RANT Just backed out of a contract for a beautiful 2 BR condo. + Real Estate |
- RANT Just backed out of a contract for a beautiful 2 BR condo. +
- I felt ready to buy a house, but my dad told me it's a bad idea and now I don't know how to feel
- Does anyone else get completely turned off of a property when the listing price is completely unreasonable?
- Can I afford it? Yes. But should I buy it?
- Best books for new real estate agents?
- When do property taxes NEED to be paid before one is at risk for losing their home?
- Security Issue - Condo
- (Los Angeles CA) ADU vs Regular Dwelling decision
- Buying a condo but drive a company vehicle
- Title insurance company wants me to indemnify them
- roof needs replacement in a year or two
- Do lot prices track home prices?
- How long should I give us?
- Can someone help me decide if I am 'overpaying'? (NZL)
- Square footage discrepancy
- What exactly is a subdivision?
- Refinance questions
- Thoughts on floating interest rate? Which lender would you choose?
- Has anyone refi a rental property yet?
- Is it possible to get costs of construction of a garage added into mortgage?
- Is it common for the seller to pay for the closing costs in today’s market?
- buyer's agent asking for further renovations after written agreement signed
- Becoming a Real Estate Agent
- Lender recommended to set up a trust to increase my qualified loan amount. Looking for some input.
RANT Just backed out of a contract for a beautiful 2 BR condo. + Posted: 24 Oct 2020 09:21 PM PDT Why? Because, we got there at 3 pm, spent about 45 minutes looking, asking questions, touring the amenities, and we were told there was a "bidding war" going on and the seller, who resides outside the US (non citizen - this was a vacation home) wanted to make a decision by 5 pm as there were other offers. I'm a cash buyer, so off to the races we went and a contract was written, signed, and sent to the Seller. I've had a knot in my stomach since then. I just started a new job a month ago, and relocated to this area 6 weeks ago. Although I have the money, the offer I made was 10k over asking. But....I HATE making rushed decision on such an important matter. My anxiety was THROUGH THE ROOF, so I backed out. I feel a bit guilty about all the effort that was made with the RE agent, but I can breathe now. I will continue to look but I'm NOT going to rush into this kind of stuff. I will continue to look and use this guy, but I will NOT be rushed into this sort of thing. Just needed to vent, I guess. Thanks for reading! [link] [comments] |
I felt ready to buy a house, but my dad told me it's a bad idea and now I don't know how to feel Posted: 24 Oct 2020 10:33 AM PDT My dad told me I need to wait until I'm "really ready" to buy a house, once I'm settled and married. I'm worried that by then inflation will have driven prices up really high, and interest rates will be going up eventually. He says I'll be "up to my eyeballs in debt", which I suppose is true. My dad's approach to finances is more Dave Ramsey-like. He has never had a credit card because he doesn't believe in taking on debt; he pays cash for everything. Even his house. He paid 110k in cash for our family home in like 1993. He does have investments that are doing well though so he's not keeping all his money in cash in the walls and stuff lol. Maybe he is just old-fashioned though. Could I please get some objective input from you guys? My stats are: I'm 23, have no debt, have a 730 credit score, and am a software developer. I make 63k gross. I have: 30k in cash 20k in 401k 12k in Roth IRA 8k in a taxable brokerage I am looking at a wide range of houses. Two that I particularly like are 1) a 2bed/1bath home for 84k in an up-and-coming area that is kind of ugly besides its original hardwoods, but it's livable for sure, 2) a 3bed/2bath home for 170k in an area that was up-and-coming like 10 years ago but is now pretty solidly "up", it's gorgeous and would need nothing done to it except maybe some updates to the kitchen. The low monthly payment for the first one is really appealing to me. My boyfriend is a contractor and said he would help me fix things up if needed. What do you guys think? My concerns are:
