Corporations buying out neighborhoods Real Estate |
- Corporations buying out neighborhoods
- What happens when rates go up? Mortgage Loan Officers get let go
- How many have actually had parents that downsized?
- 1st house on the market this week, sold in 32 minutes
- Are rising interest rates a good thing for first time buyers?
- Are flipped houses that are built prior to 1960~ something I could live in for the next 30-40 years?
- Strange occurrence with the previous owner and her daughter.
- Are we getting a good interest rate or should we shop around?
- Are houses with "irreconcilable" Title Issues Normal?
- Has it ever been a buyers market for SFH
- What's more important? Income or credit?
- Fell in love with this house but the timing wasn't right to put in an offer. It sold for almost $150K over asking.
- County sales by year
- House history?
- Why is a house tax assessment value remains below a purchase price for years?
- Mortgage Servicer Problems
- Something has got to give
- would you purchase?
- Frustrated and anxious to close the deal
- Considering rezoning commercial space to residential, converting it to a housing unit, and renting it out.
- First time home buyer. Didn’t know I signed a buyer agreement contract, please help.
- Is a dual agent allowed to do this to his buyers?
- If I have money to pay off an FHA loan in 3 years rather than 1, will I save more money by paying 5k extra a month, or waiting the3 years (paying only normal mortgage payment) and paying it all off at once.
| Corporations buying out neighborhoods Posted: 01 Feb 2022 07:00 PM PST Not sure what's been going on there, I'm hearing a lot of news stories about housing prices being driven up because corporations are investing in housing to turn into rentals. I will say this, if you're in the market to sell your home, please sell it to a person over a corporation. Corporations have taken over so much of our lives, don't let the ability to own housing be another freedom we lose without even realizing it. [link] [comments] |
| What happens when rates go up? Mortgage Loan Officers get let go Posted: 01 Feb 2022 03:03 PM PST All that easy money refinance is gone. Better already laid off a large portion of their staff. As of 2:30pm today Santander let go of all their MLOs (or so I hear). [link] [comments] |
| How many have actually had parents that downsized? Posted: 01 Feb 2022 12:25 PM PST Truly not trying to add to the mania, but genuinely curious. My parents own a 4bd/3bth house which none of my siblings or I live in. They recently refinanced, and bought in 2007 and believe that they'll never be able to sell or buy as much as what they have now. I cannot help but think this mentality is part of the reason inventory is so low... EDIT: not saying the older generation should give up their homes or be cast into retirement homes. Just judging by the comments so far, it simply seems this is adding to the lower inventory for bigger SFHs that are needed for the next generation. [link] [comments] |
| 1st house on the market this week, sold in 32 minutes Posted: 01 Feb 2022 09:57 AM PST Pending in under one hour. Did they even see the house or the area? How can I find out what it sold for? [link] [comments] |
| Are rising interest rates a good thing for first time buyers? Posted: 01 Feb 2022 01:52 PM PST Hi, I'm a first time buyer, over the past 2 years I've been getting beaten with offers from people much older than me, who either have been in the workforce longer than I have or have equity from a previous home. I want to know if the the interest rate rising will turn the tide for first time home buyers. All opinions are welcomed. [link] [comments] |
| Are flipped houses that are built prior to 1960~ something I could live in for the next 30-40 years? Posted: 02 Feb 2022 03:05 AM PST Half of what's available in my area are these flipped houses, some of them as old as 1900. They look great, but I'm mid-thirties and want something that may potentially last me the rest of my life. What am I supposed to know about this part of house buying - the built date? [link] [comments] |
| Strange occurrence with the previous owner and her daughter. Posted: 01 Feb 2022 02:29 PM PST So this just happened.. The previous owner and her daughter parked out front got out took several photos then goes up to my front door looks inside the window says a few things to each other "omg they RE did this and they painted the kitchen!!) and then went over to my neighbors and spoke to them Then left. I caught it all on ring. My neighbor saw me pulling in and told me about it. He said the previous owner was coming by because a package was delivered and she was searching for it.. but I didn't get any package for her. It all seems strange to me. Perhaps they are just being nosy bc we have done some work and upgrades to the place. It's just a bit creepy. She told him she missed the house regretted selling and was attached and how good it was to be in the neighborhood. He let her know I have installed cameras and a ring camera so I doubt she will be back 😂 Anyone else ever have this happen? Would you be concerned? [link] [comments] |
| Are we getting a good interest rate or should we shop around? Posted: 02 Feb 2022 01:22 AM PST So my husband and I are currently in the process of buying our first home. When we were pre-approved in early Jan 2022, the lender gave us an interest rate of 3.75%. We just put an offer this week and looking at the recent documents submitted with the offer, our interest changed to 4.25%. Both my husband and I have credit scores above 770. Is it too late to shop around? Or can we speak to the mortgage lender about this? Why did it go up so much in less than a month? Speak to me like I'm 5 years old please. Scared human trying to buy in 2022. Haha. [link] [comments] |
| Are houses with "irreconcilable" Title Issues Normal? Posted: 02 Feb 2022 06:20 AM PST We're trying to buy a house in this crazy market in Upstate NY. Due to circumstances with our current house, we have to buy sooner rather than later. Yesterday is the second time we've had to back out of a house due to "irreconcilable" title issues. Unfortunately, on this one we found out after paying the mortgage application, for the appraisal and home inspection. Also after a major ding to our credit, because we got the mortgage back. When I bought my house in 2016, it was smooth sailing. I opted for title insurance anyway. I have a few questions ... Is it this a common occurence? This time, 2 out of 2 houses that we've had an offer accepted on we have had to back out What happens to these houses? Do they just sit forever until they get foreclosed by the county? In both cases, it was a lien filed from a bank that went out of business and was bought up by another bank, then bought up by another. We're going to wait as long as we can on this one to see what happens. Unfortunately we'll end up getting hit with the rate hike and ahigher interest due to our credit dropping below 800 but I guess there's only so much we can do there. There just isn't anything in our price range that we can be competitive on. Everything is sold immediately. [link] [comments] |
| Has it ever been a buyers market for SFH Posted: 02 Feb 2022 05:21 AM PST Has it ever been a buyers market for SFH? Not including 2008 when the bubble burst. I can't remember it ever being a buyers market let alone affordable. I am 42 btw. What is the general consensus? [link] [comments] |
| What's more important? Income or credit? Posted: 02 Feb 2022 05:18 AM PST We are first time home buyers and completely clueless. Originally our plan was to apply for pre-approval under my fiancés name only because his credit is in much better shape than my own. Then I realized, I will be contributing to the mortgage payment so would it make sense for me to also be on the application even if my credit is less than great... (something I've been working on).. I am providing the entire downpayment for the house from my own savings and now I'm just really confused on what we should be doing. [link] [comments] |
| Posted: 01 Feb 2022 09:30 AM PST I guess I should be glad this house, which I fell in love with as we were getting our pre-approval ducks in a row, was off the market by the time we were actually looking at houses. Because it went $150K over asking. While I think $589K was optimistic and probably deliberately set low to create a bidding war, even Zillow only thinks it's worth $615K. On the other hand, it is very much a "worst house in the nicest neighborhood" type of situation, with comps honestly difficult to find since most homes in the neighborhood are quite a bit larger and more upscale. I hope the future renters enjoy their new home after the gorgeous woodwork is all painted Agreeable Grey. [link] [comments] |
| Posted: 02 Feb 2022 04:59 AM PST Hello, I was wondering if anyone knew or was aware of a database that would list all home sales in a specific county and/or city within a specific year (2019)? Is there something out there? Thanks in advance! [link] [comments] |
| Posted: 01 Feb 2022 10:40 PM PST Is there any way to find the history of my home? I know there's been a break in and someone reportedly died here before I bought it. I had a bad carbon monoxide scare and the firefighters hinted it could have been related. Is there any method to look up the history? I live in Los Angeles if that helps. [link] [comments] |
| Why is a house tax assessment value remains below a purchase price for years? Posted: 01 Feb 2022 08:27 PM PST Hi all, I was checking the property details of several MN listings at Realtor.com and discovered that while houses were sold in 2016 for let's say 350k each, their tax assessment value did not reach that level up until 2020 (!). How is it even possible? I thought once a house is sold, its purchase price becomes the new tax assessment value? [link] [comments] |
| Posted: 01 Feb 2022 09:55 PM PST Hi guys - My mortgage recently was sold and I have a new mortgage servicer that really sucks. Has this happened to anyone? And if so, who is your mortgage servicer and what did you do? Were you able to switch to a better mortgage servicer, and if so, which one? Thansk! [link] [comments] |
| Posted: 02 Feb 2022 03:49 AM PST My wife and I have been planning to buy a house outside NYC in 2022 since summer of last year. We couldn't do it because of other commitments we have in the city, but that changes this spring and we can move to have a yard and a bigger space. Since November we've been virtually house shopping to see what's available and for how much. Prices were high but we could swing it. There was enough inventory to have your pick and the houses generally didn't go that much higher over asking (1-5%) based on the property history (checked after all our favorited houses were sold). Fast-forward to January and now February, everything is way different. The rates have gone up from high 2s/low 3s percent to now high 3s/low 4s, the prices remain high AND there is no inventory. We just lost out on a house that had 15 offers. On the first day on the market this house had 64 showings booked. We offered almost 20% over asking and only with the appraisal contingency. We agreed to 2 months of rent-back. Mind you, this would've been the most expensive house in the neighborhood (had we won it) by far. This house was nice but it's not really a typical dream house. Why am I saying this? Well, I'm just feeling a bit discouraged and exhausted after a very short time on the market looking for a house. I understand January/February are usually the slowest months in terms of inventory, but I really don't know if we're going to be able to buy a house this year. There is just so little selection that even if the house is remotely decent, it will have multiple competing offers within days paying way over asking. Our lease ends in May in NYC and we need to figure out our next steps soon. We really don't want to continue to rent, but if this continues I'm afraid we might have to. You could argue that what we're seeing right now is literally the blow off top in the real estate market and what follows is at least a strong correction. And you generally don't want to buy the top. So what do you do then? Save cash and wait a few months or a year until the said correction? I would like to believe that this is what is going to happen. However it doesn't matter if the rates are going up or the demand drops even 20%. There is still going to be 10 offers on every decent house in the area. The problem here is with the supply. If nobody is selling, the problem is going to remain regardless of the rates or demand. So why is nobody selling? My theory is that perhaps the combination of a slow winter season combined with the ongoing pandemic is the cause. I also speculate that the people who did not sell last year will be more willing to sell this year since the virus has subsided quite a bit (or at least the latest variant is not as bad as all the previous ones). This idea gives me hope that we'll eventually have a larger selection in the market and there will be more houses for the buyers out there. Don't really know where I am going with this, just wanted to rant and share my thoughts. TL;DR the market is screwed: rates up, prices up, inventory down. /rant [link] [comments] |
| Posted: 01 Feb 2022 11:21 PM PST Im looking for a little guidance, I'm under contract for my first home, a duplex. Seller agreed at price 20k under the listing (which I already thought was priced too high). Upon inspection, and an estimate from a home leveling company, there's foundation issues caused by termite damage and age, plus piers in need of replacing. a "happy medium" fix for the foundation would cost 11,000$. a full foundation replacement would cost 22,000$. Also 30-40% of subflooring in need of replacement. Seller agrees to only offer 7,500$. Feels like I'm buying a property that was neglected. Would you walk away, or what other options should I attempt? [link] [comments] |
| Frustrated and anxious to close the deal Posted: 01 Feb 2022 02:44 PM PST Was given a closing date of feb 1 (today). I understand these things don't always close exactly on time but I'm so confused at this point. None of the contingent repairs have been done. I drove past the house and the things I can see from the street are still unfinished. Realtor (mine) keeps saying that the house should close sometime this week but I don't see how that's possible. Was told it would be today now being told either tomorrow, Thursday or Friday. I know I'm supposed to just trust the process but every day I'm told it'll be "tomorrow" that they finish repairs. Anyone been through this? [link] [comments] |
| Posted: 02 Feb 2022 01:59 AM PST I recently put in an offer for a mixed-use (residential and commercial) property. The commercial space was once a professional doctor office that has its own entrance and is attached to the main residential house. I plan to rezone the commercial space to multi-family residential, convert it to a 2-bedroom housing unit, and renting it out. I would live in the main house and act as an on-site landlord. The property is located in a mostly residential neighborhood on a busy street. There are no other mixed-use properties in proximity. I know I will have to hire architects, contractors, etc. for this project but I'm coming here to gauge the viability of this plan before hiring professionals and investing into it. Rough sketch of the floorplan, red area is the commercial space. Not drawn to scale. I don't know what the size of the commercial space is (maybe 800 sq ft), but the entire building interior is over 4,000 square feet in size on a half-acre lot. Questions: 1. Is it necessary to rezone the commercial space to multi-family residential in order to rent it out as a housing unit? 2. Is it difficult to rezone commercial space to residential for a mixed-use property? Doing so would make it entirely multi-family residential. 3. Which kinds of people do I talk to and where do I start to begin learning how to do this? I'm reluctant to ask my real estate agent in case it causes issues with us closing on the house. 4. Any downsides of being an on-site landlord? I'm in the very beginning stages of learning this process so my apologies if I'm using any terms incorrectly. If I am mislabeling concepts please correct me. Location: New Jersey USA [link] [comments] |
| First time home buyer. Didn’t know I signed a buyer agreement contract, please help. Posted: 02 Feb 2022 05:20 AM PST First of all, I never owned or rented a property, this was my first time getting approved for a mortgage and being assigned a realtor. I've never met this realtor in person, because our times never meshed when it came to looking at properties in this market. I'm not happy with her because she never explained to me or educated me on anything when I told her I'm a first time home buyer, also, most of time if not all the time, I had to find and send her properties I liked. Anyway, I found this one house on the market I really like, and decided to make an offer on it before looking at it because the realtor said it's going to sell fast. So I made an offer, and shortly after my realtor sends me like 9 different forms and tells me they need to be signed before noon because the deal is about to be made with the property. She told me there are over 11 offers and she couldn't tell me what the they offered but just said "well above asking price". Anyway I made an offer above asking price, and a bunch of electronic forms were sent to my email without any explanation on the email of what I was signing. I was in such a rush to sign them all, that I didn't realize that one of the forms locks me with the realtor for 1 year. She didn't bother explaining any of the forms either. I feel like an idiot and defeated that I am now locked with this realtor who I don't approve of. I never had a chance to see other realtors, I got approved and got assigned this realtor. I feel like I was tricked. I wish things were explained to me better. Is there anything I can do? Is it typical for realtor contracts lock you in for 1 year? I specifically told her our mortgage loan is good for 4 months, in fact she knows that he mortgage loaner. The agreement form said I won't be free until 2023 of January. This feels very predatory to me. I'm at a loss. Will I be able to cancel the agreement? [link] [comments] |
| Is a dual agent allowed to do this to his buyers? Posted: 02 Feb 2022 12:51 AM PST Is a dual agent allowed to tell his buyers to give up their contingencies if there are no other buyers available? [link] [comments] |
| Posted: 01 Feb 2022 04:05 PM PST 3 years rather than 30** sorry I messed up the title Its a 30 year loan. 3.5 % interest. 125k loan, 119 roughly left on it. [link] [comments] |
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