Pre-approved, can I add 20k to my bank account? Real Estate |
- Pre-approved, can I add 20k to my bank account?
- Refinanced and it feels good!
- Looking at buying a mobile home park — what questions should I be asking?
- Looking to Purchase Apt Complex, Around $3 Million, anywhere you guys recommend I Start Looking?
- My boyfriend has been served a "Notice of Termination of Tenancy" and "Proof of Service" papers by his own roommates. He is on the lease agreement as well. Can the roommates really evict him like that?
- Colorado market is insane
- Get a feeling of it being THE house?
- The Future of Boston Real Estate
- Feeling beat down
- [suggestions needed] Property management software
- I’m curious how other agents handle the shittiness of this job
- What to do when seller violates sales contract? Failed to winterize, burst pipes, refuses to communicate
- Why would a landlord refuse one year's rent paid in advance with a security deposit equivalent to three months' rent in addition, for a one-year lease?
- For SoCal (notably Los Angeles), what is a realistic housing expenses to net income ratio?
- Home inspection red flags?
- Currently in option period. Found out city may want to take more than half of the land for a construction project...
- How do people easily build off-grid cabins?
- Pre-approved, found a home, real estate agent wants us to go $20k over asking.
- Extra fees added day before closing?
- Selling without negotiating?
- National searches
- Closing Tomorrow and No Paperwork?
- Gift for Buyer's Agent?
- Selling and Appraisals
- Question regarding backing out of an appraisal - Refinancing
| Pre-approved, can I add 20k to my bank account? Posted: 27 Jan 2021 01:56 PM PST I got pre-approved last week for when we start house shopping, and GME has come through for me for about 20k so far. Will I be denied a mortgage if my bank statement shows a 20k deposit after pre-approval? [link] [comments]  |
| Posted: 27 Jan 2021 05:26 PM PST Bought my 2nd (should be forever) home 6 months ago and bought at 3.375. I refinanced today at 2.875 for a 30 year and I'm happy about it! [link] [comments]  |
| Looking at buying a mobile home park — what questions should I be asking? Posted: 28 Jan 2021 02:09 AM PST A friend of a friend is looking to sell a mobile home park in the midwest and the offer seems favorable. I have the money to buy it with cash and I'm looking to diversify my holdings, but I've never owned real estate let alone a mobile home park before and would like some tips so I know what I would be getting into. From the research I've done, it seems some aspects of the park are favorable (for example most lots are occupied by tenant owned homes and the cap rate is over 10%) but it seems that the main issues are that the park uses well water and a septic system. What questions specifically should I be asking about these, or in general? Any inputs would be appreciated. [link] [comments]  |
| Looking to Purchase Apt Complex, Around $3 Million, anywhere you guys recommend I Start Looking? Posted: 28 Jan 2021 04:04 AM PST I tried Zillow and I didn't seem to have much luck Are there other more specific website to apartment complexes being sold apart from Zillow or Redin or Realtor.com? [link] [comments]  |
| Posted: 27 Jan 2021 02:01 PM PST Is it possible to be evicted when served two forms by fellow roommates? "Notice of Termination of Tenancy" and "Proof of Service" My boyfriend is on the lease agreement, so I understand how that would be possible It's just signed by the two roommates, it's not court ordered papers. [link] [comments]  |
| Posted: 27 Jan 2021 06:02 PM PST Our options are to put earnest money on a new build and hope that rates don't rise a ton before it's built in October. Or hold out for something and get into bidding wars and hope price doesn't get too crazy. We have to decide by tomorrow on that new build. Feels like a lose/lose. Looking in northern Colorado - Longmont/Berthoud area is ideal. [link] [comments]  |
| Get a feeling of it being THE house? Posted: 27 Jan 2021 06:41 PM PST Long ongoing search here. Few houses have sparked excitement in me, and I am wondering if it is true that you will know if a house is "the one." Do tell. [link] [comments]  |
| The Future of Boston Real Estate Posted: 27 Jan 2021 07:03 AM PST **upfront conclusion/TLDR** Studios / 1 bedrooms were the LEAST affected and will continue to be the least affected. Luxury took a big hit. Trying to get more vaccines. Covid restrictions/curfews have become looser. Q1 & Q2 will provide more clarity on the overall Boston market for 2021. --- For anyone interested in moving to Boston (specifically in the city) this post is for you because I want to set the record straight. First, let me preface by saying that analyzing the Boston Real Estate Market on the surface is complicated because you have a mix of both Luxury & Non-Luxury Real Estate. The news normally combines both and will tell you "the real estate market is down in Boston by X" - which is partially true, but the downturn of the luxury market influenced a heavy portion of that. I've seen a massive shift in the mindset of many people looking to buy in Boston. Most people that contact me and are thinking of moving to Boston for either work, school, retirement, etc., and they feel right now