Seller accidentally agreed to sell to two people- now there’s a lawsuit and they’re offering to pay us to walk away Real Estate |
- Seller accidentally agreed to sell to two people- now there’s a lawsuit and they’re offering to pay us to walk away
- Fees to watch out for when mortgage rates vary between lenders
- Did I screw up big time with buying a solar lease?
- 1500k security deposit
- Lender/credit
- Builder increased price on a pre-construction project after their delay in construction.
- Looking for advice
- Unreasonable Buyers
- Agent keeps urging me to offer above asking...
- How do I find the history of the land my home was built on?
- Considering doing a trade in on our manufactured home.
- New construction home backyard wasnt graded properly. Warranty people say its fine and wont cover repairs.. now what?
- First time selling a house; the first real estate agent we interviewed suggested a much lower listing price than what we were thinking. Can't tell if it's because he's unreasonable or we are?
- Seller Credit, how does it work?
- Advice and tips during new home construction process
- Graduating this fall and need some advise - What jobs to look for?
- Historic Right of Way Disaster
- New Construction - Backing out of Contract
- Planning on going into real estate and would like advice.
- Ethical dilemma - looking for advice.
- [US-CA] Police called and asked me for information on a past tenant
- Under Contract to Buy a House with Underground Oil Tank Spill into Well
- House on the Market for 11 months...what's the deal?
- Two Mortgage Brokers
| Posted: 04 Apr 2019 04:06 PM PDT My parents are buying a house in Pennsylvania. The house had an offer from another family but they then pulled out to get a house they wanted more when the sale of that one fell through, or so we were told. My parents signed the initial papers, were setting up to put the down payment on the house, and we're waiting on the inspection before closing. The seller then stopped contacting us before eventually telling us the other family was suing and claiming they hadn't backed out. They claim to have had signed the first contracts with the seller but refuse to show them to us. Lawyers have been involved and every communication has been through our agents. Recently they offered us our hand money and $1000 to walk away. We refused, and they've given us a new offer. They offered to put a 20% downpayment on any house if we decide to walk away. This house is the only in the area that we really like at this time, and really don't want to back away but we also don't want to get stuck with nothing if we end up losing. I'm hoping to get some advice from people with a bit more experience in real estate. The agents and lawyers we're dealing with don't seem to want to tell us much. Update: Thanks for the advice. We're getting a new lawyer who specializes in Real Estate and meeting him tomorrow. Apparently the current lawyer passed his info on but the other buyers and sellers lawyers haven't answered him at all. (Everyone in our team is running on the assumption they're trying to wait us out until we're frustrated because it takes at least a few days for an answer unless they're trying to negotiate to get us out and the it takes a matter of an hour at most.) Update two: Just found out that apparently (according to our old lawyer) BOTH of us have proper contracts and BOTH are legally valid. Since we actually had the down payment processing and they had walked away, we're hoping this will give us the edge. Our agent told us their companies (the sellers agent works for a different one) hadn't had a case like this before. Our new lawyer is reviewing them both, and we're unsure what order they were signed in. [link] [comments]  |
| Fees to watch out for when mortgage rates vary between lenders Posted: 04 Apr 2019 10:52 AM PDT My husband and I are finalizing our lender selection for our upcoming home purchase; one lender is offering us a 0.5% lower interest rate than the other. What do we need to look out for in terms of "hidden" fees to make sure we're not missing something significant? We're first time buyers so looking for any helpful experiments you may be able to share! [link] [comments]  |
| Did I screw up big time with buying a solar lease? Posted: 05 Apr 2019 12:16 AM PDT Hi. Sort of throwaway here because I'm kind of embarrassed and please spare any comments of how stupid I might be. I live in Phoenix, Arizona. I am purchasing my first house. It has Sunnova panels leased, 5 years into a 25 year lease. I cannot break the lease and if I am too delinquent, the panels will be taken from me and I will be subject the entire cost of the lease. I am past the back-out period which is making me sick that I didn't review all of the details closely when I could have. I was so excited about the home that I kind of ignored this aspect until now. My realtor said he tried to do some math and suspected I am about even with or without the lease (not saving money), so it seems like a useless burden to me. The previous owner is paying on average $29 in excess each month, so it seems to be about $200 a month in electricity. The house has a pool and has single pane windows so that could contribute to the bill. I don't plan on planting tall trees so I'm not worried about that end of the rules but there is one weird thing in the lease: I'm not allowed to heat the pool with the solar energy which I am interpreting to mean I can't install a pool heater or I must install a separate solar heater not hooked to the grid. So it may be one small detail but it makes me feel limited in what I'm allowed to do on my own property do which is what I was trying to get away from while renting and avoiding HOAs. I am guaranteed a certain amount of kWh per year. Just under 11k right now and will be just under 10k in 20 years. Excess is sold to the power company which they may pay me for if I go under. The solar company will also pay me $0.17 per kWh if the panels generate less which the previous owner got a check for about $20 at the end of the year, so it's already operating under guaranteed. If it gets under 15% from guaranteed they will make repairs anywhere from 15 days to 3 whole months and I must still pay on the lease. So if I am doing the math right, even with the end of year refund, if it suddenly stops generating anything, I am still losing approximately $24 if they decide to wait out the entire 3 months in addition to paying the electric company in full. The payments are a locked-in $163/mo for a total of $49k. With 5 years into it, I guess it's about $40k left on it. At the end of the lease and I cannot buy the panels but the solar company can refuse to take them in which case they are my problem, which I could only imagine they would do if they become so inefficient that they do nothing. My biggest fear is that I will not be able to sell this house without paying the solar lease in full unless I find a buyer who was also not completely aware of the details like me. The house had 9 offers within 3 days of being listed and 1 person backed out and I was second on the list. I was excited to jump on the offer and felt like I had beaten others but now I feel like they probably would have also backed out once they saw the solar lease. I can't help but feel like I made a $40k mistake. [link] [comments]  |
| Posted: 05 Apr 2019 02:36 AM PDT So my house is closing today at 3pm. (house I'm in moving in to closes same day) We have movers scheduled for the next day at 9am (that's 18 hrs after closing). Now yesterday, the DAY BEFORE closing, the buyer's lawyer informs us they want a 1500k security deposit, in case they walk thru after we move out and see some damages in those 18 hrs. They already did a walk through 3 days ago and never said anything. I told my lawyers NO twice. And that this is ridiculous, its a 115k house in Buffalo and the movers are insured and could not damage anything that would possibly cost that much. They still haven't called me and given me an answer. I don't want them to hold this money b/c the buyers have been a pain since the inspection, demanding nit picky stuff be fixed, like polatlrity on outlets, so I'm sure they are gonna say something is wrong and want to keep our deposit. I see this a money grab. I'd be fine if they had told me rhis a week ago, so I could have found movers to move me Friday night, but I can't a day before. Legally do a have to agree to this?? [link] [comments]  |
| Posted: 04 Apr 2019 07:21 PM PDT A lender first ran my credit in February, and then same lender ran and one other ran it on March 11th. I want to shop just one more lender but my closing date is on May 1st. If I have them run my credit tomorrow will it effect my credit or closing? [link] [comments]  |
| Builder increased price on a pre-construction project after their delay in construction. Posted: 04 Apr 2019 09:04 PM PDT Hello everyone, My parents bought a house, pre-construction project mid-2016 for around $400k (Ontario, Canada). However, the builder has extended the construction date from 2017 to 2018, and then now to 2019. My parents had agreed to changes on Agreement of Purchase and Sale (APS) for the date change on all 3 occasions. However, on the 2018 APS, the price of the house had been increased as well to $600k! It is the exact same contract, just a year apart! Unfortunately my parents signed it on 2018 without reading the new APS and the price changes. I just noticed that when my parents showed me the new APS that they had signed on 2018. Are they allowed to increase the cost of a pre-construction at all, and by this much, when it is their fault for not completing the purchase on time? Do we have any legal standing? Please advise. We are at a loss of words. The signing for the 2019 contract is in a couple weeks. I wanted to see if we can do anything at all from a legal standpoint. [link] [comments]  |
| Posted: 04 Apr 2019 08:18 PM PDT |
| Posted: 04 Apr 2019 07:46 AM PDT UPDATE!!!!!!! The buyers submitted a Termination at 4:45 PM 15 minutes before the deadline. BUT, another buyer received a notification that our home was back on the market at 4:50, while getting ready to submit an offer on a different house, and they are sending over an offer within the hour...it's been a strange day. I am just looking for some schadenfreude here...so please share stories of horrible home buying/selling experiences. I am selling my house and we were lucky enough to get a great offer within a day of listing, but that's where the happiness has ended. We are dealing with incredibly unreasonable buyers. It all began with the inspection. I was always under the impression that the inspection was mainly to insure that important components of the house were not in disrepair (Such as: Foundation, Roof, HVAC, etc.). Well our buyers took it as everything on the report needed to be fixed before they would move ahead with the purchase. We went back and said we would install a new water heater, but apparently that was not enough, they asked that we basically line item veto each item on their list and explain why we would not address each one. Everything else on their list were cosmetic fixes. Keep in mind this is a 15 year old house. There are going to be cosmetic issues. They even went so far as to include changing the air filter in the HVAC. Long story short we told them they can buy the house or not buy the house and, as of this posting, the option period is over at 5:00 PM CST today and have not received a termination or acceptance. They also scheduled an appraisal for this morning, before the option period ends, which I thought was odd. Do these buyers seem unreasonable to anyone else or am I getting angry for no reason? [link] [comments]  |
