Black Knight’s October 2021 Mortgage Monitor Shows Tappable Equity Surges $254 Billion in Q3 to All-Time High of $9.4 Trillion Real Estate |
- Black Knight’s October 2021 Mortgage Monitor Shows Tappable Equity Surges $254 Billion in Q3 to All-Time High of $9.4 Trillion
- Buying a home with balloon payment and option to refinance in a year. Bad idea?
- Can I cancel my sale to Opendoor after signing the sales contract?
- Treasury wants more oversight of all-cash real estate deals
- Should I sell my house a few months after purchasing or rent it out
- Where do you recommend I go to look for homes for sale?
- Loan Officers / Lenders: Anyone with Experience in Fannie Mae RefiNow Program?
- Sorry Zillow... A man made pond in the front yard does not count as "waterfront"!
- (CA) Buying With Girlfriend, She has The Down Payment
- (US) Signed all Closing docs, seller attorney won't allow closing
- Preconstruction seller may have over promised. Under contract what options do we have.
- Old property owner enclosed some of my neighbor’s property and didn’t disclose it before selling it to me. Seeking advise, details below.
- How to Use Real Estate Trends to Predict the Next Housing Bubble
- What are some pros to buying a house on a busy road?
- Triplex House Hack
- Renting my current home to get into something bigger? Other options?
- Gift tax
- Condo balcony edge is spalling
- I (buyer) am being told by my agent to not disclose failed septic inspection to my loan officer.
- Anyone in the past year, sold their primary home, moved into a rental home, then within a year, bought primary home? What was your experience like?
- Agents
- House being sold for double asking 2 weeks later
- Capital Gains
- Looking to buy an older home and gut renovate. What is the best way to finance this?
- Closed escrow and 4 days later escrow says they miscalculated closing costs
| Posted: 07 Dec 2021 06:48 AM PST Summary
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| Buying a home with balloon payment and option to refinance in a year. Bad idea? Posted: 07 Dec 2021 08:28 AM PST My family moved into a rental house from out of state to make sure we like the neighborhood. Turns out, it's perfect and we want to stay. We love the street/neighbors/etc. Our kids are extremely happy here as well. Somewhat out of the blue, the landlord offered to sell us the house. (We had discussed before how much we love the area and didn't want to move). He gave us the option to get our own lender, or to do owner financed, 5-year balloon payment at 4.5%, with a 3% down payment. Since the offer, we have pre-qualified with a separate lender for a 30-year conventional at 3.25% with 3% down, but long story short, this caught us a little off guard and we are a little short on cash to cover all the closing costs, prepayments, down payment, keep enough in savings, etc. in time before the landlord wants to sell. My thought was to take the owner financing option and spend the next 12 months saving up to refinance the house with a conventional mortgage as soon as possible. We want to avoid having to move and lose the opportunity to buy. I understand the risk of home values fluctuating, making it possible to be underwater on the loan. We are in Austin, TX which is generally more stable than other parts of the country, but like I mentioned, we would refinance after 12-months max. Any advice (sans judgement) would be appreciated. [link] [comments] |
| Can I cancel my sale to Opendoor after signing the sales contract? Posted: 07 Dec 2021 10:04 AM PST I'll try to keep this as short, sweet, and to the point as possible. Long story incoming... Backstory: My wife is an LO. Back in late September when the market was raging (still is apparently) she decided now would be a good time to sell our house that we built in 2017 and has doubled in value. The purpose was to sell and use this influx of equity to purchase a new home closer to our offices, also to finally have a pool and large backyard, etc. Being in the industry, my wife has an agent that she really enjoys working with and decided to give her our buying/selling business (we signed a contract with her). After a few open houses and reviewing a number of offers we decided to go with a cash offer from Opendoor. Fast forward a month and the home search has gone less than well, in fact, we're now out our $5k earnest money when our agent used the BINSR incorrectly to try and negotiate with the sellers on the price of the home. They refused to make any repairs or lower the price, we canceled not knowing that would mean we would lose our earnest money and now we're incredibly pissed off and would prefer to just stay in our current house for now if possible. Especially since our interim living accommodations fell through as well. I know that Opendoor markets their model as quick, easy, and worry free which is why they apparently allow sellers to cancel their contract at anytime. I spoke with a rep on the phone and she