Should I buy a home in a less desirable area that I can afford, or the cheapest house in an area above my price range? Real Estate |
- Should I buy a home in a less desirable area that I can afford, or the cheapest house in an area above my price range?
- Made an offer on house and now we are told to leave.
- Offered 800k above ask on a 10 day close and still lost. Fun times.
- Can I be the bank for a mortgage?
- Buy or Wait Portland
- (CA) Multiple pre-approvals and grouping credit pulls?
- Fed’s Bostic tells the FT the central bank could hike rates by a half-point if needed
- HOA Financial Health Question….But with a Twist [SoCal]
- Feeling a bit of regret with the current home we purchased this year
- Buying first home in non-traditional way
- Buying Land HELP
- Tax question
- (Maryland) I was planning on listing soon, but...
- Who does mortgages for people who don’t have credit cards?
- Breach of contract?
- Appraisal question
- Should we take this personal loan?
- Landlord Keeps Doing Illegal Stuff
- Can I get preapproved with new construction lender with unpaid judgement?
- Off market offer - questions
- $10,000 house 5000 sqft on a very desired area??? im so confused rn
- Home Ownership FOMO
- Can anyone explain who actually knows please
- To those of you who had offers accepted and are now living in your house
- PA real estate exam
| Posted: 30 Jan 2022 04:33 PM PST Option 1: offering 1.2 M on a 3 bedroom home, with a large lot, that is a 20 min walk to a small but cute village with shops. It is a less desirable area than option 2 but still has good qualities to it. It's livable but the kitchen, flooring and bathrooms need to be redone Option 2: offering 1.5/1.6 M in a neighboring city that is more desirable. Still 3 bedrooms, small backyard. The house would need work, the layout is a bit weird but it is livable. My fear for going with the less desirable option is that our house won't appreciate as much, and if we want to leave, it will be more difficult to purchase a home in our ideal desired location. The 1.5 m/1.6 m house needs lots of work and we probably couldn't afford to do Reno's in a while. Any suggestions or advice from someone who opted for the cheaper home vs better location home? I don't want to look back in 20 years and be priced out of our desired location. Ps. Can you tell we live in Canada?! [link] [comments] |
| Made an offer on house and now we are told to leave. Posted: 30 Jan 2022 06:46 AM PST I have been renting this house for 1.5 years. It's a small property, 1,100 square feet. It has a small 25x30 shop just behind the house. My landlord has asked me numerous times if I wanted to buy it but money was never right. The first time he said he would take 50k for it. And he slowly would raise the number over the next year. Last week, over text, he said I would have to move out by May 1st unless I bought it. I had the house appraised and made an offer at 50k. He cussed at me for 20 mins saying realtor.com valued it at over 85k. The house is very old, original window from the 50s. It has multiple "porch buildings" that are not to code and would need to be removed. He claims these buildings raise the value. But the appraiser said jt actually hurt the value. It's built almost 2 feet over the property line to an adjacent lot which is about yo have a house built on it. Anyways. After cussing me out, he decided that I should get the F out as soon as possible and texts me every 2 days to get the F out of his house. He was a family friend and I moved in to keep an eye on the house since he lives all the way across the country. That was really long, I'm sorry. Do I really have to get out asap? We never signed an agreement since I considered him a friend. [link] [comments] |
| Offered 800k above ask on a 10 day close and still lost. Fun times. Posted: 30 Jan 2022 10:50 PM PST Before anyone asks, no i did not have any contingencies. My bid was a good 200k above the most recent comps in the area but I guess the market has just moved a lot since December. [link] [comments] |
| Can I be the bank for a mortgage? Posted: 30 Jan 2022 03:22 PM PST Our renters want to buy, we want to sell to them. They can't get a mortgage due to being a small business owner right now. Can I hold the mortgage for them? [link] [comments] |
| Posted: 30 Jan 2022 01:10 PM PST I've been looking for a house for a little over a month in the Washington County Portland area. It seems like people are posting houses 20-50k over their evaluated worth. Whenever I talk to my realtor about offering asking or just below asking he shoots it down or doesn't text me back for like a day. All of this gives me the vibe that maybe I should wait. I want a house but I don't want to overpay for something that isn't worth it. [link] [comments] |
| (CA) Multiple pre-approvals and grouping credit pulls? Posted: 31 Jan 2022 01:43 AM PST After doing some reading it seems like the general advice is to get one pre-approval so one can start looking, but once an offer is accepted on a property, to apply to multiple lenders to ensure one is getting the best terms. I've been talking to one of the mortgage advisors at a big bank and once my credit is pulled for the pre-approval it would be good for 120 days, so I wouldn't need to have it pulled again for the mortgage application process. Since similar credit pulls are grouped, wouldn't it make more sense to get pre-approvals from all the lenders that I might want to apply to? That way I can take only one hit to my credit score during the pre-approval process, and the lenders could simply use the report on file when it comes time to actually apply. This would avoid the hit from applying for mortgage from a lender that doesn't already have my report on file from the pre-approval. Thanks in advance for the advice! [link] [comments] |
