Real Estate: Buyers won't release rent back deposit |
- Buyers won't release rent back deposit
- Got our keys!
- Update: #1 house is back on the market
- Insane rental market
- Lead generating sites, are they worth it?
- first time buying a house. What should i start with?
- Porch.com service benefits/cons?
- Lender wants letter saying SSDI benefits will continue
- Is Lennar a bad investment??
- Opting Out of Escrow Account
- Want to know what it may take to purchase home in my situation...
- What to do with Redfin/Zillow listing after buying home?
- Appraisal and listing agent
- A lot of people turning down my offer since I qualify for an FHA loan, even if I offer asking price.
- Nondisclosure advice
- Co-Op Inspection? Do or don't?
- Thoughts on Appraisals?
- How long did your walk-through take before you knew it was the one?
- Question about renting property in the UK
- New first time homebuyer. Is it normal for houses to fly off the market or is this just due to the current situation?
- What do you guys think?
- First Time buying a house, A multI-family home preferably.
- Determining the best offer on improved land, Seller has listed at $65K been on the market for 1 year
- [MD] Is this legally binding addendum?
| Buyers won't release rent back deposit Posted: 16 Jul 2020 04:26 AM PDT So the buyers of our house took possession the day before yesterday and we were told everything looked great and they were happy. We were then expecting the release of our $2500 rent back deposit, but we weren't getting any feedback on the status of that until this morning... their agent is saying that the buyers now want to hold back $500 to fix a window that is under warranty because they're afraid that by the time they're scheduled to get the window fixed in September the window company will be out of business. The problem is that we had already scheduled for the replacement under warranty to be done prior to our move out but the buyers took it upon themselves to contact the company and change the installation date themselves. I think the $500 request is insane because a) they're asking for it under their worry that the company will go out of business, which it hasn't yet happened, and b) we had it all arranged to be fixed last week and they changed that themselves and pushed the date out. Are we on the hook for the $500? Our agent doesn't seem to know what to do. [link] [comments] |
| Posted: 16 Jul 2020 07:22 AM PDT We finally closed after a 45 day escrow and several small hiccups. We live in central California and felt with the insane housing shortage everyone else is right now. We ended up winning our bid by offering 6k over and the sellers ended up doing about 6k in repairs so we feel pretty good about it. We move this weekend and I wanted to thank this subreddit for all of its advice and for keeping me sane as our closing kept getting pushed. Good luck to everyone else still looking, it's wild out there. [link] [comments] |
| Update: #1 house is back on the market Posted: 15 Jul 2020 05:09 PM PDT https://www.reddit.com/r/RealEstate/comments/hpbp9s/1_house_is_back_on_the_market_we_received_the/ So, after a solid amount of upfront negotiation on credits/purchase price reduction based on the known issues, at the 11th hour they asked if we would waive all contingencies. We said no. While we received the previous inspection report and disclosures, we still wanted to conduct our own examination (and I was not really interested in being on the hook if it didn't appraise). Seller's agent said that's fair and reasonable, his preference is to go with us since we knew about all the problems, we negotiated what we're comfortable with, and we were clearly strongly motivated and interested in closing. They went with an offer that waived all contingencies. Buyers out here be crazy. But the golden rule is true - don't fall in love with a house! I would never do what these buyers did. I fully intended on getting a structural engineer to look at the slab crack to confirm it wasn't a bigger issue than disclosed. If it is...that's gonna be an expensive fix and the buyer won't have an out without walking away from ~$20k. [link] [comments] |
| Posted: 16 Jul 2020 05:20 AM PDT Unfortunately, me and my family have to move out after a year of being at our current place because our landlord decided he would like to live here again. Nice for him, really sucky for us. Of course it's his house, so we're starting to look. Most landlords we've met with have had 30+ applications the same day of posting their house! Places are being rented out before we can even apply or tour.. it's frustrating. Do people still use for rent signs? Considering looking for some, but I'm not sure if people even still do that. Luckily we have about two months to find something, but it's disheartening! Just today we got OUTBID! Someone offered $300 more and they got the house. It's frustrating, I wish those who could afford the $2k would just apply for the $2k homes, and not take great lower priced options off of the market, but things like this aren't fair. State employee of 15 years (stable) previous tenancy of 15 years and fair credit. Not sure what else we can do to stand out. [link] [comments] |
