Seller accepted counter offer and signed the contract. Now they cancelled because they didn't read it fully. What is my recourse? Real Estate |
- Seller accepted counter offer and signed the contract. Now they cancelled because they didn't read it fully. What is my recourse?
- Anyone buy a money pit and regret it like I do?
- I'm going to buy the townhouse I'm currently renting. The owner is a realtor as well. Do I need my own relator, can I use them, or should not use one?
- Buyer denied right before closing. Already moved out- rant
- Buyer backed out. Do I keep the 3k she put down?
- Can my wife sell me the house or would we just refinance it in my only my name?
- Anyone live in/own a townhome?
- Buying a house with a termite mound
- Contract says 20% down but I want to do 10% instead.
- multiple offers on the same house...from the same buyer?
- Redfin as a listing agent
- Delayed city inspections are continually prolonging home closing!
- Effects of today’s stock market dip on mortgage rates?
- Closing on a house next week and I don’t know what the hell is going on with the roof repairs ...
- [TN] New Construction - Warranty Advice
- Waiting a day between listing and showing?
- Can I be kicked out with 17 days notice?
- Tenant Help (Los Angeles) about rent control, affordable housing justifying rent hikes, etc
- Good basic guide for home maintenance?
- Property listed as active again but seller agent says there is a backup offer
- Looking to buy FSBO. Buyer is about 100k over similar comps.
- [CA] Partner works in Palo Alto and I work in Pleasanton. Where should we live? (Buying)
- Who is supposed to help us right now?? Or are we expecting too much?
- What are things to compromise on in a house?
- This market is insane
| Posted: 03 Sep 2020 04:15 PM PDT My wife and I put an offer in on a home (Los Angeles) and received a counter offer. We countered with our own terms and they accepted. The sellers signed the contract but now claim they didn't read our addendum and are backing out of the offer. Is there anything we can do? [link] [comments]  |
| Anyone buy a money pit and regret it like I do? Posted: 03 Sep 2020 01:34 PM PDT Whether it's stuff the inspector missed, or you knew going into it there was something that would take some fixing but now you regret it. I bought a house but it's become a money pit. I felt very ready with savings buying a home, but now I've put a lot of money into this home. And my savings account is now dwindling fast and it's bad. I've been having to pick up lots of shifts at work to offset the costs. The backyard fence is rotting and needs replacing, we have a rat problem, and there's a leak in the bath tub. This home is 20 years old so I guess things are starting to go south. So frustrated. [link] [comments]  |
| Posted: 03 Sep 2020 09:05 AM PDT My question is in the title. Currently getting pre-approved from to local lenders and one online lender then I'll let the owner know. Then from their they said we will discuss the value of the house. Edit: Thanks for some advice. I'm reading over it on my lunch. So the value of the house on Zillow is pegged at 230k. There are two town houses currently listed at 250k. Both of those were gutted and remodeled. Our house has been remodeled at some point maybe 15 years ago. The house is fine, just not fancy. Some units sold a few months back for 220-240. Let's just say the appraisal is 240k. So people are saying I could get 3-5% lower than that 233k. Saving 7k, but then I should pay for an inspector and a lawyer, costing 1.5k~. Now I've got enough for a down payment and depending on the price that could be 17 to 20%. As far as the house goes we've been here a year and nothing has been wrong with it, other than the dryer duct was full of lint and was basically clogged. Because this is my first house I want to do this right. Part of me says get a realtor because I don't have the time and energy to square everything away. The other part says, if I make time I could do a decent job and figure everything out from reading, dd, and getting some more advice. [link] [comments]  |
| Buyer denied right before closing. Already moved out- rant Posted: 03 Sep 2020 06:30 PM PDT Just ranting more than anything else here and looking to see if anyone else has dealt with a similar situation. Put our condo on the market in July, went under contract a week later. Buyer only put down 0.8% earnest money and 2.7% down, but our condo is in the lower price range (less than 200k) so our realtor told us this is common. Buyer is also a business owner. Our agent called her lender and he said she was qualified for more, not to worry. Everything was going well. Our buyer scheduled an orientation with our condo board and set her move in date. We found a house. We put in an offer with a close contingency, but in this market they got and accepted a back up offer so