confirmed this. When we asked our agent what would happen if we canceled she said that Opendoor could sue us for breach of contract. I'm reading through the Opendoor contract and it says the contract can be canceled at anytime. Have any of you agents had a client cancel a seller agreement with Opendoor a week before close? If so, is it as easy as they claim? If we decide to do this, obviously the issue might lay with the buyer/seller agreement we have with our agent. Correct me if I'm wrong, but if she wanted to she could demand her commission for the sale of our house because we backed out. I'm so incredibly stressed and with 5 animals, don't want to be left searching for a super expensive short term rental over the holidays. Thanks in advance for any feedback. [link] [comments] |
| Treasury wants more oversight of all-cash real estate deals Posted: 06 Dec 2021 10:06 AM PST Treasury wants more oversight of all-cash real estate deals
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| Should I sell my house a few months after purchasing or rent it out Posted: 07 Dec 2021 10:52 AM PST Hi all, my wife and I bought a house 3 months ago. Things have been great, but recent unexpected life events are requiring us to move out of state. Wanted to get your input to see if it makes sense to sell the house or if it is possible to rent it out. We got the house for a pretty good deal, and after meeting with a real estate agent, they suggested a listing price of 20k above our original purchase price. Market in our area is still pretty hot, and inventory is low so we'd be able to sell it pretty quick. After all the fees, commissions, etc, we'd be pocketing around $5-$7k. Our cash to close when we bought the house was pretty minimal, just the 3% down payment as we had lender/seller credits that covered all the closing costs. The goal would be to essentially break even if we do sell the house, but we're willing to take a loss of up to $10k if necessary. The other option would be to rent it out. Issue with this is the house was bought as a primary residence and our mortgage docs say we must intend to occupy it as a primary residence for at least 1 year before we can rent it out. Our real estate agent says that as long as we explain our situation to our lender, they may allow us to rent it out prior to that 1 year mark. If they don't allow us to rent it out, it would essentially be sitting there empty while we continue to pay the mortgage. Money-wise, we are financially comfortable. Our monthly take home pay after taxes is around 10-11k a month, and our mortgage payment(including taxes, pmi, hoi, hoa fees) is a little under 1300/month. No kids, and no other debt aside from a car payment of $300/month. Leaning more towards selling it because if our lender won't allow us to rent it out, we'd be paying $1300 a month for a house that will remain empty. [link] [comments] |
| Where do you recommend I go to look for homes for sale? Posted: 07 Dec 2021 10:44 AM PST About to graduate college and got a job offer. I'm interested in looking for houses for sale. I tried realtor.com and zillow but didn't really see a whole lot. Where should I go to look for homes for sale? Thanks you. [link] [comments] |
| Loan Officers / Lenders: Anyone with Experience in Fannie Mae RefiNow Program? Posted: 07 Dec 2021 12:50 PM PST My wife is going through a refinance with on online lender and was prequalified through the Fannie Mae RefiNow program in late October. She was approved, all verifications provided and disclosures signed. At one point we even moved to closing. But now there seems to be a hold-up with the closing because of two CalHFA ZIP loans which were used to help with downpayment/closing costs for the original purchase, which show up on title as being second liens. Apparently these cannot be refinanced through RefiNow? Any loan officers/lenders with experience on this? Any PM's / replies would be greatly appreciated! [link] [comments] |
| Sorry Zillow... A man made pond in the front yard does not count as "waterfront"! Posted: 06 Dec 2021 02:14 PM PST |
| (CA) Buying With Girlfriend, She has The Down Payment Posted: 06 Dec 2021 05:08 PM PST Sorry in advance if this is the wrong place to ask, it looks like /r/realestateadvice is not active. My girlfriend and I have been looking at buying a home together. She was gifted a sizable down payment from her parents, enough to easily cover 20% of the home we buy. Admittedly, I don't have a lot of cash saved up to add to this down payment. We are currently renting a great apartment in a building owned by my mom, so we've got a nice place and a great rate. Within the last few months she notified me her parents do not want my name on the mortgage. They want to protect their investment. If my name is on the mortgage and we were to break up I could take half of the home and they'd lose a large portion of their money, she would have a very difficult time paying the mortgage alone (we would likely