Real Estate: Seller knew house has Kitec plumbing and had issues, but did not disclose |
- Seller knew house has Kitec plumbing and had issues, but did not disclose
- No showings, starting to panic [Chicago]
- Am I responsible for providing my realtor with my closing papers if she ghosted me?
- Selling Land, Already Have a Buyer. What Now?
- Anyone with experience buying land/lot to build- looking for good advice or lessons learned
- As a 1st time home buyer is this process supposed to be fun?
- Sherman Oaks vs WeHo for Investment
- Zillow Portal no longer accepting MLS Rental Listings
- Question about Market Value vs Assessed Value of a home
- VA Loan, Appraisal cutting close to assuming the loan. What outcomes can happen?
- Seller repairs
- How could you go about finding frames to build mobile homes on?
- First time buyer trying to make sense of ownership histories.
- Getting a little nervous about our home purchase. Thoughts?
- How to do an objective, comprehensive calc on real estate appreciation versus stock market returns?
- Property Taxes
- Complex multi-party homeowner situation, help needed with ownership transfer
- Closing Day Nightmare...
- Can we get our earnest money back?
- Is putting $375,000 into a 1 story home to make it 2.5x larger (with second story) insane?
- Is my condo in trouble?
- Looking for advice on a potentially awkward situation with my realtor.
- Why would a seller be concerned about a small down payment?
- HELP!! First time buyer Considering buying a HUD home in the next few days
| Seller knew house has Kitec plumbing and had issues, but did not disclose Posted: 12 Nov 2020 07:09 AM PST I just bought a house in Texas. The seller disclosed a minor plumbing issue they had repaired in Aug 2020 but claimed to not know what caused the issue. We requested a copy of the invoice for our records and the seller didn't provide it until a week after close. The invoice states that the leak was due to Kitec plumbing. The plumber specifically wrote that the whole house has Kitec, and this plumbing has had a major lawsuit and recalls and he recommends the homeowner re-pipe the entire house because it will eventually fail. The seller signed the invoice. This was not discovered during the inspection because no Kitec piping is exposed. It's all within walls and the slab. I called the plumber that did the work and he said he communicated it to the seller verbally and in writing on the invoice. He even gave the seller a quote for re-piping the entire house, which was $26k. Do I have any legal recourse here? We have proof that the seller knew about the Kitec plumbing and knew that it was a major issue and did not disclose it. UPDATE: Just had a consultation with a real estate attorney. He believes it's a solid case under 'deceptive trade practices' because the repairs that were made in Aug 2020 were due to failing Kitec plumbing. The seller signed an invoice acknowledging the cause of the issue but did not disclose that in the sale. They simply stated there was a minor plumbing issue that had been fixed. Interestingly, the fact that I did not have a plumbing inspection helps the case because the seller can't point fingers at an inspector for missing this issue. But regardless, the Kitec plumbing is within the walls and slab. Exposed plumbing under sinks is PVC and metal. [link] [comments] |
| No showings, starting to panic [Chicago] Posted: 11 Nov 2020 03:06 PM PST We listed our Chicago condo for sale 35 days ago. We haven't had a single showing yet. The pictures turned out well and we got compliments on them when I shared to a neighborhood Facebook group. I think our pricing is quite fair as its only $2K above what I paid nearly 6 years ago. I have made improvements to the unit such as a fresh repainting and installed hardwood floors in the bedrooms. It is a garden unit which I know does reduce interest, but having nothing so far seems crazy with all the stuff I've seen about homes selling like hotcakes. Should I worry? Do I need to be doing something to attract showings and buyers? Edit: Adding listing - http://www.4830NRockwellStG.info Edit 2: My realtor just texted me about a scheduled showing. Thanks all for the great feedback. Fingers are crossed. [link] [comments] |