we had to waive it, knowing there was some risk involved but hoping it was minimal. We were supposed to close last Friday, and her financing was due last Tuesday. On Tuesday we got news that her lender "did her loan wrong" and she needed to prove her business had 10 weeks of stable income instead of 8, simply a technicality due to Sally Mae changes for 1099 employees due to COVID. We were assured her business was doing great and she's earning 3x as much money as last year. Not to worry. We were told we should still move out, so we did. Of course she asked for another extension, instead saying we didn't pay the special assessment so her lender had to go through hoops (we had long since paid it off) and then it became the lender forgot to put in the $58 per month cable/internet charge, which is mandatory. Long story short she was denied and we are only a few days out from the closing on our new house. Since we were so close to closing on our condo we opted to put 40% down on our new house factoring in the net proceeds from our condo. Now our loan has to be sent to underwriting again with 20% down. I am hoping we don't have to ask to delay the closing. This whole situation stinks so much. [link] [comments]  |
| Buyer backed out. Do I keep the 3k she put down? Posted: 03 Sep 2020 03:40 PM PDT Basically I'm in the process of selling my condo. We were actually going to close 2 weeks ago but the buyer was dragging her feet. She accepted and offer of 188k. Condo got appraised for 183k I said ok I will come down to 185k The buyers response who is also a realtor Xxxx IJust checked out the email… still in the middle of showings. Listen the more I think about it I just don't think it's worth it to me anymore I appreciate your seller coming down on price but more I think about it it just doesn't Make sense for me to purchase the condo. I would like to cancel the deal. I'm very sorry. [link] [comments]  |
| Can my wife sell me the house or would we just refinance it in my only my name? Posted: 03 Sep 2020 05:49 PM PDT Just married and my wife owns a home with her and her mother on the loan. Doesn't look like her mom is on the title. House is worth $135K and has $70k left on mortgage. We only want my name on the house and mortgage with my wife as TOD. Since my wife owns the house would this be considered refinancing or my buying the home? With the equity we have in it would we need a down payment? What should we be watchful of with online mortgages? Would a local lender be better to use with what we are trying to do? Could/should we add extra to the loan so we would have funds for much needed house repairs? edit: Just to clarify, my wife and her mom want to do this and was their idea. No one is trying to screw anyone over. [link] [comments]  |
| Anyone live in/own a townhome? Posted: 03 Sep 2020 08:30 PM PDT What's your experience with them? The one my sister is looking at is brand new, has a yard and a garage, 3 bedroom with 3 bathrooms. It's attached to one other (duplex). Do they hold their value in good areas? (Good schools, close to essentials locations, 5 min away from major freeway). It's in a low crime area and in a cul de sac. With a forested walking trail right outside. [link] [comments]  |
| Buying a house with a termite mound Posted: 04 Sep 2020 01:11 AM PDT We have just had an offer on a house accepted. The pest inspection revealed an active termite mound on a tree stump in the backyard. No damage to the house seen as yet. My partner wants to request that the vendors remove the mound and tree stump. Is that usual practice? We are in Australia for reference. [link] [comments]  |
| Contract says 20% down but I want to do 10% instead. Posted: 04 Sep 2020 04:13 AM PDT Do I need a whole new contract or just an Addendum? Do the sellers have to agree with it? Is there any other paperwork I need to do? [link] [comments]  |
| multiple offers on the same house...from the same buyer? Posted: 03 Sep 2020 04:49 PM PDT Hi all, I am selling a house, listed for $330k. It was recently listed and a buyer walked through the house the day it was listed. The buyer then submitted an offer of $310k, which I was going to let sit until I got more buyers through. Within 10 hours, the buyer submitted a full price offer of $330k for the house. Regular appraisal / inspection contingency, conventional loan, nothing out of the ordinary. Should I be concerned that the buyer initially submitted a lower offer, and then submitted a full price offer? [link] [comments]  |
| Posted: 03 Sep 2020 06:38 PM PDT Has anyone used Redfin at the 1 percent fee to list their home? Any feedback or reviews would be helpful. [link] [comments]  |
| Delayed city inspections are continually prolonging home closing! Posted: 03 Sep 2020 10:55 PM PDT Hello, To try and keep a long story short, I will try and condense this into bullet point format:
