Can we start enforcing location? Real Estate |
- Can we start enforcing location?
- I’m looking to buy undeveloped land and eventually build a home on said land. What do I need to be aware of, and are there any sort of loans I can get for land?
- Inventory position
- Is a good moment to spend savings in buying the land or should i just keep the money?
- Oil and gas lease on property
- Landlord is giving MY security deposit to replacement tenant?
- Pre-approval with cash in hand
- Pocket listings and comps
- Everything about this listing is cringe worthy…
- Pricing in options, and do my numbers make sense???
- Does Opendoor have a minimum time that I have to own the property to sell to them?
- Escrow company withheld property taxes but didn't pay them (California - LA County)
- Opendoor didn't mess up iBuying like Zillow (still loses half a billion)
- How much cash needed to buy land and build a house?
- When to get pre approved?
- Trying to get into Asset Management. Best asset class to get into?
- Where do homebuilders / lot salesmen buy their lots?
- Removing PMI with Chase?
- My father is moving here (PA) from NJ and looking to buy a house. I have a question about closing and banking info.
| Can we start enforcing location? Posted: 21 Nov 2021 07:33 AM PST I see people constantly asking for advice on here, but half the time don't even put a location. If we could at least put what state they are in I feel like this sub could help drastically. I can promise you that California prices/laws/norms aren't going to be the same as Missouri. [link] [comments] |
| Posted: 21 Nov 2021 06:50 AM PST I want to live on some land but I don't have 100k on hand in cash to buy land. I could put 10% to 20% down but I'm not sure if that's a good way to buy land. Also what do I need to look out for when purchasing property that I might not have thought of? [link] [comments] |
| Posted: 20 Nov 2021 08:49 PM PST I have seen a number of posts on inventory, but no real data -- only anecdotes. Zillow does provide the statistics for all major metropolitan areas here. It is not enough for micro-segmentation, but does provide a clear macro picture. I took that data and summarized it below for 40 or so big markets which took 10 mins. If any one wants to do other analysis, I can post relevant python code. The take away, is that overall the US inventory is still very low, but it looks like it is ticking up in the last couple of months -- although the picture is very market dependent. For example, it shows that San Fran never had an inventory dip even during the pandemic. Some other areas are actually back to pre-pandemic inventory. Here is the data -- if you need clarification, you can ask. I added the mean yearly inventory (only for first 10 months of 2021), mean for summer season (April-August) and the inventory for October 2021 (the last month of stats available). Region: United States 2018 mean: 1622601 2018 summer mean: 1681032 2018 october: 1750118.0 2019 mean: 1646678 2019 summer mean: 1709802 2019 october: 1742627.0 2020 mean: 1378345 2020 summer mean: 1429977 2020 october: 1336655.0 2021 mean: 1030291 2021 summer mean: 1018395 2021 october: 1103788.0 Region: New York, NY 2018 mean: 83553 2018 summer mean: 88229 2018 october: 90008.0 2019 mean: 87638 2019 summer mean: 92964 2019 october: 92042.0 2020 mean: 75086 2020 summer mean: 73891 2020 october: 80472.0 2021 mean: 62319 2021 summer mean: 63055 2021 october: 62220.0 Region: Los Angeles-Long Beach-Anaheim, CA 2018 mean: 26537 2018 summer mean: 27216 2018 october: 30882.0 2019 mean: 29159 2019 summer mean: 30873 2019 october: 30336.0 2020 mean: 23593 2020 summer mean: 23422 2020 october: 26280.0 2021 mean: 20728 2021 summer mean: 20979 2021 october: 20776.0 Region: Chicago, IL 2018 mean: 52401 2018 summer mean: 55348 2018 october: 58210.0 2019 mean: 55275 2019 summer mean: 58710 2019 october: 60755.0 2020 mean: 48032 2020 summer mean: 49397 2020 october: 49571.0 2021 mean: 37212 2021 summer mean: 37484 2021 october: 40272.0 Region: Dallas-Fort Worth, TX 2018 mean: 30213 2018 summer mean: 31446 2018 october: 34264.0 2019 mean: 35277 