Can I buy a house with a low income if I can put money down and afford rent with a roommate? Real Estate |
- Can I buy a house with a low income if I can put money down and afford rent with a roommate?
- Insane emotional rollercoaster with realtor
- Buying a condo in Orange County, ca
- Multiple offers over asking price and over appraisal value. How can we be certain the person can cover the difference?
- What to expect before a market crash
- What income should I have in order to afford a $650,000 mortgage, with 3.5% down in SoCal?
- Will the model home ever return?
- Can’t help but think I messed up.
- How will easing mortgage standards affect the housing market?
- Type of loan for home I have clarification
- Found the best house... and lost it.
- Appraisal Question. Do premium lots matter to appraisers?
- How much should I charge for a virtual tour?
- Seeing an unlisted house
- Ethical for RE agents to buy a house before it hits the market?
- Parents offering house to me whats the best decision.
- Seller agent stringing us along?
- New Construction Builders who did upgrades: what was your appraisal experience?
- Should I even consider buying a house that had water in the basement due to a sump pump failing? Or move on?
- Will I have to worry about bidding wars on a new property??
- Deciding between two real estate agents.
- Co-signing with my parent’s new mortgage.
- Resort Townhouse Investing
- Seller Requiring 30% down on financing through our lender
| Can I buy a house with a low income if I can put money down and afford rent with a roommate? Posted: 28 Feb 2021 11:39 PM PST I'm in my mid 20's and while I don't make much yet (roughly 25k a year), I have good credit and rich parents that I can perhaps convince to pay a 20% down payment. I'm confident I could afford mortgage payments, especially since I have a reliable friend who would move in with me that would pay rent on my mortgage payments. I'm just not sure if I would qualify for a mortgage loan with my low salary. Is there some way I could include my friend's salary or my parents' salary to boost my ability to get a mortgage loan? Can I buy a house that costs roughly 250k with a low salary with a friend with a medium salary and parents with a high salary? I'm totally new to real estate so your advice is much appreciated! [link] [comments]  |
| Insane emotional rollercoaster with realtor Posted: 01 Mar 2021 04:16 AM PST So we've been trying to buy for the last 8 months or so. You all know the deal, the market is insane and inventory is sparse. Our realtor contacted us saying he has a property that is going on the market in a few weeks, slightly above our price range but in the perfect location....and the house is perfect. He says that he can't ethically get us in there before it goes on the market. We were able to contact the sellers ourselves and they were very open to us looking at the house within a few days. So we did. We got along great with them. The house was perfect, we expressed that we were interested. We ended up telling our realtor verbally that we were interested and started talking numbers. Our realtor said "well guys, they loved you. They want to sell the house to you, they don't even want to put it on the market anymore" I get that none of this was a contractual agreement, but it sparked quite a lot of hope with us. As soon as we talked numbers(we offered asking price with a good down payment which is what our realtor suggested ), our realtor was suddenly like "well I want market share. I'm top "whatever" percent in the country. I need to put it up on MLS for 24 hours, get showings and then we move forward with the deal". This was the first red flag. He had already said that the sellers didn't want to keep showing the house, but that this was the only way to make the transaction work "ethically". We agreed to do it this way if he thought we'd still get the house. This is where everything crumbled. He asked the sellers to agree to this and supposedly now they want to put it on the market and get into a bidding war etc. which I understand if that is the truth. Shitty part about dual representation is that you never know the actual truth from your realtor. So now the house is going on the market and we are more or less screwed out of getting a place we would have had no idea about if our realtor hadn't roped us into all of this. This is mostly just a venting post, any advice or thoughts appreciated [link] [comments]  |
