Should I buy a house with pet smells? Real Estate |
- Should I buy a house with pet smells?
- $23,000 in closing costs on $800,000 loan?
- How can I make sure my MIL doesn’t get taken advantage of?
- What are banks looking for in proof of funds?
- How Should I Negotiate With My Realtor?
- Did I make a mistake as a buyer?
- How scary is this crack in the foundation of a home I'm under contract for?
- How often do mortgages fall apart during underwriting?
- Can you refi to a lower rate if you pay down part of the loan as part of refi?
- Physician Loan vs Conventional Loan?
- Already moved in and signed final closing statement, however there's an incorrect number.
- Looking to Buy a House and had a few questions
- What sort of interest rates are folks seeing?
- Does landlord insurance cover damage due to riots?
- I want to buy out my parents' properties to help them retire. My bf also wants to help his parents financially. I offered a very reasonable offer but we are not meeting eye-to-eye
- Question about proof of income as self employed
- 3 studios for $750,000 or 1 house for $750,000 (rents the same)
- Questions on Pre-Construction Condo
- Steps to Refi
- Not entirely sure if this is the correct space but... looking to see if what I am potentially going to make is going to allow me to buy a house.
- What is more appealing to the Seller?
- Does pre-approval always mean that is what you are approved to borrow?
- Refinance overlapping payments (California)
- Has anyone here sold a home to an immediate family member, like a sibling?
| Should I buy a house with pet smells? Posted: 08 Jan 2021 06:27 PM PST We found the perfect house in the perfect neighborhood, at the higher end of our price range, but worth it. We got everything on our wish list with this house after casually looking for years. The problem is their pets. During the initial tour of the home we smelled it but weren't there long enough to realize just how bad. After inspection and spending more time in the house, we realized the smell was horrible and though we'd be willing to rip out carpets and professionally treat before moving, we are really scared the smell might not completely go away and even cause our pets to piss on the floors. I should mention no one knows we have 3 pets, they are just well behaved and we are clean people. The current owners have 4 pets and I think they pee in the house too. We are at the point where we are considering walking due to the fear of this smell never going away, it's in the basement tile and hardwood as well, 3 floors of who knows what, cat and dog odor? General uncleanliness? Anyone have any long term success stories with stinky homes? I know all the horror stories, really hope there are some successes out there. [link] [comments]  |
| $23,000 in closing costs on $800,000 loan? Posted: 08 Jan 2021 03:36 PM PST We are nearing close on a purchase of a $910,000 condo in the LA area. When the lender sent over the closing disclosure, the estimated closing costs seemed a bit on the high end to us. We took out a large loan with 10% down. Our interest rate is 2.75% and our PMI is $191 monthly. The breakdown of the closing costs are below... is there anything crazy or off based on a sniff test? EDIT I just spoke to the Lender on the phone and they stated that several items are actually supposed to be paid by the seller, but they have not moved to the seller's section yet. This is supposed to remove:
From my closing costs which should bring it down to roughly $16,000 in closing costs. Origination Charges $1,845.00 01 % of Loan Amount (Points) 02 Document Preparation Fee $115.00 03 Processing Fees $845.00 04 Underwriting Fees $885.00 Services Borrower Did Not Shop For $1,180.25 01 Appraisal Admin Fee to Frisco Lender Services, LLC $120.00 02 Appraisal Fee to ABC Appraising $450.00 03 Condo Cert Fee $450.00 04 Flood Certification $10.25 05 Rush Fee $150.00 C. Services Borrower Did Shop For $4,514.50 01 Title - Courier Fee to Fidelity National Title $50.00 02 Title - Lender's Title Insurance to Fidelity National Title $1,818.00 03 Title - Loan Tie-In Fee to Fidelity National Title $250.00 04 Title - Mobile Notary Fee to Fidelity National Title $250.00 05 Title - Recording Service Fee to Fidelity National Title $13.00 06 Title - Settlement Fee to Fidelity National Title $1,921.00 07 Title - Sub Escrow Fee to Fidelity National Title $62.50 08 Title - Title Endorsement Fee to Fidelity National Title $100.00 09 Title - Wire Transfer Fee to Fidelity National Title $50.00 E. Taxes and Other Government Fees $5,471.00 01 Recording Fees Deed: $50.00 Mortgage: $100.00 $375.00 02 City/County Tax/Stamps to Deed $5096.00; $5,096.00 F. Prepaids $2,255.49 01 Homeowner's Insurance Premium (12 mo.) to Comma $1,083.00 02 Mortgage Insurance Premium ( mo.) 03 Prepaid Interest ( $61.71 per day from 1/13/21 to 2/1/21 ) $1,172.49 04 Property Taxes ( mo.) G. Initial Escrow Payment at Closing $6,545.51 01 Homeowner's Insurance $90.25 per month for 3 mo. $270.75 02 Mortgage Insurance per month for mo. 03 Property Taxes $922.18 per month for 7 mo. $6,455.26 08 Aggregate Adjustment -$180.50 [link] [comments]  |
