Clear to Close! Real Estate |
- Clear to Close!
- LO didn't lock the rate...
- Stupid Question... How do you sell a house and buy a new house in a hot market?
- Cash purchase and mortgage right after.
- Question about agent
- Need recommendations finding banks who do portfolio loans for a first time home buyer
- Do urban homes (in places like NYC) which are 4th floor in a walk-up building have trouble selling?
- seeing a house with a Redfin agent because my realtor was not available
- Buying Land just to have it?
- Lender is asking for letter from my Work, Work is being difficult
- Flag lots - desirable or not?
- What changes when you make a cash offer on a house? (Washington state)
- Anyone use Reali to buy a house?
- I think I need help :O!
- Approved with Conditions...Smooth Sailing?
- Is there a way to find out how much flood insurance will cost before putting in an offer?
- Question about asbestos siding
- Is my realtor normal??
- Found out that the repairs the seller agreed to fix 5 months ago weren't fixed
- Selling advice?
- Selling a Flip - Diary Day 5 (The Showings Strike Back)
- US Midwest: Is having no basement deal breaker?
- Dual Agency
| Posted: 06 Mar 2021 01:25 AM PST A quick victory post: My title company called yesterday to tell me those three magic words! I close on the 11th. With the market as crazy as it is I feel incredibly lucky to have found a home that was under budget and had all the necessities I needed. I was starting to think it would be impossible. My realtor has been amazing every step of the way and literally everyone (including you guys!) has made this process a thousand times easier than I ever imagined it could be. I seriously have so much to thank you guys for. I hate being new at anything and the thought of going into such a huge undertaking with zero knowledge or experience was totally terrifying. But there's almost nothing I experienced during my home buying process that I didn't hear or learn about from you guys first. (And my realtor noticed!) So I wish you guys all the luck in the world on your own home buying experiences, and hope you can find the answers you need here too. [link] [comments]  |
| Posted: 05 Mar 2021 10:17 AM PST UPDATE: Just got off the phone with the manager who apologized and said they will honor the original rate lock request. Still need to close by the 10th! Thanks everyone! Spoke on the phone with our LO about locking the rate at 2.75%. Emailed back in an hour to ask to lock the rate and LO responded immediately that rate was being locked. I responded back to thank her. A week passes so I ask for the rate lock IN WRITING. LO responds that our rate is not locked, but can call me to discuss locking it. ???? I tell the LO about our email exchange and the LO looks it up and confirms. LO says that they see they went in to their system to lock our rate minutes after responding to our email, but there was a tech issue and she'll look into it. We wait another week (I send another two emails asking for updates) and after we send an email to our LO and her manager we get a phone call yesterday. LO explains our credit report had expired so she could not lock the rate, but the site would not tell her the reason and tech support would not tell her why she couldn't lock. Still doesn't explain why she didn't contact us for a week that our rate had not locked. So we had to lock it today at 3%. I know it's low historically, but who wants to pay more? Is there anything we can do to get BofA to honor the 2.75% lock? Is an email thread enough to show that we requested the rate lock and that our LO agreed to it? [link] [comments]  |
| Stupid Question... How do you sell a house and buy a new house in a hot market? Posted: 05 Mar 2021 10:30 PM PST Context: Homeowner for 10+ years, rehabbed a 1920s Craftsman in an increasingly hot neighborhood of Los Angeles, and the house is becoming too small for our family. We love the house but want to move. We have at least 350k of equity in the house according to the last assessment for a refi we did 2 years ago (actually we had over 500k of equity, but pulled some out to do some major stuff on the house like replace the roof, bathroom, plumbing, and landscaping). However, any of the neighborhoods we'd want to move to are also hot and things move very quickly. How the heck do you buy a new house and sell your current house at the same time? Agents want us out so they can stage it (I don't blame them, we're a "comfortable mess" kind of family with offbeat taste in decor, and lots of art supplies and books everywhere), but we wouldn't have anywhere to go unless we'd already bought a new place. But buying a new place would be difficult until we sold the original place, because while we could make a substantial downpayment, we'd be attempting to finance a LOT unless we'd sold our current home first. How does that work? Do you finance far more than you want to and then immediately upon sale of your old house pay off almost half the loan? Would that require a refi? And what do families do when agents want to stage their house but there's no new house to move into yet? I understand the concept of "contingency" but in a market like Los Angeles, in the neighborhoods we're looking at, that doesn't seem to be an option. [link] [comments]  |
