Our offer was finally accepted-VA Loan and 2.25% interest rate Real Estate |
- Our offer was finally accepted-VA Loan and 2.25% interest rate
- First home buyer exhaustion. Advice please.
- Buying a Condo - First Time Buyer - I Should Get an Inspection, Right?
- Tired of being persuaded to go info inspection only
- Realtor Took Bad Photos
- Has anyone bought an abandoned house before? Is it possible?
- Any downsides to becoming a real estate agent for fun?
- Account set up fees rant.
- Books on real estate investing
- What do I need to know before buying a wooded lot?
- Lender asking us to sign incorrect loan estimate.
- Real estate horror stories
- I own a 3 bedroom 2 bathroom house in an upper middle class area I live in one bedroom and rent out the other 2. What amenities could I provide to raise the rent?
- What should I know before buying a tenanted property? (Ontario, Canada)
- 100k salary - laid off - make 55k now 640 credit score. Can I get an FHA Loan?
- How to CashOut ReFi?
- Get a 100% financed loan now or save for downpayment?
- Rate Locked until November 3rd, should I extend?
- Is this origination fee reasonable?
- How truthful do listing agents have to be?
- Freddie Mac Home Possible Underwriting
- First time buyer question
- 6 days to close... Getting antsy.
- Can someone tell me what the plastic siding is called that they are using instead of OSB?
- Debt to Income - Spouse Salary from my business
| Our offer was finally accepted-VA Loan and 2.25% interest rate Posted: 22 Oct 2020 05:53 PM PDT A little while back I posted on here about how disheartening it was to be a military family and to be using the VA loan in a very competitive sellers market. Link to post here Last week we get an offer accepted. We offered 5k over asking with 4K earnest, seller countered with 10k over asking, and obviously we do have the appraisal contingency to fall back on if it doesn't appraise and we can't negotiate further. The seller picked us over a 10k offer that would waive the appraisal. Why they picked us? An act of god maybe. Or our agent was just good at convincing them we would see it through to the end. It maybe helped that the sellers were military too. For what's it worth, I still wouldn't wish this process on my worst enemy. It has drained us. The steps that follow an accepted offer are straight out of a nightmare it feels-especially for those of us who overthink things. A few lenders we were confident in managed to take themselves out of the running by not answering our phone calls or emails, especially when we were trying to get an appraisal going sooner rather than later. We ended up going with a lender who offered a 2.25% interest rate, 0 points, but no lender credits. We're looking at paying around $3500 more in closing costs, after our earnest had to be deposited. So about $7,500 total. Do you guys think this is a fair deal? We can always try to negotiate more with our lender but they won't budge on origination fees. I can include more info if anyone is interested. So, that's that. We made it this far. We are left waiting on the inspection and then the appraisal. Shits been wild. I can't wait to never think about this again. [link] [comments]  |
| First home buyer exhaustion. Advice please. Posted: 22 Oct 2020 05:23 PM PDT Hi, I have now looked at so many homes, fallen in love with three, one my husband hated, two we offered on and were knocked back and so many in between. That I have just lost my excitement. [link] [comments]  |
| Buying a Condo - First Time Buyer - I Should Get an Inspection, Right? Posted: 22 Oct 2020 07:52 AM PDT First time buyer of a condo. All outside appearances (grounds, common areas, etc.) look extraordinarily good. Really well maintained, clean and decorated with a lot of attention to detail. Unit itself was just fully renovated. Brand new kitchen and bathroom, original hardwood floors refinished and everything newly pained. Everything looked superficially in great shape. Building is definitely on the old side. Built in 1930. I am going to assume that just like a regular home, I should have this condo inspected, correct? Just curious. If there are any other questions, please let me know. Thank you. [link] [comments]  |
| Tired of being persuaded to go info inspection only Posted: 22 Oct 2020 05:53 PM PDT I know this is a damn seller's market right now, but every home is different... and while the 'info inspection only' approach works for some homes... others require a full-scale home inspection with the opportunity to negotiate repairs. I am sick and damn tired of agents who try to push the info only inspection just to try and make the sale. Right, wrong or indifferent... it's my risk... my wallet... and MY freakin' decision! [link] [comments]  |
| Posted: 22 Oct 2020 10:32 AM PDT I just wanted to post to share my frustrations. My wife and I put a lot of work into getting our home ready for sale and photo ready and asked someone we've known for years to be our selling agent without really examining his other listings. We were initially concerned when he sent our informational flyer and the graphic design was full of odd font choices, jumbled spacing, and a very large picture of his listing partner whom we've never even met. But that did not prepare us for the Zillow listing and the pictures within. SO. MUCH. FLASH. I hope I'm being dramatic but when I compare homes photographed with natural light and a wide angle lens to our realtor's home pics, he made this place look haunted and sick. Honestly, our living room looks like it has the flu. I like this guy and don't want to hurt his feelings but I'm worried buyers will pass us by. I just hope I'm wrong. My wife thinks we should wait a couple of days before saying anything but I'm having a hard time. What do you think? [link] [comments]  |