| Buying a condo in Orange County, ca Posted: 28 Feb 2021 07:35 PM PST I know the real estate market is crazy right now but does that apply to condos as well? I'm looking to buy a 2 bedroom 1-2 bath place in various places in Orange County, ca wherever its possible. [link] [comments]  |
| Posted: 28 Feb 2021 07:22 AM PST We listed our house for 175. We received one offer for 185, 190, 195, and 205. Granted there is some earnest money (~1000) how can be sure the buyer can cover the difference of appraisal value? Edit: so many responses! Thank you all for the info and help! And the people in the opposite situation. We have accepted an offer. Now we wait! [link] [comments]  |
| What to expect before a market crash Posted: 28 Feb 2021 07:01 AM PST I know we've had a ton of threads like "what's going to happen in the market," but, I think this is an important point that I don't see mentioned. So I thought it was worthy of a new thread. In order for there to be a market crash, or, even significant price drops, there will need to be a large amount of houses sitting on the market unsold, for an extended period of time. Obviously most markets are nowhere near that level of inventory at the moment. So the first measurable sign of any market slowing will be extended marketing times. Sellers are loathe to drop prices and that will be the last resort, not the first. Sellers will just wait longer to sell, before they drop their asking prices. For many years (decades really) it was totally normal for it to take up to 90 days for your house to sell. That wasn't even considered a buyer's market, that was a balanced normal market. This will happen at the same time that bidding wars evaporate, because there is enough inventory that buyers don't have to fight for houses. Bidding wars are harder to measure, because unless you are an agent with a pending sale, you don't reliably know what's happening. So if any market watchers want to monitor their market for any possible changes, in my opinion marketing time/days on market is an excellent canary in the coalmine. [link] [comments]  |
| What income should I have in order to afford a $650,000 mortgage, with 3.5% down in SoCal? Posted: 28 Feb 2021 10:00 PM PST |
| Will the model home ever return? Posted: 28 Feb 2021 07:16 PM PST One of my favorite past times in the 2000's was touring model homes. Builders had seemingly endless amounts. The home I grew up in was a former model home. Are model homes still a thing? I don't see them anywhere. I don't even see spec homes anymore. All new constructions have been bought before being finished even. [link] [comments]  |
| Can’t help but think I messed up. Posted: 28 Feb 2021 07:25 PM PST I put down money in October for a new build, costing 800k. Was gonna sell my current house for 390k, making 220k after closing costs. A week before breaking ground, I got really bad cold feet. I mean, really bad. I am self employed, and I worried about business and how it would be moving forward. We were fine through the pandemic, but for some reason I was just so scared. I mean, scared shitless scared. Probably had a mental breakdown. I wasn't sleeping, I wasn't eating, drinking. I lost 10lbs in 3 weeks. I kept going back and forth on what to do. Was I making enough money to afford this house?? Right now I could afford it. But I was terrified of the future. My mind was in shambles. After moving in, I was anticipating my savings being low. I wasn't comfortable with that. I don't have retirement or investments. I ended up backing out of the house and lost earnest money. Now I go on the builders website and hate myself. And now my wife really hates me. I broke her heart. That was supposed to be our house. I feel I really messed up. Location was great in a cup de sac, nice yard (only gripe was Turnpike quarter mile behind house) F%#!!! This was our way of progressing in life, but instead I regressed. She keeps mentioning the address and how that was hers. Dammit. Will I get another chance like this again?? Will it even matter? My wife hates me. Not sure why I'm posting this. I guess to get it off my chest. Should probably xpost this to r/relationship_advice [link] [comments]  |
| How will easing mortgage standards affect the housing market? Posted: 28 Feb 2021 05:37 PM PST https://www.forbes.com/advisor/mortgages/why-qualifying-for-a-mortgage-might-get-easier/ From the article above, there are two takeaways that will likely allow more people to get a mortgage:
This makes me wonder if the thought that rising rates would lower demand might not fully materialize, and instead people who were previously denied mortgages will be willing to pay higher rates to own a home. This could create a scenario where housing prices continue to appreciate at fast rate, but also increases the risk of future mortgages. I was curious if anyone else had thoughts on how this might affect the market. [link] [comments]  |
| Type of loan for home I have clarification Posted: 01 Mar 2021 03:43 AM PST Hey guys I purchased a home as a primary residence about 7 years ago. I lived there for a while but now I use it as a rental/investment property. My HO is paid by by my mortgage company and it is a landlord policy so I am good there. I want to know if my bank now considers my loan as an investment loan or a primary residence. Not sure if this matters or if a bank would have it listed as one or the other. If so, how would I find this out on my own? thank you [link] [comments]  |
| Found the best house... and lost it. Posted: 28 Feb 2021 07:20 PM PST Perfect build, everything that I wanted. Land.. white house with black gutters, new build... close to everything. Had public water, septic with all gravity flow, all electric.. Man... this is a TOUGH market. So the house was listed at 310k for 1500 sq ft, 3 bed 2 bath. The builder was the selling agent, which I found interesting, but my agent didn't think it was worth that much so we went in at 290k, 70 down, I pay closing. He was supposed to get back with me bc she made it seem like I was willing to go that 310k, but make it seem like she was pushing the 290k.... that back fired. My agent is super awesome and friendly so I know she handled it fine. I think I'm just posting this to let it out bc I was hoping for this one. I know it's stupid and I shouldn't get too wrapped up in one house... but damn what am I supposed to do? Settle for a shit house? Everyone is hopping on these so fast and always seem to have such a high offer. I don't have too much time to find a house either... maybe a couple more months or so and I will need to rent. Pretty discouraged and just hoping for encouragement or tips or something. I'm looking at a house tomorrow that's about 10 more min from everything, built in 2000 but priced a little cheaper. It'll take about 20 min to get to Kroger... kinda sucks. I might be settling idk. THIS IS A STRUGGLE. I feel like I just lost the house of my dreams... I know that sounds crazy but it really was everything I wanted. Thanks for reading if you got this far [link] [comments]  |
| Appraisal Question. Do premium lots matter to appraisers? Posted: 28 Feb 2021 08:27 PM PST Hello everyone. Long time lurker first time poster. My wife and I recently went under contract for a new build. The lot we chose was a premium lot (all the lots left were premium lots) and cost us $7k. We are budgeting 20k for upgrades, but after reading countless horror stories on here about appraisals coming up short I'm starting to wonder should cut our upgrade budget by $7k-10k in case we have to cover an appraisal gap due to the premium lot? No other homes in the neighborhood have been finished yet which sucks because I wanted to ask around and see how some of the houses appraised. [link] [comments]  |
| How much should I charge for a virtual tour? Posted: 01 Mar 2021 03:49 AM PST I'm working for an architecture firm, basically they're doing 3D renders of future houses and I'm making the virtual tour out of them but, I have no idea how much should I charge for this, any idea? [link] [comments]  |
| Posted: 28 Feb 2021 06:44 PM PST I learned of a house in a really desirable area that the seller is trying to sell without listing. I heard about it through a friend of a friend and at first assumed she was doing for sale by owner. I asked if we could use our agent for the contract, etc. and she said she already had an agent who was going to give her a discount on the commission for "bringing in the buyer." But she added we could probably work something out. The house seems great from pictures when it sold in 2016 and I'm eager to see if it would work for us. I told her I should probably coordinate seeing the house through my realtor and she replied that I'm not limited in viewing the home because it's not listed (and she had verified this with her realtor.) I'm not exactly sure how to proceed now. My realtor is going to call her tomorrow, but I'm wondering if I defeated the purpose of the seller not listing? Should I not have contacted my agent about it? What's the deal with selling without listing? [link] [comments]  |