| Am I responsible for providing my realtor with my closing papers if she ghosted me? Posted: 12 Nov 2020 08:01 AM PST First-time homebuyer here. The real estate agent assigned to us during the purchase of our first home has been pretty terrible at communicating or really doing very much at all through the process of buying. The list of transgressions is long and terrible and for another post, but we got through it and closed on our house two weeks ago! YAY! Anyway, around the time closing came around, our realtor disappeared. She never communicated with us during the week of closing, never gave us a heads up she would or wouldn't be present, never even sent a "congrats!" text after all of it was done. Apparently, during the actual closing meeting we all thought she was going to be at, she called the title company and asked for our full CD to be emailed to her. The title company told her state law prevented them from sending all of the documents she asked for electronically and asked why she wasn't at closing. At this point, our realtor apparently threw such a huge fit on the phone that our title agent's supervisor's supervisor took over our case in the middle of the meeting. The Big Boss title agent told us our realtor had "an emotional meltdown" on the phone with her while we were closing, had refused to come to the closing in person, and resorted to name-calling and histrionics until the title agency's in house attorney had to get involved. Our title agent said in her 20 years of closings she had never experienced this before (this is something we heard from SEVERAL people regarding our realtor throughout this process). My husband and I were floored - why didn't our realtor just come to the meeting if she needed certain information that couldn't be sent electronically? We signed all the documents with the bewildered title agent, closed on our house, and still no contact from our realtor. The title agent was visibly upset for us - she said she was so sorry our first home buying closing had happened this way. Now, two weeks after closing on our house, after complete radio silence from our realtor (seriously, she disappeared!) we hear from our realtor in a strange email with typos, half-complete sentences, sentences IN ALL CAPS, demanding that we scan and email her our full CD. My question is: At this point, am I responsible for sending these to her? From my point of view, if my realtor needed certain documents to comply with the law, she shouldn't have ghosted us through the whole home-buying process. On top of that, I don't think she should have access to some of the personal information in the CD. I can't help but feel like I was taken advantage of by this realtor, but I want to be compliant if this is truly my responsibility. [link] [comments] |
| Selling Land, Already Have a Buyer. What Now? Posted: 12 Nov 2020 06:23 AM PST I have 2 acres in southern NJ that I'm ready to sell, and one of the neighboring properties already wants to buy it. I have no experience in buying/selling property and need some information to move forward with this. Since I already have a buyer do I still have to go through an agent? What documents do I need, what companies/services do I need to go through as far as titling etc. , does the land need to be surveyed or inspected in any way? I apologize for my complete lack of knowledge in all of this, thanks in advance for any help. [link] [comments] |
| Anyone with experience buying land/lot to build- looking for good advice or lessons learned Posted: 12 Nov 2020 06:21 AM PST Hi, as the title says, I am exploring the idea of buying a lot to buy and build. Building isn't so much my question, but want to know what all I should consider about land. Thinking- septic, water, electric install, zoning rules. Have any of you bought land and then learned valuable lessons about things you wished you had asked,, or perhaps who you asked? I assume an agent will tell me what I want to hear, and I am stuck with the investment regardless. Would love any advice from those who have gone this route. Thank you! [link] [comments] |
| As a 1st time home buyer is this process supposed to be fun? Posted: 11 Nov 2020 06:13 PM PST Wife and I feel super stressed picking out a house due to a couple various reasons, and keep going back to the idea of renting. Financially it seems smarter to buy and we're able to do so. We just keep playing out all the "what if's" and we seem to have a high opportunity cost if we decide to settle down - I have a great but niche career that's hard to find. Was your 1st home an awesome exciting experience? Or am I supposed to feel like I'm 50% about to make the worst decision of my life, or the best? [link] [comments] |
| Sherman Oaks vs WeHo for Investment Posted: 12 Nov 2020 07:44 AM PST Hi California people in here. If you were to buy a condo for investment, which would you prefer: Sherman Oaks (south of the 101) or WeHo? [link] [comments] |
| Zillow Portal no longer accepting MLS Rental Listings Posted: 12 Nov 2020 04:57 AM PST You now have to post a listing directly on their portal, solely for listings. Anyone know why they did this? [link] [comments] |
| Question about Market Value vs Assessed Value of a home Posted: 12 Nov 2020 10:53 AM PST Hello Reddit! I have a question that we've been struggling with. My wife and I are first-time homeowners in the suburbs of a very HCOL area (Northern Virginia). We bought our home this past May. As part of the homebuying process we had multiple independent assessments performed. The assessors all valued our home at $300,000. We closed on the house for approximately $300,000. However the city (Manassas Park) is assessing our home as being worth $340,000. They are charging us property taxes on a $340K home, instead of a $300K home. MP has the highest property taxes in the state, which means we are paying well over $5000 in property taxes. If I turn around and sell my home tomorrow I can only get $300K for it. How is it legal for the city to be charging us a higher assessment than the home is even worth? Thanks! [link] [comments] |
| VA Loan, Appraisal cutting close to assuming the loan. What outcomes can happen? Posted: 12 Nov 2020 10:48 AM PST Hi, 1st time homebuyer. Using a Va home loan. They ordered the appraisal like 10 days ago knowing these timelines and it hasn't gone through yet. They said hopefully Monday which is the 16th; I am supposed to assume the loan (I think is the term) on the 20th and then close on the 1st. What are the outcomes of this if the appraiser drags his feet? Additionally the selling family is contingent on their new home with assurance of me purchasing theirs. So it most definitely is a mutual want between the us. I have no issues on my end if we have to push the closing back like a week or something as I am with family and not bound by a lease. But what would that due to them and selling? They want their new place and are supposed to move in the 1st or the day prior. Would that make there closing fall through thus ending my dream home? I couldn't be more communicative either in fact I am probably annoying the amount I ask if they need stuff or check in. So it's not like a dropped thing on my end. I just want this to work out [link] [comments] |
| Posted: 12 Nov 2020 06:41 AM PST Hi all. I'm a first time homebuyer. Found a home that meets almost all our needs after 4 long months and 4 failed offers. I feel like we've been pretty good with the owner and have given them extensions and accepted other contingencies. We are planning on asking for owner to repair only 5 things. (Rotted eaves, fix grading to not allow water in because inspector found water coming through crawlspace, fixing ungrounded outlets & a couple GFCI, etc). Is this practical? I almost was afraid to ask for anything because it's a sellers market but my realtor is looking out for me. [link] [comments] |
| How could you go about finding frames to build mobile homes on? Posted: 12 Nov 2020 09:59 AM PST How could you go about finding them cheap or would you have to also make one yourself? Thanks! [link] [comments] |
| First time buyer trying to make sense of ownership histories. Posted: 12 Nov 2020 09:37 AM PST What are some tips and tricks to making sense of a home's ownership history? How can you spot red flags that may indicate some underlying issue? As an example, a home I'm currently looking at near the research triangle in NC has had 7 owners in the last 19 years with the longest single ownership lasting 8 years. Otherwise it's a lot of 1-3 year stints. The surrounding homes all fall into the 1-4 owner range over the same time period. Is this something to dig into or is this still considered within normal bounds? [link] [comments] |
| Getting a little nervous about our home purchase. Thoughts? Posted: 12 Nov 2020 09:15 AM PST Hi all. We put an offer in on a home and they accepted on 10/17. The offer was pending inspection. After our inspection, there were basically two main things that needed fixed on the house. - Electrical -The brick front needed rebricked. This caused a structural issue and could not be left as it. My SO other and I agreed that if they did not agree to do anything for both, we would walk Our realtor sent the request for repairs to the seller on 10/30. At this point, we still don't know what's going on with the brick front, and our closing date is 12/15. There is nothing in writing that the seller has agreed to fix it, and all our realtor can tell us at this time is that "they will probably fix it". I guess the seller got sick and is in the hospital, but we have been getting pressure from our LO to do the appraisal. Finally this week, our realtor told us to do the appraisal, but we STILL have no clue what the seller was doing about this brick front. Like I said, there is nothing in wiriting. I guess the electrical work has been started. Is there anything we can do here? Are we in trouble? I have a bad feeling about this. [link] [comments] |
