Pros/Cons of Buying a Condo in the Same Building as a Hotel Real Estate |
- Pros/Cons of Buying a Condo in the Same Building as a Hotel
- How much do mortgage loan officers at large banks make ?
- CMV: the grey trend is the millennial equivalent of pink bathrooms
- FSBO, if I pay for plain listing (just MLS listing) can I specify specific buyer agent split?
- Strategy: picking a buyer's agent in a hot market
- First time seller - How clean do I need to leave the house when I move out?
- (Colorado) Is HOA a valid reason to back out of a deal and still get our earnest money back?
- House appraised at offer price.. does this set the value for future sale?
- 30yr fixed mortgage with zero points at 2.625%
- Waiving Home Inspection and Earnest Money
- Pool inspection nightmare, need some advice.
- When can I expect final walk through or CTC issuance?
- A vent about builder lenders (DHI)
- First time home buyer help?
- FHA Loan clarifying question
- Help With Noise Issue
- Am I in danger of losing my realtor?
- How do you social media to generate leads?
- Refinance w judgement
- Capital gains taxes
- 10-year ARM vs. 30-year Fixed
- California question: Will a change in assessed square footage affect my property taxes? No known additions.
- Has anyone taken the eHome America education course?
- Mortgage Broker saying it will take 3 months to generate a credit score
| Pros/Cons of Buying a Condo in the Same Building as a Hotel Posted: 29 Oct 2020 12:29 AM PDT I'm considering purchasing a condo in a highrise where the bottom half is hotel rooms and the top half is condos. What are some advantages and disadvantages of sharing a building with a 4 star boutique hotel (Hyatt)? The private residences have their own private lobby, elevator, and garage area separate from the hotel. PROS *Nicer amenities than standard condos - olympic sized saline pool, sauna, hot tub, and 2400 sq ft gym w/ yoga studio *Lower HOA fees since the hotel has to chip in? I couldn't think of any other reason why the fees are lower than comparable buildings. *Hotel Amenities - room service, housekeeping, valet, spa, bar, restaurant CONS *I'm wondering what happens if the hotel goes out of business. They're actually closed now temporarily because of COVID-19 *Most amenities shared with hotel guests. [link] [comments]  |
| How much do mortgage loan officers at large banks make ? Posted: 29 Oct 2020 01:50 AM PDT Hello, Curious how much mortgage loan officers at big banks like Wells Fargo, Chase, Quicken, etc ... make in base salary / commissions. Searching online I find that 1% is the "standard commission" but this seems too much IMO. I'm seeing average comp of loan officers on websites around 50-100k, so I'm wondering what parts of my calculations are wrong. Thanks! [link] [comments]  |
| CMV: the grey trend is the millennial equivalent of pink bathrooms Posted: 28 Oct 2020 09:26 AM PDT Husband and I (late 20s) are in the process of searching for our first home and there are just so many whitewashed grey homes/floors/bathrooms/etc. It was almost nice at first but 100 listings later, it's become sterile and off-putting. Grey will go down as the millennial's version of pink bathrooms of the 1950s. CMV. [link] [comments]  |
| FSBO, if I pay for plain listing (just MLS listing) can I specify specific buyer agent split? Posted: 28 Oct 2020 06:56 PM PDT Can I specify let's say 1% or 2% reimbursement instead of 3%. [link] [comments]  |
| Strategy: picking a buyer's agent in a hot market Posted: 28 Oct 2020 09:27 PM PDT When looking for a buyer's agent in a hot market (think: Austin/Seattle/SF Bay, etc.), I was told it is best to pick an agent working for the largest real estate agency in the area. The reason is that your agent will be well connected with other agents in the same office and may be able to find you off market opportunities (pocket listings I think they are called). Is this true? Besides the general advice of an agent who knows the area well, is responsive, you 'click' with, and so on - are there any specific attributes to look for in an agent in a hot market? [link] [comments]  |
| First time seller - How clean do I need to leave the house when I move out? Posted: 28 Oct 2020 03:06 PM PDT I am closing on my new home Friday Nov 20th. Movers are scheduled for Saturday Nov 21st. I have to hand the keys over to the buyers of my new home by Monday Nov 23rd. How clean are we expected to leave the current home? Obviously we will remove everything, including trash, and sweep. I plan on leaving the kitchen and bathrooms clean. Does the house need to be spotless? I've been working on things like wiping the cabinets and whatnot but I don't think I'll have the time/energy to do a deep clean between moving and handing keys over. [link] [comments]  |
| (Colorado) Is HOA a valid reason to back out of a deal and still get our earnest money back? Posted: 28 Oct 2020 08:11 AM PDT Home built in 2006. We are a week from closing and just got the HOA docs yesterday. We've been asking for the docs for a while and the seller's agent finally sent them over. The HOA seems very strict (read petty). Two incidents that really irked us are: homeowner who lives close to golf course puts up a golf net to protect his kids after having multiple incidents of balls flying into his yard, HOA wants it down. Homeowner has planted a tree five times at the same spot that has been designated by HOA as a place that must have a tree. HOA won't let it go unless homeowner can provide evidence that no tree can grow in that spot i.e a letter from a arborist. So we are now having doubts about buying in this community. If we pulled out, how justified will we be? We did ask for HOA doc early on in the process so..... [link] [comments]  |
| House appraised at offer price.. does this set the value for future sale? Posted: 28 Oct 2020 07:50 PM PDT We made an offer, asked for seller credit to cover closing costs (got it..) Appraisal came back at offer/sale price.. Wondering if it's reasonable to expect the value of the home to now appreciate/depreciate with the market from the starting point of the sale price? I looked at all the comps and feel good about this house at this price.. just wondering how much it sets the value moving forward.. if that makes sense.. [link] [comments]  |
| 30yr fixed mortgage with zero points at 2.625% Posted: 28 Oct 2020 01:57 PM PDT Those are the terms I got from my lender for a condo I'm buying. I feel dumb for asking but are these good, bad, so-so terms? [link] [comments]  |
| Waiving Home Inspection and Earnest Money Posted: 29 Oct 2020 01:34 AM PDT California First time home buyers. We found a property that we would like to make an offer on. Realtor heavily suggests to waive inspection but to have the inspection done anyways. He insists that we can still pull out and keep our earnest money fairly easily if we find something alarming during the inspection. Is there truth to this? Is the realtor banking on failing a contingency if we want out? If so how would that work. Offer letter that I'm reviewing says waiving all contingencies except loan and appraisal. I can't wrap my head around it since he makes it out to be a sure thing. We know that the house may need some work and are ok with that but if it's structural or fairly expensive to fix we don't want to lose the earnest money if we want our. Any input will be much appreciated. [link] [comments]  |
| Pool inspection nightmare, need some advice. Posted: 28 Oct 2020 05:29 PM PDT Hi Everybody, My wife and I are selling our home and are in the middle of the inspection period. We've taken pretty good care of the house since we moved in including replacing and repairing many items of concern. We were pretty confident of a good inspection when coming under contract, and it seemed that way. The general inspector didn't point out crazy items, and the electrical inspector was satisfied as well. The problems started yesterday with the pool inspector. Our pool deck's slab has cracks that are purely cosmetic, but, after asking the pool inspector/contractor if there was any concern or anything out of the ordinary, he mentioned that cracks were normal for a 40-year old house. He also let me know that while they could be patched, patching was a temporary fix and that he would recommend completely re-doing the deck. Today, I receive an email from my agent regarding the buyer's inspection findings. Long story short, the pool contractor quoted them $26,000 to re-do the deck and that includes damage that may happen to the tile, the pebble tech, etc. I don't mean to be unreasonable as a seller, but this sounds completely asinine. Thus far, I have been willing to address all of the buyer's issues in a manner that prioritizes safety, quality, and longevity, but $26K is literally what it costs to replace a whole pool! Am I naive and work like this is truly this expensive or are they trying to cut the price of my house for no reason? [link] [comments]  |
| When can I expect final walk through or CTC issuance? Posted: 29 Oct 2020 04:10 AM PDT We were given a closing date, time and location early this week(November 12th). This is a 3 week push from our original date of closing. Of course, we haven't done anything financially in the time frame from pre-approved and onward, so nothing has changed on our end. Of course, everything has gone silent which I expected, but I'm anxious to know when they'll issue a CTC or final approval. I was hoping to find out by the end of next week. Is that a reasonable expectation? Our lender has been very helpful thus far, despite all the frustrations on seller side. This will be our first home, so the experience has been quite a learning one. We're anxious to begin some packing(we're not on a timeline to be out), but reluctant to begin u til we feel no more issues could possibly arise. I feel asking here coulf give us general timeline idea of final approval, CTC, or final walk works leading up to close for peace of mind. Is end of next week probably a good estimate for the wheels to start turning again? [link] [comments]  |
| A vent about builder lenders (DHI) Posted: 29 Oct 2020 03:58 AM PDT I'm in the midst of closing on a new construction home (2 weeks out from receiving keys, hopefully). I started this whole process about a month ago. Originally I received my pre-approval from an awesome local lender. I kept increasing my pre-approval amount (the market is a wild place, as y'all know), and he would usually get the new approval back to me within an hour or two. I went and toured four homes on Sept 26th, and fell in love with the second home I saw, a Lexington DR Horton home. It's an incredible home. Later that day I accepted an offer on my current home, and placed an offer on the new construction house, which was accepted. They stipulated that I had to apply with DHI (their lender), even if I didn't use them. A couple of days after that, I also got my approval from DHI. At that point, I became a nice potential payday for the LO, so he pursued me heavily. I got a great rate for mediocre credit (3 initially), and they would cover literally all closing costs. So I went back to my local lender, he gave me a quote for 2.875 and $400 of closing costs, and told me he really wants to, but ultimately probably won't be able to, beat whatever DHI offers. So back to DHI I went. They matched the rate and continued to cover all closing, so I went with them. At that point, my LO became much harder to get ahold of. This is only my second home, and I'm not super well versed in the process of all of this (doing better thanks to this subreddit). My realtor is wonderful, and absolutely on it, but I feel like I am having to babysit DHI every step of the way. I had my approval with conditions a week and a half ago, fulfilled the conditions easily, then heard nothing. The buyer for my current house used a local lender and already has her CTC and signed CD. It's just making the process so frustrating and I think I'd almost rather pay closing costs than deal with lackluster communication and an inability to be proactive on my account. I emailed my loan processor yesterday (she's been a lot more helpful, thankfully), and there were a couple of things I did need to do, but weren't communicated to me. And she did a couple of things that needed to be done on her end, like following up on my insurance for the new house. But if I had not asked her? Would they just be sitting around, not getting things done? I know two weeks is a while to go before closing, and from what I've read, it's not a huge surprise I don't have my CTC. But better communication would be so incredible, especially for a fairly anxious second time home buyer. Despite all the incentives, I'd really caution against using a builder's lender. Although I'm sure some of this is very local to my area, I'd imagine there'd be similar complaints and issues in other areas as well. My plan is to hopefully refi with a better rate and better lender in a year or so since my credit will be higher by then, but I'll see if that pans out. Thanks for reading. [link] [comments]  |
| Posted: 28 Oct 2020 09:55 PM PDT Hi! I am new to all this so sorry if I break any rules or miss anything. I am looking at buying a house in the Austin Area (tx). We are looking at around 240k. Due to my income and family size, we qualify for MCC (Mortgage Credit Certificate) which is a Tax Credit up to 20% of the mortgage interest paid on a tax year. Also qaulify for a DPA, up to 5%, grant. Long story short. How does this affect my mortage monthly payment, if it does at all. Where do I start? Can I still get a FHA loan, with MCC and DPA? Does MCC tax credit affect how much I pay? Sorry, just overwhelmed with all this! [link] [comments]  |
| Posted: 28 Oct 2020 09:41 PM PDT I think this is a general FHA loan question, but it might be more of a Northern Cali/Bay area specific question. Here's the 411. I live in the Bay area and I'm looking to house hack a property due to my down payment. I'm currently looking at a fourplex and it's all rented out. I was thinking about getting an FHA loan, and I know for FHA, I need to move in within 60 days of the mortgage closing and stay there for a minimum of a year. My question is, what happens if I'm unable to move into the property within 60 days, due to tenant not leaving? Are there things that can protect me against that scenario? I ask because I would possibly have to do owner move-in eviction. And even then, I know there are tenant laws protect them. I just thought of the covid eviction ban - would this scenario even be possible? [link] [comments]  |
| Posted: 28 Oct 2020 11:36 PM PDT I own a condo and my neighbors semi regularly (every few months) complain about sounds coming from my second bedroom and throughout too (for example: loud elephant footsteps). Music is played only through headphones (and a subpac) after 9 PM. The building is older (circa 1965) so I'm sure the infrastructure/flooring isn't the sturdiest. The sound must somehow travel from the subpac through the chair and down the flooring into the ceiling below (?) because my neighbor just knocked on my door saying that his son woke up. While standing in the room, there is no sound you can hear - but sound travels right? Before I purchase something from Amazon to help dissipate this issue, any one have any concrete suggestions (besides stating - get soundproof floors)? Any one ever buy a specific kind of rug or material of layering that has substantially helped? Fyi, he's the head of HOA in the building and has already fined us (for noise complaints that weren't substantial enough but apparently were even though I responded with a rebuttal bc it's his word against ours any way). Any one have a similar issue? What's the worst that can happen? [link] [comments]  |
| Am I in danger of losing my realtor? Posted: 28 Oct 2020 05:22 PM PDT We've been using the same realtor and looking for the house for a year. We've put in an offer, and there is a chance it might not go through from what I am hearing on inspection. Now the inlaws are guilting me and saying that we "need to figure out something soon because he's been working with no pay for a year." If this deal falls through, will he fire us? [link] [comments]  |
| How do you social media to generate leads? Posted: 29 Oct 2020 02:10 AM PDT |
| Posted: 29 Oct 2020 01:55 AM PDT Just had a mortgage lender waste 3 months of my life and cost me $500 for appraisal. For nothing. Why would he tell me I got approved for refinance then 3 months later say no due to a judgement they won't do it? I put it on my application from the very beginning I had a judgement and wages are being garnished from my part time job I am also on ssdi . I may now be homeless soon because of this idiot. This judgemeng is ripping me off bigtime I don't understand how a judge signed off on this it cannot be legal. The loan is 15 years old a TERI LOAN. In 2015 a judgement was issued while I was living in another state. Never got notified of this . Is there any way to get a lawyer to get rid of this somehow? I see the amount in the judgement is $13k I paid over $2000 in wage garnishment and now they say I owe 17k a year and a half later. How can this be legal to change 3or 4k a year in interest??? I'm in Florida and thought they had 7 years to do this not 10 years? Anyway is there any way anyone will approve me for a refinance or a home purchase? My friend and I have a deal I must refinance this place she bought for me into my name only as my name is on the deed with hers and take cash out to repay her for her down payment. Or else she will be selling it and I have nowhere to go. Any advice please? My credit scores are almost 700. Last checked 661 and 667. [link] [comments]  |
| Posted: 29 Oct 2020 12:56 AM PDT Okay so me and my stbx sold our house recently for 255k. We bought it 2 years and 2 months ago for 218k. I know a great profit. Now that we sold it and are legally seperated I am worried about paying capital gains taxes on the property. Has anyone had experiences in capital gains. Besides acting as an accountant, what advice would you have for me? [link] [comments]  |
| Posted: 28 Oct 2020 05:01 PM PDT What would you go with (1) 10-Year ARM at 1.75% or (2) 30-Year Fixed at 2.375%. In a RE market that's heavily dependent on appreciation vs. cash flow (e.g., NYC), I'm thinking it's better to go w/ the ARM. Plan is to hold forever most likely but given the cash flow vs. appreciation dynamics, think it makes sense to just keep this leveraged as long as possible. Might make sense to go interest only in a couple years when the product is back so no point in paying a premium for the extra term premium. Thoughts? [link] [comments]  |
| Posted: 28 Oct 2020 06:52 PM PDT I bought in 2012. Assessed square footage about 3,100. Refinancing now. It's a VA loan (2.25% with a point rebate no funding fee I love this country), so a full appraisal is needed. I made the mistake of saying come on in vs. drive-by. The appraiser turned in an appraisal with a 3,400 square footage measurement. Either her math sucks (my personal opinion, she was gut shooting that laser pointer like she hit a brewery on the way over), or the previous two appraisers missed some additions by the first owners. I know the second owners did nothing and I am the third. So, are my refi savings going to be cut into by an increase in assessed value? Has anyone hit this problem? [link] [comments]  |
| Has anyone taken the eHome America education course? Posted: 28 Oct 2020 02:46 PM PDT First time home buyer. I've already been approved for my loan, locked in my rate, signed the loan conditions, etc. My lender came back as an "oh by the way" asking me to complete this $100 video training course and send her the certificate of completion. I've looked over all the fine print and nothing is stated that the loan approval is contingent on me completing this course. Even the lender states it is some task only visible to her that she asks me to take it. Am I able to decline taking this? I'm being petty because the course guidelines list things like how to shop for a home, finding a home, all the basics that I've already done on my own and with the help of the lovely Reddit community. It seems like just another way to squeeze more money out of me. Thank you! [link] [comments]  |
| Mortgage Broker saying it will take 3 months to generate a credit score Posted: 28 Oct 2020 06:27 PM PDT I've never had debt other than student loans and never needed a credit card. Broker told me I can't proceed with a mortgage application w/o a cosigner until we can generate a credit score which will take 3 months with my new CC. My lease is up on New Years so I was really hoping I would have a place by then. Is there anyway to speed this up? Would getting a mortgage through a bank maybe be able to go through faster? Making 74k, have 47k saved and was going to put 35k+ whatever I need to get into a cheaper mortgage insurance bracket down but since this is taking longer than I expected I may put more down. Looking in the 250-260k max range which my broker said I should have no problem getting Edit: In Canada if that makes any difference [link] [comments]  |
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