Real Estate: Need Advice: Seller is refusing to close due to $600 |
- Need Advice: Seller is refusing to close due to $600
- Parents selling their home is asking the agent to lie on MLS listing
- Need advice: The sellers are a father and daughter, and the father’s health is suddenly in decline.
- What do you find to be the most nerve wracking part of the home buying/selling process?
- Realtor knocked on my door yesterday. She said she has clients who thought my house was cute and asked if I had any intentions of selling. What should I do?
- Title company fees are making me laugh out loud
- Our Real Estate Agent Said We Will Get Blacklisted If We Pull Out of a Deal
- Question for home sellers (which type of offer is more appealing)
- Buying a house - purchase agreement set to expire.
- What are some factors do I have to take into account for a pre-approval as a first time home buyer?
- Urgent - Offer accepted. New house in flood AE zone. Built according to flood requirements
- Search for comps for houses with NO garage
- Sellers realtor asking us to rescind offer
- Has Anyone Built on a Vacant Lot in Los Angeles?
- Advice about Getting Evicted
- Putting in an offer on a home before it's finished (PA)
- Early Occupany Agreement on a short sale home? (NJ)
- Looking to buy a house but I want to grow/invest 30k in the meantime in stocks..
- Thinking about buying a home
- CA Sellers Are Hoarders
- Underwriting hours before we get the keys...
- Own or Rent?
- Massive Shifts Underway, Rental Market Reacts in Near-Real Time: Rents Plunge in San Francisco & Oil Patch, Drop in Expensive Cities. But Long List of Double-Digit Gainers
- Advice on decision to buy a new house
- Our lender is being weird
| Need Advice: Seller is refusing to close due to $600 Posted: 02 Jul 2020 07:39 AM PDT My friend is having this issue with his current property. The sellers of the house would not agree to a repair escrow of $600 to fix some light fixtures that were not repaired by closing. He found out during the final walkthrough, and when he asked them to put money in escrow for the repair, they just refused. It was explicitly listed in the contract as a repair item. He's buying the house for over $500K. The closing is tomorrow. Is it common for sellers to walk away from a deal over a few hundred dollars? Should he continue with the closing and try to resolve some other way? [link] [comments] |
| Parents selling their home is asking the agent to lie on MLS listing Posted: 02 Jul 2020 07:05 AM PDT My parents are trying to sell their 1970s bi-level home where a little under half of the "liveable space" is located below grade, but it is a walkout. The home has been on the market for almost 6 months with 3 showings, and a low turnout for open houses. My parents are convinced that it's the low sq footage on the MLS that is turning people off, and they want their agent to put the livable sq footage in the main part of the MLS listing vs the description so it comes up on filtered searches. The agent won't do this because it's obviously illegal, so they're looking into breaking contract with her and finding an agent who will. They got the idea from another agent, who hinted he would be willing to do that. Before anybody says "wtf- 6 months with no offer?": I should note that the home is overpriced for the area (it's a large, updated-ish home with a decent chunk of land) but it's in the country. This was my parents' choice based on what they think it's worth and what they would like out of the sale, not on comps. They thought "price high, get lower offers" but that definitely didn't work out. The agent is also not up to date on social media or digital marketing, so none of that has happened. I recently started running basic FB ads on my own dime. TL;DR- What's the worst that could happen if the agent is found out to be lying about the above grade sq footage? Would this affect the appraisal, buyers bank process, etc. Do appraisers use the MLS info at all? [link] [comments] |
| Need advice: The sellers are a father and daughter, and the father’s health is suddenly in decline. Posted: 02 Jul 2020 08:15 AM PDT Currently the daughter is trying to get power of attorney (PoA) ASAP but closing isn't for another 15 days, so my plan is to ask if they're willing to move closing sooner so the daughter can execute the signing on her father's behalf while he's still alive while providing them with post-occupancy agreement until their previous closing date. Since PoA goes away upon death, I thought this may be a good option to hopefully avoid the delays associated with probate in case he does pass before closing. I feel bad for the seller having to go through all of this at once - between emotions and paperwork I know I'd be overwhelmed if I were them. Does anyone have other recommendations? Thanks for the help! [link] [comments] |
