here for about 6 years in hopes of saving up money to buy a house. If I wanted to rent, I would've obviously moved out a while ago. But now I feel like my plan has backfired....(see below).... I have saved up a good amount of money and have been at the house searching process for about 9 months now and I still have not purchased a home. I have put up several offers, but, unfortunately where I live, the housing market has gotten extremely competitive. I'm usually up against 6-10 other offers and the houses are going for way over asking price. People are REALLY overpaying for houses. I am concerned if I do overpay, then it will be hard to make any sort of money if I end up selling ever. Moreover, since I live with my mom and don't own anything, it's hard to compete with people who are selling their houses and using that money towards their offer. So the reason I'm posting this is... A) vent sesh! so frustrating- i feel like I can't move forward with my life until i move out. People keep telling me "something will come up" but it's been 9 months and still nothing! I'm only young (ish) for so long - I can't just keep putting my life on hold. B) Looking for any sort of advice, tips, or input. I'm open to any and all ideas (including maybe using money I've saved towards something else) or any creative idea you've seen for people in my situation or anything you can come up with. Thank you! [link] [comments]  |
| Appraisal for Charitable Transfer Posted: 15 Oct 2020 07:27 PM PDT Hi folks, I have an unusual situation and am wondering if anyone here has experience with this or if any appraiser can tell me how this will shake out. I have a 12 unit apartment building that I bought about 10 years ago for 400k. My Alma Mater wants to buy it as it is in their zone of expansion. In terms of square feet times average sold price per square foot, it is worth about 1.2 million. For a 9 percent cap rate, it is worth about 600k. I doubt most buyers are getting 9 caps as it is a hot and growing market, but that's the number that was used by the last real estate agent I contacted. My school said they typically pay 75% of appraised value and the rest is a tax deductible donation. They verbally said they would pay about 500k. They say the next step is to get an appraisal. My question is what would an appraiser do when there is no signed contract? My experience is that they usually work backwards from the contract price and maybe appraise for a bit higher if the contract price is significantly lower than comps. If there is no contract, what would they likely come back with? It needs to be 750k or so for me to consider this deal. Random flippers offered 450k a couple of years ago so 500k I know is low. But I am saving 6 percent commission so that's worth 30k+. For the tax deduction, I'm thinking if there is a 750k appraisal, the donated amount is 250k. 250k minus the standard deduction of approx 25k leaves a 225k deduction worth about 225,000x.30=67,500. So in my mind, I'm getting approx. 600k which is enough and hopefully the school gets something of value. But can I expect a 750k appraisal with no sale contract? [link] [comments]  |
| Posted: 15 Oct 2020 10:35 AM PDT I'm curious to hear your opinion on this. I know this kind of fraud has been around for a long time. As a potential home buyer, wire fraud is another thing I have to keep in mind when closing comes. It seems to me that it is very difficult for victims to get their money back. But the victim in this story got their money back from Bank of America, fortunately. I think it's mainly because the family's got the right resources: they retained a lawyer, the father is a Professor at UC, they got a CA Representative to comment on the incident, they got a Bank of America and a Wells Fargo spokesperson to comment, they got the FBI to comment, and most important of all, they were able to get CNBC to run the story. They probably put enough pressure on Bank of America to "retrieve" the money. The bank is not divulging how they retrieved their money, but I'm guessing it's because the family played their cards well with the resources they have, and the bank used their own money to reimburse the family to make this story go away. [link] [comments]  |
| Home Inspection Report, how bad is this? Posted: 15 Oct 2020 11:24 AM PDT Hi all, We just received our home inspection report. We also had a well inspection and septic inspection done. These are the more material findings. I'm curious what you guys/gals think in terms of concessions we should be looking for. How was on the market for 50+ days with no offers prior to ours.
To me, this seems like a lot. What sort of concessions should we be asking for here? Run away? TIA! [link] [comments]  |
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