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    Tuesday, April 9, 2019

    Home Inspectors are Deal Killers? (Home Buyer) Real Estate

    Home Inspectors are Deal Killers? (Home Buyer) Real Estate


    Home Inspectors are Deal Killers? (Home Buyer)

    Posted: 08 Apr 2019 12:45 PM PDT

    Hi All,

    First time home buyer here. I recently bought a house and had a home inspection. I used an inspector who had a ton of reviews locally and seemed very proficient and thorough. He found a bunch of nitpicky stuff which I skimmed over, but the item he found that had the biggest concern to me was the basement. He pointed out a lot of grading issues which was causing water to enter the basement. The basement was visibly wet and the sump pump was always running (it was snowing at the time and this was obvious as there was no snow where the sump pump was draining water) as well as numerous areas of moisture intrusion. There were also some rodent issues (large rodent issues) that, although is gross, wasn't a massive concern to me.

    I showed my real estate agent the findings and let them know I would be walking from the house and they seemed a bit annoyed and said something along the lines of "home inspectors love to kill deals". This kind of bothered me because in my eyes he was being thorough and doing the buyer justice but in the agents eyes he was "killing deals". It gave me the impression that they (the agent) are not looking out for the buyers best interest.

    Just curious on the reddit communities thoughts around this? Is this the stigma that Home Inspectors have within the realtor community? Are the findings blown out of proportion? Are my impressions correct?

    *EDIT* Thank you everyone for the wealth of information and responses that have validated some of my concerns. Very much appreciated and have been a tremendous help.

    submitted by /u/j1mb0hax
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    Silliest Repair Requests?

    Posted: 08 Apr 2019 04:30 PM PDT

    I'm an investor and sell homes to consumers, typically completely remodeled. When I started this journey, I figured that if I repair everything in a house, floor to ceiling, the sale should be fairly simple. Wrong.

    Each sale seems to bring a new round of hilarious requests, such as;

    -I replaced a roof and a lot of the sheeting under. It didn't show up on the inspection but they sent a cell phone photo of the attic with the new and old lumber and ask that I correct the color difference between the lumber.

    -I was asked to remove the "bump" between the garage and the driveway. The garage slab sat a designed 2" above the driveway... which is fairly common.

    Sellers and realtors, I'm curious what funny requests you've seen

    submitted by /u/WiscoBoiler
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    We have lived in a family home for 16 years, next door to our Grandmother, who owned the home. She passed away, we found in probate that a company had purchased the home for a tax delinquency - FIVE YEARS AGO. Do we have a reasonable claim for adverse possession claim? Is there another avenue.

    Posted: 08 Apr 2019 11:26 AM PDT

    Additional info.

    We are in West Virginia.

    We have lived here openly, as part of this community for all 16 years.

    We've made improvements and repairs to the land.

    We have lived her continuously.

    And it was under the color of a title that we would have otherwise inherited.

    In five years we haven't received a single notification that this land is owned by another entity. We only found out in probate after my wife's grandmother passed away.

    There are two people on the deed, my wife's mother and her grandmother. The grandmother was apparently receiving the certified tax notifications, signing for them, and doing whatever 93 year ladies do with such things. Neither my wife and I, nor her mother have ever seen any of the notifications.

    My wife and mother in law shared responsibilities for paying her bills and such so it was something that slipped through the cracks. So, on that basis, a company bought a paid for, free and clear $150k piece of property for $3600, and we had no idea that it even happened. Is that gross? Or is it just me?

    Given the length of time that we have lived here as the land owners/inheritees, do we have a good case for Adverse Possession? If not, is there another avenue we could take?

    Out of respect, and given the time sensitive nature of this whole thing, please only give advise if you are certain it is sound.

    Thank you Reddit.

    submitted by /u/DrandonG
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    CGI for Real Estate

    Posted: 09 Apr 2019 03:10 AM PDT

    Hey guys/agents,

    I'm messaging to get some feedback to see how well selling property with CGI/ 3D rendered visuals/Virtual Reality works in your country.

    Do you sell off plan, so prior to construction?

    Does it help you sell dilapidated buildings in the hope for renovation?

    Is it cost efficient for you? and most importantly, does it impress your client?

    If you choose to comment please tell me where you're from so I get an idea if it makes a difference where you are based.

    Thanks!

    submitted by /u/mal3captus
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    Penthouses in Paradise, 7 of Honolulu's best penthouses for sale

    Posted: 09 Apr 2019 02:35 AM PDT

    In need of an appraiser

    Posted: 09 Apr 2019 01:48 AM PDT

    Living in Edmonton Alberta Canada and I need to obtain an appraisal for a bank loan to refinance my house. Any appraisers out there who would be willing to work with me and my needs?

    submitted by /u/thygar
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    Where to market a Hungarian village house for sale?

