Don't listen to your real estate agent about mortgage/finance issues Real Estate |
- Don't listen to your real estate agent about mortgage/finance issues
- He WANTS our house to foreclose
- Lumber is down 40% from the peak in May
- PSA: Reviewing Condo/HOA Association Documents - identifying red flags
- Been pending on a home for 3 months and counting need help
- First Time Seller repairs after due diligence
- Received a letter saying there is interest in my property after several acres went up for sale next door
- New construction home backyard wasn't graded properly. Home builder says grading is final.
- Appraisal low - but appraiser didn't pull any recent comps
- Renting out property recently bought as a primary home?
- Waiting on appraisal. Need to hear some success stories from recent home buyers in 2021
- Advice needed on repair work during closing
- Buying a New Property and trying to protect myself hidden or unknown special assesments. Seller won't sign. Sketchy?
- Questions about cash out refinance.
- Appraisal Concern - Would like your thoughts
- Update: My MIL is purchasing a home and the appraisal came back 100k below asking.
- New Construction and Locking in Mortgage Rate
- Canadian wanting to get started..
- Why cant I see what a house sold for on zillow anymore?
- Buyer’s gone totally dark. What do we do?
- Replace old siding, framing costs?
- Hope this post is cool. I couldn’t find what I was looking for in older posts.
- Selling a distressed property
- First time home buyer here! Need some advice regarding what feels like a mistake made by myself and my realtor.
- Land is being re-zone, looking for some advice before things happen
| Don't listen to your real estate agent about mortgage/finance issues Posted: 01 Jul 2021 11:54 AM PDT Scheduled to close tomorrow. Lender does their routine verification of employment... borrower resigned their teaching job yesterday (offer letter in hand). Borrower said "my real estate agent told me it'd be ok". [link] [comments]  |
| He WANTS our house to foreclose Posted: 01 Jul 2021 02:35 PM PDT Five years ago, my boyfriend and I bought a house together. I came up with the down payment and we've pretty much split the payments equally. The relationship is over, and he informed me that he will stop paying his half next month. I cannot afford the whole payment. I said we need to sell the house and split any profit equally. (I've reconciled myself to not getting the down payment back. Hard lesson learned.) His response is that he won't cooperate because he WANTS the house to go into foreclosure so I don't see a dime. He said he doesn't care about his credit rating. He will just move home to mommy and daddy's basement and leach off them. I, on the other hand, DO care about my credit rating, as well as getting money from the sale. Is there a way to force him to put the property up for sale? I'm guessing I need a real estate attorney? Any input is greatly appreciated! [link] [comments]  |
| Lumber is down 40% from the peak in May Posted: 30 Jun 2021 09:51 PM PDT |
| PSA: Reviewing Condo/HOA Association Documents - identifying red flags Posted: 01 Jul 2021 05:30 AM PDT Lots of discussion in the RE world these days about how to avoid condos that have major issues, or potential issues. I believe that every state has a "review period" for condo/HOA docs. In the states I'm familiar with, it's a 3 day period, the buyer usually doesn't receive the documents until after they're under contract, so it's not something that can be done pre-offer. As an agent, I'm not required, nor do I read the entire 200-300 page package, but there are certain items that I review on behalf of my clients to identify any red flags. \*DO NOT COUNT ON YOUR AGENT READING THE DOCS FOR YOU** It's not technically part of their job.* Buyers should always pay attention to these details, AND read through the bylaws to make sure there aren't any rules they don't like. Here's what I look at:
The docs are SUPER BORING and it can be hard to find the time to be thorough given a short review period (3 days in my area), it's worth the time to review them thoroughly. TLDR; Pay attention to all the major elements of HOA/Condo documents when you review them. Don't skip this step or let anyone tell you "they're fine" without reviewing. [link] [comments]  |
| Been pending on a home for 3 months and counting need help Posted: 01 Jul 2021 09:00 AM PDT I don't know if it is first time buyers jitters or the fact that we've been in limbo for 3 months. However, facts still stand that I am not in the home I was promised to be in by now. The sellers are having a hard time finding a house, the lenders have torn up contracts and redrawn them and about to do it again, we've had two appraisals done because the first one, the sellers didn't like the price. We already put 2k in escrow as a deposit. So I am here asking for advise. Is this normal ? Should I even continue with buying this house ? If not would I be able to get the deposit back ? I'm stuck please help. Edit: Thank you to everyone who took the time to comment and help me with this problem. After an extensive conversation with an awesome 20 year experienced realtor, I have decided it's time to bring in the broker. I also have found the document signed by the seller saying the settlement date is 7/30. So they might not be able to push back this date again the way they want to. However, because they have been keeping us in the back burner about this we may have to push it back at least a month because if we don't we will have to pay both rent and mortgage at the same time. Which is no bueno. [link] [comments]  |