| Ethical for RE agents to buy a house before it hits the market? Posted: 28 Feb 2021 02:42 PM PST I've noticed some recent sales in my area where the current owners are real estate agents, but they purchased the house before it ever went to market (and recently). This seems unethical to me. Feels a little like insider trading of sorts. Thoughts? [link] [comments]  |
| Parents offering house to me whats the best decision. Posted: 28 Feb 2021 08:22 PM PST Long story short the house is owned by my parents and was going to be given to my sister as a college gift if she followed several rules such as 11:30pm curfew, good grades and etc. My sister has been found doing alot of shady stuff and over the last several years and shown she's not capable of owning the house. I do live in the house and pay rent even when offered by my parents not too and over the years they have seen me doing above and beyond by taking care of all bills, maintaince, repairs and etc. on the house when my sister became less reliable. My parents has suddenly asked me to take over the house as a gift as they own several other properties but felt it was best for me and my gf as we planned on getting married soon and starting a family. I was ultimately shocked as just last week I discussed with my parents how we were planning on moving out to another rental. The house is worth around $245k on zillio but not sure in what condition they assume or what we would be offered.. The house does need some work but I have done several things and already taken care of the major repairs months prior. This is sudden news to me as I was planning on moving to an apartment but when offered decided it might be best to stay. What is the best move you guys would recommend from here.The house is old(1984) and honestly not sure what to do. The house is in "good" condition but could use some work on it but nothing too expensive.(roughly >$5k) Is it best to fix the house and sell to look at other options. Just stay and save. Sell and use the money toward another bigger house? The house is a 4bed/2bath but the rooms are considered small. With my sister out, we have rented out 2 of the rooms to our childhood best friends and the money was sent to our parents monthly of around $1000. Any advice is appreciated. [link] [comments]  |
| Seller agent stringing us along? Posted: 28 Feb 2021 11:08 AM PST So we fell in love with a house that had been on the market a long time. The price had dropped some already, and we were told that the sellers were anxious to get it sold asap. Their agent kept pressing us to put in our offer. We were hoping to wait for our military orders, but we loved the house so much that we went ahead with our offer. The time for them to accept our offer passed. We were told they decided to take a different offer that suddenly showed up out of nowhere and that we could be a backup offer. Annoyed, we said we would pass, and began looking at other houses. A couple of weeks pass, and their agent calls ours and asks if we are still interested. They said the other offer was more money, but they got the inspection and are now nitpicking. They claimed they aren't really happy and wanted to "let it expire." Our agent warned us that it doesn't mean they will accept our offer, but it was sounding like they wanted to work with us. They gave us a date (yesterday) and we resubmitted our offer. They accepted our backup offer, (late again of course) but we heard nothing about the cancelation of the other offer or anything of the sort. We are now told that they're waiting for the financing date to expire on Mar 10. We feel like they're stringing us along and not being honest with what their process is. It feels like they just wanted a backup offer to pressure their current buyers to cooperate. What are the odds here? We love the house and really want it, but if they aren't planning on selling to us, I wish they'd just be honest and straightforward, and communicate. Are we misreading this? Should we back out? [link] [comments]  |
| New Construction Builders who did upgrades: what was your appraisal experience? Posted: 28 Feb 2021 03:24 PM PST Trying to get a gauge on others' new build experience, particularly if you had room in your budget for a fair amount of upgrades over the base model.