    Posted: 08 Apr 2019 11:23 AM PDT

    Hello everyone.

    I am relatively new to reddit. So I do not even know if I am allowed to post a question here.

    This was the first subreddit I found relating to RealEstate.

    Ok the question is up there in the title already.

    I need help. I want to sell my inherited adobe house for foreigner ppl who like to have one not too far from Lake Balaton.

    It has a huge lot almost 4500m2. And it is in a tiny, peaceful, silent village.

    Picture on facebook.

    Where should I put up the information where the potential buyers looking?

    Any piece of advice is welcome.

    Have a nice day.

    submitted by /u/Richard_Philip
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    Small land for stargazing

    Posted: 08 Apr 2019 07:19 PM PDT

    I live in a urban area. Being an amateur stargazer I am always looking for a permanent spot away from light polluted cities to set up a mini observatory.

    I need a very small land. Most of the available lands for sale are huge which I cannot afford. What are my options?

    submitted by /u/greenions
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    How much will having no back yard affect resale value on a home?

    Posted: 08 Apr 2019 09:38 AM PDT

    Hi all - sorry if this is a dumb question. I'm a first time home-buyer about to put an offer in on a great house. The one catch is that it has no backyard whatsoever. There is a paved dog run that lines the back and side of the house.

    The house is on a cul de-sac in a great neighborhood, surrounded by houses that are 'nicer' and more expensive than the one we are buying. It's extremely spacious at 2400 sq. ft. It has 2 living spaces, an office, plus a great room in addition to the 3 bedrooms and 2 bathrooms. How much do you think the lack of a backyard will affect the resale value of the house, if at all? Are there more important factors?

    Thanks!

    submitted by /u/0ne8two
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    Any thoughts on using better.com for offer letters?

    Posted: 08 Apr 2019 06:23 PM PDT

    Hey everyone,

    Just lost out on my 4th bid, 8k over asking. I'm wondering if our lender has anything to do with it? I'm generating pre-approval letters on the fly with better mortgage... Should I be using a bank instead?

    Thank you

    submitted by /u/dudenell
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    Strange Possible Legal Question

    Posted: 08 Apr 2019 10:59 PM PDT

    TL:DR - A seller has jerked me around / been an asshole at every possible opportunity, and I have been nothing but rational and reasonable.

    Selling price 312k - Offered list with no closing costs and 6 days due diligence and a fast closing / conventional loan - 94 page inspection report. I asked for a $645 mold repair and a $250 plumbing repair for an active leak (failed toilet seal) which was denied at the literal 11th hour. I wrote this off since in the end it wasn't worth blowing up the sale over ~$900.

    Appraisal 281k - seller refuses to answer/address the appraisal deficiency, has requested his/her own appraisal.

    Contract states seller must accept or reject the amendment to adjust the sales price within three days from the date of the receipt of the amendment.

    This was received by the sellers agent on 4/8/19 at 7:16am.

    "From the date" three calendar days (the actual date) -

    8th (1 day)

    9th (2 days)

    10th (3 days)

    "From the date" (24 hours) -

    8th -9th @ 7:42am (1 day)

    9th-10th @ 7:42am (2 days)

    10th-11th @ 7:42am (3 days)

    He has (contractually) three days "from the date of receipt" before I can kill this and be done with it since he's once again being a complete douche-nozzle in all regards.

    Which of the above versions is the "true" legal meaning?

    When can I kick this to the curb? The 10th which is three calendar days after receipt or the 11th at 7:43am?

    submitted by /u/dokkababecallme
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    How to go about buying grandparents home?

    Posted: 08 Apr 2019 10:36 PM PDT

    My grandmother has passed away, and my grandpa has moved out of the house now. I am interested in buying their home just due to the fact that it is in a pretty good location, it is in the area I grew up in, and I really just want to keep the house in the family. I of course won't try to do anything until my grandpa actually passes away, but I do believe he is near the end of his life. I want to avoid conflict between family members, and as far as I know nobody in the family really wants the house. What would be a smart way to go about purchasing the home, just so I am prepared when the time comes?

    submitted by /u/Northernlightsjoint
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    What is something I should know before I move out of my apartment before the lease is over?

    Posted: 08 Apr 2019 06:42 PM PDT

    Roommate is a scumbag who lets his dogs use the carpet as a personal bathroom and I'm sick of cleaning up everytime. Also while I'm gone I know someone else is going to be living here who isn't on the lease who I know won't pay for shit because he's a terrible person, known gangbanger. Roommate never asked if I was okay with it. How do I go about moving out and not having this dipshit stay here?

    submitted by /u/supasavagelee
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    RE Sell Prep Business

    Posted: 08 Apr 2019 10:01 PM PDT

    I have this idea (which I'm sure isn't a new thing) to start a side hustle/business that prepares home for selling. So we would do the yard work, prep rooms for photos, deep clean up the house, pressure wash outside, also do contractor work for repairs or minor remodels.

    Would this be viable concept? Has anyone had any experience with this sort of thing? Would it be something realtors would be interested in offering to their clients to help prepare their home for selling?

    Thank you in evangelical for your thoughts and suggestions.

    submitted by /u/taylorjjardine
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    How often do 1st offers fall through? Agent said financing was shaky.

    Posted: 08 Apr 2019 09:46 AM PDT

    Found the dream home. Agent tried to get an offer in Saturday but couldn't get sellers agent. This morning she hears back that they just accepted an offer yesterday.....but she's not sure if their financing will actually go through. So we will be the first back up.

    I'm pretty crushed, but it if it's not meant to be it's not.

    Any of y'all been the 2nd offer and had it actually accepted because another one fell through? Or, any way the seller agent might just be putting that out there to make sure we get our offer in??

    submitted by /u/lucyinthesky401
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    [NC] Need advice on what to do with money while in school

    Posted: 08 Apr 2019 09:04 PM PDT

    So I am a 25 year old who is a junior in college. I work part-time while in school and make about $800-1000/month post taxes. I will have about $35K in about a month (through means in which I'd rather not discuss) and have contemplated trying to buy a small house/apartment. However I don't believe 35K is enough to buy a small house or apartment where I live (watauga county). So I think my only choice, and possibly best one, would be to find a decent place and take a loan out. I currently pay about $400/month in rent so I figured if I could take a loan and live in the property for a little and pay the mortgage instead of the rent it would be better in the long run. My credit score is 702 so it's not terrible but it's not terrific so I'm not sure if I could get a loan and if it would be practical so just looking for some advice and maybe some guidance if this is a decent idea or if I should invest the money elsewhere.

    submitted by /u/dman10345
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    Reinvesting money from sale of first property

    Posted: 08 Apr 2019 02:23 PM PDT

    Looking for strategic financial advice. I'll be selling my home in Denver and it looks like I might be able to clear $300K after paying off mortgage. The goal is to purchase a new primary residence in Denver with my partner. Average home sales for a 3bd/2ba in Denver county are upwards of $650K. Is it smarter to put the entire $300K as a down payment towards the new home (and live with a much less monthly mortgage payment), or only use say $150K for that down payment, then try and invest in a rental property with the remaining $150K. Debt to income ratio and credit scores are excellent. Just trying to figure out how to maximize investments with my cash basis. Thanks for the advice!

    submitted by /u/dnvrnugg
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    Advice for first time moving out, shop biased

    Posted: 08 Apr 2019 09:33 AM PDT

    Turning 20 soon, graduating and decent automotive mechanic job is going, ready to move out of my parents house as there is absolutely no room to do what I need.

    I'm looking for a shop house or basically 2 to 3 bay shop with some room for a car hauler as well and a small "house" drywalled into a corner, problem is anything related to this seems to be very difficult to find on real estate sites.

    I have thought of a mobile home as they are very budget friendly compared to my tiny house idea years ago, but as a person who is very racing focused, it doesn't solve my problem of storage for projects and race cars.

    I live in the east texas area just west of tyler, I prefer secluded area such as 10 acres or less on a backroad or smaller and can probably put $5k down.

    What is the best way to finding such properties? I'm also comfortable with having a garage bigger than the actual living part.

    submitted by /u/zachattack3355
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    Selling investment property and primary residence

    Posted: 08 Apr 2019 07:16 PM PDT

    Planning down the road. I'm coming up on the fifth year of owning a rental property. We lived in it the first two years. So we are running right up to the home sale gain exclusion.

    I'd like to keep both homes for 3 more years before moving into something bigger. If we continue to rent the first property and live in our primary, can we sell both in 3 years and defer capital gains on each?

    By 1031 exchanging the first property and using a normal home gain exclusion on the primary? Or can you only do one

    submitted by /u/yankeefool
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    Will the closing amount change?

    Posted: 08 Apr 2019 03:11 PM PDT

    Hello!

    I am set to close on our house next week and today I signed the disclosure and locked in our interest rate today. I got gift funds for the diwn payment/closing costs so that I could keep a great savings as being a homeowner you have issues that arise. I asked if the amount could change and she assured me it really wouldn't. But, we have been thrown through a 100 hoops and have been told one thing just for it to be the opposite..

    I just want to be prepared and not get an unexpected closing amount! :) thanks!

    submitted by /u/inkledinkle29
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    Question P&S

    Posted: 08 Apr 2019 06:41 PM PDT

    Not sure if this belongs here but I have a few questions.