| Agent keeps urging me to offer above asking... Posted: 04 Apr 2019 10:38 PM PDT Is it time to find a different agent? Using the first Redfin agent I spoke to, who has been really on top of things and always available to show houses. In the Sacramento market which seems to be cooling off over the past few months - I'm submitting my 2nd offer on a house priced $30 more / sqft than area comps, but she has kept insisting that I go above asking in order to secure the house. She knows I can afford more, but at the same time I keep getting the feeling that she wants me to offer more just to secure a deal so she can earn the commission. Should I find a new realtor? Or just keep sticking to offering what I find is fair (full asking with 10% down)? It's my first home purchase so any help would be greatly appreciated! [link] [comments]  |
| How do I find the history of the land my home was built on? Posted: 04 Apr 2019 10:00 PM PDT |
| Considering doing a trade in on our manufactured home. Posted: 04 Apr 2019 09:36 PM PDT My SO and I live in a manufactured home that's under her name. Built in '99 and completely paid for, but we're looking to relocate and get a nicer one. We found a place that'll give us $20k for the house to put towards one of theirs as a down payment. Would this be good? Neither of us have owned homes before, and she inherited this one. Would it be better to just sell the house on our own and find another one? The place that is making us this offer helps with finding the land and setting up all the financing as well, so it seems like it would be good to have someone help with that as we're both new to the situation. [link] [comments]  |
| Posted: 04 Apr 2019 12:47 PM PDT We moved into a new construction home last July in Southwest Florida area. They laid the sod down in the front and backyard a week before we closed and moved in. Within a week I noticed the backyard was uneven and wavy. I decided to let the sod grow in for a few months before I made any warranty claims. Well the grass grew it but incredibly uneven. Higher in one area to the next. When I mow the grass I just bounce all over the place because its uneven. When it rains there are 3 or 4 areas that just flood with water because the ground wasnt properly graded. July in florida is the middle of rain season so needless to say it rained a lot and these areas puddled so much that the roots never were able to establish themselves in those areas cause they were drowned. My warranty claim was denied because the superintendent said when he came and inspected the yard, there was no errors in the grading of the ground. He said it was because we didnt water the yard properly..... which isnt true because I have a sprinkler system back there. Even if that was the issue, dead grass doesnt make the ground lumpy and wavy all over the place, If it was graded properly it was still be flat ground under the dead grass. Here are a few images from the other day when it rained. This is in March before rain season starts and it only rained for 25 minutes.. imagine what it will look like when its June/July with heavy rains. What else can I do now? The warranty people arent responding to my communication anymore... they open my emails then never respond. This is clearly their fault and theres no sane person who would think the ground was graded properly. We've even found 4-5 water bottles buried in the soil since we moved in. The lazy bums who installed the sod jsut threw it over their trash. Improperly graded soil and improper installation of the sod. [link] [comments]  |
| Posted: 04 Apr 2019 05:26 PM PDT Hi everyone. I apologize if this has already been asked- I tried to search the archives but didn't find much. This is the first time my husband and I are selling a house. We bought it in 2011; it had been on the market for close to two years and so we got a heck of a deal on it. I'm obviously biased because I live there, but I think it's a pretty nice house for the area. We did some work on the place: updated some fixtures, repaired the electrical issues we inherited, fixed the roof and put insulation into the roof, put new windows in, and completely redid the master suite bathroom (went from a dingy, dark room with a questionably clean fiberglass shower to a clawfoot tub, new tile, and we expanded the wall so it includes a window now). Anyways, we thought these repairs and renovations, combined with the fact that we bought very much under market value, would mean that we would make a pretty nice profit when we sold. In addition, I've done a LOT of research- I know we need to declutter and depersonalize, stage our house, get it professionally cleaned, etc. and I've been monitoring the homes on the market and the homes that have sold and