| How can I make sure my MIL doesn’t get taken advantage of? Posted: 08 Jan 2021 08:33 PM PST My mother in law had to move in with me and my husband (a few states away because she wasn't able to afford her house and all the auxiliary expenses anymore. She had a renter set up, but that fell through within two weeks of her getting here. She had tried to sell her house for a couple months, and I'm not sure if her agent sucked, it wasn't priced right, or Covid just screwed the market for a bit in her area. Her house is worth about 120k. Her neighbor wants to buy the house but is insisting that she not use real estate agents - it sounds super fishy. He also wants to maybe do a lease option - How can I help her? What questions should I ask? I'm insisting that she get a legal contract and finalize ANY agreement with a professional of some sort. I own a house but leaned on my agent and loan officer to guide me through the process. I just don't want her to get screwed. She doesn't even want to make any money, just not lose the money she put in. Help!!!! [link] [comments]  |
| What are banks looking for in proof of funds? Posted: 08 Jan 2021 09:24 PM PST A seller just accepted our offer on a house! The price is $300k and we are using a conventional mortgage with 5% down and a 2.875% interest rate. It happened... a little faster than I thought it would, haha. My question is - how much is the lender expecting to see in our bank account? We were preapproved about a month ago, with $17,500k in our account (which we told the lender). We were originally planning to spend a little less on a house (~$250k) but ending up spending more since we ultimately went with a house that was a little more updated. However, we're still well below our pre-approval of $400,000. We're now up to $21.5k, with expected cash on hand for closing to be about $28.5k. My MIL is planning on giving us $7k which will bring us up to about that, which I know we have to tell our lender as we originally said we weren't expecting gift money. I know that it will look like we're clearing out our bank account to cover closing, but since my partner gets his bonus in January and I get mine in February, we're expecting to have another $9k-$12k in the next 6 weeks, and we're not concerned. But from what I'm reading online, the lender may want proof of extra cash on hand to cover expenses for a period of a few months. Is that universal, or can it be waived if you're living below your means / wouldn't have an issue living on one income for a few months or dealing with a home repair issue? I think from our original conversation, the loan officer should be aware of what we have on hand, but I know they're not the final say on this. Our take home after tax is about $8k per month on non-bonus months, and we don't have too much debt ($450 in student loans, $300 in a car payment, and $250 in a consolidation loan). The total monthly payment for the house, including mortgage, PMI, HOA, taxes, etc. is approx $1750. ETA: we're in Maryland and also have about $50k in retirement accounts (fully vested) - are those accounts usually fine to satisfy POF? [link] [comments]  |
| How Should I Negotiate With My Realtor? Posted: 08 Jan 2021 10:42 AM PST As the title suggests, my wife and I own a rental property (her old condo from before we met) and our townhouse. We recently had a child and have decided that running up and down the stairs all of the time, while great for our cardio and exercise, has made child raising an incredibly tedious task. Anyway, we have tenants moving out of the condo next month so we have decided now is a great time to move forward on our long-term plan of selling both the condo and our townhouse and finding our long-term home. My question: is there a negotiation that can take place? Since our realtor will be there for all three deals, can I try to bring their % down? [link] [comments]  |
| Did I make a mistake as a buyer? Posted: 08 Jan 2021 12:24 PM PST I just got an inspection done earlier this week and there are some electrical repairs that are required by the seller to fix before closing. Their attorney offered a free home warranty instead of taking care of the repairs but I'm concerned that the repairs won't be covered (I looked at the fine print of their policy) and run the risk of paying for the repair out of pocket. When I rejected the warranty and asked for the repairs to be fixed, they offered a credit instead. Did I make the right decision or should i have just accepted the warranty? If I reject the credit, I might end up losing the offer on the place. Edit: I forgot to add that the service panel needs to be evaluated and repaired. I'm not sure if $500 will cover the outlets and this. [link] [comments]  |
| How scary is this crack in the foundation of a home I'm under contract for? Posted: 08 Jan 2021 02:00 PM PST Pic: https://imgur.com/0MumuA5 I'm under contract for a house in Chicago and the sellers let me know that they discovered a leak/crack that had been covered up by the previous owners of the house. I had a home inspector look at it, he told me as long as Permaseal sealed it that it would be fine. I took his word for it, but I've been doing some research and I keep coming across the idea that a horizontal crack points to a major foundation issue. It's a fully horizontal crack, has already been sealed, and I'm going to come back and look at the work that was done. In general, I'm just curious if anyone has experience here. [link] [comments]  |
| How often do mortgages fall apart during underwriting? Posted: 08 Jan 2021 08:05 PM PST |
| Can you refi to a lower rate if you pay down part of the loan as part of refi? Posted: 08 Jan 2021 08:43 PM PST So I was thinking I want to throw a chunk of money at our mortgage. Say I had $400k loan currently. Could I refi the rate down if I paid off $30k and new loan was $370? Does paying it down some affect my rate? Looking at moving from 3% down closer to 2.5% [link] [comments]  |
| Physician Loan vs Conventional Loan? Posted: 08 Jan 2021 09:35 PM PST My husband and I are buying are first home. My husband is a surgery resident and we are going back and forth on whether we should do a physician loan vs a conventional loan? We have done research on both, but so far have only been pre approved for a physician loan. I haven't shopped around for a conventional loan yet. Need advice! We are looking in the range of 600-650,000. We can afford to put down about 12-14%. Should we still pursue a physician loan since we can put money down? Or should we do a conventional loan with PMI? If you are familiar with physician loans, please give any insight. Thank you! [link] [comments]  |
| Already moved in and signed final closing statement, however there's an incorrect number. Posted: 08 Jan 2021 02:09 PM PST We closed last week (12/29/20), and have moved into our amazing house! I just noticed that $1k in fees should have been debited to the Seller instead of the Buyer (me). I already signed the final statement; am I SOL or is this an easy fix? [link] [comments]  |
| Looking to Buy a House and had a few questions Posted: 09 Jan 2021 01:46 AM PST Hi, my parents are looking to buy a second home, that they will own, in the San Diego area for me and my girlfriend to live in. We will be taking 12 months or so to find a house. My friend is a realtor, but since I'm currently unemployed I was trying to save on as many costs as possible. Currently there aren't very many houses on the market that meet our criteria as we are looking for a newer home 15-20 years or younger. My dad is a retired military vet that has VA disability. I had a few questions and was curious if anyone could help me out:
As of right now all of the houses we would want are 1.5x of what we are looking to spend (nice looking house, neighborhood, people, community, etc). We are hoping, with enough looking with can just find a smaller version of these houses so that it will fit into our price range. Thanks! [link] [comments]  |
| What sort of interest rates are folks seeing? Posted: 08 Jan 2021 09:06 PM PST I know this is an extremely subjective question, dependent upon a buyers financial background, and context of purchase. Still - I am curious as to what lenders are offering nationwide, how the fees look, etc. I have personally been offered: - 2.85 for a 30 year with 29% down - 2.606 for a 30 year with 29% down - 2.716 for a 30 year with 29% down - 2.5 for a 30 year with 29% down, but 4100 in points - 2.375 for a 30 year with 29% down, but 8700 on points This is for a Denver based property. Two different lenders. How do things stack up elsewhere? I have friends purchasing property out east, and things seem substantially more favorable there. [link] [comments]  |
| Does landlord insurance cover damage due to riots? Posted: 09 Jan 2021 12:45 AM PST Should real estate investors start looking at riot insurance or does the typical landlord policy cover that? Is there a separate policy you would recommend? If it is included, would an insurance company try to classify it as terrorism to get away from paying out? or find some other loophole? [link] [comments]  |
