Real Estate: Today was supposed to be my closing day |
- Today was supposed to be my closing day
- I just closed on probably the best deal I’m going to find in my lifetime.
- Are things getting worse or stabilizing in your area?
- How do appraisers appraise property when there are NO comps?
- WARNING : Dual-Agency
- How does everyone feel about Zoom / FaceTime buying right now? (More details in post)
- US - Buying Agent Pushed Back Closing Date
- How will the proposed elimination of 1031 exchanges impact your area?
- Is this normal realtor behavior or do I have overly high expectations of common courtesy?
- Help! What does this mean? Pre-Signing me as an agent before I have my license?
- clear to close
- Would converting a lofted area to a closed room add value?
- Agent is going on vacation right when I want to list
- Will we ever see a rise in cheaper small housing?
- (OK/Texas) Termite inspection making me nervous
- Highest priced home on the block fell out of escrow and now 22 days listed in a hot market.
- Offer accepted, but the home has leased solar. Should I back out?
- Buyer here. My offer expired but the seller signed it. I decided I don’t want the house and now my realtor is making me sign a termination letter
- How often are appraisals coming in lower than selling price in this market?
- Need perspective - agent problems in Virginia
- What do you think of 2% to buyers?
- Structural engineers vs foundation company for inspection?
- Real Estate agent trying to convince me to pay more money for minor fixes as a seller to close now because I only got 1 offer in the first 3 days and relisting would be too risky. Is this legit advice? She also told me this is not a buyers market, it is more in the middle now...($4,000 due dil)
- Considering buying neighbor’s property with issues
| Today was supposed to be my closing day Posted: 28 Apr 2021 04:38 AM PDT I saw a house freshly listed on Saturday March 6th, so I called the realtor I was working with. We never signed a contract to be exclusive. She was really slow to respond so I reached out to a buddy of mine who does real estate investing. I was just venting, but he messaged me back 30 min later that he got the door code from the sellers agent. We went to look at the house and he brought with a friend who is a home inspector so I could essentially have an inspection that day and wave it if I wanted to put in an offer. I loved the place. He gave me the all good and I submitted an offer to let the seller's agent represent me as well. I did this hoping he'd fight for my deal to be chosen more since he'd make double commission. It was between me and a cash buyer, but I won by $1000 with my offer. I breathed a giant sigh of relief. Getting under contract is the hardest part right? Nope...this is when my nightmare began. I was pre-approved with a lender, so I paid the deposit and get to work on the underwriting process. I had such great luck, by the following Sunday my appraisal was completed. I wanted to make sure it appraised for enough so I kept bugging the lender for the details of the appraisal. He said the appraisal had to "clear the underwriting desk" before I'd finally get a copy.. After nearly 10 days he tells me appraisal came up $7k short and specified that a range must be installed in the kitchen and an 8ft by 12ft section of siding must be completed on the back of the home. I was worried about the price gap, but thought no big deal on siding and range. The seller is the daughter of the guy who owned the house. He passed away from cancer. The seller agreed to come down $5k and I came out of pocket for the other $2k. She agreed to put the range back in the kitchen and I agreed to put the siding on. That Friday (March 26th) my brother-in-law helps me install the siding. After this I reach out to my lender. I was told I needed a reinspection to prove these required repairs are completed no less than 2 weeks before closing. I get his voicemail and an auto-reply he is on vacation. A week goes by and I haven't heard from him. Now it's Monday April 5th. Then I get a phone call. It's my lender and he says the deal is dead. Underwriting flat out declined the house. You see there is no second story direct permanent heat source. Just ceiling/floor vents above the downstairs gas wall heaters. Underwriting says no go. Also at this point I also find out the appraiser used awful comps. Like almost a year old and nowhere near similar to my property in size, finishes or just anything. I ask the lender if the heat issue were solved can the deal be saved and am told no. The house has been deemed unsuitable collateral by underwriting. The deal is dead. But wait there's more! Now it's April 7th. Exactly 3 weeks to closing date. So my realtor (representing me and the seller) offers a solution. New lender. She