Going modular instead of paying top dollar for a 100 year old piece of crap (NH) Real Estate |
- Going modular instead of paying top dollar for a 100 year old piece of crap (NH)
- How quickly are house prices increasing?
- Buying house and THEN getting a mortgage.
- Everyone got paid but the seller
- TEXAS....We just sold our house in Elgin and want to move to Bastrop question is with the lack of inventory right now would it be smarter to stay in an apartment and wait for something to pop up or should we buy a brand new build and start building equity right away? what do y’all think?
- Mortgage broker told us house had to be empty to close?
- New Construction Question
- Two appraisal, vastly different price
- Tenants want to pay early rent through Zillow
- First Time Homebuyer advice needed [VA Loan, San Diego, CA]
- Insurance for rental property owned by LLC
- What Causes Neighbor Complaints in Mansions?
- What is with listings with photos so incredibly low quality? Am I being blocked from seeing photos for some reason?
- House hack market
- Builder moving up closing date
- Bridge loans
- Under contract but website's status say for sale.
- Looking for advice on unique living arrangement
- Does buying a house trump a lease
- Choosing between two agents (NYC); does it matter at a certain point?
- Our agent is making us cover .5% of the agent fee
- Can a seller who hasn't found a place to move to crush my dreams?
- First time buyers in the Seattle market
- Refi question - can loan estimates change during the closing process?
| Going modular instead of paying top dollar for a 100 year old piece of crap (NH) Posted: 03 Feb 2021 07:40 PM PST Hi all, Searching for my first home. Pre-approved for 250k VA loan and I have about 80k cash. I have been searching and finding nothing but crap. Either too close to other houses, on a main road, or too big (I'm a single guy). The more I look into modular homes, the more I like the idea. Why would I want to pay 300k for a 100 year old stick built house on a crappy piece of property?
Maybe I'm just stupid and I don't know what I am talking about. I have been reading up on modular on Reddit and it seems like a big circle jerk echo chamber of people screaming point 1 and 2 listed above. Does anyone on here have any real experience with modular? How much did it end up costing you, land included? If anyone could provide a breakdown of their total costs that would be great. I understand it's going to vary based on a million things. I am just trying to get some very rough ideas and estimates here. I would like an 800-1000 square foot home on 3-5 acres. Obviously I would have to get a different loan. I am finding it hard to find actual stories from people, not just circle jerking. [link] [comments]  |
| How quickly are house prices increasing? Posted: 03 Feb 2021 03:27 PM PST Hi, my SO and I are looking for our first home. We're located in the Seattle area, so the housing market is a struggle. We hope to spend 700k or less on our house. Our realtor has told us to expect most houses to go 100k over listing, and so to only search houses listed under 600k. However, I went through Redfin and made a spreadsheet with every single family home with a garage that has sold for under 750k within the last 3 months in my neighborhood of interest. Of the 34 houses that meet that criteria: 0 houses went 100k over listing. 5 went between 50k-75k over, 9 went between 1k-35k over, and 21 sold for the list price or lower. What's with this disconnect between what the realtor is telling me and what the recent sales show? Has there been a sudden ramping up of offers over the last month that just isn't reflected online because the houses haven't closed yet? I feel like there's got to be something obvious that I'm missing... but what is it? Thanks for any advice/info! [link] [comments]  |
| Buying house and THEN getting a mortgage. Posted: 03 Feb 2021 07:04 PM PST My wife and I are both currently unemployed. She has been offered a job in another city and when we have found a house that's been sitting a while. I can afford to buy the house outright, after she starts working and showing income can I then place a mortgage on the house? [link] [comments]  |
| Everyone got paid but the seller Posted: 04 Feb 2021 04:15 AM PST I had closing on my house that I sold yesterday. My selling agent has been a nightmare through the entire process and knowing what I know now I would have never used her. Anyway yesterday was closing on my house. I signed the settlement papers the beginning of the week and my agent "overnighted" them to the title company. I kept asking the status of the papers and was told that the buyers agent and title company will not respond. This has been the go to excuse this entire process. Come to find out the papers I signed are "lost in the mail" but they still went through closing yesterday, buyers got the keys to the house and both agents got their checks. I've been told that hopefully my paperwork will show up so that the title company can wire my funds to my bank but that none of that will happen until the papers I signed are found and delivered. My agents respond to all of this is "sorry" and "hopefully the papers will show up today". Is this something that tends to happen at settlement? I feel like everyone except me got what they wanted and now I'm left high and dry with nothing. [link] [comments]  |
