Ended up in a really bad deal, with multiple major issues not disclosed or found in inspection . Help/advice would be appreciated. Real Estate |
- Ended up in a really bad deal, with multiple major issues not disclosed or found in inspection . Help/advice would be appreciated.
- Is it shady if the seller doesn't want me to do an inspection ?
- Seller's Agent Wants to Kill Deal
- Do you give new tenants detailed information upon move in?
- Can I (buyer) cancel home purchase contract? [MS]
- When does decor become a “defect?”
- Does anyone know of zillow like websites but for countries outside the US?
- should i shadow the inspector when he is inspecting the house?
- How do I buy a property that is owned by 12 different people?
- Am I about to make a mistake?
- How many rental homes does a person need to be Financially FREE? I currently have 10 but yearn for 80-120 units lol
- Seller's Agent promises repairs after closing. Is this normal?
- Mortgage for Commercial Property for Personal Use
- Pool fill without engineer oversight
- Dad is building house then selling to me (DE)
- Is this door trim going to be an issue for FHA? .
- Roof replaced... found this...
- House off the market- bombarded by agents
- Whats the yearly taxes on this house?
- Does inspection period days start on effective date or day after
- Tips for finding a good real estate property inspector
- Loans on special warranty deeds
- Questions about conventional loan and appraisal
- Which is usually the more costly inspection-the buyer's or local municipality's safety/occupancy inspection? Over lapping issues common?
| Posted: 31 Oct 2019 07:19 PM PDT I'm in a tough spot. Thank you in advance if you take time to read through this and have any thoughts/advice. I recently bought my first house. It's a $200,000 house in Michigan, and I put 20% down. I bought it as a move-in ready starter home, and 200k is fair for this level house in this neighborhood. I make a little over 50k per year, so it's on the higher end of my price range, but with a 20% downpayment and no other debt, I knew I could afford a move-in ready house at that price, but it's certainly not chump change for me. The inspection found no major issues, and the house appraised at 205k. Closed without any issues. Since I moved in just a month ago, I've run into one MAJOR problem after another. After the first rain, I discovered a leak in the finished basement, and a couple of small puddles in the attached garage. I've since discovered additional leaks in basement, and found that source of the leak in the roof is some rotted portions of roof edge, which has been there for long enough to cause significant structural rot to the wall below (the wall will likely need to be completely reframed/replaced). Another roof edge / wall in the garage has similar issues, though not as far advanced (repairing the roof there may be enough). There are signs of the same sort of rotting roof edges along portions of the house as well, though seems to be the most minor at this point. I had about 20k in emergency savings going into this, thinking that 10k for a major unexpected house repair and 10k for unexpected job loss would be enough of a safety cushion. I'm now facing three major repairs, between the basement waterproofing, roof repair (possible to likely total replacement), and structural repair/replacement of rotted garage walls. I've shored things up with some 4x4 posts in the garage wall and some makeshift plastic flashing on the rotted roof edges, but obviously these are not permanent fixes. I'm looking for any advice at all on how to tackle this, both in terms of possible recourse, prioritizing/addressing repairs, or getting out from under the deal. In terms of recourse None of this was was disclosed by the seller. I have absolutely zero doubt they knew the basement leaked and the garage leaked since there were sizeable puddles after the first rain and every rain after. I have little doubt they knew the garage leak was coming in from the roof, but it's at least possible they're incompetent or didn't care enough diagnose it. Either way, I've done enough research to gather that it's next to impossible to prove they knew of about any of this, no matter how obvious. Is it worth consulting with a lawyer, or am I totally barking up the wrong tree with that? Some of this should have been found in the inspection. I could see the basement leak being hard to find when not active, but the shingles at the edge of the roof are cupped, and the wood below is so rotted it's completely disintegrated. The wall of the garage is so rotted you can move it by leaning against it, and there's some clear water damage and mold there that should draw one's attention for closer inspection. I feel ignorant for not noticing these things, but as a first time buyer, I didn't know what to look for, and I placed trust in the inspector (obviously too much trust). I know I can't hold them liable for repairs, but any chance I could get my $700 back since I really didn't get the product I paid for? It's not much, but it's something. As far as prioritizing These all seem like top-tier priorities, which will only get worse with time, but I just don't have the funds to cover them all right away. It seems like the roof is probably the top priority, if I had to pick? Should these things be addressed piecemeal by specialists (roofer for the roof, framer/carpenter for the wall, waterproofer for the basement), or can there be an advantage to "bundling" repairs through a general contractor? As far as getting out By my estimation, $200k was a fair price for this house in the condition I thought it was in, and I assume not much has changed in 2 months. It's a hot market, and prices here have been rising fast - close to 10% per year for the last few years, but that can't go on forever. My plan was to be here for 3 years minimum, but I really like my job, so could see being here 10+ years depending on life changes. At the same time, I would be THRILLED to get my money back from this ASAP and be done with it. I would even be happy to get out of it at a 5k loss. Any thoughts on if/how to do that? Is it better to make repairs and hope appreciation will cover them, or is it better to do the minimum possible to keep it from getting worse and see if somebody will be willing to buy it as-is? I'm guessing there's not much rule-of-thumb there. How much of a hit will a take for putting feelers out on MLS? If it doesn't sell, would failed listings haunt me down the road in 3-5 years when I may be in a better position to sell? Other thoughts? There are a number of other minor problems, etc, but this is long enough so I'll leave it to the most major things. Thanks again for any insight! I'm planning to talk to contractors, selling agents, and possibly lawyers as well, but there's just so many directions to tackle this from that it's overwhelming to even get started, and any input is greatly appreciated. [link] [comments]  |
| Is it shady if the seller doesn't want me to do an inspection ? Posted: 31 Oct 2019 03:51 PM PDT First time home buyer and I put in an offer for a Condo. However, my agent told me that the seller asked if I wanted an inspection. Mentioned that If I proceed it could delay the process or discourage the seller. Is is shady if the seller doesn't agree to an inspection ? Thanks. [link] [comments]  |
| Seller's Agent Wants to Kill Deal Posted: 31 Oct 2019 06:15 AM PDT My in-laws are under contract to buy a townhouse and have been for weeks. They agreed to close Dec 15th so the sellers' new house has time to be completed (New build) and even recently reached out asking if their new place is done early can they move up closing. Last night my in-laws' agent gets a letter from their agent that basically is telling them that they're in breach of contract because they looked into an FHA loan when the contract stated conventional as their payment (my in-laws have signed nothing with the lender yet and have enough to do a conventional loan if they really feel that strongly about it). They want to keep the deposit, and for my in-laws to sign the docs to release the contract. The seller's agent has already relisted the property at the exact same price as before so we're at a loss as to they're trying to do cause it doesn't seem like they've got a stronger offer and this puts closing before their new house is completed in jeopardy. I get the impression their agent is doing all this because we've met the sellers and they're absolutely lovely people. WTF are they doing? Like for real I have no idea why their agent is doing this cause it doesn't feel like it benefits the sellers. Does it matter to the seller what kind of loan it is? Can they relist while still under contract (in-laws haven't signed their letter yet)? My in-laws want to complete the deal so what should their next steps be? Edit: We're in Indianapolis. The 2 times I've bought a house the listing either came down or some indication that it's under contract if I remember right. [link] [comments]  |
| Do you give new tenants detailed information upon move in? Posted: 31 Oct 2019 09:49 PM PDT |
| Can I (buyer) cancel home purchase contract? [MS] Posted: 01 Nov 2019 02:54 AM PDT Hello! My question is would it be possible to cancel a contract on a home I was wanting to purchase? I put in an initial offer with a small earnest money check. The offer was countered and I accepted the counter offer contingent on inspection and appraisal. The inspection came back and I sent a small list of repair requests to the seller. They haven't responded as of a few days, but after doing more in-depth research about a roofing issue I have decided the purchase would be too risky. The roof is very old and the AC is also old; about 20 years each. The roof also has some recent damage from a wind storm. The sellers haven't responded yet to my repair requests so I was wondering if I can cancel my purchase offer? If I can, will I lose my earnest money? And hypothetically if I do try and cancel (through my realtor) and then the seller responds that they will fix the issues, am I obligated to still continue with the contract? Thanks! [link] [comments]  |
| When does decor become a “defect?” Posted: 31 Oct 2019 04:15 PM PDT My house is for sale in the upper midwest. It has a very formal decor (antique reproduction William Morris wallpaper on all walls AND all ceilings). It has custom leather cornices, jacquard and velvet window treatments, and custom window shades. It has ornate brass and frosted glass light fixtures, custom brass doorknobs, and unique/custom vent covers throughout, etc. It was all professionally (and expensively) done by designers and is in excellent shape. The colors are neutral (white, beige, wheat) and there are no wild or colorful patterns. However, I have read warning after warning that wallpaper is a scourge upon sellers and, apparently, it is something of which buyers are exceedingly unforgiving. I received professional estimates and it would cost approximately $30,000 to remove the wallpaper and glue and prep/paint the walls and ceilings. It would cost a little more to also take down the cornices and replace the custom blinds with simple white roller shades. However, the house is already priced much lower (proportionately) than the comps to reflect this. This house is in a very desirable and exclusive cul de sac. Comps in the neighborhood sell for 25-28 percent over their assessed values (and for an average of 4 percent over list price). At $465,000, mine is listed for only 9 percent above its assessment. (However, it is still one of the more expensive houses in town and buyers in this price range are relatively few—especially at this time of year). As a result, we've had very few showings and very little feedback. My questions are: 1. Has anyone had a situation as a buyer or seller where decor was a "defect"—that is, so pervasive and so expensive and laborious to "fix" that it either rendered the house unsellable or required a firesale discount? How did you ultimately resolve the decor issue? 2. From a marketing perspective, should we try to lean into the decor and present it as a positive in an attempt to appeal to that "special buyer" who would actually appreciate the design aesthetic and not be deterred by it—and to weed out the people who want white kitchens and gray walls? I'm just curious how others have factored bold decor into their prices and/or offers or how they dealt with it. Thanks in advance for any thoughts you care to share. [link] [comments]  |
| Does anyone know of zillow like websites but for countries outside the US? Posted: 01 Nov 2019 01:54 AM PDT |
| should i shadow the inspector when he is inspecting the house? Posted: 01 Nov 2019 12:59 AM PDT |
| How do I buy a property that is owned by 12 different people? Posted: 31 Oct 2019 04:35 PM PDT Subject property is currently owned by 12 people. •"Debbie" owns (2/3) of the property. • Remaining 11 people (own (1/3) of the property. • There is no allocation of who owns which portion/section of the property. • "Debbie" has been paying for the taxes and has no idea who or where the other 11 people are, except for their names. • Debbie wants to sell the property but has no idea about the others. The others probably don't know they own the property. How do I go about purchasing this property? How should I structure this deal? I'm not sure how much the lawyer fees would be. I'm afraid of paying the lawyer fees and end up not getting the property for some reason. [link] [comments]  |
| Posted: 31 Oct 2019 11:01 PM PDT I'm trying to buy a home in Seattle from an owner who is also the listing agent. She seems very emotionally invested in the house which she lived in for 20 years. She told our agent that she's worried I'm going to ask for a lot of credits after the inspection. She asked us to do the inspection and then let her have her vendors fix any issues instead of giving credits. This will likely mean replacing the roof and furnace. She owns a property management company (400 properties) and could get better rates to fix things than the quotes i would get. I really, really want this house. I'm feeling inclined to go through with it, knowing I can walk if the inspection is crazy. Also, my agent pays for inspections so no problem there. Are there angles I'm not seeing? Am I about to get screwed? [link] [comments]  |
| Posted: 31 Oct 2019 10:36 PM PDT Talk to me.. Has real estate investing helped you in many ways? [link] [comments]  |
| Seller's Agent promises repairs after closing. Is this normal? Posted: 31 Oct 2019 10:12 PM PDT Basically the title, seller's realtor promises that they will cover the cost of repairing some windows $975 after closing when they get their commission. Is this normal practice or are they being shady here? Our realtor will half it with the seller's realtor. My concern is that after closing - they have no obligation and its pretty much on good faith. [link] [comments]  |
| Mortgage for Commercial Property for Personal Use Posted: 31 Oct 2019 06:22 PM PDT I'm in the process of purchasing a commercial property for personal use. I plan to lease part of the building to individuals for seasonal vehicle storage to help cover the fixed costs while using the remainder as shop space for my wood and metal working hobbies. Purchase price is 70k, and I already entered a short-term land contract using a single-member LLC where I paid half the purchase price up front and half after 90 days (basically just to get possession quicker while the title work is completed. It' not going to kill me to just pay cash, but I would prefer to not lock up all that capital if I can avoid it. I rent my residence, so I don't have the option to just take out a home equity loan or something along those lines, so my options would seem to be either an unsecured personal loan, or a commercial mortgage. I have stellar credit and income is ~80k/yr. Is there any chance any lender would give me a commercial mortgage even though I'm not in business in the traditional sense? Starting to think it might have made more sense to buy a shitty residential property and build a huge garage even though construction cost would have been much higher than purchasing the commercial property. [link] [comments]  |
| Pool fill without engineer oversight Posted: 31 Oct 2019 08:41 PM PDT We are in the process of purchasing our first ever home in CA and we just discovered in the disclosures that the new build property we are purchasing previously had a swimming pool which was filled without an engineer onsite to approve the work (details from disclosure below). Is this something we should be concerned with or not? Is it something we should have additional inspections conducted on? We are originally from the UK and not really sure what to do with this information and if it is concerning or not. A POOL DID EXIST PREVIOUSLY. COPING, TILE, GUNNITE AND REBAR WERE ALL REMOVED AND DIRT AND CLEAN DRAIN ROCK WERE USED TO FILL IT IN. [link] [comments]  |
| Dad is building house then selling to me (DE) Posted: 31 Oct 2019 05:48 PM PDT Alright so with house prices being outrageous in Sussex County Delaware US, my dad bought a piece of land in April. He is going to "fund" the build like a spec then sell it to me at cost. Is there anyway to waive or circumvent the transfer tax for new construction (3.5%) for him at the building time besides waiting a year. When I buy the house will I be paying that transfer tax again in closing? What is the cheapest way to do the closing part and such. Thanks everyone [link] [comments]  |
| Is this door trim going to be an issue for FHA? . Posted: 31 Oct 2019 04:56 PM PDT My realtor is saying I need to pay to fix it (seller refuses) before I close but I smell bullshit Neither my wife, myself, or my agent noticed it when we viewed the house so it can't be too severe. She even mentioned adding $$ to our loan and asking the sellers to fix it but I don't want to to through underwriting again. [link] [comments]  |
| Roof replaced... found this... Posted: 31 Oct 2019 09:02 AM PDT |
| House off the market- bombarded by agents Posted: 31 Oct 2019 04:05 PM PDT My wife and I put our house on the market about 4 months back so we could try to get a larger house for our now born twins. We didn't get any reasonable offers and now have the house off the market till spring. Well since we've taken it off the market at the end of September, my cell phone has been Blowing up with calls from agents. How do I get them to stop calling my phone. I have to answer because it's also the same number I use for work and I need to answer emergency calls in case they come in. [link] [comments]  |
| Whats the yearly taxes on this house? Posted: 31 Oct 2019 12:08 PM PDT |
| Does inspection period days start on effective date or day after Posted: 31 Oct 2019 11:39 AM PDT Have a contract with effective date being 10/12 signed and sent in the afternoon with 20 days to do our surveys and inspections. Does our inspection period end on 10/31/2019 or does it end 11/1/2019? [link] [comments]  |
| Tips for finding a good real estate property inspector Posted: 31 Oct 2019 06:27 AM PDT Looking into buying a fixer-upper well under market prices so I'd like to find the best property inspector possible. What are people's mental checklists or interview questions to find a great property inspector? [link] [comments]  |
| Loans on special warranty deeds Posted: 31 Oct 2019 02:41 PM PDT So just some background info before my question, i bought a home through a tax foreclosure auction and recieved a limited/special warranty deed to the property. My question is do i have to get a clear title and insurance to the property before i can get a home equity loan to do improvements to the home? [link] [comments]  |
| Questions about conventional loan and appraisal Posted: 31 Oct 2019 08:10 AM PDT So, my hubby and I found a place that we loved. We are under contract with them, have an inspection report, and are getting repair estimates. The house is older ~1940s. The biggest issues are the roof, old electrical, and water is shut off or not going to the upstairs bathroom. The rest appears to be minor cosmetic stuff that I'm not worried about fixing up while we are there. We are excited to DIY as much as we can. The roof concerns me the most. There are no leaks, but it's got some moss patches, and it looks rough. The inspector listed it as end of life and we are getting a repair estimate from a roofer this weekend. My concerns: We love this house and absolutely want to buy it. We have a conventional loan. How much do we need to worry about the roof in securing our financing? We are pre-approved (fwiw) and first time home buyers so this process is new to us. I don't know how much the sellers will work with us. If we ask for help towards fixing electrical and plumbing, they might not want to also help with the roof. Or should we prioritize the roof and worry about the electrical and water later? We can probably handle these things financially, my concern is what of these issues could prevent us from getting the loan and buying this home? Am I just worrying about nothing? I know conventional is generally more relaxed than FHA, but I don't know what things might make them refuse to help us. What are our options if the lender wants the roof repaired? Does it have to be replaced before we buy? Or can we have an agreement to get it fixed after we buy? Sorry if my questions are dumb, we are super new to this and don't want to lose out on this house. [link] [comments]  |
| Posted: 31 Oct 2019 10:00 AM PDT |
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