had an idea of a number in my head for the listing price. We had a consultation with one of the top realtors in our area, who specializes in selling houses particularly in our neighborhood. He sold 100 houses last year, which is impressive because houses are slow to sell where we live. He seemed quite knowledgeable when we met him and made note of the final repairs we would need to do, said he had professional stagers ready, would take professional photos, etc. etc. etc. But the suggested listing price is like ~$40k lower than what I was imagining. But! I'm not a real estate agent and I'm of course attached to my home. Am I being unreasonable? Or should I trust my gut? I plan on meeting with other realtors but I'm a bit worried that the "worse" realtors will be not as competent and professional as this guy. Despite getting a good deal when we bought the house, our realtor was essentially worthless (he showed us houses with features we specifically didn't ask for; we actually found the house ourselves and found out how long it had been on the market) so I don't want a repeat experience. Thanks in advance for any advice you can give! [link] [comments]  |
| Seller Credit, how does it work? Posted: 04 Apr 2019 05:24 PM PDT My purchase offer was accepted, and just had the inspection done, there are minor things that need addressing but I will need to hire a professional to do the jobs. Most I can do myself , I figured the least amount of labor costs to fix the issues.( I plan on buying material to control costs) I have an FHA loan, and and putting down 3.5% and asking for 3% from sellers on closing costs. My question, is it reasonable to ask for a seller credit, and if they agree (it's 2000 or less), how will this affect my closing costs? Please give me approx. breakdown. [link] [comments]  |
| Advice and tips during new home construction process Posted: 04 Apr 2019 09:06 PM PDT Other than doing a 3 phase inspection and taking photos before dry wall goes up, any advice on what to keep an eye on or do/not do during the whole process? Thanks! [link] [comments]  |
| Graduating this fall and need some advise - What jobs to look for? Posted: 04 Apr 2019 09:05 PM PDT Hello everyone! I'm graduating in the fall with a finance degree - concentration in real estate. I don't have any experience in the field other than courses I've taken and extracurricular activities with my school. Currently, I'm in the e-board of my school's only real estate club and a member of finance society. I have ARGUS training, familar with Bloomberg terminal, SPSS, Qualtrics, some financial modeling, etc. My job market would be in Los Angeles and Inland Empire area (California). I'm fairly open to jobs, but I'm not sure what to focus in. Considering I graduate in the fall, should I look into a summer internship or continue job hunting? I have some interest in appraisal/market analysis, but heard it can take sometime to get my feet wet in that field. Ideally, I don't want to be a broker or a salesman, but if it comes to that so be it. I've been pushing myself to attend socials and mixers in hopes to build more connections as well for the past year or so. [link] [comments]  |
| Historic Right of Way Disaster Posted: 04 Apr 2019 08:57 PM PDT My husband and I live in Pittsburgh and bought a 1905 victorian style in June 2018. There is a driveway that goes between our house and the double rental next door. The renters block the driveway, our house shakes when they go down it to the back, they play loud music in the lot and just sit there...and the biggest issue of all is that a few months ago in the middle of the night, a renter stole his girlfriend's car and, as she stood in his way to exit the back lot, he tried to run her over in our driveway. Of course, I called the police. Rewind to when we bought the house. There was an abandoned car and a lot of illegal dumping (tires, food containers, scrap metal, brush) on the back lot and on our property. This was done by the tenants next door. I called code enforcement and the woman had a hard time tracking down the out of state landlord. He finally removed the car after 6 months. The tow truck destroyed our yard. The illegal dumping is still there (I cleaned it up from our property- a dumpster full). I contacted the landlord and have no reply to resolve it without codes. Another thing to note is that the driveway is in very bad shape and I feel like the landlord will not chip in to maintain it. The driveway is at least 80% on our property. The dig to find legal information has been hard. I did all the research on our property and found no mention of an easement or any arrangement for use of our land. A surveyor found that there is a historic right of way mentioned in a very early deed for the neighbor. I will get a copy sent to me soon. My question is whether or not I can fight this historic right-of-way based on this misuse of land and potentially the other property's landlord's unwillingness to work with us to maintain it. If the tenant next door died or was injured in our driveway, it is scary to me that we may be liable because it is our property. We really want a fence and to pave the driveway but only pave it on our property. We have room to move it closer to our house thus do not need to use their property for any reason. [link] [comments]  |
