For this of you who tried to warn us about Veterans United, we're sorry we didn't listen to you! Real Estate |
- For this of you who tried to warn us about Veterans United, we're sorry we didn't listen to you!
- After getting a home loan and closing, are there any restrictions on whether you need to stay employed, assuming you have enough cash to cover any mortgage payments for the lifetime of the loan?
- Navy Federal Credit Union’s assigned loan officer ghosted our first meeting and after reading reviews about non-communication with this lender, I’m freaking out. How do we get the ball rolling?
- How can I eliminate PMI based on the increased market value of our home?
- Are there any areas in the US that are buyer's markets?
- Thinking of buying vs renting in the next 2 years
- First time landlord advice
- Hi, I am a new investor trying to do my due diligence.(Long term and looking to own to rent)
- House near sewage treatment plant ( 2 mins drive )
- Normal Number of Walk-Throughs
- Slowing down?
- NC Holly Springs: Is 2.875 30 years fixed, no points a good deal?
- Can you give a builder a cash bonus for finishing your house early/on time? (CO)
- Appraisal question
- (WASHINGTON) in the middle of inspections, and found out a guest house is unpermitted.
- Is it better to place best offer we can afford or place lower offer so there is wiggle room to come up on a counter?
- Refinancing - will anyone care how many years are left on my loan when I try to sell?
- Finding superficial damage after staging furniture is removed
- Cash to close, how much do I actually wire?
- Worried about getting denied for mortgage after pre-approval...
- Any red flags in this contract Addendum?
- Question About Noise Ordinances When Buying Land
- Can I sell rental contracts for people?
- No more threat of eminent domain. For now.
| For this of you who tried to warn us about Veterans United, we're sorry we didn't listen to you! Posted: 07 Jan 2021 08:48 PM PST We just got screwed by VU about 6 hours ago. We are set to close on our home in 11 days. We've done everything asked of us the whole way, submitted paperwork, got the inspection done and the VA appraisal just came back Monday with no issues and $16k over asking price... VU just told us they didn't realize THIS ENTIRE TIME that the home was manufactured and they can't do a loan for it. All after we told them since day 1 of pre-approval (October 5th) that this would be for a manufactured home. We clarified this again the day our offer got accepted (November 30th) and again when we got a referral from them on homeowners insurance (December 16th). At no point in this process did it click. We are now left scrambling to find another lender and will need to delay our closing IF the sellers decide to still go through with our offer. If we lose the house, I don't know what, if any, recourse we would have with VU in getting money back considering this is no fault of ours. Super frustrating. Anyone considering VU should avoid them at all costs, if for no other reason than their sheer incompetence. [link] [comments]  |
| Posted: 07 Jan 2021 01:55 PM PST |
| Posted: 07 Jan 2021 08:29 PM PST Title says it all. We're trying to close in 40-ish days and NFCU has given us the best deal for our situation (it's a long story, we've been shopping a while, we'd lose a chunk of good money if we went with someone else). The deal is too good to pass up. However, our loan officer never called us for our first scheduled meeting to talk about our application. Wouldn't answer phone or email. I asked the customer service rep if we could talk to someone else because we had never spoken to this officer before anyway, and she kind of avoided the question and just said she'd email our officer. I would normally be okay with that (shit happens, maybe she's sick or something, not a big deal to us) but I decided to do more digging into reviews and they are... interesting. Loan officers ghosting clients for days or weeks via email AND phone is commonplace. It's not good. However, it seems that there are some speedy officers out there who have been praised, and mentioned by name. If our loan officer continues being non communicative, can we request someone else? Maybe one of the loan officers with glowing reviews among the cesspool of customer feedback? I really, really don't want to give up this deal that we got. Anyone else go through something similar? [link] [comments]  |
| How can I eliminate PMI based on the increased market value of our home? Posted: 07 Jan 2021 09:53 AM PST This is a combination of posts I made on r/personalfinance . Someone suggested you may be the group with better insight. I live in the tri-state NY metro area. Home values have skyrocketed this year. Homes, including those in my in my own neighborhood, are sold quickly, often over asking and with multiple bids. Nothing is on the market longer than a day or two and people are literally bidding up to $50k over asking. It's a shoving match right now and my spouse and I want to be able to take advantage of the market but I have some challenges. We bought our home 2 years ago. We put down 10% and are paying PMI. Since we moved in, we've made some small aesthetic changes, redid the driveway, replaced the septic system, boiler and furnace but nothing earth shattering. My spouse and I considered selling but the reality is, we would just be put into the same pen with others looking for a home in our area. Our kids are school aged and we're involved in the community- so moving far is not an option we'd like to entertain. I was laid off in the early days of COVID (after 20+ years - given a fair package) and took the opportunity to stay at home with the kids while school was remote (and I do not regret it). Looking for a job now but husband is the only one with an income (solid and steady). Because of this I do not see refinancing as an option. I contacted my lender to see if the home can be re-appraised for the purposes of eliminating the PMI. I was told that two things:
Woe is me but both of these seems like just moving the goal posts - albeit I don't really understand #1. Can I take advantage of the real estate bubble in regard to my current mortgage in any viable way? [link] [comments]  |
| Are there any areas in the US that are buyer's markets? Posted: 07 Jan 2021 01:26 PM PST I'm tired of the bidding wars and waiving contingencies. Buyers have been biting the bullet for years now. [link] [comments]  |
| Thinking of buying vs renting in the next 2 years Posted: 07 Jan 2021 11:22 PM PST We bought a starter condo(2b2b) in Redmond, WA for about $430k. We're now thinking of moving to a bigger house in the next few years (4bd SFH). However, the costs of a SFH of that size is significantly higher (upwards of $1.1mn). Does it actually make sense for us to rent a SFH and pay like $3600 in rent instead? Our starter condo on rent will give us a tiny profit. Should we keep it or sell it? [link] [comments]  |
| Posted: 07 Jan 2021 12:08 PM PST Hello all, I am renting out the rooms in my home to tenants. I need some helpful advice on this experience from experienced landlords who have done this. Tell me everything good and bad that I should know. Thanks! [link] [comments]  |
| Hi, I am a new investor trying to do my due diligence.(Long term and looking to own to rent) Posted: 07 Jan 2021 07:42 PM PST I understand when purchasing a property you can buy an "occupied property". What are the risks and rewards when purchasing these types of property? [link] [comments]  |
| House near sewage treatment plant ( 2 mins drive ) Posted: 07 Jan 2021 09:49 PM PST Found the house in Northern NJ which otherwise checks all boxes except needing some cosmetic upgrades but is next to sewage treatment plant. Should I consider it or is it a big NO NO? Here is the listing: https://www.redfin.com/NJ/Morris-Plains/5-Jardine-Ct-07950/home/37240951 [link] [comments]  |
| Normal Number of Walk-Throughs Posted: 07 Jan 2021 06:02 AM PST We have a signed sales contract with the buyer and a $10,000 deposit was made. We have allowed at least three walk-throughs already. The buyer keeps asking to visit the property again. At this point we are saying no, but offering to do measurements if requested. We don't have a closing date as the buyer's lawyer was not quick to submit the title search report. What is the normal number of times a buyer gets to do a walk-through? [link] [comments]  |
| Posted: 07 Jan 2021 07:30 PM PST Just read a CNBC article on things slowing down
Article linked here: https://www.reddit.com/r/REBubble/comments/ksu28x/buyers_and_sellers_are_substantially_more/ Anyone else see things starting to move away from the days of 10 bids per house and 30% over asking? [link] [comments]  |
| NC Holly Springs: Is 2.875 30 years fixed, no points a good deal? Posted: 07 Jan 2021 07:08 PM PST I have been quoted 2.875% for a loan amount of $280k ($15k/6% down payment) with no points and around 2.6k credit towards closing cost. My credit score is 760+. Its a 30 year fixed rate loan for a primary residence townhome. This is my first ever home purchase and I hopefully close on Feb 25th. Any suggestion about the mortgage rate is appreciated! Thanks! [link] [comments]  |
| Can you give a builder a cash bonus for finishing your house early/on time? (CO) Posted: 07 Jan 2021 05:19 PM PST I'm building a house and living in a short-term rental. I'm thinking of offering my builder 5K cash in his pocket if he can get my house completed in the "best-case scenario" time frame. Is that legal? Do people do this sort of thing? Is it effective? Is 5K too little? Will it just piss him off? I just really want to get into my home asap and not have any delays. [link] [comments]  |
| Posted: 07 Jan 2021 03:50 PM PST Hi there all! Me and my wife are looking to buy a house, it is brand new construction. Asking price right now is 240k, but we know another house built 2 houses down was only appraised at 202k, but sold for 232k. My question is, say we purchase for 240k, and we put 20% down, bringing our loan amount down to 192, will that affect our ability to get a loan since our loan amount is less than appraised value? Or does that fact that we're "over paying" screw us? Thanks in advance! [link] [comments]  |
| (WASHINGTON) in the middle of inspections, and found out a guest house is unpermitted. Posted: 07 Jan 2021 03:45 PM PST MY RA thinks this shouldn't be an issue as its very common on the Olympic Peninsula. I will add that I am a first time home buyer but have quite a bit of Renovation and contractor experience so it may not be an issue. It looks well built, there are no leaks and the foundation looks solid. I would like to get it permitted, but I am worried if this will become an issue down the line. The other issue is cost seems a bit high for 2 acres, a 1300 sq ft home and an unpermitted structure on the lot. The price is around 550k. I'm wondering if i should continue to follow my RA's advice that everything will be ok or to do something else. [link] [comments]  |
| Posted: 08 Jan 2021 12:07 AM PST I live in Hawaii, where single family homes have been skyrocketing. Unfortunately, I am also looking to buy a home at this point in my life. Listing prices on all potential homes are just above what we can afford to offer, and I would like some opinions on which of these two approaches would be better when putting an offer on a home in a high demand market: Option 1: Place our best offer we are willing to pay. Idea here is we are not here to play games and don't want to go back and forth on negotiating. What we are offering is based on what we can afford, and hopefully seller can appreciate we put our best. And if they want more, no stress or regrets knowing we tried out best. Anything above this offer amount would be a considered a stretch on our finances. This should hopefully at least keep us in the pool of strong candidates to buy the home. And if seller counter offers, we stick to our guns, say we cannot possibly afford more than that, and keep searching. Option 2: Place an offer $25K - $50K lower than best offer so there is wiggle room to come up in the event there is a counter offer from the seller. New to homebuying but curious on which offer approach would be better. I have this mindset that everyone inherently wants to haggle to feel they fought to get the best deal, but I'd like to be corrected. Which option would be better? [link] [comments]  |
| Refinancing - will anyone care how many years are left on my loan when I try to sell? Posted: 07 Jan 2021 07:49 PM PST We got a great pre-approval for a straight refinance at a much lower interest rate. My credit score has improved a lot since the initial loan, and we didn't put much down so the interest rate was pretty high. The new loan financials all make sense and our break even point accounting for closing costs is less than a year from now. We'll even knock $320 off the monthly payment. It's just... I hate the idea of starting the payoff clock back at 30 years. We have had this house for 4 years now and it feels disheartening to extend the term back to where we started. When we look to sell and upsize in 5 or so years, will anyone (new lenders, agents, contingent offers) care how many years we have left? Or is the only thing that matters the total amount owed? Am I thinking too hard about this? [link] [comments]  |
| Finding superficial damage after staging furniture is removed Posted: 07 Jan 2021 07:49 PM PST I had a final walkthrough my first home, a condo from the 1920s that has retained some original character that I loved about it including picture frame molding and hardwood floors. I only visited the unit a handful of times (OH, inspection, and final walkthrough) but each time I've learned a little bit about the tricks agents use to sell homes. Well during the final walkthrough, I realized the furniture and paintings had been positioned to conceal large stress cracks in the plaster and some dark staining in the hardwood. Ive been feeling bad about it although I'm not sure if it's worth stressing over. On one hand, I feel like I've been fooled, but I imagine these flaws can be expected for a building this old. I'm just wondering if I'm over thinking this. Would this have been something I could have brought up during negotiations had these defects been discovered earlier? Ive been planning to restore the old wooden windows and remodel the outdated kitchen, and now I feel I would need to address the cracking plaster at some point too. Im not sure if seeing the cracks everyday would bother me, but of course I could always conceal the cracks with a painting too..😕 [link] [comments]  |
| Cash to close, how much do I actually wire? Posted: 07 Jan 2021 11:07 PM PST I'm a buyer about to close on a house, it's too late to ask real estate agent right now but I'm hoping to setup the wire transfer now before I sleep. But I am not sure what amount I should wire. I'm confused between varying amounts from Lender's Closing Disclosure (lower amount by $5k) and Escrow company's Buyer Estimated Closing Statement (higher amount by $5k... I wasn't even expecting this doc but it has a more recent date than the disclosure from the lender). I also read it's a good idea to send 10% more just in case there's a difference, and just get a check for the remaining balance afterwards. I'm thinking of wiring 110% of the higher amount, and just get a check if I send too much? TIA. [link] [comments]  |
| Worried about getting denied for mortgage after pre-approval... Posted: 07 Jan 2021 11:05 PM PST Hi, I recently got pre-approved for a mortgage but I am nervous about getting it denied. I made $45,000 in 2020 but haven't filed my taxes yet (waiting for my W2s). So the lender wants 2018 and 2019's W2s but I made ($41,000 in 2019 and went through a job change but same retail) and ($28,000 in 2018 because I was still in school). Will this affect my mortgage approval? Could I get denied? Should I wait until 2020's W2 come out? I read some stories and I am very worried, now. Thanks.... [link] [comments]  |
| Any red flags in this contract Addendum? Posted: 07 Jan 2021 06:55 PM PST We have been house hunting in Los Angeles for months and we just put in our sixth offer. Seller quickly countered and added this addendum: This house was bought in bad shape, possibly a pre-foreclosure, in June 2020, and had an extensive renovation done. The renovation appears to be done well with mid-high end finishes. We love the house and want to submit our best and final, but have never seen an addendum like this and I want to know if there are any red flags. We are discussing with our agent this evening. And will contact a lawyer if necessary. [link] [comments]  |
| Question About Noise Ordinances When Buying Land Posted: 07 Jan 2021 10:31 PM PST So I'm looking to buy a piece of land to build a modest cabin on for a retreat/quiet space. What I'm concerned about is this: neighbors who like to fire guns. Neighbors that are allowed to fire guns would be a dealbreaker for me. Is there a way moving forward I can ensure somehow this wouldn't be allowed on nearby properties? Not sure how to research this prior to purchase. [link] [comments]  |
| Can I sell rental contracts for people? Posted: 07 Jan 2021 10:23 PM PST I work in student housing and I sell hundreds of leases a season. I use Facebook daily to find leads. Are there any legal things I should look out for if I'm interested in helping people sell their contracts for a small fee? [link] [comments]  |
| No more threat of eminent domain. For now. Posted: 07 Jan 2021 06:23 PM PST We were in the way of a light rail project and the city had a measure on the ballot and of course it failed because no one in this economy wants to fund a super expensive project. So that leaves us in this weird middle ground that this project has been tabled and there is no further project (at this time) We were really hoping to just roll with whatever happens with eminent domain and maybe rent for a while until the housing market drops again, whenever that is. So now we are in a position that we could sell and maybe just get out of this house. But does that mean we should just buy another house or rent for a while? Or another option is to rent out this house so then if and when there is another project it won't effect us directly. It's been such a weird situation to be in and now it's kind of over? [link] [comments]  |
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