Federal judge rules eviction moratorium is unconstitutional Real Estate |
- Federal judge rules eviction moratorium is unconstitutional
- Mortgage rates are about to hit 3% for the first time since July.
- FIRST PERMITTED 3D-PRINTED HOUSE HITS THE MARKET FOR $300K
- If you are looking for homes, hire an agent. Don’t rely on apps like Zillow and Redfin. There is too much information the apps won’t tell you.
- Which is the stronger offer? Asking price is $800k. Waive appraisal completely and offer 820k or offer $840k and cover an appraisal delta up to $40k.
- Is there a law in New York where landlords are no longer allowed to accept extra money up front in rent or security?
- Why would a real estate agent ever post pictures of a house with the toilets open? Share your pet peeves for the fun of it.
- Bond yield exploded this morning, the extreme sellers market may be coming to an end.
- How would you handle a rental-restricted property from hell?
- Husband asked for divorce a week before we're due to close on buying.
- Realtor in the family keeps trying to get referral commissions?
- Toll Brothers experiences?
- Closing delayed
- How does an “offer deadline” on a house REALLy work?
- What are the tax laws and regards to Airbnb rentals?
- Are there any lenders out that allow 3.5% down, without making the home a primary residence?
- Is the sky falling for potential first time buyers?
- I didn’t post the commission % to be paid to me the agent on the contract, what can happen?
- New Construction Mold in PNW
- First Time Home Buyer in Los Angeles County
- Agent and broker not providing walk thru on closing day
- Anyone Refinanced after converting their garage to an ADU? (Los Angeles)
- SFH with ADU - How to depreciate the SFH if I'm living in the ADU?
- Need some advice
| Federal judge rules eviction moratorium is unconstitutional Posted: 25 Feb 2021 09:34 PM PST |
| Mortgage rates are about to hit 3% for the first time since July. Posted: 25 Feb 2021 09:48 AM PST Hoping this will bring back some normalcy in the housing market. [link] [comments]  |
| FIRST PERMITTED 3D-PRINTED HOUSE HITS THE MARKET FOR $300K Posted: 25 Feb 2021 09:45 PM PST |
| Posted: 26 Feb 2021 04:22 AM PST The apps will show you information that is displayed to the public. But won't tell you information only the agent can see. They won't tell you that a house is foreclosed or in a short sale. Those take a long time to be approved. They won't tell you that the house is required by the city to be demolished and you're paying full house price for the land. Or if there are liens on the property. Don't rely on these apps. Work with your agent to find the right home. [link] [comments]  |
| Posted: 25 Feb 2021 04:50 PM PST Title says it all. In a highly competitive market. Buyers have been waiving all contingencies to win. Trying to figure out the best approach. [link] [comments]  |
| Posted: 25 Feb 2021 07:21 PM PST I'm looking for an apartment in Brooklyn, NY, and I keep getting reached out to by a company called Loftey insisting that they can get me the best rates on an apartment. I told them that I am hesitant to use them and I plan to negotiate myself by offering to pay 3 months up front in exchange for an extra 2 months off a two year lease. The Loftey salesman then told me that landlords are no longer allowed to accept extra money up front in rent or security. Is this true? [link] [comments]  |
| Posted: 25 Feb 2021 01:17 PM PST |
| Bond yield exploded this morning, the extreme sellers market may be coming to an end. Posted: 25 Feb 2021 10:07 AM PST This article was on CNBC this morning I don't think home prices will come down but I think this extreme sellers market will wind down significantly. What do you guys think? [link] [comments]  |
| How would you handle a rental-restricted property from hell? Posted: 25 Feb 2021 08:42 PM PST Hey guys - here's some quick background on the situation: - Bought condo for $690K + $35K special assessment in early 2019 - Several months after moving in, started experiencing major noise-related problems with upstairs neighbor, who happens to be board president (lost countless nights of sleep - she wouldn't put rugs down on hardwood floors, soften her footsteps, nothing; would wake us up at 2-3AM every night) - Tried to sell mid 2020 after not being able to handle noise issue any longer (put on market for $759K, got one offer for $720K and tried to negotiate up but failed - reduced price but was unable to sell after many months; took it off the market, relisted to no avail) - After not being able to sell, I took it off the market, moved out, and "got roommates" (my complex is rental-restricted) for a couple of months until they broke up and broke the lease early (guy cheated on girl) - Decided to take this opportunity to try and sell again; got a kick-ass listing agent who got it staged and done-up; went to market, got 14+ showings in 2 weeks and 0 offers - Reduced price to $720K yesterday, although my agent told me that it probably won't sell over $699K, even though identical unit in the same complex sold for $735K in December 2020, and another on the top floor (1 floor above mine) for $739K in January 2021 - I'm in it for $740K-ish after paying for a special assessment ($35K - yes, I know I'm an idiot) and