$150k salary but I don't even have a credit score... Am I screwed? Real Estate |
- $150k salary but I don't even have a credit score... Am I screwed?
- How much above asking should I go for this dream home?
- NY—Closing nightmare, need advice
- House isn’t selling due to first buyer backing out. Need some suggestions.
- Lease extension timeline?
- (MA) I made my first offer on a house!
- Wood Frame versus concrete and steel
- Buying a home with a tenant living in it?
- Question - APPRAISAL
- Question about rental income taxes
- Deed discrepancy after closing
- What to do when seller doesn't allow us to inspect the crawlspace/plumbing?
- Utility Easement question
- How would a real estate agent negotiate for a home for themselves differently than for a client?
- Non-QM Loans Calculation
- Buying a house that didn't experience as much price increases in order to avoid price drops as rates go up?
- Made highest offer on a house but seller hasn't decided yet. Should I back out if they're taking too long? (Minor rant)
- First time home buyer nerves!
| $150k salary but I don't even have a credit score... Am I screwed? Posted: 27 Jan 2022 02:59 AM PST I'll be looking to buy a home in the future. Me and my partner's combined salary is (well, technically will be) ~$200k. I'm about to graduate college this semester and I've gotten an offer with the previously mentioned salary. I've never used or owned a credit card, never taken a loan (student or otherwise), and I've never had a car payment. So it's safe to say my credit score won't be great... Will this hurt my chances of getting a mortgage for my first house? [link] [comments] |
| How much above asking should I go for this dream home? Posted: 26 Jan 2022 08:19 PM PST |
| NY—Closing nightmare, need advice Posted: 27 Jan 2022 06:11 AM PST My fiancé and I found a coop unit on Zillow that we liked. We hired an agent who then began communication with the coop unit's listing agent, about sales price. After minor negotiation, we got word (from the seller's agent) that they accepted our asking price. However, since it's a cooperative and not a condo, the coop's rule for minimum sale price for units within the cooperative was $5,000 higher than what was accepted. Our realtor informed us that this happens all the time and we'd purchase the unit at the coop's minimum sales price and the sellers would reimburse us the difference (without the coop finding out). The seller's realtor told our realtor it would not be a problem. I asked about a contract being written up but every time, I was told the lawyers would handle it. Being first time buyers, we foolishly went on with the buying process (this was dumb, I know). Fast forward to two weeks before closing, we find out that the seller's realtor now doesn't want to be involved with the $5,000 reimbursement and she insists that the lawyers handle it. This is fine, except we then found out that the lawyers can't handle it because the sellers realtor did not inform the lawyers of any reimbursement and apparently the sellers are even unaware of the $5,000 reimbursement. Seems like the sellers realtor was lying the whole time. What are my options?? Close on the unit, eat the $5,000 and have my ego hurt knowing I'm getting got by a shady realtor? Or pull out of the closing with fear that my 10% down payment ($30k) is lost. I've signed commitment letters, contracts, etc. up to this point. Closing date is for Wednesday. I feel very stupid, naive, and taken advantage of. Does anyone have any advice? [link] [comments] |
| House isn’t selling due to first buyer backing out. Need some suggestions. Posted: 27 Jan 2022 09:33 AM PST Our house is 120 years old. It's in pretty good condition in a solid part of town. It does need some cosmetic stuff but has a lot of good compared to the bad. New kitchen, new furnace, newer roof, 2 car garage in a place with not many garage options, etc. Bad stuff is hardwood needs to be refinished, windows are original (old), some cracking in plaster due to settling… We listed it for a competitive price and had a cash offer within 48 hours. That buyer was concerned about the foundation (120 year old house) so makes sense. She had a structural engineer come through who said there were some settling issues but overall good to go with regular maintenance. Biggest point he made was a side of the foundation next to a cracked sidewalk that is draining water towards the house is cause I h some water to get in cellar. Buyer had a contractor in who quoted her at $21k to do repairs, which is insane. We offered to meet her in the middle so she could do some other items but she got cold feet and backed out. We have since moved out and have had many showings. Everyone wants to know why the first buyer backed out though . Because of this no offers. This just pisses me off because the house is fine with a stamp of approval from a structural engineer. What would you do in this situation? My thought is we have the sidewalk repaired which also has the advantage of making the curb appeal go up, secondly is stage the house in some capacity to cover up the cosmetic items that are issues. Thoughts? Our agent wants us to lower the price and offer 20k at closing. I think this is foolish. [link] [comments] |
