Hello everyone, Hopefully someone here has experience and guidance regarding the recognition of a Section 8 - Homeownership Voucher through Freddie Mac. Specifically how is the income from the voucher calculated. For specifics, this is for a place in San Francisco / California. My understanding: Payment Standard (Three Bedroom, $4,495) - Total Tenant Portion ($1,399) = $3,096 Housing Assistance Payment (HAP). The HAP is added to income under the HAP as Income model. During underwriting, the lender is _still_ supposed to use this HAP amount as income. This helps determine the _maximum_ loan value based on income. My lender's understanding: Based on the PITI ($2,600) of the unit in question, PITI - TTP = $1,201 is the HAP that is included in the income calculation. The language of Section 8 says that the HAP payment is the lower of Payment Standard - TTP, or PITI - TTP. _This makes sense_, Section 8 won't give you $3,096 when your PITI payment is only $800. What doesn't ...

Hey, out of curiosity have you had a website made for yourself? If so, what was included & how much did you pay? submitted by /u/flowyo1 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ikdkjb/ever_had_a_website_done_for_yourself/

submitted by /u/trippy71 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ikc4ed/in_your_opinion_what_would_be_more_desirable_a/

Currently reading the disclosure and would like some clarification. I am understanding that the HELOC tends to have a draw period of 10 years. Then afterwards is the repayment period. So does this mean, I only have to pay variable interest for 10 years? Unless I do the following.... Have a balance of 5000...move it to fix rate interest on day 300, then I have to pay interest on that 5000 for 5 years and then pay principal and interest on that interest when 5 years and day 300 begins. I will clarify on a phone call , but wanted to get some basic understanding first. Thank you ----------Legal Disclosure Below-------------------------- This option allows you to pay only the interest that accrues during each monthly cycle (and no principal) on the amount of the Fixed Rate Part, for up to 5 years from the date it is established. If you pay only the accrued interest, at the end of the Interest Only period you will still owe the principal and your payment will increase because you mus...

Hey all, looking to get some thoughts on our first home/mortgage. My wife and I are newly debt free (paid off both cars & student loans this summer). We have a take-home income of about $7,700 per month. We both have excellent credit (800+). We have no kids so with our debt paid off, our expenses are minimal (about $3,000 per month for everything including rent, utilities, groceries, cell phones, personal spending, retirement contributions, etc.). We are looking to buy a home in the $250-300k range in the next 12 months. We are currently saving money for a down payment and should be able to put 10% down plus closing costs (~$38k) next summer. We will have $30k leftover in a HYSA and checking. My question is about the timing, and the mortgage approach. If we buy sooner with 10%, would an 80-10-10 mortgage make sense for us, vs. a 90-10 conventional loan? The reason I am thinking about the 80-10-10 is that we would likely be able to pay off the second mortgage in about a year, le...

Me and my family lived in a home that was being foreclosed for 4 years from 2009 to 2013. My dad has explained that the owner of our house owned 5 other properties that she was also renting out and were also in foreclosure, so she was making a lot of money by taking in rent for properties that she wasn't paying mortgage for. He said that she was exploiting loan modification policies that were passed by law during the recession, and that's how she managed to not pay a dime on 6 mortgages while also getting rent for 4 years. I was wondering if someone who knows more about real estate and foreclosure could explain to me what exactly she was doing. How could she not pay mortgages for 4 years? Why didn't the bank repossess the houses? Would she have had to pay back the bank? We lucked out from the shady situation personally, paying far less in rent than was typical for a house with that size and location, but she managed to stretch a foreclosure process over 4 years (or more ...

Had my final walkthrough on my new condo at 9:30am today before a closing at 11. I’ve been in escrow for three weeks (fast close!) Me to my agent: sure, an hour should be plenty of time! How much could go wrong in three weeks in a 1br condo? Well, I walked in and was doing all the usual things, checking lights, running the appliances, etc...then, a light brown stain on the living room ceiling caught my eye. Having been through this rodeo a number of times in my last condo I immediately speculated it was water damage. Upstairs after some scrounging around my agent and I found water in the water heater pan and dampness nearby. 🙃 The property is an estate sale and part of my offer included an inspection for info purposes only, but no contingency/power to negotiate fixes (this was also in the winning offer when I sold my condo last month, except the buyer never did any inspection at all.) But my inspection showed no issues with water damage or the water heater so I was on pretty solid ...

I have an elderly friend who is selling his house. This guy is septical of everything and asked me to look into this for him. I've looked around but have not found an answer to this question. Basically, EF wants to know if its shady to do all the title work at the agent's office rather than the title company. He is buying and selling his home on the same day. I did look up the title company and it's quite far for him to drive. However, he is hesitant to believe its okay to sign at the agent's due to his disposition (he's an elderly man, who could be seen as easily targeted). Is there anything he should look out for when signing at the agent's office rather than the title company? submitted by /u/Socrat3sa [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ikbq88/is_it_okay_to_sign_over_the_title_of_a_house_at/

I was reading some horror stories about the difficulties with getting rid of bedbugs on reddit today and I wondered how careful buyers should be when moving into a home that isn’t brand new. I know they can hide in walls, baseboards, and outlets, so if the previous occupant had them they’ll almost definitely still be lingering. How careful should new owners be before moving into a newly purchased home? Will a visual check of all hidey holes and crevices should be sufficient, or should be plan on hiring an exterminator just in case? Is that only necessary in places where they are a major problem? They aren’t everywhere here like they are on some places (San Diego) but as we’re a major city they definitely do pop up with some regularity. With everything I’ve read about how traumatic it is to deal with them, my worst nightmare is moving onto a newly purchased home and immediately being greeted with thousands of unexpected housemates. Do home inspectors look for signs of insect infestati...

