PSA From a Lawyer: Read Your Contracts Real Estate |
- PSA From a Lawyer: Read Your Contracts
- Buying a house next to a registered sex offender
- Is the era of sub-4% rates officially over?
- Interest rates mean nothing to the bay area
- Las Vegas valley rental inventory now at around 2680 from 500 in 2021. Would this drive down rent prices and home values?
- [HELP!] Buyers agent missed the corrective proposal deadline, house needs at least $30,000 in repairs!
- Renting out a home
- Better refinance on top of refinance
- Private deal no agent
- My lender shared personal info with the seller. Is that ok?
- FHA 203k Loans Haulted
- How is fair market rent determined?
- How to get a good judgement of home value before hiring an appraiser
- How does refinancing work?
- Girlfriend wants to build a tiny home but gets paid through PayPal as a professional singer, is that a problem?
- Condo I’m buying doesn’t have master insurance policy or management
- Mom wants to buy me a studio apartment and put it under my name. I barely have any money on my own to survive and she insists she will pay most of it! How will this affect me in the future? (NYC) is this a crazy idea?
- Medical Leave - Secure Funding?
- [CO] Comp appraisal guideline changes - drastically affects our appraisal
- Loan Bought by Mr. Copper
- How much to offer for this tiny, blank parcel?
- When to sell home if building one.
- Divorce and Realestate in CA
- Purchasing home from family for well below fair market value
- is there a difference between putting the entire deposit towards Due Diligence, and waiving all contingencies?
| PSA From a Lawyer: Read Your Contracts Posted: 17 Feb 2022 07:34 AM PST Before signing. And after signing when there is a problem. Everyone on Reddit knows how to read. And I know that it is sometimes frustrating to read things that doesn't have a story or has big words. Doesn't matter, suck it up. 99% of the questions on this sub can be answered if everyone just reads their contract. And if the words are still too big or the stories in the contract still too boring, pay a lawyer to read the contract for you. Thinking that you'll just ask someone who hasn't read your contract what it says is the laziest thing you can do. You have a problem. Here is your solution. /rant. But knowing you guys, no one has made it this far. [link] [comments] |
| Buying a house next to a registered sex offender Posted: 17 Feb 2022 06:38 PM PST We found an older home in an up and coming area with a .3 acre lot which is rare for the neighborhood. Our offer was accepted and we have our inspection tomorrow. I decided to look up the registered sex offender list after talking about home safety measures with my partner. Turns out the person living next door is a registered sex offender with 3 counts of "promotion of child porn" from 2004. We don't have children and have come to the conclusion that we personally don't feel unsafe living next to him. We had our agent reach out to sellers who have lived in the house for 30+ years about him and they described him as "quiet and reasonably pleasant" and that "he never had any inappropriate interactions" with their children. But obviously no one wants to live next door to a pedophile. I am mainly concerned about the resale value as this is our first home. We don't plan to live in it any more than 10 years and the sex offender is 62. How much do you think this will affect us when we sell if he is still living there? Would you buy the house? [link] [comments] |
| Is the era of sub-4% rates officially over? Posted: 17 Feb 2022 09:45 AM PST I've stopped looking over the last two months but a house I really liked came back on the market (went pending in early December) so I decided to check rates with my broker. His rates over the last 1.5 years have been consistently excellent (yes, I've shopped around). Here is what I got back: 845k purchase price, 95%LTV 30 year fixed 3.875 with 1.857 points (cost: $14,907) 4.125 with 1 point (cost: $8,027) 4.375 with no points This is in SoCal, with an 845 credit score. Amazingly, the numbers are somehow worse for a 90% LTV loan. Anyone still getting rates below 4% (specifically on a high balance conventional) with no points? [link] [comments] |
| Interest rates mean nothing to the bay area Posted: 17 Feb 2022 04:20 PM PST This house went 1.7m over asking. Before anyone says listing price is meaningless, this house also went significantly over comps (nothing this size has even sold for over 3 yet). [link] [comments] |
| Posted: 17 Feb 2022 10:58 PM PST It's evident people are getting evicted now that Covid protections are over but there's no media coverage on this. What do you guys think the outcome of this will be over the next 1-3 years? Feels like rent and home prices will trend down along with all the other macro and geopolitical problems recently. Wages are also now very negative adjusted to rent and mortgage inflation. Along with 1.7 million new home completions by the end of this year, the foreclosure wave that finally may hit this year, and surging interest rates, I'm not very confident buying for a few years until this plays out. [link] [comments] |
