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    Saturday, January 27, 2018

    Are these seller's behaviors red flags? Real Estate

    Are these seller's behaviors red flags? Real Estate


    Are these seller's behaviors red flags?

    Posted: 26 Jan 2018 04:22 PM PST

    I was looking for my first home in Houston, TX and found a 2-story, 3 bed, 2 ba home listed with $129K. My agent asked theirs, and they disclosed that there was no offer currently.

    Visiting the house, I found that the owner didn't try to clean the house or fix an obvious damp wall issue. The house was in the market for several months. After discussing with my agent, we decided to offer $123K.

    The next day, suddenly the seller agent told us a story. The seller had been selling the house to his friend, then the friend lost his job and backed out. Now the friend found a new job and wanted to take the house. The seller preferred to sell to his friend. The previous appraisal showed that the house's worth $129K. So the minimum amount he accepted would be $125K. Possible red flag #1 on this story.

    We made a $125K offer and waited for one day. The seller accepted it, but disclosed that the AC unit is damaged and needed to replace. He wouldn't fix it. Possible red flag #2 because no where in the listing they disclosed that nor before we made our offer. Is that normal for not disclosing that issue before buyers making offer?

    And the last possible red flag, that is he refused to turn on utilities for inspection. If I wanted, I had to deal with that myself.

    So, are these red flags? My gut tells me to back out.

    submitted by /u/dvnguyen
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    [Virginia] Selling a townhouse in a single family home area.

    Posted: 26 Jan 2018 05:34 PM PST

    FTHB with a question regarding selling in the future.

    I'm looking at this new construction townhouse community in the suburbs of Richmond, VA (good school district, good for raising a future family, etc.). They haven't even finished the model yet, but the first section/row is starting to sell. Something that is not an issue, but just something that crossed my mind is that within roughly a 3 mile radius (or least the school district), most, if not all of the homes are all single family, with ~80% of them priced at or higher than the townhomes (assuming same beds, baths, sq ft or bigger).

    Size of community would be like saying a medium sized grocery store (like Kroger or Publix) closed down and that lot became a townhome community and surrounding it are single family homes, if that helps paint a picture.

    My question is that down the road if I sell a townhome in a suburban area that is essentially all single family houses that are at least 15+ years older, would it sell? Since it is suburbia, would buyers be looking for the yard and other benefits that come with single family?

    I like the area, and the townhomes are in my price point, but it does seem like an odd thing to see driving through suburbia.

    submitted by /u/BigTime424
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    INDIANA questions about selling commercial property

    Posted: 26 Jan 2018 04:46 PM PST

    Hello! My wife bought a commercial property and is now selling it. We got an offer for 33 then once my wife asked for the money she would take home after covering what was still owed for the land contract (roughly 23k) the realtor said we received a new offer for 34 but still never said how much my wife's cut would be.

    We are noobs and very ignorant about these things and wondered what the tax situation would look like and if it is strange our realtor is avoiding telling us my wife's cut of the money.

    Thanks!!

    submitted by /u/shepjt01
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    [Michigan] Am I obligited to give up appliances paperwork, warranties, and receipts when selling a house? It's not called out on the purchase agreement.

    Posted: 26 Jan 2018 05:07 AM PST

    So I've kind of come to resent the person trying to buy my home.

    They've been a pain in my was making all kinds of demands and "interpretations" of our signed agreements.

    Examples include:

    • telling me they want to pay less after signing a purchase agreement
    • demanding a fix for electrical issue i had done be undone and fixed by method 10x more expensive (which I ended up doing)
    • installing a new furnace (we negotiated this during in an addendum) after it was signed the buyer tried to say they could pick the replacement and the installer.
    • suddenly insisting that a wall mounted tv, temporarily mounted portable projector, and a surround sound system are "part of the house" and must remain inspite of no mention on the purchase agreement or most.

    There's more, but I received a 10 PM call last night by my realtor who says they mentioned to make sure I have all paper work, receipts, and warranties organized and ready to surrender at close. Unfortunately, my realtor is a friend (I know. We can forgo the lectures). She said she's been caving because the buyer's realtor is her agencies top seller the last 7 years, and supposedly has invested heavily in the company. I was ready to say "fuck it, lawyer up and come at me. I don't want to sell you my house to you." But I really do need to sell my house ASAP; it would feel good but wouldn't be smart to fight. Also, my friend is begging me to play nice, because otherwise it could negatively impact her professionally.

    Now I kept meticulous records. Manufacturering and purchase papers, dates, warranties, instructions, etc... I have it all. Plus extra paint for each room, carpet if there ever needs to be a patch, shingles, window screens, wood trim, samples, swatches, etc. I even have an extra matching basement window in case someone uncovered one hidden by drywall and the outside deck.