| Fed’s Bostic tells the FT the central bank could hike rates by a half-point if needed Posted: 30 Jan 2022 09:28 PM PST |
| HOA Financial Health Question….But with a Twist [SoCal] Posted: 30 Jan 2022 05:05 PM PST I'm currently in escrow and have removed all contingencies other than the HOA contingency. After some delay, I recently received the HOA's 2020 Financials (Audited) and 2021 Balance Sheet, but I'm having trouble assessing the HOA's financial health. Specifically, the two main concerns that stick out to me:
The Twist: A few days after accepting my offer, the seller's agent disclosed that seller is going through bankruptcy. The title report shows he filed Ch. 13 in 2016. I was annoyed this wasn't disclosed earlier but figured, as long as the court approves the sale of the home and the title report comes back otherwise clear, "Okay…Fine." Fast forward a few weeks, as I'm reviewing the HOA documents, I see that the HOA President is.....the Seller.
So, needless to say, I have red flags going off everywhere in my head. But as a first-time homebuyer without an accounting background, this has been a bit overwhelming. At the advice of a friend, I've requested the HOA's 2022 budget along with the most recent reserve study. But in the meantime, I'd be tremendously grateful if someone here would be able to provide some feedback/direction. [link] [comments] |
| Feeling a bit of regret with the current home we purchased this year Posted: 30 Jan 2022 10:54 PM PST Currently in Bellevue, Washington! Been feeling a lot of regret with our current home since we bought it, it's become a money pit. At the time we were looking, we were living with my husband's mother so we could save money from renting but we shouldve done that in the first place so we wouldn't be pressured to find a home asap. Mother in law was going to move out in 6 months from the time we moved in, and we couldn't buy until we sold out current place. Due to a bad realtor, going off market, relisting and selling, it left us only 1-2 months to find a home. (We have a special needs baby so packing/moving is pretty hard on our schedule due to therapies). Within 2 weeks of getting our funds from our previous house, we found a home and thought it would be okay! Fast forward to now, its been about 6 months since living here, and obviously the previous owner hid a lot of issues or didnt disclose it. leaking skylights, paint starting to peel, garage doors breaking down, sliding doors/windows werent opening, etc. We overpaid by $150K but the market is extremely crazy, and there were a lot of nicer homes that came on the market later on that didn't go that much over asking for better prices. So i felt a sense of bad timing and unluckiness. The only good side to our home is the location is good, a single story home, and it's appreciated by a few hundred thousands. I wish we could just sell now and rent out until we find a dream home, but the capital gains tax :( Anyone else been feeling the same or have went through something similar? Did anyone sell under 2 years? I guess in a sense we should've increased our budget due to interest rates being so low and to spend a bit more to get a newer updated home. [link] [comments] |
| Buying first home in non-traditional way Posted: 30 Jan 2022 10:22 PM PST I'm in market where a starter home cost 1.3 million dollars. This is clearly not affordable. Would it be a good idea to buy a house out of state before things get unaffordable? I'd buy it as an vacation home or 2nd home. [link] [comments] |
| Posted: 30 Jan 2022 08:07 PM PST I want to purchase land then build on it . I am worried that if/when i purchase i may not be able to build the structure i want . Is there a way i can see if id be be allowed to have this structure built prior to finalizing purchase ? [link] [comments] |
| Posted: 30 Jan 2022 06:23 PM PST Tax question If a property is over 28 years old but you just bought it can you still use depreciation come tax time? Is the 28 years referring to you actually owning it or the actual age of the structure? Thank you in advance. [link] [comments] |
| (Maryland) I was planning on listing soon, but... Posted: 30 Jan 2022 12:03 PM PST There's a house across the street listed, and a couple did a walkthrough today. I'm in the process of moving out and was hoping to list within a month or so. As I'm loading up my truck, a family member with them asked about the neighborhood, etc. I told them how much we liked it here. I mentioned that if they didn't like that place, I would be on the market soon. Long story short, ended up letting them walk through my house, they love it, and conversation was had about FSBO/off-market sale. My interest is piqued, because they mentioned they wouldn't need me to do all the pre-listing projects I'd planned, such as painting, floor polishing, all that jazz. So, I'm here to ask about FSBO/off-market transactions, particularly from the seller side. First, are those two separate categories? My interpretation is FSBO is listed but without an agent; is "off-market" a different term for the same thing or does it imply I don't have to bother with the listing process if I already have a buyer? Obviously this is all just talk until paperwork starts happening. They told me they'd reach out in a few days once the inspection contingency on the home they're selling is finished. They'd be looking to move in around the end of February, which is basically when I was planning on listing anyways, so if I can make this transaction happen, saving me time, money, and work, I'm definitely interested. But I'm also curious about anybody else's experience in this type of transaction. Let me know! [link] [comments] |
| Who does mortgages for people who don’t have credit cards? Posted: 30 Jan 2022 09:18 PM PST I was all good to have my mortgage approved. Credit score of around 705, at least 40k per year, no alimony or debts. Then I'm told I don't have credit cards. No three lines of trade. So I'm out of luck. Is there any lenders or banks anyone knows of who would give me a mortgage? We always pay bills including rent on time, it can be proven. We were set, had paid half the down payment and have over 10k in the bank. Inspection passed and so did engineers report. I'll be homeless in one month as our landlord is selling and real estate in upstate ny is impossible. I'm in NY state. [link] [comments] |
| Posted: 30 Jan 2022 09:02 PM PST I'm wondering if I would be in breach of contract. My agent says no but I would like reassurance for the community. I'm buying new construction and my closing date is supposed to be Tuesday 02/01. My house wasn't 100% complete until last Thursday 01/27. This means the bank couldn't send the appraiser back out. On 01/19 it appraised on contingency that a couple of smaller things were completed. On top of the construction not being completed until last Thursday my lender was also waiting for the title commitment from the attorney to come back. Below is the closing correspondings. Buyer or Seller may unilaterally extend the closing date for eight (8) days upon notice to the other party given prior to or on the date of closing if: (1) Seller cannot satisfy valid title objections (excluding title objections that: (a) can be satisfied through the payment of money or by bonding of the same; and (b) do not prevent Seller from conveying good and marketable title, as (hat term is defined herein, to the Property): (2) Buyer's mortgage lender (even in "all cash" transactions where Buyer is obtaining a mortgage loan) or the closing attorney is delayed and cannot fulfill their respective obligations by the date of closing provided that the delay is not caused by Buyer; or (3) Buyer has not received required estimates or disclosures and Buyer is prohibited from closing under federal regulations. The party unilaterally extending the closing date shall state the basis for the delay in the notice of extension. If the right to unilaterally extend the closing date is exercised once by either the Buyer or Seller, the right shall thereafter terminate. [link] [comments] |
| Posted: 30 Jan 2022 12:39 PM PST What happens if you put an offer for 250k and it is accepted then the home is only appraised for 200k and you only have a down payment of 20k? Do you have to provide 30k immediately or what happens ? What if you don't have 30k ? [link] [comments] |
| Should we take this personal loan? Posted: 30 Jan 2022 05:01 PM PST We just purchased the house we have been renting from our landlord for 125K. 3 bed, 1 bath, 1076 SF-great schools. Needs a lot of work. Zoned commercial in a residential area near a corner. My boss has offered to lend me 100K to put into the house. What does that look like when we go to sell in the future? Does a personal loan get questioned as DTI when we want to sell/buy in a few years? Through bank statements wondering where the 1000 payment is going? How risky is it to put money into a house when the area is zoned commercially but has yet to be converted. The area is 100% still residential at this time. My plan would be to put enough into this home to sell for a profit in a few years or so, but I don't understand if a lender will question every line item of our bank account when we sell and want to upgrade. My boss just wants to give us a hand and make a small amount of interest on the loan. I just wonder how loans like this would impact our next purchase. [link] [comments] |
| Landlord Keeps Doing Illegal Stuff Posted: 30 Jan 2022 11:31 PM PST I live in Albury Australia The other 2 nights, I had to call the police on my landlord for coming onto my property without asking and for verbally abusing me. Long story, but here goes. I moved into this property in August last year. The landlord said he'd pay me if he could leave some of his furniture in the shed. I agreed. Well turns out it wasn't JUST his furniture staying in the shed, but also him. He illegally lived in my shed for 7 months. He did pay me some money each month to let him stay though. He was only supposed to stay for a month, but he stayed and stayed and wouldn't leave. Well, finally he buys a house and moves in. I'm finally alone. Except, he keeps coming back to stay in the shed some nights. The other day, I asked him that since he no longer lives here, if he could message me before he comes so I can have a heads up if