In September, 3,900 new foreclosures were started by banks in the United States, the third-lowest monthly total ever Real Estate |
- In September, 3,900 new foreclosures were started by banks in the United States, the third-lowest monthly total ever
- Oregon is banning "love letters" from potential buyers and facing lawsuits
- Buyer repeatedly asks to move in before closing
- WSJ - Existing-home sales rose 0.8% in October, the highest pace since January
- Zillow Offers Review/Follow-up -- Central FL Townhome 90 Day Closing
- Townhouse vs Condo?
- Concerns with potential new house location
- Can anyone help? Mold
- Lack of excitement on bid?
- Help Push Tax Credit to Committee!
- Can sellers remove property history prices from listing websites such as Zillow and etc?
- House didn't sell yet, if i rent it until Spring can i deduct a lot of my repairs?
- Buying Grandmother's house as-is
- Can I get some advice on selling a house in CA?
- Just bought a house! It was formerly owned by a cat owner. My in-laws are allergic.
- Seller's appraisal mistakenly included garage as part of living space
- What is an "Incorporated Area"?
- Lot Line Adjustments and Taxes
- Is W9 form necessary for HOA for a buyer's mortgage approval?
- Co-op HOA fees
- Would it be appropriate to reach out directly to a seller?
- Breaking realtor contract
- Two property taxes?
- Buying land to build on in the next decade (WA,US)
| Posted: 22 Nov 2021 04:21 AM PST "the success the federal government has had helping homeowners avoid foreclosure. In September, 3,900 new foreclosures were started by banks in the United States, the third-lowest monthly total ever, according to Black Knight, a real estate and mortgage data analysis firm. And the number of borrowers relying on mortgage payment deferrals is at its lowest level since the pandemic began." https://www.nytimes.com/2021/11/18/business/mortgage-assistance-homeowners.html It looks like the foreclosure wave may never happen. [link] [comments] |
| Oregon is banning "love letters" from potential buyers and facing lawsuits Posted: 22 Nov 2021 08:15 AM PST This seems like a clear 1st amendment violation as these letters MIGHT be used to discriminate against a protected class and sounds like some realtors are refusing to deliver them anyway. Thoughts? https://www.usatoday.com/story/money/personalfinance/real-estate/2021/11/19/home-buyers-love-letters-oregon-lawsuit/8689356002/ [link] [comments] |
| Buyer repeatedly asks to move in before closing Posted: 22 Nov 2021 11:24 AM PST My parents have accepted an offer on their house, which is listed with a real estate company. The buyer's agent has taken repeated requests to move in before closing to my parents' agent. My parents' agent says that he has to ask even though my parents said no, explained why, and said they will not consider it whatsoever. The buyers want to move in early to paint and install a fence. It wouldn't even be their house yet. What if something goes wrong before closing? Should their agent keep coming back to them with this request? My mother feels harassed and bullied. Any suggestions on a better way to respond? [link] [comments] |
| WSJ - Existing-home sales rose 0.8% in October, the highest pace since January Posted: 22 Nov 2021 09:09 AM PST |
| Zillow Offers Review/Follow-up -- Central FL Townhome 90 Day Closing Posted: 22 Nov 2021 01:27 PM PST I promised an update to the OP, found here.. TLDR; Zillow (closing + buying) is a nightmare to deal with. I probably made more money than possible with traditional listing by 5% or so. Not sure if it was totally worth it. Zillow Buying: I intended to take advantage of a product Zillow offered called Zillow 360, basically a 1-2% commission if you utilize their realtor and loan services on top of selling your property to them. They were very prompt at hooking me up with a buyer realtor but ultimately I decided to go elsewhere for lending, Zillow could not match the best rate I found. I calculated what my commission return would be and Zillow's loan origination fee ended up being within $100 of my estimation. IMO this is extremely shady and I would have not dealt with them on principle even if I hadn't found a much better mortgage provider anyways. I wish I had taken this as a sign to run from the buyer brokerage they provided as well because it was similarly shady. After initially getting me into houses, which admittedly was very quick and efficient, I had a total of 3 conversations with the real estate agent all the way through closing on the property we decided to buy. I simply lucked out that the seller and seller agent were easy to deal with because I got absolutely no support from my side, who got paid ~$12k for less than 10 