Who bids $700k above asking?! Real Estate |
- Who bids $700k above asking?!
- Seller still hasn't signed purchase and sale four days after we did
- How to back out of a home before closing one day before?
- 60 grand income Seattle, what advice can you give?
- Anything you wish you’d done differently or known before your new build?
- Mortgage rates for second/vacation homes are about to increase
- Build approximately 80% done and builder going bankrupt. Now what?
- Rate lock expiring, builder not complete? What to do?
- Purchased a home on an increasingly busy intersection. Can I turn my house into a commercial property?
- “NAR is second biggest trade group donor to 'Sedition Caucus': Analysis”
- Sold prices on Redfin
- Terrifying Chimney Death Trap [Unbelievably Bad Contractor]
- Just Got Licensed, feel like I know nothing about this career.
- Cash buyer question
- Over the past year, how much has your home increased in value?
- Purchasing a house on bidding
- Mortgage broker wants me to do a rapid rescore to boost my credit score after paying off medical collection. Is it worth it (costs $720)?
- Our loan got bought and it’s holding up our sale
- Anybody know offerpad's acceptance limit?
- Property in FL
- Questions- Delay a few months due to past? Incredibly nervous first time buyer.
- How much work to do
- Repairs agreed upon taking far too long and will extend past closing date. Wanting to back out and need advice.
- Name has a typo in it on a Seller Disclosure form. Do I still sign it or get it corrected?
| Posted: 06 Jan 2022 06:38 PM PST Got priced out of my own neighborhood. Been living here for 6 years and have been saving up to get a place. In the last 2-3 years, the housing prices have soared and it's no longer possible to afford one. Location: Bellevue/Kirkland, WA House was listed at $1.08M but closed at $1.7M. It's not even like a super nice house. [link] [comments] |
| Seller still hasn't signed purchase and sale four days after we did Posted: 07 Jan 2022 06:15 AM PST Location: MA A few weeks ago we executed the standard "Contract to Purchase Real Estate #501" along with our initial earnest money deposit. Inspection went great, almost no issues at all. Fast forward to Monday, after attorney negotiation we settle on terms for the final purchase and sale. I signed it and responded to request from seller's agent for electronic transfer of second deposit into escrow. My agent says this is very unusual. (Not what you like to hear) and that she was getting complete radio silence from the seller's agent. Yesterday I reached out to my real estate attorney who reached out to the seller's attorney/agent and said that sellers would be signing shortly, but we are still waiting. Today I am due to sign the purchase and sale for my property, which is supposed to have a same day closing as the new house. I received a fantastic offer, $10K over asking from a very nice and responsive buyer. I'm scared that I'm not going to be able to sign the p&s since the purchase of the new home might not go through and I don't want to be in a situation where we have no where to go. I'm not sure what to do at this point. The seller's agent has $10k of our earnest money in escrow. Does the seller have the ability to back out at this point? Am I just being overly anxious or is this real cause to panic? Any advice or similar experiences would be appreciated. Thanks! [link] [comments] |
| How to back out of a home before closing one day before? Posted: 07 Jan 2022 01:05 AM PST I am about to close on a home and there are many good reasons for me not to complete the sale. I found out that my partner with whom I will be living within in this home is not faithful. I also made the offer on this home sign unseen. When I finally got a chance to see this home in another state, I hate it. What happens if I want to back out? Can I back out? Do I lose anything other than the earnest money? [link] [comments] |
| 60 grand income Seattle, what advice can you give? Posted: 07 Jan 2022 08:23 AM PST Is it worth it to try and get a 300,000 condo, town house? Who buys manufactured homes/trailers? Who helps these people buy these things? [link] [comments] |
| Anything you wish you’d done differently or known before your new build? Posted: 07 Jan 2022 02:27 AM PST Or any common mistakes that people make when they are building a new home. Or upgrades that you wish you had done. Or any general knowledge you wish you had beforehand. Husband and I will be starting a new build later this month and know we want to do additional hardwood floors and installation of a pellet stove. Standard specs include ceiling fan boxes in most rooms but we do have the option to upgrade to central vac. We are in northern New England for reference. [link] [comments] |