2019 summer mean: 36864 2019 october: 38689.0 2020 mean: 31602 2020 summer mean: 33497 2020 october: 30087.0 2021 mean: 22887 2021 summer mean: 22723 2021 october: 24094.0 Region: Philadelphia, PA 2018 mean: 28963 2018 summer mean: 30608 2018 october: 29842.0 2019 mean: 28452 2019 summer mean: 30209 2019 october: 29191.0 2020 mean: 21579 2020 summer mean: 21682 2020 october: 21399.0 2021 mean: 18194 2021 summer mean: 18693 2021 october: 20041.0 Region: Houston, TX 2018 mean: 37755 2018 summer mean: 39539 2018 october: 40148.0 2019 mean: 41086 2019 summer mean: 42703 2019 october: 43763.0 2020 mean: 37596 2020 summer mean: 39796 2020 october: 35014.0 2021 mean: 27836 2021 summer mean: 27116 2021 october: 28997.0 Region: Washington, DC 2018 mean: 25347 2018 summer mean: 27711 2018 october: 25843.0 2019 mean: 22865 2019 summer mean: 24814 2019 october: 24281.0 2020 mean: 18723 2020 summer mean: 19383 2020 october: 19257.0 2021 mean: 17760 2021 summer mean: 18747 2021 october: 20374.0 Region: Miami-Fort Lauderdale, FL 2018 mean: 64227 2018 summer mean: 65527 2018 october: 63210.0 2019 mean: 66906 2019 summer mean: 68900 2019 october: 63654.0 2020 mean: 61015 2020 summer mean: 61352 2020 october: 59112.0 2021 mean: 40978 2021 summer mean: 37846 2021 october: 33031.0 Region: Atlanta, GA 2018 mean: 33279 2018 summer mean: 34083 2018 october: 36061.0 2019 mean: 37542 2019 summer mean: 38615 2019 october: 40622.0 2020 mean: 34718 2020 summer mean: 36957 2020 october: 32668.0 2021 mean: 23582 2021 summer mean: 22854 2021 october: 23607.0 Region: Boston, MA 2018 mean: 14170 2018 summer mean: 14920 2018 october: 17091.0 2019 mean: 15501 2019 summer mean: 16810 2019 october: 17061.0 2020 mean: 12752 2020 summer mean: 13157 2020 october: 14446.0 2021 mean: 10405 2021 summer mean: 10987 2021 october: 11341.0 Region: San Francisco, CA 2018 mean: 7128 2018 summer mean: 7567 2018 october: 8888.0 2019 mean: 8150 2019 summer mean: 8914 2019 october: 9181.0 2020 mean: 7619 2020 summer mean: 7496 2020 october: 9964.0 2021 mean: 7954 2021 summer mean: 8303 2021 october: 8816.0 Region: Detroit, MI 2018 mean: 18298 2018 summer mean: 18331 2018 october: 21973.0 2019 mean: 20457 2019 summer mean: 20483 2019 october: 23877.0 2020 mean: 17044 2020 summer mean: 17125 2020 october: 17332.0 2021 mean: 13300 2021 summer mean: 13167 2021 october: 16320.0 Region: Riverside, CA 2018 mean: 20442 2018 summer mean: 20847 2018 october: 22087.0 2019 mean: 20951 2019 summer mean: 21545 2019 october: 21063.0 2020 mean: 15513 2020 summer mean: 15921 2020 october: 13953.0 2021 mean: 11505 2021 summer mean: 11355 2021 october: 13361.0 Region: Phoenix, AZ 2018 mean: 26688 2018 summer mean: 27790 2018 october: 25592.0 2019 mean: 26766 2019 summer mean: 28743 2019 october: 24468.0 2020 mean: 22056 2020 summer mean: 22715 2020 october: 21484.0 2021 mean: 18133 2021 summer mean: 17914 2021 october: 19718.0 Region: Seattle, WA 2018 mean: 11430 2018 summer mean: 11717 2018 october: 15044.0 2019 mean: 12447 2019 summer mean: 13807 2019 october: 13695.0 2020 mean: 9839 2020 summer mean: 10183 2020 october: 12118.0 2021 mean: 9434 2021 summer mean: 10144 2021 october: 10471.0 Region: Minneapolis-St Paul, MN 2018 mean: 13766 2018 summer mean: 14667 2018 october: 16442.0 2019 mean: 14441 2019 summer mean: 15287 2019 october: 17198.0 2020 mean: 13166 2020 summer mean: 13960 2020 october: 14468.0 2021 mean: 11145 2021 summer mean: 11552 2021 october: 13504.0 Region: San Diego, CA 2018 mean: 8924 2018 summer mean: 9180 2018 october: 10605.0 2019 mean: 9664 2019 summer mean: 10243 2019 october: 9928.0 2020 mean: 7361 2020 summer mean: 7605 2020 october: 7580.0 2021 mean: 6008 2021 summer mean: 6235 2021 october: 6123.0 Region: St. Louis, MO 2018 mean: 14475 2018 summer mean: 15049 2018 october: 15634.0 2019 mean: 13524 2019 summer mean: 13910 2019 october: 14533.0 2020 mean: 11213 2020 summer mean: 11437 2020 october: 11108.0 2021 mean: 8383 2021 summer mean: 8333 2021 october: 9024.0 Region: Tampa, FL 2018 mean: 21479 2018 summer mean: 22208 2018 october: 21502.0 2019 mean: 22225 2019 summer mean: 22815 2019 october: 21573.0 2020 mean: 18420 2020 summer mean: 19370 2020 october: 16244.0 2021 mean: 12144 2021 summer mean: 11559 2021 october: 12355.0 Region: Baltimore, MD 2018 mean: 14167 2018 summer mean: 15028 2018 october: 14568.0 2019 mean: 13819 2019 summer mean: 14642 2019 october: 14693.0 2020 mean: 10396 2020 summer mean: 10732 2020 october: 9853.0 2021 mean: 8127 2021 summer mean: 8347 2021 october: 9346.0 Region: Denver, CO 2018 mean: 14797 2018 summer mean: 15602 2018 october: 17725.0 2019 mean: 17059 2019 summer mean: 18393 2019 october: 19514.0 2020 mean: 14207 2020 summer mean: 15670 2020 october: 14944.0 2021 mean: 8128 2021 summer mean: 8007 2021 october: 9036.0 Region: Pittsburgh, PA 2018 mean: 11260 2018 summer mean: 11695 2018 october: 11708.0 2019 mean: 10163 2019 summer mean: 10477 2019 october: 10583.0 2020 mean: 8347 2020 summer mean: 8403 2020 october: 8473.0 2021 mean: 6460 2021 summer mean: 6454 2021 october: 7497.0 Region: Portland, OR 2018 mean: 10010 2018 summer mean: 10334 2018 october: 12200.0 2019 mean: 10873 2019 summer mean: 11527 2019 october: 12122.0 2020 mean: 9014 2020 summer mean: 9641 2020 october: 9419.0 2021 mean: 7154 2021 summer mean: 7382 2021 october: 8242.0 Region: Charlotte, NC 2018 mean: 12244 2018 summer mean: 12995 2018 october: 13170.0 2019 mean: 13526 2019 summer mean: 14245 2019 october: 14810.0 2020 mean: 11160 2020 summer mean: 11813 2020 october: 10319.0 2021 mean: 7484 2021 summer mean: 7327 2021 october: 8021.0 Region: Sacramento, CA 2018 mean: 7697 2018 summer mean: 8017 2018 october: 9302.0 2019 mean: 7977 2019 summer mean: 8377 2019 october: 9028.0 2020 mean: 6535 2020 summer mean: 6979 2020 october: 6705.0 2021 mean: 4914 2021 summer mean: 4775 2021 october: 6079.0 Region: San Antonio, TX 2018 mean: 13174 2018 summer mean: 13783 2018 october: 13920.0 2019 mean: 15134 2019 summer mean: 15660 2019 october: 16470.0 2020 mean: 14368 2020 summer mean: 15193 2020 october: 13478.0 2021 mean: 9113 2021 summer mean: 8595 2021 october: 9262.0 Region: Orlando, FL 2018 mean: 13525 2018 summer mean: 13781 2018 october: 14184.0 2019 mean: 14367 2019 summer mean: 14816 2019 october: 14338.0 2020 mean: 13074 2020 summer mean: 13328 2020 october: 13013.0 2021 mean: 10050 2021 summer mean: 9558 2021 october: 9654.0 Region: Cincinnati, OH 2018 mean: 9151 2018 summer mean: 9361 2018 october: 10208.0 2019 mean: 8948 2019 summer mean: 9218 2019 october: 9565.0 2020 mean: 7149 2020 summer mean: 7343 2020 october: 7091.0 2021 mean: 5600 2021 summer mean: 5508 2021 october: 6462.0 Region: Cleveland, OH 2018 mean: 13355 2018 summer mean: 13923 2018 october: 14386.0 2019 mean: 13118 2019 summer mean: 13678 2019 october: 14295.0 2020 mean: 10136 2020 summer mean: 10160 2020 october: 10231.0 2021 mean: 6256 2021 summer mean: 5823 2021 october: 6886.0 Region: Raleigh, NC 2018 mean: 7347 2018 summer mean: 7820 2018 october: 7636.0 2019 mean: 8074 2019 summer mean: 8358 2019 october: 8851.0 2020 mean: 7146 2020 summer mean: 7684 2020 october: 6379.0 2021 mean: 3603 2021 summer mean: 3385 2021 october: 3635.0 [link] [comments] |
| Is a good moment to spend savings in buying the land or should i just keep the money? Posted: 21 Nov 2021 07:03 AM PST I saved enough money to buy a patch of land as a beginning to my goal of having a self-sustainable homestead and build a cabin in the future. The thing is due so much fear-mongering and negative predictions of blackouts, food shortages, hyperinflation would be better to keep the money if a major need happens? What worries me is that if I dont take action some other dude would buy the land I like, and it's really hard to find a good plot here in Europe where land is scarce. I think that so much negative predictions are fake to keep people in distracted in fear. Do you recommend to go for the land or be a prudent squirrel if the winter comes? In favor to buying is that if inflation comes all my savings will lose value so it would be better to buy? [link] [comments] |
| Posted: 21 Nov 2021 07:23 AM PST Before I start, we do plan to get a lawyer to look over things, but I am looking to see if folks have had any personal experience with this. I am looking to buy a property (offer is in, with request for a study period and proof of unencumbered access to mineral rights) that is about 6 acres. On the MLS docs, there was an oil and gas lease from 41 years ago with the primary lease term ended 31 years ago. From what I know and have read, the legalese means those rarely actually expire but have not found a single document or experience online about how to close down the lease officially (this is where lawyer comes in). When looking at the land and all surrounding areas, there was no obvious drilling or storage of oil/gas, and the original lease was for the 100s of surrounding acres, not specifically just this 6 acres of property we are looking at. The deed even says owner has "1/2 undivided interest in oil and gas rights." I am trying to get this land for enjoyment and relaxation, and eventually to build on. It is (seemingly) exactly what we are looking for in so many ways, but do not want a headache if someone calls us and says that they will begin drilling in 1 or 5 years for a decision someone made in 1980. Has anyone had personal experience with these older leases or even having drilling or operations on your property? [link] [comments] |
| Landlord is giving MY security deposit to replacement tenant? Posted: 20 Nov 2021 06:15 PM PST My apartment lease ends in February 2022, but I already found a new place so I'm breaking my lease early. I have to pay 2 months worth of rent plus an early termination fee. In order to avoid that, I can find a replacement tenant for them, which i did. The replacement tenant has applied and we are awaiting a few things to see if she's approved. My landlord is telling me I wouldn't be getting my $1256 security deposit back since it'd be transferring to the new tenant that's "taking over" my lease; and I'd have to take it up with her on if she could return it back to me once the lease is over. Isn't that subletting? I'm trying to relet where the replacement tenant would take over my unit but under a completely new lease, not just continuing mine. So they should ask HER for a security deposit, not taking ours. Why isn't my landlord doing it that way? How do I go about this? I want my security deposit back. I live in Las Vegas and i know in the state of Nevada it is the landlords duty to mitigate damages and must make reasonable efforts to rerent the unit instead of charging you for the total remaining rent due under the lease. If the landlord rerents the property quickly, all you'll be responsible for is the amount of time the unit was vacant. In my case, I found a replacement to take over my unit. Shouldn't they be charging me for the time my unit is vacant until the replacement is able to take over? Can they give the new tenant an entirely new lease contract instead of taking over mine? [link] [comments] |
| Pre-approval with cash in hand Posted: 21 Nov 2021 06:41 AM PST We sold our house last year, lived there 20 years, and have banked it for the last year while living in a rental. We are now starting to look for a new home but how big of a deal is pre-approval when looking? We will have half the cost of the new home in cash from our sale last year. Credit scores are in the 800's. I'm self employed 12 years and the wife is less than a year in job but her previous job was in the same field and was there for over 5 years. So does not being pre-approved matter? [link] [comments] |
| Posted: 21 Nov 2021 05:09 AM PST Hey, I'm looking to sell my townhouse in the near future. My unit is part of a set of 6 that are very similar. Earlier this year, an older neighbor in this group sold their unit for way under value - their place was a bit of a disaster. Around a month ago, another unit sold as a pocket listing (off of MLS) for IMO a more accurate value. However, because it wasn't on MLS, it's not getting picked up by Zillow/redfin/etc and our value estimate looks closer to the old guy's house sale than the recent reasonable sale. Do these pocket listings eventually get picked up as comps from the tax records or something? Do I have to contact Zillow about it? I feel like it would be better to wait to list until buyers can see the direct comp in the price range we'd be looking to sell at. Thanks! [link] [comments] |
