I overpaid for my house, am trapped in a mortgage I can't afford, and am struggling; what should I do? Real Estate |
- I overpaid for my house, am trapped in a mortgage I can't afford, and am struggling; what should I do?
- [NC] Are giant bathrooms with both a shower and a bathtub in new SFHs worth it from a future house value PoV?
- Got my first ever offer accepted.
- How the heck do construction loans work?
- Homebuyers, what did your realtor do for you that you didn't know could be done, and you're really grateful to them for doing it?
- That TV commercial, "WELCOME TO HOMELIGHT WHERE WE WILL SELL YOUR HOUSE INSTANTLY WITH CASH BUYERS!" when it's really just a paid call referral operation. How is that legal?
- Buying a first floor condo - noise level from above? How to know?
- first time home buyer advice
- Moving to new area for better schools for child - rent or own?
- First time home buyer!
- How did you pick your go to Title Company?
- Stuck in a weird situation— excellent credit, not a lot of money for a down payment, and need a house soon. Should we even try pursuing a loan?
- Seller accepted offer on house, is it possible to go look at the house before final walkthrough and settlement?
- New investor looking for advice
- Should I pay my credit card back to where it was when I got approved?
- Finding the Right Realtor
- Landlord wants me to put electric in his name
- Is there a way to bypass the agent when handing over sensitive information?
- Where should I invest real estate property?
- What is the difference between an "unfinished" basement and a "ready-to-finish basement?
- Market Analysis - Is it a good time to buy?
- LEARNING real estate before 18
- Thinking about buying a house
- Late 20s, single, good income. Am I ready to buy this condo in the Bay Area?
| Posted: 03 Jan 2021 11:05 AM PST Just a quick preface, I know I made some mistakes, no need to be brutal here: Here's my situation. I fell into the societal pressures trap. Four of my colleagues my age and a few of my friends bought houses within a six month period in 2019. I came from a poor immigrant family and fell into that American Dream/keeping up with the Joneses thing. What I didn't take into account is most of those people who bought places had family support in doing so. I bought a house with zero down payment, which meant that I had to get a silent second mortgage. I owe that mortgage company 14k on top of what I paid for my house. I pay $2,100 a month on a 760 sq foot house (on a 7,000 sq ft lot) in a location that isn't walkable in a big city. I bought my house for 325k. It's now worth that exact same amount of money. I can't refinance without paying off the 14k of my silent second, so getting a lower mortgage isn't possible. I also have about 70k in student debt from undergrad and grad school. Since moving into my home I stopped paying my student loans because I couldn't afford it. I bring home just under $4,000 a month after taxes. Aside from my mortgage and student loans I have no other debt. I'm paying about 53% of my take-home pay on just my mortgage. I'm considering selling my house and moving into a 1 bedroom apartment for $1600/month (which is the going rate for an apartment where I live). With that, I should be able to make my student loan payments and put away another $200/month or so into savings or stocks. My issue is that my house is old--the AC unit and water heater need replacing, the back deck is seriously cracked and it can't be fixed for less than 10k. I'm almost positive I'm going to have to sell this house for less than I bought it for. I would appreciate any advice from those of you who are smarter at this stuff than me, which I'm now realizing is probably most people. **EDIT** There are two bedrooms in the house, one is the size of a closet and the most I'd be able to rent it for is $300-$400. However, my father currently lives in that room until I either sell the house, he goes back to his country after being vaccinated, or he moves into public housing. [link] [comments]  |
| Posted: 03 Jan 2021 10:31 PM PST Hi everyone, So the question is basically in my post title - we toured a LOT of new construction model homes in Raleigh NC suburbs last week and I've seen 3 distinct approaches of new construction builders towards master bathrooms: 1) Absolutely giant bathrooms with a separate vanity, 2 huge sinks at a distance from each other, a jacuzzi-style bathtub and a walk-in shower, with no options to remove anything and turn into more closet space. Sometimes those bathrooms were almost the size of other bedrooms. 2) Moderately big bathrooms with optionality in offered designs - usually an option to sacrifice a bathtub and increase a walk-in closet (or vice-versa) 3) Smaller bathrooms with only a shower offered in all designs with no bathtubs offered at all I am personally a strong proponent of #2 and #3 as I am a "shower guy" and I have never used a bathtub in my current rental for the last 5+ years, so for me it's just a huge waste of precious space and I would rather prefer a bigger closet. Actually, one of the builders we spoke to, which offered only #3, mentioned that they had a survey among their potential buyers and decided after that survey that there was no point in offering huge bathtubs at all as the vast majority of their respondents were not planning to use them anyway. However I keep wondering - how this may be affecting a house value (if it affects it at all) in a long run? Will I be making a huge mistake by opting for a shower only in a master bathroom in a new construction SFH now? Any additional thoughts / considerations? Thanks a lot! [link] [comments]  |