is great and I'm told if she says she can do it she had never failed to make a loan happen. Ok cool, but what about the heat issue? I don't want the house rejected again. It is decided an in-wall heater upstairs will solve the problem. So I get to work finding an electrician to install a heater. This is another item coming out of my pocket for a house I dont own. Seller is ok with it, but refuses to put a single dime in. Also claims she's too emotional to set foot on her dads old property. Ok yeah whatever. So I'm approved with the new lender. Meet with electrician to get a quote for the job and schedule a date to have the heater installed. Then I just need to get a new appraisal for new lender and all is well. Except it's not. New lender cannot possibly close by the 28th. The actually need another 30 days. Ok no big deal. Seller just needs to agree to extend closing. Annnnddddd that's where this whole thing dies. Throughout this process seller was pissed im not paying cash and she had to come down on price. She saw her chance to go back on market, get cash and possibly more money and she took it. I'm pretty devastated. This property was a unicorn in my area. Anything similar in neighborhood and property type is easily $100k more. I very much feel like I am priced out of the market now. I have an appointment tomorrow for an affordable apartment near my sister's place and I'm done. Seller did feel guilty enough to offer to pay me back for the materials and siding I installed. I'm also getting my deposit back. Thanks for reading. [link] [comments] |
| I just closed on probably the best deal I’m going to find in my lifetime. Posted: 27 Apr 2021 04:18 PM PDT When I say "just closed", I mean the ink is still wet on the closing documents. I'm in a HCOL area. Two years ago, I bought a condo. I didn't realize or appreciate it at the time, but I got super lucky because my HOA is probably one of the lowest in the county but still covers 100% of the exterior (no pools or club house or other expensive common areas). The HOA is also pretty relaxed with low key CCRs. Two months ago, I notice the condo behind mine was suddenly vacant. I could see it was still furnished, but there wasn't anyone living there. Through a mutual friend who knew the owners of the property, I learned that a couple had bought it to house their disabled adult son. However he started having behavioral issues and was trying to move in his toxic girlfriend, but the parents said no, so he moved out. Mutual friend said they did indeed plan to sell it, so I asked her to pass along my contact info because I was very interested. I was super nervous because I wanted to try to make the owners an off market offer. I knew I couldn't compete with cash offers or a bidding war. Looking at comps on the market, another unit in our development was listed in December for $379k and sold for $420k. It sold for $41k over asking. Just insane. Looking at all the comps made me realize how desirable these condos were. We had our own private yards, no neighbors above of below (townhome style, while most others condos in town are apartment style), and each unit has a 2 car attached garage. I waited for 2 weeks for the owners to reach out to me, meanwhile researching what I could offer to make it desirable enough to accept without publicly listing. I was a ball of anxiety. I hadn't exactly planned on buying a second property right away, but now I had this opportunity to make an offer and I didn't want to mess it up. I started working as much overtime as I could possible take in. A supervisor at work also moonlights as an agent, and when I told him the situation and what I wanted to offer, he just laughed at me, told me I was ridiculous and they would be insane to accept it and forgo the opportunity to get into a sky high bidding war. He chastised me and acted like I was a child with no knowledge of real estate and bragged about these million dollar deals he was closing that were going for hundreds of thousands over asking. It felt super defeating. I finally get in touch with the owners after a couple of weeks of waiting on them to reach out to me. I explain to them my situation, how I wanted to buy the property so I could eventually have my frail aging grandmother nearby someday when she had difficulty living alone. They were empathetic because they had bought and fully remodeled the condo to house their son. But after he moved out, the parents decided they weren't here to be landlords, so they decided to sell the condo. However, it all came at a very inopportune time, as they had just bought a new house themselves, and were trying to downsize and list their current house. It sounded they were quite overwhelmed, but they agreed to show me the unit. We did a walk through and it was just lovely. As they said, fully