My husband and I are quickly growing out of our starter home. We have 2 young kids and we are trying to move. The market is insane. Some houses gone within a day or two. There are not many houses that fit our wants (3+ bedrooms, a yard, and 1.5 or + bathrooms). All of which I don’t think are unreasonable at a price point of $350,000 or less in rural PA. Anyway, we haven’t sold our house. We are afraid it will go quickly and we will be homeless. We also can’t get anyone to accept offers at asking or above due to a contingency. Our relator friend mentioned contingent to sell. Our actual realtor told us absolutely no way because the seller might be out a few hundred dollars if we back out. Everything I read online seems to go both ways. It’s okay or it’s a horrible idea. We chose to list our house this Friday. Is this something we should reconsider? Will it have a massive effect on the sale of our home? submitted by /u/estau329 [link] [comments] source https://www.reddit.co

Just wondering why you hear so much about people being house poor. Don't underwriters use the 28/36 principle in order to make sure mortgage applicants can afford their home? I can imagine there's scenarios where buyers suddenly have a financial situation (losing a job or hours) and that puts them in a tight spot with housing costs. However I've heard of people actually buying houses and immediately ending up in this situation of more than 28% of their income going towards their mortgage. Is there some other situation why this happens? Are buyers actually approved for mortgages despite this? Really curious because we applied for a mortgage, and I think our housing costs will be tight (a little above 28%). Thanks! submitted by /u/jedamitchell [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jlx754/why_do_lenders_approve_mortgages_ending_up_with/

We are short by approx 40K (on a 750K home) to meet the 20% down requirement. We were thinking to put much as we can as down payment and then pay more than EMI every month to bridge the gap (to avoid paying PMI for a long time). However, couple of my friends recommended that we can get a 401K loan to put 20% down. Then use the money saved on PMI plus the "over the EMI" we were planning to quickly pay off the 401K loan. I understand that the 401K loan comes at a higher interest rate than mortgage. However, does it make sense to pay high interest rate for a while so we can avoid PMI and get a slightly better interest rate on 30 year mortgage? Thanks. Edit: PMI should be paid until 22-24% (depending on lender) of the loan is repaid. submitted by /u/pagetrip [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jlwntq/take_401k_loan_to_meet_20_down_or_pay_pmi/

Without getting into crazy details, my agent is not working out and I have had to do a ton of my own work/corrections to promote/sell the house. I am now under contract. My question is if the sale were to fall through, could the following contract error release me from the contract? (Dates changed but still chronologically relevant) After reviewing my contract that I signed and dated on 8/1/20, it states that I am under contract with my agent through 2/1/20. It is clearly a mistake, and the contract should have stated 2/1/21, but like many, many, many other things, it is a clerical over-site. Hopefully the sale goes through, and I can just walk away. I am just really pissed off at the amount of work I had to remedy on behalf of my agent. I do not feel that they have had my best interest in mind and are more concerned with closing than anything else. Any input would be greatly appreciated and if a crosspost to r/legal would make more sense, please let me know. submitted by

Does this rate sound right? I am told mortgage for condo is higher than a single family house. submitted by /u/mk1817 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jlwjy4/440k_mortgage_for_condo_with_interest_rate_of_312/

submitted by /u/MMTA1993 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jlvow3/is_there_any_website_that_i_can_use_to_estimate/

When calculating square footage, do you include rooms that lack vents/base boards? submitted by /u/Ernerdboi2020 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jluecd/square_footage_for_unheated_rooms/

submitted by /u/Tris59 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jlvc7a/are_there_ways_to_avoid_state_and_federal_long/

After looking for months for a home (in Texas without an agent). I finally found a house that I liked (outside my original search). Knowing all my documents are in order and I have really good credit, I applied for a loan. The next day I was preapproved and figured the seller's agent would have the most information about the property and they'd love to be the agent for the buyer and seller because they make twice the commission. This is where I messed up. The agent was very kind and answered all my questions but kept trying to tell me about all the other great properties she could show me and kept implying that the property hadn't sold because the seller was asking too much. I told the agent I was willing to pay the asking price if the seller would be willing to pay the closing cost and her reply was they already had a similar offer that they declined. She said "lets meet tomorrow after noon so you can see the property, you shouldn't make an offer without seeing

Closing in in 1 week and the seller disclosures mentioned 2 water leaks on the 2nd floor that left stains on 1st floor kitchen ceiling.. the first being a toilet Leak that was replaced with receipts provided, the second being the 2nd floor washer water line leak (inside the wall) that was fixed, remediated, and baseboard replaced but seller supposedly can’t find receipts. We had an inspection done, and the inspector used his moisture detector on the ceiling and couldn’t find any moisture anywhere, but did note that there seems to be potential cover ups for prior moisture damage on 2nd floor. He wasn’t able to fully inspect the upstairs laundry room as the washer and dryer were blocking the wall with the plumbing. I can’t tell if this is “inspector speak” or not. If no moisture was detected , should I be fine? Perhaps the paranoia is kicking in, but im worried about having a massive leak / mold issue on the 2nd floor the first month of moving in.. submitted by /u/Stayincaliforni

I'm a first time home buyer and I am under contract for a house. The house is listed as a 4 bedroom, 3 bath house. However, I just went through inspection and the inspector made it clear to me that the two basement bedrooms are non-conforming due to the windows not being egress windows (too high off the ground and small). I am confused that they are able to list the house as 4 bedroom. Nothing I have seen in the listing and nothing that my realtor has provided me up to this point has called out the bedrooms as non-conforming. I spoke to my realtor and she told me that it was in the listing that they are non-conforming, but I'm currently waiting for her to provide proof of that. Has anyone been through a similar experience either from a buyer or seller perspective. What are the rules around listing non-conforming bedrooms in listings? submitted by /u/WantsToLikeThePixel [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jluk7e/nonconforming_bed

Me and my girlfriend are looking to move out soon. My sister got a new job and me and her have been talking back and forth about me and my girlfriend paying them per month for their mortgage payment. However, my sister and her husband plans have changed and they are now wanting to sell their home and pocket $50-$70K and use that to buy a plot of land and use to start building a house. My question is, if they owe $70K on the existing mortgage instead of putting it up for sale is there a legal way for me to pay the $70K to them to pay off the mortgage and assume ownership of the home? submitted by /u/CapnsRedditAccout [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jlub0i/paying_off_the_remaining_balance_of_a_relatives/

Hi all. Are there public listings of land for sale, rather than using sites like zillow, realtor, etc...? If so, are there similar sorts of listings for auction/foreclosed properties, as well? Thanks. submitted by /u/geetarzrkool [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jlu9xu/sources_for_raw_land_listings_aside_from_the/

Greetings all. As I understand it, a deeded easement is an isolated property that is accessed via a separate lot by means of a formal legal(?) agreement with the other property owner, so that you can access your own property as needed. Thanks in advance for any help. Stay Sppoky! submitted by /u/geetarzrkool [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jltdgo/clarification_on_deeded_easements/

What are the pros and cons of a 45 day escrow? We are thinking we could use this to extend the process while we wait for our new build to complete. Will this result for application, underwriting, etc. to be not prioritized because it’s for a 45 day escrow? Any other potential concerns that we should watch out for on a 45 day escrow? submitted by /u/niknokseyer [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jltci5/45_day_escrow_pros_and_cons/

Hi guys, need some advice on what we can do to refinance a mortgage on a property in nyc that is valued at 1.4million. The rate is currently around 5.3% and the remaining loan is about 460k. The only problem that we are having when trying to refinance is being able to get the bank to approve us for a new rate since our DTI is not good and wont qualify us for a refinance. submitted by /u/_Miikee [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jlsen8/advice_on_refinance/

So a month ago, in very hot market in NC, my wife and I found the house of our dreams. It's a sellers market so it was overpriced and also had very little comps. The comps we did find showed the house could be overpriced by about 20-35k. The listing agent said there was interest and we did not want to be in a bidding war. Anyway, I was hesitant to pull the trigger and it slipped away. Flash forward to yesterday, the house was supposed to close but did not. My agent reached out to the listing agent and he (LA) believes its just a lender delay but unsure. My wife and I being major creeps, learned the sellers drove back for the close, meaning it was more than likely unexpected. I know there are so many scenarios for this, some which would benefit us and it very well may just close. NC contracts permit a 14-day window to close so I guess all we can do is wait. However, those with experience please chime in, is there any amount of hope given this seems to be unexpected/last minute???

I'm thinking about selling my house in the next 6-12 months and as I start to prep for it, I've been thinking about reaching out to potential listing agents just to get ballparks and to ask them about recommendations for things to do in the house before listing it (or things I'm thinking about but shouldn't bother spending money on). I've got a small handful of projects I'd thought about doing this fall/winter, like painting or tearing up carpeting and refinishing the hardwood floors under it, but would probably just skip and save the time/money if an agent said it wasn't worth it. Given my time frame, though, how early is too early to start reaching out to potential agents? submitted by /u/Hrekires [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jlkpsk/how_early_is_too_early_to_ask_a_real_estate_agent/

During sales process I signed a propane addendum that means I pay the seller for whatever propane is left in the tank at closing. I agreed to this of course. Except seller provided no invoice during closing and didn’t mention it. Fast forward 6 weeks after closing. Living in my new house, and the one of the sellers shows up at my door asking for cash for the propane. I said I would review with my realtor and get back to them. Its less than $500 so not the end of the world either way but seller is giving weird vibes and its the principle of the matter. They were supposed to provide info and this was to be settled at closing. Should I accommodate the sellers very tardy payment request? submitted by /u/RoarLikeBear [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jll9t5/should_i_honor_propane_agreement_6_weeks_after/

First time home buyer here. I am working with an agent, and the associated lender I’d be using is saying I need to pay both MIP and PMI for an FHA loan. Is this correct? Online I’ve been finding that it’s only one or the other, not both. Please help. Thanks! submitted by /u/Dizzy_Data_ [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jll82w/paying_both_pmi_and_mip_for_an_fha/

Hello, I am planning on buying a home in January or February and all the money I have for a down payment is in a taxable account. Is this an issue with lenders? Should I be able to keep it invested until an offer is accepted or do I have to have it in my bank account before I even get pre approved? If that's the case, then how would I even know how much to sell if I don't know how much the house I buy will cost? submitted by /u/Justhereforthelemon [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jll0lp/using_invested_money_on_down_payment/

Landlords, if a new tenant is going to negotiate the monthly rental price, would you prefer they attempt this on initial contact, or after viewing the unit? As a tenant, which is a more effective strategy for reducing rent? submitted by /u/vVGacxACBh [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jlkkzf/negotiating_rental_costs/

I have a friend who is currently under contract to buy a new and has his current house on the market. He doesn't have the 20% to put down in cash without selling securities so I told him I would lend him the money. He is buying his new house for less than his current house will sell and his current house is probably at 50% LTV so plenty of equity in it. He was going to roll most of the equity from the sale of his current house into his new house so he will be less than 50% LTV on the new house once his current house sells. His loan officer said he can't take a personal loan for his down payment. Aren't there ways to structure the loan so it's not a personal loan? I can have my company make the loan and take a second mortgage on his current house? Or I can take a pledge of his brokerage account? Is there any reason why either of these wouldn't qualify? To add, I'm not worried about him paying me back, etc. I'll have a note drawn up and if he does decide to

I’m about to submit a bid on this very nice home, but the asking price is near my limit. My lender said they would need 5 days to review my case if I go in at 105% asking price (but very likely it will be approved). The seller doesn’t seem to be in a rush to sell. Do you think the seller would mind waiting a bit for a better deal? The asking price is already quite high for that neighborhood, so I think most offers will be just around asking price. submitted by /u/lavaboom01 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jlixyl/sellers_do_you_prefer_asking_price_with_no/

My wife and I are building a new construction home in a neighborhood just a few miles south of downtown Charleston, South Carolina. This development has been building out by Lennar since 2016 as far as I can tell. We are building a 5br, 3.5 ba home that’s about 2550 square feet with a detached 2 car garage. The home is on an average lot for the neighborhood, backing up to a wooded area. The lot upgrades were insignificant in price - something like $2,000-3,000 for double the yard space. We are paying $490,000 all-in, inclusive of an optional 3rd floor loft that none of the homes have in the neighborhood, as well as the premium kitchen and bathrooms. Oddly, all of the existing homes for sale in the neighborhood are upwards of $600,000, some pushing $700,000. These homes are largely the same size in square footage, and many of them are smaller, with fewer bedrooms and bathrooms and similar lots. Upon review of the pictures online of listings and sales, I suspect they are of similar qu

I had an inspection which revealed a small amount of water damage to one of the base boards in a bedroom. The inspector used a moisture meter and said there is significant moisture present behind this area. He said he believes it may be the AC drip line leaking but he wouldn’t be able to tell for sure without getting into the wall. In a repair addendum, one of the things I requested was for the owner to investigate this, remedy it, and remedy any mold issues if any as a result. They responded with there is no issue and nothing will be done. How can they do this when there is clearly water damage and a professional inspector said there is in fact moisture? My realtor said he is sending one of his guys for free today to get a second opinion. I’d hate to back out of the house for what is probably a small issue but their ignorance to it is really turning me off.... submitted by /u/TheCommonCop [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jlh7gk/selle

I just closed on a property I sold on Friday. Closing happened at the end of the day and I was told it was complete. I asked the title company when I should be expecting the wire she told me Monday or Tuesday at the latest. Is this normal? submitted by /u/AOR66 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jlh799/how_long_for_wire_to_come_in/

Hey folks, appreciate any advice you can give about selling a home without the traditional "full service" agent channel, or alternatively, why I should get one. Frankly, my bias is against paying 6%. I just want to get that out of the way upfront. I'm not 100% against paying a buyer's commission (or even a full service agent!) even though the obvious goal here is the maximum net proceeds. That really is the #1 goal here, everything else comes secondary. Sales price: 200k+/- in the deep south. I'm not against going 199,900 just to hit the <200k filter if necessary. I'm a CPA and have looked at plenty of comps including on the same street so I believe this is fairly reasonable, even if I'm not a real estate expert. Staging: we've watched HGTV. Clear out all the personal bullshit, deep clean and make everything look nice. From what I'm seeing, this is as good as staging gets at this price point despite all the REALTORS™ on this subreddit claimi

First time homebuyer. Seriously looking since May. Found a lovely “flipper” house in our desired area (we had branched our search out d/t market, so this was incredibly exciting). As with most flipper homes, very limited seller’s disclosure. We were first to view home and put offer in same day. Offer accepted and inspection scheduled. Inspector recommended foundation inspection d/t cracks, etc. Hired foundation company to come check it out. Home found to be approx 4 inches off level from front corner to opposite back corner. Agent advised to back out. I loved the home, and was already out the inspection and option fee so i figured it wouldn’t hurt to ask for repairs in contract addendum (among other minor repairs). I was shocked and relieved when the seller agreed to repair nearly every item on my list including “foundation repair to level entire home”. I continued on with life and assumed all was going according to plan, checking in occasionally but trying to be patient as well. I i

submitted by /u/RoscoeGang [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jlcnnu/what_are_generally_the_best_and_most_uptodate/

Things have been looking up for us. After a really rough past few months. We found a house we liked and we put in an offer. It's been accepted. The last one fell apart because the seller couldn't fix what the lender required out of pocket. This time the loan process seems to be going much faster. Apprasial has been ordered and we may be able to close early. The realtor said she saw nothing that would be called out. It's basically a new house. New plumbing, electrical, roof, flooring etc. She also said it should appraise no problem at all. She has 28 years experience. This is where the worry comes in. The new landlord that just took possession of our units and said he wants 300 pet fee non refundable per pet. I can't purchase a house and afford a $1000 nearly impact fees so Locally to avoid any issues my parents said they would watch my cats this way I don't have to pay that feat. If this house happens to fall through I will find another one eventually I just don&

Long story short, we have been renting a family members home for several years unofficially. Something has come up recently to where they need to sell. We can either buy this home or look at others. Honestly we're pretty comfortable here depending on what the appraisal comes in for. Was assessed/appraised today and we're waiting on those results. My real question comes in because they stated they would work with us in price. But how much wiggle room is there when technically you need to sell for market value? Is it even possible to knock of money without getting hit with capital gain tax later? Would it even benefit us? submitted by /u/huskyfluffy [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jlbxqt/real_estate_family_and_market_value/

I'm looking at buying a home in Cherokee County GA and I'm confused about the permits situation. The seller has added a deck and finished the basement. Inspector says the deck is a little bit off-code, but that the code might've changed since it was built. This made me worried that permits weren't pulled. I asked my realtor to ask them (via their realtor) if they had pulled permits. The sellers replied that none were required. I also submitted a request for public info to the county for all permits associated with the property since it was built in 1988. The county responded that they only hold those records for 10 years. Additionally, their website states plainly that permits are required for building decks and finishing basements. In what circumstances would the county become aware of the unpermitted work and require a new owner to pay for addressing it? How is the county going to hold new owners accountable if they're only holding the records for 10 yrs? Th

First time buying a piece of land to build a custom home. I want to build a custom home on a lot that’s around 1 acre in size. It’s hard to find lots that are only 1 acre in size, they are always too small, or too expensive. I have came across multiple property listings which look great and would buy however, they are all like 50 acres for 1.7 million. I don’t have the capital to spend 1.7 million, and build a home, without selling my current home. I know selling a portion of land is possible, however, do sellers consider selling a portion of the land as opposed to selling the entire piece. If i buy only a portion of land, i can build my dream home while turning my current home into a rental submitted by /u/jewboy16 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jlazxi/buying_a_portion_of_land_instead_of_the_whole_lot/

Hello everyone, I’m looking to buy a home as a starter home. I grew up in humble beginnings so this is a big deal to me. I have a good job but unfortunately not enough to get me a decent home in the area. It does qualify me for a decent townhome which I’m looking at as a starter home. I’m projecting the townhome to gain a value of $100k every 4 years simply due to the area and sold history. I’m also projecting my personal income to increase in the next 10 years by at least $50,000 more yearly, which means I’ll have lots of income to save and potentially give higher payments on my mortgage. But, I’m thinking, since it’s a starter home, and I want to resell it in possibly 10 more years, is it better that I save that money for a future down payment on my dream home or is it better that I pay off my mortgage faster? submitted by /u/confleiss [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jlaz16/is_it_worth_it_to_pay_off_a_home_mortgage_loan_on/

Everyone says to wait until the elections are over before you invest. What does that mean on the immediate future, specifically the real estate? It seems like we are waiting for the bubble to pop with it being a seller's market at the moment. Does it matter who the president is? submitted by /u/Royal_Lie2818 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jl9tu7/what_does_the_president_have_to_do_with_real/

I've been planning to build my first house soon and am considering modular homes...not only for the cost savings but for the design and passive house potential. I know the resell value for mobile/manufactured are horrible compared to traditional built homes. Does this apply for modular homes as well? Additionally, when it comes time to sell, is it required in the listing to say "modular home" or "manufactured home"? Lastly, from my understanding, modular homes are just better built manufactured homes, is that correct? Take a look at some of these companies doing some awesome work. submitted by /u/sbayz92 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jl9w4m/resell_value_for_modular_homes/

Hey everyone! I am looking for some advice on real estate that I have been dwelling on for some time now and it's starting to bog me down and I can't seem to get any good ideas. I bought a house in October of 2018 for $225,000. I was living with a girlfriend in her house and was renting out a room in my house for about 6 months before deciding to rent out two of the four bedrooms. When my girlfriend and I broke up I moved back into my house and live in one of the spare bedrooms renting out a bonus room and the master for $1320 total. My mortgage is $1310. The market I am in is absolutely on fire and there is no sign of it slowing down anytime soon. That being said I have what I would guess to be anywhere from $60,000 to $80,000 in equity now. I want to be a real estate investor and want to continue gaining properties but don't have the capital for a down payment. Only have about $10,000 in savings right now due to me putting myself through paramedic school. I make a good l

Hi All, I am a first time home buyer in the northeast will appreciate advice. Finally found a home I like but home inspection revealed several issues which are pictured here . I will appreciate advice on how much I should ask the seller for credits. According to my inspectors, these issues are not major and structurally home is in sound condition it's a 1990s construction. I am looking for rough estimate I do realize will have to contact licensed contractors for quotes. submitted by /u/smalltrader [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jl9c5d/home_inspection_today_revealed_several_issues/

Hello, (Bit of Background first) Background : In August 2020 I closed on 30 vacant acres of land in Upstate NY. Before closing on the property I had a title search done (which came back clear) and I also acquired title insurance. The 30 acres in the past had been surveyed and it came out to 30 acres and the title also listed 30 acres. The Problem : For the past few months I have been at the property clearing with the idea of in the future building a house on the property. Last week the neighbor showed up and is claiming that 20 of the 30 acres I purchased is his and he has been paying taxes on those 20 acres for many years. He stated that he is in the process of doing a title search now to find his title for the 20 acres. I might add this neighbor had no relation to the previous owner. So as you might understand I'm a bit confused...being that I have a title for 30 acres, a recent survey for the 30 acres, a recent title search that came back clear and the town tax map shows my p

I’m currently at a small brokerage my first one. I love my broker he is really cool and helpful when I have questions and he has trained me a lot himself. I have been trying to figure out what I need to do to get more leads and have more tools to do what I do. Right now I have real geeks as a CRM through him but it’s not a great program. I have been invited to work at Berkshire Hathaway and KW and Down here in Miami Berkshire Hathaway is much bigger. Have any of you seen a big difference in being at a bigger brokerage vs a small one? What tools do you look for like CRM and Lead Generation. Thank you for you help in advance! submitted by /u/R_Thorburn [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jkqlmb/question_for_fellow_realtors/

Hello! I work in real estate and have just started in a sales position. I am working to get appointments and conversions to listings so any input would be greatly appreciated. What has worked for you? What hasn’t worked for you? Thanks in advance. submitted by /u/enigmaticrhythm [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jkp8dy/how_to_get_appointments_from_prospecting/

We had our offer accepted. The seller did a roof and pest inspection prior to the acceptance and in it she mentioned $7k of pest repairs and $14k in roofing (the roofing my recent inspector told me do not need to be done.) But as for the pest fixes, I was under the impression that seller has to fix these things since she discovered them (and my lender will need it done!) But my realtor is telling me I am not able to ask for these to be remedied because it was known prior to acceptance. And that it’s supposed to be done by me since it was disclosed. (It is in the contract as an addendum). Is she right? submitted by /u/Inertia_spins [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jkon99/who_pays_to_fumigate/

submitted by /u/_Smallwood1 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jkol8p/penalty_for_not_putting_20_down_on_rental/

Can I still get a refinance or purchase a condo if I have a judgement and my part time wages are being garnished ? (This is on a teri loan from 20 years ago and after it I became disabled couldn't do what I went to school for.) Even if my credit is good besides that. Which isn't on my credit report . I am on ssdi and also work part time. I really don't want to claim bankruptcy but may be my only option. Is it true if you do chapter 13 you can refinance or purchase in a year or so after ? This is what a attorney told me today. submitted by /u/Krisinua [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jko8e9/judgement/

It never really occurred to me to do so until now, our agent messed up something major on our closing documents. I got State Farm upon my father’s recommendation when I graduated from college and got my own car insurance. 20 years later, I’m a real adult with a lot more insurance, and all of our policies are with them and I’m not even sure why. I’ve never even met my agent in person. Do homeowner’s insurance rates vary widely from one company to another? Is it worth the time to shop around a week away from my closing date? submitted by /u/Cleverlady0406 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jkogf6/worth_shopping_around_for_homeowners_insurance/

Both my family member and I live in Arizona, and I was considering buying a home in the next few years with assistance from a first time home buyer program. The relative is putting together their will and recently asked me if they could put my name on the deed to their house in the event that something were to happen to them, it would be easier for division of assets. If my name is on their deed, would it affect my eligibility to purchase a home at all since my name wouldn’t be on their mortgage, just on their deed? Sorry and thank you in advance, I know absolutely nothing about real estate! submitted by /u/kittybiscuits11 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jko7cb/future_first_time_home_buying_would_it_be/

I have renters living in my home in NH. The market has been doing very well and my house appraised for over 400k. The renters have decided they want to buy our home will pay our closing costs. Originally they agreed to purchase the home for 400k and pay all fees/closing costs We are not using realtors but have hired attorney/brokers Their agent came back and said they want to increase the purchase amount to 406k so that we would net the same amount if we were to pay for closing. I Originally did not intend to spend any money towards selling the home. Does this seem weird or is it normal? submitted by /u/hero253 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jko6ji/buyers_wanting_to_increase_sells_price/

Due to Reserve your property- Due by Friday 10/30/2020 (Cashier Check or Money order Only;NO Personal Checks Accepted ) A Property Reservation Fee of $1,095 Lease administrative fee of $150 Total amount of: $1,245.00 ***This Reservation fee will become your first month’s rent at move-in. A Property Reservation agreement will also be sent for signature via Docusign shortly. Due At Move In: 11/2/2020 (Cashier Check or Money order Only;NO Personal Checks Accepted) Residence Monthly Benefit Fee of $20 …….See the attached document for all the great benefits! Security Deposit of: $1,400 (Higher deposit due to lack of rental history) Move in/move out fee of $250 Total amount of: $1,670.00 **Your Second month' rent will be pro-rated for those days you did not occupy in November * * I paid the first $1.2k. Today. I'll pay the $1.6k tomorrow. I move in tomorrow or Monday. But when is my first months rent due? Dec 1st? submitted by /u/canispeaktoamanager1 [link] [com

Chase is offering me a 3.125% rate, 0 points with a 90 day lock. Meanwhile, CrossCountry Mortgage is offering me 3.00%, 0 points, but only a 60 day lock (they told me a 90 day lock can be given on a case by case basis, but it requires submitting the application) (their fees are also a little lower). I’ve shopped around a bit and these are the best rates I’m seeing for myself at 30 year jumbo. Is it wise to lock in the 3.125% rate now in the event that rates go up in the next 30 days, especially given that we have an election? Or do you believe this isn’t a huge concern and it’s better to go with the lender offering a better rate now? submitted by /u/BBronck [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jkns4t/90ish_day_close_lock_in_3125_rate_now_lender_a_or/

We heard back from the underwriter on our loan today and he had a list of questions as long as my arm. Proof we paid our taxes owed this year (yep), asking about a company that sent me a check last year (small freelance project), why did we list a minor child on Form A but not on Form B? (Form A is from 2018, Form B is from 3wks ago - child is no longer a minor). Why did said child transfer $900 to our account on X date (paying us back for tuition)... The list goes on... I managed to get everything rounded up this evening, but I don't remember things being nearly this involved when we bought our first house - and that was when we were broke college students with 20k debt, not adults with 6-figure careers spanning 20+ years and no debt. Is this normal these days, or do I have a particularly difficult lender? submitted by /u/codeplaysleep [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jknqny/i_dont_remember_it_being_like_this_with_my_first/

I was thinking about getting a Real estate license in Texas but I have 3 felonies. Would it be worth pursuing? submitted by /u/DerrickTHarris [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jknf9u/looking_for_information/

We are scheduled to close on our first home tomorrow morning. We just got a call from the lender that their computer system is down and they have not been able to print the paperwork. If their IT team is not able to fix the issues by tomorrow morning then we may have to postpone closing. Everything was set and approved, but they literally can’t print the paperwork we need to sign. We only have a few days before we need to be out of our current apartment so we were counting on our set closing time. Do we have any options? Has anyone else been in this kind of situation? submitted by /u/deniicrane [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jknhub/closing_might_be_delayed_last_minute_due_to_bank/

I had a question. We made an offer 35k over ask and agreed to waive repairs on an older home, but lost out to an all cash offer. The status on the listing changed to pending, but after a day or two, it changed to temporarily off market. Our realtor said usually that status comes up before any offer is accepted so it can be relisted, and she hasn’t seen it after an accepted offer before. The seller’s agent hasn’t responded to her. Is this false hope on our part or is it a sign that the original deal fell through? Thanks! submitted by /u/DubsLA [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jknhij/temporarily_off_market_after_accepted_offer/

I live with my girlfriend, who is currently in between jobs but even when she did have a job she did not meet the 3x rent requirement for the rentals we are looking at. The pickings are incredibly slim and options are very limited. There are other realty places but they don't have listing at the moment. We have until December 1 to move and I honestly don't see a way out of this that isn't just soloing the application and lease and having her move in anyway. I want to do this legitimately, but the only way I can see that happening is getting married. Is there any legitimate recourse or am I just doomed to have to violate the lease on day 1? submitted by /u/orange4zion [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jkn66w/nv_not_las_vegas_realtor_wants_all_occupants_to/

Hey all. Received word today there are even more issues with the estate settlement for a clear title on the home we chose. Now, my mid November closing date has vanished(original date was this week), was maybe late November, now its unknown. Sellers had put early occupancy on the table due to ongoing issues and still have it available. They've also now said no charges and can move in anytime. All I have to do is tell my realtor to draft it. We are thinking of going ahead with this. I don't see any cons at this juncture, short of economy tanking again and losing employment but that's a risk no matter what these days. Any other cons or should we go ahead? Any thing to do before confirming it? We've waited and done all our required parts as buyers and been patient. We can't keep waiting and I don't want to walk and find another home(we liked it too much). We could stay where we are, but it is a significant burden. submitted by /u/Moridianae [link]

Reading posts about waiting to buy during the pandemic because of high prices and responses that say people are silly for trying to time the market. However, isn't this an example of a time when you could time the market? We know that demand is artificially high right now for SFH because people want bigger living spaces and yards, they are bored in the cities, etc. As a buyer, if I'm confident that things will go back to normal in 2 years and I don't mind waiting why can't I time this market and assume the market for SFHs will soften? Everyone paying high prices right now is paying a premium for the luxury of space right now - "timing the market" is just waiting for that right now premium to subside after the pandemic. Where am I going wrong? Are house prices too sticky to fall once the demand decreases? submitted by /u/Annual_Telephone [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jkmzyc/why_cant_i_time_this_market/

So in this crazy market, where I have lost out on a house with an offer 30k over asking. I have stumbled across a beautiful house where the price was lower than the market and had been sitting for over 90 days. I asked my realtor to dig up why it had been sitting, come to find out is a short sale. I have decided to make an offer 30% below comps in the area. I would like to know a couple of things from folks in this sub that have experience with short sales. Should I expect that the bank will accept an offer 20-30% under market value in this market? House has an above ground oil tank, wondering if that helps my case. The sellers attorney will be negotiating the short sale. According to my lawyer, the sellers attorney is known for doing short sales, so he trusts that's we are in good hands. What addendum can be added that will allow me to back out of the deal should another opportunity come up? submitted by /u/TheFifthLetter175 [link] [comments] source https://ww

If you could get your very own custom resalability report before you invest in a property what information would you like to see on that report? submitted by /u/Musicianalyst [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jkmwmp/what_kinds_of_detail_would_you_find_useful_on_a/

I’m completely knew to real estate. Does the age of the home have a bearing in finding a well built one? submitted by /u/jamiefgarry [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jkmpj5/age_of_house_considerations/

Feel like I need to vent. We just lost the second round of bids for a house we love. First time we came in 2nd with an offer 10k over asking, buyer got cold feet so the seller went back on market for three hours. Our realtor just called to tell us that we lost this bid (fucking second place again). $35k over asking.. we lost out to a lower bid that waived the inspection on a 35 year old house. Every other offer we have made on a place over the last couple months, always over asking, has gone to a cash offer or someone waiving both inspection and appraisal. This is rediculous. It is making it feel impossible to buy right now without huge cash reserves or a huge amount of risk. /rant. submitted by /u/-Strawdog- [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jkmf5h/this_market_sucks_for_buyers/

Buying a home.Leader Bank in MA quoted me rate 2.25% with about 8.5k in closing costs for 30 year fixed. Total loan costs 3k. I just cannot believe this rate. Although communication-wise they are slow but wanted to ask if anyone has had this rate or any reviews on leader bank submitted by /u/homosaphien1 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jkluk9/lender_quoted_an_amazingly_low_interest_rate_is/

Hi all, I'm wondering if bad debt will effect a mortgage loan. It didn't seem to matter with my fha loan that I didn't end up going through with. Now I'm getting flagged as I'm applying for a conventional loan. I have a credit card with 5k in bad debt status for 2017. I have a very good savings, good credit, and no other debt or credit cards. Will this continue to be an issue and will I just have to pay it off? submitted by /u/Jbk1414 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jkmf9l/bad_debt_and_mortgage_loans/

I went on my first tour of a home this year (I have bought property in the past) and going in I knew the home was overpriced and it has been on the market since March of this year but I figured this was a good time to see a home that has been on my list and a good way to meet my realtor for the first time in person. Realtor sends me CMA before the tour and it shows that the home is over priced. Homes with similar square footage were selling for mid $400k (avg sq foot of around $200) and only homes that were selling for more were larger in size but were still selling for around $200 a square foot or less. This home was selling for $580k (around $250 a sq foot.) I tell the realtor before we head out that the CMA confirmed my belief that the home was overpriced and he responds with the $580k price is "around the ballpark." We get to the home but he was hyping the home that it was owned by an architect and the finishes and remodel done around 2010 were done right and perfect s

Considering a 3 unit deal in NYC. As most of you know, the market has some of the lowest cap rates in the US. But given the size of deal and rents, it worth while at least in my opinion. Can you guys let me know your thoughts? Here are some metrics: Purchase Price: $1.125M Down Payment: ~$400K (35% Down) 4.75% Cap Rate (after vacancies, capex etc.) 1% Annual Rent Increase 2% Annual Property Price Appreciation 30 Year Fixed @ 3.5% 5% Closing Costs at Purchase, 11% Upon Sale Based on my calculations, I have a $1k / month CoC and 7% levered IRR (need to hold for 10 years) Pros: Large enough deal to supplement my current income Higher rate of return than HYSA, index funds (when including tax benefits) Conservative assumptions Family will help with PM Cons: Will likely have to take on management responsibilities even with family help ~30 min away from where I live Covid uncertainty submitted by /u/harv5889 [link] [comments] source https://www.reddit.com/

We made an offer, asked for seller credit to cover closing costs (got it..) Appraisal came back at offer/sale price.. Wondering if it’s reasonable to expect the value of the home to now appreciate/depreciate with the market from the starting point of the sale price? I looked at all the comps and feel good about this house at this price.. just wondering how much it sets the value moving forward.. if that makes sense.. submitted by /u/Rich_Menu_9583 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jk28cf/house_appraised_at_offer_price_does_this_set_the/

Why not offer flat fee to an agent instead of %? How big of a difference is it for seller and buyer agents from one house to another? submitted by /u/meyerovb [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jk2c2i/how_much_more_work_is_it_for_an_agent_to_sell_a/

Short version is that I’m buying my grandmas house but my dad is not deceased. We’d like to avoid property tax being re-assessed ($5k annual difference) if at all possible. We’re trying to figure out if this would work: I buy the home on my own and have both my dad and me on the deed. Then, after a period of time, my dad removes himself from the deed leaving it to me. Would that satisfy the parent to child lineage that avoids re-assessment? Dad wouldn’t be a co-borrower or pay anything but he would in fact live with us regardless. Would there a be a required period of time where he would need to be on deed? Would it work at all? Talking to an attorney at some point but this will he’ll get my loan rolling if I can figure this out. submitted by /u/nezzle1 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jk214g/avoiding_property_tax_reassessment_in_ca/

Hello people, I'm moving to Sydney and is now well on my way hunting for a house. Came across this one but unsure whether it's worth the money. Any thoughts? Cheers from downunder. submitted by /u/Osko-AVRE [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jk1vpd/opinions_on_this_house/

Can I specify let’s say 1% or 2% reimbursement instead of 3%. submitted by /u/meyerovb [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jk1ea3/fsbo_if_i_pay_for_plain_listing_just_mls_listing/

I bought in 2012. Assessed square footage about 3,100. Refinancing now. It's a VA loan (2.25% with a point rebate no funding fee I love this country), so a full appraisal is needed. I made the mistake of saying come on in vs. drive-by. The appraiser turned in an appraisal with a 3,400 square footage measurement. Either her math sucks (my personal opinion, she was gut shooting that laser pointer like she hit a brewery on the way over), or the previous two appraisers missed some additions by the first owners. I know the second owners did nothing and I am the third. So, are my refi savings going to be cut into by an increase in assessed value? Has anyone hit this problem? submitted by /u/knumbknuts [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jk1bzp/california_question_will_a_change_in_assessed/

I've never had debt other than student loans and never needed a credit card. Broker told me I can't proceed with a mortgage application w/o a cosigner until we can generate a credit score which will take 3 months with my new CC. My lease is up on New Years so I was really hoping I would have a place by then. Is there anyway to speed this up? Would getting a mortgage through a bank maybe be able to go through faster? Making 74k, have 47k saved and was going to put 35k+ whatever I need to get into a cheaper mortgage insurance bracket down but since this is taking longer than I expected I may put more down. Looking in the 250-260k max range which my broker said I should have no problem getting Edit: In Canada if that makes any difference submitted by /u/SumTingWong59 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jk0xex/mortgage_broker_saying_it_will_take_3_months_to/

Im selling my house and have a question. Lets say my agent puts it at $300,000, can i still get higher offers like $305,000(example),if so how many days do i have to accept it or not? submitted by /u/Crispers702 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jk0pf7/selling_my_house_first_time_question/

In David's book he said before you establish a team, you need to establish what you want to purchase in real estate. Unfortunately, I found that he didn’t explain how to figure out the type of real estate that works for you or at the very least the frameworks and variables required to arise to some conclusion. Posting in here for guidance. How do I know what real estate properties I should be looking into? Or at least how do I gauge this. I understand that it depends, but a framework for figuring this out would be very helpful. This is the point that I am most stuck on right now. Do I invest in multi-family or single, and so on... I'm 25 and have never done this before. I have 30k cash that I would consider putting down to start the BRRR journey. My salary is in the 6 figures. Outlining this to provide additional context in hopes that it gives responses more guidance. submitted by /u/Mmetr [link] [comments] source https://www.reddit.com/r/RealEstate/comments/j

I am not able to find a clear answer on this. submitted by /u/kevinhcraig [link] [comments] source https://www.reddit.com/r/RealEstate/comments/jk02yw/do_listing_agreements_have_to_be_viewable_in_mls/

Hi Everybody, My wife and I are selling our home and are in the middle of the inspection period. We’ve taken pretty good care of the house since we moved in including replacing and repairing many items of concern. We were pretty confident of a good inspection when coming under contract, and it seemed that way. The general inspector didn’t point out crazy items, and the electrical inspector was satisfied as well. The problems started yesterday with the pool inspector. Our pool deck’s slab has cracks that are purely cosmetic, but, after asking the pool inspector/contractor if there was any concern or anything out of the ordinary, he mentioned that cracks were normal for a 40-year old house. He also let me know that while they could be patched, patching was a temporary fix and that he would recommend completely re-doing the deck. Today, I receive an email from my agent regarding the buyer’s inspection findings. Long story short, the pool contractor quoted them $26,000 to re-do the deck