What is your opinion on walking or proceeding? Real Estate |
- What is your opinion on walking or proceeding?
- New Construction FOMO. Chicago
- Should we buy an empty lot and wait for prices of building material to come down or pass it up?
- Use Lender Recommended by Realtor?
- USA: What is the due diligence process when buying/offering on unimproved land?
- Foreclosure Investing
- Commission Rates
- Commission Rates
- Experience with changing down payment after being accepted?
- Using projected rental income to qualify for second home
- Why Doing Research and Advocating is Important
- Help! Best exam prep for Texas ?
- Non-warrantable Condo
- Selling home and cost
| What is your opinion on walking or proceeding? Posted: 04 Mar 2022 01:35 PM PST We found a beautiful home, 4 bd 4.5 baths, listed for $645k. Build date is officially unknown but most places have listed 1931 or 1929 so let's say 1930. Basically its an old house. We are also these sellers back ups; they had one offer already fall through before working with us. We offered $705k with 10% down with appraisal gap of up to $10k, and the sellers came back with a counter offer of $690k and waived appraisal, which we agreed to. The house ended up appraising for $680k, and we are covering the appraisal gap (an extra 10k out of pocket). We had our initial inspections with the exception of an electrician and a plumber. We did an oil tank sweep (it was clear), a general home inspection, a sewer line check (no issues), a termite inspection and are waiting on a plumber to come in for an estimate on some pipes in the garage tomorrow. The following issues were found with the house:
Other than these issues, the house is in great shape especially considering its age. The big issues for us are the electrical and asbestos. We do have an inspection contingency and these are not insignificant fixes, especially considering the sellers are getting a higher list price with waived appraisal from us. I know the market is hot, but still, I feel we got a lot of pushback for our requests. What would you do? [link] [comments] |
| New Construction FOMO. Chicago Posted: 04 Mar 2022 11:18 AM PST We previously lived in a Condo and middle of last year we dabbled at buying a house. We noticed some new construction in an up and coming area…specifically IMD/Tri Taylor for Chicago folks. One thing led to another and we ended up getting the last of 2 new construction homes left . The last one went under contract a week after us. This was out of 20 ish homes from the same developer. The starting price in early 2021 was 600k….since we ended up getting in "late", we paid about a 20k premium. We also did some digging and in 2019/2020, also from the same developer , they sold new construction down the block in the 530k-600k range. Now the developer has another 15 homes that look like they would be ready this Summer/Fall and the asking price is 750k. So these homes, same size, same finishes have gone from 550k in 2020, to 750k today. Is this sustainable? Although we are happy are "investment" looks to be appreciating. Higher values = higher property taxes. [link] [comments] |
| Should we buy an empty lot and wait for prices of building material to come down or pass it up? Posted: 04 Mar 2022 11:05 AM PST Hi all! I hope this is the right place to ask this. My husband and I are really wanting to be in a small town that we used to live in together before we got married. We have kids now and it would just be the perfect spot to be. It's closer to his work, quiet, low crime, but still has basic amenities (a gas station/convenience store, a restaurant, and a nice park). It's 8 miles one way to a bigger city, and 8 miles the other way to a bigger small-town that he grew up in. The problem is, this town is so small that homes rarely pop up (no one wants to leave, understandably) but there is a 9,000sqft lot for sale listed at 12k that we have been thinking about buying with cash… The problem is, with the cost of building materials, there's no way we could afford the monthly payment of a new build right now, even with low-end finishes. So I'm wondering if we should still grab it and wait it out, or just forget about it and wait for a nice home to come up? [link] [comments] |
| Use Lender Recommended by Realtor? Posted: 04 Mar 2022 12:49 PM PST First time home buyer here and we've just decided on a realtor recommended to us by a very close friend. She is likely one of the best realtors in the market by sales, and seems very knowledgeable. She has recommended two lenders to us, one specifically who does the underwriting ahead of time in order to make the offer more competitive. Is that suspect at all? Or does processing underwriting before even finding a house sound like a bad idea? I haven't formally shopped around either. I went into that phone call with the recommended lender thinking it was a broker. [link] [comments] |
| USA: What is the due diligence process when buying/offering on unimproved land? Posted: 04 Mar 2022 11:59 AM PST I'm considering buying a nearby 1.25 acre lot that does not have a dwelling (but does have an old septic field). I know how to buy homes, but not land. What are some pretty basic steps that might be the equivalent of getting a home inspection? Do I get a surveyor? Who assesses how buildable the lot is and tells me to "expect $xx for fill dirt? Soil tests? Perk tests? Etc. I want to move forward, but I don't want to be naive. [link] [comments] |
| Posted: 04 Mar 2022 11:06 AM PST Hi All! Does anyone have experience in foreclosure investing through door knocking on properties that are up for sale at the auction in the next month? Trying to find best methods to execute transfer of title (clearing title/paying off their liens to avoid sale and taking ownership of home through a purchase agreement) and giving them a certain amount of cash on the side for the equity they have in the property. I feel like this is a great method to alleviate homeowners who are facing foreclosure from ruining their credit while also avoiding saturation at the auction from other investors. Any insight, limitations, or tips would help! [link] [comments] |
| Posted: 04 Mar 2022 02:46 PM PST What are the current commission rates on commercial property these days ? Sales price 1.6 m Thanks [link] [comments] |
| Posted: 04 Mar 2022 02:43 PM PST |
| Experience with changing down payment after being accepted? Posted: 04 Mar 2022 02:17 PM PST I'm wondering if anyone has experience with setting a high down payment in the offer so that the offer looks stronger but then changing the amount of the down payment when the contract has been accepted? My friend said he's done this before and the seller didn't care as long as they got financing approved. [link] [comments] |
| Using projected rental income to qualify for second home Posted: 04 Mar 2022 02:16 PM PST We want to buy a second home and then rent out our current home. Our debt to income ratio would be too high to qualify for owning the 2 homes outright so our broker is asking that we have a LEASE agreement for tenants on our current home before we can close on the second home. In this crazy market we don't know when we'll have an accepted offer for our new home. That means we wait until an offer is accepted, put our current house on the rental market immediately (while we're living here), get someone to sign a rental agreement starting a month or two in the future to give us time to close and move out. We have spoken with a rental agency that can help us make this happen. But it sounds so stressful and we'd rather have time to move out, then rent the house when it's vacant. Isn't there a way to count projected rental income toward DTI? Like, an official rental appraisal? I found form 1007 online, but our broker doesn't want that- they want an actual tenant in place. Are there certain types of lenders that would accept this or similar? Does anyone have experience with this or some insight into our other options? [link] [comments] |
| Why Doing Research and Advocating is Important Posted: 04 Mar 2022 02:15 PM PST I think everyone knows that in this process educating yourself and being our own advocate is important even when dealing with professionals. I have a case in point. In 2016 we ran into financial issues and had to modify our mortgage after being behind for a few months. We were in Pre-foreclosure at the time but it never progressed. Since then we've never been late and improved our credit greatly. Now I probably should have picked up on this sooner, but while trying to get pre-approved for a mortgage found that our mortgage company actually coded that issue as a foreclosure so every time a lender went through desktop underwriter it got rejected. Well I did some digging and found on the Fannie Mae website that this is actually somewhat common and there is coding the underwriter can put in to indicate there wasn't a foreclosure. I had to convince one of the LO I am working with that this did not require manual underwriting. He said in his 20 years he'd never heard of this and that his underwriter "who handles it all for the whole business" asked that I send her the information from Fannie Mae. Had I not done my own research I would have accepted that there was no way we could get approved for a conventional loan. He was telling me the only thing that would work is an FHA for under what we want or a portfolio loan. Another LO I'm working with was already working with her underwriter to do this without me telling her. I'm also trying to dispute this with the bureaus and mortgage company but who knows how long that will take. [link] [comments] |
| Help! Best exam prep for Texas ? Posted: 04 Mar 2022 01:55 PM PST Please help me I don't know which one to use that will help me pass. I just got out school two weeks ago and am very nervous . [link] [comments] |
| Posted: 04 Mar 2022 01:54 PM PST My appraisal came back and states that 11% of the condos in that complex were owned by the same person. So now I can't use the conventional loan because it is considered Non- warrantable. My broker sent it to another broker who can do a loan for it but it's an adjustable rate mortgage because no one will do a 30 year fixed on this property. Just looking for anyone who has any insight into my situation. I have never heard of this before. [link] [comments] |
| Posted: 04 Mar 2022 01:43 PM PST I am looking at selling my home as we have outgrown our current. What kind of cost at closing or fees are we looking at? I'm hoping to finish up with most of my equity as possible. Thank you [link] [comments] |
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