Closed on my house two weeks ago. Today my mortgage company emailed me asking for more money. How should I respond? Real Estate |
- Closed on my house two weeks ago. Today my mortgage company emailed me asking for more money. How should I respond?
- Offered 230k over asking and still didn't get it.
- How annoyed would you be if a professional photographer or realtor used their phone for the photos?
- When should I deposit my gift for my down-payment?
- Do investment companies such as BlackRock obfuscate their identity when purchasing single-family homes?
- Ever get denied then approved?
- 1/3 owners destroying property, not paying property taxes, and refuses to sell.
- Inspections (the US)
- Repairs have not been done two days before closing but my agent says I should still close.
- Engaged during Escrow Opening, Married During Escrow Closing.
- Property that Sits Very Near Farmland with a Well - Cause for Concern?
- Court-ordered bankruptcy home sale
- How do you decide when the right time go buy a home, in regards to the market?
- Opinions on Inspection Requests
- How do you get advice?
- Seller hasn't signed contract
- Is the bay area real estate market turning backwards on its wheels?
- Northern VA -- Doctor's loan question
- What should I expect from my agent if we sell off market? What should his fee be? (Georgia USA)
- Repairs After Inspection
- Affordable Home Ownership in Western Washington
- Can I make $200K in real estate asset management/loan asset management?
- Is it legal? Texas. I am the seller.
- How do you come up with an offer amount?
| Posted: 17 Nov 2021 06:52 PM PST So I closed on my very first house a couple of weeks ago and the mortgage company was a pain throughout the closing process. Fortunately I did close and get the keys to the house and have been enjoying my new home. I did an FHA loan for a single family home. Today I get an email from the funder at my mortgage company saying that as part of the 'post closing review' the minimum investment per FHA guidelines was not met and they need me to send them another ~$5,000. As part of the closing process I asked multiple times and received written confirmation that my down payment was sufficient and met FHA requirements. Today I received this email and am not sure exactly how to proceed. I have the $5,000. The amount isn't necessarily a concern other than I was not planning on having to put this cash into my house just yet. My concerns are as follows:
I appreciate any guidance from folks out there with more experience in all of this. Please note that I am actively examining all of this for potential fraud - I work in fraud investigations and have seen too much activity in this space to ignore potential red flags like this. I'm 95% confident this is just my mortgage company being incompetent but it's always good to keep an eye out. [link] [comments] |
| Offered 230k over asking and still didn't get it. Posted: 17 Nov 2021 05:29 AM PST Greater Boston area. First home buyer. It was our first offer that we have made since we started our search 3 months ago. Another offer outbid us by 50k more or so. I feel so demoralized. I want to delete all the real estate apps as soon as we close. Edit: it was listed for 970k. [link] [comments] |
| How annoyed would you be if a professional photographer or realtor used their phone for the photos? Posted: 18 Nov 2021 03:11 AM PST Some of these phones' camera quality are amazing. For example, the new iPhone 13 max pro has built in wide lens and great quality. This does not mean the photo won't be professionally enhanced on photoshop/Lightroom. Would it bother you if your professional photographer or realtor used their smart phone for the real estate photo's instead of a typical camera? [link] [comments] |
| When should I deposit my gift for my down-payment? Posted: 18 Nov 2021 04:24 AM PST When should I deposit my gift payment? Already in underwriting, but I've been holding on until I submitted my gift letters. Can I wait until closer to closing or transfer as soon as possible? [link] [comments] |
| Posted: 17 Nov 2021 12:56 PM PST I am asking because as the practice has grown more prevalent across the country, I've begun to finally see friends on both sides of the aisle begin to call out the issue. I don't have a well-formed opinion on the issue, because I think it's probably more complicated than 'BlackRock bad' or 'BlackRock has done nothing wrong.' I'm curious if they are able to obfuscate their identity when they attempt to buy homes in regular neighborhoods where their presence may set off 'alarm bells'. I remember watching an old documentary on the construction of Disney World and read the company hid its identity to make the acquisition of land cheaper and easier, but that was a LONG time ago. When someone gets an offer from a company like BlackRock, do they know it's BlackRock? I hope this is an appropriate place for this question; I'm just certain at least some members here have probably dealt with an investment company during a transaction at some point. Thanks for the insight. [link] [comments] |
| Ever get denied then approved? Posted: 17 Nov 2021 09:27 PM PST First off I am closing Monday (yay!!!) But man it's been challenging.. I used a lender referred to me by my realtor who preapproved me. She did so based on my paystubs I sent her; she stated she could not use my overtime in my total income bc I hadn't worked this job 2 years.. no worries. She said you still approve for x amount. I sign numerous contracts; she sends preapproval letters for each one. I finally win a bidding war on a house and we go to start the mortgage process.. Bam!! Sorry you'r not approved. She starts making excuses even to go as far to tell my realtor I lied to her about my income. I sent her my original email to her and forwarded it to my realtor when she asked for my income. Lol!!! It showed me sending her my paychecks stubs . All the info needed was right there!! My realtor couldn't believe it!! Anyway I had a friend that's a lender; I didn't want to use him at first simply bc I didn't want him knowing my personal finances; I later realized that was a dumb reason not to use him. He got me approved!! He said he's really not sure why she didn't get my approved. So far it's gone soooo smoothly; he did ask me to pay off two small credit cards but that's it! Side note: when I was at my home inspection she called him about another client and he told her he was at my inspection she said "I hope he's not wasting too much money on that inspection and appraisal bc there's no way he will get approved " This lady has been in the business 20+ years; my friend 2. Word to the wise if one lender denies you another might not!! [link] [comments] |
