- [TIP] Do NOT give your lender more documents than they request. More documents is sometimes worse for you, even if you think you are being helpful. If they ask for 2 months bank statements, give them 2 months, not 4, not the entire history of the account - just 2!
- Originator yelled at my father for asking the same question a few times because he didn't understand it.
- Need advice about the real estate market in Japan.
- Got an AO on a house that has never pumped their septic in the 30+ years they owned it?
- After Fourth of July inventory
- When mortgage interest rates were 18% why did ANYONE get a mortgage?
- Should I stay clear of homes that have been on the market a long time?
- Using loan contingency to get out of deal?
- Question...do we have any recourse?
- New Construction: At which phases of construction should I get my own inspection?
- Were we right to pass on this deal?
- Remorse Sell or Not?
- Should we sell our home while living abroad?
- house plus renovation question
- Big mistake
- Seriously, what is it with the cash offers?
- Looking for a good Realtor in Seattle
- My unit received a notice of bank appraisal
- Landlord is asking for 6 months upfront for a lease in Irvine, California
- Appraisal question
- Stigmatized house -MURDER SUICIDE (Que spooky music)
- Leasing property to a Bank (Canada )
- Is it normal for an originator to write down a way to pay for the appraisal fee?
- Are title companies closed today?
- Zillow Rental Manager Price Estimate vs. Rentspree
| Posted: 06 Jul 2021 02:51 AM PDT I say this as a former loan processor who prepped and reviewed all documentation for the underwriters. The fact of the matter is this... once an underwriter sees what you have given them, they cannot unsee it, legally. I have seen a lot of loans get delayed or killed because borrowers sent in documents that were never requested but they thought they were being helpful by sending it in. Let me give you an example. Part of the requirement for lending, per Fannie/Freddie guidelines, is that you need 60 days history of bank statements showing where the funds are coming from. Well, if you have deposits on those bank statements > 50% of your monthly income, you have to write an explanation for each one, assuming it is not obvious. If they are cash deposits then every single one has to be sourced, at least, when the available assets you have is low and you can't afford to just not count that fund toward your available assets. Well, let's say your lender says they need May and June bank statements and you decide you are going to be helpful and give them a full printout history of January to June. Guess what, that underwriter now has to go through your entire history. They didn't need it. But, because you gave it to them, they have to review every last page and every last transaction. More potential things that can screw up your loan, make you do more work, make the underwriter's work take longer, etc.. If you had a USDA loan it would be an absolute disaster because every single deposit has to be explained. Keep your mouth shut about certain things too. For example, I remember a loan had to be denied because someone setup a retirement account that auto-withdrew $4000 a month, so they could count it as continuous income. They were retired and only wanted to set this up for the loan. Well, when they provided a letter with the scheduling of the funds each month, they mentioned, foolishly, they were going to cancel this monthly disbursement once they got funded. Underwriter knew about it and got wind of it, and basically had to X out that income as a result and now their DTI was too high. Stop oversharing to your lenders. Only give them the bare minimum of what they need. I saw a person kill their loan once because they decided to provide information on Coinbase crypto transfers from 6 months previous to their bank account. It was never asked for, it was never needed, but they couldn't in any way prove that those crypto coins were their own when they were liquidated and the cash was deposited to their account. According to Fannie/Freddie, the money was sufficiently seasoned and only 2 months previous statements were needed, but because they gave that crypto transfer, they need to see the bank statements that far back and it just opened up a massive can of worms that they no longer had the available assets to be considered. My point is that yes, some lenders might conveniently ignore those received docs, but as per federal guidelines, you have to base your decisions on the entire packet of docs received, and there has to be a secured record of it for auditing purposes. If it came out that you ignored a critical document just to get the borrower funded we are talking hundreds of thousands in fines, per violation, and audits happen randomly, yearly. The lender won't take that risk. The WORST thing for killing loans is when a borrower decides to send the lender an inspection report. Omg, NEVER do this. Do not ever send inspection reports, or partial ones, to the lender, unless its termite for VA loans as per requirement. Seriously... once it is seen, it cannot be unseen and the underwriter is going to have no choice but to require repairs in many cases before funding can ever happen. Good luck with closing on time in the current market of hard to find contractors. Just give them what they ask for. It is NOT helpful to give more than they ask for. [link] [comments]  |
