Sold our home but mortgage not paid off. Buyers attorney messed up? Mostly venting but also curious if this has happened to anyone else? Real Estate |
- Sold our home but mortgage not paid off. Buyers attorney messed up? Mostly venting but also curious if this has happened to anyone else?
- why do I get these calls?
- How hard will it be to get a mortgage with my status?
- Is an HOA worth a better home?
- What is the (refi) appraiser trying to do with me here? (IL-Chicago)
- What to do?
- Hoarder neighbor
- Looking at condos in Chicago, what's the likelihood we could negotiate parking to be included with new construction?
- Question About Capital Gains on Investment Property for a Relative Newbie
- Changing ownership of house
- Is it a good time to buy in Vegas?
- Study real estate!!
| Posted: 12 Jan 2022 04:27 AM PST I'd like to start by saying, I do not like our buyers attorney. We agreed to close on 12/28 back in sept. Their Attorney had a planned vacation and wasn't even going to be in town that day. She didnt point it out until 2 weeks before closing and demanded we close on 12/20 instead. The communication surrounding this was exhausting. Additionally we had just offered to close on 12/15 if they would let us rent back until 12/22 at which point they could get in early. There attorney advised against it. We couldn't do the 20th (we had a 4/5 day period between selling our home and buying the new one per our lender so that would have put us in a hotel for an extended time bc of the holiday)so we agreed to the 29th as long as they did walk through and closing before noon (long story but we had to provide documents from the sale to our lender for closing on our new house and we didn't want our closing to get pushed bc of the holiday and we would be in a hotel). The morning of the 29th comes and walk through happens. A little after lunch I'm looking for the email from my attorney with final CDS and it's not coming. So around 2 I reach out to them to learn that their attorney pushed closing to 2 and didn't tell anyone. (My attorney was not aware) So now we don't get the documents we need before the banks close and closing on the home we are buying gets pushed and we get stuck in a hotel for 2 extra days. Now our lender is saying they have no record of a wire paying off our old mortgage. I have calls out to the attorney's, just curious if this has happened to anyone before and how it was resolved. [link] [comments] |
| Posted: 12 Jan 2022 07:39 AM PST Why is it every time I go to buy a house or do a refinance, I begin to receive call after call from someone who wants to act like they know me and can help me get the lowest rate and close the fastest? Who is responsible for sharing my info? [link] [comments] |
| How hard will it be to get a mortgage with my status? Posted: 12 Jan 2022 06:53 AM PST First time buyer here, curious to hear how difficult it will be to get a mortgage as I plan to buy in August/September. I am going to be staying at my dad's place for free until then to save money to put in a good amount as a down payment. So from March - August I will be able to actively save about 3,000-3,500 per month. Currently I pay $1900 per month for my current apartment which I will be moving out in 1.5 months to live at my dad's place for free. Income: - $103,000 per year, been at this company for four years, very stable job. After taxes and all deductions, my income per month comes to $5,790. In March, when I find out what my raise is (and I also am getting a promotion) that income will increase. So it may increase anywhere from $106,000 - $120,000, but won't know for another couple of months. Debts: Only debts I have are student loans but they are significant. Credit card will be paid off by the time I am ready to buy, and I don't own a car (nor plan on buying one as its not needed where I live and plan to buy): - Student Loans: Private Student Loan: $570 a month, Federal Loan: $400 a month Credit Score: - 675 - When I moved apparently an electricity bill from my old apartment was never sent to me and led me to become delinquent which it's all been paid for but it hurt my score which was closer to 700. However, I have not been late on credit card payments (in years) nor student loan payments (never have missed a payment). Those have been current forever now. Mortgage: I am looking for a mortgage around $175k - $250k. I am looking to buy a condo, be it a one-bedroom or studio condo. But the goal is to start investing my money instead of wasting it on rent. t's not a forever home, but the goal is to live there and build equity, and when I make more money buy a bigger place, and rent out this one to use it as investment. Current city I live in (Miami) where it's cheaper to buy a condo at the moment then it is to rent! Thoughts? Advice? [link] [comments] |
| Is an HOA worth a better home? Posted: 12 Jan 2022 07:53 AM PST Currently shopping in the Chicago Suburbs area and my partner and I have seen a trend in available homes.
I've never lived in an HOA and obviously there are some strong feelings on reddit about them... /r/fuckHOA for starters... Has anyone else had to weigh in on if dealing with an HOA is worth the headaches for a better location? Curious since I am not a very outdoorsy backyard person excluding maybe bonfires (allowed at the HOA) and perhaps a soaking pool in summer and winter. Seems having someone else take care of all exterior maintenance frees my life up to do the things I want (like travel whenever Covid ends) but there's always the risk of the HOA going sideways? I like the idea of being given a small backyard for my own oasis and then then nothing else is my problem which was what I have enjoyed the most about renting. [link] [comments] |
| What is the (refi) appraiser trying to do with me here? (IL-Chicago) Posted: 12 Jan 2022 08:59 AM PST So I bought a building in April 2020 (put in the offer before the lockdown, got it accepted after). When I purchased it, 2 units were leased, the top floor was empty. Both those tenants are happy to stick around and are still in place. Since then, we've put a lot of money into the building - new appliances; all new kitchen in one of the unit; new roof, tuckpointing, new steel gate and replaced the broken concrete parking pad in back, all new electric, replaced the HVAC and added A/C, added rear porches (instead of just exit steps), remodeled baths, etc, and with rates even lower now, and a market that's gone up, decided to refi. Appraiser came out a few days before Xmas; while there provided him with (de-identified to protect tenant names) leases, list of improvements with money spent, and had our realtor pull comps including 2 literally within a 1 block radius; one of which happened to close the WEEK before the appraisal happened. Finally get report back 2 days ago and got a "subject to" the basement stove being removed - lender thinks its so that he doesn't have to consider basement rent for comps. (We came out at the low end, two of the comps had the 1st floor duplexed down, and went considerably lower than the two that also had basement units listed (also in the same zoning class, very similar sizes). I told the lender, listen, as far as I'm aware, the unit's legal, but either way, I can't take a stove out from a leased unit with a tenant in place. Based on area zoning (RS-4 for those in the Chicago), lot size, etc., 3 units would be fine; the unit 2 exits, adequate ceiling height, meets window size/ventilation requirements, etc. The building had violations when we bought it, and had a City building inspector out after repairs; he cleared them all (and took a pretty thorough look at the place inside and out). The unit's rented to a HCV/Section 8 tenant through our housing authority; they just did their bi-annual inspection of the unit in November and passed it. Either way, basement apartments (some legal, some not) are very common in the area, and frankly determining their legality is difficult in a lot of cases, unless there was a recent (permitted, obv.) rehab; they definitely play into the price someone is willing to pay. Lender asked the appraiser for a revision to the existing report 2 days ago, the appraiser reached out to me today saying that "lender ordered a reinspection" and asking me to schedule. The lender says, no, we didn't and we'd have had to charge you if we did, which we haven't. Maybe reach out re: the revision we ask for. I responded to the appraiser saying, lender says they didn't want a reinspection just a revision; let me know what I can provide for documentation on the basement, from zoning, city/housing authority inspections, anything else if it's helpful. Appraiser says "OK can we talk," and I say "sure," then says something about being busy and asking for me to speak to his "business partner" instead of him. I feel like something is going on here - this seems like a lot of work if they're just looking for a reinspection fee (and by all measures they're pretty busy these days anyways, so not sure why they'd need it). It seems like my lender is as flummoxed as I am, and the realtor (who I've used on a couple of deals and really like for her experience, attitude, etc) is also like "yeah this is unusual." Anyone have any theory as to what could be going on here? [link] [comments] |
| Posted: 12 Jan 2022 08:26 AM PST Let's say I came into a million dollars. Could I take 100k and buy 10 100k properties by putting 10% down on all of them? Is there a special loan for that? [link] [comments] |