We are told that a big part of the delay from the city is because of COVID and the most recent California state shutdown. Has anybody else come across constant closing delays (especially involving the city), and is there anything I can do aside from being patient? My wife and I have a baby on the way (due November), and we are hoping to move in with enough time to do major repairs and get settled. [link] [comments]  |
| Effects of today’s stock market dip on mortgage rates? Posted: 03 Sep 2020 04:46 PM PDT I locked today on my mortgage rate because it has been the best offer from my broker so far. Then news the market dropped this evening. Did I make a mistake? Are mortgage rates expected to trend downward significantly as a result? I'm still learning and not entirely clear how stocks correlate to mortgage rates. [link] [comments]  |
| Closing on a house next week and I don’t know what the hell is going on with the roof repairs ... Posted: 04 Sep 2020 02:19 AM PDT Hi all, So my inspector called our "deteriorated rafter tails" and suggested we have someone remove any rotted wood and replace them. Well I am now concerned my inspector may have called out the wrong thing or named it wrong as some people in homeowners Reddit told me they are actually fascia in the photo but didn't elaborate much more. Anyways, I attached below the wording in our addendum and the inspection screenshot where they called this out. The invoice they sent us was for $275 from a licensed roofer and all it says is "cut out bad rafter tails". That's literally it. Upon doing some research online I found out rafter tails are actually structural and you aren't actually supposed to cut them much. It's Friday tomorrow Labor Day no one can get out and they are trying to close the loan by the 8th. Now I'm worried this roofer who's licensed according to his invoice may have royally fucked the roof structure depending on what he cut. I need some advice on what to do. I can't afford to buy this hosue and have it be structurally unsound and his invoice is so vague. Why would you just cut something back without replacing it even if you are cutting something? I'm not a construction person so I have no idea what's ok or not. I'm doing a walkthrough tomorrow ... my realtor is acting super chill like it's not a big deal. Help please. The white form is my 35 r in DocuSign my realtor helped work on it. Ultimately if this was royally fucked up and has created significant issues can I walk away from this before closing on Tuesday as a side question ? Edit: afaik the roofer didn't get any of the photos or inspection description. The seller just hired them and told them what was on the addendum. I guess I figured if the guy was licensed he would have done the full repair properly. [link] [comments]  |
| [TN] New Construction - Warranty Advice Posted: 03 Sep 2020 07:59 PM PDT |
| Waiting a day between listing and showing? Posted: 03 Sep 2020 09:47 PM PDT Our home was listed on the MLS about 2 hours ago. I just got a request (at 12am) to see the house at 12pm same day (Friday). We weren't planning to do any showings until Saturday. Is it appropriate to say we are starting showings on Saturday? Not sure what the etiquette is but seems to have a lot of interest and don't want too early of an offer before others have a chance to see the house. [link] [comments]  |
| Can I be kicked out with 17 days notice? Posted: 03 Sep 2020 02:41 PM PDT I've been renting a home for almost two years. My landlord has chosen to list the property for sale. We have never missed rent, keep up with our responsibilities and were well within all parameters of our lease at all times. Our landlord has never handled repairs or exterminators. He has always just told us, "You just take care of it and bring me receipts and we will deduct it from rent," We have regularly maintained lawn care (of the whole property not only our own) and a LOAD of other basic things on our own. All that just to provide background on our time spent taking care of our home and property. So, this property wasn't on the market for long at all before an offer was made and accepted. Come to find out, we are expected to be out BEFORE the property even closes, he listed the house as being sold WITH our window units, stove and washer and dryer that DID NOT COME with the property. We bought them all ourselves. This gives us barely over two weeks before the estimated closing date. Also, we are currently paid in full for this month, not only rent but ALL of our bills are paid. Is this even legal? Is there anything I can do? We have no where to go and are trying as hard as we can to figure things out but when this all started, we were told we would have until October to figure things out and our time was cut in half over night without even being warned. I am so concerned not to mention the level of stress this adds to an already stressful situation. [link] [comments]  |
| Tenant Help (Los Angeles) about rent control, affordable housing justifying rent hikes, etc Posted: 03 Sep 2020 09:03 PM PDT Hello, I am renting from private landlords in Venice CA (city of LA) with 4 separate rentals. The house / property is rent controlled. I live on the bottom story but will be moving to the upper unit soon. I offered my landlords a 24 month lease for an $100 discount of the asking price. They agreed. The next time I spoke to them, they informed me that despite the 24 month lease, they would be raising the rent regardless ( I think 4%). They explained to me they do this to keep up with the median neighborhood rental prices, because if they didn't & I moved out? It (my upcoming apartment) could fall into the hands of LA's "Affordable Housing System" & then they would have no control of who rents it.... I find this very fishy. Right now I pay $2396 (used to be $2300 but they raised it 4% +/- over a year ago... not this year though because of Covid... I suspect) My new rent is $2900 upstairs. Now if keeping up with median neighborhood rental prices is a thing, then how does my current $2396 factor in? That is surely below market prices of my area. They want to write in on my lease that a rental increase will be implemented after 12 months even though I offered a 24 month lease at $2900, which they agreed to. A lease is a lease, a set rate. Is this legal? Edit / TLDR: I rent now @ $2396 for the past 2.5 years. I have had a lease the first 2 years and now currently month to month, as I was looking for a new apartment before the unit above me opened up. I offered my landlords a 24 month lease for the new spot upstairs in exchange for a discount of $100 off the asking price upstairs. They said yes, but we will still raise the rent 4% after a year regardless of the 24 month lease. They stated they HAD to raise the rent every year to keep up with "median neighborhood rates" or else the state / city of LA would deem their apartment applicable for "affordable housing" to tenants they dont get to choose. (I assume they mean after I leave? I have no plans to leave, that's why I offered a 24 month lease) [link] [comments]  |
| Good basic guide for home maintenance? Posted: 03 Sep 2020 06:28 PM PDT I FINALLY found a house around the 3 month mark of seriously searching. I'm pretty happy with it and it's the best I've found so far. As I'm getting closer to closing I just want to see what you recommend for a good basic guide for ongoing maintenance. Yes, I have my inspection but I'm looking for a more mundane schedule of maintenance to follow. Thanks! [link] [comments]  |
| Property listed as active again but seller agent says there is a backup offer Posted: 04 Sep 2020 12:18 AM PDT There's a property I am interested in. I contacted the seller's agent and they said that the seller was elderly and did everything via snail mail and there was a backup offer on the property. They are waiting to hear back from the seller after sending the offer via mail. Online, the property price dropped $10k after returning to the market, so I'm guessing the backup offer is undercutting the original by that price drop. IMO, the price is likely taking advantage of the seller and I would offer a higher amount. Is the buyer obligated to take the original back up offer here if they haven't signed whatever the heck it is they haven't signed yet? I would think the seller could receive a phone call... [link] [comments]  |
| Looking to buy FSBO. Buyer is about 100k over similar comps. Posted: 03 Sep 2020 05:57 PM PDT We're looking at a house in a very popular east coast beach vacation destination. The house has been on the market for over a year and a half. It's beautiful and historic, but needs some cosmetic work on the inside. The owner had it listed FSBO, then with an agency, then FSBO again. He's changing the price every three months or so, and has ranged from 750k to 889k over the last year and a half. It's currently at 809k. I've looked at comps and similar houses are selling in the low 700s and or 750s and updated. We'd like to offer 700k but trying to figure out how to approach this with him. We're not using a realtor - I get the sense he doesn't like them too much. The property was purchased by his parents 20+ years ago for next to nothing and they're not involved in the property anymore. Any ideas on how to approach this? We're meeting with him this weekend. Show comps? Make offer outright? He's a nice guy and very invested in the community. Love the house but not sure we're going to meet on pricing here. [link] [comments]  |
| [CA] Partner works in Palo Alto and I work in Pleasanton. Where should we live? (Buying) Posted: 03 Sep 2020 11:21 PM PDT Answers from Californians appreciated. Assuming we'll go back to commuting to our respective offices at some point somewhat regularly. Ideally, I'd be able to continue wfh for part of the week whenever that time comes, but I'm not banking on that. We're looking to buy--single family in our wildest dreams, but currently in a townhouse and would be happy with that. Current real estate agent is unhelpful. Currently in north SJ. We know our rough budget, but more interested in sourcing suggestions for locations, logistically. [link] [comments]  |
| Who is supposed to help us right now?? Or are we expecting too much? Posted: 03 Sep 2020 05:23 PM PDT This might be the dumbest question on the planet, but it's our first time selling, so bear with me! We're a week away from closing, and haven't received any information on what we should be doing until then (other than taking care of some repairs). We have a few days of rent back, so we won't be moving right away. I have a million questions because nobody is walking us through the steps like they did when we bought the home. I've emailed the escrow officer once with a couple questions, and she answered them. But I'm just wondering, is somebody supposed to be walking us through this process? Or is it normal to be own your own the whole way? I don't even know who to direct our questions to (realtor, escrow officer, somebody else?). We know nothing about how the rent back works, what will happen with our hoa, when we'll need to sign or what we'll need to bring (like I said, we've never done this). I mean, I've figured out some things on my own, like I know we'll need to take care of home insurance, transfer utilities and mail, etc. But I guess I just expected that somebody would be guiding us through the process. Instead, it's just silence unless we reach out with a question, and nothing is really offered beyond that. I guess this kind of turned into a rant as well, so thanks for reading all of this and for offering any wisdom you may have! Tldr: Question is in the title. A week from closing, and nobody has walked us through the process of what we need to do on our end to prepare. [link] [comments]  |
| What are things to compromise on in a house? Posted: 03 Sep 2020 03:47 PM PDT Trying to buy a house- have put 2 offers in, over budget and over asking price. Lost out to other bidders on both. The market seems to be dwindling and I'm getting discouraged we'll ever get what we want. So where do I compromise? Commute time to work? Layout/type of house? Amount of work needed done to it? Price? What I know: I want a large yard for my dogs, and preferably a 2-story home, if not tri-level (as opposed to a ranch) between 1600-2000 sqft. One piece of advice I was given was to not settle, but I'm losing hope. Please send your advice/experiences! [link] [comments]  |
| Posted: 03 Sep 2020 07:23 PM PDT Husband and I are selling our condo. It went under contract about a week after we listed. We've been pounding the pavement since then looking at homes. A few weeks ago, we had 2 back to back showings. Both great homes, one just a little more updated than the other. Well, we ended up just putting offers on both of them. We lost both. One house had 17 offers. The other had a handful. But we lost both. Last week our agent tells us that the house that had a handful of offers had their deal fall through. We were thrilled because literally nothing has come on the market since those showings. We were the next highest offer so we get first option. We accept, so the inspection, found a few things but overall were in good shape. Contracts written and sent to our lawyer. Well, I lost my job 2 days ago, so now we're getting our mortgage on only my husbands income. So I'm waiting for our loan guy to work some stuff out and give us the official green light that we're still good. Until then we weren't signing anything. Contract comes to my email last night. We hold off on signing. This afternoon, my agent texts me. The house that had 17 offers had their offer fall through. We're next in line, do we still want it? Well, yeah! Lower purchase price, slightly lower taxes, on a cul de sac on almost an acre of land. We run over there to see it again, all good. Called 20 inspectors and finally found one who can do an inspection tomorrow first thing, that way if there's a huge issue we just walk away and sign the contract for the initial house since our lender gave us the official green light this afternoon. This house needs more cosmetic work, but likely nothing huge. The other house needed to be regraded and has moisture in the basement. Anyways, this market is crazy. And it's crazy to think that had I not lost my job, we wouldn't have two houses to choose from. But in this absolutely insane market, where we put 5 offers in in a month, we now have our pick of 2 homes! Just had to vent because these last few days have just been nuts! [link] [comments]  |
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