Seller OK with backing out of contract. Agent is threatening legal action. Real Estate |
- Seller OK with backing out of contract. Agent is threatening legal action.
- Increased price on MLS after accepting offer
- When buying a house, who decides what repairs are required?
- USDA Process - Lender Approved, Waiting on USDA
- Is a home warranty worth it?
- Honestly just curious about the apartment we just moved into and the second bedroom, if it counts as a bedroom?
- FHA loans and charged off accounts
- How complicated is it to sell your home without an agent?
- Landlord claims he's not selling the units, but is bringing in appraisers, inspectors, and contractors
- Need advice from realtors/investors. Posted this in a FB group too but wanted to hear what you guys have to say.
- A sticky situation.
- Buying home from relative
- How important is location when trying to rent out single family homes?
- Procuring Cause?
- renting a room but owner is out of the country
- Is Owning.com trustworthy?
- Flood insurance and selling a house? Does anyone have advice on selling a house in an AE Flood Zone? Flood insurance was dropped due to cost years ago after the House was paid off. I’ve inherited the house with another person and cannot sell it due to the flood plain it is located in. Any advice?
- Just bought a new house. Have to share this laugh.
- Inspection report showed no issues except for a "leak" under the kitchen sink. I've been running my dishwasher and kitchen faucet together for 5 minutes now...there is no leak.
- Seeking advice and research for selling a property.
- My first investment opportunity.
- Well Inspection Frustrations
- Cash flow positive question
| Seller OK with backing out of contract. Agent is threatening legal action. Posted: 29 Aug 2019 03:58 PM PDT We are in contract on home and selling ours. We've met the seller who is super sweet and is giving us a bunch of furniture that she can't take with her. During this visit, she asked if closing could be delayed as roof repairs were ongoing. We're selling our house anyway, so the more time the better. Long story short, in a conversation today with the seller, she went as far as to offer backing out of the contract in case our house doesn't sell. She doesn't want to put us in a bad financial situation. Yeah, she's a sweetheart and my faith in humanity was restored. That is until the seller talked to her agent, who happens to be the biggest one in town (reported $6 million a year in sales). This dude called our agent, threatening legal action against us. He then called our lender and proceeded to claim that we no longer qualified for a loan. Finally he told the Wtf is happening here? This is all so bizarre. Edit: my brain doesn't work. We are buying a house. And trying to sell ours. It's a stupid situation but houses in our neighborhood go fast. The market slowed down right when we put our house the market. If necessary the seller went as far as to cancel the contract if our house didn't sell sooner rather later because she's a good person. Her agent doesn't want this to happen and is doing what he can to prevent this from ever happening. [link] [comments]  |
| Increased price on MLS after accepting offer Posted: 29 Aug 2019 09:05 PM PDT On the market for a house. Been looking for about 4 months now. We put an offer in on a home 10k above asking. Seller's agent told us that they had 5 offers and sent out a simultaneous multiple counter offer that was 40k more than listing price (30k more than our initial offer.) We countered back 10k above that. Today, the sellers agent told us that they accepted an offer with a 50% down payment even though we were the highest offer. We can't compete with that so we happily accepted to be the back up offer. We got a notification in our email that they increased the price of the house on MLS to what we offered. The status on the house did change to pending. My question is why do they change the price on the MLS after they already accepted an offer? If we are the back up offer, could they still field other offers and accept those instead? I hate that I got emotional over this but I really wanted that house! [link] [comments]  |
| When buying a house, who decides what repairs are required? Posted: 29 Aug 2019 08:28 PM PDT I just got a home inspection today on a house I'm buying. Who decides what repairs are required before closing? Is it the bank, appraiser or who? Should I expect everything on the report to be a required repair or will they pick a few? [link] [comments]  |
| USDA Process - Lender Approved, Waiting on USDA Posted: 30 Aug 2019 05:10 AM PDT Hey guys, just curious about this. My mortgage broker is great but has been ultra busy lately so I don't hear back from him for a few days, so wanted to get your opinion. We are under contract on a house and using a USDA loan to purchase. Inspections done - we went under contract about 5 weeks ago, and are 3 weeks from our closing date. Just got the official mortgage commitment letter from the lender - the only conditions on it are a final Employment/Credit check at closing, and final USDA Review and Approval. How exactly does the process work? Was our mortgage "case" opened up with the USDA simultaneously as the lender was setting this up? Or does it just now go to USDA? We close in 20 days, and just wanted to make sure this wasn't going to hold us up. I have heard the USDA can take 30-60 days to finalize, but wasn't sure if they had already started on their end way back when we began signing mortgage papers like 4 weeks ago. Thanks guys [link] [comments]  |
| Posted: 29 Aug 2019 09:39 PM PDT We have a potential buyer who is asking for us to pay $600 for a home warranty. I never knew that getting a home warranty is a thing one can buy. Does anyone have it? Is it worth it? [link] [comments]  |
| Posted: 29 Aug 2019 09:18 PM PDT So we (my girlfriend and I) just recently moved into a 2 bedroom, 2 bath apartment in Washington state. We realized after moving in the second bedroom has no window. Is this legally a room? It has a door, a closet,- heat source and a smoke detector. [link] [comments]  |
| FHA loans and charged off accounts Posted: 29 Aug 2019 02:26 PM PDT I am currently in the middle of a home purchase, and am doing an FHA loan. I was pre-qualified and went under contract for a cheap home, but otherwise great deal. Since this has gone to underwriting the investor doing the underwriting insists on adding a payment on an old charged off account that is soon to fall off my credit report. They're adding a 5% payment to a $3000 dollar charge off and it causes the loan to no longer be approved, but the DTI is still fine. Everything I have read states that charged off accounts are ignored as a liability and is not required to report a payment - as the payment is reported as 0 on the credit report. Am i crazy? [link] [comments]  |
| How complicated is it to sell your home without an agent? Posted: 29 Aug 2019 07:00 PM PDT Thinking of selling my home FSBO and saving all that commission. How difficult is it? Are realtors really worth it? All opinions are greatly appreciated. [link] [comments]  |
| Posted: 29 Aug 2019 09:27 AM PDT In the past week my landlord has had all of these people come to make changes to the apartment and to appraise it. He claims that it is required by the city, but I can't imagine a scenario where the city requires an appraiser. Are there any other justifications for why a landlord would do this, or is he just lying to me about selling? [link] [comments]  |
| Posted: 29 Aug 2019 03:59 PM PDT This may be a strange post, so don't feel obligated to read but thanks to those of you that do read. Thought some people of like minds but actual experience can help me make some decisions. (also if this is not an appropriate post for this group I totally understand so admins please remove or let me know.) I may just be having an emotional day because of stress, but I know eventually I'm going to leave the job I'm at and some days I just want to walk out of my office and call my boss to say adios. I guess I owe a little bit of backstory. I've been wanting to get into real estate and property management for such a long time now. Had a few jobs with great sales experience, but mostly my experience is administrative. So last winter when my fiancé got a new job and they were hiring for an office manager for a general contractor in a state that's where I always wanted to live, of course I was ecstatic. New awesome job, new awesome home, honestly I feel bad for feeling the way I do because I've been given everything I've ever wanted. Especially because I'm learning so much doing this job that'll help me so much as a realtor. But let me set the scene. I had two weeks of training, and then relocated to the new state (we are opening the market up here for the company) and as excited as I am to have an office all to myself, it's a square box in the middle of the building with no windows. I work alone (fiancé does sales so works in the field) and though I do have communications with the other offices and the owners (my bosses) they're still learning how to support me from afar. It's hard, they're trying and I appreciate everything they do but I'm still figuring out most of this on my own. Again not to discredit them, they just have several offices in the home state to support and they do the best they can with the expansion office and I love them for it, but it's a learning curve for all of us. Maybe I should add now that I'm an adult with severe ADHD that I handle pretty well on my own, but I need to be active and constantly engaged/stimulated (why I loved and did well with sales). I haven't been on my medication for it for a long time because I don't like taking anything, but also like I said I can generally handle it on my own. But progressively throughout the job my mental state has been affecting my performance and I made the choice to get back on and try to get back on track, but I don't think it's working. I'm overexplaining for sure but I want to be transparent. It's hard to explain but like, I LOOOVE this job and the opportunity and where it'll lead me too, but days like today where I feel like I'm battling my own brain are really freaking hard. My exit plan was to work here for a few years, hire some really good office staff, save a lot of money, get my real estate license while I'm here, and then promote someone else to office manager when I'm ready to spread my wings and join a good brokerage. I might add that I've been honest with my bosses from the beginning and they're supportive and know my intentions. Days like today make me wonder what would happen if I just quit right now and started interviewing with agents and brokerages. I have no money for my license saved up (for other things yes, just not this) and I have a little family unit to take care of and an apartment that obviously I can't jeopardize being late on. I've also heard it takes months to start getting your first commissions, which makes sense, but also why I am writing this long a** post in case someone out there has ever been in the same position. Would it be absolutely irresponsible to just up and leave the job I'm at to pursue real estate right now? I know I wouldn't be leaving the company high and dry because I could definitely recruit someone to replace me. I know I wouldn't blindside my fiancé, because he's completely aware of what's going on in my head and even though we're a great team and I wanted to build this office to be our little business adventure, he's still the biggest advocate for doing whatever makes me happiest. But, part of me feels like this is accepting defeat and with one of us in the house already pulling in commissions only, it doesn't feel completely easonable for me to count on him paying for everything till I start getting those commissions. We just got most of our debts paid off, are rebuilding credit and savings for our targets so I really don't want to start from the bottom again. I don't know if any of this is making sense anyway I'm just rambling. One of my owners is coming to visit soon to do some more training with me and help me implement some ideas I've had, so that's steps in the right direction of helping how I feel right now but still. I can't help but wonder "what if" I just leave today. Maybe I'm just hitting the bottom of my J curve though... but that's what I'm trying to figure out. Also I'm not trying to brag about where I'm at by any means. Just want some blunt truth and perspective. Literally if my urge to run right now is stupid, please say so. I'll make tomorrow a better day but today I just want to talk to someone who may have been in my position before. If you made it this far, you're a real one, sorry for the length and for boring you😂 but just know I really appreciate anyone who replies and gives any input. Sorry that I always make huge long posts and to be that negative person on here so I'll end this novel by saying I hope y'all are smashing your goals and find at least one thing to laugh and smile about today!!! Happy Thursday y'all, and keep grinding👊🏽 [link] [comments]  |
| Posted: 29 Aug 2019 05:41 PM PDT I have had this multi family on contract for a little while now and I'm just now hearing from the lenders that we're going to need to push closing back to Sept 30th rather than Sept 2nd because of an oversight on their end. Initially the sellers wanted to close on the 30th and I basically just said I'd rather not. Now the sellers mentioned taking legal action since the date needs to be pushed back. I dont see this as being my fault and maybe they're just frustrated and throwing the words around. Any input is appreciated. [link] [comments]  |
| Posted: 29 Aug 2019 05:03 PM PDT A relative is offering to sell me their home for $150k. The home is valued at $220k. My loan approval is well above the amount but was wondering if they sell me the house for $180k but only want $150k are they legally allowed to return me the the $30k for updates on the house such as a deck, fence and new carpet? Sorry this is new to me and is an FHA loan. [link] [comments]  |
| How important is location when trying to rent out single family homes? Posted: 29 Aug 2019 01:15 PM PDT So I am currently 24 and looking to buy my first house (pre-approved up to 150k). I hope to live in it for roughly 2-5 years while renting it out to a roommate and basically splitting the mortgage. Down the road (2-5 years) I plan to move and just rent the property out for some time before selling. I've basically been looking at house after house online and am feeling a bit overwhelmed. I would prefer a home in the suburbs/county for several reasons (bigger yards, less crime, more property for less $, etc.) but feel as though a city home will be easier to rent out long term. How important is location when trying to rent out single family homes? Any additional advice for someone starting out would also be appreciated. [link] [comments]  |
| Posted: 29 Aug 2019 08:31 PM PDT Did you as a agent or someone you know show a buyer a home whom you had no signed exclusivity agreement with then have that buyer purchase that home using a different agent and if so what was the outcome? [link] [comments]  |
| renting a room but owner is out of the country Posted: 29 Aug 2019 07:20 PM PDT I live in the USA. I'd like to rent a room. There are two tenants living in the apartment right now. Tenant A says the landlord is out of the country for a week & I should just give my first month's rent to Tenant B because they have to pool the rent and make a single payment for the whole apartment. They said the landlord is lazy and doesn't want to bother with anything but one payment for the whole apartment. I talked to Tenant A on the phone and Tenant B in person. Bizarrely, someone apparently paid $20 to a Tenant C to "hold" the room but never paid in full. Tenant C moved out. The apartment is definitely real and I was showed it. I like the room. Do you have any advice for me? I want to make sure this is not a scam where "Tenant B" will just pocket my money and vanish. I'm planning to pay by check. Is this still too risky? [link] [comments]  |
| Posted: 29 Aug 2019 06:50 PM PDT Hey guys I am trying to refinance with this company called Owning.com They are offering me 2.875 interest rate for 15 year fixed. This sounds too unreal to me. How can I find out this company is legit ? Has anyone dealt with them before ? Any feedback is appreciated [link] [comments]  |
| Posted: 29 Aug 2019 09:46 AM PDT |
| Just bought a new house. Have to share this laugh. Posted: 29 Aug 2019 05:49 PM PDT Closed on our new 500k home today. Previous owners weren't the greatest at keeping up with... well anything. So my husband goes and uses the toilet it works fine. An hour later I use it and try to flush it. Nothing happens. Pop open the tank, sure enough they had duct taped the chain to the lever. Not even 2 hours into owning this home and already have a repair 🤣. [link] [comments]  |
| Posted: 29 Aug 2019 10:03 AM PDT Not sure how to approach, I'm not worried too much about it and may offer a credit but at the same time its the principal of the matter. Should I have my attorney push back? Don't want to come off as a difficult seller but I don't want to spend 200 dollars to have a plumber come in and tell me nothing is wrong (or try to convince me I need to spend 400 bucks to replace PVC because he knows I'm selling). [link] [comments]  |
| Seeking advice and research for selling a property. Posted: 29 Aug 2019 03:13 PM PDT Current property/situation: 3BD/1BA corner lot house in desired neighborhood due to school district. House paid for in full. All money for new property available with funds from selling current property. Currently assessing wether we can find a new house that better fits everyone's needs. A 27 yo and 85 yo resident. Unlikely the 27yo will qualify for a housing loan due to lack of income. 85yo refuses (luckily and understandably) to get a reverse mortgage. -What is the best course of action for buying a new property when the assets for purchasing a new property are tied up in the current property? -We've received multiple postcards in the past year from flippers looking to buy our property. What do you know about them in general? How do their offers compare to families selling their properties in a traditional market? [link] [comments]  |
| My first investment opportunity. Posted: 29 Aug 2019 10:36 AM PDT |
| Posted: 29 Aug 2019 10:16 AM PDT We are under contract for a home and had the well water tested as part of our inspection. The test was positive for coliform bacteria. Our realtor insisted it wasn't an issue, while our banker told us that it could cause problems with our loan. I understand that sometimes coliform bacteria can be present from wells remaining unused for large periods of time. I also understand that it can be a symptom of worse problems. Because of this, we requested a well inspection and treatment. We were told that this would be taken care of by the seller. Two weeks later, we received a handwritten note that simply states the well works. I'm not satisfied that this is an "inspection" by any definition. The handwritten note does not mention the water being treated, or what was checked/tested on the well. Is asking for a more detailed report unreasonable? Should we even proceed without a more detailed inspection? [link] [comments]  |
| Posted: 29 Aug 2019 12:42 PM PDT Hi all - I have a dumb question: When people say cash flow positive, what exactly do they mean? It seems to be too general a term. Let's say I'm considering buying a ~250k condo. If I make it 25 yr amortization, it's cash flow positive. If I make it 10 year, it's cash flow negative. I kind of like the idea of adding a couple hundred bucks a month to pay it off quickly and have a fully paid off income generator in 10 years. Also, consider down payment. If I put down 15% it's cash flow negative (let's say) But for the same term, if I put down 30% it's cash flow positive. There are variables at play here which determine whether a property is "cash flow positive", and I just want to know exactly what people are talking about since the general basic requirement in real estate investing is: "whatever you do, make sure it's cash flow positive!!" thanks in advance. [link] [comments]  |
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