People have sticker shock at the total price. They always talk about the rates. More people care about the total price.Honestly, I can deal with higher rates, but I refuse to pay for an overpriced house. Waiting on the sidelines. I already fully own my home, fully paid off, and looking for a deal for a nice come up. If prices don’t fall that’s cool too. Owning a home with no mortgage gives me a lot of time and flexibility.
100% agree. The starter home that cost $350k 3 years ago now costs $500k in my area. I’ll take an 8% loan but I will not pay 500k for a 40+ year old 1400 sq foot house. Eventually there won’t be any buyers left buying these overpriced homes with the bank of mom and dad’s money. Those are the people keeping prices pinned high today.
Florida realty is “Wonky.” $250,000 homes are $500,000. Florida is a tough market for buyers who want a home. Over priced homes deserve a “Lowballing “ offer with a negotiated broker commission.
Na most people don't give a damn about "price" when it comes to homes and cars.... they only care about "can I afford the payment".. You are the exception.
Higher rates can easily have you paying a extra 300k over the value of the home over the lifetime of the loan that’s what many people forget. Even a house priced 100k over will have less of an effect over the long run
I was affected my this in 2017. I bought a foreclosure home and a year later a collection company sent me a letter stating that I owe $11,000 in back taxes. I contacted my title company and they had to pay that bill. I had no idea that taxes follow the house not the owner.
Hmmm, that interesting. In the buying process, the so called realtor should have told you that. But he/she was more likely just concerned about getting the highest commission possible.
I don't think that's the realtor's responsibility to know about liens unless they just pop up. The buried lanes are why you have title insurance just like they said on this podcast
We just had the worst experience with a title company. Our sellers disclosed after the contract was certified that the property was encroaching (2 sides). Per the contract, we could have walked away and desired to do so since the seller wasn't willing to fix the issue or give concessions. BUT, the title company told us that if we didn't accept the easements that THEY were drawing up, we could lose our earnest money and/or be sued- title basically threatened us with our own earnest money. So we pressed on only to have the sellers cancel the contract instead of getting the easements signed! It cost us $2k for a lawyer to get them to release our earnest money. Title companies should NOT be allowed to meddle in their clients contracts! It is unethical to threaten their clients. Nor should they be pushing one encumbrance for another unless both parties willingly agree.
@@simi72100 It's a company based out of Maryland. Right now I'd rather not disclose their name because we may bring legal action against them. At the very least, I have already contacted the insurance commission. The company's lawyer is also the owner and he misrepresented what legal services he could provide. In drawing up the easements, he had zero intention of including the mortgage lenders which is a big no-no. His actions raised a lot of red flags and when I pushed back, he got mad and yelled and that's when he threatened our earnest money.
A disturbing trend in my hometown is I am seeing older hotels/motels being remodeled into studio apartments with 12-months leases. It's sad to see that many working people can only afford to live in refurbished hotel rooms!
hmmm. Five children? All I could comfortably afford were two. So we did not make anymore. It's not my responsiblity to be responsible for someone elses IRRESPONSIBILITY. @@mikepaulus4766
It is a trend because there is no other affordable housing for working class folks, lone seniors, or even families. The Fed’s stopped building affordable housing years ago and market-rate housing is built only for the affluent. Someone close to me lives in a motel room in Nevada, for $900 a month, no kitchen (coffee pot, small microwave, and small dorm fridge) but is happy to have it with utilities, cable, all in one price. We need to have multiple sizes and prices for homes and apartments.
Hubby and I have been looking for a house (wanting to downsize, get to a single level and minimize yard work) in earnest with our real estate agent. After looking at many resales and new home builds, I just feel as everything we have been looking at is way overpriced. When I asked my real estate agent about housing prices in our market (Atlanta), she said that they’ve been remaining steady. It just doesn’t seem to match what I’ve been tracking on Zillow. Additionally, houses under contract are now increasingly coming back on the market. Thanks for validating what I’ve been seeing from my own research. We’re sitting tight for now and waiting to see how all of this flushes out over the next 6-12 months. If the perfect house at the perfect price comes along, we will be ready. But if not, that’s OK too.
I think the reason why buyers waive a lot of things is because of cost. If the cost was more reasonable or the lending companies would pitch in and pay for it. Then I don't think anybody would not request all those kinds of things
Listen all, Title insurance is very important to have when you need it, I thought it was a joke until I had a title issues after I closed on the house, title company came in and handled it all, don’t skip on it!
As an investor, in the deal I always put on the contract for the sellers to pay not just theirs up to closing, but mine after closing. That contract the sellers use are not for buyers.
Contracts can be negotiated and the wording can be changed. Remember, its "Buyer Be Aware". That's because the sellers are always trying to get more than the house is worth.
