Word of caution to first time homebuyers. Real Estate |
- Word of caution to first time homebuyers.
- How on earth will my generation afford a home?
- FTHB Unicorn!
- The least they could have done was painted it before asking $100,000 more
- We Closed!
- Recent Buying/Selling experience & what I learned
- Advice for couple in our 30’s
- Anyone else hate West-facing windows?
- New York man goes over 20 years without paying mortgage, evading eviction along the way
- Waiting for appraisal
- Shady Mortgage Company customer service - help!
- Possible legal action
- Are mobile homes an ok purchase to get into the real estate market?
- First time home buyer - just signed contract
- [TX] First time buyers just closed on house. Our experience.
- So if..?
- After falling out of a doomed escrow in March, we got our 4th offer accepted [Los Angeles]
- When a super eccentric house like the Kellogg Mansion is on the market for seven years, is it time to preserve it, or demolish it?
- Looking for mentor - Zurich, Switzerland / area
- Rent Back
- Question about waiving appraisal contingency and PMI
- Just closed on our first home! Few lessons for other FTHBs.
- [NY] [Rental] Agent changing an agreed price after I submit my application
- Our agent trying to pressure us to use a specific loan broker?
- You are in charge of the housing and mortgage industry, what policies are you implementing? You have sole decision-making power and answer to no one.
| Word of caution to first time homebuyers. Posted: 04 May 2021 07:31 AM PDT I'm not sure if this is the right place to post this, if not please remove. But I feel the need to warn young first time homebuyers. This will be a life changing decision. I was young, just 26, when I bought my first home. I enjoyed drinking beer, playing video games, going out with friends, normal things. I didn't make much money, still don't. Rent in my area is astronomical, so I decided to buy, in the long run it would save me about $6000/ year minimum to buy vs. rent. How foolish I was... It all started normal, moving in, playing video games, drinking it up, parties at my new home loving life. Then I decided to do a little home reno to open up the kitchen, which means new floors. Well I'm gonna need new cabinets to fill in the additional square footage. All these projects piling up half done. Well now spring is here and the lawn is waist high in some areas and barren in others. I never cared about a lawn before. Who the hell cares it's dirt and grass? It's interesting the perspective changes we go through in life... This morning I caught myself walking around my yard listening to the birds chirp and crackheads down the street fight. Talking to my little grass and clover sprouts telling them how strong and beautiful they are and how I appreciate them for filling in my bare sports. Then I realized this isn't normal. Idk what these changes are, but I don't like it. Its like I'm hitting puberty for old men. I just want to play video games, do hoodrat shit, and drink beer. But instead I'm talking to my lawn, looking at flooring options, and drinking beer. My childhood is gone and been replaced with home renovations, lawn affirmations, and white Nike's. Before you buy, make sure you're truly ready for the reprcussions you'll face. Edit: To those of you who got a laugh, I'm glad as that was the goal. To those of you who offered advice, thank you. I appreciate it very much. To those of you who took this a bit to serious, you don't seem fun. To those of you looking to buy, you should take into account how much actual work you want to put it. I bought a home that fit my budget knowing it needed work and I'm enjoying it. I've spent less time with friends but I don't mind. Owning and improving on my home is rewarding. I genuinely get excited seeing that I have little sprouts in areas that were once barren piles of dirt, clay, and thatch. If you don't want to maintain a yard buy a condo. If you want to learn new skills, care for your yard, and get in touch with your inner dad (women can have inner dad's, this isn't exclusionary), buy a home. Bust down a wall, tear out a vent pipe, test some wires with your tongue. Enjoy the experience. [link] [comments]  |
