Nope. The seller can't do anything if the property appraises high. In general, sellers have very little power to cancel a purchase contract. Once a property is under contract, so long as the buyer removes the contingencies in a timely fashion, the seller is on the hook to sell.
Jon, I was wondering if you can help us out with this question. We have a somewhat unique situation whereby I'm a 1099 wage earner and my wife is W2. We have spoken to a few lenders and they all have told us that due to one of us being a 1099 worker, we will have to pay a higher interest rate of around 1-1.25% for a mortgage than if both of us were W2 workers. Is that true and what other options do we have for getting a better rate. I should add that both of our credit scores is over 800 and we have zero other debts and make $20000/ month combined. We are a first time home buyers. Thanks
Just got off the phone with my lender. If you're fully documented (as in, tax returns show your income) as a 1099 worker, you should be getting the same rate as a W2 employee. If you're not fully documented and need to rely on bank statements to prove income, then you'll be paying a higher rate, but no more than 0.5% higher. Pass me your email address if you'd like a referral to my CA lender -- he's the best. (He does my loans, and between my wife and I, we have a corporation, an LLC, a sole proprietorship, and no W2s!)
Hey Jon, do you think it’s a good time to buy a house hack ? I’m in Los Angeles / Valley area. My gf and I have about $40k cash. Together we make about $5-6k month. Thanks
I do think it's a good time, especially with the winter slowdown upon us, but I don't think you have the resources quite yet. Here's a video specific to LA that might be helpful: ruclips.net/video/PNbetOwHUOg/видео.html
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I've seen quite a lot of price cuts in New Port Beach listings on Zillow. Can they drop more?
With inventory climbing, they can!
If the appraisal is more than the asking price… can the seller retract the offer…
Nope. The seller can't do anything if the property appraises high. In general, sellers have very little power to cancel a purchase contract. Once a property is under contract, so long as the buyer removes the contingencies in a timely fashion, the seller is on the hook to sell.
Jon, I was wondering if you can help us out with this question. We have a somewhat unique situation whereby I'm a 1099 wage earner and my wife is W2. We have spoken to a few lenders and they all have told us that due to one of us being a 1099 worker, we will have to pay a higher interest rate of around 1-1.25% for a mortgage than if both of us were W2 workers. Is that true and what other options do we have for getting a better rate. I should add that both of our credit scores is over 800 and we have zero other debts and make $20000/ month combined. We are a first time home buyers. Thanks
I was in a similar situation. If you have been getting the same 1099s from the same payers for over 2 years, you should be good. Talk to other lenders
@@raybobhere Ok will do.
Just got off the phone with my lender. If you're fully documented (as in, tax returns show your income) as a 1099 worker, you should be getting the same rate as a W2 employee. If you're not fully documented and need to rely on bank statements to prove income, then you'll be paying a higher rate, but no more than 0.5% higher. Pass me your email address if you'd like a referral to my CA lender -- he's the best. (He does my loans, and between my wife and I, we have a corporation, an LLC, a sole proprietorship, and no W2s!)
Hey Jon, do you think it’s a good time to buy a house hack ? I’m in Los Angeles / Valley area. My gf and I have about $40k cash. Together we make about $5-6k month. Thanks
I do think it's a good time, especially with the winter slowdown upon us, but I don't think you have the resources quite yet. Here's a video specific to LA that might be helpful: ruclips.net/video/PNbetOwHUOg/видео.html
What about manufacture home?
That’s a whole different beast - one that I do not have experience with!
Step 1: bury your down payment in the background.
Step 2: dig it back up because you don't own the yard.
Step 3: cry about it cus nobody cares.
Actually, when you buy a detached single-family home, you almost always own the yard, too.