Not exactly true all the time. My hobby is buying, living in the house for the legal minimum time and and quickly selling the house using LTCG IRS regulations. When I sell a property, I always list it in the bottom 50% of comps leaving thousands on the table for a FAST close. It can sell quickly in any month of the year. I love to time local RE markets. No losses yet! The goal is NOT to extract the maximum profit from each deal, but to legally pay the lowest income taxes after the deal.. The more profit you try to extract, the more income taxes you must pay. Don't be greedy on profit and legally enjoy MUCH lower income taxes.
How about all the overpriced houses in cape may nj?Seems like Al the seniors are cashing in their 401s…. Things are going into bidding wars and way over overpriced asking price! We were told congrats you got it! 2 days later a letter from a lawyer canceling our deal bc the seller got a higher offer! We were devastated after all our monies were ready to go and we were final and best .. In nj #35 I think it is on agreement of sale but this doesn’t happen in pa.. - when they tell you ,you got it, you got it…. So the seller asked 1.250000 and someone offered 1.500000 . So now all the other homes around want 1.500000 pricing the average person out of the game… just sad.. the house wasn’t even that nice it was old style and needed everything new but it was bay front. But still over priced…. Are. The realtors controlling the pricing! It’s insane… Thoughts…
Re: Title Insurance: If I buy TI on a house with a 30 year mortgage, then after 5 years, I refinance. The old TI is just cancelled and I have to buy it all over again. The best I have done was get a 10-15% discount on the second TI if done through the same company! Any other type of insurance I'd get an 83% refund on the first insurance contract. Why not on Title Insurance?!?! Seems like a scam ripoff to me. I have bought repeat insurance on the same properties multiple times!
@@jj3682 Normal insurance refunds prorated unused premiums. TI from a company who already owns the risk, charges it all over again for the same existing title/property merely because the loan is recast.
The title company still has to search public records on the property and insure title that nothing has been recorded against it and insure that so they charge again.
Title insurance is the biggest ripoff in real estate. Each time it transfers, we need to REINSURE it? You either cleared title or you did not. I think title insurance should have a $500 limit. And the seller should pay for it. Ridiculous fee that penalizes the buyer over and over and over. State should set a max fee because it is a CASH COW for title companies.
Regarding risks when purchasing a property. Here in the mountains there are a lot of communities where homes are on a shared well. Some in communities with HOA’s and some rural. Can this become costly if there are issues with a well especially when an HOA is involved? Should a shared well deter one from considering purchasing a home? I’ve seen some beautiful homes but when I see that in the property details I usually decide against looking at the properties because of things I’ve read online. Thanks so much and for the great content!
As a banker, there is always a quiet distain for real estate agents. Where's my check attitude and we do all the work to qualify their customer. College degrees vs seminar sales knowledge. Reputations built on sales only, instead of actually having a financial background or understanding consumer financial product and fair practices. Over estimated value is supported by agents and conduct their support at the highest prices. Bankers look at the numbers realizing something is unethically overpriced. Same as the car business. The subprime lending supporting both industries was born. Making exceptions to higher risk buyers.
Who is going to take time for all these property researchs? These days, while awaiting the result of the research, someone else will come along, offer few thousand beyond my offer and take the property from under my nose. If a problem is identified from a past owner, why is not a lawsuit against that owner/past seller in order? Could not they be prosecuted for fraudulent sale?
Ok, there is a lot here. 1. In most states, researching a property yourself can be done in a day or two. Many things are public info. I'm in MD so I can access deeds, county and city permits, sex offender info near a home, crime is easy to research by address/area, and tax info is easy to get. I can also lookup court info for a seller to see if they've had any liens. 2. When you contract for a home, you can have more time to do research and a title company will also research it for you. You do need to make it a part of the contract-- ie, what you want to research that isn't already public info- so boundary surveys, Radon, sewer inspection, general home inspection, etc. When you first contract for the home, you need to factor those time frames in. So don't say you will close in 30 days if you think you might need 45. Once the home is under contract, a new buyer cannot take over. 3. It is very difficult to hold a seller accountable once the deal is closed. Yes, if you can find and afford an attorney willing to take you, then you can try, but always get a good solid contract from the beginning! 4. Always work with a RE lawyer.