| Mortgage rates for second/vacation homes are about to increase Posted: 06 Jan 2022 06:36 PM PST Hey all, just a head's up that if you are planning on financing a second home/vacation property with Fannie Mae or Freddie Mac interest rates are about to become more expensive in the upcoming weeks/months (definitely by April 1st though). https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-Targeted-Increases-to-Enterprise-Pricing-Framework.aspx is the announcement and immediately Fannie Mae & Freddie Mac published their own announcements at https://singlefamily.fanniemae.com/media/30326/display & https://my.sf.freddiemac.com/updates/news/news~credit-fees-in-price-updates. I like Freddie Mac's because it compares the current pricing adjustments vs. the new ones. Scroll to the bottom of theirs to see the comparison. For those who aren't aware, a "pricing adjustment" isn't an interest rate adjustment, it's a cost of interest rate adjustment. Meaning given any interest rate, the cost of it will increase if you are financing a 2nd home. So for example right now if you finance a 2nd home, the interest rate you choose might have a cost of .25 points (equals .25% of your loan amount) vs. 0 points if you were instead buying a primary residence. But soon financing a 2nd home will have a higher cost depending on exactly how much you are putting down. Go back to the Freddie Mac announcement, the very last chart shows what the new pricing adjustments will be (the chart right above it shows the current adjustment). Mortgage lenders base these adjustments on the LTV (loan-to-value, which is the % of the sales price/appraised value (lower of the two) you are financing). You can see with less than 20% down the pricing adjustment is 4.125 instead of the current .25, so to get that same rate, you are paying 3.875% of your loan amount more. The more you put down, the smaller this price adjustment is (20% down results in a 3.375 adjustment, 25% has a 2.125 adjustment, 30% down has a 1.625 adjustment, 40% down has a 1.125 adjustment). Each lender/bank will adopt this new pricing structure at different times, as the cutoff is loans delivered to Fannie/Freddie by the end of March, meaning loans have to fund a few days prior to then to make the cutoff. I imagine most lenders will still follow the current pricing adjustments until March 1st, then after that we'll quickly see the dominoes fall. What is a "second home"? You can find a pretty clear definition from Fannie Mae at https://selling-guide.fanniemae.com/Selling-Guide/Origination-thru-Closing/Subpart-B2-Eligibility/Chapter-B2-1-Mortgage-Eligibility/1033003381/What-are-the-requirements-for-a-second-home.htm. Lastly, you'll also notice there are new pricing adjustments for "High balance loans", or "Super Conforming" as Freddie Mac calls them. These are loans with loan amounts exceeding $647,200 (the 2022 conforming loan limit) up to the county maximum, which you can look up on this nifty map https://www.fhfa.gov/DataTools/Tools/Pages/Conforming-Loan-Limits-Map.aspx. I figure this wouldn't be as applicable to the subreddit but some may find it pertinent. Edit: you can usually offset this pricing adjustment by accepting a higher rate. For a hypothetical example let's say before any adjustments are applied a 3.125% rate costs .500 points (.5% of the loan amount), a 3.250% rate doesn't cost any points & doesn't give you any sort of credit, and a 3.375% rate not only doesn't cost any points but it gives you a credit towards your closing costs in the amount of .500% of your loan amount. In this scenario you are buying a second home with 40% down so we apply the 1.125 price adjustment... now 3.125% costs 1.625 points, 3.250 costs 1.125 points, and 3.375 costs .625 points. Usually the higher the interest rate you choose, the more of a credit you have to cover these adjustments with. [link] [comments] |
| Build approximately 80% done and builder going bankrupt. Now what? Posted: 06 Jan 2022 04:26 PM PST Not me, a past coworker. He buys a building lot and enters a contract with a small, local builder in PA. No escalation clause. Breaks ground in 2019 then Covid hit. Everything delayed. Early 2021 builder wants another 30k above construction loan amount. Coworker agrees and forks over the money. October 2021 all work ceased. Builder says they need more money. Coworker says no can do, we have a contract. Coworker starts down the legal road and now builder is filing for bankruptcy (don't know which classification). What happens to this construction loan? What does the bank do? What are his options? I couldn't ask him, he was too upset but I have so many questions about this. Thanks. [link] [comments] |