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| Posted: 28 Feb 2021 11:53 AM PST My wife and I are looking right now. Inventory is low in the area. We found a house that's reasonably priced that fits all of our needs. Most houses like it are priced probably 50k more. All of the photos look great. Then we get the disclosures. Basement had water last year after the sump pump and backup battery failed. I guess the natural question would be, why would a newer sump pump and backup pump fail? My bigger question is why did the water even take in water in the first place? Is it a foundation issue (they answer was they don't "think so." Is it even possible to have a perfect foundation with no issues...but it just happened to rain heavily for a couple of nights. And the sump and backup both failed? Because the answer to this question is likely going to determine if I buy or not. I grew up in house that got water in the basement. The amount of stress it caused my father is enough to make me really question if it's worth the risk. My father bought a condo last year and said "this was the first night of rest I got while raining in 50 years." [link] [comments]  |
| Will I have to worry about bidding wars on a new property?? Posted: 28 Feb 2021 12:31 PM PST Hello, everyone. Thank you in advance for taking the time to read this. I'm new to buying a home so I really don't know what to expect. I found a home that I am in love with, and it will be built in a new community. The homebuilders plan on releasing the plots of land hopefully in the next few months. It's my understanding that I need to act quickly once they open up the plots of land to ensure that I can get the home I want to be built. I have a friend who keeps telling me to be careful of bidding wars. I don't think there would be any type of bidding war if I'm trying to get a brand new home built. Again: I'm new to this process so PLEASE correct me! To my knowledge, once the plots open, I go in and tell the builders what I want, sign some paperwork and throw money at them. This is probably very wrong, but I want to ask you guys 1) what should I expect? 2) will there be a bidding war if I go about getting a home this way? Thank you again! [link] [comments]  |
| Deciding between two real estate agents. Posted: 28 Feb 2021 03:12 PM PST Without getting into specifics. Interviewed a few agents and narrowed it down to two with their own pros and cons. One agent (Agent A) is located 24 miles away from where we want to buy and has not helped someone buy a house there in the last 6 months. This agent seem like she specializes in houses 1 million and above (my price range is 800-900K. The major advantage is she owns an appraisal company and has 20+ yrs experience with appraisal and HAS appraised over 25 houses in the area I want in the last 6 months. Agent B, lives in the area we want to buy in. He has helped people buy multiple homes in the area. He specializes in houses 500-700K. Agent B works for Century 21, Agent A works for Keller Williams. Both have over 20yrs in real estate and personality wise, either would be great to work with. Any idea which would be the better choice? [link] [comments]  |
| Co-signing with my parent’s new mortgage. Posted: 01 Mar 2021 12:51 AM PST Co-signing with my parent's new mortgage. As the title suggests, I'm planning on co-signing onto my parents new mortgage for a house I will live in as well. They don't expect me to pay for anything expect I plan on voluntarily pitching in as much as I can afford for the down payment. The house we're looking at is in the $650-750k range, and if they can qualify without me then great, but if not I'll help since my 2 internships last year bumped my income high enough for it to actually help their case. Interest rates are also really low (I saw some fixed 5yr rates around 1.69%) so I think it's worth it now. I wanted to know what the benefits and cons of this could be both short and long term. I'm 23, and like I said my parents already said they don't expect or need me to pay for the mortgage, and one day I plan on moving out and buying my own house with my wife and all that. Now would having a mortgage history help my future case? Because my parents have never missed a mortgage payment and don't plan on it in the future, would my co-signing make my credit better? Or would already having a mortgage make it harder for me to get a new one with my significant other? Any other pros/cons I should be aware of? Thanks in advance! [link] [comments]  |
| Posted: 01 Mar 2021 12:40 AM PST Hi all, Wife and I are looking building a property portfolio starting with a townhouse which is part of a resort. We live in Australia and do currently have our own home with a mortgage. Properties we are looking at are part of the resorts in the SouthWest WA. Very popular holiday destination. Example property liked below. https://m.realestate.com.au/property-apartment-wa-broadwater-135539590 Looking for any advice or experiences people have had with this type of property. Cheers [link] [comments]  |
| Seller Requiring 30% down on financing through our lender Posted: 28 Feb 2021 12:25 PM PST Have been hunting for a home for ~ 6 months now and keep running into a situation that makes no sense to me. Hoping that I can get some insight into the rationale and perhaps a way of negotiating these situations. Have had put offers on two homes. We were first in line to see the homes and had the first offers on the table. In those cases, the home seller is requiring a minimum of 30% down on our financing...even though it is not seller-financed. The rationale that I keep hearing is that it gives the seller more confidence that the financing will be secured with our lender and won't delay closing. In both cases, we are pre-qualified for an amount that greatly exceeds the home value. In lieu of 30% down I have offered to show the seller redacted documents that show our financials + our credit scores. Thinking that should provide assurance that we will have no issues obtaining the loan. In both cases, they declined. It seems completely irrational to me that a seller would dictate the terms between us and our lender. What is really going on here and how do we get around it? (besides the obvious of paying 30%). [link] [comments]  |
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