Real Estate: Seller refusing to acknowledge water damage |
- Seller refusing to acknowledge water damage
- Newly Purchased Land Question (Neighbor is saying land I purchased is his..)
- Sellers, do you prefer asking price with no contingencies or 105% asking price but with 5 days financing contingencies?
- Gift of Equity Transfer Sale Loan
- How long for wire to come in?
- Helping a friend with a down payment
- How early is too early to ask a real estate agent for a consultation?
- Existing homes in a community selling for 20% more than a new construction?
- Should I honor propane agreement 6 weeks after closing?
- Paying both PMI and MIP for an FHA?
- Help!! Earnest Money Dispute (I’m the buyer)
- Using invested money on down payment
- Negotiating Rental Costs
- Pool tables, ping pong tables, air hockey?
- Trying to understand risks with unpermitted work
- FSBO/flat fee sellers: Chat me up about selling a primary residence without a traditional 6% agent. (Or tell me why I should get one.)
- Venting post. Anxious. I wasn't at first but thanks to new Landlord and his policy I am. Ready to have our own home.
- What are generally the best and most up-to-date real estate websites to search?
- Real Estate, Family, and Market Value
- Home inspectors - are termite traps considered “evidence of previous treatment”?
- Lowball offer on Vacant land
- Closing in about 40 days. Didnt shop around for mortgage rates as first was 2.75 30yr Conv no points, should I look for a better rate?
| Seller refusing to acknowledge water damage Posted: 31 Oct 2020 05:02 AM PDT I had an inspection which revealed a small amount of water damage to one of the base boards in a bedroom. The inspector used a moisture meter and said there is significant moisture present behind this area. He said he believes it may be the AC drip line leaking but he wouldn't be able to tell for sure without getting into the wall. In a repair addendum, one of the things I requested was for the owner to investigate this, remedy it, and remedy any mold issues if any as a result. They responded with there is no issue and nothing will be done. How can they do this when there is clearly water damage and a professional inspector said there is in fact moisture? My realtor said he is sending one of his guys for free today to get a second opinion. I'd hate to back out of the house for what is probably a small issue but their ignorance to it is really turning me off.... [link] [comments] |
| Newly Purchased Land Question (Neighbor is saying land I purchased is his..) Posted: 30 Oct 2020 04:39 PM PDT Hello, (Bit of Background first) Background: In August 2020 I closed on 30 vacant acres of land in Upstate NY. Before closing on the property I had a title search done (which came back clear) and I also acquired title insurance. The 30 acres in the past had been surveyed and it came out to 30 acres and the title also listed 30 acres. The Problem: For the past few months I have been at the property clearing with the idea of in the future building a house on the property. Last week the neighbor showed up and is claiming that 20 of the 30 acres I purchased is his and he has been paying taxes on those 20 acres for many years. He stated that he is in the process of doing a title search now to find his title for the 20 acres. I might add this neighbor had no relation to the previous owner. So as you might understand I'm a bit confused...being that I have a title for 30 acres, a recent survey for the 30 acres, a recent title search that came back clear and the town tax map shows my parcel is for 30 acres. I have a few questions below regarding this situation. Also I get that this guy really does not have a leg to stand on as far as owning the land however it gave me quite the jolt and I am trying to do my research in case anything does arise. 1) Is there the possibility of having 2 titles for the same piece of property, and would the title search have shown this -I assume it would have since that is the point of a title search but I would like to clarify. 2) The way my title is written it shows 20 acres as a parcel and 10 acres as a parcel (this is on the same title) I have been told it was most likely due to the parcel being purchased at different times. Has this been seen on other titles? 3) Hypothetically if this neighbor ever did find a title for the 20 acres how would that play out with the title insurance? I know this is primarily based on the title insurance policy but how does this typically play out? 4) As I stated I plan on building a house on the property. What would happen if I built a house and something with the neighbors title was found in say 5 years after the house was built? I feel as if an accurate survey is enough to procure a construction loan it should protect the house but not really sure. 5) Lastly what can I do to put this to rest and show the neighbor all 30 acres is mine? TLDR: Ran into the neighbor of recently purchased land, land title questions/hypotheticals. Any help would be greatly appreciated this was the shock of a lifetime and all I can say is if the something does happen the title insurance was more than worth it ! EDIT/Update: Just woke up to a lot of great and informative replies. My agent did contact the sellers and they described the neighbor as a PITA. I am going to try to further contact them to see if they ever debunked what this guy is saying. I went back on the chain of title as far as I could go (late 90's) and the name had of the neighbor had yet to come up. To go back farther a physical search must be performed at the county clerks. The neighbor did mention a possible previous property owner but this would have been before digital records (so maybe that's why nothing came up in the title search) It looks as if my next step is to go to the county clerks or have my lawyer/title company? do this and at least look at the chain of title farther back. I will take any info I can get and really appreciate all the replies [link] [comments] |