hours of actual work. In fact, the only interaction I had with them at all towards closing was them trying to impede closing by telling the seller that my funding fell through (wtf?) because they thought me going with another lender was outside of my contract with Zillow (narrator: it was not). If you're in Central FL and get paired up with "The Figueroa Team" through an iBuyer I suggest turning tail asap. Zillow Closing: I originally had 90 days to close and just closed at day 127. With the recent news about Zillow's issues, I was sweating bullets. Most of my closing issues come down to a few issues with my HOA which Zillow was not proactive on at all. For example, I received a closing package for notarization at 11:30PM the night before closing....obviously it was impossible for me to return that to them in time for a real closing. Despite this, Zillow charged me for things like "HOA rush estoppel fee" even though they were the clear party holding the process up. All of the closing issues I had were 100% preventable with a simple phone call. Here is the most important piece of info I wish someone had offered before I went under contract with them: No one answers a phone at Zillow closing. No one. According to my call log I've placed 57 calls to various levels of closing team members. I did not get a human to pick up a single time. I left over 20 messages and sent over 50 e-mails. Maybe a dozen of all of that communication got returned and half the time it was due to me escalating the issue to a manager. Communication was not prompt and was rarely addressing the questions or content of my message. If I hadn't been already worried about Zillow following through on the purchase altogether I would absolutely have a lawyer involved right now. In my head I was taking a gamble on everything just working out eventually and luckily it mostly did. Market/Finances/Thoughts 4 months later: The housing market here has leveled out but townhomes and condos did end up catching up towards the end of the summer. Two more comps in my complex ended up going under contract for slightly more than what zillow bought my property for, however, they were in much better condition. Once I started having difficulties with Zillow closing services I started pricing out contractors to get my home into a sellable state and I was looking at a minimum of 20k spent. I can't express how badly Zillow estimated repair costs. When I met their final inspection servicer at my property he was shocked that this was the first time one of their employees had been there which told me all I needed to know. This is definitely where I came out ahead financially. Overall I was very nervous about the time it would take to get the property listed and sold if the Zillow contract fell through. It felt like a huge liability even though from a financial aspect it was pretty minor. I definitely underestimated the mental aspect of the process. I know Zillow is exiting the game but I hope this can help at least one person out there who may be in a similar predicament. Zillow is shit at communication but for now, unless you got a contract buy-out offer, it does look like they're still trying to close even if you don't get any feedback to that effect. [link] [comments] |
| Posted: 22 Nov 2021 07:54 AM PST Hi everyone, I'm in the market for either a townhouse or a condo in the 500k-600k range. I've got my eyes set on one of each. Since the market is pretty inflated right now, I'm curious on whether a townhouse or condo will better retain their value in the future. Assuming they are in the same neighborhood, am I correct in assuming a townhouse will retain/appreciate in price better? Since you also buy the land that it's built on, vs the condo where you one the space in side. Also the condo is being built currently and sold as is by a development company for a flat non-negotiable price, I'm not sure if this is a good way to buy, since I'm never bought anything brand new. [link] [comments] |
| Concerns with potential new house location Posted: 22 Nov 2021 05:39 AM PST We're in a major city, hot market in Phoenix. We found a house that is perfect in every aspect except one. Built in 2019 and the location is newer overall. The house is located off a semi-main road and one wall backs a community green space with a bench. The wall that backs the green space faces the main road. Essentially you turn off the main road, there's the green space then the house. It is set back about 150-200ft from the road. I'm concerned about safety (burglaries, etc) but also potential resale value. Are houses like this harder to sell? [link] [comments] |