| 1/3 owners destroying property, not paying property taxes, and refuses to sell. Posted: 17 Nov 2021 09:22 PM PST I own a 3 unit building with 3 owners. Each unit is each of ours. Myself and the 2nd owner have been paying the property taxes for 4 years now, while one owner is not. This is the same person neglecting the property. 3rd owner's unit is leaking down into the lower units causing damage. Myself and another owner decided that it is best to sell the property, but the 3rd owner refuses to hop on board. 2/3 owners want to sell the property, because we want out. Is there anything legally we can do to force a sale? [link] [comments] |
| Posted: 18 Nov 2021 05:09 AM PST Hey everyone I've got some questions for inspectors, property managers and landlords. I'm doing some research on security deposits and which method the landlord uses to document the inspections that have been done before the tenant moves in and after the tenant moves out again. I am currently researching the state of inspections in the US, and I would like to ask you guys to fill out the form below: [link] [comments] |
| Repairs have not been done two days before closing but my agent says I should still close. Posted: 17 Nov 2021 09:19 AM PST As the title says. Seems a bit off to me. She claims her and the seller wouldn't jeopardize their license for this deal and I can trust the seller to still do the repairs even after I sign. Wouldn't it make sense just for me to Hold off until they complete the repairs? There was an addendum that stated the would complete certain repairs but I did not sign it as it didn't include everything that was verbally agreed upon. A new one with everything wasn't sent as of yet. Edit: My realtor claims she already had the addendum but never sent it to me. And that I should have just trusted her. But she will be sending to me today. As another user said that seems very unprofessional. [link] [comments] |
| Engaged during Escrow Opening, Married During Escrow Closing. Posted: 17 Nov 2021 09:37 PM PST Just as the title suggests, my fiancé and I will be married by the time Escrow closes. Our loan appraisal is to take place within the next week, and we will be married the following week. For our loan process, we cannot claim to be a married couple since we aren't married just yet. For those on reddit who know, what implications does this have for us? [link] [comments] |
| Property that Sits Very Near Farmland with a Well - Cause for Concern? Posted: 17 Nov 2021 09:23 PM PST Eyeing a property that is surrounded by pretty extensive agricultural (alfalfa?) fields, which draws water for the house from a well. Given proximity, what is the likelihood of groundwater having high high amounts of pesticide runoff? Where would you go (municipal authority etc.) to determine/test/ask about this? Am I just being paranoid? For reference it's located in a non-arid, non-rocky, semi-coastal area [link] [comments] |
| Court-ordered bankruptcy home sale Posted: 17 Nov 2021 04:00 PM PST Please look at this listing This house is very undervalued. I understand that a lot of things need to be repair/renovate. I am fine with that but I am just a bit concern why the house look like it just got swatted in the photos. Can someone shine some light on this? Thank you This is what the agent said :" Please review it. This home has a home owner Association Complain. Will need repairs and the seller will not do any repairs. Per HOA, to be compliant house will require exterior wood rot repair, window replacement, door replacement/repair, and exterior repaint that includes all roof vent painting, New deck installation, Driveway crack repair/replacement and pressure washing, Front sidewalk maintenance, New landscaping, and Mailbox replacement." Thank you for reading. [link] [comments] |
| How do you decide when the right time go buy a home, in regards to the market? Posted: 17 Nov 2021 08:42 PM PST I have come into some money and have been flirting with the idea of purchasing a home for the past year. I've been building my credit back up and have enough for a 10-20% down payment depending on the price of the home. I've been looking in Texas, as houses are very expensive here in Sacramento and in California in general. But I hear right now isn't a good time to purchase a home, but when/how should I know when I should be more serious about purchasing a home? I'm in no hurry and can happily wait for a good time to buy but am just unsure what to be looking for. In Houston, would it be better to purchase a new home or would I be better off purchasing a home that is 1-15 years old? Am also a service connected veteran as well, which is why Texas seems attractive to me given a partial tax break for my property tax. [link] [comments] |
| Opinions on Inspection Requests Posted: 17 Nov 2021 07:09 PM PST We're selling and our buyers have just sent us the requests. Just looking for opinions beyond our realtor says on what to do. The inspector spent 7 hours!!! inspecting and they requested the following: replace all the windows, have further inspections on our deck, garage door, and one electrical item, and to replace baseboard heaters.
