Don't assume your realtor has the contract details correct, you need to look it over before signing. Real Estate |
- Don't assume your realtor has the contract details correct, you need to look it over before signing.
- Agent posting on social media before closing...
- [NY] radon test came back positive, then seller says we need to fix or they will go with higher cash offer
- Anyone ever dealt with police enforcing city ordinances that the city doesn't enforce?
- Should i buy a house worth 250k if i have total savings of 30k?
- I was denied homeowners insurance on a new home after the agent asked if there was an inspection report that had things to fix on it and I answered truthfully. Is that normal?
- Cash out refi for down payment on second home?
- Insurance claim from inspection
- Weird Situation....
- Buying a first home!
- Final Walkthrough Revealed New Water Damage. We don't know if we should continue our walk away
- How do you balance moving to a dream area and getting work ?
- Any way to purchase a house via mortgage and keep your name out of public land records?
- HELOC in Latam?
- Whose responsibility to review closing documents?
- Can I afford to be a homeowner? If not, what can I do to speed up the process?
- Home loan stuck at appraisal?
- Home inspection found a foundation issue
- Building a condo, builder wants to switch flooring on me a month before closing
- Is there anything I can look at or study before attempting to take the course to get my license.
- Healthcare worker incentive, seller saying too late?
- Gifted money/need advise
- First home
| Don't assume your realtor has the contract details correct, you need to look it over before signing. Posted: 26 Jun 2020 06:31 PM PDT Just recieved an updated contract, and noticed a digit missing from the purchase price on the contract, after all parties signed it. It's in my favor,( by several thousand dollars.) but I alerted my realtor to correct it since my lender is going to be using that to calculate all my costs. Thankfully my sharp eyed legal assistant also caught it the following day. I make sure I check the amounts of credits, seller assist and downpayment amounts because those were also incorrect at various stages of revision. Be alert and don't ever assume your realtor can't make mistakes, especially if they are very busy. [link] [comments]  |
| Agent posting on social media before closing... Posted: 26 Jun 2020 05:22 PM PDT My agent is posting my instant equity on a house I am under contract for on social media. Closing date is 2 weeks away... Not sure if I am making a big deal about this but I am kind of uneasy about the social post because if I were the seller and saw that I would try everything in my power to back out of the deal. I would understand after I close, but not a few weeks away. Would this infuriate you or would you not care? [link] [comments]  |
| Posted: 26 Jun 2020 08:14 AM PDT We made the offer at asking price. and sellers accepted our offer. so we did an inspection on June 18th. everything was going relatively well. some small issues here and there. Many kitchen appliances didn't work, but we thought we would just replace those. Not a big deal. And contract was out in the morning of 24th. Our attorney was kind enough to remind us to wait for all inspection results to be back. lo and behold. On the same day the contract is out. We heard back from inspector that there is radon and they recommend remediation. It's above the EPA regulation. on 25th, sellers seem to agree to remediate. so we thought as long as they do, we are still going to sign the contract stating that radon will be remediated. until today, we heard that... they are asking us to fix the radon problem. if not, they will go with a higher cash offer. I asked my agent, does the higher cash offer know about "there is cancer causing stuff at the home?" My agent said she doesn't know and she is upset too. Anyways, some ppl are really malicious in playing the real estate game. I bet the sellers were showing the home without telling ppl that 1 day in this home is like smoking 8 cigarettes per day. this post was also cross posted in r/Westchester Update: radon is at 4.0 which I did reply to an earlier reply, that got me downvoted by like 11 people. anyways, surprised to see how many ppl who are perfectly happy to live with 4.0 radon homes. Test is done in summer time. Their basement has pretty big windows. this is basement of a split level. and 1 particular username with the "engineer" title is going around to say 4.0 is fine. okay, if it's fine with you, then sure. but don't spread misinformation to ppl who may not have read the EPA recommendation. and world health org's recommendation is even lower than that. [link] [comments]  |
