Fed should ban all corporations and hedge funds whether domestic or international from buying real estate. On top of that, force them to put every house they own back onto the market for what they paid for it and create a punishment if they dont get it sold within a certain amount of months/years. Yeah it will suck for those trying to sell because prices will plummet but it 100% fixes the housing crisis. The needs of many outweigh the needs of a few.
Thanks for sharing these tips! It's so helpful to learn what to look out for when buying a home. Avoiding costly mistakes is definitely something we all need advice on!
I am looking for another house to buy, but since it has been years since I bought it, I don’t remember all the fine details. There’s always new information that is helpful, such as the one in your video. Thank you! Useful tips !👍
We went into underwriting with 3 separate big banks. At the beginning of underwriting we were being offered interest rates at 6.75%, by the end of underwriting we were offered 5.785% saving us over $1000 per month. Each bank was 100% aware of how easily we could jump to another bank, and they kept offering us lower rates. whenever one offered a lower rate we sent it straight to the other two, who _had_ to match or lower it to stay in the game. Yes, we paid for 3 appraisals ($1800 in total), but some of the biggest drops in interest rates came just after the appraisal stage because each bank thought they finally had us in the bag. The $1800 was NOTHING compared to the over $12000 a year we saved in getting the lowest rate we finally did. This was in 2023 by the way. There are potentially huge benefits in entering underwriting with multiple banks simultaneously, especially with a large mortgage like we had. It’s not a stupid idea at all!
I am currently selling as is but I have disclosed the two issues that haven't been addressed with my realtor. My biggest concern is that I plan on buying with cash but want to make sure that the inspector wherever I go, is thorough. The inspector that I used when I bought this one was awful and ended up putting a lot of money into it.
Yeah, but if the seller says that they are not going to make any repairs, there could be tons of minor defects that add up to thousands of dollars for repairs. You may not discover these minor defects until a home inspection, and by that point, getting out of the deal is not a straightforward thing. If a seller says that, it immediately raises my suspicion that they know something that they don't want to, and may not be legally obligated to, disclose.
Yes, definitely shop for your lender! I was able to get 1% better rate by shopping for my lender. My initial lender gave me 6.8% but I have able to find another lender with 5.875%. So I went with the much lower rate.
Yeah using two lenders isn't a bad idea actually. If you are gonna live there for a long time to recoup the cost of an appraisal. 1400 now could save you thousands over the course of the loan. This just feels like whining from a lender standpoint.
Thank you for your advice. I may look at houses next year to buy. I am looking for 2 bedrooms terrace house in the UK where I can get a good rental return. I will pay cash and I don't like to have a mortgage. I have been saving hard for paying cash for under £100,000.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with 'Grace Adams Cook' for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Genz, Are there any loan products with 5%-10% down with (Non) owner occupant? FHA/Conventional seems to say you need to owner occupy , id do either or but I am in Florida and its the last place id wanna buy with insurance and hurricanes. FHA says if you are non owner occupant you will need to put down 25% i believe My question is if (A friend) gets a loan with you One lives in the unit , And I co sign cause I have capitol as the non owner occupant would you get the benefits of low down, or be forced to do 25%?
Jackie, shouldn't the attorney (I live in North Jersey) do all of this(CLUE,OPRA) ??? I did sell a building in Jersey City a few years ago and the contractor pulled a permit and did the work and it never was closed. I forgot and just assumed the contractor took care of all of this but it was a pain to resolve.
The attorney, realtor or buyer can do OPRA and CLUE. Typically the attorney's will do it. But I've worked with some attorneys that want the realtors or buyers do it.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
There are advisors in cities around you but I needed services of one who can guide me irrespective of location. ‘Melissa Terri Swayne’ comes highly recommended especially in times like this. I am hedging and haven't lost much to the recession. I found her in 2020 when the market was at an all time low. Look her up and thank me later.
Hi! new sub here, funny you mention permits. I just bought my very first home on 30th September. Without going into too much detail, I have found that there is an open permit nearly 10 years old for a water heater installation that was never inspected. The thing is, the water heater in question has since been replaced and is not even here anymore. is this something I should be worried about?
As long as the new water heater has a proper permit then you're fine. You may want to go back to the town and let them know that water heater that doesn't exist anymore should have that permit closed out.
Acrually, nowadays sellers don't need to repair anything and the buyers still accept it 80% time without any credit because they are more desperate people
Biggest mistake when buying a home is if you pay to much for a home with old roof old hvac windows etc. that's thousands in the near future you have to pay to keep house up to date. If you buy home like this need to buy well under retail or appraisal rip off to high price an have money in savings for needed up grades of old stuff.
You guys are giving wayyyyyy to much power to the seller. If the seller does not want to sell their property to you, move on. Sooooo many different properties out there. Get your house build. That tends to be cheaper than buying on the secondary market.
Building anew isn't any cheaper. I don't know where you live but in NJ everything is obscenely expensive. Every product is triple price of what it should cost really.
My approach is we found this wrong. This is the estimated cost to fix so reduce sales price for that amount. Then it’s like take it or leave it. I will move on. I’m also thinking of getting an Old Republic warranty. Sometimes it’s all the little things that just add up.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Carol Vivian Constable” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her.
Fed should ban all corporations and hedge funds whether domestic or international from buying real estate. On top of that, force them to put every house they own back onto the market for what they paid for it and create a punishment if they dont get it sold within a certain amount of months/years. Yeah it will suck for those trying to sell because prices will plummet but it 100% fixes the housing crisis.
The needs of many outweigh the needs of a few.
Never heard of a CLUE report.. Just added that to my notes... You are a true doll Jackie...
You're welcome!
Also not all home inspections are equal
Thank you, Jackie, for your very honest opinion. I personally appreciate a person who tells it as it is. I'm looking forward to more videos.
Thanks for sharing these tips! It's so helpful to learn what to look out for when buying a home. Avoiding costly mistakes is definitely something we all need advice on!
I am looking for another house to buy, but since it has been years since I bought it, I don’t remember all the fine details. There’s always new information that is helpful, such as the one in your video.
Thank you!
Useful tips !👍
We went into underwriting with 3 separate big banks. At the beginning of underwriting we were being offered interest rates at 6.75%, by the end of underwriting we were offered 5.785% saving us over $1000 per month. Each bank was 100% aware of how easily we could jump to another bank, and they kept offering us lower rates. whenever one offered a lower rate we sent it straight to the other two, who _had_ to match or lower it to stay in the game. Yes, we paid for 3 appraisals ($1800 in total), but some of the biggest drops in interest rates came just after the appraisal stage because each bank thought they finally had us in the bag. The $1800 was NOTHING compared to the over $12000 a year we saved in getting the lowest rate we finally did. This was in 2023 by the way. There are potentially huge benefits in entering underwriting with multiple banks simultaneously, especially with a large mortgage like we had. It’s not a stupid idea at all!
I am currently selling as is but I have disclosed the two issues that haven't been addressed with my realtor. My biggest concern is that I plan on buying with cash but want to make sure that the inspector wherever I go, is thorough. The inspector that I used when I bought this one was awful and ended up putting a lot of money into it.
Yeah, but if the seller says that they are not going to make any repairs, there could be tons of minor defects that add up to thousands of dollars for repairs. You may not discover these minor defects until a home inspection, and by that point, getting out of the deal is not a straightforward thing. If a seller says that, it immediately raises my suspicion that they know something that they don't want to, and may not be legally obligated to, disclose.
Thanks Jackie for the info ....
You are so welcome!
We've purchased two houses using two different realtors and have never heard of pulling permits. Is this an issue everywhere in the US?
Yes, definitely shop for your lender! I was able to get 1% better rate by shopping for my lender. My initial lender gave me 6.8% but I have able to find another lender with 5.875%. So I went with the much lower rate.
In NJ? If so, which ones are good? Thanks
@@ktulumar Sorry not in NJ but in MA.
💙 the NEW studio set up! Keep on ROCKIN!
You right Jackie,my lender told us his other client retired! a week before closing.
Buying a home is not an investment unless you make money off it. It is a liability
I haven't heard of some of these so this was a great video with excellent timing as we just had an offer accepted on a house!
Excellent video! CLUE is news to me. Thanks!
Wow, is interesting points.
Thanks for sharing these important tips, Jackie!
Yeah using two lenders isn't a bad idea actually. If you are gonna live there for a long time to recoup the cost of an appraisal. 1400 now could save you thousands over the course of the loan.
This just feels like whining from a lender standpoint.
Thank you for your advice. I may look at houses next year to buy. I am looking for 2 bedrooms terrace house in the UK where I can get a good rental return. I will pay cash and I don't like to have a mortgage. I have been saving hard for paying cash for under £100,000.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with 'Grace Adams Cook' for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
I would like to know who is your lender, we want to get a house in NJ
What danger or injury can come from a decommissioned oil tank that the current owners didn't know about?
@@duanejahn2368 busy work for the government
If any oil ever leaked from the tank it could contaminate the soil.
thank you Ms. JB
If a house has asbestos, can the seller remediate it? Advise?
Yes they can.
Is it okay to be nearby elementary catholic school(1-8 grades) not public school .. 0.2 miles away?
Genz,
Are there any loan products with 5%-10% down with (Non) owner occupant?
FHA/Conventional seems to say you need to owner occupy , id do either or but I am in Florida and its the last place id wanna buy with insurance and hurricanes.
FHA says if you are non owner occupant you will need to put down 25% i believe
My question is if (A friend) gets a loan with you
One lives in the unit , And I co sign cause I have capitol as the non owner occupant
would you get the benefits of low down, or be forced to do 25%?
Is buying points still a thing
Years ago, we purchased 2 points off a home loan.
Yes it is.
If its offered as is expect major very expensive repairs off the bat and make an offer to represent that.
Jackie, shouldn't the attorney (I live in North Jersey) do all of this(CLUE,OPRA) ??? I did sell a building in Jersey City a few years ago and the contractor pulled a permit and did the work and it never was closed. I forgot and just assumed the contractor took care of all of this but it was a pain to resolve.
The attorney, realtor or buyer can do OPRA and CLUE. Typically the attorney's will do it. But I've worked with some attorneys that want the realtors or buyers do it.
Why living with a decommission tank is bad ?
Even if the tank is "decommissioned," it can corrode over time and begin to leak.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
There are advisors in cities around you but I needed services of one who can guide me irrespective of location. ‘Melissa Terri Swayne’ comes highly recommended especially in times like this. I am hedging and haven't lost much to the recession. I found her in 2020 when the market was at an all time low. Look her up and thank me later.
A starter home was also not 400 to 500 hundred thousand. How much did your first home cost??
Melissa Terri Swayne is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Hi! new sub here, funny you mention permits. I just bought my very first home on 30th September. Without going into too much detail, I have found that there is an open permit nearly 10 years old for a water heater installation that was never inspected. The thing is, the water heater in question has since been replaced and is not even here anymore. is this something I should be worried about?
As long as the new water heater has a proper permit then you're fine. You may want to go back to the town and let them know that water heater that doesn't exist anymore should have that permit closed out.
@ thank you so much! i’ve been worried about it so that helps 🙏🏻
Very good advise and info. Thank you.
You're welcome!
Acrually, nowadays sellers don't need to repair anything and the buyers still accept it 80% time without any credit because they are more desperate people
Biggest mistake when buying a home is if you pay to much for a home with old roof old hvac windows etc. that's thousands in the near future you have to pay to keep house up to date. If you buy home like this need to buy well under retail or appraisal rip off to high price an have money in savings for needed up grades of old stuff.
decommissioned tank? I'm confused..if it's done well does it really pose a hazard as oppose to being removed?
didnt appreciate the screamer
You guys are giving wayyyyyy to much power to the seller. If the seller does not want to sell their property to you, move on. Sooooo many different properties out there. Get your house build. That tends to be cheaper than buying on the secondary market.
Nope.
Building anew isn't any cheaper. I don't know where you live but in NJ everything is obscenely expensive. Every product is triple price of what it should cost really.
@tigerlaf6534 typically when the secondary market is overprice a new construction makes more sense and vice versa.
only if you're building it with your 2 hands
Depends on where. It is definitely not cheaper where I come from.
I sent U a message via your online chat!
I’m Val in northern VA.
Plz let me know if my message didn’t come in.
Thank U!
My approach is we found this wrong. This is the estimated cost to fix so reduce sales price for that amount. Then it’s like take it or leave it. I will move on. I’m also thinking of getting an Old Republic warranty. Sometimes it’s all the little things that just add up.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Carol Vivian Constable” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her.