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    Home Unlabelled Having some serious buyers remorse Real Estate

    Having some serious buyers remorse Real Estate

    October 05, 2019

    Having some serious buyers remorse Real Estate

    Having some serious buyers remorse

    Posted: 04 Oct 2019 06:29 PM PDT

    I just recently purchased my first home. It's beautiful - half acre lot, 1,700 square feet, fully renovated interior in 2017 (new bathrooms, refinished original hardwood floors, remodeled kitchen, etc.), new roof, the inspection came back great and all of the smaller requested fixes were taken care of by the seller. It's very cozy, big, and I have so many ideas that I want to do to make it my own. The neighbors are all very friendly and my dog already loves playing with their dogs. It's right next to a bunch of state parks and recreational areas with hiking trails and mountain biking trails and beaches. It's calm and has a really nice up north feeling. It's very close to skiing parks that I've been wanting to get back to for years but couldn't because I lived in the city.

    But...it's off a busy 40mph main road. And it's 30 minutes away from the city my SO and I spent the last 6 years of our life in. It's a 40 minute drive to work instead of 30. It's 30 minutes away from most of our friends (but closer to a couple others). There's not really a night life here. We don't really know anyone in the area I bought this house in.

    So yeah, i'm a little terrified that I just overpaid for a 200k home at the peak of the market and i'll be stuck in it for the next 10 years if I end up not loving it because a recession will hit and my home value will never recover. I'm not in over my head with the mortgage payments or anything, i'm still comfortably building my savings (15-20% of take home very month), and I have a good job with room for growth.

    So why do I still feel like this?

    This is a pretty normal feeling, right? This is something that usually passes, right? I've been having horrible anxiety about this since I closed last week. If someone could tell me that I didn't just ruin my life I feel like i'd feel a bit better lol

    submitted by /u/troy_mcgregor
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    Bought home now sellers is contacting agents about there security system contact.

    Posted: 04 Oct 2019 01:36 PM PDT

    Alright to make it simple we bought a house and moved in about 2.5 months ago. In the contract we asked them to leave the security system ( control panel, garage, front/rear door sensor, and video doorbell ). The actual contact says "Security panel + system to stay.

    The house is 15 months old previous owners had it built in the allotment. They signed a 5 year contract for the security system and monitoring.

    I don't plan on and never said I was going to subscribe to any monitoring or take over there contract etc. They literally today called there realtor to contact ours to ask us it we would pay at least half there ETF ($1250 total) or let them take the security system.

    I'm in no way required to do anything with/for them right?

    Edit: I do use the system. I arm it at night and while we are away. The only thing I don't do is pay another company to monitor the system.

    Edit 2: Thanks for all the input and replies. I've talked to my realtor again and was reassured by her that the previous owners where just "asking" if we would be willing to help with the ETF. But we are in no way obligated to.

    submitted by /u/SnoT8282
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    Sellers agent contacted my agent and said he would not move out of the house/close u less we pay 8k more

    Posted: 04 Oct 2019 07:44 PM PDT

    Hi. I'm back again with another shot show of a seller. How on earth are we getting all this bad luck!? This might be long and horribly formatted. I'm very tired and just overall stressed so please forgive me.

    Anyway, my husband and I are in contract for a house. Inspections, appraisals, paperwork signed, back documents provided. Closing on the 14 of this month. I have asked questions about this home here before regarding the seller saying in the home with basically no terms in the contract. I was nervous that the guy was going to pull some shit on us and he is!

    Today my agent/father in law received a text from the sellers agent saying that the seller doesn't have enough money to move out of the house so unless we pay 8k more the seller just simply won't close.

    Now, I know that this guy doesn't have an option. He's in contract on the offer he accepted. My agent/FIL thinks we should just go to closing and sue him if he doesn't show up. Once again my concerns have been called bizarre. I don't want to HAVE TO SUE SOMEONE JUST TO GET A DAMN HOUSE. Im also concerned about repercussions if this guy doesn't get his way. I don't think he will murder my family but he could very easily tell the neighbors to give us a hard time after we move in or trash the place. Suing someone won't do us any good if the dude is THAT broke. My FIL is failing to understand that suing him doesn't mean that we will get anything in return and I also just don't want to deal with it. I don't love the house (my husband does) but even if I did, I wouldn't deal with this. We also need to evict the guy if we do close on this place.

    My question is, am I being paranoid? Is it reasonable to not feel comfortable pushing forward when the guy straight up said "I'm not moving out of the house". Side note: I think he got ahold of the appraisal and saw that it appraised for 8k more than what he accepted. Not my fucking problem.

    Thank you in advance!

    submitted by /u/rebeccamb
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    Property manager holding my rental home hostage

    Posted: 04 Oct 2019 08:51 PM PDT

    I'm a long distant landlord. I hired a property manager to manage a property in Beaverton, Oregon. The PM's lack of urgency has caused serious water damage to the home (There are other issues like stealing deposits & documentation, but that'll be for another time). There is also a lack of finding contractors to fix this issue where I am having to look for a contractor. The PM is not communicating with any of my/contractor calls. He will respond to my text messages hours later making excuses that he's busy. No follow up calls given. I am looking for a new property manager atm due to lack of communication and professionalism. The PM doesn't want to meet me nor answer my calls so I can take over my property. There is a contract that's renewed every July, but with this neglect, I need to cut ties. I understand there might be a 30/60/90 day notice to him in this case (lmk if otherwise)

    I am at a loss on what to do in order not to get into a legal battle. Let me know if you have any advice in how to handle this situation.

    submitted by /u/G81981
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    *I NEED HELP* First Time Homebuyer.

    Posted: 04 Oct 2019 12:01 PM PDT

    Sorry to take up space, I never post on Reddit, but I'm a first time home buyer, I have a wife and 2 cats and I'm the only income bringing in about 40k. I'm looking for a cheap home to finance, but I pretty much have no money saved up, but here's the thing. My grandma is going to put 10k toward my first down payment. I don't want to miss out on that opportunity and in my area, you'll spend less per month paying off a house than you will on rent. Rent for a studio with no parking comes out to around $1000 and that's the cheapest youll find, whereas some homes I've seen only cost like, a grand total of 700 a month for only 15 years and are much nicer than the apartments and rentals etc, my only problem is getting that down payment. Beyond this I'm basically entirely clueless, lost, and everyone in my life is even more incompetent than I am so I'm really just looking in any direction I can, just hoping someone somewhere will have some information that will even be of slight use to me. I don't know if I'd be smarter to get a mobile home and rent a lot, or if I should spend more on an actual house, what to look for, how to haggle, how to get a loan, fucking nothing.

    submitted by /u/FartButtCracky
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    I just got an interesting offer for my home which is for sale, thoughts? [MD]

    Posted: 04 Oct 2019 08:32 PM PDT

    I have had my house on the market for less than two weeks and I just got an interesting offer that I'm trying to understand the implications of. I am a single guy, living in a townhouse that I fully furnished and did extensive updates on. A buyer just contacted and said that they are extremely interested in my house and want to pay cash, and they will give me full asking price. With the caveat that they want my furniture.

    For context, I don't really necessarily need anything other than my bed because I am moving in with family temporarily (family member has health issues and needs assistance). Is this unusual or have you seen this before? The buyer is a divorcee and doesn't want to spend a long time shopping for and furnishing a house when they like my furnishings. I'm trying to wrap my head around this but I literally never considered this as a possibility so I am not sure what to think.

    submitted by /u/Justinat0r
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    Seller/Builder not honouring allowances

    Posted: 05 Oct 2019 03:53 AM PDT

    We are under contract to buy a new home from a small builder. Home was priced fairly, but market is suppressed slightly so we made an offer under asking which was countered. We met in the middle, but added some allowances, as the seller has another unit they want to move but not reflect a lower price within the area.

    Allowances included $$$ for minor appliances (bar fridge) and $$$$ for window coverings. Builder/seller's agent has been awful for contact throughout the process. Contract was signed just a few weeks ago, and builder was working on inspection deficiencies last we spoke (mostly minor).

    We wanted to select the window coverings and appliances from the allowance and our agent reached out. 4-5 days later we are informed the builder went ahead and purchased their own appliance, which does not fit and looks awful, as well as thousands of dollars in non-refundable window coverings. They are trying to claim that the contract wording doesn't state "who" chooses how to spend the allowance, which is completely insane as it says "The seller will provide a $xxxx allowance..." and "if selected <item> is not installed a $$$ holdback will be enforced.

    The seller consists of two parents (financiers) and a son (builder). They've failed to read a contract before with allowances according to our realtor. Personally it sounds like their agent is shit, they don't read or communicate.

    They are expecting us to eat the deposit cost on their mistake, which is about $1500 and refuse to substitute the appliance which I've googled and is 1/2 of the allowance. I think they were unhappy with the sales price, which they had dropped and overall I believe we got for a good value which they are now punishing us for.

    Fairly certain our lawyer will be able to hold back but has anyone dealt with these sorts of people?

    submitted by /u/radioactivemagic
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    Quitclaim deed (not related, friend) - tax implication?

    Posted: 04 Oct 2019 09:39 PM PDT

    We're looking into transferring ownership of a house from Partner 1 to Partner 2 (unrelated, friends). Would this be a taxable event?

    Partner 1 paid 50k for the house, did repairs for 25k. House value now is 100k.

    The reason we want partner 2 to own it is so they can get a mortgage on it etc. Regardless, I want to know what the tax implication would be for partner 1 and partner 2 of the event of quitclaiming (or gifting) the house to partner 2.

    This is in Michigan.

    Thanks, appreciate any help!

    submitted by /u/lifeisandroid
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    Negotiating Contract for REO

    Posted: 05 Oct 2019 03:31 AM PDT

    So my wife and I had an accepted offer on a REO last week and finally got the contract from the bank's attorney yesterday. Is it standard for such a contract to be so one sided the first go around? Highlights include:

    1. Closing date of 11/1. We still need to get the inspection done next week and finalize everything with the bank(I have everything they need up to this point, no surprises). But still seems like an extremely tight window.
    2. In the event Seller agrees to an extension of the closing date, a per diem penalty of $100 will be charged(I have no interest in not closing expediently but I do know surprises happen).

    And to me the biggest one is this:

    1. This is under Conditions to seller's performance: Seller has either sold or has agreed to sell the loan secured by the Property to another party. (To me that's an unacceptable clause)

    Now I get that there will need to be revisions because I obviously don't agree with them based on wanting to have some protection for myself. My lawyer already reached out to their attorney but to have such a 1 sided contract come out on the first go around seems that it was made in bad faith by the attorney(who wrote up the contract and sent it to us and their bank concurrently so I'm thinking the attorney just wrote it up without their blessing first).

    This is the first home we will be buying and I'm used to dealing with contracts since I work in defense but is it usually like this on the first go around?

    submitted by /u/Anklebender91
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    *mold* I need guidance

    Posted: 05 Oct 2019 03:13 AM PDT

    Hello,

    I'm the selling agent of a 5bed/3bath in FL. The listing is a FSBO rental property. Our inspection period ended Sept 28. The tenants moved out Sept 30. My buyers said to wait till Oct 1st to examine the mold so we wouldn't disturb the tenants. The FSBO didn't tell us to wait outside the inspection period but made it highly difficult to schedule the appraisal, inspection WDO etc...

    FSBO claims a can of mold repellent & killz will fix it. I scheduled the inspector to do an air-test Monday & Tuesday we will know if remediation is needed.

    I'm pissed at this lady because she asked for the washer and dryer back & my buyer said yes as long as it's goodwill towards the mold repair. Also the power was shut off and the FSBO wouldn't turn it on so now it's in my name. Electricity is the FSBO responsibility per line 489.

    What is my best approach on Tuesday after I get the mold air test? It is on the corner of one air vent in master bedroom. Also giant black stain on the garage ceiling.

    Edit: no addendum about washer/dryer

    TLDR: mold test being done after 15 day inspection, is that all my fault as the selling agent and how do I take control of the situation against FSBO to make her pay at least 50%?

    submitted by /u/My_Opinion_Man_
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    Why do some listing prices go up?

    Posted: 04 Oct 2019 11:22 PM PDT

    So looking around at various homes listed for sale in my area and watching the prices change or get adjusted. I can understand house has been on the market for a few weeks to a month or so, probably overpriced, so they lower the price to attract more buyers. But a few times I have seen houses go up in price after a few weeks, without any other status change. What is the thought process behind that?

    submitted by /u/noneofcon
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    What is considered a reasonable HOA?

    Posted: 05 Oct 2019 12:11 AM PDT

    A lot of condos and town-homes in Seattle/Bellevue area seem to have really high HOAs. How does one decide if HOA fees are reasonable?

    We recently saw a town-home that we really like. There are about 20-21 town-homes (2BR and 3BR) in the community. They have a small pool and a decent sized lawn. The HOA fees is $525 per month and it covers exterior (roof, exterior paint etc), common area maintenance, water, sewer, and garbage. They seem to be doing a good job of maintaining the property. They seem to have decent reserves (about 120K).

    Is a 500+ per month HOA for a 3BR town-home considered reasonable? It seems a little excess to me but the most of the town-home complexes have similar HOAs. There are very few HOAs that are less than 400 per month. When we talk to our loan officer, he told us that every increment of 10K loan amount equates to approx 50 per month in EMI. A $500 per month HOA equates to buying a home (single-family) that is $100,000 more that what the town-home costs. When I look at it this way, town-homes don't make sense at all. Moreover, HOAs are anticipated to increase every couple of years. How come so many people pay such high HOAs?

    TIA for your time.

    submitted by /u/uday029
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    Under contract to purchase new construction; seller now says there's no warranty

    Posted: 04 Oct 2019 08:15 PM PDT

    My husband and I went under contract earlier this week to purchase a newly constructed home. Construction was completed in May by a small local builder; the builder was contracted by a property owner to construct this home. Thus, the current property owner/seller is the holder of the existing warranties.

    Our contract states we will receive a 1 year craftsmanship, 5 year systems (electrical, HVAC etc.) and 10 year structural warranty with the home. We've just learned from the seller that in fact, there never was a 5 year materials or 10 year structural warranty, and that the 1 year craftsmanship warranty won't transfer to us. They have offered to pay for a 1 year 3rd party warranty instead.

    I have to say I'm kind of pissed. A 1 year home warranty doesn't have near the value of the 5 year systems/10 year structural warranties. We would still like to buy this home - it's brand new and up to code, and obviously we have homeowners insurance to cover major issues. However, I would like the seller to make a more appropriate concession for the value we're losing in the warranties, to cover e.g. the cost of insurance deductibles and increased premiums if we have to make a claim against insurance instead of against a builder warranty.

    How would you value the 5 year systems/10 year structural warranty on a new build? How much should we ask for as a concession? Purchase price is $450,000.

    submitted by /u/Ojja
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    A few real estate questions - (RENTALS)

    Posted: 04 Oct 2019 11:54 PM PDT

    Is there a rule on the amount you're pushing for per month on rent? Per month on rent cash-flow wise? Is there a safe amount recommended saved per month/year?

    ​

    When is the time to buy the second house for your rental property typically?

    ​

    Just asking random opinions :)!

    submitted by /u/TheWiseCats
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    Sellers agent not forthcoming

    Posted: 04 Oct 2019 02:54 PM PDT

    SC. Found a condo I wanted, offer, counter offer, accepted, close in two weeks since it's a cash deal Right? Wrong.

    Sellers agent did not disclose the property is rented till the end of October and I can't get in to do an inspection. Other minor things were not disclosed too. They are jamming me up because my plans were to move in next week. I asked nice to cancel contract and start over but they want to keep my earnest money.

    What now?

    submitted by /u/friedlasagne
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    Buying an investment property with an fha loan

    Posted: 04 Oct 2019 10:53 PM PDT

    Hello everyone,

    I am currently in college and it has been me and my brothers dream to become real estate investors. We were thinking of buying a 3 unit house with an fha loan.

    We were going to put it in my name so that I can qualify for an fha loan (since my brother is currently living out of state for his job), and have him be the co signer.

    We have enough for a down payment, but the only problem is that while I do have excellent credit for my age, I do not have a full time job right now since I am still in college. We were wondering if I could qualify for an fha loan since my brother would be the co-signer, who has excellent credit and makes a very good salary.

    Does anybody know if you can qualify for an fha loan if you do not have a full time job but your co-signer does?

    Thanks

    Ps, were looking to buy in Boston

    submitted by /u/fetacheeseee
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    If I buy a home with cash what other costs should I expect to have to pay before it closes?

    Posted: 04 Oct 2019 02:17 PM PDT

    Offers and counteroffers

    Posted: 04 Oct 2019 09:04 PM PDT

    We're in the process of selling our first home and buying a new home about an hour away. We've been under contract for over a week on our house and looking for a place in new town. We found a place we really liked and made an offer - $300k on $309 asking. Seller counteroffered full asking. Is there any point in continuing to counter, or do just have to decide if we want to pay full price or not?

    Thanks!

    submitted by /u/LemurPants
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    Can my apartment charge me for using Auto-Pay from a non-credit card account to pay rent?

    Posted: 04 Oct 2019 01:00 PM PDT

    My apartment complex charges me an extra $2 a month to pay my rent with auto-pay set-up. I'm solely getting charge to automate my monthly rent payment.

    I know this is a very small amount, but this is about the principal of them charging this. I'm not surprised, but are they legally allowed to do this?

    I am not using a credit card so this is not the typical 3% service fee. I am curious if they are just passing through a software charge to me or something. The charge show's up as "Yardi Service Chg" on my bank statement.

    submitted by /u/Broken_Phone_Charger
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    Foundation & roof fire issues found during inspection

    Posted: 04 Oct 2019 04:25 PM PDT

    We are buying our first house. The inspector found a myriad of little issues but nothing too concerning - except for foundation issues and charred rafters from an old roof fire (basically they put on a new roof and replaced some of the rafters but not all). The seller did not disclose the fire before we made an offer, but her agent said after our realtor inquired that when the seller bought the house, her inspector noted it but said it wasn't an issue.

    As for the foundation, the inspector said, "I would be surprised if this foundation could be salvaged". But then today we had a foundation specialist come by, and he sent us an estimate for only $4.6k, saying "Upon inspection of the foundation I could see that there is several areas around the exterior perimeter of the home, inside the basement and inside the two small crawlspace areas with portions of the foundation that are crumbling and need repair. Overall and generally speaking the foundation is in relatively good condition for the age of the house. Most of the foundation looks good. However, there are isolated areas that should be repaired."

    We are happy about this news, but still not convinced - the original inspector was very concerned about the foundation. We are going to have a structural engineer come out next Tuesday to look at both, but his initial thoughts were that the rafters should just be replaced, and the foundation is old (house is from 1913) and so are many, many others in the city. Assuming we can get seller credits for the repair of the foundation and possibly the rafters, we're still not sure we should move forward with a questionable foundation. Any advice?

    PICS: https://imgur.com/a/RC7hj9I

    submitted by /u/KittensOnToast
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    Hiring an attorney vs working with an agent

    Posted: 04 Oct 2019 01:03 PM PDT

    Would someone weigh in on what value an agent would provide in the below scenario, versus working with a RE attorney?

    First time homebuyer, have been searching for 18 months in a very small town outside a large city—the town is comprised of a school, a city hall, and about 2,000 R1 lots, no commercial. Tiny.

    I've read the municipal code and am very familiar with SFH relevant code (ADUs, setbacks, right of way, building heights, max height for a hedge etc). Since we've been watching the market for over a year, I've gone to every open house and carefully tracked where all homes have closed, or in some cases sat. It's an extremely affluent little bubble hence our commitment to buy here, there are a few dozen grandma houses left and the rest are multi million estates. We know the market and at long last there's a listing in budget that hits a bunch of wish list stuff. It's been sitting for a month which is great, owners have moved out so it's staged and waiting.

    In the above scenario, what would an agent do that an attorney can't? I'm familiar with network of inspection referrals, having a fleet of connections which doesn't really appeal since I prefer to vet independently of any referral kickback. If we moved forward just with an attorney, would we liaise directly with sellers agent, or could we scope our attorney to take part in that?

    submitted by /u/katanas35
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    Final closing cost spike

    Posted: 04 Oct 2019 12:45 PM PDT

    Is it common for closing costs to drastically change near closing day on a house, maybe even day of? The day that I was to close on my house, my lender surprised me and told me cash to close was about $15k instead of $11k. Is this normal? Would I experience a similar situation with a refinance?

    submitted by /u/SwitchedAccount
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    Any countries where buyers and sellers transacting is the norm?

    Posted: 04 Oct 2019 02:09 PM PDT

    iBuyers being the hot topic got me wondering: are there any countries without realtors, where buyers and sellers transact directly?

    submitted by /u/BR4NTON
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    Have a prospective tenant that applied who has a credit score of 531, but I want to give her a chance

    Posted: 04 Oct 2019 05:48 PM PDT

    Is there some type of rent default insurance I can make her buy? A quick google search says I can purchase this kind of policy for about $300/year, and generally it carries a 1 month's rent deductible. Obviously I'd pass this cost along to her in the form of higher rent, but I wanted to hear some other thoughts. Thank you!

    submitted by /u/mrfreshmint
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