| Posted: 22 Nov 2021 11:01 AM PST MOLD PICS: https://imgur.com/gallery/DnRnH5i In September, we found black mold in the basement. Next day I had a Remediation company come and rip everything out. We covered up walls a few weeks after that. Early November I was experiencing weird symptoms we tested (first time as mold company didn't tell us to do it prior) and found elevated spores in air and some in ducts. We've been out of the house a week and we had air scrubbers going on each floor for two weeks. They hepa vaxed everything. And wiped everything down and sprayed with microband and clean the air ducts. I have a feeling that we cant. move back in the house. I have had weird symptoms over the past few months, brain fog concentration floaters, anxiety and depression that I never had before etc. my wife works from home and no symptoms. Kids had a cough that went away when we moved. I'm just concerned about moving back in with chaemotomium. My symptoms are still present I'm currently using a cholysisteramine binder to get it out and sweating with sauna but haven't found any symptom relaxation. Can you guys give any advice on what needs to get done? We are getting retested tomorrow with a mold inspector. He's not testing for mycotoxins? Is the report that serious that my side effects would be this severe? Mold Report: https://imgur.com/gallery/t4T6wwZ [link] [comments] |
| Posted: 22 Nov 2021 03:49 AM PST Is it just me? We have been seriously looking at houses since May 2021. We've put in 4 bids (two on the same house - the original deal fell through). I feel like I should feel something while we wait to see if this latest bid gets accepted, but I don't. I'm not excited or anxious or worried or anything. I feel numb. This house is in a great location, ticks all our requirements and has lots of buildout potential, all for a reasonable price. But I feel nothing. Maybe I'm just exhausted from the emotional roller coaster that is house buying? Is this just not my "dream home"? Anyone else notice this? MA location [link] [comments] |
| Help Push Tax Credit to Committee! Posted: 22 Nov 2021 01:49 PM PST It is starting to feel like the Senate has forgotten about this Bill! It was read twice on the floor and should be in committee but it's been lost in the bureaucracy. Email your senator and help remind them! https://www.congress.gov/bill/117th-congress/senate-bill/1136/all-info?r=1&s=1 [link] [comments] |
| Can sellers remove property history prices from listing websites such as Zillow and etc? Posted: 22 Nov 2021 01:48 PM PST |
| House didn't sell yet, if i rent it until Spring can i deduct a lot of my repairs? Posted: 22 Nov 2021 11:19 AM PST We moved out of primary residence in Jan 21 and began a renovation and upgrade project, new HVAC, added bathroom paint etc. Of course everything took longer than expected and we finally got it listed after things slowed down. So now it sits unsold and the traffic has fallen way off. If i rent it for, say, six months, can i treat it like a rental on my 2021 taxes and deduct a lot of those expenses plus mort. interest, insurance, etc? I have another rental, i'm familiar with the deductions, just not sure about this situation. [link] [comments] |
| Buying Grandmother's house as-is Posted: 22 Nov 2021 11:07 AM PST So my grandmother passed away earlier in the year and my dad is the Administrator of the estate and I'm looking to buy it as-is because it needs some work that it would likely need to have done to sell it in perfect shape. Roof, plumbing and septic(wouldn't support a family). Now here's the problem, my aunt has been an issue the entire time and thinks she is owed everything even though she has had next to nothing to do with my grandmother for years and my grandmother didn't want her to have anything really, but didn't get her will re-done yet. What kind of objections could she have with me buying the house? I wouldn't be low balling it, offering like $150k, market value is about $175k. Edit! Price is an example, I don't know 100% the exact value of the house. [link] [comments] |
| Can I get some advice on selling a house in CA? Posted: 22 Nov 2021 11:06 AM PST Hi everyone, I hope this is the right sub, if not just redirect me and I will copy and paste into another sub. Basically the title. I live in a 2 story, 17 or 1800 sqft home, 4 bedrooms, 2.5 baths, .25 of an acre as far as the backyard and frontyard go, in a rural area in CA. The house is in good shape, the outside is OK, it's not green or anything, but it's okay. If I want to sell.. what's the first step I should take? An appraiser? How much does a real estate agent cost and how much of a percentage do they take when someone buys the home? Say I sell the home for $350k, how much does the real estate agent take? I ask because well I need money to