Bait and switch legality question Real Estate |
- Bait and switch legality question
- Looking for advice, trying to getting rid of tenants to sell property.
- Need Advice: Seller is refusing to close due to $600
- Bank Mortgage Rates "Real" Rates?
- Question: Risks of buying a 60s built apartment?
- Offer refused and house now being falsely advertised and has been relisted. What can I do ?
- Having problems with a new build house, but idk if it's 'normal' and if it's not what I should do...
- In today's low rate environment, how do sellers feel about buyers with PMI or a separate bank loan for down payment? (Seattle WA)
- Bad idea to start investing out of state during Covid?
- Buying a mix use building
- Selling for $160k, offered $161k but we cover $4k closing. I'm not sure what this entails.
- Parents selling their home is asking the agent to lie on MLS listing
- Massive Shifts Underway, Rental Market Reacts in Near-Real Time: Rents Plunge in San Francisco & Oil Patch, Drop in Expensive Cities. But Long List of Double-Digit Gainers
- In the US we have realtor.com and Zillow to search for houses to buy. They are very good apps to use (in my opinion). What is a good one for someone looking for a place in England or the United Kingdom?
- The paint job was unacceptable
- Sellers realtor asking us to rescind offer
- FTHB-house we want went from Pending to Active-what happened THIS time?
- Being discouraged (Advice)
- Did anyone list their home shortly after the first Covid 'lock down' and still have a successful sale during the stay at home orders?
- Offer Accepted by Owner, their Lawyer rejected the offer
- Need advice: The sellers are a father and daughter, and the father’s health is suddenly in decline.
- Wells Fargo gave us an approval letter... but I don't think they knew!!!
- Texas Real Estate: First time buyer purchasing a Manufactured Home?
- First Multi-family Home Purchase Help
- How common is it for buyers to drop their offer after inspection without communication to the sellers about what could be fixed??
| Bait and switch legality question Posted: 03 Jul 2020 01:15 AM PDT Home was listed to have washer and dryer included. We went and saw that the washer and dryer was very nice so we sold our very nice stackables in favor of the ones we saw... the seller then throws a curve ball to us and states they want to take the washer and dryer. Our agent fights for the machines to stay. Alls good until the appraisal reports photos show machines near the garage door with a dolly next to them, indicating that they intend to switch out the laundry machines for far inferior machines likely. Is that legal? [link] [comments]  |
| Looking for advice, trying to getting rid of tenants to sell property. Posted: 02 Jul 2020 05:03 PM PDT I've had a set of bad tenants for a few years now. We've taken them to court for first appearance a number of times. Each time they work out a payment plan and stay. February of this year I had enough and told the property management company I didn't want them to work out a plan. I wanted them gone so I could just sell the place. They worked out that the tenants would settle up leave June 1st. Which was all well and great until COVID happened. Now they're just squatting since the state has limited/removed evictions. We started out behind in this whole process back in January/febuary and it's bleeding me. We just got notified that their $700 past due water bill is going to get the water shut off come the end of July and ultimately I know i'm going to be on the hook to get that fixed. I've heard that the biohazard left when water gets turn off on people is awful and can be gross and expensive to remediate but I can also see no water being a good motivator to GTFO. I'm not sure what I should do here. I think my state (oregon) is also allowing evictionis in the event of a sale for personal use, but I don't want to take the giant hit on sale value from the mess the place is being left in, and from trying to dump the exercise of eviction off on someone who just wants a home. The last inspection we had involved repairs to 50+ knife stabs into the walls and multiple holes. I'm afraid at trying to sell the place while they're still in it causing damage. [link] [comments]  |