| Lead generating sites, are they worth it? Posted: 16 Jul 2020 07:06 AM PDT How many of you out there use/pay for lead generators like bold leads, Zillow leads or realtor.com leads? Do you feel these work? Which one works best for you? And are they worth the money? Newer agent working my own sphere but need more leads/clients, asking for advice. TIA [link] [comments] |
| first time buying a house. What should i start with? Posted: 16 Jul 2020 07:17 AM PDT I'm about to pay off a debt which i have had on top of my head for years. Ive around 20000 saved up so hopefully i qualify for first home buyer. What should be my next step? look for a lender? I'm looking to buy a house around $500, 000. Im scared i might not be able to find a residence with little money ive saved up. [link] [comments] |
| Porch.com service benefits/cons? Posted: 16 Jul 2020 07:04 AM PDT I got a free porch membership from my home inspection provider. They've been emailing me and calling me (until I asked them to stop calling). But I am curious, are there any benefits to using this service? I checked their moving quotes and they were really high - my partner and I are DIYers and we don't need a bunch of bells and whistles. So I don't know if I should be using Porch for anything else. Thoughts? (sorry if this has been discussed before, reddit search sucks) [link] [comments] |
| Lender wants letter saying SSDI benefits will continue Posted: 15 Jul 2020 07:55 PM PDT Hi! We're supposed to close end of July. I am on permanent SSDI and my children receive benefits on my account. The lender is asking for a form saying how long they will continue to receive payments, which is until 18 or they make over a certain wage. Kids are under 7 so not anytime soon. SSA is closed due to COVID but this form literally doesn't exist. Any work around? [link] [comments] |
| Posted: 15 Jul 2020 08:35 PM PDT Hi there, I'm a first-time homebuyer, and my fiancé and I LOVED these Lennar homes that we recently toured in South Florida. We were all set to move forward, but upon reading reviews online, I'm terrified now that it would be a bad investment. Most homes in my area and in my price range are about fifteen years old with appliances and a roof that are just as old, so we thought this was an amazing deal to buy a brand new home for less! But all I read about online is shoddy construction, poor customer service, and significant repairs needed within months of closing! In some cases, these problems have led to an inability to resell the home or even significant health problems for the residents. There are hundreds of terrible reviews. I know I should probably take heed of them, but we just loved the house so much. I guess it's just wishful thinking, but I'm hoping somebody out there might have some helpful advice or pertinent information about Lennar homes? Thank you. [link] [comments] |
| Posted: 15 Jul 2020 07:34 PM PDT I've got the option to forgo an escrow account with an upcoming mortgage. It's something I've never considered before and am trying to weigh the pros and cons here. Pros: Can earn a small amount of interest putting the money in my high yield savings account (although the rate is a joke these days), don't have to deal with a reserve cushion, the bank screwed up my escrow twice on my last mortgage so at least I can own that process. Cons: I've got to remember to actually pay insurance and taxes (NBD), need to have the discipline to reserve the money each month (also NBD), need to keep extra cash on hand in case rates go up (also not a huge deal, we've got emergency savings.) I'm not seeing a real compelling argument either way on this one; its not really going to effect monthly cash flow since I'll just put the money into savings every month. I've got nothing else to obsess over while we wait for another round of showings tomorrow, might as well think about this. Does anyone on here feel strongly that one decision is better than the other? Am I overlooking anything obvious? EDIT: In this market the lender is requiring we escrow 12 months of taxes at close. Solo lower closing costs that probably zero out in the long run anyway. [link] [comments] |