| First Time Seller repairs after due diligence Posted: 01 Jul 2021 01:36 PM PDT I have had my house in NC under contract since beginning of June. Appraisal and Inspection has been completed and due diligence period ended 6/28. After the inspection buyers didn't specifically say they wanted anything replaced just referred to the home inspection report of issues found. Basically referenced everything found including loose handles, fan making humming sound, etc... In the report inspector listed roofer to further inspect roof, HVAC to further inspect unit, replace damaged windows. We already knew about the windows needing to be replaced so even before we listed the house we started the process of replacing the broken/damaged windows which has since been replaced. We told our realtor that based on what they sent us windows would be replaced, we would have someone look at the roof and someone to check out the HVAC but anything else we would not consider fixing. I asked our realtor reach out and ask how the buyers wanted to go about the roof and HVAC. Did they want us to reach out to someone, or did they want to contact someone. A week goes by and we didn't hear anything. Me being a constant worrier and not wanting any surprises had a roofer come out to look, and told me everything looked good and contacted HVAC but had no luck in finding someone to come and inspect. I called several who told me they were busy and to call someone else. Have a friend that does HVAC out of the area tell me that likely the issue found is my HVAC unit sweating due to the heat and that 99% of the houses he goes under will have the same thing and tells me it normal. I relay all this info to my realtor who passes it along.. and we heard nothing from the buyers agent. Tuesday 6/29 ( day after DD) - we get a message from the buyers agent asking for the status on fixing everything from original message before we told them everything we would do. We were first concerned that our realtor never passed along what we said, but they have everything in e-mails where it was sent their realtor. Now I'm concerned with where I go from here now that due diligence has passed. I'm not agreeing to fix anything other than what I told them I would do. Its almost like we never agreed as a buyer/seller on repairs yet now the due diligence period has now elapsed. I guess the options are that the buyer backs out but looses escrow, or moves forward with what I've done? My realtor told me that we could just offer to take some of the asking price off ($2500) if it comes down to it. anything else I could be missing? [link] [comments]  |
| Posted: 01 Jul 2021 02:10 PM PDT My neighbor owns two parcels next to me which total 8+ acres. It is zoned residential but planned commercial per their listing. I saw surveyors out marking their property recently so I asked my neighbor if there was some interest. There is and then the next day in my mailbox was a letter from an investment realty group saying they represent an investor who is interested in my property with a phone number to call, signed in ink. The letter was just placed in my mailbox, not mailed. It doesn't appear to be one of those cheesy "we buy your home" letters. I got a follow up voicemail the day after that from the same investment realty group asking to call them back. I would love to speak with them as my mind is racing wondering if I might be in great situation to sell. My cynical nature has me wondering if one investor caught wind that the 8+ acres might be sold to a different investor so they want to buy my house and then immediately sell it for a profit to the investor buying the 8+ acres. I'm wondering the correct steps to approach this situation. Get my property appraised? See if my neighbor can find out who is interested in his property and contact them directly about a possible sale of my property? Contact the person who dropped the letter in my mailbox? Thanks for any insight and experiences you can share! [link] [comments]  |
| New construction home backyard wasn't graded properly. Home builder says grading is final. Posted: 01 Jul 2021 05:01 PM PDT How do you force a home builder to fix slope/grading so that water doesn't pool up next to your foundation and leak through the egress window? Home is 9 months old and first big storm of the year has caused significant drainage problems and starting to have soil erosion. [link] [comments]  |
