Real Estate: Walked away unreasonable seller |
- Walked away unreasonable seller
- Thinking of using 401k to buy a house.
- What will happen to the high-end market when there are no more anonymous shell companies?
- Did Listing Agent Ever Submit My Offer? (GA)
- Seller has been unresponsive and fickle with our offer.
- How much healthy debt are you comfortable with?
- Overpaying for house?
- New construction nearby affect selling price?
- Refinancing mortgage on a home in which I was gifted equity - questions!
- Seller doesn’t want to disclose CLUE report?
- Underwriting approval concerns
- Unhappy with buyer’s agent in new construction, can we drop them ?
- (MN) Amend offer to above asking price?
- Previous buyer’s inspector is offering to sell the report for a discount since I’m the new buyer
- Real estate investing into a growing market
- Big leak in tenants’ ceiling above bedroom from bathroom. What next? Help!
- Should I get preapproved?
- How much of OPM should I use in down payment?
- First time home owner. What are some small things / projects that I can do to raise value of home and some that could decrease it?
- Friend/Realtor professionalism and experience
- As the seller, do I have any recourse when the closing is taking unreasonably long?
- Buying A Family Members House. HELP!!
- [WI] Got a letter from an Associated Appraisal Consultant after buying a house
- Fix and Sell vs Sell As Is
| Walked away unreasonable seller Posted: 11 Dec 2020 08:23 PM PST Home needed 20k in major repairs after inspections including pool and seller was unwilling to credit part of costs 8k toward closing so I walked away as I don't want a money pit. [link] [comments] |
| Thinking of using 401k to buy a house. Posted: 11 Dec 2020 02:42 PM PST I'm not sure if this is a smart idea, looking for opinions. Also, if I do the one time $10k withdrawal from my 401k, do I have to use it all to buy the house, or can I use it to do some necessary repairs? [link] [comments] |
| What will happen to the high-end market when there are no more anonymous shell companies? Posted: 11 Dec 2020 06:39 PM PST Now that anonymous shell companies are banned in the US (the government needs to know who the beneficial owners are)what will happen to the very high end real estate market in major cities? It seems like a lot of the very high-end real estate in say New York City is owned by money launderers from abroad. [link] [comments] |
| Did Listing Agent Ever Submit My Offer? (GA) Posted: 12 Dec 2020 09:12 AM PST Hi, on October 20 a very well priced house came up on Zillow and I went over to see it that day. It was owned by an investor, said the neighbors, who lived across the street. It was listed at 89,500. (All hardwoods, plaster, brick, back yard). I asked my agent to show it to me. She was booked that day so called the listing agent and told her that she could show it to me and take the whole commission. She said she was too busy. So my agent came at 6 pm to show it to me. We discussed it for about half an hour on the patio in back when a young woman (an agent) came back looking very angry and asked us were we done looking at the house. She was waiting to show it. We apologized as we had no clue anyone else was waiting and we went out to the street to continue talking. I then agreed to make a full price offer but ask the seller to cover closing costs up to $4000. This was effectively, then, offering 85,900 in terms of cash to the owner and could have been negotiated anyway. My agent stayed up until 11 pm getting forms ready and I got my prequal letter etcetera (I'd already had that in process) and she came down that morning and we signed all the forms and she went over to submit it in person to the listing agent, WITH a short letter from me saying how much we liked the house. The listing agent said, You know it's As Is he doesn't want to negotiate repairs and my agent said yes you told us. She then said, is it FHA and my agent said no, regular mortgage and she has good credit (actually my credit is 795). She gave them 48 hours to refuse, and also she put in a legally required termite clause and 14 days to inspect (because it's harder to get inspectors during covid) I would just want to know, of course, if there's some disaster though the house looked in good shape. We didn't hear back so she finally called and texted the broker about 4 hours after the 48 hours had elapsed and got a text back that they had just accepted another offer. I assumed it had to be all cash, but it was obviously not as it took 7 weeks to close. I did a little facebook research on the listing agent, who is well known here, and her daughter had just entered the business earlier that year, and it was her daughter who came back to us on the patio very upset that we were talking so long and she was waiting with her clients (I can understand