Seller took all curtains and some fixtures Real Estate |
- Seller took all curtains and some fixtures
- Update for "Pay for Sewer Line Scope?"
- Houses being listed for greater than 15% more than they were worth 3 months ago. [AZ]
- How long do my parents have to sell their house before they can't (foreclosure)?
- Buyer requesting repairs on new roof
- Do you pay for supplemental inspection reports prior to putting in an offer?
- House taken over by "Default Management Solutions" a week before closing
- First time home buyer question about low ball offers
- Need help with mother(buyers) owner finance contract
- Offer accepted, starting escrow..
- Verification of employment question
- What happens if there aren’t many houses around the house I’m buying to comp?
- HOA requesting removal of patio furniture
- Low appraisal, but comps went into contract 6-8 months ago.
- Can someone explain to me how a mortgage works? Can I pay faster If I receive a lump sum?
- So, how do appraisals work especially with a fast moving and hot market? I’m concerned about a house I have inspection in tomorrow
- Just about to enter the market for a condo - Looking for lots of help
- 100k over asking? Anyone here over bidding that high or similar? Crazy bidding wars
- Question regarding PMI at the current rates
- Commercial Property Advice Needed
- Am I responsible?
- How common is Seller Financing ?
- (Tennessee) - All I'm finding are ancient houses. Would buying land and building be a better option?
- Help me determine the highest value offer - first time seller - small property
- How many Loan Pre-Approvals should I get ?
| Seller took all curtains and some fixtures Posted: 04 Aug 2020 09:14 AM PDT The seller took the curtains/blinds from every room and curtain rods from the bedroom, all the bathroom mirrors, wall sconces from the bedroom, the mini fridge in the basement bar and they even removed the chandelier from the dining room. The contract states that all fixtures must stay so I understand there's some ambiguity about what is considered a fixture but seems the seller is taking this a bit far...I would think the fridge and chandelier are fixtures for sure? My realtor is reaching out but just wondering if anyone has dealt with this or legally what standing I have. I'd appreciate any insight. [link] [comments]  |
| Update for "Pay for Sewer Line Scope?" Posted: 05 Aug 2020 12:15 AM PDT Recently posted about buyers wanting us, as sellers, to pay for a sewer line scope as part of their repairs. https://www.reddit.com/r/RealEstate/comments/i2aquq/pay_for_sewer_line_scope/ To update, the buyers walked. We agreed to perform as many of the cosmetic/minor updates ourselves as possible, bring in a professional for their biggest concern (a mold test that was within normal range, but above average. Literally all the mold professionals we talked to told us they would have passed us at that level, but not this unlicensed home inspector. The buyer shared the test with us, so that was nice of them.), and give them a quarter of the money to replace an older-but-working pipe. All in all, about $1.25k in repairs and stipends. We told them we would not perform the scope, but gave them three days to perform it themselves, not share the results, and either stay or walk based on their findings. They chose to terminate instead. So I guess that means we're headed back to the market and begging our contingent sellers to give us a little longer; wish we hadn't wasted 2.5 weeks trying our best to please these people while staying in our budget. [link] [comments]  |
| Houses being listed for greater than 15% more than they were worth 3 months ago. [AZ] Posted: 04 Aug 2020 01:15 PM PDT We have been trying to buy a home in a certain neighborhood for half a year now and within the past couple weeks houses are being listed for huge markups. One house that sold in December is now being listed for 80 grand more (no work done to the house) and 70 grand more than an equivalent house next door that sold in March! Much nicer homes in the neighborhood have sold for a lot less in the past three months. Now other listings have popped up with the same ridiculous markups. I know zillow isn't a perfect estimate, but the surrounding homes still have a believable zestimate while the houses that are listed magically have a zestimate at what they are listed for. My realtor says that there is no way these houses will appraise for that much considering there is no data to back up these prices. I feel like these houses are only being listed at these prices because of the extreme lack of inventory. What I'm wondering if once things go back to normal, however long that may be, will these over priced houses still be worth that much? Is it really reasonable for a house to go up 18% in value in a little over half a year? Is this happening in other markets as well? Is this type of "growth" sustainable? It's starting to seem like a really dumb time to try and buy. [link] [comments]  |
| How long do my parents have to sell their house before they can't (foreclosure)? Posted: 04 Aug 2020 07:23 PM PDT Their 88k balloon loan matured on June 4 so today is Day 60 late. (Illinois) The bank already told them there is nothing they can do other than file for loss mitigation. So far they haven't even talked to a real-estate agent because they've been holding onto hope of a HELOC filed before the loan matured (declined) and now a loss mitigations filing but they owe an additional 37k in credit cards so I don't think they have a chance based on their income. I'm telling them they need to look into selling the home so they're prepared. Anyway, how long do they have before it's too late and it's foreclosed on? The home is valued at 235k but it's a dump and would need to be sold as is and hopefully get like 100k and whatever else is gravy I feel. But I'm no expert. Also... What happens if there is a ton of junk and large furniture/desks/dressers/ that they can't move. Can it be sold as is with that stuff obviously decreasing the value and lessening the chance of a buyer? How does foreclosure actually work? Like would they get any money for the house in that case or would the bank just take it? I'm grossly misinformed but I have to be a leader here.... My parents are old....sorry. (Bankruptcy doesn't appear to be an option based on their income and our state but I'm having an attorney call them ASAP just to confirm) [link] [comments]  |
| Buyer requesting repairs on new roof Posted: 04 Aug 2020 05:14 PM PDT We replaced our roof in March. Apparently there are degraded shingles, it is a GAF roof. This means the roof is about 5 months old. We are under contract, but the buyers are adamant that the roof needs to be repaired, which would mean the whole roof since it is in so many random spots. We are now juggling GAF warranty claim and the contractor hasn't given us a letter assuming responsibility for the roof. This could take a month, maybe two, to get figured out. Basically 100k tied up in the house in equity that we cant access. I also refuse to pay for another roof since, well, I just paid for one. Any recommendations? [link] [comments]  |
| Do you pay for supplemental inspection reports prior to putting in an offer? Posted: 04 Aug 2020 08:12 PM PDT My husband and I are looking at a home in a very desirable neighborhood, but it appears to need a lot of structural work. We were able to see a recent inspection report that was paid for by a previous buyer (who ended up backing out at the 30-day mark), but it's still missing a few recommended supplements such as plumbing, a further foundation assessment, termite, etc. I am new to real estate and I don't know if it is expected that we pay for these additional reports, which will cost several hundred dollars. We have not given an offer yet because the outcome of these reports will directly impact the amount we propose. However, if we do move forward and pay for them and provide an offer that the seller thinks is too low, then they could just go with a flipper and we are left with nothing (they could even show the flipper the results we received right?). How do you navigate paying for additional inspection reports for a home that has considerable foundation/structural/plumbing issues? Does the buyer always pay for these even in this scenario? How do we protect ourselves from missing out on the house overall if the seller feels the final offer is too low due to them being in a "hot" neighborhood? EDIT: sounds like we definitely would be the ones to pay for the reports, but what if the evidence is so alarming that it would drastically reduce the offer price? Just as an example: say we offered $500k but the reports come back saying cast iron plumbing is basically shot and foundation repair is needed imminently, are we able to change our offer to something like $430k depending on estimated costs? [link] [comments]  |
| House taken over by "Default Management Solutions" a week before closing Posted: 04 Aug 2020 10:19 PM PDT I (Buyer) am scheduled to close this Friday and today I noticed that the electricity in the house was shut off. A big sign in the window says "Five Brothers: Default Management Solutions." I call the seller and he knows nothing about it. The seller is the executor of the estate, which did have a large reverse mortgage on the house. However, the estate went through a long probate process AND the title company cleared the title. That should mean that the mortgage company is informed and onboard with the sale of the house, right?? Should I be concerned about closing on Friday? Will the mortgage company or this "five brothers" company pose any more problems? Like I said, the title company says the title is "cleared" but it also lists that large loan on the title, which I assume means they are entitled to the money and will sign off on it - or does it mean that they will have a claim to the house even if I purchase it? There is title insurance, for what it's worth. Thanks! [link] [comments]  |
| First time home buyer question about low ball offers Posted: 04 Aug 2020 08:42 PM PDT My lease is up shortly and I'm throwing around the possibility of buying instead of renewing. I found a place that is listed at $208k which would be a fair price if the condo fees weren't $625/month. It's vacant and has been on and off the market for the last 2 years. It's been listed 4 times since 2018 and is set to expire in 1 month. First listing: Jun 2018 - $271k (this is just bat shit crazy for what it is) Aug 2018 - $260k Second Listing: Oct 2018 - $260k Third listing: Feb 2019 - $248k Fourth Listing: Jun 2020 - $208k I have never done this before and keep hearing that low ball offers are "rude", so I'm not sure if I'm looking at this correctly. How would you go about making a low ball offer on property that has dropped significantly? [link] [comments]  |