he's coming. He agreed. Well, each time he's come since then, he's never asked. Never messaged. The other night, he showed up again. I reminded him that he needed to message me before he came. He started screaming and calling me mentally deranged and said I'm gonna get into a heap of trouble by the real estate. He left and police came. They said go to the courthouse and get an AVO and also call NSW Rental people (can't remember the name). Also, my neighbour came over afterwards and said he's a very violent person and he has physically abused his gf before. I've told the real estate and they are looking for a house for me. They are also gonna end the lease with no fees and give me my bond back. He's just pushed and pushed and pushed and I can't take it anymore. I should probably add that I have Autism, anxiety and depression and I'm not coping at all. Who can I call? Can I sue him? What should I do? I'm scared and just want out. [link] [comments] |
| Can I get preapproved with new construction lender with unpaid judgement? Posted: 30 Jan 2022 10:49 PM PST New construction that we are interested in that wants us to get preapproved through their lender to get on their list (we have a preapproval through a lender friend of ours already) I have 660 Fico 2 score but 702 fico 8. I have up to 10% down payment but I'd prefer to put down 5. I make 180k salary and have no debt except a 19k judgement of a loan I defaulted when I got sick a few years back. Currently I'm working with a lawyer to settle it for less but it's taking a while. Can I still get preapproved with that? Do I just need to make sure the judgement is paid by close? How does this work? [link] [comments] |
| Posted: 30 Jan 2022 01:04 PM PST I live in a pretty hot market (as it seems most people do these days) and the competition is really tough. Last year I worked with an agent for ~ 7 months, putting in 6 offers, winning none. It was an emotionally draining process and by the last offer I decided to take a break for a year or so. I am currently not working with any realtors. I was planning to reengage with a realtor in Feb this year (not sure if the same one yet) but a friend mentioned one of their family members wants to sell, off market excluding realtors. I toured the house recently and would like to make an offer. I'm not sure how this works, specifically: 1) how would this process differ from one with 2 agents? 2) could I engage my old real estate agent to help me with the deal logistics (even if I paid them out of pocket)? What kind of commission would be fair (I don't think 3% because I found the house on my own). 3) it's definitely a sellers market but are there things I should I be think with regards to deal leverage since the sell will likely happen without realtor's commission (which would have been approximately ~$25k)? We didn't formally discuss price but my friend gave a ballpark on expectations. I think the seller is ~$20 per sqft overpriced based on houses on the same street that have recently sold. 4) seller mentioned he has a good lawyer. Should I push for more neutrality? Or is the legal part of all this pretty straight forward? 5) any watch outs or potential pitfalls when dealing with off market deal? Thanks in advance for insights. [link] [comments] |
| $10,000 house 5000 sqft on a very desired area??? im so confused rn Posted: 30 Jan 2022 09:14 PM PST I was looking through Zillow and found this. Zillow estimated the price to be around 5 million, but the owner sold it for $10000??? why would someone do something like this. someone please explain thanks [link] [comments] |
| Posted: 29 Jan 2022 01:15 PM PST Is it just me or are there a ton of post about liquidating retirement accounts to use as a down payment? Why is everyone so thirsty to buy a home? [link] [comments] |
| Can anyone explain who actually knows please Posted: 30 Jan 2022 08:22 PM PST I am hoping someone can help me understand as I get many different opinions that are all different. Here is my situation. Me and my ex girlfriend bought a house to spend our lives together over 5 years ago. After a little more than a year she ended the relationship and moved out and to another state. We are still good friends and have no ill issues with each other. Her family has started trying to force her to make me sell the house so she can get money since she is struggling a bit financially. I do know it can be forced in court and I never want to sell this home but my question is this. Again I do not want to sell at all but if somehow I end up getting forced what will happen with the profit of the house seeing as she never paid a single thing on the house or the mortgage and I paid over 50k the last 5 years and am the one who also maintains and has renovated the house. Would I get that back before the split or how would that work? Just be we are both on the mortgage I can't imagine we have to spit everything equal when I'm the only one who has ever paid the mortgage and the only one who actually maintains the home. [link] [comments] |
| To those of you who had offers accepted and are now living in your house Posted: 30 Jan 2022 06:33 PM PST How much did you bid and how much were they asking for it? [link] [comments] |
| Posted: 30 Jan 2022 06:26 PM PST Does anyone know if I can take my PA real estate exam online? [link] [comments] |
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