| Rate lock expiring, builder not complete? What to do? Posted: 07 Jan 2022 08:09 AM PST Hi all, we are buying a 2nd home in NC. We signed our P&S agreement with the seller (builder) back in mid-October. Our closing date was scheduled for 12/30. However the builder has not completed the house. Even as of mid-December, they were still telling us they would be complete by end of December. Now they are saying mid-January, but based on the appraisal pics I just got back, I have a hard time believing they will be done in anohter week (deck railings, interior stairs, trim work, painting, site grading and gravel driveway install, all still need to be completed). The rate lock I had expires on 1/3, the lender covered a week extension to 1/10, but he says it costs ~$650 a week to extend the rate. The builder has been slow and I'm not even confident this will be complete in the next ~6 / 7 / 8 weeks. I'm not in a rush to buy the house (it's fine if we closed in March / April) - but I don't want to pay $650 a week (~$2600 a month) until he finishes it. What are my options? I've asked the builder to cover the rate extensions but it hasn't made it into a contract extension document yet. Actually I'm not even sure if our original contract is still valid since we passed the closing date listed in there. [link] [comments] |
| Posted: 07 Jan 2022 05:21 AM PST I'm in North Carolina, the area I'm in is country but developing fast. My house is off a highway. It's becoming unappealing for me to live here with the increasing traffic, but I see the potential for business. Would I have to talk with a zoning board for rezoning? [link] [comments] |
| “NAR is second biggest trade group donor to 'Sedition Caucus': Analysis” Posted: 06 Jan 2022 05:14 PM PST I'm honestly shocked that Inman wrote about this but glad they did. Here is the whole article (although for once they didn't paywall this article) Despite saying it had paused all federal political donations after the Jan. 6 attack on the U.S. Capitol a year ago, the National Association of Realtors was the second biggest donor among trade groups to the campaigns of lawmakers who voted against certifying the 2020 election results, according to a report from Citizens for Responsibility and Ethics in Washington (CREW). After the insurrection, NAR and Rocket Mortgage pledged to pause all federal political donations and review their political spending while Zillow and Airbnb committed to withholding support from lawmakers who voted against certifying election results. At the time, NAR faced calls from some members for changes to its political action committee, which has historically donated to lawmakers who support real estate issues, regardless of their stances on other issues. "NAR will continue to closely monitor events in Washington in the days and weeks ahead in order to ensure our political participation most closely represents the will of our Realtor members and the best interests of American real estate," a NAR spokesperson said on Jan. 11, 2021. Similarly, that same day Rocket Mortgage CEO Jay Farner said the company would suspend its political donations "as we contemplate the role corporations play in the political process." In a statement to @crainsdetroit, Rocket Mortgage CEO Jay Farner says the company "will be suspending all political giving as we contemplate the role corporations play in the political process." pic.twitter.com/vBHJiE4Vso — Nick Manes (@nickrmanes) January 11, 2021 That was then. According to CREW, a nonprofit nonpartisan watchdog, Zillow and Airbnb have kept their commitments, while NAR and Rocket Mortgage have resumed contributions to some lawmakers who voted against certifying the 2020 election results. According to CREW's report, "The Corporate Insurrection: How companies have broken promises and funded seditionists," since Jan. 6, 2021, more than 700 corporations and industry groups have given more than $18 million to 143 of the 147 Republican members of Congress who voted to overturn the 2020 general election and to two political groups that will support them in the midterms, the National Republican Congressional Committee (NRCC) and the National Republican Senatorial Committee (NRSC). Those 147 lawmakers have been dubbed the "Sedition Caucus." "The staggering amount of corporate money flowing to members of Congress who acted to undermine our democracy since the attack on the Capitol highlights the difference between companies saying the right thing and companies doing the right thing," said CREW President Noah Bookbinder in a statement. "Their continued financial support funds efforts to undercut the validity of the 2020 election and