| How to do an objective, comprehensive calc on real estate appreciation versus stock market returns? Posted: 12 Nov 2020 08:51 AM PST We have a rental property we purchased a few years ago that has appreciated in value, and at the same time the stock market has also gone up as it would. I want to do an objective calculation on what was a better investment, with numbers rather than emotions. Wondering if anyone has done a similar calculation and can share any pointers. For example, it's easy to say the house went up x% but if we were to add up the down payment, the interest payments, taxes, insurance, repairs, maintenance, etc, account for the rental income and depreciation, and compare all this to the average gains from the index fund we would have invested in, that would give us a better perspective. Would love your thoughts and pointers. Thank you! [link] [comments] |
| Posted: 12 Nov 2020 08:33 AM PST How are property taxes handled with the sale of a home? My tax escrow amount was just paid to my city in NC at the end of October. Now a new amount for the coming year is starting to be escrowed. Will I see any of that back? [link] [comments] |
| Complex multi-party homeowner situation, help needed with ownership transfer Posted: 12 Nov 2020 03:43 AM PST I am looking for a starting point to get a home I own half-and-half with my sibling transferred from dual ownership to single (mine) with an agreement to remove the former part-owner (who will not be agreeable to leaving) from the premises where we both reside after a certain time. Any suggestions or information would be helpful - thank you Tried to shorten the post as this is my second attempt and the first one was "removed by the moderators" for a reason completely unknown to me... [link] [comments] |
| Posted: 12 Nov 2020 07:21 AM PST Alright so I don't even know where to start. My significant other and I are buying a home with the FHA with down payment assistance. We have been under contract since 09/07. Our settlement has already been pushed back once, to today. Let me tell you how much of a nightmare today is. First, in a group email between me, attorney, my agent, the sellers agent and my lender, we were all emailing and basically saying 'are we still on for tomorrow @ 4?' And my lender has been dodging us. When our file went to underwriting we came back with a task list of 12 different things they needed and I fulfilled all of those items literally by the next morning because I'm not screwing around. Appraisal/final inspection came back perfect. And now we're back in underwriting. The lender swore to everyone last week that we would close today and now the sellers agent wants to void the contract if we don't close today. The lender is not answering anyone. The attorney is not responding and letting anyone know if she's received sellers payoff. I took off of work to close today and still haven't received a yes or no as to whether or not it's going to happen today. Still no clear to close for the loan itself (we were confirmed for down payment assistance.) Has anyone been in a similar situation and everything worked out? We are set to close at 4PM today... [link] [comments] |
| Can we get our earnest money back? Posted: 12 Nov 2020 06:13 AM PST Hi, we are in contract to purchase a house. We got our appraisal back, which came in below our counteroffer price - it turns out that the lender only gave the appraiser our original sales contract and offer price but forgot to include the higher counteroffer addendum. The lender is going with the appraisal as is, which means that this would trigger the financing contingency in our contract since the appraised value is below the sales price and the lender is only lending us 80% of the appraised value. At this juncture, we do not want the house anymore. Will we be able to get our earnest money back if our contract is terminated based on the financing contingency? Our real estate agent thinks that the appraisal is flawed - he believes that if the appraiser had gotten the addendum, the appraised value would have come in higher at our counteroffer price - and he doesn't think we would get our earnest money back based on an incorrect appraisal. Can anyone offer any advice please? [link] [comments] |
| Is putting $375,000 into a 1 story home to make it 2.5x larger (with second story) insane? Posted: 11 Nov 2020 02:22 PM PST I live in a very well-sought after suburb and am in position to purchase an older brick home that needs a complete rehab. Lots alone are going for $300-$350k. Because it's a relative, they are going to sell us the home for $325 (if they listed it, they would probably get $475 for the house because it's not a tear down to probably 75 percent of people). We want to do a lot (add 2nd story, rehab 1st floor, and extend the first floor 15-20 feet for two levels). We talked to two contractors who came up with the same ballpark. 375k-400k. If it was all nice homes, I wouldn't be as hesitant. But it's kind of a developing area. A lot of seniors are moving out and as they do, big houses are going up. Maybe it's all relative, but when I take a step back I think "for 375k, why don't I just live somewhere cheaper and build a brand new house for 125k more." Any thoughts on this? For specifics, it's a 1250 SF brick home that we would be looking to make 3000 SF. Thanks. [link] [comments] |
| Posted: 11 Nov 2020 03:18 PM PST I purchased a condo about a year ago. There are 145 units and A LOT have been going up for sale lately. There are about 13 for sale and and 6 for rent. This is the highest units for sale out of any condo in my area. Is this a red flag? Should I sell and avoid people foreclosing? I worry that this condo is in serious trouble. We recently had a $3,000,000 special assessment and a few lawsuits pending... Many more issues but I'd rather not get lengthy. Anybody who is familiar with this or has had a similar experience, please feel free to give your best advice. [link] [comments] |
| Looking for advice on a potentially awkward situation with my realtor. Posted: 11 Nov 2020 03:59 PM PST I am currently in a buyer/broker agreement with a realtor whom I have been working with for approximately 3 weeks. I would like to end the agreement early because I do not think the realtor and myself are a great fit for each other. She is also the realtor who is selling the home which I am currently renting. And it seems like she is trying to rush me into a home so that way she can sell the one I am renting. Here is the clause for terminating the contract: "DEFAULT: Should Buyer default under the terms of this Agreement, Buyer will be responsible for full commissions as stated in Paragraph 7. Should Buyer desire to be released form this Agreement prior to the termination date and prior to being introduced to the property for which they purchase, and then Buyer shall pay an administrative fee (the "Retainer") of $ 0 to Broker. Buyer shall additionally be responsible for cost of collection incurred by the Broker in the event of default by the Buyer. These fees will include all court, attorney, and administrative fees." I have prepared this email that I plan to send her tomorrow. Just looking for any input as to how things should be worded. " I wanted to write and let you know that I would like to be released from our buyer/broker agreement. It is no fault of your own, I just feel that it is not a great fit between us. This is my first time buying a home, and as you can imagine it is a very personal decision for me. I need to listen to my intuition and politely part ways. I want you to know that I appreciate you going to bat for me on that first home that I was in contract for, for taking me around and showing me potential homes, and for just being kind to me during our interactions with each other. I am glad that I was able to introduce you to [my friend who owns the house I'm renting] and I just hope that I didn't completely waste your time. I hope you are able to make a great sale on his house. " I feel like she is going to call me angrily, but maybe not considering I gave her a potential sale. [link] [comments] |
| Why would a seller be concerned about a small down payment? Posted: 11 Nov 2020 06:31 PM PST We made an offer on a home and we're giving $40,000 as down payment from our pockets, aside from the loan we got approved for. My real estate said the seller and agent received the offer well but the agent was concerned about the small down payment. Why would the agent be concerned? My lender verified my assets and the money is in the bank, so what's the concern? Correction: I'm putting down $40,000 [link] [comments] |
| HELP!! First time buyer Considering buying a HUD home in the next few days Posted: 11 Nov 2020 10:15 PM PST Hi redditors, I am a first time buyer planning on buying a home from HUD. I will be offering 55k for a 2 bed 1 bad home was constructed in 1996, 800 sqft and lot if 7k sq ft. The house looks to be in nice shape, just needs a bit of remodeling. No major problems from I could tell. The county appraisal vale and market value are both at 80k. Plan is to take out a 70k Loan to fix and sell after 1-3 years of living Main concerns are: Next year real esta crash. Should I wait and see if there will be better deals? My home will decrease in value. Would I make a profit even after remodeling? What do you think about 203k and 203b loans? Risks of buying from HUD? Is it a good place to buy a home? Something else I should worry about? Any recommendations? Thank you all for your help, if you need additional info please let me know. [link] [comments] |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment