After months of preparation, sellers decide to list with another agent. Real Estate |
- After months of preparation, sellers decide to list with another agent.
- Buyer backs out and demands earnest money back, threatens to make my life hell if I don’t agree
- (PA) Radon-what number is low enough to not “worry”?
- Does Instagram work for you?
- [NYC] How to not go through with a broker (messy situation)
- 100% financing from lender?
- Seller has not repaired septic; supposed to close in 2 weeks
- Seller is backing out on lot size
- BPOs- Greater LA
- should my closing cost be this high
- implications buying a house for parents
- Buying a house
- No Seller’s disclosures, do I have access to a previous inspection report?
- Online Licence
- Reasonable fee for real estate negotiation
- Knob & Tube Homeowner with insurance
- GSFA vs Wells Fargo Neighborhood Lift?
- Property in Texas went in pre-foreclosure for unpaid $2,000 of HOA fees
- FTHB: Inspection today, moisture in basement
- Help me understand how repair credits work and the risk of red flags for financing.
- Home Inspection (Massachusetts)
- I'm doing research for a school project and I know nothing about the home loan process. If I (an external consultant) worked with the home seller, home buyer, and/or real estate agent, could I make energy efficient upgrades to a house and build it into the price, and therefore the mortgage amount?
- Short sale and foreclosure
- FIRPTA Questions
- What does a state typically end up doing with property that it decommissions? There’s a small college campus in my area that might get closed down, and I’m curious what options for it the State might consider. Thank you!
| After months of preparation, sellers decide to list with another agent. Posted: 30 May 2019 12:32 PM PDT Homeowners were a retiring couple relocating across the country and found me online. They said they had interviewed several agents but chose me based upon my established web presence, marketing activity, authenticity and "young spirit." When I met them for the first time at their home, I had brought my recommendation of $340k with me and a report of recent comparable home sales to back it up. Before presenting it, I had asked them what they thought their home was worth and what their ideal sales price was. They were adamant about starting at $400k and asked my thoughts. I told them it wasn't going to happen at $400k and if somehow it did (after 784 days) it would never appraise. I told them my original suggestion of $340k was a rough estimate made prior to ever even seeing the home in person and that I would find everything I could to support a higher list price. Home sales in this neighborhood sucked over the winter despite its high demand and low inventory but things were heating up quickly with spring. They didn't plan to list for another 2 months anyway, so we had time to see what other homes were selling for. I spent a few weeks doing some serious research and digging. Even consulted professionals to help appraise & place value certain unique aspects of the property. A few more homes had closed with slightly higher sales prices than the winter comps and I was able to come back 2 weeks after our original meeting at $375k. That was the highest fair market value I could support and that depended upon how you would define "fair." I said we could start there and see what happens, but that it was still a stretch so don't expect a contract in 2 days like other homes in the area. I also explained how important the first few weeks on the market were and warned them of the potential consequences of over-pricing like fewer showings, less traction and loss of interest. My choice would have been to list at $360k, so I needed them to know who to be mad at when things weren't going as well as they hoped. They decided on $375k. A few more weeks went by, they were completing some upgrades and we checked in with each other periodically. I reached out about a week before the planned listing date to set up a meeting to complete/sign the contract agreement. That's when they broke the bad news. "Thank you so much for everything, but..." Honestly, I took it pretty rough at first. It was like a bad breakup...via text message, with no explanation, followed by weeks of me shamefully stalking the internet to see who they left me for. So exactly like a breakup I guess. Anyway. Once the house hit the market, it was pretty clear why they chose this other agent. It sat at $400k for over a month and has been reduced 4 times since. And now, 4 months later, it's been sitting right below $375k for weeks. I am not a bitter ex...honestly, I wish them the best. But when things aren't going as well as they hoped and it takes them months longer to sell for even less than the $360k I suggested, I hope they remember who to be mad at. I'll lose a thousand more listings to over-pricing agents before I agree to screw a seller over just to win a commission. [link] [comments]  |
