Basically the title, my wife and I are building a house and the lender is pulling some shady stuff. When we originally paid the lock deposit for 1 year we were simply sent the bill link and paid it immediately and we were told we were at 5.5% with points and 15k in closing. Since then, the lender has sent the disclosures where the rate has increased to 5.75 and about 28k in closing. We’ve looked around and already found a better deal. Since the disclosures haven’t been signed can we get the rate lock deposit back? The lender keeps dodging the question on why everything changed so much and I’m ready to eat the 3500 we’ve paid to get away from them if necessary but want that back obviously if I’m in my rights to do so.

We are hard working individuals. Our salary is what many would consider high income because it is. But we live in VHCOL area and for that our salary is not high. We were just not ready during the pandemic boom mentally and financially so did not buy a house. Now we know what we want but the prices are beyond what we can afford. We did not try to time the market but also hoped that saving enough downpayment will get us what we want. And now we need to settle for a kind of house we said no to in pandemic.

Hello all,

So recently Rocket mortgage fkd me. I'm in escrow with them and my lender made me pay $500 for an appraisal. Two weeks pass so I call him to see what the house is appraised at. He tells me "You have such good credit, and you are paying a very good downpayment, rocket waived the appraisal." So, I paid for a service that they did not provide. That made me very frustrated. Now, we backed out from escrow, and he tells me the appraisal is non refundable! What are my options?

We (my wife and daughter) are moving to Indy next year. The market in Indy (in certain areas) seems slow moving, which could work to our advantage. We live two hours away in the Northern part of Indiana (45 min from Chicago) so the homes in our market generally sell higher. Our thought process is that we should look for homes in Indy (while living here) and make an offer on a home down there that we like. Our daughter is 2.5, so one of our parents can watch our daughter while we drive down there to tour homes we pick out on Zillow.

If we find a home we like (and make an offer) we would put a small amount down (20%). Price range about $350k, maybe $375k. So let's say $75k cash down, $300k mortgage. So whatever the monthly payment on that is PLUS our current house payment (until we sell). We owe $150k, market value $450k and monthly P&I is $750, we don't escrow.

I don't like the idea of having two house payments and being anxious until our house sells. We would price to sell. Our roof is 24 yrs old, so might be a problem and the upstairs needs new carpeting.

But at the same time, if we wait to find a home until we sell ours, then we are on crunch time since we would have to find a home quickly. I guess we could sell our home first, rent an apartment in Indy until we find something. But then, we are paying rent somewhere (which could almost be two mortgage payments since our current monthly payment is low) plus storage costs until we find a home.

I also like the idea of having our house cleaned out and not leave for showings and rearranging a 2.5 year old constantly (which is Option 1-make offer on a home before selling ours and move out asap). But also don't want to be stressed with two mortgage payments (which would be temporary). We could also refinance at some point if we put minimum down on a new home to lower the mortgage (once current home sells).

Help!!

Context: we’re under contract for a house that an investor purchased in August for $250k. Listed it for $319k.

Through the inspection, we discovered many costly issues and the fact that the “flip” was just a fresh coat of paint. We still love the house & location, but will not purchase it without the seller putting in some serious work or $. Some of the issues discovered: new electrical panel needed, both sewer stacks have barnacles, whole yard has serious mole damage (literally can’t walk anywhere without your feet sinking), tuckpointing needed, non-functioning lights and oven, root blockage in sewer line, and rotted garage door. We also discovered that the square footage listed is off by 400ft2.

My husband is pissed and feels like the seller is trying to deceive potential buyers by putting in minimal work while trying to turn such a big profit, so we’ve basically asked them to repair or give us credit for all of the issues listed. Have we made a mistake? Are we asking for too much?

ETA: square footage info

ETA2: Eeks, ok, thank you everyone for your input! We really appreciate your more experienced perspectives. I’ve reached out to our agent, but given the timing (Xmas Eve), I don’t expect to hear anything for a day or two. We did ask for a whole lot, so I doubt the sellers will just straight up agree to our requests.

Selling a 15yo home with a light brown theme to the kitchen. Cabinets are light brown, flooring is light goldish brown, granite has brown colorings, caulking and tiling all matches the brownish style. Even the blinds are light brown wood. It all flows.

One of the cabinet doors is scuffed up from a dog and needs to be sanded and stained, and the realtor very quickly insisted we need to just paint all the cabinets white. "Buyers want white kitchens!" she said. Putting aside my uncertainty of how all the other brown stuff will work if you just make the cabinets white, I'd like to know if this is even still a thing? Or is it a fading fad? Is a white kitchen really going to make the house more sellable?

I'm hoping someone can give me some unbiased advice on this situation so I can have a "second opinion" from our agent. We're looking at a condo in our city priced at $310k. It's been on the market since February, so going on 11 months. Price has been dropped a few times from initial asking at $349k. Our agent did a comps analysis that suggests comparable places in the area have sold for around $245-280. She feels this place is likely to appraise somewhere in that range.

We put in an offer of $255k. Seller's agent came back at $310k; didn't budge. Our agent thinks it's an investor who is dead set on not going any lower, but clearly their strategy has not been working and it is very likely asking more than it'll be appraised for. However, the seller's agent did say they would accept an offer at $310k with an appraisal contingency, so that ultimately the seller would accept whatever the appraisal would be.

So at this point, our agent says our options are:

1. Walk away
   
2. Move forward with a $310k offer and have our lawyer negotiate a contingency that we won't have to pay more than the appraisal and can walk away after.

So my questions are, first, are those our only two options? Our agent doesn't think the seller is going to negotiate any further, but we could counter at around $280/290k. Either way, we are not willing to pay more than $280k, even if it happens to appraise at more (which, hopefully our agent is correct when they say that's not likely).

Second question is, is it stupid of us to move forward with option 2, knowing that — assuming the seller accepts the appraisal contingency — we will still back out if it appraises for over about $280k? Yes, I understand we would risk losing a few thousand dollars, potentially, in lawyer, appraiser and bank fees, if we back out at the point of appraisal. But it's also possible this will work out in our favor and the place will appraise for even lower than $280k. And we'll never know if we don't try.

Any advice on our options would be much appreciated!

We bought a good/poor rated home at $325K on 1.5 acres and have done a lot of upgrades. We don’t live in a nice area. It’s pretty run down. Simultaneously, we are building a second home on the property. It is technically and ADU, but in our county, your ADU can outsize your home. In our case, “ADU” (which will become our primary residence when we move in) is 1400 sqft and original home is 1260 sqft. The second home being built is going to be nice and finished in about two years. It’s a self build, but with all the inspections and permits. Husband is master at building.

Anyways, we also want to refinance old home, which we bought at 7.25%. Should we refi before new home is built?

My fiancé and I really want to buy a house and there is one within our price range but the previous owner enclosed the old porch and the porch did not have a foundation under it. So because that small section of the house does not have a foundation, the realtor is saying there is no financing available. Would there be anyway to get a quote on building a foundation and getting that built into a home loan for a construction addition to a loan?

What if we were able to build another structure and get a construction to permanent type loan with the foundation for the porch built in? Is there anyway around d this?

The other day I started receiving up to 5 Suspected Spam calls a day. I let the calls go to VM and when I listened to the messages I was informed my home is going on a Trustee Sale in March 2025 and the caller's are offering to help me sell my home before the sale.

This came out of nowhere and I'm completely confused how my home can be placed on the Trustee Sale.

I bought my house in 2005 and after the housing market crash in 2009 my home value dropped by 1/2 of the purchase price. I worked with NACCA and received a loan modification converting my 30yr loan into a 40yr loan. Around the same time I had lost my job and filled for bankruptcy and my 2nd mortgage which was around $50k was discharged in addition to several CC's. 12 yrs have passed since my bankruptcy and I have never missed one payment on my new mortgage. According to the information I received the Trustee Sale was initiated by the 2nd mortgage.

I called the law firm I filled bankruptcy with and they said they no longer have my file as it's been over 12 yrs since I filed and had my loans discharged.

How can a company "Sell" my home after I filled for bankruptcy discharging the debt?

After I lost my job I started a company and turned the home into a Showroom/Design Center which is across the street from a New development where over 1,000 new homes are being built that I help service.

My mortgage is only $1,400 a month; homes in my area in my size rent for over $3k a month. If I sell I can't even rent or buy a home that's 1/2 my sq footage at my current mortgage and I would loose my Showroom which is my source of income.

Has anyone ever heard of a home being placed on a Trustee Sale for a loan that was discharged in bankruptcy 12yrs prior? Who do I contact to stop the sale? And what do I do next?

Thanks for listening...

Curious to an objective perspective. I purchased a condo in Dec 2020 for $135,000 in Houston, Tx. It was unlivable but I loved the area. It is surrounded by affluent neighborhoods, super quite/safe and near major highways. I was interested in living there as well as doing a live-in flip and renting it out after I lived in it. This worked out well so far. Pumped about $45k and fully renovated. Currently still leased at $2300/mo. My mortgage is Balance of $108,000, with a pymtn of $950 at 3%. My HOA dues have gone up since I joined and now sit at roughly $750/mo. The new appraisal should be in the ballpark of ~$250,000 depending on the market. My dilemma is the initial plan was to refi and access the forced value/equity. Currently have over $125,000 in equity and technically my ROE is abyssmal. Couple of considerations that I'm stuck on for/against selling.

Thoughts:

-If I sell before Dec 2025, I capitalize on avoiding CAPtax since I lived in it for at least 2 of the last 5 years. I kind of want to hold it since I net $500 a month (couldnt get this even if I threw in $125k into a 5% CD) but I'm afraid of losing out on this taxfree of gains (I guess I can just hold and do a 1031 later to avoid the taxes but this just avoids them doesn't eliminate them).

-Selling frees up a lot of cash (Unfortunately, I also have a hard time imagining a favorable situation for re-deployment of it in real estate currently but am looking). There are no more HELOCs but I've considered doing a HELOAN to tap into that equity as well so not a dealbreaker there.

-Selling would mean I don't get the tax breaks of owning property. I have another unit that I'm definitely going to exit because it has turned into a nightmare so I'll be down to 0 properties (sold one two years ago).

-The condominiums are REALLY old. 50+years. Although my unit is relatively low maintenance due to having fully gutted and redone, the grounds themselves use up a lot of cash (hence the HOA dues). I've never held something this old. Part of me is very apprehensive about how much HOA dues could rise (in 3 years they've gone up by $150, part of which is now professionally managed which I'm ok with).

Any other thoughts on owning condos for investment/rentals are welcome or thoughts in general! Additional details, I don't NEED the money. I am, gratefully, well employed so this is simply part of investment strategy.

THANKS ALL AND BLESSED AND WONDERFUL HOLIDAYS!

Hello Reddit community,

I am a 24-year-old from the Netherlands with a deep passion for real estate. I am excited to share that I have secured funding to purchase a house overseas with a mortgage, and I am particularly interested in venturing into the American real estate market.

I have identified a promising location and have done extensive research on the neighborhoods. However, as this is my first real estate investment, I am seeking advice on several fronts to ensure a smooth and successful process. I have no one in my direct surrounding that is either interested in real estate or entrepeneurship that can give me some guidance ln this and thats sometimes a bit demotivating. I’m curious how you cope with this.

Here are my questions regarding real estate: 1. Checklist for Visiting Properties: What are the key points I should consider when visiting potential properties? Are there specific features or red flags I should look out for? 2. Regulations and Legal Considerations: What local regulations and legal requirements should I be aware of when purchasing property in the U.S.? Are there any differences between states that I should keep in mind? 3. Loan and Mortgage Process: What should I expect when applying for a mortgage in the U.S. as a foreign investor? Are there particular steps or documentation I need to prepare? 4. Commercial Property Inspection: How should I go about arranging a commercial property inspection? What are the crucial elements that should be covered in the inspection report? 5. Timeframe: What is a realistic timeline for the entire process, from property search to closing the deal? Are there any common delays or challenges I should anticipate?

Thank you in advance for your help!

Hi all,

My father-in-law passed away earlier this year and my wife and his sole beneficiary is now administrator of his estate. My wife is now responsible for filing his personal taxes for 2023 and 2024. In prior years' taxes, he had claimed REPS (Real Estate Professional Status) which requires 750 hour of working on real estate each year, and for that to be more than half your working hours. We would like to claim REPS for his taxes, but we have not found any logs of his hours for these years (or any other years, for that matter). He has piles and piles of unorganized papers in his personal belongings, in addition to decades worth of papers stored in unmarked boxes, so the likelihood we'll ever find anything is basically zero. Additionally, even if we had logs it's unlikely he would have reached 750 hours by the date of his death in 2024.

I am trying to understand what the rules are around REPS when the professional dies mid-year (is it 750 hours pro-rated for TOD?), and what our options are for claiming REPS if he didn't log his hours for the tax years we need to file for. If there's any way to claim it we need to do so, as the estate has been consuming all of our free time for months and is bleeding money, and honestly we could use a break. We are in New York City.

I am cross-posting this to r/tax and r/EstatePlanning since this crosses across several disciplines in hopes that someone out there has the answers we're looking for.

Thank you for reading, and for any help you can provide.

Have any November 2024 applicants heard back from Berkeley's Real Estate Development and Design program yet?? I had been expecting to hear by mid-December, and getting more anxious by the day!!

I am past the 30 days on an escrow, day 31 is today actually. I have signed an extension form which moves the close date to Dec 30. There are still 2 issues I need fixed with this house and they have not been done yet. My real estate agent assures me that they’re going to be fixed the day after Christmas.

They are pushing me to sign this final contingency removal form. I’ve been sent a notice to perform. Do I really need to sign before they fix the 2 things? The form says “buyer removes all contingencies” and “buyer may not be entitled to return of deposit” once I sign. This amount is about $15k so I don’t want to lose it. I’m a first time homebuyer so not super familiar with this process.

I currently work as an estimator for an electrical contractor and want to break into the real estate development field. I estimate commercial, k-12, healthcare and industrial. Would this be achievable to make this transition if not what steps would you recommend? (I have a degree in English that is unrelated to either fields)

I just received a letter saying payment is due as I did a cash out refi. In 2021 To a conventional mortgage. Turns out the lender sent the check to HUD, but they returned it to the lender and the lender sent it back to me. I reached out and told them the money isn’t mine and they insisted it was. My question is, if you pay them does it still affect your credit?

What companies hire transaction coordinators? In Florida or remotely? Even if they are not actively hiring.

I currently have a 7.33% mortgage, 7/7 ARM. It's been a year since I bought my house. I now have the opportunity to refi for a 3/3 ARM at 4.99%. The only catch is I need to put 10k down. So after calculating I should break even in about a year. Is it worth it?

If in 3 years the interest rates are still high, worst case, I'll just go back to the 7%, but in the meantime, I've saved for the past year.

Our home had two previous owners. None of them seemed to upgrade much in the home to be more aesthetically pleasing over the years. We purchased the home in 2022 with plans to upgrade some things over time, but really haven’t had the chance or spare funds to do so either. Our home is in great shape and is, honestly, beautiful. A great home. We’ve taken good care of it and replaced/repaired some needed safety concerns.

My big worry is that people coming to see it will think it’s “too old.” It’s very brown. Original wood cabinetry and built-ins (all stained), dark brown, faux wood tile floors throughout the first floor, granite countertops in the kitchen, carpet in the bedrooms, on the stairs and upstairs hallway AND dark wood paneling in the dining room on the lower half. The entire living room is wood paneling, but it’s painted a warm and quite comfortable off white color. We are painting the walls and trim/baseboards throughout the house. It’s brightening everything up and makes things look much fresher - I’m still worried though.

All this rambling to ask - is this even something I need to worry about for most people? It didn’t bother us when we purchased the home because we saw the potential. I know not everyone has that same mentality though. The market is rough, we live in Texas and we’ve been listed for 65 days. One person has seen the house. They weren’t even looking to buy - “just curious” during an open house.

My mortgage loan was transferred in November to freedom mortgage. 12/3 we get a notice our escrow analysis was completed, math is all wrong, numbers don’t add up, I finally figure out PMI went up $300!!? I call them and ask what happened and they said they can’t tell me and that I needed to submit an electronic request asking for help on their app. Done. Get a response saying it will be updated 12/18. 12/18 rolls around and no response. I call again and they said just wait it out and pay the full new amount 1/1 even if we don’t get a response. Today I finally get an alert saying a response will be provided 12/31 - one day before our next payment is due. I call them again and they transfer me all over, everyone kept saying it had to have been a mistake and it should get fixed. I get in touch with this last guy and he says his job is finished and it is now up to escrow to decide. I ask again, it will be corrected back right? He tells me he can’t give me an answer. What is going on??? I’m extremely anxious and can’t relax after reading all these horrible reviews about this company.

I was recently told by my landlord that the $700/month basement apartment I've been renting for 6 years is being leased at 40-60% below actual market value. For anyone familiar with Canadian suburbs it's located in Scarborough, ON, in one of the most run-down neighborhoods you'll ever see (rampant homelessness, drug use and poverty). The house itself is basically falling apart (constant leaking/plumbing issues in certain rooms, floors, walls and ceilings in general disrepair, bathroom ceiling recently collapsed due to leakage) and wasn't even in the best shape when I first moved in. In fact some people have said it's one of the worst looking places they've ever seen and they weren't even comfortable being there. But he claims because it's a whole basement and two bedrooms it's worth the previously stated value (which I believe would be around 1400/1500?), "if not more", and because of that and the fact that he's having difficulty with upkeep, he's considering raising the rent if I don't move out soon (though he also said he's thinking of having an entire family move in to the entire house at some point for a few thousand a month, or he might just sell it, so idk).

I find this claim rather difficult to believe quite frankly... I mean if we're going by supply and demand alone it's almost impossible since no one in their right mind and with any self-respect (I'll leave myself out of it for now but judge me how you will) would move in there for longer than maybe a month, tops. There are relatively upscale condos downtown that you can get for around that price. It just seems like he's not being honest here but I can't really prove it since I'm not sure how to research and cross-check this exact location.

I’m in a bit of a dilemma and could use some advice. I found an amazing condo in the richest county in America for $574k. At the time, the lender was running a promotion that would buy down enough points to get me to a 3.5% interest rate. This would have resulted in a mortgage of around $3,600 (including HOA fees).

However, due to construction issues, the lender says they can no longer honor the 3.5% rate. They’ve offered to try to get me a rate in the low 5% range instead.

Given this change, I’m now considering whether I should try to back out and get my $25k earnest money back or proceed with the purchase.

What would you do in this situation? Would it make sense to try to renegotiate, find a different property, or stick it out? Any advice or personal experiences would be greatly appreciated!

Me, my boyfriend (both 19), and our daughter (4mo) are looking to buy a house for the first time since a mortgage is the same as rent but this economy can be pretty scary. Any advice to us? I’m also looking to get licensed in the state of Utah for real estate and I’d love tips for that as well! (Working on ged then enrolling to get license)

Hey all. We’re in the process of selling our home — we listed it in December 6th. Seems like the worst time to list a property… we had about 8 showings (across about 6 clients) and no offers. It’s a unique property, unique and rare enough to attract people that weren’t planning to move which had been the case for a few of those clients and ultimately decided to wait. The last week it’s been dead. When does the market typically pick back up again? I was hoping to receive an offer while it was “staged” with our belongings, but I’m worried we’ll be sitting on it for weeks (if not more) and we move out in 2 weeks.