Hello guys, My 30 year old daughter and I really need help and advice. Our traveling jobs have been furloughed indefinitely. We need help deciding what to do. our rent is currently $2200, our lease is up in 4 months and we need to reduce this cost significantly as we have been laid off indefinitely from our jobs. Decent credit between us and 25k To invest. She doesn’t want to live too far into the country as she still wants to meet people. I’m fine with living in a rural quiet area but we both need to be at least within an hour commute of a good-sized city.for future income and Because we need the diversity. How can we take this $25 and find a lower rental or mortgage situation? Willing to do some fixing up but I am not in great physical shape and neither of us knows anything about construction:-) thanks in advance
Hi All,Hoping appraisers on this subreddit can help me alleviate some of my worries as our purchase of a new home is contingent upon finalizing the sale of our current home, which is in the appraisal stage.My home is located in the DC area where it is a definite sellers market. However, we live about 45 minutes outside of downtown, so my zip code, while still hot, is seeing an average time on the market of 70 days, per Redfin.My home is also an oddity in that it is much older than most housing stock in the area – it was built in 1900. It has a lot of unique features including three functional fireplaces and wood floors throughout. While the house was built in 1900 it is fully modernized on the interior with tons of updates including internals like the electric and plumbing. We also recently installed central air, replacing window a/c units and baseboard electric heat.We put our home on the market and after 4 days we received two full price offers at $490K.My concerns are:We bought this home at the bottom of the market – it was originally listed at $465K and dropped to $415K when we offered. It appraised for $406K, the final sales price. The fact that it under-appraised before has made me nervous it could happen to us.There aren’t many comps in the area because there aren’t many homes as old as ours – most were built in 1990 or later.As a result, I’m wondering:What steps can we take that are helpful to an appraiser – I’ve seen that writing a list of maintenance we’ve done is helpful as is a list of all updates, new appliances etc. and their cost. Is this definitely helpful?Do appraisers, when looking at comps, consider how dated kitchens and other rooms are? Ours was updated in 2012 and when I’ve tried to look at comps in my area I’ve seen a lot with kitchens and other rooms that are very clearly stuck in the 90s.Given the lack of comps, how big a factor is it that we received two full price offers within 4 days of listing, much faster than the average in our zip code?Thanks so much!
my parents bought a house in California for 515,00 in 2005 because of the tech boom. The house currently sits at a price of 512,000. They bought at the peek and they want to give me their debt when they go back to there home country, what do I do??
Hello. I’m freaking out so I’m asking this question in hopes my anxiety can be somewhat alleviated until Monday!I’m in TX. I do not have control over the mortgage as it’s not in my name with the mortgage company when they bought it from Wells Fargo after we refinanced. So I can’t call them. Only my husband can.He got mail, I opened it. He has not paid the mortgage in 6 months. He said he would call and find out our choices. I knew our choices, our best bet is to sell. The market value is about 95,000 more than what we owe (with the interest) It’s 110,000 over the outstanding principle.He said they told him our only option is to sell and that it won’t go into foreclosure while it is on the market and listed with a realtor. Thanks to Covid-19 (thanks to Covid-19 I don’t have a job) we have until August 31st to pay the outstanding balance — as I read via google today and foreclosures aren’t put into affect until then.I don’t trust this lender or anyone really. Not anymore. Is this true? Or can a lender still foreclose if a house is actively listed for sale?Thanks!P.S. Apparently, we’ve exhausted all forebearance. But I thought because of Covid all interest is frozen until Aug. 31st.
My buyer’s agent told me this in an e-mail today:”-this is listed as a condominium so there will be an additional fee to get the HOA conditions and restrictions. It should be in the $250-$400 range.”I can’t find any info about this type of fee; just wondering if anyone can confirm such a thing? This isn’t the monthly HOA cost ($145/month), but instead a one-time fee prior to purchasing.
Just ranting, bought a house, waved at the neighbor and she just glared at me, I started walking over to introduce myself, and she turned around and walked away.Then the neighbor across the street introduced himself and said the other neighbor is pissed because they wanted to buy this house for decades, they also own a house across the street.They said we paid too much and swiped the house out from under them (they made an offer first, but were nitpicky and lowballed saying it needs this and this and that, etc). We saw it the first day it listed and it already had 1 offer so we went full price + escalation clause $20k+ above. The seller (an estate) liked how excited we were about it and picked our offer.The other thing is we spent 8 months looking……..and we thought this house was priced right, it needed work, but it was priced accordingly. Apparently our neighbor thinks otherwise and now has some grudge against us. Said we paid way too much, etc. I think they’re just outdated in their prices. We looked at everything waterfront $550k and below, over 8 months, and this one was $400k but needed $50k in work, and was still way nicer than anything we saw for $550k.
Just checking to see if this is a dumb idea. I’m planning to buy a land (in WA state) with cash and may be build a custom home in the future. I have never bought a lotAny tips and things to watch out for? Sorry if this is a duplicate I’m not able to find the threads I was looking for.
I live in an apartment right now and am trying to minimize paying rent and a mortgage at the same time.I’m about 4 months out from the end of my lease and am thinking I’m ready to start putting in offers if I find a place.I know a 30 day closing is normal but I’ve read about 45 or 60 days. If I do either of these to more closely line up my closing date and end of my lease, will my offer look less attractive to a seller?
Husband and I are landlords (in partnership with a couple friends) with 8 different properties right now— mostly multi family but we do have 2 single family properties that we rent out to college aged kids room by room. Our strategy has always been buy, live there for 1-2 years, fix it up and then move out and rent it out. So far pretty lucrative minus the sweat equity in weekends spent mudding and painting AND because we manage our own rentals there’s always the chance of some small drama with renters. We have yet to sell any of our investment properties and plan to keep them for a long time.Well we’re now expecting our first child and looking for something that is “just ours” to live in for the foreseeable future and hopefully raise our kids there with the plan to graduate to a bigger/nicer home when we feel comfortable doing so.We live in a REALLY hot real estate market so finding a good deal has been tough but we think we finally found something possibly worth jumping on:3100 sf, 5 bd, 4 ba on almost an acre of land. Listed for $75k less than nearest comp.The issue: current owner has done almost no routine upkeep.We’re talking: needs new siding, a whole new deck, the entire yard is overgrown and/or over planted with random bushes, obviously a mouse problem in the house but not so bad that it’s an infestation, no gutters, needs a new driveway, some new appliances.We’re thinking about offering another $20k less than list price as it’s sat on the market for longer than usual and realtor says that seller is “highly motivated” but…Is the prospect of spending $50k on necessary fixes just to achieve baseline “maintained” (not even “upgraded”) worth the eventual payoff of maybe netting $50k on resale value?How do you determine when a possible flip is just too much or if it’s truly a good deal if you plan to live there?Short of the long: I’m not in love with it and it seems like a boatload of work but if it makes money on the flip, is it worth doing?
Looking at purchasing my first condo for myself in an urban city..But I am seeing HOA fees in the $500 range. Is that normal?The price Range on condos I’m looking at are $85k-125k