Real Estate: [NY] radon test came back positive, then seller says we need to fix or they will go with higher cash offer |
- [NY] radon test came back positive, then seller says we need to fix or they will go with higher cash offer
- Is using a realtor really THAT easy ?
- I backed out from purchase after a poop water leak just days before closing. I want my $6k earnest money back, but sellers refuse to release it
- Buyers agent wants to charge use extra $
- Loan Estimate with Escrow
- Do I need a realtor? Is it too late to have one?
- Closing cost worksheet - Seem ok?
- Would you purchase a home with a short ceiling?
- Hudson Valley, NY (Putnam County) market - First time buyer
- Where in the USA can I get a nice house with a yard in a decent neighborhood for <$100,000k
- Escrow account services
- Septic Issue - Still Need to Close
- DTI
- What happens when the developer changes in a preconstruction condo?
- How much should I offer below asking price?
- Need your opinion/guidance on a lowball offer
- Low Appraisal - Buyer or Seller Advantage?
- How long after refinancing a primary residence property do I need to wait to buy an investment property?
- Roller Coaster Day
- Can I do my own inspection? Could I back out after that inspection?
- Mobile home VS building house ourselves
- Final walkthrough revealed hidden damage
- Can I get out of this Dual Agent Situation or is it too late?
- In your honest opinion is this a terrible time to buy a house and sell a current house in the PNW?
| Posted: 26 Jun 2020 08:14 AM PDT We made the offer at asking price. and sellers accepted our offer. so we did an inspection on June 18th. everything was going relatively well. some small issues here and there. Many kitchen appliances didn't work, but we thought we would just replace those. Not a big deal. And contract was out in the morning of 24th. Our attorney was kind enough to remind us to wait for all inspection results to be back. lo and behold. On the same day the contract is out. We heard back from inspector that there is radon and they recommend remediation. It's above the EPA regulation. on 25th, sellers seem to agree to remediate. so we thought as long as they do, we are still going to sign the contract stating that radon will be remediated. until today, we heard that... they are asking us to fix the radon problem. if not, they will go with a higher cash offer. I asked my agent, does the higher cash offer know about "there is cancer causing stuff at the home?" My agent said she doesn't know and she is upset too. Anyways, some ppl are really malicious in playing the real estate game. I bet the sellers were showing the home without telling ppl that 1 day in this home is like smoking 8 cigarettes per day. this post was also cross posted in r/Westchester [link] [comments] |
| Is using a realtor really THAT easy ? Posted: 25 Jun 2020 06:54 PM PDT I've been doing everything myself since day one. Finding places, booking a time to have a look, getting all the documents and information from the seller/sellers realtor, double checking it with the county and city and literally everything. Today someone recommended a realtor they've used multiple times and grew up with. So far I was asked to provide a bit of info (budget, size, location, must-haves, etc) and was told he'd let me know when he finds something matching my criteria. Then we could set up a time to look at it and he'd do everything else. And all for "free", he gets paid from the sellers commission. I've never used a realtor before, is this how it's supposed to go and be this easy ? I went from doing everything and spending hours researching things to literally only saying which places I like and when I want to see them in less than 5 minutes ? Is this how it works ? [link] [comments] |
| Posted: 25 Jun 2020 06:54 PM PDT My first-time homebuying experience could have gone a lot better, but at least I learned a lot! The process went mostly smoothly... no problems with my financing, agreement of inspection items, or depositing the earnest money. We were scheduled to close on a Thursday. Then sh*t hit the carpet:
At this point I was completely done with their side and the people that are supposed to have my interests in mind (what a joke). On Monday we went a cancellation letter. The sellers demanded I close a week later instead - a closing date I never heard of, much less agreed to or signed to, but was "discussed" over the phone by the attorneys (of course, mine never told me this!). We'd actually used their proposed closing date in the contract, which was several weeks later than what I'd initially asked for. A month later I agreed instantly (in a written addendum) when they wanted to move it back another day. Now they're refusing to release the $6k and are still blustering about damages and retaining a litigation attorney. There's nothing in writing agreeing to that date, and my contract has a "time is of the essence" clause. My #1 lesson from this is that many people that are supposed to be professionals are just terrible at their jobs, and fiduciary duty doesn't mean anything. :( At least I'm better prepared for next time (not any time soon though). Now that I'm not buying their leaky sewage condo, the sellers are refusing to sign the mutual release form for the EMD. Contract says both attorneys must agree on its release, or else it will be released to courts to decide as interpleader. My crappy attorney thinks I should offer them half when all they've done is demand I close, demand I give them the entire EMD, demand "damages", threaten litigation because I didn't close a week later... Losing $3k might be worth avoiding future hassle, but at the same time, I feel I'm entitled to all of the money. Sellers, both attorneys, both agents all wanted to pass this bag of crap to me and I refused to hold it. How many times am I supposed to visit a place with leaking sewage water+gas? Much less pay $$$ and live in it? I may just file in small claims instead to recover the entire amount. [link] [comments] |
| Buyers agent wants to charge use extra $ Posted: 26 Jun 2020 03:57 AM PDT First time home buyers here. We have been interviewing buyers agents in NH, hoping to find a knowledgeable reliable agent who can help us find a home. We've been running into a lot of KW agents who use all use the same search tools, but work under various brokerage aliases, still powered by KW. This new referral we received said his firm charges the buyers an extra $400 admin fee because there's been a trend in sellers not offering as much of a percentage this year... and they've implemented this extra cost to ensure their office can handle all the paper work and admin tasks that I would normally expect the percentage to cover. He's also trying to push us into an exclusive contract immediately before even bringing us to any properties or offering us any sort of tangible incentive to sign with him. Not sure how I feel about paying their admin fees as that doesn't seem like my problem considering I'm about to invest a large portion of my time and life savings into a home. I might be getting hung up on principle but wanted to get your opinions. Thanks! [link] [comments] |
| Posted: 26 Jun 2020 07:09 AM PDT I was reviewing my closing loan estimate sheet and had some questions. Currently lists $255 a month for estimated escrow for property taxes and home owners. Property taxes on the house for the previous owner were $1533.37 for 1/2 year paid in April and August (3066 total). We will be closing in July. So monthly escrow should be $255 for taxes and around $75 for home owners (900 a year). In the prepaid section it lists homeowners at 900 for 12 months and 0 for property taxes. In the initial escrow payment we owe home owners at 150 (75 for 2 months) and 900 for property taxes (150.00 for 6 months). Will leave us with a deficit? [link] [comments] |
| Do I need a realtor? Is it too late to have one? Posted: 26 Jun 2020 08:30 AM PDT I'm going to buy a new house in August. The property is a single home from a new construction. I already made the offer in January and it was accepted. I'm using the seller consultant. The builder, Lennar, has their on preferred lender which is Eagle. I was thinking if I should have a realtor because I have not idea about the closing process or it is ok to do everything alone. Until now, the process have been very smooth. Also, if I have a realtor, who will pay him, the seller (Lennar) or I? [link] [comments] |
| Closing cost worksheet - Seem ok? Posted: 26 Jun 2020 08:24 AM PDT House value: 255k Loan amount: 203K Closing costs: $8677 No points bought. Rate: 3.199% Will attach actual worksheet, if needed? Does this sound fair? [link] [comments] |
| Would you purchase a home with a short ceiling? Posted: 26 Jun 2020 08:19 AM PDT How much does ceiling height affect your decision on purchasing a home? I bought my house a few years ago and the ceiling on the first floor is only 7' high. I'm only 5' 8" so I didn't even think about this when buying my first home. That is, UNTIL I talked to an electrician (20+ years experience) about adding recessed lighting only to have him explain that any ceiling under 8' wouldn't be worth it for numerous reasons. He basically described it as feeling like you're under a heat lamp. I only thought about recessed lighting because the rooms are not very big and wanted to remove all the lamps to make it feel more open and modern before selling. Assuming the world is in a better state and things return to normal I will probably sell next summer, 2021. Home value aside, would you walk away once you realized the first floor had short ceilings? The 2nd floor has 8' ceilings, and the basement has 7' ceilings. [link] [comments] |
| Hudson Valley, NY (Putnam County) market - First time buyer Posted: 26 Jun 2020 08:08 AM PDT My partner and I have looked at over 20 houses at this point. Our realtor, a very close friend, has been great so far, but I worry because she is VERY inexperienced. Very new to the field, hasn't sold a single house yet, so she works under a more experienced mentor. She constantly tells us we're in a very hot seller's market in our area and houses have been going for asking or above. She also says every offer she's put in, she's been told no negotiations, only submit your best and final. Is this consistent with what others are seeing? First house we put an offer on was listed for $290k, 1,300sqft on 1 acre (although most of that acre was not usable). We originally offered $265k, but the agent told her they had higher offers at $300k, and we really liked the house, so we kept going up and up (without negotiating). We gave our final and best offer at $280k with 20% down and are willing to close quickly. When the "deadline" came for best and final, the listing agent ends up coming back and saying we'll accept your offer if you can go up $5k. We said no, because we gave our best and final as they asked. They still accepted our offer because they liked our terms. This seemed fishy to me because why would they choose our offer (below asking) if they really had an offer for over asking at $300k? Fast forward to yesterday. We found a place that we truly LOVE asking $360k, 1400sqft on .25 acre. In a private lake community, in our desired location, and the house checks off every one of our boxes. It's not in our budget, but we figure we'll try anyway. We offer $295k (in case there are negotiations) with 15% down. The listing agent calls my realtor to explain that they have offers at asking, but "highest offer is not always the winner; the terms play a huge role." She asked what my occupation is to be sure of longevity (I'm in a very secure position, thankfully). Explains that they'll choose best and final by Monday- this is sounding familiar to the last house. I asked my realtor to write her saying "My client is open to negotiation if your client has a counteroffer." She replies by saying "We will review offers and get back to everyone by Monday with how we will move forward. We do have higher offers than yours at this time." Our true best and final would be $310k with 15% down. Do we trust she's telling the truth and offer our best now??? [link] [comments] |
| Where in the USA can I get a nice house with a yard in a decent neighborhood for <$100,000k Posted: 25 Jun 2020 11:27 PM PDT Where in the USA can I get a nice house with a yard in a decent neighborhood for <$100,000k. Must be safe, close to a supermarket and town. [link] [comments] |
| Posted: 26 Jun 2020 09:38 AM PDT Hello, I recently purchased a duplex with pre-occupied tenants and I was trying to put their security deposit in an escrow account as it is required by state law. However, I have called several banks and googled services but am unable to find people who offer an escrow account for security deposits. Could anyone here point me in the right direction as to what services they use for keeping deposits in escrow? Or is a savings account good enough? I'm in Oklahoma btw. Thanks in advance. [link] [comments] |
| Septic Issue - Still Need to Close Posted: 26 Jun 2020 09:11 AM PDT Purchasing a house and got the septic tank inspected. Inspector said that it needs a complete replacement. Due to the timetable we need to close and getting the county to look at it and permit the replacement we are needing to close prior to having a quote from a contractor. How much would you expect the buyer to cover? They have offered $5,000 but the cost could be anywhere $5k-$10K on the ball park quotes. [link] [comments] |
| Posted: 26 Jun 2020 07:52 AM PDT |
| What happens when the developer changes in a preconstruction condo? Posted: 26 Jun 2020 01:40 AM PDT I bought a unit in a preconstruction condo. The project is almost finished. If there is a developer change, what happens to the unit I pre-purchased? Do I have the option of getting my money back or is it just like having a mortgage with one servicing company who decides to sell the mortgage to another servicomg. The agreement is still the same, but the company that services the mortgage changes. Is that a good analogy for when a developer changes during the preconstruction phase? [link] [comments] |
| How much should I offer below asking price? Posted: 26 Jun 2020 06:45 AM PDT First time home buyer here. I obviously want to get the best deal I can but also don't want to lowball them so much that they decline the offer. I know every house is different and it depends on how motivated the seller is. But what is typical when trying to negotiate the price. 5% 10%? Should I even bother looking at places that are listed more than 10% over my budget? [link] [comments] |
| Need your opinion/guidance on a lowball offer Posted: 26 Jun 2020 06:43 AM PDT My wife and I found a house we really love. It speaks to our style and is close to the school where she works. While, yes, we love the house, we aren't the kind of people who become emotionally invested in a house and make foolish decisions, we're pretty pragmatic. Here are some stats about the house: *** House is 3000 sq ft. *** Sellers bought house for $187k in 2017 and remodeled *** Originally listed for $450k over a year ago *** Seller dropped price to $399k in October of 2019 While we love the house, we do recognize the negatives, which are: ***It fronts a very busy street, in fact, making a left out of the driveway could take up to 5+ minutes during rush hour. ***Road noise makes using the attractive covered porch almost impossible to use. When we visited the house we could barely have a conversation on the porch. *** There is no central air *** While the house is remodeled with new floors, the dining room had a strange bow to the floor — very apparent — not sure if that's an indication of trouble underneath or just the character of an old home. Rest of the floors were level. *** Backyard is extremely underwhelming with a broken, non-existent fence, and zero landscaping. It's just a giant green patch. There is effectively no usable outdoor space, at the moment. *** School district is terrible (our kids currently attend the private school where my wife works, we were hoping to move to a school district to have the option of not paying any school tuition, which can't happen here) *** Taxes are $12k/year *** I've read numerous op-ed pieces in the local paper from residents complaining the taxes are too high + school suck + which makes selling a house tough This house could easily sell for $450k in a better neighborhood with lower taxes and good schools. Also, I'm sure the busy road is a non-starter for many people. Based on all of this, we're prepared to offer $300k, and not go any higher than $310k if they actually counter without outright rejecting us. Looking for your thoughts/guidance. Do you think we're being unreasonable or should we go for it? We made huge mistakes when we bought our first house and we're trying to be really smart this time. Thanks! [link] [comments] |
| Low Appraisal - Buyer or Seller Advantage? Posted: 26 Jun 2020 06:16 AM PDT First-time home buyer here. I am pre-approved with two regional banks and this week we find a house we like and decide to put in an offer. Our real estate agent drops this line on us - "banks are doing drive-by appraisals lately and houses might not appraise and could kill a deal. I recommend you go with ABC local lender - they will approve you immediately and they always appraise and close fast." We take the advice and apply and get pre-approved but lose to a higher offer. Is this good advice? Is it the buyer or seller's advantage if the house doesn't appraise? Can you get a second appraisal if needed? It seemed like weird timing to recommend switching to a new lender overnight. I've only considered loan rates, closing costs, terms, etc when shopping lenders but didn't even consider appraisals. [link] [comments] |
| Posted: 26 Jun 2020 05:17 AM PDT Hello, I am closing a refinance on my home on Monday. Right now this is the only property I have however I have been thinking about potentially buying a 2nd investment property that I could rent to some friends. There are condos for sale in my town around 70-100k and I would be able to make a profit renting them out plus save my friends some money on rent. Do I need to wait at all? Is there a specific waiting period? Or because I could afford it they wouldn't require a waiting period? Also when obtaining a 2nd and 3rd property which are investment properties are there any major differences in the buying/approval process? I know I wouldn't not be able to homestead the other properties. Any insight! Thanks! Income: Just under 90k Current loans: Car: 380$ monthly House: 870 monthly Inc hoa/taxes/insurance Credit cards: usually run about a 1000$ balance a month(I pay it off before statement date) Liquid cash: 18k Non liquid assets but could dip in if needed: 40k Credit: Mid 700s [link] [comments] |
| Posted: 25 Jun 2020 09:25 PM PDT No advice needed, just my day. Took a little while to get inspector in to look it over and he found a few small things really. We didn't feel like trying to get it all fixed from another state so, we offered the buyer $3000 credit for her to get it fixed and she agreed. Our agent emailed some paper work on Docusign and we did it and sent it back. Couldn't of been five minutes before we a text. The buyer has back out completely. Went from joy to depression in a few minutes. Agent gives us a call shortly afterwards and says that she had been contacted by a man that had been watching the place but, had not been watching when we had our ad up. But he got it as soon as she had placed it back on the market. He was very excited and came by the condo a few times looking it over. Scheduled a viewing for today. We crossed our fingers but, didn't get our hopes up. Agent called and he offered full price, we don't have to make the minor repairs. On top of that it is going to close earlier than the original buyer. What a day. [link] [comments] |
| Can I do my own inspection? Could I back out after that inspection? Posted: 26 Jun 2020 04:29 AM PDT I'm in a seller's market so home inspection clauses are a given. I'm pretty confident in my ability to do my own inspection (I own a Flir camera, moister meter, have gone through two to-the-studs full home renos). But let's say I find something like a crack in the foundation or potential water damage, get spooked and want to walk. Do I have that ability? Can I just make statements like "moisture meter reading under the window at 30% indicative of water ingress and possible structural damage" and walk? [link] [comments] |
| Mobile home VS building house ourselves Posted: 26 Jun 2020 12:11 AM PDT My partner and I (32F and 29M) are trying to decide between buying a mobile home and building a stick frame home ourselves (literally ourselves). We currently live in Charleston SC and I have about 180k in equity built up in our current house (we are completely debt free including our home). But we are tired of living in the middle of the city and want to move to my partner's land in a more rural area of SC. He owns 100 acres that was inherited from his grandma. He never wants to sell any of the land. So any house we put on the property will never be resold. Therefore we aren't worried about resale value. We are basically buying a coffin we are commiting to dying in (haha). The options: New mobile home at the cost of about 90k delivered and set up. My partner grew up in a mobile home on the property so he is familiar with the upkeep and mobile home quirks. Building our own house. Framing it ourselves. Maybe having to hire a contractor for the electrical and such. We are both really handy, he is an industrial mechanic, and I'm a massage therapist who did architectural glass previously. We would probably have to buy a cheap property in town in order to be close enough to build the home. Using that property as a rental once we move. Our concerns with building our own home is passing inspection and dealing with all the paperwork and red tape. We don't have enough money to hire a company. We've looked and a 1800sqft home built on the property would run almost 300k. Which is insane to us. But would building our own home be realistic? Would we be bogged down with failed inspections and red tape? What do you all think? The mobile home is the fastest option but we feel like we could build a house ourselves that's a better value for the money. Thanks! I'm going to be cross posting with some other groups to get different professionals perspectives. [link] [comments] |
| Final walkthrough revealed hidden damage Posted: 25 Jun 2020 10:46 PM PDT Final walkthrough revealed extensive staining and gouges of hardwood floors that was hidden under furniture and rugs. The flooring that was visible is not perfect, but what was hidden is multiples worse. I looked at seller disclosure, and it says nothing about the condition of the floors. Is it reasonable to ask for a credit? Can I cancel the contract and keep my deposit? I'm guessing refinishing will cost me $6-8k. [link] [comments] |
| Can I get out of this Dual Agent Situation or is it too late? Posted: 25 Jun 2020 10:15 PM PDT My partner and I were looking at houses in the Hudson Valley, NY's hottest new market. We saw a few clunkers on Saturday with our original agent (after having many things offered out from under us before ever seeing them). Let's call her Barb. We stayed over night and Barb couldn't show us anything on Sunday so I requested a viewing for a house that I loved via Zillow, thinking I was speaking with the Buyer's agent. My plan was just to bring Barb in as Seller's agent if we liked the place. Well, because I'm a dumbass, it turned out this person, we'll say Carol, was working as seller's agent and buyer agent for us. And we loved the place. Before we got too far, I spoke to Carol and requested to have a different agent from her company operate as Buyer's agent. I said this was our first home and I wanted an expert to tell us the best price. She gave me a price that my partner and I had independently arrived at so it seemed fair. Basically, she talked me down. But I can't shake this feeling that I'm missing something or getting screwed. At this point, we've signed the purchase offer at this price, and mailed the earnest money. Am I SOL, to be filed away for a learning lesson, or is it possible to get out of this situation and perhaps get a better price, or more costs covered by the seller? [link] [comments] |
| In your honest opinion is this a terrible time to buy a house and sell a current house in the PNW? Posted: 25 Jun 2020 07:50 PM PDT I bought a house for 230,000 in 2015 and it's worth around 350,000 with a possible escalation now. Still in pretty good shape as well as it was remodeled when we bought. We pay around $1320 a month on our mortgage everything included (tax, insurance, etc...) we owe around $167,000. House is around 2k square feet with an attached garage. We are exploring moving closer to work in Seattle from Tacoma. However, inventory is pretty low and our price range seems to be falling around $500,000 to 550,000. Our plan was to put 5% down then move to the new house and sell the old then recast the mortgage to get rid of PMI which our broker said should be doable in 3 months from time of purchase. There will be a time where we have both houses during this period and are selling our current. I guess I'm getting some cold feet after looking at houses for the past month and a half. Finding an updated house even in the half a million range is proving challenging even in areas such as federal way and auburn which aren't even that much closer to Seattle. The places we do find need some work which we aren't really too keen on. On top of that the pandemic and news from the IMF about economy contraction being worst since the Great Depression and news about liquidation of air bnb investments potentially coming up due to unemployment also has me a bit uneasy. Am I right and justified to feel this uneasiness, or in your personal opinion is residential real estate not really going to be significantly impacted in the near term 1-2 years? How comfortable would you be as a real estate agent buying a house for yourself right now if you were thinking about looking, or would you be waiting to see more of what happens with this pandemic? I work in tech in network security by the way but it's also unclear how this this economic contraction will affect my employment yet either long term. Been at my current job around 5 years. [link] [comments] |
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