split 60/40 as she earns twice what I earn), etc. I get it. I don't have a problem with them wanting to protect their daughter or their money. I would never screw her over like that but, again, I understand protecting her and want her feeling protected, too, My issue is it feels like my portion of the monthly mortgage then will feel like paying rent to my girlfriend. She keeps talking about wanting to get out of the rat race of paying rent and owning a real asset but if just her name is the only one on the mortgage am I not just paying rent to her and get nothing if we separated? Is there any kind of agreement I'm not aware of that is common in these kind of situations? Feel free to also tell me I'm being ridiculous because my contribution will be substantially less than hers overall, I am open to being told I'm looking at it all wrong. Just having a difficult time feeling excited about home ownership when it feels like I'm just renting some place different. Edit: wow lots of advice here. Thanks everybody for your help and advice. As some comments come through I realize that I have left out some information that is helpful and probably changes things. She and I currently live together and have for the last 3 years. She wants to buy a place asap, I want to buy a place if it's the right place and otherwise feel comfortable where we are now. My additional concern beyond "the right place" is what this post is about. [link] [comments] |
| (US) Signed all Closing docs, seller attorney won't allow closing Posted: 07 Dec 2021 12:00 PM PST Long story, but here we go. I was supposed to close about 2 months ago and the seller signed his docs, they were brought to me with a notary and I signed mine to close. Funds are wired and then the sellers attorney says nevermind we can't close today. They tell me a lien popped up and they need to clear it. Now 2 months later we still can't close because the seller "doesn't want to use funds from closing to clear the lien". Can I force the close? Also my appraisal is now about to expire, can I force the seller to pay for a new one? [link] [comments] |
| Preconstruction seller may have over promised. Under contract what options do we have. Posted: 07 Dec 2021 11:55 AM PST Currently under contract on a pre construction condo in a HCOL area. During attorney review there were a lot of big details to hammer out and we were kind of pressured by the developer to wrap things up so smaller details were not agreed on and instead there is a punch list we can give them after the unit is complete. The big issue right now is that the agent told us the kitchen would have a waterfall island. He even sent us pictures of other units by the developer and said the kitchen would be the same except for the cabinets. Other things that seem to be cut out are the under cabinet lighting and the wall in closet hardware (we aren't the only buyers asking for this) is still up in the air. I just want to know what are things we can ask for or maybe negotiate closing costs? We still want the unit but they were promising the typical new construction features and maybe due to supply shortage or delays seem to be changing things? [link] [comments] |
| Posted: 07 Dec 2021 10:21 AM PST I purchased a single family home in California roughly four years ago. A few months (6ish?) after purchasing the house, I was informed from my neighbors that the individual I purchased the house from had built a fence across an easement and about 4 feet into our back neighbor's property. So this property I own has enclosed roughly a few hundred square feet of our neighbors property enclosed within our fence. This has not been an issue because the property that was encroached upon is an abandoned house, and the owner of the abandoned property was aware of the encroachment but never did anything about it. I am unaware if the previous owner and owner of the property my fence encroaches upon ever discussed it. I never had a discussion with my back door neighbor about the encroachment. My understanding is that this fence had been up for about 5 years before I purchased the house, so now it has been up for about 9 years in total. Fast forward to two weeks ago, and the owner of the abandoned house passed away, and his kids have inherited the house. I am worried that the kids are going to take issue with the encroachment, and am seeking advise on what to do. Some other helpful information. Neither the seller, the house inspector, nor the real estate company I worked with disclosed this encroachment to me. I have not been paying property taxes on this portion of my neighbors property, so I do not think I qualify for adverse possession rights under California law. Any and all help is appreciated, and will edit if anyone is clarifying questions. Thank you! [link] [comments] |
| How to Use Real Estate Trends to Predict the Next Housing Bubble Posted: 07 Dec 2021 12:00 PM PST How to Use Real Estate Trends to Predict the Next Housing Bubble This article seems to but us in Phase II, this definitely sounds familiar:
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| What are some pros to buying a house on a busy road? Posted: 07 Dec 2021 07:52 AM PST So we always hear how buying on a busy road is a no-no for obvious reasons, but what are some good things about it? I was thinking it could be safer against burglaries since your more likely to be seen. And also your holiday lights are more visible, for those that want to show em off. Maybe quicker to have power restored incase of an outage? Shorter commute? [link] [comments] |
| Posted: 07 Dec 2021 09:48 AM PST I recently got a triplex in Florida under contract. I'm a little nervous as to if my numbers are solid and if I should proceed with ordering the appraisal and inspection Purchase price : 460,000 . $189 per sqft(most Multis in the area are going for 130-150 per sqft so I'm thinking this place is really worth around $375,000) Principal / Interest : 1,841 Taxes : 199 monthly Insurance : 250 monthly PMI: 311 monthly Vacancy : 150 Maint:150 Capex:150 Management: 0 Pest control : 25 monthly Total expenses 3,075 Rents are a little low at $800 per unit . Month to month so I can get them out and have new tenants at fair market rent. They can be 1,200 and even 1,350 on section 8 . So let's say 1,250 Total Income : $3750 Rental income $3750 Expenses $3075 Net : $675 of cash flow with the place fully rented out. Without fully rented (owner occupied ) the income is $2,500 for the two units . I'd have a roommate at $500. So I would barely break even while living there at 3,000 income and 3,075 for expense . I'd pay $75 Does this sound like a good deal to anyone? It doesn't meet the 1% rule , but I've learned that that isn't always the best guideline. There is also the looming thought that the appraisal will come in way low because The comps don't really support the purchase price and FHA is picky about those appraisals. Hopefully if that happens the seller is willing to negotiate to a realistic price [link] [comments] |
| Renting my current home to get into something bigger? Other options? Posted: 07 Dec 2021 05:48 AM PST Good morning, I'm hoping for some pros/cons or even other alternative ideas as I look to possibly move into a large home and maintain ownership of my current property. My current mortgage is a 15 year fixed at 2.5%, with taxes/insurance it is about $1250 a month, I pay $1500 with the extra going to principal. I owe about $120k on the mortgage. I refinanced from a 30 year fixed at 3.75% over the spring, during that time I did get an appraisal done and the house appraised at 240k. I'm going to be getting married towards the fall of 2022 and our goal is to move into a larger home after that. I would like if possible, to maintain ownership of my current house, preferably if I did rent it out, it would be short term rentals, as it seems this would be less of a headache, however I'm not opposed to a long term tenant. We are close to the Jersey Shore so there is some interest from using AB&B or something similar for the summer months. If I do decide to rent it out, either STR or LTR, what percentage of that income will get counted as income when I go to get a mortgage on a new property? As for getting into something bigger, I will most likely be the only one the mortgage (my fiance' owns a small business but hasn't 'made' enough to have it make sense to put her on). So anything I do, I want to really consider my DTI when getting into another property. Besides my current mortgage payment of $1200, I have an auto lease of $450 a month, and no other debit. (I do have some small credit card debit but it will be 0 by the time I apply for anything) This year I should make about 110k, about 55k of that is from one full time job, and the other 55k is from a business that I own, (I do w2 myself, and I could increase my pay a bit to get be closer to 65/70k a year) I expect to have about 60-75k in cash to either put down as a down payment or use to pay down my current mortgage. Another thought I had was possibly paying down my current mortgage so I owe less than 50k, and roll that 50k into the mortgage on the next house, using the current house as collateral? Not even sure if this possible, or if it makes sense from a financial standpoint. Obviously I'll probably get some questions about why not just sell and use the equity to get into the bigger house and obviously this is an option I need to consider as well, however because me and my soon to be wife are small business owners, we don't have the typical 401k/retirement planning options as some other people so I was really looking to this as way to build a good base for retirement. I would appreciate any thoughts/tips/advice etc. [link] [comments] |
| Posted: 07 Dec 2021 09:11 AM PST California residence. If I gift my home to my kid, do I have to pay tax on it? Is there an exemption exclusion involved? How much percentage of tax if I do? Thank you. [link] [comments] |
