Sellers refuse to complete any repairs. What should we do? [WI] Real Estate |
- Sellers refuse to complete any repairs. What should we do? [WI]
- Seller wants to leave their possesions in the house for 24 hours after closing.
- Looking to sell my house and counters need replaced. Should I replace, leave them alone or offer some type of incentive?
- I’m interested in a foreclosure but the realtor says he is only taking cash offers because of a CO problem.
- Seller countered to not offer HOA financials
- Rule of thumb for cost of building new from scratch (not in a developed neighborhood)?
- Half acre downtown lot
- POTENTIAL PROBLEMS BUYING 120-YEAR OLD HOUSE
- Can new landlord kick me and my housemates out? (California)
- I have a home inspection for a house in Norfolk tomorrow morning, what questions/should I ask inquire about?
- Reason for off/pre-market/private/pocket listings ?
- Closing on new home few days before selling old home
- Relo Company Requiring “Verified” Pre-Approval
- How to Find The Right Property To Invest In
- Buyer keeps requesting extensions for closing date in order to obtain clear to close, should I re-enlist instead?
- Pool-home insurance
- Leak between units
- Best books on learning about real estate
- Prospective home under contract 4 times over last 10 mths... What’s wrong?
- Listing Agent Not Playing Nice (LONG READ, so sorry!)
- Questions about cosigning on a mortgage
- Anyone familiar with the MLS systems around the Bay Area?
- Home purchase failed septic issue (NJ)
- Online Real Estate School for California??
- How to get a professional for a walk-through?
| Sellers refuse to complete any repairs. What should we do? [WI] Posted: 13 Jun 2019 09:09 PM PDT We are first time home buyers and are in the process of closing on a house. We have looked at 40-50 houses and this was the first one that felt right. It doesn't hit every thing we wanted but it is close enough. When we got the home inspection report, there were a few items that really concerned us. The water heater is 25 years old and vents through a chimney. Because of this, the condescension has degraded the chimney. We either need to replace the water heater and vent outside (the more affordable option), or repair the clay lining of the chimney. The flashing on the roof on the south end and around the chimney is separating and needs to be repaired. The mortar joints around all the windows need to be repaired as well to prevent moisture getting in. These are only the big things we are concerned about because we live in the Midwest where winters can be brutal. This doesn't even touch upon the laundry list of things that need to be fixed, including replacing the detached garage roof and installing new basement windows, etc. The house was built in 1948. I love the charm of an old home, but it is apparent the current owners have not taken care of the home's internal health. The kitchen is in dire need of updating as well. The sellers refuse to complete any repairs before closing. They offered a credit but won't pay more than $2000 (if even that). They think the house had been kept in prime condition and since they accepted the offer below listing price (about $4000), they don't need to budge any more than they have. I'm so new to this that I can't tell if this is normal or if I need to fight for what I think the value of the home is - which is not as much as they want to sell it for, obviously. Should we back out and start the hunt again? Be more firm in our demands? Or take it as it is and realize this is how it is going to be when you buy a used home? [link] [comments]  |
| Seller wants to leave their possesions in the house for 24 hours after closing. Posted: 13 Jun 2019 06:40 AM PDT I've read through a few old posts regarding sellers wanting to stay in their home for a week or a month, renting the home back to them, or leaving possessions in the garage or something, but this is kinda different. We're winding down the process and at the inspection this week, the seller said they are going to leave a few things in the house for one day, their friends are helping them move and can only help on a Saturday (we're closing on a Friday), and it'll all be gone within 24 hours after closing. Not asking, telling us. They're dumbfounded how people can move everything