| Posted: 05 Jul 2021 06:17 PM PDT My father is very anxious and wanted to make sure his cash out refinance will not hurt him in the long run. He wanted to know if paying 400 dollars a month instead of paying 1200 quarterly would be too much each month for his checking account, and if he was only seeing an increase of 100 dollars taken out of his checking account monthly overall, which is what the originator keeps telling my dad. I do not believe he is, because like I said, he is now paying 400 dollars monthly instead of 1200 quarterly. How is that only a 100 dollar increase in money being taken out a month? My dad asked him if the interest rate would make up the difference for the monthly increase in property tax payment, and did not get a clear answer. All the originator would say is "you're getting 60,000 dollars" which was not the question. He was asking how much he would save due to the interest rate, he knows how much cash out money he's getting. After asking one more time "Am I just seeing a payment increase of 100 dollars overall per month", which the originator kept being wishy-washy about, because my dad *is* going to be paying 400 a month for the property tax instead of around 1200 dollars quarterly, the originator blew up, yelled at my dad, and said "If you ask me one more time we're not doing this fucking refinance, and I'm telling the attorney to call it off". He got extremely rude to me and my father, which we have not been back to him at all. When my dad said the reason why he asks so much is because it has been a very stressful year because of his wife's death, and he just wants to make sure everything will be alright, the originator replied with "seek counseling then". My dad wrote down the price he gave us previously, and the originator made a comment that we were "too lazy to get up and get it to look at". My dad was eating dinner. Just very insulting over a refinance, which I find very odd. The way he acted to my father and I was very unprofessional, and we were not rude to him. We might have been annoying with asking questions a few times, but that's because we are trying to make sure this is the right thing to do. He kept saying things like "If you can't afford the property tax, just take it out of the cash out money" even though 1. that money is meant for paying off debts my mother left, and 2. that money will not last forever. I hope I am not coming off as stupid or rude on here. We want to make sure my dad can afford this, and this was not the first time this man got overly angry with my father. My dad has never been insulting or rude to him, and I do not think he deserves that type of treatment, considering he lost his wife this year, and she left a financial mess he has just been trying to get through. My dad unfortunately gave him his original tax documents, which was probably a unsavvy thing to do, and I hope he will be able to get back from him. I think we will try and get a second opinion from a bank my dad has a long history with, as this was just very depressing to deal with. I did not trust this man before this, and now I feel justified in my assumptions about him. EDIT: I should mention my dad makes about 4700 a month because of his private music lessons, his pension is about 3700. 2200 a month seems like too much for him, I don't know if he could afford it. [link] [comments]  |
| Need advice about the real estate market in Japan. Posted: 06 Jul 2021 04:09 AM PDT Hi there! It's going to be a bit different as mostly this sub is dealing with the US market, but we moved to Japan (we currently rent an apartment in Otaru) a few years ago and finally are ready and able to purchase our first place to call home and we were looking for some resources to give us reference prices on real estate. We want to buy an apartment in Sapporo and found this website and the subsequent page: https://findhokkaidoagents.com/sapporo/real-estate-by-ward. It gave us some idea of pricing, but we would like to see if there are any ways to maybe find a better deal and also want to know what to look for specifically. We honestly aren't really experienced in the real estate market as we never really browsed back in the US and me and my now wife lived in a house rented from our common acquaintance. I wanted to move since I went to college, and soon