    Only I'm feeling pushed around, and honestly quite petty. I have an impulse towards burning all the paper work and saying "too bad I didn't keep anything." I also want throw out all the spare wood, paint, carpet, etc.

    Will this get me in trouble?

    One step further... I had a waterproofing system installed in the basement with a transferable lifetime warranty. Quite honestly, I don't want to just lose the paper work. I want to call the company and tell them they can void the warranty.

    That seems a little harsher, and I know how petty I'm being but I feel wounded and a need to lash back somehow. The warranty was never discussed. It was mentioned by name on the disclosure agreement. I don't appreciate a late night call demanding I get organized for this buyer. I've been pushed around so much.

    submitted by /u/Pirateer
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    Signed New House but building it is taking forever!

    Posted: 26 Jan 2018 01:21 PM PST

    Hi guys,

    We signed a new house with one of the big builders in the country. We are based out of Raleigh,NC. We signed the contract last year July 2017 and they decided on a date to deliver it on Jan 20, 2018. Fast forward now, they have moved the date to feb 20 and now it is currently at march 20, 2018. I am not sure if they are hitting that date too. A lot of houses that were started in my community after ours are being completed before our house.it is ridiculous that there are other houses that have rather been completed quickly and people have moved in. I have asked my realtor to speak to the builder about it. Is there anything else We can do? We are losing money by extending our apartment lease and we don't want to back out of the house we signed for as it solves all our requirements. Is there any way I can get anything else done here? Experts and gurus please chime in!

    submitted by /u/1amBanksy
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    [CA] Offering over asking in Oakland

    Posted: 26 Jan 2018 01:43 PM PST

    I'm a prospective first time home buyer and I've found a condo I really love. I'm planning to make an offer but it's a real bonanza mentality over here and I feel like list price in this market has little to do with sale price. Looking at sale/list over the past year in this neighborhood I see properties going from anywhere from 95% to 135% of listed price. That's like a 200k range on what I should offer! I don't want to panic and overbid but I also don't want to end up kicking myself for losing this place when I was willing to go higher. My agent seems to think it will go at least 20% over. I'm really second guessing my instincts. Any tips for making this thing happen?

    submitted by /u/etchyl
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    [OH] Inspector made untrue statements on report. Do I have any recourse?

    Posted: 26 Jan 2018 06:17 AM PST

    We are selling and our buyer's inspection caused them to walk. Well, actually, their inspector told our Realtor that it was apparent to him they got cold feet and inflated his words to get out of the contract. That said, his inspection report remains and we disagree with it on several topics.

    He notes that there is erosion in the yard. We cannot locate any and the only place we think he is talking about is a recent dig by the township that has back hoe marks still present in the dirt. They will be re-seeding in the spring and fixing the mess. The other option is my neighbor's property where they drug fencing materials through a decade ago and the grass never grew back.

    The other issue is he said everyone of our windows is "STUCK". This is simply not true. While they are difficult to open in some locations, I believe I had every window open at some point throughout the summer and full. Stuck, to me, indicates that the window cannot be opened. For the record, they are crank windows with a lever that pulls them tight. Pella brand. You can call them old. You can call them difficult. You cannot call them Stuck.

    He also said there is mold near our well pump. He did not do a mold test nor did he recommend one on his report. We believe what he noted to be mold is mildew or is just discoloration on the pump itself.

    The simple fact is, we don't know what he is talking about because HE TOOK NO PHOTOGRAPHS. His report was on a form, but sloppily handwritten. Now, our Realtor says we have to disclose this inspection to all potential buyers. I contend it wasn't a good inspection because the windows aren't stuck, I cannot locate any erosion, and we cannot locate any mold! Do I really have to share an incorrect inspection with people that come to an Open House? Do I have any recourse? At this point I feel like he may have cost us a sale and is damaging my ability to sell at all.

    submitted by /u/Leo_Magic
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    Buying the Home We Currently Rent - Ohio

    Posted: 26 Jan 2018 08:44 AM PST

    My SO and I have been living in our home for 2.5 years now. We love it. It's perfect for us. It is HOME. Our landlords just paid the 2017-2018 property taxes and have decided that they don't want to do that anymore, so they called and asked us if we wanted to buy. We said yes without hesitation. We are currently in pricing/repairs/purchase/etc. discussions with them to try to set up our terms.

    Financing will not be an issue and I will be a first-time home buyer (I am getting the mortgage alone as I am cautious and SO and I are not married - I can afford this home 100% by myself). We already have the down payment saved up and what they are asking is right in line with the neighborhood comps with a teeny little discount since we've already paid them $20K in rent over the past coupld years and they are nice people. They have also already agreed to replace the central air unit with brand new energy efficient since it went out at the end of last summer and is already 15 years old.

