Real Estate: Neighbor wants to cut down part of my fence to build a garage on the boundary?! Need advice please |
- Neighbor wants to cut down part of my fence to build a garage on the boundary?! Need advice please
- Does anyone have experience buying a house with a thatched roof?
- Has anyone sold their current home before buying a new one?
- Seller refusing to allow inspection
- Need help
- Student housing pops?
- First-time homey buyer inspection revealed some termite damage, lead paint, mold how to proceed?
- “Buyer’s Agent” stalled on showing me a property so he could go behind my back and make offer on behalf of himself/another investor
- Purchasing home from mother with gift of equity
- Home Inspection brought up several concerns including roof needing to be replaced, 12 year old water heater at end life, and a double tapped breaker. Is it unreasonable to ask for these things to be fixed or to be given a credit knowing how much they’ll cost?
- (TX, if it matters) How to find only non-HOA homes?
- New House Affordability
- Rooms built over pool
- Lost out on home of our dreams...feeling defeated
- West LA - Normal Percentage of NET Income to Spend on Housing as a Buyer?
- Buyer Requesting Repairs/Advice After Sale
- If I buy with a realtor, do I HAVE to sell with them?
- Estimating Utility Expenses in Ontario (CA)
- Refinancing
- How often do appraisals come in low for purchases?
- VA Loan - Spiraling out of control
- Real estate license
- Can you name your own road?
- Is a backyard typically included in new home warranty?
| Neighbor wants to cut down part of my fence to build a garage on the boundary?! Need advice please Posted: 10 May 2020 05:05 AM PDT Hi, my neighbor's builder called me to ask me to consent in writing for them to go ahead with their plans to cut down part of my fence and build a garage right on the boundary. (This is in Australia, major city). My neighbor is an investor who recently bought the property, and is planning to build a second dwelling in their back yard. A building permit for the plans has been approved by the local council already. My side boundary fence is about 30meters long. Their plan is to remove an 8meters length of fence, near the middle of that 30 meter stretch, and build the garage to the boundary line, and then join the remaining fence to the brickwork. Problem is, the plans they submitted never specifically mentioned that my fence would need removal at all. In the plans it looks like the garage is right at the fence, as if the fence is remaining in place, with no annotation here. Every plan I've ever seen in this council area (and I checked all comparative proposed plans that I could find, as a reference) specifically notes a "No Fence area" or "Zero Boundary Line" or something like this to indicate the fence will be absent here when construction is done. This plan has none of that annotation and does not mention fence removal. Hence probably why the builder called me at presumably the last minute. It's almost as if this info was deliberately kept off their plans so I wouldn't be alerted to it. Since I had no reason to be concerned at the time of first hearing about this plan, I never objected to it. My questions are: has anyone had a neighbor construct something like this and does it turn out ok? I'm not happy with the idea or the way it will look when finished, not to mention the fact that I don't want builders cutting through my fence and disturbing the garden and irrigation system which runs along the fence line. I've told them I do not consent to it, they asked why and I told them, now I haven't heard from them. They are either altering their plans to move the garage wall across the boundary (which is a move of about 10-20cm, meaning the garage will be 10-20cm narrower than they planned), or they are starting legal proceedings against me to dispute this in court. They may try to get a court order to allow construction to proceed, so I would have to appear before a legal body to argue my case. Does anyone also have any experience with this and do I have a right to keep my fence line intact, or am I wasting my time in denying consent here? Thanks [link] [comments] |
| Does anyone have experience buying a house with a thatched roof? Posted: 10 May 2020 03:57 AM PDT Am looking at a property. I know it will be expensive to maintain. Everything else about the property is expensive. Does anyone have experience they can share? [link] [comments] |
| Has anyone sold their current home before buying a new one? Posted: 10 May 2020 07:10 AM PDT Would anyone be willing to share what that looked like for you if you've gone through that process? It's a sellers market in my area so we're expecting to sell pretty quickly. How long does it take after you sell your home for you to have the cash in hand to buy something else? Do you have to have everything moved out of the home before you get the money? Thanks for any and all input! I'm worried about moving twice. [link] [comments] |