So I’m completing my last year at my community college and my tuition is completely free from financial aid (I only need to pay for textbooks). I’m really interested in getting into real estate, and I know you do not necessarily need a degree. Is it worth it to move on to a university and complete my degree to get a job? Or should I just focus on real estate? The thing is, my income is limited to entry level jobs that do not require a college degree. So I do not have a high income at the moment. My main concern is taking on debt at a university to decide it was waste of time. I am studying business in my cc right now and I do have options in majoring in finance, accounting, information systems, real estate, supply chain etc.. would any of these options at least be of use in real estate? submitted by /u/sn00ball [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ikavfz/is_it_worth_it_to_finish_college_if_i_want_to_get/

I received 4 point inspection back and there are about 10-12 repairs most of them are minor. The main one is a new water heater. I went under contract on Friday after offering over asking with a same day deadline. The property had only been online a few hours. The listing agent said there were 6 offers after my offer was accepted and they had already received multiple offers by the time mine was accepted. Im guessing 10+ offers on the day it went live. We are using the listing agent to represent us so he is getting both sides of the deal. What is the best way to go about negotiating repairs? We are using listing agent so he technically works for both us and the sellers Should I ask for a credit and close and fix everything after closing . A clean 4 point inspection would definitely save me a lot on insurance but maybe I get insurance with out 4 point. Or submit the repairs after to the insurance company. Last thing I want to do is lose the deal. My market is too hot and I got real...

I requested to terminate the contract on a home after the option period ended due to a dispute over repairs. Seller requested the release of the option money or go to court for breaking the contract. I released the money to the seller and now my agent is saying that the seller won't terminate the contract. I consulted a lawyer who said that releasing the earnest money relieves me of any contractual obligation to buy. I'm confused, what's going on here? submitted by /u/circle_X [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ikauka/seller_refuses_to_terminate_purchase_contract/

My small business owns a condo unit in MA that we occupy. An opportunity has come up to purchase a second unit, and I am debating the best way to go about it. I do not have the cash to buy it outright, and I believe an LLC or other corporation would need 2 years in existence to qualify for a loan. So, what are my options outside of purchasing the property under my current business? It is tenant occupied, so it would just be an investment vs. additional space for my company and will have nothing to do with our normal course of business. To that end, I do have concerns about not having another entity to provide protection. submitted by /u/1974MA [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ikam4u/purchasing_a_commercial_condo_unit/

I am looking at purchasing a home next to a neighborhood dry cleaner. I am on the fence of whether to buy or not because I'm concerned about the air quality and potential exposure to perc or tetrachlorethene. Any advice, one way or the other would be appreciated. submitted by /u/canadianfan95 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ikacj2/buying_next_to_a_community_dry_cleaner/

This is my first time selling. House went live Thursday night. We've had about 15-20 showings. My realtor is expecting 4 offers by tomorrow for review. Other than price, how do we pick the best offers. We know some of the offers are over asking price, FHA and with inspection/ appraisal contingencies. I'm really only worried about Appraisal . submitted by /u/growth_happiness_luv [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ikab8b/selling_my_house_4_offers_picking_the_best_buyers/

Looking for feedback and suggestions. This is my first attempt at investing in real estate. Background: Location - North Florida. Property: SFH Price: $385K Down: 25% Rate: 3.5%, Monthly $1300 month Taxes and other: $450 / $5,500 Year. Year Built: 2017. Other: Upscale location, premium schools, walking distance to shopping, resort style pools and amenities. A+. Similar homes renting for: $2.6K to $3K. Rent prices going up as people from NY are more and more allowed to work from home and are moving south. Lease will cover mortgage and taxes and it will generate about $900/month. From this I will need to account for repairs, vacancy. etc. Pros: I live close by if that helps. Homes appreciate nicely around here New and desirable community with excess of demand for vacancy. I can see it as a nice asset to pass to my kids. I have the 25% sitting on the bank as part of extra cushion. Time to use it. Cons: I'm not much of a doer. If something goes wrong, I will need to hire a contrac...

Hello, I am a first time home buyer here facing an interesting situation. We have a buyers agent who isn’t too experienced but is backed by a team and we are trying to buy in a fairly competitive market, where houses go very quick. We looked at a home yesterday and felt absolutely in love with it. I’ve done all the due diligence on my part. I’ve gotten a preapproval from 3 different lenders, shopped rates and narrowed it down to one. Have all my assets ready for 20% down + closing costs + reserves, researched areas, schools and even sent listing to my REA to go look at properties, along with outlining what sort of a home we want. We are making our first offer on the house, which seems to be “good” per the listing agent we got in touch with and I want to be able to capitalize on it. I’ve been suggesting a pre-emptive offer and presentation to the seller and my buyer’s agent and their team seem to be hesitant with that approach. To me, in my mind, this seems like a good idea to start...

