Real Estate: As a Buyer, we backed out after seeing the inspection report. Were we in the wrong? |
- As a Buyer, we backed out after seeing the inspection report. Were we in the wrong?
- Costco Lending
- Seller’s Agent Lied to us countless times- bait and switch - can I get them to pay for my inspection cost?
- Just closed on our first home...talk about a whimper and not a bang!
- Sellers want extra time to move out, but we’ve already scheduled movers, furniture delivery, and gave our landlord 30 days.
- Disclosure Fraud
- Why Is Appraisal After Offer?
- Closed on our house in May at 3.25% is it too soon to refinance?
- I need to get a letter from the bank
- "physical location states"
- down payment for a condo
- Buying in Queens NY
- Do I still need to shop around if I have a mortgage broker?
- Suggestions for contract where sellers really worried about COVID?
- What are some ways to find out if the previous tenant smoked ?
- Interested in vacant house that is part of a living trust
- Sharing a Realtor
- Closed Today 8)
- Are we getting what we are paying for?
- Find cash only deals on the MLS
- Listing still active after contract signed
- Best course for IL real estate license
- Closing tomorrow?
- Is this lender taking us for a ride?
| As a Buyer, we backed out after seeing the inspection report. Were we in the wrong? Posted: 09 Sep 2020 07:57 PM PDT Hi! Just wanting to get a feel for whether what we did was wrong, or if we made the right decision, as you can imagine the sellers, escrow company, and both realtors are mad at us right now. For area reference, this is Orange County, California. We ended up finding a lovely house, toured it, and loved it. The homeowners were treating it as their forever home and bought it as fixer upper after the previous owner died. They had already done some renovations, but got a chance to move elsewhere and decided to sell. We placed an offer at their asking price (their were other bidders) and was accepted. For reference, we knew that all their renovations were done DIY or with helper of contractor friends of theirs and no permits were pulled. When we got the inspection report, their were a laundry list of issues weren't quite expecting:
There were many other issues found, but these were the ones that stood out. We asked for a 10k credit, which felt reasonable. The sellers countered at 5k and presented us a letter in summary stating that the inspection was overblown, that all houses have issues, that they haven't had any issues with the above, so we wouldn't either, and all renovations were overseen by licensed contractors, so it would be okay. We thought it over for a few days and came to conclusion that we were possibly walking into a quagmire that would have to sink quite a bit of money into immediately to solve some of the major issues lest something major actually happens. We told the realtor that based on the inspection report, we would be backing out of the deal. Everyone is making us out to be the villains here, but I feel like were not, we did our due diligence, and found too many issues with the property that we did not want to inherit, sink more money to fix immediately or fix over time and hope they don't break before they are fixed. What do you all think? [link] [comments] |
| Posted: 10 Sep 2020 12:58 AM PDT Long story short went to Chase for a conventional mortgage, shopped it against Costco which was better. Chase rep had a meltdown says they're loosing a lot of business to Costco. Agrees to slightly edge out Costco. Later we go back to Chase for a refi. We shop it with Costco again and it's much better. Decide to stick with Costco. Anyone else seeing Costco becoming a major player as a lender platform? [link] [comments] |
| Posted: 10 Sep 2020 07:25 AM PDT A few weeks ago I had an offer accepted on a 3 family home. The home has a 60 year old septic system that we assumed would not pass inspection. The seller's agent told us at least 40 separate times quite clearly "the seller will cover the cost of whatever the city says to do if needed, whether it be repairing the septic or connecting to town sewer." No exaggeration, at least 40 times she said these words to myself, my agent, and my parents who were involved in this process. The sellers waited until this past Friday to get their Title 5 inspection, the very same day we were supposed to sign P&S. Since we were unable to even get the Title 5 inspection report by then, or any word from the Board of Health of how they'd want it handled, we extended to this week. The system was a conditional pass, and the Board of Health had deemed it necessary that the home needs to be connected to city sewer. Now that the seller has learned this, they have refused to cover the cost of this project, only offering $10k in escrow to get the job done. It will undoubtedly cost more than $10k. We would not have put an offer or gone through this entire process without the seller's agent promising countless times that the seller would absolutely fix the septic issue at their own cost. Obviously we backed out... Can I pursue the seller or their agent for the cost of my inspection?? ——— TLDR: buyers agent lied countless times saying "the sellers would pay to cover whatever the septic issue needed including connecting to sewer". At last minute, seller decided they would not cover the cost. Can I get them to pay for my inspection? [link] [comments] |
