Thanks to Reddit I discovered that the vacant home I want to buy is owned by a mortgage lender. Where do I go from here? Real Estate |
- Thanks to Reddit I discovered that the vacant home I want to buy is owned by a mortgage lender. Where do I go from here?
- Market Craziness
- When you get apply for pre-approval/mortgage, does the home value matter or is it just the loan size?
- First Time Buyer - Counter from Seller Question
- How much "credit history" needed for mortage?
- HOA has an all-in policy - do I still need extra condo insurance?
- We bought a pre construction townhouse and im having second thoughts about putting more down payment beyond the 10% required from the builder
- �� Termites ��
- Pros & Cons of Delaying closing vs. rent-back please
- The COVID boom is from apartment dwellers. Lending standards in USA are strict.
- Just purchased a home on ten acres in Arkansas. There were five offers on the property. Wow. The market is hot right now.
- Should I buy? First Time
- How to bid on 2 houses simultaneously
- How long is a preapproval good for and how do multiple credit pulls for preapproval work if I decide to not buy a house until the following year?
- Agent fooled us into signing into a contract with their company
- What happens when you put 20% down and a housing crash happens?
- Mortage rates
- Realtor doesnt want to work with me cause pre approval too low?
- What are your thoughts on "love letters"?
- anyone here know which places virus affected home prices most? and least?
- What are the risks of waiting out this market?
- New Build Pricing Date ETA TBD
- why are city condos sitting/going down in value?
- Getting beat by all cash buyers
| Posted: 10 Feb 2021 04:04 PM PST Thanks to the advice from this forum I was able to discover that the owner of the property next to the home I am renting is owned by a mortgage lender called TruHome Solutions. The last owners defaulted on their mortgage I guess (rumor has it her dad bought her the house and she didn't like living there and just let it go into default..) So, I suppose it's in the process of foreclosure or something? It's been vacant for about a year. Here's what I know: the house was last sold in 2015 for about $150,000 - Zillow's "zestimate" estimates it's worth $200,000-$250,000. I don't know how accurate "zestimates" are. The house is okay, built in 1981, but could definitely use some TLC because it looks like no one has loved it for a long time. It has a basement though and this house is situated next to a rather large body of water so this concerns us a bit. Especially since we know from experience that we've had a little bit of flooding on our own property about 15-20 years ago. Here's what we have: We are in our late 20's but we both have excellent credit and between the two of us we have roughly 20-25 thousand in cash and no debt. So, I want to reach out to this mortgage lender to express my interested but I don't feel knowledgeable enough at all to talk to them yet. Excuse my ignorance but does a potential home buyer need a loan before even talking to the owner of a property or do they apply for a loan afterwards? Or is it entirely something different since this house is already owned by a mortgage lender? Please help a clueless Redditor out. Edit: wow, I wasn't expecting this much help. I've read every response and I appreciate all of you. I have a whole day of work in front of me so I may not have time to reply to everyone but I am certainly reading and learning from what you all are sharing. Thank you. [link] [comments]  |
| Posted: 10 Feb 2021 05:30 AM PST My wife and I were looking at purchasing a home that was listed at 750K, we offered 775K and there were 22 other offers. The sellers agent came back and asked everyone for best and final. We upped our offer to 800K were told within 30 minutes our offer wasn't a contender. It doesn't bother me that we lost out on the house, there will be others. My thought is this house needed some updates and 2 months ago a house down the road sold for 1.05M. It had all the bells and whistles (updated everything and central AC) and almost triple the property. More than likely our offer was beat by at least 25K if not 50K. Even pouring another 200K wouldn't come close to matching that "Spa" home. I just find it crazy how the market is and who are all these people with the $. [link] [comments]  |
| Posted: 11 Feb 2021 12:04 AM PST Let's say I want to make a 600k down payment on a 1m property, thus requiring a 400k loan, vs a 100k down payment on a 500k property. Both are the same loan sizes, but does the value of the property matter at all when the loan application is considered? [link] [comments]  |
| First Time Buyer - Counter from Seller Question Posted: 10 Feb 2021 09:06 PM PST First time home buyer with my fiance. We found a home we really liked and offered $10k over asking price. The amount we offered is the absolute top of our budget. Tonight the listing agent reached out saying they received over 10 offers and were countering the highest and best of the bunch for best and final. I am not exactly sure what that means. Does that mean our offer was one of the highest/best? Not sure how much extra to tack on to the offer since we were already at our top end. Any advice? Just walk away? [link] [comments]  |
| How much "credit history" needed for mortage? Posted: 10 Feb 2021 08:53 PM PST Applied for preapproval through fnma. (Was trying for a specific grant from my state that requires a mortage through fnma.) I have never had a credit card because I just never had the need for one and I was trying to be responsible with my money and not go into credit card debt. I have about two years of school loan payments all on time and one year of car payments all on time. My credit score is 740. Was denied a mortage because of lack of credit history. How long of a credit history am I suppose to have to get a home mortage? [link] [comments]  |
| HOA has an all-in policy - do I still need extra condo insurance? Posted: 11 Feb 2021 01:33 AM PST Sorry, I'm quite new to all this. Upon my request, my HOA sent me a copy of our insurance policy and apparently it's an all-in policy. The certificate states that it includes finished interiors, including improvements, special form coverage, 100% replacement cost, and building ordinance or law coverage. Does this mean that I don't need additional condo insurance? I was paying for additional condo insurance through my escrow for my first year but then recently refinanced and now the homeowner's insurance is no longer being paid through escrow. My broker said that my policy is all-in so additional insurance isn't required so I just canceled my policy with AAA. My condo insurance with AAA had Additional Limit - Building Property, Building Property - Special Coverage, and Loss Assessment Coverage. I don't know what the heck this all means... I was getting combined discount with my auto. I don't want my lender force-placing insurance on me for having insufficient coverage. [link] [comments]  |
| Posted: 11 Feb 2021 02:44 AM PST Is it better to put 20% down payment? Does it have any pros besides a lower monthly mortgage payment?? Or is it better to keep the cash for emergency fund? If we put 20% down, we would have no other savings. Any opinions are appreciated thank you very much! [link] [comments]  |
| Posted: 10 Feb 2021 06:20 PM PST We had termites last spring. We had our entire house as well as our front yard and backyard treated. It was reinspected 90 days later and there was no evidence of live termites anymore. The treatment comes with a five year transferable warranty and we have all of that paperwork. I would assume we need to disclose this upfront. There was no structural damage from the termites, and it was treated, so I don't imagine the buyers would ask for anything else related to that- would they? What happened (funny story): Last April, about three weeks into Covid lockdown, the strangest thing happened. I was in the living room playing with my six month old son, and I had the front door open so he could look outside, but the glass storm door was closed. All of a sudden, hundreds of bugs started coming up under the storm door. I thought, "What the absolute hell? Another plague?!" 😩 I walked out onto the front porch, and there were literally thousands of them crawling out from behind our siding. I didn't even know what to do, so I grabbed the shop vac and started sucking them up. I would get them all sucked up, and then two minutes later there would be dozens more. I had never seen anything like it! It was so cringy and I felt my skin crawling! If arson wasn't a crime, I would have just struck a match and walked away. It was the nastiest thing I had ever seen. 🤢 I grabbed a couple bugs and trapped them in a glass jar. Went to Lowe's and bought a commercial size container of termite spray and sprayed the hell out of the front of our house. We had a pest control company out the next day. They confirmed that it was winged termites and treated our house. They drilled holes down through our concrete front porch and all over our front yard and our backyard and treated for termites. They also treated for termites in our basement, really saturating the area under the front door, which is where we saw the most. They came back in July and did another inspection and didn't find any live ones. I hate bugs. 🤢🤢🤢 [link] [comments]  |
| Pros & Cons of Delaying closing vs. rent-back please Posted: 11 Feb 2021 12:17 AM PST Looking for some pluses and minuses of rent-back and thoughts on delaying closing instead of doing a rent-back. Horror stories are welcomed! [link] [comments]  |
| The COVID boom is from apartment dwellers. Lending standards in USA are strict. Posted: 10 Feb 2021 12:12 PM PST Lending standards in USA are strict. Low rates, record low unemployment, huge stock market gains, parental money, and RE profits are driving higher prices, BUT not risky lending. Many can't qualify for a loan. The COVID boom is from apartment dwellers moving into middle class starter homes. The $800k market is largely untouched by COVID, except people moving out of very high cost cities directly into $800k+ Luxo homes. What ? Prices rose $200k .....is nothing. People make that in a few months trading stocks now. Should probably be more like $600k to $2.5mm in the last 2 years. Houses sounds cheap as chips in your area. Other places have gone from $150k to $500k in 2 years. Foreclosure wave? Keep dreaming. LOL, I know people who have banked an entire year's worth of rent. That's $36k in cash. Plus stuff they didn't spend on in 2020. Previously broke homeowners suddenly are sitting on $50k or $60k in cash, and some have invested that into $100k+. Trust me, they ain't getting foreclosed. LMAO. Saw the same thing firsthand during 2008-2010. People living mortgage free for up to 3 years. Went out and bought a house with cash after that, once the foreclosure was finally done. [link] [comments]  |
| Posted: 11 Feb 2021 04:25 AM PST |
| Posted: 10 Feb 2021 08:25 PM PST Hi Guys, I'm wondering if I have enough money for this place I'm looking at It's in San Francisco, where condo prices are incredibly high Price: $725K Takehome (after taxes, etc.) is approx: $6,300 per month Estimated costs for Mortgage, Tax, and HOA is about $3,600 So this home is about 57% of my monthly take home. Is that too much? the Internet typically says about 28% but I'm not sure if I could ever do that in the San Francisco Market. Any thoughts? [link] [comments]  |
| How to bid on 2 houses simultaneously Posted: 10 Feb 2021 09:57 PM PST We put in an offer on Decent house and the Seller countered. Awesome house just came on the market. We are going to see Awesome house tomorrow but it seems a lot of other ppl like this house too. Should we withdraw our offer on Decent house or somehow stall? We are their only offer. [link] [comments]  |