Hey Reddit, I am in the process of buying a home that was sold for 127,000 as a foreclosure house in 2012( the people who owned previously could not afford the house so they sold it for cheap as it was 181,000 in 2005 but sold for 127,000 in 2012). the listing price for 2020 is now is 274500 and i offered 279000 with seller payig 4k closing cost. we now did the inspection and we found air duct in attic was off. Mouse and droppings in the attic. sink has low pressure water. bathtub water drains extremely slow. fridge handle is damaged, stove knob not turning, microwave cover coming off ( fridge not included). Chimney is extremely dirty ( potential for CO2) AC unit is 21 years old and furnace is also 21 years old but has lots of rust in it. now with all this said i want the seller too mainly tackle the repairs of the HVAC/furnace/mouse/Chimney/sink and tub items. the HVAC/furncace/ concerns me a lot as i want them to get it replaced with a new one my realtors leader says just take...

Okay so based on discussions with lenders we can be pre-approved for a $210,000 FHA loan, or a $185,000 USDA loan. We are looking in rural and suburban areas so until we find a specific house we want to make an offer on we won't really know if we can use a USDA loan. In that case, what kind of pre-approval letter should we be taking with us to offers? FHA because it's a higher amount? Both (is that even an option)? If we take one kind of pre-approval but end up finding a house that better matches the other kind of loan, do we just shop around again for the different loan once our offer is accepted? submitted by /u/doxy_cycline [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ika3js/first_time_home_buyer_how_do_we_move_forward_if/

Has anyone started using DocuSign these last few months since Covid hit? Is it better than SignX or PandaDoc? More and more clients are asking for DocuSign so genuinely curious if it’s better. I’m looking at the business pro subscription if that helps since it has bulk send and collaborative fields. submitted by /u/DesignSpartan [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ik9w8e/docusign_vs_alternatives/

Question about real estate agent fees for an apartment lease Found a place on Zillow and met the real estate agent who said she's working with the owner and there is another applicant. I applied for the place and the agent called me telling me there is an agent fee (not sure how much yet.) Is this normal? I want to make sure I'm not getting scammed. submitted by /u/derek_oneppo [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ik9vvb/question_a_put_realtor_fees_with_a_rental/

Has anyone heard of them... I am located in Los Angeles. How do I know who is good to work with and all that? I got ahold of a realtor (no personal recommendation) and he recommended them. Thanks submitted by /u/Comprehensive-Pay-36 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ik9vt4/watermark_homeloans/

Redfin sent out a last call email stating "This home just got an offer. If you are interested, there is still time!" Our agent called theirs today, and they stated they didn't actually have any offers. Is this unethical or just misleading? submitted by /u/skeeter0623 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ik96mu/redfin_ethics_question_il/

submitted by /u/oboe444 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ijz1rl/do_you_have_to_be_a_licensed_real_estate_agent_in/

Were FTB and we want to make an offer on a house but we need a pre-approval. The agent referred us to a lender to get pre-approval but they aren't doing jumbo loans anymore. I tried to go online but all I found were essentially lead gen sites that wanted my info to sell. I'm frustrated. Can anyone recommend a route for getting pre-approval that you have personally used? If it matters this is a 1.2m house for which we're getting a 750k mortgage (the rest will come from cash and a margin loan). We could pay cash but want to take advantage of the low rates, mortgage interest deduction and the ability to leave more cash in the mkt. Also I'm in an usual situation because I have a good amount of assets ($4m) but I have a credit score of 720 and an income of $200k (plus a variable bonus). I don't use a ton of credit and I have never had a student loan or mortgage before. Is there any possibility for me to get a competitive rate like 2.8% or 2.9% without a 740 credit sco...

The lady and I made an offer on a house Friday afternoon. Our realtor yesterday said another offer was made and we have until 5pm to submit our best offer. Is it common that he doesn’t know what the other offer is? He’s fairly new to the job and I assumed it was part of his job to find out what was offered. The house was listed at 299 and we offered 282. We are thinking about bumping It up to asking price. submitted by /u/cschloegel11 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ijybib/first_time_making_an_offer_on_a_house_just_had_a/

Hi all, I am currently looking to buy my first home in the greater NYC area and to help pay off the mortgage, I plan to rent out one floor of the house. I am a bit worried on the news that people are taking advantage of the no eviction laws and will refuse to pay rent even if they can. What types of actions can I do legally as a landlord to protect against these situations (i.e. deposits for the whole year)? I’m not sure about the whole legality of renting out my home and would appreciate any advice! Also, if you think now should be the right time to buy or not, I’d love to hear your opinions too. Thank you! submitted by /u/randomkid1108 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ijxuq5/first_time_home_buyers/

I am in the process of selling my first home. We recently met with a realtor who told us we need to get our house sold before the election since it is a seller's market right now. We were hoping to sell in the next 6 months but now we're thinking we should put it on the market right away. Is the realtor being truthful or just trying to rush us for the commission? I really don't know a lot about buying and selling a home and I feel lost ANY information would be helpful. submitted by /u/aloonyllama [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ijwunc/should_i_sell_before_the_2020_elections/