might be a good time to scoop up a property because the market is down. This is only partially true. Most people who are relocating here are buying what I call an 'entry-level/starter' condo in the city, a one-bedroom, or possibly a studio. I'm here to tell you that the non-luxury studio and one-bedroom condos in the city were the LEAST affected by the pandemic. Here are the facts. While the number of sales is down, a one-bedroom saw almost a 0% change from 2019 - 2020. One Bedroom Units / Average Sale Price: - 2019 / 888 Sold / $755,381 - 2020 / 767 Sold / $753,599 Now watch this. While there are fewer studio apartments available in the city, you might be surprised by these numbers: Studio Units / Average Sale Price: - 2019 / 116 Sold / $904,562 - 2020 / 93 Sold / $1,212,981 (34% increase) You might be wondering how the hell studios are more money than a one-bedroom. The reality is a mixture of supply and demand and the condo's age - most are in newer built or renovated buildings with a lot of amenities. The market that has been hit heavy is the 2 / 3 bedroom condos in the city. Being a married dad with two children myself, I *think* the dynamic for these resulted in families wanting to move outside of the city into the suburbs because of Covid-19. The other portion of this is that many of the 2-3 bedrooms are owned by investors/absentee owners that are either renting them out or using them for Airbnb - put them on the market because of uncertainty, and it became saturated. - 2019 / 1487 Sold / $1,348,327 - 2020 / 1336 Sold / $1,235,825 (8% decrease) Three Bedroom: - 2019 / 440 Sold / $2,792,922 - 2020 / 385 Sold / $2,481,409 (11% decrease) So this leads us into 2021. Two things are happening right now in Boston. #1 Restrictions for businesses & curfews have become looser. #2 We're attempting to get more COVID-19 Vaccines. The difference between Jan 2020 and Jan 2021 is that there are currently 387 more condos available in Boston than in 2020, but rates are over 1% less to get a mortgage. This might be wishful thinking, but if rates continue to stay competitive coupled with the covid vaccine I think we can anticipate some 'leveling out' of the condo market. I don't think it will happen in Q1 of 2021 but come Q2-Q3 we will have more clarity. The nuclear opinion is that loosening these covid restrictions would result in more cases and further affect condo sales in Boston. Have a Great Day. - Mike Urban [link] [comments]  |
| Posted: 27 Jan 2021 06:02 PM PST I'm determined to succeed in this industry. But I want to quit. I'm not, but fuck, I keep getting beat down with the multitude of issues that arise with RE. How do you deal with the ups and downs? I feel like I've dealt with 80% downs. So many potential deals that fall through. Buyers deciding to move out of state randomly after looking for months, sellers changing their mind after being so sure of selling for months. Things out of my hand, you know? I just feel like I'm getting kicked in the teeth day in and day out. I know I'm good. I care for my clients and don't give a shit about making millions - I just want to make a living and take care of my family and not be stressed about when I might get paid next. I just want to do a great job for my clients and I know the business and money will follow. I truly believe that. But I'm feeling so beat down. Every time I think I've "caught a break" and might actually get the business going, the most random shit comes up and kills it. I'm in a real estate family and I know this is part of the business. But there have been few ups. And without open houses in my state it's been tougher to get new clients. That was my bread and butter. I know I've got to adapt, so please don't patronize me. Guess I'm just looking for someone to tell me it gets better as long as I keep pushing. Who's positive tonight?! [link] [comments]  |
| [suggestions needed] Property management software Posted: 28 Jan 2021 02:25 AM PST Anyone good experience or currently working with a recommendable software? Looked into Yardi already, but like to keep options open. Thanks!! [link] [comments]  |
| I’m curious how other agents handle the shittiness of this job Posted: 27 Jan 2021 05:15 PM PST I try to keep a good attitude, generally, I really do, but I've had the shittiest last two months working with the shittiest client. Of course, I want my reputation to remain intact so I've been nothing but professional, warm, and positive with both the client and all the professionals in the wake of this terrible transaction. It's moments like this that I would really love to vent to someone- but of course, I keep an upbeat demeanor among my colleagues, peers, and friends. (I'd hate to develop a reputation where people think I hate my job. We all know how positivity attracts new business and how perceptions are extremely important in this industry.) How do you guys effectively cope with and manage the negative feelings that inevitably arise with the job? I would love some solidarity right now. [link] [comments]  |