    The house/property is in good shape overall. I can't think of anything else I want them to do before I say yes. I want to repeat - they are nice, fair people, who were wonderful landlords for the past two and a half years and what they are offering us is "market fair", so I don't want to try to gouge them or rip them off. But I also want to do what's best for us. Assuming the inspection comes through clear - is there anything else we should ask for or make sure we include in the discussions with them? Obviously if there are issues that come up with the inspection, I will be asking them to cover those fixes.

    Any insight would be helpful!

    submitted by /u/buckeyegal923
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    Issues with new condo (no isolation in walls or floor, no firestopping and other contracting mishaps)

    Posted: 26 Jan 2018 03:36 PM PST

    <NYC>I am looking for help on a few areas on a new condo I bought 1) We finally have proof that there is no insulation and no firestopping as a hole was opened in the wall. Sponsor is convinced building is solid and passed inspection. Is my next step a lawyer? 2) Can a floor be insulated that sits flat on concrete? Any and all advise is GREATLY appreciated

    submitted by /u/francesbjj
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    Selling home; what to do about mouse bait stations in crawl space?

    Posted: 26 Jan 2018 08:39 AM PST

    This winter, for the first time ever, we noticed evidence of mice in our home. It was very, very little evidence, but I was still mortified. We had a pest control specialist come out to inspect and set some bait. After a few weeks we were able to confirm that the problem was essentially confined to the crawl space (no bait eaten from the upstairs bait stations and very little activity seen in the crawl space bait stations). There is no damage to the crawl space insulation or anything like that – as the technician put it, it looked like we only had a "visitor or two."

    The mice had easy entry to the crawl space because our association replaced the siding and left huge gaps around the exterior vents. At this point the gaps have been sealed and no mouse activity has been noticed at all for many weeks. However, the mouse bait stations remain in the crawl space, "just in case." That said, we are in the process of selling our home, and are wondering if it is wise to leave the bait stations there during the home inspection. The pest control technician said a good home inspector would notice that the mice had been there, and advised us to leave the stations to show the problem had been addressed. However, our realtor seemed emphatic that we should remove the bait stations right away.

    I know mice can cause a severe gut reaction, and I am not sure what to do in this situation. Is it better to leave the bait stations and explain the problem has been addressed? Or better to remove them and hope no evidence of mice is observed?

    submitted by /u/NoMiceAllowed
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    Insurance cover my roof?

    Posted: 26 Jan 2018 12:00 PM PST

    I never updated my insurance when I moved out of my house and rented it out.

    The house needs a new roof.

    Do you think the insurance company would cover the roof of a rental dwelling that has "conventional" coverage?

    submitted by /u/Southpaw_Magee
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    My aunt owns my parent's house on paper, I'm taking ownership, should I assume the mortgage or start a new loan?

    Posted: 26 Jan 2018 05:51 AM PST

    So as the title states, my aunt own's my parent's house (also the house I live in) on paper. I now have the income to have a mortgage so we're interested in transferring ownership to me. The loan officer at the bank is saying it would be better to apply for a new loan, which entails a shit ton of paperwork and paying a $500 + appraisal fee (which she would suggest since she gets commission). I heard from another loan officer that it would be better to purchase the house using an attorney to draw up a contract. The house was bought at around 220k and we still owe 130k to the bank. Is there a way to do this with no money down, if not, what is the best way ? Would really appreciate any information!

    P.S Please don't ask why my aunt owns it on paper.

    submitted by /u/rafariera96
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    Unsolicited cash offer for rental property.

    Posted: 26 Jan 2018 11:27 AM PST

    This is in Missouri.

    Came home from a week of work travel to a letter from a local buyer offering an as-is cash offer to purchase my condo that I'm renting. The guy went through the leg work to find my primary residence and mailed the letter there so I think he's legit and after googling the company he represents it seems to be above board.

    I know these offers are usually extended to people that are looking to sell fast, or are under water on their mortgage. Neither apply to me as I can cover both of my payments just fine and have a good renter at the property. I live in a 3 building, 12 unit condo association, and I think their game is to buy the lot and build a bigger, modern apartment building in its place. Thing is I wasn't planning on purchasing a second home so quickly after my first (13 months apart) the opportunity for this second condo popped up and I determined it was too good to pass up.

    The rub is I have been considering selling the first home as I'm in a very hot market and could sell the old place at a near 50% profit after 15 months of ownership. I have a price that I would accept from them, although I have no confidence they would come anywhere close to matching it given the nature of how these deals happen. I'm considering giving them a call back to see if they would get close to the number of accept. Is there anything I need to watch out for when dealing with a group like this?

    submitted by /u/are_we_thebaddies
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    Thinking of become a realtor - any experienced ones around with advice or input?