I would be interested to see the data of YoY home sales for the last 3-5 years. It certainly does seem like a buying frenzy right now, but I just don’t know if I believe what I’m hearing that is comparing home purchasing right now to the likes of toilet paper hoarding. I’m sure a lot markets are seeing a crazy sellers market for the first time or very suddenly which may lead some to believe it is truly a movement of panic buying. However, in the market I’m looking at (Denver/Boulder), it was hot before the virus with what I imagine is a history of steady increases in demand YoY. I’ve been hearing the term more frequently in the last couple weeks. People have told me I’m panic buying as I am on the hunt and am looking to settle on a house that, yes, needs some work and, yes, seems priced high (until you look at comps) but is in a solid area and has great bones. Granted I started the search over 6 months ago... Where I’ve seen the term published: https://www.westword.com/news/denver-...

Renting out my home to buy next investment property — advice appreciated I first purchased a vacation home in an increasingly popular area for NYC weekenders four years ago. I fixed up the entire house over the course of two years with hybrid DIY and contractor work. Realizing the knack my wife and I had for transforming our old home and being design forward, we took the plunge on our first rental property. This is a seasonal vacation area but is popular in both summer and winter (skiing) so shoulder season is fairly short. So far it’s done well thankfully. Some quick stats: Purchase price: $139,000 (25% down) Renovation: $70,000 Appraised ARV: $310,000 Monthly PITI/maintenance: $1100 Cash flow: $2,800/month Across both my main home now and my rental property I’m about 30/70 debt to equity. It’s been grueling at times but we’ve built up a sizable amount of equity and put 25% down on both houses. The market has appreciated at a good beat as well. So now I’m eyeing my next ren...

Hi all, Myself and my partner have been looking to move in together. Weve recently found a lovely property which would be perfect! The issue is: My partner has good credit. Not excellent but hes mostly recovered from bad decisions when he was younger and has rebuilt his credit. I dont have good credit. Including 1 CCJ (water bill) that will be fully paid off this month. 4 years ago i left a domestic violent relationship and lived in a hostel for 11 months. The agreement for bills was odd. For example I paid for electric. But the hostel paid for the gas. I paid rent. But didn't pay council tax. The water bill was never discussed and this being the first place I had financial control over I was too stupid to ask. The hostel forwarded my mail for 4 weeks then stopped. Its been 3 years. I have no idea what mail was delivered in that time. But I received a court enforcement letter to my current address in the post in March and set up a payment plan. I'm onto the last month no...

I own some land and rented it to someone who put a manufactured home on it. The person had a mortgage on the home but could not pay it, so the home (not the land) went to the debt collect. This happened over the last year, and now I would like to get the title of the manufactured home. What would the steps be? submitted by /u/rapp17 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ijt7hv/dealing_with_debt_collector/

submitted by /u/djm687 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ijp3bd/solar_panel_advice/

Hi Reddit! I am torn with the decision to buy a home. Please provide insight in what you would do and perhaps and advice from the people who have had experience buying a home. I am 24 years old married with a newborn child (4 months old) living in the Bay Area. My wife and I live with my parents at the moment and are feeling the struggles of working at home while sharing a room with a baby. We are thinking of buying a small condo in Hayward but are having a hard time justifying this - as you may know, the bay area is extremely expensive. Below are a list of our financial setting: - My wife comes from an affluent family and a family member has gifted us a one-time $200k for the birth of the child. - My wife is pending her work visa as she is a foreign citizen (She has lined up a job offer that would pay $60k salary if she can receive the work visa in time, we expect her to have her visa by early next year at the latest) - I work as a consultant and am set to make ~$60k this year d...

Instead of the typical 1-2 year leases on a rental home, do people also engage in 5-10 year leases where the renter might consider splitting costs of major renovations with the landlord as a joint investment...Similar to the commercial leasing model? If not, why does it not make financial sense for this to work in residential? submitted by /u/MonstaWansta [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ijs7cr/are_longterm_residential_leases_common/

In a debate with my friends with what i would do with 100 billion dollars, and I wanted to buy lake superior. How much would that cost? submitted by /u/Weefire325 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ijrjxr/hypothetically_how_much_would_it_cost_me_to_buy/

Hi, I had a quick question about buying a home in the edge of a good school district. How often do redistricts happen. If we were bumped to the other school district I’m afraid it would have a really negative effect on the property value. Can districts really just kick you out just on a whim? submitted by /u/LavenderMoons [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ijpx9w/redistricting/

I've seen quite a few condos that used to be motels listed at the NJ shore and they're relatively inexpensive. I assume these are far less desirable than a purpose built condo. As a vacation home user, what are the negatives with these kind of properties? submitted by /u/smarterthandog [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ijpq2l/what_is_wrong_with_motel_hotel_conversions_to/

I live in a building that houses primarily students (it’s not student res but right off campus). We have key fobs to get into our apartments. My key fob wasn’t working today so I had to call management to get me into my apartment. They came after half an hour-which was a relief because I’ve seen the same thing happen to a few people on my floor and some waited all day to get their units unlocked. They said they’re charging me $50 extra with my rent because it says in the lease that we’re charged for anytime we get locked out. However, I had my keyfob on me and it wasn’t my fault for getting locked out. They said that the key fobs are expiring and we got an email about it saying that we needed to go to the front desk to get our fobs changed. I didn’t get an email and their reaponse to that was that I had opted out of August emails... but I didn’t and I was getting emails from them this month, just not the one about expires fobs. I don’t want to pay the $50 and I feel it’s a scheme to e...