sow doubts in our electoral process. These companies and industries should stick to their original promises and stop giving now to those who subvert our system of government." According to the CREW report, NAR was the second biggest donor among trade groups to members of the Sedition Caucus, giving a total of $303,000. Only the Council of Insurance Agents and Brokers gave more, a total of $342,000. "Trade groups have also put January 6 in a memory hole, reversing course on commitments to uphold democracy, and returning to business as usual," the report said. "Soon after the insurrection, the National Association of Realtors announced that they would 'continue to closely monitor events in Washington' to ensure their donations aligned with the will of their members. Since then, the association contributed to the greatest number of individual Sedition Caucus members, giving $183,000 to 82 members as well as $120,000 to the NRSC and NRCC. "Their top recipient, Representative Blaine Luetkemeyer (R-MO), who collected $16,000 in donations to his campaign and leadership PAC, supported Ted Cruz's effort to represent President Trump in front of the Supreme Court in an effort to reverse the electoral results in Pennsylvania. On Jan. 6, he tweeted about objecting to the certification of electoral votes from states he claimed 'clearly violated the Constitution.'" Asked for comment on the CREW report, a NAR spokesperson said in an emailed statement, "Federal Realtors Political Action Committee (RPAC) candidate contribution decisions are locally-led and made based on recommendations from state associations and state trustees. RPAC is proud to be the largest nonpartisan political action committee operated on behalf of a trade association in the United States. About 51 percent of our involvement in 2020 federal races came on behalf of Democrats, while 49% was in support of Republicans. Our contributions are focused on policies that benefit homebuyers and sellers and the overall market." Asked how long its pause on all federal political donations lasted, what criteria NAR used when deciding to resume disbursements and to whom, and whether NAR made any changes to how it disbursed RPAC funds after some members asked for RPAC reform, NAR did not respond. Regarding NAR's claimed nearly equal contributions to both parties, that's true only for contributions RPAC made directly to candidates' campaigns. RPAC's 2020 independent expenditures skewed 79/21 Republican to Democrat — in no small part because RPAC put $1.3 million into Realtor Leigh Brown's losing primary race in 2019, according to campaign finance tracker OpenSecrets.org. According to CREW, Rocket Mortgage has given a total of $75,000 — $45,000 to members of the Sedition Caucus and their leadership PACs and $30,000 to the NRSC and NRCC. This puts Rocket Mortgage among the top 10 corporate donors to the caucus tracked by CREW. Rocket Mortgage did not respond to emailed requests for comment. "Attempts to invalidate the results of an election pose an existential danger to this country's democratic process," Bookbinder said. "As we continue to grapple with the ongoing attacks on our constitutional system, the public deserves to know which corporations and industries will put political access ahead of our democracy. " The watchdog noted that more than half of the nearly 250 companies that said they would evaluate their political giving after the insurrection "have not made a donation to seditionists since." "As calls for insurrection accountability reach the one year mark, one thing is for certain: our democracy cannot recover from the insurrection while Corporate America continues to spend millions of dollars bankrolling seditionist members of Congress," the CREW report said. "Instead of filling the campaign coffers of members who voted not to certify the election and continue to spread the Big Lie, corporations and industry groups should demand that these members renounce their votes and stop undermining our democracy." [link] [comments] |
| Posted: 07 Jan 2022 09:12 AM PST Are the sold prices on Redfin accurate? We went to see some houses and those houses are now sold. The sold prices on Redfin seem ridiculously high, are they 100% accurate? [link] [comments] |