| Posted: 27 Jan 2022 10:36 AM PST Hey I'm looking for the internet's opinions and advice. My lease is ending in April and I'm looking to buy with husband as FTHBs. We need to let our rental community know next week if we plan to renew our lease or leave. We are planning on staying to allow us more time with the home buying search. My question is how much time should I extend by to allow time for our home search and closing? We can do a 4 month lease ending in 8/2022 or 11 months ending in 3/2023. Surprisingly leasing for another four months is an affordable option (the other short term leases are not). If we don't lease for four months we are looking at 11-15 months for lease because that is what we can afford. Our market rent has gone up $1000 from when we originally signed our lease. Luckily we will only have to pay about $400 extra. I'm worried if we take the four month we will have to renew again and won't be able to afford our rent if we can't buy in time. On the same accord I worry with a longer lease that if we find something to buy we will not be able to break our lease and be stuck. I'm also trying to take in account things like homes being more in demand during the summer. If it matters: Our market is one of the hottest in the country and multiple predictions say it won't slow down any time soon. Low inventory, high demand. We have good credit. Low debt to income ratio, make together a little over 100k. We're just looking for a starter home to get ourselves in the game of real estate. 5% down payment. Max budget of 325,000. So what would you do 4 vs 11 months lease and why? [link] [comments] |
| (MA) I made my first offer on a house! Posted: 27 Jan 2022 06:39 AM PST Found myself a house that's a little bit of a project, but it has a lot of potential. It was lstied for 265 but I offered 272 the 2nd day it was on the market. There's an open house for it today but I already saw it with my realtor. She said it will probably get bid into the low 3's but I added to my offer saying I could close within 30 days and that I would forgo the home inspection. My dad is a home inspector and my friend works construction, both of them looked at the house with me and confirmed it needs work but there's nothing major so that's the only reason I feel comfortable forgoing the inspection. Anyway, i'm excited and nervous, I don't expect the offer to be accepted but if it is then i'm going to be a homeowner and I couldn't be more excited! The market is crazy right now and I just feel happy seeing that a house that I actually like has fallen into my price range, and even if I get bid out I don't care it's been a great experience and i'll be ready for the next one! [link] [comments] |
| Wood Frame versus concrete and steel Posted: 27 Jan 2022 07:35 AM PST My partner and I are purchasing a condo in a 4 story wood framed building. Its newish and the inspection by a licensed inspector showed no structural or water proofing problems. We have always lived in concrete and steel buildings and are unfamiliar with problems that may recur in wood framed buildings. Are there any major issues we need to watch out for? [link] [comments] |
| Buying a home with a tenant living in it? Posted: 27 Jan 2022 11:15 AM PST There is a home I am interested in... It has a separate apartment in on the lower level with an external entrance. This apartment is currently under lease. It seems like a nice source of income to help pay for the house (which I could afford anyway), but what sort of legal issues might I run into here? I'll definitely be having a lawyer look over everything thoroughly, if I make an offer. Also, do you think this would attract more or less buyers? It's a college town market, if that matters. I am waiting on an offer letter from a new position, hopefully in the next few days, so I may not be able to move fast enough if this is a popular option. Appreciate your advice! [link] [comments] |
| Posted: 27 Jan 2022 11:05 AM PST Hi everyone, I am trying to get some help! I'm not sure if this is the right place. A home appraisal was recently completed and a comment said "The subject property is considered to have a legal use with a non-conforming lot size. This is typical for the subject's area and does not adversely affect the marketability of the subject. If the property were destroyed, it could be rebuilt 100%." How does one interpret this? [link] [comments] |
| Question about rental income taxes Posted: 27 Jan 2022 11:01 AM PST Hello, I'm trying to understand more about real estate. When it comes time for a landlord to pay taxes on rental income, does he just pay state tax or both federal and state tax? I tried looking it up online but it's not clear for me. And One more question: I know one landlord who wants to quit his job at 60 but he's afraid that will affect his IRS retirement benefits. If this landlord claims his building as an LLC or S Corp and basically employs himself through that, will that income be considered employment income? Any help is appreciated. [link] [comments] |
| Deed discrepancy after closing Posted: 27 Jan 2022 10:27 AM PST My partner and I bought over 14 acres of land out of state last year which we plan to build on soon. Aftwr paying the property tax on it in December I realized that we only own 0.81 acres. I checked with the county, and my finalized deed and they both state 0.81 acres. I contacted my real estate agent, and he also remembered the transaction being for +14, and said he didn't know why they, nor the title company didnt notice the mistake. He said that he would fix the issue, however that was over a month ago and I haven't gotten an update. Is this a common issue, or should I be concerned/ contact an attorney? Thank you! [link] [comments] |
| What to do when seller doesn't allow us to inspect the crawlspace/plumbing? Posted: 26 Jan 2022 09:28 PM PST Just had an inspection today, I'm the buyer. No major issues came up except for the plumbing and crawlspace. The galvanized piping that leads down into the ground/crawlspace is significantly corroded. The inspector said the corrosion isn't quite an emergency, but it's a lot worse than he typically sees. He wasn't able to further inspect the plumbing because it seems to go straight into the ground and the hole is sealed off around the pipe. The seller's agent claims all of the foundation is concrete slab, in which case the inspector said the plumbing is likely encased in the concrete and it could be really expensive to do any repairs/replacements because of that. The inspector was convinced that there was a crawlspace because of how the floor in some rooms clearly sounds hollow when you stomp on them. There is no access to a crawlspace regardless if it exists or not and it's unclear how we're supposed to do maintenance for the plumbing that isn't exposed in the main living area regardless if it's concrete or a crawlspace. The seller's agent is being completely tight-lipped on the subject and basically saying we need to stop asking questions and hurry up and buy the house. The water pressure is also about 110 psi when it shouldn't be any higher than 80, which the inspector said could be due to corrosion with the galvanized pipes making the volume of the pipes smaller over time. Finally, there are some minor grading issues where the house sits slightly lower than the surrounding ground, which causes a potential issue with drainage and water damage, and it makes it even more frustrating that we can't access the crawlspace (or whatever is down there) to assess if that's actually an issue or not. Is this a red flag? It feels like it might be, but I'm a first-time buyer and I'm learning as I'm going. Is there anything I can do that will require the seller to at least disclose how to even access the plumbing under the house? It seems insane to buy a place without knowing how to even get to a critical portion of it like that and it seems suspicious that they don't seem to even want to talk about it. [link] [comments] |
| Posted: 27 Jan 2022 09:14 AM PST Today, I was approached by someone who is buying an unimproved lot next to my property. He was asking for a utility easement for underground water/sewer, and powerlines overhead. These would run alongside my driveway for about 50 yards until they reached his property. Is this something I can ask compensation for? How would I go about valuing that? [link] [comments] |
| How would a real estate agent negotiate for a home for themselves differently than for a client? Posted: 27 Jan 2022 12:28 AM PST I know that ideally the answer should be the same. But is it? And if not how and why? [link] [comments] |
| Posted: 27 Jan 2022 06:28 AM PST Hi, I was wondering how would a Non-QM lender calculate how much house I can afford? I have two LLCs one from 2018, second from 2020. How much would the businesses have to make to afford a 1 million dollar home? I know I have to put at least 20% down. Thanks! [link] [comments] |
| Posted: 27 Jan 2022 06:11 AM PST Warning: probably too much FUD. With all the news about interest rates going up in the coming months, I've started worrying about what that could mean for our current house hunt. In our market, we're looking for houses around 550-600k. But what if we put 20% down on a house, and then home prices drop by 20% after close? I wouldn't exactly be underwater, but it would be as if my down payment disappeared! It got me wondering if I could somehow avoid the future price drops by finding houses that are already low price due to out of date interiors or something. Like if I buy a <500k home I'd have more spare money for renovations and maybe any price fluctuations post-interest hike won't hurt as bad? I suppose the hole in that line of thinking would be "just because the house is old doesn't mean it didn't also ride the wave of home prices", so maybe we would signing up for a remodel home for without even dodging my original issue? Tell me I'm dumb or anything that makes me feel better. Note: We do feel a bit of pressure to move sooner rather than later due to an uptick of shootings in the area that are literally putting bullets in our windows and living room. Much as I'd like to wait and see, I don't think my husband would enjoy the risk of staying. Edit: Looking in the DMV area, usually in VA [link] [comments] |
| Posted: 26 Jan 2022 09:10 PM PST Found a house in a great neighborhood. They listed it and had an offer but it fell through. They lowered the price by 20k. We placed a strong offer on it, and are prepared to meet a counteroffer if they want. The owners have only been there a year and have managed to leave a LOT of cosmetic damage to the previously upgraded kitchen, bathrooms, backyard. Maybe one of them is the Hulk or something, I don't know--who cracks a granite countertop?? Offer was placed on Monday and now it's Wednesday evening. Seller agent informed my agent that no offer was better than ours but they're still taking their time to decide. I feel like there's something off about this place - the pictures were beautiful but in person it's definitely rough, like a stampede went through (how do you trash a house in a year??). But the price, location, view, privacy, the bones of this house are perfect. Family member thinks it's an investment property and they arent the real owners. Should we withdraw if they don't come back with an answer by tomorrow evening? Can I still put offers on other houses in the meantime? [link] [comments] |
| Posted: 26 Jan 2022 10:20 PM PST Love the camaraderie of Reddit, so I thought to ask for advice! Any and all is appreciated! My boyfriend (26M) and I (22F) are both buying a home for the first time, and I am both excited and nervous! As we are not married, we're signing a contract for contingency if we were to split (hopefully we don't get to that point!) We also plan to rent out a room as another source of income We currently live in the south Texas country, but are moving to DFW area. Option period ended already Combined income is ~60K Mortgage is $1732/ month Closing date is Feb 23rd Homeowner peeps, what do/ to expect for the first couple months? [link] [comments] |
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