buy a house somewhere else (I am looking at Missouri and Texas), and money to move all my stuff. I have A LOT of stuff, some is antique furniture that would require a moving company that is very careful and professional. I bet that costs a bit of money. And the houses I am looking at in other states are 4 beds 2-3 baths, as I want a big family one day. Some of these large homes in other states are $200-$300k which seems pretty affordable, because here they'd be like $400k and up. If I sold my home, I could buy a house somewhere else with cash. If a real estate agent costs too much, my family discussed not using an agent and just selling the house by ourselves. But I have no idea how to do this, either. I need a lot of advice. [link] [comments] |
| Just bought a house! It was formerly owned by a cat owner. My in-laws are allergic. Posted: 22 Nov 2021 01:08 PM PST How do I get the cat dander out to make sure they don't have an allergic reaction when visiting? [link] [comments] |
| Seller's appraisal mistakenly included garage as part of living space Posted: 22 Nov 2021 12:56 PM PST Could use some advice on how to proceed. Seller marketed property square footage as ~3600. (My) appraisal found it to be ~3300. Seller shared their appraisal and turns out seller's appraiser mistakenly forget to subtract out garage which was ~300. What options do I have? This is past the option period. Do not have appraisal contingency. Could I potentially sue their appraiser for gross negligence? Edit: Garage is attached but not a living space. In Seller's appraisal report, it was noted that Garage is non-living area. Edit2: Located in Texas Edit3: Thank you for all your input [link] [comments] |
| What is an "Incorporated Area"? Posted: 22 Nov 2021 12:32 PM PST I am looking to buy some land in the next few months with the plan to develop for residential use. A lot of the lots I've looked at have their Land Use Category listed as just "Incorporated Area" rather than the usual "Residential" or "Commercial". There is no zoning symbol/code on any of these. What does this mean? Should I stay away? [link] [comments] |
| Lot Line Adjustments and Taxes Posted: 22 Nov 2021 11:59 AM PST So a bit of an unusual situation. My neighbor is offering me a portion of his land in exchange for repositioning my proposed home further away from the lot line and his home. We are on the final stages of completing the transaction and have come to an agreement. Before finalizing the agreement and signing the new deeds, I'm wondering what the tax implications are. The gained is ~0.4 acres and there was no monetary transaction. Current land values have increased, but unless sold on the open market it would only be educated guesses on what the value of the added land would be based on comparable sales. Will this gain simply be assessed on next year's property tax bill or do I need to declare the land as a monetary gain for this calendar year. I don't believe this falls under the "Gift tax", because the neighbor is also benefiting from this transaction. [link] [comments] |
| Is W9 form necessary for HOA for a buyer's mortgage approval? Posted: 22 Nov 2021 09:22 AM PST I am selling a unit in the condo (with 9 units). We have a HOA that is supported by a few of owners. My buyer is going to get get their mortgage from Better. The lender asks W9-form for our HOA, but we have not done this. Owners pay their HOA fee directly from their banks not by escrow. Is it required to have W-9 form filled? Or can we skip this? [link] [comments] |
| Posted: 22 Nov 2021 11:26 AM PST Is it reasonable for HOA fees to be more than principal and interest? I'm looking to buy in a co-op building but my gut is telling me that it doesn't make sense to me that someone would be willing to pay $1141 for HOA fees on a unit that costs $279,900 (monthly breakdown - $925 P&I, $585/property taxes, $98 insurance, $1141 HOA fees). I'm in Northern NJ where housing is expensive anyway but I'm wondering if this makes sense to anyone. [link] [comments] |