We were given a rate of 3.125, we are putting $345,000 down on a $519,000 house, credit scores are over 800. We're first time buyers and were days away from the birth of our 4th baby at the time we were given the rate so we just didn't think to negotiate, or shop around more. The appraisal was done last week, and I gather that means that we're close to having our mortgage. Is it too late for us to try and get a better rate from our lender? submitted by /u/TurtleTestudo [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ijncjl/too_late_to_renegotiate_mortgage_rate/

Hi y’all I have a couple rental properties at this point, and I’m looking to get more. I have gotten to point, after using only my own money to invest, that I am comfortable starting to use private lenders. I am possibly looking to have multiple people lend small amounts of money(think multiple people lending 1-10k each) I was wondering if anyone has done this with small amounts of money before? How would you go about this? I’m sure it’s possible I’m just wondering how to do it in a way that is cost effective. I’m wondering if the costs would just be too high to make it worth it. Also, I would give the investors a flat return (8-10%) rather than profit share or having them on title or anything so it would just be a lending relationship. Also I am in NJ if that helps. I appreciate any input. submitted by /u/zipeto [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ijox79/how_to_private_lending/

I sent an email to the lenders but they won't respond until tomorrow so I thought I would ask here. I read online that a construction to permanent loan had higher interest rates than a normal mortgage. The credit union I was thinking of going with says their rate is prime plus 3.75%. I don't know about the bank in town. Does this mean the loan will always have that high rate or will it just be higher until the home is finished and will go down to a normal rate? Also, if the rate lowers when the house is finished... Do they base your loan amount on the high rate during construction or the rate you'll Pay after? submitted by /u/Rockerbaby187 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ijownf/construction_loans/

So we are currently renovating a house, and no one is living there at the moment. I have cameras around the outside and ADT security, but my one side gate I don't always lock (Mostly for pool guy, lawn guys, etc) For the second time in the last couple weeks I have come to the house and seen the electrical panel on the outside as well as the panel that holds the pool timer open. The first time I didn't think anything of it, but when it happened a second time I thought it was strange. So yesterday I put locks on both of the panel's, added one more security camera to that corner of the house, and locked the other gate. But for the life of me I can't imagine what someone could even accomplish with getting into those panels other than messing around. The yard is fenced, but on one side it's only about a 4-foot chain link so if someone really wanted to get in they could. Any thoughts? submitted by /u/jfreebs [link] [comments] source https://www.reddit.com/r/R...

I live in a town-home community and our HOA is proposing to cap the number of units that can be rental units (non-owner occupied) to 25% of units and mandate that the primary owners occupy the unit for three years before they can be rented out. We will be voting on the amendments later this year. My first inclination is to vote no on this proposal. I'm not thinking of renting out unit, but I can't think of any good reason to limit homeowners like this. Does anyone have strong options one way or the other? Are home values ever diminished if a community is majority rented out? That seems silly to me. Thanks! submitted by /u/peffertz08 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ijmh0k/hoa_proposing_to_limit_rental_options/

Hi, My wife and I looking at getting the FHA loan for a multi family property, and living in the property for the required 1 year. I remember hearing somewhere that there are advantages to getting the mortgage / title in only one of our names, rather than both? Can anyone explain why? Is the main benefit that after 1 year, if we wanted to do another FHA loan, we could just put it in the others person name? Or are there other tax advantages etc? Many thanks! submitted by /u/cummins7 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ijngjn/fha_loan_in_only_1_persons_name_vs_joint/

In Nebraska. My parents are extraordinarily generous. I've been living in their rental house rent free for years. I've graduated and am now making good money and in this time I've realized I love this house. It's become my home, and they would be okay to sell it to me. It was an old rental and they've both retired and can't really keep up with property anymore, so I would likely be their last renter. I'm not exactly sure how to approach this. I've never purchased property before. Do I still need a real estate agent? Are there any weird nuances with buying their house? I want an actual mortgage to them at market value. My parents will try to undersell and I want to make sure they get their money's worth for this house. I also want to set up a proper mortgage so they can't refuse my money. They will try because, again, they're extremely generous which is normally very kind, but this is way too much money at this stage in their life to disco...