| How on earth will my generation afford a home? Posted: 04 May 2021 05:58 PM PDT Millennial here, almost 30 With the housing market as crazy it is, I worry so much about my generation being able to afford homes and the generations younger than me. At this rate, homes will be close to a million dollars that our parents could easily have bought for minimum wage jobs in their day. Will our generation be the generation of renting? It's so depressing. Something has got to give in the economy? I mean they're printing all this money for stimulus, meanwhile groceries and gas is going up, housing market is near unattainable for a huge chunk of Americans. Meanwhile our wages are not increasing. Is there any hope for a market correction in the next 5 years or so? [link] [comments]  |
| Posted: 04 May 2021 05:39 PM PDT State: Oklahoma House: 3/2; 1444sqft; .30 acres, built in 2005 Financials: $115,000; VA financing; 3.25%; $500 earnest; $1,740 closing costs My wife and I started talking about buying a home in January. Reached out to a lender in February, credit score was at a 611 — needed to be 620 for VA financing. Started paying off what they asked. 3/1: Lender pulls credit, 636! Tells me to start searching hard for houses 3/5: saw a house listed at 125k which was the top of our budget, scheduled a showing, canceled it because we just were unsure of it. 3/20: same house we scheduled to see and canceled; dropped the price 10k — now listed at 115k 3/21: saw house, wrote our offer! 3/21: sellers accept offer SAME DAY, verbally after realtor mentioned it, signed contract that evening. 3/24: inspector came — no big issues that we needed to negotiate (roof replaced last year, plumbing & HVAC good to go), suggested a foundation inspection due to some cracks 3/25: termite inspection — no issues 3/28: foundation inspection — no issues 🙌🏼 From March 28-April 13th was a waiting game of nothingness. 4/14: VA appraisal 4/20: Appraisal comes back at listing price with a minor repair to be completed prior to closing 4/30: repairs complete, reinspected, pass, received CD 5/3: received CTC at 4:50pm with final disclosures and check amount. 5/4: CLOSED! Credit is now up to 680 across all boards. Mortgage payment is $500 less than what we were paying in rent. Still have a great savings amount. Bonus: the lot (.21 acres) adjacent to us is vacant and we also put a cash offer on it today to make for a bigger yard. Good luck, everyone! Unicorns are out there! [link] [comments]  |
| The least they could have done was painted it before asking $100,000 more Posted: 04 May 2021 02:08 PM PDT This elm street house was bought in January 2021 for $19,000 by the owner of The Paint Guys, and then put on the market in April for $120,000. You would think that the least they could have done was paint the outside. [link] [comments]  |
| Posted: 04 May 2021 08:16 PM PDT We did it! The market is shit, but we did it! We're FTHBs who had to figure out how to navigate this crazy system, but somehow, we did it! We offered over asking, but miraculously it appraised, and we did it! We waived all our contingencies, and we still went ahead and did it! We have a house! We have keys! We won't be homeless in a month when our lease ends, which is wonderful. We're getting it inspected this week, and hoping that comes back without anything that makes us say yikes, we wish we didn't. Now that I'm done wasting energy being anxious about where I was going to live if this closing fell through, I have much more to spare on good thoughts. If you're looking for a home in this crappy market, my thoughts and good vibes and wishes and prayers and hopes are with you. It is difficult. It is shitty. It shouldn't be this way. But it is doable, with enough determination. You got this! [link] [comments]  |
| Recent Buying/Selling experience & what I learned Posted: 04 May 2021 06:25 PM PDT Hopefully this is helpful for someone! Buying: My wife and I had to buy in the Knoxville, TN area and the market is just as miserable as anywhere else. I swore if I heard "unprecedented market" one more time, I was going to throw up.