| Condo balcony edge is spalling Posted: 06 Dec 2021 07:56 PM PST Upon inspector review, the edge of the balcony of the condo we're about to purchase has 2 small areas of exposed rebar, maybe 2" long, and it's rusted. This is high rise building surrounded by sea water, built in 2006. I asked the property manager about when they plan on remediating, but she said they will meet with the board to discuss in a few months. I'm worried they feel no sense of urgency in fixing it as the pool on the amenity deck is still going through renovations and owners have been paying a lot in special assessments for it. I can't help but think other balconies have the same issues but it's not their top priority. https://i.imgur.com/bXMMwnm.jpg I need some advice. I love the condo (hadn't seen anything i remotely liked prior), but I'm not sure if the spalling should be a deal breaker. [link] [comments] |
| I (buyer) am being told by my agent to not disclose failed septic inspection to my loan officer. Posted: 06 Dec 2021 02:49 PM PST Our offer (first time home buyers) has been accepted. After, the home inspection the seller agreed to a credit for updates that need done. 1950s house so the electric needed upgrades and roof needed repairs(Again my agent instructed me to not mention this to my lender). After the inspection of the septic system, we were notified that the system had failed and needed complete replacement. The seller agreed to cover the costs of the replacement by holding 1.5x the higher estimate in escrow but we are responsible to return the property to the way it looked before the work was done (normal I'm assuming). I asked my agent if this will extend closing. She said that only if we do not sign the addendum or if the lender makes a big deal of the septic. She then said that hopefully I did not talk to my loan officer about the septic to avoid and questions or extra documents. Am I being paranoid ? Is this normal? [link] [comments] |
| Posted: 07 Dec 2021 07:01 AM PST |
| Posted: 07 Dec 2021 06:40 AM PST |
| House being sold for double asking 2 weeks later Posted: 06 Dec 2021 09:53 AM PST A house that just sold on 11/16 for $240k is now being sold again for $480k with no upgrades done. That's ridiculous. What are the chances they actually get that??? [link] [comments] |
| Posted: 07 Dec 2021 05:12 AM PST I closed on a three family which is my primary residence on 03/04/2020. I've decided I want to move 1400 miles away and keeping it isn't an option as I'll need money for a down payment on a single family. Paid $279k, owe $272k, expect to sell for$370-$385k. If I sell two months short of the two years, does the tax rate change at all, prorate? Really doing whatever I can to jump ship as quick as possible. Any opinion helps, TIA edit: on mobile sorry for format [link] [comments] |
| Looking to buy an older home and gut renovate. What is the best way to finance this? Posted: 06 Dec 2021 09:03 AM PST I'm currently looking to buy an older home from the 1940s with the intention of gut renovating it. I'm estimating about ~$250k-300k for the whole project and this would include HVAC, electrical, plumbing, kitchen, baths, etc. I'm well qualified (800 credit score, can afford to put 20% down on the full house+reno amount). I should also note that I plan to live in this home, it's not an investment property or second home. What's my best bet in terms of financing a project like this? Would most lenders let me secure a mortgage for $250k more than the house price in order to fund this, essentially using part of it as a construction loan of sorts? Or do I need to worry about the mortgage for getting the home first, and then working on getting a second loan (HELOC, personal, etc) to cover off on the reno? [link] [comments] |
| Closed escrow and 4 days later escrow says they miscalculated closing costs Posted: 06 Dec 2021 10:50 PM PST Hi so I recently just closed escrow on a property in SoCal. I had everything notarized 4 days before closing and after that I wired the remaining money required (Downpayment and closing costs) and we closing on December 2nd. My agent just let me know that escrow contacted my lender saying they miscalculated and they are short $4,000 and asked my lender to pay for it but it was escrows fault as they miscalculated the total costs. I tried asking my agent what are the possible outcomes of this situation and she understandably is not sure as this is literally escrows job and this has never happened in her career. My question is will I still be obligated to pay that extra $4,000? We already officially recorded and closed the deal 4 days ago. My agent said they'd probably ask us to pay but i dont think I should as it was their mistake and we already closed on the property. What should I expect them to ask me and what should I say? This is my first home I've ever bought so any advice would be helpful! [link] [comments] |
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