| Posted: 11 Feb 2021 03:20 AM PST I live in Northern New Jersey. Home prices are insane, but I want to eventually stop renting and buy myself a small home. If I get a preapproval in the next couple of months and it's not enough to get me into a home, what effect will it have if I want to try again the following year when I am making more money and have more for the down payment? What if I cannot find a home because of the low inventory and then want to try again the following spring? I am worried about the credit pulls. Am I overthinking this? [link] [comments]  |
| Agent fooled us into signing into a contract with their company Posted: 10 Feb 2021 11:03 PM PST Hello, I live in Nevada and am currently looking into buying our first house with my wife. Our lender recommended a real estate agent and she was helpful at first. Today she showed us a house and we informed her we were interested in a house we saw was on the market on Zillow. She told us she had another client who was already interested in it and we shouldn't bother trying. This rubbed my wife and I the wrong way and decided we didn't want to work with her anymore. Turns out when we were signing offers to put in a house we wanted a few weeks ago she slipped in something saying we are contractually obligated to work with her company only until may of this year. We didn't know we signed such thing and now we cannot move forward with reaching out to a new agent. Am I screwed since she blindly added that? I know we signed and in the end it's our fault but is there anything else we can do? [link] [comments]  |
| What happens when you put 20% down and a housing crash happens? Posted: 10 Feb 2021 10:49 PM PST If you purchase a house with a 20% down payment and a market crash happens, does that mean the lender will add PMI to your loan? Are there other implications that can happen? [link] [comments]  |
| Posted: 10 Feb 2021 06:56 PM PST I just got a pre approval for a home for $310k conventional loan with interest rate of 3.25% and APR 3.75% is this high????? And also can someone explain the difference between both rates? And how are they calculated over time Thanks in advance [link] [comments]  |
| Realtor doesnt want to work with me cause pre approval too low? Posted: 10 Feb 2021 06:49 AM PST Hi guys I just moved into the area and found a realtor and asked him I was searching for something in the 400k range and putting 20% down. I got my pre approval ready and was approved for 375k, told the realtor all this already. Today he found a place for 390k and told me my pre approval wouldnt support the loan and he would need the lender to qualify me for a larger loan of at least 400k to support the purchase. If I was putting 20% down wouldnt I only need to qualify for ~320k? Just a little confused... [link] [comments]  |
| What are your thoughts on "love letters"? Posted: 10 Feb 2021 06:47 PM PST Looking to buy our first home in Denver. Have put in 3 offers in the last month, all over asking with "aggressive" terms, with no luck (we think the winning offers were higher and waived appraisal (ie cash) and inspection. We asked our agent about love letters, who strongly advised against, stating some agents don't even show them to the seller, because it opens a door for a discrimination claim if the offer is not selected. On the other hand, friends going through this process have endorsed this move. What's the general consensus? [link] [comments]  |
| anyone here know which places virus affected home prices most? and least? Posted: 10 Feb 2021 06:41 PM PST anyone here know which places virus affected home prices most? and least? where see this? [link] [comments]  |
| What are the risks of waiting out this market? Posted: 10 Feb 2021 09:56 AM PST Context: I already own a house that has appreciated greatly in a hot neighborhood in Atlanta (West Highlands). I'm looking to upgrade to a house with more space in a better school district. Prices are rising, competition is high. What is the risk of staying where I'm at until this whole covid thing is over and then buying/selling? I'm also pretty certain my house will sell at a premium (even if it's not as high as right now) in the future. [link] [comments]  |
| New Build Pricing Date ETA TBD Posted: 10 Feb 2021 12:26 PM PST My fiance and I are in a "priority" list for the 6th and last phase of a new development in Sacramento, California. Since this phase won't be available until Q1 of 2022, there is no exact pricing yet for the homes since their vendors are still re-calculating the costs due to an increase in overall materials, services, etc. We are also in another "priority" list in another new development a couple of miles away. They too are in the process of re-calculating the cost for their next phase. Is there an industry-wide deadline or date where final numbers are out for future production? The realtor assigned to the development is as unaware as we are, and always says "We are waiting for Mr. (Company Name)'s permission to release prices." I'd appreciate any insight. [link] [comments]  |
| why are city condos sitting/going down in value? Posted: 10 Feb 2021 10:09 AM PST i've been noticing that condos in the city are selling at the same price as they did in 2018 or even 2017. i've seen 2 on the market that are selling for less than what the owners paid in 2017. why is an inverse trend happening? 400k homes in the burbs (2017 price) are selling for 600k, but 300k condos (2017 price) in the city are selling for 250k. will gentrification of cities finally stop? also if anyone has any articles about it let me know. [link] [comments]  |
| Getting beat by all cash buyers Posted: 10 Feb 2021 06:20 AM PST I see a lot of people commenting that they are getting beat by all cash buyers. Who are these all cash buyers and why are they buying a home in cash right now? It seems like a terrible deal to be paying cash for a home right now. I dont think its investors because there dont seem to be that many good deals out there for an investor right now. Are there that many people that are downgrading their home and or location that they can roll their money from their primary residence to a smaller home or lower cost of living area? [link] [comments]  |
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