| Posted: 09 Jan 2021 12:13 AM PST Located in the Bay Area, I just turned 27 and am an only child still living in my parents' property in a separate unit with my boyfriend of 5 years (we moved in together recently). This property has 2 houses, however, they're separated into 3 units (one is a single family home where my parents currently live and the other is a duplex, where my boyfriend and I are living in one unit and the other unit is being rented out by our tenants). My parents are planning for their retirement and are considering moving back to Asia because most of our family is still there. They're talking about selling the property (both houses) so they'll have enough money for the rest of their lives, in addition to their retirement accounts. This probably won't happen anytime soon since they're waiting for the borders to open due to covid19 and also because they're waiting for me to get married and have kids (maybe 3ish more years). As the only child that I am, I think it's the right thing to do to buy out the property from them as a way for me to help them retire especially after all they have done for me. This property also has lots of history since I basically grew up here and the single family home was also built by us when I was in high school. My boyfriend's situation makes it a little bit complicated since his parents currently live with his aunt & uncle in SF City, however, the aunt & uncle are planning to sell their house and move to Sacramento so my boyfriend and his older brother have to think of a plan for their parents since they don't even have their own property. After the aunt & uncle's house is sold, they're splitting the money with his parents so they could probably afford a small comfy house of their own (I'm not sure if my bf and his brother would have to help out with the mortgage since their parents have savings and would even gain half of the profit of the sold house). Earlier today, I told my boyfriend this option we could do when the time comes (buy out my parents' property). We could take over one unit, his parents could even move into another unit, and we continue renting out the 3rd unit for additional income. This is exactly a win-win situation for the both of us looking out for our parents because I would get to retire mine while he could have his in close proximity and live in a comfy place instead of sharing a house with additional family members. However, I think the only reason he is not meeting eye-to-eye with me is because the cost of the property would be $1.6M and we're not sure how we can afford the 20% down payment for that. I have not mentioned this idea to my parents at all, however, I do want to safely assume that my parents would most likely sell it to us for cheaper (maybe $1M, which is standard for 1 house in the Bay Area). My bf and I have been talking about buying a house together for awhile and we cannot agree on a location in the Bay Area. He wants to stay close to SF and everyone know houses around there are not worth it ($1M+ for a small house). But I want to live in a more suburban area like Dublin where houses are huge and cheaper (700-800k). However for the last couple of days, I've been thinking about this and I think this option is actually much smarter because we'd both be helping our parents and its definitely an investment. Also note: his aunt and uncle are looking to move to Sac in a year or two. His parents would have to live somewhere in the meantime. After my parents sell the property and move back to Asia, (maybe 5 years from now?), his parents could move into the property and they can rent out the house they had bought. THOUGHTS? [link] [comments]  |
| Question about proof of income as self employed Posted: 08 Jan 2021 07:57 PM PST Hello I'm self employed in the e-commerce business. I'm looking to get a mortgage loan soon. I sell on multiple platforms and am wondering how much of detailed proof of income I need. Tax returns and bank statements are no problem and I expect for them to ask for them. My question is will lenders as for like proof of sales from the platforms themselves? For example ebay statements, Mercari sales statements or if I show them my tax return which has all of the sales combined on it will that be good enough? I want to make sure I have good enough proof for them and don't want to get caught off guard Also last year my income was pretty low, this year I did better. Do they take an exact average of the 2 or will my more recent return weigh more heavily [link] [comments]  |
| 3 studios for $750,000 or 1 house for $750,000 (rents the same) Posted: 08 Jan 2021 07:50 PM PST Would you rather buy 3 (studio/1 bedroom apartments for $250,000 each) that rent for $1,400 each (total adds up to $750,000 and $4,200 in rent) or one 3 bedroom house for $750,000 that rents for $4,200. This is in my area. And why? The ratio is the same. I'm aware I can get better returns in other states but I prefer local. [link] [comments]  |
| Questions on Pre-Construction Condo Posted: 08 Jan 2021 02:50 PM PST Hi Everyone! Quick background on me and a property I am looking at...
There is a new construction condo development in a very desirable neighborhood. I viewed the property with the developer and really love everything about it. Construction is basically finished and my unit would be done in about a month (other tenants have already started moving in). It is listed for $475K and carries an HOA fee of $250 per month, which includes everything except electric and cable. I've gotten an underwritten pre-approval and fee sheet for this. With a 10% down payment I am looking at roughly $2,500 per month (2.65% interest rate). Questions for you all...