We're thinking of just giving a concession towards replacing one set of windows and repairing the garage door and electrical item. I think it's crazy to ask for all new windows and further inspections on the deck. I feel like it's right to deny fixing those two big things because they saw these items before making an offer and should've made an offer with those items in mind, right? Our realtor informed us that if we agree to further inspections that whatever is found during that we'll be responsible to fix. That doesn't seem right though? They just requested futher evaluation on those items, but nothing in the inspection request form says anything about having further repairs. Not trying to kill this deal but how to inform the buyer that this is unreasonable? Or are we being unreasonable? [link] [comments] |
| Posted: 17 Nov 2021 08:17 PM PST I am thinking about the best ways to move out of my parents home and want to consider buying a condo. Wheres the best source of information when you have so many personally orientated questions? [link] [comments] |
| Posted: 17 Nov 2021 06:03 AM PST Finally got an offer accepted. After some back and forth and a closing date change the final contract was signed by me and sent to sellers. Last night I texted my realtor for what the hold up was and she stated we should have it by tomm. As of this morning we still have nothing in turn holding up the process on my end and no updates from realtor. Is it wrong to continue bugging my realtor about it? I know that until a contract is signed by both parties they are still open to accept other offers and showings. Also this hinders us from essentially looking at other houses and putting in other offers. [link] [comments] |
| Is the bay area real estate market turning backwards on its wheels? Posted: 17 Nov 2021 06:59 PM PST I have an "investment property" in San Jose/Santa Clara (3 bed townhome, 1500 square feet). Family owned it since built in 2013, and it was bought right under 600 K. Property reached 1.2-1.3 mm by late 2017. Since 2019 I have lived in Seattle, Fort Lauderdale, and Houston, and I feel this property hasnt moved much at all, most of the neighboring townhomes are still selling for the same range (1.2-1.35 max). Rent doesnt seem very sexy either, 4000 a month before property taxes, hoa fees, etc. Since moving to texas and florida, my homes have appreciated over 100 K in less than a year each and they were bought for a fraction of my current california home (700 k, and 400 K). Is the bay area real estate market reversing its course in terms of real estate as tech companies trickle out to other cities around the US? [link] [comments] |
| Northern VA -- Doctor's loan question Posted: 17 Nov 2021 06:07 PM PST Hi! I am interested in a ~800k SFH new construction home. My doctor's loan lets me put a very minimal down payment (5%) with no PMI. I spoke to the developer's lender who offers a 10k incentive towards closing costs and they said their 30 year doctor's loan has a 4% interest rate or I could do a 15 year arm with an interest rate of 3.125%. The 15 year arm lets me stay within my debt to income ratio of 43%. I also get a $3000 rebate with the 15 year arm because of my interest rate. What would you guys suggest? [link] [comments] |
| What should I expect from my agent if we sell off market? What should his fee be? (Georgia USA) Posted: 17 Nov 2021 05:55 PM PST Hi, I have interested buyers. I want to use my agent off market, we are friends. What should the agents fee be? I 100% will help with marketing and viewing (if we do that). [link] [comments] |
| Posted: 17 Nov 2021 12:45 PM PST We're selling our 75 year old house in NJ. We listed it as is. Got 4 offers one over asking. They had their inspection done and are requesting we hire a structural engineer and make major repairs to beams, joists and sub floors as well as masonry work to a no longer used chimney as well as some other minor things. Never sold a house before. Do we bother getting estimates for these things or offer them a concession? [link] [comments] |
| Affordable Home Ownership in Western Washington Posted: 17 Nov 2021 09:24 AM PST I am looking into options to get an affordable (300k budget) house in King, Pierce, or Snohomish County. Right now, I know of ARCH and Homestead Community Land Trust. Are there any other good programs that offer lower priced housing that I am missing? [link] [comments] |
| Can I make $200K in real estate asset management/loan asset management? Posted: 17 Nov 2021 09:14 PM PST I am in the commercial real estate industry as a loan asset analyst right now. I would like to get a position in asset management but not sure how long that would take. Are any of you guys in this position and if so, how much are you making in base + bonus? [link] [comments] |
| Is it legal? Texas. I am the seller. Posted: 17 Nov 2021 07:46 PM PST I am the seller. This is in Texas. The buyer's agent of a prospective buyer has emailed our listing agent and said that they have an offer from an interested individual but that we must sign a contract with them (the buyer's agent) before they will share the offer with us. In the contract, there is the guarantee that if the buyer's agent finds a buyer for the home in the next 6 months, the seller agrees to pay them a certain percentage of the sales price of the house. EDIT (for clarity): There is a commission and it is listed on the MLS but the contract (required by the buyers agent prior to sharing the offer) is for a larger amount than that which is offered on the MLS listing. [link] [comments] |
| How do you come up with an offer amount? Posted: 17 Nov 2021 07:00 PM PST It's tricky because I don't want to overpay. I know about looking at recent completed listings nearby, but there's usually some variation such as square feet, lot size, age of structure, age of inside, location, etc. I don't know how to account for all of that. Also, if it's more than a couple months ago the price may be too low. I'm in the Bay Area and we are in a serious housing bull market. [link] [comments] |
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