| Need help with mother(buyers) owner finance contract Posted: 05 Aug 2020 01:26 AM PDT Hi, I'm looking over the contract my mom has with the seller (owner finance) for a house in Missouri and it has no interest rate on it is this legal? All it says is the total price and sum of $79,000.00 to be paid by the buyer to the seller as follows: $473.64 on the 4th day of November 2016 and $473.64 on the fourth day of each and every succeeding month. During January 2017 the monthly cost rose to $530.67. She has paid $23,349.48 yet the seller says the balance is still $75,800. What can I do or tell her to help? Should she get an attorney or does this sound reasonable? She has had major health problems including a broken jaw for 5 going on 6 years due to medical malpractice and getting infections every time they try to fix her jaw. She also has had cancer scares and was homeless at the time of signing the contract which is why she pretty much signed without there being a stated interest rate and couldn't afford an attorney so she signed this at the office of the seller's attorney. [link] [comments]  |
| Offer accepted, starting escrow.. Posted: 05 Aug 2020 12:06 AM PDT Hi all, Going through and contemplating on an offer we submitted on a new home in Socal, prime location where we love! We are pending offer and considered a top offer this is for a ~1200 sq ft home in cul de sac area that we live near by and stumbled upon. We are planning to submit for 768k which will likely get the deal done, but wanted to get your thoughts. The estimate on the house from zillow was displayed as 700k-760k, question for 1200sq ft in tustin ranch in Tustin, CA is 768k to close the deal worth it? Need some RE expertise and thoughts for a very competitive market in tustin ranch. We absolutely love the place and feel 1200 is adequate, but want to know based on other comps or nearby properties, are we shooting too high? It is turnkey ready so we love that, and also in an ideal location for us. Its not forever, but i believe we'll be able to enjoy it comfortably for our needs. [link] [comments]  |
| Verification of employment question Posted: 04 Aug 2020 07:49 PM PDT My lender sent out a request to my HR department today. They asked for the last 3 years of my salary etc. Is that normal? I typically thought it was YTD? [link] [comments]  |
| What happens if there aren’t many houses around the house I’m buying to comp? Posted: 05 Aug 2020 03:09 AM PDT I'm in pending on a house. I noticed a house that's a duplicate sold for about 469,000 in March. My parents knew this person and said at that time they got it appraised it was $475,000 We are currently at $510,000 as the house escalated, then I lost it, then the first buyer walked, then I got in on it and have an inspection tomorrow. I'm starting to have cold feet because I ran a comp within about 200 sq feet (the house is 2200 sq feet) and found most everywhere around 490,000 to 500,000 with a few on the north end of 440,000 and 470,000 dating back to May. A recently one went for 485,000 in a neighborhood further away but there aren't many recent comps in the area I'm buying. I'm considering walking on inspection now to save the trouble of paying for an appraisal and inspection since my cold feet are telling me this house is gonna appraised lower and I'll be sticking trying to convince a potentially stubborn seller (based on what happened with the last buyer) to drop the price 10-20k ... I still have time to cancel the inspection but wanted your thoughts. I'm looking in western Washington mainly south of Seattle kinda in the auburn/federal way area. [link] [comments]  |
| HOA requesting removal of patio furniture Posted: 04 Aug 2020 07:27 PM PDT Hello, I live and own a condo which has a shared patio. There are some neighbors who have container plants there and there are some plastic chairs and planter benches (with succulents). After the pandemic started and we spent more and more time indoors, we put some patio furniture outside. It's a table and a few chairs. This is much higher quality than the other items. I got an email from the HOA that asked me to remove it. Their verbatim quote was: "Although the furniture is aesthetically fine, history shows that the placing of personal furniture long-term is problematic and does not promote the harmony of a community living space to be shared by all tenants in the building. " I've asked them to clarify since this criteria doesn't apply to the other items. And additionally this new furniture is not intended for personal use. In fact I left a note on it encouraging other neighbors to use it. If it's anything useful, I'm a person of color and the other items were placed by white people. What are my options? [link] [comments]  |
| Low appraisal, but comps went into contract 6-8 months ago. Posted: 04 Aug 2020 10:05 PM PDT Title says it all. We put it an offer on a cabin on acreage in a semi-rural area, and both the house and property check all the boxes. We offered asking price right off the bat after being beat out by two cash offers on other properties last month, and the inventory in the area is pretty much nonexistent. Our offer was accepted with the understanding that the appraisal might come in low (tricky comps) and the buyers would look to move on to other cash offers if we couldn't cover the gap. Fast forward a few weeks- Inspection is clean, financing is taken care of and everything is going smoothly... right up until the appraisal came in $23k low ($323k on $346k purchase). Going through it, everything seems pretty sound and I can't find much to argue against. However, due to the nature of the area and "appraisal boundaries", there's literally only three to four comps they can justify using, and all went into contract and sold between Fall '19 and Spring '20. The reason that might matter is that this market has gone through a pretty drastic shift in the last 1-2 months. The area as a whole has already been growing steadily over the past few years, but being within a few hours to a tech hub, recent remote work policies and other factors seem to be responsible for a big spike in activity now. For example, MLS was showing about 15 home sales a month on average over the last 6 months, but now there are 60+ houses under contract. I've watched about 10 properties that went on and off the market for over a year finally go pending, and the inventory is just not being replaced (big surprise, I know). Unfortunately, all of the pending sales seem to be just outside of the comparable area for us and unlikely to help our case. I understand having to use the comps the appraiser selected because there wasn't really any other option. But those sales all happened well before the market really hit the fan. Does an appraiser try and account for spikes in the local market as a whole, or is this type of "appraisal lag" unavoidable? TLDR: Offered list price in recently-gone-bonkers rural area and managed to get into contract before cash offers could swoop in. Appraisal came in $23k under because only available comps sold before pandemic craziness. *****Quick clarification- previously made a post in this sub wondering whether an appraisal contingency could could be used strategically on an overpriced house. This is not that house, and we did not pursue that idea because it wasn't smart. That house still is and likely will be on the market for some time (I think). [link] [comments]  |
| Can someone explain to me how a mortgage works? Can I pay faster If I receive a lump sum? Posted: 04 Aug 2020 04:24 PM PDT Say I start a loan with 30yrs conventional fixed. And say I know I can receive a lump sum in 5 years from now. (say a good 10% of the house price) Is it better to start 30yrs fixed and pour more money in later? Or start with 15yrs given that I know I will have more money in 5 years? Based on my calc I can afford both 30yrs and 15yrs, of course 30 gives me more room for errors (knock on wood, say I lose my job or whatnot) I also read that refinancing has a cost... so I'm not sure if it's good to start with 30yrs and negotiate to 15. Note: I'm 44, so I hope I live till 90, but who knows, right? so 30yrs is bet [link] [comments]  |
| Posted: 05 Aug 2020 12:52 AM PDT Hi all, So I've been kinda digging through comp history on Zillow and John L Scott app and I noticed a lot of houses of similar sizes and bedroom not accounting for lot size sold for around 10-20k less than the house I currently have in pending. There's also not a ton of comps around the area I'm looking within a 1-2 mile radius. So, I guess my question is how do appraisers account for super fire markets when surrounding homes that are 50-60 days from the close are selling for less, but the market has risen due to demand? My second question is how often do sellers cave and lower the price on low appraisal? The first buyer walked on this seller over a roof and they are offering to replace the roof for us, but I'm probably not gonna stock around if I need to come up with an additional 20-30k cash to cover the loan. I just don't have it. They came to us right away as the backup so the house never hit the market on MLS again. I'll be bummed especially considering my inspection and sewer scope is $721 I'm in the area of Seattle and Tacoma. [link] [comments]  |
| Just about to enter the market for a condo - Looking for lots of help Posted: 04 Aug 2020 04:53 PM PDT I'm looking to purchase a condo early in 2021 and want to get started on my research, I have absolutely no idea how to find the best real estate. What questions should I be asking specifically for a condo? In my mind the idea of a HOA is avoid it at all costs, keep that rate as low as possible, is this good thinking? What are some red flags from both the agent and condo complex Anything you wish you knew or did differently. Thank you in advance! [link] [comments]  |
| 100k over asking? Anyone here over bidding that high or similar? Crazy bidding wars Posted: 04 Aug 2020 08:48 AM PDT I had to back out of a house that ended up needing a lot more repairs than anticipated. We only competed with another offer in early June. Fast forward 2 months and we are told that to be considered, we have to offer (example) $845000 for 3 bed 2 bath house with pool 1300 sqft listed for $775000 with no contingencies. And that's just for our offer to be considered amongst hundreds. The way I see it. Low rates are driving people to buy but if I will pay almost 100k over asking then the low rate is almost a draw from buying at another time Thoughts. I'm in California [link] [comments]  |
| Question regarding PMI at the current rates Posted: 04 Aug 2020 08:45 AM PDT Quick question, I figured someone may be able to help me here! I am closing on a house Saturday, but have been hearing recently that at the current rates, it may make sense to only put 19% down, take PMI in order to save long term. I never thought this could make sense, but we are in crazy times. Can anyone clarify or elaborate for me? Thanks in advance! [link] [comments]  |
| Commercial Property Advice Needed Posted: 04 Aug 2020 11:45 PM PDT I own some commercial office space and currently lease it to a business. The business owner recently informed me of her intent to move out (she's decided to work from home). I have access to the space (it is the lower level of the office building that I operate out of. I have some questions regarding the listing of the space for lease. 1) Is it appropriate to take photos of the space while the current business still occupies the space (for a listing)? 2) Is it appropriate to list the space with said photos (with business names/sensitive information blurred) before the tenant actually moves out (or should I wait to list it until after the business moves out). Note: the business owner hasn't given me an exact move-out date. I'm going to be very flexible since she was a perfect tenant. [link] [comments]  |
| Posted: 04 Aug 2020 03:54 PM PDT So my realtor agreement states that they take 3% of the base price of the home at closing but my contract with the seller (a big builder) says they provide 1.75% to the realtor at closing. Would I be responsible for the remaining 1.25%? [link] [comments]  |
| How common is Seller Financing ? Posted: 04 Aug 2020 07:27 PM PDT I'm looking at a place and due to a car accident and subsequent job loss as a result of the accident, credit took a significant hit. I'm looking at a beautiful place that I can most definitely afford. Only issue is the credit hit. I'm looking at the place tomorrow (with the seller as it's a private sale) and want to bring up Seller financing. How common is it to actually do this ? [link] [comments]  |
| (Tennessee) - All I'm finding are ancient houses. Would buying land and building be a better option? Posted: 04 Aug 2020 10:56 PM PDT I'm desperately wanting to downsize right now since I don't use most of my 2000 sq ft house here in Florida. I also hate Florida. I've visited Tennessee a bunch over the years to wander various trails around the Appalachians with some friends that live there and love the state, along with North Carolina and Virginia. Over the last half a year or so during pandemic out of boredom, I've started doing a ton of digging into houses in these areas. Mainly around Johnson City, Greenville, Asheville, Kingsport, and Knoxville. One thing I've noticed is that anything smaller size tends to be absolutely ancient. Like built in the 40's-60's ancient. I've always lived in new construction houses, so the idea of moving into something that old is frankly kinda unappealing, mainly because I'd hate to deal with all the issues that I'd assume an old house has. That's one good thing about the current one. It has been 0 maintenance for 4 years. Of course, the prices are phenomenal compared to florida. Most of the houses in the 1000-1500 sq ft range I'm looking for are 140k and under, some really nice ones in the 1000 sq ft range for only 80k. Areas I know don't have crime problems or anything, just old houses. 1000 sq ft is about what I use in my current house. I've also found a ton of cheap land relatively close to the actual cities. I didn't expect that at all. It has me thinking that I might want to go the build route instead so I can get a newer style 1300 sq ft house. Would that be a good idea at all rather than fixing up an old one over there an just hoping more stuff doesn't break? Or should I scoop up a cheap one and just re-do it all to my liking? [link] [comments]  |
| Help me determine the highest value offer - first time seller - small property Posted: 04 Aug 2020 07:08 PM PDT I'm hoping there are some real-estate gurus in here who can help me easily spot the best offer. Selling quickly is not my highest priority, just trying to get the most value. The house is over 50 years old, but there is nothing wrong with its "bones" to my knowledge. I am using a real estate agent, and these bulleted items are basically the agent's notes for myself. I have no reason to distrust the agent, just hoping more eyes can help verify the best choice. My own intuition says offer #1 because it is "as is", so it seems like a fair offer with the least amount of strings attached. The cash offer was enticing, but I am of the understanding an investor could be a problem.
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| How many Loan Pre-Approvals should I get ? Posted: 04 Aug 2020 10:52 PM PDT I'm a first time buyer in the New Jersey area currently looking to get pre-approved for a loan so I can start looking for houses. Is there a limit to the number of pre-approved letters I can apply for ? Is one good enough or should I apply for multiple ones and compare the rates that each provide ? Is there any harm in applying and getting approved for different ones ? [link] [comments]  |
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