This is one of those pity posts. We’ve been looking since March and offered on 4 houses with no success. We want to get out of the city, get backyard and grow our family away for the craziness of the city living. We are aggressive have financing and the down payment. We’ve been waving appraisal contingencies and offering short closes. But in every situation we’ve been losing out to offers that seem completely nutty. For example we offered $850k on home that was listed at $775k and lost to a bid of $890k. We realize that the house may Have been listed low to create buzz but damn. So we’re taking a break for now. See how the elections and all this craziness plays out. It’s just too depressing at this point. Ps if you’re seller listing at below market price to create a bidding war, you suck. submitted by /u/DiscouragingEye [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ij6jrb/taking_a_break_from_this_crazy_market/

My husband and I are under contract to sell our house. Buyer is getting a USDA loan. We were told that paperwork was submitted to underwriting in the beginning of August and it’s usually a 2-3 day turnaround time. Well due to you know what, the underwriting process still isn’t done. Closing was supposed to be last Friday and that obviously didn’t happen. It was delayed until this Monday, which isn’t happening either. Nobody is able to give us any idea how long of a delay it will- be days, weeks, months... We still don’t even have a commitment letter. Our realtor has been in touch with the buyers realtor and lender and has been assured that the buyer is very interested and that he’s going to get approved, we just don’t know how backed up the USDA is. Our realtor has told us we have an option to terminate the deal. Anybody dealing with a similar issue? Anything we can do? This is causing a massive financial strain on us because as of September 1, we are paying two mortgages in addition...

Are these red flags, should I be worried? Possible Red Flag #1: The house was right back on the market because the previous sale fell through. Counter: shit happens. Possible Red Flag #2: We put in a bid and the seller's agent told us that the previous appraisal was higher and we need to come up to be competitive. Fair enough. Unfortunately, our lender's appraisal came in low. We asked the seller's agent to show us the previous appraisal and he admitted that he didn't have it. He had been told it was X, but he didn't have anything that said X. Luckily for him when challenged, our lender's re-appraisal came up to our bid (FWIW, sellers paid the reappraisal fee). Counter: the house did eventually appraise at the price the seller's agent told us it had appraised at previously. Possible Red Flag #3: One of the insurance companies wouldn't bind a home insurance policy because there had been a claim for $5000.00 worth of water damage 3 years ago....

We just started renting a home from our friend's parents. We love the place and we can see us living here one day (Southern California). We haven't rented it for long and we are not sure if they would consider selling, but we are interested and not sure where to start. Would love to hear your stories (good and bad). Also, would love your feedback on the following: What's the best way to approach this with the owner? How is the rent and a portion of the rent used at purchase? Do you decide a price of the house early on or once ready to purchase? What's the risk(s) in doing this? What if there is a decline in the market and the home is much less at time we want to purchase? Does this matter? What if we don't want to purchase down the road, but are setup to do so? submitted by /u/incognitokindof [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ij5vca/how_to_bring_up_and_negotiate_rent_to_own/

Hey RealEstate, I own a home and am about to refinance. I live in an area that has clay soil. The house has movement as evidenced by the number of drywall cracks. I was considering renting this place out. I decided to call a structural engineer to see if everything is ok. He said the house itself is not in any danger and recommended I get cement around the house (2% grade) to divert water away from the foundation . He gave me the number of some companies and recommended I get that done to stop the settling before I repaired any cracks. Anyone dealt with this before? Should I cancel my refi and forget about renting it out and just sell it after I pretty it up? Please advise submitted by /u/Makhann007 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ij5tuj/house_settling/

Like title says buyer had their inspection done and the inspectors report says the roof shows has some bruising that appears to be weather related. They asked that the roof be inspected by my insurance for replacement. When talking to my realtor I was told they had never seen it written that way (insurance inspecting it) and they would contact the buyer realtor for clarification. I contacted my homeowners insurance and was told if I wanted the roof inspected I would have to file a claim and that if it didn’t need repaired/replaced it would still show that I have had a claim. My realtor hasn’t gotten back to me yet but was wondering if this is normal? I have no problem having a roofing company out to check if it’s damaged but I don’t want to put a claim into my homeowners insurance and it be for nothing. submitted by /u/One_Extension1537 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ij5kcs/buyer_wants_insurance_to_put_on_new_roof/

If you buy a 200k house 3% down payment. Hold for 3 years, sell it for 200k. Much money would you get back? If you pay off the interest first, how would this affect this amount? + how much are closing costs usually? submitted by /u/Ricknroll323 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ij5dwl/2_questions_mainly_about_home_loans_and_selling/

I was looking to rent somewhere one day (complex) and the leasing agent told me that they don’t do the credit checks but that they do it through a third party and it also eliminated the need for a deposit so it lowered move in cost. I can’t at all remember what that site or service was though I thought I saved it somewhere . Does anyone here know? submitted by /u/MakeMeVader [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ij5aa3/does_anyone_know_what_this_one_all_background/

Around Jan, we signed an agreement to work with a realtor exclusively and she said she'd provide us copies of everything we signed. Evidently I'm an idiot because when she gave me her folder with all the forms, property info, etc, I never double checked it. We ended up dropping our search around March due to COVID. We're now in a position where we're ready to buy, actually build, and I want a realtor that's knowledge about new builds. The previous realtor was very uncomfortable with this and even tried to deter us from going that route. I looked in my folder from 6+ months ago and she never gave us any signed copies of the forms so I have no idea if/ when that agreement ends. I contacted that realtor via email and stated that I wasn't sure if the agreement was in effect but asked that we be released if it were. She hasn't responded. We had texted a while back and I told her we weren't moving forward anymore but, that's not a clear request for remo...