| Terrifying Chimney Death Trap [Unbelievably Bad Contractor] Posted: 07 Jan 2022 09:07 AM PST You have to see this video (link below) and tell me it doesn't make you angry! I came across this terrifying red brick chimney death trap in the basement of a house. The owner was looking to sell the house - that's why I was there (we buy houses as-...). But this isn't about the owner. This is more about the contractor that left the chimney in this state! This red brick chimney was 4 stories tall. Started in the basement, went through the ground, and the second story, through the attic which was 10 feet tall and out through the roof. I am not an engineer, but I am pretty sure a couple of 2 x 4's and 2 x 6's on one end and then it balancing on a brick on the other side isn't exactly earthquake-proof. Can you imagine if a small child saw this and decided to kick out a brick just to see what happened? How can a contractor do this to a chimney, then tell the owner that it has been left in a safe condition? https://watsonbuys.com/sell-house-as-is#terrifying-red-brick-chimney-death-trap [link] [comments] |
| Just Got Licensed, feel like I know nothing about this career. Posted: 06 Jan 2022 10:08 PM PST Im 22 Just got licensed with a broker, obviously passed my exam and everything but now that im licensed i feel like i dont know anything. Like if i were to meet with a client now and he had questions i just feel like i wouldnt know like how to help him or how to answer questions he had. Is this a normal feeling and does anyone have any advise on technical things agents should know about before meeting with a client. [link] [comments] |
| Posted: 07 Jan 2022 08:13 AM PST A client that I am working with owns a cannabis company. She is looking to buy a condo in Chicago cash, but her cash is considered dirty since cannabis is still federally illegal. Is there any way to work around this so she's able to buy with her cash? [link] [comments] |
| Over the past year, how much has your home increased in value? Posted: 06 Jan 2022 03:21 PM PST Just for informational purposes, state how much your property value has increased based on comps over the past year, and your location. [link] [comments] |
| Posted: 07 Jan 2022 07:33 AM PST Real estate market is really crazy!! The house we saw was 500k during June 2020 now it is around 1.2 M Moved from selecting a lot to bidding Bidding is like 2-3 times higher the lot premium (60k lot is bidding north of 200k) Even in these crazy circumstances If we proceed to purchase the property, which takes around 14 - 20 months to handover, with inflation going down by end of this year does it makes sense to proceed? Also, subdivision is half the way takes 3-4 years to finish selling all houses Usually if inflation is out of picture how much do properties drop? Is there any historical data to analyze this? Also, with this purchase interest rates might be higher by closing. Approximately how much would it be? I know it is unknown but would it be a drastically change like 5 or 6 with in next couple of years? [link] [comments] |
| Posted: 07 Jan 2022 06:42 AM PST My offer was accepted on a house and now I'm in the process of cleaning up my credit report to boost my score for a better interest rate. The mortgage broker asked me to pay off the three medical collections on my credit report, which I did. And now he wants me to do a rapid rescore. He disclosed that the fees would be passed on to me ($80/collection * 3 collections * 3 credit bureaus = $720), but said that my credit score was projected to be 720 vs 670 now, which would put me at a better interest rate. I did some research online and it seems that a paid collection does NOT boost your score, so I'm wondering now if it's even worth going through with the rapid rescore? I also reached out to a credit repair company and they said for $155, they would help clean up my credit report. When I asked what this entailed, the guy basically said he has guys who dispute, harass, and go full Karen on the credit bureaus to delete collections. If anything, I feel like this might be more helpful than the rescore? [link] [comments] |
| Our loan got bought and it’s holding up our sale Posted: 07 Jan 2022 06:20 AM PST Very very long sale story short we are supposed to be closing today but our loan was purchased on the 3rd by carrington mortgage who has yet to get our house in the system. For starters we can't even pay the mortgage lol but the not funny part is it could ruin the sale of our house. We have been asking them all week to get the payoff amount to us but they keep saying "it will be in the system tomorrow". The purchasing lender won't take the buyout from RMS, our previous loan owner. What can I do? [link] [comments] |
| Anybody know offerpad's acceptance limit? Posted: 07 Jan 2022 05:56 AM PST Surely with ibuyers there has to be a "accept up to 3% less than asking" or similar. For context... A home was on the market for ~$650k. It sat for 2 months untouched. Offerpad purchased it for $610k in mid Nov. Late Nov they listed it at $635k. Now it's been on the market for 45 days again. I'm tempted to offer $1 more than they paid, but of course that won't fly given their costs. Anyine had experience with them? [link] [comments] |
| Posted: 06 Jan 2022 05:18 PM PST Hello, I just inherited property in Tampa, FL and I can't afford to pay the related prop ins and prop taxes so I'm looking to sell it. I have agents telling me they would sell it as a teardown but I don't think it makes sense to pay 6% for an agent to sell to a builder if I can just contact a builder directly which I already have. I'm looking to see if anyone here has some pointers on what to avoid going into this. So far it seems like agents are what I need to avoid. I'm checking out rex homes since they have a flat rate of 2.5% if I were to use an agent. Any advice on how to best proceed knowing that I want to sell? [link] [comments] |
| Questions- Delay a few months due to past? Incredibly nervous first time buyer. Posted: 07 Jan 2022 04:52 AM PST So I've got a little bit saved up and was looking at houses and even went through the process and was pre approved for a loan. I have very little debt and was told the Debt to income ratio I had was very strong when I applied for pre approval. My income is also very strong (105k) But the biggest thing giving me pause is having to provide any bank statements which will be necessary if I get an offer approved. The last two months of statements don't paint me in a pretty light at all (several large withdrawals at strip clubs, gambling, spending a ton over the holidays,etc). I'm incredibly embarrassed by it and wanted to get some feedback on if it's even worth going through the process of buying a home right now even if I can afford it? Or if it would be better to wait a month or two just to show me in a better light. I've actually even been working with a realtor and have found some nice potential homes but am starting to wonder if it's better to tell her I'll wait now and come back in a few months. Really don't want to be in a situation where I somehow get an offer approved only to have it rejected due to bank statements and having to deal with the embarrassment. Thoughts on the situation? Would banks care or simply look at my salary and low debt? [link] [comments] |
| Posted: 07 Jan 2022 04:50 AM PST I'm selling a house in Charlotte, NC that was built in the 90s, it's in great condition but paint in some areas is old and that's obvious. Our realtor said to get the home painted, so far we have agreed to stage. What is your opinion. Is it worth spending 8k ish on paint or sell as is? I worry that It's a hot market and I don't need to paint and will get the same amount regardless. [link] [comments] |
| Posted: 06 Jan 2022 09:07 PM PST Read the full contract and the repair addendum and nowhere in either does it address repairs extending the closing date. All it says is "time is of the essence" and for the repair addendum, it says all other terms apply. My realtor told me we will we need to sign a document to extend closing. However, with the length of this particular repair and my housing situation, I'm more inclined to back out and peruse options. Does the wording here in the contract lend to legality and receipt of earnest money? [link] [comments] |
| Name has a typo in it on a Seller Disclosure form. Do I still sign it or get it corrected? Posted: 06 Jan 2022 07:48 PM PST So, I am buying a home. Part of that process is me signing that I received the seller disclosure form where they disclose all the issues with the property. The issue is the final page has my name spelled incorrectly. The first name is spelled correctly, the second name is spelled wrong by a couple of letters (one incorrect letter and another missing). This is a form that the seller had to physically create and sign. Me asking this name to be corrected would require the seller to refill out the form and send it to me again over a minor typo, at least I would think. Also, this is an "E-Signature" form, so I can't physically correct it. Is this an actual issue or should I just let it go and sign the form with a slight mispelling of my last name? Note I live in a massive sellers market that is one of the worst in the country, if not the worst. So pissing off a seller is no bueno. Thanks for any help. PS: I also recently pushed back to my real estate agent on a "junk fee" they were trying to pass onto me, that is typically just paid off by the real estate agent. It is a fee from their broker and they were trying to pass that fee onto me and I refused. Just mentioning this because I'm sure some will say "ask your real estate agent", but I would like to do my own due diligence too given the recent events related to that push back. Thanks for any help. [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