| Just closed on our first home...talk about a whimper and not a bang! Posted: 09 Sep 2020 03:59 PM PDT Notary came over yesterday and we initiated our wire after the wire cutoff. Today, complete silence. Nothing from the lender, nothing from escrow. No confirmation of receipt of our wire. Get a text from my realtor asking if I'd heard anything. I did not, so she contacted escrow. Apparently they did receive my money, the lender funded without saying anything (last time I talked to them was last Wednesday!) and escrow did its thing. We are officially closed and recorded and it was one of the most anti-climatic things of all time! [link] [comments] |
| Posted: 09 Sep 2020 10:52 AM PDT Hi. Let me start off by saying that these sellers have already had a 60 day closing period, which they've extended to 75 days. We close on 9/30 (was supposed to be the 11th originally.) Now they want even MORE time and they tell us this today. They claim that they cannot get movers until 10/3, and although I know that movers are more backed up than usual right now, I'm finding it hard to sympathize because once we got our clear to close last week, we were able to find movers immediately after calling around to 3 different companies...and we are moving 1.5 hours away. The sellers are not even moving 20 minutes away. Our move is also scheduled for 10/3. The last day we can even live in our apartment is 10/5. Our movers can't reschedule us until 10/7 if we cancel and we want to stick with the same movers so that we don't lose our deposit. Another inconvenience is that my husband and I work on weekdays! Something they don't do, they're a retired couple moving into a 55 and over community...20 mins away. We can't keep changing the days that we need off. How is it that my husband and I are being asked to accommodate them when we are the ones doing a longer distance move, we are the ones who have jobs—hubby physically goes into work and I work from home. Oh and we have a toddler! So I'm being asked to inconvenience my job, his job, my parents who are watching our daughter and our dog while we move, our movers, and our furniture delivery company...because they waited until the last minute to book a moving company. How is that ok? They're saying that we'll just have to "deal with" all of their furniture being there if we can't reschedule our moving day. What actions can I take here? This sounds like some nonsense! I've just about had it with these people. They've had 75 days. Enough is enough already!!! For reference: they still want to close on 9/30, they just don't want to get their furniture out basically. [link] [comments] |
| Posted: 10 Sep 2020 07:27 AM PDT Where would past disclosures on a property be found? I purchased a home a few months ago with a fully finished basement and clean disclosure to find out this week the wall behind the drywall is cracked leaking and going to cave in.. had an engineer look at it and said it's super old issue. [link] [comments] |
| Posted: 10 Sep 2020 06:55 AM PDT I'm just trying to understand the logic of buying a property, as offer then appraisal seems like the incorrect order. Why are offers made before appraisal if the bank has the final say in value, regardless of what a buyer and seller agree upon? [link] [comments] |
| Closed on our house in May at 3.25% is it too soon to refinance? Posted: 10 Sep 2020 07:15 AM PDT As the title says we closed at a relatively good rate. But I've been seeing plenty of sub 3% loans recently. Is it possible (or worth it) to refinance this soon? A friend mentioned some banks don't want to deal with refinancing right now and are actually offering to change the rates. Not sure how accurate that is. Any advice is appreciated! [link] [comments] |
| I need to get a letter from the bank Posted: 10 Sep 2020 07:13 AM PDT What is the kind of letter I should ask the bank for? I'm buying a home with cash, and the seller accepted my offer. My agent is now telling me to go to the bank and pick up a statement written on bank letterhead that recognizes my account has enough money in it to accommodate the purchase of the house. It's not supposed to show my account number, the balance of the account, or anything personal like that. What's the letter called? What should I ask for when I go to the bank? [link] [comments] |
| Posted: 10 Sep 2020 09:31 AM PDT I live and am licensed in Washington, DC. From what I've found DC is a "physical location State" meaning; I can assist clients with transactions out of state as long as I don't physically leave my licensed state. Basically I can do it remotely. I'm having trouble finding information on how exactly this works with the other state, in this case Maryland. I have good friends who want to buy in MD and want to work with me but it will take at least 2 months to get my MD license. Anyone have any experience with this in practice? [link] [comments] |
| Posted: 10 Sep 2020 09:26 AM PDT My wife and I are saving up to buy a condo. The price for condos in the area we are looking at are in the 300-350k range. Typical HOA fees are $400 a month. The state is California and we would be first time home buyers. Right now we have about $15k saved. How much would we realistically have to save to cover a down payment and closing costs? Are closing costs paid mostly by the buyer or seller? We don't have any debts except for student loans. Is it more difficult to get an FHA loan to buy a condo? [link] [comments] |
| Posted: 10 Sep 2020 05:24 AM PDT My wife and I are thinking of buying a Condo in Woodside, queens. It's going for about $500k for a 2 bedroom/2 bathroom. Should we consider waiting? I've been hearing that prices will continue to drop but we're also worried about losing the place too. [link] [comments] |
| Do I still need to shop around if I have a mortgage broker? Posted: 10 Sep 2020 08:53 AM PDT My mortgage broker is quoting us at 3.25 percent for 5% down in a conventional mortgage. This seems like a great rate to me but several people are urging us to shop around. But doesn't a mortgage broker already have access to lots of different institutions when they find the rate to quote us? It just feels like he's put a lot of work into us already and like it would be jerky to go to someone else. Am I just totally ignorant? [link] [comments] |
| Suggestions for contract where sellers really worried about COVID? Posted: 10 Sep 2020 08:47 AM PDT Looking to buy an old home on a beautiful lot, do a tear down, etc. Current owners been there for a long time, raised their kids there. They almost sold a year or two ago. My agent called them and asked if they were potentially interested in selling again and they said it would be fine for him to show us the property. Daughter has some immunodeficiency so they don't want to move to an apt and the townhome requirements they have limit them (main floor master, some other things). They are very nice people and would like to make a deal but they're worried about moving in a time of COVID. We've exhausted pretty much all other options for a lot of this size in this particular suburb that is quite attractive for many reasons. We offered $X with a closing mid-December and allowing them to stay rent-free until March 31. They just don't want to be forced out if COVID is still a thing. One suggestion is to having a closing in December with a clause that if there's no vaccine or whatever, then they can cancel the deal probably by a mid-November drop dead date. Is there some other creative way to structure this? Is there something other than a vaccine that would help convince them to move? Would just having a signed contract mentally push them to find something else and move without having to cancel the deal? Edit: added some background info [link] [comments] |
| What are some ways to find out if the previous tenant smoked ? Posted: 10 Sep 2020 08:43 AM PDT |
| Interested in vacant house that is part of a living trust Posted: 10 Sep 2020 08:25 AM PDT Hi all, The title says most of it. I'm very interested in a vacant property near our current rental. I'm not from the area but my husband and his family are and from what I've gathered, the home has been vacant for roughly 20 years or so and it was the home of the parents of a family that owns quite a bit of land in the area. I did some research on a local website that allows you to look up owners of homes/parcels and found that it is registered to a "family last name" living trust and it lists one of the sons as a "ET AL" (not sure if anyone else is listed, as you can only see so much information on the site for free). I am not familiar with trusts. I did try to do a bit of research, but I'm just curious from your alls point of view-if the home is in a trust, is it likely because they don't want it to leave the family? We are thinking of writing a letter to the man listed on the living trust. Would this be worth our time? The man listed lives out of state, but I've since found that one of his sisters is a relative of a family friend. Should maybe inquire with her first to see if the family is even interested in selling? Any advice is appreciated! [link] [comments] |
| Posted: 10 Sep 2020 07:55 AM PDT A friend and I are both interested in making separate purchases in a new construction development. I have yet to select a realtor, and the friend of mine is recommending that I use his realtor. I'm on the fence about whether it would be beneficial or a drawback to use the same realtor since they would already be familiar with the salesperson and terms for the development, but I could see drawbacks as well. My question for those who have been around the block - would I be better off using that same agent, or getting my own? Thanks. [link] [comments] |
| Posted: 09 Sep 2020 05:51 PM PDT
Buyer of the Townhouse did not ask for any repairs upon inspection Buyer of the townhouse granted us 3 days of time to move out of townhouse without consideration or escrow hold backs Seller of SFH completed requested repairs to electric service drop, inspection of rust on oil tank, service/inspection of furnace, and $3500 credit for roof replacement. No last minute drama at either closings. Compared to what I was prepared for after my hyperfocused read every newpost on this sub for the past 8 weeks world... it all went to plan. Knock on 1950's hardwood! :) [link] [comments] |
| Are we getting what we are paying for? Posted: 10 Sep 2020 07:02 AM PDT My wife and I have been under contract with a house in TN that was mid renovation when we saw it in June. We were shown specs and finishes for the kitchen, bathroom and other rooms throughout the house and liked the direction and could envision the final product so we were fully on board then. Since June we have moved our closing date multiple times to where our rate lock in with our mortgage company now ends tomorrow which is supposed to be our closing date but we are having second thoughts. They have made short coming after short coming and haven't done the right thing time after time. Below are a few examples...