| Need Advice: Seller is refusing to close due to $600 Posted: 02 Jul 2020 07:39 AM PDT My friend is having this issue with his current property. The sellers of the house would not agree to a repair escrow of $600 to fix some light fixtures that were not repaired by closing. He found out during the final walkthrough, and when he asked them to put money in escrow for the repair, they just refused. It was explicitly listed in the contract as a repair item. He's buying the house for over $500K. The closing is tomorrow. Is it common for sellers to walk away from a deal over a few hundred dollars? Should he continue with the closing and try to resolve some other way? UPDATE: Thanks everyone for the comments. I shared them with my friend; he felt a lot better standing firm on it. He asked his agent to put money into a repair escrow or he would not close. His agent called him back a few hours later to let him know that both agents would be paying out of their own commissions about $250 each so he can get the repairs done. My friend will officially become a homeowner tomorrow! [link] [comments]  |
| Bank Mortgage Rates "Real" Rates? Posted: 02 Jul 2020 08:30 PM PDT Hey guys, got a silly but realistic question here. When we look up Mortgage rates on different lenders' websites (specifically banks), are these rates anywhere close to what you would get quoted for your mortgage? I.E. JP MORGAN is offering 2.875% on a 30 fixed and 2.5% on a 15 fixed. I know this is completely depended on the specific circumstance but in the BEST CASE SCENARIO (excellent credit score...) banks SHOULD be offering these rates correct? +if they are not offering these rates could I talk them down to what they are advertising on their own websites? Any in depth info would be greatly appreciated as I am currently refinancing my home. [link] [comments]  |
| Question: Risks of buying a 60s built apartment? Posted: 03 Jul 2020 05:46 AM PDT Hey folks, looking into buying this apartment / "condo" in a 3-storey walk-up (2nd level) built in '62 in Alberta Canada. It's recently re-finished, concrete building. Asking is 80k CAD which is quite low as similar options are asking 90-120k CAD but many of those are built much later, 80s for example. Side note: Not sure when it was initially listed but now there is another unit selling in the sister building asking 84k. Should I be wary of a potential condo board snafoo? Any input or insight would be much appreciated and I'll answer any questions that could assist. Thanks everyone! [link] [comments]  |
| Offer refused and house now being falsely advertised and has been relisted. What can I do ? Posted: 03 Jul 2020 05:19 AM PDT I saw a house and it was a mess, I mean I'd been told it would be a lot of work but this was foreclosure level mess. So I put an offer in very close to asking price, and minimal conditions. Clean up and home inspection. I got told my offer wasn't high enough and they went with another one. Yesterday, I go and look for more places and what do you know, I find a very similar place. Except in the pictures this place is clean and taken care of. Well turns out that what happened is the seller didn't like any of the offers and him and his agent decided to relist the property using pictures that must be years out of date. They don't show anything what the property is actually like. They've also added fine print at the bottom of the listing saying "sold as is". I had to use a zoom function to make it big enough to read. I called and asked about the place The sellers agent said it's in beautiful condition, when I asked if it's sold as is I got told maybe, maybe not. But they wouldn't clearly answer my question and asked if I'd like to make an offer sight unseen. The address matched and I knew it was the exact same place. So I GTFO. So, they switched out the unflattering pictures for very out dated ones, added "sold as is" fine print and are trying to convince people to put an offer in sight unseen based on false advertising. Is this shit legal ? It's unethical as fuck for sure. [link] [comments]  |
| Having problems with a new build house, but idk if it's 'normal' and if it's not what I should do... Posted: 03 Jul 2020 01:04 AM PDT So I posted awhile back about my builder changing dates and me thinking he was flakey. Reddit has reassured me it was normal with a new build, but it has kind of escalated and now I'm questioning things again, but I'm a first time home buyer so I know nothing. I will try and do a brief summary: We put an offer in on an under construction house, asked if some changes would be allowed, we were told yes and we went ahead with our offer. We met with the builder, discussed changes, was told everything but the floor plan was changeable. This was a lie, and then we found out he was putting in white cabinets which is the one color we were absolutely against. Had to swallow it and deal because it was "already picked and non-negotiable" (would have seriously reconsidered the offer had we known. We were hoping for black). Did get the living room to be all laminate (didn't want carpet because