| Want to know what it may take to purchase home in my situation... Posted: 16 Jul 2020 09:03 AM PDT I'm an actor who credit sucked from being irresponsible early on and doesn't make a ton, my gf soon to be fiancé has an ok career - i'd say all told we make about 70-80k a year in NYC. It's getting too expensive (pay $2250) and at the point where to keep renting I might as well buy a home. I'm curious at how much we'd need for a 300-500k type spot, and how difficult could it be? My dad owns his own contracting company in CA that's not big but he's established and he and Mom would most likely co-sign if it was a starter house for us. Even though my career is suspect to banks or whatnot I am making more money with each passing year. Any advice would be appreciated! Figure over the next couple years we're planning. [link] [comments] |
| What to do with Redfin/Zillow listing after buying home? Posted: 16 Jul 2020 08:59 AM PDT after you buy a home what should you do with the Redfin and Zillow listings? Are there some tricks? I've seen some where all the info is totally wiped out, seems like it might be beneficial to not have any history when trying to reselll, ie I don't want anyone to know the price dropped before I bought it. [link] [comments] |
| Posted: 16 Jul 2020 08:46 AM PDT I have asked my lender if the appraisal has been done and he keeps telling me any day now, it has been a full two weeks since it was ordered, we are in arkansas by the way, I dont believe it is backed up that bad, I also asked my real estate agent about the appraisal as well and she said that she didnt know that the appraiser would contact the listing agent, would it be unethical of me to simply ask the listing agent if the appraiser has been to the home yet? [link] [comments] |
| A lot of people turning down my offer since I qualify for an FHA loan, even if I offer asking price. Posted: 16 Jul 2020 08:31 AM PDT I was turned down 3 times already because I am preapproved for an FHA loan (10% down). I understand conventional seems to be better to the seller but is there really a big difference? I can qualify for conventional, but I'll be saving a couple of 100 dollars per month with FHA due to the lower interest rates. I don't plan on staying in this home longer then 4/5 years, so removing the PMI isn't really something I'm looking into since it won't be a long term home. I was told by one mortgage broker that I can go into the sale saying I will do conventional, but then change to FHA after being approved. I don't think the sellers will Iike that but I am desperate. What do you think I should do? [link] [comments] |
| Posted: 16 Jul 2020 08:31 AM PDT Moved into our home three weeks ago. Previous owners put new carpet in the basement. Noticed mold on basement baseboard. Cut into finished wall and noticed crack in foundation to basement window. Saw silicone around window. Has Woods come out and look at foundation. They noticed silicone on other cracks in foundation and stated we needed foundation beams. Nothing was ever said in disclosure... Should we hire lawyer? They are $300 a hour and concerned of losing a lot of money. [link] [comments] |
| Co-Op Inspection? Do or don't? Posted: 16 Jul 2020 07:37 AM PDT I've gone on tours and the two places I'm interested in are in Queens, NY and both are Co-Ops. Is it common practice for a buyer to get an inspection for co-ops? One is a major highrise with hundreds of units....and the other is a unit in one of seven buildings (each has 6 floors). Also, do I get the real estate lawyer now? Or wait for someone to accept an initial offer? Thanks! [link] [comments] |
| Posted: 15 Jul 2020 08:31 PM PDT First time home buyer here! We had been saving until we felt like we had a nice down payment ready to go. Of course that time just so happened to be when COVID hit. Now, we are awaiting appraisal results on a home we love, but we're not quite sure it's worth the asking price. Obviously, it's a sellers market and prices are inflated, but how much does that effect the appraisal? Has anyone had an appraisal come in low? I am located in Michigan. [link] [comments] |
| How long did your walk-through take before you knew it was the one? Posted: 15 Jul 2020 05:15 PM PDT I'm in the process of buying my first home- my partners 2nd. We went through 10-15 homes before we found one we made a conditional offer on. We were in the 1300 sq/ft home (with matching basement) for an hour before we made an offer a few hours later. Now we're selling (part of the conditional). We have a 1100 sq/ft home with basement that is about 500 sq/ft. Showing of our home right now average 14 minutes. We're curious what the experience has been like for others viewing and how long they spent in a home before considering making an offer. Did you go back a 2nd time? Etc. *Edited to remove the 'emotional' part that people are getting the question misconstrued on. [link] [comments] |
| Question about renting property in the UK Posted: 16 Jul 2020 06:35 AM PDT Ive found myself in a difficult situation where i'm looking to rent a house share as soon as possible. Im currently employed and have a small amount of money saved up, but my contract is set to expire at the end of September, at which point im hoping to find another job as soon as possible, or in the worst case scenario, apply for housing benefits to help pay the rent. Ive noticed the vast majority of rental listings do not accept housing benefits, so im worried about what will happen if i start renting a house and end up on housing benefits in the future. Would this be grounds for kicking me out, even if i can still pay the rent? Should i disclose the situation with my work contract to any estate agents i contact about listings? Any guidance would be highly appreciated. [link] [comments] |
| Posted: 15 Jul 2020 08:28 PM PDT I've been home searching in north Georgia since march and it's been an absolute nightmare. If I'm not there the day the house goes on the market then it's too late, either there's already 6+ offers or it's already under contract. All of this time I've only had the opportunity to put on offer on two houses total and each went to a different offer without any sort of counter or anything. I'm starting to get frustrated and I'm hoping things aren't always like this [link] [comments] |
| Posted: 16 Jul 2020 04:58 AM PDT Hi all. I am currently looking to buy a home in the town I grew up. I found a nice little cape with garage I love. But, I am a bit unsure how it's property value will hold up and I am looking for some feedback. A little bit about the town: a small town with a great school system, and has a great property value over the past decade. There is a currently a mall in the town that was just torn down and is being converted into a new outdoor style mall with some apartments. The house I found is under 0.5miles away (walking distance) from the mall. The house is in a neighborhood off the Main Street the mall is on. I am not sure the rebuilding will have a large impact on traffic in the neighborhood as the mall was previously there. is it possible this mall being rebuilt could hurt property value of the house? I am inclined to believe it could improve value, but looking to hear from people smarter than myself. [link] [comments] |
| First Time buying a house, A multI-family home preferably. Posted: 15 Jul 2020 08:42 PM PDT Hello everyone, I just have a few questions about purchasing a multi family home, a duplex here specifically. I'm 21 years old with pretty good credit who lives in Wisconsin and would like to start looking into a duplex. I was just curious if I would have to put 20% down on a new home, or would a duplex qualify for 3.5 percent since I would be a first time homeowner? I have tried to search it online but unfortunately I have had no luck. Thank you in advance! I would also really appreciate any tips or advice you guys have going into this very much. [link] [comments] |
| Determining the best offer on improved land, Seller has listed at $65K been on the market for 1 year Posted: 16 Jul 2020 04:07 AM PDT I'm looking to purchase a plot of land to build a family home. The seller is currently asking for 65k. Almost 2 years ago the price was 95k. It's about a 1/3 of an acre close to everything which I love. The lot is improved and already has public water and sewer, but has been on the market for a year. I have never purchased land before I was thinking of offering 55k, but after doing some reflecting would I be offending the seller if I asked for say 45k? There are 4 other lots for sale, but this is is the most attractive of the 4 and sits right in the middle of the cul de sac. The buyer has a 5k premium on this lot, but once again all 4 have been on the market for a year. Any help anyone can offer is appreciated, [link] [comments] |
| [MD] Is this legally binding addendum? Posted: 16 Jul 2020 03:21 AM PDT We are currently doing rent-back with the seller. They asked for an extension and we said only if they get the legal paperwork together. The escrow agent who did the sell sent me the below in a standard Word document last night (names changed). Mind you also, this agent has taken almost 2 months to get this to us after over a dozen attempts of contact. Is this actually legally binding? Should we counter saying this isn't what we are looking/asking for? It just seems shady and like something a high schooler would come up with as a "legal document".
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