| Has anyone bought an abandoned house before? Is it possible? Posted: 23 Oct 2020 12:07 AM PDT I found a house that I'm in love with. I've searched the public records and I have a name and a PO box, most of my research assumes she's an 80 year old lady. Has anyone had any luck trying to do something like this? [link] [comments]  |
| Any downsides to becoming a real estate agent for fun? Posted: 22 Oct 2020 08:03 PM PDT Getting a license - $500 or less. Hanging license at a brokerage 0-$250. Sell one house in a year and you more than break even. Plus you can help friends and family save on commissions since this isn't your main source of income. Of course, you have to be semi decent so your friends and family don't get a lemon, but other than that, are there material downsides? [link] [comments]  |
| Posted: 22 Oct 2020 02:30 PM PDT Recently closed on a house. Called all the utility companies to make sure all my services are set up. $35 admin set up fee for EVERY.SINGLE.UTILITY. The gas company didn't even change, I essentially just changed the address in their books...$35 fee. For what? I understand back in the days of pen and paper someone had to sit there and fill out a form, then make a physical file, then walk it over to the cabinet, etc. Sure then charge me a fee. But $35 for you to type out my first and last name (10 letters total) and maybe click "save" somewhere on your screen? FFS. If anyone on here works in utilities or has a close family member/friend that does and charges these fees, let them know I have some sand for them to pound. [link] [comments]  |
| Books on real estate investing Posted: 23 Oct 2020 04:16 AM PDT I'm a beginner and looking to invest in my first property as a rental. What are some books that you would recommend? [link] [comments]  |
| What do I need to know before buying a wooded lot? Posted: 22 Oct 2020 04:43 PM PDT (Hopefully this is the right sub for this question!) What resources and recommendations do you have for someone looking to buy a wooded lot? It's a small lot in a suburban residential community in Texas. I'd like to eventually build a home there, but as I'm not yet a homeowner I've never been through this process before, so am looking for any and all tips and recommendations. I'm not sure what questions I should be asking the real estate agents so suggestions are welcome. Among other things I would like to know: is the lot hooked up for electric & water or do I need to pay to get it extended there? Am I free to clear trees on the lot myself, or must I pay someone to do that? History of lot's usage and risk (i.e. is it in a flood-prone area)? Are there any building limitations on the site? [link] [comments]  |
| Lender asking us to sign incorrect loan estimate. Posted: 23 Oct 2020 02:47 AM PDT Hello! My fiance and I are buying our first house, and we're about 12 days out from closing. Earlier this week we were given a third loan estimate doc that outlines all the fees associated with our mortgage and closing costs. We're expected to sign these estimates saying we understand the fees. The issue this time was the PMI went up by $20, and we suddenly had discount fees applied to our loan despite the interest rate not changing. When I first brought this up to our lender, he told me we spoke over the phone, and that I agreed to the discount fee. I have no knowledge of this conversation, and told him I have our previous estimate which has the same rate without discount fees. After going back and forth all week on this, he finally emails me today to say I was correct. That being said, he's saying I need to sign the incorrect loan estimate so we have a paper trail, and that a corrected and updated one should be given a few days before closing. We're new to this, but does this sound sketchy? [link] [comments]  |
| Posted: 22 Oct 2020 06:02 PM PDT I'm a realtor in the best city on Earth (Chicago). Please share some of your real estate horror stories with me if you found it funny after your experience buying or selling! [link] [comments]  |
| Posted: 23 Oct 2020 02:35 AM PDT I'm disabled and the house is more than 50% of my income. Right now there's a piss poor boxing gym in the garage, the yard looks like crap, and the inside looks like crap even though it just got remodeled. I charge $600/month all included unless two people stay in the room, then $750/month. If I added to the gym, found a way to keep the inside clean, and landscaped the yard, could I up the rent on future tenants? Anything else I could do to up the rent? [link] [comments]  |
| What should I know before buying a tenanted property? (Ontario, Canada) Posted: 22 Oct 2020 06:06 PM PDT Hi everyone. I'm close to pulling the trigger on a tenanted property and I'm looking for advice. What are some things to keep in mind that would differ from purchasing your typical vacant property? I plan to move into one unit of the duplex and retain the tenants who are in the other. I need to get ahold of their lease agreements as well as any damages deposits and last month's rent, right? Anything else? Thanks! [link] [comments]  |
| 100k salary - laid off - make 55k now 640 credit score. Can I get an FHA Loan? Posted: 22 Oct 2020 01:23 PM PDT While looking for a home this year I was laid off from my 100k/yr job due to corona economy and was recently reemployed after a 4 month break now making 55k. I currently have no credit card debt and 8k in savings. my credit score is 640 Will I be able to get an FHA loan? I'm having a child soon (7 months) and would like to begin building a foundation to leave my family. Will any lender give me a shot or due to my employment gap(fucking covid smh) do you think ill have trouble? [link] [comments]  |