making minor renovations (new w/d, master closet, etc.) One way or another, I'm losing a lot of money. If I sell, I lose, at the very minimum, $45-50K. I'm not happy about that, but I can take the hit and still live comfortably (for context, I have over ~$500K in assets). On the other hand, if it goes below $700K to the price range that my listing agent has called out, I could lose anywhere from $30K-$40K extra, which becomes difficult to swallow. Again, I could take the hit, but at that point, I think it might make sense to try and "get roommates" again or rent so I don't take such an $80K+ loss. However, this would be problematic, because I've moved out and now the board can make a case against me that I am an "absent homeowner" and I'm renting my property against the HOA rules. The other option is to ask the HOA board to make an exception for me because I can't live there and I can't sell it, so I need to be able to rent it to survive. But I'm not hopeful about this option because the board president / upstairs neighbor hates me. She and one other person on the board kicked me off of the board because I missed 2 meetings in early 2020. I haven't spoken to either of them since. And they are all old and vehemently against renters (they think they're worse than homeowners, etc. etc.). Good news is, I applied for a board seat this year, just in case I had to keep the property and so I could keep a close eye on what these pieces of shit were scheming, and I got voted in. So I'll be on the board this year. I'm so fucking stressed about losing this much money OR having to "get roommates" again without getting shit from the HOA OR having to grovel and beg to be able to rent it out. This property was the worst decision I have ever made in my life and I've learned a lot from it. My family advises me to get rid of it, take the loss and move on because it'll always be a thorn in my side AND at the end of the day, "you won't make money with every investment". If you were in my shoes, what would you do? [link] [comments]  |
| Husband asked for divorce a week before we're due to close on buying. Posted: 25 Feb 2021 11:07 PM PST We offered on a house earlier this month with a planned close of 3/3. It is a VA 0% down loan. On Sunday, my husband said he wants a divorce. This is the fourth time in 18 years he's asked for a divorce and I'm so done. However, we're past every contingency, including our VA appraisal. Neither of us wants to be on the hook for over $400k factoring in closing costs on the purchase and again on a quick sale. We'd rather just lose our earnest money but I read the buyer could force us to go through with the purchase, plus the agents can sue for their commissions plus there are lender penalties. Commissions, penalties, and earnest money is almost $35k. We can't afford to lose that much. Am I really stuck buying a house with someone I'm divorcing? It will take us about five years to be able to sell and break even. Is it fraud if we don't inform our lender/underwriter? [link] [comments]  |
| Realtor in the family keeps trying to get referral commissions? Posted: 25 Feb 2021 10:44 PM PST I have a close family member who just got their real estate license and they are working for a large company. We have expressed interest in selling our home. We have an established relationship with the realtor who sold us the home, and he happens to belong to the same conglomerate as our family member, but in separate "jurisdictions". Our family member wants us to put down that he "referred" us to our current realtor, such that they can collect the 15% referral commission, despite the fact that we already have an established relationship (In fact the relationship predates our family member getting their real estate license) with this realtor and have basically indicated to him that we would be selling soon. Our family member insists that this is commonplace, that it's pretty typical to essentially "poach" referral commissions. Is this common? Is this allowed? Is this unethical/looked down upon for us to ask our realtor to give a referral fee to our family member? What do we do here? All of my instincts say this is wrong, but I'm trying to give our family member the benefit of doubt. I don't want to anger either party, both the family member and the guy who bent over backwards to get us into this house not so long ago. [link] [comments]  |
| Posted: 25 Feb 2021 08:18 PM PST Hello all! Just wondering if anyone has any experiences with buying a new home with Toll Brothers and if they are a good company? What do you like? What do you regret? Thank you in advance! [link] [comments]  |
| Posted: 25 Feb 2021 03:42 PM PST We were supposed to close today and that didn't happen. We signed an extension since yesterday cause we knew closing wasn't going to happen. Turns out the sellers thought they could renegotiate contract to get more money. Thankfully we have a great agent and she sent an email saying we would not renegotiate. Hopefully we will close tomorrow or Monday at the latest. This week has been so stressful, I just want it over with. My question is how often do this things happen? It is a normal thing with the home buying process? [link] [comments]  |