| New Construction - Backing out of Contract Posted: 04 Apr 2019 06:56 PM PDT I put a deposit down a new construction townhome in July of last year. It has taken forever and they are still estimating another 9 months until completion. I'm having second thoughts and want to look at purchasing a home. I understand I would lose out on my good faith deposit but are there any other issues I should consider if I back out and purchase a house. [link] [comments]  |
| Planning on going into real estate and would like advice. Posted: 04 Apr 2019 02:58 PM PDT I've been looking into real estate for a variety of reasons as an agent. The biggest ones being that I do absolutely love houses, and I am a very personable individual. So I've begun investigating the courses I need and all of that, but I would like some advice or things I really need to know before going in. [link] [comments]  |
| Ethical dilemma - looking for advice. Posted: 04 Apr 2019 10:27 AM PDT I have a home that I currently rent out rooms to. My tenants work at the company I do. I have a list of the contact information of the new hires that are incoming this fall straight from college. Is it wrong to send out an email letting them know I have housing available? My thoughts: Yes, it's wrong, because it gives me an unfair advantage, and I have their information for professional reasons. No, it's not, because I am simply offering a service which they can completely ignore if they are not interested, and it will have no impact on our professional relationship. Also, our company does a poor job highlighting desirable housing options, and I would be providing them with a guaranteed ability to live with other coworkers. [link] [comments]  |
| [US-CA] Police called and asked me for information on a past tenant Posted: 04 Apr 2019 05:44 PM PDT Hi, I'm a property manager and we just had one of our tenants move out of a house a few weeks ago. Yesterday, I got a call from someone in the city police department asking for information about these tenants. Yes, I did verify that it was actually the police by calling them back at the number on the police department website. They said they were doing a "wellness check but not really" and it was an emergency. They needed to know where these tenants were. I told the cops they moved out a few weeks ago and gave the cops the forwarding address that the tenants left me. The cops wouldn't give me any details as to what's going on. Did I do something wrong by giving up information about the past tenants? [link] [comments]  |
| Under Contract to Buy a House with Underground Oil Tank Spill into Well Posted: 04 Apr 2019 05:20 PM PDT I am under contract to buy a home and everything was ready to close in about 1 week when we got a notice that they found oil contamination in the well. The buried heating oil tank is leaking into the water and into the underground well. In Virginia, the state has a fund that pays for the cleanup but now we are looking at a close date that is 3-4 months away after the old tank is removed and a new well is dug. We are now uncertain about selling our current home, and now is the best time to sell in our market. I'm having trouble finding any solid information about these cleanup processes. I got a call today from the firm that will be doing the cleanup and they will dig a new well "upstream" from the current well, but they will have to pump contaminated water out of the old well, possibly for a long time (returning every few weeks?). Has anyone experienced this process before? I don't really feel great knowing that they can't fully remediate the spill quickly. And I don't know if there is any way to get out of this home purchase without incurring a significant expense. Edit: Would love to hear from anyone who has experienced an oil tank spill to try and understand how big of a deal is this really. [link] [comments]  |
| House on the Market for 11 months...what's the deal? Posted: 04 Apr 2019 08:19 AM PDT Price. Right? Here's my most recent neighborhood report (I'm in blue): https://imgur.com/a/2rtcveH I have offered to drop the price $10k and my realtor all but refused. I can push back of course, but is she right and I'm priced correctly and should continue to wait on the right buyer? Feedback from the showings is that the house is beautiful, it shows really well, etc. The reasons sellers have walked is they want a one-story, more bathtubs upstairs, or a fourth bathroom downstairs...all major things that I can't change. It's not a paint color or new flooring or something simple to update. I know my house is only worth what someone will pay for it. Should I drop the price from $268 to $260k? At what point do I pull it off the market and avoid the "stale listing" and black mark of being on the market for 277 days (ugh)? How long do I keep it off the market? My realtor is telling me to hang in there. What do you think? [link] [comments]  |
| Posted: 04 Apr 2019 04:56 PM PDT First time buying a home and I have a couple quick questions about using mortgage brokers. 1) I have been recommended to use two separate mortgage brokers. I have done credit checks and got pre-approved by both. Should I tell them that I am also working with someone else? 2) When going through the pre-approval process, they each work as different banks but their applications was done through the same system. I feel like they use the same third party company to find loans. Is this common? Would this result is the best possible loans? Should I reach other to a third organization to diversify the potential loan pool? Thanks in advance for the help. [link] [comments]  |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment