What is your Income and how much mortgage did you qualify for. Real Estate |
- What is your Income and how much mortgage did you qualify for.
- Housing price spikes making new "haves" and "have nots"
- Seller asking for updated offers
- Fell into a Love It Or List It rabbit hole over the weekend. Being a homebuyer right now makes this show seem so fake.
- Hesitant sellers?
- With rates rising, at what point does it make sense to wait?
- Issues with home that seller didn’t disclose
- Record Low Inventory...What are you experiencing?
- Buying a place with tenant lease running for months after closing.
- Price lowered after I rejected sellers counter
- Advice for Buying a second house Out of State
- Can't get in touch with the listing agent. What's the process?
- Advise on triplex purchase
- Anyone Used BECU For Mortgage Lender?
- Remining oil in tank for home purchase
- How much has the market increased this past month in Michigan?
- Back out of accepted offer before earnest money (WA)
- What happened to all those "Write a letter" posts??
- Builders concrete quality issue
- Local Bay Area Lenders?
- How much house can we afford? Combined income 225k. House value ~560 Is that doable?
- Anyone purchased empty lot and placed a tiny home, modular, etc.?
- What is the best way to sell a condo that needs major repairs in a shitty complex? Denver metro
- Home buying is like playing musical chairs
- Is 3X rent amount the standard for income?
| What is your Income and how much mortgage did you qualify for. Posted: 18 Jan 2022 05:50 AM PST Hi all, my wife and I recently got pre-approved. I am absolutely shocked what they pre-approved us for. We make 190k a year together, and they pre-approved us for 1.2 million.... There is no way we can afford a place more than 500k. This got me curious as to what everyone else is getting pre-approved for. [link] [comments] |
| Housing price spikes making new "haves" and "have nots" Posted: 17 Jan 2022 11:36 AM PST Has anyone else noticed this in their lives? People who got the houses before prices spiked are quietly sitting pretty while everyone else got FOMO or frustrated, scrambling to land a place. It seems like the stories from personal life are a microcosm of a great widening of economic inequality in society, especially after reading all the stories here. [link] [comments] |
| Seller asking for updated offers Posted: 18 Jan 2022 05:43 AM PST I made an offer on a house for 10k over asking price. There are contingencies for inspection issues totalling over 5k and contingent on appraisal. Seller is saying they received offers that were all very close and are now asking for final and best offers. They also do not want an appraisal contingency. They also do not want any escalation clause; originally we had one that would increase price an additional 20k. The house needs some work. My novice eye identified at least 10k worth of work that needs to be done immediately. I'm having an allergic reaction to the sellers request. I'm wondering if we are negotiating against our selves. I'm also wondering if the seller knows something we dont hence their not wanting an appraisal contingency. Thoughts? [link] [comments] |
| Posted: 18 Jan 2022 09:50 AM PST I'm especially thinking of the fact that every episode, no real estate options seem to exist in their price range so they agree with the realtor dude to go over their budget. That's... not how mortgage pre-approvals work. And even if that budget number is the family's preferred budget they'd like to spend (and got pre-approved for more), usually spending more than your budget is a bad idea financially speaking. We had two places we were looking at, one well within our budget and one right at the top, and because of these shows I kept assuming my agent would say "sure, this one is at the top of your budget but it's SO PERFECT you should just do it." No, my agent is smart and told me not to be house poor. Based partially on his advice we picked the cheaper place. (I'm ignoring the fact that all these HGTV shows seem to exist in a permanent seller's market where you have your pick of several different homes, which you are able to buy at roughly the asking price.) [link] [comments] |
| Posted: 18 Jan 2022 06:04 AM PST I'll try and make this short and sweet. A couple weeks ago we offered on a large rural property with a medium sized home. The home has been listed since August! Our original offer was declined and then countered. We accepted the counter offer but then the deal started to get weird. One of the contingencies was that the seller get 90 days after close to move all their equipment and belongings (that's pretty common for large farms over 50 acres). After a little discussion we agreed. After the second showing and our final contract (not accepted yet) the seller says he now magically has 3 very strong offers and we need to resubmit our highest and best for an answer in 24 hours. So we go ahead and do that. 24 hours go by and their realtor says they haven't made a decision and don't know when they'll have an answer. What the heck is going on? Their realtor keeps coming up with all these excuses on why we can't go under contract. One of them was our financing. We are approved for that house with that acreage and we even had our lender call their agent. He said "I'm just not sure about that bank". (It's a National lender very well known). Now it's what's included with the property, we don't want any of their stuff. I just want to go under contract and buy this freaking house!! [link] [comments] |
| With rates rising, at what point does it make sense to wait? Posted: 18 Jan 2022 07:13 AM PST I've been looking for a condo in the Boston suburbs for the past 4 months or so and am now struggling with what to do next. My plan all along has been to buy a 2 bedroom unit, live in it for a year, then rent it out starting in year 2 when I'll buy a 2nd property. My issue now is what everyone else is experiencing.. Low inventory, skyrocketing rates, and buyers who are making panic offers that make no sense to when looking at similar comps. My question is when does it just make sense to wait and rent another year? With rates going up you'd have to imagine at some point that sale prices will come down a bit with less buying competition. (Maybe that's wishful thinking). I'm so frustrated that I've taken all this time looking/researching certain areas that I would hate to put a pause on looking just to rent again. Does it really just come down to whether I can cash flow the unit as a rental if I'm planning to hold long term? [link] [comments] |
| Issues with home that seller didn’t disclose Posted: 18 Jan 2022 04:51 AM PST My husband and I are currently under contract and ready to close. We used a VA loan and during the appraisal review we were told that we needed an estimate and money set aside for efflorescence clean up (among other repairs that needed to be made). We were fully prepared to take on the costs of the repairs/cleanup as we felt this wasn't sellers responsibility. However, when a waterproofing expert provided an estimate for the efflorescence, he noted that there was a pervasive water issue that contributed to the efflorescence. One of the major reasons was due to the sump pumps being manipulated and removed. The expert found that one sump pump was placed on bricks to prevent it from going off and the second was removed completely. In addition, the seller must have known about water issues because a rudimentary French drain made by the seller was created. In addition, roofing shingles and pavers were found outside the house to divert water away from it. The expert provided a 17 page explanation as well as pictures proving that seller lied on disclosure. To be clear seller indicated that there was no issues with sump pump and that there were no major flooding issues on disclosure. When our attorney provided these photos and statements, the seller continues to deny that there is any issue. We're encouraging the seller to get a second opinion however it doesn't seem likely. My husband and I want this house and have considered just paying for all of this. Before we do, we've thought about getting a second opinion (in the event the seller says no) and possibly talking to neighbors to see if they've had water issues to fully understand what we'd be taking on. Aside from the water issues, this house is a dream, it's huge (room for a growing family), amazing school district, and a great neighborhood. I just can't help but feel slighted that the seller isn't being honest? [link] [comments] |
| Record Low Inventory...What are you experiencing? Posted: 17 Jan 2022 09:30 AM PST Are you experiencing Record Low inventory where you are? Here in Chico, CA we are experiencing the lowest active inventory on record...we are down to 49 active single-family residential homes on the market. [link] [comments] |
| Buying a place with tenant lease running for months after closing. Posted: 18 Jan 2022 06:45 AM PST Okay, so Florida property and buying a place to move into but there is a tenant in place with a lease and it goes for several more months. Now to be clear up front I don't want to make them leave before the lease is up. I'm happy to leave them in place. My question is more for mortgage people. If I have a mortgage secured for owner occupancy but there is a holdover tenant due to an existing lease, does that affect what mortgage rate or type I can get? [link] [comments] |
| Price lowered after I rejected sellers counter Posted: 18 Jan 2022 10:27 AM PST House was originally listed for $169,500 around Dec 19, 2021. I offered $163k (my highest); they countered with $167.5k, which I rejected. (Around Dec. 22, 2022) Around Jan. 9, the list price dropped to $164,500. I like the house but am not in love with it. Since I've already tipped my hand on my max price, is it worth my time to submit a new offer around $156? [link] [comments] |
| Advice for Buying a second house Out of State Posted: 18 Jan 2022 10:26 AM PST Looking to buy a second house in another state, not sure where to start, or what is needed. [link] [comments] |
| Can't get in touch with the listing agent. What's the process? Posted: 18 Jan 2022 10:20 AM PST I only bought one home in my life and it was brand new where i just dealt with the builder directly so maybe i just dont know the process. I found a home I'm interested in purchasing literally two miles down the road. when i use the email function on zillow and realtor.com -- i get contacted by realtors from other companies that are not the listing agent. I was able to find the listing agents number and contacted her directly twice but i haven't heard back. do listing agents typically not take calls directly from the buyer and are you supposed to go through a buyer agent? what comission woudl the buyer agent get? i was hoping to cut out the middle man to maybe negotiate a bit on the price or closing costs. TIA for any advice or input. [link] [comments] |
| Posted: 18 Jan 2022 10:16 AM PST Hi guys, I need help. I am under contract on a triplex purchase. Current offer is for $75K. 1 building is a duplex (1 unit is 1/1 and the other unit is a studio). The third unit is a garage unit (1/1) and this is separate building. All 3 units add up to ~1,700 square feet. 3 units currently generate $1,300 a month. However, the inspection shows a lot of work is needed. - New Roof on both buildings - New electrical work. Everything works now. Just very old. Maybe I can postpone this... - There a crack on the ceiling on the (1/1) in duplex building. It is a pier & beam foundation. However, under the building, the inspector said he couldn't find anything wrong with it. Maybe leveling is needed..... - All 3 units need renovations once current tenants leave. All these will cost ~35-40K. All in all I will be ~$115K (75K + 40K) into the property. Once renovated, I think I could bring in ~1,650. Would any of you pull the trigger on this property? Would you negotiate on the purchase price because of all these major issues? Thank you for any suggestions/guidance. [link] [comments] |
| Anyone Used BECU For Mortgage Lender? Posted: 18 Jan 2022 10:08 AM PST We were quoted a great interest rate and a first-time homebuyers cash grant by BECU, but our relator and another lender said they are notorious for not closing on time, so we're second guessing it. Has anyone used them for their home loan? Was closing smooth and timely? Thanks! [link] [comments] |
| Remining oil in tank for home purchase Posted: 18 Jan 2022 09:53 AM PST I recently purchased a home with an oil tank. The oil price and information was not disclosed in the closing documents. After we and the sellers signed the CD, my attorney emailed and said we owed for the remaining oil, and their attorney forgot to include it in the CD. The tank was at 200 gallons at walk through. My attorney asked me to pay for the remaining oil at current market price. The sellers paid $465 (I have a receipt) and are asking us to pay $640 because of the rise in price. Why would I have to pay more than what they paid? Just because the price of oil got higher, that is not my fault and I should not be responsible for the rise in cost. Technically I dont have to pay for anything because its not listed in the CD, but I will do the right thing and reimburse them, but only for what they paid. Is that fair? [link] [comments] |
| How much has the market increased this past month in Michigan? Posted: 18 Jan 2022 08:45 AM PST Looking for a good resource to refer to as it seems the market jumped likely due to inflation. I'm getting a bunch of emails regarding vacant properties I have listed for sale on Zillow and I feel like it's a result of my newly underprice properties due to market changes. Should I multiple my properties by 7% to get their new price? Is there somewhere else I should look to evaluate the potential hike? [link] [comments] |
| Back out of accepted offer before earnest money (WA) Posted: 18 Jan 2022 02:27 AM PST Hello, in Washington state I have an accepted offer for a house (new construction) but have not yet made the earnest money deposit. Since the accepted offer, I happened to speak with some neighbors which sent huge red flags about the neighborhood and no longer wish to proceed. What are the ramifications, if any, if I were to walk away from this contract? Thanks Tried googling but everything seems to talk about after earnest money was deposited. Would appreciate a link if there is a clear law around this. [link] [comments] |
| What happened to all those "Write a letter" posts?? Posted: 17 Jan 2022 08:23 AM PST Remember that short window of time, maybe 2019 to 2020 that people would tell you to write a letter to the seller explaining why you want the home? Edit: Clearly people are very defensive of the letters they wrote..... [link] [comments] |
| Builders concrete quality issue Posted: 18 Jan 2022 08:02 AM PST Hello everyone, we are looking to buy a house, one of the options we are exploring is building one.. We saw several, Fischer model homes had half inch cracks in the middle of the basement's concrete slabs (floor). Yesterday we went to see a couple of Pulte homes communities (better finishes than Fischer or M/I homes) but both model homes had poured concrete basements, and every 4 feet the poured concrete walls had vertical cracks in which you could at least fit a penny in them. The model homes were 1-1.5 year hold max. How is that possible? We got scared away.. if a model home (supposedly the best of the best, to entice buyers) in such a short time already has cracked walls/slabs in the basement, I can just imagine how our home would end up after 5-10 years.. are all new homes always this s**tty? Do they even put any metal reinforcements in the poured concrete or in the concrete slabs? [link] [comments] |
| Posted: 18 Jan 2022 01:47 AM PST Hi all. I live in the Bay Area, California. I'm a first time home buyer. OMG I know. It's insane out here. So I need some help from those in the know in the Bay. I've heard that given the high demand in the Bay Area that one way to get a leg up is to have a good lender who can act fast during closing. And this apparently tends to be local lenders, not national ones without a footprint in the area. My real estate agent even scared me by saying that seller can keep deposit if my lender doesn't come through during the closing window so it's very important the money isn't delayed. Have you gone through the home buying process in the Bay Area recently and if so, which lenders are good lenders for closing and/or reputation when you're making an offer? Are there any that will approve jumbo loan with less than 20% down? Also, have you heard of Homelight Home Loans? My agent told me about them. They apparently help you make cash offers by buying the house for you Inc ash and selling it to you immediately for the price they paid, in exchange for like 1.5% of the sale price. Is this something people are using in the Bay to be competitive? Has anyone heard of it or had experience with it? I can't seem to find many reviews and the process of someone else buying my home and selling it to me seems odd to me. [link] [comments] |
| How much house can we afford? Combined income 225k. House value ~560 Is that doable? Posted: 18 Jan 2022 07:44 AM PST Hello! We were thinking of buying a house in 2020 but due to some issues decided to back out. Thinking of buying now, new construction since there is no inventory in the market. We are in Upstate NY. Combined income is 225k without bonus. Credit score is 700+. Thinking of taking a loan on 1 persons salary (is that bad?). We have 1 car, may buy a car if needed but not right now (since both are working remote). Considering a new construction, base price 500K. Thinking of closing at around 550-560 (is it doable on a 500K base house, maybe too optimistic). No kids yet, may have kids in the future. Is this house value too much for us? [link] [comments] |
| Anyone purchased empty lot and placed a tiny home, modular, etc.? Posted: 17 Jan 2022 11:51 AM PST I frequently see small empty lots available in developed neighborhoods for less than 20k that already have utilities run. They often result from houses that were razed due to fires. Anyone have any experience placing pre-fab housing in these situations? [link] [comments] |
| What is the best way to sell a condo that needs major repairs in a shitty complex? Denver metro Posted: 18 Jan 2022 07:31 AM PST The condo is in a very rundown complex in an overall pretty good neighborhood of Aurora. The AC is completely gone and would need to be replaced. Everything else works but is from 1979, and looks terrible. We got an offer for 70k from one of the we buy any condition companies in August or so. The assessed value is 115 from I believe two years ago. The identical unit right below us(we are top floor) sold for 98k in mid 2020 during peak COVID. It is a one bedroom. We don't know if it's worth it to make repairs and go through a traditional real estate agent. We are more than willing to though if we actually get significantly more doing that, after out of pocket and all the fees and commissions. Can we trust a real estate agent to atleast honestly ball park a sale value? How do you guys find trustworthy ones? [link] [comments] |
| Home buying is like playing musical chairs Posted: 17 Jan 2022 01:03 PM PST It's ruthless. Everyone walks around the houses, with their hands touching the chairs/ eyes on the houses on Redfin as they walk/ shop around then the music stops!! Boom! Everyone find a house/ chair! We're frantic. We freak out! We overbid! And we sigh in relief that we have a house, sucks for all those people who didn't find a chair, but at-least we have one. Everyone for themselves. Help no one… the ones who are out are out, no house. No equity, no buying power. But those who got into a chair? They get to keep playing the game. They get to keep walking/ shopping in the game. One might get booted out, and the game continues. [link] [comments] |
| Is 3X rent amount the standard for income? Posted: 17 Jan 2022 06:37 AM PST I've not rented a new place in 23 years, so I'm unsure about some standard practices. The house rental I applied for said that for most properties, 3X the rent is required for income. I was surprised at that. 2X is understandable; 3X seems a bit much. Is 3X the standard in the U.S. for all types of rentals - houses and apartments alike - or is it different for houses and apartments or different between agencies and landlords? Also, is it gross or net income that they would look at? [link] [comments] |
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