after I met my wife, she also got hooked on the idea of moving to Japan. So yeah, it's really our first proper foray into the real estate market and its inner workings. I am not sure what to look out for in apartments, so I would like to know how not to buy a bad one in terms of its longevity, so to speak. I feel like there's a whole slew of issues to look out for, like neighbors and neighborhood, age of the building, if it is sagging or not (I believe the latest tragedy in Miami happened due to this sag, or so I heard). I am now a little worried about living in multi-story buildings, but it seems rather unreasonable to own a house as we are child-free and are planning to live like that. I suspect there are more things to consider that I just fail to see, so I would like to ask for your opinions and also for links to some other agencies that could provide additional information on pricing before we decide with which one to go. It is also a bonus if agents can speak English, hence why we noticed that website. [link] [comments]  |
| Got an AO on a house that has never pumped their septic in the 30+ years they owned it? Posted: 05 Jul 2021 02:59 PM PDT They never pumped their septic tank in the 35ish years they've owned it, and no clue when it was last serviced by the previous owner. Is this even possible? What do I need to do? Really want to buy this house. What kind of inspector and how much do these systems cost to replace? If it needs to be done 3 to 5 years how did it go over 30 years untouched without their whole property smelling? Thanks [link] [comments]  |
| After Fourth of July inventory Posted: 05 Jul 2021 05:32 PM PDT This past week's number of new listings was very underwhelming. Is there usually an uptick in new listings after the big summer holiday? Please say it is so. We've been looking and unable to bid on anything that matches our criteria. [link] [comments]  |
| When mortgage interest rates were 18% why did ANYONE get a mortgage? Posted: 05 Jul 2021 11:17 PM PDT I'm having a hard time understanding why in that situation, if you're able to afford 18% per year, why don't you just wait six years (or less) and pay with cash? [link] [comments]  |
| Should I stay clear of homes that have been on the market a long time? Posted: 05 Jul 2021 05:30 AM PDT Found a home that looks perfect (for my family). Unfortunately, it looks like they've been trying to sell it for a decade with no success. I know this is a red flag but does a long time on the market always mean something is terribly wrong with the property? The location is great. The exterior is charming. There are hardwood floors throughout. The home looks to be in excellent condition with minor updating needed. Great schools. Virtually no crime. What am I missing? I assume at this point if there was a serious structural issue the seller would have disclosed it. The only major flaw with the property is that the listing price is a little to high for comps in the area. Should I not even bother looking into this? UPDATE: Realtor said the sellers have consistently listed the home significantly higher than market value. The market only recently aligned with the couples bottom line. We're still a little skeptical though and will hit that home with every inspection known to man. [link] [comments]  |
| Using loan contingency to get out of deal? Posted: 06 Jul 2021 12:06 AM PDT Long story short, we're in escrow and have already signed off on inspection contingency. Shortly after, I found that the roof was near end of its life and will probably cost 20k+ to get new one and also the place is covered in termites. Seller refuses to do any credits. This is all too much and we'd like to pull out. I'm wondering if there's any way we can use the loan contingency (our only remaining contingency) to get out of the deal. [link] [comments]  |
| Question...do we have any recourse? Posted: 05 Jul 2021 05:26 PM PDT Hi guys! I'm a long-time lurker here. I figured this would be a good group of people to go to ask a question. My husband and I put in an offer on a home 2 months ago. It was advertised on the market as having tenants who were going to be out on July 5th. We happen to be in the area over the weekend and the tenants had still not moved out. We called the realtor this morning and she explained she received a voicemail from the seller's agent saying that the management company that is taking care of the property did not give the tenants 30 days notice on time, and they want us to give the tenant an additional 20 days in the property as a result. We are already set to close and move for this weekend, I'm wondering if we have any recourse or if there's anything we can do or if we are just going to have to go along with whatever this property management company says. The other concern is we have not officially closed yet, we should be closing Friday, and we don't want to close on the property without the tenants being out. We also feel that they had ample time to notify the tenants since our offer was accepted 60 days ago and we have basically been waiting for them to vacate this whole time. Thoughts? Suggestions? Edit: to answer questions I keep receiving, there is absolutely nothing about the renters in the contract. I assume whoever wrote the contract thought that the renters would be out in ample time since we had such a long time frame. [link] [comments]  |