| Seller refusing to allow inspection Posted: 09 May 2020 02:28 PM PDT Hi, we put an offer on a house and it got accepted. We waived the inspection contingency. We asked the seller to allow us to do an inspection so we can be prepared for any immediate repairs. Since we will be subleasing our current apartment, it will let us plan ahead to decide our moving date and do any repairs if needed. Now the seller is refusing to allow inspection claiming they don't want to assume liability. This has gotten me worried. We were never planning to back out because of inspection but the fact they are not allowing us is pretty scary. Our agent is telling us that legally it's their right. Is that true? Can we do anything in this situation? EDIT More info based on the comments 1. We intentionally waived the inspection contingency. We're in Seattle area where the market is pretty hot. After losing 10 offers for various reasons we were pretty disheartened. We had pre-inspected 2 houses before putting an offer. We were $1k out and no contract. 2. There were 3 other offers. One of the other potential buyer did a pre-inspection. We relied a bit on that. If someone did a pre-inspection and put an offer, we hoped there was nothing majorly wrong. 3. What our realtor didn't tell us was that the sellers can refuse the right to inspect. We still wanted to get an inspection and be aware of the damages but not back out. Just the fact they denied us, got us worried. 4. We were sure that the appraiser will look into anything that was majorly wrong with the house. 5. This is a well known builder. It can speak to the quality of the house built. All houses in the same community are still occupied and not sold even once. 6. We did check the seller's disclosure. Everything checks out fine! EDIT #2 Thank you all for your advice and suggestions. A lot of you are telling us that we should've put an inspection contingency. Yes, we realize that we made a big mistake. Unfortunately we can't do anything about it now. We either move forward or just back out and lose our money. At this point, we are just looking to reduce our risk. Are there any contractors or inspectors on the thread, we can talk to about our concerns? Please DM us! We would really appreciate it. [link] [comments] |
| Posted: 10 May 2020 03:25 AM PDT Hello, my wife and I are thinking of purchasing and moving into a co-op in nyc and have narrowed down our choices to two. Both apartments are one bedroom and both apartments are in the similar condition. One apartment (apartment A) is 90,000$ and has a monthly maintenance fee of 1200$. The other apartment (apartment B) is 220,000$ and has a monthly maintenance fee of 600$. Our dilemma. Apartment A has a very low entry price, but high monthly cost. While apartment B is more expensive initially but the monthly cost is cheap. We plan on living there for about 10 years and reselling. We are worried that high maintenance costs will eat away at any profits when we go to sell in the future. Thanks in advance for all your help. [link] [comments] |
| Posted: 10 May 2020 09:06 AM PDT In my Metro Area, it really struck me how many student housing homes are up for sale. Those are homes within walking distance to a top.10 science school. Are people betting on fall not happening? Crazy times. It feels like a potential opportunity to buy at much cheaper prices. How do you guys think about housing around great universities? Those institutions are not gonna go away. Yeah, they were around in Spanish Flu too. [link] [comments] |
| First-time homey buyer inspection revealed some termite damage, lead paint, mold how to proceed? Posted: 10 May 2020 09:05 AM PDT Hi Everyone, I am a first time home buyer, after 8 years of saving for a downpayment, I finally placed a contingent offer on a house which was accepted in Attleboro, MA. Its with 3 bed 2 bath early 60s construction in slightly above average condition. House was listed for 350k since there were 8 other offers my agent did comparisons and suggested if I like the house I should offer 365k. I liked it so put in 365k offer. My offer was accepted. I took the advice here on reddit and did the general home inspection, chimney inspection, and lead inspections. Well, all inspections came back with issues now I am conflicted If I should walk away from the deal. I am hoping if you can help in making an informed decision: General Inspection major issues found: - In basement the sills show damage or deterioration. Termite damage is noted picture https://imgur.com/a/m4Dbxic - In garage damage from wood-destroying insects is noted. Damage appears to be old. No activity was detected. picture https://imgur.com/a/HFyNvzW - Plumbing Corrosion is noted. This is typically caused by past or present leaks. picture https://imgur.com/a/yAWuFmv - Pipe going to sewage has no leaks but has corrosion https://imgur.com/a/nwFzJMI - Oil burner for heat and hot water is operating at this time but it is near the end of its useful life. Plan to replace the heating system inspector said. - There is potential microbial growth seen in the attic. Have the entire home analyzed by a qualified tester inspector is recommended. Attic was the only place with mold. picture https://imgur.com/a/HbNJywL Fireplace chimney inspection: - Chimney crown has cracks. Inspector recommended a sealant - A couple of firebricks are cracked picture https://imgur.com/a/cROQ5KK Lead inspections: - No lead found on the exterior. - Living room windowsills, baseboard, staircase railings had lead paint. It was not scraping probably painted over. looked in good condition. - Bathroom tiles had very high level of lead. Again no paint scrapings paint looked fine probably lead paint is in deeper layers - Lead inspector said after 2 windowsills in living are replaced house is safe to occupy for children under 6 as other places don't cause lead dust to go airborne In seller's disclosure, the current seller did no disclose anything. Now that lead and termite damage is found each inspector is obligated their report to state database and the seller has to tell any future buyers even if I back out of deal. My agent said he is confident the seller will be willing to work with on reducing the sale price of the house. So my question is: - Should I stay in the deal, we like the house but if we do stay how much $ credit I should try to negotiate with seller? - Assuming I buy the house and when it's time to sell the house I am legally obligated to report lead paint to future buyers. I am thinking how much does lead paint stigma devalues the house. I don't think lead paint is a big deal unless its scrapping or is on windowsills. - If I do back out of the deal I lose the $1200 in inspections. Not a super big deal but kind of sad as I started envisioning this as my home :) I am very grateful for your help. [link] [comments] |
| Posted: 10 May 2020 08:51 AM PDT I'm new to real estate and I just made a big and costly mistake. As I first started looking at potential rehab properties on zillow, I ran into an agent showing a property that I was looking at to other buyers. I was not interested in the property, but the agent gave me his card. This was on Tuesday. The next day, as I was narrowing in on properties I was more interested in, I thought it would be a good idea to have a buyer's agent to represent me to negotiate rather than directly contact the sellers' agents. Since I didn't know any agents, I decided to call the person I had met the previous day since it seemed he had experience with rehabs. We talked for about 30 minutes and I explained to him what I was trying to do and mentioned a few properties I liked. I indicated that I was likely more interested in buying and rehabbing to keep as a residence or rental rather than flipping for sale, which might have disincentivized him to work with me as he obviously makes most of his money on rehab buyers on the sell side. The properties I was looking at were also outside of the city, which is his main area of focus (although he does work within the larger area, he mostly does city rehabs). He asked me to send him a list of the properties I was interested in for him to review, which I did that night. He told me he would get back to me the next day. I did not hear from that day, so I followed up and told him that I would like to go see my top choice that Saturday and that I could contact the seller's agent to show if he was too busy, since it was a bit outside of his normal area that he worked. He said he would get back to me on Friday. Friday I did not hear from him either and that night I suddenly had the feeling that I had been played. Saturday morning I got an email from him saying that my top choice was off the market on MLS (not updated on zillow) and letting me know which of the other properties I sent were still available. I immediately called the seller's agent and she told me that an offer had just been put in the night before. This is a property that had been sitting on the market untouched for several months and the seller had even lowered the price a few weeks earlier. I went to look at the property that day for a drive-by and realized that it was an even more incredible value than I had thought based on the listing. Based on the course of the events, I'm fairly certain that the "buyer's agent" I thought I was working with also realized the value of this out-of-the-way property after I told him about it and stalled me on showing it so that he could either buy it himself or give it to other investors he had an existing relationship with to it so that he could make significantly more money than just the buyer's commission he would get from me. I can't prove this definitively with the information I have available, as the seller's agent would not reveal who made the offer, but the buyer will eventually be public record as will the listing agent when it goes back for sale again after the flip. I don't know whether buyer's agent is recorded anywhere internally accessible to realtors or the public. Obviously I fucked up by trusting the wrong person and sharing my strategies and findings with someone who I thought would help me but who turned out to be my competition working against me. The question I have is whether I have any recourse. Is this kind of thing standard practice for realtors?Should I contact the owner of the firm where he works and let him know what his agents are doing to their customers? Leave them a negative review on social media? File a complaint with the board of realtors ("My agent wasn't loyal to me or my interests" is an option on the form)? Any ideas of advice would be appreciated. Thanks. [link] [comments] |
| Purchasing home from mother with gift of equity Posted: 10 May 2020 08:38 AM PDT My mother would like to sell her home to my wife and I. It's assessed around $500k but she's willing to sell it to us for $410k. There is currently no mortgage on the house as it's paid off. We'd also like to use a gift of equity in order to put 0 down payment on the house but cover 20% of the value to avoid PMI. In order to net my mother $410 the contract would therefore need to be for $512k - $102k (20%) = $410k. Now obviously our monthly payments on a mortgage at $410k would be higher than if we had put down 20% on $410k and therefore have a $328k mortgage but we believe the 0 downpayment is a much better deal. We'd just like to get advice on whether this is the smart way to purchase the home and if there are any downsides we should consider. Thanks in advance! [link] [comments] |
| Posted: 10 May 2020 08:32 AM PDT I'm a first time homebuyer and I'm just not sure what's reasonable to be asked of the seller. I made an offer at listing price and asked for some closing cost from the seller. I was really wishful that the home inspection wouldn't show any big ticket items but the ROOF AND WATER HEATER!!! The double tapping is not expensive to fix but is a serious problem that needs to be fixed. Should I ask for a credit for all three and move to closing? What if the seller doesn't want to give me the credit and I lose the house? There is a 1 year home warranty but I've heard stories of the company providing it not wanting to fix things if you can't show it's need well maintained and serviced, I also have not seen the warranty to know all that it covers. I just don't know how to navigate this, there were several other things the home inspector urged to be fixed but they were smaller scale and I can handle them. [link] [comments] |
| (TX, if it matters) How to find only non-HOA homes? Posted: 10 May 2020 08:12 AM PDT I tried searching for this, but I can't find anything. Zillow/realty.com/etc have various check boxes, but nobody has an option to say "only non-HOA homes". Why? As much as I love the beautiful homes around me, almost all of them are under HOAs and I will be burned alive before I allow a neighbor to have legal authority over my house and property. What is the best way to go about looking for homes for which there is no HOA? And if the answer is "You have to get all the way to closing, read every document, and make sure nobody just slips the HOA form in and doesn't tell you!" then the answer to that will quite simply be 'fuck it, I'll rent until the end of time". Because that's bullshit. [link] [comments] |
| Posted: 10 May 2020 06:00 AM PDT Hey guys, We just need some reassurance on what we can afford. We previously lived in a LCOL area and now moving to a higher COL. With this comes sticker shock of housing prices. Our previous mortgage was $515 monthly. We flipped that house for a decent profit which has help us tremendously for our down payment. The relocation is because of my new job, which also comes with higher pay. We have not come to reality yet with my new salary making it harder to fathom paying such a jump in a monthly mortgage payment. We both have very good pensions and I put an additional 13% in a 401k. Both of us have very high job security without risk of being furloughed/let go. We have $155k in savings. We were planning on putting down $100k, $10k for closing, and $15k spent on furniture/odds and ends. That leaves us with $30k left over for an emergency fund. Our only debt is a $300 car payment with $9500 left on the loan. We may possibly sell the car as it's our 3rd vehicle and not totally necessary. Her student loans will be forgiven in a few years due to her career, but we pay $25 per month on those. All utilities, cable, internet, cell phone, insurance, gas, groceries, car payment and student loan added up to $1568 based on our calculations. Gross Combined yearly income- $150k, could be tens of thousands more due to commission/bonuses, but don't want to include that. Net combined monthly income- $7500 $7500-1568= $5932 left over. What monthly payment do you guys feel is doable for us? $2000 monthly will get us a nice 1200sq ft, 3 bedroom house with possibly a finished basement in a central location in town. Also want to mention we are in our mid/late 20s and getting married soon with intentions of having kids. Thanks for everyone's responses. They will be of great help! [link] [comments] |
| Posted: 09 May 2020 01:52 PM PDT We just toured a new listing with two bedrooms built over a old pool. The pool was never filled in - it's still accessible via a trap door in a closet and used for storage. I've never heard of anything like this and either has our agent - is this a "hell, no" situation for buying? [link] [comments] |
| Lost out on home of our dreams...feeling defeated Posted: 10 May 2020 10:17 AM PDT Let me start by saying that I know I'm not the first person this has happened to and I know I'm not the last. My husband and I have been looking for a home for quite some time. First for a few years out East and now a few months back West. We thought moving closer to family would be better if we planned to settle down and buy a house and we lost our on every home we offered on out East. Fast forward to last week. We offered 125k over asking on a house we saw. We offered so much because we obviously really wanted it. And honestly we could afford to offer 125k over because it had an ADU we could offset our monthly mortgage with. Neighborhood was amazing. Street was nice. We saw the potential and really saw ourselves growing a family there. The yard was overgrown and had too much happening but we could easily even it out and make it perfect for our dog to run around in. Kitchen was poorly remodeled but we were willing to live with it. All I'm saying is that this house needed work but we still loved it and could see ourselves there. We felt super good going in with our offer. 2 days later we hear back from our agent who tells us that the sellers daughters (owner is in assisted care) went with another offer and that two sisters would be buying the house. Something about the age being very close to the owners daughters and their "story" resonating with her. We also wrote a very nice letter and really thought that we had a good chance. So, we didn't get the house and we're devastated. What really is eating me up inside is that we were the top two offers and we still were not chosen. It feels like we will never be chosen for something we REALLY want even when the money wasn't the issue. A lot of times we've been outbid or someone had an all cash offer which was understandable but now when we're the top two we STILL are not picked. Our agent has told us there's still a chance and I have heard of friends getting a house because it fell out of escrow... So I ask you - What are the chances? Have you gotten a house because it fell out? Did you go on and find an even better house when you didn't get the one you wanted? Help me see that when one door closes another opens...? I BEG YOU! [link] [comments] |
| West LA - Normal Percentage of NET Income to Spend on Housing as a Buyer? Posted: 10 May 2020 02:06 AM PDT Hi all, I'm currently living in West LA and have been searching for a condo, it would be my first time buying. I'm sure you all know the rules of thumb around spending less than 30% of your gross income and staying for at least 5 years. So I'm looking at 3bd condos to be "future proof" for what my family needs 5 years out. What I'm seeing in this market simply doesn't add up. Based on my research on Redfin, a nice 3bd condo is running 1.2m+ in West LA right now. All-in costs are 6k/month+ for that. Which means you need a minimum 240k+ income per year to be comfortably paying for that. Really nice ones could be 50% higher than that. Whereas this article says median incomes in these neighborhoods aren't even close to that: https://www.homesnacks.net/richest-neighborhoods-in-los-angeles-128993/ This seems to indicate to me that many people are spending MUCH more than 30% of their gross income on housing here in West LA (when you include mortgage, property tax, insurance and HOA which are very common here). And due to high taxes in the state and at this income level, some new buyers must be paying over 50% of net income towards those housing payments. So I'm looking for a bit of a sanity check. For those who bought in West LA or similar kind of high tax, high cost of living area in the last 1-2 years, what is a reasonable percentage of your NET income to spend? 40, 50, 60, 70%? [link] [comments] |
| Buyer Requesting Repairs/Advice After Sale Posted: 09 May 2020 09:45 PM PDT I sold my house about 2 weeks ago to a recent divorcee who sold her house and wanted to down size. She has been asking my realtor questions on the house, who then asks me questions. I don't mind it too much, but it's annoying. This is will be my 3rd house I'm buying and I never reached out to the seller when something was confusing or I didn't know how to work it. Well on Thursday my realtor went to my old property because a sprinkler valve didn't turn on with the timer. He asked me to take a look and I obliged. It ended up being a $10 part and I fixed it for her in 10 minutes. She then mentioned the water heater blow off valve was leaking. It clearly was a new issue because if it was leaking when she bought the house, the garage would of been flooded (the house was vacant for 3 weeks because the close date was pushed back 3 days before it was supposed to close, she also admitted to me that it didn't leak the first 4 days she was there) My realtor is sending his plumbing guy to take a look. (We bought her a home warranty). My question is at what point can I say I'm done, it's your "problem"? We had inspections done, what issues there were we fixed, we even fixed items above and beyond because it was the right thing to do. I don't want to be asked questions about random things or be asked to go over to fix something or walk her through how to work it for the next 6 months (or be held liable because she didn't use said item for 3 months and when she does, it doesn't work). [link] [comments] |
| If I buy with a realtor, do I HAVE to sell with them? Posted: 10 May 2020 08:14 AM PDT Buying with a realtor but realized HOW much it's going to cost to sell with them. We have made an offer on a house we're interested in, however I've been told my several realtors that my house will sell quickly in our area. Low demand, desirable area and a great starter house. Would I be able to just use a title company to do the paperwork? He has not sent any comps for my home over as of yet. If he DOES send comps, am I obligated to use him? At what point am I obligated to have him sell my house and take 6% of the selling price? Thanks! [link] [comments] |
| Estimating Utility Expenses in Ontario (CA) Posted: 10 May 2020 08:13 AM PDT When determining average utility expenses to estimate utility bills for a particular property, what kind of average should I be looking for? As in average utility usage in a city? or a more narrow neighbourhood average? Also, how does one account for house size? As in the fact that a house with more bedrooms occupied will have higher usage? Thanks! [link] [comments] |
| Posted: 10 May 2020 07:46 AM PDT Does it make sense not to refinance if we may renovate our home or sell in about 5 years? We may want to extract cash if we renovate and may want the savings towards a renovation that will come from not increasing our monthly payment if we got a 20-year. We have 4% on a 2017 30-year mortgage currently. [link] [comments] |
| How often do appraisals come in low for purchases? Posted: 10 May 2020 07:46 AM PDT I have an appraisal in a week for the house I'm buying and I'm anxious about it not appraising high enough. I read somewhere else that seller consessions will lower the appraisal value. So does that mean that if the seller pays for some of the closing costs, that it will lower the value by that amount? In that case, what is the point of seller concessions? How often do appraisals come in too low? Lender said don't be surprised if the appraisal comes in exactly at the purchase price. [link] [comments] |
| VA Loan - Spiraling out of control Posted: 09 May 2020 07:51 PM PDT I know its a long read... sorry for the rant... We have been on and off shopping for a new home for about three years. We have gotten more serious in the last couple of months as the mortgage rates has fallen to where it makes sense to take advantage the opportunity (We have a 3.5% fixed for 30 now that we got in 2013, good at the time). As we started the process, I was pleasantly surprised to learn about the changes that the Blue Water Navy (BWN) Vietnam Veterans Act had on the VA loan program. There is no loan cap any longer (lenders may have overlays) which essentially means that if you can get approved for the loan, the VA will guarantee it. We had had no issue getting approved for a loan and started the hunt. We found a property that fit our criteria and decided to proceed with submitting an offer. After a few back and forth contracts, we struck a deal. The process was seemingly very smooth at first, then started to get a bit bumpy. The first issue was with our current primary residence. Being that I have an active VA loan on this home, I needed to pay off this note to free up my eligibility (COE). The plan was to get a HELOC and pay off the current note, close on the new property, move into the new property and then sell the previous property and pay off the HELOC at closing. All was good until about a week ago when all lenders started shutting the doors on HELOCs. We got our application in at the 11th hour and luckily, we are approved with an LTV of 60% (not too bad) and a max of $250k. The home inspection came back and was clean. I had three different inspections done, not required, but I just wanted to cover my bases. The last thing that we were waiting on was the appraisal. The appraisal was ordered by the VA and the appraiser came out and did his thing. A few days later, I get an appraisal report in my inbox and was blown away to find out that the appraised value of the property was 160k less than the asking price. My agent, the seller's agent and the lender all reviewed the report and they all stated that they have NEVER before, in their carriers, seen a report so bad and so flawed. I reviewed myself and could not believe the comps that the appraiser was using. A few examples below: Multiple comps were 4-bedroom homes vs subject home at 6 beds. The adjustment for 2 bedrooms was 5k. .5-acre homes used in comps when subject home is an over an acre. I am on the East Coast of South Florida and our land is EXTREMELY expensive. One acre uncleared lots within a mile radius typically sell for 350-450k. The property tax appraiser has the land value at $335k for this property. Subject home was just renovated (marble floors, impact glass throughout, $100k kitchen, renovated bathrooms, pool with spa, basketball court etc...) and appraiser stated on the appraisal that there were no upgrades to the home in 15 years. No comps were taken outside of the neighborhood and there are only 39 homes in the neighborhood. This is a sought-after neighborhood and has exceptionally low activity (two comps were 1+ year old sales). In fact, the guy that is selling the house is moving a few doors down (home he is buying was an off-market deal). Buyer agent and seller agent both sent multiple comps within a one-mile radius and he refused to use them. There are many more issues that we found but these were the highlights. I was extremely frustrated because of all the work, time and money we invested and moved around for this deal. I contacted the VA Regional Office and spoke to a senior loan officer. She could not authenticate me in the system utilizing the reference number / case number on the appraisal. After going back and forth, I provided her some PII and she was able to authenticate me and then told me that the reason that she could not authenticate me previously was that MY appraisal was actually under another veteran's file and the appraiser used this other veteran's loan reference number on my file. Essentially, the appraiser was working on multiple VA buyer's home purchases and got our information screwed up. Shows great attention to detail (sarcastic). Long story short, we are going to go through the ROV process but as I just found out by reading through the bulletins on VA.gov, the ROV is being capped at 5% of original appraisal. Sorry for the long rant. It is just frustrating and disappointing that one person would have so much control over the entire loan process without any checks and balances along the way. This one person just ruined our opportunity to take advantage of an amazing program offered by the VA. I have personally ordered another appraisal for the property by an independent appraiser through my lender and we are still moving forward with the transaction. Anyone have any experience with an ROV? My agent and the lender are telling me that it will more than likely get denied and no change will occur (from their experience). I really want to write a letter to the head of the regional loan office with the rebuttal letter for the ROV and the independent appraisal that I am getting. I am so aggravated. Just looking for others that have been in similar scenarios and the outcome. Really hate to put up $100k+ just because this appraiser was having a bad day or was just rushing through his job. Thank you for reading through the post and sorry again about the rant. Just frustrated and at my wits end. If the house wasn't really what we wanted (three years of looking), we would just walk away, but my fear is that this could happen again and both our agent and the seller's agent said that they see this all too often with VA loans and they really do not like dealing with them. The appraisers that are used most of the time are outside of the local area being that they are at random and it is clear this guy did not have a clue as to how to properly appraise this property. Thank you guys, and I wish everyone safety and health during this time. [link] [comments] |
| Posted: 09 May 2020 10:31 PM PDT Is there any way one could get their real estate license over the summer? My internship was cancelled and was hoping i could work towards a license instead [link] [comments] |
| Posted: 09 May 2020 07:32 PM PDT we're thinking about building our own home on some land we bought. This land is in Arkansas if that is more useful. I'm wondering if there's a way we could name the road that leads up to the home. [link] [comments] |
| Is a backyard typically included in new home warranty? Posted: 09 May 2020 11:21 PM PDT First-time homebuyer here and closed on a new construction a couple of weeks ago. Have had some problems with the builder—for instance, I am the first person in the new development to close, and the builder/seller didn't take the lockbox off my door, which resulted in the house getting broken into about two days after I closed and a bunch of my stuff getting stolen. Also, some of the builder's guys have been on my roof having lunch and stuff without notifying me because they didn't know anyone lived here yet and one morning I opened my blinds to one of the guys facing my window and we both scared each other. Some other annoying stuff too, but I'll get to the main point. Went to start tilling my backyard today (new construction didn't come with any grass or landscaping, just the "soil" which is pretty much bark slivers) and hit something hard. Thought it might be a rock or some construction debris so kept going and kept hitting it. Dug out part of what looks like a foundation for an old house or a driveway or something that takes up half my yard, probably 50' x 20' in total. The seller/builder had to have known about this, right? They didn't do grass anywhere but did plant a bunch of cheap trees in the half of the yard where the concrete is but not in the other half, so I think they were trying to hide it. Is it illegal to have not disclosed this? The houses in this new development are more expensive than others in the surrounding area because of the large yard space, which is rare for the city I live in and thus why I decided to go with this house, and now come to find out that half my yard is concrete. Any recommendations on how to handle this? Should I contact the builder and see if they can/will do anything? I paid extra for a one-year home warranty but not sure how that works when it comes to the yard. Should I just get a jackhammer and try to do it myself? Should I remove part of the fence I just built and get a Bobcat back there? Finances are tight right now after closing costs, down payment, and work being slow from the pandemic, so this extra hassle so soon after closing is a real bummer. [link] [comments] |
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