| Posted: 22 Oct 2020 04:27 PM PDT Hello Reddit, Long story short - parents got divorced. Only asset to the family is a 600k house with a 200k mortgage left. Mom left and wants half the value of the house. Dad wants to stay and not sell it. I'm really in a pickle because I keep getting thrown in the middle of this. I told father the best option is to cash out refi and pay her off..(he has no savings)...Is this possible? Does it raise the monthly mortgage payment (money is tight). How does a cashout refi work I guess is my question and is it applicable in a situation like this? Will the lender (WellsFargo) do something like this? Thank you [link] [comments]  |
| Get a 100% financed loan now or save for downpayment? Posted: 22 Oct 2020 05:35 PM PDT I could probably have enough with my new career saved for a down payment in a year, or I could jump on this first time homebuyers loan which is 4.25% interest and start paying a mortgage now. Unfortunately those crazy low interest rates must be with a 20% down payment and as a first time home buyer I cant blow my emergency fund on even 10% of what kind of house I've been approved for (recent rise in income). [link] [comments]  |
| Rate Locked until November 3rd, should I extend? Posted: 22 Oct 2020 10:18 PM PDT I'm currently rate locked in at 2.875% conventional until November 3rd and wanted to get everyone's feedback on where this rate is headed. Is it possible to extend the rate lock? I essentially need it to not go up. [link] [comments]  |
| Is this origination fee reasonable? Posted: 22 Oct 2020 10:13 PM PDT First time home buyer of a condo with over 800 credit. We are signing the final closing disclosure, is a 2% origination fee reasonable on a 388K loan with 20% down and 2.75% APR? Bank took a long time to get us the documents and they told us to remove the loan contingency already yesterday since they said it was approved. Probably too late to change anything but just want to know if this is normal or getting screwed. Thanks. [link] [comments]  |
| How truthful do listing agents have to be? Posted: 22 Oct 2020 06:26 PM PDT My husband and I went to view our millionth house (not really but it feels like it) today which was described as needing "a few cosmetic upgrades". Our realtor set up an appointment to view the house and met us at the property. OMFG if I would have known what the actual condition of this house was I would have never set foot inside! When we entered the front door we were hit in the face with the overwhelming smell of pine sol. There was garbage and boxes everywhere and every inch of carpet in this 4000 square foot home was covered in dog vomit. Along the edge of every wall was mouse droppings as well as in the cabinets (some were missing doors). They had two large area rugs covering the kitchen floor and when I lifted them up the tile was missing with holes in the floor. [link] [comments]  |
| Freddie Mac Home Possible Underwriting Posted: 22 Oct 2020 10:04 PM PDT Im thinking getting preapproved next week in Freddie Mac Home Possible. Regarding tax transcripts due to irs backlog, i dont have those and irs dont have it updated as well. I talk to a lender and he told me that he closed a loan with freddie mac eventhough transcript is not present due to covid. Is he lying? Will underwriting department will just close the loan and will just wait for it as soon as irs update the returns? or it depends on the lender as well? : i got a screenshot of 2019 turbotax that irs accepted and received it. i ammend my 2018 return and dont have an update on it or any proof if irs has it and accepted it. : self employed (5 years) great income! good credit score, no debt, no history of bad debt [link] [comments]  |
| Posted: 22 Oct 2020 03:52 PM PDT Is it possible to purchase an apartment or townhouse with no HOA fees? If so, are they hard to find? [link] [comments]  |
| 6 days to close... Getting antsy. Posted: 22 Oct 2020 05:49 PM PDT Everything was going well under contract until the appraisal took 3 weeks. Now we're in underwriting. On the 17th we got "conditional underwriting approval" and the last time they asked for a document or clarification on something was the 19th. We close on the 28th and haven't heard anything about locking a rate or anything else. Are we going to make it? Starting to get nervous because we are supposed to be out of our apartment by the 30th. [link] [comments]  |
| Can someone tell me what the plastic siding is called that they are using instead of OSB? Posted: 22 Oct 2020 09:29 PM PDT Hi Guys, I already posted my issue earlier in the week here: https://www.reddit.com/r/RealEstate/comments/jc3wvi/new_construction_the_entire_house_is_not_sheathed/ Sorry for spamming. But can anyone tell me what the plastic is called that they put on the side of the house instead of wood? And I'm not talking about the Tyvek Stucco wrap, there is a clear plastic sheet directly on the studs with a Tyvek wrap on top. The images below show the Tyvek but thats becuase the plastic is clear. I want to know what the plastic siding is called so I can reach out to the builder to ask about it. Here are the images: https://imgur.com/a/Plwt9a1 Its not thermo ply as that seems more like a compressed paper based siding. And its not pure wrap either as its about at least 1/8 to 1/4 thick clear plastic. I wish I could describe it better. [link] [comments]  |
| Debt to Income - Spouse Salary from my business Posted: 22 Oct 2020 09:29 PM PDT My wife and I are trying to buy a new home for our growing family. The mortgage has been an issue as the Debt to Income ratio is not met, we both quit our jobs a year ago to start a business which has been profitable and making decent money. Unfortunately, the bank doesn't count the income from that business as it's under a year old. Question: Can my wife pay me as a salaried employee under the company? If we do this, we can meet the requirements for the mortgage. Are there legal ramifications i.e. fraud? I feel like this is a good solution but afraid to move forward Thank you [link] [comments]  |
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