| Cash purchase and mortgage right after. Posted: 05 Mar 2021 03:58 PM PST Hey folks. First of all and on behalf of others as well, I'd like to thank you for the insight you have been providing. If I'm in a position to cash purchase a 200-250K condo for my mom to live in, can I shortly after use that condo as equity and get a mortgage for 500K same city family home for wife and I? I will be able to put 5-10% down payment on that 500K. How favorable/unfavorable this will be for the lender? Thanks in advance. [link] [comments]  |
| Posted: 06 Mar 2021 03:01 AM PST My parents are looking to sell their house and an agent came and told them I can sell this house and buy your next house for a fee of 25,000. He says 12,500 to sell and 12,500 to buy. Also says it would include all legal and closing fees. This is incorrect right? Agents shouldn't charge for the purchase of your home you pay them to sell. And how would he know all the particulars of the closing costs? Think my parents are getting screwed but can't explain to them correctly. [link] [comments]  |
| Need recommendations finding banks who do portfolio loans for a first time home buyer Posted: 05 Mar 2021 06:00 PM PST I am in my 50s, retired, have no active income and want to buy my first home here in Houston, Texas. I have a lot of assets and make money that way, mostly through capital gains. Because I don't work nor have an active income I don't believe I can get a regular home loan. I can, however, get a portfolio loan as I got approved for one and almost pulled the trigger two years ago. I know the interest rates are higher but afaik it is the only option other than paying cash for the home. I have done some searching and finding banks who do portfolio loans is difficult. I know of one or two, but would like more options. Does anyone have a list or recommendations of any lenders who will do portfolio loans for someone like me? Any resources to help me find one? Oh my credit score is over 800 and I have very little debt. I'm in good shape, but the home I want will be just under 20% of my total assets. Also if you have any alternatives or advice for me that puts me in a better situation please don't hesitate. Thank you! [link] [comments]  |
| Do urban homes (in places like NYC) which are 4th floor in a walk-up building have trouble selling? Posted: 05 Mar 2021 11:16 PM PST I like one such unit but fearful if I won't be able to exit. I will need to move some time in the next 5 years, when I start a family etc [link] [comments]  |
| seeing a house with a Redfin agent because my realtor was not available Posted: 05 Mar 2021 10:50 PM PST There was a house I wanted to see but my realtor said he wasn't available until next week. However, the market is so crazy right now and I'm not even so sure if this place will stay until next week. So I scheduled to see the place through redfin and got a tour. After the tour, I'm pretty sold and want to put in an offer. Now... I have been working with my realtor for about 2 weeks and would like to go through with him. However, I feel bad about seeing the place with the redfin agent. Is there anything I can do? Help. I'm a first time home buyer and this market is driving me nuts. Every single house I have seen so far has multiple offers (well over the asking) and usually sells within 3-5 days. [link] [comments]  |
| Posted: 05 Mar 2021 07:02 PM PST Hey everyone. I just got a large bump in passive income and just kind of...decided to save up to buy a piece of land so I can camp, hike, backpack, explore, be by myself or take some friends etc. It would only be used as a retreat from work and normal life. No building on it. No hunting on it. Just me walkin' around. If that's all I'm using it for is there any real worry in just buying a big piece of land if it fits my wants? Maybe a river for fishing, hills, trees, car accessible, etc? I wouldn't be taking a loan out on it. For example, I've seen listings for plots about 40 acres for about $3500 in Arizona and Utah. That seems a little suspicious and maybe too good to be true. But if I just want it for what I've described is that just how cheap it can be or am I missing something?? [link] [comments]  |
| Lender is asking for letter from my Work, Work is being difficult Posted: 05 Mar 2021 09:52 AM PST My wife and I are in the process of moving to Boise and closing on our first home. Together we make about 250k/year and have about 60% of the home price in cash savings. The lender has asked for "A letter from your work that you can work remote and keep same position, pay, etc. " Last year I received a verbal confirmation from my boss saying that I could transfer to our Boise office. Since I work for a Fortune 100 company, they like to change their policy about once every 3 months. The latest is they are no longer sure that they want me to officially transfer to the Boise office. I asked my boss for this letter, and was told that my company hasn't finalized their official "post-covid" office strategy, and in the meantime they don't want to do anything until that is finished. We close in 20 days. I had to put up 15k in earnest (3%) because the market is crazy right now and that is what it took to get the house. Do you have any recommendations on how I should approach this with my lender? My uncle is the CEO of a fairly well known company in Boise and has been trying to poach my wife and I to join his new company. Do you think a letter from him stating we have a fallback job in case something ever happens with the current job would suffice for the lender? Or do i need to find a new lender that will not ask for a letter? [link] [comments]  |
| Posted: 05 Mar 2021 04:04 PM PST What is the general consensus on flag lots that are off the street. The only curb presence is a driveway. For lots like this, I've found about half the people I talk to would never consider it, and the other half don't mind it at all. What can one do to make a flag lot more desirable? [link] [comments]  |
| What changes when you make a cash offer on a house? (Washington state) Posted: 05 Mar 2021 05:07 PM PST I am getting my proverbial ducks in a row to make a cash offer on a house so I can compete in this crazy market. (I have to sell my current house and move to temporary housing and pull together some other funds.) I have purchased several homes before, but always with a mortgage. What changes with a cash offer? What do you need to do to show that you can afford the house? What is different with closing costs? Does an escalation clause make sense? Can you have an escalation clause but only against other cash offers? [link] [comments]  |
| Anyone use Reali to buy a house? Posted: 05 Mar 2021 05:04 PM PST Hi! I just found out about a brokerage called Reali that is able to help buyers by coming in with a cash offer on your behalf and then working out the rest with you and your mortgage lender to buy the home from them (that's the really super short simple version). We've been having THE WORST time as first time home buyers (I know this is an awful market to even be trying, but we are) and many of the responses we're getting in terms of our rejected offers are that others came in with 1) full cash offer, 2) cash to cover the appraisal gap, and/or 3) waiving inspection or all contingencies. We 've done some offers where we included covering all closing costs + 10K appraisal gap, but it's just not enough. We're at the end of our rope with this and contemplated giving up for another year to save up more of a down payment. So, when I heard of this company I was intrigued and figured this might be a good shot for us to take. I talked to one of the reps this morning and got some good info and I'm compiling deeper questions for our next call on Sunday morning. My hope is that someone out there has purchased a house in CA with them and can give me some deets about how it works once you start to buy the property from them, when do they do appraisal, inspection etc. Is there a catch I am missing that they won't tell me straight up? I asked my LO who is AMAZING and she said companies like this usually have large hidden costs, but she hasn't had a client who bought with them. TIA! [link] [comments]  |
| Posted: 05 Mar 2021 09:27 PM PST I am starting to think I don't want this condo and I am super nervous that I am making a huge mistake. I put an offer in that was over asking price and it went through attorney review. I am now under contract and I have yet to send my earnest deposit. Will I be held liable if I back out right now? If I do not send my earnest money in what happens? [link] [comments]  |
| Approved with Conditions...Smooth Sailing? Posted: 05 Mar 2021 07:51 PM PST 2 weeks until closing! Our closing date is 3/19. Our loan was approved with conditions on 3/2. Conditions seem pretty standard (I hope). Verifying funds and employment among some other things. Appraisal checked out. We did the negotiations with the seller today and they agreed to lower purchase price $10k and provide a $10k credit. Does this sound pretty standard? Just hoping we will close on time! [link] [comments]  |
| Is there a way to find out how much flood insurance will cost before putting in an offer? Posted: 05 Mar 2021 03:45 PM PST I've had my eyes on a nice townhouse, however it's in an AE, Special Flood Hazard Zone. I understand that's among the highest risk. Was wondering if there's a way to get an estimate on a flood insurance rate BEFORE making an official offer. [link] [comments]  |
| Question about asbestos siding Posted: 05 Mar 2021 02:13 PM PST So I looked at a perfect for me house today and was all set to send in the offer until I read the disclosures. Asbestos siding. I immediately tabled my intentions. We did another walk around the house and only found one damaged shingle. I know this stuff if dangerous but from what I've been reading, it only poses a threat when being manipulated with a saw, sander, scraper, etc. Should I let this absolutely perfect house for me pass me by or so I trust the fact that the siding is indeed safe, submit the offer and wait for an inspection? I just don't want to buy something that might keep me up at night. Newbie here. Thanks for any info! [link] [comments]  |