| Appraisal low - but appraiser didn't pull any recent comps Posted: 01 Jul 2021 09:04 AM PDT I fully realize I am probably missing some special "rule" about which comps must be pulled, but I'm going to be challenging this appraisal and just wanted to get some opinions about this situation. The offer on the house in question is $515,000. 6 comps were used - 2 were sales from May and 4 were from 2020 (ranging from September to November 2020). Market in this area (Indiana) has skyrocketed since Autumn of 2020 (like most places). 3 of these old comps were on neighboring streets, very close to the house in question. Prices ranged from $405,000 - $530,000, but I see no indication of any time-based adjustments being made for 7-9 months of appreciation on those old sales. Appraisal comes in at $475,000. Meanwhile, I find 6 comparable houses that have sold in June (much more reflective of current market conditions) - similar sq ft, bedrooms, year built, all under 2.5 miles from the house in question, all of which have sold for over $500,000 (same town, same school district, etc.) Is there some rule that forces the appraiser to use comps that are very close but very unreflective of current market conditions over comps that are maybe 1-1.5 miles away that are very recent? EDIT: This evening received word that underwriting at the lender is actually already disputing the appraisal themselves. They collected my comps to use as support as well. Also learned that the house had 8 offers, all over $500,000 (per the listing agent). [link] [comments]  |
| Renting out property recently bought as a primary home? Posted: 01 Jul 2021 05:10 AM PDT So long story short I closed on a property this past June 1st and I purchased the home using a primary loan. My intent was to move in upon being handed the keys (today), however, I may be moving out of country due to unforeseen circumstances at work. What are my options with this property? I don't want to sell as I really like the property both sentimentally and financially but I am unsure if I can start renting it out due to it being bought so recently with a primary loan... Any thoughts? [link] [comments]  |
| Waiting on appraisal. Need to hear some success stories from recent home buyers in 2021 Posted: 01 Jul 2021 04:04 PM PDT Clearly 2021 has been a shit hole for housing and that's caused us to go 11% (30k) over asking and now I'm getting nervous. The appraisal scheduled via showtime today and I'm concerned a lot. I've been hearing a lot about appraisers being more lenient on appraising higher due to the demand on these houses but I'm shaking like hell and I want to know from recent home buyers in 2021 or people you know of some success stories to keep me motivated and encouraged. Like one of my friends went 100k over asking and at closing the difference in appraisal was only 13k! In NC too! So that appraiser really looked out big time. [link] [comments]  |
| Advice needed on repair work during closing Posted: 01 Jul 2021 01:39 PM PDT The house we are contingent on had a small amount of sporadic mold in the attic. The sellers have remediated the mold (supposedly, we haven't been able to check). This is a sale from a relocation company, so they are motivated to sell quickly. We have a warranty from the remediation company, however, looking into the background on the company doing the work they are known for not being reputable, providing incorrect license numbers, poor quality work etc. As we have not purchased the service, is there anything we can do or if there is anything we can ask of the seller? [link] [comments]  |
| Posted: 01 Jul 2021 03:01 PM PDT So the I recently deciced to put an offer on a property that got accepted but Seller changed the original offer to say, the buyer (ME) will be respoinsible for all special assesments due after closing. So my realtor suggested adding this HOA Addendum few days after we signed the contract and sent it out to the Seller incase he is hiding something that he failed to disclose about pending special assesments. This pissed of the seller and he started yelling at my realtor and refused to sign it by making up various excuses. Is this a red flag? How can I obtain more information on my property if it has any special assesments they might be hit as soon as I buy the property and close on the contract. I have a feeling that there is something coming up and the seller is hiding it. [link] [comments]  |
| Questions about cash out refinance. Posted: 01 Jul 2021 02:57 PM PDT My father is doing a cash out refinance of 60k. He was set up with an originator from a close family friend, who has him using Paramount Residential Mortgage Group for the refinance. The originator says that my father will be paying a monthly rate of around 100 dollars more than he currently is, amounting to around 2200 dollars a month in the future. The originator said the property tax is included in that. We live in RI, I am not sure if he is correct or not. He told us part of the 2200 is 399 dollars a month for the property tax. We are also incorporating a HELOC of around 25,000 dollars into the new refinance mortgage. Our new interest rate goes down from around 4.2% to now 3.125%. I don't know how to properly word this, but I am worried about my dad, who is very naïve when it comes to banking/finances, and I just want to make sure he isn't being taken advantage of. If my post is confusing, please feel free to ask questions. [link] [comments]  |