| Buyer backs out and demands earnest money back, threatens to make my life hell if I don’t agree Posted: 30 May 2019 08:19 PM PDT Long story. I bought a house recently and tried to unload my crappy condo in the hood. Real estate agent brought some investors through before listing it in the open market because it's in shoddy shape and I told him I just want get rid of it. One made a cash offer for 55k. We signed the purchase agreement he had $1000 in earnest money deposit. He wanted it empty with no appliances. In preparation for closing day I donated my washer and dryer. Stove and fridge were to go to my moms basement kitchen (thats beside the point). Two days before closing he says he can't come up with the money and wants to do a land contract instead. Real estate agent advises against it. I decline it. Then agent tells me the buyer wants his earnest money back. Apparently the buyer said if he doesn't get it back he will put a lien on the house and make my life a living hell. My lawyer friend (I didn't hire him just asked for advice) said don't sign anything he has nothing to stand on and it would be a criminal offense to put a lien on the house. Real estate agent says just sign the paper. It's not worth the battle and it could possibly hold up the sale if someone else made an offer. I understand both arguments. The money is legally mine and I'm out a washer and dryer because of this douche. At the same time I just want to move this thing. The place is paid off so holding onto it doesn't cost anything besides cheap taxes and hoa. I can afford it but is it really worth it for $1000? [link] [comments]  |
| (PA) Radon-what number is low enough to not “worry”? Posted: 30 May 2019 10:05 PM PDT Hi. I received my radon results from my potential-home inspection. When I was checking online for a chart or recommendations-eesh; the levels seemed all over the place! Is there any semi-unbiased guideline on this or is everything from radon remediation companies? Am I that bad at the Internet? [link] [comments]  |
| Posted: 31 May 2019 12:26 AM PDT I've seen a lot of agents have their Instagram but does it work? Have you had many leads coming from posting your listings? I am just starting and want to focus on where is the most return for the effort. Instagram is important to build trust, but is it needed for this industry? [link] [comments]  |
| [NYC] How to not go through with a broker (messy situation) Posted: 31 May 2019 03:47 AM PDT Recent college grad. I responded to a post for an apartment I saw online for a 3 bed for $3300 each. The guy told me he could show me a few similar units in the building (this one was off market) so I agreed to meet. I get there, and turns out this guy is a broker. He only showed me apartments that were $4000 (none of my roommates are going to pay this - very tail end of our budget and apts are very small) and was trying very very hard to get me to just put my money down on one. I was so uncomfortable, was alone and had no clue this guy was even a broker when I showed up. I feel so terrible now because he wasted 2 hours showing me apartments but there is no way I am going to be able to sign on one or get my roommates to agree. Every time I was hesitant about the apartments he pushed harder. He didn't have my name or anything until after all of this happened. I am so scared to bail now - he knows my employer, name, etc. Is this unethical? How do I appropriately remove myself from the situation? Thanks! [link] [comments]  |
| Posted: 31 May 2019 03:07 AM PDT My bank offers 100% financing for homes at a 4.2% 30 year fixed rate. Whats the drawback? Would there still be PMI for a conventional loan? [link] [comments]  |
| Seller has not repaired septic; supposed to close in 2 weeks Posted: 31 May 2019 02:58 AM PDT This is an out of state purchase and I need to move in 2 weeks to begin a new job. All contracts were signed 2.5 months ago, repairs agreed to. After weeks of silence, my lawyer finally got an answer yesterday--the seller has NOT done any of the repairs, including a replacement of the septic system. In fact, they have not yet filed the appropriate paperwork with the state for septic replacement plans. In short, the sellers say they are not ready to close on the day they agreed to 2.5 months ago and at this point do not have a date when they will be ready. Possibly relevant--the owners live in Europe, the tenants have already moved out so the house is empty. Here's the thing--I need to move in 2 weeks, period, and rentals are few and far between in this area. What are my options? Can I insist on this closing date regardless and put escrow clauses into place for repairs? Can I live in a house while the septic is being replaced? All advice appreciated. [link] [comments]  |
| Seller is backing out on lot size Posted: 30 May 2019 08:48 PM PDT My husband and I are buying our first home. We started our search in February and found a home still in construction phase. It was listed as a 3bed/2bath sitting on .4 acres. We put in an offer, the sellers countered for a higher price and we accepted. The contract stated we could pick paint, black appliances would be included, and the yard would be raked and level. Even though the listing said it would be completed in March they asked for another month so the closing date was set for April. (Sorry the details kind of matter) [link] [comments]  |
| Posted: 31 May 2019 02:16 AM PDT Does anyone have some information about any sort of bpo work in Los Angeles. I've heard good things about companies such as clear capital. But I've also heard that now a days you can only get about $20 for BPOs, and some agents even do it for free. So I'd like some help as I've been hearing mixed answers. Thanks [link] [comments]  |
| should my closing cost be this high Posted: 30 May 2019 05:41 PM PDT hey guys i am in the process of buying a condo and was wondering if my closing cost should be this high. purchase price on condo was $125k and the bank is charging me ~$6.3k in closing costs. does that sound about right? [link] [comments]  |
| implications buying a house for parents Posted: 30 May 2019 10:45 PM PDT I am American and live overseas and own no other properties in the US. The plan is next year to buy a house somewhere in Florida for my parents to live in when they retire (late 60s). What would be the implications for me since I wouldn't live in the house, but also wouldn't have any other state attachment in the US? Could it be my primary residence or would it be an investment property? [link] [comments]  |
| Posted: 30 May 2019 11:54 AM PDT Hoping anyone can help me with this. I live in NC, Research Triangle area and want to buy a house. My budget is around 250k (30 years/ 20% down). Started this process about 2 months ago with no luck. I started putting offers with 2-3k under the price and got nothing. Then started to put offers with the asking price and still nothing....so I started making offers with more than the asking price. For example: a house was listed with 212k, I offered 217 and nothing, another one was 250k, I offered 256 and nothing, another was 239, I offered 245 and nothing. The due diligence and deposit were at 1k and 1k for all offers. Is there something I need to change or do? Thank you! [link] [comments]  |
| No Seller’s disclosures, do I have access to a previous inspection report? Posted: 30 May 2019 05:38 PM PDT Hi everyone, I am planning to put a bid on a duplex. I looked up the owner of the property and I also found a (December) obituary. The house does not say that it is a sale of the estate, but the seller disclosures are blank and it went on the market in late February. So I think it is safe to assume that it is the estate. However, in March, there was a bid that fell through due to financing. They specifically said that I could not use the bank (PNC) for my lending. Here is what I am wondering:
Basically looking for any tips. [link] [comments]  |
| Posted: 30 May 2019 04:26 PM PDT Anybody Here gets their Real estate Licence Online? I work Full time in Property management now and am looking to Get my Licence in my downtime. I do see a lot of websites that do Offer online courses. Can you Provide me with the one that you used? Any Tips will help Thank you. [link] [comments]  |
| Reasonable fee for real estate negotiation Posted: 30 May 2019 08:03 PM PDT We may find ourselves on the sell side in a private party real estate transaction. At a minimum, we would hire an attorney to represent us at closing, however we may have a real estate broker to assist in the negotiation. Considering the broker was otherwise not involved in the transaction (marketing, showings, contacts, paperwork, etc) other than completing a market analysis of the property and grinding a deal with the buyer, what's reasonable? If we set it up as "if you can get the buyer to agree to $X (or more), we'll pay you $Y" what $Y should we pay? Let me reiterate that the broker did not list the property, did not connect with a buyer, wouldn't be agent for closing. Just handle the negotiation of price after the buyer came to us with an offer to buy. Typically the seller pays 6%, split four ways. FSBO, the seller may offer 3% to the buyer's agent/broker. In a traditional listing, each agent/seller gets 1.5%. That seems a little high for this instance, but I'm here for advice. Thanks! [link] [comments]  |