| Posted: 03 Feb 2021 03:05 PM PST My only fear is let's say we stay in an apartment for a few months, we could simply be outbid every time something pops up. My other thought is that with all the eviction protection there may be a bunch of homes hitting the market soon. [link] [comments]  |
| Mortgage broker told us house had to be empty to close? Posted: 03 Feb 2021 12:02 PM PST Hey there, my partner and I are currently in the process of buying her aunts house. The house is located in ma and her aunt lives in sc for the winters. We agreed with her that it would be ok if some of her bigger pieces of furniture stayed in the house to give her time to move it into storage and give us time to get some furniture. My mortgage broker just informed me that the house had to be empty for closing. I was wondering why this was a problem as I can't find anything on it and he had a scheduled call that he had to take so I didn't get the chance to ask him. Has anyone heard of anything like this? [link] [comments]  |
| Posted: 03 Feb 2021 03:08 PM PST Hello! My agent and I will be touring a couple of model homes in newly built home communities this weekend. What are some of the questions I should be asking and looking for in these homes? It's been a while since I've been a homebuyer, and first time to being in the market for a brand new home. Also, does anyone have any opinions on Brookfield Residential or Lennar in Southern California? Thank you! [link] [comments]  |
| Two appraisal, vastly different price Posted: 03 Feb 2021 10:24 AM PST We were working to close on a property currently owned by family. Mortgage company required an appraisal, and they sent someone out. Appraisal came back well under what we expected. Asked to be reassessed, and same appraiser raised 100k (33%), but still well under what we expected. Since it's a private transaction, we were just going to find the difference and deal with it later. Everything goes through and we have a closing date, but because of the big difference, appraisal failed and a new one was ordered. This one comes back at nearly 3x the original appraisal amount. Much more in line with what we expected. Now the mortgage company says we have to re do everything because we are purchasing at such a steep discount. A month ago I was funding 10% of the purchase price on top of the down payment just to close, now I may have too much equity in the sale? My question is, how are the appraised values so vastly different? We went from way below to way over. For context, just say 250->350->750. It's just crazy! [link] [comments]  |
| Tenants want to pay early rent through Zillow Posted: 03 Feb 2021 03:40 PM PST New landlord here! Anyone have any experience with tenants paying rent through Zillow? My tenant wants to pay early rent but Zillow wont let them pay rent any earlier than 10 days prior to due date. Also, anyone know why? My guess is it has something to due with protecting the renter so they don't pay for rent too early for a month that something could go wrong in...therefore they cant withhold that month's rent... Does that even make sense? lol [link] [comments]  |
| First Time Homebuyer advice needed [VA Loan, San Diego, CA] Posted: 03 Feb 2021 02:16 PM PST Hi everyone, im looking into buying my first home using my VA Loan. I currently live in San Diego, CA with about $130,000 a year from my job and the military reserves. I currently have a 750+ credit score, about 14k saved up and already have preapproval as well for up to 575k. My search has primarily focused on 2+ bed 1+ bath townhomes and single family homes in the area but due to COVID the entire supply has been completely messed up and it has become near impossible to find a home. I need a home with at least 2 beds to support an office and preferably greater than 1000 sqft to have enough storage for things. I have been looking since late October of last year. Single family homes at this point are outside the budget (at least 600k+) and the town homes in decent locations all have an HOA with $250-450 range fees and gobbled up immediately. I put down a few offers on some homes but just getting beaten out by people with loads of cash on hand and/or willing to pull non negotiable contingencies (ie appraisal). So im essentially left with possibly condos in the 350K - 450K range but everyone seems to crap on those. Given my circumstances should i just bide my time and save some more money up? Are condos even worth it? Lastly, if anyone could go over all possible expenses when closing in on a house that would be great too. I tend to always float on the conservative side of numbers to make sure i have enough money to cover expenses. As such, it hinders my ability to be even competitive or counter offer if I feel like i dont know all the associated costs that everyone talks about. TLDR; is this crazy san diego market worth it right now, should i give condos a shot, can someone pls explain all possible costs when buying a home for a noob. Thanks guys for you time any input and advice is helpful! [link] [comments]  |
| Insurance for rental property owned by LLC Posted: 03 Feb 2021 04:31 PM PST I have a property that is owned by my LLC - where I am the sole member of the LLC. For my property can I get home insurance under my name or do I have to get it under the LLC name? Thanks. No loan or lien on property. [link] [comments]  |
| What Causes Neighbor Complaints in Mansions? Posted: 03 Feb 2021 05:48 PM PST I'll go to the extreme on this one..but even beyond this excessive example, why do neighbors care (and even have the say/voice to have an impact) when a neighbor wants to add or expand, say, their poolhouse? I understand the controversy behind the specific estate below..but I read about this issue a lot.. Where some dude in a mansion wants to add to their pool house or remove their tennis court and put grass/gardens..why do neighbors even have a say, and how much weight does their word actually hold in these cases? https://www.businessinsider.com/ira-rennerts-hamptons-mansion-2015-3 [link] [comments]  |
| Posted: 03 Feb 2021 07:15 AM PST This is an honest question from a first-time buyer. I've noticed that all listings have photos, however so many of them consist entirely of photos so incredibly low quality I can't tell what room I'm looking at. It's like the pictures were taken with a 1998 GameBoy color Camera. I'd assumed maybe the photos got grainy on the listing website, but this issue is present in well over a quarter of homes/condos I look at. Is this intentional by the lister? [link] [comments]  |
| Posted: 04 Feb 2021 03:08 AM PST Hi, I just out an offer on a house hack. The house is very under prices so we had to put 40k over listing price. I feel like this is the norm in this market right now though. It just gives me anxiety going way over, but this house is worth it. Meets the 1% rule, over $200 on the 50% rules and tenant will cover my mortgage. Around 4% cap. Any thoughts or anyone have a similar situation? I just don't want to keep wasting rental money and prices only going up at this point. [link] [comments]  |
| Builder moving up closing date Posted: 03 Feb 2021 02:57 PM PST We originally signed the contract with a close date of April 2021 in San Antonio, TX. This would ensure that we don't have to pay until June 2021. We are moving there, military orders, in May 2021. I received a call today that the Builders want to close the month of March. This would mean we would owe our mortgage beginning of May. They are offering $2000 towards closing costs because of this. So essentially May will be covered, but the whole month of April the house is unoccupied. I'm choked up about the principal, even if the deal isn't that bad. I just feel like they owe more than just $2000, or am I wrong for that? Realtor doesn't "think" they'll budge anymore. Is there anything else we can ask for the inconvenience? [link] [comments]  |
| Posted: 03 Feb 2021 03:03 PM PST Anyone know if navy federal, chase, or any other banks/credit unions offer bridge loans? [link] [comments]  |
| Under contract but website's status say for sale. Posted: 03 Feb 2021 12:50 PM PST As a buyer, I am on my option period 4th day now. But all realtor's websites say that my flat is still for sale. Isn't it supposed to be on "pending" status as soon as paid Ernest Money and Option Fee (which I did)? My agent says that it is 100% normal, maybe the seller's agent forgets to update. Is it normal? [link] [comments]  |
| Looking for advice on unique living arrangement Posted: 04 Feb 2021 01:09 AM PST I'm in a pretty tight spot and I'm trying to figure out exactly what my options are currently. Situation: Disabled boyfriend and I have been living in a house that belongs to some friends of mine for 2.5 years. The husband had gotten a job offer out of state that needed to be started asap, and they didn't want to have the hassle of trying to sell the house that quickly. We made an agreement that we would move in and essentially pay them their mortgage payment (+homeowners, escrow, and taxes) and be able to live there with all utilities in my name except the city utilities, as that would classify the property as a rental and up their taxes. All upkeep and maintenance would be on us as well (which I've done probably around $3,000 in misc upgrades and repairs). As far as the mortgage total, I've paid around $25k. I don't know how much specifically went to the principal on their loan, but needless to say I've paid close to 1/3rd of the value of the house they purchased it at. The end goal was at some point (never established a time frame) I would be able to buy the house from them without needing to have it listed etc. My credit has been in a slow repair during this time, and currently I'm still a touch under what I'd need for a loan. This arrangement has been going pretty flawlessly since June of 2018. They've not charged us anything beyond their payment, as they weren't trying to make money off the deal so much as not have the hassle. So last month I get a message that they'd like to call and chat. When I called them, I was basically informed that due to the virus and the fact the husband has been working remotely the last year /foreseeable future, they've decided they want to move back home and into the house. I've been given until March 15th. All in all, I'm not actually that upset about not having to buy the house, it's not worth what the market is valuing it, but that is not enough time for me to find another situation to get the BF and I into. I work 60+ hours a week 2nd shift. I've tried to get them to budge on the date, but their lease down there ends on April 1st, and they need time to clean our house because the husband is deathly allergic to cats. What options do I have in regards to the eviction moratorium? I don't want to push it to that and basically feel like I'm squatting in their house, but I know that's not enough time to leave. There was never any sort of formal paperwork, but as previously mentioned all utilities are in my name and I have all the receipts of payments that show I've been residing there for nearly 3 years. Any advice or suggestions would be tremendously appreciated. It is 4 am where I'm at, so I'll check the post in the morning. Thank you again anyone who offers advice. [link] [comments]  |
| Does buying a house trump a lease Posted: 03 Feb 2021 11:53 PM PST My fraternity recently bought a house that a different fraternity was looking to lease. I do not know if the lease went through or not so would the leasing house still have rights to said house or since my fraternity bought it would it cancel out their lease. The leasers did not move in, but my fraternity did. [link] [comments]  |
| Choosing between two agents (NYC); does it matter at a certain point? Posted: 03 Feb 2021 03:03 PM PST I've worked with one agent a few times when purchasing as he was recommended by a colleague. He's responsive, always has an answer or reference, knows a lot, has gone to bat for us, etc., and we get along great, which always helps. However, we're gearing to sell a unit now, and the area we're in is not where his reputation lies, if that makes sense. I'm in one part of a borough and he's more well-known for selling in another part; that's where a lot of his listings are and have been. In contrast, I know of another agent who is well-known in our neighborhood; he actually used to live in the building I'd be selling in and has sold and rented multiple units in the building. It seems like he'd be better suited to sell the place--but I know nothing about how he works or what he's like beyond what I've just described. My question is, at a certain point, does it matter? Once the information is output for public consumption, everyone has the same access to the information. I'm not sure I've thought much about who the seller's agent is when I'm buying. Both agents are professionals and well regarded. But I feel like I've only got one shot here once we put it up on the market, especially since it's sort of a buyer's market here right now. Should I just go with the devil I know, or do I go with the person with a proven track record in my specific area/building? Is there something obvious I'm not considering here? Thanks in advance for hearing me out. [link] [comments]  |
| Our agent is making us cover .5% of the agent fee Posted: 03 Feb 2021 07:28 AM PST Hi all - we just had our offer accepted on a home and have a detail that we're working through. From the beginning, we noticed that the buyer's agent commission was listed at 2% - knowing that was nonstandard, we asked our agent about it and she said, "It's very uncommon, let me call the listing agent about this and figure it out." Just before signing the offer, I brought it up again, and she said "I'll work it out with her (listing agent)". We signed the offer, and she emailed the listing agent and said that we agreed to pay the .5% to get to her to 2.5%. She forwarded that email to me so I responded that we weren't clear on that expectation and asked if she had an update on her conversation with the listing agent. She responded that she saved us a lot of money during this process and so she is expecting us to cover the .5%. additional context: We hadn't signed the initial agreement that stipulated the 2.5% fee and she proceeded to work with us anyway. We met her on Sunday and closed by Monday at 5pm, so it was a quick turnaround time. We want to make sure she is paid fairly, but given our repeated attempts to address the issue and her assurances that she would work it out with the listing agent, and that we didn't agree via contract to pay it, we're not thrilled. We're erring on the side of paying it and just calling it a day, but wanted to get some second opinions. Also curious, if we try to push back, is there anything she could do to make our lives harder at this point / have the offer fall through? [link] [comments]  |
| Can a seller who hasn't found a place to move to crush my dreams? Posted: 03 Feb 2021 08:38 AM PST In August 2020, we fell in love with a house we saw and we quickly put in an offer. Another buyer got in first, and the sellers signed a contract with them. The house has been "pending" for quite some time, and my realtor has stayed in touch with their realtor. Apparently the sellers haven't found a house they wanted to move into, so they kept pushing back closing date with the buyer. Fast forward to now, the buyers decided they didn't want to wait anymore, found another place to live and no more contract. We're next in line - WOOHOO!!! They've accepted our offer now, and we set a closing date a little further out in April to give them more time to find a home. I'm perfectly okay with waiting for the perfect house (to some extent) and they clearly still want to sell... but I'm hoping it doesn't take them another 6 months to find a spot to move to!! What typically happens here? IF they don't find a home, I'm assuming we can keep pushing out the closing date? Is this a common problem? Are we entirely at their mercy? [link] [comments]  |
| First time buyers in the Seattle market Posted: 03 Feb 2021 01:28 PM PST My wife and I have been renting in the Seattle area for over a year getting an idea of what areas we'd like to buy in. But so far it seems like an up hill battle. It's definitely a sellers market where any decent home in a desirable area is quickly attacked with 4 to 10 offers, 20 to 30 percent above asking price, people waiving traditional inspections (they'll literally show up to see the place with an inspector en tow). From what I can also tell is that this is happening all over the US in every state from NC to TX. We're trying to stay optimistic about it, but it doesn't seem like we'll be buying anytime soon with how crazy it is here. Places that went for 450k 5 years ago are selling for over 900k and that's if you're lucky that they take your offer. You'd think that the coronavirus would be keeping people from buying, but nope. I'm just to the point of saying fuck this and leaving this area all together. Tennessee is looking better and better with each month passing. Seriously, fuck the Seattle housing market Edit: redfin and zillow type apps are utterly useless. It's almost as they're just toying with buyers at this point. I've even seen some new listings with "price increase" on them (it's usually saying "price decrease"). I didn't realize everyone was able to afford a mortgage close to 1 million dollars in this area. I work in tech, but I'm you won't catch me yachting on a Sunday, geez [link] [comments]  |
| Refi question - can loan estimates change during the closing process? Posted: 03 Feb 2021 10:53 PM PST I had a loan estimate from late December and I proceeded to sign an intent to proceed, a loan application papers, initial disclosures, and signed escrow papers throughout January. The December loan estimate had a lock date until Feb 1st and on Feb 3rd I was given a new loan estimate that's >$500 more than what I'd been proceeding with throughout the process. I was under the impression that if I had started the closing process that the LE would not have changed legally. But I discovered that there's something called Closing Disclosure statements. Should I have requested/been given a closing disclosure rather than a loan estimate before I started signing papers? Is this a dirty practice by the mortgage company that I should fight back or walk away from, or just my fault for not understanding and hurrying along the paperwork? To my credit I was reading paperwork carefully so I didn't immediately sign all paperwork, but I was fairly prompt in submitting the documents. I received the realtor's name as a recommendation from a neighbor who I thought was pretty savvy. This is for a loan and home in CA. [link] [comments]  |
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