| New Construction: At which phases of construction should I get my own inspection? Posted: 06 Jul 2021 03:59 AM PDT First-time home buyer here. I'm in the process of purchasing a new construction home through a builder (Lennar). The unit includes cabinets, countertops, security system, and all appliances, except for laundry machines (washer, dryer). I visited the construction site couple days ago and they have much of the framing structure built and the electrical and plumbing are almost all in, no walls and insulation yet. And we can even go upstairs. I heard that it's recommended to get two inspections during construction. First inspection when they have the framing, electricals, and plumbing in, before they install insulation and dry wall (sheet rock). And second inspection around completion, when cabinets and appliances are installed. But I also heard they need to be compliant with the city's building code and that they get inspections from city officials throughout the construction phases. If so, can I just go to the city and request inspection reports? If that's the case, are independent inspections really needed? If I do get independent inspections, at what phases of construction should I get them? [link] [comments]  |
| Were we right to pass on this deal? Posted: 05 Jul 2021 08:55 PM PDT My partner and I have been looking for an apartment/house to rent and we found something that seemed perfect. It was within our budget and was a fantastic deal compared to other homes in the area. However, it wasn't too good of a deal to make the house seem super suspicious. I contacted the owner and he sent me a message with a pre-application screener from Turbo Tenant. After that, he sent us his own application (made on google docs) for us to fill out. We sent our IDs and proof of income. He contacted us today saying we were accepted, and after a call with him he told us that we would have to pay first months rent and a deposit ($4000 total) to him through Zelle right away to secure the house. He said the current tenants would be living there for another two weeks, so he wouldn't be able to show the place until they moved out, though he suggested to drive by the property (we did. and it seemed legit). However, to secure the house, we'd have to pay the 4000 now. We talked more and he ended up dropping the first month's rent and telling us to just pay 2000. We asked to at least see a lease and he sent us a 4 page lease obviously constructed on google docs as well. By then there were too many red flags and we told him that we were not interested unless we could see the house and meet him first. He didn't argue it and just hung up. I'm pretty sure we almost got scammed, what does everyone think? We did not give him our social security numbers (thank god) but he does have images of our IDs. Is there anything we should do? [link] [comments]  |
| Posted: 05 Jul 2021 04:06 PM PDT Hi any input is appreciated thanks. I purch my home Dec. when barely anything was on mkt in my $ range. I cringe at what I paid even getting price reduction as we all know these houses are overvalued. Bought for fear of never affording a home & rents forever increasing & ending up homeless under a bridge on a fixed income. Main issue: Live on a corner lot off 35 mph drag to xway & had no idea how much traffic would flow once restrictions lifted. Its driving me fkn nuts!! The constant disturbances of emergency vehicles, loud exhausts (every idiot here has), loud music, people walking by 6 ft from my living room window about 10x day) I already have newer double panes & heavy curtains, sealed gaps, use white noise..etc. I know I can buy Indow Windows at $500 a pop vs $1200+ for real good soundproofing windows. Prob is, I have to put in a new sewer at 5k soon!! Roots from neighbors tree have invaded it & I got it hydrojetted & line is clear yet roots have penetrated. So to keep my sanity beyond the sewer line I will have to shell out another 12k on top of 5k to get some level of quiet & privacy- Build privacy fence in large yard, add off street parking, add large pine trees to wall off front yard from road, buy several Indow Windows (no guarantee they will work), replace 2 doors, add insulation to entire home. Uggg!!! Prices are starting to decline here near Southern Indiana & homes are sitting :( I got a super low int rate & affordable pymt yet after 6 mo I