| Knob & Tube Homeowner with insurance Posted: 30 May 2019 07:20 PM PDT I've owned my home for 5 years and have been insured throughout that time. About 4 yrs ago I moved cities and began to rent out the home and switched to a homeowners insurance for a rental. The house has knob and tube wiring, which is clearly visible in the basement. Recently I've read up on knob and tube and found out that homeowners have trouble getting insured with K&T. I never had an issue but I also can't remember ever disclosing the info to insurers. I want to make sure my insurance covers me in case of a fire due to K&T but I'm concerned they may cancel my insurance if I call and disclose now. If it is insured properly, I'd look to get the K&T replaced in 2ish years when I'm planning on moving back into the house, but if I lose insurance I'll have to tackle this immediately with a renter currently in the house. What's the best way to approach this with my insurance (Travelers/Geico)? [link] [comments]  |
| GSFA vs Wells Fargo Neighborhood Lift? Posted: 30 May 2019 07:08 PM PDT WFNL is offering a 20k grant in my city and I know GSFA offers a 5% grant, but none of these sites show cons such as higher rates... are these too good to be true? [link] [comments]  |
| Property in Texas went in pre-foreclosure for unpaid $2,000 of HOA fees Posted: 30 May 2019 06:54 PM PDT Hey Reddit, I need some help. I have a condo in Texas which has gone under pre-foreclosure (trustee sale) for not paying HOA fees for the past 6 months. I just found out about it after some guy showed up after my door and told me. I received no certified mail notice that I owe money to the association (which I am supposed to receive apparently). I checked and found out that I now owe $2,000 worth of unpaid HOA fees (which I can pay immediately as I have the funds on hand). I was wondering how can I pay this off and save my property and keep it? I am very concerned. By the way, the date for the sale is June 4, 2019 and I have the contact info for the attorney and everything. Please help. Thanks! Update: I forgot to mention that I checked the county's foreclosure records and they have a notice of trustee sale posted on their website with all the info about the sale and trustees. tl;dr: Condo gone into trustee sale for unpaid HOA with no notice received. Have cash on hand to pay off immediately. What should I do and what does the law say? [link] [comments]  |
| FTHB: Inspection today, moisture in basement Posted: 30 May 2019 03:07 PM PDT So not really a first time home buyer. 21 years ago, we bought a brand new double wide mobile home. We paid it off last year and during those two decades dealt with mold, broken pipes, new HVAC, and the house just generally falling apart around us. Sold it a year ago to a wholesaler, took our paltry sum and moved into a new construction town home. Inherited a large chunk of money in the last six months and thinking it might be wise to invest in a home. We're in our late 40s/early 50s, so we wanted a patio home so we didn't have to worry about yard maintenance. Found the perfect one, right in the area we wanted. It's got a basement and some work has been done to prevent foundation shifting (8 i-beams along one basement wall) and moisture in the basement (cracks have been treated and filled with epoxy). Today was the home inspection. My realtor kept stressing I didn't need to be there, but I had the time so I was. There was an issue with the roof where a skylight was removed (in Dec 2018) and the shingles are curling. The seal on every single window on the ground floor is broken and they all have moisture in them. And then we got to the basement. In addition to the wall where the work was done, there is a family room, bathroom, laundry room and bedroom. Along the corner of the family room, there was significant moisture. I think it read 60% and when they took a reading with the infrared camera, you could see the damage. Then when you looked at that and then at the sheetrock, you could see the staining. There was also another area in the same room that was not as large, plus an area in the bedroom. My realtor suggested they could just get some big fans down there to dry out the sheet rock, but the inspector saw staining on the tile floor in that area from moisture as well. It has rained A LOT in this area this month. From everything I've read here, we probably need to back out. I don't think myself or my husband has a problem doing that, but the realtor also says we have to send a repair condition and give them a chance to say no to the repairs in order to get our money back. Here's the thing -- I did mold in the mobile home and I'm not doing it right off the bat in a $200K home. The inspector seemed to think that they would have to dig around the foundation, water seal it and then regrade the yard (which has already been done in the last six months). In order to do that, they'll have to tear up the patio deck and fence. A fan to dry it out is not going to be enough for me. My husband says if they make the repairs, he'll by the home. What is the feeling of those on this board? Walk away, potentially lose the $1000 in earnest money, $500 for appraisal and $600 for inspections? I have no problem chalking up $2000 to a lesson learned, but if they're going to sell the house, this is going to have to be done. If they'll agree to do it, who do I need to ask do the work and inspect it to make sure it's done right? [link] [comments]  |
| Help me understand how repair credits work and the risk of red flags for financing. Posted: 30 May 2019 06:39 PM PDT We're finally under contract and inspections have all been completed. There is an issue with the septic being up to code and we had an estimate to get it fixed, about 4000k. We want to ask the sellers to split this cost with us but we would like the work to be done after closing (don't want to delay closing, which it would and we kind of want to be able to oversee the repairs.) We're first time home buyers and my head is just spinning. Our agent has discussed this with me but for some reason I'm just not understanding how this works. Apparently putting the request in the contract could put our financing at risk (conventional loan, 10% down)... that's terrifying to me! So another option, if I'm understanding this correctly, would be asking the seller for help with closing costs (we originally were covering them 100%). Does this not raise red flags? Is the bank going to question any changes to the original contract? How do people handle this? Am I more anxious than I need to be... which wouldn't be uncommon lol. I need someone to explain like I'm five! [link] [comments]  |
| Home Inspection (Massachusetts) Posted: 30 May 2019 06:29 PM PDT In the process of purchasing a new home, it will be a new construction and we are getting a VA Loan. Talked to the our lender today and I was told a home inspection and pest inspection are not required by the lender for us to close and is up to us if we want that done and if it's done we just have to let her know to be included in the closing costs. Thanks [link] [comments]  |
| Posted: 30 May 2019 06:15 PM PDT The goal in mind would be to increase the mortgage payment, say $10 a month, but decrease utility expenses by an estimated $20 a month? Is this possible? Legal? A terrible concept and I should just drop out? Thanks! [link] [comments]  |
| Posted: 30 May 2019 06:03 PM PDT Would appreciate another take on this situation. I am under contract on a short sale and the bank has indicated that they are reviewing my offer. The problem is, that has been the message for the last 6 months with no real change in status. My contract with the seller stipulates that the deal is subject to the bank's approval. I recently learned that the bank is putting the home up for public auction at a foreclosure auction. If the bank doesn't approve or deny my offer by the time of the auction, am I personally allowed to bid on the home and potentially take ownership? If the answer is yes, would I then get my deposit back that is being held in escrow by the seller on the short sale? [link] [comments]  |
| Posted: 30 May 2019 01:53 PM PDT Hello, I am a foreign national selling a house I bought in 2005 in Maryland. The house is in my and my wife's name 50/50. I'm going to take a loss on the house (this remains to be seen because of depreciation but if I make anything it will be very little, I purchased it for about 525k and will sell it close to 490k.) Is there any paperwork that needs to be submitted to the federal government in order to become exempt from paying the 15% tax? Also I assume the tax would be payed on the capital gain and not the total value received from the sale e.g. 490k, so I would pay nothing or very little depending on depreciation, is this correct? For Maryland I am having my accountant fill out form MW506AE which should exempt me (as far as I understand) from paying the 7.5% state tax. This form says it needs to be submitted not after 21 days before closing. I want to make sure I'm not missing anything else. I am doing this through a reputable realtor, but any mistakes could be expensive so all advice is appreciated. Edit: I have not lived in this house since 2010, and the house has been rented out since then. All taxes have been paid, the only thing is that last year my wife didn't file state or federal taxes, per the instruction of my accountant, I reported the total amount received from the rental of the home and paid property taxes. Do you see any issue with this? Thanks guys. [link] [comments]  |
| Posted: 30 May 2019 05:13 PM PDT |
| 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