Seller refusing to allow inspection Real Estate |
- Seller refusing to allow inspection
- Rooms built over pool
- Need help
- A Company "Mistakenly" Paid My Property Taxes
- West LA - Normal Percentage of NET Income to Spend on Housing as a Buyer?
- Bought a house with an existing fence encroachment based on realtor's advice -- now I'm losing land to adverse possession
- What is considered cheap rent coming out of college
- Negative house prices! Hedging strategies
- VA Loan - Spiraling out of control
- Real estate license
- Can you name your own road?
- Buyer Requesting Repairs/Advice After Sale
- Quick question about signing a lease.
- Was supposed to close my sale next week. Buyer's wife got laid off. Loan has to be re-processed with just the husband. Lender said the husband job is good and the loan will process without her. Closing date is pushed back 2 weeks now. Anyone run into this before?
- New construction-GA
- Egress/Ingress easement on rural land, need info to build a home
- How to finance Property with illegal addition?
- Vancouver to Squamish
- All else being equal, would you rather buy a 20 y.o. house, or a brand new one with $21,500 CDP lien amortized at 5% for 30 yrs and forever encumbered by an extra property tax of $900 that increases 2% every year?
- How long do update styles last? (US Midwest)
- Does having a Local Lender matter to any sellers out there?
- Property Management Apps
- [TX] Can I file for a homestead exemption for previous years?
- Encroachment Agreement Need Advice
| Seller refusing to allow inspection Posted: 09 May 2020 02:28 PM PDT Hi, we put an offer on a house and it got accepted. We waived the inspection contingency. We asked the seller to allow us to do an inspection so we can be prepared for any immediate repairs. Since we will be subleasing our current apartment, it will let us plan ahead to decide our moving date and do any repairs if needed. Now the seller is refusing to allow inspection claiming they don't want to assume liability. This has gotten me worried. We were never planning to back out because of inspection but the fact they are not allowing us is pretty scary. Our agent is telling us that legally it's their right. Is that true? Can we do anything in this situation? EDIT More info based on the comments 1. We intentionally waived the inspection contingency. We're in Seattle area where the market is pretty hot. After losing 10 offers for various reasons we were pretty disheartened. We had pre-inspected 2 houses before putting an offer. We were $1k out and no contract. 2. There were 3 other offers. One of the other potential buyer did a pre-inspection. We relied a bit on that. If someone did a pre-inspection and put an offer, we hoped there was nothing majorly wrong. 3. What our realtor didn't tell us was that the sellers can refuse the right to inspect. We still wanted to get an inspection and be aware of the damages but not back out. Just the fact they denied us, got us worried. 4. We were sure that the appraiser will look into anything that was majorly wrong with the house. 5. This is a well known builder. It can speak to the quality of the house built. All houses in the same community are still occupied and not sold even once. 6. We did check the seller's disclosure. Everything checks out fine! [link] [comments]  |
| Posted: 09 May 2020 01:52 PM PDT We just toured a new listing with two bedrooms built over a old pool. The pool was never filled in - it's still accessible via a trap door in a closet and used for storage. I've never heard of anything like this and either has our agent - is this a "hell, no" situation for buying? [link] [comments]  |
| Posted: 10 May 2020 03:25 AM PDT Hello, my wife and I are thinking of purchasing and moving into a co-op in nyc and have narrowed down our choices to two. Both apartments are one bedroom and both apartments are in the similar condition. One apartment (apartment A) is 90,000$ and has a monthly maintenance fee of 1200$. The other apartment (apartment B) is 220,000$ and has a monthly maintenance fee of 600$. Our dilemma. Apartment A has a very low entry price, but high monthly cost. While apartment B is more expensive initially but the monthly cost is cheap. We plan on living there for about 10 years and reselling. We are worried that high maintenance costs will eat away at any profits when we go to sell in the future. Thanks in advance for all your help. [link] [comments]  |
| A Company "Mistakenly" Paid My Property Taxes Posted: 09 May 2020 06:19 AM PDT EDIT: My plan right now is to call the town on Monday, try to get them to refund this company and I'll pay the taxes myself to the town. Thanks everyone for the assistance! I bought my house late last year and paid my first property tax bill this month. When I went to pay the prior two quarters (the ones in question) were already paid for, which, as a first time homeowner, thought it was something I had paid for when we closed on the house. Cut to yesterday... This company "CoreLogic LLC" sent me an a letter that they paid two quarters of my property taxes "in error" and are looking for me to pay therm back. I believe this may be true, as stated before, when I went to pay those two periods, they were already paid. The town was closed by the time i read the letters, so I have to wait until Monday to confirm. However, I don't feel comfortable sending this random company money. It feels like a scam. I'd prefer to have the town reimburse the company, and I pay the town. If they did indeed pay my property tax, I get there are ethical issues in repayment. However, I never asked for them to do this and it all feels ridiculously shady, and underhanded. What kind of legitimate business makes a "clerical error" like that? Like I said, I'll call the town Monday to confirm they did pay it, but I was wondering if anyone had heard of something like this happening before, or if it happened to you, what did you do? [link] [comments]  |
| West LA - Normal Percentage of NET Income to Spend on Housing as a Buyer? Posted: 10 May 2020 02:06 AM PDT Hi all, I'm currently living in West LA and have been searching for a condo, it would be my first time buying. I'm sure you all know the rules of thumb around spending less than 30% of your gross income and staying for at least 5 years. So I'm looking at 3bd condos to be "future proof" for what my family needs 5 years out. What I'm seeing in this market simply doesn't add up. Based on my research on Redfin, a nice 3bd condo is running 1.2m+ in West LA right now. All-in costs are 6k/month+ for that. Which means you need a minimum 240k+ income per year to be comfortably paying for that. Really nice ones could be 50% higher than that. Whereas this article says median incomes in these neighborhoods aren't even close to that: https://www.homesnacks.net/richest-neighborhoods-in-los-angeles-128993/ This seems to indicate to me that many people are spending MUCH more than 30% of their gross income on housing here in West LA (when you include mortgage, property tax, insurance and HOA which are very common here). And due to high taxes in the state and at this income level, some new buyers must be paying over 50% of net income towards those housing payments. So I'm looking for a bit of a sanity check. For those who bought in West LA or similar kind of high tax, high cost of living area in the last 1-2 years, what is a reasonable percentage of your NET income to spend? 40, 50, 60, 70%? [link] [comments]  |
| Posted: 09 May 2020 02:35 PM PDT I bought a house back in September 2018 as a 26 year old first-time-home-buyer in Alabama. The morning before closing, my realtor ordered a survey of the property. Minutes before closing in a law office, my realtor told me the survey had been done and it showed the house I was buying had a fence encroaching on my southern neighbor's property by a few inches (for a length of 15 ft), and then my eastern neighbor had a fence built that was actually on my property by up to 6 ft (for a length of 100ft). She told me as she showed me the survey "it's not a big deal. Encroachments happen all the time and I recommend that you keep the survey in a safe place and maybe talk to your eastern neighbor about his fence being on your property." Based on her response to the survey and "it not being a big deal", I continued through with closing and I own the house now. Fast forward to March 2020 when I finally saw my neighbor for the first time. I introduced myself and told him he's on my property. Things went downhill from there. He's claiming adverse possession of the land and I'll likely lose if I were to go to court. He would've satisfied the length of time to claim the land through adverse possession before I even bought my house. Should my realtor have reacted to the encroachments noted on the survey differently and made it so the closing was delayed into fence agreements were signed or the encroachments were fixed? My title insurance isn't covering me because they have an exception that makes them not liable for adverse possession. [link] [comments]  |
| What is considered cheap rent coming out of college Posted: 10 May 2020 12:52 AM PDT Hey guys, i'm a while off from having to deal with paying rent, looking for a place to live, etc, but i'm just really curious; what would you guys consider cheap/ affordable rent in normal circumstances for someone graduating college and looking to get a place. Obviously this is really subjective because it depends on a changing economy, your income, where you want to live, etc, but let's say, hypothetically, someone looking to rent in the northwest area, Seattle, Portland, etc, making $80,000 a year, what would you consider to be cheap rent? I'm only a college freshman but i've always liked the idea (and have always had to) stand on my own two feet and pay for my own apartment and expenses, my parents have always been very good at teaching me not to grub money off them and my peers. Thanks for reading, i look forward to hearing from y'all. [link] [comments]  |
| Negative house prices! Hedging strategies Posted: 10 May 2020 03:01 AM PDT In theory house prices are at least $0, but if this pandemic has taught us anything (oil prices), any asset can have negative prices if holding it is loss-making, and there's no demand. Imagine a perfect storm of exorbitant interest rates & property taxes, rent-freezes, remote-working being the norm & hyperloop technology making real-estate portfolios loss-making. In such a scenario, a leveraged property owner may realise he/she can minimise his/her loss by paying off the rest of the mortgage (to stop interest payments), and getting rid of the property (to avoid property taxes) by paying someone to take on legal ownership of the property. Why would someone buy in such an environment, I hear you ask? Well that's why you're offering to pay them. Have any of you hedged against this scenario or similar ones? Would such a black swan event hit you where it hurts? [link] [comments]  |
| VA Loan - Spiraling out of control Posted: 09 May 2020 07:51 PM PDT I know its a long read... sorry for the rant... We have been on and off shopping for a new home for about three years. We have gotten more serious in the last couple of months as the mortgage rates has fallen to where it makes sense to take advantage the opportunity (We have a 3.5% fixed for 30 now that we got in 2013, good at the time). As we started the process, I was pleasantly surprised to learn about the changes that the Blue Water Navy (BWN) Vietnam Veterans Act had on the VA loan program. There is no loan cap any longer (lenders may have overlays) which essentially means that if you can get approved for the loan, the VA will guarantee it. We had had no issue getting approved for a loan and started the hunt. We found a property that fit our criteria and decided to proceed with submitting an offer. After a few back and forth contracts, we struck a deal. The process was seemingly very smooth at first, then started to get a bit bumpy. The first issue was with our current primary residence. Being that I have an active VA loan on this home, I needed to pay off this note to free up my eligibility (COE). The plan was to get a HELOC and pay off the current note, close on the new property, move into the new property and then sell the previous property and pay off the HELOC at closing. All was good until about a week ago when all lenders started shutting the doors on HELOCs. We got our application in at the 11th hour and luckily, we are approved with an LTV of 60% (not too bad) and a max of $250k. The home inspection came back and was clean. I had three different inspections done, not required, but I just wanted to cover my bases. The last thing that we were waiting on was the appraisal. The appraisal was ordered by the VA and the appraiser came out and did his thing. A few days later, I get an appraisal report in my inbox and was blown away to find out that the appraised value of the property was 160k less than the asking price. My agent, the seller's agent and the lender all reviewed the report and they all stated that they have NEVER before, in their carriers, seen a report so bad and so flawed. I reviewed myself and could not believe the comps that the appraiser was using. A few examples below: Multiple comps were 4-bedroom homes vs subject home at 6 beds. The adjustment for 2 bedrooms was 5k. .5-acre homes used in comps when subject home is an over an acre (I am on the East Coast of South Florida and our land is EXTREMELY expensive). Subject home was just renovated (marble floors, impact glass throughout, $100k kitchen, renovated bathrooms, pool with spa, basketball court etc...) and appraiser stated on the appraisal that there were no upgrades to the home in 15 years. No comps were taken outside of the neighborhood and there are only 39 homes in the neighborhood. This is a sought-after neighborhood and has exceptionally low activity (two comps were 1+ year old sales). In fact, the guy that is selling the house is moving a few doors down (home he is buying was an off-market deal). Buyer agent and seller agent both sent multiple comps within a one-mile radius and he refused to use them. There are many more issues that we found but these were the highlights. I was extremely frustrated because of all the work, time and money we invested and moved around for this deal. I contacted the VA Regional Office and spoke to a senior loan officer. She could not authenticate me in the system utilizing the reference number / case number on the appraisal. After going back and forth, I provided her some PII and she was able to authenticate me and then told me that the reason that she could not authenticate me previously was that MY appraisal was actually under another veteran's file and the appraiser used this other veteran's loan reference number on my file. Long story short, we are going to go through the ROV process but as I just found out by reading through the bulletins on VA.gov, the ROV is being capped at 5% of original appraisal. Sorry for the long rant. It is just frustrating and disappointing that one person would have so much control over the entire loan process without any checks and balances along the way. This one person just ruined our opportunity to take advantage of an amazing program offered by the VA. I have personally ordered another appraisal for the property by an independent appraiser through my lender and we are still moving forward with the transaction. Anyone have any experience with an ROV? My agent and the lender are telling me that it will more than likely get denied and no change will occur (from their experience). I really want to write a letter to the head of the regional loan office with the rebuttal letter for the ROV and the independent appraisal that I am getting. I am so aggravated. Just looking for others that have been in similar scenarios and the outcome. Really hate to put up $100k+ just because this appraiser was having a bad day or was just rushing through his job. Thank you for reading through the post and sorry again about the rant. Just frustrated and at my wits end. If the house wasn't really what we wanted (three years of looking), we would just walk away, but my fear is that this could happen again and both our agent and the seller's agent said that they see this all too often with VA loans and they really do not like dealing with them. The appraisers that are used most of the time are outside of the local area being that they are at random and it is clear this guy did not have a clue as to how to properly appraise this property. Thank you guys, and I wish everyone safety and health during this time. [link] [comments]  |