of pets), a random half wall removed, extra lights and outlets, and he said we could have the front yard mulched because I wanted to landscape it myself with some native plants (cheaper, easier upkeep, good for the environment, yadda yadda). Was supposed to meet him a couple other times to pick out options and colors, he flaked EVERY SINGLE TIME, and it would be days after he said, and we'd usually just find some samples left in the house to look through without him and email him what we wanted. Move in was supposed to be May 25th, but then covid happened and everything fell apart and move in was rescheduled for July 25th. ..then July 6th, then July 9th, then July 13th and now, as of 2 days ago, we don't know when because the granite countertops are somewhere that isn't our house, so now no move in date. The wrong flooring also got shipped to the house last week, but it wasn't awful so we said to just use that and save the headache. Then we see that they landscaped the front yard and it is all grass (I hate grass). Had to swallow that one too because apparently the change, that wasn't going to cost anything, didn't make it into the documents sooo it is what it is. Went to check on something else today and they put in the wrong flooring in the kitchen and there is a big empty space on the living room that has me terrified they're going to try and put in carpet. The kitchen is supposed to be tiles, but they used the laminate for the living room on the kitchen. I highly suspect move in is going to get pushed back even farther because of the flooring fuck up. We did get the half wall removed, and we met with the electrician because the builder told him diddly, so we got our extra lights and electrical outlets (which we paid extra upfront for), but everything else had been a fuck up. I assume, because I'm convinced he's a scatter brained idiot, he just 'forgot' everything as time wore on, but there are emails to him and our realtor talking about it. I just don't even know anymore. This doesn't seem right, but I have no experience. Is this kind of thing actually normal for new construction homes? If it isn't, what can I even do about it? We've put like $15,000 in already with upgrades we can't get back... This was supposed to be happy and exciting getting a new house, but it just isn't anymore. Our personal lives have been nothing but bad news for the last month and this is just extra stress I'm not handling well. I need outside prospective to help me get through this instead of an angry spiral where I just sit here crying in the bathroom because I can't understand why everything keeps going wrong right now... Is this normal, or are we getting screwed over by a bad builder? [link] [comments]  |
| Posted: 02 Jul 2020 10:47 PM PDT This has been asked before. Summary is sellers see buyers who are able to put 20% down on a purchase as more stable and higher chance the sale will go through with little snafus. The counter-argument is that ignoring this risk, the seller still get's a total sum amount of money. However I'm wondering if in today's low rate environment if this would still be the case in terms of perception from the buyer. I have the ability to cough up $80-100K for a down payment on around a $400K house/condo near Seattle, an extremely hot area. It would require selling some stock. I'd rather not and let that money continue to ride the market. I have around $60K of cash coming at the beginning of 2021. So I've talked with the bank and they're willing to do two options:
In either case, with $60K coming beginning of 2021, I should be able to knock out either PMI or the 2nd loan pretty easy. And I won't have to sell any current stock in this volatile market, and let it hopefully continue to appreciate. And with rates so low, it's cheap to borrow. My only qualm is in such a hot area, how sellers may perceive me as a buyer who is getting PMI or a 2nd loan (they would know because I would send them my bank's pre-approval letter). Opinions? Is this warranted? Does this make sense from a financial standpoint? [link] [comments]  |