| Posted: 28 Jan 2021 04:25 AM PST Closed last month with only one added contingency, being that the seller had re-winterized the house (three weeks prior), following the activities of another perspective buyer. After my close we found that radiators had not been winterized, one was cracked through the middle (not visible) and flooded. Activation of the system and mitigation of the damage was handled by a local company that have previously been servicing the house. Purchase was a foreclosure and as part of the contract is, what I've known to be, a standard liability waiver saying that the seller has never seen the property and takes no responsibility for anything, including burst pipes. After contacting the seller and asking to split the costs of the repair and replacement they ignored me completely. I did my best to ask nicely and to offer what seemed like a generous settlement. Now I feel cheated. I suspect their position is that they wave liability but how can that be an immunity when they signed an updated (final) contract that specifically said they had re-winterized? I'll try to post this to r/LegalAdvice too. Any wisdom is very appreciated [link] [comments]  |
| Posted: 27 Jan 2021 10:24 PM PST Why would a landlord refuse one year's rent paid in advance with a security deposit equivalent to three months' rent in addition, for a one-year lease? It's for a pretty big house, two people living inside. Rent is like three times the median one in the country. The lease would be in the name of a creditworthy company that has provided all the necessary credit documents. Owner request for the salary of the two but they won't be on the lease and are only employee of said company. Anyway the lease will be paid in it's entirety before moving in. Owner also want to sell but we said we are ok if people need to visit the house. [link] [comments]  |
| For SoCal (notably Los Angeles), what is a realistic housing expenses to net income ratio? Posted: 27 Jan 2021 04:24 PM PST I've read about 1/3 is the ideal rule, but I don't think it applies to markets like SoCal and Los Angeles in particular. For those who are from SoCal, what are you aiming for in regards to housing expense to net income ratio? So housing expense I would define as mortgage (principle + interest), property tax, homeowners insurance, all home maintenance and utilities (internet, electricity, AC maintenance, gardening, home security alarm, whatever you can think of) and net income as your take home after taxes, insurance, 401k contributions, etc. [link] [comments]  |
| Posted: 27 Jan 2021 10:13 PM PST Hi r/RealEstate! First-time homebuyer here and just got my inspection done. Everything seemed to go well. The house was built in 1980 and is a traditional southwestern style home with stucco and a flat roof (tar and gravel in the main house, bitumen in the detached dwelling unit). The house is comprised of a main house of 2000 sqft and a detached dwelling unit of about 450 sqft. The main house is generally in good shape, but the detached dwelling unit's stucco and roof have seen better days. I was hoping to get your thoughts on the summary of the inspection issues and how concerned I should be about them. The summary is as follows: 1) Horizontal cracking of the stucco was noted at the north and west walls and above the garage door. This can indicate that the sheathing or stucco netting (wire) was not properly installed and should be further evaluated for repair. [My note: There were 3 such cracks, about 2 feet to 4 feet long, and what I would describe as mostly hairline, less than a credit-card width, though some were a bit larger] 2) The stucco is cracking at multiple locations around the home. Crack openings that are 1/8 inch wide or wider need to be repaired to prevent water entry behind the stucco. [My note: these cracks were mostly at the corners of the windows, and about 3-4 inches in length, and mostly hairline cracks less than a credit-card width]. 3) The stucco is noted to be peeling at the east wall of the home and the parapet above the living room and is in need of repair. [My note: this was on the roof parapet, and the missing chunks were about 4x4 inch squares in 3-4 places]. 4) Detached dwelling unit (approx 450 sq. ft) has multiple horizontal and vertical cracks in the stucco and peeling in the parapet. 5) Detached dwelling unit has some older windows, one of which is cracked. Wood trim around all windows needs to be replaced. 6) The roof mineral flashing of the detached dwelling unit is showing signs of wear and is in need of maintenance. A full maintenance sealing of the mineral flashing is required to prolong the life of the roof. 7) The roofing material of the detached dwelling unit is gathering on the roof surface. This can cause damage to the material at the ridges. Monitor the area for repair. 8) Kitchen and garage outlets do not appear to be GFCI. 9) The tankless water heater is 15 years old but functional. It may be at the end of service life. I will also note that there were no signs of water damage, mold, or obvious cold spots (measured with a thermal imaging camera) anywhere in the house. The Interior of both the main home and the detached dwelling unit had no issues. Finally, all plumbing was in good shape, and the sewer scope only revealed a bit of root growth at the end of the line, that the inspector noted could be cleaned through the cleaning access points. I'd really appreciate your thoughts and any advice you may have on negotiations during our inspection contingency period. Thanks in advance for your help! If there are no major red flags, I think we may be able to close on this house! [link] [comments]  |
| Posted: 27 Jan 2021 08:38 PM PST Hey All, Looking for advice. We found an amazing property with about an acre of land. During a walkthrough we were told the city was contacting the owner about buying part of the land for a construction project. We weren't given much info on it, since the owner wasn't told much but it sounded like they just were looking at a small sliver on the edge of the property and it was many years down the road since the government works slow so we decided to move forward and got an offer accepted. We are currently getting inspections done, and we started looking to see if we could find out more what the city actually wanted. We found the plans through the city's website and it looks like they are connecting two very wide ditches through that yard which will take pretty much all of the useable land. leaving just a postage stamp. Not sure what we can do here and my wife is feeling very doomy about it. Hoping we can get some advice. [link] [comments]  |
| How do people easily build off-grid cabins? Posted: 27 Jan 2021 08:24 AM PST I can't quite figure this out. I see lots of people just build these things for seasonal use or as getaways, or occasionally more but I can never tell how they do it with zoning and building codes. I think doing something like this in Florida to visit in the winter would be appealing. If one wanted to construct a 100 sqft cabin on a 1-2 acre lot what is the easiest and cheapest way to get land for that legally? I am having trouble figuring out how it fits into existing building codes even though I see lots of airbnbs for this sort of thing. [link] [comments]  |
| Pre-approved, found a home, real estate agent wants us to go $20k over asking. Posted: 27 Jan 2021 08:33 PM PST Hi everyone! If it helps to mention: me (35) and the husband (41) are first-time homebuyers. We are moving from CA to AZ. We found a home by coincidence really, right smack in the middle of the city we were hoping to move to once hubby retires from the Navy in 3 years while visiting my MIL. House was originally listed at $420k and had been sitting on the market for over 300 days! We call an agent to scope it and we find out that it has foundation issues. Thing is, the seller is already getting that fixed in a couple of months. They had already refinished the basement, HVAC, installed French drain, new floors. So our agent said it's a great buy due to the neighborhood, location, and views. She's suggesting we offer $20k OVER asking price but ask that the roof and windows be replaced. I'm scared of losing the place because it's seriously a diamond in the rough and the area has already gone up 15-17% in just a year and is forecasted go even higher in the next 3-5 years according to other locals. Should we pay over? The seller isn't going to lower it anymore as she had already lowered it $20K due to foundation issue. Also, there were already 3 inspections done previously and we have all the reports as well as the list of work that's been done from said reports so we decided that we will waive for another inspection to be done however we are having a plumber check the pipes, a roofer give us an estimate, as well as a termite inspector check out the structure. We're using a VA loan so don't have to put anything down and our APR is at a sweet rate. However the VA inspector still has the last say regarding if it's the loan amount. Should we proceed with going over asking as long as we ask for said work to be done? Or should we go for something that's already done but will cost more and not be in the prime location? Thanks for reading this far! Edited to add: The husband will not be living with us fulltime as he is still stationed in CA for another 3 years. Less things that may go wrong/work to be done: better peace of mind. [link] [comments]  |
| Extra fees added day before closing? Posted: 27 Jan 2021 12:50 PM PST Hi guys, I wanted some advice from those of you who are more experienced. I am closing on a house tomorrow and got a revised closing disclosure today from my loan officer which includes a $299 broker administration fee that my realtor added last minute. I reached out to my loan officer about it to see why it was added literally the day before closing to my closing costs since I thoight those kinds of fees were taken out from the commission. This is what he said about it: "Hey [my-name], most are but brokers, like [company-name] charge those fees per transaction at closing to offset transaction costs that they are charged. Not sure exactly what it goes to, but I never see any of it lol. Title companies are supposed to put those on there but they always forget." I don't remember signing anything that specified I would have to pay this and read over my purchase agreement again and didn't see anything about it. Have you guys experienced anything like this? It just seems really shady to me to add this fee literally the day before I'm supposed to close. Thanks for reading and any advice is appreciated! Edit 1: I talked to my realtor about it and am waiting for a response back. I also emailed my LO asking if he could do a one over of my documentation as well and we couldn't find anything about it. He said it was sent over from the title company itself. So I'm guessing that the title company is charging my realtor that fee and they are trying to pass it onto me? Edit 2: my realtor responded after I asked him to send me documentation that I would pay that fee to them that I signed and he couldn't find anything, so he is getting it removed and "will work it out with the broker". Thanks guys. You encouraged me not to be bullied by this fee. [link] [comments]  |
| Posted: 27 Jan 2021 08:12 PM PST We're in a really hot neighborhood just outside Atlanta and receive weekly letters from interested buyers. My husband and I have been discussing moving for a while now and this past Saturday we received a letter with a cash offer that peaked our interest so I contacted the real estate agent on Monday. She emailed me an offer Tuesday and we have till Friday at 5pm to accept. We've been in our house for 15 years, it was built in the 80s. It didn't have any work done when we purchased the house and I consider it in a "tired" state of existence. It needs work. We've remodeled the master bath 4 months ago, replaced the roof and half of the windows and it has a new hvac unit. The guest bathroom needs a gut remodel, the kitchen needs new cabinets, it needs landscaping. It's not in listable condition and I'm not interested in investing any more time and money into it for a similar profit return to be able to list it. We've never sold a house before, should we negotiate this deal, or should we consider it fair with all the work that needs to be done? The interested buyer is a real estate investment company who purchased a house a few houses down from us. The offer is clearly less than what houses are going for in the neighborhood that are being listed and in better condition and I understand the need to make money. I'm mostly interested in negotiating the commission fee which they list at 4% down to 3% and they are expecting us to pay the closing costs which I wanted to counter offer to pay half. [link] [comments]  |
| Posted: 27 Jan 2021 08:04 PM PST I'm a first time home buyer with the flexibility to live anywhere in the US. As far as I can tell there are many (many) tools and people toward helping you find homes within a specific region, but I haven't found ones geared to searching across the US. We're looking for a small estate property (2.5-5 acres) and would love to have the help of either a tool or professional who specializes in national level searches. Google searches tend to bring up real estate brand names which include "National" so I thought I'd ask the experts here. Who should we be talking to if it's anything beyond the obvious of "any buyer agent" and "zoom out on zillow." Thanks for any tips! [link] [comments]  |
| Closing Tomorrow and No Paperwork? Posted: 27 Jan 2021 04:08 PM PST Hello. I could use some advice or some reassurance. We are set to close tomorrow at 1:00pm on our new construction home. It has been a long and stressful 11 month process. Last week I was sent the preliminary closing documents, which I signed. Today, the day before closing, I still have no final loan disclosure, no closing documents, and no final affirmation of the cash needed to close. I have been contacting my mortgage closing officer and my lender's representative all day. They keep telling me 'they're working on my paperwork' and 'it will be done soon.' I told them I need the paperwork by 11:00am tomorrow because I have to obtain the certified check and drive to the office to sign the paperwork. I then got a very rude response that said 'YES I AM HOPING TO GET YOUR PAPERWORK TO YOU TONIGHT.' I'm now panicking and I don't know what to do. All of my things are packed. I told my landlord I'm out tomorrow. We do not have any issues with our credit, debt, and we have made no big or risky purchases. I don't understand what the hold up is. Any advice please? [link] [comments]  |
| Posted: 27 Jan 2021 07:53 PM PST My husband and I went from starting looking at house to closing on one in 18 days in a hot market. The process was absolutely painless thanks to our amazing Buyer's Agent and we would like to get him something nice as a thank you gift. Is this something that is done? If so, what would you agents like to receive? (Not booze, because we can't ship it). [link] [comments]  |
| Posted: 27 Jan 2021 11:16 PM PST Why can't sellers appraise their home before listing and use that appraisal report for anyone who puts in an offer? That way there's no guesswork on the price and everyone knows what the appraised value of the home is. I always thought it was a waste of resources and appraiser time to appraise a house multiple times by different buyers who put offers in. [link] [comments]  |
| Question regarding backing out of an appraisal - Refinancing Posted: 27 Jan 2021 10:49 PM PST I'm going though a refinance through Quicken loans (Rocket Mortgage) and they scheduled an appraisal in a few days. They initially told me I have to pay for it up front yet I haven't paid and here I am, with an appraiser expecting to arrive soon. I just got offered a better rate through a different lender and am thinking about ending it with Rocket. My question is, if I cancel the appraisal, can I be expected to pay the appraiser? Thank you guys. [link] [comments]  |
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