Seller withheld inspections to try and fuck me over Real Estate |
- Seller withheld inspections to try and fuck me over
- Making an Offer: I Don't Get It...
- Refi fee will wipe out millions in mortgage profits..
- Thank you!
- Just for Fun - CA SFRs
- Anyone here become a landlord (duplex owner, live on one side and rent the other) and regret it?
- Where can I go/who can I talk to to learn about buying a house?
- Proof of income used inappropriately?
- Upcoming Inspection
- First Time Home Buyer with questions after the sale.
- For sale by owner
- Getting hopeless of buying a house in the Greater Boston area
- Realtor - when are you stuck?
- Getting nonrefundable pet deposit back after deciding not to get a pet?
- First time home buyer?
- Getting a different rate without switching lenders?
- Condo ownership - What are the added risks compared to owning a single family home?
- How do I tell if I can build on the lot later?
- Real estate prices and inflation
- thoughts on giving SSN to landlord?
- Can I get pre-approved for a mortgage only in my name but taking my girlfriends income into account as well?
- Closing Disclosure: Liability after Foreclosure
- Is it fine to provide computer access in a vacation rental?
- Agent not putting expiration dates on negotiations and seller is dragging his feet. Is this normal?
| Seller withheld inspections to try and fuck me over Posted: 20 Aug 2020 07:11 AM PDT Our offer was accepted on a house built in 1901. We were the third potential buyers, the first two backed out. We asked the sellers if the buyers had done any additional inspections on the home, they said no. The home inspection the sellers did showed the foundation to be in good shape with no issues whatsoever. Being that the house was 120 years old, we were getting a foundation inspection by a structural engineer as well as walking the home inspection with our contractor. In addition, the sellers claimed the foundation had improvements done in 2010. I requested all documentation on the improvements after the offer was accepted. Now that the sellers knew I was doing my due diligence, they said the first buyer did a foundation inspection but they just hadn't uploaded the inspection yet. We reminded them how we had asked them if there were any additional inspections before we sent our offer, and they claimed we thought we meant if the 2nd buyer made any inspections, not the first buyer. Turns out the home had over 100k worth of foundation repair, and I quote "we don't even know where to start with this homes foundation. It will need a structural engineer to design a whole new system for the house" Fuck you sellers agent. Fuck you. [link] [comments]  |
| Making an Offer: I Don't Get It... Posted: 20 Aug 2020 07:12 PM PDT OK, so I am trying to navigate the low supply, high demand market we are in as a first-time home buyer. My understanding is that we make an offer based upon "what we think the house is worth" if seller accepts we become contingent. We pay due diligence and earnest money. If the deal falls through for any reason we are out the due diligence. But because of the low supply in the market people are over-bidding on properties regularly, and if I over bid too much the deal could fall through because my bank appraises the property for less than I offer, in which case they tell me to come up with the difference myself or no mortgage. If all of the above is correct, how in the world am I supposed to decide the value of a property? If I bid at asking or below I lose to other bidders. If I bid too much over, and the bank says that's too much, I lose. For clarity, I have great credit, pre-approval, my 20% down, and an emergency fund. I don't have a low supply/high demand fund. That's supposed to be a joke, cause I'm frustrated. I have to have a bid in before 10am tomorrow and I feel lost. [link] [comments]  |
| Refi fee will wipe out millions in mortgage profits.. Posted: 21 Aug 2020 01:08 AM PDT Interesting Article - https://www.americanbanker.com/news/fannie-freddie-refi-fee-will-wipe-out-millions-in-mortgage-profits [link] [comments]  |
| Posted: 20 Aug 2020 09:56 AM PDT Just wanted to say thank you to this sub. Husband and I are buying our first home and suspected foundation issues. So many people around us suggested that it wasn't a big deal, but because of what I've read here (particularly about how realtors/agents are financially motivated to make sales go through), I knew that it was our job to advocate for ourselves. We pushed for a structural engineer to inspect and they confirmed our concerns. This will save us a lot of money and a LOT of heartache! Thanks for sharing your experience and helping us through this VERY stressful process. [link] [comments]  |
| Posted: 20 Aug 2020 11:14 PM PDT I'm sure you've all seen a hundred different versions of this, but I found the latest data from CA Realtors' website and had some fun in Excel. Trends: https://imgur.com/a/nM6mNtW Timing: https://imgur.com/q0FsiFc [link] [comments]  |
| Anyone here become a landlord (duplex owner, live on one side and rent the other) and regret it? Posted: 20 Aug 2020 07:22 PM PDT Hello. I would like to purchase my first house in the next 2-3 years. I am 25 now. I live at home... Self employed, owner/operator of a service business of almost 2 yrs. Medium cost of living area. About 30-40 mins from Orlando, FL. I can buy a duplex here for 250k-275k. I don't need a lot of space to live so I thought why not a duplex. Just pocket all the money I earn from my business and have the person next door pay for the mortgage basically. This is still a very "rough draft" type of idea. I have approx 30k already saved. Plus 45k in a roth ira target retirement fund and index funds (in a solo 401k). In the next 2-3 yrs I believe my business will net me about 60k per year as an owner/operator. Good life hack or is the juice not worth the squeeze? [link] [comments]  |
| Where can I go/who can I talk to to learn about buying a house? Posted: 20 Aug 2020 09:03 PM PDT Mid-twenties, hating spending so much on rent, hearing about the value of real estate from. But I feel like for people my age the idea is daunting. Buying a house or leveraging real estate is this mysterious process that ends up trapping people into 30 year nightmares. Is there someone I can talk to or call or schedule a meeting with who can break it down for me? How a mortgage works, is it smarter to buy or rent, can I rent out a place I have a mortgage on? I don't fully trust online articles I'd like to find a financial adviser or whoever I can trust and talk to them. [link] [comments]  |
| Proof of income used inappropriately? Posted: 20 Aug 2020 01:39 PM PDT Looking for thoughts from those in real estate who may understand compliance and ethics rules better than I do. When I rented my current apartment, I provided proof of income. The real estate agent for the rental and I ended up having the same cleaning lady in common. I recently got a call from her telling me the cleaning lady needed help for medical stuff and "since I make more money" than her (the real estate agent), she asked if I could help the cleaning lady with her medical expenses. It's not that I don't have a heart, I do. But it made me feel super uncomfortable to be on the receiving end of that call. Thoughts from real estate professionals out there? [link] [comments]  |
| Posted: 21 Aug 2020 12:21 AM PDT Long time lurker, first time poster here. Gf and I recently sold our first home and are buying our 2nd and are currently in our inspection period. A few quick things about the house; 4/2, 1900ish Sf, built 1985, pool. On our first house we did quite a bit of work ourselves with her fathers help. He is extremely handy and has built decks, pergolas, installed all the hardwood, tile cabinets, etc in their family home. I love to soak up knowledge so having him help and show me was awesome. I had never ran electrical, knocked down walls, etc so doing that was great. I say this so you know I'm not completely incompetent when it comes to looking at things and saying "that doesn't seem right." All that said, we are hiring a home inspector recommended by our agent. But, home inspectors do miss things. I am going to take a look around tomorrow (gf wants to take a few measurements for furniture, rugs, etc.) and was wondering what types of things were missed on your inspections that you discovered later that you were surprised weren't caught or things you recommend to look at now in hindsight. (I know the big items, AC, water heater, roof, etc but am relying on the insoector for those due to my limited knowledge) Appreciate everyone's input in advance. [link] [comments]  |
| First Time Home Buyer with questions after the sale. Posted: 21 Aug 2020 12:37 AM PDT 35 yr old, First Time Buyer in Northern Virginia coming from living in AZ, TX, MS, GA my whole life. We did a pre-inspection and waived all other inspections, so they weren't done. House is in great shape and very well taken care of. Vacant since being put on market. Built in 1986. *Should we do any of the skipped inspections (pest? No suspicions) or preventative maintenance before moving furniture in? *Along those lines, do any of the experts have a comprehensive list of pre-move in things to do (E.g. change locks, pay for deep clean, clean carpets, duct cleaning, install alarm system, etc...) *Does anyone have a personal list or resource with a suggested preventative/regularly scheduled maintenance schedule/list? *What's the best way to go about learning what maintenance is required for your landscaping (I.e. which plants need to be cut back and when)? Are there any *trusted books or online resources out there about owning a home in the Mid-Atlantic/Northeast with info such as how to keep your pipes from freezing and other home care for someone moving from the Southern part of the States? My Realtor gifted us a 1yr Home Warranty, are they worth the cost, or should we just have an emergency fund? Accordingly, is it customary for the new home owners to buy gifts for anyone that helped us/hired by us along the way? *Any good deals/programs/benefits out there for Active Duty Military homeowners? *Any other advice as we begin this journey? I love reading everyone's posts. I am so grateful for all the info on here. TIA. [link] [comments]  |
| Posted: 21 Aug 2020 04:04 AM PDT Hi, I'm in Massachusetts. How do for sale by owners typically work if the owner is not offering a commission? Does the buyers agent just walk away? [link] [comments]  |
| Getting hopeless of buying a house in the Greater Boston area Posted: 20 Aug 2020 04:41 PM PDT At this point I feel hopeless I've been bidding since early May on houses with my significant other. Our budget has been <600k. We just lost out on our sixth house. We bid 40k over, no inspection; wrote a personal letter, and our lender gave us the go ahead that we could close in 30 days. For real estate agents... what do you think of the market? How much longer will this madness last.. I'm starting to think this is our new normal. [link] [comments]  |
| Posted: 20 Aug 2020 06:15 PM PDT I had a realtor come over last week as an introduction and a walk through our house. Nothing was signed. Is there some implicit contract or am I free to go with a different realtor? I just didn't really like her - couldn't get straight answers, had a sell price set before walking in and the multitudes I'd updates didn't change that, seemed shady about the best time to sell (pushed us to rush selling even though we are planning for the spring). TIA. [link] [comments]  |
| Getting nonrefundable pet deposit back after deciding not to get a pet? Posted: 20 Aug 2020 11:01 PM PDT I had plans to get a pet early next year and my realtor suggested I get the pet deposit out of the way when I signed my lease last month. Due to life circumstances I will no longer have time for a pet. Is it unreasonable of me to ask my landlord for the deposit back, seeing as there won't be a pet for the 2 years I am leasing this house? It's a good chunk of change $500 and given the economy currently I hope my landlord can understand. I was going to ask for prorated rent. I've been trying to show that I'm a good and proactive tenant by offering to go out to Home Depot to buy things that needed fixing around the house. Such as broken toilet seats, blinds, etc. and I did the replacements. (They prorate the cost of the items from my rent) [link] [comments]  |
| Posted: 20 Aug 2020 07:10 PM PDT (If this is in the wrong place I will take it down) I am planning on moving out in a year, if I save up everything I can by then I would have about $20k. I can get a native american mortgage which would allow me to only have to put down 2.5% at minimum without mortgage insurance. The issue is that with my income I can only really afford monthly payments of 30% income for a house around $200k. The average house would be around $250k but there are more run down places that have been put on the market for around $180. Condos around here go for anywhere between $110k - $350k but they all have between $425 - $550 in HOA fees. I can only afford up to $120k monthly payment with an HOA fee. If I get some the least expensive places they generally don't have stuff like washers or dryers (even in the same building) but some of the utilities are covered. (Power, trash, water) Then there is the chance I can buy a mobile home. I can't get a mortgage for most of them in town. There have been mobile homes listed for $10k that clearly need fixing up but there was one listed for $18k that looked like new and was a 1 bed, all I really needed. There are nicer and bigger mobile homes available for between $30k-$75k. The average lot rent in town is between $400 - $600, that with the personal loan would be about as much as the mortgage payment but I can have the house fully paid for in less than 5 years. I have time to think it through but I am curious of other peoples thoughts. [link] [comments]  |
| Getting a different rate without switching lenders? Posted: 20 Aug 2020 08:23 PM PDT We have been under contract for a home in New Jersey since February (it's a short sale so it's taking quite a while). We got a conventional loan through USAA with a 3.5% rate, but obviously things have changed since then and rates are so much better now. Is "unlocking" a rate a thing? We are already completely through the underwriting process and ready to close on the lender's end. I've read online that the best way to get a better rate if you haven't closed yet is to just pick a different lender, but we really like USAA and would like to stay with them if we can. But on the other hand, a lower rate would save us thousands over time. Does anyone have some advice for us? Thanks a bunch! [link] [comments]  |
| Condo ownership - What are the added risks compared to owning a single family home? Posted: 21 Aug 2020 02:19 AM PDT How much more of a risk is it to own a condo vs a single family home (either to live in or to rent out)? What I could come up with as added risks of a condo were:
#1, 3 and 4 are the ones I'm more concerned about. I think there'd be enough demand for my condo due to its location that I wouldn't worry about #2 limiting number of buyers/offers, and I've not experienced any noise issues with neighbors due to how the units are positioned and perhaps also due to good noise isolation. Would those be the main areas of added risk of owning a condo vs a SFH, or are there others? [link] [comments]  |
| How do I tell if I can build on the lot later? Posted: 20 Aug 2020 08:07 PM PDT Hi folks, looking for some advice on a single family we're looking to purchase in Greater Boston. The property sits on a 1.5 acres residential lot on a dead end road. We would like to add a garage and build on top in the future. How can we tell if that's possible on this lot? I've been reading up on the towns bylaws and setbacks, but it's a lot and I don't know if I've got it figured out. My realtor says only a town survey will be able to answer the question. Any other alternatives? [link] [comments]  |
| Real estate prices and inflation Posted: 20 Aug 2020 04:19 PM PDT With all this talk about the Fed printing to nudge inflation towards the 2% target, and even talk of a 4% inflation target rather than 2% - what if inflation is overshot for the dollar - how should we expect US home prices to react in a 4%+ inflation scenario? [link] [comments]  |
| thoughts on giving SSN to landlord? Posted: 20 Aug 2020 10:04 PM PDT I understand through an agency. but what if u find a apartmenr on Craigslist and the landlord is independent. wondering what people think about giving their SSN to them [link] [comments]  |
| Posted: 21 Aug 2020 01:40 AM PDT I am 25 and my girlfriend and I are trying to figure out the whole home buying process. A big problem we have is that I have a good credit score and not a ton of debt but my income for the a house in the price range we are looking is pretty low and my girlfriend has very bad credit and a ton of student loan debt. So my question is is there any way I could get preapproved for a mortgage that's strictly in my name but takes into account her income along with mine? A few notes: I make roughly 45k a year (slightly higher than that when accounting for shift differential and 8 hours of mandated overtime a pay period) and she makes 34k a year for a combined 79k-ish a year Her total monthly loan payments are roughly 640 a month (not sure what the actual amount of debt is) my monthly car payment and student loan is roughly 750 a month (student loan is currently in deferment because of covid) and my total debt is a little less than 48k We are looking for a house in the 200-250k range I have saved up about 26k in total (trying to hold on to around 8k of it if possible for an emergency fund) and am continuing to contribute roughly 1-2k a month to that. [link] [comments]  |
| Closing Disclosure: Liability after Foreclosure Posted: 20 Aug 2020 07:11 PM PDT I'm in the process of refinancing my home loan. In the Closing Disclosure (CD) -> other disclosures section, there is "Liability after Foreclosure" There are two options to select... If your lender forecloses on this property and the foreclosure does not cover the amount of unpaid balance on this loan, option 1: state law may protect you from liability for the unpaid balance. If you refinance or take on any additional debt on this property, you may lose this protection and have to pay any debt remaining even after foreclosure. You may want to consult a lawyer for more information. option 2: state law does not protect you from liability for the unpaid balance I live in Texas. In my CD, option 2 is selected. I'm not really sure what this means and if I need to be concerned. My current mortgage CD had option 1 selected while this refinance CD has option 2 selected. My closing date is early next week. I'm feeling nervous about this option 2 that is selected. My mortgage broker told me that he wont be able to change it. Please advise [link] [comments]  |
| Is it fine to provide computer access in a vacation rental? Posted: 21 Aug 2020 01:08 AM PDT |
| Agent not putting expiration dates on negotiations and seller is dragging his feet. Is this normal? Posted: 20 Aug 2020 08:06 PM PDT I am getting frustrated with our seller. We made an offer the same day as viewing and he took an entire weekend to respond to the first offer and 1.5 days for each subsequent negotiation round whereas we would counter within 2 hours. We finally reached an agreement after about a week, but without a doubt he was dragging his feet hoping for something better to come along. I asked our agent about including expiration dates, but she let me know they don't typically do that in this area (Chicago burbs)? I scheduled the inspection 2 days after going under contract and it's been very slow moving since then (two weeks ago now). Our attorney sent our requests within a day of getting the inspection report and the seller sat on that for a week, then we submitted a few counters per the recommendation of our agent and attorney, and now he has been sitting on this since Monday. We again asked about expiration dates for this and the attorney just said they don't include those and just rely on "common courtesy" from the other attorneys to get quick answers. We aren't scheduled to close until mid-September so I'm not too worried about being behind schedule right now (our lender says we are okay for now), but I don't want him to drag this out for two more weeks. I talked to my attorney today and she said she would let them know we need a response by close of business tomorrow in order to move forward. Are we being reasonable? My folks are selling their house in a different state and have said every offer they've gotten has a 12-16 hr window to provide an answer/counter. [link] [comments]  |
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