being annoyed but as soon as she let us know she was there, we immediately apologized and left.) I remember thinking it was odd that she was that rude. I concluded at the time that the listing agent may have waited until her daughter's client submitted an offer, but I still assumed it was either all cash or equal to or better than my offer. Yesterday seeing it was still pending I asked her to contact the agent to let her know we were still interested. She called my agent back and said, What a coincidence, I just walked out of the closing and let the owner in N Carolina know. So I went to look on zillow and it sold for 82,500. Is there any conceivable reason that an investor-minded person (ie the owner has several properties in our city that he has slowly been divesting himself of but still owns a few) would take a much lower offer? I really feel pretty convinced that he never got to see the offer. I'm waiting to talk to my agent (left her a message) and I probably can track down the owner since I talked to his neighbor for half an hour and she knows him pretty well. I'm very upset because this house fit all my needs and frankly not many come up like this, in the neighborhoods I am looking at, all plaster and brick, so well built, small, and with a good back yard. I haven't seen one other like it all year. [link] [comments] |
| Seller has been unresponsive and fickle with our offer. Posted: 12 Dec 2020 04:46 AM PST We put an offer on a house Thursday evening. It's the exact style we want but a few repairs are needed. Roof replacement(it's a roof over so more expensive), galvanized pipe removal, cloth wire replacement, water heater replacement and dishwasher replacement. The house was pending but buyer financing fell thru and was relisted at 10k less. We agreed upon terms that seller would pay for all fixes besides the roof, as price was reduced to accommodate that fix. Our agent drafted a contract and sent it Thursday night fir buyers to sign. To expire at 5pm Friday Friday morning comes and buyer cannot pay for repairs upfront. Listing agent does verbal counter for cash at closing instead of repairs. I e agree and send over new contract. Selling party is completely unresponsive the rest of the day. Listing agent says she can't " get in contact with seller". 5pm comes and goes. Around 9pm we finally get a second verbal counteroffer for 1k less at closing because seller needs to net a certain amount and is willing to wait for other orders to accomplish that. We agree to 1k less and tell listing agent to draft counteroffer with buyers signature so we can go ahead and execute. Again no response for the rest of the night. How should we proceed this morning? As of 8am no response from listing agent or seller concerning their counteroffer. [link] [comments] |
| How much healthy debt are you comfortable with? Posted: 12 Dec 2020 10:26 AM PST Background - My SO and I live in a desirable area of the US that continues to boom. We are in our mid-20's and are both employed full time. We own two local properties - a townhouse that we rent, and a single family home that we live in. The only debt we have is our mortgages. Combined, the balance of our two mortgages equals ~4x our gross annual income. The townhouse is paying for itself, and our other mortgage's monthly payment is extremely manageable. We both max out our IRA's, get the full company match on our 401k's, and max out our HSA's. We have a 12 month emergency fund saved up for both the townhouse and the house we live in. We want to take advantage of the low interest rates (even for investment properties) and buy another rental property. I realize the question of "how much debt are you comfortable with?" is a matter of personal risk tolerance, but I wanted to get some input from others out there who are in a similar situation. How much healthy debt are you comfortable with, particularly regarding rental properties? [link] [comments] |
| Posted: 12 Dec 2020 09:57 AM PST I am located in North New Jersey. My market is very hot right now over here. Definitely a sellers market. We have so many people coming over from New York and putting in extremely high offers for houses. In my scenario currently I was able to get a house for over $40k then asking. I keep beating myself up over paying so much over but it is happening all over right now. I really think the market cools off next and rates stay pretty low. Here is the kicker. I am getting a 1.55% Interest rate for 30 years. So that offsets the 40k over offer. We are currently renting and still comfortable where we are. We are not being kicked out or anything like that. We just wanted to take advantage of the 1.55% and found a house we really love and in a great town. The major sticking point right now is the HVAC. The air conditioner is going on 33 years old. The Compressor is going on 25 years old. Due to cold weather my home inspector did not start it and run it so we have no idea if we even works. Our lawyer sent over a quote to replace the whole system. I should also mention the seller is putting in a new septic after it failed from a previous buyers septic inspection. I feel as though the HVAC could be a deal breaker. We have a mechanical clause in our contract for home inspection contingency. Putting in another 9k right after moving was not expected when we made our offer [link] [comments] |
| New construction nearby affect selling price? Posted: 12 Dec 2020 09:52 AM PST I bought a house recently on a parcel of land that I later learned used to be two parcels of land. I'd like to split the parcels back up, build a house for myself on the empty parcel & sell the house I currently own. Basically I'd be building myself a house in what's currently my own backyard. I doubt I'd get approved for a construction loan while also having my current mortgage, so I'd probably need to sell my current house before I begin building. I'm wondering how much a buyer would be deterred learning that there will be a house built behind them? It would be a short-term nuisance that would ultimately raise the value of their home (the backyard is currently an eyesore, all overgrown brush and trees). [link] [comments] |
| Refinancing mortgage on a home in which I was gifted equity - questions! Posted: 12 Dec 2020 09:52 AM PST Due to the passage of CA prop 19 my father is gifting me the equity and transferring ownership of the home I rent from him to me. This will enable me to keep the current property tax base, though I lose the step up in basis for capital gains purposes. The mortgage balance is 225k and the house appraised for 1.2 million. His rate is 4.25 bc it is non-owner occupied. I need to refinance the mortgage as he will no longer be on the title. I easily qualify and am interested in taking out an additional 50k to make improvements to the property. I've only spoken to one mortgage broker and he indicated that to refinance I need to be on the title for at least one day, but to do a cash out refinance I need to be on the title for 6 months. Given the low loan to value that surprises me. He suggested I refi now and then again in 6 months. That seems like a lot to hassle and $. So, here are my questions: 1) What are the risks of my continuing to pay the current mortgage for six more months and then doing a single, cash out refi? It leaves my dad exposed were something to happen to me, which I don't like. Rates could go up. Mortgage company won't want him to have a mortgage on a house he doesn't own. Anything else? 2) Assuming I do go the route of refinancing twice (ugh) will the appraisal we had done two weeks ago be able to be used for both transactions? Anything I should watch for the first time knowing I plan to do it again in 6 months? 3) Are there any other options I'm not thinking of? It's too late for my dad to refi and cash out and then have me refi that loan as his name will be off the deed in less than a week. Plus, that's a big PITA and I don't want him to deal with it. My dad and I are very close and love doing house projects together. He is terminally ill and would like to see the house "buttoned up" for me before he passes. If we're lucky that is at least 2 years from now. Thank you in advance for any advice. [link] [comments] |
| Seller doesn’t want to disclose CLUE report? Posted: 12 Dec 2020 09:35 AM PST Our offer was accepted at our dream home, but the seller won't disclose the CLUE report which we requested since the house is technically in a flood zone and was completely renovated.. are they legally required to disclose the report to us? Are they trying to hide something? [link] [comments] |
| Underwriting approval concerns Posted: 12 Dec 2020 09:27 AM PST Currently under contract on a property for 301k. I am in the underwriting process of financing and I am paranoid about not being approved. I applied for the freddie mac home possible loan. I have above 750 credit score and make 65k in a HCOL area. I have been at my stable W2 job for less than a year. My only debt is a car payment at 315/mo. Should I be worried or am I overly concerned? Thanks. [link] [comments] |
| Unhappy with buyer’s agent in new construction, can we drop them ? Posted: 12 Dec 2020 08:38 AM PST We are building a new construction home. We had been using a real estate agent to help us look at existing homes before we decided to change course and build new. Our real estate agent signed us in and registered us with our chosen builder. However, we have been really unhappy with her performance. It seems she has little to no experience with new construction. She has not and will not accompany us to the site, to meetings with the builder or to the design center claiming that she "does not want to step on their toes." Any question we ask her is always answered with "ask the builder." We have not signed anything committing us to use her nor has she signed anything with the builder(as far as we know). We are about to sign our purchase agreement with the builder. At this point, can we ask the builder if they can provide any incentives if we choose to no longer want to work with this real estate agent? Edit: the agent has never accompanied us during a visit. She did sign us in on our behalf. Don't know if that matters [link] [comments] |
| (MN) Amend offer to above asking price? Posted: 12 Dec 2020 02:23 AM PST My husband and I found a home we love, built in 1910 but completely updated for $259k. The last sold price was in Aug 2020 for $150k. From that listing, we surmised that the home had been in the same family since it was built, and this Aug sale was to a family member for the purpose of flipping it. No garage with the property or off street parking, but at this price we'll be able to easily build one. Our agent talked to their agent, who said they're looking to close quickly and haven't received any offers yet. We wrote ours and submitted asap, conventional loan for the listing price and paying closing costs, 30 day close, only contingencies that we are able to build a garage/inspection. We were also asked to include a letter detailing why we wanted to live in the house/area. After sending it in, their agent responded asking if this is our "best and highest offer." Our agent explained our rationale behind the offer, and their agent said they want to see if any other offers come in over the weekend and that they'll respond to ours next week. We're a little confused on where we went wrong--if the seller wanted more money, why didn't they list it higher? We've been in our current home for almost 10 years so admittedly out of the real estate game. Is this normal behavior? If we really want this house and it's within our budget to increase our offer, is it in our best interest to do so? [link] [comments] |
| Previous buyer’s inspector is offering to sell the report for a discount since I’m the new buyer Posted: 11 Dec 2020 03:18 PM PST I made an offer to a house but seller accepted another offer. About 2 weeks after, seller agent reached out to my agent asking if my offer was still on table. I said yes. My realtor told me he can get the report from that the first buyers inspector for a discount. Should I trust my realtor or get my own inspector? I asked for that inspectors name and number and he showed up as ASHI certified inspector with good reviews. [link] [comments] |
| Real estate investing into a growing market Posted: 12 Dec 2020 07:32 AM PST I'm currently residing in a fast growth area due to the mass exodus from California. The real estate prices are at an all time high but I don't see an anything slowing down in the near future. I was hoping to get some feedback on people's experiences investing into a market like this in the past. Or regrets for not doing so. I haven't been in this situation before and I'm hesitant to pull the trigger on another property with no obvious "smart buys" available. [link] [comments] |
| Big leak in tenants’ ceiling above bedroom from bathroom. What next? Help! Posted: 12 Dec 2020 07:14 AM PST https://imgur.com/gallery/xahGy7H My tenants called this morning about a huge leak in the ceiling above their bedroom. It's leaked all onto the carpet which is now soaking wet. A toilet had been running all night. The bathroom is dry. The plumber is coming out soon. Beyond this, in terms of work, whom do I call to fix all this?? In terms of my tenants, do I pay to put them up in a hotel or Airbnb while work gets done? This is a family of 5. Please help this is my first tenant experience and feeling a bit overwhelmed. [link] [comments] |
| Posted: 12 Dec 2020 06:59 AM PST I don't know when the right time to get preapproved for a mortgage is, I want to start shopping around for houses already and I want to try and find a good deal so I can at least try and make some offers and negotiate to buy my first investment property. [link] [comments] |
| How much of OPM should I use in down payment? Posted: 12 Dec 2020 06:54 AM PST I've search everywhere for this answer but I cant find it. OPM = Other Peoples Money I know that you get greater return on your investment if you find a good deal and use OPM as down payment, but does this mean I should 100% use OPM or is it more like 50%? Example 1: $100 000 purchase price $80,000 loan at 4% interest $20,000 of your own money as down payment Assume the total net income is: $2500 ROI then becomes 2500/20 000 = 12.5% Example 2: $100 000 purchase price $80,000 loan at 4% interest $20,000 down payment of which you borrow $10,000 from an investor at 7% interest Total net income is: $2500 - (10,000 x 0.07) = $1800 ROI then becomes 1800/10 000 = 18% Example 3: $100 000 purchase price $80,000 loan at 4% interest $20,000 down payment of which you borrow $19,999 from an investor at 7% interest Total net income is: $2500 - (19,999 x 0.07) = $1100 ROI then becomes 1800/1 = 1800% What should I conclude from this? How much OPM should I use? [link] [comments] |
| Posted: 11 Dec 2020 11:23 AM PST The first project that will be done is widening the driveway to allow 2 cars to park side by side rather than behind each other. Would that be something to increase the value? [link] [comments] |
| Friend/Realtor professionalism and experience Posted: 11 Dec 2020 11:50 PM PST We've purchased two homes on our own without realtors and have recently have recently been looking for another home using a longtime friend who is a realtor. The first house we bid on was not accepted, despite going well above asking. My real estate agent/friend could not offer us advice on what to include in the offer in the current market or what to offer, simply stating, "a house is worth what you're willing to pay." She also emails us DocuSign documents with a note to "make sure you do your research" before signing. She was upset when she found out we had to ask her main broker office for clarity on a piece of the contract because she explained it poorly over typo-laden text messages rather than calling us or meeting with us. When I contacted the office they helped us but then stated they don't see many contracts from her - which was not the impression she gave me. We did not sign anything binding us to use her. Is this a common experience to have? Are we expecting too much? We are having to do extensive research on what we are signing and what the terms mean. We've caught errors and had to ask for corrections. She appears to be easily manipulated by sellers' brokers who outrank her experience-wise within the community. My confidence in her is low at this point. I'm considering not using her, but have to carefully let her down as we are in the same friend circle. [link] [comments] |
| As the seller, do I have any recourse when the closing is taking unreasonably long? Posted: 12 Dec 2020 05:31 AM PST We accepted an offer on our co-op and signed contracts at the end of August. We were told we should expect to close by the end of October. The cycle is a little longer due to the co-op board approval process, but 2 months seemed acceptable. Now it is halfway through December and we still haven't closed. We are paying monthly mortgage and maintenance fees for a home we moved out of in August. Every time a talk to the lawyer, they're just waiting on someone for something - the mortgage company forgot to send something, the other lawyer forgot to request something, blah blah blah. Is there anything in place that protects a seller in this situation? What is to stop this from going on for another 6 months? Can we just change our minds and say, forget it we aren't selling anymore? We are in New York. [link] [comments] |
| Buying A Family Members House. HELP!! Posted: 11 Dec 2020 04:16 PM PST My wife and I have the opportunity to buy her grandmothers house (she's in an assisted living facility now) for $100k. It's on 5 acres with a 2 1/2 car detached garage and we expect it to appraise for at least $275k as is. It needs a whole home renovation/remodel that we are guessing will cost between $125-175k (we have a couple contractors coming next week to give us ballpark estimates). We have a few options for how to buy and pay for said renovations. 1) FHA 203k loan to finance it all. 2) Take out a $100k mortgage and take out an equity loan or HELOC. 3) Buy the house for $250k-275k and have her grandma write us a check for $150-175k after she receives the funds. I have read and read the pros and cons of options 1 and 2. Curious as to the pros and cons of option 3 and any potential tax implications for both sides. Thanks for the help and advice. [link] [comments] |
| [WI] Got a letter from an Associated Appraisal Consultant after buying a house Posted: 12 Dec 2020 05:14 AM PST Do I have to fill out the form? Do I have to return it? I assume this info will be used to re-evaluate our house for taxation purposes. [link] [comments] |
| Posted: 12 Dec 2020 03:46 AM PST Hello! So my Father passed away recently leaving my Mother, Brother and I to clean up his mess that never should have been made. My Mother owns the house yet has failed her whole life to clean up the mess my Father created that was possibly left behind due to his Father. The house is hoarded, falling apart, and "broken" in many different ways. Is the house worth "fixing" and throwing thousands of dollars into or is it better to "walk away"? Any help and or advice is greatly appreciated! Thank you! [link] [comments] |
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