Paid my mortgage off Real Estate |
- Paid my mortgage off
- Unable to do final walkthrough due to weather, close in 4 days.
- Almost 2 years into buying a house, and still can't win any bids using VA
- Rent & Invest vs. Buying
- How to mildly troll rental management company who won't return security deposit? (Arkansas, USA)
- How does it work if family members help with your down-payment?
- Buy a home all cash with parents money, and then re-finance?
- why would a real estate agent not tell me about an offer on my house?
- Hi, I’m doing my real state license online through AceableAgent.
- Made offer on a home where the current seller is having a hard time evicting the current tenant.
- Advice on building a tiny home and eventually a house on land I'm planning on buying (NorCal).
- Will we run into issues selling and buying again in less than a year?
- Answering your question Should you buy a home in this crazy market? Should you pay above and beyond asking price?
- Can I cancel my contract?
- When do we pay Homeowner’s insurance?
- Discount brokers or real estate agents in north texas
- Looking for home warranty recommendations..
- How big of a mistake is this while looking to buy house?
- Is there a way to see if a home is a tied down mobile home on MLS?
- New Home Build, Design Studio upgrades. (Seeking thoughts, regrets, experiences..etc)
- New Home Construction - Concerned About Utilities
- How much will rate hikes actually impact housing prices?
- Do you expect home prices to go down in the near future?
- What are the steps in finishing a basement?
| Posted: 26 Dec 2021 07:43 PM PST So I toiled hard for a little over 3 yrs and paid off my mortgage. I then realize I have no idea how I'll pay my property taxes. I assume they just bill you but I literally have no experience and thought I would ask those in the know [link] [comments] |
| Unable to do final walkthrough due to weather, close in 4 days. Posted: 27 Dec 2021 03:19 AM PST My agent doesn't seem worried about it but we are FTHB and it makes me a little nervous. She refused to come herself and the agent that was supposed to be here yesterday cancelled as well. According to the weather report it's not expected to get any better before we close. (We are a 45 min drive away, in WA state) Would you delay closing until you could go in and check on the place or just go through with it and sign? The snow and ice is expected to be gone this weekend at the earliest. My agent says that the final walkthrough is just to make sure there is no new damage and appliances are there, etc. normally I'd be fine with it but I've read some horror stories about people closing and the property was broken into, or they took appliances that were supposed stay. A very nice stainless steel fridge is included in the deal. Just curious to what other people would do. Thanks [link] [comments] |
| Almost 2 years into buying a house, and still can't win any bids using VA Posted: 26 Dec 2021 07:53 PM PST My husband recently retired from the Air Force and we have been looking for a home since March of 2020 using a VA loan. Unfortunately this happened right as COVID was starting and the stay at home orders were being rolled out. Many of the houses for sale were pulled out of the market and we could not tour any of the ones we wanted to see. Since then, we have made 6 offers using a VA loan, but have not been successful. We have lost a couple of them to cash offers, even though our offer was the highest one, and a couple of them have been because the seller did not want to deal with the VA rules. On the last two houses we made offers on, the sellers went with other another offer that was just $1k more than ours because they thought the VA was too strict and didn't want to deal with all their rules. The buyer on the 5th house we made an offer on, backed out of the deal 3 days later. The seller's realtor reached out to ours and we made another offer, only to be strung along, again, for another 3 days and not accepting our offer. It ended up selling for what we had offered. The 6th house we made an offer on, was in October. Again, the sellers accepted an offer for only $1 over our offer. Fast Forward to two weeks ago, and the deal fell through at the last minute because the buyers did not qualify for the loan. Once again, their realtor reached out to us to offer the house to us, but wait, the house would be ours IF we accept the seller's conditions which included $22k over asking, as is, waive inspection, waive appraisal and close in 15 days!!!! We obviously declined such generous offer!! But their realtor was pretty persistent for the next 3 days. We still declined and that house is contingent as of right now. All we've been going through has me thinking that we should not use VA and go with a conventional loan. And let's not even talk about the hike in prices and lack of inventory. Anyone else feeling defeated too? [link] [comments] |
| Posted: 27 Dec 2021 02:54 AM PST Hey everyone, Growing up and seeing all the crap my dad had to deal with in owning a home has always put me in the mindset of not wanting to own a home myself. My wife, son, and I live comfortably in a 2 bd, 1.5 bathroom in NYC (Queens to be specific). Even if our family grows, I just don't know that I want to deal with the costs of maintaining a home. Having to suddenly drop $5-10k if a major appliance breaks or some work needs to be done doesn't sound all that appealing to me. Yes, I know you should have emergency money for these types of situations, but I just don't know if I want to have to do that. My home could go up in value and I MIGHT have a nice chunk of change when I sell in ~30 years depending on the market and my area, but I keep looking at data of how investing that money I put into a home would make my money grow a lot more over that same span of time. Of course, I'd have to be financially responsible enough to ACTUALLY invest that money (which I think I am…I have a 401K and 403b through work, plus my ROTH). I see a significant difference and at the end of the day I think it's different personal factors for everyone (i.e. quality of life, schools, job, etc…). I guess it also doesn't help that I live in one of the most expensive cities in the world and buying even a run down 3br home starts at 850k in my area. But the wife and I love our area and don't mind the higher cost of living. I just want to hear some other peoples thoughts and/or personal experiences with this. I've been racking my brain a lot more about this recently. Not that we have to move anytime soon as I'm in a lease until summer 2023, but just thinking about the future….. Thanks!!! [link] [comments] |
| How to mildly troll rental management company who won't return security deposit? (Arkansas, USA) Posted: 26 Dec 2021 08:00 PM PST So I'm slowly coming to terms with not receiving my deposit back. Lease ended 4 months ago and I've called each month to inquire on the whereabouts of my deposit, each time was given a vague "Yeh we have 90 days to mail it, its probably being sent out soon," and each time have left my forwarding address. For background - yes I deserve my deposit back - no I have no legal standing. I took no photos upon moving in/out, the fact that I cant prove anything is on me I know that. It is now long passed 90 days and after a quick check of their google reviews (can't believe I haven't done this until now) I can see that this is their shtick. Just a seemingly lazy approach to returning owed money and hoping people lose conviction (great business model or con artists depending on who you ask). Well, mission accomplished. That amount of money is not worth the time and effort now I have moved internationally, but the principle still stings and I'd like to return the favour. In what ways can I (from abroad) troll this rental company just to the precise level where they would think "Geeze I wish we just gave this guy his deposit." Obviously not looking to hurt or single out any individuals, just want some round about way that will make them think twice as they continue to do this to their tenants. *Bonus points for ideas where they'll know it's me without proof that it's me. [link] [comments] |
| How does it work if family members help with your down-payment? Posted: 27 Dec 2021 05:39 AM PST My spouse and I are getting ready to purchase our first home next year and our parents have graciously agreed to help us out a bit with a down-payment. How does this work with lenders? Do our parents send us the money and we just pretend it's ours? Do we disclose it somehow to a lender? Are there potentials issues with doing this? [link] [comments] |
| Buy a home all cash with parents money, and then re-finance? Posted: 26 Dec 2021 01:56 PM PST My fiancé and I want to buy our first home. We have about 80k saved up, and are looking for a 400k home. Our parents have much more cash on hand. Would it be possible to use their cash to purchase the property all cash, and then refinance them out of the property into a conventional 30 year mortgage for us? [link] [comments] |
| why would a real estate agent not tell me about an offer on my house? Posted: 27 Dec 2021 05:19 AM PST My house has been on the market for 2 years. Other similar houses in my neighborhood have all sold for similar price or higher. I am not sure why it is taking so long, but the other day I had a couple ring my doorbell and tell me they called my real estate agent with an offer and the agent never got back to them. Now I am starting to get worried maybe they are hiding other offers from me? What would be the reason for the agent to do this? [link] [comments] |
| Hi, I’m doing my real state license online through AceableAgent. Posted: 27 Dec 2021 05:16 AM PST It's a 75hr online class, my question, I'm terrible at learning through a screen, I've done multiple jobs where the online didn't even matter and you learned all of it on the job, is real estate training online just like that? Or will I be expected to know all that when I finish? Thank you. [link] [comments] |
| Made offer on a home where the current seller is having a hard time evicting the current tenant. Posted: 26 Dec 2021 08:10 PM PST As the title states, this is a trust sale where the majority of the siblings have agreed to sell the home. However, the current tenant is a brother, which even though he'd be receiving money from the sale does not want to leave the property and does not want to buy out the rest of the siblings. If I can get a deal on this property would it be worth trying to evict the brother after closing on the property? Or save the headaches and move on and find another home that meets what I'm looking for better? The home is located in Southern California, where it was tough to evict someone even before covid. Edit: The seller did not disclose the situation until after offers have been made. [link] [comments] |
| Advice on building a tiny home and eventually a house on land I'm planning on buying (NorCal). Posted: 26 Dec 2021 06:09 PM PST Looking to buy land (hoping it'll have most utilities and not have too much of a steep grade). City is allowing all Residential properties to put tiny homes with wheels on it now so I'm thinking I could have a foundation setup then a tiny home until I can afford to really start building in the next couple of years. Thoughts and advice, please? [link] [comments] |
| Will we run into issues selling and buying again in less than a year? Posted: 26 Dec 2021 12:29 PM PST My family moved from the southwest up to the PNW in August. We sold our home in Vegas and made a great profit which allowed us to pay off all debt and put 20% down on a home where we are now plus a decent chunk put into savings. For various reasons we haven't been happy here and are considering moving back to my home town in AZ, mostly to be closer to family and because my work in my new office here has been a disaster especially for my mental health. My concern is whether a lender will refuse a mortgage for us if we try and buy again in less than a year? We have excellent credit and now no debt so I am hoping as long as we have the right level of income it won't be a problem with the obvious caveat of having to lose the commission money and closing costs when purchasing another home again. [link] [comments] |
| Posted: 27 Dec 2021 12:09 AM PST Should you buy a home in this crazy market? Should you pay above and beyond asking price? disclaimer - my opinion, zillow used for calculations, will edit as needed. just hoping to help people. Hi, For the past 2 years or so, I have been seeing a lot of question on various forums where people are wondering if they should buy a home? Most recently, I am seeing a lot of people frustrated because they are getting overbid on homes. Please allow me to share my perspective from finance and historical value perspective. Get yourself a beer and chips, get your SO as well. Go slow - think about it from higher though level perspective - not your immediate reactive nature as all we do ** ** This are generalized thoughts, your situation may vary, your patience may be different, your need may be different, not a financial advice. ** Firstly, It is evident that majority of people look for a house at a PRICE at which they can afford the total monthly payment, inclusive of all costs (e.g. mortgage payment, insurance, HOA, taxes, …). Heck, even the banks make sure you can afford the total payment based on your total debt to income ratio. Secondly, Changes in the appraisal process which has led to widespread overappraisal/over-valuation problems already. Many of us don't even know how much a home really is worth. Sellers offloading their hazardous properties to new home buyers who are sold cheap mortgage rates and fear of increased rates soon. Thirdly, we all agree that an economic disruption that could causes a marked rise in unemployment, would have a negative impact on the housing market and could be quite large one, many people may no longer be able to afford mortgage payments. Fourthly, loan forgiveness ( I forget the program name) has/had temporarily alter the perception of credit health in the housing sector. which has recently come to an end. -------------- So we all know that it is also evident that cheaper mortgage rates draw more housing demand because total payment affordability. Let's look at some math to understand so called cheaper interest rates but expensive housing prices vs. higher interest rates vs. cheaper housing prices. Assume: Buy $1M home in Austin, TX with 20% down payment. Your cost would be broken down as $1,000,000 price – 200,000 down payment = $800,000 loan. 2.5% interest rate your monthly mortgage (principal and interest) would be $3161. Adding taxes @ 1.98% at $1M assessed (I know this could be lower but lets use worst case) would be $19,800 a year or $1650 a month. Adding $75 HOA a month, along with avg. utilities cost at per month cost: Water/sewer $125, Gas $50, $125 for internet (inclusive of Netflix etc) and electric at $200. (note I am going to keep the utilities and HOA costs constant going forward). Your monthly payment would be $5,553. Now assume your interest rates changes to :
Ok so far it just a dang simple calculation – I know I know.. now lets look at how you would hurt yourself overpaying for a home. Overbidding --> Now assume:
With some minor changes to your home insurance, your new total monthly payment is: $6034. This is same as paying 3.5% interest rate folks Now lets assume, that as FEDs raise rates, the mortgage rates increases, housing cools down. Builders are building like crazy which they are and there is price reduction as seller want to take advantage of selling their houses in this nice hot market. So they actually reduce the prices. New home prices for what was $1M is down to $900K. your interest rates are now higher to say 3.5% instead of 2.5%. New calculation:
Your total monthly payment is now (guess what) $5,476 almost identical to 2.5% mortgage rate. Now your difference interest paid over 10 years for 2.5% loan vs 3.5% loan is approximately $31,000 ($221,326 vs $252,304).
In other words, what I am proving to you here is that what we already know but ignore, nearly all asset are valued at the rate at which people can afford to pay for it and this affordability is derived off of the mortgage rates, income, savings, macro factors. These factors impact all players in the housing sector the same. ** NOW HERE IS WHAT YOU NEED TO UNDERSTAND *\* However, as mortgage rates increase, people's affordability decreases, and the asset prices automatically deflate. if you are overpaying for a house today, then you are simply pulling forward the appreciation of the home that you you would have in future to now. In other words, your home appreciation stagnates because it has accounted for maximum someone is willing to pay until sometime in the future. This house now, has a huge portion of your saving in it and will most likely revert to mean when it comes to appreciating – which is generally 2.5% a year. (ref- https://compoundadvisors.com/2020/homes-castles-and-price-expectations). Take for example, home prices in the out skirts of Austin (hutto, round rock, cedar park, etc.) until 2019 had increased at best 3-4% rates a year. Stock market returns were significantly higher. You will have outliers such as certain parts of Austin near downtown for sure but generally there is a lot of land in Texas, and work from home should make things cheaper over the next 2-3+ years. Read below Carefully and think about it :
(does that hurt?) FYI - Stock market which has had historical returns of 8%-9% a year over risk free interest rate or bond prices. (https://www.businessinsider.com/personal-finance/average-stock-market-return). Ah – well why F are you talking about the stock market? Well you see, if you take that $100,000 you save from the price (pay $900K not $1M or even $1.1M), the $20K from the down payment, and $100 a month from property taxes. And save that all in stock market at just measly 4% ROI per year. Then over the 10 years you would make over $61,000 in gains along with have $193K total. (I am using stock market is b/c I am assuming most of us would invest there, you can subtract other assets you see fit. Calculator I used - https://smartasset.com/investing/investment-calculator#ctiwOwLtDA) Now take the overpayment from interest you paid (2.5% vs. 3.5%) and subtract that out of the gains you had above in stock market – guess what – you still come ahead by ~$30K. Even at just 2% in ROI per year in the stocks or somewhere else you would break even on this 2.5% vs. 3.5% differential. Now lets talk about all these funds buying up all these homes. Ah guess what, they are and they have been buying them for years and years. They will do so regardless of the interest rates. They bought them at 12-8-7-6%... all the way down to today's. Either you rent from them without a huge down payment or rent from the bank with a huge down payment but you overpay by a significant amount. ( i am not saying do not borrow just saying do not overpay b/c thats same as paying no down payment). However, these investors too have to worry about being able to breakeven and showing return on equity. They also have two other forces that keep them in check such as macro economics and: Namely – the builders and suppliers. You see builders job is to keep building, regardless of interest rates, or if funds or REITs, or banks buying vs not buying. Their job is to build homes, increase share prices or get fired. Ah and what about the suppliers – well folks – guess what their job is to keep supplying regardless of the factors. Builders don't want to build because supplies are too low, don't worry they will increase supply, builders cant pay now, don't worry pay later and so on. Yes both of the latter ones will adjust their building and supplying based on economic factors and so would all of us including hedge funds, banks, investors. So macro factors impact everyone the same. Think about this: you buy or build because you hope that someone will buy it for higher prices than you from you. you sell because you think someone will sell it cheaper than you to you. So do not over pay, do the math, take the 360 degree view of your finances, your future, and NOT Only the interest rates. Be patient. my message is to not dissuade from buying a home but to show you that using math you will see that over paying is same as paying higher interest rates. Everything will revert to the mean, we will come back to equilibrium. in 2008-2009 we had something similar and we paid for it for nearly 9-10 years. Let me know if you have any questions. HTH [link] [comments] |
| Posted: 26 Dec 2021 06:52 PM PST Hi. I know I'm a pain in the ass to my realtor but I'm under contract due to close in a few weeks but due to a recent family emergency I've been offered to buy a relatives home for a much better deal than what I'm heading into right now. The home I'm under contract has no issues it's nice but this other home is by far a better deal, cheaper price, better area and bigger lot. I understand I will probably lose my earnest money but could I get sued?? [link] [comments] |
| When do we pay Homeowner’s insurance? Posted: 26 Dec 2021 06:50 PM PST My wife and I are scheduled to close this Friday. We have gotten mixed guidance as to when we pay our homeowner's insurance. Broker has sent an invoice, and both our agent and attorney have basically said "it's up to you." So when do you normally pay the insurance premium? [link] [comments] |
| Discount brokers or real estate agents in north texas Posted: 26 Dec 2021 05:34 PM PST Need to find a good discount realtor in north Texas. Any suggestions? Thanks. I have looked a bit but it's hard to know who is legit. [link] [comments] |
| Looking for home warranty recommendations.. Posted: 26 Dec 2021 11:29 PM PST Hi! We are shopping for a new warranty, and looking for some recommendations from people who have actual experience with them? Looking for the most coverage.. we've had some bad experiences with Sears, weren't able to get technicians to the house in a timely fashion, poor customer service, etc. TYIA. ☺️ [link] [comments] |
| How big of a mistake is this while looking to buy house? Posted: 26 Dec 2021 01:36 PM PST My credit score was close to 795 and had no debts other than $1k of car loan. I got a pre approval for house for rates around 2.825%. I had a credit card from Bank of America that is my oldest (almost 7 years). I usually do not buy anything in that card but I had to buy something for $14 on that card because I couldn't find my normally used card. I totally forgot about it (I know) and didn't even log into that card for a while. Recently I got an email from Credit Karma that the card is closed and my score dropped to 662. I logged into that card, paid it off and contacted BOFA. The representative raised a dispute/claim for this. Now. How big of a mistake is this, especially during house hunting process? What are the things that I can do to minimize the impact of this? Is it possible to reopen the closed credit card? Under normal circumstances, I would have done things slowly but I planned my credit for house hunting/low rates for a year and all got spoilt because of this. Thank you for your inputs. [link] [comments] |
| Is there a way to see if a home is a tied down mobile home on MLS? Posted: 26 Dec 2021 02:58 PM PST My buddy is wondering if a listing of a home that look particularly modular / mobile home like was once a mobile home. This is home that is in the SF bay area and went pending. Listing price was 2.1 M How can you find out? is there any thing in MLS data or county record that would suggest if a home was once a mobile home that was tied down? [link] [comments] |
| New Home Build, Design Studio upgrades. (Seeking thoughts, regrets, experiences..etc) Posted: 26 Dec 2021 08:48 PM PST Hello, my wife and I are about to go to a new build design studio appointment this week & we are asking for your help/input/comments on what you regret buying and or not buying. A few items we are looking in to are the following. Low voltage (cat-6 upgrade, conduit additions from the demarcation point to master bedroom closet, POE drops for security cameras, recessed lighting, ceiling fans pre wire, electrical outlets for mount tv's and or other locations), electrical (additional electrical outlets [indoor, outdoor & garage) the design studio (paint color/ options, countertop materials, backsplash, cabinet upgrades, shower (tile, optional door…) flooring, upgrades… etc.). Whatever comments you have, le us have it. I'm sure many people are going through this… judging by all the new builds in the area, so this might be helpful to many others in the future as well. Happy holidays. [link] [comments] |
| New Home Construction - Concerned About Utilities Posted: 26 Dec 2021 04:58 PM PST I am building a new construction home and I'm a bit concerned about all the utilities that are being shoved in the small area of grass on the front right side of my house (when looking at it from the driveway). For better understanding, here's an overhead view of my property outline. The area of concern is the smaller side towards the top left side of the picture next to the driveway. https://i.imgur.com/3eH7ARW.jpg I knew going into this house that the left side (when looking at the house from the driveway) had a huge gap of 25 feet between our house and the next house. There's an easement due to a huge sewer pipe running underneath to the lake. My concern is the right side of our house (when looking at it from the driveway) only has 10 feet between our house and the next. The neighbor (to our right) has their driveway to the left, so our driveways are side by side and flair our pretty close to each other. In that small 10 foot space, that narrows closer to the street and is smaller than 10 feet closer to the road, we have the following utilities in between.
Here's a picture. From the far left water box to the far right water box is approximately 12 feet, which is wider than the distance between our houses. https://i.imgur.com/zRZSp8r.jpg When I look at my property stakes that are plotting out the four corners of my house…it looks like the fire hydrant is going to be right next to the driveway (maybe on it) and the water box is definitely going to be in the driveway. I even ran a tape measure down to better show it. https://i.imgur.com/PRzEjSY.jpg Here's a straight up picture of our property line and it definitely looks like we're going to have issues with the fire hydrant and water box in the driveway. https://i.imgur.com/Rs9MalC.jpg To make matters worse, I looked at my neighbor's property line (to the right of me) and their stakes are just outside of their water box…meaning they won't have any issues. https://i.imgur.com/vRC9Ahb.jpg I paid $25,000 for this lot as it's on a lake, but I did not sign up to have all this crap on my driveway. Is there some sort of law for how close my driveway can be to a fire hydrant? I don't want it to get hit as I'm backing my truck up into the right side of the driveway. Any advice would be greatly appreciated. Thanks! [link] [comments] |
| How much will rate hikes actually impact housing prices? Posted: 26 Dec 2021 09:33 AM PST I'm considering buying my first home next year and have set aside enough cash where I could buy my budgeted home in cash if I wanted to. But I'm curious how expected rate hikes outlined by the Fed over next 2 years will realistically (or have already) impact the market eg are housing prices going to continue to squeeze higher before the first few hikes or are they already leveling off in anticipation? Would a cash buyer be better off waiting until after a hike or two? [link] [comments] |
| Do you expect home prices to go down in the near future? Posted: 26 Dec 2021 06:11 PM PST Knowing how crazy the costs of houses have gone up over the past year, should we expect them to rise or fall? All reports I see anticipate the prices going up still, but they all come from companies fixing the market (I.e. zillow, Redfin, etc). Now I'm not a real estate expert (obviously) but I don't want to purchase a home and regret it in a few years. While we can afford a home at these high prices ($~500k for 3bed, 2 bath), it doesn't mean we want to pay it for a first house. [link] [comments] |
| What are the steps in finishing a basement? Posted: 26 Dec 2021 11:43 AM PST I don't know how to finish a basement. I know I want to turn it into a small apartment unit. Who do I hire first? The plumber? Electrician? [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