| Anyone ever dealt with police enforcing city ordinances that the city doesn't enforce? Posted: 26 Jun 2020 05:02 PM PDT Still trying to navigate our city ordinances. We moved to a "historic part" of town that has its own share of very specific rules, most of which we're exempt from as the non-historic house in the area. But obviously we're still in the town itself. The police came and gave us a warning about a truck we're rebuilding in the carport, citing section XYZ "Storing inoperable vehicles in public view". Didn't want to cite, said as much over and over, etc. "Just keep us posted on the progress, it's just city rules, sorry." I called the city for clarification on the ordinance, and they said they do not enforce sections A-F, which this falls under, and to contact the police department. There is no HOA. Have you dealt with police departments enforcing rules that the city doesn't enforce? I can only assume that someone trespassed on our property to get to the car port, otherwise there's no way to know the vehicle is inoperable. I assume the police have to follow through on every complaint. I really thought it was just small town rules, but apparently it's just the police department. It feels like an HOA I specifically wanted to avoid. Has anyone dealt with this, any tips on how to proceed? [link] [comments]  |
| Should i buy a house worth 250k if i have total savings of 30k? Posted: 26 Jun 2020 09:58 PM PDT I am planing to buy my first house in PA. My yearly earning is 90k annual only me earning and have a wife and baby. Currently i live with my wifes family without a need to pay rent. I was able to save 30k in ten months and was thinking to buy a house. Is it a good idea to do this in the current covid situation? The company i am working for recently announced that it might do job cuts but not in my department. On the other hand i am getting a very good APR (3.125) and rate to buy a house. Any suggestions? [link] [comments]  |
| Posted: 27 Jun 2020 04:06 AM PDT For more context, this was Travelers, and they had the lowest quote BY far until they asked about any potential risks disclosed in the inspection report. I made the mistake of disclosing that there were several items that were in need of imminent repair but none were so high priority that our inspector said they needed to be done before move in (an electrical box wiring issue, resealing a small portion of the roof before a leak does start (no evidence of leakage yet), and replacing a window before leaking starts. These were all items we planned on addressing. The agent asked to see the inspection report, and I provided it (LIKE A FOOL!!) and we were denied. Is this normal, and are my chances ruined with this insurer, AND how can I avoid this issue if the same questions are asked moving forward? The house was in otherwise "really great condition" [link] [comments]  |
| Cash out refi for down payment on second home? Posted: 26 Jun 2020 09:55 PM PDT California here. Is it possible to do a cash out refinance and use the cash for a down payment on a second home? Plan is to make the second home my primary residence and rent my current one out. I've read about HELOCs and home equity loans but unsure if that's the route I want to take due to the adjustable/higher rates. Any ideas on if lenders would allow this? [link] [comments]  |
| Insurance claim from inspection Posted: 26 Jun 2020 08:31 PM PDT I am a buyer under contract on a home in VA and the inspection came back showing that part of the roof is not sloped enough for shingles (which it has) and that below that portion of the roof there are signs of water damage. After going back and forth with the seller regarding that and another issue from the inspection they agreed to fix the roof but revealed they will be going through their insurance to get the roof repaired/replaced. Is this a normal course of action or should I be concerned that their insurance won't cover it? We have not signed anything yet, waiting for the seller to get their inspections and going from there. Following the inspection we requested a $15k credit for the roof and some electrical and mold issues. [link] [comments]  |
| Posted: 26 Jun 2020 05:44 PM PDT I'm a first time home buyer, and whilst in the process of preparing to review the contract for a house I was interested in buying, the builder requested that they have in their possession a check for the Earnest Money, of which I was told by my realtor that it would simply be held, not deposited, until she and I have finished reviewing the contract together, and submitted it fully signed if everything looked good. However, not even 2 hours after I gave them the check (and prior to my realtor and I getting together to review the contract together), the builder cashed it, which shocked both my realtor and myself. I have called my bank to put a stop on that check going through because I haven't even agreed to moving through with the purchase yet; if anything this move on the builders part left a nasty taste in my mouth and I asked to cancel the contract entirely, as I was no longer interested in doing business with them. Is this sort of shady practice normal in purchasing a new construction home? [link] [comments]  |
| Posted: 26 Jun 2020 08:13 PM PDT Is rn the time to buy a house even though it's a selling market? (GR, Michigan)I do want to stay here for a very long time. It's about 2K$ to break our apartment lease though. I do have a reliable job and a decent down payment where I wouldn't have to pay PMI. I know the interest is low... but should I wait? Lease ends June 2021. I FEEL LIKE EVERYONE IS BUYING HOMES RN!!! I don't mean to compare but I can't help it. [link] [comments]  |
| Final Walkthrough Revealed New Water Damage. We don't know if we should continue our walk away Posted: 26 Jun 2020 10:01 PM PDT Going through our potential new home today my wife and I immediately noticed that there was new water damage on the kitchen ceiling, as well as in the bedroom closet adjoining the kitchen. This is definitely new, it wasn't there a couple of weeks ago when we were there, or on Monday when one of the leasing agents went through. My brother and I went into the attic and found that the drainage pan under the HVAC had a defective corner that allowed water to spill. We turned off the fuse so there's no more water leaking but we aren't sure how extensive the damage is. I pulled off the insulation and it looks to be contained to an area about 10x10 feet. My wife and I arent sure how to proceed. Our agent has reached out to the sellers to arrange a repair but haven't heard back, being a friday night. This is definitely recent, but we're wondering if the damage may be worse than it appears. Should we back out? Wait to see if the sellers will repair? We're in a bind since our current lease ends Monday. Oh, and my wife is 4 months pregnant so this is a lot of added stress for us. Please reddit, any advice? We're first time buyers and along with other previous issues this buy has become a bit of a nightmare. [link] [comments]  |
| How do you balance moving to a dream area and getting work ? Posted: 26 Jun 2020 09:52 PM PDT I'm looking around and everything in the area is double or triple my budget, atleast. I'm looking closer to a smaller town and it's beautiful. However I'd have to move so I'm unsure of what to do. Do I buy the place first, move in and then get a job in the area (hopefully) or do I get a job and then hope I'm able to get the place ? How on earth do I go about this ? [link] [comments]  |
| Any way to purchase a house via mortgage and keep your name out of public land records? Posted: 26 Jun 2020 06:49 PM PDT I was looking at some county property search sites and I see it's very easy to search by owner. I also saw a lot of properties owned by a company so there's no human record as the owner. Can you form a company to purchase your own residential property or does it have to be a company with the intention of buying and developing properties? Even if you do form a company how easy is it to find the company owners? [link] [comments]  |
| Posted: 27 Jun 2020 12:33 AM PDT Hey everyone I'm from a country in Latam and currently saving for my second property The one I bought last year and currently live in is already cash flow positive if I decided to rent it out and has appreciated around 15% (had it appraised by the bank after I refinanced with a better IR) When covid hit I immediately knew that at the end this year and start of the next home prices are going to tank for a while In my country, you must put 30% down before you can apply for a mortgage However, I'm yet to have enough saved for getting one of the properties I'm looking at. They will be amazing deals but that price won't last too long I'm thinking about a HELOC or a similar vehicle (As my home equity had a nice growth). I dont think I would be overleveraged and could make payments comfortably even if I could not get the first one rented out My income is not in danger thank god, but; My concern is the following: will I get a good interest rate on both the HELOC and the mortgage if I decide to take that road? My guess is no but still worth asking And I would like to move quick with securing a vehicle if feasible What other alternatives would you guys suggest? (I think cash out refinance are not a thing in Latam but I could be wrong) [link] [comments]  |
| Whose responsibility to review closing documents? Posted: 26 Jun 2020 04:22 PM PDT I had a realtor miss several thousand dollars in over billing of property taxes that the title company incorrectly added in our closing statement. I did not see until after we had signed. I pointed this out to the title company a couple days later after I actually looked over the document (foolish of me I know) and they offered to ask buyers for the money but I told them to let it be and it was the price of an education. My question is, was this something my realtor should have reviewed and potentially caught? [link] [comments]  |