Hi, I’m currently living a garage, trying to aggressively save for a home. I’m a college student looking to buy once I graduate next year. I’ve managed to save 12k, my goal is to save an additional 18k for a down payment. I know conventional lending limits are 36/43. I will graduate with no debt, will a 42DTI front end work assuming 0 debt? Running some stats tells me I won’t make enough to pull off a 36. My budget is no more than 220k submitted by /u/back2lumby212 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ij58x5/simple_question_im_having_trouble_finding_the/

Guys just want some personal opinions on this. Saw a 1500 sqft house located next to a hill. AAA doesn't cover this house because of wildfire, and Progressive covers it at around 2k a year. Wife is super paranoid about the house getting burned down due to the amount of wildfires going on this year in SoCal. If it's located somewhere else we would have bought it right away but right now we are struggling on the decision. What you guys think about this situation? submitted by /u/j4h17hb3r [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ij4xc9/house_near_a_hill_in_southern_california/

We recently moved to California and renting, but eventually would like to buy a single family home for our 2 kids and dogs. We live an hour outside LA and looking at homes around 750-900k. My husband and I make a good income together but we also pay for childcare which gets expensive. We are about to sell our home so we will have about 100k for a down payment which is not near the 20% for a conventional loan. We'd obviously hate to buy a house if there is a real estate market crash looming. With all the unemployment with the pandemic, what will happen once the moratoriums on foreclosure expire? Do banks just pretend the last 6-12 months didn't happen and just continue as is? Any predictions? I know nobody actually knows what will happen, just wondering what people's thoughts are. submitted by /u/peachnkeen519 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ij4z72/what_are_people_guessing_will_happen_to_the_real/

Hi all. I'm looking at a house in southern Vermont that sits on top of a hill. There is a 1500 foot driveway to access the house. Gravel, somewhat steep, seems well built, with trenches on the uphill side, and 2 culverts diverting water under it. I know snow removal is going to be an expense, but does anyone know what other frequent or occasional expenses could go along with it? I could see some massive bills if it needs to be maintained with heavy equipment from time to time. Thanks for the advice!! submitted by /u/Gilashot [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ij4nct/1500_foot_driveway/

First time closing on anything and I'm anxious and excited. Pls share tips and stories submitted by /u/Yeetmfsgg [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ij4ab5/closing_on_a_condo_on_monday_any_advice_from/

Do any of you post your political opinions on your personal pages and does it affect your business? In t his day and age it can be quite dangerous at times to post your opinion as people are so quick to judge. Is it best practice to not post your opinion at all even on a personal private page? submitted by /u/history_nerd94 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ij41hi/politics_send_the_age_of_social_media/

The buying agent I am working with in IL put together market analysis for the house based on recently sold similar places for market value. I thought it was spot on but I d like another opinion on the value as we move forward with offers. Who could I ask as a neutral party? Thank you. submitted by /u/Horsewanterer [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ij3wfp/where_would_i_look_to_get_second_opinion_on/

The seller of the home I am purchasing has already purchased Title Insurance costing approximately $1,500. Is it necessary for me to buy another title insurance policy for another $1400? Would you recommend it? We live in Michigan where it seems to be typical for the seller to provide title insurance. Thanks. EDIT: It seems like the title company, the real estate company, and my mortgage broker are all in bed with eachother. So, I'm not sure if my realtor is recommending this for my protection or a kickback. submitted by /u/Vegeta248 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ij3rm4/should_i_but_title_insurance_as_the_buyer/

I just locked in my rate Friday, 2.875% with no points on a $274,000 new build in NC. Used builder's lender who are paying $7500 in closing which will pretty much cover all of my closing costs. Origination fees are $1100. FHA 3.5% down, middle score of 687. Does this sound decent? submitted by /u/Fivefeetlifter [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ij3o32/locked_in_2875_rate_friday/

Is it a good idea to look for a house without a realtor? I'm thinking I can save the money with all the websites. Is this recommended? submitted by /u/sunflower2230 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ij3mbk/can_i_do_without_a_realtor/

Hello, I am 26 years old looking to buy a piece of land in a gated community in an area that has all season tourism. The deal is that I buy the land and then later on I have to build a house using approved builders. I put 20% down on the land and plan on paying off the land or building in under 5 years. Looking to build a 5 bed 4.5 bath house on the land in 2 years. This would be a second home vacation rental managed by a rental company at 17% commission per month of the rent. The second home mortgage would be around $2500 per month taxes everything included I only have one income source, but I have about $40k per year after living expenses that I can save for emergencies/ put towards the financing/bills of this second home. I have a mortgage on my first home of about $2500 taxes everything included. Other than a couple thousand on a car note and the first mortgage, I have no debts. So far I have about 20k saved for emergencies. Can I afford this project? What do I need to keep ...