What do you do when buying a new build in a master planned community where there are several phases of multiple builders in a subdivision with an HOA. When you ask about fencing height and material or if you need approval from neighbors living on both sides of the home in addition to the HOA architectural committee, the buyer's agent says it's up to the HOA. The builder's sales agent says yes you can just after closing you need to get approval from the HOA architectural committee. So you ask prior to buying the home, if you can get the HOA/ CC&RS docs to review prior to making an offer on the home. Then the language says fencing is allowed but only if the design is approved by the architectural committee and the declarant has the sole discretion to make that decision. The builder's agent says it's the developer not the builder and they have no say in the decision. They say after you close, you can find out what fence is allowed and what type and where. I want to know prior to purchasing, as I have dogs and kids and want a private back yard, if I can have a 6 foot privacy fence. Trying to get info from the HOA prior to purchasing a home in a new construction community is like pulling teeth when you have specific questions on fencing or van parking with logos in the driveway. Or how many dogs or fish can you have? Aside from not being in an HOA, because some areas only have new construction in HOAs, what does a buyer do when no one knows or you cannot get the information from the HOA prior to purchasing and being a homeowner and submitting the design of the fence or limiting you to 1 dog when you have 2? This was so interesting!!! I wonder why new construction in a new HOA community charges you for a mechanic lien search and other fees that are more for resale homes or new builds on an infill lot. Thank you so much as always!!!
The fact that something as permanent as a property line can become ambiguous is uet another example of the incompetence of the state. Also, the fact that titles exist in the first place shows that private property doesn't exist anymore.
Hi Todd, great job with your website! Is it possible and advisable for an individual to buy a distressed mortgage? I am semi-retired and renting in Bedford NH, and could invest around $200k, which might get me as much as a $400k house or condo. I could either collect a monthly mortgage, or forclose and move in, fine either way. Is this realistic?
Can we get a MD Market focus episode plz. Montgomery and PG don’t seem to be following national market trends lol. Don’t blast me lol, very new to this and want some info as we are looking but being very cautious and picky. Rents going up but mortgage isn’t and doesn’t look any better at the moment around here
Nobody can answer your question but I had a friend that got her loan modified by a lot of money then she sold years later and made a huge profit and did not pay the money she got modification ed back to the lender.
I did receive one. I fought for it for a very long time (3 yrs) and finally got it Ordinarily I would never do anything like that. What you buy you pay for is how I feel. I began to realize that the fake high price I paid at the very end of 2005 was a fake balloon price pumped up by the banks and Wall Street I felt cheated and taken advantage of so I fought back. I was thinking the first mortgage company wanted to write my mortgage off their books Knowing they were going to sell and not have to honor what they promised me. However, when they sent me the paperwork stating what they were offering, I had the papers notarized immediately and the new mortgage company had to honor it. They were not happy about it and tried to get out of it but I said I would call it Fraud loud and clear.
It's all bullshit. It took me forever to get tenants out of my brand new custom home. They new more about the law then my non-paying tenants. Why would anyone turn their home into a rental ever again? Never again!
Iwas wondering if you could answer this for me . I have a sister who owns her house but she has a ex husband but not devoiced who she is not living with could he put a lean on her house without her knowing about this and if she died would he be intitled to the house .
I'm actually having this problem with a seawall that the person across the water fr me says he owns my seawall and I think it's a partial ownership and I've been looking for an attorney to help me sort this out
Let's be real we are all just guessing. We don't have an actual "market"... Federal Reserve policy is the only thing that matters and nobody (perhaps not even the FED itself) can predict what they are going to do. It's honestly probably 50/50 at this point that the FED will capitulate on inflation, reverse course and all assets including real estate will soar... or the FED could actually be serious about inflation, refuse to lower rates and restart QE in which case RE and all equities will suffer. Problem is you can't reasonably hedge the polar opposite outcomes.
And your correct, but I believe the latter in your statement will happen. The Fed will short term pause for the holidays, then will have no choice but to hike to save the crashing dollar. They have to incentivize others from investing in bonds or else the dollar is doomed. The Fed would rather punish its citizens with expensive money, rather than dollar sell-off by other countries which in turn will cause money coming back here causing hyperinflation.
Most borrowers have no idea how a mortgage works, nor the legal requirements of owning real estate. In 2009 most failed as they walked away from the property when equity went negative, too dumb to understand that it would later return and they wouldnt have a loss. OBama gave them cash for keys, which exacerbated the process of dumping houses at the worst time.
Thousands of companies are moving to Texas and taking the jobs with them. Qualcomm just announced several thousand job cuts in San Diego, but i guess jobs don't affect housing prices
Problem is, people can’t pay their car payment, is because wages aren’t going up, job market is tough, and people can’t afford a mortgage, and car payments?
Unfortunately, I went through a financially devastating divorce. Now I’m looking to get back in the market, it is so depressing. It’s not just that the rates are so high but homes have doubled and almost tripled in price in the last few years. It makes it next to impossible to buy with the very high cost of homes not to mention the interest rates. Extremely frustrating. Also, I can’t stand when people gloat over how they refinanced or bought a house at 2.75%. I guess it’s great for them that they are sitting pretty but not everybody is.
@@75pdubs You’re missing the point. Just because unemployment is low, doesn’t mean that people have jobs that actually pay basic bills. Don’t give me wrong, many do, but many don’t.
My problem with this is the cost and the title companies expect sellers pay this cost for the buyers! No more. As a seller, we already cover way too many fees (exactly why there are so many lawsuits now)…. I’m done paying for buyers fees. If they need it.. they pay for it.
Sellers usually pay owners title insurance to insure clear title is conveyed, buyers pay lenders title insurance (alta policy) for insurance on loan position insurance.different product
@@leslovesdogs-o6e just because it’s always been that way doesn’t mean it should stay this way. Title insurance for the seller is not mandatory and the Title companies need to stop pushing it down the throats of sellers. It’s overpriced and ridiculous! This mostly protects the title companies…. They need to lower the price or they pay it.
@@JaydogRules-q6w it’s not wasting when the rental is 2800 to rent and the same as as a purchase would be 4500. Smh you home owners fools need to change the way you think. If you want to get rich anyway smh
That’s not your concern about understanding why folks are buying house, maybe they can afford to buy it, maybe they paid cash, maybe they saved money to buy it.
Young buyers are clueless. They just think rules don’t apply to them, in this case, contracts don’t apply. I warn every young buyer that once we get so far in this deal you’re on the train and backing out can and will cost you money and potentially a lawsuit.
People who had jobs and not working.... might be a little disingenuous there, how about companies who took government money and still fired workers. Or that 1500 dollars was supposed to last a year. No it is fair to say a lot of people unemployment was more than their paycheck that would be accurate.
Just dont pay more than ONE persons' ONE week take home pay for housing (as the monthly payment) I clear twice what my payment is and I"ll never pay more. If you do, you have no money for savings/investment/retirement/kid's college/emergencies. Anyone can live in an older mini- van, get around on a bicycle, and spend NOTHING on housing, food or utitlies, very little on commuting. I know this is so because I've done it, for 3 years at a stretch at one point. I lived on the $80 per week sales of my plasma, saved my 12k per year of college loans and used that money to created a boarding house. I used the profits from that boarding house to create another one and then a third one and now I'm retired on the 60k clear per year that I get from those properties. You dont have to have a house, unless you've been stupid enough to have a kid without the million $ that it takes to properly raise that kid (in the US)
People have sticker shock at the total price. They always talk about the rates. More people care about the total price.Honestly, I can deal with higher rates, but I refuse to pay for an overpriced house. Waiting on the sidelines. I already fully own my home, fully paid off, and looking for a deal for a nice come up. If prices don’t fall that’s cool too. Owning a home with no mortgage gives me a lot of time and flexibility.
I found you really find freedom. No fear of office politics, layoffs, etc etc with no more mortgage payments.
100% agree. The starter home that cost $350k 3 years ago now costs $500k in my area. I’ll take an 8% loan but I will not pay 500k for a 40+ year old 1400 sq foot house. Eventually there won’t be any buyers left buying these overpriced homes with the bank of mom and dad’s money. Those are the people keeping prices pinned high today.
Florida realty is “Wonky.” $250,000 homes are $500,000.
Florida is a tough market for buyers who want a home. Over priced homes deserve a “Lowballing “ offer with a negotiated broker commission.
Na most people don't give a damn about "price" when it comes to homes and cars.... they only care about "can I afford the payment".. You are the exception.
Higher rates can easily have you paying a extra 300k over the value of the home over the lifetime of the loan that’s what many people forget. Even a house priced 100k over will have less of an effect over the long run
I was affected my this in 2017. I bought a foreclosure home and a year later a collection company sent me a letter stating that I owe $11,000 in back taxes. I contacted my title company and they had to pay that bill. I had no idea that taxes follow the house not the owner.
Yep title lien
That's why you pay title insurance. Tell us you know nothing
Hmmm, that interesting. In the buying process, the so called realtor should have told you that. But he/she was more likely just concerned about getting the highest commission possible.
@@RealEstateEntrepreneur It's not the real estate agents job to look for tax liens . Idiot .
I don't think that's the realtor's responsibility to know about liens unless they just pop up. The buried lanes are why you have title insurance just like they said on this podcast
We just had the worst experience with a title company. Our sellers disclosed after the contract was certified that the property was encroaching (2 sides). Per the contract, we could have walked away and desired to do so since the seller wasn't willing to fix the issue or give concessions. BUT, the title company told us that if we didn't accept the easements that THEY were drawing up, we could lose our earnest money and/or be sued- title basically threatened us with our own earnest money. So we pressed on only to have the sellers cancel the contract instead of getting the easements signed! It cost us $2k for a lawyer to get them to release our earnest money. Title companies should NOT be allowed to meddle in their clients contracts! It is unethical to threaten their clients. Nor should they be pushing one encumbrance for another unless both parties willingly agree.
What was the name of the title company?
@@simi72100 It's a company based out of Maryland. Right now I'd rather not disclose their name because we may bring legal action against them. At the very least, I have already contacted the insurance commission. The company's lawyer is also the owner and he misrepresented what legal services he could provide. In drawing up the easements, he had zero intention of including the mortgage lenders which is a big no-no. His actions raised a lot of red flags and when I pushed back, he got mad and yelled and that's when he threatened our earnest money.
A disturbing trend in my hometown is I am seeing older hotels/motels being remodeled into studio apartments with 12-months leases. It's sad to see that many working people can only afford to live in refurbished hotel rooms!
In 2013 I worked with a guy and his wife, they lived in an old hotel room with their 5 children. $700 a month and they couldn't use the pool.
hmmm. Five children? All I could comfortably afford were two. So we did not make anymore. It's not my responsiblity to be responsible for someone elses IRRESPONSIBILITY. @@mikepaulus4766
It is a trend because there is no other affordable housing for working class folks, lone seniors, or even families. The Fed’s stopped building affordable housing years ago and market-rate housing is built only for the affluent. Someone close to me lives in a motel room in Nevada, for $900 a month, no kitchen (coffee pot, small microwave, and small dorm fridge) but is happy to have it with utilities, cable, all in one price. We need to have multiple sizes and prices for homes and apartments.
In Ocala Florida there are tons of these old motels remodeled for apartments mostly for low income and vets.
At least it’s something
Hubby and I have been looking for a house (wanting to downsize, get to a single level and minimize yard work) in earnest with our real estate agent. After looking at many resales and new home builds, I just feel as everything we have been looking at is way overpriced. When I asked my real estate agent about housing prices in our market (Atlanta), she said that they’ve been remaining steady. It just doesn’t seem to match what I’ve been tracking on Zillow. Additionally, houses under contract are now increasingly coming back on the market. Thanks for validating what I’ve been seeing from my own research. We’re sitting tight for now and waiting to see how all of this flushes out over the next 6-12 months. If the perfect house at the perfect price comes along, we will be ready. But if not, that’s OK too.
I think the reason why buyers waive a lot of things is because of cost. If the cost was more reasonable or the lending companies would pitch in and pay for it. Then I don't think anybody would not request all those kinds of things
Listen all, Title insurance is very important to have when you need it, I thought it was a joke until I had a title issues after I closed on the house, title company came in and handled it all, don’t skip on it!
As an investor, in the deal I always put on the contract for the sellers to pay not just theirs up to closing, but mine after closing. That contract the sellers use are not for buyers.
I'm glad to see you sounding the alarm, housing has gone off the rails so many are going to get hurt
Contracts can be negotiated and the wording can be changed. Remember, its "Buyer Be Aware". That's because the sellers are always trying to get more than the house is worth.
Not exactly true all the time. My hobby is buying, living in the house for the legal minimum time and and quickly selling the house using LTCG IRS regulations. When I sell a property, I always list it in the bottom 50% of comps leaving thousands on the table for a FAST close. It can sell quickly in any month of the year. I love to time local RE markets. No losses yet! The goal is NOT to extract the maximum profit from each deal, but to legally pay the lowest income taxes after the deal.. The more profit you try to extract, the more income taxes you must pay. Don't be greedy on profit and legally enjoy MUCH lower income taxes.
How about all the overpriced houses in cape may nj?Seems like Al the seniors are cashing in their 401s…. Things are going into bidding wars and way over overpriced asking price! We were told congrats you got it! 2 days later a letter from a lawyer canceling our deal bc the seller got a higher offer! We were devastated after all our monies were ready to go and we were final and best .. In nj #35 I think it is on agreement of sale but this doesn’t happen in pa.. - when they tell you ,you got it, you got it…. So the seller asked 1.250000 and someone offered 1.500000 . So now all the other homes around want 1.500000 pricing the average person out of the game… just sad.. the house wasn’t even that nice it was old style and needed everything new but it was bay front. But still over priced…. Are. The realtors controlling the pricing! It’s insane… Thoughts…
Seller greed is real. People want to blame realtors, but most of it is sellers not listening to their realtor on pricing.
This is a great video. It answered many questions that I had and many questions that I didn't know enough to ask. Thank you
So informative! As a potential home seller considering off market, this was invaluable
Re: Title Insurance: If I buy TI on a house with a 30 year mortgage, then after 5 years, I refinance. The old TI is just cancelled and I have to buy it all over again. The best I have done was get a 10-15% discount on the second TI if done through the same company! Any other type of insurance I'd get an 83% refund on the first insurance contract. Why not on Title Insurance?!?! Seems like a scam ripoff to me. I have bought repeat insurance on the same properties multiple times!
That's true. It is a ripoff in that regard, but necessary if you need it. Like most insurance I suppose.
@@jj3682 Normal insurance refunds prorated unused premiums. TI from a company who already owns the risk, charges it all over again for the same existing title/property merely because the loan is recast.
The title company still has to search public records on the property and insure title that nothing has been recorded against it and insure that so they charge again.
Title insurance is the biggest ripoff in real estate. Each time it transfers, we need to REINSURE it? You either cleared title or you did not. I think title insurance should have a $500 limit. And the seller should pay for it. Ridiculous fee that penalizes the buyer over and over and over. State should set a max fee because it is a CASH COW for title companies.
Regarding risks when purchasing a property. Here in the mountains there are a lot of communities where homes are on a shared well. Some in communities with HOA’s and some rural. Can this become costly if there are issues with a well especially when an HOA is involved? Should a shared well deter one from considering purchasing a home? I’ve seen some beautiful homes but when I see that in the property details I usually decide against looking at the properties because of things I’ve read online. Thanks so much and for the great content!
As a banker, there is always a quiet distain for real estate agents. Where's my check attitude and we do all the work to qualify their customer. College degrees vs seminar sales knowledge. Reputations built on sales only, instead of actually having a financial background or understanding consumer financial product and fair practices. Over estimated value is supported by agents and conduct their support at the highest prices. Bankers look at the numbers realizing something is unethically overpriced. Same as the car business. The subprime lending supporting both industries was born. Making exceptions to higher risk buyers.
Great podcast, great guest, great topic. ThanksTodd.
Great work Sir !!! Thank you for the education !!!
Who is going to take time for all these property researchs? These days, while awaiting the result of the research, someone else will come along, offer few thousand beyond my offer and take the property from under my nose. If a problem is identified from a past owner, why is not a lawsuit against that owner/past seller in order? Could not they be prosecuted for fraudulent sale?
Ok, there is a lot here.
1. In most states, researching a property yourself can be done in a day or two. Many things are public info. I'm in MD so I can access deeds, county and city permits, sex offender info near a home, crime is easy to research by address/area, and tax info is easy to get. I can also lookup court info for a seller to see if they've had any liens.
2. When you contract for a home, you can have more time to do research and a title company will also research it for you. You do need to make it a part of the contract-- ie, what you want to research that isn't already public info- so boundary surveys, Radon, sewer inspection, general home inspection, etc. When you first contract for the home, you need to factor those time frames in. So don't say you will close in 30 days if you think you might need 45. Once the home is under contract, a new buyer cannot take over.
3. It is very difficult to hold a seller accountable once the deal is closed. Yes, if you can find and afford an attorney willing to take you, then you can try, but always get a good solid contract from the beginning!
4. Always work with a RE lawyer.
What do you do when buying a new build in a master planned community where there are several phases of multiple builders in a subdivision with an HOA. When you ask about fencing height and material or if you need approval from neighbors living on both sides of the home in addition to the HOA architectural committee, the buyer's agent says it's up to the HOA. The builder's sales agent says yes you can just after closing you need to get approval from the HOA architectural committee. So you ask prior to buying the home, if you can get the HOA/ CC&RS docs to review prior to making an offer on the home. Then the language says fencing is allowed but only if the design is approved by the architectural committee and the declarant has the sole discretion to make that decision.
The builder's agent says it's the developer not the builder and they have no say in the decision. They say after you close, you can find out what fence is allowed and what type and where.
I want to know prior to purchasing, as I have dogs and kids and want a private back yard, if I can have a 6 foot privacy fence.
Trying to get info from the HOA prior to purchasing a home in a new construction community is like pulling teeth when you have specific questions on fencing or van parking with logos in the driveway.
Or how many dogs or fish can you have?
Aside from not being in an HOA, because some areas only have new construction in HOAs, what does a buyer do when no one knows or you cannot get the information from the HOA prior to purchasing and being a homeowner and submitting the design of the fence or limiting you to 1 dog when you have 2?
This was so interesting!!! I wonder why new construction in a new HOA community charges you for a mechanic lien search and other fees that are more for resale homes or new builds on an infill lot.
Thank you so much as always!!!
The fact that something as permanent as a property line can become ambiguous is uet another example of the incompetence of the state. Also, the fact that titles exist in the first place shows that private property doesn't exist anymore.
Thank you, that was very informative. I took notes!
Glad you enjoyed the show. Let me know if you have any further questions. You can always email me ts@sachsrealty.com
Hi Todd, great job with your website!
Is it possible and advisable for an individual to buy a distressed mortgage? I am semi-retired and renting in Bedford NH, and could invest around $200k, which might get me as much as a $400k house or condo. I could either collect a monthly mortgage, or forclose and move in, fine either way. Is this realistic?
More importantly than repairing the house in potential default is that fact many homeowners could be upside down, so there's no rescue available...
Can we get a MD Market focus episode plz. Montgomery and PG don’t seem to be following national market trends lol.
Don’t blast me lol, very new to this and want some info as we are looking but being very cautious and picky.
Rents going up but mortgage isn’t and doesn’t look any better at the moment around here
In the 2008 to 2010 crisis, what percentage of people got a principal reduction along with the modification of terms?. Curious.
Mostly short sale allowances. It was a tax liability also for the borrower who received debt modification.
🤔 Please answer his question. He wants the percentage. I would want to kniw the percentage too.🤔
Nobody can answer your question but I had a friend that got her loan modified by a lot of money then she sold years later and made a huge profit and did not pay the money she got modification ed back to the lender.
I did receive one. I fought for it for a very long time (3 yrs) and finally got it
Ordinarily I would never do anything like that. What you buy you pay for is how I feel. I began to realize that the fake high price I paid at the very end of 2005 was a fake balloon price pumped up by the banks and Wall Street I felt cheated and taken advantage of so I fought back.
I was thinking the first mortgage company wanted to write my mortgage off their books Knowing they were going to sell and not have to honor what they promised me.
However, when they sent me the paperwork stating what they were offering, I had the papers notarized immediately and the new mortgage company had to honor it. They were not happy about it and tried to get out of it but I said I would call it Fraud loud and clear.
@@joycebarnett6035 Nobody can answer that question?🤔 I thought realtors are suppose to answer questions like that? 🤔
Everyone thinks simply buying a house means you’re doing good, I wouldn’t ever buy a house if I couldn’t get it at a good price l
Where you hear that from. Hopefully nobody thinks buying a house means they are doing good.
So True! Facts !!!
It's all bullshit. It took me forever to get tenants out of my brand new custom home. They new more about the law then my non-paying tenants. Why would anyone turn their home into a rental ever again? Never again!
What state was this in
Iwas wondering if you could answer this for me . I have a sister who owns her house but she has a ex husband but not devoiced who she is not living with could he put a lean on her house without her knowing about this and if she died would he be intitled to the house .
I'm actually having this problem with a seawall that the person across the water fr me says he owns my seawall and I think it's a partial ownership and I've been looking for an attorney to help me sort this out
Peter Schiff harming home buyers by being a crash bro in 2011.
Solano county housing in California has many 500k houses that are old and beat down
Thanks guys
Must be nice for the help, from mommy, and Daddy?
Let's be real we are all just guessing. We don't have an actual "market"... Federal Reserve policy is the only thing that matters and nobody (perhaps not even the FED itself) can predict what they are going to do. It's honestly probably 50/50 at this point that the FED will capitulate on inflation, reverse course and all assets including real estate will soar... or the FED could actually be serious about inflation, refuse to lower rates and restart QE in which case RE and all equities will suffer. Problem is you can't reasonably hedge the polar opposite outcomes.
And your correct, but I believe the latter in your statement will happen. The Fed will short term pause for the holidays, then will have no choice but to hike to save the crashing dollar. They have to incentivize others from investing in bonds or else the dollar is doomed. The Fed would rather punish its citizens with expensive money, rather than dollar sell-off by other countries which in turn will cause money coming back here causing hyperinflation.
That’s why they need a Real Estate Brokers and Agents to above and beyond to prevent issues.
GREAT INFORMATION
Most borrowers have no idea how a mortgage works, nor the legal requirements of owning real estate. In 2009 most failed as they walked away from the property when equity went negative, too dumb to understand that it would later return and they wouldnt have a loss. OBama gave them cash for keys, which exacerbated the process of dumping houses at the worst time.
Todd, your closing attorney shoild be reviewing the paperwork and note any abnormal easements or deed restrictions.
I live in mi metro Detroit area. Do you have any contacts to good ethical agents?
Send me an email ts@sachsrealty.com. I will connect you with someone.
Supply and demand... in southern cali, I don't see houses crashing or anything of that sort unless a massive amount of people disappear...
Thousands of companies are moving to Texas and taking the jobs with them. Qualcomm just announced several thousand job cuts in San Diego, but i guess jobs don't affect housing prices
@@danielalonzo7445 not yet thus far...
Problem is, people can’t pay their car payment, is because wages aren’t going up, job market is tough, and people can’t afford a mortgage, and car payments?
Unemployment is under 4%. That is not a tough job market. Household savings are also high.
Unfortunately, I went through a financially devastating divorce. Now I’m looking to get back in the market, it is so depressing. It’s not just that the rates are so high but homes have doubled and almost tripled in price in the last few years. It makes it next to impossible to buy with the very high cost of homes not to mention the interest rates. Extremely frustrating.
Also, I can’t stand when people gloat over how they refinanced or bought a house at 2.75%. I guess it’s great for them that they are sitting pretty but not everybody is.
@@75pdubs
You’re missing the point. Just because unemployment is low, doesn’t mean that people have jobs that actually pay basic bills.
Don’t give me wrong, many do, but many don’t.
Great guest!
If it was for the seller to pay, they would just adjust it in their sales price.
My problem with this is the cost and the title companies expect sellers pay this cost for the buyers! No more. As a seller, we already cover way too many fees (exactly why there are so many lawsuits now)…. I’m done paying for buyers fees. If they need it.. they pay for it.
You need the buyers money though 😁
You, as a buyer, never asked anything from the seller?....I doubt it.
Sellers usually pay owners title insurance to insure clear title is conveyed, buyers pay lenders title insurance (alta policy) for insurance on loan position insurance.different product
@@leslovesdogs-o6e just because it’s always been that way doesn’t mean it should stay this way. Title insurance for the seller is not mandatory and the Title companies need to stop pushing it down the throats of sellers. It’s overpriced and ridiculous! This mostly protects the title companies…. They need to lower the price or they pay it.
To many middle people in purchasing any items, now buying a home. Corporations and billionaires are buying real estate, so citizens become poor.
Thank you for your service
Tech analysis of the US market indicates you have 2x more spikes to go in the town near you. Look it up
Very educational. Thanks.
I really don’t understand how/why anyone would want to buy a house right now
@@JaydogRules-q6w it’s not wasting when the rental is 2800 to rent and the same as as a purchase would be 4500. Smh you home owners fools need to change the way you think. If you want to get rich anyway smh
@@marcusbutron4580not really to rent its 2800 and to own its 3100
That’s not your concern about understanding why folks are buying house, maybe they can afford to buy it, maybe they paid cash, maybe they saved money to buy it.
@@JaydogRules-q6wexactly
Because we live in rentals where its cramped and landlord wont make repairs and its so noisy I can barely work from home.
Hi, do you know a good an honest realtor in Clifton NJ
Send me an email ts@sachsrealty.com.
Young buyers are clueless. They just think rules don’t apply to them, in this case, contracts don’t apply. I warn every young buyer that once we get so far in this deal you’re on the train and backing out can and will cost you money and potentially a lawsuit.
I love this content. Very informative
Just passed my real estate exams.😊
Really helpful and informative video. Love your channel
Surveyors not magicians you.go to the city or the county get the easements.
Please condense to 10 minutes to increase subscribers. thanks
Great video! Very informative I learn something from you each time I see your videos
Ignorant implies they don't know what's going on. I think the majority of them do. They just boldfaced lie because there's no accountability.
People who had jobs and not working.... might be a little disingenuous there, how about companies who took government money and still fired workers. Or that 1500 dollars was supposed to last a year. No it is fair to say a lot of people unemployment was more than their paycheck that would be accurate.
I know one or two of those.
🤣
They paid on the car cause. They know that the repo man could come and get it from them. You can't hide a house like you can't a car😅
Stop with the emails !!you need to pick up the phone and talk to them
The harvest has begun. Who's going to be the bag holder?
No coffee for Dave 🙂
"If a blind person leads a blind person both will fall into a hole" -Jesus
$24,000 for a F#@&ng survey????!!!!
I would require more earnest money to make it a little uncomfortable if the buyer wants to cancel or play games
If you can find a buyer right now
1% max
Just dont pay more than ONE persons' ONE week take home pay for housing (as the monthly payment) I clear twice what my payment is and I"ll never pay more. If you do, you have no money for savings/investment/retirement/kid's college/emergencies. Anyone can live in an older mini- van, get around on a bicycle, and spend NOTHING on housing, food or utitlies, very little on commuting. I know this is so because I've done it, for 3 years at a stretch at one point. I lived on the $80 per week sales of my plasma, saved my 12k per year of college loans and used that money to created a boarding house. I used the profits from that boarding house to create another one and then a third one and now I'm retired on the 60k clear per year that I get from those properties. You dont have to have a house, unless you've been stupid enough to have a kid without the million $ that it takes to properly raise that kid (in the US)
Todd, as a real estate broker you are pretty clueless in mortgages and finance just by the simple assumptions and questions you ask.