dont think my heart is into it. Also the city is corrupt & I am afraid no development will be completed and this area will just retain renters & crappy big box stores & homeless. Should have done my homework, yes! Got FOMO and fear of being priced out of rentals as homes were not coming on the mkt while home prices were soaring. While the house is in overall good shape, is decent & is much nicer than the ones coming to mkt, I am torn. I know renting is loud, PLUS CIGARETTE SMOKING is absolutely unbearable so I dread sharing walls again. Should I just take a loss & sell now then go rent and in a few yrs get into senior rental if I can find one. Not sure where the mkt will go as homlesness increases, inflation worsens, investors continue to buy up single family homes, but this is not sustainable. Afraid to make another mistake! [link] [comments]  |
| Should we sell our home while living abroad? Posted: 06 Jul 2021 04:13 AM PDT Hi, We are struggling with deciding whether to sell our US home while we are living in Europe for an indefinite amount of time. I am looking for any advice or bits of knowledge to consider. Single family home in small east coast city with a very hot real-estate market. Currently being rented out by a great tenant who shows no signs of wanting to alter the situation. In December it will have been 3 years since we moved so if the sale is made before January there should be no capital gains tax. We will be in Europe until at least next summer, hopefully a contract extension will push that another 2 years to 2024 and possibly longer. Ultimately we hope to move back after that but there is lots of uncertainty in regards to career opportunities in our home city. The home is in the best neighborhood in the city. We have an emotional connection to it and knowing it is there gives us a sense of security as we live untethered in a foreign country where we have an uncertain future. The house itself is a bit small and a little old so we would need to do an extensive remodel for our growing family but once construction costs have cooled off I think that would be cheaper than finding a different home. Also, if we sold I think we would have difficulty reentering the real-estate market in our preferred location. Thoughts? [link] [comments]  |
| house plus renovation question Posted: 06 Jul 2021 04:03 AM PDT let's say i have 200k and looking at a home that cost 200k but needs 100k in renovations. what's the best strategy for allotting the funds? 100k down payment and 100k to the reno or something else? tx [link] [comments]  |
| Posted: 06 Jul 2021 03:40 AM PDT I'm beating myself up. About a year and half ago I had an opportunity to buy this house for $569k that had everything I wanted. Pool, 3 car garage on a cul desac. I didn't buy it for gods know what reason? That house is now worth $870k according to Zillow. Now fast forward and I haven't been able to find anything anywhere near that price. So I'm having a house built. I'm getting a lot less for about $300k more. 2 car garage, no pool, and the backyard is not private like the other one. I feel like I was desperate to buy a house and I just made the biggest financial mistake of my life. I'm having serious regrets and am severely depressed. I should have taken that opportunity when I had it and having a house built is turning into a nightmare honestly. How do you get over it? It's eating me away. [link] [comments]  |
| Seriously, what is it with the cash offers? Posted: 05 Jul 2021 12:56 PM PDT I'm having trouble understanding the cash offers in my areas market that is 100-200% over what the prices were a couple years ago. I'm 5 offers in, and cash offers are king. What does this mean for my areas market? I can't help but to think there is something deeper happening that I don't yet understand. Are any of you dealing with this in your areas where prices have surged? [link] [comments]  |
| Looking for a good Realtor in Seattle Posted: 06 Jul 2021 02:17 AM PDT Which company is best to work with to find realtors who are motivated by commission to create competition for your home? [link] [comments]  |
| My unit received a notice of bank appraisal Posted: 05 Jul 2021 08:04 PM PDT I live in Maine for context, and we recently received a notice of bank appraisal for our apartment. I asked around to my neighboring units and confirmed with at least two of them that they received no notice, so they most likely are not having an appraisal. As far as I'm aware, and appraisal would be relating to like. Property values right? Is there any reason to only have one unit appraised? [link] [comments]  |