| How does an “offer deadline” on a house REALLy work? Posted: 25 Feb 2021 10:26 PM PST Anyone with first hand experience of how this works behind the scene? A house we want to make an offer on has an "offer deadline" for Monday 3/1 at 1pm. All offers will be accepted until that time and then we'll be notified if we won or not that same day. So as the seller's agent, what happens on their end come 1pm on 3/1? Do they gather a bunch of envelopes and open them all up at the same time with the seller present? Or Does she open them up on her own and then bring the results to the seller? How do we know there's no collusion involved with another agent? For example, if we offer $1M through my agent and it's the highest offer, how do we know it was actually the highest offer? What if the listing agent, who also happens to represent a buyer, has an offer of $980k? What is to stop that agent from claiming this is the highest offer? Couldn't she just omit my $1M offer (where she has to split commission with my agent) and claim the $980K offer was the highest (and keep all commission herself?) How does this all work in the end? Any insight is appreciated! [link] [comments]  |
| What are the tax laws and regards to Airbnb rentals? Posted: 26 Feb 2021 01:48 AM PST I am currently trying to purchase a property in Arizona, making it my vacation home. During the times I plan to not stay there, I plan to rent it out as an Airbnb. What are the tax laws like in this state, in regards to Airbnb? Is it worth doing the Airbnb? Should I just lease out the rooms instead? [link] [comments]  |
| Are there any lenders out that allow 3.5% down, without making the home a primary residence? Posted: 26 Feb 2021 01:43 AM PST I am trying to buy a vacation home in Arizona, which is outside of my home state. I plan to put 3.5% for the down payment. I qualified with my personal bank today. However, they required me to make it my primary residence. So I ended up not going with that bank. Are there any other lenders out there that do not require that I make this a primary residence, with the option of 3.5% down? Or is there any way around this? [link] [comments]  |
| Is the sky falling for potential first time buyers? Posted: 25 Feb 2021 07:20 AM PST Disclaimer: I'm venting and appreciate any seasoned mortgage banker to chime in. With treasury bond yields increasing dramatically (50% YTD) and now the highest they've been since March 2020, I am assuming that fixed mortgage interest rates will follow suit. Home prices were already outpacing increases in buying power afforded by low interest rates, which to me means that many first time home buyers are soon to be priced out. Some here have said that even a 1% increase in rates can affect buying power by $100,000. If things continue at this pace, sub-3% loans are going to very soon (again) become a thing of the past. Now looking at this big picture (in terms of decade long time frames), mortgage rates are still low historically. And the Fed has signaled they won't raise rates until 2023. But as a buyer planning to live in my purchase the life of the mortgage (not a real estate investor), that doesn't matter much to me right now. It seems that overall economic recovery is coming much more swiftly than the average American household. Now we are still in a pandemic and things could change quickly, but now with 3 (and likely soon to be 4 or 5) vaccines available to the public, and increased focus on building public health infrastructure, I think our worst days our behind us. I'm particularly concerned about the new construction market which has seen insane price increases for materials and labor. These constructions that will be completed in 6-12 months are going to have a hard time selling, or builders are going to have to really tighten their margins. Signed, a FTHB building a home and getting absolutely hammered with shitty news. [link] [comments]  |
| I didn’t post the commission % to be paid to me the agent on the contract, what can happen? Posted: 26 Feb 2021 01:06 AM PST Basically I'm helping my mom (agent) In her first real estate sale, we made the contract (as-is Florida contract) and did not put anything about the commission that has to be paid to us, the buyers loan has already been approved and we are 10 days away from closing, what can happen ? Did we have to put something about our commission? [link] [comments]  |
| Posted: 26 Feb 2021 01:03 AM PST Our inspector noted possible mold on attic sheathing and on floor sheathing in crawl space in a brand new construction home we are in the process of purchasing. Builder is a larger company spec builder and has supplied receipts showing their insulation sub has done "mold spray" (it literally says that and only that on the receipt) about 2 months ago when insulation was put in - perhaps implying they think that the mold is not now currently active, just residual stains. We would like to have a mold specialist assess the current condition to determine if a) the reason the mold is happening has been addressed (i.e. was it just because materials got wet during construction or is there some deficiency like missing vents), and b) the existing mold been abated/encapsulated/killed. Both builder and, oddly, our own buyer agent seem to be giving us pushback and dragging feet on granting permission to do this additional mold inspection. We want this investigated (and preferably resolved) prior to closing and are running out of time. We are worried we will be pressured to close on time, and then once we do, whatever mold problem there is will be ours alone to solve. We have a LOT of money to lose if we walk since besides earnest money, we also put down a chunk of change on some options and upgrades. I don't know a lot about mold which makes it very scary. I have no idea of costs to remediate attic and crawlspace areas - should they need it. I am worried it is everywhere - like behind drywall, and therefore impossible to remove/abate. There are 21 homes in this development and I have happened to casually talk with 2 neighbors. One had no mold on inspection and the other did. The one that did said the builder sprayed fungicide as a solution prior to closing - but thinking that might be the same situation as ours: an ineffectual spraying months ago. What are my options? Walking away is very costly, but don't want to go through with it and just throw good money after bad. Wondering if I should go through purchase and then turn around and sell? In a pretty hot market, so normally one could actually do this and maybe not lose too much, but of course the known mold issue could now affect the price. [link] [comments]  |
| First Time Home Buyer in Los Angeles County Posted: 26 Feb 2021 12:06 AM PST My husband and I started the process to buy a house finally and have been looking in my hometown of Long Beach which is in LA county. We were pre-approved for 830k FHA and 775k conventional but want to keep our monthly mortgage around 3000 or 3500 at the most. I thought we'd be able to find SOMETJING but the only houses we've seen have been in ROUGH shape and in ROUGH neighborhoods. Were running out of steam and wondering if we should just wait until next year. This whole process has been humbling to say the least, we have a combined income of 130k and have really good credit but the houses we want are just out of wjat we're comfortable paying. I've noticed some of the nice houses we've seen in okay neighhoods are asking 650+ but were sold months prior for 400k and flipped. There's a house we really want but is going for 700k that was recently bought for 430 and completely flipped, how low is okay to make an offer or is it insulting to that in this current market. Are we being unrealistic with our expectations? Should we wait another year? This whole experience has been a lot more stressful then I thought it'd be and I feel really effing poor .-. [link] [comments]  |
| Agent and broker not providing walk thru on closing day Posted: 25 Feb 2021 07:04 PM PST So broker sided with agent on signing closing docs with notary and no support from agent. They expect me to sign at my home with mobile notary without any explanation or support and before walk through is completed. WTF? What is my recourse this late in the game 3 days before closing? [link] [comments]  |
| Anyone Refinanced after converting their garage to an ADU? (Los Angeles) Posted: 25 Feb 2021 06:25 PM PST Hi All, Shopping for a home in Hawthorne, CA with intention to convert garage to an ADU and rent it out on AirBnB. Assuming it takes 6-8 months to complete (permits are taking 4 months due to covid) I was planning to get an appraisal and do a cashout refi to pay back some family members. Income is healthy and I'm not concerned about putting 6 months onto the back of a 30 year loan. 1) Equity in this town is growing at 45K every 6 months for the last 2 years. So there is that. 2) My main question is has anyone done this? Appraisals on ADU's are fairly unknown. I've seen simliar price per sq ft as homes suggested (but this isnt adding sq ft), some suggest comps which are few and far between, and ive seen projected rental income as a factor. The problem with this is I'm planning to refi before its even rented out for a month. Has anyone been through this? Any idea on the value of the adu itself? Any responses much appreciated! **side note: homes are going for 900K so over the 822K conforming loan limit. This means a HELOC or construction loan wont make much sense because I'll have already maxed that out. That's part of the rationale for the refi. [link] [comments]  |
| SFH with ADU - How to depreciate the SFH if I'm living in the ADU? Posted: 25 Feb 2021 06:16 PM PST My situation is backwards from what most people do. Typically people will live in the main SFH and rent out their ADU. What if I wanted to do the reverse? Purchase property (existing SFH w/ existing ADU) as my primary residence, purchase price is around $1.2M. Live on the 600sq/ft ADU, rent out the main 2100sq/ft house. Can I depreciate the main house against the rental income on the loan? Would I be able to get a conventional loan for this setup? How do you value the home? I could appraise each structure separately but you can't really sell them separately. Anyone run into this before? Socal is my area if that helps. [link] [comments]  |
| Posted: 25 Feb 2021 09:59 PM PST Where do I go to learn about real estate investments I'm 20 about to get a trades job and I wanna learn about real estate investments I don't know where to start off at any advice ? [link] [comments]  |
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