Housing News

Home appraised in 2016 but never marked ‘complete’?

Tue, 16 Apr 2024 09:52:41 +0000

I’m a first time homeowner in NC and my husband and I bought our house back in 2016. It was built by “Wade Jurney” and we are the original owners. I myself, am in the property management field and find myself using the GIS website frequently. Recently there have been several homes to sell in the neighborhood, and naturally, I was curious to see how our home compared. Here’s where it gets confusing. Apparently our home was NEVER marked complete by the appraiser/tax office. It was still showing as only 40% complete!

Full disclosure, I am not a licensed agent in NC and have no idea what this means. So… I called the tax office and they said something definitely didn’t look right and someone would look into and follow up with me. 24 hours later, I get a call from the Tax Manager and he sounded shocked, embarrassed, confused (you name it) as to why it has gone unnoticed since 2016. His first question to me was “how did I recognize this?” I told him I was in the PM field and something didn’t look right. Well he goes on and attempts to explain to me how their office has several “tags” set in place to where if something was not right it would trigger an investigation, however those tags were never inputted correctly so it has gone unnoticed this whole time. He said that my home has been undervalued since 2016 and asked me to be patient with him while he gets with the Tax Collector and ‘runs numbers’ and gets back to me because I will have to pay back the difference in taxes even though it is clearly an error on their part!! Mind you, I have NEVER been late on a mortgage payment, and I always pay my taxes. Actually, my yearly taxes are paid from escrow from my mortgage payment each month.

I don’t want to be uneducated here and I really want to consider what my options are because I don’t think it’s fair at all that I should be penalized because someone from their office never marked my house as complete. I assumed it was complete when we CLOSED on the property! We haven’t done any major improvements to the home since we bought it, and this entire time I have budgeted for our homes expenses based on what it has always been.

I don’t know what to do. The Tax Manager said he’d walk me thru the appeal process because he 100% agreed with me and acknowledged that it was completely their error. This is stressing me out because like most people, live paycheck to paycheck and have two children and kids are expensive! Now I’m getting penalized for someone in their office not doing their job?

submitted by /u/Powerful_Abroad9224
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Shoot your own video tours with WinkCloud.io

Tue, 16 Apr 2024 09:44:29 +0000

www.winkcloud.io

submitted by /u/Brilliant-Ad3658
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Looking for advice on my property

Tue, 16 Apr 2024 09:35:17 +0000

Not sure I’m in the right sub, but we own a house on a double lot in a major city. Might be worth around $550,000. Honestly the land is worth more than the house. We have about $100,000 left on the mortgage. In our neighborhood, investors will tear down houses and build huge 3bed 2 bath duplexes. And sell each side for $500,000. We had a crazy idea of knocking down our house and building 2 large duplexes and living in one of them and renting/selling the other 3 units. The goal would be gain some kind of financial freedom or just be in a better spot financially. The catch is, we have zero cash to pay for any of it. All we have is the equity of the property. Do you think A: this is a decent idea? And B: a builder or bank would loan us the money or do some kind of property trade? Any ideas/advice are welcome.

submitted by /u/Schmezmar
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Should I buy first home or an investment property first? Which state is best in Australia?

Tue, 16 Apr 2024 08:56:59 +0000

submitted by /u/Ok_Jaguar_4713
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Seller hasn’t moved out 48 hours before close

Tue, 16 Apr 2024 08:32:23 +0000

Hopefully this post isn’t too long but here is the cliff notes of our situation. My wife and I just met with the notary tonight to sign off the final closing paperwork on the townhouse we are buying in CA. During the signing she mentioned that when she met with the seller at the home this past weekend it looked like she hadn’t packed a single thing even though she is supposed to be out on the 17th. Then when we were finishing up with signing the paperwork our real estate agent showed up and told us that the seller all of sudden wants more time to move out. Apparently she still doesn’t have a place to move to and the stupid woman has 2 children. This entire thing threw a massive wrench into our plans since we had movers scheduled for Saturday and we told our apartment we were moving out by the end of the month but now we are stuck for at least another week which is going to cost us money.

We are still closing on Wednesday so that we don’t lose our insanely low rate of 5.75% (long story but basically our mortgage broker screwed up and put down the wrong rate on a dock we all signed, should have been 7.25%) and I am scared this stupid woman will refuse to move out. She has been such a pain during this entire process and as we have been going through closing we found out that the seller basically can’t afford the place (she bought it in 2021 for $325k and is selling to us for $345k) and that she was behind by almost $5k alone on her HOA. Hopefully she will be out by this weekend but if she doesn’t move out we may get stuck with a squatters situation. I will post an update once I know more.

submitted by /u/Drew_916
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Vent about company move

Tue, 16 Apr 2024 08:07:46 +0000

My partner got an amazing job and supposed amazing job offer to move out of state. We were so excited. We asked for the full relocation package and they said they’d send it once they set him up in the system but gave him the totals, and what could be allocated where. As we all know this is a terrible market right now. We have an amazing home with a great rate. But they were offering to cover all closing costs and then $20k that could go toward buy down or down payment and the job itself is my husbands dream job, so we took it.

They wanted him to start immediately so we drove to the new state and house hunted. Found an incredible home. Got our offer accepted. Met all of his coworkers. His boss and HR congratulated us on the home etc. he starts the job in 2 weeks and we close May 1.

Relocation (a 3rd party) called us this afternoon and told us that since we didn’t use their preferred realtor or lender that we’d not be getting any of the $20k or closing costs for 90 days. lol. They said if our realtor gave them a 55% referral fee they’d try and get us these reimbursements at closing. Obviously no. And I called all of their lenders, and they’re quoting me 8% when I’m locked in at 6.75%.

What the actual fuck? We make great money and are doing well in life, but we only bought our current home 13 months ago and we’re NOT set up or expecting a home purchase right now. We don’t just have $50k cash. We are “asset” rich and cash poor. All of our money is in IRA, retirement, real estate and bonds.

I’m so pissed that relocation is only just now contacting us, and that while we kept everyone updated every step of the way, no one knew this and the people that knew about these policies didn’t touch base until today. Our current home is officially rented out for one year and oh, I’m 8 months pregnant.

I’m not looking for advice, just venting. We asked for the relocation package details on March 25th and they emailed us monetary amounts and basic bullet points. Perhaps I’m dumb, but we’ve both relocated for work today and I have never heard of such stupid and specific fine print.

So wish us luck. I guess I’m gonna go pimp my pregnant body out and sell my organs to get closer to having $50,000 cash!

submitted by /u/yourmomhahahah3578
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Sales agents who have PAs (personal assistants). What would you want them to do better? What are common mistakes they make? Any tips for this role to get as good at it as possible?

Tue, 16 Apr 2024 06:34:23 +0000

As title asks. Any info would be greatly appreciated :)

What is the personal dynamic with your PA? Are you friendly or strictly professional?

submitted by /u/crumpet-11
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Just closed on a contentious sale

Tue, 16 Apr 2024 05:31:27 +0000

And the sellers unscrewed all the baseboards lol.

Jokes on them, we were planning to switch them out anyway, but good grief

submitted by /u/monstersof-men
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We found out the beautiful cabin with 40 acres we put an offer on was the place of an unsolved murder. We are unsure how to proceed.

Tue, 16 Apr 2024 05:19:16 +0000

To start, this is my first time posting on Reddit so bare with me. This is just such an unusual situation that google really couldn't give me an answer to so I'm here to ask you guys your opinion.

My girlfriend of 2 years and I have been wanting a change of pace recently. We have decided that we want to buy a tranquil piece of land to work on and raise a family in. We currently live in a growing suburb of a southeast metro so this is a much different area than we have been used to. We have settled on a 40 acre property with a 1,000 sqft cedar cabin on it which has an upstairs we can add bedrooms to in the future. It has rolling, wooded hills; two spring-fed creeks that are filled with sand bars and crystal clear water. The entire property is a little neglected, but it's absolutely gorgeous. From the cabin to the actual land, this is one of the prettiest properties I've ever laid eyes on. Also for reference, I am experienced as far as renovations and handy work goes, so this property doesn't scare me at all as far as the work is concerned. Which to be fair, it doesn't really require that much work, all things considered.

Anyway, my girlfriend started telling coworkers about it and the general area where it was located and one of them basically said something to the effect of "Not to scare you, but I think someone was murdered around there about a year ago." My girlfriend googled the "murder in X area" and found that someone was indeed murdered out there about a year ago. For this post, I will call the murdered individual "John Smith". So we think, "Oh well, surely that's somewhere else. Not this place". So we decide to go ahead and place an offer on the property. During the course of signing the paperwork, we notice that the contract lists "John Smith" as the seller and we think "Huh, that's the same guy from the article." We do some Facebook stalking, and sure enough, this is the property where the murder took place. The seller is the son, John Smith Jr, who probably inherited it. We decide to call the listing agent and just ask her straight up, "Was someone murdered here?". She begins to tell us that yes, the property is owned by the son and yes his dad was murdered there a little over a year ago. Props to the realtor on this because technically in our state, she doesn't have to disclose this.

Apparently, John Smith Sr. was sitting in his recliner in front of the wood burning stove talking to a neighbor on the phone, and someone just walked up to the window, shot him a few times in the chest, and then left. The only reason they know is because there were shell casings outside the window and holes in the window pane. Apparently nothing was stolen and there were no signs of forced entry.

Honestly, it doesn't really bother me that someone was killed there. Generally speaking, people don't usually die for no reason. I'm sure he pissed off the wrong person bad enough that they felt the need to go to this secluded house and take his life. What DOES bother me is the fact that this murder is still unsolved. I imagine the person that killed him has an intimate knowledge of the house to at least know where he was so they could kill him. Before finding this information out, we already decided we were going to outfit the property with cellular cameras and motion lights. There's a gated driveway entering the property that we were going to install a sensor plate/cameras on to let us know if a person/vehicle entered it. We were going to get a larger protective dog breed to help as well, salarm system, firearms, BLINDS ON THE WINDOWS 100%...the works. The security isn't the issue.

I just can't shake the fact that someone has intimate knowledge of this house, and more than likely the land, and the fact that they are still walking free just unnerves me a bit. We have viewed the property 5-6 times, and during the day, I feel absolutely at piece. The tranquility of the property is undoubtedly there. But at night, it almost feels unsettling. Almost like you feel eyes watching you. And I know it's probably just in my head, but it's just hard not to imagine it knowing the context.

My question to you is: How would you feel about living in a secluded cabin on 40 acres of land, that was the place of an unsolved murder? I LOVE the property, but I don't want to be paranoid living out there either.

submitted by /u/SquirtyMcGeeHee
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Previous resident still registers car to my house

Tue, 16 Apr 2024 05:00:04 +0000

Hi there. I recently bought a home. The owner passed away however I know she had a few family members living with her.

Her son rang our doorbell only a week after I moved in claiming to not know the house was sold. Mentioned that he was pretty much homeless and didn’t have anywhere to send his mail so asked if we could hold onto it for him. We said we would for 1 week. After 1 week we just started refusing packages and returning mail to sender.

He has come a few times asking if we have his mail we say no go to the post office. Now he left us a note asking not to send his mail from today to the post office because it has his car registration. No I will not hold onto any mail but I don’t want his car registered to my house. I have also seen when I transferred my car insurance to my new address that other cars have with his name on it are insured at my address. Any recommendations? Should I just go to the DMV and explain that only my car should be registered to this address? Thank you.

submitted by /u/ImportantProduce1159
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Getting a primary residence mortgage for a rental property?

Tue, 16 Apr 2024 04:56:48 +0000

So I had a fantastic opportunity knock on my door, for a small fixer upper in a great neighborhood. FSBO, and the price is right.

The caveat is that the home is currently inhabited by a renter with 5 months remaining on their lease agreement.

The numbers check out, and we are capable of allowing the current tenant to run the course of their lease, which expires in about 5 months, at the end of September. This hopefully avoids an eviction process, cash for keys, or squatting.

We will occupy the house after the tenant vacates the property, but I do not want to qualify the home as a rental or investment property while filling out loan/mortgage applications.

How can I avoid having to refi or find a different loan once the tenant moves out ?

From my understanding, home loans on a Rental property are subject to higher interest rates.

For additional context, I’m in Southern California

submitted by /u/bwsando
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What happens if you lose your job and have an USDA loan?

Tue, 16 Apr 2024 04:14:53 +0000

Can the USDA take their loan back?

submitted by /u/GlumBit5825
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Landlord asks for 30 days notice

Tue, 16 Apr 2024 04:12:04 +0000

Hey I live in Hudson county nj in a rent controlled two family unit non owner occupied. Landlord sent notice for thirty days claiming he is owner occupied but I checked with the town and from living here know for a fact he is not. He said he sold house to people who want it vacant upon moving in. How is this even his problem? I was under the impression that being in a rent controlled house I was new owners issue not his. I get it buying a property is easier vacant but who’s to say that these new people want it vacant so they can just raise both rents and take in two new tenants for both floors? I’m aware I can sue if landlord did that to me but not if he is claiming new buyers want it vacant. Anyone with experience ? Yes I’m month to month I know this doesn’t work in my favor however I know I’m protected to an extent with rent controlled laws. Thanks in advance!!

submitted by /u/Comfortable_Clock121
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Buying Land or Fixer Upper

Tue, 16 Apr 2024 03:36:29 +0000

Trying to diversify my portfolio. I have some savings that I'm looking to use to buy land with. What is the usual amount down that a lender would want to see? I'm aware it's more than the usual amount for a mortgage. Or is it better to get a cheap house and rent it out?

submitted by /u/Embarrassed-Touch300
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Affidavit of Heirship+Half Sinlings

Tue, 16 Apr 2024 03:21:14 +0000

Hi all! May someone tell me if I should go forth with Affidavit of Heirships proceedings? I have a half sister from moms side. Both mom and dad passed away with no will. Lawyer explained sister inherits 1/4 by code while I inherit 3/4 by code (TEXAS) when parents passed. Lawyer said this is cheaper than probate but is it the right move if I want to remain entitled to my 3/4? I am moving soon, and sibling will move into the home to continue payments but I don’t want them treating it as if I don’t have ties to the home. I just don’t want to lose my entitlement to the 3/4s. Is Affidavit of Heirship the right move to protect that? If not, what is? (Also- recs for other subreddits where I can post)

submitted by /u/Julius_Peppercorn
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How much is this pos worth ? Twice more than my bid ? Whatttt ?

Tue, 16 Apr 2024 03:10:28 +0000

submitted by /u/ucantseemebro
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Does my listing look fair?

Tue, 16 Apr 2024 03:06:14 +0000

I'm in contract for another home with a contingency of selling my current home.

https://www.zillow.com/homedetails/604-NW-24th-Ave-Battle-Ground-WA-98604/67684584_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare

Does this price seem fair? Would like to move this fast, any advice welcome.

submitted by /u/Z3r0x7
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Should I sell my current property before buying a new one?

Tue, 16 Apr 2024 02:57:48 +0000

I'm in a bit of a pickle here, guys. I'm considering diving into the real estate market, but I'm torn between whether I should sell my current place before snagging a new one or not. On one hand, I've heard that having the cash from the sale can make negotiating for a new place a lot easier. Plus, there's the whole avoiding the stress of owning two properties at once thing. But then again, what if I sell too soon and end up homeless for a bit? That'd be a disaster. I've read some horror stories online about people getting stuck in limbo between selling and buying. So, I'm turning to you, my wise Reddit fam, for some advice. Have any of you been in a similar situation? What did you end up doing, and do you regret it? Any tips or insights would be super appreciated! Let's hash this out together.

submitted by /u/Lack_Luxurious465
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Potential mortgage lender has a weird agent name in the uniform residential loan application

Tue, 16 Apr 2024 02:56:44 +0000

We've come under contract and are now going through which of two lenders we want to use. One has a slightly higher rate but has a great reputation (Veterans United), and the other has a lower rate and is smaller (First Federal Bank Mortgage Lenders). We started going through the URLA for First Federal and noticed something super weird. Under the authorization to release SSN validation, it says "Agent's Name: FraudTechnology dot com" (It had an actual dot, but I don't want to link to it), and "Agent's Address" is some random office plaza in Florida. Other than that it has seemed to be a legitimate document, but that part really sketched us out. Are we in the process of being scammed? Why would it say that?

submitted by /u/PM_ME_UR_SEXY_ELBOW
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Advices for Beginner

Tue, 16 Apr 2024 02:30:10 +0000

I’m (20 yrs old) currently in college on my second yr toward third yr. My father wanted me to buy a house near college instead of renting because house mortgage is similar to renting per month. Houses we looked into are around $100k or a bit higher. He wanted me to pursue master which will take additional one to two yr after undergrad and I talked to him that I might decide to settle here after graduating as well. The thing is that I had job in hometown and quitted after attending college (only worked during summer when returning back) and are currently finding an internship to be more stabilize with income in this town, so basically I don’t have an income right now. I had savings from previous years of working, which is enough to pay the down payment of houses we looked so far. I have scholarship to pay tuition if that’s revenant.

He has a property under him and my mother that is fully owned by them (no mortgage). The only loan we had is a car loan with $18000 (father as owner and I’m the co-owner. My parents paid partial and I paid the rest per month, around a total of $550 per month.). My parents started to work less since there’s not much of debt right now, so just some earnings for living.

He mentioned about pledging? their current property (I’m not sure if that’s the right term) for the second house. Or should mortgage be better (we worry that our income right now won’t qualify for that)?

I have done some research but still barely know much about this. Any advice would be appreciated!!

submitted by /u/happylonerhhhhh
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Hi! How do you calculate the capital gains tax on a rental property that has been fully paid off? Please let me know. Thanks!

