Redfin sued for 'redlining' (refusing service in minority areas). Real Estate |
- Redfin sued for 'redlining' (refusing service in minority areas).
- Are you supposed to tell lenders you're rate/cost comparing?
- My offer was just accepted!
- Advice on Unprofessional Letter
- Should I (26f) buy a bigger place than I need?
- Is my agent being extra nice in offering to help with repair work?
- "Manufactured home is still titled with the state. However, title is unavailable and is being sold without title. Only looking at cash offers." I'm new to real estate... What does this mean, realistically?
- Hmm, I heard about some Shady PHX home builder tactics today...
- Renting out my home in FL
- How will removing garage-ish shed affect property value
- Home appraisal came back 11k over with repairs. Close is scheduled for 16th...
- Real estate survey for university class
- Just got my real estate license. Any helpful tips for a new guy in the business?
- Question about property investment choice
- Is this a serious foundation issue?
- Is it better to up your preapproval or make up the difference in cash to seller?
- Financing for probate property purchase (CA)
- Looking to buy a house around 35-50k at texas in future for first time buying, is it possible to find in foreclosure or reo bank owned homes and is it best to find a realtor agent right for first time buyer
- Should I use a Real estate agent for spec home new build?
- What is a multi dwelling in California?
- Can i change my home insurance provider after i close on a house
- When should I transfer utilities to my name?
- Judgement
- How many fail?
| Redfin sued for 'redlining' (refusing service in minority areas). Posted: 04 Nov 2020 06:40 AM PST Redfin is being sued for not offering services in certain areas, that are below certain price points and therefore heavily minority. I think it's pretty interesting, I've never heard of ANY real estate company who wouldn't take a listing wherever they can get it. Redfin's defense is they can't make any money in those areas. I wonder how other companies make money serving those areas? Also interesting that Redfin hasn't ever turned a profit as a company in 16 years? Of course that's common for a lot of newer companies. But when people say the industry is changing and Redfin is a great example of it, I don't know how far it can change in that direction if the alternative business model is not profitable. I suspect quite a few old-school 6% brokers are having a chuckle over that. https://nationalfairhousing.org/wp-content/uploads/2020/10/Redfin-Filed-Complaint.pdf [link] [comments]  |
| Are you supposed to tell lenders you're rate/cost comparing? Posted: 04 Nov 2020 06:27 PM PST Went under contract on Monday (first time homebuyer). Asked the three lenders I'd gotten pre-approvals from to send me updated loan estimates with the purchase price and down payment amount. Compared closing costs, interest rates, etc. then picked a lender. Sent emails to the other two lenders saying I was moving forward elsewhere, and thanked them for their time. One responded that she had actually given me a higher example rate because she didn't know I was shopping around, and that the rate was actually lower today, but she didn't put it on the estimate. Is this how it generally works? Do you have to be like, "hey, give me your best offer"? I guess I just assumed that saying you're under contract and asking for updated estimates implied you're trying to pick a lender. [link] [comments]  |
| Posted: 04 Nov 2020 04:21 PM PST Been looking to buy a home for the last year. The market has been so aggressive, it was hard for me to find what I was looking for before it would get sold. Prior to looking I had my mortgage broker get me preapproved. All I provided was 3 months of my check stubs. After I found my first potential listing, and I gave him the purchase price, provided me with an interest rate and monthly payment with insurances, etc included. And now, here I am with an accepted offer....FINALLY. It's been a journey for sure. I told my broker that my offer was accepted and asked if there was anything needed at this point. He asked for statements of all bank accounts & savings accounts, 2 previous tax returns and check stubs again. I don't want my wife to get too excited just for this to fall through. But we hadn't gotten this far in the process before. Is it possible financing would fall through at this stage or my estimated payment would be drastically different after providing hard copies of all my docs? [link] [comments]  |
| Advice on Unprofessional Letter Posted: 04 Nov 2020 06:21 PM PST Our offer on a home was accepted. The next day, we asked the lender who issued our pre approval letter to match another rate we found. We received this email in response: I pass. We need to have started this morning to be able to meet deadline. The listing agent is going to be very upset she accepted your offer because I was the one doing the financing since she knows/trusts me. Shopping around wasn't advisable. I'm sure the listing agent is going to be all over you and your realtor to make the dates or there may be penalties. What is happening? I found the lender online who happen to know the listing agent. The contract does not indicate I will go with this lender who issued pre approval letter. Isn't it standard practice to shop for rates prior to securing a loan? [link] [comments]  |
| Should I (26f) buy a bigger place than I need? Posted: 04 Nov 2020 10:06 PM PST I live in a HCOL area (Seattle) and am looking at townhouses around $750k to $1 mil. I'm lucky enough to have a lot saved up and a great paying job, and anything within that range is financially comfortable for me. Right now, I have my eye on a place that is $780k that would be perfect for me right now (1200 sq ft, 3 bed, garage, safe location and close to downtown), but there's a nagging feeling that I should go for a bigger place because I can afford it and so it'd be more future-proof. My main worry is that in 3 years I'd wish I'd gotten a bigger place with the hottest amenities like a rooftop, AC, etc. Especially since I think the Seattle real estate market is going to grow a lot, I feel like it'd be a better investment to get a really nice (but expensive) place now so it'd increase in value more. These places would cost $900k+. On the converse side though m, maybe in 5 years I'd want to move to a single family home with a yard in the suburbs. In which case I should have just gotten the house that was perfect for me now instead of for some projected future me. Maybe it would be smarter financially if I invested the difference between the 780k and 900k place in the market. I'm a bit confused here and would appreciate any thoughts on this. Thank you in advance! [link] [comments]  |
| Is my agent being extra nice in offering to help with repair work? Posted: 04 Nov 2020 06:08 PM PST My wife and I just closed, and I just made the 3% earnest deposit today! We've been with our agent on the property a few times over the last 2 days, and he has made continual suggestions on what should be fixed or looked into during closing. Some things are big, such as popcorn ceiling inspection/removal, replacing the 30-year-old roof. Others are minor jobs, such as fixing the broken chimney cap, adding a gutter, trimming branches over the roof. In all of these things, he offered to help us hire the necessary people and fix them. My question is, is this something a buying agent is responsible for, or is he being extra nice and helpful? If it's the latter, I don't want to impose too much. He's been reliable and good to us. But if it's the former, there's definitely a list of things I can forward him that could use repairs. [link] [comments]  |
| Posted: 05 Nov 2020 12:03 AM PST Seems very shady and risky.... but I don't know real estate. What does this ACTUALLY mean for a potential buyer? [link] [comments]  |
| Hmm, I heard about some Shady PHX home builder tactics today... Posted: 04 Nov 2020 03:38 PM PST I was told by a few people that builders around the Valley are raising prices on folks who've already signed their new home contracts. I even heard one story where they called someone right before closing and offered to buy them out of their contract. This doesn't seem ethical and doesn't sit right with me. I was under the impression after you sign your contract, you pay what was agreed. Have you heard of things like this happening in this ridiculous housing market in your market? [link] [comments]  |
| Posted: 04 Nov 2020 06:42 PM PST My husband and I own a home in Fl, our mortgage is about $700 a month and it seems like rent in our area has really gone up over the past few years, homes in the same neighborhood and in the same condition are going for $1800 on average. We are thinking of renting our home out, and renting a place closer to our jobs. I really just wanted to see if anyone had any advice for renting out your home in FL. Do you recommend a property manager? Also, looking to rent a home of our own for about $1500 ideally keeping our monthly expenditures about the same (since we will be profiting about $1000 a month from the rental) how's my math? What costs do I need to a count for monthly. Definitely going to have a cushion for gaps or repairs. Just want to get my head wrapped around the process so I can understand it and figure out if I can do it myself. Any advice at all is appreciated!! [link] [comments]  |
| How will removing garage-ish shed affect property value Posted: 04 Nov 2020 10:25 PM PST I live on a tiny 3300 sq ft lot in a small town (where the average lot is more like 8000-10000 sq ft or so). We have almost zero back yard which is a bummer for my two boys. There is an old 16x14 "garage" that is taking up space that could be used instead as a backyard. I use quotes because it is not really useable as a garage. The structure is only sitting on a foundation on 3 of the 4 sides, and the foundation is cracked all the way through and uneven. The doors are not overhead doors but instead are wide doors that swing out and scrape on the concrete because the hinges sag. The only good thing that can really be said is that it has electrical service (screw-in fuses). I am really considering tearing it down and just using the carport that sits directly in front of the garage. This frees up space that when combined with a nice privacy fence, could be a cozy little back yard. However, I feel like removing a garage will hurt the property value, my question is, what do you think the damage will be? [link] [comments]  |
| Home appraisal came back 11k over with repairs. Close is scheduled for 16th... Posted: 04 Nov 2020 01:51 PM PST Bank is asking for inspection and a structural inspection with all repairs made by close. We put in an, as is, offer on a fixer upper and were planning to make repairs ourselves. Not sure what the best way to proceed is. Our lender is quicken loans and it's FHA. Any insight would be much appreciated. [link] [comments]  |
| Real estate survey for university class Posted: 04 Nov 2020 07:36 PM PST Hey everyone, it would be amazing if you could fill out my survey!! I am collecting data for a course project and need as many responses as I can get!! Thank you!! [link] [comments]  |
| Just got my real estate license. Any helpful tips for a new guy in the business? Posted: 04 Nov 2020 11:19 PM PST |
| Question about property investment choice Posted: 04 Nov 2020 10:48 PM PST I am wonder given the following 2 choice (given that both cost similarly) which is better and why? And what's the pros and cons of choosing each. Property 1 Smaller, located in a larger city, but slightly further away from the CBD Property 2 Larger (double to size), located in a smaller city, and slightly closer to CBD (~15min closer by car) [link] [comments]  |
| Is this a serious foundation issue? Posted: 04 Nov 2020 10:47 PM PST I know, all the other threads mention to hire a structural engineer. However currently in a very hot CA market and will probably need to waive inspection contingency to be competitive. Would like to hear your thoughts on this issue: 1930's house with a permitted (and inspected by city after building complete) room addition in 2008. Blueprint plans were available and it looks like they poured the slab on grade without footings, but the attached breezeway does have footings. During my walkthrough with my agent I noted a horizontal crack that spans the entire slab: There is also an interior wall + corner with botched up drywall (curves inward, frame is obviously not straight) but no other indications of foundation issues (all doors plumb, windows straight, no cracks in drywall unless repaired very well). Should I be worried that this is a covered up major foundation issue? The slab crack looks like two different pours of concrete, but could it be indicative of a potential major headache? Would love to hear your thoughts. [link] [comments]  |
| Is it better to up your preapproval or make up the difference in cash to seller? Posted: 04 Nov 2020 06:45 PM PST Question that I just learned about from my real estate agent... I got pre-approved for a house a few months ago but the amount was for the price of that house. I'm going to look at a different house this week, but it's for about 10k more than what the previous house was for. I have the money to make the difference up. But I'm curious what's better long term/getting accepted. Upping the pre-approval amount with the bank and making a larger down payment or making up the difference in cash to the seller? Either way the difference is getting covered up front. It's just about if there's advantages/disadvantages to either side. Thanks in advance. [link] [comments]  |
| Financing for probate property purchase (CA) Posted: 04 Nov 2020 10:20 PM PST I am interested in purchasing a probate single family home in California. The disclosures stated that the sale is subject to Notice of Proposed Action and/or Court Confirmation. I read a bit about the process and my understanding is that it will be lengthy process, to say the least. The house is old and in extremely poor condition, I plan to do extensive renovations after buying the property. The house is listed at least 25% below market price, but still is too expensive for me to buy all cash ($1M+). My questions are mainly regarding financing the deal:
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| Posted: 04 Nov 2020 02:03 PM PST I thought about Sheriff Courthouse auctions alone and trying my luck. But finding about the legwork, researching title, tax lien, water bills, other bills,etc and being worried about a long wait due to right of redemption of 2 years in texas. I think it would be more easier if i start to get help with Realtor instead of go on it my own in the deep Ocean of the Unknown, I still research but some things i do not know about. [link] [comments]  |
| Should I use a Real estate agent for spec home new build? Posted: 04 Nov 2020 08:45 PM PST My wife and I are looking to purchase a newbuild spec home in a development in Canada. The sales agent keeps asking if we have a real estate agent representing us. What are people's experiences purchasing a spec home new build with or without an agent? [link] [comments]  |
| What is a multi dwelling in California? Posted: 04 Nov 2020 02:35 PM PST |
| Can i change my home insurance provider after i close on a house Posted: 04 Nov 2020 10:35 AM PST After i close on a house, can i change my insurance provider? [link] [comments]  |
| When should I transfer utilities to my name? Posted: 04 Nov 2020 08:17 AM PST I got notification that the water will be shut off on closing date, should I set up an account to activate on the closing date? Along with setting up electric, gas, etc. in advance of closing or right after we close? Is there any risk to doing this in advance? We are not moving in right away since we need to do a bit of work first (of course they will need electricity and the such). [link] [comments]  |
| Posted: 04 Nov 2020 07:02 PM PST Do mortgage lenders actually check to see if you have a judgement or garnishment? I was given advice from a lender to say no to judgements because I won't get approved with it even though the home can't be taken or touched. I keep reading if you have a payment plan which isn't a wage garnishment the same thing ? It's still being paid every week or 2 weeks that you can get a mortgage [link] [comments]  |
| Posted: 04 Nov 2020 06:03 PM PST Was wondering what the rate was for first-time flippers to make a profit/breaking even vs losing money on their first flip, can't seem to find it anywhere!!! [link] [comments]  |
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