I just got approved for a hard money loan and this agent is saying it’s a cash purchase not a loan like if I just got approved where they can fun 80k for closing what’s the difference I’m just confused at this point. First time by the way lol. Wish I could post the text messages.

Hi all! We're FTHB and we just had an offer accepted on our house. We had our real estate agent's preferred lender to pre-approve us prior, but now we wanted to compare rates, since the preferred lender never locked our rate, and now he's quoting us a much higher rate, higher than the national average (and we have 780+ credit and more than 30% down).

We decided we wanted to shop around, and we told our lender and agent that there was another lender that was quoting us a lower rate. My real estate agent said he wanted to talk to the lender, and so we gave him the lender's contact info.

I just emailed the lender to ask him to lock the rate (after filling out the mortgage application) and he responded back saying that our real estate agent said that he was going to convince his preferred lender to match his rate, and that he would be heavily encouraging us to go with the local lender as a result.

The lender then demanded we answer whether we would go back to the original lender if they matched his rate, as he said he didn't want to waste his time playing games with someone who's willing to go back to the lender that ripped them off. Transparently, I liked the new lender better because he had a better float-down policy and a free refinance.

Is this normal behavior? I feel like the real estate agent wasn't acting in our best interests by actively negotiating against us, and I feel like the lender was being really aggressive. We're a bit stunned by this.

Just as shown above. Who should pay for the decontamination?

170k for 900 sqft 3 bed 1 bath attached garage or 190k home built in the 1940's 1800 sqft 4 bed 1 bath, 0.34 acre, walk in attic which can be converted or used for storage, unfinished basement detached car port.

The 1700sqft house is in a rougher area and would be a harder sell down the road but I could see not needing to move for much longer than the ladder

A. buy the cheaper home which will be easier to maintain and can be sold or rented out, and move with savings.

B. More of a forever home, rougher area not a violent area just poorer. Much more room more expensive to maintain but saving on not needing a bigger home

If we got the smaller home I don't think we would stay longer than 7-9 years but could see myself in the larger home for much longer,

The old house is like a diamond in the rough a similar home would be 300k, granted In a nicer neighborhood.

Hello! My husband and I are first time homebuyers. We got our offer accepted on a 385k house for 421k and it ended up being appraised at 435k. After inspections and bids- it will need almost 55k in repairs (new roof, furnace and AC, electric updates, little mold in crawlspace and few other things). We are expecting at best, 5k in credits and that will probably be it. Other factors are- nothing needs to be repaired today. But somethings much sooner than we expected on needing to fix when we started this process. We also are not rich by any stretch of the imagination so some of these things will need years of saving up and/or loans to cover. I am trying to think big picture. That yes we may be in the negative for some years as what we paid and put into it vs how much it appraised for, but in 10 years time, it could be appraised closer to 500k. My husband is having a hard time getting past swallowing that pill and knowing we will be kind of struggling for years with the costs.

My question is- would you take the deal? Thank you!

So I just want to know if anyone has any experience with how long it takes to get a response about an offer.

For background: My husband and I are looking for fixer uppers in our area as owner occupants. We found a house that we liked back in September. It needs a lot of work. We also met the neighbors and coincidentally we had a friend in common. We put in an offer a day or two after we saw the house and unfortunately the seller went with another offer.

A few weeks pass and I run into the neighbor (wife) in a coffee shop and we started chatting about how my husband and I missed out on the house and she hinted that I shouldn’t give up hope- she’s not sure the sale is going to go through as she doesn’t think a bank will be willing to finance a mortgage due to the current state of the house. She also let me know that the closing date was going to be 10/25/24. We exchange phone number and keep in touch, meeting up to celebrate our mutual friend’s milestone.

10/25 passes and the house is back on the market. The seller was notified that the sale wasn’t going to go through the day before closing.

We went to another showing of the same property on Monday 10/28- the property was cleaned up a bit better than the last time we saw it and we decide we still want to try. We submitted a cash offer yesterday. As we were told by our agent that the listing agent was expecting another offer.

The neighbor texted me last night to see where we stood in the offer- I replied that we submitted an offer and she responded that the seller doesn’t know about it.

Fast forward to today and we haven’t heard anything back within 24 hours of submitting the offer. My agent says that the seller intends to “Present the offer at 5pm today”by 8 pm we still don’t have any communication, I’m chatting with the neighbor and she says that the seller has no knowledge of an offer and is still offering showings in the property.

My agent texts me that the selling agent is trying to get in contact with the seller but hasn’t gotten a response.

After a little more chatting via text with the neighbor, my agent texts me to say that the seller apparently has the offer in her email. By now it’s after 9pm and it’s likely the seller is sleeping because she wakes up early for work.

If it’s relevant both my agent (who is actually an acquaintance of mine) and the sellers agent both work under the same brokerage.

Why doesn’t the seller know about our offer? Should I continue to sit tight, or should I call someone out about what is happening? Who would I even talk to about this?

What should I know about buying a house in a flood zone? It is not coastal. There is a creek behind the house, and the house is on the border of the flood zone—1/2 in, 1/2 out. Has anyone had experience with this?

Some extra details - the house has an unfinished basement. It also has a main floor, and upstairs floor, and a converted attic space.

Hello folks,

I’m planning to take the Oklahoma associate real estate license exam. Once I get the license, I don’t plan to work in real estate immediately, but I’d like to participate in any training offered by an affiliated broker and keep my license active until I’m ready. Do you know of any brokers who provide this service in OK?

I bought a house with my friend and she wants to sell her half. I want to stay. The house has increased in value. How can i absorb the full loan and she get paid her half without me having to pay her and the loan at the same time??

Looking back through the history of my home, I see that it was sold to me but the document description is Survivorship Deed/Survivorship PropertyAgreement. What does that mean? Link to pic in comments.

Hey guys, hoping you can help me out here! I'm looking to move in about a year and I currently own my first home that I bought at $365k. It's still worth $365k so I'm probably going to come out even on the sale (I hope). Now the area I want to buy in has houses between $450k-$550k. All that being said, I'm looking to sell this house and directly move into the other with no middle-man lease situation, so I was looking at a bridge loan or a service like Orchard. Unfortunately the city I live in now is more of a buyer's market and the city I want to move to is definitely a seller's, so a contingency on selling my house may lock me out of landing a deal since it could take a while. Thoughts or advice anyone?

Municipal search was completed today, our closing is tomorrow. Our lawyer found out that back in 1988 there was a diesel spill when the developers were building the house. Approximately 1000gallons. The State agency came to inspect the spill, made note that 24 cubic ft of soil was removed. No paper trail of a soil testing or conclusion of the inspection.

The well was build between 1992-1994, house got the CO in 1994. It seems the spill was near or within the well circle but not way to know where in the circle.

We got the well water tested but didn’t test to anything related to VOC or hydrocarbons.

The proposed solution for this is that the seller will put 4k in escrow and I’ll get the water tested after closing. If water is bad, use the money towards a filtration system.

I don’t know a thing about soil contamination, all I find is regarding immediate and short term consequences of contamination.

Is this a bigger issue than what I’m seeing? also, are municipal searches supposed to finish before closing? We had an extended period from Inspections to closing, so over 3 weeks after inspections until closing for searches to be completed. Is that normal? About 2 weeks ago I asked if the title search was back and was told it was ordered but not back yet, does municipal search and title search usually come back together?

I’m in CT.

Does anyone know of any organizations/clubs in the Dallas-Fort Worth area that I could join regarding finance, investing, entrepreneurship, real estate, self-improvement, or for women? Anything along those lines really. I would greatly appreciate it!

33m here, single, no kids, work remote making $95k a year. Wanting to gauge my situation because its a bit unusual. I work remote in a very stress free job with a lot of downtime. Im from CA but since being remote for the past 2 years, i've travled a lot over the country staying in airbnbs for weeks/months at a time in different cities, bit of a nomad lifestyle. Currently renting month to month in Montana paying $1350 for rent.

I know I'm a bit behind in savings. I have $50K in a HYSA paying 4.5% or so. I also have about $40K in stocks right now. I have $35K in my 401k/Roth. No debt (well I have a $10k student loan i'm waiting on the small chance it will be forgiven, but will probably pay that off completely soon), car paid off, most things I own I travel with in my car so I can go and stay anywhere.

I put about 17% into my 401K/Roth and that leaves me with about $4000 take home pay a month. Typically I would say im saving money for a downpayment for a house (once I figure out what state.I want to live in), but my uncle is very well off (Im inheriting his estate in a trust and will inherit 2 homes + 2 properties when he passes, he's 70 so not anytime soon) and he is going to "buy" me a house worth around $500k when I am ready to settle down and pick a place where I want to live. The house will be in his name, he will pay property tax and insurance, but will be in the trust in my name so will be mine down the road.

I want to become financially independent in the next 5-10 years. Since i'm not really saving for anything, and have a lot of free time with no family commitments, i'm thinking of potentially buying a rental home/duplex that I can rent out on airbnb. I love Montana and the western US, but properties are much much higher than a lot of midwest cities. Im in the beginning stages of research, but it looks like there are a lot of midsize midwest cities such as cincinatti, bloomington IL, Pittsburgh and other PA aras, etc. 3 bed homes seem to be $150K-$250K in some areas.

Been doing the math. Im thinking putting 10-20% down (Maybe $30K) or so on a property from my HYSA. And getting my first airbnb home and furnishing it. I know it will be work. Im already paying $1300-$1500 in rent wherever I go when I pay rent when traveling. Im thinking maybe get a duplex so I can live in the other half. Or just rent out the while think and I can rent a cheap room in a home to save money. Seems the mortgage payment will be about the same that im paying in rent, except it will go toward equity. Airdna and research shows I can revenue potentially $2-3K a month. Worst case if it doesnt rent, I can simply just live in it. Looking at places that have a high rent to purchase ratio to invest in.

I think I may be over my. head. I have never owned a home before, I know there will be expenses I dont know about plus taxes, insurances, fixes etc. But I want to commit to something to be financially independent. Have watched a lot of videos saying people do this to slowly build to 5-7 properties and wondering if this is a feasible method by slowly learning a market and buying more and more. Im not afraid to eventually make this my full time job. I know some people do multiple FHA loans putting only 3.5% down, not sure if this is feasible so I dont have to wait until I get more money to invest in properties.

Hey everyone,

I recently had to buy a new car after my 2010 camry stopped running for the last time. On top of this, I made the decision to put some needed renovations onto a line of credit. I had about 30k of debt which I got down to 25.

I'm considering getting a HELOC, as I'm not happy with the high interest rate. Both my wife and I have good jobs, great credit, and a proven history of paying things off fast. Reflecting back, we probably should have gotten a HELOC for the rennovations in the beginning, but we had a leaking roof into our living area that was top of mind.

I'm thinking of using the HELOC to consolidate the car and renovation debt. Typically I wouldn't get in the habit of putting car debt , but I'm confident with both of our incomes and a side business I own we can pay this off pretty fast.

I'm pretty financially literate-can anyone let me know if I am missing anything with this approach. I know that variable rates can increase, but it would still be less than my current interest rate.

Hey Redditors,

My wife and I are interested in making our first real estate investment—whether residential, commercial, or otherwise—but we’re relatively new to the world of real estate and would love some wisdom from the fine people of Reddit. Here’s a bit about our situation:

We’re both 24, with a combined income of around $100k (she works in the non-profit sector). We’ve been renting for three years, each have credit scores above 770, and recently paid off her student loan debt. We’re focused on saving, with about $8k set aside and more being added every month.

Ultimately, we’d prefer to put our money into real estate rather than keeping it in a high-yield savings account. I’m open to putting in the work, whether it’s renovations, additional research, or even further saving to prepare us for the right opportunity.

Any advice for a young couple just starting out?

Where would you suggest we begin investing? What next steps should we focus on? Or should we scratch the whole idea and invest in Doge coin? Thanks.

Short story: As sellers, would getting a home inspection and/or appraisal be worthwhile?

First time post so please excuse my ignorance. We are prepping our home (1911) to sell due to having to move out of state to care for family. We’ve had the house since 1999. In that time: replaced all windows, vinyl siding, all new HVAC, upgraded electrical box for higher capacity, complete gut/remodel of kitchen with all new stainless steal appliances and a few months ago new roof on the house & detached garage.

As sellers, would getting a home inspection and/or appraisal be worthwhile? I know we have a few projects to do like repaint the garage, stain the fence, power wash the siding but I’m wondering what big things we may be missing.

Any kind advice would be greatly appreciated ~K

I’m saving up to take my California Real Estate Exam and I am curious if it’s just the $100 fee plus the $49 fingerprint fee. Or are there taxes on top of it all? I want to make sure I have enough when I’m ready.

Hello!

I have a plot of land that I inherited that I would like to sell. At this point I want it sold for a reasonable amount but I just kinda want it over since it's an inheritance that has strong emotional ties.

I have looked around for a realtor to help get it sold but it seems that a plot of land is a bit more complicated since more niche buyers? They just kinda blow me off.

Anyways, an LLC has reached out to me to buy it... But they don't seem to want to develop it themselves?

Regarding the property, during our due diligence period, in addition to reviewing the property to ensure that it meets due diligence, and putting it on the MLS , we work with our partners, builders and investors to ensure that we obtain the best option for the property

https://imgur.com/a/Ogma1jd

I talked to a local real estate lawyer and he made some suggestions to reword the contract, however he also said that he would not recommend moving forward with them. He said they are simply trying to list my property themselves, so there is no point.

I'm thinking I will take my lawyers advice, but I was curious if this was a common setup? Is this something worth considering?

So I am looking to get a Heloc, I have two properties and want to take one out for my secondary one. For linked income sources my dependents and sons offered to link their bank accounts to verify source of income. They have lived here rent free for the last 20 ish years. I did this and they verified the income sources and allowed me onto the signing stage. My question is, will this at all affect them? As in, will it affect their credit score etc or is it just a means of superficial income verification and afterwards they aren’t affected by the Heloc should anything happen. Sorry, I am just confused about some things because English is not my first language.

Looking to place an offer on a house and looking to do minimum 30 day closing. However the family has children and we don’t want to displace them during the holiday. We aren’t in a rush to closing. I know they get final say. However is it better to close between Thanksgiving and Christmas or do it after Christmas?

If after Christmas how long after is a good time? Looking to make the most compelling offer beyond the money. Thank you

A family member put an offer on a townhouse a little over 2 weeks ago. The original listing was $219,900, which they dropped the price down to $217,500, after almost 3 weeks. After some back and forth, they accepted his offer of $212,000. The appraisal came back at $200,000. The sellers asked for $205,000, and he reluctantly agreed to that. Later, they changed their mind to $208,000. His agent was willing to drop his commission by .5% so he could put another $1000 towards the gap, but the sellers refused that negotiation as well. Ultimately, they demanded the full $212,000, and a mutual release was signed. This was the only offer they received on their property. The inspection was pretty uneventful, only revealing some porch settling, the need for GFI outlets, and a potential sliding door repair. The property had no high end finishes, and it was in need of a deep clean.

Ok, redditors. Is this a common practice in real estate now? Are folks being this greedy to demand straight cash for their property even though it's not worth it? Comps for the same townhomes were between $180k-$205k. I feel like these sellers are major AH or maybe it's just me. Do listing agents have a lot of influence in decisions like this? Lmk in the comments!

Hello everyone,

I’m a first-time homebuyer and could really use some advice. I found a house listed at $500,000 in a good neighborhood, but it’s been on the market since June. In june the listed price was $540,000. Almost 40k price drop in 4 months. It seems like a great home, but since it’s been sitting for a while, I was considering making an offer with a 10% markdown to around $450,000 to see if they bite. I figured that since it hasn’t sold yet, the sellers might be open to negotiating.

Does this sound like a reasonable approach? Or would it be considered too low for an initial offer? Any tips on handling this as a first-time buyer would be really appreciated.

Would you get a loan for 125,995 at 6.49% for 20 yrs. Or loan on 125,995 at 7.07 for 15 yrs. I'm debating between those two.

On one side one is for longer but better rate, the other one not so much of a difference but less time to pay, which might save money long run.

Maybe, I don't know. I am totally undecided. Any help? Or can someone help me figure how to figure it out with different loan amounts?

I’m currently in the market to purchase another home and new construction has peaked my interest. However, I’m curious if builders have any flexibility on creating additional spaces such as mother-in-law, suites etc.

My neighbor's property behind my adjacent neighbor's property is for sale. The property is accessible through an easement on my adjacent neighbor's property. There are two driveways. I keep a farm gate at the road closed although I hadn't been locking it. The post is clearly marked with my street number. The realtor put a sign up on the road with a second sign with an arrow to indicate which drive to use. TWICE someone opened my gate and drove down my drive trying to look at the property. They are asking 600k for the property and you would think anyone considering it would be at least smart enough to know the street address and figure out if an arrow is pointing to a driveway perhaps that leads to the subject property.

I know social media is deceiving but I feel like I'm constantly bombarded with people posting "we bought an abandoned 100 year old house-" "were renovating this old school building into our new home-" "watch us renovate our 1970s house we just bought-" and so on but no one ever talks about how they even manage to find or afford these places. Are they all just rich already? Are these places all being auctioned or something? Are they all just taking out massive loans? Some of them don't even say if it's to live in or to re-sell but they never do anything to help other people learn how to achieve something similar..

Let's say you have a two bedroom ranch or craftsman and a two bedroom A-frame. Would the A-frame sell for more simply based on its style? I know this style of home is "trendy" right now but I'm wondering if it has any impact on the home's actual value/price.

In 2021, I purchased my home with the help of a cosigner. I got a 2.75% interest rate on my FHA loan. Now, my cosigner wants off the mortgage within the next year or so.

I called my mortgage company, and they did say that my mortgage is eligible for a release of cosigner liability, but I would need to start the process for more information. I’m not quite ready to start this process, but from what I’ve read online, it’s very rare for a mortgage company to just release a cosigner. My own mortgage company’s website says that they dont allow for co-signer releases of liability (even though a representative told me that my loan was eligible for this). But I digress.

Since it’s an FHA loan, it is assumable. I got married since buying the house, and I want to see if my husband can just assume the loan. He very likely makes enough money to do this alone, but I wanted to know if I would be able to cosign the assumed mortgage if he didn’t.

I just really don’t want to lose my 2.75% interest rate, so I’m trying to look at all of my options even in the worst case scenario. Any help would be appreciated!

I've had quite a few personal friends tell me I should just wait things out and suffer another winter, but my realtor doesn't think listing in mid-November should be an issue due to the low inventory in my area. Things usually sell by open house if not earlier in my town, and my house will list as move-in-ready, so there's nothing particularly unsual about it.

Even so, should I wait at this stage for late spring for a potentially higher sale price?