| Can I afford to be a homeowner? If not, what can I do to speed up the process? Posted: 26 Jun 2020 02:22 PM PDT To sum up, Im trying to see if i can afford a home and if i can't, what can i do to speed up the process and are there any down payment assistance programs i can utilize? Saving on my income is relatively slow. Im really trying to avoid paying PMI because I've heard all about that. I have a very high credit score and no debt, but i dont know if that puts me into an advantageous position when considering how much i make and how long it takes me to save. My background... Im a family man, 35, living in the outer boros of NYC. My wife and i are in the health field. We have two kids, one aged 5 and the older is approaching young adulthood. We've been stuck living in a 2 bedroom basement apartment for 13 years now. Neighborhood is nice, rent is good bargain, and apartment isn't terrible but its just we need more space, our youngest needs her own room, and... Not for nothing but its a basement, who stays there for as long as we have? We're in our mid to late 30s and i feel like this is holding us back. The only reason we've overstayed our stay here is because we had major setbacks in 2016/2017. I was supposed to graduate around then but i switched majors (i couldn't get a job or internship with my first major: accounting) and my wife lost a different job she had which paid almost the same as me and she hasnt been able to match that salary since. So right now all I got saved is an emergency fund with $13k and down payment of $3000 (thanks to federal stimulus, tax refund and COVID/hazard pay). Negatives:
Before resigning, she spent most of last year trying to find a better job that pays more and treats her better, she had plenty of interviews that went nowhere. One place even gave her a benefits packet (what a waste of paper). So this year in Feb, she was in bad shape, very stressed and insomniac, that she chose to resign. After she left, her health improved, its a good thing she did because a month later her job laid everyone off thanks to COVID 19. Shes been trying to find part time work instead since then. Both receptionist and even other things like contact tracing, work at home call center, and grocery store clerk. Sounds easy to get on paper but nope. Employers are just too damn picky it seems. Positives:
If i get in one of them... It would be a Spring 2021 start and a Fall 2022 graduation. If this all goes well then none of this matters because my income would be very sufficient post graduation. However 2 years is a pretty friggin lonnnggg time considering all I've got going on.
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| Posted: 26 Jun 2020 10:37 PM PDT Put an offer on the house on June 9th and most things seemed to be going smoothly - passed inspection, made minor improvements required, we paid the earnest money, loan went to underwriting ... all good! Until the appraisal. It was performed on the 11th and still no one has sent the appraisal. Our realtor contacts them twice a day and nothing. Obviously we need the appraisal for underwriting to get the ding dang house, this appraiser guy is just sitting on it. Is there anything we can do? I assume our close date of July 6th is dead in the water 😑 [link] [comments]  |
| Home inspection found a foundation issue Posted: 26 Jun 2020 10:21 PM PDT Hey all, I need a bit of advice. During our initial view of the home we were told the garage floor had a defect from a past foundation issue, but was also told the foundation was fixed and the garage floor is basically cosmetic (they cut a line down the middle to release tension so one side is slightly higher than the other). We went through with the offer, it was accepted. The inspector said that there was an attempt to fix the foundation but the person that did it didn't do a great job. Basically said they used plywood instead of concrete blocks and that the footing that sunk was never fixed. He pointed out that one side of the foundation is about 8 inches or so higher than the other side. Also the support beam on that side of the house is also lower than the other side. The seller offered 15k off of the contracted price but I'm not sure if the foundation issue would be a major headache later on and if it will cost a lot more than 15k. We were told the foundation may not be still sinking by the inspector but he wasn't able to say it confidently as he's not a foundation person. To note, the bedrooms upstairs in this side of the house slants towards that corner of the sinking foundation. Also we are not able to ask the seller anything regarding the house as he's just the executor of the estate and doesn't know much about past work or issue. He also doesn't want to allow us some time to have the foundation further looked at as he has "other offers", one being higher than ours with no inspection. Not sure if I'm over reacting or what. But any advice will be welcomed. Picture of the foundation in the garage. https://pasteboard.co/JeYEUON.jpg [link] [comments]  |
| Building a condo, builder wants to switch flooring on me a month before closing Posted: 26 Jun 2020 09:06 PM PDT So I'm building a condo, the builder notified me a few days ago (https://drive.google.com/file/d/1-WabnWmMb8qP-eColT2hamC6_A2aUH1k/view?usp=drivesdk) that they were unable to get the hardwood floors that were selected for my unit (Shaw Golden Opportunity 3-1/4") They will be replaced with engineered hardwood floors (Shaw Albright Oak) They are offering a $1,500 credit due to the substitution. At my request, on Sunday I'm meeting with them to discuss other flooring options/the credit. I'm not necessarily against engineered hardwood, but definitely want to negotiate more. I would be fine with them sourcing the hardwood floors from a different supplier, a much larger credit, or a combination of credit and engineered hardwood in more of the unit (currently the basement is unfinished and the 2nd floor is carpet). What do you think I should be going in trying to achieve? I found this snip from the contract (https://drive.google.com/file/d/1-Vwiws4KBL8VIeV1yMvhiLcGTtr37Z-n/view?usp=drivesdk) that I am hoping could give me some leverage. I know almost nothing about construction, flooring, etc so any advice would be greatly appreciated. About 800 sq ft are impacted and if it would be helpful I can upload the whole contract. Thanks for the help!! [link] [comments]  |
| Is there anything I can look at or study before attempting to take the course to get my license. Posted: 26 Jun 2020 02:43 PM PDT |
| Healthcare worker incentive, seller saying too late? Posted: 26 Jun 2020 04:23 PM PDT My new construction home will be completed in September and I'm basically waiting for the loan process to begin. Yesterday I stopped by the sales office to drop off some documents when I noticed a flyer for a healthcare worker incentive of $2500 towards closing costs and/or upgrades. The fine print stated the incentive was effective 5/13. My actual purchase contract was signed on 5/18. When I asked the salesperson that I believed I qualified for this incentive she stated that it couldn't be retro'd for my purchase. My deposit was placed back in March so does that constitute the "binding agreement" vs the actual purchase agreement I signed on 5/18? [link] [comments]  |
| Posted: 26 Jun 2020 08:04 PM PDT After trying to find answers in google I finally gave up and would like to ask input from reddit users. I will try to explain the situation as best as i could. Me and my wife are first time home buyers and no family or friends that maybe able to give advise with regards to buying a house. So we are learning as we go along the process. We are now under contract and waiting for the banks approval. Our closing date is set july 17. Everything is going smoothly until we were asked about the gifted money. My mom lives in another country and whenever she comes to visit she will leave her left over allowance for us to save up towards buying a house. Through the past 10 years that she comes and visit we were able to save a huge chunk of money.she advised us to keep the money and use it when we are ready to buy a house which we did keeping it a vault at home. Now that the interest rate are low we decided we were ready and deposited the cash in the bank. We have a gift letter from my mom which was cleared already by the lender however they are asking for paper trail such as withdrawal slips, cleared or cancelled check which we don't have. Since the money was deposited in form of cash. My mom also doesn't use the bank back home due to the corruption in our country and just keeps it at home in a vault. After reading some stuff( which i should have done prior ) i know we made a mistake by depositing the money all at once and its not seasoned money and we don't have any paper trail. Do we still have any other option to show that the money is legal and that it is a legitimate gift from my mom or are we are out of luck and surely going to get denied without anything to show as proof? Thank you in advance [link] [comments]  |
| Posted: 26 Jun 2020 07:34 PM PDT If I am buying a home worth 65k and make about 60k a year but only have a credit score of around 560 what are my odds of approvals on a loan and what can I do to improve my chances [link] [comments]  |
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