Tue, 16 Apr 2024 02:21:04 +0000

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USDA loan

Tue, 16 Apr 2024 02:17:00 +0000

What is the current interest on a USDA loan? When I search it, it says as of April 1st 2024 the interest rate is now 4.5% for low income borrowers. Is this true and what income amount qualify as low income? We make 100k a year collectively, would we have a 4.5 interest rate?

submitted by /u/Practical_Ad4734
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Flat fee MLS listing

Tue, 16 Apr 2024 02:14:56 +0000

Located in Illinois. We're dabbling with the idea of selling FSBO. We are in no rush to sell, so figured we could give it a try to save some money. There seems to be a lot of online companies that offer flat fee MLS listing. Has anyone had any experience, or recommend any, companies for this specifically in Illinois? TIA

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Starting out in real estate

Tue, 16 Apr 2024 01:36:43 +0000

So I’m working two jobs, ER tech (95+hrs) and on the ambulance PRN and my credit is 780. I was thinking of starting out buying mobile homes and gradually get into multi family or single family units afterwards. Does anyone have other suggestions? I’m a long term investor, so I plan to buy and rent out any and all properties.

There was one guy offering to be my mentor and said if I invested $40k into a fix & flip, he’d do 40% commission, which idk about that

submitted by /u/Remote_Consequence33
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Why do random people all over the country own small unimproved lots in Cherokee Village, AR?

Tue, 16 Apr 2024 01:00:10 +0000

My family inherited a small (50ftx150ft) parcel of land in Arkansas, and we’re trying to learn more about it. It was won in a poker game years ago. There’s no street address and all the surrounding parcels are owned by people and corporations all across the US. Anyone know why?

submitted by /u/erockfpv
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Is this a Cape or Colonial home?

Tue, 16 Apr 2024 00:49:07 +0000

https://www.zillow.com/homedetails/22-Fenimore-Ave-Garden-City-NY-11530/31192629_zpid/

Realtor listed and told me it's colonial. Town record says cape. I say it's half dormer cape. What do you guys think?

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Mom wants me to co-sign on a house she wants to buy. As a hopeful first time home buyer, will this effect me in 2 years?

Tue, 16 Apr 2024 00:29:36 +0000

Hi everyone, new to this sub and don't post too often on Reddit. Was hoping to get some expert and non-expert opinions on my situation.

I (25F) currently live with my mom (53F) rent free, work full-time, paying off debts (school loan, car loan, credit cards, etc...) and saving up for a house. We live in the house my mom bought in Southern California with about $300,000 still pending on the mortgage. She wants to buy another property and list it for rent, but cannot qualify for it on her own so she asked me to help her co-sign on it. I want to help out my mom, but I'm worried that co-signing for a house right now would effect my eligibility for certain house loans in California. I don't even know if having a mortgage on my credit history will positively or negatively effect my credit (which is around 780 at the moment).

My mom isn't asking for any financial support, just the co-signature for qualification. Please let me know what you think and thanks in advance for your help.

EDIT: Thank you everyone for your advice. Your words have been a reflection of what I’ve been feeling and know deep down. She’s my mom and I love her and want to help her, but I 100% believe she hasn’t thought this whole situation through. I’ve told her I won’t be co-signing. She was upset, but when I started asking her about the logistics she agreed it was better that I didn’t sign. Mostly because I was making her anxious with all the questions of how the rental property would work (lol). Hopefully we’ll be able to move on from this.

Thanks again everyone!!! Extremely helpful!

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What are the best Interest Only Jumbo Mortgage Rates you have seen

Tue, 16 Apr 2024 00:22:25 +0000

Hi - I am looking to put down ~40% toward my new primary residence. Considering an interest only loan since rates are so high. What and where are people finding the best interest only jumbo rates? I see Schwab has some options through Rocket (7.125% with a point off for relationship banking), but is anyone else seeing anything better at the moment? Thanks!

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FTHB Is there any reason not to do this?

Mon, 15 Apr 2024 23:40:56 +0000

I just got my contract on a house and rates are rising. I applied to three lenders a week before buying. Should I lock a rate with one of the three in now with a 60 day rate lock. And then let the other two not lock until later to see if they go down? If they keep rising I just go with the company I locked in? Can I have multiple going at once? Thanks.

submitted by /u/Tribebro
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Buyer is asking for a small amount to help close the loan.

Mon, 15 Apr 2024 22:45:17 +0000

As the title states, my partner and I are selling our first home. The buyer has come up a bit short at date of close and is asking for 1-2k to help finalize the deal. I’ve never heard of something like this before. I tried to research it a bit on google but I couldn’t find anything. I was just curious if this is some kind of scam. Are they basically asking us to lower the price 1-2k but without having to go through and resign all the paperwork? Any advice would be much appreciated.

Edit: I stepped away to make dinner and just saw all these replies. I’m through most of the comments and they were all very insightful. Some of you were able to describe the issue to a T so I’m glad it’s something that’s not a scam. I’m willing to work with the buyer on this. I really appreciate everyone’s input as this is my first home sell so I want to make sure things go smooth.

Just to add: the buyer is short funds because of renovation quotes being higher than originally estimated.

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Selling land to developers.

Mon, 15 Apr 2024 22:14:52 +0000

My mother Inherited roughly 30 acres of her parents 115 acre farm. It is the last large chunk of land in a fairly affluent part of the county and is surrounded neighborhoods where the houses go from 600 to 800k. There has been talk of annexing us into city limits. She and her siblings have been approached many times by land developers over the years but they had no interest in selling.

They’ve just been approached again and the money sounds really good. One is not interested in selling but the other two are. They’re older and have never moved from the property so they have no idea what they’re doing. How do I help them make sure they’re getting the best deal?

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Paying my grandparents back after using their cash to buy a house

Mon, 15 Apr 2024 21:51:14 +0000

Buying a home in Iowa.

In order to be aggressive with an offer on a competitive home, I am putting in an offer to buy the home with cash temporarily given to me by my grandparents.

After the title is in my hand, can I take a mortgage or a home equity loan out to pay my grandparents back and then make monthly payments to the loan? Or what would be the best way to do this?

If it is too complicated, I am also pre-approved and can offer $15-20K above asking price, but if someone else comes in with a cash offer, I'll probably be overlooked.

Also, my grandparents have done similar loans with other family members without any issues so no worries about borrowing from family.

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When do the most homes go on market?

Mon, 15 Apr 2024 21:45:25 +0000

Is it true this month is the "big month" for new listings? If not when is it?

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Considering condo with high HOA as my first home

Mon, 15 Apr 2024 21:36:48 +0000

Live in the Boston area where real estate is obviously insane. Considering buying a place that's around 600k but has a high HOA of 650 (its in a restored gumball factory). Really like the place and it is around 40-50k less then other places we've looked at with about half the HOA fee (understand the HOA is a heavy contributing factory in that).

This place comes out to being roughly the same on a monthly basis as other locations because of the HOA but wondering if there's something I'm not considering in terms of the long term value of the property. Am I missing out in more appreciation over ~5-10 years by purchasing this place instead of a place thats ~50k more?

I don't know what I don't know when it comes to this. Any advice is appreciated.

submitted by /u/wcruse92
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Backup offer; how long does the primary buyer have to decide & back out?

Mon, 15 Apr 2024 21:32:16 +0000

Hi,

We’re the backup offer on a house.

The primary buyer has to decide today if they want to remove the inspection contingency or not.

We can’t handle this waiting! I guess they chose to get more inspections, had the last one day last Friday, but didn’t get the report back yet. So they’re waiting to see if they can get the report back today before deciding.

When’s the cutoff? Is it 11:59pm tonight? 5pm end of business day? When do they need to decide by? And if they fail to decide and tell the listing agent yes/no in time, does the house go to us?

We asked our agent, haven’t heard back yet. She must be really busy today. It’s 2:30pm here, and we can’t wait to know.

Edit: heard from our realtor: “If they don’t release contingencies: The seller can give them a Notice to Perform. Then after 3 days if they haven’t performed, the seller can cancel escrow. Then the ball is in your court. “

So, basically the primary buyer can stretch this out 3 more days to try to get their report back? That’s not fair, it should be over today!

Mortgage refinance within 6 months

Mon, 15 Apr 2024 20:56:47 +0000

I am closing a new home next month and interest seems little bit elevated compared to few weeks. I was thinking of going with higher rate with Lender credit and look for refinance in 6 months. Intention is to get credit that will cover for increased payment and cover closing fee ( lender fee - 6k). Understand that there is a risk that if mortgage goes up in 6 months, I might have to incur additional cost. Is there any problem/missing in thinking to refinance in 6 months? We are going to keep an eye on credit score for the next 6 months to ensure the good credit rating. Appreciate every one's time for reading and responding

My home is 550k and putting 20% down.

submitted by /u/Gloomy-Actuator671
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Trouble confirming an easement on original survey

Mon, 15 Apr 2024 20:55:27 +0000

Hi all - Scratching my head a little on a property in Allegheny County, PA. The house was originally built and surveyed in 2001. I have that survey, which indicates a 5’ utility easement on the western boundary. However, the title search came back without any mention of an easement. It clearly details the property line coordinates and building set back lines (also indicated on the survey) but nothing on the easement.

I researched the township plot map and it also does not indicate any easements. So I went to the township commission and zoning managers. Neither of the township managers can provide me any evidence of the easement existing—both saying they don’t see it, but can’t fully confirm it doesn’t exist.

What confuses me more is the two adjoining properties were surveyed by the same engineering firm as my location and neither show a continuance of the 5’ utility easement. So I called the surveyor and they state they have no record of an easement either. So apparently this original 2001 survey with a 5’ utility easement is a mystery and nobody has any evidence the easement exists.

It was suggested I call PA One Call as well to see if they know any reason why a utility easement was noted. The utilities have all come out and said they have nothing in that area of the lot.

Anything else to consider? I’d hate to build something on that easement section and find out later that somebody dropped the ball. I appreciate any advice.

submitted by /u/ilovedogsandtits
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Two questions for a first time homebuyer

Mon, 15 Apr 2024 20:49:47 +0000

I appreciate your responses in helping me learn. I have two questions. Bad timing it looks like but my husband needs a new car and were planning for pre-approval in next few months. He currently owns his car and has 800 credit. Would it be bad if he sells his car right now and leases a car and then in a month or two we go for our preapproval?

Also, how long do cash funds have to be in your account to use for down payment? If i have stocks and i put them in my account now then will it be taken for our mortgage loan, down payment in we get preapproval in a month? Also same question for a cash gift from parent.

Thank you!

submitted by /u/cal2552
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First rental investment

Mon, 15 Apr 2024 20:39:05 +0000

Hey everyone,

My sister and I are looking to be business partners for a duplex (2 unit) in the town over as a complete investment property. Good location, schools are good, quiet neighborhood.

House is spacious and originally listed at 445k, the seller has come down to 390k as they want to get rid of it. Tenants are in unit.

Unit 1 - paying 1700/month Unit 2- paying 1500/ month (has connection with current owner). All renters pay own utilities, house has separate meters.

We’d put down 100k (~25% for investment property) and left on loan would be 290k. Roof 5 years old. Water heater 5 years old. Vinyl siding. Concrete foundation. House built in 1930. Mortgage would be ~2700/month interest rate ~7.5% at this time.

Need other advice than my families/friends from people completely unbiased.

submitted by /u/Alert_Preparation545
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Lease back proration for early possession transfer - 3 days

Mon, 15 Apr 2024 20:37:37 +0000

We recently purchased a new home mid-March and have allowed the current sellers to possess the property until the end of April while they get their next home available for their move.

The post-close occupancy agreement states the seller is to pay out $1,200/week until April 30th. The seller is planning to move out on April 25 and is asking to prorate the final week of payment, paying only 4/7ths of the weekly rate at $686.

The post-close occupancy agreement allows for a prorated first week based on closing date but has no language around early possession transfer.

Let this slide to smooth over the possession transfer, or say a contract is a contract?

For context: the weekly payments have funded our vacation rental while we wait to move in, and I had the final payment budgeted to cover our movers.

submitted by /u/sitfly
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Plans changed. Cash offer is now going to be financing. What do we do?

Mon, 15 Apr 2024 20:33:18 +0000

So we're under contract to purchase a new construction home. We were going to be paying cash but didn't account for some taxes and fees for withdrawing from 401k and now will need to finance roughly 20% (80% down). House price is 450k and we're putting 350k down. We were set to close 2 weeks from now but are now needing to get a mortgage.

Where should we start with getting a loan?

Builder recommended their lender but can/should we shop around?

how long does a mortgage approval usually take?

The builder we're purchasing from is now requesting that we put an additional earnest money of $100k. We had already put down $5k as EMD. Is this typical and is there something we should be worried about with regard to putting that much money as a deposit since we do not have a financing contingency in our contract? We don't mind putting that down if needed since we really do want the house. Just wondering if it's standard.

submitted by /u/Subject-Vast-6937
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Weird situation with vacant parcel

Mon, 15 Apr 2024 20:26:28 +0000

I'm looking to buy a small parcel for a build and have been keeping an eye out for a good candidate for a while. One good option appears to have popped up, and I'm interested. But there are some things that don't fit with either of my prior purchases. The real estate agent is located out of state with a small company and has not personally returned my calls, though someone else from the number has done so. This person appears to be with an answering service. I've never had anyone pick up as I call, three times now.

The company appears to list generally vacant land with development potential, which this parcel would fit except for corporate boundaries and recent (but well before this listing) zoning changes. The listing company calls themselves wholesalers and states they don't do typical site prep or tests. There are several factors that make this plot attractive to me but less likely to attract other buyers. It's heavily wooded, would likely require septic though it's right by the corporate limits.

I've had my real estate agent reach out to the company today and just want to know if this is consistent with a "wholesaler" or if it's an indicator that I should be careful.

submitted by /u/zhvaern
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Loan or cash?