| Landlord is asking for 6 months upfront for a lease in Irvine, California Posted: 05 Jul 2021 07:44 PM PDT My friends and I are looking for housing due to the fact that my university is returning back to in person classes. We found a great place, but they want a two year lease and a combination of six months up front plus a 2 months deposit. We have six students that are going to rent the place, and we are all pretty desperate for a place to live. Most of us are full time students, but we all have guarantors for housing. Cam anyone comment on whether this lease is a good thing to do? I've never really heard of someone asking for six months rent up front. [link] [comments]  |
| Posted: 05 Jul 2021 02:58 PM PDT Our house last sold for 52k and recently appraised at 67k. We are selling and have multiple offers for 85-90k. Any chance the new appraisal comes in high enough for the bank to support this price? [link] [comments]  |
| Stigmatized house -MURDER SUICIDE (Que spooky music) Posted: 05 Jul 2021 06:43 PM PDT Looking for thoughts on investing in stigmatized homes. Saw a nice one recently with a gruesome murder suicide, but didnt pull the trigger (no pun intended). It was in rough shape but would have been a pretty good deal. Ultimately, my conscious and concerns over rental income and my obligation to disclose it forced me to pass. Was this the right decision or are their others out there renting out houses like this? How do you do it? Interested to see what folks say in case I have another opportunity in the future. Just for reference the house i almost offered on is linked below: 3768 campbell ave. Honolulu, HI. https://www.zillow.com/homedetails/3768-Campbell-Ave-Honolulu-HI-96815/600123_zpid/?utm_medium=referral [link] [comments]  |
| Leasing property to a Bank (Canada ) Posted: 05 Jul 2021 06:05 PM PDT Canada Just wondering if anyone knows where banks usually advertise if they are looking for a property to lease for their new location or for ATM or where could a landlord advertise their property for banks specifically Thanks [link] [comments]  |
| Is it normal for an originator to write down a way to pay for the appraisal fee? Posted: 05 Jul 2021 03:41 PM PDT My dad has an originator for a cash out refinance (right now we're looking at 60k for the cash out) set up by a close family friend, and he wrote down my dad's debit card info for what he said was future payment of the appraisal fee, which is 600 dollars I believe. It sounds pretty unorthodox to me, but so far we haven't seen him do anything with it, so he could be telling the truth. I looked the originator up, and he is properly licensed, but I've had reservations about the whole process (He keeps suggesting my dad to switch from Amica Insurance to Vermont Mutual Insurance for homeowner's insurance, which makes me feel like he gets something out of this). He also is making us do the mortgage with the new mortgage company he works for as a loan officer, but I guess that is to be expected? I thought originators look for the best price for you. Like I said, I have reservations about all of this. Just wondering how strange it is for somebody to do that. The originator works with a lawyer my dad actually consulted with years before this, so I'm guessing he is trustworthy, but maybe a little odd. Should my dad look elsewhere for a cash out refinance? We have a Citizens Bank in town, would they be better? Sorry for asking this more than once on here, I just want to make sure he isn't being taken advantage of. He knows next to nothing about this, as his late wife (my mom) did all of this for him. [link] [comments]  |
| Are title companies closed today? Posted: 05 Jul 2021 03:04 PM PDT I'm supposed to sign closing papers tomorrow and still no time. I know it's gone through the lender, they sent me the closing docs and the scheduled date. Just curious if it's gonna end up being a mad dash tomorrow with a last minute call and having to juggle getting out of work/timing. Thanks! [link] [comments]  |
| Zillow Rental Manager Price Estimate vs. Rentspree Posted: 05 Jul 2021 04:10 PM PDT I am trying to price out how much rent I can get for a home north of Bridgeport Connecticut. A property management company I contacted sent me an estimate of about 3200 per month based off a report from Rentspree (or similar). When I entered my address into the Zillow Rental Manager app, it suggested I ask for 5600 (!) dollars per month for the same property. If the prices were similar, I would chalk the difference up to statistical variance. But, 2400 per month is a pretty big difference. One of them is clearly wrong. Does the community have any advice here on which estimate to trust? My first thought would be to trust Zillow more because there are 1200 square foot townhomes with terrible parking close to me listed for 3300 per month (but with a pool, gym, etc), and the house is over 4000 square feet with a half acre yard, garage, finished basement, and in a cul-de-sac. I just can't imagine potential renters being willing to pay 100 more per month for the townhome. Thoughts? [link] [comments]  |
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