We haven’t found anything that we liked and have decided to look for land to eventually build on. We re looking for about 40+ acres of pasture. We probably won’t build for another year or two so we’re looking to rent it. Has anyone here gone through a similar process? submitted by /u/pinetreeporcupines [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ij3a83/buying_land_to_eventually_build_a_house_how_do/

Live in NJ and looking to buy a house or townhouse. With the recent prices skyrocketing, I am seeing that most of the nice townhouses here actually cost more than decent houses. The hoa fees seem to be $350 to $500, and taxes are $700 to $1000. Is it better to buy an older home (1970’s) with taxes at $9000-$13000 if it’s a similar price to the townhouse? submitted by /u/babajan88 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ij2ycw/is_buying_a_townhouse_a_horrible_idea_in_this/

I have a question about Title V inspection in Massachusetts. I have a client that had an inspection done on their septic tank. The inspector told them that it would not pass because the pipe going to the leaching field ran under a screened in porch. I have done a lot of research trying to find out if it is legal or not because the owner doesn’t want to install a new system to sell the house. As background, the screened in porch was permitted in 1983. The house has been bought and sold multiple times since then with no issues. My client has lived alone in the home for 5 years and the system passed Title V when they bought the house. Does anyone know if it is legal to run a septic pipe under a screened in porch to a leaching field in MA? submitted by /u/richgranata [link] [comments] source https://www.reddit.com/r/RealEstate/comments/ij2odc/ma_title_v/

I’m buying a house for 500000 with 25k down. Then going to turn around and sell my current place. I will have more than enough to meet the 20% LTV with the proceeds from my current house. I’m in Washington state. I’m not sure who my servicer is and I assume it would get sold but who knows. The broker stated confidently that I can recast my mortgage as soon as my current house sells and have the PMI removed without another appraisal. But I’m reading so many conflicting reddit threads about this and not getting a straight answer with my research. Does anyone know how this work? I went with a convention in lieu of a bridge loan because I figured recast would be more financially reasonable. She wrote to me this in an email “I have verified that the recast is something that is allowed by AGENCY – IE: Freddie Mac/Fannie Mae and so you would have option to recast even in the unlikely event that the loan was sold again prior to your home selling. The MI would fall off at that time and th...

I know this question sounds dumb. But I can’t wrap my head around the fact that the 28% rule is based off of calculating a monthly payment from gross income and not net income. Could someone shed light on that? submitted by /u/kwe1kert [link] [comments] source https://www.reddit.com/r/RealEstate/comments/iilv5c/is_the_28_rule_actually_legit/

House has been on a market for almost two years. House is really nice built we started with really low ball offer and the seller only dropped 20k our realtor made us go high as we really liked the house. Now we are close to what Zillow estimates may be 15k less am I doing something wrong. As my realtor keep saying she will do whatever we say. Again house has everything what we have been looking for submitted by /u/sammywhammy1 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/iilfv5/question_on_making_an_offer/

I have an actual diagnosed justification for a service animal from a licensed medical professional, nothing from those weird online sites I hear about. I know my landlord can not deny me for providing the paperwork, but if I have it and am in the clear, am I truly REQUIRED to disclose it? The elderly owner lives states away and would never be near. I am not trying to do something weird or sneaky, I’m just not trying to give out information I do not have to. Thank you to anyone who reads this and responds! submitted by /u/Microbacterium [link] [comments] source https://www.reddit.com/r/RealEstate/comments/iileby/am_i_absolutely_required_to_disclose_a_service/

My wife and I are buying a home cash. I assumed that would make it a relatively straightforward closing. The house is a fixer upper so we got an inspection mostly for our own information and the contingency period closed on 8/17 with no issues. We were set to close 8/31 and haven’t heard anything from the realtor in a week or so so we called her Tuesday. She said they’re just waiting on the title company. They told her last week they would have the information to us by today. Well today has come and gone and nothing. We tried calling the title company directly and couldn’t get ahold of anyone. The realtor said not to worry and we will just have to close late. Is there a chance the seller could back out? I’m a bundle of nerves worried there’s something wrong with the title or that the seller is going to want to back out for some reason. We aren’t doing anything with the house immediately so it’s not a big deal otherwise but is it normal for closing to be delayed with little communica...

I have this digital thermometer: https://www.amazon.com/ThermoPro-TP50-Digital-Thermometer-Temperature/dp/B01H1R0K68/ref=sr_1_3?dchild=1&keywords=room+temp+check&qid=1598668196&sr=8-3 But it's not subtle or quick or able to measure water temp as well as temp for ac and heat throughout the house. Any inspectors in the house who want to share what they use or if maybe this one is okay? https://www.amazon.com/Infrared-Thermometer-Helect-Non-Contact-Temperature/dp/B071NBJJ2Q/ref=sr_1_25?dchild=1&keywords=room+temp+check&qid=1598668196&sr=8-25 submitted by /u/ToughQuirk [link] [comments] source https://www.reddit.com/r/RealEstate/comments/iiksbe/testing_temp_during_walkthrough_what_do/

So my parents recently a paid off a mortgage completely on an investment property (~$800k) The idea now is to do a cash out refinance so they can use that money for other investments (index funds or more property). They don’t have a retirement or savings — which worries me... and if the housing market crashes, the market value of the property will most likely go down. Which is why I suggested for a cash out refinance. With the new mortgage, they have been approved to be able to tap up to $500/600k of the equity for ~3%, closing costs probably about 1% I guess the question is how much would be ideal to take out in equity to put into another venture (like index funds), would it make sense to even do a cash out refi or completely keep the equity in the property and have it cash flow (then use that for investments... but that would also mean not having the funds immediately available) submitted by /u/Savorymoney [link] [comments] source https://www.reddit.com/r/RealEstate/c...