Mortgage Rates Hit 4.0% For First Time Since May 2019 Real Estate |
- Mortgage Rates Hit 4.0% For First Time Since May 2019
- Neighbor built fence 8ft into the property 10 years ago. How to not be enemy but tell them to move it?
- LO 2 weeks before closing: double your down payment or your loan won't be financed
- Getting better information on who is the realtor for specific property?
- Is this a “dangerous” time to buy?
- Mortgage Rate News (2/10) - CPI reported at 7.5%. 10-year Treasury note jumps 5 basis points to 1.98%.
- Broker put my house on MLS without a listing agreement.
- Bank not responding.
- Should I demolish the house before I sell?
- Sellers took cash out refinance on house under contract
- Off market purchase Primary with tenants in place
- Keep renting or buy now?
- How to tell how bad air pollution is near a highway?
- Buying in the 1970’s to mid 1980’s
- Online Real Estate Course Recommendation
- Missed credit card payment after mortgage rate lock
- Have question Re seller and BK court - I Made a cash offer on house that’s going into bankruptcy, they declined due to much higher offers (noncash) - then 4 hrs later said will reconsider
- Be aware of Craigs list rental scams
- Any downsides to going with a Preferred lender on a new construction? Any thoughts/experience with M/I's preferred lender or Chase?
- Inspection Issues
- Is this rental listing legit?
- Crypto and closing question
- Last minute closing issues (Canada)
- All Cash Offers Options Without an Asset to Put Up
- Foreign Real Estate Ethics
| Mortgage Rates Hit 4.0% For First Time Since May 2019 Posted: 10 Feb 2022 10:01 AM PST Very curious to see how this affects demand going forward. Monthly payment on a $1MM mortgage basically went up by $650 over the past year: https://www.mortgagenewsdaily.com/markets/mortgage-rates-02102022 [link] [comments] |
| Posted: 10 Feb 2022 06:31 PM PST My husband and I bought a home from my husband's parents. Before this, they had tenants living there for 10+ years and tenants never contacted his parents for any issues because rent was super cheap for them. after the tenants moved out, the parents went to look around and saw a fence was erected in the backyard. We did a survey on the land and found out this fence is 8ft into our property line. We knew this would be an awkward topic, so actually our contractor offered to be a 3rd party and go over and talk to them about it along with a letter signed by us asking if they could move it back. The neighbor said they went to all of their neighbors and asked if they could put up the fence 10 years ago (tenant never said anything and there is no written proof) and they paid $12k for it. They said it would cost $2200 to move it back and told our contractor that we should be the ones paying for it. I'm not sure it's really fair since we had no idea and there's no written proof that they even asked our parents. We'd be willing to pay for half just to be be on somewhat friendly terms with them. Don't want to start off on the wrong foot in a new neighborhood. We're planning to talk to them in person this weekend but wanted to get some thoughts on how to approach this with them and not be dicks about it. [link] [comments] |
| LO 2 weeks before closing: double your down payment or your loan won't be financed Posted: 11 Feb 2022 04:12 AM PST Buying a condo in Chicago and the process has been absurdly quick and painless up to this point. I'm due to close on the 28th and agreed to a 5% down payment with the sellers for a conventional loan. I paid that 5% as earnest money, and I have money in the bank for closing costs. My loan officer last week even was telling me I could potentially get the clear to close this week with how smoothly things were going. Yesterday, though, he called me and said that there was a problem with the condo I was looking at. There is this one type of insurance, Fidelity/crime insurance, that Fannie May loans require for condo purchases:
My association has this policy, but their coverage amount doesn't meet the minimum required for a Fannie/Freddie loan. They are covered for $25k and should be covered for $100k. My LO spoke to the management group and they would not change their coverage amount, so my only other options would be to either seek alternative financing, or to double my down payment to 10%, at which point the loan would qualify for a Limited Review, where this particular policy would not be under review. 5% for me was a stretch, so yesterday was a scramble to figure out where to come up with the extra money. Family not being an option, I decided to borrow from my 401k. It sucks to have to do that, but thank God I have the option. This has essentially wiped out my entire cash on hand. Luckily I have a pretty good paying job and should be able to build it back up, but yikes, what an unexpected and kinda stressful position to find myself in so close to closing. [link] [comments] |
| Getting better information on who is the realtor for specific property? Posted: 11 Feb 2022 05:29 AM PST I've inquired on a few different houses on Zillow, and each time I'll get the "realtor," who says something to the effect of, oh, there's an offer on this place; can I show you something else? (Which I thought was kind of bait and switch like, and illegal, but hey.) There's one place in particular still "For Sale" on Zillow and a few different places after being on the market for more than a month and I was told it had an accepted offer. Is there a way I can a listing with the realtor information and match it up with whom I talked to, to see if I'm being blown smoke? Thanks! [link] [comments] |
| Is this a “dangerous” time to buy? Posted: 10 Feb 2022 09:06 PM PST First time home buyer here- Just got preapproved for 4.125 interest. Seems like things are getting worse with inflation. Should we wait this out or jump on it while things are the way they are? [link] [comments] |
| Posted: 10 Feb 2022 05:47 AM PST I think it is safe to say, if you can get a 30 year fixed with any number starting with a 3, you better lock that rate down. Example: A $250,000 30 year loan 30 days ago would have been $53 a month cheaper in interest alone. [link] [comments] |
| Broker put my house on MLS without a listing agreement. Posted: 11 Feb 2022 07:17 AM PST This is in Florida. Anyone have experience with this? I'm sure it's unethical, but is it illegal? [link] [comments] |
| Posted: 11 Feb 2022 04:36 AM PST So for context about two weeks ago I did a walk through of and house that's been on the market for awhile it's in the exact area I want to live but actually in my price range. (House is $150k rest of the neighborhood pushing about $180k-200k) about 4 days after I toured it I put in my offer $145k cash. The house is a short sale and in possession of the bank. It's been on the market for 8 months. I still haven't heard from bank and can't get ahold of them to get a response on the offer. Im willing to pay list price if they counter but me and the realtor both are struggling to hear back. Any advice? [link] [comments] |
| Should I demolish the house before I sell? Posted: 10 Feb 2022 10:04 PM PST So I inherited a house from my grandfather that was in terrible disrepair to begin with since it hadn't been lived in for about 20 years. A few days before I actually inherited it, a squatter set the house on fire and burned down most of half the house. The other half is still in poor condition and I don't think any of the houses besides maybe the basement can be salvaged. Would it be better to see the property as is or would I possibly get more money by getting a crew to come demolish the house first? I live in Virginia USA Incase that's relevant [link] [comments] |
| Sellers took cash out refinance on house under contract Posted: 10 Feb 2022 08:23 AM PST I have a friend who has been under contract for over a month. She was supposed to close tomorrow. She was informed today that the sale might not go through. Apparently the sellers took out a 30K FHA cash out refinance loan in late January, after the house was under contract, and left the state. She is obviously devastated and is extremely anxious. How does something like this happen? Has anyone gone through anything similar? If so, what was the outcome? Any advice or knowledge would be greatly appreciated. She was looking forward to having her own home and does not deserve this. [link] [comments] |
| Off market purchase Primary with tenants in place Posted: 11 Feb 2022 06:50 AM PST Good morning, We are placing an off market offer on a house in our neighborhood. This house is an upgrade form our primary home. While contingent on our own home sale, we expect to sell our home within 1-2 days due to market velocity here. The off market house has an extended STR tenant until June. Obviously we want to secure this house now while taking advantage of expected lower rates. We would be financing about 50% of the home purchase. What are our options here? [link] [comments] |
| Posted: 11 Feb 2022 06:41 AM PST My spouse and I have been arguing about this for a month so I'd love to hear an outsiders opinion. Kind of a long story here… We currently rent a house we love from private owners. Pre-pandemic it was an Airbnb but they listed it during the pandemic for long term rental. We have been here for almost 2 years now and have done a lot to the home not expecting anything (like painting, fixing up the greenhouse, gardens etc). To which we have grown attracted to it, not to mention its in the best school district, quite and lots of space. After many years of trying to build our credit, we have finally qualified for a home loan. My spouse was excited and started looking at homes. Until it hit him that he didn't want to leave this house. He contacted our landlord asking if they would sell, his response was brief saying "we aren't sure how long we plan to rent, when we sell we will let you guys have first offer". Some background here, the home is actually owned by his father who has dementia and in a nursing home. Meanwhile our agent showed us their friend's home which hasn't been put on the market yet. We loved it, it's the exact style we wanted and updated respectfully. Even has a huge yard but it's in an okay school district and definitely not as valuable as our rental home. When this house hits the market it will be sold in a hour I'm sure of it. My spouse wants to stay in our rental home in hopes they will eventually sale. I want to buy that other home, I think it's a dumb decision to wait for something that may not happen. [link] [comments] |
| How to tell how bad air pollution is near a highway? Posted: 10 Feb 2022 02:59 PM PST My husband and I recently bought a house that's close to major interstate. It's about 750 feet as the crow flies from the closest edge, with ~3 houses and a park in between. Because of the sound barrier on the freeway -- and because the house is set above the freeway due to being on a hill --- the sound isn't too intrusive on the whole and that's all we were worried about, since the neighborhood itself is peaceful and nicely located. But today I fell into a rabbit hole of studies about freeway air pollution and its impacts on health, especially in kids and pregnant women. My husband and are planning to have children in the next few years and now I'm wondering if this is a problem. The studies suggest that within 500 feet is the biggest issue and that a barrier and trees and elevation change all help... but it's not clear how much. Did anyone deal with a similar issue? What did you to do assess what the risk really was? It seems like a traditional air quality monitor doesn't necessarily capture fine particle pollution. [link] [comments] |