    Posted: 26 Jan 2018 06:24 AM PST

    I currently teach and while I love many aspects of what I do, the parts I don't love are killing me. I'm stuck in a single room all day long. I'm stuck in a single building all day long. Want to go see my kid at lunch? Nope. Want to take advantage of unseasonably nice weather and go for a walk? Nope.

    The politics of teaching is also killing me. My admins are out today because the state legislature is attempting to fire a state board member. They also constantly underfund us and bash education and its just disheartening.

    About three years ago I got a student who hits. I am apparently supposed to be ok with being hit because the student has a disability. I teach special ed - learning disabled students didn't used to hit you.

    Anyway, I am attracted to the idea that maybe I could work part time in real estate some how while I learned and built up my experience before just doing it full time if I am successful. I like houses and I like chatting people up and getting to know them.

    I know it isn't a get rich quick business for most people and I live in a fairly economically depressed area so housing prices aren't super high, but people will always need a place to live.

    Anyway, am I completely deluded? If I am not, any advice on how to proceed?

    location needed I guess so I am in Kansas

    submitted by /u/agawl81
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    Hey guys, buying a condo in Mass and we're being offered two different mortgage options.

    Posted: 26 Jan 2018 09:39 AM PST

    Hey guys, buying a condo in Mass and we're being offered two different mortgage options.

    1. 30 year @ 4.125% making the monthly payment $2,115.

    2. 5 year fixed @3% then transitions to variable but the payment now would be $1,840.

    Over the 5 years that's a 16K savings. I inquired to make sure that there is no penalty to refinance in the 5th year so we can try to lock in a good rate for the remaining 25 years. They said there's no red tape around that.

    I'm for it because I feel confident that when we refinance in 5 years we'll still get a decent deal, but my wife is nervous about the unknown. She figures there must be some reason why people take the fixed amount. Even after the 3k or so refinancing fee we still come out net 13k.

    Looking for some feedback.

    submitted by /u/Mortgagehelp17
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    [Kentucky] buying FSBO, offer advice

    Posted: 26 Jan 2018 09:15 AM PST

    Hi!

    My wife and I have a growing family and are looking to find a bigger space. We have found a great house in the area we want to be that is located in a nice subdivision. This house is FSBO with some caveats. One, the owner of the home is the uncle to my wife's boss. Two, the lady owner of the home was my former boss for a high school job. Small world.

    The house checks pretty much every criteria box we have. They have upgraded, maintained and loved this home since they bought it new 11 years ago. It is is great shape, has tons of nice details and finishes. The price is within our budget, but a little towards the high side.

    Comps in the same neighborhood come in less ($10-25K), but most do not have the nicer details or finishes this one has.

    Is there a certain etiquette to follow when making an offer? We want to get a better price, but do not want to insult them. Neither of us are using an agent. Can we come in with an offer 6% lower since no agents to start the conversation? Do we start lower than that and work to meet in the middle?

    We appreciate any help!

    Thanks

    submitted by /u/nkyresident
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    Need advice on purchasing An Investment Property (CA)

    Posted: 26 Jan 2018 07:46 AM PST

    Hey, i just wanted some advice on a rental property i was looking to purchase. The condo is a new build (2017) in a great area in the south end of Guelph and is already rented out by great tenants.

    However as i was walking though the property i noticed 2 things.

    1) a small brown spot in the ceiling in one of the rooms. When i asked the current tenants about it they said they told the builder about it and the builder had a look at it. The builder said it was condensate from the concrete above. I'm curious about how problematic this can become. The brown spot appeared in December and hasn't gotten any worse.

    2) the heating in the house an electric furnace. And i don't believe this is any natural gas in the building. How much more can i expect tenants to pay in hydro because of this?

    Any help is appreciated.

    submitted by /u/legiitzhand
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    [IN] Help! Interior lighting upgrades before listing

    Posted: 26 Jan 2018 07:28 AM PST

    Hello Friends, as title states. We are selling 3bd 2ba ranch in highly desirable area. Realtor suggests to obtain top dollar we upgrade entry chandelier to something more subtle, dining room chandelier, both guest full bath and master bath lighting to modern. I look all over online, went to home depot, menards, lowe's and I can't find anything that really strikes me as appealing to the masses. The house is entirely a beige color. According to realtor, it's gotta go and be painted a neutral grey. Apparently the fixtures and paint was in 5 years ago and not now. I trust her opinion and there is truth in this. Move in ready sells. Someone please link me to thoughts on lighting that is neutral. 4 Light and matching 2 light for bathrooms is optimal. Entry could be 1 bulb rustic? Dining matching rustic rectangle? I don't know. Thanks for any input and help!

    submitted by /u/tsaul_goodman
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