This was supposedly going to be the sellers future home but they decided they couldn't leave their existing home but it feels like they have just made compromise after compromise and now we are the ones that are paying the price for it. The house has appraised but there are just things we are going to have to do now if we buy this house because they weren't done or weren't done properly. I guess I am looking to see if anyone might have any insight or similar experience buying a home getting renovated on faith alone. [link] [comments] |
| Find cash only deals on the MLS Posted: 10 Sep 2020 06:56 AM PDT I just got access to the MLS , however I am trying to figure it out how to search for properties that are being sold "cash only" is there any way to do it? This is the MLS for South Florida [link] [comments] |
| Listing still active after contract signed Posted: 10 Sep 2020 06:30 AM PDT We put in an offer on a home at the end of July with a closing date of Sept 30th, contingent upon inspection and sale of my current home. Currently I have a pending offer on my house and waiting to close Sept 28th. My concern is that the listing agent for the house we are buying refuses to remove the home from active status on MLS or any of the big search sites like Zillow. She states that she want to keep interested buyers in case my deal falls through. Is this normal practice? Is there anything I should be concerned over by her not setting the listing to pending or contingent? My buyer agent has asked her several times to change the status but she refuses. [link] [comments] |
| Best course for IL real estate license Posted: 10 Sep 2020 06:21 AM PDT Hi all, Wanted to see and get an opinion from my IL folks out there what online course or course in general they completed to get their real estate license. I do real estate my self and now that I am slowly starting to scale (crossing fingers), I would rather get my own license and save that fee when buying and selling for a much better profit margin. Can you guy please link courses or recommend the ones you've taken? Hope you all are staying safe and healthy! [link] [comments] |
| Posted: 09 Sep 2020 04:54 PM PDT We had our clear to close a week ago except that we were waiting on the appraisal. We finally have it, but it was incomplete... they needed to reevaluate the landscaping. SERIOUSLY? It's new construction and I guess when the VA appraiser went out, there was no grass. Now there is (has been for weeks) and so when it was finally turned In today, underwriting kicked it back. It's 730pm no word. No return calls or emails for most of the day. I. Am. Irritated. Just freaking tell me we aren't closing. (Obviously we aren't closing- it's late AF and nobody called) But why not just reply to an email and tell me? It's fine! I wasn't stupid enough to have movers show up or have anything hinge on closing on time so it's ok. I guess I should be grateful that it is something ridiculous holding up closing and that there are no real consequences. It wasn't a loan issue, we are good to go. It's not a condition issue, it's grass. GRASS, y'all. Good LORD, I am too pregnant for this. Good luck out there. [link] [comments] |
| Is this lender taking us for a ride? Posted: 09 Sep 2020 10:58 PM PDT Long rant warning.. Appreciate any guidance as I'm losing my mind. We shopped around for a refinance in July for our co-op in NJ. Found a lender that provided a very competitive 2.75 on a 30yr conventional which would bring down our rate from 3.625 on a 15 year conventional as we've decided to reduce our monthly mortgage payment. Timeline is as below and I'm starting to wonder if this is normal July 23 : Lender provides Loan assessment and other docs to start process and gets our signatures. We pay $500 for the appraisal immediately. July 29th : The appraisal guy does his walk through and gives tells us it will be a week or so August 9-13: We find out that the appraisal guy is not able to complete his work since he's missing co-op finance documents from the lender. Lender claims they've given him everything I provided as per the list and that beyond that it's his job to dig for more directly with the co-op property management. August 22: Loan estimate is now expired and I have a stern conversation with the lender asking for moving the process - they THEN send me a list of documents and CUSTOM condo questionnaire to be submitted asap in order to "approve" our co-op and get that 2.75 rate which is part of some program. Apparently they have multiple programs for co-ops. To top this off, the appraiser sends his appraisal report in an "as-is" format stating that he never got financial info about this co-op and insinuating that the report is sort of incomplete. Fearing delays I pay for the expedite custom lender questionnaire and it costs 300$ as opposed to the standard 200$. Sept 4: I have another long conversation with this lender and politely voice frustration at this whole thing since we neither have a rate nor a confirmation if we're going to be "approved". During this conversation I find out that the lender never even looked at the appraisal report content and they didn't realize what was written in it. They then claim that they will put in a request for a new appraisal and make the AMC pay for it since the first report will be rejected during underwriting. I also find out that they put in an "extension" on our loan estimate and that our file is in underwriting already and we are "deep in the process" and "doing well on time" and the rate won't be affected. Lender reminds us that the documents from Aug 22 are still required on top of the custom questionnaire. I start to investigate why nobody provided those to me from the property management team. Sept 10: The incompetent co-op property manager doesn't provide necessary papers which were requested on Aug 22 since he never looked for them. Upon digging into this turns out that Co-op insurance agency also has stalled on the request and we will finally have all those insurance documents tomorrow. Latest news on the appraisal is that lender has no updates - I will push them to give a better answer by end of the week maybe - I'm exhausted at this point trying to get incompetent people answer emails and read documents in detail. We are 800$ into this process and don't know if being taken for a ride or is this a normal situation with Co-ops? [link] [comments] |
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