| Posted: 12 Jan 2022 08:12 AM PST Hello, Wanted to get y'all's opinion on whether or not I should buy this house. My wife and I are looking at a recent flip of an older home that is next to a a rundown home with a neighbor who appears to be a hoarder. The house we are looking at is stunning on the inside and out but in the backyard there is a raised deck that allows an easy sightline over the privacy fence to the neighbors yard. In his yard there are several broken down cars with one of them being burned out. Several barrels that were burned out along with heaps of old machinery, pallets, and building materials/kitchen appliances that looked like it got ripped out of a house and was left to sit outside for years. There is also a junkyard dog that was chained up outside in freezing cold weather. We would probably have put an offer in already if that was sight unseen but my wife says she would be embarrassed to have people over in the backyard with it being so ugly. Given that there is probably nothing we can do about this save for going to the city for health code violations which we don't really like the idea of or something like that would you guys even consider this home? Thanks in advance for the advice! [link] [comments] |
| Posted: 12 Jan 2022 08:10 AM PST I see new construction all the time that lists parking for >=$25k extra. Is this something that can be or is expected to be negotiated? Even in this market? [link] [comments] |
| Question About Capital Gains on Investment Property for a Relative Newbie Posted: 12 Jan 2022 07:47 AM PST Trying to keep this short, and apologies if this has been asked before, I just found this sub. Anyway, I own a rental property I bought in a LCOL neighborhood for very little ($41k, I owe $28k). Ive had it for about 5 years, and recently done a pretty heavy reno on the inside. I still need to do some work on the outside, but similar house plans in the same neighborhood are now selling from $120-160k in that same neighborhood depending on levels of renovation. While I would like to keep it for life and collect that passive income, I realize that its a ticking time bomb because rodents are already chewing through the new polybutylene pipes I just put in and keeping renters is a pain. So I was thinking of selling while the market is hot, as its as crazy as its ever been (Charleston, SC) Unfortunately, I know I will be losing a ton of my profits to capital gains, since a 1031 doesn't do me much since EVERYTHING is insanely overpriced and all the fixer-uppers are long gone already. But since I have a healthy amount of equity in the house, would it make sense to do a cash-out refi and pull as much capital out now then eventually sell and just repay the terms of the loan? Or is that against some kind of rules/regulations? I couldn't get a straight answer from anyone I know, so I'm consulting strangers on the internet! Anyway, thanks for reading, and looking forward to browsing this sub much more often! [link] [comments] |
| Posted: 12 Jan 2022 05:48 AM PST Current situation: my girlfriend's name is on a a VA loan for our house. Both our names are on deed for house. House purchased for 205k (now valued at 245k) and we owe 184k Goal: conventional loan with only my name on it. Change deed to only have my name on it. Have girlfriend walk away with approx 20k Whats the best way to do this? Refinance with only my name and use the equity to give her money for the home? [link] [comments] |
| Is it a good time to buy in Vegas? Posted: 12 Jan 2022 08:17 AM PST Hi, recently my wife and I both got full-time remote jobs. We currently live(rent) in California and we're thinking of moving to Vegas and buying a house, but I recently heard it's a very overvaluated market. Not sure if this is the right subreddit to ask, but what do you all think of buying in Las Vegas right now? Also, is new construction is a good idea? [link] [comments] |
| Posted: 12 Jan 2022 06:09 AM PST I can't stress this enough… study real estate while you're young! Even if you have zero intentions to work in the industry. Here in Australia, doing a Cert. 3 in real estate at TAFE is the best thing you can do for yourself at a young age. 2 days per week for 4 months. I did mine at the age of 19. It was $50 cuz I was on Centrelink (welfare) and it has come in handy so so so many times. It taught me the ins and outs of rentals and purchasing. I have used that knowledge to call out agents in their bullshit and make sure I am Not getting fucked over. It has literally saved me thousands of dollars, a lot of time AND friends buy me treats (a case of beer/a nice chunk of meat/a home cooked meal) for comming to open houses/inspections and giving them my shitty advice. I'm in no way an agent, and have the bare minimum of knowledge, but agents never expect the average person to have a bit of an idea of how everything works. I never have and never will work in the industry, but I'm aware of what the industry is!! 10 out of 10 would recommend for anyone and everyone to do this! [link] [comments] |
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