    Some background info. I'm In the process of purchasing a new construction and we specifically chose the floor plan and lot for the following reasons: Floor plan will allow me to have a walk out basement and it will have a few windows, a door to the backyard and it will have the rough plumbing for a full bathroom. We already have 4 bedrooms in second floor and one will be turned into an office. Reason we want this is because i want to finish the basement and convert it into a small apartment for my mother. We are currently reviewing the Purchase and Sales Agreement and a section of it mentions that due to the comprehensive permit given to the developer for this subdivision there can't be more than 4 bedrooms in a single house and there can't be more than 2800 sq ft of habitable space. I guess my questions are if this section will create any issues on my future plans once we close. What is considered habitable space? Is a closet considered habitable space? What should I do? Sign the the p&s and deal with this after closing? Should reconsider looking for another house? I'm located in Massachusetts.

    Thank you

    submitted by /u/nlopq
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    Seller refuses to accept over asking price in exchange for closing cost assistance.

    Posted: 08 Apr 2019 06:40 PM PDT

    I am just extremely curious if anyone has ever encountered the issue me and my wife just did.

    Just as clarification we live in central Florida and I'll round numbers to simplify everything. Also we are first time home buyers with no knowledge of the real estate profession so if I phrase something incorrectly don't beat me up!

    We are pre-approved for a 250k FHA loan, we do not have enough to comfortably pay the 3.5% down as well as all of the closing costs. We found a house we really like for 224k. We made an offer on the house offering full price but requested the seller (a trust company that I assumed bought and flipped the house) to pay for 3k of our closing costs. They countered and said they'd only pay 2k of the closing costs.

    We countered and asked for 2.5k, they flat out denied the offer. We were surprised they denied it however we really liked the house and were certain the house would appraise for more. So we offered 225k (1k over asking) and requested the 3k towards closing costs. They again denied the offer, well kind of... they refused the 1k over and still only offered to pay 2k towards closing. When my realtor spoke to a rep from the seller and she was told the seller would not raise the price because they did not want to pay the additional seller closing costs. My realtor said she didn't understand their mindset at all.

    The house has been on the market for about 80 days, with one previous offer where the buyers financing fell through. They continue to pay the HOA and lawn maintenance on this house which is just sitting there because they would not concede $500 extra towards our closing or accept a higher offer for the house.

    We could make the house work with scraping together a few extra hundred dollars but we collectively decided to walk away because the seller is being so difficult/stubborn, I can't imagine having to deal with them if something major was found during the inspection.

    Is there something that I am missing? I don't understand the sellers point of view. Has someone else ever encountered a similar situation?

    submitted by /u/dcivic24
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    Will we be in over our heads if we buy this house? (First-time buyers under contract, would appreciate some advice!)

    Posted: 08 Apr 2019 11:03 AM PDT

    My fiance and I are under contract for a 3 bed, 1 bath 1200 square foot home in VT that was built somewhere around 1900.

    We absolutely fell in love with it for its charm, location, and beautiful outside areas. Although the inside needs a bit of cosmetic updating (wallpaper in every room, older flooring and appliances, etc.), the sellers, who have owned it since 1955, have taken very good care of it. The asking price was 199,900, with multiple offers they accepted our offer for $191,000 with $1500 towards closing. Although we knew we would have to do some updating, for the area this is a pretty great price for a home we can live in and fix up at our own pace.

    However, after the inspections we've had done, we have several concerns we'd love to know if we're blowing out of proportion or not. Besides some code issues which the sellers have already agreed to fix on their dime, the main concerns we have from the inspection and in general are:

    • Roof inspection today shows multiple leaks in metal roof, at least one sporadic drip, one continuous (estimate $750 to fix)
    • Ceiling shows some water damage upstairs, unsure if old or from current leaks, should we worry about mold? (no obvious evidence)
    • Vermiculite insulation in attic, not a concern if not disturbed, but we need to add a fan to upstairs bathroom
    • No insulation in addition attic, and we need to add insulation to main house attic
    • Cracks in concrete floor of addition under carpet, will need to put new flooring and moisture barrier in
    • Need to add shower to current bath, only a tub in there now
    • Cellar is damp dirt floor, inspector recommends putting down plastic liner and adding dehumidifier
    • Sellers reported using 900 gallons(?!) of propane per year with 4 current propane Rinnai heaters, hoping that adding pellet stove and more insulation will help with that
    • Will need to add second half bath eventually downstairs, as some relatives can't access upstairs restroom

    For being about 120 years old, maybe not too bad though?

    The only things we asked the sellers to contribute towards so far are the code issues and hopefully they will agree to repair the roof as well. We have one day left in our general inspection contract period and four with our roof inspection extension. The appraisal was delayed to allow the sellers time to fix some things.

    To fix everything else, we will only have around $3000 available to start with. Although we are not extremely experienced, we both have some experience from helping to remodel our old family homes and have access to tools and knowledge from relatives. Still, are we in way over our heads with this?

    Thanks so much for reading, any advice would be greatly appreciated!

    submitted by /u/tacocatvt1218
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