remodeled and upgraded. New floors, ceilings, tile and granite. Gorgeous cabinetry and custom drawers. The entire place had been redone. At the end of the walk through, they told me they didn't have an asking price, but they mentioned they knew comps were selling for between $380k-$410k and wanted to know what I was willing to offer (I guess they didn't see the $420k Comp). They also made clear that they understood I was saving them money by not using an agent, and they wanted to pass along some of those savings to me. I told them that while the unit was very beautiful, it wouldn't appraise for $410k because that particular comp had some features that this one didn't have (automatic garage door, wrap around back yard, etc). But I told them that even if we used agents who did get them tippy top dollar, they would still only walk away with less than $375k after listing fees and commissions. So I offered them $10k over that, a sale price of $385k. And I told them I would cover the expense of a real estate attorney to facilitate the entire transaction ($5k). They really loved this offer and jumped on board. Since their son had moved out and pretty much left the condo fully furnished, they gave me the opportunity to buy back the furniture in the unit: couch, love seat, coffee table, dining table and chairs, desks, twin trundle bed, queen bed, dressers, night stands, and all the wall decor. I told them that even though I loved how it had been decorated after the remodel, I really couldn't afford to make an offer because the lawyer expenses were eating up my extra reserve cash. They understood this and told me that they loved my offer so much, they were just going to sell me the unit fully furnished as is. During the entire escrow, I was super nervous that the sellers would back out and decide to publicly list the unit. I knew they could be getting more than $385k for it. I thought about all the negative shit my supervisor at work had said when he laughed at my idea of an offer. To compound the stress of everything, I had a preplanned trip out of state in the middle of escrow. It was absolutely chaos trying to get all the requirements for the loan satisfied before I left town. Appraisal was completed while I was out of town, came back at $405k. This was exciting but also just peppered me with anxiety that the sellers would back out all over again. But here we are! Today finally arrived! We closed escrow 3 days early. I got a 2/1 condo, 1050 sq ft end unit for $20k under market value, and fully furnished on top of that. I just saw the sellers after the final signing. They gave me a huge hug and thanked me for being the lead on this transaction. They said during the hectic transition of selling their own home and moving into the new one they just bought, they were very pleased with how smooth I made this transaction for them and it was just what they needed. So I guess my two big lessons learned here are 1) shoot your shot. The worst they can say is "no". If you never ask, the answer will certainly be no. 2) don't be intimidated by FSBO. Agents certainly have a place and can be beneficial. But conducting this sale without agents got the sellers more in their pocket, and cost me less in the long term. I don't think either of us could've hoped for a better outcome. [link] [comments] |
| Are things getting worse or stabilizing in your area? Posted: 28 Apr 2021 08:06 AM PDT I'm so damn confused right now. We had friends looking for homes in my city last year. They had an enormously hard time but eventually got a home in November. They said they consistently bid 20-30k over on houses and lost them, and eventually got one for 35k over asking by making a clean offer. Back then (less than a year ago), if you bid even close to 50k over you were all but guaranteed to get the home. They just couldn't stomach it hence why it took them 17 offers! Flash forward to today when I am looking for a house. We have lost two bids and in both instances have been over the % average of the comps. First house - List $350,000. Comps showed an average of 8% over. We bid $401,000 and lost to someone bidding $420,000 clean. Second house - We decided we needed to start looking at fixer uppers because maybe there'd be less competition. NO. We found a house in a less desirable area for $330,000. Comps here have been 0-5% over on average. Electrical needed to be redone, and the house was wall to wall carpet and very dated. We ended up bidding $375,000 and the selling realtor called us to give us a "nudge". It's illegal to say anything other than "We liked your letter." So we decided to come up to just over 380,000 and do a clean offer. I was SWEATING because I'm terrified of not getting financing. Anyway, we find out that phone call and a sham and we weren't even close. The house went for $410,000 clean. I'm struggling to understand how a fixer upper in a less desirable area went for $80k over. We have a very experienced realtor who is KNOWN for winning bids (in fact, our friends mentioned before lost like half their offers to her clients haha) and she is gobsmacked. So my question is - are things getting worse everywhere or is it just here? The average comps from the past few months in my city are 8-10% over and now it's consistently been 20% and higher over. [link] [comments] |
| How do appraisers appraise property when there are NO comps? Posted: 28 Apr 2021 05:50 AM PDT Like if there aren't any houses that are remotely similar or near said house sold in the recent past? [link] [comments] |
| Posted: 28 Apr 2021 06:11 AM PDT Just a warning if any of you consider using Dual-Agency : This is a practice (legal in some states) where listing agency also represents the buyer. We're about to put an offer on a house. We asked the listing agent for comps (we did not sign anything with her). Her "comps" came back, missing one VITAL piece of information - Last month, the same type of house, on an identical plot, on the same street sold for $119,000 LESS. I found it online. She purposely put in high priced new construction as comps and left out the truest comp (basically the identical house). Don't trust these people. [link] [comments] |
| How does everyone feel about Zoom / FaceTime buying right now? (More details in post) Posted: 28 Apr 2021 09:55 AM PDT Whatsup guys. First time homebuyer here, relocating from central coast CA to southern NJ in mid June - wife is in the Air Force and is being sent out there. We're both raised in New England, so don't bother telling us to get used to the weather and such first. We know what we're in for. The problem is, we do not have any time to fly out and explore homes together before we ship all of our stuff and make the long road trip. We're hearing from coworkers now that they've actually purchased personal sight unseen when moving out here, only doing Zoom tours etc. As we'd like to live in a hotel as little as possible, does anyone still recommend doing this? We have family and friends in the area that has vetted some towns for us, which we trust. And while we don't mind a few weeks in a hotel, we don't want to be stuck waiting for months for a great home just to have it fall through - we'd rather hit those speed bumps now. Any and all advice is greatly appreciated! [link] [comments] |
| US - Buying Agent Pushed Back Closing Date Posted: 28 Apr 2021 07:35 AM PDT Our offer for a house was accepted a week or so ago with the scheduled closing date in a month. Inspections/Mortgage and everything was going smoothly until yesterday I received a message from the mortgage lender that our buying agent had approached the seller about pushing back the closing date for two weeks, without our approval or a valid reason. What is going on here? Why incentive would a buying agent have for doing this? Our finances are all lined up and there's no major issue with the house. Thanks, I can provide more detail via PM if needed. [link] [comments] |
| How will the proposed elimination of 1031 exchanges impact your area? Posted: 28 Apr 2021 09:27 AM PDT |
| Is this normal realtor behavior or do I have overly high expectations of common courtesy? Posted: 28 Apr 2021 09:23 AM PDT Our landlord (we live in Pennsylvania, it's my fiance, another friend, and myself renting) decided to sell the house. The lease isn't up for a few months and we really like the guy, but so be it. At first the realtor seemed nice. Actually, she is 'nice' but right now I'd take a jerk with solid boundaries. When she brought the photographer over we were sure to mention that my fiance works nights (and, you know, slept during the day). She acted like she understood this. On Monday I'm fielding text requests for morning showings, remind her why this won't work, tell her 3 at the earliest, and schedule a couple of showings (although she keeps asking about 12-3 showings). Tuesday is hours of texting in which I clarify that this is "getting home from 10 hour shifts at 6:30 am" night shift not "home at 10 pm" night shift. Oh, she understood that (she claims), but she clearly doesn't comprehend how that actually works. Frankly, someone agreeing to be out of the house 8 1/2 hours after they get home when they'll leave three hours after the showing is being pretty damn accommodating and cooperative. She was reminded at least three times (via text message) that this is a safety issue, as sleep deprivation leads to 6 am car wrecks on the bridge. Which she says she gets...and then asks if 2 would be ok. (Or 1 pm maybe? The buyer has a weird schedule too, tee hee.) Between today and yesterday we'll have had 7 showings, it's not as though we're refusing to allow the house to be shown. She texted me at 9:32 last night to say that she'd just added a fourth showing for tomorrow, was that ok? Well, you already said yes, so I'll say sure. We'd have agreed to it to get this over with faster anyways, but she just a) told rather than asked someone about an appointment that involves them vacating their place of residence (now for two full hours) , b) did so with 20 hours notice, and c) at 9:30 pm. At 8:02 am she received a text from me that my 'business hours' to be understood to be 8 am-8pm. I've started flinching whenever I hear a text alert. Are we being unreasonable, or does she feel rather, ah, entitled to her lack of boundaries? [link] [comments] |
| Help! What does this mean? Pre-Signing me as an agent before I have my license? Posted: 28 Apr 2021 09:04 AM PDT Hello! I am in the process of getting my real estate license and was recently invited to a meet & greet informational with an agency in my area. After the event, the organizer reached out to me to talk about where I'm at with my license/my previous experience (I was in property management) and just more about me in general. At the end of the call they asked if I'd be interested in "pre-signing" with them - they said they offer training and education and can help me pass the exam. Give me some books/swag..They said it was non binding and all that but I can't find anything about this online! Is pre signing with an agency a thing? Is it something I should do? I don't want to make a rookie mistake just because I can't find anything about this online. Thank you! [link] [comments] |
| Posted: 28 Apr 2021 05:17 AM PDT What does clear to close mean? we got the call from our lender today. Have not yet received closing disclosers. Owners still live in the house. Closing date set for May 10 HOWEVER, lender says "we can close earlier than that if we choose to" [link] [comments] |
| Would converting a lofted area to a closed room add value? Posted: 28 Apr 2021 08:31 AM PDT I'm in a very hot Austin market and am interested in converting the large loft at the top of our stairs into a 4th room. I want to do this for a functionality point of view...it is a large space but the sound from that room carries through the house so it goes very much unused, We'll likely only be in the house another 2 years so I don't want to take a loss on it. I'm being quoted around 6k for the project, 7.5k if I were to include a small closet. My questions... a) Would converting this lofted open area into an extra room add 6k in value? b) In Texas, my understanding is that you can't officially call something a bedroom unless it has a closet. Would the extra 1.5k to add the closet (to officially make it a 4BR) seem to be worth it? Pictures of the space Much appreciated [link] [comments] |
| Agent is going on vacation right when I want to list Posted: 28 Apr 2021 07:34 AM PDT I met an agent on Zillow and we've been chatting for about six months while I looked at rental properties on my area. He's shown me one, we've discussed a couple via text. I told him, my husband and I were working to get our house ready to go to market. My ideal window, even in February when this plan was hatching, was first week of May. I have browbeat painters, I dragged my family into a rental all to try and get this house on the market. Discussing him coming by today he tells me "I'm going to be gone, let's shoot for second week of May". Not a big deal, I get it. But I've worked so hard to get this property ready in time. And he wants to list on a Monday and I was really hoping for a Thursday or Friday. We haven't signed anything. Should I stay and try to work with this guy or try to find someone else? [link] [comments] |
| Will we ever see a rise in cheaper small housing? Posted: 27 Apr 2021 01:57 PM PDT With the market pricing loads of people out right now, it seems like rentals are going to be the future for most of the USA at least. It honestly seems like a shitty scenario though. I'm sitting here in my oversized 1700 sq ft house just because no one in 100 miles was building anything smaller at the time. I use half of this thing. If I could move into a smaller 500-1000 sq ft house I would, but they are all either old or in the middle of nowhere with no internet. Before this I rented. It was shit. I hated having people connected to my walls. It's why I didn't go the condo route. I really just wonder why there isn't any kind of government incentive or something to build smaller. The US is humongous. There is so much completely unused land out there just sitting. I can't really see a negative to offering some kind of incentive to get people off the rental treadmill and into something that builds equity. Especially now that the housing market is basically impossible for most people. I know the tiny house movement is slowly gaining some traction, but there is so much resistance to it. It's pretty much a meme at this point. Getting a permit for something under 1000 sq ft is near impossible in loads of places. Anyway, just me ranting. I'd love to ditch this thing and get a small house that doesn't cost a fortune in taxes every year, but there is no economical reason for a private company to build small so here we are [link] [comments] |
| (OK/Texas) Termite inspection making me nervous Posted: 28 Apr 2021 10:15 AM PDT Despite how panicked I've been this entire process everything has gone fine...until now. We got the termite inspection done today and from what I know there is some small, minor evidence of termites with no damage that needs to be repaired. From what the inspector said "they haven't been there long at all" and it just needs a treatment. The seller is great, termites are super common around here, and they're going to pay for it - no big deal. The issue is that it's a VA Loan and from what the inspector said "they haven't been there long" leads me to believe that it's "active". The treatment couldn't get scheduled for almost a month from now (a couple of weeks after expected closing) and I don't think the lender will close until it's done and the issue is taken care of. It's a small tight-knit community and I can probably work something out and get the treatment done earlier but is that "taken care of" or do they then need to wait however long and then have it reinspected? [link] [comments] |
| Highest priced home on the block fell out of escrow and now 22 days listed in a hot market. Posted: 27 Apr 2021 07:44 PM PDT We were the 'first' sale of the 2021 hot selling season in our neighborhood back in February and sold over asking, including credit on a minor stucco issue we had no idea about (completely reasonable, given the appraisal contingency and this neighborhood historically being dead for sales in Q4 for the past decade we've been here. Everything went as expected - no regrets). Our neighbors listed at our contact price a week later; more recent kitchen, powder room and a screened in porch. They sold 35k over list in March. Now, their adjacent neighbor has listed their comparable (to ours) house at 45k over our original list, went under contract immediately and fell out within a week. It's been two weeks since they relisted and neither their status nor price has changed on the MLS. My nosy hypothesis is that because they fell out of escrow once, they're not changing public status of the property until DD is fully sealed and/or cleared for closing. Old neighbors of ours think it's because they're steadfast in selling at that price because of our house being the same footprint but the other one's updates net a higher price (other house buyers far overpaid with no contingencies at 1800sq ft smaller and older mechanicals/ roof - I actually feel bad for them.) Houses don't stay available on the MLS for more than 3-4 days here unless they are ridiculously overpriced or have a major deterrent. This is in a highly desirable area within the zip code 30075. What is going on here? [link] [comments] |
| Offer accepted, but the home has leased solar. Should I back out? Posted: 28 Apr 2021 05:51 AM PDT Our offer was accepted on a resale home, but the home has leased solar through a company sunnova which I've read is a nightmare to deal with. The house is in a prime location in Las Vegas. I have yet to see the solar contract and have 2 days left in my due diligence period. After really reading into the way these solar leases work I'm thinking of backing out. I just don't think signing into this contract is going to be beneficial in the long run even if it means giving up the house. If I were to sell the home in 10 years I believe it'd be a harder sell with that lease attached to the home. Any advice on this would be greatly appreciated! [link] [comments] |
| Posted: 28 Apr 2021 09:34 AM PDT As title says, I put in an offer on a house with an expiration date and time. The seller did not sign it until the next day after the offer expired which we said we would be willing to sign an addendum that the offer is valid. I then decided I don't want the house anymore and declined to sign anything. Now where it gets interesting is that my realtor wants me to sign a Unilateral Notice to Terminate; Agreement to Disburse Earnest Money with the legal reason that we are within our due diligence period and to return the earnest money (even though I never paid anything). Why am I having to sign this? The original contract is null and void. But I felt pressure and signed it. Does it matter? [link] [comments] |
| How often are appraisals coming in lower than selling price in this market? Posted: 28 Apr 2021 05:48 AM PDT |