| Everything about this listing is cringe worthy… Posted: 20 Nov 2021 01:52 PM PST |
| Pricing in options, and do my numbers make sense??? Posted: 20 Nov 2021 11:38 PM PST Hi all, first time new construction buyer getting close to close... can someone make sure I've got this right? Facts (ish -- Made up numbers and dates...) but represent what actually is happening in my deal: Small builder building a subdivided plot with public culdisac into 10 homes. June: Original New Home price: 200,000 (base builders grade standard everything) / Deposited 10k for lot (check made out to builder) July: Structural Options: 20,000 / Deposited 22,000 for structual options (10% of then purchase price) (check made out to builder in escrow) Aug: Design Options: 20,000 / Deposited 20,000 for design options (non refundable) (check made out to builder) Oct: Total Sales Price: 240,000 Nov: Apprasial comes in at (magically!) 240,000? (is that normal?) (comps were 2 of my neighbors near same price but slightly lower, and another house down the street newish construction) Closing Costs: 10,000 Down Payment of 20% + Closing Costs = 48,000 + 10,000 = $58,000 Everything seem right so far? Here are my questions:
[link] [comments] |
| Does Opendoor have a minimum time that I have to own the property to sell to them? Posted: 20 Nov 2021 09:23 PM PST Simply asked the support, 2 different members, and they both said they weren't able to answer that. The reason why, I have a property under contract that I plan to wholesale for a $12,000 fee to a hedgefund, but opendoor's offer even AFTER their 5% service fee would make it a $26,000 fee. The numbers work, I can totally get a hard money loan and make it happen. Need to know if they have a time requirement [link] [comments] |
| Escrow company withheld property taxes but didn't pay them (California - LA County) Posted: 20 Nov 2021 09:09 PM PST I'm contacting escrow company Monday morning (along with my realtor and broker) but thought I would ask the Reddit community if others have dealt with this. I closed on a property in September. Escrow company was a hot mess throughout - sloppy, screwed up their paperwork, sent checks with the wrong amount, etc throughout. However, we closed on time. In my closing documents, it states that they held funds to pay LA County property taxes (per their estimate, which were only $4 off). Today, I got a bill from the Tax assessors office for the full amount of taxes due. I pulled out my closing documents to confirm that taxes were withheld - they were and it stated they would be paid to LA county. However, per the county's dashboard, no taxes have been paid. I also confirmed that they were not deposited in my escrow account. Taxes were due November 1, penalty assessed December 10. Has anyone dealt with this? Will escrow cut a check to the county? Will I need to front these funds and get reimbursed from escrow? Not fun to fund an unexpected 4 figure tax bill close to the holidays but I can make it work. Edit: the escrow company I'm referencing is the one used at closing, not escrow associated with mortgage payments. [link] [comments] |
| Opendoor didn't mess up iBuying like Zillow (still loses half a billion) Posted: 20 Nov 2021 04:55 PM PST |
| How much cash needed to buy land and build a house? Posted: 20 Nov 2021 03:46 PM PST I know the rule of thumb for buying an existing house; 20% down payment, plus closing costs, get pre approved for the mortgage etc. I've been looking at houses for a while and not seeing anything I like (Austin market which is bananas). I'm exploring buying a few acres and developing it myself. I have a consultant who can help me assess and price the land, but I'm not totally up to speed on price for new construction. How do I figure out the ballpark cash/financing approach? Do people finance both the land and new construction? Do I have to buy the land and house with separate financing? Decent lots in the areas I'm looking at run $2-300k. I'd be looking to build a 3BR custom house, I have no idea what this would cost. In the next two years I expect to have around $400k in cash saved up. Is that enough to start thinking about a project like this? Thanks! [link] [comments] |
| Posted: 20 Nov 2021 03:40 PM PST First time home buyer here! Husband was offered a new job in our area and plans to accept. He hasn't gotten a formal offer letter yet from the company's because they don't know if they can bring him on in December 2021 or January2022. (I know, I know) . We want to go ahead and get pre approved as our lease ends in April and want to start looking in case we find something that may need a few projects. However, would it be better to wait to start the preapproval process after he gets that offer letter? Will we get a better quote? We both will make about 50-75k per year, and have excellent credit scores. Live in a hot Florida market. Thank you! [link] [comments] |
| Trying to get into Asset Management. Best asset class to get into? Posted: 20 Nov 2021 10:42 PM PST I currently work for Berkadia as a loan asset analyst. We are an intermediary that mostly focuses on student housing and multi family (not 100% sure). I feel that this would be my first choice to focus on as I think it's the most stable. Should I look to stay at Berkadia or is there a better firm that focuses on this asset class? And how can I get an asset management position? [link] [comments] |
| Where do homebuilders / lot salesmen buy their lots? Posted: 20 Nov 2021 03:01 PM PST If an empty lot is being put up for sale by a homebuilder or just listed as for sale on Redfin/Zillow, where did that lot originate? Where did the seller of that lot originally purchase the lot from? In a country like China, the answer would be from the government but in the U.S., the government doesn't own vacant land. Or is this vacant land that is bought by homebuilders / lot salesmen indeed bought from the government and the profit of that sale treated as tax revenue? How does this process work? Who is the land bought from and where do the profits go? [link] [comments] |
| Posted: 20 Nov 2021 01:47 PM PST We took our our mortgage with FirstBank and they told us we could remove PMI at anytime once we hit 80% LTV. We put 10% down on our conventional loan and were planning to pay the additional 10% lump sum once we got the proceeds from our home sale (we bought first, then sold) to remove PMI and recast. FirstBank immediately transferred our loan to Chase and when I called FirstBank about the recast, they said our loan wasn't eligible because it's transferring servicer within 90 days. When I called Chase, they said I can recast right after it transfers but they said they cannot tell me if the loan will be eligible for PMI until it transfers to them. The Chase rep said it may not be eligible for 2 years unless there is significant improvement to the property, regardless of LTV. Does anyone have experience removing PMI from Chase? Is it up to the lender to set PMI removal policies? It is frustrating that the loan terms & conditions seem to change by our loan servicer changing less than a month into the loan life. [link] [comments] |
| Posted: 20 Nov 2021 04:24 PM PST So, the bank my father currently uses is only in NJ. He just opened an account at another bank that is nation wide (but very well known in the Pittsburgh area). He gets social security currently and he is about a month away from being approved for a VA loan. He wants to close out the old account and only use the new one after he changes his direct deposit. Is this something he can do or should he keep the old account open to show banking history? He's looking to close the old one on Monday and I don't want him to do something that will cause more delays. Edit: Wanted to add that he was "almost" pre qualified before moving here but he had a $2,000 collection account due to my brother in law. They told him to pay it off as soon as he can and he should be good to go. He's paying it off in December and then applying again. [link] [comments] |
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