Mon, 15 Apr 2024 20:25:05 +0000

With interest rates at 7% does it make sense to just buy a house in cash? Seems like a wash?

submitted by /u/No_Ordinary5887
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FHA missed payment assistance?

Mon, 15 Apr 2024 20:12:29 +0000

I was speaking with a bankruptcy lawyer today, and he mentioned a program supposedly part of HUD/FHA. He didn't go into details because he's not a real estate lawyer, but his basic understanding was that there may be something through the federal government where they basically cover the amount of missed mortgage payments, and then that amount gets tacked onto the end of the mortgage as a balloon payment. Is anyone familiar with this sort of program?

submitted by /u/IAmArgumentGuy
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Is it a good idea to give incentive to Estate Agent?

Mon, 15 Apr 2024 20:07:21 +0000

Hi,

I have appointed an estate agent to sell my house.

Just an hypothetical figure - The house is on sale for 100K and agent fees is 0.70% - This might be very low as I negotiated hard but might have a downside that the agents might not be working hard enough.

I have a buyer lined up but whether its going to go through or not is not certain

But moving forward this is what I am going to propose:

If the agent (not the company) secures a buyer for 100K then I will the selling agent directly £100.

For anything over over £100K I will offer them 1% - so if the agent sells the house for £110K then they get £200.

Is this a good tactic to keep them motivated? Is the incentive too little or too high - any feedback is appreciated. Also the company is very reputable in the area I live in (I would say the best company around this area).

submitted by /u/Friendly_Success4325
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Golden handcuffs

Mon, 15 Apr 2024 19:47:34 +0000

A Huge Number of Homeowners Have Mortgage Rates Too Good to Give Up https://www.nytimes.com/2024/04/15/upshot/mortgage-rates-homes-stuck.html?unlocked_article_code=1.kk0.2N1y.F4pyuZjIz-So&ugrp=c

submitted by /u/OverGrow69
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Point buy down or help with closing costs?

Mon, 15 Apr 2024 19:02:00 +0000

Our lender is offering up a chunk of money to either buy down points on the loan (temporarily) or put towards closing costs. Which do you guys recommend?

Our situation:

Will refinance when rates drop into the 5% range. No added costs for us on the refinance per the lender.
Moving into a new build so having extra money to spare on projects (fence, blinds, curtains, etc) sounds pretty nice.
Downpayment will be about 45% of total home value.

submitted by /u/c_m_33
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Full appraisal for HELOC over 10 acres?

Mon, 15 Apr 2024 16:53:11 +0000

I bought a pretty run down house in 2021, and as far as I know, most of the value then and now was in the 19 acres of land attached to it. Bank of America in their HELOC process intended to do a drive by appraisal but upgraded it to a full appraisal when they realized it was over 10 acres of land. The drive by appraisal was fine with me, since the kitchen and one of the bedrooms is currently gutted due to a frozen pipe. Now that it's a full appraisal, are the condition of the interior going to hurt my valuation, or will it likely not impact it since the house was in sorry shape before, and its on a lot of land?

submitted by /u/Pahsaek
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I am looking for list of DSCR lenders that lend in Illinois. Can anyone point me in the right direction? Looking for a lender who would finance a 25-50 unit building.

Mon, 15 Apr 2024 15:37:29 +0000

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No Offers (Ohio)

Mon, 15 Apr 2024 15:32:06 +0000

THANK YOU ALL FOR YOUR ADVICE! I learned so much from you all and I appreciate your kindness with my lack of knowledge. We will lower the price a bit to be more attractive to buyers. I hope to get some offers soon. Thank you Reddit!

Hi Everyone! I searched this Reddit for days for advice so I hope it’s ok to post! We are in a bit of a pickle. We have listed our home for about a month. According to our, admittedly, fresh realtor, we are reasonably priced and in a good area. We have made some good updates to the house and have input some new appliances. Now our green realtor… she took some pretty bad photos to begin with. She wouldn’t let me move our cat out of the way and the pictures were dark. After 2 weeks we convinced her to allow us some professional shots and they look amazing! We even got people to show up to our second open house after a failed first one. We lowered our price by 5k already putting us lower than our competition. We have a little more- a finished basement where no one else does so I’m not sure if that was the right call, but we are doing whatever we can. Is this an us issue? Price? Bad realtor? Should we get an appraisal ourselves? Thank you for your help!

ETA: I just realized and I am not sure if it matters, but a sub division is popping up down the road and new homes and town homes are going in costing 200-300k more than our home. These were not listed until a few days after our home. Other than being brand spanking new, the lots will be smaller, no basement, same school district.

submitted by /u/Cultural_Nothing9261
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