Navy Federal loan question re closing costs.

I’m wondering if anyone whose recently gotten a home loan with Navy Federal could tell me if they usually give lender credits towards the closing costs? Not sure if this is the right sub.

Our loan estimate for $173K loan put the closing costs total at 13k dollars which seems incredibly high. After the sellers contribution it estimates we will still have $2300 to pay ourselves.

There are a few things that we know will bring it down below even the $2300 that we have either already paid for like the appraisal, or we aren’t paying for at all like the pest inspection. Then our realtor mentioned that banks usually give some kind of lender credit closer to closing to reduce the closing costs even more. They just don’t like to commit to an amount early on so it isn’t applied until closer to closing.

I’m wondering if anyone has experience with Navy Federal and their lender credit. Our realtor made it sound like it wasn’t always a given thing so I wanted to know if anyone has gotten a lender credit from Navy federal and if they typically give one or not.

More real estate tips at Program Realty Wix site


Need advice on how to sell dilapidated real estate to a developer

Reposting from r/personalfinance

Dad moved out of his house years ago but kept the property (6+ acres with house and attached garage both in need of repair). After years he sold the house (by then in need of extensive repairs) on land contract to his friend who worked on it for a year before dying unexpectedly. Some updates were completed, most had not happened yet, parts of the house were gutted in preparation for remodel before he passed away. No other parties involved and no heirs so the property legally reverted back to my dad who is disabled and could not afford to continue repairs and renovations any more than I could. So there it has sat for several years and now he has just had an inquiry from a local developer (technically the developer’s real estate agent contacted him) interested in buying the property to demolish/develop. It is in a rural situation but the properties on both sides are small commercial with a mix of small commercial and residential properties beyond that. I do not know if the developer owns any of the other properties.

He has finally come around and decided to sell and I don’t know where to begin to help in a situation like this – I have never sold a house before, much less to a developer. I need to make this happen for him so that he can get out from under this property but at the same time I need to protect his interests too.

The developer has not made an offer yet, just an inquiry. Also, nothing is owed – the house was paid off before dad moved out.

How do we determine what the fair value of the property should be for development, considering the fact that the house and garage will be demolished instead of lived in after the sale?

Is this a situation where a realtor or a lawyer or both should be hired to deal with the developer? What would those costs be? (Judging from the replies on r/personalfinance we need to hire a commercial real estate agent to handle our end.)

Are there any other possible issues, traps, pros or cons that he should consider before selling a residential property for commercial development?

If this deal doesn’t work out what should the next steps be? I guess it might work as a flip property for the right person but I seriously doubt if a bank would approve a loan for a buyer – it’s in pretty bad shape. I don’t want him to do a land contract again, he needs to get clear of this property for good.

More real estate tips at Program Realty Wix site

First Home Purchase – Bowing Basement Wall

Living in Western Massachusetts.

Put an offer on a home, but it has a slight bow in one basement wall.

Foundation is block, 1950s ranch home.

The seller says they purchased the home that way and that is has not shifted since they lived there (about 5 years).

They are taking steps to reinforce the wall before closing.

They have a mason who will cut into the concrete, put down 16×16 footings, and 8 course height block columns grouted with rebar. There will be three columns installed total, across I believe a 28 foot wall.

Doing research online, it seems this approach is used, but that there are other option such as steel i-beams as well as carbon fiber strips for small bows.

I have not gotten a structural engineer's report from them.

So a few questions:

  1. Would they have had to get a structural engineer, or is it possible they just had a mason come look at it and that's all he could do?
  2. Does anyone have experience with this kind of fix, and will it be enough?
  3. I still plan to hire a structural engineer to look at it for piece of mind. Should I do this before, or after general inspection?

More real estate tips at Program Realty Wix site

We Just hit the highest number of units sold in New Jersey! I am also starting to make youtube videos.

Hitting the highest number of units sold in New Jersey is not an easy thing to do. Over the past years I realize there is a lot of value I can add to the real estate community. If you would like to see what one of the top agents in New Jersey does involving real estate please ask us a question and we might answer it in our next video.

I would love any feedback =)

More real estate tips at Program Realty Wix site

App/site that models commute time from a listed home to a fixed destination (i.e. workplace)?

Hi all,

My wife and I are in the (very) early stages of looking to buy a home in MA or southern NH, and I was wondering if anyone out there knows of an app or service that shows on a map the distance of a property to a fixed destination like an office? I'm envisioning something where you enter a destination address and a day/time (kind of like the 'typical traffic' function in Google Maps) and the output is a heat map of time to destination. Anyone know of anything like that out there? Thanks in advance!

More real estate tips at Program Realty Wix site

Are large approved housing developments a good or bad time to buy?

Charleston, SC

My wife and I are looking to buy in a city that’s experiencing quite a bit of big corporations coming. It’s a coastal city that has a housing shortage problem, but over the next 10 years or so another 100k houses have been approved.

When there are that many houses in the pipeline wouldn’t that make buying a bad thing since supply is increasing?

More real estate tips at Program Realty Wix site

Buying a property actress the road from a lake, and setting up couple of fishing cabins?

What do you think of this idea? I'd renovate the house, and also set up couple of fishing cabins. They'd be something like 10ft by 13ft. I'd rent it for when ever people want to come and fish? The location of the place is close to a lake and close to a loading area. Winter ice fishing is pretty popular there.


More real estate tips at Program Realty Wix site

Appraisal Process?

I'm in the process of buying my first house. The closing date is set for the 24th. I'm having a small problem as the appraisal still has not come back yet. They informed us that it was completed on Monday, but we haven't heard anything since. How long should it take to get that back, and will this effect my closing date?

Edit: Location is South Georgia

More real estate tips at Program Realty Wix site

Knob and tube wiring dispute

Looking for advice on a home I am in escrow, and situation with home inspection results

Pittsburgh , PA 3br1ba old home, but in very good shape cosmetically. Purchase price of $88k. This will be a rental investment , and could net $300-500 per month profit

Seller did not disclose any knob and tube wiring , but the home inspector found that the majority of second floor and attic has old knob and tube style wiring , and a poorly done partial retrofit to modern wiring.

I requested the seller repair or replace old wiring , or offer an $8k discount of the home price ( that’s what I read online this repair can cost , with drywall and painting repairs as well)

Seller is refusing to repair, and offered $2k discount and is ready to terminate if we don’t act quickly ….

I am scrambling to get my own electrician to go review the situation , but fear we don’t have time to properly evaluate .

Thoughts? Recommendations?

More real estate tips at Program Realty Wix site