| Posted: 31 Oct 2020 07:06 AM PDT I'm about to submit a bid on this very nice home, but the asking price is near my limit. My lender said they would need 5 days to review my case if I go in at 105% asking price (but very likely it will be approved). The seller doesn't seem to be in a rush to sell. Do you think the seller would mind waiting a bit for a better deal? The asking price is already quite high for that neighborhood, so I think most offers will be just around asking price. [link] [comments] |
| Gift of Equity Transfer Sale Loan Posted: 31 Oct 2020 08:36 AM PDT Hey all, so I'm trying to buy a home from my parents for around $500k even though the house is valued around $1M. They will be doing a gift of equity transfer for the 20% down. My question is, will any lender give a loan for this type of sale? Also, are there any tax or property tax issues with such a difference in sale fair vs market value? I'm in California if that helps in any way. [link] [comments] |
| Posted: 31 Oct 2020 05:01 AM PDT I just closed on a property I sold on Friday. Closing happened at the end of the day and I was told it was complete. I asked the title company when I should be expecting the wire she told me Monday or Tuesday at the latest. Is this normal? [link] [comments] |
| Helping a friend with a down payment Posted: 31 Oct 2020 07:46 AM PDT I have a friend who is currently under contract to buy a new and has his current house on the market. He doesn't have the 20% to put down in cash without selling securities so I told him I would lend him the money. He is buying his new house for less than his current house will sell and his current house is probably at 50% LTV so plenty of equity in it. He was going to roll most of the equity from the sale of his current house into his new house so he will be less than 50% LTV on the new house once his current house sells. His loan officer said he can't take a personal loan for his down payment. Aren't there ways to structure the loan so it's not a personal loan? I can have my company make the loan and take a second mortgage on his current house? Or I can take a pledge of his brokerage account? Is there any reason why either of these wouldn't qualify? To add, I'm not worried about him paying me back, etc. I'll have a note drawn up and if he does decide to screw a friend of 25+ years, it's not money that will change my life. Just looking to help out a friend. Thanks! [link] [comments] |
| How early is too early to ask a real estate agent for a consultation? Posted: 31 Oct 2020 08:54 AM PDT I'm thinking about selling my house in the next 6-12 months and as I start to prep for it, I've been thinking about reaching out to potential listing agents just to get ballparks and to ask them about recommendations for things to do in the house before listing it (or things I'm thinking about but shouldn't bother spending money on). I've got a small handful of projects I'd thought about doing this fall/winter, like painting or tearing up carpeting and refinishing the hardwood floors under it, but would probably just skip and save the time/money if an agent said it wasn't worth it. Given my time frame, though, how early is too early to start reaching out to potential agents? [link] [comments] |
| Existing homes in a community selling for 20% more than a new construction? Posted: 31 Oct 2020 07:28 AM PDT My wife and I are building a new construction home in a neighborhood just a few miles south of downtown Charleston, South Carolina. This development has been building out by Lennar since 2016 as far as I can tell. We are building a 5br, 3.5 ba home that's about 2550 square feet with a detached 2 car garage. The home is on an average lot for the neighborhood, backing up to a wooded area. The lot upgrades were insignificant in price - something like $2,000-3,000 for double the yard space. We are paying $490,000 all-in, inclusive of an optional 3rd floor loft that none of the homes have in the neighborhood, as well as the premium kitchen and bathrooms. Oddly, all of the existing homes for sale in the neighborhood are upwards of $600,000, some pushing $700,000. These homes are largely the same size in square footage, and many of them are smaller, with fewer bedrooms and bathrooms and similar lots. Upon review of the pictures online of listings and sales, I suspect they are of similar quality, with maybe an extra upgrade or two here or there, but nothing that suggests to me that they should sell for $100k+ more. We are 25 years old and previously have only owned a pre-built home so this is our first experience with a new-construction and we have not studied the market but I'm curious - is it typical that a community under development would have existing homes selling for a 20% premium over new builds? I understand that there's a supply crunch and people may be rushing to get into an existing home to secure low rates so they can afford more home, but it seems a bit odd unless it's a typical dynamic of new-build neighborhoods. Thoughts on the matter? [link] [comments] |
| Should I honor propane agreement 6 weeks after closing? Posted: 31 Oct 2020 09:26 AM PDT During sales process I signed a propane addendum that means I pay the seller for whatever propane is left in the tank at closing. I agreed to this of course. Except seller provided no invoice during closing and didn't mention it. Fast forward 6 weeks after closing. Living in my new house, and the one of the sellers shows up at my door asking for cash for the propane. I said I would review with my realtor and get back to them. Its less than $500 so not the end of the world either way but seller is giving weird vibes and its the principle of the matter. They were supposed to provide info and this was to be settled at closing. Should I accommodate the sellers very tardy payment request? [link] [comments] |
| Paying both PMI and MIP for an FHA? Posted: 31 Oct 2020 09:23 AM PDT First time home buyer here. I am working with an agent, and the associated lender I'd be using is saying I need to pay both MIP and PMI for an FHA loan. Is this correct? Online I've been finding that it's only one or the other, not both. Please help. Thanks! [link] [comments] |
| Help!! Earnest Money Dispute (I’m the buyer) Posted: 30 Oct 2020 10:39 PM PDT First time homebuyer. Seriously looking since May. Found a lovely "flipper" house in our desired area (we had branched our search out d/t market, so this was incredibly exciting). As with most flipper homes, very limited seller's disclosure. We were first to view home and put offer in same day. Offer accepted and inspection scheduled. Inspector recommended foundation inspection d/t cracks, etc. Hired foundation company to come check it out. Home found to be approx 4 inches off level from front corner to opposite back corner. Agent advised to back out. I loved the home, and was already out the inspection and option fee so i figured it wouldn't hurt to ask for repairs in contract addendum (among other minor repairs). I was shocked and relieved when the seller agreed to repair nearly every item on my list including "foundation repair to level entire home". I continued on with life and assumed all was going according to plan, checking in occasionally but trying to be patient as well. I imagined close would get pushed back some as my understanding is the repair would be rather extensive. I was a bit confused when I was advised close date would remain in 3ish weeks from date of repair addendum acceptance. I was even more confused when I was told the repairs would be completed less than 2 weeks post addendum. Checked with agent on progress as I was getting notifications from lender to make payment for appraisal. I didn't want appraisal done prior to repairs and be stuck with a follow up cost. Agent advised title stating repairs done on 9/12 but sellers agent advising repairs to be completed 9/18. Tropical storm that same week/weekend. My agent and I scheduled final walkthrough on 9/21 two or three days prior to close. My agent has two + decades of experience in building homes and owns a zip level for foundation measurements. He brought the tool along with him to the walkthrough and took measurements. He recorded about 75% of the rear of the home was level, but the measurements were off from there. Still about 4 inches from rear corner to opposite front corner. Many of the items requested were addressed, however, there were other items not complete in addition to the home not having been leveled. Requested extension on close date so we could get another foundation inspection, but the seller declined. Opted to terminate the contract under the grounds of repairs not completed prior to close. Seller is now demanding my earnest money. Mind you, the home went under contract the very next day and has now been sold to another party. I received a letter from his attorney demanding the release of the money or a lawsuit for breach of contract. I'm mind boggled that this guy is adding insult to injury and trying to take what I believe to be rightfully mine. I held up my end of the bargain. Spoke with seller over the phone today and he's adamant that he has sufficient evidence to prove the repairs were done. I have the report of my agent (drafted measurements), photos of other repairs not completed, and my word. Seller willing to settle for 1/2 of earnest money. On principle I'm struggling to part with any of it. He's willing to pay an attorney a $1,500 retainer to go to court while the amount in question is $2,190. I don't know what to do! I feel I have plenty of evidence to support my right to the money, but he apparently feels the same. And he likely has plenty of people in his corner to back him, even if it's false. [link] [comments] |
| Using invested money on down payment Posted: 31 Oct 2020 09:11 AM PDT Hello, I am planning on buying a home in January or February and all the money I have for a down payment is in a taxable account. Is this an issue with lenders? Should I be able to keep it invested until an offer is accepted or do I have to have it in my bank account before I even get pre approved? If that's the case, then how would I even know how much to sell if I don't know how much the house I buy will cost? [link] [comments] |