| What do you find to be the most nerve wracking part of the home buying/selling process? Posted: 02 Jul 2020 05:36 AM PDT So my husband and I are in the process of selling our condo, and buying a house. The condo sale closes on the 15th, and our house closing is on the 29th. I'm finding these lasts two/three weeks before selling the condo to be the most nerve wracking. At the beginning of the process (contract negotiations, inspection, attorney review, etc.) There is a ton of communication so at least I feel I know where things stand. These last few weeks it is just silence! Did the appraisal go well? Is their lender giving them the mortgage commitment? Will they get approval 3 days before? It's the waiting in silence that is going to kill me slowly... What do you find to be the most stressful part of the process? EDIT: Weird capitalization typo LOL [link] [comments] |
| Posted: 01 Jul 2020 04:53 PM PDT The title says mostly all of it. Yesterday morning I answered the door and a woman said her clients thought my house was cute and asked if I was interested in selling. The people who I assume were her clients were with her but in the car. There's one house down the road on the market, and one a few streets over but that's pretty much it for the neighborhood. I politely declined but took her business card. I looked into her after she left to make sure it wasn't something scammy and she appears to be an established agent in my area. After thinking about it for a day, I feel like I should at least entertain the idea, right? I don't want to waste people's time because the offer would need to be high enough to cover what I've put into it (In October I had a sump pump and waterproofing in the basement installed, new water heater, new washer/dryer). But maybe the offer would be high enough? I'm in no way attached to this house so if I can profit off it, why not? If I went ahead with anything, my thought was to reach out to my agent who helped me buy this place (he was great!), explain everything and have him talk to their agent to get a feel for what they'd bring to the table. I guess I'm looking for thoughts and opinions on what you fine folks would do. As I said, this is my first house and have a limited knowledge of how this all works. [link] [comments] |
| Title company fees are making me laugh out loud Posted: 01 Jul 2020 12:10 PM PDT We're selling a house. The buyers picked the title company. $295 to pay off my previous mortgage. $90 to wire me the remaining proceeds. I burst out laughing. $385 to send two wires? I mean, come on. I want to contest these fees -- I worked in finance for 20 years so I know they're ridiculous -- but I'm betting I'll get nowhere with it. Anyone have any title company fee success stories? [link] [comments] |
| Our Real Estate Agent Said We Will Get Blacklisted If We Pull Out of a Deal Posted: 01 Jul 2020 12:50 PM PDT We're going through a real shitty time trying to buy a house. The seller is being a nightmare, and we're still in inspections. We're trying to pull out of the deal, but our agent said we will get blacklisted and won't be able to find another agent in the area if we do. Is this true or this a threat? [link] [comments] |
| Question for home sellers (which type of offer is more appealing) Posted: 02 Jul 2020 07:32 AM PDT I've bought a couple real estate investment properties and I'm wondering how I could best beat multiple offers in the future. Which type of offer would be most appealing to you , assuming you just recently listed your home for $200,000: A) Full asking price but with inspection contingencies and financed with an FHA loan B) All cash $190,000 with no contingencies at all C) $195,000 offer with the inspection contingency waived , however there is a hard money finance contingency [link] [comments] |
| Buying a house - purchase agreement set to expire. Posted: 02 Jul 2020 09:17 AM PDT Good Afternoon I wanted to get some information and advice. My girlfriend and I have been in the process of buying a house and it has been a headache. The initial closing date was 6/26. The bank had the closing date of 7/15 even though the purchase agreement was signed on 5/12 and has been extended. We had to have a second appraisal, inspection, etc. because of FHA flipping rules. Now the closing date is back to 7/15 but we have to be out by 7/10. We have tried to expedite the process but the bank is incredibly unresponsive. We did a pro/con list of the house and didn't LOVE it. So we are thinking of holding off for now since it has been such a mess. My main question is what happens when the purchase agreement date expires, which it will. Can we just walk away? Will we lose our earnest money of $500? We are in Indiana by the way. [link] [comments] |
| What are some factors do I have to take into account for a pre-approval as a first time home buyer? Posted: 02 Jul 2020 09:07 AM PDT The title says it all. What factors should I take into account other than my current salary for being approved for a loan, and what factors into those loan percentages and getting a good rate? What is a good rate? [link] [comments] |
| Urgent - Offer accepted. New house in flood AE zone. Built according to flood requirements Posted: 02 Jul 2020 03:59 AM PDT After searching for a year, we finally got our offer accepted. House is brand new but in AE zone due to being close to a river. The street was flooded during Irene in 2010. A new house was built from ground up last year. Has elevation certificate. Ground floor is just garage built on concrete slabs and floor. AC heater/boiler all on 2nd floor. Rest of the house is well above flood plane. I don't plan to keep anything in the garage except cars.. Risk of future flooding is only to garage. On the market for past 12 months. originally listed for 799 all last year. The price is 15% lower compared to rest rest of the other house in town... I'm financially good and can manage any financial risk. Will get flood insurance etc.. originally listed for 799 last year, listed back for 765 last week.. I put an offer for 730 but the Seller didn't accept or reject. I finally offered 740 and it was accepted. Putting 35% down. Tight market in NJ. 15 miles of Manhattan. Near train and bus station.. Have appraisal, loan and inspection contingency. Flood insurance is around 600 per year. Will get 3% 30 year rate with no closing costs/points from lender. Dual agent. as I didnt get my own agent and the reason the deal is going thru without delay. What you guys think ?? . Anything else I should include in final contract due to Flood zone?? [link] [comments] |
| Search for comps for houses with NO garage Posted: 02 Jul 2020 07:54 AM PDT Husband and I are selling our 4bed, 2.5ba home in another state- we have already moved. Most homes in our neighborhood have garages or carports - our home has neither since the carport was enclosed and converted to a family room a long time ago before we bought (permitted finished space, well done with brick, conforms to house). We have plenty of driveway, off street parking. However, our house has been on the market way longer than anticipated, and agent says the lack of garage is a problem. We've dropped price several times. She sent me "comps" of houses with no garage and a couple sold way higher than ours is listed at, and a couple look like they do have garages, or at least still have the garage door but it is converted inside...so it's very confusing. Is there a site I can try to find my own comps for houses with NO garage? Zillow has a "must have garage" but nothing the opposite. [link] [comments] |
| Sellers realtor asking us to rescind offer Posted: 02 Jul 2020 11:06 AM PDT So we made an offer on a house for 3k above asking. We had to wait because they were not accepting offers until Monday. At the deadline on Monday the agent told us we were the only offer. Deadline on the offer passed and the sellers agent wouldnt respond. The next day we were told they accepted another offer. It happens. No big deal. Two days later after that, the sellers agent asked us to rescind our offer. Our offer expired days ago. Why would this matter? I dont understand Something seems weird here. [link] [comments] |
| Has Anyone Built on a Vacant Lot in Los Angeles? Posted: 02 Jul 2020 11:04 AM PDT I'm exploring my real estate options and wondering if anyone has built a home on a Vacant lot in Los Angeles? Majority of lots are on hillsides and I was wondering the process that you went through and costs associated if possible. Thanks! [link] [comments] |
| Posted: 01 Jul 2020 06:53 PM PDT Hello, First of all, not sure if this is the place to post this. I tried r/AirBnB but it won't let me post. I recently booked an Airbnb for 6 months. I'm only one month in. I've made two payments. The first payment was made when I first booked the place one month ago, and the second was made just yesterday. I just received a text from the host telling me that she had an emergency and she needs her place back. She just gives me 5 days to move out and I don't have any place to go. I moved to this city (Newark, NJ) for a job recently and I don't know anybody who could help me. I'm not confident I can find another place on such short notice. Any advice would be appreciated Thank you [link] [comments] |
| Putting in an offer on a home before it's finished (PA) Posted: 02 Jul 2020 10:51 AM PDT The market is really hot for sellers where we want to live and buy a home. We found a house still being built, but should be done within the next month. To add another wrinkle to this, we need to get out of our current apartment asap. So I'm just wondering how the process works with putting in an offer on a house that isn't quite done with the stress of needing to find a place to move into. In terms of when to inspect, when to appraise, and anything else you can think of... We are going to use builder/seller/realtor as our buyer's agent as well, in order to keep the price lower for us. Which means we can't exactly get an unbiased opinion from her (or her business partner). But we are going to use a lawyer to go over the offer once it's generated and help us with closing, to protect us there. We are also going to get an inspection done, so we are protected there as well. And the seller has already said she will cover the CO (but that's not in writing yet). On the one hand, it's nice because there are no other buyers in the mix yet, but on the other -- what happens if the house isn't done in time? Is our only recourse to put stuff in storage and crash with family or can we ask to put in a contingency in the offer to somehow protect us? What if the appraisal is lower than what we offered to pay for the house? Any advice or examples from anyone else's experience is welcome, even if it's a different state. TIA! [link] [comments] |
| Early Occupany Agreement on a short sale home? (NJ) Posted: 02 Jul 2020 10:47 AM PDT Hi! I have a question about early occupancy agreements & short sales. We have been under contract for a short sale home since February. The short sale is approved by the bank, and we are through the underwriting process for our mortgage and also approved/ready to close. But there is a problem between the primary mortgage holder and the secondary lienholder on the house. They can't seem to agree on how much money the secondary lienholder will get from the sale, and the secondary lienholder is refusing to let the house go to short sale without getting more money. This has been going on for four months and we have no real indication that it is going to end soon. But everything else is ready to go. Because our lawyer gave us an "official" closing date in March (and we believed him, ugh) we have been all packed to move since then. Living out of boxes is really wearing on us. We are wondering if an early occupancy agreement could be viable here. We would be much happier to wait this process out in the house, and not in boxes. We're paying rent in our apartment, so paying rent on the house does not make a difference to us. Is this a possible solution? Are early occupancy agreements only for regular sales, and not really meant for a short sale that will drag on for an indeterminate number of months? Would love to hear some advice from someone who has experience with these. This is our first time buying a home so we are a little clueless. Thanks so much! [link] [comments] |
| Looking to buy a house but I want to grow/invest 30k in the meantime in stocks.. Posted: 02 Jul 2020 10:43 AM PDT I need some advice, I live in CA and I want to buy a house in Houston. I have 30k saved up but with my expenses it's hard to see growth on my savings. I was doing some research and it seems a ROTH IRA is good but then I see you get penalized if you don't have the account for 5 years. I know there are FHA programs and assistance but I guess I'm trying to figure out how to grow money and not get penalized when deducting it. [link] [comments] |
| Posted: 02 Jul 2020 10:38 AM PDT This covid19 situation has caused me to worry about my future. It might be time to move out from under my parents roof. I've never had a real job until just recently and I've begun to save a bit of money. Still, I don't think I can afford much on my income alone and I was wondering if anyone has an ideas on what I should do. Specifically, I have been toying with the idea of buying a place with a friend of mine. So I am curious if anyone has any feedback as to how to structure that sorta thing. Should we buy as tenants in common? Should I form a corporation or partnership and buy the property in the corporations name and then lease it back to ourselves? Does anyone have any experience with this sort of thing? I was always into real estate and this could possibly be a way to get involved. would it be advantageous to try to leverage this first move into something else later on? and how should I go about doing that? Thanks! [link] [comments] |
| Posted: 02 Jul 2020 10:35 AM PDT I am interested in buying an amazing home full of the seller's (hoarder's) clutter; clothes, knick knacks, mobile homes (2), heavy machinery, etc. For obvious reasons the home shows terribly, but if you can look beyond that you can see a great home. It looks like it would take months to get rid of it all. Would complete removal of these items be a part of the home inspection contingency or would we make it a separate, explicit one? It would probably be difficult to do a proper inspection with all this mess. [link] [comments] |
| Underwriting hours before we get the keys... Posted: 02 Jul 2020 10:26 AM PDT Is this the normal go of things? We signed all the papers yesterday and are supposed to get the keys at five today on our first home. This morning the loan officer said the underwriter needed all this paperwork and statements from us. Most we've already sent her but I sent it again. She doesn't seem that organized. Maybe this is the usual order of things but it seems super last minute and it's making us nervous! Please tell me this is how it always goes so I don't have to look for motels to live in. :0 [link] [comments] |
| Posted: 02 Jul 2020 10:20 AM PDT Hello, having a financial dilemma and looking for opinions. I own and live in a condo in California and housing is 50% of my household's take home pay. Current numbers: Appraised for $533k Loan balance: $471k Monthly Mortgage + HOA = $3,500 Nearby apartment rentals of similar size: $2,100-2,500 Close to no savings after living expenses (housing, food, utilities, preschool tuition). I'm hesitant to sell due to closing costs when selling + losing the opportunity to gain equity with owning. Any advice? [link] [comments] |
| Posted: 02 Jul 2020 10:20 AM PDT From other blog post not allowed to post here(can search for zumper july national rent report). Rental markets react in near realtime, and people are already moving away from some cities to others. Rent(1bd/2bd) dropped YOY in some the most expensive cities, while some other cities gained:
My thoughts:
your thoughts? [link] [comments] |
| Advice on decision to buy a new house Posted: 02 Jul 2020 10:10 AM PDT Apologies in advance for the long post but we would really appreciate any advice on our situation. We have been living in our current house for about 10 years. It is at a great location with nice property appreciation potential, very good school, proximity to malls, parks, restaurants, etc. We bought it shortly after the last economic downturn, so the price and mortgage rates were good. However, the house was built in 1990 with minimal renovation, and probably poor maintenance, since then and, other than a new carpet, we did not do any renovation/remodeling at all after we moved in. Not long after our purchase, we started to spend between $5-10k a year to deal with termite, plumbing, roofing, HVAC issues nonstop, which stresses my wife and I financially and mentally out. Just a couple of weeks ago, we noticed that termites turn up again after we had only tented the place about 6 years ago and one of our toilets backed up which polluted a sizable area of the carpet. The current pandemic also makes it harder to invite outside professionals to fully fix these problems. As a result, my wife and I are mulling over whether to buy a new house (preferably a newly built one) to leave these problems long term. We still would like to stay in this area and with similar square footage for various reasons, so the new house will probably be more expensive both per square foot and in total than our current one. My wife and I are barely break-even with all household expenses right now and home ownership costs (i.e. mortgage payment, property taxes, HOA, and home insurance) is about 25% of our after-tax income. We must sell our current house only after we settle down in the new house because we have nowhere else to stay during the current pandemic. We plan to down pay up to 40% for the new house with money from our own savings and borrowing from our parents. The monthly ownership costs for the new house will increase to about 35% of our after-tax income. We believe that the sale of the current house will largely help recoup our down payment but that will take at least 6 months after we buy the new one, as we plan to renovate the current house a bit before listing it for sale. Given above, do you think that we making the right decision, or we are overstretching ourselves unknowingly due to the recent problems we experience? If we are making the right decision, what other things should we be considering before actually making the purchase? Again, thanks for reading and your valuable input! [link] [comments] |
| Posted: 02 Jul 2020 10:03 AM PDT So if you guys could help me explain what is going on that would be helpful. We are set to close on a house today (July 2nd) but title hasn't been able to schedule for us to sign because they are still waiting on lender figures and some lender docs. So we call the lender and he says that there is technical difficulties going on with their portal and it's not only happening to our loan but to everyone loan in their system. Do you call bullshit? Can someone with a similar story give some advice? Thanks [link] [comments] |
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