| Posted: 09 May 2020 10:31 PM PDT Is there any way one could get their real estate license over the summer? My internship was cancelled and was hoping i could work towards a license instead [link] [comments]  |
| Posted: 09 May 2020 07:32 PM PDT we're thinking about building our own home on some land we bought. This land is in Arkansas if that is more useful. I'm wondering if there's a way we could name the road that leads up to the home. [link] [comments]  |
| Buyer Requesting Repairs/Advice After Sale Posted: 09 May 2020 09:45 PM PDT I sold my house about 2 weeks ago to a recent divorcee who sold her house and wanted to down size. She has been asking my realtor questions on the house, who then asks me questions. I don't mind it too much, but it's annoying. This is will be my 3rd house I'm buying and I never reached out to the seller when something was confusing or I didn't know how to work it. Well on Thursday my realtor went to my old property because a sprinkler valve didn't turn on with the timer. He asked me to take a look and I obliged. It ended up being a $10 part and I fixed it for her in 10 minutes. She then mentioned the water heater blow off valve was leaking. It clearly was a new issue because if it was leaking when she bought the house, the garage would of been flooded (the house was vacant for 3 weeks because the close date was pushed back 3 days before it was supposed to close, she also admitted to me that it didn't leak the first 4 days she was there) My realtor is sending his plumbing guy to take a look. (We bought her a home warranty). My question is at what point can I say I'm done, it's your "problem"? We had inspections done, what issues there were we fixed, we even fixed items above and beyond because it was the right thing to do. I don't want to be asked questions about random things or be asked to go over to fix something or walk her through how to work it for the next 6 months (or be held liable because she didn't use said item for 3 months and when she does, it doesn't work). [link] [comments]  |
| Quick question about signing a lease. Posted: 10 May 2020 02:09 AM PDT So, i'm looking to move out of my parents house into a rental with my sister and her boyfriend. I'm only staying there for 6 months. I'm 20 and i've been purely focused on school, i have no real income (i'm working on that, though it's a bit hard right now). Since i'm not going to be there for the full duration of the lease (and not paying rent), do I need to do a rental application as well? I don't want it to negatively affect their chances of getting the house if they also see me having zero income. I guess i'm a little confused on how all of this works, it's last minute for me but i'm eager to live with someone that isn't going to baby me and micro manage me 24/7 [link] [comments]  |
| Posted: 09 May 2020 04:07 PM PDT I know this time is very tumultuous. I don't think the lender would want to continue if he didn't think it was going to go through but I wonder what my options are besides to re-list at this point. [link] [comments]  |
| Posted: 09 May 2020 06:15 PM PDT We are looking to buy a house by the end of the year or early next year at the latest. There is new construction 2nd or 3rd phase. We love the neighborhood and one of the floor plans is perfect for us. My question is, if new homes don't typically discount on the base price of the home, but with covid, would we have a better time asking for upgrade incentives now and starting the building process or would we have a better chance of getting upgrade incentives if we wait until the fall or winter? Also, is a unfinished basement considered an upgrade? Out here they are around $40k to add to a new home. We are renting a townhome now from a private owner, lease ends in July. I'm sure we can go month to month or do a 6 month extension based on when our home would be ready. Thanks! [link] [comments]  |
| Egress/Ingress easement on rural land, need info to build a home Posted: 09 May 2020 06:00 PM PDT So let me preface this by saying that I'll officially know on Monday either way, but just curious to get some different perspectives on it from the credit community. Ok... I'm about to obtain a piece of "landlocked" property, it's rural and down at the bottom of a long dirt road. However, this road is a pretty well-maintained dirt road that has several people living on it. I was told by family members who live down the road that they had issues in attempting to get funding from banks for new home loans and ultimately had to buy in cash due to easement issues. However! The piece of land that I'm about to get, per the deed, says that it has ingress/egress (originally deeded in 1945) to last notoriously, certainly, blah blah blah, for in EXCESS of 48 years. So, per the verbiage, this would include easement validity after 1993, right? Thanks in advance to whoever can help me shed some light on the situation. Bonus question: If this piece of land has the easement, and I separated an acre, for example, does that new acre still get the benefit of the original land's easement? [link] [comments]  |
| How to finance Property with illegal addition? Posted: 10 May 2020 12:53 AM PDT Occasionally, there are property with illegal addition that are for sale. Since these property value doesn't make with the loan value and they required to have cash offer. Is there any ways to obtain a loan for those properties ? [link] [comments]  |
| Posted: 09 May 2020 07:38 PM PDT My partner and I are looking for somewhere where we could potentially buy a house. He would be working in Squamish, and I would be in Vancouver semi-remote. Is there anywhere near/between the two where we should be looking for affordable housing or land to buy a house. I know Vancouver is generally ridiculously expensive, so it might not be possible, but I'm not even sure where to start looking. [link] [comments]  |
| Posted: 09 May 2020 10:56 PM PDT Hi folks, I live in California, and a lot of newer properties have mello roos and/or they're forever encumbered by a higher property tax than older properties in the zip code. What's worse is the financing terms and CPI increases in the extra portion of the property tax. So, it has me wondering, would you rather have a new house that has all these extra costs. Or, all else being equal, a 20 y.o. house without all these extra costs? The $21,500 lien works out to an extra $20k in interest over the life of the lien, which is just money you fork over. And, the property taxes are basically an extra 900 / yr. For the life of a 30 yr loan, these extra costs are 21,500 + 20k + 36,500 (taxes with CPI increases) = $78000 for the new house. Which increases the overall cost of the 30 yr fixed mortgage financing by about 7%. Now, I'm not familiar in all the costs that go into maintaining a 20 y.o. house. So, what would you guys go for? [link] [comments]  |
| How long do update styles last? (US Midwest) Posted: 09 May 2020 02:53 PM PDT I'm in the process of updating my condo to sell, and at the advice of my realtor, I went with grey wood-grain vinyl tile. It's what's fashionable now, and while I don't personally like it, of course I want to do what will help sell my condo. My question is, how long do these update styles last? I am looking at moving to another part of the country, and as a frugal person, I don't want to update my next dwelling, only to have do re-do it a "short" ten years later. As a young middle-ager, it gives me some level of bemusement to see posts in /r/DIY where some presumably young redditor rips and replaces a "totally 90s" basement, bathroom, etc. Well, that was only... 30 years ago? When will the 00s or the teens look start to look dated to prospective purchasers? [link] [comments]  |
| Does having a Local Lender matter to any sellers out there? Posted: 09 May 2020 10:44 AM PDT As a seller, when you're evaluating offers from a buyer, does it make a big difference to you if they have a PreQual or PreAppr letter from a local bank or broker? Basically I love my (large chain and less than 100m away) federal credit union and I've done all my savings and due diligence thru them, but I have a buyer's agent pushing me to get a second letter from a local lender. I would totally understand if this was a no-name bank or a letter from rocketmortgage, or even if it was just in another state, but it's literally the largest credit union in the county next door. Of course my buyer's agent recommendation comes along with a push to call a mortgage broker they know, but I thought it would be worth asking sellers on Reddit - does this matter to you? Why or why not? Also, if I was going to get a second backup letter (As this supposedly helps soothe sellers in a post-covid world), wouldn't it make more sense to go with a big national lender like Chase or something? Thanks ya'll! [link] [comments]  |
| Posted: 09 May 2020 08:27 PM PDT Does anyone know of any apps that helps in property management? I'm looking for something that allows me to maintain a portfolio of property, allows my tenants to submit maintenance requests, enables my tenants to pay rent through the app, and allows me to track expenses. Any recommendations? [link] [comments]  |
| [TX] Can I file for a homestead exemption for previous years? Posted: 09 May 2020 02:04 PM PDT I'm recently became aware of homestead exemptions. I have been living in my current residence for about a year and a half. But I didn't claim the homestead for 2018 nor 2019. Is there a way to file it and get money back? I plan on filing it for this year too [link] [comments]  |
| Encroachment Agreement Need Advice Posted: 09 May 2020 01:48 PM PDT Currently in contract to buy a house suppose to close Wed. Found out after accepting sellers counter offer they were In a boundary dispute. Was explained to us part of the fence needed to be moved and a survey was being done. Neighbor moved part of the fence which we had agreed too we just wanted it done before closing so we wouldn't have to pay for it. We were told we would get a notarized letter from neighbor stating the remainder of the fence and shed could stay where it's located. Now we just recieved notorized encroachment agreement right before we are suppose to close stating fence, shed overhang and concrete slab are all in the wrong place. Agreement states they are permitted to remain there with a revocable license. This is not at all what we were told was going to be the resolution? They could revoke the license at any time and we would be on the hook to pay to move everything? Should we run from this? We live in Oregon. [link] [comments]  |
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