| Need perspective - agent problems in Virginia Posted: 28 Apr 2021 05:37 AM PDT I am so perplexed, and I don't know if what is going on with my house search is a byproduct of this red hot market or something I'm doing wrong. I'm in Virginia, and looking to buy a second home in the mountains. The more rural the better, and I don't want a large house. I'm preapproved up to about $500K, but I'm looking in the 200-300K range because I don't want to tie up all my income in a house. Here's the issue: I have been looking for a couple months and I can't get an agent to even show me a property. I've gone through 3 real estate agents at this point. The first sent me properties to look at that were nowhere near what I asked for and in an area I had said I don't want to be in. The second one totally ignored me. The third, I had a good chat with and committed that he was the only person I'm working with. Nearly every day I send properties I'm interested in off Zillow. Sometimes I get a response and sometimes none. He was supposed to show us places a couple weeks ago and ducked out with an excuse at the last minute. And has nearly ignored me since then. I just don't know what to do. I would really appreciate some advice. Are agents too busy to mess with someone looking in my price range? Are they overrun with clients? Am I doing wrong by looking mainly in Zillow? I feel like a good agent would be sending me property listings proactively, especially since it feels like these listings I find myself are pending within a few days after I see them. Should I just give up until the market cools? I have no urgency since I am not selling a home, and can wait for the right place. Help? [link] [comments] |
| What do you think of 2% to buyers? Posted: 28 Apr 2021 09:14 AM PDT 3% is traditional, but in highly-priced markets where competition is strong, the common practice is to give 2.5%. Many brokerages have a policy to not go less than that. But I'm noticing lately that many are giving only 2%. I've seen one as low as 1.5%! If you are a buyer or a buyer's agent.....how do you feel about what the seller is giving the buyer side with respect to commission split percentages? [link] [comments] |
| Structural engineers vs foundation company for inspection? Posted: 28 Apr 2021 09:04 AM PDT I'm under contract and not really sure if I should cancel a foundation inspection I have scheduled in lieu of getting a structural engineer. The house in question had repairs done in 2006 but I am more curious about separation of brick on an exterior wall and how much it would be to fix it and I am also just wanting peace of mind the foundation is still currently good. The problem is I called two engineering firms and one said they only do inspections on new construction and another said they don't do it on already built properties if they dont have blueprints or something (guy had a very heavy accent). For my needs do I really need either type of specialized inspection or will the general one be good enough? And is there really any reason to prefer a structural engineer vs a foundation inspector at the assessment and quoting process on say...repairs of an exterior wall and not necessarily the foundation? There's a pic of my concern in my submission history. [link] [comments] |
| Posted: 28 Apr 2021 09:03 AM PDT |
| Considering buying neighbor’s property with issues Posted: 28 Apr 2021 08:26 AM PDT My next door neighbor recently asked if I would be interested in buying his property. He is an older gentleman who is very nice and we get along well. He currently lives on the property and bought it about 30 years ago. My property is truly my dream home and my spouse and I (in our 30s and 40s) have been there for 2 years and hope to stay forever. I would love to have the land next door too. We are in a more rural area and this neighbor's property is about 2 acres with a manufactured home in significant disrepair. I'm not sure on the status of the utilities. We've only talked briefly about it but he mentioned some things that make me think there may be significant tax liens on the property. How would something like this be valued/appraised? I wouldn't be able to purchase in full in cash but could put down a sizable amount. It sounds like he is not interested in RE agents being involved. I'm also wondering if the home would be condemned and need to be demolished... although I'd want to remove it at some point anyway. Ultimately lots of issues...I'm most worried about the likelihood of liens. I'd love to buy the property and am willing to jump through some hoops but I don't want to do something stupid. And finance-wise maybe it would be impossible anyway. Is something like this even worth considering? Only if I had enough cash to buy outright? What steps would you suggest starting with? [link] [comments] |
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