| Posted: 31 Oct 2020 08:46 AM PDT Landlords, if a new tenant is going to negotiate the monthly rental price, would you prefer they attempt this on initial contact, or after viewing the unit? As a tenant, which is a more effective strategy for reducing rent? [link] [comments] |
| Pool tables, ping pong tables, air hockey? Posted: 30 Oct 2020 03:03 PM PDT I've been looking at real estate in the 1m - 1.5m range in far north DFW for the past few months and noticed a non-insignificant number of houses have nice looking furniture/staging... and then a randomly placed pool table, ping pong table, or air hockey table... in the MIDDLE of a main area... either in the dining room, living room, or breakfast room. Literally seen all three of these in photos over the past week. Super curious why. Boggles my mind that someone would list a home for 1m+ with stuff like that in main areas. Is it better to have something in a room rather than nothing? Is there some subliminal messaging that's happening? Why wouldn't real estate agents spend a little $$$ to rent a single piece of furniture instead? [link] [comments] |
| Trying to understand risks with unpermitted work Posted: 30 Oct 2020 08:41 PM PDT I'm looking at buying a home in Cherokee County GA and I'm confused about the permits situation. The seller has added a deck and finished the basement. Inspector says the deck is a little bit off-code, but that the code might've changed since it was built. This made me worried that permits weren't pulled. I asked my realtor to ask them (via their realtor) if they had pulled permits. The sellers replied that none were required. I also submitted a request for public info to the county for all permits associated with the property since it was built in 1988. The county responded that they only hold those records for 10 years. Additionally, their website states plainly that permits are required for building decks and finishing basements. In what circumstances would the county become aware of the unpermitted work and require a new owner to pay for addressing it? How is the county going to hold new owners accountable if they're only holding the records for 10 yrs? Thanks! [link] [comments] |
| Posted: 31 Oct 2020 02:15 AM PDT Hey folks, appreciate any advice you can give about selling a home without the traditional "full service" agent channel, or alternatively, why I should get one. Frankly, my bias is against paying 6%. I just want to get that out of the way upfront. I'm not 100% against paying a buyer's commission (or even a full service agent!) even though the obvious goal here is the maximum net proceeds. That really is the #1 goal here, everything else comes secondary. Sales price: 200k+/- in the deep south. I'm not against going 199,900 just to hit the <200k filter if necessary. I'm a CPA and have looked at plenty of comps including on the same street so I believe this is fairly reasonable, even if I'm not a real estate expert. Staging: we've watched HGTV. Clear out all the personal bullshit, deep clean and make everything look nice. From what I'm seeing, this is as good as staging gets at this price point despite all the REALTORS™ on this subreddit claiming that they personally put on a pair of overalls, go in and paint houses "for free" and shit like that. Photos: OK, this is where a lot of you are gonna be like "come on this is too much". I am a semi-professional photographer, although my paid work is mostly in the past. I don't mean taking pictures of family friends for $99. I mean my photos have been featured in the regional newspaper, I've been on TV, and to this day, a photo I took 10 years ago is still featured on the front page of a local real estate agency's website. (Not in a slideshow - directly featured.) I have equipment and genuinely think I know what I'm doing here. The actual "sales" (i.e. walkthrough, phone calls, etc) process: plan to leave that to the lady of the house. She has plenty of professional experience in that area. As far as the paperwork, probably get a local real estate lawyer. I believe that I have a decent enough grasp of marketing that I could generate the proper leads, even though I'm not sure about FSBO vs flat fee/discount agent and whether to say no agents vs. paying a commission. We are not the alleged delusional FSBOs from hell that seem to get brought up constantly on this subreddit. We're reasonable businesspeople who want to make a reasonable deal. We're talking about, on the low end, somewhere around $5000 and on the high end, somewhere close to $12,000 in savings. For us, that is not insignificant and in our market and price range, I am not seeing what an agent can do for us to justify taking that much money off the top. I'm not against hearing from real estate agents here, but again, I do have a bias. So I'd like to hear about the pros and cons of everything I've mentioned, so that I can try to make a more informed decision. Thank you for any information you can provide. [link] [comments] |
| Posted: 30 Oct 2020 10:25 PM PDT Things have been looking up for us. After a really rough past few months. We found a house we liked and we put in an offer. It's been accepted. The last one fell apart because the seller couldn't fix what the lender required out of pocket. This time the loan process seems to be going much faster. Apprasial has been ordered and we may be able to close early. The realtor said she saw nothing that would be called out. It's basically a new house. New plumbing, electrical, roof, flooring etc. She also said it should appraise no problem at all. She has 28 years experience. This is where the worry comes in. The new landlord that just took possession of our units and said he wants 300 pet fee non refundable per pet. I can't purchase a house and afford a $1000 nearly in pet fees a month. Luckily to avoid any issues my parents said they would watch my cats this way I don't have to pay that fee. If this house happens to fall through I will find another one eventually I just don't want to be away from my cats too long. I do feel better getting this out. Surely someone out here can relate to me. I can't have kiss so they are like my babies. Why should I pay triple the rent for a unit they don't want to fix up? This unit isn't worth it to be honest. So either way I'm gone. [link] [comments] |
| What are generally the best and most up-to-date real estate websites to search? Posted: 30 Oct 2020 09:58 PM PDT |
| Real Estate, Family, and Market Value Posted: 30 Oct 2020 09:02 PM PDT Long story short, we have been renting a family members home for several years unofficially. Something has come up recently to where they need to sell. We can either buy this home or look at others. Honestly we're pretty comfortable here depending on what the appraisal comes in for. Was assessed/appraised today and we're waiting on those results. My real question comes in because they stated they would work with us in price. But how much wiggle room is there when technically you need to sell for market value? Is it even possible to knock of money without getting hit with capital gain tax later? Would it even benefit us? [link] [comments] |
| Home inspectors - are termite traps considered “evidence of previous treatment”? Posted: 30 Oct 2020 10:09 AM PDT Bought a home in August of this year. Home is 95 years old, inspection was fairly straightforward and boring. No evidence of wood boring/destroying insects, no evidence of previous treatment per the inspector. Fast forward to yesterday. Notice some water and sawdust in one corner of the basement after a heavy rain. Do some outdoor inspection and notice two metal disks in the ground on the patio, and two in front of the house (big city rowhome). After some quick googling, find out they are termite traps. Call inspector to see why I wasn't alerted and was told that termite traps, even when drilled into and installed in concrete, aren't considered evidence of previous treatment. True? In PA, if that matters. I'm a little miffed that I wasn't at least told what they were by the inspector. FWIW, the previous homeowner checked "no" on the wood boring insect portion of the disclosure, but I've spoken to the guy who owned the home before them (he still lives on the block), and he didn't have them installed, so they must have. Either way, I'm having a waterproofing company come out and check out the water situation, but I'm afraid they're going to say it's secondary to termites. Im hoping I'm wrong, but best to prepare for worst case situation. I'm assuming I have zero recourse here, but wanted some other opinions. [link] [comments] |
| Posted: 30 Oct 2020 02:13 PM PDT I am interested in buying 50 acre piece of land for the purposes of building a home. I have a budget of around 1.5 mil for the entire project. This land's asking price is around 670,000 and is heavily wooded, so part of it will need to be cleared. I am thinking around 2 acres to be cleared. I have no idea how much it would cost but a custom builder said they would charge approximately 5000 per day. The land has been listed on realtor.ca for more than 12 months (don't know exactly how many months but at least 12) which is why I think they would accept a low offer. There is also a small pond looking thing in the center of the lot that is around 1/4 of an acre. It also says in the description that its a "motivated seller!!!" and said "make an offer!!!!!!!!" With those reasons, should I make an offer around 400,000 is that way too low (40% off asking price). In short: Want to buy vacant land. The land has been in the market for over a year. Its an ideal piece of land for me but would be out of my budget if I payed asking price. I am thinking a 40% reduction in asking price would be my offer. The description says motivated seller and says to make an offer [link] [comments] |
| Posted: 30 Oct 2020 02:42 PM PDT Hi all Aiming to close on new construction in about 40 days. I just locked in 2.75% 30 yr conventional with no points this afternoon (still need to sign paperwork). This is with new american finance and was the first and only company I looked at(due to low rate). My credit score is ~750. Should i still look around at this point? Tbh new american dropped the ball and the initial loan agent left the department so I had to start relatively fresh again so not exactly loyal at this point. This is for ~600k loan in New England. Thanks ! EDIT: Just received an email for loan agent saying he couldn't get 2.75 with no points, rather a 2.875% [link] [comments] |
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