Housing News

$22k closing costs normal?

Tue, 11 Aug 2020 01:38:09 +0000

I'm in the process of securing a 30-year fixed rate jumbo loan at 3.125% for a $1,115,000 home. I negotiated with a few different lenders and ultimately went with the one that offered the most cash towards closing ($3k). When I got the quote/initial disclosures and saw that the closing costs were estimated at $22k ($19k after their credit), it dawned on me that they could have just added that $3k back in with all these random fees that I don't understand in the first place.

So, how do I make any sense of this? I suppose there's not really anything left for me to do at this point since I close in about a month, but am I being ripped off here or is that a pretty typical figure for a home of this value?

Edit: here is a breakdown of the costs:

Origination Charges: $770 (Application Fee - $395; Commitment Fee - $375)
Appraisal Fee: $400
Credit Report Fee: $40
Flood Certificate Fee: $8
Tax Service Fee: $80
Title Fees: $3,518 (Doc Prep- $150; Lender's Title Insurance - $2,453; Municipal Lien Certificate - $65; Settlement Esc Service - $850)
Recording Fees & Other Taxes: $440
Transfer Taxes: $5,244
Owner's Title Policy (it says "optional," not sure what that means): $2,135
Homeowner's Insurance Premium (12 months): $3,105
Prepaid Interest: $229
2 months of Homeowner's Insurance: $518
6 months of Property Taxes: $6,153 (this will actually end up being about $10k based on what property taxes were last year)

submitted by /u/NewPrivatePractice
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Wide winding streets lead to an impressive estate on a 20,000 sq ft lot. Inside 9 ceilings flow overhead from living to dining room to kitchen through crafted archways, ending in a cozy den. The first floor enjoys a sizable guest bedroom, ground floor sui

Tue, 11 Aug 2020 01:37:13 +0000

Wide winding streets lead to an impressive estate on a 20,000 sq ft lot. Inside 9 ceilings flow overhead from living to dining room to kitchen through crafted archways, ending in a cozy den. The first floor enjoys a sizable guest bedroom, ground floor suite with a full bath, walk-in closet, and french doors to a sitting patio. Upstairs, 13 vaulted ceilings excite the eyes, defining an additional full bath, guest bedroom and a 2nd master retreat.

Just got my refinance funded at 2.25% at 15 year term. And that wasn’t even the lowest rate!

Tue, 11 Aug 2020 01:36:45 +0000

I figured I’ll do a quick write up to share my experience going through refinance. It’s an insane time we’re living in now.

I closed on my refinance last week. The rate was 2.25% for 15 years through Better mortgage.

I shopped around a bit and none of the major banks went below 2.5-2.75%. Better offered 2.25% for around .996 points. (Original term was 1.125 points. I waited a few days monitoring the rate during which the points dropped to .996)

Around the same time, I applied at “Rocket” mortgage and didn’t hear anything for days. There were some banks I applied with too but all came with higher rates.

Better was quick to respond and it was a good rate so I locked in with them.

Few days later, Rocket mortgage called to give me the rate and terms. They were the same as Better mortgage but with higher points. Told them I’m not interested because Better has better terms. They came back and offered the same rate but beat Better mortgage closing cost by $1000.

I thought about it for a min and decided against it because of how slow my experience with Rocket Mortgage was.

Few more days go by, I get a call from Rocket Mortgage’s “executive team” asking if they can help get this across finish line. I told them I’m not interested because of how slow they have been (calls not answered, no response to term questions, etc) and I’d rather not risk closing for $500. They promise this team will do better and also came back and offered me 1.99% in rate for 1.25 points.

Now I’m tempted. I call Better mortgage and tell them that I had received better terms from Rocket Mortgage before but I didn’t tell them because it wasn’t worth a lot. But now with a second, lower rate, I’m tempted and would like to know if they can do anything. I sent them the competing rate and terms.

Better mortgage came back next day saying unfortunately they can’t beat the rate but they’ve removed close to $5k in closing costs and other fees. I did some quick math and realized that I’d have to stay in the house for 10 years for me to break even by going with Rocket Mortgage. Plus, there’s that uncertainty of how slow they will be.

I took the new offer from Better and closed last week.

I locked in the rate in the second week of July. Closing was 3 weeks and 2 days later. Everything except closing was done remotely. For closing a notary came to my house with docs and wearing a mask.

Best of all, I’m getting back $2,500 in an Amex offer for refinancing with Better. (Rocket Mortgage/Quicken Loans had the same offer.)

If you’re in the position to do so, you should absolutely look at refinancing now. I rolled my 30 year/3.875% Mortgage into 15 year/2.25% Mortgage. My payment went up by about $400 but I pay it off sooner, and I save more than $50k in interest if I had just put in that amount as extra monthly payment.

If you do refinance, definitely shop around for the best rate even though it’s a PITA. I’d have paid $5k more if I hadn’t received the competing offer from Quicken Loans.

submitted by /u/NoT-RexFatalities
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This Mustang Modern farmhouse combines the sleek clean lines of contemporary design with the cozy farmhouse aesthetic to create a uniquely fresh take on the country living inspired style. The epitome of craftsmanship, using only the finest quality materia

Tue, 11 Aug 2020 01:32:18 +0000

This Mustang Modern farmhouse combines the sleek clean lines of contemporary design with the cozy farmhouse aesthetic to create a uniquely fresh take on the country living inspired style. The epitome of craftsmanship, using only the finest quality materials the fastidious attention to detail

Can’t decide what size table your living room needs? Then why not get a few—like these nesting tables. This is a great way to make a statement in your living room. These nesting tables add style and flexibility with a stylish and layered look. #livingroom

Tue, 11 Aug 2020 01:26:28 +0000

Can’t decide what size table your living room needs? Then why not get a few—like these nesting tables. This is a great way to make a statement in your living room. These nesting tables add style and flexibility with a stylish and layered look. #livingroomdecor #nestingtable #coffeetable #coffeetableideas

How to make your offer more appealing: Winning in Multiple Offer Situations

Tue, 11 Aug 2020 01:20:14 +0000

In many markets, mine included, there is a shortage of inventory and homes are flying off the market in a matter of hours, with multiple offers. Homes that previously would have sat on the market for a few weeks, or sold for less than they are today.

What that means is, it's a great time to sell if you don't also have to buy; or are moving up significantly in price brackets.

But, if you're a buyer - it's tough out there. People are getting in bidding wars and losing over and over and over, even when going above asking.

(I'm not talking about investment properties/cash purchases here. I'm talking about owner-occupied residences. Obviously cash is king.)

So - how can you put yourself in the BEST position to get the house you really want?

Ask your agent how they present their clients' offers to the listing agents. If they look at you like you have three heads and then say "I email it" - find an agent that knows about the value of communication with other agents. They should be calling the listing agent to present and talk through your offer before sending it. Communication with other agents CAN AND WILL MAKE OR BREAK YOUR CHANCES of getting your offer accepted. There's things that come through a 5-minute phone conversation that just don't translate through a 7-page offer contract. Calling the listing agent to let them know they're sending your offer, asking if there's anything you can put in the offer (more on that later) that will make things easier on the sellers, what kind of closing timeframe the seller needs, stressing that you're approved for more than your offer amount and are a solid buyer and ready to move quickly/maybe have already been through underwriting on another deal that fell through, etc. I had to learn the hard way to ALWAYS let the listing agent know that I was sending an offer - it is not uncommon to have a listing still show as available, but really the sellers accepted the offer the night before and the agent just hasn't changed the status on the MLS. Not to mention - there's a lot of bad agents out there. If your agent is someone who other agents WANT to work with - they know your agent is on top of their shit, will be responsive, respects their time and wants to work together to get the best result possible for both sides - that means something and will sometimes get your offer selected over others.
1. I'm happy to answer more questions about this one, because this one is huge - I severely underestimated it at the beginning of my career and have seen a huge difference in how my offers have been received since I started really pushing myself to improve on this one.
If at all possible - make your offer not contingent on selling. I know that not everyone can do this - I mean, how many people can afford to pay for two houses at once? BUT - if there is any way possible to buy your new home without having to sell your current one, DO IT. Even if it means putting less down and paying PMI until you sell your current home, or looking into a bridge loan. In my market at least, with a stack of offers on a listing, a selling contingency will immediately get your offer thrown in the trash.
1. If this is just not possible - Put your house on the market and have it under contract before you offer on a new house. I get that this is not possible for everyone, because what if you can't find a house? You have to have somewhere to live. Refer back to #1 - have your agent negotiate a longer timeframe to close on the sale of your current home, and select an offer that will let you have time to pick a house. Or, Airbnb, stay with relatives, etc. The reason is, if you have to have a selling contingency, but your home is already listed and under contract (and ideally through inspections) - your selling contingency matters much less than if your home isn't even on the market yet.
FHA vs Conventional - If you can get approved for a conventional loan, offers that have conventional financing are greatly preferred by sellers. A couple reasons why - FHA has an additional inspection that usually means an additional "punch list" of items for the sellers to repair. This can be something as minor as chipping paint on a door or a basement staircase without a handrailing. Things that you're ok fixing/updating after you buy the house, because maybe the seller gave you a credit. But FHA doesn't care - they will not fund the loan until they have proof the seller has fixed these things. Additionally, sometimes they will require a second appraisal that they will NOT let the buyers pay for - so that's an additional $500 out of the seller's pocket. If you're wanting (or your budget dictates) a fixer-upper, or something you can put sweat equity into: many of these will not be approved for FHA financing just due to the nature of that kind of property. As a buyer, yes your interest rate will be lower - but that's offset by higher origination and closing costs, and PMI for the life of the loan; rather than it dropping off when you get to 22% LTV.
If you need closing cost assistance - raise your offer by the corresponding amount so the seller nets the same. For example, if a house is listed at $195k, you want to offer 200k but need the seller to pay $3k of your closing costs (due to how much you have saved up to bring to the table) - write your offer for $203k. The seller nets the $200k even though they're giving you concessions, and the difference in your monthly payment is only a few bucks - because you're amortizing that over 30 years.
Waive your appraisal contingency. If you are lucky enough to have over 20% down payment - consider waiving your appraisal contingency. This means that you cannot back out of the contract and retain your earnest money in the case that the property does not appraise for the purchase price. From the seller's POV, this is just one less hoop to jump through to get the contract to close.
Make your earnest money non-refundable. If you're really serious about buying the property, have the ability to evaluate the structure/major systems of the property and are fairly confident that there's no major issues, and are sick of looking - maybe a couple thousand bucks is worth it to you to lock it down and end the search. If losing $2k of your potential down payment sounds catastrophic to you, this is not the option for you.
Grant a few days to a week post-closing occupancy to the sellers. They have to move somewhere - if they can close on the sale of their current home, get the money, then close on their new home in a few days and not have to show up at closing with all of their stuff on a moving truck - knowing they don't have to do that is worth something. In my market at least, there's a standard addendum for this - they have to maintain insurance, pay for utilities, maintain property in current or better condition, etc. This is a HUGE bonus you can write into offers that is zero more money, but makes a huge difference to the sellers in how your offer looks.
Tell the sellers they don't have to clean the house out. This is especially applicable in distressed or estate sales. If it's an older couple downsizing, if it's an estate sale situation (parent has passed away or moved into assisted living and adult kids are helping sell the home), maybe they're moving into an RV to work remotely and travel. If you tell them you can take what they want and leave the rest - this can be HUGE to some sellers, because it would take them time, money and emotional energy to get the house completely empty. Yeah, you will have to spend a week selling stuff on Facebook Marketplace, making trips to Goodwill, and maybe rent a dumpster - but you could also inherit some awesome stuff.
Appliances, washer and dryer especially. Always have your agent ask about these. Maybe their new place comes with a set, maybe they just bought their set and it's way better than the ones where they're moving so they want to take theirs. Either way, have your agent ask the listing agent if it matters to the seller one way or another, and then write the offer accordingly. (This may vary by market).

These are just a few of the most common ones I see and use on a regular basis in my market. Hopefully this helps some people house hunting make their offers as strong as possible, because many people fail to realize it is NOT just about the number. Happy to answer any questions. Am licensed Realtor in KY.

What else ya got?

submitted by /u/ky_ginger
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Carefully restored

Tue, 11 Aug 2020 01:16:00 +0000

Carefully restored

Is anyone familiar with a rental phone number scam?

Tue, 11 Aug 2020 01:00:53 +0000

I've gotten 6 or 7 calls over the last 24 hours from people who would like to rent the house I apparently have available. (I have no house for rent) I sort of looked for the property but couldn't find it. I'm a little worried for 2 reasons - I'm in the beginning stages of signing on with a RE agency and I don't know if this scam will end up flagging MY phone number as spam or something. The timing of it is just strange I guess?

submitted by /u/imrunninglate0hno
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[FL] I used to work as an inspector for Safeguard in MI, looking for help getting a similar job in Florida?

Tue, 11 Aug 2020 00:57:35 +0000

I’m not sure this is the right subreddit, but I’m having a hard time finding information and hope y’all can help! I worked for my friend’s mom in Michigan as a Safeguard inspector for two years on and off (during college) and loved it.

I live in Florida now and recently lost my job due to Covid-19. Reached out to my old boss and asked if she could help me get a Safeguard job down here, she said she reached out for me but hasn’t heard anything back.

I’m looking for advice as to other companies I could be looking at, what exactly I should be searching for (inspector?), and if I would be a viable candidate to get a similar job with my experience.

Sorry if this is the wrong sub!

submitted by /u/wisconsin_cheese_
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With a distinctive decor sensibility and stone walls throughout, a 5,254-square-foot home on a 17.5-acre spread in New Berlin, WI, demands your attention. The residence is chock-full of eclectic and global decor. Take the enormous Buddha statue in the cor

Tue, 11 Aug 2020 00:52:17 +0000

With a distinctive decor sensibility and stone walls throughout, a 5,254-square-foot home on a 17.5-acre spread in New Berlin, WI, demands your attention. The residence is chock-full of eclectic and global decor. Take the enormous Buddha statue in the corner of the dining room, where hand-carved butterflies adorn the chair backs. In another room, a small red-brick, adobe-type structure resembles a makeshift sauna.

Is Real Estate really that profitable or is this all Smoke And Mirrors

Tue, 11 Aug 2020 00:42:43 +0000

I've read books on R.E (Bigger Pocckets, Rich dad Poor dad, etc.). They all make real estate sound great and dandy, but I find it hard to believe all of this talk. Multiple videos like this one (and ones like Graham Stephen/ Meet Kevin) make me believe you can make insane amounts of money per year (liquid and nonliquid) by investing. What a lot of them don't mention is they're millions of dollars in debt, but still only show the value of their portfolio. What are the risks of Real Estate investing, since nobody talks about it? Other than what happened during 2008, is there a big chance you can wipe out and lose everything? Is it common? Of course knowledge is a factor, and over leveraging, but give me the realistic details please, since nobody else wants to speak on the downsides. I have about $35,000 cash to invest and I want to be sure I'm making the right choice getting into this business

Thank you

submitted by /u/THEORGANICCHEMIST
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How can I afford to rent or even buy in NYC?

Tue, 11 Aug 2020 00:33:22 +0000

Throwaway for several reasons.

Due to a toxic living situation with the parents, my family need to move asap (2+2)

I have a stable gov't job. Currently making $63k until I hit my salary cap of $72k. That won't be for another 5 years or so.

My current net take home is $3k monthly.

We have over $250k saved from living at home.

Most calculators I've seen puts me at a max home price of $340k. Forget about renting apparently since I don't enough income for 40x rent.

Am I missing something?

submitted by /u/Interesting-Mix8493
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Are realtors shaving their commission percentage?

Tue, 11 Aug 2020 00:17:20 +0000

Just lost out on a house because, all things being equal, the other buyers agent reduced their commission to 2% (vs our 3%). Just curious if any others have come similar experiences.

I spoke to our current realtor and she agreed to reduce the fee from 3% to 2.5%, but I'm wondering if I need to push harder for 2%?

Thoughts?

submitted by /u/synester302
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[Boston] How best to reward my realtor's hard work?

Tue, 11 Aug 2020 00:06:24 +0000

I'm selling my Boston-area home with the help of a wonderful realtor. We've been out of state for the past several months and she has ended up doing A LOT of the work to get the house ready to sell. I want to do something beyond the standard small thank you gift gift to recognize the amount of work she has put into getting our place in the best shape to sell. What's the best way to do this? Any larger gift ideas or thank you gestures that make sense in a situation like this anyone can recommend?

submitted by /u/LolaBelleEl
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(FL) what happens to your deposit if a new home developer goes bankrupt?

Mon, 10 Aug 2020 23:49:33 +0000

I'm a brand new agent and have a client that is buying a new construction home. The client already put down a deposit for the home/lot. The house is scheduled to be built in the first half of next year. Let's say for some unforeseen reason the developer goes bankrupt, what happens to that deposit?

submitted by /u/Quentin718
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Mold Questions - First Time Homebuyer

Mon, 10 Aug 2020 22:07:29 +0000

Wife and I finally got an offer accepted for $282K ($13K over asking) for a house we absolutely love. We went a bit higher than we initially sought out to, but got everything we wanted/needed. This is after striking out a lot this summer. As title states, we have various mold questions. The only certainty: there is mold in the unfinished portion of the basement that has gone untamed for quite awhile, but no mold in the attic.

One remediation service (A) thinks the poor grading on the outside of the house may have caused it; another service (B) believes the lack of vapor shield over crawl space and lack of air flow caused it. Who to believe?
Service A quoted for a mold repelling paint to be applied; Service B stated that such work is expensive and unnecessary. Who to believe?
Don’t we need to identify the cause before we should feel comfortable buying the house?
Do we need to ensure there isn’t mold behind the drywall in the finished part of the basement? Or other parts of the house?
Will it be possible for the sellers to remediate the mold prior to the appraisal? (We offered to cover appraisal gap, so we will only move forward on this condition, as mold will affect appraisal value.)

Additional context: Service A was hired by our realtor, who we don’t 100% trust. Service B was referred to us by our inspector who we were quite pleased with and trust greatly.

submitted by /u/xN0T_A_C0P
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This incredible, Bridgwater designed home is the original modern farmhouse complete with great unobstructed views, a welcoming circular entry, and a dramatic great room with a stylish bar and dining room for entertaining. The beautiful light drenched kitc

Mon, 10 Aug 2020 21:43:20 +0000

This incredible, Bridgwater designed home is the original modern farmhouse complete with great unobstructed views, a welcoming circular entry, and a dramatic great room with a stylish bar and dining room for entertaining. The beautiful light drenched kitchen has professional appliances and a large butler's pantry with a lawn and firepit for stargazing. #modernfarmhouse #parkcityutah #mountainhome

How I made 6,553% ROI in Chainlink Crypto Coin | Bought at $0.10 a coin, Now $12.63 a coin

Mon, 10 Aug 2020 21:35:00 +0000

Chainlink Crypto Pumping | Why Gold & Silver Premiums So HIGH

Mon, 10 Aug 2020 21:23:11 +0000

Short-term rental for school enrollment?

Mon, 10 Aug 2020 21:17:38 +0000

I should be closing on a new primary residence at the end of the month, not contingent on the sale of my current house. We had planned to sell it shortly after moving out, but it occurs to me that the timing is just a little late for the school year to start.

While I don't want to be a long-term landlord, I would consider a short-term arrangement for a potential buyer to rent during the closing process so their kids could get into school. We live in a desirable district, and I could see a potential drop in interest as we move into the fall.

Is this nuts? I'd the market crazy enough now that it doesn't matter?

submitted by /u/a_real_human_account
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Advice for first time home buyers (NY/NJ)

Mon, 10 Aug 2020 21:15:35 +0000

Hello all.

My partner (30) and I (28) have been together for 5 and a half years (married for 2.5 years) and are thinking about purchasing a home. We were first aiming to save 20% for a down payment since that’s what’s recommended but recently came to the realization that it is just unrealistic. We just cannot save 20% for a literal overpriced shoebox in NYC.

I have been doing lots of research and have found that many have been able to purchase a home without having to put down 20%. At first, I thought an FHA loan was the way to go, but then we wouldn’t want to be stuck with a PMI for the lifetime of the mortgage. Based on our income, credit, and savings, it seems like a conventional loan is the way to go. But then there’s the down payment situation. I think?

Here is our info:

He has a credit score of 750+ and mine is 806 (we pay our credit cards in full every month and no history of late payments)
We have no debt whatsoever.
Combined Income of $90,000 (raises coming in the future)
So far, we have saved $30,000, and he has $50,000 in his savings
He works on Rockefeller Center and I in the East Village (both good full-time, salaried jobs that we’re happy with)
Our families are willing to help us purchase a home

Because of our limitations, and how expensive the market is in NYC, we’re considering NJ. Specifically Jersey City, Hoboken, Union City, or Weehawken, so we’re still close to the city near family. Ideally, we are looking for our forever home, and not a “starter” home since we don’t want to be moving around. We’re just very ready to settle into a beautiful, quiet neighborhood. We’re both over living in NYC. We currently live in north Williamsburg, and it’s just so busy and loud all the time (COVID isn’t stopping anyone it seems.) The older we’ve become, the more we seek peace and quiet, and ample space (which we don’t really have in our current apartment.) Since we’re both used to living with people below and above us, we are completely okay with the possibility of purchasing a townhouse in NJ. Or even proper house if we have the opportunity (we’re aware of the price hike and expenses of a townhouse vs a house.)

We have looked at NYC and NJ real estate, and honestly, NJ seems like a way better fit. More secluded, and MUCH cheaper for double the size of what a home in NYC would be.

So in your opinion, what are our options? Do you consider us to be good candidates for a conventional loan?

submitted by /u/-HonestMistake
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NYC Deposit Woes

Mon, 10 Aug 2020 21:14:14 +0000

Situation:

We moved out in June at a Co-op building on the UES of NYC. We have been trying to get our deposit back from our landlord but he has ignored our email/calls on the subject. We had a brief email exchange during this period regarding other logistics.

Complication:

Our lease ended originally in May, we then entered into a verbal agreement to do a month to month extension. We extended for one month, gave 30 days notice and moved out by end of June. Landlord was under the impression that we needed to give 60 day notice (per original lease contract). This made no sense to us as we’d agreed to a month-to-month extension after the original lease term.

Lawyers got involved but thankfully over the phone we were able to resolve the dispute. Verbal agreement was that he would not penalise us in exchange for us moving out as quickly as possible. Last communication with landlord was friendly. Move out was smooth.

Questions:

(1) Why do you think our landlord has refused to answer any emails on the subject? Are we losing any legal advantage as time passes?

(2) What can we do to get our deposit back?

submitted by /u/ApartmentWoes101
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Escrow

Mon, 10 Aug 2020 21:00:06 +0000

If i pay my pre paids at closing (real estate taxes, HOI, etc) , why is it included in my monthly payment?

submitted by /u/derin082
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Getting brokers license

Mon, 10 Aug 2020 20:26:56 +0000

Do you guys think it is worth getting into real estate ? I am torn between 2 career choices. I just want to make the right decision

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Looking for some advice re: finances and home buying

Mon, 10 Aug 2020 19:44:16 +0000

I'm looking for some advice and feedback.

So I went back a year with my finances. With all of my monthly bills (auto/house insurance, phone bill, electric, gas, trash, etc), I pay about 1,100 monthly, plus another 500 for groceries.

My total net income per month is 5,100. Minus my expenses, my leftover cash is 3,500/month.

So if I'm looking for a house, would it be safe that I could afford a 3,000 mortgage - with 500 as a cushion.

Thanks everyone.

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What does it mean if we are waiting for the Title Company and Lender to balance the numbers?

Mon, 10 Aug 2020 19:38:07 +0000

I close tomorrow’s and my broker told me that they are waiting for the Title Company and Lender to balance. I’ve already been approved through underwriting.

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I get really bad vibes about the agent I'm working with for a small commercial space. Is this normal?

Mon, 10 Aug 2020 19:05:39 +0000

I'm looking to rent a small commercial space, between 300-700 feet. The building's agent has been super icy with me throughout all of our communication together, both in person and over email. For our first showing she had the time wrong and thought I was two hours late even though we both confirmed the time in writing over email. Then when I did show up she was 15 minutes late with no communication. The showing was fine, but she ended it by giving me one final bit of information about the building and then she just turned her back on me and walked to her car. No goodbye or follow up details, etc.

We next spoke on Saturday over email about moving forward on a unit. I sent the application in that same day asking for what comes next, but never got a response. It was around 5pm so maybe she was done for the day. Didn't hear from her on Sunday either, which is fine.

By Monday at noon, still no response. At this point my circumstances had changed to where I could increase my budget and now I wanted to see bigger spaces in the building. So I decided to email her today to explain that and she replied quickly saying to meet her at 3pm today. I thought it was weird that she didn't check to see if I was available that day. Anyway I confirmed for 3 o'clock today and then she emails back saying to meet her at 2:30 instead. Again I find it weird that there's no checking to see if that works for me - it just comes off as demanding.

I'm new to real estate and all it's customs so I don't know if people are usually just this impersonal. Or maybe some aspects of the short communication is normal but in combination with her other communication anomalies it makes her on the whole seem suspicious and rude, at least to me.

I get that she wouldn't make a high commission off the spaces I'm interested in but I expect common courtesy, not just the absolute minimum.

submitted by /u/Low_Representative_2
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Should I sell my NYC co-op?

Mon, 10 Aug 2020 18:52:42 +0000

Background. It's a studio co-op in a "prestigious" area of Brooklyn. Beautiful neighborhood, lots of outdoor space. I'm confident the neighborhood will always be "nice" but if NYC as a whole goes down, certainly this neighborhood will be affected greatly (it's fairly central).

I bought it at $410,000 in early 2017, interest rate of 3.25%. Down payment of $160,000.

I put it on the market and recently received an all-cash offer of $384,000

I would be selling at a loss, which dissuades me from selling. However, my concern is that other than my retirement, emergency savings, and 11K in the stock market, a good chunk of my assets are tied into this studio. If my studio continues to depreciate with greater WFH adoption/people permanently leaving NYC, I can't imagine being stuck in a tiny studio for who knows how many years...

Any thoughts?

submitted by /u/Pandemicwomanstache
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My broker says I (the buyer) won't get a copy of the appraiser's report until closing... is that normal?

Mon, 10 Aug 2020 18:27:22 +0000

I'm closing on a home in 4 weeks and everything has gone smoothly so far. Inspection is done, purchase & sale signed, etc. No bumps at all, I trust everyone involved in the process, etc.

My agent told me this morning that the appraisal is happening today (I assume it's the lender's appraiser). He said that we typically won't hear from the appraiser unless there's a problem. Based on all the research I've done, however, I was under the impression that the buyer and seller learn the appraisal value of the home before closing, and that sometimes it's used in further negotiations. So, I asked my agent when I would find out the appraisal amount, and he said that typically the buyer gets the report at closing, but that he could "see" if we could get it sooner.

Is this normal? If so, then why is everyone always talking about what their home appraised for before they even close on it?

Edit: to clarify, I'm not wanting the seller to have a copy of the appraisal report. I just said that I had heard that buyers and sellers sometimes re-negotiate pricers if the appraisal is off. I'm just asking whether it's normal for me not to get a copy of the report until closing (which is apparently not normal, based on the replies so far)

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Am I buying too much? Need your expert advice.

Mon, 10 Aug 2020 17:54:43 +0000

I have put off buying a home for a long time, renting a 2 bed apt currently at $1300. I live with my partner, no plans for kids, and I have a friend renting with us. I earn 100k, partner earns 30k, and I was able to save up about 160k cash.

We know we are staying in the area for at least 2 years and it's possible we may move away at that point, so we wanted to find a place we could rent when we leave as an investment.

We recently went under contract for a home at 529k. Appraisal at 595k (according to seller agent, haven't gotten it done yet on my end). Interest rate 2.875% and APR 2.89% with 2k closing costs. I have a plan to put 105k on it to avoid PMI, which brings me down to 53k in savings.

The monthly payment will be about $2400 when factoring in PITI and 0.05% expected monthly maintenance, although it's a newer home. Quite a jump from $1300! And that is about 40% my personal take home income. I will have my partner paying $400 while she's in school, but I of course can't plan for that. So yeah, 40%.

HOWEVER. This should able to be converted into a duplex with about 12k cost (cuts my savings further to 41k). Plan to convert basement into a 1 bedroom apartment that should be worth $800/mo based off the area. Shared utilities (I know) but zoned temperature control and possible sub-meter to make electricity separate, still not sure.

So once that is rentable, that would make my own personal cost about $1200. The top unit would likely rent for $1700 by my estimation. This would net at least $2500 / mo compared to the $2400.

I have scripted it out and found that compared to renting, I would personally save 23k over 5 years in this scenario without taking appreciation into account. But is it enough for the added stress? Honestly, it has been incredibly stressful taking this jump, but if it's a sound investment, it's a sound investment right? Am I being a baby or am I pushing myself to my limit?

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Netflix’s “Queer Eye,” now in its fifth season, has the Fab Five busier than ever helping people make a fresh start. In each episode, Berk turns disorganized, outdated spaces (primarily in Philadelphia) into chic show-stoppers where people are proud to li

Mon, 10 Aug 2020 17:48:14 +0000

Netflix’s “Queer Eye,” now in its fifth season, has the Fab Five busier than ever helping people make a fresh start. In each episode, Berk turns disorganized, outdated spaces (primarily in Philadelphia) into chic show-stoppers where people are proud to live. Need some fabulous inspiration for your next home improvement project? Read on to find out some of Berk’s best home decor moves from Season 5, which could amp up your own abode this summer. #queereye

Why are some two story homes listed as one story homes?

Mon, 10 Aug 2020 16:43:19 +0000

I'm only looking for single story homes. Occasionally I find a listing with unusually high square footage and I almost immediately see pictures of a staircase and a second floor. The description will also say something like "lovely second floor (game/kids/bed/whatever)room must see." In the details about the house where I can see all the specifics it will clearly state Floors: 1.0.

Why do these two story homes get listed as single story?

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What are the best ways to find residential growth patterns for a city?

Mon, 10 Aug 2020 15:26:29 +0000

I have a research project where I am asked to find growth patterns for three cities. Up and coming neighborhoods, property, construction, and etc.

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Take a trip down memory lane, in this retro, chic, mid century modern home. Finding a home in this market may be difficult and finding one with these details is unheard of. You'll be enamored with the architectural charm, the plethora of large windows, a

Mon, 10 Aug 2020 15:01:28 +0000

Take a trip down memory lane, in this retro, chic, mid century modern home. Finding a home in this market may be difficult and finding one with these details is unheard of. You'll be enamored with the architectural charm, the plethora of large windows, a period specific stone fireplace, original hardwood floors, and original kitchen-perfect for all those vintage cool cats. #midcenturymodern #retrohomes #vintagehomes

Gorgeous brand new mid-century modern renovation 5 minute drive from Bear Mountain Ski Resort. Fresh blend of classic elements and contemporary design unifies around rich wood and expansive windows to maximize living space and bring the outdoors in. Featu

Mon, 10 Aug 2020 14:56:08 +0000

Gorgeous brand new mid-century modern renovation 5 minute drive from Bear Mountain Ski Resort. Fresh blend of classic elements and contemporary design unifies around rich wood and expansive windows to maximize living space and bring the outdoors in. Features a colossal great room, sleek kitchen appointed with custom cabinetry, quartz countertops and quality appliances, sauna/spa lounge, top level master suite with peek-a-boo lake views, attached 2 car garage, laundry room, and abundant decking.

Here are 10 classic dining room decor ideas for dining room furniture, lighting, and decor that will never grow old on you or your guests. #diningroomdecor #diningroomdecorideas

Mon, 10 Aug 2020 14:33:18 +0000

Here are 10 classic dining room decor ideas for dining room furniture, lighting, and decor that will never grow old on you or your guests. #diningroomdecor #diningroomdecorideas

A home built for a fashion icon by an architecture icon, this fully restored midcentury modern residence on Finney Farm Road in Croton-on-Hudson, NY, was built in 1953 for the artist Vera Neumann. She and her husband, George Neumann, hired her friend the

Mon, 10 Aug 2020 08:55:15 +0000

A home built for a fashion icon by an architecture icon, this fully restored midcentury modern residence on Finney Farm Road in Croton-on-Hudson, NY, was built in 1953 for the artist Vera Neumann. She and her husband, George Neumann, hired her friend the celebrated architect Marcel Breuer to design a 3,200-square-foot home on almost 3.5 acres on the Hudson River.

WHO IS BUYING ALL THE F’N HOUSES

Mon, 10 Aug 2020 05:27:55 +0000

For the love of Doug, WHAT IS HAPPENING. My sleepy ass town where beautiful houses take weeks to sell and houses are going pending same day. Why and what and STOPPPPPPPPP.

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Impeccable renovated loft design from Troy Dean Interiors. Explore this duplex space customized with 2 giant TVs in the living room, half-floor kitchen, massive bedroom, modern lighting throughout and stunning floor to ceiling windows. #duplex #loft #loft

Mon, 10 Aug 2020 03:50:02 +0000

Impeccable renovated loft design from Troy Dean Interiors. Explore this duplex space customized with 2 giant TVs in the living room, half-floor kitchen, massive bedroom, modern lighting throughout and stunning floor to ceiling windows. #duplex #loft #loftidea #loftdesign #modernloft #moderninteriordesign #contemporarylivingroom #livingroominspiration #customhomes #loftspace

Check out these mid-century modern stunners which show off modern architecture at its finest.

Mon, 10 Aug 2020 02:55:00 +0000

Check out these mid-century modern stunners which show off modern architecture at its finest.

We all want something soft to plop down on at the end of the day, and these extra-wide armchairs are the perfect solution for seating that’s both cozy and stylish. Extra-wide armchairs have become so popular because they still have that midcentury modern

Mon, 10 Aug 2020 02:39:42 +0000

We all want something soft to plop down on at the end of the day, and these extra-wide armchairs are the perfect solution for seating that’s both cozy and stylish. Extra-wide armchairs have become so popular because they still have that midcentury modern vibe but are more cozy, and people want to love the space they’re in—like by creating a cozy nook like this one. #livingroomdecor #armchairs #livingroomarmchairs

Gorgeous brand new mid-century modern renovation 5 minute drive from Bear Mountain Ski Resort. Fresh blend of classic elements and contemporary design unifies around rich wood and expansive windows to maximize living space and bring the outdoors in. Featu

Mon, 10 Aug 2020 02:38:21 +0000

Bridgwater designed home is the original modern farmhouse complete with great unobstructed views, a welcoming circular entry, and a dramatic great room with a stylish bar and dining room for entertaining. The beautiful light drenched kitchen has professio

Mon, 10 Aug 2020 01:46:10 +0000

Bridgwater designed home is the original modern farmhouse complete with great unobstructed views, a welcoming circular entry, and a dramatic great room with a stylish bar and dining room for entertaining. The beautiful light drenched kitchen has professional appliances and a large butler's pantry. A separate wing gives your guests privacy, and a spacious master bedroom suite has a cozy fireplace and seating area, #modernfarmhouse #parkcityutah #mountainhome

Here are 10 classic dining room decor ideas for dining room furniture, lighting, and decor that will never grow old on you or your guests. #diningroomdecor #diningroomdecorideas

Sun, 09 Aug 2020 21:18:35 +0000

Here are 10 classic dining room decor ideas for dining room furniture, lighting, and decor that will never grow old on you or your guests. #diningroomdecor #diningroomdecorideas

A Hollywood legend, reborn! Dubbed Casa Cubana by architect Jack Donovan and featured in AD in 1923, this Hollywood gem is sited on an expansive corner lot and nestled alongside fairways of the Wilshire Country Club. With a starring role in L.A. Confident

Sun, 09 Aug 2020 18:07:19 +0000

A Hollywood legend, reborn! Dubbed Casa Cubana by architect Jack Donovan and featured in AD in 1923, this Hollywood gem is sited on an expansive corner lot and nestled alongside fairways of the Wilshire Country Club. With a starring role in L.A. Confidential, this landmark property is now re-imagined. Enter the two-story living room with original fireplace, dramatic chandelier and exquisite iron staircase leading to a picture-perfect mezzanine balcony.

Renovating a home can pay off big-time, especially in the long run. Luckily, there are ways to cut costs during the process.

Sun, 09 Aug 2020 14:57:38 +0000

Renovating a home can pay off big-time, especially in the long run. Luckily, there are ways to cut costs during the process.

We interviewed a couple who left a large house in Miami to live together in a cabin (with just over 300 square feet of floor space!), for tips on how to live stylishly and comfortably in cozy quarters. Read their story and get a personal take on how to fu

Sun, 09 Aug 2020 11:48:09 +0000

We interviewed a couple who left a large house in Miami to live together in a cabin (with just over 300 square feet of floor space!), for tips on how to live stylishly and comfortably in cozy quarters. Read their story and get a personal take on how to furnish a smaller home. #smallhomedecor #smallspaceliving #smallspacedecorating

No matter what kind of fireplace you have, we’re guessing it could use a little extra glam. A modern, wooden round mirror over your fireplace increases the natural light and softens the edges and sharp angles. This one brings a stylish interest to the oth

Sun, 09 Aug 2020 06:58:10 +0000

No matter what kind of fireplace you have, we’re guessing it could use a little extra glam. A modern, wooden round mirror over your fireplace increases the natural light and softens the edges and sharp angles. This one brings a stylish interest to the otherwise angular feature and, with the bent-wood frame detail, gives the warmth of rich texture. #mantlemirror #fireplacedecor #mantledecor #hearthmirror

Breakfast nooks are an acquired taste. They were vastly popular in Craftsman homes of the 1920s and 1930s, and now, as with many design trends, they’re making a comeback. Breakfast nooks are quaint, but they're hardly the definition of practicality. We re

Sun, 09 Aug 2020 02:27:12 +0000

Breakfast nooks are an acquired taste. They were vastly popular in Craftsman homes of the 1920s and 1930s, and now, as with many design trends, they’re making a comeback. Breakfast nooks are quaint, but they're hardly the definition of practicality. We reached out to experts, including architects, builders, designers, and real estate agents, for honest opinions about breakfast nooks—and whether or not they'd advise homeowners to invest in building one.

Bushcrafter Benchmade Knife Honest Review | Bushcrafter 162 | Every Day Carry Knife (EDC Overview)

Sun, 09 Aug 2020 02:23:30 +0000