| Posted: 06 Mar 2021 01:20 AM PST Hey all! We're trying to buy a house across the country and move into it ASAP. We don't want to spend too much time living with my inlaws before moving in, we already know what house we want, got our preapproval, etc. I sent a message to our realtor on Tuesday saying that we wanted to make an offer on this specific house, and would like a video tour of it whenever (doesn't have to be before we buy). He responded saying he was out of the office until 2:30p, and would look up the house and get on it once he was back. Obviously it's been a few days since then. It's now Saturday morning and he hasn't communicated with us AT ALL. I don't know if he put an offer in for us, what that offer was, what appliances it requests, etc. And, from what I understand, once an offer is put down it usually isn't long before it's approved or declined, so it feels weird to me that we've heard NOTHING from him all week. I can't tell if I'm being silly and this lack of communication is normal, or if he's just kinda... Bad? I feel like it isn't asking much for him to let us know what's going on. We got connected with him through the VA because the benefits we get from using a VA realtor are hella nice. Should we be asking for a new realtor through them, or am I being dramatic?? Help! [link] [comments]  |
| Found out that the repairs the seller agreed to fix 5 months ago weren't fixed Posted: 05 Mar 2021 12:28 PM PST I closed on a house in November 2020. Among other things, the seller agreed to fix a leak in the bathtub. All problems seemed fix and they sent us invoices for the repairs. Now, I just found out that the bathtub is still leaking. We hadn't used it up until just today, and when I drained it I noticed a lot of water still leaking in the basement pipes. Is it too late to take action? Is the seller still responsible for making sure it's fixed, or is it on me now? [link] [comments]  |
| Posted: 05 Mar 2021 10:29 PM PST Because I have questions to ask that are very basic since I have only begun considering to sell my house, I was wondering if there was a basic advice selling thread anywhere that I have been unable to find in the search function? I live in a very small town if that matters. [link] [comments]  |
| Selling a Flip - Diary Day 5 (The Showings Strike Back) Posted: 05 Mar 2021 10:20 PM PST TL;DR I've flipped a house and now I'm selling it. Maybe I will make money. This is a diary of the process. Links to Day 1, Day 2, Day 3, and Day 4. Pretty light day. Three showings scheduled for late in the afternoon; I'd originally planned on no showings today, but one realtor was very insistent so I said go ahead, and then once I'd said yes once, I figured I should let a few others take a look. The first realtor flaked on me, but she had the guts to admit she just forgot. Rude, but this is par for the course with realtors. The second realtor reported back that the showing went well, and asked me to let them know if I have any offers. I puzzled on that statement for a few hours, but then they contacted me to ask where to send the offer paperwork! Hopefully I receive their offer early tomorrow. As for the third realtor, they and I have a history. I sold my last flip to them, and that deal came right to the edge of falling apart at the 11th hour. This realtor is crazy like a fox, but I like them, so in a tie situation I'll give preference to any offer from their client. And apparently their client really wants the house, so I hope to receive an offer from them this weekend. As for tomorrow, right now I have 3 showings scheduled (a 4th cancelled due to work). I'm glad for the showings but that's quite a bit less busy that I'd initially hoped. Many of the individuals who contacted me over social media said they were getting in touch with their realtors to set up showings, and I can't help but wonder if the realtors are trying to avoid me b/c they're afraid they won't get their fee. Too bad, cause I'm offering a 3% buyer's fee, but you can't fix stupid. In any event, there's hope on the horizon: while my FSBO listing still isn't appearing on Zillow (I submitted it 48 hours ago), it'll show up eventually and then things will get really crazy. [link] [comments]  |
| US Midwest: Is having no basement deal breaker? Posted: 05 Mar 2021 02:41 PM PST For those living in the US Midwest (specifically Iowa, Missouri, Illinois area) if a house does not have a basement, would that be a deal breaker for you? I understand the Midwest have higher frequency/risk of tornadoes? If I were to move to the Midwest, for example, Missouri or Illinois, if I find a house that is super nice, but only catch is it does not have a basement should that be an automatic no? [link] [comments]  |
| Posted: 05 Mar 2021 06:09 PM PST So how bad is it? The buyer's agent owns the Realty Co. One of his agents is repping the seller. This is new construction in NC. [link] [comments]  |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment