Congratulations! I’m trying to get approved for a home. Almost there! I wish you could do videos, on buying tips and strategies with new construction. I’m in the process of gaining an approval for new townhome. But I don’t know if any of the things you teach on your channel can be applied to the builder. Soo confused! Lol
This is a sign that I was meant to come by your channel! 🙌🏾 I recently subscribed and I’ve been binge watching your videos bc my husband and I are looking to buy our first home in our hometown SACRAMENTO! 😫🎉 Then you put out this video! So happy to have found you and thank you for all of your amazing tips! 🙌🏾💕
I'm gonna be a seller and I agree with all this. My residential home isn't my only "investment" and I'm not buying right after selling so I'm glad I can afford to keep a cool head about accepting offers. Ultimately, I want to keep this home out of the hands of large investment firms, at least when I sell it.
Purchased back in 11/21 and I don’t second guess anything we did on our closing. One might say we were extremely luckyduring closing process but I like to think we were well informed thanks to channels like yours.
It is okay to “low ball” if people are way over-valuing their home by 20-40%. People act like spending 100’s of thousands is something to trifle with. Also, many realtors kept being over-optimistic about the housing market right before it plummeted. Buyers Beware.
Question: when I look at the tax assessments for houses in my area, most were assessed in 2021 for around half of the price they are now being sold. (Ex: assessed in 2021 at 340,000, now selling for 650,000) Do you have advice or thoughts on this as a prospective buyer?
In most areas the tax assessed value is much lower than the market value. Depending on how often your tax assessor reviews assessed property values (most every year, but I’ve heard of some up to every 5 years) it will likely change some. As a buyer I would ignore the tax assessed value except for specifically property tax reasons as the market value is a completely separate calculation.
Definitely. I'm looking for a home in Riverside County. I have up to 100k to put down+closing costs, over 800 credit score, but my gross income as a single mm is 58,000...so hard to find anything.
I hate lowballing as both a buyer and a seller. If you can't afford the home move on. You can sometimes get deals but the home had to be sitting for a while and comps may justify bidding lower. But don't expect a home that is 100k over your budget to accept a significantly lower offer. Also, DO NOT skip the inspection. You can't anyway with most conventional, VA, and FHA loans. And get a great mortgage expense app. I use My Mortgage on iPad.
What would you say qualifies as low balling? Would 10-11% on a home between $500-$700 low balling? Also what if my agent doesn’t seem to want to make offers at a lower than asking price?
Thanks for commenting! To see if you can qualify for a loan, you'll want to reach out to a loan officer who can help. You can click Apply on my website www.winthehouseyoulove.com/ to be connected with a loan officer I trust.
Are all conventional loans 3.0% right now? I just had my lender run a house for me under a conventional loan and I believe he told me the rate was 4.875 but I’m a first time home buyer..
If you can get a 4.875 rate that’s a great rate. I haven’t seen below 5% for months. First time home buyer doesn’t affect the rate, just income and LTV.
I'm alittle salty about my recent experience. My wife and I found a home we loved. Put an offer in for 15k over asking with 5k earnest and another 5k over apprisal if needed. We were passed over for a conventional loan instead of our VA even though ours was higher/better.
what if the rate is reduced next year to 3% after purchase, we can refinance, right? do you still think lender incentive money should be used for reducing rates?
Yes, you can refinance to a lower rate if rates lower. Definitely can be used to lower the rate through points or it can just offset closing costs. Whichever helps you stay in a smart financial situation (e.g. having adequate money in the bank) is best.
You have to know that the average mortgage is 8 to 10 years. Most people sell or refi in that time. If you can afford the rate, think about the seller concession as saving you actual money in real time. There are rate break even charts about buying the rate down. Most are break even at year 15-20 from my knowledge.
Great video, however, I think it is important to mention that the buyout is only good if you’re planning to stay in the house for life, but not if you’re planning to sell in a few years.
