Bank told me I was qualified for a lower down payment. Realtor is angry, I am confused. Real Estate |
- Bank told me I was qualified for a lower down payment. Realtor is angry, I am confused.
- Buying a home at auction, bad idea? (Phx)
- Open permits, just days before closing. Help?
- Lender charged me points
- How do you tell the quaity of a CONDO?
- To buy smaller yet comfortable home and wait a bit or battle for our forever now?
- Buying a townhome
- Prior homeowner had loan
- Best Process to purchase home from my father?
- Property Management Company
- Final Walk Through Is Tomorrow - Closing Monday. Home Is Vacant. Any Cause For Concerns?
- Buying a home that was renovated after auction
- How long does it take to receive approval after inspection?
- Can I cancel a contract with a Realtor if I want to buy a home FSBO?
- buying for myself
- New vs old houses and type of the house
- Advice needed for buying a home out of state
- Quick Help Regarding Property Sale
- Question for Canadian Investors.
- Moving to Europe in the summer for at least one year, sell my house or rent it out?
- Paid off apartment, looking at houses (NY)
- Raw land in a trust
- Name on SSN
- Negotiating in a hot market [Phoenix,AZ]
| Bank told me I was qualified for a lower down payment. Realtor is angry, I am confused. Posted: 05 Nov 2020 06:10 PM PST I put on offer on a house recently that was accepted, and my offer included a certain percentage down. When doing the paperwork, my lender recommended I shift to a lower percentage down payment since I was pre-approved for it, and I agreed. My realtor is furious. I am confused. I don't really understand what the issue is. I even contacted the seller agent to see if the sellers would have an issue with it and she didn't think it was a problem. (Realtor also didn't like me contacting her, which I can partly rationalize.) The total sale price is the same. So I have no idea what is going on. Admittedly I am not experienced in home buying, but am I missing something? [link] [comments]  |
| Buying a home at auction, bad idea? (Phx) Posted: 05 Nov 2020 05:32 PM PST After months of not seeing anything we like, we get notified that the perfect house is coming up for auction soon. This house was bought in 2018, so we can at least see pictures of the inside, yet the house is still occupied so we will not be able to see it before the auction. I know there is a risk that the occupants completely destroyed the house, but I'm not sure what other risks I should be aware of. We really like this house and would pay a fair price for it, it being a foreclosure and thus getting a "deal" doesn't matter all that much. Is this an avenue worth investigating or should we pass? [link] [comments]  |
| Open permits, just days before closing. Help? Posted: 05 Nov 2020 06:45 AM PST Feeling a bit down atm. It was like a gut punch. Just when you think you are in the home stretch, after inspections, financing, underwriting etc. On the same day I received the ok from the lender only for the title company to let us know that there are open permits on the property. We are scheduled to close in 5 days. What recourse do i have? I'm guessing we cannot proceed with closing until these permits are closed out. (It was for a pool screen enclosure. Found out they failed inspection, and the permit expired). [link] [comments]  |
| Posted: 05 Nov 2020 04:15 PM PST Currently buying a new home and had to delay closing about a month due to buyer for current home backing out. Had to get rate locked extended. Lender sent over documents to sign and noticed in the CD that I was now being charged $937 for .35 of a point when before I wasn't being charged any points for my rate. Shot him an emailed and asked what was going on and his response was "Rates are rising big time.... expected to go up 1% point any day" How should I handle this as I feel like they are trying to get one over on me. [link] [comments]  |
| How do you tell the quaity of a CONDO? Posted: 05 Nov 2020 06:25 AM PST people here seem to ask this question with regards to homes, but when looking at condos in major metros, i dont know the foundation, what material was used in framing, insulation etc. Can I speak to a building engineer about these, is thi sa realistic expectation? How does one predict these and what are some signs (construction taxes flood zone etc) that might increase HOA down the line? Hoa shouldn't be the focus of htis topic, but these two seem inevitably interlinked [link] [comments]  |
| To buy smaller yet comfortable home and wait a bit or battle for our forever now? Posted: 06 Nov 2020 02:33 AM PST My partner and I have the opportunity to buy this dope house we are currently renting in Austin (1 year of the lease remains) from our landlord. This house is a 3 bedroom 1500sqt foot charmer but for the long hall we know we need at-least 4 bedrooms or 3 with an office to be our happiest and a bit more yard as I am an avid gardener. We can afford to buy the home at the owners asking and could totally be happy here for another 2 or three years but aren't sure what factors to review to decide if this is a good decision or a possible roadblock that will keep us from buying our forever home. The house appears to only needs about 10K worth of work and most of that is window replacement and some deteriorating siding. This has all been gathered from free estimates from contractors so the inspection could find more or less. It appears to be in a great area if you're familiar with Austin it's near Pflugerville near Dells Offices and the new soccer field complex. Comparable home in the neighborhood are selling fast and above ask as expected so I don't think selling it would be an issue especially if we do the Windows, get the yard in shape and do a few upgrades(ie: Kitchen, Master bath) but that would be in a few years so that could change dramatically, no? So as I briefly stated before what factors should we let guide our decision? Do we jump into the buyers market or snatch this up and sit for a little? My partner(Who has owned homes before) is of the opinion that if we can bu with a low downpayment and pay what we do in rent or less and "own" the home this gets us on the homeowner ladder. I have never owned a home so I know nothing of such ladder, lol. It also gives us more time to save up for a bigger downpayment and not be in a crunch to buy as we only have a year left on our lease. I am flip floppy because I want the bigger place now and assume buying means we should stay for atleast 2-3 years before selling to ensure we don't lose money. I also have major FOMO looking at homes for sale and am aware it's gonna be a battle in this market as homes sell in a few days with multiple offers so we likely aren't finding this forever home fast. Most importantly since I have never owned a home the anxiety is real! I am thinking all the worst case scenarios and just don't want to fuck up our opportunity for our next home. TLDR: I am a first time home buyer who has been offered to purchase a home I am renting and have no idea how to decide if we buy or start the hunt for our forever/Bigger home. [link] [comments]  |
| Posted: 05 Nov 2020 06:47 PM PST Buying two homes Sorry if it's a long post but maybe someone here can give me advice if this is possible. I am in Florida I recently sold my house and was left with 150k cash. I am in the process of buying a townhome for my parents that we got a good deal for 150k cash. It's a two bedroom. Recently, a three bedroom one because available for 180k in the same complex and would like to purchase it for me and my wife. The only issue is that it seems to be asking for a 25 percent down. I am in the market with a conventional loan and 5 -10 percent down. Is there a possible way that I can purchase the home ? Someone told me piggyback loan ? Can I buy both homes together and have one loan ? Is that even a thing ? [link] [comments]  |
| Posted: 05 Nov 2020 03:32 PM PST hello All, I'm not familiar with any real estate systems but I wish someone can help to understand an issue regarding the property my parents own. My parents also don't know about this issue so they asked for my help. So, my parents got a letter 2/3 days ago from a specialized loan company, seems like prior owner had taken huge amount of loan but didn't payoff. Now I'm a bit concerned , if the loan company has right to seize our property because prior owner didn't payoff the debt. Although we're not the one who took the loan is it even possible? [link] [comments]  |
| Best Process to purchase home from my father? Posted: 05 Nov 2020 11:01 PM PST Hello, I am purchasing my first house here in Las Vegas. My father purchased the house in 2008-2010, he went overseas and my grandmother & then myself continued making mortgage payments & living here (rent). Now he's agreed to sell me the property at what he bought it for in which is roughly 150K, $100K left on the loan that would be paid off & I will acquire a new loan. Current market value on the house $210-240k What is the best process for this to happen? Talked to a few people and cannot get a direct answer. Some say he will need to gift the difference as to what he is selling $150k vs. home value $210k. The following has been mentioned: - Gift of equity? - Quit deed - Sales Agreement - add me to the title Who should I speak to about this? - Tax Attorney (don't want him to pay taxes on the gift as he's doing me a favor) & I know of a estate tax & lifetime gift from father to son? -Real State attorney? I would like to be the sole owner of the house, so adding me to the title would not do that. He is coming to the U.S. to sign everything that is needed and stated I could also pay him the money later as he does not need it. Any help is greatly appreciated as I've gone in circle for over 2 months now & got pre approved for a loan and now bank is too busy to even give me an approval letter and rate. Thank you! [link] [comments]  |
| Posted: 05 Nov 2020 10:53 PM PST Hello Redditors! A few weeks ago I left my job of being a Commercial Property manager. It was time to leave and my mental health in that particular environment was starting to wane. I managed 10 commercial properties locally and out of state with very minimal help. (literally I asked for help and was denied…o well) I had 2 maintenance guys in only 2 markets and contracted local vendors for the other out of state markets. Total square footage of what I was managing was about half a billion sq feet. So yea some major huge properties. I was responsible for tenant relations, tenant collections, budgets, vendor bids, property inspections, backflow, fire testing, reconciliations you name it. The only thing I did not do directly was apply charges to tenant accounts (conflict of interest) and the annual CAM billings (pertains to commercial real estate) EVERYTHING Else I did. I really invested in educating myself while I was employed and trust I can do this on my own, I would take on what I could handle. ( I wouldn't do it the way the company had it set up until I could contract other PM in other states,) but need guidance on getting started .Redditors who have a property management company (residential or commercial) · how did you secure your first deal? What type of property? · How did you find the property owners? · Was there a certain time frame you contracted (ie a year, 6 months, 5 years) · Traditionally in CRE PM fees are a percentage, did you go this route or did you ask for a percentage of revenue? If so what percent. If my memory serves correct I think I remember 4% · Residential PM's how many rental homes min do your clients have? Do you charge a percentage or monthly fee? What are your responsibilities for residential? · Software recommendations? · Marketing? Brochures, where on the internet? Thanks in advance for the replies! [link] [comments]  |
| Final Walk Through Is Tomorrow - Closing Monday. Home Is Vacant. Any Cause For Concerns? Posted: 05 Nov 2020 06:49 PM PST I've been reading and sounds like final walk through is usually day of, or the day before. In my case, it's the business day before (Friday) and closing is Monday. So, hypothetically, something could break during the weekend and I'd be completely clueless. Should I push to do another 5 min walk through Sunday or Monday right before scheduled closing at 2pm? Or am I being completely paranoid. The home is vacant and completely empty, so no real concern on the seller deciding to become a squatter or steal anything last minute. We did have a couple plumbing fixes requested for the master tub and 2nd bathroom tub, which were supposedly fixed, so will definitely test those out during the walk through tomorrow. Also, given the drastic weather changes, I was planning on making sure both the a/c and heater are still working properly [link] [comments]  |
| Buying a home that was renovated after auction Posted: 05 Nov 2020 04:24 PM PST Hello, we just saw a beautiful home that clicked with us. The problem is the sellers bought this home in 2016 through an auction. They renovated it and are selling now. They tried selling in 2018, but they priced it too high (as per the agent). Since then they worked some more on the home and are now selling it. The house looks great from the outside and inside. Is there anything I should be looking for in particular considering the history of the home? Other than roof, septic, mold, leaks what other issues will there that the regular home inspection may not cover? Thanks! [link] [comments]  |
| How long does it take to receive approval after inspection? Posted: 05 Nov 2020 10:22 PM PST So we extended closing which was 1.5 week ago due to lack of approval. And the FHA inspection was this Tuesday, (I am seller). Now, the closing date per contract is Nov 10. Should I request an extension? How long does it take to receive the report? The appraisal is all we are waiting on [link] [comments]  |
| Can I cancel a contract with a Realtor if I want to buy a home FSBO? Posted: 05 Nov 2020 09:00 PM PST I'm in the process of negotiating with a home owner that wants to sell me a home FSBO but I signed a contract with a realtor a few months ago. This realtor did not find this home for me, I found it myself. They also have done nothing in this process at all. I've been in contact with the HO, they set up a walk-through with me and we have talked specifics. The realtor has done nothing, absolutely nothing. They get wind of me wanting to buy this property FSBO and now they are demanding that I pay them their share of the sale if I go through with this. I'm not against paying someone their due if they actually have done something but they have done nothing. I found the house, I'm negotiating with the owner, and I'm doing all the legwork. Is this even right of them to demand something when they've done nothing? [link] [comments]  |
| Posted: 05 Nov 2020 08:26 PM PST I am looking to buy real estate for myself. I have my license but I'm not working with a "real" broker (I have my license with some random 100% commission broker), or working as an agent at all--I got the license to shop for myself. I do have experience investing in real estate, but not in my current state. What I'm wondering is what is the best way to go about buying for myself in the most efficient manner without screwing anything up operationally? I'm not worried about negotiating/finding a property, only about making sure I do all the paperwork + the closing right. I am even willing to take an agent, but only if I were credited a very significant portion of the buyer's commission, or just ask the listing agent to rep me as well for a small extra commission (like 0.5% or so), but not sure how many will go for that. Thoughts on the best approach? [link] [comments]  |
| New vs old houses and type of the house Posted: 05 Nov 2020 12:52 PM PST Hello helpful community, I'm based in san diego and am looking to buy my first home that I might sell off in 5-8 years. The california house code changed last in 80s and the houses built after that follow the code. However the dilemma I have is to whether invest in a relatively new home vs old home. Old homes in the zip code I see are bigger, are single family houses but are atleast 25 years old (~95 built). Newer homes are smaller, are town houses and just as costly(~2010 built). I am curious of what will be the best investment here in terms of resale value and also maintenance. It is a no brainer that new ones have less maintenance but is there more to this? Do old houses not appreciate as much as newer ones even if they are bigger ? And how do single family houses and townhomes appreciate or depreciate in the same time period? Does that change if the market is seller's/buyer's? I'm also following up with my realtor and I am asking here to gather as much information as possible from different sources. Thank you for reading this! [link] [comments]  |
| Advice needed for buying a home out of state Posted: 05 Nov 2020 04:16 PM PST Hi everyone! My husband and I want to buy a home out of state and we are having problems with where to start in the process. We have a broker and know what we'd like to spend on our new home. Aside from that, we are utterly lost! We own a home in our current state and aren't sure how to move forward with buying out of state and selling our current home. Ideally, we wouldn't want to carry 2 mortgages for very long (or at all). We thought about selling first and living in a rental until finding our dream home, but we own 3 large dogs which make finding a rental near impossible. Also, how do you find and choose a realtor to work with out of state? We don't know anyone in the area we'd like to move to for referrals and it would need to be a realtor that had experience working with out of state buyers and likely lots of video home showings. Any advice and experience is truly welcomed! [link] [comments]  |
| Quick Help Regarding Property Sale Posted: 05 Nov 2020 07:52 PM PST Hi All - First time poster here and selling a vacant land parcel my late father bought. I have never been in a real estate transaction, but have a question or two that I would appreciate some guidance on. Thank you all in advance and apologies for my lack of knowledge.
That's really it. Any other pointers - I'm all ears. Thanks again folks. [link] [comments]  |
| Question for Canadian Investors. Posted: 05 Nov 2020 07:48 PM PST I'm a first time home buyer in Southern Ontario, and the place I rent is fairly cheap so I'm hoping to use my first buy as a rental property before buying a home for myself. I have been doing some reading and it seems to have more benefits to purchase property under a business name for tax breaks, expenses, and such. Any insight on the additional steps required for something like this? Down payment / mortgage payment differences? Anything helps! Thanks in advance! [link] [comments]  |
| Moving to Europe in the summer for at least one year, sell my house or rent it out? Posted: 05 Nov 2020 06:57 PM PST Background: Charlotte, NC. $~250k house, right at half equity and half loan. Rent out my extra room currently. Plan to move to Europe for an undetermined amount of time (at least one year). Would you guys recommend simply also renting out my room and continuing to build equity? Maybe keep the house as a back up in case I choose to return after a year? My dad and brother live nearby and could help manage renters/maintenance. Or would some of you recommend selling and throwing the money into the market while I'm gone? Maybe this is better as it's a "simpler" option? Also any tax/income nuances I should be aware of if I choose to rent it but reside in a foreign country? Thanks so much! [link] [comments]  |
| Paid off apartment, looking at houses (NY) Posted: 05 Nov 2020 06:20 PM PST Hi everyone. We have a paid off apartment and have decided that we'd like to move out of the city. We'd love to tap into the apartment for the downpayment and closing costs, does anyone have any experience with something like this? Would a heloc be applicable in this situation? Thanks [link] [comments]  |
| Posted: 05 Nov 2020 06:04 PM PST Have a piece of land in the family that I am in the process of purchasing. Catch is the current owner (family member) has the property in a trust. She still is paying the taxes on the property leading me to believe it's a revokable trust. Can anyone give guidance on what paperwork is needed for her to sell the property that is in the trust? Was considering a quick claim deed for the transaction? Is a tittle company needed for the land transfer? Have sold FSBO in the past but never raw land or dealing with a trust. [link] [comments]  |
| Posted: 05 Nov 2020 06:02 PM PST I recently got married and been using my married name for mortgage application. One of the condition to get approved for closing is verify SSN with form ssa-89. My ssn is still under my maiden name. Has anyone gone through this before? My lender said I can use maiden name on ssa-89 and write an explanation letter that I haven't updated my ss card to reflect name change yet. Closing is 18 days away should i apply for new ssn? [link] [comments]  |
| Negotiating in a hot market [Phoenix,AZ] Posted: 05 Nov 2020 01:56 PM PST I'm trying to buy an entry level house near Phoenix, AZ and the market is majorly hot here right now. This will be my first home. I put an offer in on a house for 308k when the asking price was $285k and it was accepted. The sellers had gotten an appraisal on the house previously and it appraised for $292k. So I agreed in our contract to pay up to $16k over the appraised value to meet the $308k price. This house had a lot of other offers, but the selling agent won't say how high they were MY appraisal came in at $295k and I submitted my repair/credit request a few days ago asking for a bunch of repairs or $4k in credit. I thought that was reasonable even in a hot market. The house has a broken fridge and the AC and roof are both 21 years old, and there are foundation cracks. It has a pool that needs expensive repairs soon too. Now the selling agent says that they don't want to do repairs, but they think $4k is too high for credits. They are also asking to see MY appraisal. I don't know what to do. I'm a bad negotiator and my real estate agent is great, but the market is soooo hot even she can't save me if the sellers know they might be able to get more out of someone else and all they have to do is reject my repair request and move on to the next person. What would the selling agent do with my appraisal? Obviously they think it will help them negotiate so they don't have to pay more, but I want to know specifically what I am in for. And what does it tell them if I refuse to share my appraisal? Edit: just wanted to clarify that we did ask for repairs only on broken things such as patching a few leaks in the roof, replacing a broken toilet(full of cracks), patching the foundation cracks, etc. The house does need some big immediate repairs. Also I am doing a conventional loan so not really and requirements for them to fix anything and they know. [link] [comments]  |
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