| Posted: 17 Feb 2022 03:19 AM PST I had gotten the inspection taken care of and was working with my buyers agent throughout the week via email and text telling what parts of the inspection report I wanted added to the corrective proposal, and what I could do without. On a Thursday at 3pm I submit my final request for what I needed changed. The next day my buyers agent told me I needed to sign quickly since we were coming up on the deadline, but he never gave me the updated documentation. I reminded him of the changes I wanted, he made them, and I signed immediately. The problem is, the deadline was the day PRIOR. The seller said that they don't need to consider the proposal since we missed the deadline, but offered $2,500 at closing. I got a contractor in to estimate costs of certain things that needed repair, and did other cost estimates on my own, and I'd have to pay at least $30k out of pocket in repairs. I'm pulling my hair out and can't get any sleep because I don't know what to do. [link] [comments] |
| Posted: 17 Feb 2022 03:28 PM PST Wondering if you guys could provide some advice from your experience. Long story short, we're not expecting great applicants because quite frankly if it's a couple making good money, have good credit, and can pay thousands per month to rent, they're more likely aiming to buy or living more frugally to save. It's rare, and those great renters are typically transition renters (waiting for house to be built or work related temp move). So I can't afford to waste time for such rare applicants. So I have two other applicants instead, first applicant are a couple with children. One with unstable work, one doesn't work, credit scores below 650 (how low don't know yet), but can pay several months advance plus security. Second couple, also with children, both doesn't work at all. Says they have 150k in savings, credit below 650 (how low, don't know yet). Can pay several months rent in advance up front with security. My question is, what are the potential risks? I understand the current conditions and challenges with people wanting to rent in a good area but don't have good credit scores. What would it take for you to offset the risks? Is multiple rent payments in advance sufficient? How many months is sufficient? Any potential scams I'm overlooking? Note: they will both need to go through credit check and greater scrutiny of course, but I didn't want them to waste money if I'm hesitating based on initial info. Should I keep waiting for better applicants? Any feedback is appreciated! [link] [comments] |
| Better refinance on top of refinance Posted: 17 Feb 2022 04:33 PM PST I recently refinanced my home with better at a very competitive rate of 2.99% on a 30 year fixed conventional loan + 11K back in credits which includes 6k$ in amex statement credits. The closing went very smooth, they were super responsive etc etc. It's been a week since the loan got funded and my old mortgage servicer shows the account as closed. Today they reached out to me saying that they neglected to send a routine disclosure. Here is the language they used: "in a routine audit of funded loans, we discovered that we did not issue to you a required disclosure, the Homeownership Counseling List, within three business days of completing your loan application." They are offering a new refinance now, with no hassle to me and at a 0.125% discount + zero cost on my end (all loan costs covered through lender credits). They even mentioned i dont need to do anything if i didnt want to. Not sure what to make of this as i dont understand this . Anyone face a similar situation or know why they are offering me a new refinance with a discount ? Thanks in advance for the help [link] [comments] |
| Posted: 17 Feb 2022 09:03 PM PST Recently came across a housing opportunity through mutual contacts. The sellers are willing make a deal without listing. No realtors are involved on either side. Looking through this sub, I see a real estate lawyer will be important. I have gone through the home purchasing process before and the realtor handled nearly everything. Who sets up the title transfer and closing? Is that part of what the lawyer does? Does the seller handle this? Does the buyer? Just feel like this was something that just kind of happened with my last purchase and I wasn't sure how to begin this process. Thanks [link] [comments] |