| Bad idea to start investing out of state during Covid? Posted: 02 Jul 2020 09:08 PM PDT Live in HCOL CA. Trying to find a better plan than pouring most of my savings (170K) into down payment for a 650K House I am currently pre-approved for while living with parents. What would be the biggest obstacles or risk to buying 1 or 2 rental houses (or a duplex) that cash flows in a lower cost of living region? Would likely need to pay for property manager. I see the obvious risk of becoming first time landlord during instable economic times with high unemployment. Also, the markets I like are relatively less expensive than mine, but not the best cash flow like Mid-West. Mainly, because I would like to invest somewhere I see myself relocating to in future (Nashville, Orlando, Charleston). I can find a nice house in these places for 300K but probably not the wisest investment and would still eat up a good chunk of my savings for 20%+ down payment. I am newbie and barely contacting lenders and figuring out if I would be qualify for a second home (On Title for my Parent Townhouse) vs. investment property. Just trying to make the smartest move for long term wealth building. [link] [comments]  |
| Posted: 03 Jul 2020 03:01 AM PDT Had some questions around potentially purchasing mix use property. I am pretty comfortable with residential leases and have managed my own properties in the past. This particular building is zoned commercial, but has 8 condos, 4 retail and 8 storage units. Upon purchasing I would most likely honor the current leases and renew at time of expiration. However, I am not familiar with commercial or storage leases and don't want to get anything wrong can cause myself issues. Possible solutions for commercial units. -Hire Commercial agent to manage commercial units. -Use existing forms and just make an addendum to extend the lease(s). Will most likely get real estate lawyer to review. I'm not sure what to do about the storage units, since they get about $60/month. It would not be worth it to hire someone to manage them. However, I do not want to be liable for anything that might break or blow up. I will get all the insurance(s) for the building to limit any other issues. [link] [comments]  |
| Selling for $160k, offered $161k but we cover $4k closing. I'm not sure what this entails. Posted: 02 Jul 2020 05:00 PM PDT Hey everyone. My wife and I recently moved into her childhood home after her father suddenly died, and because of that we're selling the home we purchased in 2018 for $144k. We've got around $17-20k in equity (I'm uncertain on the exact value at this time), and while I'm aware that a low down payment plus a quick resale is terrible for profit, it's the position we've kinda been forced into. That being said, we listed yesterday afternoon and have had 6 showings today, with the first showing offering $161k but with $4k in closing. To be honest, the house needs a little bit of TLC that my wife and I weren't able to get around to yet, and I'm assuming they want this money to go towards repairs. We're not interested in doing any real repairs before selling as we'd rather just be free of it, but we're also not sure we want to say we'll sell it "as is." We don't want to be dicks about repairs, but we're flexible. I'm assuming our closing costs on our end will be around $12k or so, and we're hoping we end up with $15k or so profit before capital gains taxes or any extraneous fees. We're first time sellers are just aren't really certain what the purpose of asking for the $4k in closing actually entails or how it will impact our bottom line at the end of things. I'm also not certain the house would appraise at $161k, which is concerning. Any guidance anyone can give? [link] [comments]  |
| Parents selling their home is asking the agent to lie on MLS listing Posted: 02 Jul 2020 07:05 AM PDT My parents are trying to sell their 1970s bi-level home where a little under half of the "liveable space" is located below grade, but it is a walkout. The home has been on the market for almost 6 months with 3 showings, and a low turnout for open houses. My parents are convinced that it's the low sq footage on the MLS that is turning people off, and they want their agent to put the livable sq footage in the main part of the MLS listing vs the description so it comes up on filtered searches. The agent won't do this because it's obviously illegal, so they're looking into breaking contract with her and finding an agent who will. They got the idea from another agent, who hinted he would be willing to do that. Before anybody says "wtf- 6 months with no offer?": I should note that the home is overpriced for the area (it's a large, updated-ish home with a decent chunk of land) but it's in the country. This was my parents' choice based on what they think it's worth and what they would like out of the sale, not on comps. They thought "price high, get lower offers" but that definitely didn't work out. The agent is also not up to date on social media or digital marketing, so none of that has happened. I recently started running basic FB ads on my own dime. TL;DR- What's the worst that could happen if the agent is found out to be lying about the above grade sq footage? Would this affect the appraisal, buyers bank process, etc. Do appraisers use the MLS info at all? EDIT: Not saying this is rational thinking, nor do I want them to do this. I'm just trying to warn them of the legal issues that could come of this. [link] [comments]  |
| Posted: 02 Jul 2020 10:20 AM PDT From other blog post not allowed to post here(can search for zumper july national rent report). Rental markets react in near realtime, and people are already moving away from some cities to others. Rent(1bd/2bd) dropped YOY in some the most expensive cities, while some other cities gained:
My thoughts:
your thoughts? [link] [comments]  |
| Posted: 02 Jul 2020 08:08 PM PDT |
| The paint job was unacceptable Posted: 03 Jul 2020 02:00 AM PDT I'm buying a house for 149,000. During the inspection, my inspector mentioned several points that kept the house from price value. The biggest articles were 1) Roofing was poorly done, would need to be replaced during the next few years, 2) chimney back in poor repair with some rot, 3) caulking needed replaced. My termite guy said the house looked okay, but he was concerned about possible tunneling in one room and recommended treatment. I got quotes on everything and it was presented to the seller. I asked her to pay for termite treatment and caulking with touch up painting. The seller got a second opinion on the termites (my real estate agent said she had never seen a seller do this) and stated there was no termites. She did, however, agree to paying for the caulking and paint to match with paint in her possession. I wasn't happy with the termite thing, but decided to agree to these terms. The caulking is okay. It's not the worst I've ever seen, but it's close. The paint job is what I'm upset about. The house is literally polka dotted. The paint is several shades darker and is a shinier finish than the house paint. It was supposed to be "paint to match". We said the paint job is unacceptable. She paid $700 to get it done, and it shows. I asked to take $2200 off the asking price (this was an estimate for a paint job that someone I trusted offered). I provided receipts. The seller is completely refusing to negotiate. Her agent and broker tried getting her to agree to some kind of compromise, but nothing. She refuses. She doesn't seem to realize that she will lose more money now if she doesn't come to some kind of agreement. I don't know what to do. I'm considering asking to lower the price by $1100 (half the quote). My parents think I should walk away if she doesn't accept. My closing date was supposed to be this upcoming Monday. I'm so upset, and not sure what to do. [link] [comments]  |
| Sellers realtor asking us to rescind offer Posted: 02 Jul 2020 11:06 AM PDT So we made an offer on a house for 3k above asking. We had to wait because they were not accepting offers until Monday. At the deadline on Monday the agent told us we were the only offer. Deadline on the offer passed and the sellers agent wouldnt respond. The next day we were told they accepted another offer. It happens. No big deal. Two days later after that, the sellers agent asked us to rescind our offer. Our offer expired days ago. Why would this matter? I dont understand Something seems weird here. [link] [comments]  |
| FTHB-house we want went from Pending to Active-what happened THIS time? Posted: 02 Jul 2020 05:35 PM PDT FTHB hunting in a hot market. We found a house that hit all the markers-space, ideal layout, school district, hilarious cosmetic damage. It went under contract before the agent could get us inside. We'll call this Sad Face House, because (spoilers) it gets worse. WAY worse. Meanwhile, I start stalking another house and we actually get inside. It's WAY better than the pictures, ya'll. It has virtually everything on our needs list AND virtually everything on our "that would be nice" list. But the weight of the decision hit me-we want to live here for the next 20 years and we're REALLY going to jump on the first thing we see?!-I panicked and said I needed some time to think about it. (We'll call this one Almost Perfect.) We go to lunch. We go home. We look online, because we can't help ourselves: Sad Face House is back on the market. We call the agent, he figures out what's up, and reports back some hours later: There's an 18k foundation issue that the sellers refuse to fix. (Also, FOUR. OTHER. BUYERS. paid for an inspection on this house. NO WAY would I want to do business with those people. Dodged a bullet, STILL mad about it, because that house was otherwise perfect.) We finally say yes to Almost Perfect. The next morning, we are told that we said yes to Almost Perfect about an hour too late. So, the hunt continues. A week and a REALLY shitty house tour later (literally. shitty.) it's...this afternoon. And I'm on the agent's site. Almost Perfect has gone from PENDING to ACTIVE. Called the agent, he's supposed to call the seller's agent and find out what happened. Is it really back on the market? Why? Is it another 18k foundation issue, or did something weird happen? I'm really trying not to get emotionally attached, but there's almost nothing else for sale in the district we need. [link] [comments]  |
| Posted: 02 Jul 2020 11:31 PM PDT I (23F) began my house hunt last month, made an offer on a house, and had it fall through. I'm not seeing many houses that spark my interest or if I do, they go pending within a day of being on the market. This is all very overwhelming and discouraging. Some context; I've been fortunate enough to live at home rent free which has helped me save up a lot of money. The downside of that is I've never lived on my own and lack that "experience" that comes with being on your own. Not gonna lie, I've been pretty coddled and I am very much not a DIY kind of gal. I'm early on in my career and have the potential to move locations (there's many different locations across the country) or even jobs all together with my experience from my current job. The likelihood of that happening is slim, though. My plan is to live in my first home for a while before turning it into a rental, so if I did have to move, it wouldn't be a huge issue. I started dating someone three months ago and I can't help but keep him in mind during my house hunt. Obviously we're still very early on in our relationship, but I would hope that eventually we would want to move in together. We've talked about it briefly. My name would be the only one on the deed, but how does one go about sharing property like this? Isn't it kind of unfair that I would have put 20% down and then we would split the monthly mortgage? Or is it more so unfair that he's "paying my mortgage?" If we stay together and the property eventually becomes a rental, we would both be reaping the benefits, but I would have spent more on the property. It seems that the uneven distribution would leave a sour taste in my mouth. Perhaps I'm seeing it from a negative perspective? After this past month of viewing houses, I'm just extremely overwhelmed. Rent in my area (living alone) is about 1/3 of my take home pay and that's just too close to comfort for me. The monthly mortgage would be less, but then of course I am to take care of the maintenance of the property. There's just a lot to consider. Should I rent or buy? [link] [comments]  |
| Posted: 02 Jul 2020 03:08 PM PDT I am listing my house next week and am concerned we may also see more stay at home orders next week here in NorCA (above/beyond the new orders yesterday for 19 counties). I'm getting nervous that we're going to miss the open window, but nothing to do except press on. Good thing is we won't be living in the home while it's on the market - hopefully that will give folks an opportunity for showings even if stay at home orders are implemented again. [link] [comments]  |
| Offer Accepted by Owner, their Lawyer rejected the offer Posted: 02 Jul 2020 03:03 PM PDT We recently put in an offer on a house ($900k) that is being sold by the owner. As for a deposit on the house $5k at offer acceptance and $15k at P&S. The owner accepted the offer verbally and via text with our realtor. The owner went to their lawyer today and the lawyer reached out to me rejecting the offer. Stating that they want $45k as a deposit on the house. Is this normal? Do you think the home owner has a better offer from someone else now and wants us out? We did mention when seeing the house there needs to be a fence around the pool (by law) and the roof is older and may not pass inspections. Could they be using funds to fix these items? Maybe they found another property (down sizing) and they need the funds for a deposit. [link] [comments]  |
| Need advice: The sellers are a father and daughter, and the father’s health is suddenly in decline. Posted: 02 Jul 2020 08:15 AM PDT Currently the daughter is trying to get power of attorney (PoA) ASAP but closing isn't for another 15 days, so my plan is to ask if they're willing to move closing sooner so the daughter can execute the signing on her father's behalf while he's still alive while providing them with post-occupancy agreement until their previous closing date. Since PoA goes away upon death, I thought this may be a good option to hopefully avoid the delays associated with probate in case he does pass before closing. I feel bad for the seller having to go through all of this at once - between emotions and paperwork I know I'd be overwhelmed if I were them. Does anyone have other recommendations? Thanks for the help! [link] [comments]  |
| Wells Fargo gave us an approval letter... but I don't think they knew!!! Posted: 02 Jul 2020 06:20 PM PDT Quick break down. We live in NY, but we want to move to FL and we applied for a loan. My wife is working remotely from home. I'm currently unemployed because COVID-19 has not allowed me to take our child to his baby sitter/day care. So I'm a "stay-at-home" dad for now. Finding a job wouldn't be difficult for me (hopefully). In any event I can be self-employed. We have plans to move to FL so we have started the process. The first rep at Wells Fargo did what he had to do (I assume). We gave him all the info he asked for. He sent us paperwork electronically to sign and we did so. He then sent us the approval letter and we are now looking for homes. ENTERS NEW WELLS FARGO LOAN PROCESSOR. She now is asking us a bunch of other questions and is rushing us for more information and trying to get us our "approval letter" as quickly as possible. What happened? We believe the first guy made some mistakes and then went on vacation. We also believe he missed a few things because now this new rep is asking for things we believe the first rep messed up on. Is this possible? [link] [comments]  |
| Texas Real Estate: First time buyer purchasing a Manufactured Home? Posted: 02 Jul 2020 10:05 PM PDT Hi all, first time buyers looking at a manufactured home in Texas. Can someone look at this property search and tell me what I'm looking at? https://propaccess.trueautomation.com/ClientDB/Property.aspx?cid=50&prop_id=8985&year=2019 Based on the roll value history, I just find it hard to believe that the assessed tax value for this property is only less than $15k. Based on the taxes for 2019, that means the owner (and me in 2020) would only be paying like $40/month in property taxes, right? Or am I not reading this thing right? Surely this home is worth more than $15k to replace. Someone also told me something about how I would have to pay for the manufactured home taxes SEPARATELY from the land... but this doesn't make sense, since it looks like the property is "real" property, which means it's tied down to the land. Is this a thing? Does the property being "real" property mean that it is de-titled? Does it have special taxations? Thanks in advance for the help and any other relevant info that you think I might not know about purchasing a manufactured home in Texas! Dumb it down for me, thanks. I don't know a lot about real estate in Texas. [link] [comments]  |
| First Multi-family Home Purchase Help Posted: 02 Jul 2020 12:56 PM PDT Looking to purchase my first multi-family home and called a local credit union to get a pre-qualification. My intention was to live in 1 unit and rent out the other 2 units. Felt pretty confident before calling but now I feel even more puzzled. My first call to the mortgage department they weren't sure if they do mortgages for multi-family and wanted some personal information. I didn't feel comfortable giving any out as I'm currently shopping and I had asked if I could call back later, he said sure call back later and hung up the phone. Felt rude but I brushed it off. I had called again a few hours later for more information and I already had in mind I would pay 20% down for a 30 year loan and pay ~ 3.250% interest. Was quickly shot down when I had called and said that pre-qualifications are always hard pulls and never soft. I would need 25% down and the averages for this type of loan 4.125% interest with a $3,200 payment with 1 point. I would need in writing that one of the tenants will be moving out. When asked how long before I could move out and rent out the third unit was told that Its a bad time for everyone if I would move out and said "believe me we do check" without giving me an actual time frame. Very new to all of this but was curious if any of this is normal? [link] [comments]  |
| Posted: 02 Jul 2020 03:12 PM PDT Parents trying to sell their home, they put it on the market for not 3 days and the buyers said if my parents didn't do their open house that weekend and accept their offer, they'd put in their offer above asking price. Parents took it off the market, didn't do open house and accepted it right away. Then inspection came in and the buyers just dropped out for very minor things that could have been fixed??? I don't know very much about real estate, but how common is that?? And was it a shitty thing to do to offer that and back out right away without communication? [link] [comments]  |
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