Never signed a buyers agreement, ex realtor is now pissed off and threatening to sue me, should I be worried ? Real Estate |
- Never signed a buyers agreement, ex realtor is now pissed off and threatening to sue me, should I be worried ?
- WE FINALLY CLOSED!!! (CA)
- How common is it to make a ‘low ball’ offer on a house that’s been on the market for +6/+12months
- Anyone else find it kind of crazy you only get about 15mins to view a home in this market, and then have to give an offer pretty much the same day? I’m only dropping $500K on a home Lol
- Are delayed closings normal?
- Thinking about buying a new Construction Single-family home, why do I need a RE Agent?
- Massachusetts Sublet: Can landlord demand prepayment?
- Lenders guilting you into staying with them?
- [Boston] Just closed!
- Agent suggested paying off another buyer who is already in contract - Good Idea?
- FTHB - Signing the Sales Contract with a Builder for New Construction
- How long after I purchase my first home should I create an LLC to purchase my second one?
- Markets/properties that are more recession resistant?
- Time After Closing
- Escrow 101
- [MA] Sudden opportunity to buy - not totally prepared to sell?
- Collaboration vs. Collusion
- Buyer Agreement Terms?
- Seller passed away before closing, how do I handle this and keep the contract in place?
- Possible to Build Home on Lot My Sister Owns and Share?
- WTF is going on in Atlanta Georgia.
- [California] Are all evictions banned in California? I am looking at my first house with an existing tenant, and want to move in for my own use.
- Recently bought a condo in Connecticut and unit downstairs says there is a leak coming from my unit and HOA president says I am responsible.
- Bought a House With a Non-Permitted addition...Expeditors want to charge $5k-7k. What are the other options? [CA]
- Any buyer agent sharing their commission with buyer?
| Posted: 06 Jul 2020 08:26 PM PDT So I've been shopping for a home for a while now. Not really looking to buy but more window shopping you know ? I wasn't working with a realtor. But I found a place and wanted to make an offer. A family friend suggested a guy who he grew up with who was also available that same day. I wanted an offer in ASAP so I went with it. I never signed a buyers agreement with him. He's around 60 apparently and forgot it. So after a shitty job on his end (it didn't feel like he was interested in what I wanted at all) and the offer falling through (admittedly not his fault), I decided to find another realtor. I found one 3 days ago and she's putting in an offer on a place I found and she showed me. Through the friend grapevine, my exrealtor has found out that I'm using another realtor. The new realtor is having me sign a buyers agreement tomorrow before she sends me the offer. Here's my problem. The ex realtor is threatening to sue me if I don't come back to him, sign his buyers agreement and back date it. Does he have grounds to sue me ? I wasn't even aware of what a buyers agreement was before today when my new realtor mentioned she'd need me to sign it. I feel like my ex realtor should've done his work, explained the process and had me sign his agreement. Backdating it is also (I'm pretty sure) illegal. Does he have grounds to sue me or can I just tell him to go get fucked ? [link] [comments]  |
| Posted: 06 Jul 2020 12:21 PM PDT Yall. This has been the craziest almost 3 months. This sub has been my sounding board and I appreciate all the help so much. Our seller's had to fire their agent because he lied/manipulated them and honestly really screwed them over. The new agent was amazing and is really the only reason we closed. Our agent was AMAZING and stuck it out with us when most buyers would have dipped out of the sale. Our lender was incredible too. If anyone needs a lender referral PM me. T minus 3 weeks until the fun begins! The seller is staying in the home until Aug 1 (no rentback thank god, just a SIP), so Aug 1 we get to start getting our hands dirty and making this home ours!! Happy house hunting to everyone still on the seach! [link] [comments]  |
| How common is it to make a ‘low ball’ offer on a house that’s been on the market for +6/+12months Posted: 06 Jul 2020 07:08 AM PDT |
| Posted: 06 Jul 2020 07:36 PM PDT Back when I originally bought in 2013 I was able to get 3 showings without any hesitation. It was awesome. Showing 1 GF and I Showing 2 Parents and us Showing 3 inspection This is just stressful under these circumstances [link] [comments]  |
| Posted: 06 Jul 2020 07:31 PM PDT We're buying our first house and our original closing date was the 29th of June, then it was supposed to be last Weds and now "hopefully" this Wednesday. We requested some repairs from the sellers and they agreed to do them but then took two weeks to start them. We did our "final inspection" today and the only things done are the things needed for the FHA loan. There's tools and supplies all over the place so it seems like someone is doing something. We're getting really frustrated bc our realtor keeps telling us we will be closing soon and then the date changes. Our lender is telling us that if we wait past the 11th we will have to resign paperwork and our rate could change. Has anyone experienced this? Can we close and have the repairs continue after we've moved? Bc it seems like at this point they're not going to have everything done before the end of the week. [link] [comments]  |
| Thinking about buying a new Construction Single-family home, why do I need a RE Agent? Posted: 06 Jul 2020 05:35 AM PDT my natural instinct says always have a RE agent as it gives me the sense of security but why do I need it when its a new construction? Why not just use the selling firm and use that to bring the value down some? just want to hear some experiences, pros and cons, what to look for. thanks! [link] [comments]  |
| Massachusetts Sublet: Can landlord demand prepayment? Posted: 06 Jul 2020 10:04 PM PDT My lease in MA states, as expected, that the landlords must approve any sublet agreement. Is it reasonable/legal for this approval to be contingent on: 1) Full payment by me, the tenant, up-front of the remaining rent for the duration of the lease. 2) The process must be managed by a realtor that the landlord agrees to. My lease agreement states that the landlords may require 1) (and they have told me now they will in fact require this) but says nothing about 2). But I am wondering about the legality of requiring both of these. [link] [comments]  |
| Lenders guilting you into staying with them? Posted: 06 Jul 2020 05:47 PM PDT So when we started looking at houses last week I called 3 different lenders. One of them didn't work out at all. Two called me back and I gave them my info, but the second one (Lender 2) called me back first. They told me what kind of loan I qualified for, gave me an approximate interest rate (told them not to run credit yet) and they gave me a pre-approval letter. They were semi reliable kind of got juggled between two different guys. We make an offer on a house and go under contract. Lender 1 calls me back today, says he's had family matters, and I tell him the interest rate I was quoted from Lender 2. He runs my credit and says he can get me below that. Says it's a small office very personal great service all that, and I say it sounds good and we'll go with him. Idk, I just like him better. I let Lender 2 know today I've gone with someone else. Lender 2 matches the rate, and texts me saying that I should value all the work he has done and his help negotiating (does he mean the pre approval letter?) I'm a first time home buyer. I call my realtor asking if this is weird and she agrees it's weird and he just wants my business but to go with my gut and don't feel pressured. I let Lender 2 know I appreciated his time and would consider him in the future. He responded "Good luck" Why do I feel like I just broke up with someone? This is so stressful! [link] [comments]  |
| Posted: 06 Jul 2020 10:56 PM PDT First time home buyers, just closed on an awesome 700k 1000sqft 2br condo in the Boston area. This subreddit was super useful! It was a wild ride! Decided to buy on a Wednesday. Got preapproved on Wednesday from 4 lenders for an absurd amount while we made our needs/wants list. Talked to 10 agents on Thursday and shortlisted 3. One was really sharp and eager to explain both good and bad aspects of the market, housing stock, expectations, strategy, what to look out for in terms of systems in the home and what doesn't matter, etc. in a really direct way without the salesmanship and his assistant was on the ball with organizing showings. He took the time to find out what we know, what gaps we have (a lot!), and to fill in many gaps, even before we committed or went to any showings. The choice was clear. Most of the other agents were not very eager, didn't talk to us much and just sent us some generic listings, or in a few cases tried to immediately sell us to listings that they were also the seller's agent for (it didn't matter what we said our parameters were, they just picked their own listings that were close to our price and then tried to make them sound as good as possible regardless of our objections). We followed this agent's advice about what to look out for and shortlisted 15 places on Friday. Saturday we went to see them (15 houses in one day is a lot! We both fell asleep the moment we got home). 14 were a bust and we would never consider them, but one hit everything we wanted. Put in an offer Sunday morning a few hours before the deadline. The agent presented a menu of options of how one can structure an offer and explained what the upsides and downsides of each is from our perspective and from the seller's perspective in general, as well as from what he knew about this specific seller. They never pushed us to be more aggressive than we felt comfortable with and we worked out our risk envelope together. Then we let the agent negotiate in real time with the seller's agent as he saw fit on anything within that envelope. In the end we offered 4% above list, no escalation, allowed the seller some time to move out, covered any appraisal shortcomings, we promised to only raise major issues (several k and above) for the inspection which we would get done within a few days and let anything else slide, and to close in under 30 days. Won against 3 other offers because we were the most stable and lowest risk so most likely to close, even though we weren't the highest offer. 20% down conventional at 3.2% with 800+ credit. Could have done 3 or slightly under, but we went with the lender that inspired most confidence that they would get things done rather than just offering us the lowest rate. Rents are so insane in Boston that our mortgage + HOA fees + taxes come out to be pretty much the same as our rent on a 1br! The crash course on how real estate and mortgages work was intense. Word of warning: don't go with Quicken/Rocket. They were totally hiding a lot of fees while trying to take advantage of us as first time buyers. Once we got wise we realized that without telling us they had put in a huge amount of points to make their loan look great. Dumped them on the spot. Chase was by far the worst lender though. We are literally the easiest case possible, DINK in tech with stable COVID-proof jobs at huge companies/universities, no debt, and such low DTI we could have easily bought a house more than twice the price (we'd rather have disposable income and a more modest home, well, if 700k in a great neighborhood with trendy shops, bike paths, parks, and the subway that happens to be 15 minutes from work is a "modest" home). The loan officer at Chase was constantly confused and fumbling so we ditched them in half a day. We just moved in and feel incredibly lucky. The downsides are really minor: a few foggy windows because of broken seals, a patio that needs sealant applied to it, more dated appliances than we would want (but still great! better than what we had in our rental but we'll replace them shortly) and one room that has a questionable wall color. That's about it for downsides! The more time we spend in this unit the more reasons we discover to love it! PS: If anyone needs the best agent in Boston, DM me. They really took us under their wing, taught us about foundations, floors, roofs, heating systems, etc. It was amazing to have someone really explain how houses work, what matters, and what can be easily changed. I couldn't even tell you what the parts of an HVAC system are when we started, never mind why R22 and R401a are so important; now I can at least recognize what's going on and how close to death different pieces are. [link] [comments]  |
| Agent suggested paying off another buyer who is already in contract - Good Idea? Posted: 06 Jul 2020 09:24 AM PDT Long story short, the seller accepted an offer that was $7,500 less than ours because the winning bid offered to cover appraisal gap. We submitted a back up offer matching the winning bid. Because our agent knows we were willing to pay $7,500 more for the house, she recommended offering the buyer in contract $7,500 to walk away. We're young, first time home buyers and this is brand new territory for me. I'm not sure if we have to have the house that bad to fork up $7,500 cash (which we do have), but I first want to know if what our agent is suggesting is bad idea. UPDATE: We talked it out with our agent. She admitted it was a hair brained idea she thought of in the middle of the night, and she hadn't quite thought it through all the way before bringing it up. For a myriad of reasons, some discussed in comments, we decided not to pursue the house any further. For those wondering, she did talk to a few colleagues who have done this with varied success, but overall it seems like a maneuver for folks with more money than sense. [link] [comments]  |
| FTHB - Signing the Sales Contract with a Builder for New Construction Posted: 06 Jul 2020 07:47 PM PDT Hi, I am purchasing a new house that is already built. When signing the sales contract, the builder is asking for $5k initial deposit. Oddly enough, when I asked for incentives such as fridge, washer/dryer, blinds, etc., the builder sales rep. told me that he cannot guarantee these, but if I pay the initial deposit and sign the contract, then he can ask the manager if they can make the incentives happen. What I am concerned about is that once I submit $5k, they have the leverage now that they are holding my $5k as hostage. For example, they can potentially counteroffer with a new contract with the same or higher purchase price with no incentive, right? If I don't sign the new contract at this point, do I get the $5K back? [link] [comments]  |
| How long after I purchase my first home should I create an LLC to purchase my second one? Posted: 06 Jul 2020 07:22 PM PDT |
| Markets/properties that are more recession resistant? Posted: 06 Jul 2020 10:57 PM PDT Hi, I'd like to star a discussion on markets or properties that are more recession resistant compared to others. It always fascinated me to see how certain areas or properties are more recession proof and better at value retention. For example, properties in Irvine CA during the 2008 subprime crisis only dropped slightly compared to many other southern CA regions and they continue to increase value at a faster than average level. What characters do you see with areas and properties that are more recession resistant? Does that qualify purchase decision with these areas a no brainer even during economic down times? [link] [comments]  |
| Posted: 06 Jul 2020 04:43 PM PDT Hi There, We're first-time homebuyers, and we're finally closing on our house this Friday. The sellers have requested that we close in the morning (9 am), but that we don't take possession of the house until later that day (5pm). They said this is because they need to close on our house before they can close on their new house, and move their stuff. We agreed to this because it seemed like a simple enough request (and we would have wanted someone to give us that option if we needed it), but the sellers have drug their feet on enough stuff that we're a little concerned about how much they'll be able to do in those 8 hours. We're doing our walkthrough at 8am prior to closing, and while we understand they will still have their stuff in the house, we're worried about the potential of them inflicting damage to the house during their move out. We're not too worried about them leaving a small mess behind (we're obviously planning on cleaning anyways), but there's a wide range of stuff that could happen above and beyond just leaving some small detritus. In the event that we take ownership and find significant problems, do we have any recourse? Or is there something we should be doing to protect ourselves in the case of this happening? Thanks for any advice you guys have! [link] [comments]  |
| Posted: 06 Jul 2020 10:11 PM PDT Pros/cons for using an escrow account from lender? [link] [comments]  |
| [MA] Sudden opportunity to buy - not totally prepared to sell? Posted: 06 Jul 2020 05:08 PM PDT Hello /r/RealEstate! My fiance and I currently own a home in the metro-west of MA. It's a 200 year old house and has plenty of quirks that we are not super in love with and we planned to move in the next 1-3 years depending how a few things lined up. We need to do a couple of projects like getting some stairs we replaced finished and replacing some flooring. It also needs a fresh coat of paint basically everywhere, but we'll be able to do that ourselves as soon as we get off our butts to get it done. The interesting opportunity that has presented itself to us is that the house next door to my mom on the north shore of MA is going up for sale this week. There are countless bonuses to us living next door to her and this is likely our one chance to make it happen [there literally isn't even a house on the other side of her, it's a park and then the elementary school]. The house is being listed tomorrow, we have an appointment to see it on Friday, and they want offers by Tuesday the 14th.
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| Posted: 06 Jul 2020 09:55 PM PDT Hello all! I am a new (22m) realtor (10 mo. On job). I am currently doing above average for past beginners in my area, and fioncee and I are able to buy a house. My numbers are rising, and I am really learning how to be a knowledgeable, empathetic, and powerful asset for my clients. I am wanting to currently expand in my area as far as entrepreneurial endeavors, and growing a positive brand. In doing so, I would like to become a sales rep for a local termite company. For most of my selling clients they just want the cheapest service to come out and clear the property for the buyer. Rather than advocate for this business for being a premium service, I would like to become an ambassador type for them. In situations my seller's do not prefer who the contract is with, I would use promo company. Also, I will inform seller's of this partnership. This is a hypothetical situation that I would be interested in. I am curious to understand what everyone's moral, and business thoughts are? TLDR; Local realtor wandering if they should be a sales rep for a local termite company to drive sales their way and business/revenue my way. [link] [comments]  |
| Posted: 06 Jul 2020 09:44 PM PDT I'm in Nevada. I received a Buyer Agreement from the broker that is extremely broad and appears to be the standard REALTORS association form for the area. I'm wondering about any particular items to watch out for in addition to my asks. I'm still ultimately willing to sign a reasonable agreement since I expect this to be a long burn to find something with our requirements in some highly specific neighborhoods, although we probably won't require much attention as far as spending time physically looking at properties.
And finally:
The 2nd bullet contradicts my ability to say "fee as specified in MLS" or "all fees paid by seller." Is this bullshit and I request it anyway? Should I leave as is and add a clause stating the compensation offered by seller's broker must be disclosed prior to making any offer? At least that way I can factor the buyer broker fee into the ultimate sale price. Above what price do you tend to see commissions drop below 6%? [link] [comments]  |
| Seller passed away before closing, how do I handle this and keep the contract in place? Posted: 06 Jul 2020 10:43 AM PDT I (buyer) was getting ready to close, but the seller passed away 2 days before closing. They've had power of attorney set up with a family member, and it's been listed on all the documents during the process. I'm not sure if that matters at this point. Going forward, what sort of things need to happen to make sure we can complete the sale? Is there anything they could have set up prior to her passing in order to handle this scenario? Information on probate seems to be kind of all over the place, and I just want to make sure we don't miss something while I'm stuck in limbo. I'm trying to remain flexible to give the family space and time, but I'd like to just ensure that we don't lose the house. I also locked in a very good rate on Friday, so I hope I can hold on to that as well, but there are so many unknowns now. This is in Colorado. [link] [comments]  |
| Possible to Build Home on Lot My Sister Owns and Share? Posted: 07 Jul 2020 01:20 AM PDT My sister recently purchased a home on a lot of acreage here in California. We are very close and she offered to let me build a small ADU/house on the lot. I'm in the process of selling a house and would have enough to build the building and other improvements like driveway, fencing etc. It's a tempting offer since the land would be free, more or less. I'd like to put all appropriate and very well-deserved warnings about getting into financial and RE dealings with family aside. That's something that, indeed, I am going to heavily weigh and consider. I'm strictly asking about the logistics of doing this. My main question is: If I build a home on that lot, is there a way with a lawyer to isolate my share of the value? Is the only way to subdivide? If I wanted to sell when they did not, could I draft some contract with a RE lawyer that had them pay me out for my building and share of the parcel? It will be tough I think, since the added market value to the overall property will likely be less than what I will pay to build the property, but then again I'm not really looking for tit-for-tat value here. I likely will not sell for many years, during which time I hope there's enough appreciation to bridge that divide. [link] [comments]  |
| WTF is going on in Atlanta Georgia. Posted: 06 Jul 2020 01:50 PM PDT Trying to get a mortgage and our lender is dragging their feet. I was given closing documents last Tuesday with a date of today for closing. But when I spoke with them today they said that they aren't going to look over our file untill next Monday. Is this the new norm or did we just pick a bad company to go with. [link] [comments]  |
| Posted: 06 Jul 2020 10:18 AM PDT Title. Tired of renting and want to buy property to move into for my own use. However, there's a tenant currently living there. I know evictions for non payment of rent are banned, but are other just cause evictions (aka owner occupied move in) ok? [link] [comments]  |
| Posted: 06 Jul 2020 06:26 AM PDT There is a unit below mine and they just said that there is a leak coming in through their master bathroom. I am not exactly sure where that is as the layouts are completely different. I believe it to be below my living room and maybe partially below my half bath. They are saying that I am responsible for damages as well as the HOA president saying the same because the same situation happened with the previous owner. I do not believe I am responsible as there are no visible leaks in my unit and I have not acted negligent in any way. I offered spare materials (drywall and compound) from a renovation as it does seem pretty straight forward repair. I don't want to be liable if there is more going on as I just lost my job. I have found this and believe it supports what I am thinking. https://www.cga.ct.gov/2015/rpt/pdf/2015-R-0125.pdf Further according to the declaration: Unit means a part of the property including one or more rooms or enclosed spaces located on one or more floors or parts thereof in a building intended for the uses as are more particularly defined in Article 9 of this Declaration, and with a direct exit to a common element leading to a public street or highway. It shall comprise one of the separate and numbered units which are designated in Schedule C attached hereto and made a part hereof, each of which is more particularly described in the Floor Plans of the building referred to in Article 4 hereof, excluding, however, all spaces and improvements lying beneath the undecorated and/or unfinished inner surfaces of the perimeter walls, trim, and floors, and above the undecorated and/or unfinished inner surfaces of the ceilings and fireplace dampers, if any, and further excluding all spaces and improvements lying beneath the undecorated and/or unfinished inner surfaces of all interior bearing walls, sides of fireplaces, if any, and/or bearing partitions, and partition walls between separate Units and between Units and Common Elements and Facilities, and further excluding all pipes, ducts, wires, conduits, and other facilities running through any interior wall or partition for the furnishing of utility services to other Units or Common Elements. Additionally, water is paid for by the HOA, it is not split by unit. Please let me know what my options are here. [link] [comments]  |
| Posted: 06 Jul 2020 05:20 PM PDT Hey! Here's some more detail: Essentially we bought a place (SFH) in LA, I checked out the building permits etc. and it looked like everything was OK. There was an additional 3 bedrooms and 2 bathrooms built on to the home about 20 years ago. Turns out no one really knew that the permits we checked out were simply the OK from the city to get the build started, and once they got those they went ahead and built the additional 3 beds and 2 bathrooms without getting the proper checks along the way. Now we are hoping to turn the SFH into a duplex, and I've called the city (no help), architects (some help), and finally an Expediter who says they can come and check the additions etc. and bring it up to code. The thing is they want to charge $2500 just to look at the place, and then another $3500-$5000 if the permitting is doable to get it all set up and permitted. Just wondering if anyone has come across something like this in the past and if anyone has any recommendations for what options we have. I'd be happy to go about doing it myself without the Expediter but the city is of 0 help when it comes to answering questions. Thanks! [link] [comments]  |
| Any buyer agent sharing their commission with buyer? Posted: 06 Jul 2020 11:06 PM PDT Ziprealty used to offer rebates. And open listings gave 50 percent back to the buyer. They went out of business earlier this year. [link] [comments]  |
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