Thanks! [link] [comments]  |
| Posted: 08 Jan 2021 11:29 PM PST We're ~2-3 months into a new mortgage. SoCal, $1.4m loan, 30 year @ 3%. Originally put 20% down on purchase. We both have 800+ credit scores. We'd like to recast after our upcoming prior home sale (closing shortly) and put an add'l ~250k towards the principal to help reduce our monthly payments. That said, I have no idea how to look into or weigh a mortgage refinance. Given the bare bones info above, can we beat 3% and will recasting with more cash help bring that rate down? We've been told our current mortgage is being sold to Chase. Do we just ask them once it's officially set up there? Do we start calling random banks, etc? We have 0 ties to Chase (or any institution, really) and doubt they are well thought of in general, so I don't care where we wind up within reason. Our previous mortgage (about to close out) was with PenFed - worth just calling them as we have an established relationship? [link] [comments]  |
| Posted: 08 Jan 2021 10:25 PM PST So as of right now I have been investing a lot more money into stocks and looking into my future business. I've been working and tinkering around with computers and not going to college so I can save some money and everything. Now I have about 2k in my savings. I know that's not much at all but that's not including just stuff I needed/savings, car, stocks investing, computer for work and just all day use, clothes, and other little things here and there. So now I live in northern Virginia around Arlington and don't mind moving around anywhere around the Virginia area to help with cost and just overall quality of life. I am making $16/hr 40hrs a week. Rn I'm looking at a job and others like it that pay around $30/hr And could lead to more depending on performance which when it comes to work I always give it my entire effort. So now with that in mind if I save for another year would you guys say that I could have enough and that's with me saving on average 30-40% of what I make. If I do get that job then I would start next month. And looking to save around 20k or more just depends on how things work out. I'm 20 at the moment and looking to invest in property a bit. So I am looking to buy [link] [comments]  |
| What is more appealing to the Seller? Posted: 08 Jan 2021 04:22 PM PST House is $300k. In Michigan. Offer #1: Offer $312k with seller paying 3% closing costs. I have a 5% down conventional loan. Offer #2: Offer $300k. I have a 3% down conventional loan. I will pay the closing costs. From what I understand, asking for closing costs is apparently a hard sell today? Its weird because the last two homes I purchased did this with no problem 3-5 years ago. I dont know where the stigma came from? Also, I see it as offer #1 nets the seller more money. I want to apply for a loan - Just wondering if 3% is a bad idea? Or even using the FHA 3.5% loan? [link] [comments]  |
| Does pre-approval always mean that is what you are approved to borrow? Posted: 08 Jan 2021 11:39 AM PST We have pre-approval for a certain amount, but I understand that we will still need to go through the bank for official financing once we have an offer accepted. However, what we are actually approved for is on the lower end for the homes that are available to us in the area. So if we're approved for say, 300,000 and after downpayment, we would ask to borrow 290,000 from the bank to take out a loan for the home, does the pre-approval mean that we are likely able to borrow 290k? Can the bank still come back to us and only approve us for 280k or so? This is assuming nothing has changed between pre-approval and getting the actual mortgage loan. The reason we're so close to our limits is because we went through pre-approval with one income, the other income is from a grant and underwriting would have been a nightmare for us. [link] [comments]  |
| Refinance overlapping payments (California) Posted: 08 Jan 2021 10:11 PM PST I just closed today on a refinance and I have a bit of an overlapping payment problem. My new lender requested a payoff statement from my old lender on 1/4/2021, the same day I made my January payment to my old lender. However, the payment didn't process in time, so the payoff statement only shows up to my December payment. So now, the new loan is paying what it shows on the payoff statement, which has the current balance + the interest on the old loan from 12/1/2020 to 1/20/2021 (the date of disbursement for my new loan), most of which I already paid + the principal from my January payment that I already paid. Furthermore, when they made the final statement, because the new loan doesn't disburse until 1/20/2021, the payoff statement says a late fee should be added (assuming the January payment was not paid), so my new lender added on the late fee to the loan principal assuming I didn't pay the January payment, even though no such late fee exists with the old lender because I paid on time. So now my new loan's payoff to my old loan includes:
I had asked my new lender all about this, and they said that they could adjust it for me by requesting a new payoff statement, but each statement costs me $30 and I would've had to delay my closing date, so I declined. But now I'm wondering, how easy would it be to get all of this refunded from my old lender after the payoff? Will they usually just have this all on record and it's a simple refund for the right amount? Or am I in for a bureaucratic nightmare and possibly lost money? [link] [comments]  |
| Has anyone here sold a home to an immediate family member, like a sibling? Posted: 08 Jan 2021 09:56 PM PST I just want to know what your experience was like on selling your home was to a sibling. How did you price the home, slightly cheaper than the general public? [link] [comments]  |
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