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Posted: 24 Oct 2020 10:33 AM PDT A house recently came on the market for $225,000 more than its recent comps (which were already over $100,000 more than their comps thanks to the pandemic). People looking for homes at the price they listed for (725) would not even be looking at that part of the neighborhood to begin with! I know they won't sell for that much, but listing for that much makes me assume they are greedy, unreasonable people that I don't want to deal with. Another house, that we sort of liked, did the same thing. They listed for 805, went under contract for 725, but went back on the market for 685 (most likely didn't appraise). Despite liking the house, we passed on seeing it because the original listing price was a huge turn off. At least with that house they put actual work into it, unlike the one that was just listed that hasn't been updated since the 90's. Don't these agents and sellers know that it's not a good look to be that out of touch with the market they are selling in! [link] [comments] |
Can I afford it? Yes. But should I buy it? Posted: 24 Oct 2020 08:25 PM PDT I own a home with no mortgage that would be sold for 230-240k, according to my realtor. I have a 150k HELOC (used some but, already paid it back). I bought the house 16 months ago in a rush when I was relocating from out of state. I thought it would be the right home form us, but I have a laundry list of regrets about this purchase. Now that I'm feeling more settled, I have begun looking for bigger and nicer homes. I have an adult disabled child who will live with my husband and I for the foreseeable future, so I'm desiring more space and privacy. The reason for the increased price point is that I'm really only interested in move-in ready homes that need no major repairs. I'm touring a home tomorrow listed at 295k. I have been pre-approved to buy at 350k. I make 85k/yr (not counting my husbands income because he won't be on the mortgage). I have a 0% DTI currently (seriously, I have no debts) and about 40k in the bank (not counting retirement accounts). Credit union says my credit score is 800. Is it crazy to trade in a paid for home for one with a mortgage? Am I being ridiculous? Can I legitimately afford a $1500/month payment? Sounds like an awful lot to me. [link] [comments] |
Best books for new real estate agents? Posted: 24 Oct 2020 04:48 PM PDT What are some good books to dive into for a new real estate agent? [link] [comments] |
When do property taxes NEED to be paid before one is at risk for losing their home? Posted: 24 Oct 2020 07:16 PM PDT I know my parents are behind... I forgot if it's the second half of 2019 that they have to pay still or what. Let's just say it is. I recall a 1/1/21 due date online (with fee of course) If so, does it need to get paid by that day or the house is toast? Explain to me like I'm 5. Thanks. [link] [comments] |
Posted: 25 Oct 2020 02:37 AM PDT Hey everyone, this Sunday morning at 3am something a little scary happened to me and my girlfriend. I was hoping to get some insight into what is going on from a security perspective from this community, since a lot of you have much more experience and wisdom than I do in this area. So we live in a high rise condo, it's about 20 stories tall and there are maybe 8 units on each floor. We are on the 2nd floor, so only one up from ground. The front desk protocol for visitors is that when someone claims to be there to visit a unit, the desk calls the unit owner to see if they want to let that person upstairs in the elevator. This is where the issue comes in... So it's 3am and my girlfriend gets a call from the front desk asking her if "Brandon" could come up stairs. That's not the real name used but is a different name I am using because we are so freaked out by what just happened. She almost said yes, but that is just because there is another person on our floor who is also named "Brandon" and she was thinking he might have just forgotten his keys or something. Except, in this case, the person who lives on our floor named Brandon is ALSO the security guard currently working the front desk (he does night shift and lives at the condo). So here we have one guy claiming to KNOW my girlfriend named Brandon talking to the front desk security guard who is also named Brandon and who also lives on our same condo floor. Needless to say, we were not expecting anyone named Brandon, but I'm freaked out because the guy, 6'2" wearing a dark navy hoody (with his hood up) and dark jeans is asking to come upstairs to see my girlfriend, and neither of us know a "Brandon" or have given any of our information out to people outside about where we live or which unit we live in. We don't even have any friends named "Brandon". So it happens that I'm cool with the front desk security guard and I go downstairs to see what's up. The guy has already left the front lobby so he is nowhere to be seen. The front desk security guard and I talk about what he looked like and to call the police if he tried to come inside again. We come up with a plan to review the security footage of the lobby and the front desk because he boldly came right up to the front desk and attempted to get into our unit. I can't sleep at this point, so I stupidly decide to put on clothes and go on a short walk around the outside of the building to see if I could see anything sketchy. When I get outside, there is a black male who happens to be wearing a navy hoody with the hood up and dark jeans smoking next to the brick building. I start to approach him and he sees me, and puts out his cigarette and gets into an old 90s square looking black Honda. The hoodie is unique enough that I will be able to tell if it is the same person on the security footage. So my question to you all is what should I make of this? Do you think this is drug activity and they were just trying to get upstairs without using a FOB or revealing any information? What should I do or say to the condo management team? Thanks for hearing me out. [link] [comments] |
(Los Angeles CA) ADU vs Regular Dwelling decision Posted: 24 Oct 2020 10:50 PM PDT for those have done both ADUs and regular dwellings or have made the decision with one over the other, please offer your feedback. it would be greatly appreciated and perhaps help other investors in the same crossroads. TL;DR what is the benefit of doing the regular dwelling addition instead of an ADU, these days? seems like appraisal value will be captured with the regular dwelling addition and not so much with the ADU? I have a lot in LA City zoned RD2 which Planning says allows me to build up to 3 separate dwellings. I have been reading the ADU discussion here with great interest. On my lot I currently have a SFR with an unpermitted basement (finished) unit that I would like to legalize. I'm in a HPOZ (Angelino Heights) and on a hillside (not very steep), and my basement is ~450 sqft. No part of the basement is visible from the street. I understand ADUs have certain advantages that help reduce the timeframe & red tape to get a permit to build. However, I have also been hearing appraisers just aren't currently giving much added value to ADUs in their appraisals. I'm debating whether I should legalize my basement by going the regular dwelling route vs. going the ADU route. A JADU is not an option for me as I do not intend to occupy the lot and will rent out both units. I currently have 4 parking spots on the lot so the eased ADU parking requirements wouldn't help me. I've contacted both the Planning Dept as well as LADBS and the latter says the timeframe to assign & approve plans between ADUs vs. regular dwellings is currently running about the same. Architects I've talked to estimated ADUs to take ~8 weeks to get city permits vs. ~8-12 weeks for regular dwellings. For me, a delta of ~one month is not critical. Additionally, if I have to end up paying more for permits & studies (up to ~$10k more) I don't mind doing so if I'll be assured I can make up those expenses on the back-end sale. I plan to hold and operate the property for at least another 5 years. I'm leaning towards the regular dwelling route but one architect told me going the regular dwelling route might require Baseline Hillside Ordinance (BHO) compliance, hill/slope grading analysis, a soils report, hiring a fire consultant to design/engineer fire sprinklers for the SFR, and having a structural engineer design/engineer the entire house (SFR + basement). If this true, then I imagine the regular dwelling route would add on much more than just one month's timeframe. For those of you who have come across this ADU vs. regular dwelling decision, can you tell me which route you chose and why? I want to understand what additional studies/inspections/reports a regular dwelling permit would require. Approx how much more should I expect to have to spend (permits, utilities) going down the regular dwelling route? [link] [comments] |
Buying a condo but drive a company vehicle Posted: 24 Oct 2020 10:34 PM PDT I have been interested in buying a house but have ruled out a condo because I drive a marked company vehicle. Am I wrong in doing this? Whenever I ask a Realtor if service vehicles are allowed they never seem to know and defer me to the Association by the time I figure it out The home is under contract or sold.. [link] [comments] |
Title insurance company wants me to indemnify them Posted: 24 Oct 2020 03:21 PM PDT We're getting ready to sell our home in Maryland. Got the closing packet for next Friday (~10 days out) and the closing packet has an INDEMNITY & UNDERTAKING AGREEMENT (GAP) agreement that includes covenants that I will indemnify the title insurance company for **any** claims that arise between the date they issued the policy and the date the deed is recorded, presumably because of COVID-19. The way they've written this is super broad. Can't sign this as it is. I sold a separate piece of property 60 days ago and the deed hasn't been recorded yet. I called the title agent for that sale and she said recordation was taking between 120 and 180 days (!). During that sale there was a similar gap agreement but it was clearer about defects in title that arose because of the seller were covered. So I get it that there could be a problem, and I understand a narrow gap indemnity but this is ridiculous. Has anybody else seen stuff like this? How have you handled it? Copied the agreement below: INDEMNITY & UNDERTAKING AGREEMENT (GAP) WHEREAS, Chicago Title Insurance Company, Fidelity National Title Insurance Company, or Commonwealth Land Title Insurance Company,("Issuing Company" or "Company") is about to issue its title insurance policy or policies or commitments therefor in respect to the land described in Commitment/Policy No. XXXXXXX in favor of XXXXXXX, its successors and/or assigns, all hereinafter referred to as the "Title Insurance Policy"; AND WHEREAS, the Company has raised as title exceptions on the Title Insurance Commitment certain defects or other matters, hereinafterreferred to as the "Exception", more particularly described as follows: Defects, liens, encumbrances, adverse claims or other matters created, first appearing in the public records or attaching subsequent tothe Effective Date of the above-referenced Title Insurance Commitment but prior to recording the deed, mortgage or other instrumentsunder which the Proposed Insured acquires the estate or interest covered by the Title Insurance Commitment. AND WHEREAS, the Company has been asked to issue the Title Insurance Policy either without mention of the Exception or insuring against loss or damage by reason thereof; AND WHEREAS, the Company may issue, either concurrently herewith or hereafter in the ordinary course of business, another policy or policies, in the form or forms now or then commonly used by the Company, or issue hold harmless or indemnity letters to induce other title insurance companies to issue title insurance policies or commitments, insuring title to said land or to some parts thereof or interest therein, either without mention of the Exception or insuring against loss or damage by reason thereof, all of the foregoing being hereinafter referred to as the Future Policies or Commitments; NOW THEREFORE, in consideration of the issuance of the Title Insurance Policy and the payment of $1.00 to the undersigned by the Company, the sufficiency and receipt of which is hereby acknowledged, the undersigned, hereby covenants and agrees with the Company:
Buyer(s)/Borrower(s)/Seller(s) understand and agree: (a) Neither Title Agent nor FNF can provide an estimate as to the time of recordation of the deed or other title documents in the Land Records. (b) Among other things, Buyers may not be able to refinance or sell the Property, obtain building permits, or demonstrate recorded ownershipof, and legal title to, the Property until the time that the deed or title document is recorded in the land records. [link] [comments] |
roof needs replacement in a year or two Posted: 25 Oct 2020 12:59 AM PDT I recently had a house inspection and was informed the roof has reached its life expectancy. However, it does not need to be replaced or repaired at this time. It's a 28 year old roof. Do you think the buyers agent would be open to a price reduction or no because the roof is still in good condition? [link] [comments] |
Do lot prices track home prices? Posted: 25 Oct 2020 12:55 AM PDT Hi there, I'm looking to buy lots of land so a bunch of friends and I can build houses on it. There aren't many comparables to sold lot prices, so I'm wondering whether lot prices typically track land prices. Are they leading or trailing indicators of what housing prices will be, or should they generally track directly? Thanks. [link] [comments] |
Posted: 24 Oct 2020 06:50 PM PDT My husband and I are getting ready to buy a house. Our lease is up in August 2021. My husband wanted to start looking in April for a home. I'm worried that won't give us enough time to find the right place and then get approved and finished with closing to move in time, he's worried we'll find something too soon. Is April a good time frame? When should we start looking? [link] [comments] |