Selling:
That's all. Good luck on both sides... be a good person. Money isn't everything. It's a lot, but making a family happy feels a lot better than $$. Unless you're sticking it to the schmucks to continue to swallow up the market, carry on! [link] [comments]  |
| Posted: 04 May 2021 08:47 PM PDT Advice for couple in 30's Hi there, I'm in a bit of a predicament at the moment. Here's the scoop: My wife and I make about $250k combined living in the San Francisco Bay Area with our 8 month old daughter. We collectively have about $20k of debt (including one of our cars) and about $150k in savings. We are renting a small 2 bedroom house in the East Bay for $2200 a month. Our landlord informed us that the house will be going up for sale by the beginning of July, so we need to vacate between now and then. For the past few weeks, we've been house hunting, and are experiencing this insane real estate market first-hand. Houses are being purchased at $100k+ over appraised/asking prices. We've lost out on 3 homes so far because the bidding was so aggressive. I have a gut feeling that this isn't sustainable from an economic standpoint and it's a foolish time to buy. Another part of me is thinking that if we "miss the boat", we will be priced out of the Bay Area and be forced to move either out of state or somewhere far from here. The benefits of living in the area are that my parents are close by and my mom runs a home day care so she watches our daughter free of charge. So in efforts to avoid having to put my possessions in a storage unit and shack up at my parents modest townhome, I'm looking for a short-term/ month to month rental instead. Should I continue looking for a house in this insane market because it will only get crazier? Or will the market calm down and bring prices to a more realistic number in the near future? TL;DR: family of 3 with decent income debating on whether to purchase a home in an inflated housing market or continuing to rent elsewhere and save more to buy when the market cools off a bit. Any advice would be greatly appreciated. Thanks! [link] [comments]  |
| Anyone else hate West-facing windows? Posted: 04 May 2021 04:22 PM PDT I ever only see posts about which direction of windows provide the most amount of light, but I feel like there must be such a thing as too much light. One side (west-facing) of my current apartment is completely glass, and I can't stand the sunlight. After about 3pm, there's way too much sun, it heats up the apartment to about 28C now (I've seen it go up to about 35 in the summer), the sunlight reflects off the floor and it blinds me, and the books I had in the way of the sunlight have completely faded covers now. So I basically draw my curtain at 3pm and turn on the interior lights from then on. Very glad to be moving to a house that is east-facing with a large building across the street. [link] [comments]  |
| New York man goes over 20 years without paying mortgage, evading eviction along the way Posted: 04 May 2021 07:23 AM PDT What he did was taking advantage of the bank being defunct,the mortgage being sold then filing bankruptcy,then transferring the deed to friend who also claimed bankruptcy. When the court was ready to evict, Covid happened. Now he's selling Cash only. [link] [comments]  |
| Posted: 04 May 2021 03:26 PM PDT How long did you wait for your appraisal? Ours was ordered a week ago and our realtor said it would take a few weeks. I'm getting impatient and just want someone to commiserate with me 😬😔 [link] [comments]  |
| Shady Mortgage Company customer service - help! Posted: 05 May 2021 03:26 AM PDT I need your help. The main question I ask in this long post: does anyone have tips when contacting customer service at a mortgage company when they have continually acted in bad faith? Are there certain terms one can use to cut down the time on the phone from hours to maybe at least just one hour...maybe 15 minutes since that's all it should take to fix their error and stop overcharging my senior mother every month? The whole explanation and story for why I am exhausted and asking for help follows! I am at my wits end. This is a long post, but I really just need a push of energy from someone, anyone who knows how to deal with shifty mortgage company representatives and can put some wind in my sails. I am so appreciative of anyone who is able to provide! This is the short problem: my mothers mortgage company (Mr. Cooper, formerly Nationstar) has charged her late fees for payments that were made on time. We have documented proof of the payments being mailed and cleared on time; they are sent on time every month via certified letter, from a lawyers office. I only noticed the late fees because I am helping my mom put together her refinance and noticed they had marked our payments as late, which obviously the new mortgage company wouldn't like, plus they added late fees. The new lender did make an exception to the incorrectly recorded late payments, because we provided proof the payments were made on time, but we still have a couple of problems. Mr. Cooper, after many hours on the phone with customer service, and after all of our digital messages to customer service on their website being ignored for weeks, finally admitted to making a clerical error. They said the error was caused by a payment incorrectly being applied to the principal, and therefore showed a "late" payment when the next check was applied to the previous month, which caused a chain reaction of other payments being marked late. So get this - they say the computer will correct the error, and if it isn't corrected in a few days, then to call back and have someone clear it up. I won't go into all the reasons that sounded so shady (can't you just clear it up right now??) but it seemed shady and it turned out to be so. We open my moms next statement - ONE of SEVEN late fees have been reversed, and THEY CHARGED US EVEN MORE FOR THEIR ERROR! They added an additional charge, 3 times, for an "expedited quote". What in Gods name... I am so livid and exhausted. I make my mom meals every day, I tend to her, I get her groceries and I do all the cleaning. I do all I can to help alleviate her depression by doing projects around the house and making her laugh - I am taking care of her and trying to take care of myself after COVID took my job, I just can't stand the thought of spending hours trying to convince someone that there is a problem, that it's THEIR problem, and it needs to be fixed. Not to mention I am a creative type and know next to nothing about these things, and a typically gentle creature by nature! I am so upset. I think they are taking advantage of her, I can't even imagine if I wasn't here to counter them over the phone and insist they fix the problem. A friend suggested I use the term "bad faith" when speaking to them, he said there's another legal term that helped him when he had to contact customer service for his insurance when his home burned down in the Paradise fires but he couldn't remember it. Does anyone have tips like this that may help when I do inevitably have to call them this week? I may currently be jobless but that doesn't mean I have hours to burn! Plus my brain is fried, so is my poor moms who has asked me to handle Mr. Cooper, again. Please please does anyone have any guiding light for this, I am so done with customer service. I am convinced at this point they are trained to make us throw our hands up and give in - but I absolutely WILL NOT. For further reading about the other dramas we have encountered during this refinance process, read below! I have been helping my 73-year old mother (don't tell her I said her age!!) with refinancing her home. This has mostly consisted of relaying information to the broker, signing her into accounts to virtually review and sign documents, and printing things when that needs to be done...I just showed her again today how to copy and paste...if that gives you any idea of how pivotal my roll has been! I have also helped her resolve some issues that came up as a result of applying for the refinance, which is what distresses me so much. For instance, two separate liens on the house, filed incorrectly, that involve her ex husband who has no claim to the property were revealed, as well as a lien from a credit card company that was approved by the court to be discharged in her 2012 bankruptcy. The liens involving her ex were removed, but not before spending hours on the phone with the California State Franchise Tax Board (who can kiss my ass, thank you very much!) who only wanted to collect the money (which my mother did NOT owe!) and did not care one bit that the lien was incorrectly filed against her home. It took HOURS to get someone on the phone to clear it up, hours of convincing whatever vulture was on the other end of the phone that it needed to be cleared. We DID clear it, because we were correct...we were also correct about the credit card lien! However, the bankruptcy lawyer had to reopen the case, as it was a clerical error in the court. A paper had to be filed, the lien was dismissed, but now the mortgage company says they can't approve the refi because the bankruptcy has to "season" because the case was just reopened. There's a small chance they will override it, but we have been waiting over a week with no response from them or the broker, who are usually all over us. The mortgage company didn't care that any of the charges were incorrect and would have been happy to have my mom pay $22,000 out of the loan just so they could get their commissions sooner. They were reluctant when we said we wanted to look into the issues to clear them up, and frankly were not very nice. Should we just go without a broker at this point and try a different lender? Or any ideas? Please, and thank you! [link] [comments]  |
| Posted: 04 May 2021 09:20 PM PDT I'm going to talk to a real estate attorney very soon but I'm curious if you guys think I have any traction/suggestions to get this over with. The gf and I bought a house recently and the only reason we won the bid was because we hesitantly agreed to a temporary rent back. The house is only in my gfs name and I told her a million times not to sign the agreement unless she gave a very specific move out date for the current occupants. She failed to listen. Now, the rent back says they can stay as long as they're paying our mortgage for us until they find another house. However, during a group conversation with the realtor, my gf and a few other people, I had asked the realtor if specific terminology in the contract meant that the sellers had to be out within 60 days of signing and we could move in on the 61st day, to which we were all told "yes that's exactly what that means." But the rent back agreement gives no move out date. The sellers also verbally and through text, mentioned they would be out in May. Well, it's May and I haven't heard a single thing about them getting a place to rent or buy or just moving out in general. So, I think it's time to get legal action involved and follow any steps we may have to get them out. Has anyone dealt with this before? Any suggestions as to how to proceed with this? I'm aware I can't just tell them to leave without going through the proper steps. [link] [comments]  |
| Are mobile homes an ok purchase to get into the real estate market? Posted: 05 May 2021 03:12 AM PDT Especially if you buy a piece of land and put a mobile home there. Is this an ok strategy for the first time home buyer or is it a bad investment? [link] [comments]  |
| First time home buyer - just signed contract Posted: 04 May 2021 01:09 PM PDT Very excited. Just went under contract on a house in Cleveland, OH suburbs. Third house we've offered on, and had to offer 12% above list and a 7k appraisal gap, but we got it! Even our agent was kinda shocked we got it. Sellers realtor hit it off with my GF and I at the open house and that helped us a ton. Plus the appraisal gap sealed the deal. [link] [comments]  |
| [TX] First time buyers just closed on house. Our experience. Posted: 04 May 2021 07:09 PM PDT Landing a house is super easy on this market. Just get really really lucky. /s TLDR: Just closed after offering list price and not waiving any inspection or appraisal. Buyers agent was also listing agent and things just kind of worked out well (I think). We lucked out and got an offer accepted after basically just one weekend of hunting. Not sure if our situation is repeatable but posting it here in case any first time buyers can learn something from it. Married, no kids. Flew down to a small city in Texas for a weekend in late March to meet our realtor and view some houses. Market is crazy there just like everywhere so we didn't expect to find a house that weekend but I wanted to meet our realtor and get to know the area and the market. Our plan was to let our realtor tour future houses over the coming weeks and we'd put in an offer on something site unseen then fly in during the option period if an offer was accepted. Our original budget was a loose $200k. Viewed about 8 houses over 2 days that weekend. Put in one offer on a PERFECT house but we knew it was a longshot. Didn't get it, no surprise. The day I was flying out my realtor mentioned he was about to list a house for some sellers and it could work out for us. Sellers were about to have a baby so they didn't really want to put it on the market and deal with people viewing and stuff but they needed to sell and move to a bigger house for their growing family. They also wanted about 2 months of rent back after closing so they didn't have to move immediately after having a kid. The rent back situation worked with our timeline and the idea of not having competing offers was really nice so we did a last minute viewing before I flew out. House met all our needs so we put in an offer the next day. List price was $209,900, 3br 2ba, 1600sqft. We offered right at list price with $5k earnest money. Didn't waive inspection or agree to covering an appraisal gap because we were fine with walking away if there were serious issues. They accepted and we got started with the inspections. In addition to the normal home inspection, we had a plumber and a foundation expert come out. The sellers had disclosed some plumbing issues, hence the plumber. The foundation guy was because there was clearly some sagging in the floor and small cracks in the bricks. Plumber scoped the pipes and found cracks all down the cast iron pipe going from the house to the street as well as some settled water in pipes under the house (bellies I think he called them?). Foundation guy came out and said it had shifted a bit but not much. Assured us it was common for older houses in the area like this one and it probably wasn't bad enough to make putting piers in worth the cost. The same company had been to that house about 10 years ago and it didn't look to have moved much since then (so they say). Normal home inspection revealed some cosmetic issues, normal old house stuff, and some poorly installed, open spliced wires in the attic. We ended up asking the sellers to repair the cracked pipe and spliced wires and to credit us $7k for the other plumbing issues. Seller agreed to the repairs and countered with a $5k credit. We accepted. They accepted $40/day rent with a $200/day hold over rate if they stayed past the agreed move out date. So with that we signed the contract and moved on to financing. We were originally going to go with Quicken but they quoted us about $6k more in closing costs than the local lender that our realtor recommended. We went with the local lender and everything went pretty smoothly all through closing. House appraised for $210k so no gap to cover. Based on the report there were a few comps in the last 3 months that did justify the price. Overall we just got super lucky that things worked out. Only thing I might have done differently would have been to go with our own buyers agent instead of sharing our agent with the sellers. Our agent did tell us we could find another agent to represent us but at the time it just seemed easier to let him be the go between. I don't think we got ripped off but we're not experienced buyers and there's been a nagging feeling that someone could be taking advantage of us. Anyways that was longer than I thought it would be but hopefully someone got something useful out of it. [link] [comments]  |
| Posted: 04 May 2021 10:48 PM PDT I'm under contract for a house and I just had my inspection 3 days ago. I'm still within my due diligence period. I am wondering what to do. The listing said the "electrical was updated". However, not all of it was actually updated. It was built in 1902 and the potential live knob and tube is the only concern that came back in the report. I want to know if it is unreasonable to ask the seller for a completely updated electrical system. I am paying over asking and I'm willing to raise my offer to cover the costs. [link] [comments]  |
| After falling out of a doomed escrow in March, we got our 4th offer accepted [Los Angeles] Posted: 04 May 2021 08:35 PM PDT I posted a while back about losing out on a condo a few days before closing because our team dragged their feet and we got HOA docs back (that we paid the fee for) and they had 2% reserves which didn't meet requirements for Frankie/Freddie. We were 3% down on 515k, 950 sqft 1 parking spot peppery. No in unit laundry. We went right back into this market with a new realtor and lender and made good, competitive offers on 3 places. But you know what? They were good enough. We were up against 20-32 offers on each without a real counter. Just one "waive all contingencies and give your best price" counters. Fast forward to this new listing thats 1,250 sqft. Pretty much 300 sqft bigger than anything in the area in our price range. We went in aggressive, this place was perfect for us in all the right ways. Beautiful design, French doors, full laundry room with W/D, two large balconies, a wet bar, fancy geometric wallpaper and splashes of color. Very LA. Move in ready. New bathrooms, kitchens, floors. The works. We went in strong. 30k over asking, 5% down, credit-approved so we waived loan approval, and after a lot of thinking waived appraisal for the first time on an offer, 10 days for inspection. They wanted our "best offer" for price and 8 days inspection in their counter. Lender and realtor were confident based on comps. We had to become the people who always won and we resented. We went 50k over asking after hesitating ok how much higher to go. In the end only one other offer matched ours, they were credit approved yet-but willing. However, my friend who sold a home in Utah recently pushed us really hard to write a short letter. No sucking up, just mention we how we appreciate the work they put in. The seller loved the letter and our offer was accepted. I was in tears about this process the night before. Today I am allowing myself to be happy. Tomorrow is inspection, appraisal is rush ordered to be here in 5 business days and we are looking to close in 25 days. Our fingers are crossed, but we've been burned, and I won't let myself be heartbroken (if it comes to that) until later. TLDR, if it's worth it to you, do your due diligence and be aggressive as possible, get that response, stay determined! Write a short letter (1 paragraph) even if they never read it [link] [comments]  |
| Posted: 04 May 2021 01:20 PM PDT So many people with money are moving into Florida every day, and they all want to live on the water if they can. There is a severe shortage of listings, though. Meanwhile, some of Florida's most unique, historic, and downright eccentric homes are on the water, but very few people want to live in old quirky homes it seems, or spend what it takes to renovate them. They're a nightmare to sell. Then when you finally get a buyer, the historic preservation folks try to block you. Good example, this Willy Wonka-esque looking thing. [link] [comments]  |
| Looking for mentor - Zurich, Switzerland / area Posted: 05 May 2021 01:24 AM PDT Dear Redditors, I am about to start a new chapter in my life by now having reached the age of 30. Over the last couple years I strongly noticed that I wouldn't want to keep working my old job/position as an assistant store manage of an global participating grocery chain. By starting brainstorming about what the new chapter might look like for me, not only work-related, but more wholeheartedly, what 'really excites me very much since a long time', I immediately came about Real Estate and probably becoming and growing into an outstanding Real Estate Agent by absolutely committing to the steps that need to be done and developed. I would love to tell you some more about myself. My name is Timo, I am german and two years ago I moved over to Zurich, Switzerland. The Zurich area is really beautiful and living here is quite a expense! Anyways, it seem people do also earn significantly more income here compared to germany. (on my experience) I just started to research the Real Estate for this area and cannot say much about so far, just that I do know, it's a high lack of supply which will probably make Real Estate strategies kind of very lucrative with the years. And for that case, if anyone is up and has joy in teaching about how to get into Real Estate from scratch, I am looking for an mentor in the area of Zurich (possibly). Thank you so much for reading this, I really appreciate that. Lot's of wishes from Zurich. Timo [link] [comments]  |
| Posted: 04 May 2021 10:20 AM PDT So...we have been in this shitstorm that is the market these days for about 2 months. We've put in 6 offers, and have been beat out by cash 5 times. We now have an offer in on a home where the sellers want occupancy for 3 weeks after closing. We agreed to allow this at no charge trying to get the tiniest edge. NOW I am reading all these horror stories about sellers refusing to leave, trashing the place, taking everything that they can possibly remove, etc. Assuming that our offer gets accepted (not terribly optimistic about that, because...cash), how bad did we fuck up by agreeing to the rent-back? UPDATE: Outbid by 15k, so it does not even matter. I am about ready to lose my tiny fucking mind. Thanks for the info, though. [link] [comments]  |
| Question about waiving appraisal contingency and PMI Posted: 04 May 2021 09:27 PM PDT We are being asked about waiving appraisal contingency among other things when making offers. I looked into this, at first I thought we would have to cover the difference, but it seems like it just creates PMI requirement. I wasn't sure how this worked, has anyone here done this and what kind of increase in payments do you get, or is there a way to calculate this? For example $500k house, with 20% down payment, $100k, financing $400k If house appraises for $450k, it seems like there is some problem because they would only be able to finance $360k, while we are putting down $100k that leaves $40k which requires mortgage insurance. Is this correct? [link] [comments]  |
| Just closed on our first home! Few lessons for other FTHBs. Posted: 04 May 2021 04:49 PM PDT Our search began back in March. We're a family of 4 and just moved to the Midwest for work. Our initial goal was a 3/2 with $400k budget in the Milwaukee area. First weekend made a competitive bid $20k over asking with all the contingencies the sellers wanted. Out of the 8 offers, our realtor heard ours was 7th best... So it was disconcerting, but we learned to broaden our search: consider 3/1.5 houses and a few more communities. Few days went by and we revisited a 3/1.5 ranch style that been on the market for 17 days(!) and had passed on earlier. The sellers had gotten feedback people didn't like some wallpaper they had in the several rooms, but we didn't mind it and saw an opportunity; we could remove the wallpaper later if we hated it. Place was well maintained for the last couple decades by the sellers and in great shape for being built in the '50s. Actually, when we toured the seller's contractor was removing a majority of the wallpaper and repainting; their goal was to pull the house off the market and re-list after Easter. We felt the place would definitely appeal to more people with the new paint, but the time on the market and no offers in hand gave us a level playing field. We made an offer at asking, didn't waive inspections/appraisal, and gave a 30 day rent back they were asking for. Offer was accepted! Inspections pointed out some small things, with the biggest being some water concerns in the basement. With a structural engineer's quote, we took a credit for the repairs as we wanted more cash available for the repairs and other jobs around the house. We just closed today and couldn't be happier! Lots of ups and downs through the whole process, but biggest lesson for us was slightly lowering our expectations of the perfect move in place and seeing what were our needs (good schools, short commute, safe community) and what were our wants (nice kitchen, 2 baths, etc). Also, revisiting houses we'd previously passed over and that had been on the market longer eliminated other competition, at least in our case. Just wanted to share our success story as FTHB to those losing hope. Best of luck to the other FTHBs out there! [link] [comments]  |
| [NY] [Rental] Agent changing an agreed price after I submit my application Posted: 04 May 2021 08:22 PM PDT Quick back story: I tour the place. I email them a few days later thanking broker/agent for the tour and saying that I see that the building on StreetEasy apartment history list a few of the same apartments rented out on different floor for 200 less, and if they can offer that price. Broker email back at 10am next day saying yes management can offer that price if my credit is good. I submit my application and documents at 3pm that day. Broker email back in an hour later with "revised terms from management" quoting a price $50 off the original instead of the previously agreed upon $200 less. So I'm confused: Did they even run my credit report? I know my credit is near perfect. In any case, how should I proceed? While I get it is sales and business is business, I am not too thrilled with them changing the number up (within a few hours!) when they previously said yes to a lower number. Also after I submit my application. My thinking: $50 off does not make it a must have for me personally. If it were 200 off (which they said yes to before) I'd be glad to rent the place (which I told them). So, strategically thinking and being professional, how should I respond to hold firm? Is this "normal" in real estate, apartment rental (changing things up after potential tenant submitted an application) ? For more context, the apartment is part of a management company that owns several prewar to high end buildings and the broker/agent works internally for them. [link] [comments]  |
| Our agent trying to pressure us to use a specific loan broker? Posted: 04 May 2021 02:07 PM PDT Hi All, We just went into escrow and it seems like our agent is pressuring us and making things up to make us not trust our current loan broker and go with one she recommended. Our agent told us multiple times that the seller called our loan broker and had a bad conversation and didn't trust them. We called our loan broker and they said the exact opposite and the seller trusted them completely. Has anyone been through games like this before? [link] [comments]  |
| Posted: 04 May 2021 11:45 PM PDT What would be your ideal housing and mortgage industry rules for the world? For example, ban all contingency waivers? Price controls? Only one residence rule? Ban Home Owners Association's? Mandate inspections? Ban appraisals? 50 year mortgages? You get the idea. What change our changes would you implement, and why? [link] [comments]  |
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