| Got my first ever offer accepted. Posted: 03 Jan 2021 03:52 PM PST This is to let people out there know who have been really anxious about getting your offer outbid that sometimes you really can just get extremely lucky. Don't let what people are saying on this subreddit deter you from looking for a place. I went into this home search expecting to get absolutely destroyed by wealthier people than myself. The home is in an affluent suburb of Orlando that is highly competitive right now. It went up on the 31st and I looked at it yesterday. Made the offer this morning. This was the most expensive home I looked at (255K) and that was already pushing beyond what I wanted to spend but I really liked it. Its only 4 years old and looks very well taken care of. So I decided to only offer the 255K, 20% down after my realtor gave me a market analysis and the price per square foot fell just under the average for the area. When my realtor let me know that my offer was accepted, she mentioned that there were 2 other offers that were very strong as well but they presented the offer sloppily whereas my realtor provided the full contract and my pre-approval letter with the exact amount of 255K in it. (Not sure if she was just continuing to pat herself on the back with this or if this really played into their decision to accept my offer. Anyone hear of this before?) [link] [comments]  |
| How the heck do construction loans work? Posted: 03 Jan 2021 04:41 PM PST I've been sitting on 15 acres for over a decade and it's evaluated close to $400k and owe no money on it. It was paid on cash. We've finally decided we want to look into building on it with a low budget ~$475k because in my area it's cheaper to build than buy right now. What is the process even like on a construction loan given the present land value, and what steps do I need to take? We have three different builders we really like and is all coming down to personal preference. I just kind of was looking for some incite how things go. Do I even need to put money down? Do I pay each company separately? Well, septic, electric, etc (mountain resort town). How would all of this even work if I were to get a construction loan? I would be looking to move it to a regular mortgage to pay off in about 5 years or so after construction is finalized. [link] [comments]  |
| Posted: 03 Jan 2021 06:32 PM PST e.g., getting your offer accepted even though you submitted after the offer deadline, negotiating the price down after the offer has been accepted based on inspections/appraisal, etc. [link] [comments]  |
| Posted: 03 Jan 2021 01:48 PM PST |
| Buying a first floor condo - noise level from above? How to know? Posted: 03 Jan 2021 08:36 PM PST Hi all, I'm looking to purchase a first floor condo, but I'm scared to death about the noise level from above. I used to rent a lower level unit and went through a shitty time with noise. It's not so much the people living above, but more the construction of the ceiling/flooring. Felt like it was paper thin. So this might be a stupid question - Is there a somewhat reliable way for me to find out the noise level from above before purchasing a property? Thank you in advance! [link] [comments]  |
| Posted: 03 Jan 2021 06:08 PM PST my wife and I together make 95k. my credit is good (750s) but hers not so much (650s). only debt we have is our cars. i have about $15k saved. currently looking around 300k-320k range in Las Vegas area. should we do FHA or Conventional loan?? [link] [comments]  |
| Moving to new area for better schools for child - rent or own? Posted: 03 Jan 2021 11:58 PM PST I've saved up enough and I'm planning to move to a new area to be closer to my child and so they can have access to a better school system. Would it be best for me to own or rent in the area? My child is about 3.5 right now so I would be in this area for at least 14 years. For context, rent wise I'd be comfortable with up to 2.5K while houses are about 800K (I don't mind paying a bit more for a mortgage). I tried using the smartasset calculator and it says it is better for me to buy vs rent, but is this an accurate tool? I would love your thoughts, thanks! [link] [comments]  |
| Posted: 03 Jan 2021 08:10 PM PST Looking for any tips/idea/experience/opinions on buying our first home! We live in Alberta and our budget is 330,000. Does anyone have any thoughts/experience on pros and cons of purchasing a triplex/ townhome vs a duplex? There is no condo fees at the triplex we looked that. The townhome is 1450 sqft with a backyard and double detached garage. They're asking for 329,300, adding another 5-10,000 if it is a corner unit. Is this a good price? [link] [comments]  |
| How did you pick your go to Title Company? Posted: 03 Jan 2021 05:50 PM PST I'm curious what makes you choose a certain title company over another one? Did they have a sales rep that reached out? Do they add value, if so how? Do they have classes? Exceptional advice and service? What makes you choose your title company? [link] [comments]  |
| Posted: 03 Jan 2021 11:36 PM PST My SO and are mid 20s, just out of college, never owned a home Our area is very low tax and cost of living (Missouri) Neither of us have any debt and we're pretty frugal, some recent events hit our savings though My credit score is 782 and his is 764 I have $8,000 in my down payment fund; I do have more cash ($15k total) but that's for my emergency fund and any home repairs He has $10,000 in cash, a lot more in investments that we'd prefer not to mess with Our max down payment budget is thus $18,000 Our take home pay is $7,100 per month, or $120,000 gross per year, but he was just formally granted a raise that will take effect next month and bump all of this up to $7,700 per month in take home pay. We would continue renting, which I know is preferable until we get enough cash for a down payment, but his dream (and skill) is working with fruit trees and bushes. This, of course, requires lots of space. We live in an apartment and there are fruit bushes and small trees everywhere, covering our balcony and living room lol; furthermore, a close friend is giving him a ton of fruit trees this spring and helping him transplant them to wherever we move so that my SO can begin his side business with them. In my area, there are wonderful semi-rural properties with decent acreage but they're all about $250k-$350k. The house that checks all of our lists is $330,000, for reference. We could see ourselves living there indefinitely as it has plenty of room for children and is decently close to our families, despite being kind of isolated and having multiple acres. It's the only one of its kind and we've been looking for months. We can only put down $18,000 on a $330,000 house and that seems outrageous to me. Is an FHA loan worth it? Are there any programs we should look into? Would a conventional loan be preferable? Thank you in advance! [link] [comments]  |
| Posted: 03 Jan 2021 05:14 PM PST Settlement for the house isn't until the end of this month but I'd like to get in there to measure, figure out how I will furnish the place, etc. Can my agent get me in the house to look at it again? Home is currently unoccupied as previous owners have already moved out. Thanks. [link] [comments]  |
| New investor looking for advice Posted: 03 Jan 2021 03:30 PM PST First property purchase advice Hi everyone I am 21 years old and will be starting medical school next august in a medium size city on the east coast. I am planning to buy my first rental property within a year and wanted to see if anyone with more experience can give me advice. My plan is to buy either a duplex or a 2-3 bedroom house, live in one room during medical school (4years long), and have other students live in the other rooms. I plan to use an FHA loan so I won't need a large down payment and since I'm living in the house, I would be able to do this. Depending on the pricing and situation of the house, I would be able to make a very small income or live for free at a break even price. Then when I finish med school I will rent it out to other tenants. The property would be very close to a large state university with 30,000 students. Can anyone give me advice on how much maintenance and time this would require on my end? I don't imagine there is much maintence and I am willing to pay for unexpected repairs along the way since I will be living rent free. Can anyone else give their opinion on this? Thank you in advance [link] [comments]  |
| Should I pay my credit card back to where it was when I got approved? Posted: 03 Jan 2021 07:07 PM PST Question is in the title but long story short, my credit card balance went up a little less than $500 since it was last reported Dec. 4th. I applied for a Mortgage and got approved and I am scheduled to close Jan. 19th. I applied for the mortgage on dec 10th but I'm sure the credit card balance they saw was $500 less than what it is now. I had to get Xmas gifts between the 4th and when I applied.....anyways, I know another credit pull is done before closing. I haven't added any new lines of credit or anything like that. Should I pay that credit card back down $500 to where it was when I got approved? I have about $4k in savings I was savings to furnish the house and in case anything else is needed to close. [link] [comments]  |
| Posted: 03 Jan 2021 07:01 PM PST What are some resources to look at to find a buyer's real estate agent. Additionally, what are some specific questions an investor should ask to find the "right-fit" real estate agent? Thanks! [link] [comments]  |
| Landlord wants me to put electric in his name Posted: 03 Jan 2021 06:30 PM PST My landlord wants me to put the electric in his name even though I pay for it. He says the reason is because he has solar at his house and produces more energy than he uses, thus the electric company actually pays him. However, he says the electric company only gives credit on his account instead of paying him directly. Is he just bullshitting me to try to save on taxes or something? I was thinking maybe he's trying to claim this rental as his primary residence. Either way, I'm not too comfortable with the idea and considering heat and hot water are included, I would like to keep at least one bill in my name. I do worry that if I say no he might not renew my lease. [link] [comments]  |
| Is there a way to bypass the agent when handing over sensitive information? Posted: 03 Jan 2021 10:14 PM PST First of all, I'm an absolute newbie in how real estate works, so please bear with me if my lack of common sense in this field befuddles you. I'm trying to rent an apt, and as an int'l student with no income I'm asked to provide all sorts of docs -- passport (containing passport numbers), bank statements (containing bank account numbers), school ID numbers, and other sensitive personal information that could potentially misused. E.g. you can easily track my travel history with passport number, create fake accts based on my student ID, etc. And all of this asked by the real estate agent that shows me the apartment that I want to sign lease of. It's not that I think agents would have malicious intents, but it's inevitable that the more hands of people information passes thru, the higher potential that it's going to leak somewhere, deliberate or not. My understanding is an agent is simply handing over this information to the landlord who will review the document, so I want to minimize that risk and hand my info straight to the landlord, but I don't have the landlord's contact info. If I asked for landlord's contact info, would that be a very offensive thing to do? Am I just too paranoid? Or is there some legitimacy to this concern and a way to get around it? Thanks in advance. [link] [comments]  |
| Where should I invest real estate property? Posted: 03 Jan 2021 10:03 PM PST As people start moving out of big cities, there might be opportunity in areas where lower tax, and more tech company relocated, but markets like San Francisco might be undervalued given the time right now so may worth investigating which one gives me higher upside? SF? Reno, NV? Seattle, WA? Boise, ID? Waikiki, HI? Miami, FL? [link] [comments]  |
| What is the difference between an "unfinished" basement and a "ready-to-finish basement? Posted: 03 Jan 2021 10:00 PM PST When looking at homes for sale most descriptions will say finished or unfinished basement with a few saying "ready-to-finish" basement. What is the difference between an "unfinished" vs a "ready-to-finish" basement? [link] [comments]  |
| Market Analysis - Is it a good time to buy? Posted: 03 Jan 2021 02:07 PM PST So, I'm looking to buy a house in the near future -- getting a pre-approval on 1/15 with my ultimate goal being to purchase by the end of this summer...possibly sooner if the right place presents itself. I currently live with my parents and am in no rush to move out, but its always been a goal of mine and financially, I am ready to take the leap. I know that right now we are in a seller's market and there are lots of bidding wars because of the demand, but the low interest rates are enticing on the buyer-side of things.
Any insight on the market and the timing of everything would be greatly appreciated! [link] [comments]  |
| LEARNING real estate before 18 Posted: 03 Jan 2021 09:27 PM PST I just wanted to know ways that I can learn real estate and possibly prepare for the RE exam before 18. I did see a post about "getting involved" but in this instance, I just want to learn I've read the Millionaire Real Estate Agent already, but what other resources can I consult to prepare for my real estate career? [link] [comments]  |
| Posted: 03 Jan 2021 03:18 PM PST So I'm looking at a house that's been on the market for a bit longer than usual in my area. The price has been dropped a few times (started out way too high) and is now pretty close to what it should sell for based on recent sales in the area and based on the condition. So as far as an offer, do I agree to the asking price and ask for seller to pick up the closing costs? Or offer less and ask for partial help? Or offer less and still ask for them to pick up the closing costs and negotiate from there? Just looking for a win-win here and looking for some advice. [link] [comments]  |
| Late 20s, single, good income. Am I ready to buy this condo in the Bay Area? Posted: 03 Jan 2021 09:14 PM PST Here are the details of my current situation:
Medium to long term goals:
At the moment, I'm in position go through with the purchase, but with this being my first ever home purchase and with it being such a large investment, I'm feeling some nerves. Could use some advice one way or another given my current situation and goals. If I don't move forward with this home, I'd end up renting for several more years before being able to afford a SFH/townhouse. Even in a situation like that, I'd 100% be looking for at least a 3b/2ba home to rent out the other rooms to help offset costs like my current plan with the condo. Edit: Why do people downvote? :( [link] [comments]  |
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