Can someone help me decide if I am 'overpaying'? (NZL) Posted: 24 Oct 2020 06:49 PM PDT Hi, My partner and I are trying to buy our first home. We have a maximum of $470k to spend (New Zealand), and didn't want to buy in our home town because you can only buy flats or below average units for the money we have, so we've been looking out of the city. Recently, one came up in our town. It's very small (60 square metre, average in the city would probably be 100) and sits on a small bit of land (370 square metre). The online ratings sit it at around 320k, but in this market, the agent is pushing for 400+. We have weighed it up and think it may be worth it, due to cutting travel time down from 80 minutes a day to around 10. It also sits on freehold land, is fenced, and has a garage on the property (a big bonus for me). To boot, the area is also quite nice, our house would definitely be the worst one on the street which bodes quite well since we can get it looking nice. Overall I think the pros outweigh the cons, but I feel really bad that I may have to pay 450k for a home that is virtually a studio apartment. Is it worth overpaying by 100k just to own a house? People think the market will start to settle but I'm not sure I see it happening for a while.. Convince me please! [link] [comments] |
Posted: 24 Oct 2020 08:36 PM PDT I'm interested in putting an offer on a house, but the listing says 2,800 sq ft and even makes a big deal about the 2,800 sq ft of living space in the description as one of the major draws. However, the 2020 tax records from the town show the house at 2,450 sq ft. Based on the current price per square foot, this is technically a discrepancy of over $60,000 (about 12% of the asking price). One thing I did see in the seller's disclosure documents...in the "known material defects" section it says "records not found at town hall for finished attic and basement". I think this is likely the reason. Also the "finished attic" is also the home's 4th bedroom. So this technically brings it down to a 3 bedroom house which has huge cost implications. Is the listing agent trying to pull a fast one, thinking no one would look into it? Additional question (added later): If I decide to make an offer anyway and it gets accepted, should I be asking the listing agent to change it to 3 bedrooms with the right square footage, so the tax man doesn't come knocking later when the MLS shows "sold: 4 bedroom house 2800 sq ft" even though it isn't? [link] [comments] |
What exactly is a subdivision? Posted: 25 Oct 2020 12:06 AM PDT In the past, I've always thought of subdivisions as large tracts of land with dozens if not hundreds of houses spaced mere feet apart. Recently, I've come across subdivisions on very large (10+ acres) tracts of land. Many of these properties have no restrictions and the only easements are "Typical Subdivision". Not exactly sure what this means. What exactly is a subdivision? My initial thoughts on what they were have been challenged a bit. [link] [comments] |
Posted: 24 Oct 2020 08:30 PM PDT Hi! My current loan is at 3.75% for 30 years, and my monthly payment for principal and interest is at $2,239. I am thinking of doing refinance. The loan officer gave me the quote at 2.875% for 30 years with the monthly principal at $1917 with closing cost at $8,628 and cash to close at $2,389. Is it worth it to close or should I shop around more? Thank you from California! [link] [comments] |
Thoughts on floating interest rate? Which lender would you choose? Posted: 24 Oct 2020 08:14 PM PDT Hi all, I just got an offer accepted for the first time and I need to pick a lender. I'd appreciate any thoughts on how you'd go about picking between the two. Lender 1, 2.6%- able to lock in now for 2.6% rate for 15-year fixed rate mortgage Lender 2, 2.2% - their rates float (up or down) until after appraisal which is still a few weeks out. on the same day that Lender 1 quoted 2.6%, Lender 2's rate was 2.2%, 15-year fixed rate. But no guarantees whether it will be up or down from that at the time of appraisal. Lender 2 has roughly $300 higher fees than Lender 1 but they are roughly comparable. Thank you! [link] [comments] |
Has anyone refi a rental property yet? Posted: 24 Oct 2020 08:09 PM PDT We got a notice from our current lender at a rental. (Pennymac) and I was going to call them on Monday. We are currently fly a 3.75% with them. They said on the mailing we can get it down to 3.00% Just wondering what people have seen with rental properties. [link] [comments] |