out on time (hello it's called storage units, movers, and Uhauls...). They are NOT going to be staying in the house after closing, just some of their larger possessions will remain behind. Little back story, these sellers are kinda nuts. Give them an inch, they take a mile. They fired two attorneys, fired their realtor on the house they want to purchase after they move, don't use computers, they're late 60's / early 70's, kinda ignorant to put it bluntly, and they think their house is a palace (it ain't). My wife and I love the house, the location, see a lot of potential in it, and have been more than patient with them. With the market we're in, in our price range, it's cut-throat, otherwise, we would have walked a long time ago. Long story short, my wife and I do not want to do this at all. Our realtor is 100% behind us and saying there's no way this is going to happen, but we need to tread carefully at this point since we still have to get a few things under us before we move forward and finalize everything. I would imagine from a liability and insurance standpoint this is also an issue. Someone hurts themselves moving the seller's furniture in my house after I own it and have my insurance on it, I'd be getting sued! And the sellers are saying they'll keep "fire insurance" on the house until the end of day Saturday (what the hell is fire insurance?!) Besides the point, they're crazy cat people, and we're both deathly allergic to cats, so day one we're going to start ripping up carpet and sterilizing the place (after we change all the locks). Them staying wasn't in our original contract, brought up at all during attorney review, or mentioned at any other point. My lawyer isn't the greatest, he gets the job done, but I wouldn't recommend him to people. I'm going to reach out to him, but he's slow, is in court frequently, and will likely take a few days to respond. Question is, what options do we have at this point? Can the sellers make these demands? We've dumped close to a grand into an elevation certificate and inspection at this point and do not want to lose the house. We're afraid 24 hours will turn into a week. A few large possessions will turn into half their stuff. Again, give them an inch they take a mile. Does anyone have any advice or experience dealing with a situation like this? Extra Info:
EDIT: You guys are really helpful, thank you so much! [link] [comments]  |
| Posted: 13 Jun 2019 08:08 PM PDT I'd like to get opinions on how important replacing these counters would be. I have little cash to replace and I'm hesitant to take a loan because I'll be applying for a new loan soon. They are laminate and have a round pan sized burn spot on them... I've heard two trains of thought...someone coming in would want to pick their own any way so offer a credit? Or should I just bite the bullet and do a lower end replacement? Our kitchen is 16 years old and builder grade everything any way....pretty outdated and it's highly likely someone will gut it any way. We are in a pretty hot market and houses are generally going fast..opinions?? [link] [comments]  |
| Posted: 13 Jun 2019 04:28 PM PDT I'm a first time home buyer. This house is selling really cheap and gets cheaper every month. I had to call the realtor maybe 10 times over 2 weeks (leaving one message) before I finally I got in touch with him. I think he may be saving this house for a friend or something. It's a 3 family home so the Certificate of occupancy may be a problem but I didn't think it could stop people from getting mortgages. Does this sound right to you guys? Do banks usually ask for cash offers or is this guy just making things up to scare me away? Edit: CO=certificate of occupancy [link] [comments]  |
| Seller countered to not offer HOA financials Posted: 13 Jun 2019 10:35 AM PDT Hey All! We currently have an offer in on a condo we really like. It is a great location, recently updated, with a reasonable HOA. When we went to put in an offer, we found out that there were already two offers on the property. We scrambled the jets and submitted an offer 25k above asking. Today, the seller countered to everyone asking for best and final. They also countered on some other aspects that seemed weird to me and I wanted to get everyone's thoughts on if these are reasonable.
This is on top of a generous lease-back we gave to the seller who hasn't found a new place yet (30 day free lease back and 30 day lease back for PITA). We also found out this morning that we were the highest offer so we are not really inclined to go higher. The market in the westside of LA has slowed down a bit and I am hoping to leverage that to our favor. Do these counters sound reasonable? In particular, the lack of HOA financials worry me but I am not sure if we can get that from somewhere else. Edit: Thank you everyone for all the helpful advice! I have talked to my realtor and we are standing firm with our offer especially since we are the best one they have at the moment [link] [comments]  |
| Rule of thumb for cost of building new from scratch (not in a developed neighborhood)? Posted: 13 Jun 2019 04:07 PM PDT I suspect this is highly dependent on location, but I'm going to go ahead and ask anyway. I'm wondering if there are any rules of thumb relative to estimating cost of new construction on bare land, not developed as part of a neighborhood/HOA. My hypothesis is that building new (buying a piece of land, going through perc, building, etc.) is going to be much more expensive than buying existing but by what factor? Is there a rule of thumb we should consider? [link] [comments]  |
| Posted: 13 Jun 2019 02:08 PM PDT Hi everyone, Six years ago my husband and I purchased an empty 1/2 acre plot of land in downtown/South Dallas. It's 5 minutes from downtown, a 15 minute walk to the Dallas Zoo and literally a stones throw from a Dart Rail station. We don't want to let it go because we don't need the money right now, we would prefer to take whichever route will take care of us long-term. Neither of us know what we're doing, but someone approached us about leasing it out to build condos. We're 28, minimal debt and we own our home. What's our best move? [link] [comments]  |
| POTENTIAL PROBLEMS BUYING 120-YEAR OLD HOUSE Posted: 13 Jun 2019 05:02 PM PDT Hello, all. I've been lurking for some time and I've learned so much, so first of all I want to thank the community here. I'm a first-time buyer. The house we are interested in is 120 years old. What are some potential problems when you buy a house that old? We just had an inspection today and they said the house was in good shape, only a few tiny problems. Does anyone have any input or special things to be mindful of when buying an older house? [link] [comments]  |
| Can new landlord kick me and my housemates out? (California) Posted: 13 Jun 2019 06:04 PM PDT Hi, I currently live in the Los Angeles area with 2 housemates in a property that costs us about $1800 a month. This is really good because it is a 3 bedroom apartment. Just last month our original landlord sold the building and today I come home to a 60 day notice to vacate the premises. Our agreement was month to month which is good and unfortunately now one month into new ownership we are being asked to leave. Is this legal? Is there anything we can do about this? [link] [comments]  |
| Posted: 13 Jun 2019 05:59 PM PDT |
| Reason for off/pre-market/private/pocket listings ? Posted: 13 Jun 2019 07:49 PM PDT Why do people opt to sell their places before they hit MLS, the general public? It seems like a popular option around chicago these days. Wouldn't you want to get as much exposure as possible? [link] [comments]  |
| Closing on new home few days before selling old home Posted: 14 Jun 2019 03:19 AM PDT Is there any situation I would be allowed to close on the purchase of my new home a few days before the sale/closing of my old home? I have enough cash to cover all closing costs and down payment, however my D to I ratio will not be satisfactory to cover both mortgages i believe. My buyer is committed and the purchase of my home would be 3-4 days after I purchase my new home. It would be a god send as far as logistics work. I purchase my home on friday, move out over the weekend, my buyer purchases my home monday or tuesday. [link] [comments]  |
| Relo Company Requiring “Verified” Pre-Approval Posted: 13 Jun 2019 05:38 PM PDT We are buying our first home & the seller is using a relocation company. We have already come to a verbal agreement with the seller on all terms, but the papers can't get signed until after the relocation company approves us as buyers. They are requiring the phrase "financial statements were reviewed & verified" in the preapproval letter, but our lender hasn't been able to add the single word "verified" yet. I'm waiting on more information tomorrow, but am going a bit nuts tonight trying to figure out how difficult it will be to get a lender to state that the financial information we provided is "verified". We provided bank statements, tax returns, W2s, etc. Tomorrow is the deadline to sort it all out, so has anyone had any experience with this? The realtor is saying he thinks it should be fine, but it just feels like he's not letting on if it's actually a real concern. Bottom line: Looking for someone with experience with this kind of thing to help me rest more easily tonight. [link] [comments]  |
| How to Find The Right Property To Invest In Posted: 14 Jun 2019 02:15 AM PDT If you have never invested in property before one of the biggest questions is what area do you invest in? Go local or out of town for cheaper properties. For me the best strategy has been to stay local. [link] [comments]  |
| Posted: 13 Jun 2019 03:27 PM PDT I'm selling my first home and quickly got a potential buyer, so the property went into contingency. All was going well, I made the requested repairs by the buyer and had a closing confirmation, but a week before we were supposed to close their lawyer asked for an extension to obtain the clear to close for a week after they were supposed to have received it, and a couple days before we were supposed to close. This then turned into another request to both extend the deadline to obtain to close and to postpone closing date as well. I've gotten four or five requests so far, each time saying that they are "very close" to obtaining it, but I got yet another request with a deadline that is a month after they were originally supposed to get it and this is getting tiresome. Should I wait for them to obtain the clear to close, or is this a huge red flag that they may not get approved and I'm just wasting my time? My lawyer has asked why this is necessary, but not sure how truthful their answers are and feel like I'm just getting pulled along. Thanks in advance for any advice. [link] [comments]  |
| Posted: 13 Jun 2019 06:54 PM PDT How much does your home insurance go up per year with a pool? I've been reading that you want to increase your liability and possibly get an umbrella policy (what is that)? Thanks! [link] [comments]  |
| Posted: 13 Jun 2019 06:27 PM PDT Hi, I've been flailing around trying to deal with this situation but thought it would be helpful to ask for your advice. I'm a first time property owner and I own an apartment in an apartment complex on the 2nd floor which I rent out to 2 tenants. A few weeks ago, water started leaking through the light fixtures in the roof. 30 minutes later, the leak stopped and everything was back to normal. We contacted the unit above and they said they would get someone to inspect. The plumber they called in said it was an issue with the main line and that we should contact HOA. HOA sent out a plumber and I asked them to send me the report after, but the person I was working with just left the company and now the new person has no idea what's going on and is trying to get the old report. Basically I'm trying to assess whether or not there was water damage to my unit especially in the roof as a result of the main line leak and was waiting on HOA's inspection, but now I'm thinking I should have called my own inspector in? I want to make sure I take care of this as soon as possible so any guidance would be helpful, thank you! [link] [comments]  |
| Best books on learning about real estate Posted: 13 Jun 2019 03:27 PM PDT Hi redditors, I'm trying to find some honest, updated reads on real estate investing and renting. Everything seems pretty scammy when I go on Amazon, and the book recommended on this page is 10 years old now. Does anyone have anything that they recommend reading? [link] [comments]  |
| Prospective home under contract 4 times over last 10 mths... What’s wrong? Posted: 13 Jun 2019 07:00 PM PDT I'm looking to view a particular home in Clayton County, Georgia. Today, I noticed on the listing page that the home had been RE-listed 5 times over the course of the last 10 months. 4 out of 5 times, it read "under contract" before being relisted (1 time, it read "DE-listed"). My best guess is that the seller is failing to reveal something about the home and allowing the buyer to find out at inspection. Any other guesses as to what could be the problem? Anyone seen this kind of thing on listings before? I want to add that on the Clayton County flood map website, the property seemed to be located very close to a flood-risk zone. I'd venture to say less than 500 yards... However, I don't have the depth of perception to read flood maps... So, I wonder if the consistent relisting has anything to do with flooding. Thanks in advance, everyone. [link] [comments]  |
| Listing Agent Not Playing Nice (LONG READ, so sorry!) Posted: 13 Jun 2019 06:53 PM PDT So I had to vent, but also make sure I'm not crazy here. Let me lay the groundwork first. I'm a Realtor in Alabama, started in September of last year and overall (thankfully) have been doing pretty well. The market is on fire in my area, so I've been getting listings and I've also been getting to take on several buyer clients. When it comes to my listings, once they go under contract and the earnest money has been turned in by the buyers, I mark the property PENDING in the MLS. If anything falls through I'll move it back to Active, but otherwise, with communication with the other agent regarding getting inspections done and taking care of anything the title company requests from me, I step back and let the financing process do its thing. Every other agent I've worked any transactions with in my area has done the same thing. Once the property is under contract, it's not going to be shown anymore unless the deal falls through and it's put back on the market. Now, with all that out of the way, this is what has aggravated me today. I'm representing buyers in this case, and the home has been under contract since early May with a closing date of early July (longer timeline, but buyers have a rental to get out of, and sellers agreed to the closing date). My buyers put down a hefty Earnest money deposit, and they've stayed on top of getting their home inspection, turning in any and everything the lender has needed, and keeping me posted on that end. They've been great to work with. Well, the listing agent first of all has tried to get the closing date moved up twice, despite my repeatedly telling her that they can't. Then I notice by June 1 she's still got the house marked ACTIVE in the MLS. I leave it be (definitely learning how to choose my battles carefully in this business), but I don't like it. Meanwhile she keeps bringing up the financing contingency and "when is it gonna be removed?" It's removed when the lenders give the Clear to Close, which around here is usually three days to a week before closing. And I'm thinking that she should know that, but I'm like "it's going great, the lender says things are rolling right along smoothly." Then today she texts me and asks if my buyers will sign an addendum REMOVING the financing contingency, because she needs to know this is a "committed contract" before marking it PENDING, and until that happens the home has been and will continue to be shown. We're a couple weeks away from closing, mind you, and we're only waiting for the CTC. At this point, I call my broker, because I know if I respond with what I want to say in the moment it's not going to go well. This other agent is from the same office I'm under, by the way. Not awkward at all, right? My broker has to remind this Realtor, who's been in this business for decades by the way, how the financing contingency works, and that the process is going exactly as it should, etc, and that no, there will be do addendum, because it's completely unnecessary and uncalled for in this transaction. As of now, the property is still Active in the MLS. I guess it will be and will still be showing until the CTC comes in. Has anyone else ever experienced a situation like this with another agent? Or for that matter, does anyone on here do that? Just curious. It's legal I know, but unethical and in bad faith to say the least when the buyers have been committed to the contract (I mean, the big earnest money check wasn't enough to show that?) since day 1. I was pretty floored. [link] [comments]  |
| Questions about cosigning on a mortgage Posted: 13 Jun 2019 05:48 PM PDT Is it possible to have a side agreement that dictates what happens in case of default or death of the primary borrower? For example, an agreement that says if the primary defaults or dies than the cosigner has some sort of rights to the equity of the house to cover the remaining mortgage? The situation in question would be cosigning for a $65k loan with $120k equity already in the house. [link] [comments]  |
| Anyone familiar with the MLS systems around the Bay Area? Posted: 13 Jun 2019 03:16 PM PDT Can someone help outline how the MLS works in the Bay Area? I just got my license and am confused by which MLS I need to join. Someone I chatted with mentioned there are multiple MLS in the Bay Area and I would need to join all of them if I want to have access? Does anyone know how much membership for each one costs? I am hoping to look at deals in the following areas / cities:
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| Home purchase failed septic issue (NJ) Posted: 13 Jun 2019 05:01 PM PDT Hi everyone! Looking for some additional opinions here. We're looking at purchasing a home in NJ. List price is about 330k. Put an offer in on a home, but they had already accepted someone else's offer and were in attorney review by the time we got ours in. However Owners said they really liked our offer better and wanted to take it but couldn't. They do their Inspections and the septic fails (roots in the septic, I think. That's a thing right?) and the deal with the other buyers is in danger of falling apart. If that deal falls apart, they'd be willing to do a give back of 25k but the septic becomes our problem. Now, this is the gist of everything. Throughout the process, the owner (and their realtor, but mainly the owner) has been proactive speaking to our realtor (a life long family friend I trust entirely) and inquiring if we are still interested, etc. In your opinions, is it worth it to consider taking the deal? Or stick with original offer with the caveat that the septic must be fixed by buyer? Appreciate your knowledge! [link] [comments]  |
| Online Real Estate School for California?? Posted: 13 Jun 2019 08:35 PM PDT I am going to get my real estate license in California and I am looking for suggestions about accredited online school options. I have looked at the official California Real Estate website and can't find anything. I specifically want an online school. Any suggestions for schools are appreciated! [link] [comments]  |
| How to get a professional for a walk-through? Posted: 13 Jun 2019 08:01 PM PDT Looking at a home(our first) in Southern New Jersey that we know will need work done. We have not put an offer in yet and have not settled on a contractor. We'd like to do another walk-through of the house (it's not inhabited) with someone knowledgeable enough to see possible issues. One contractor is willing, for a hefty fee, while others are not(which I can understand). Any recommendations on how to find/get a contractor or engineer for a walk-through. Has anyone done something similar or used another type of professional? [link] [comments]  |
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