| Buying in the 1970’s to mid 1980’s Posted: 10 Feb 2022 03:42 PM PST With the interest rates rising and runaway inflation that reminds people of the 70's and early 80's. How did people in those years afford to buy a home? We are saving but inflation will eat into everyone's savings/ disposable income in the next few years. With house prices rising even during the high inflation and interest periods in the 70's and 80's home still rose. Besides cutting costs, getting second jobs how was it possible back then. [link] [comments] |
| Online Real Estate Course Recommendation Posted: 11 Feb 2022 05:53 AM PST Hi, I want to be a sales agent in MN. Any recommendations for an online video training materials? My expectation is to have a quiz after every training video. Your recommendation is much appreciated. Regards, [link] [comments] |
| Missed credit card payment after mortgage rate lock Posted: 10 Feb 2022 11:58 PM PST I didn't realize a credit card I stowed away had a small recurring charge on it and neglected to pay it off before it went on my credit report. Dropping my credit score from 764 (which was on my mortgage application) to about a ~712. The card with the missed payment only had ~$200 on it which I promptly paid off. Have a rate locked in of 3.726. Am totally screwed in terms of Locked in rate? Closing is expected to be end of this month [link] [comments] |
| Posted: 10 Feb 2022 07:32 PM PST It was listed for $450k, I verbally (not official yet) bid $460k cash with inspection required and 1% earnest money, and I don't have a buyers agent which the seller agent liked. Incidentally, The cash I have saved is all from my savings through years of hard work in crap corporate jobs. Then the sellers agent said she got 86 showings in the three days it was listed and 8 non cash offers, some at $500 k and $490 k, which is all very likely true based on the area and shortage of houses. I've done quite a bit of research and know the area well. I sell and negotiate professionally for a living and come from a long family (all the older ones now deceased) background of lawyers and realtors ( the agent does not know any of that). So I am very comfortable not using a buyers agent. None of their other offers were cash. They wanted me to raise my offer to $490k and I said no, we went back and forth and I raised mine from $460k to $465 k. They had also said from the start it will take 6 weeks to close due to bankruptcy court. They said no to the $465 k and I said ok no problem I will keep looking for another house because that was my max bid (still verbal not officially in writing ) on this one. The agent then messaged four hours later said the buyer changed mind. Said will reconsider my offer since it's cash even though lower than other offers. The agent is the aunt (who lives elsewhere) of the buyer, who, based on several "clues" I noticed in her house, seems to have serious drug problems which is why they didn't keep up the payments and are in bankruptcy (I am guessing). Anyway, my question is, what is the benefit to her of taking a cash offer that much lower ? I already said I want it inspected, and said I do not think there's anything major wrong and I would fix anything needed unless it is something extremely major and unexpected which I do not think will happen. I will put money in it if I buy it, but thats because it needs a lot of cosmetic updating I'd do to make it look nicer. It's fine to live in now - no major issues - and I did have a friend who does house handyman work and knows a lot informally inspect it. I still would hire a professional inspector to be sure, if I officially bid. Does BK court somehow view cash offers as better? How will this help her ? If she got financing offers $30k over mine she'd come out ahead even if they had an agent and she had to pay 3% commission she saves by taking my offer since I have no agent. I am wondering what happened in the four hours since she declined my offer. [link] [comments] |
| Be aware of Craigs list rental scams Posted: 10 Feb 2022 02:21 PM PST So I am in the market for a rental. On our spare time wife looks at CL and I look at zillow for potential places we can look at. It is not uncommon to see the same rental on CL at a fraction of the price of the same posting on zillow! I never followed up on them but I highly suspect they are scams as nobody will list their property more than 30% less on CL vs Zillow. [link] [comments] |
| Posted: 10 Feb 2022 08:46 PM PST Please help: Currently, my husband and I (first-time home buyers) are debating on what lender to go with. We have narrowed it down between Chase and M/I's Preferred lender. Chase gave us a 3.625 interest rate, 30 years fixed rate, Conventional loan. M/I looks to be giving us the same. However, based on the loan estimate it looks like with M/I we would need to bring about 4k less than Chase at closing because they gave us an incentive credit. Does anyone have any thoughts on either lender? things to look out for? [link] [comments] |
| Posted: 10 Feb 2022 06:15 PM PST Hi everyone, Wanted to get your guys' input on these matters as I am a first time home buyer. I had a general inspector come out to do an inspection on a home which is priced on the higher end for this area in California. Foundation issues were revealed including footing piers almost hanging off of the footing concrete pads. There was also water intrusion and mold on the sub-floor boards, floor joists, horizontal support beams. Drainage pipe in the foundation also needs seismic straps. Framing truss with water intrusion stains, problems with framing member construction. See pictures: Other issues: rodent droppings throughout attic and crawl space, water collection in shower ceiling, air ducts damaged possibly chewed through by rats, need new attic insulation. The foundational issues were identified as major hazards and may be costly to fix per the inspector. Do you guys consider these major concerns enough to walk? Thank you. [link] [comments] |
| Posted: 10 Feb 2022 08:26 PM PST I found a listing on Trulia that was looking to rent part of their home short term, just two months, which works for me. Basically their basement which acts as a studio with a private entrance. I'm from out of state so for now I'm only able to do virtual viewings. -The cost plus the utilities were definitely normal for the area, if not a little more than what the space would likely be if it wasn't a short term rental So it all seems legit, the price isn't "too good to be true", they asked to schedule an in person viewing right away instead of saying they were "out of town", they showed off the space as if they owned it and showed the outside as well, they didn't demand any application fee or immediate deposit. And the process to apply is through zillow, they didn't send any sketchy link for me to apply on. But I can get paranoid for stuff like this and although I don't prefer only doing a virtual viewing, I don't have a choice at this time. It's also my first time not applying through a large property management company. Anything I can do to possibly verify the legitimacy or if I should just relax because nothing they are doing makes sense if they were a scam. [link] [comments] |
| Posted: 10 Feb 2022 11:11 PM PST First time homebuyers and we just went under contract on a home. Due to close first week of march. I converted crypto to cash in two deposits in the first week of December. I used December's bank statement for my preapproval, and this didn't cause any issues. However, now the loan processor is asking about these two deposits. FWIW, we have more than enough funds to cover down payment and closing costs without these deposits. We have roughly double our cash to close without including these funds. The deposits are an extra ~50% of the cash needed to close. I plan on telling him it's from crypto conversion. My question is, once I tell him it's crypto, will the lender be willing to accept January/February statements and ignore the December one? Will it matter, since they've already been in the account more than 60 days even if he knows they're from crypto? Or will I still have to prove the source of those funds in order for them to be considered as "reserves". I can prove where they came from, I just don't want to slow the whole closing process down. Edit: also, not sure if it matters, but these deposits are in a completely separate account from the rest of our cash to close. [link] [comments] |
| Last minute closing issues (Canada) Posted: 10 Feb 2022 03:20 PM PST So I am new to the whole real estate game and am supposed to be closing on my first home on Mon Feb 14. Got a call from my lawyer this morning Thurs Feb 10 because the Title search came back with a lien on the property in the form of a private mortgage, the next issue is that the lender of this private mortgage is apparently deceased. Meaning they now have to contact other estate lawyers and related family to fix this issue and clear the lien. I was told it may delay my closing. It was suggested to only be a minor issue and would likely only delay a couple days. But then a few minutes later went on to elaborate how it could be weeks or even months then went into scenarios of possible litigation and lawsuits... It was also suggested i file a lawsuit, how convienient these lawyers practise all types of law... Im in a good position as i can stay in my current living arrangement longer without consequence or financial burden. But it is going to be a great inconvience as i have started utility accounts, have installs scheduled and trucks and moving arranged. Im just trying to get an idea about how screwed or not screwed I might be and or some advice on handling this situation... Thanks, Reddit...🙂 [link] [comments] |
| All Cash Offers Options Without an Asset to Put Up Posted: 10 Feb 2022 02:55 PM PST We are on month 9 of losing out on houses (in California). We always go way over ask (hundreds of thousands of dollars) and finish in the top 2-3 buyers, but lose out to all cash. Most recently, we dropped all our contingencies but still lost to all cash. Is there a way to get a hard money loan to be able to offer all cash without having an asset to put up against the loan? We already sold our previous home, so we can't use that anymore. We are looking at homes in the 1-2M range, so it would be a pretty big amount we need to get access to. We have looked at places that can get you all cash like Flyhomes, Upequity, Accept, Opendoor, etc., but those feels complicated for the very old school real estate agents we deal with so we are looking to find some other path to all cash. The idea would be to flip a mortgage after we win - we are highly qualified for the mortgage if we can actually get into escrow. Thank you in advance for any advice! [link] [comments] |
| Posted: 10 Feb 2022 10:05 PM PST I am wondering is it legal or is it harder to do purchasing property i.e. house in a different country using their currency rather than my own currency? My thought process is this which I have seen numerous times. A house for sale in Timbuktu sold in American dollar is 250K when it is really 100k house in Timbuktu currency or the West African CFA franc. Is it unethical to purchase a house in another country using their currency because of the exchange rate is great. Hypothetical you could buy a house worth 250K in their currency but actually after exchange you only paid a fraction in my currency. [link] [comments] |
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