Is it possible to get costs of construction of a garage added into mortgage? Posted: 24 Oct 2020 04:11 PM PDT First time home buyer, there are quite a few homes in my city that are looking pretty nice but have no driveway or anything, and looking at google street view the streets look pretty cramped. I've pretty much been excluding them from my search but maybe it would be worth it if I get an estimate for a garage and find a place low enough under my budget to fit it in. I've heard of this being doable for renovations but idk if a garage construction would count. Is this possible / a good idea? [link] [comments] |
Is it common for the seller to pay for the closing costs in today’s market? Posted: 24 Oct 2020 03:50 PM PDT I am getting conflicting information and am trying to understand what is common. [link] [comments] |
buyer's agent asking for further renovations after written agreement signed Posted: 24 Oct 2020 07:28 PM PDT we're selling our house and we have passed inspection already with negotiations that were accepted and signed by the buyer. the buyer's agent called and asked for us to make more renovations on the house that were not on the negotiations. my questions is, is this legal? if we don't agree to the renovation and they decide to back out, is that legal for them to do so? after the written agreement, we put our deposit down for a new house and bought plane tickets. [link] [comments] |
Posted: 24 Oct 2020 06:37 PM PDT I'm currently an auditor (CPA) in the Northern Virginia area, and I'm looking to get into real estate investing. I was wondering if anyone could help me figure out what the process would be, and I have a few questions.
Thank you in advance for any help! :) Patrick [link] [comments] |
Lender recommended to set up a trust to increase my qualified loan amount. Looking for some input. Posted: 24 Oct 2020 05:57 PM PDT Hi all, I am in a bit of a unique situation financially. I took most of last year off travelling so my income for 19' was quite low compared to previous years (~$220k each year)..and then covid hit this year. I made around $15k before covid ruined my income in March (of this year), and I have received $26k in unemployment this year (soon to be off this). Working on building my new business but am not currently making much. I do have about ~$270k cash in my accounts, absolute $0 debt, and 800+ credit score. In addition I have a paid off car worth $17k and a paid off Tiny house on wheels worth ~$60k. Planning to purchase a home in the $350k-$450k range and actually will Airbnb/rent the home out and will live in my tiny house on the property (I am abroad a lot). I'll probably build and ADU as well for additional income. This along with my soon business income, I am very comfortable with my finances and purchasing a home, even though I am currently bringing very little $$. Anyways, I told my lender the info above, and she was comfortable lending the money, but I would need to set up a trust account to pull from to look like income. From my understanding, I basically put money in the trust and pull from it to increase my income, in the eyes of the lender. She mentioned something about 36 months, so I think whatever I put in, the monthly payment is 1/36 the amount. She also said that after the loan is approved, I can withdraw all $$. Pretty ridiculous I have to go through all this, but it is what it is. I do have a few questions that perhaps some of you may be able to help: 1) Can you explain more in depth how this trust income works? So if I put $80k in, it sounds like it would increase my monthly income $2222 (80,000/36). Is that correct? And can you explain why its based on the last 3 years? 2) How much of this years income is taken into consideration for the loan? As explained above, it's very little this year, and I believe unemployment funds don't qualify. And if I did start making good money before the end of the year, how do I prove this? Since I am not an employee, I have no pay stub. 3) Can I sell some stocks to increase my income or will the lender not consider this a valid source of income? 4) Can some explain the mortgage rates and "points"? Even though rates are around 2.6%, my local lender was saying that I would be at 2.99% because it doesn't cost points. Her explanation was a bit confusing but I believe it has something to do with fees and that at the lowest interest rate, the loan will be more. Thank you for taking the time to read! [link] [comments] |
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