| Would it be appropriate to reach out directly to a seller? Posted: 22 Nov 2021 07:05 AM PST I am looking to buy a home in Connecticut, if location is helpful. There was a house listed in the city I'd like to live in, and listed for well under my cap. It's a small place with a big yard. I've posted before that I'm buying the house to live in with my partner. This is a place where, if he suddenly left the picture, I would be able to afford payments and could happily maintain on my own. My realtor reached out to theirs three times over the past month or so to request a tour. Their realtor would never respond. Each time, though, their agent would send a follow up message they day after we indicated we'd like to see the house and the agent would ask us, "How was your tour?" Each message is worded slightly differently, so we know they're not automated. Our realtor would call, text, and email to attempt to follow up. The only responses ever given to any contact were those texts, asking how the tours we never got had gone. Their agent wouldn't even react to the responsed from our agent, but he had his read receipts on, so we know they were seen. The house was taken off market yesterday. Would it be inappropriate to send a letter to the (former, now I guess) sellers and explain that I am interested in buying their home and have attempted to tour it, but was unable to? Maybe it was intentional and they're not actually that motivated to, but I have a feeling their was a breakdown in communication and they didn't know they had a potential buyer. They were regularly cutting their asking price, so I'm inclined to think they wanted to sell the dang thing. If it is not inappropriate, how would I word that letter? [link] [comments] |
| Posted: 22 Nov 2021 08:20 AM PST Need to be out of our house by the end of the year. Signed with a realtor to put in an offer on a house. That fell through, the next day the realtor advised us he was going on vacation and has basically ghosted us for the last week and is reluctant to have someone else at the agency take care of us. At what point is appropriate to reach out to the broker about breaking the contract? Follow-up question - they have stated that the contract applies to the entire state, but there are homes 5-6 hours away from his area that he's not wanting to look at. [link] [comments] |
| Posted: 22 Nov 2021 02:15 PM PST Is it normal to have to pay two property taxes? I have a house in Louisiana that got a property tax bill from the city a week ago and this week I got another bill for the parish(county). People a street or two over only pay for the parish. Is there any way around having to pay both? [link] [comments] |
| Buying land to build on in the next decade (WA,US) Posted: 22 Nov 2021 01:25 PM PST I'd love to hear some thoughts on this. Living in Washington state/ PNW It's been a long-time goal of mine to buy a plot of land and build from it. I've spent a lot of time researching my local area and scouted out a few ideal spots (i.e., where water and sewage lines are accessible, near federal land that won't be sold or is protected in some way, to ensure I'll keep some wilderness around me, etc). I was planning to buy property a few years ago. My ideal lot was $70-$100k at the time, and is now $500k+. Instead I decided to invest in graduate school. No regrets, but the market has changed a ton since last I checked. I now live in a different state altogether (Seattle area, WA), so am back to RL research for this area. My goal is to buy in the next 5-10 years, since now it will take at least 5 years to save up for a decent DP and have credit worthiness to get the necessary loans, etc. I also need time to get settled here anyway. Now that the market has gone crazy, I am not sure how to re-evaluate my goals and hopes... I am looking to find the best location(s) that I'd want to live and work in now, but also with retirement in mind (for myself + others, like my parents and siblings). I am an entrepreneur and have some customizations in mind to help me manage work from home better; this was an idea precovid but now we all see why its nice to have a special place to WFH. So here are the ideas I used to have, and why they won't work now:
So in re-evaluating... I look at options for buying a house ($3500-4k mortgage, ~$700k+, 3bd, 2ba or bigger), but for the cost and location options... I just circle back to wanting to custom build and live away from a suburb. If I'm going to commute anyway, I'd rather live in a smaller town or in a wooded/ forest area, in a quiet area with room for dogs, a big garage, etc. And I absolutely loathe the idea of an HOA. Homes are expensive everywhere in this area (Bellevue, Kirkland, etc), there are lots of nice smaller cities with more affordable options but are also kind of exploding in growth. It will be best to watch this market for a few years before taking the leap to invest in our first home. TL;DR: I rent a basic apartment for $2k/mo. Should I consider a buying a decent suburb home in the area ($4k mortgage), and then look to buy property in the next 10+ years (if I can even afford it, given the mortgage), with older kids and retirement more in mind? What should I plan for now that the market has changed so much? For reference, I can qualify for a $800k mortgage in ~3-4 years, assuming no major life changes. [link] [comments] |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment