Hi all, first time homebuyer. I put in an offer ~8k over asking in a relatively competitive market, which was accepted. We initially signed a contract for $1000 deposit within 7 days and another $4000 within 18 days (total of $5k due before closing). After accepting our offer, the seller wanted the contract addended to $9000 as the second deposit (total of 10k).Just curious but why would a seller do this? Am I putting myself at risk by putting down such a high deposit?Update: Pennsylvania, USA
Recently I’ve been thinking about purchasing a home now that I have a good, secure source of income. Credit score is around 750+, and I’ll have a good amount saved up for a down payment by the time I look to buy. However, in my research I’ve seen that mortgage lenders like to see 2 years of income history. In my case, I graduated college a little over 2 years ago, worked retail part time while working freelance in my field (audio engineering) till the end of 2017, and since January 2018 I’ve been working a fulltime job in my field while doubling my income from my free lance business.In effect, I’ve gone from making 15-20k a year in 2016/17, to on track to make 50-60k this year (32-35k fulltime depending on OT hours, 20-25k from free lance). Median income for my area is 38k.I plan to start the oficial process in June (having saved up a down payment), with a goal of purchasing a house in July-August. Will lenders consider my income history too limited and risky? Should I keep renting for another year or two to build up a better income history? I keep track of my freelance income on a month to month basis, but is there anything else I can do to make it look ‘safe?’ I know it doesn’t look as stable as a salaried position, but the income from my freelance is very steady with no expected slow periods.
So we bought our home last October. My husband has a job that requires him to travel a lot. He wanted to get out of that line of work and settle down, but now he’s realizing that its such a great job and he wants to stay in for at least 2 more years. I want to sell the house and go with him, but I realize that we’ll almost definitely be selling it at a loss since we’ve had it for less than a year. So now we’re thinking about renting it. Our mortgage is about $960 a month and comparable homes in my area are renting for about $1200-$1300 a month. So here are my questions!I have a home warranty on our house. Will I be able to use it if I rent our house out? If not, can I get a home warranty for a rental home? How much do they usually run?I know I will have to get insurance for it being a rental. Will that eat up most of the $200-$300 we will make as a profit? I’m not super knowledgeable about insurance so sorry if that is a dumb question.I’ll be out of state so is it possible to be a landlord and take care of my duties from far away?If we do decide to rent, where do I even start?Also any advice about renting or even just the situation I’m in would be greatly appreciated. Thanks!Edit: Sorry! Forgot to add that I’m in Louisiana.
Im sure every home buyer has gotten the “no large purchases before closing” speech but what exactly is a large purchase?If I book a hotel for a weekend ($430) to go meet with my real eastate agent to go over paperwork does that set off red flags? If I go to Costco and spend $500 which is easy to do am I going to lose my financing?Is it worse to pay cash for things or charge it on my credit cards? If I pay the balance before it reports is it ok? I really want to hear what your experiences have been. The paranoia is killing me.
I’m looking at a condo that is a smoker’s paradise. It’s listed at the same price as comps. Needs a new furnace, and vents cleaned, and a new w/d ASAP. Needs to be oxidized/ozoned, and Probably another coat of paint, and eventually, new cabinets/countertops It has all new appliances besides w/d, and a brand new remodeled bathroom.I’m not sure what to ask for under list price. It’s owned by the bank, so my realtor says, they are negotiable, but everything is AS-IS. Nobody would confirm the other offers made by other people, but it has not been enough for the bank to accept, yet.What would be acceptable with that much work involved?
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I am looking to buy an apartment and offer 75% of price in cash (bank transfer) to owner directly (if I like what I see in person).What are common buying scams in the area to be aware of?What documents do I need to make the transfer? How can I tell if they are forged or not?This is a ~60 year old recently renovated apartment.
Sorry, I didn’t know how to ask a concise question in the title, but here’s the deal.My wife and I are about to purchase our first home. Our loan guy called me today and said we’re not capable of taking advantage of some program because together we make too much money for the area. He says our options are to put a higher down payment (He says 15% minimum, we’re currently putting down 5%) and move to a ‘traditional loan’ or continue on our course with our 5% down and remove one of us from the loan so our combined income doesn’t exclude us from this program. The home title would still be in both my wife and my name together, but the loan would only be in one of our names.My wife and I have a great relationship and I’m not insinuating things will go wrong, but if 10 years from now things go south is this just going to cause a huge mess of splitting the house 50/50 but only one person is responsible for the mortgage?We live in Cleveland Ohio.
Would it be a smart idea to bring my small pup to an open house hosting? Would it make me seem more “trustworthy” or make the viewers a little more comfortable working with me? what would be the downsides to bringing a potty trained dog to an open house that im hosting?