| My lender shared personal info with the seller. Is that ok? Posted: 17 Feb 2022 10:59 PM PST There are many details that I don't believe matter, but the gist of it is, the lender sent me an email and cc'd the seller regarding me not having enough funds in a specific bank account. She then disclosed how much money I had in that account along with the last four of the account number to my personal bank account. It feels like a massive overstep but maybe it's allowed? Has anyone heard of this before? What purpose could she possibly have to share that specific information? It felt almost like she was trying to embarrass me or something. Maybe I'm overreacting? [link] [comments] |
| Posted: 17 Feb 2022 08:15 AM PST My lender just told me they have stopped originating 203k loans. I've contacted other lenders and all tell me the same thing. Haulted new loans. Does anyone know of any lenders still doing new 203k loans? [link] [comments] |
| How is fair market rent determined? Posted: 17 Feb 2022 01:53 PM PST Hi, quick question. My family has sold a commercial building and is looking to reinvest the money into residential income properties. Our agent said that we are able to rent to a relative but they must have a legitimate contract and pay fair market value for rent. We are completely OK with that but we would like to charge them the lowest rate possible in fair market. Our agent said they believe fair market is determined by square footage and comps in the area. When I do online research, it looks like there are sources that have flat rate prices by zip code and number of bedrooms. The rental property is a 4 bedroom house in Studio City California 91604. Does anyone have insight on how we can determine that market value? Thanks so much. [link] [comments] |
| How to get a good judgement of home value before hiring an appraiser Posted: 17 Feb 2022 08:45 PM PST My wife and I bought a home last April 2021. We've put about 80k of investments into the house including new roofs on the house and garage, mini split air conditioning throughout the house, refinished floors, basically redid an entire room with new door and windows and hardwood floors. When we bought we put 10% down. I'd like to get under the PMI as possible, so I'm trying to figure out a good judge of value of the house. What are the best ways to figure out the market value of a house before getting an appraisal. I'd hate to pay to get the appraisal only to fall short of the 20% equity mark. [link] [comments] |
| Posted: 17 Feb 2022 11:23 PM PST How do both parties agree? Isn't it only beneficial for the landlord? [link] [comments] |
| Posted: 17 Feb 2022 11:12 PM PST My girlfriend wants to build a 1,000 square foot tiny home in Vegas to escape the high rent and real estate prices. She has been a professional singer for 20 years and has consistently made at least 4-6k per month for years. The problem is she gets paid primarily through PayPal and her income varies from month to month, though she has almost never had a month where she made less than 4k. She was offered a very large publishing deal (Low 6 figures) recently which she could have used to pay for construction herself, but she is holding out for a better offer and it's unsure if she will accept it or not. Her credit score was 700 until last year when some medical debt knocked it down to the low 600's, but from what I understand that shouldn't count against her approval odds, right? Is it worth her trying to get a construction loan or is there little chance of approval? [link] [comments] |
| Condo I’m buying doesn’t have master insurance policy or management Posted: 17 Feb 2022 10:50 PM PST So i put a cash offer in on an nyc condo. It's entirely owned by chinese people, which is fine, but the realtor informed me that the building doesn't have a financial report, and that apparently means that they don't have a master insurance policy on the building. Apparently chinese culture is averse to insurance in a lot of cases. Obviously this is a huge risk. Should i just back out now? they accepted my offer at 130k below market value. They can barely provide me any documentation beyond the incredibly small tax payments the owner has made (all up to date). I'm worried there isn't even a management board that collects money from tenants for routine building maintenance, or anything else. [link] [comments] |
| Posted: 17 Feb 2022 02:54 PM PST I live with my mom (im in my 20s) and a student. I had a hard time getting hired and finally got hired for a job. Its a part time job and im going to make very little money as i will only work 2 hours three days a week. Being paid only five dollars above minimum wage. My mom randomly surprised me telling me she decided she is going to buy me a studio apartment because she wants me to have a secure place to live in case she dies and how our apartment is a bit too small for two people to live together and wants me to be more independent. (Yet she claims she will have copy of my keys and wants to renovate my apartment in how she likes, and how we gonna be living close to each other. i do not see the point and it seems the opposite of independence if you ask me). I told her im not comfortable with it especially considering how expensive buying an apartment can be. Not to mention, i wont be able to afford to pay the rent or pay off any loan she takes!!. She tells me dont worry about it its her problem and how i can apply for welfare for rent assistance, if anything. I told her i can just go and be roommates with a friend than deal with this if that is the problem, i have a friend willing to be my roommate in another state already and she keeps trying to say 'Friends, they can kick you out anytime!", having your own place is safer. (But i cannot afford it?? i barely have any savings!) She told me she already went to see the listing and gave her information to the loan officer and nearing the per-approval letter and how she needs my information to achieve it. I dont know how this is going to be beneficial for my future? Having my name in an apartment i cannot even afford? i can afford maybe to pay one bill! I was planning to work for a long time, get roommates eventually, to save up money, then eventually get my own place. My mom is in her 70 and thinks she will die soon and wants to buy me an apartment so i wont end up in the streets and that rent is going to keep increasing and does not want to miss her chance. And tells me i should be more appreciative . It is a very nice gesture but i am still so uneasy about it I am very very uneasy about all of this and this has been causing me great stress as im in the middle of having to gather lot of documents/background check for my job and juggling a lot of assignments and now i have this worry on top of my head. is this a bad idea?? What will happen to me if its under my name, yet she paying for most of the loans/down payment, forbid she passes, will i have to pay the rest of it and get into even more debt in the future?? [link] [comments] |
| Medical Leave - Secure Funding? Posted: 17 Feb 2022 09:53 PM PST Got a situation where the buyer is going to have surgery and be out of work for about a month. They will receive payment from insurance and return to work once healed. Can lenders just drop them because they might be uncertain the buyer returns to work if their condition might worsen? Right now they are trying to close before this happens. So if any one has experience with this thanks. [link] [comments] |
| [CO] Comp appraisal guideline changes - drastically affects our appraisal Posted: 17 Feb 2022 06:06 PM PST Tl;dr house appraised well, "guidelines" change and our good comps are thrown out, new appraisal done. Everyone involved has no idea why this wasn't communicated before first appraisal approved, potentially 30k on the line, how do we come out of this as best we can? Split/bi-level home had a wonderful appraisal, but "new guidelines" are coming into effect in ~April that affect our lender who will be selling our loan to the banks around that time. This triggered a re-review flag and now our appraisal company believes our house is more of a raised ranch vs split/bi-level home and will only consider ranch-style home comps. Our house is definitely more of a split/bi-level side of things, and our strong comps were split/bi-levels. The remaining ranch-style comps are significantly weaker. To make things worse, literally an hour after the new appraisal was submitted, a strong ranch-style comp came through closing but can't be used in our report. As a result, our new appraisal has come ~30k under original. While we have the capability to fill that gap, that was the very most we were prepared to pay in addition to our planned down-payment. It's been a kick in the gut to say the least. Our agents, broker, and appraiser (who disagrees with audit people) have done all they can to get more clarity and make their case, but the appraisal company audit department refuses to budge on the core "raised ranch vs split/bi-level" issue. They allegedly threatened to report our appraiser to the state because he was pushing so hard on their reasoning/decision. Our agents have been in the business for 30+10 years and have never seen this happen before. They even had a split/bi-level as listing agents and they used raised-ranch comps without any issue! What are our options to continue to fight this? If we back out, we're facing another house hunt, likely higher prices (inventory low/demand high), and now higher interest rates. If we need to we'll probably just end up paying the difference after negotiating with sellers as best we can since we included most of the proposed gap in our offer, but if there's any hail mary ideas or resources that might help us in our situation I'd love to hear about them. Would much rather spend those funds and improving the house and making it our home. [link] [comments] |
| Posted: 17 Feb 2022 08:50 PM PST My loan just got sold from RocketMortgage to Mr. Copper, not pleased about it but whatever these things always get sold. My question is about how long it takes to get a letter from the new mortgage servicer. I've been waiting for about a month already, luckily I was able to do the last payment for January with RocketMortgage. Now that the end of the month is coming up I'm starting to get a little worried because I no longer have the ability to pay on RocketMortgage and still haven't received anything from Mr. Copper. I tried looking up my loan on the website and got no information. Anyone else went through this before. Mr. Copper has some horrible customer support and I wasn't able to get helped since they can't locate my loan either. [link] [comments] |
| How much to offer for this tiny, blank parcel? Posted: 17 Feb 2022 08:40 PM PST We're going to put an offer on a home that is set back from the road and has a long driveway to get back to it. Another property sits between it and the road. Currently, the county parcel map shows that another person (not the neighbor) owns a tiny sliver of land right along the property which is exactly where the driveway runs from the parcel to the road. I assume it's an easement of some sort? I'm checking on that separately. My questions is, if I wrote a letter to the owner of this little sliver, what would be a good price to start at? Is $5000 too low? They also own a huge lot directly adjacent, so I find it strange that this tiny part is even there. It seems to be in some sort of trust, maybe? Feel free to see for yourself on the public parcel map: https://gis.lewiscountywa.gov/webmap/?config=alt-configs/esearch.json&esearch=027965001000&slayer=0&exprnum=0 [link] [comments] |
| When to sell home if building one. Posted: 17 Feb 2022 08:31 PM PST We are thinking of building a home and the home can be completed in about six months. We are unsure on when to put our current home up for sale. Do we do it right away or stay in home for a few months while the build starts. With the rental market so bad right now seems better to stay put until closer to completion of the new home. [link] [comments] |
| Posted: 17 Feb 2022 08:29 PM PST Long story short husband (step father of my son) paid 400k as down payment on a house that ALL 3 of us are on a deed for. House was for my son and he gifted funds. Is now taking this back… we each own 1/3rd of the house. per any agreements/paperwork (escrow and deed). my husband is seeking a divorce (verbally said it to my son) and im confused here.. he stated he wants to give me his part of this house mentioned (1/3rd) to live off of. He then said since he put money down as a downpayment, his equity holding despite 1/3rd ownership is more then mine or my sons. Therefore he thinks he will give me the 400k as a payment for divorce instead of his 1/3rd (which will be less).. with this occurring, i will not get any % of the sale and only receive the % as a divorce settlement. This is confusing so please bear with me.. Can he do this? Should we sell the house prior to a divorce being filed so he cant use the money he claims he has right to (400k vs 1/3rd which would be 200k roughly of 600k profit) would this benefit me? i feel if my son got 1/3rd (200k of 600k profit) and i got 200k (1/3rd again) and husband got 200k (1/3rd), i would end up with my correct share + any payments he owes me for a divorce settlement rather then the 400k (he'll try and settle during divorce) and no additional or little additional? Thanks [link] [comments] |
| Purchasing home from family for well below fair market value Posted: 17 Feb 2022 11:32 AM PST Hi All, My scenario: My wife, two children, and mother are currently living in a house owned by her (my mother). The plan is for her to sell me the home at a considerable discount and to eventually upgrade to a multi-family home. The Fair Market Value of the home is approximately $900K, the purchase price will be $400K (the discount is her idea of front-loading me my inheritance). What is the best way to complete this transaction with minimal capital gain tax? Ideally, want to avoid taking a mortgage as my mother is comfortable with us paying her annual payments that are less than the annual gift exclusion ($30K). Also, we are fully aware of the $250K/$500K primary home tax exclusion. We will definitely work with a RE lawyer and accountant to complete the deal but want to gain a better understanding. Also, as it relates to the living 2 of 5 year rule: do I need to own the home for 5 years to be eligible?
Thank you in advance! [link] [comments] |
| Posted: 17 Feb 2022 08:13 PM PST I know that the Due Diligence fee is non refundable so if you I to put my entire deposit towards it I would get nothing back if I backed out. Is there any difference legally between doing this and waiving all contingencies? [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