| Appraisal Concern - Would like your thoughts Posted: 01 Jul 2021 09:23 AM PDT This may sound ranty, so I apologize ahead of time. I recently received the appraisal report, and it came back low (15k). I have the funds to pay the gap, but after combing through the report, found a few pieces that I thought were weird. I am not an appraiser, but I do know data, and recognize that a lot of subjectivity is at play here. In any case, I would like to hear your thoughts: - The style of the home listed was incorrect. - Of the dozen comps provided, only 5 were from the past 3 months. 6 total if you date back to February. The remainder date back from December 2020 and as far back as November 2019! For the older comps, the houses were different styles, double the age of the house, and happen to bring down the appraised value of the home. - The market condition was marked as stable. The year-to-year based on public data showed a growth of 15% for my town, and the specific neighborhood the house is listed in is in the 2nd highest in terms of growth (within the town). Other concerns I have are mainly based on the subjective approach, but honestly, something seems off. Doing some simple stats shows that the appraised value is on the low end of the comps (300-400), and if you factor in the standard error of the mean, the offer price was well within range. Due to some other factors, I can't switch lenders, and since I should be grateful that I even got an offer accepted, I shouldn't be so cynical. Yet, the data-driven bit of me can't shake the feeling that I have been duped. Rant over. Thoughts appreciated! [link] [comments]  |
| Update: My MIL is purchasing a home and the appraisal came back 100k below asking. Posted: 30 Jun 2021 03:55 PM PDT Brief summary - mil found a house she loved for 275k and put an offer in immediately. Waited 2 days for a response and ended up getting in a bidding war up to 280k. Inspection went really well, but appraisal came back at 198. MIL thought about it and really wanted the house so she offered 248,000. 50k above the appraisal. Sellers refused so MIL contested appraisal. Yesterday the appraisal came back exactly the same with more detailed explanations. All very good points and they even expanded search radius closer to the nearest city. Shared with sellers, MIL explicitly said offer still stands. Sellers refused immediately. The question that remains is she is in contract until 07/14. What is the best course of action for her? Remain under contract until expiration or pull out of contract? What are the implications of both? They have a good realtor and is supporting the decision either way, I'm just curious, for her sake what the next steps should be? [link] [comments]  |
| New Construction and Locking in Mortgage Rate Posted: 01 Jul 2021 05:26 PM PDT There is a community of new construction that keeps getting pushed back. It will likely go for sale in Sept-Oct. I understand the deposit structure but my question is will I be able to lock in a mortgage rate in Sept? Or will I have to lock in the mortgage rate once I close (probably in 12-15 months)? Obviously I'd like to take advantage of the low rate but I've never purchased new construction before. Thanks in advance for any guidance! [link] [comments]  |
| Canadian wanting to get started.. Posted: 01 Jul 2021 05:22 PM PDT Hi there :), I would like to invest in real estate. We are planning on buying a triplex with a friend that would live in it so we could give a smaller cashdown. The two other "homes" will be for rent. I wanted to know… how do we get started. Is it worth it to pay for online courses to know how to plan everything and how to manage it. I don't want to throw away money on charlatans, I need good resources. How does it works…. We really want to do this right…. I want to own more assets and get some cash-flow for more freedom and leave smt for our kids. Sorry for my English. We are French 😅 [link] [comments]  |
| Why cant I see what a house sold for on zillow anymore? Posted: 01 Jul 2021 09:49 AM PDT |
| Buyer’s gone totally dark. What do we do? Posted: 01 Jul 2021 05:00 PM PDT We are selling our house and the buyers have been difficult to deal with. They didn't send repairs by the inspection deadline but asked for a thirty day extension a couple days later, and then they've been radio silent for the most part afterward. Our closing date is in less than a week and they've said in email that they're either asking for an extension or canceling, but we have no firm proposals from them. At this point we canceled the rental we were moving to after we called their title company and were told they don't have a closing appointment scheduled. If the closing date comes and they haven't proposed a new closing date or tried to back out, what happens? What happens if they submit a proposal that we don't accept? [link] [comments]  |
| Replace old siding, framing costs? Posted: 01 Jul 2021 01:08 PM PDT FTHB, found a house in an excellent location (neighborhood, comps, commute), but the house needs work. It's an REO sale and it's being listed by an investment company after it was foreclosed on. The house is a brick colonial, 2,800 sq ft, but it needs work. We've visited twice now and this is what needs done based on our eye and the eye of our realtor who is also a builder.
Beyond that, the kitchen would need to be redone, we'd want new flooring throughout main floor, and the master bath needs a redo. I understand the interior items are all cosmetic and can wait. My main concern is that siding. Anyone have experience with having to replace all the siding on a house and then having to reframe?? Trying to decide if an offer is even worth it. Thanks for any input! [link] [comments]  |
| Hope this post is cool. I couldn’t find what I was looking for in older posts. Posted: 01 Jul 2021 04:48 PM PDT So I've had my original license now since April of this year. I got my temporary license back in December. I did very well on the exams despite having a teacher who didn't really seem to have her shit together at the time. I studied my ass off and I made it. So here I am. One month into having signed with a boutique brokerage after having interviewed many brokerages. I thought this particular brokerage would be great for me considering they talked over and over about how they provided such extensive training and mentorship to their new agents. On top of that they also provide leads. (CINC database) My broke is non-compete and makes his money thru his agents use the CINC database to generate leads and therefore income for himself. They also provide other things that sounded great at the time like business cards, signs, a website (if you generate leads from your link then you do not have to pay the $1200 in costs per lead like with the CINC database) and they also market for you. They provide headshots and graphic design for anything you need. My problem is that I'm a month in and haven't really had any training or mentorship other than being directed to a website that my broker surely partners with. I was told to listen to and watch the videos and then immediately after was basically thrown into the process. I've had a few good leads but nothing has really come of them yet and honestly idk what I would do if something did come of them because I've not been thru any actual hands on training at all. My broker says he's there for all his new agents but every time he offers any "training" he just pulls up the CINC leads database and starts to go over how to use it with you. I understand how to use the database for the most part and will admit that despite my background in sales and customer service I did have some call reluctance at first. That has passed and I'm able to call now with no issues. It makes me feel like my broker only cares about teaching you how to use the program because that's where he makes his money at. So my question is do other big name brokerages provide any hands on training and mentorship? Like at all? I feel left in the dark and idk if my feeling like this is truly justified. There are other new agents that signed around the same time as me that have the same complaints but again I'm brand new so I'm not really sure of what is to be expected at all. How am I supposed to just know the questions I'm supposed to be asking if I'm not even sure what I'm supposed to be doing besides calling people from his leads database? If it helps to know at all I live in a huge college town where real estate is always booming despite the market and my broker is an hour away. Again I chose them because of the amount of training they were said to offer even though there are numerous brokerages to choose from in my city. I am also a member of two separate Realtor Associations if that helps to note and because of this I have access to most of the central and eastern portion of my state which is Alabama in case anyone in here has any experience in this state. Should I find a new brokerage? If I were to do that how hard would that be to really go about? If that's what you suggest I do then how do you do that without creating bad blood with the old brokerage? Do you have any suggestions for brokerages that offer everything my brokerage does and actually offers training as well? I've always been extremely outgoing and driven so I know I can do this. I'm just feeling extremely lost as of late and could really use some advice. Please be honest with me but if you could try not be rude that would be awesome. I don't have thin skin but I've had a rough week and could really just use some straight shooter advice. This is kind of written a little spastically so if I've left out any pertinent info please ask and I'll provide it. I appreciate any and all advice! [link] [comments]  |
| Posted: 01 Jul 2021 04:22 PM PDT I am trying to help arrange for the sale of two properties, which are part of the estate of a deceased relative. One of them is a pretty nice house in a good neighborhood. But the other is a small condo that was rented to a tenant who virtually destroyed it. The other condos in the small complex do have some significant value, so the condo in question would be worth something if it was repaired. But this appears to be kind of a massive task. The situation with the interior of the condo is really shockingly bad. We have been advised by a distant in-law who is in business of flipping homes that it would probably be best for us to sell it as is, because it would be much more expensive for us to do the repairs than for someone who is in this business. Also, for a variety of reasons including age, other commitments, and the fact that the situation is pretty depressing, getting involved in these repairs it doesn't seem like the best investment of my time. So it would seem that the best strategy is to try to sell it "as is" for as much as possible. Is there a particular kind of real estate agent who would best best to do this sale? What is the best way to find someone like that? How can one make sure to get the best market price? Thanks in advance for any useful tips. [link] [comments]  |
| Posted: 01 Jul 2021 08:50 AM PDT My fiance and I were able to close on our home this June which we are super grateful for. Our realtor was always available through the process and super quick to get bids on everything as we went through this process. We really did appreciate their work. However... One of the bids we received on for work on our chimney from a contractor they recommended was just bogus. We had a scheduled time for the contractor to go out to the house and inspect and give us a bid, so our assumption was that this would happen. When the bid came in, our realtor said it was a verbal bid and they would get the paperwork later and we rushed into negotiation of credits from the seller with a $2,200 bid for work on the chimney. The seller, who had previously received credits a few years prior to fix the chimney (and never did) was quick to accept the offer and we closed on the home. As the weeks went by and we could not get in contact with the contractor, even pestering our realtor to try and get us in touch with him to schedule the work and get the paper estimate we heard nothing. 2 days after close, we get an email and a phone call from the contractor and now it's $4,300. He told us he never actually went to the home to inspect the chimney and it was worse than he originally estimated. We compared his original estimate which we now have from him and he didn't even bid on the items pointed out in our home inspection. At this point we basically told him to bugger off and we would have someone reliable look at the chimney because we no longer trust his work. We had a reputable company come out yesterday and the list of things wrong and the work that needs to be done could be anywhere from $5000 to $20000 depending on what we want out of the chimney. You can pull the mortar out with two fingers, there is no lining, no flashing, no chimney cap... It's a mess. We are at a loss of what to do. Our climate includes a ton of rain and water is able to come straight into our attic so this stuff needs to get done. Other than this bid situation, we really did love the work our realtor did. We out a lot of trust in them since we are first time buyers and we have learned some hard lessons from this. Really we are just looking for perspective. Is this normal? We expressed our frustration to our realtor and they brushed it off with an oops sorry. Thanks! [link] [comments]  |
| Land is being re-zone, looking for some advice before things happen Posted: 01 Jul 2021 04:14 PM PDT We purchased our first house about a year ago, 1 acre, old log cabin for $180k. Behind me is about 100 acres of farm that just got purchased by an investment group for around 600k/ acre. We just got a letter in the mail from the county about a meeting next week and a map of the planned re-zoning. My house is one of two on my side of the road and our plots are both included in the rest of the farmland as simply zone 2. Across the street there are probably 15 houses that include zone 1. There is a zone 3 but that's not that close. Long story short, 5 years ago it was all farmland out side a major city, nice cozy place. They put up a Costco and some other stuff that's now in zone 1. My assumption is zone 1 is all going to be commercial to continue with what theyve been doing and zone 2 will be high end suburbs, same as about a mile down the road. I'm stuck in the middle and I plan on going to the meeting to get more info. What questions should I ask. What could I expect if my assumptions are right? I'm not attached to the house (I hate it lol) so could I make this a profitable event? [link] [comments]  |
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